Dear
Shareholders,
It
has been our consistent endeavour to share with you the developments
in the Company. Our vision and stratgy has focused on becoming
an efficient Polyester Filament Yarn (PFY) and Partially
Oriented Yarn (POY) manufacturing company delivering more
value to all our shareholders and associates.
Over
the years, specially in context of dynamic markets, we have evolved
a strategy to deliver sustainable growth. This strategy builds
on the past and reshapes for the future. I would like to
update you on the progress made in executing this strategy
and also share our future approach.
I
am happy to say that your Company has progressed very well
in th current financial year as can be seen from the enclosed
results for the nine months ended December 31,
2003.
I
would also like to share with you the fact that the Company
has initiated necessary steps for expansion of the POY spinning
capacity from the existing 26,000 MT to 37,500 MT at the
Dadra Plant. Expected to be completed by June 2004, this
should enable us to take advantage of the projected growth
in demand for polyester of nearly 12% per annum on a sustainable
basis.
Stringent
cost-control and de-bottlenecking measures have also been
initited during the year. All these augur even better for
the future of the Company.
The
impoved performance for the nine months ended Decembe 31,
2003 would have been more encouraging but or the lack of
clarity on account of CENVAT/VAT related issues which adversely
impacted the Comapny's performance in the first quarter o
the current financial year.
The
most valuable assets of Filatex are its extended family which
comprises its share holders, bankers and financial institutions and
of course, its customer. Our vision as well as our pool of
talent that brings to the Company the power of its ideas
and the will to fully exploit the potential of our products
and brands, will help to deliver continued growth for the
Comapany.
I
sincerely thank you for your support an cooperation that
you have displayed even through the difficuit times... an
hope you will continue to support us whole-heartedly in the
future too.
With
warm regards and wishing that the New Year brings more happiness
and prosperity for you & your family.
Madhu
Sudhan Bhageria
Vice Chairman & Managing Director
