It gives me an immense joy to talk to you through this letter and share my innermost feelings with you in a most candid and forthright manner. It also provides me with an invaluable chance to shed light on the initiatives we have taken to earn your Company a position of eminence in the corporate world.
Gross turnover for the year 2009-10 achieved on the back of brisk business by the Company rose by Rs. 5,146 lacs to stand at Rs. 57,167.89 lacs. Earning per share (before exceptional items) for the year in question stood at Rs. 7.00. The creditable performance of your Company is ascribable to a number of factors with the support of all the stakeholders being the most critical one.
The reason why your Company has been able to leave an indelible imprint on the industrial map of the country and why it has engaged the attention of financial experts by putting its rivals on the backfoot is that that the promoters of your Company are well-versed in varied aspects of industrial operations as well as the manufacturing and marketing of various agro-based products like soya, de-oiled cake, Refined Edible Oil and paper products like Duplex Board, Writing & Printing Paper, News Print Paper, SBS Board, FBB Board etc. History is created when vision becomes a reality. The directors of your Company have the vision to catapult it further on the way to renewed glory and prosperity and let me reveal that they are working ceaselessly to ensure that your Company enjoys a position of pre-eminence in the industrial horizons of the nation and if the present trends in terms of the burgeoning profits of the Company as well as the northwards march of its sales figures are any indication, I can assert with reasonable degree of confidence that that goal is at a handshaking distance from us.
We derive tremendous satisfaction from the fact that due to their incomparable quality MIL products have been able to carve out a special niche in the market. The turnover of the Company in the present F.Y. increased by 10% in comparison to the F.Y. 2008-09. This impressive performance by the Company is gratifying keeping in view the fact that a number of industries were buffeted by the adverse impact of the financial recession which had engulfed the world.
The lightening-quick transformation in our corporate status is suggestive of the fact that we are impatient to outrace time in our quest to reach the pinnacle of glory.
It is an indisputable fact the only thing that fascinates an entrepreneur the most is profit. It is something that charms him much more than anything else. All the moves made by an entrepreneur are essentially designed to maximise his profits. I do appreciate that there is absolutely nothing detestable or deplorable about profit- earning being the overriding goal of the business entity. What I deprecate is the fact the some entrepreneurs in their frantic bid to make easy buck give a go-by to ethics of business. To quicken the pace of their growth they cut corners i.e. to say they temper with the quality of their products and in a way undermine the confidence of their customers. I would like to make it crystal clear that under no circumstances we would ever be tempted to take this short cut which is abhorrent to us. Let it be absolutely clear that the very idea of diluting the quality of our products so as to make easy pickings is repugnant to us. What is worth mentioning in this context is that as in the past we would continue to attach top priority to the quality of our products which has so far won us numerous customers at home as well as abroad and quite significantly, their numbers have been galloping, much to the bemusement of our rivals. While emphasising that we would never give short shrift to the quality of our products, I am conscious of the fact that maintaining quality of MIL products while sustaining profitability may prove to be a tight rope walk for us. But we would achieve these twin goals by employing cost-effective techniques. I am optimistic that application of state-of-the-art technology which has now become a hallmark of all our units would continue to facilitate the simultaneous accomplishment of both these goals.