CENTENIAL SURGICAL SUTURE LIMITED
ANNUAL REPORT 2010-2011
CHAIRMAN'S REPORT
Chairman and Managing Director's Report
To the Shareholders,
Your Directors have pleasure in presenting their Sixteenth Annual Report
together with the Audited Accounts of the Company for the year ended March
31, 2011. This is the sixteenth year in the journey of Centenial Surgical
Suture Ltd.
Our world grows more complex everyday and we encounter increased
challenges. The CENTENIAL management and its staff have risen to challenges
for more than 16 years, with commitment, hard work and are confident we
will continue to do so in the years' ahead. Through all these years, our
Company has faced many tough times and enjoyed equal moments of glory.
Everything is worth it, if one is able to create lasting values and a
strong core. In the past too, there have been sharp swings in business
cycles and there will be more of these in the future, though hopefully not
of the magnitude and ferociousness we are seeing today. And each time in
the past we have come out of the eye of the storm, we have emerged fitter,
stronger and the passion for Innovation is vibrant and urgent. We have been
able to create a foundation, which is enabling us to overcome challenging
times such as now and helping us to adapt to the current situation while
retaining our strength to fulfill the long-term vision.
Our values always guide us, and our history and heritage as a company, in
one word, stands for trust, service and high Quality. Our demanding
standards of governance have set us apart, even more, now, and in the
future. Clearly investors and employees will appreciate and learn to value
and differentiate between organisations like ours that are ethical, honest,
well-governed and transparent, and others, for whom governance is a
platitude. This is a huge strength, built over time into our genetic
coding. It will always stand us in good stead. We are focusing on building
strong administrative and support functions and have concurrently invested
in systems for financial accounting, accurate billing, objective legal
system, strong human resources and excellent Quality. Your company will
exploit its strengths in cardio and vascular sutures business and exploring
growth opportunities. Clearly the way to succeed in this market is through
improved processes and enhanced production of the right Quality. Despite
the negativity of growth we are confident that your company will give an
encouraging performance during this financial year, with higher sales
growth and improved profitability as compared to the previous year. This
would have a long lasting positive impact on both yield levels and
productivity.
We have a brand name which stands for Quality, reliability, commitment and
integrity. The CENTENIAL name is pronounced with great deal of respect, in
domestic as well as international markets. It has been created through
sheer sincere dedication. This makes us believe that it will be long
lasting and something we can build further on.
In July 2011, our Company completed its 16th year of operations. Market
conditions have been challenging. Credit allocation is a factor to contend
with. Your Company has been working through this demanding situation to
ensure that viable produsts move forward. In some cases, we have been
successful. Your Company continues to be impacted adversely by prices. This
has resulted in higer accumlation of receviables and with the sale of
products at a discounted prices resulting lower sales and profitability.
To further your company's growth, the Cardio Vascular products is being
given additional impetus. New production lines have been established to
increase the production substantially in the comming years. The management
of your company is planning to increase the market share of Cardio Vascular
products business. Confidence in our products will further accelerate the
success rate in the coming years. Considering the challenging business
environment your Company's performance can be termed as satisfactory.
Vijay Majrekar
Chairman and Managing Director