Dear Stakeholders,
On behalf of Shrenik Limited, I extend my warmest greetings to you. I hope you and your
family are safe and in good health.
It gives me great pleasure to present the Company's 10 Annual Report for FY 2021-22 and
at the outset I would like to express gratitude to each one who has stood by us through
the thick and thin, especially during the pandemic times.
The year 2021-22 started on a challenging note with the devastating second Covid-19
wave, affecting lives and businesses at a large scale. But through all of it, our
organisational resilience was strengthened, and we became better prepared to combat
challenges. The year 2021-22 may forever be remembered as amongst the most uncertain
fiscal because of the pandemic and later the geopolitical conflict. We wish to find
reasons to be hopeful. Company's business continued to face the negative impact of Covid
-19 during the financial year 2021-22.
Our Company's financial performance in 2021-22 declined because of an educational
institutions remained closed for instance, resulted in a drop in the demand for the
papers. Further offices opened partially and several organizations have now moved
permanently to a hybrid model with employees coming to office by rotation and working
remotely on other days. Those factors are adversely impact on the performance of the
Company.
The Company addressed multiple challenges during the year, comprising a decline in the
demand for paper on account of the pandemic, logistical bottlenecks, massive increase in
purchasing paper costs due to increase in the cost of all raw material that stretched
working capital requirements and increased freight costs that influenced the business in
various ways. The depressed market scenario due to pandemic situation since March, 20,
both inward and outward supply chains of paper industry has been totally disrupted.
Your Company's philosophy is to achieve long- term value to serve the best interest of
all stakeholder-shareholders, customers, employees, Government and the society. We are
optimistic about the long term outlook and grow our business as and when the economic
situation revives and re-emerges.
Lastly, I would like to thank our Customers, Vendors and Stakeholders as well as Banks
and Financial Intermediaries for their unwavering support, confidence and trust they have
reposed in us. With your blessing and support, we will definitely create milestones and
make you proud of your Company.
With Warm Regards,
Shrenik Vimawala
Chairman and Managing Director
Shrenik Limited