Dear Valued Stakeholders
Fiscal year 2016-17 has been a year of positive sentiments for the Indian economy which can clearly be measured from the economic measures like reduced inflation and fiscal deficit. India is now led by a strong and stable government which is capable of taking bold and visionary decisions. It is needless to say that India is passing through a more economically and politically stable phase in the recent history. The Gross Domestic Product (GDP) in the range of a steady 6.5-7%.
Demonetization period was a difficult phase for the economy; however we welcomed the decision of the government warm heartedly since it was for the larger good of the country. Other major initiatives taken by the Government of India like bankruptcy law, implementation of GST, ease of doing business, focus of infrastructure development etc. are the seeds sown by the government for bright future of the country.
I am very happy to share the performance of the Company in the FY 2016-17 as the Net Profit of the Company has increased by approximate 64% since the last year, which is a very healthy sign of achieving the operational efficiency through laborious efforts and continuous process development.
It has always been the focus of the management of the Company to increase the shareholder’s wealth with every passing year while being a socially responsible citizen. In the coming fiscal year we look ahead to excel in the product quality area with increased focus on research & development.
I would like to appreciate the hard working and dedicated employees of SMIL who are at the base of this improved performance and who make it possible to achieve the goals and targets of the Company with increased efficiency.
Finally, on behalf of all the directors and SMIL management, I would like to thank to all our customers, suppliers, bankers, professionals, associates, Central and State Governments for their support and assistance.