Dear Shareowners,
I wish to present to you the Sixty fifth Annual Report and Accounts for the year ended
March, 2015.
The year under review has been challenging one, more on the finance front. The growth
in our own branded products seen in earlier years could not continue due to constraint of
finance, which is still creating the bottleneck.
The streamlining of operation started two years ago is still continuing and has helped
to reduce the expenses substantially.
In the pursuit of raising our own money we had to sell some assets and were attempting
to sell our two Solar Plants of 1 MW each in Rajasthan & Punjab from our subsidiary
Company, Sovox Renewables Private Limited. The process was completed in June, 2015.
Further, in order to meet working capital finance, the Promoters also have contributed by
way of Preference Capital of Rs.390 Lacs during the year.
I had cautioned in my statement last year that "The Financial Year ending March,
2015 is not necessarily expected to be great" unfortunately it has come true. The
current year is also passing through difficult time and does not indicate recovery for
sometime to come however the "Management is striving to come out from the current
situation and hopeful of finding a solution."
Finally, I sincerely thank all our shareholders, business partners, employees and the
last, but not the least, our customers for the continued support and faith reposed in your
Company.
Regards
Arvind R. Doshi
Chairman