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Bharati Defence & Infrastructure Ltd.

BSE: 532609 Sector: Others
NSE: BHARATIDIL ISIN Code: INE673G01013
BSE LIVE 15:40 | 18 Oct 8.37 -0.20
(-2.33%)
OPEN

8.70

HIGH

8.99

LOW

8.20

NSE 15:31 | 18 Oct 8.45 -0.25
(-2.87%)
OPEN

8.60

HIGH

9.00

LOW

8.30

OPEN 8.70
PREVIOUS CLOSE 8.57
VOLUME 123925
52-Week high 19.85
52-Week low 7.37
P/E
Mkt Cap.(Rs cr) 42
Buy Price 8.49
Buy Qty 900.00
Sell Price 0.00
Sell Qty 0.00
OPEN 8.70
CLOSE 8.57
VOLUME 123925
52-Week high 19.85
52-Week low 7.37
P/E
Mkt Cap.(Rs cr) 42
Buy Price 8.49
Buy Qty 900.00
Sell Price 0.00
Sell Qty 0.00

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

Company chairman speech

On behalf of BHARATI DEFENCE AND INFRASTRUCTURE LIMITED and the Bharati familywe would like to express our deepest gratitude to all the stake holders for theircontinued support and belief during these troubled and turbulent times. Unfortunatelyyour Company continues to be under financial stress inspite of making relentless effortsto fight against the odds arising due to the continuing global downturn in the worldeconomy in general and shipping and shipbuilding industry in particular – this is theworst slump ever to be seen in this industry.

Unfortunately earlier the Banks had not released the required working capitalfacilities despite the CDR EG approval and this in turn resulted in the Company gettingfinancially stressed. Edelweiss Asset Reconstruction Company (EARC) is currently acting asthe lead lender on account of assignment of majority of the debt by the Company’sLenders. Till recently Edelweissm (I.B. Division) had taken the exclusive right to raisefunds and/or to find a strategic and /or financial Investor for your Company. A sum of Rs.30.0 crores was also released by M/s. Edelwiess (Finance Division) but your Company couldnot get any other funds or any strategic / financial investors. The Company and itsPromoters now (since the exclusivity period is over) are exploring multiple options forfunding of its partly completed projects and though it is a challenge in these difficulttimes we are hopeful of a positive outcome within the next 8/9 months.

With a view to tide over the present difficult situation Bharati has been making duelefforts viz; on the one hand we have been striving towards growth of revenue and on theother hand efforts are being made for reduction of outflow of funds by judiciousutilization of resources.

Because of its expertise not only in shipbuilding but also in Fabrication of Offshorestructure Rig Building and other Ocean Engineering Products Bharati has an edge over itspeers but on account of constant decrease in the global oil demand and prices the demandhas not been up to the expectations. Bharati is the proud owner of two large shipyardslocated in Dabhol and Mangalore with state-of-the art infrastructure. As informed earlieryour Company has also got the industrial license for manufacturing Warships FrigatesSub-marines and Petrol Boats etc. from the Ministry of Defence and the Government of Indiaand in order to correctly reflect the true nature of its business activities the name ofthe Company had been changed to

BHARATI DEFENCE AND INFRASTRUCTURE LIMITED from BHARATI SHIPYARD LIMITED.Presently with the Governments avowed objective of "Make in India" and theMinistry of Defence Policy statement to build all their requirements indigenously as alsoto give repair work to the private shipyards your Company expects to get large valueorders in the future once their operations are stabilized.

Presently the Company is working at low capacity utilization for want of workingcapital but as stated above we are hopeful of resolving this issue in the next 8/9 months.

The Bharati has however successfully delivered 2 (two) vessels in the past year toCoast Guard.

Because of the commitment of its employees and the support from all of you we areconfident that we will be able to face the future more confidently.

Concluding I would reiterate that we are extremely thankful to our investorscustomers bankers employees and the Bharati family for their continuous supportthroughout these very challenging times.

Thanking you
Yours faithfully
Mr. Vijay Kumar Mr. P.C. Kapoor
Managing Director Managing Director