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Bharati Defence & Infrastructure Ltd.

BSE: 532609 Sector: Others
NSE: BHARATIDIL ISIN Code: INE673G01013
BSE LIVE 15:26 | 21 Feb 14.50 0
(0.00%)
OPEN

14.50

HIGH

14.85

LOW

14.20

NSE LIVE 15:31 | 21 Feb 14.55 -0.20
(-1.36%)
OPEN

14.90

HIGH

14.90

LOW

14.40

OPEN 14.50
PREVIOUS CLOSE 14.50
VOLUME 10027
52-Week high 32.00
52-Week low 13.50
P/E
Mkt Cap.(Rs cr) 76.78
Buy Price 14.50
Buy Qty 50.00
Sell Price 14.65
Sell Qty 200.00
OPEN 14.50
CLOSE 14.50
VOLUME 10027
52-Week high 32.00
52-Week low 13.50
P/E
Mkt Cap.(Rs cr) 76.78
Buy Price 14.50
Buy Qty 50.00
Sell Price 14.65
Sell Qty 200.00

Bharati Defence & Infrastructure Ltd. (BHARATIDIL) - Chairman Speech

Company chairman speech

We thank each and every member of Bharati Shipyard Limited (Bharati family) for theircontinued support and belief in Bharati. As you all are aware financially this has been astrenuous year for the Industries in India in general and the shipping and shipbuildingworldwide in particular. Bharati has been no exception inspite of making relentlessefforts to fight against the odds arising due to the continuing global downturn in theshipping and shipbuilding industry and which is probably the worst slump ever.

Moreover despite the sanction and approval by the CDR EG in the year 2013 and March2014 the Banks did not release the required working capital facilities. The Company wasenjoying the working capital and term loan facilities from twenty five banks andinstitutions out of which twelve banks led by SBI Group have sold their debt toEdelweiss Asset Reconstruction Company Ltd. (EARC). Balance thirteen Banks andinstitutions are still with the Company.

All these factors have adversely affected the financial as well as the liquidity ofBharati. In order to cope up Bharati has been making duel efforts viz; on the one hand wehave been striving towards growth of revenue and on the other hand efforts are being madefor reduction of outflow of funds through optimization of resources and restricting of itsdebts with the aid of its Lenders led by Edelweiss. Edelweiss is constantly working on therevival of the Company by talking to various strategic investors to tide over the presentfinancial position of the company.

With elite expertise in the Ship Building Sector Bharati has an edge over its peersbut constant decrease in the global oil demand and prices the demand for offshore vesselsis not up to the expectation of the Company. Even then Bharati is the proud owner of twolarge shipyards located in Dabhol and Mangalore with state-of-the art infrastructure.Despite all the above financial problems your Company with the dedicated efforts of theentire Bharati family has successfully delivered four vessels in the last year.

Bharati’s hard earned goodwill the commitment of its employees and the supportfrom all of you will help us to face the future. The current liquidity crunch being facedby Bharati we believe is temporary which we expect to overcome in the near future.

With the assurance and dedicated support of Edelweiss and the existing Banks theCompany is working but at a low capacity in the yards for want of working capital. We arehopeful and confident that we can turn around to our normal operations from January2016.Once again we reiterate that we are extremely thankful to our investors customersbankers employees and the Bharati family for their continuous support throughout thesevery challenging times.

Thanking you

Yours faithfully

Mr. Vijay Kumar Mr. P.C. Kapoor
Managing Director Managing Director