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California Software Company Ltd.

BSE: 532386 Sector: IT
NSE: CALSOFT ISIN Code: INE526B01014
BSE LIVE 14:15 | 17 Jan 9.22 -0.48
(-4.95%)
OPEN

9.60

HIGH

9.60

LOW

9.22

NSE LIVE 13:03 | 08 Jul Stock Is Not Traded.
OPEN 9.60
PREVIOUS CLOSE 9.70
VOLUME 984
52-Week high 11.50
52-Week low 5.50
P/E 1.53
Mkt Cap.(Rs cr) 11.41
Buy Price 0.00
Buy Qty 0.00
Sell Price 9.22
Sell Qty 4937.00
OPEN 9.60
CLOSE 9.70
VOLUME 984
52-Week high 11.50
52-Week low 5.50
P/E 1.53
Mkt Cap.(Rs cr) 11.41
Buy Price 0.00
Buy Qty 0.00
Sell Price 9.22
Sell Qty 4937.00

California Software Company Ltd. (CALSOFT) - Chairman Speech

Company chairman speech

Dear Shareholders

I am sorry to report to shareholders that this year has been one of continuingdifficulties for your company. The sale of RVC Towers that I reported to you as being inprogress at this time last year eventually fell through when the buyer having paid adeposit failed to complete the transaction. The small benefit to the Company in retainingthe deposit was far outweighed by the continuing burden of the high interest rate on theCanara Bank mortgage and the very limited rental income the company receives. Canara Bankhas agreed to slightly reduce the interest rate effective 1 April 2015 but this will stillnot be enough to bridge the shortfall in income from tenants. We continue to makestrenuous efforts to find tenants at economic rents for vacant areas of the building andto seek a buyer for the building as a whole but as yet have had little success in theformer and none with the latter. Were it not for the continuing financial support fromthe company's major shareholder to help us fund loan interest and capital repayments toCanara Bank the company would have become insolvent during the past year.

Your Board now feels that if a sale of RVC Towers can be achievedwe are unlikely torealize any more than is required to settle amounts due to Canara Bank and so after asale the company would be left with no rental incomes and therefore no income at all tomeet its ongoing staff and administration costs. Unless we can find a buyer for theCompany who can attribute some value to the company's listed status and who would bewilling to make an offer for the entire share capital a sale of RVC Towers would mostlikely trigger the winding up of the company. Although your Board remains actively seekingsuch a "white Knight" the groups plethora of old legacy potential liabilitiesmainly related to taxation are proving a significant deterrent to any potential buyers.

Bhavesh Rameshlal Chauhan

Managing Director & CEO