Dear Shareholders,
Suryaamba is happy to present to you its 13th Annual Report pertaining to
financial year 2019-20. On behalf of the Board of Directors and the Company, it is my
pleasure to extend a warm welcome to you all to the 13th Annual General Meeting
of the Company. The Company focused to play on its strengths and posted a stable financial
performance. We take this opportunity to acknowledge the support, expertise and faith in
us, demonstrated by you all.
While this was a year of extreme economic challenges for the world, never had we
imagined an environment aggravated beyond measures by Covid-19 pandemic. According to the
World Bank, the global economy decelerated to an estimated 2.4 percent in 2019, the
slowest pace since the global financial crisis. The macro-economic factors that caused a
slowdown in FY 2019-20 will continue in FY 2020-21, with the first half of calendar year
2020 completely dominated by the pandemic and the consequent lockdowns. The COVID-19
pandemic has created an extreme pressure on global economies and has severely hit many
industries, the Indian Textile Industry not being immune to this slowdown and challenges.
Going forward, the Covid-19 pandemic may have an extended impact and despite the bleak
macroeconomic scenario in the near term, we wish to remain optimistic and recalibrate
growth strategy to address these challenges and to make use of the new opportunities.
I wish to thank all our stakeholders who are standing by us through this difficult time
and express my sincere gratitude to our shareholders, bankers, customers, Board of
Directors and our committed employees. These are challenging and uncertain times, as a
company and community, we can get through this and rise together.
Regards,
Virender Kumar Agarwal.