Dear Shareholders,
I extend a warm welcome to all our shareholders and am pleased to
present the Annual Report for the Financial Year 2021-22.
The world, which was recovering slowly from the impact of the
unprecedented pandemic faced another onslaught of the deadly virus when the second wave
hit us at the start of the financial year. Businesses were again disrupted, and another
period of a virtual lockdown started. The first half of the financial year, thus, was
again a period of immense stress.
I am glad to inform you that after the spate of the second wave,
business has stabilized and robust growth is being witnessed since then. The growth is now
reflecting in the numbers and like most businesses the sales of your company are also
showing a steady upward trend. The demand, which was heavily subdued is now coming back
with a vengeance and numbers are improving month on month.
The Indian economy is showing a strong revival and with the adverse
global sentiments against China, India is now fast becoming a preferred destination for
the Global companies. Financial pundits across the globe are very upbeat on the Indian
story and the record GST collections show that the economy is now on a steep growth
trajectory.
Our Government's focus, led ably by our Hon'ble Prime
Minister, on making India as the "Toy Hub" of the world has led to increased
interest in this sector and a number of initiatives have been implemented to ensure the
sustained growth of toys. Amongst others these include mandatory adherence to quality
norms and setting up of dedicated Toy Parks by various State Governments. The extension of
the PLI scheme to toys is also under the active consideration of the Government and a
favourable outcome is expected soon. Your company has been a pioneer in this field and is
now taking all necessary steps to take advantage of the opportunity presented. Apart from
the domestic market, your company has been selected for supplying our products to a number
of large MNC's for their International operations. Thus, I am extremely confident
that the toys segment will now perform exceedingly well. To meet the increased demand, we
are taking necessary steps to augment capacity as well as to enhance our product line.
As you are aware we supply automotive components to the LCV/HCV
segment. The demand in this segment is now increasing and is further accelerated by the
huge infrastructure spends by the Government. Thus, we expect this segment to also grow
significantly, especially as there has been a big void in the last couple of years which
would result in the pent up demand being met in the coming months.
I would like to extend my heartfelt gratitude to all the Board members
for providing their valuable inputs and to our shareholders for their continued faith in
us. I would want to place on record my sincere appreciation to the entire team of OK Play
for the courage and fortitude displayed in facing the huge challenges. I would also like
to express my gratitude to Indian Overseas Bank for their continued support and for the
trust they have reposed in your company.
With Best Wishes,
Rajan Handa Managing Director