Sejal Glass Chairman Speech

Chairman''s Overview:



During the Financial year 2014-15 and the beginning of FY 2015-16 the

Indian Industrial and market climate were subdued. Market sentiments,

by and large was depressed affecting demand for various products.

Infrastructure sector which gives major impetus to the economy has

witnessed no major project initiative. Inventories were piled up in the

Realty segments awaiting Policy changes from the new Government formed

both at the center and few other states.



As we cater mainly to the Infrastructure and Realty segments, the

slowdown in these sectors has impacted the business of the company

severely. Added to this, change in our marketing policy of supplying

against secured payments has also affected the sales of the company. As

against the earlier practice of giving clean credit to our customers,

we are now insisting Letter of credit or PDCs to secure supplies. As a

result we have to loose several orders and at the same time we have

secured ourselves against the credit risk of defaults by our customers.



Dips in the sales coupled with loss at the net levels have resulted in

tight liquidity position which as a vicious circle in turn has affected

the business further. Your Company''s strong de-risking strategy pursued

over the last one decade, has enabled your company to withstand the

onslaught of several external factors and remain fundamentally strong

with a strong foundation for improved earnings in the coming years.



Notwithstanding sluggish economic conditions, your company continued to

pursue process improvement across at all levels of the organisation.

This will not only improve operational efficiency but also enable us to

gear up for the future competition. The initiatives taken up includes,

optimization of raw material usage, internal and external wastage

reduction, Energy Audit, minimum inventory levels, rationalization of

headcount etc., The impact of these initiatives, even though remained

subdued in the past year, should start translating into improved

operational performance from the current financial year onwards.



With expected near normal monsoon and Government Investments in

infrastructure, it is believed that 2015-16 can provide necessary

impetus to the economy. The international community has started seeing

India as a promising destination for business. If backed by policy

reforms and ''ease of doing business'' initiatives, this interest can

turn into a major opportunity for industrial development.



Spurt in e-commerce platforms and steps like "Digital India", ''Smart

Cities" etc., is expected to bring economy in to growth trajectory.

Your company will immensely benefit from Smart city as well as from the

Solar power generation projects initiative of the Government.

Requirement of processed Glass in these projects would be significant.



Being a leading company in glass processing industry, we envisage

significant business potential in the ensuing years.



The brand ''Sejal Glass the Sixth element'' is the core asset of your

Company. Continued investment in ''brand building'' has enabled your

Company to maintain or improve market share in most of the product

categories across all geographies. ''Sejal Glass the sixth element''

continues to be recognized as the ''Super Brand'' in the Processed Glass

segment.



We are upbeat that with the Brand image, Product superiority, loyal

Customer network, long standing relationship with established

suppliers, improved operational efficiencies, efficient Human resources

and trust reposed by stakeholders, Investors, Lenders and Governmental

authorities will enable us to reposition and take the business of the

company to the great heights in the current and following financial

years.



Towards this we would like to thank you in advance and solicit your

continued appreciation and support.



Amrut S. Gada



Chairman & Managing Director