Dear Shareholders,
The year 2022-23 has given a ride of ups-downs in the world
economy. Our commitment to excellence, innovation, and customer satisfaction has been the
cornerstone of our success. We have consistently strived to uphold the highest standards
of quality in our products and services, and that commitment will remain at the core of
everything we do. The commodity price volatility, soaring energy prices, lingering supply
chain challenges and geopolitical conflicts have made the recovery increasingly fragile.
As we continued to navigate through the pandemic with resilience, the war in Ukraine has
triggered another crisis that has brought before us numerous other challenges in the form
of strained geopolitical and trade relations. The ongoing geopolitical conflict, global
inflation and continuing supply shortages are expected to adversely impact global GDP
growth in 2023-24.. The rise in central bank policy rates to fight inflation continues to
weigh on economic activity Commodity and energy prices are expected to remain high in the
wake of the conflict and sanctions, thereby resulting in an increase in global inflation.
Although global growth expectations have moderated recently, the structural demand drivers
for commodities like steel remain intact.
Our Company is engaged in manufacturing of Copper and Copper
Alloy Products, which are mainly industrial in nature and improvement in industrial
sentiments will also improve the performance of our Company.
During the financial year 2022-23, there is no change in the
nature of business carried out by the Company. During the year 2022-23, the management of
the Company discontinued the Commercial Production of copper sulphate owing to less margin
and low demand of the said products.
On behalf of the Board, I would like to thank all our
stakeholders including shareholders, investors, bankers, creditors and employees for their
continued support. I would like to express my sincere gratitude to all the members of our
Board for their continued insights and invaluable guidance as we explore new opportunities
and move ahead with confidence.
Warm regards,
SATISHKUMAR ASAMAL MEHTA
CHAIRMAN
23.08.2023