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Chowgule Steamships Ltd.

BSE: 501833 Sector: Infrastructure
NSE: CHOWGULSTM ISIN Code: INE490A01015
BSE LIVE 15:40 | 02 Dec 13.59 0.59
(4.54%)
OPEN

13.00

HIGH

13.65

LOW

13.00

NSE LIVE 05:30 | 01 Jan Stock Is Not Traded.
OPEN 13.00
PREVIOUS CLOSE 13.00
VOLUME 8190
52-Week high 22.75
52-Week low 11.64
P/E
Mkt Cap.(Rs cr) 49.35
Buy Price 0.00
Buy Qty 0.00
Sell Price 0.00
Sell Qty 0.00
OPEN 13.00
CLOSE 13.00
VOLUME 8190
52-Week high 22.75
52-Week low 11.64
P/E
Mkt Cap.(Rs cr) 49.35
Buy Price 0.00
Buy Qty 0.00
Sell Price 0.00
Sell Qty 0.00

Chowgule Steamships Ltd. (CHOWGULSTM) - Chairman Speech

Company chairman speech

1994 CHOWGULE STEAMSHIPS LIMITED CHAIRMANS SPEECH TO THE SHAREHOLDERS Ladies & Gentlemen, I have great pleasure in extending to you all a warm welcome to this tirty- tirst Annual General Meeting of your Company. Statement of Accounts: The Notice of this Meetlng together wlth the Audited Accounts and the Directors report for the year ended 31 st March 1994 have been wlth you tor some time and therefore with your permission, I take them as read. Dividend: The pertormance of your Company for the financial year ended 31st March 1994 has been a matter of great satistactlon. Pronts atter Tax (incluslve of Profit on Sale of the Ship) has been Rs. 25.99 Crores - a growth of over 116 3rcent compared to the previous year. view ot this your Directors have commended an increase in Dividend in 20% to 25%. Review of the Financial Year: There had been several adverse conditions affecting the Shipping market in general dunng the year under view. The economies - particularly those ot the industrialised nations such as the U.S.A. Japan and the EC - tailed to make a substantial recovery. This in turn affected trade and consequently demand tor shipping. The seaborne traffic of bulk commodities such as iron ore coal and grain did not see any significant increase during the period. Nevertheless freight earnings of your Company were maintained by a prudent mix ot short-term and long-term charters and by taking advantage ot tavourable spot market rates whenever posslble. With caretul planning expenditure tor repalr and maintenance of ships was kept within reasonable limit. Future Prospects: According to the torecasts there will be higher economic growth in industrlallsed natlons such as Japan and Western Europe in 1994-95 which is bound to have a healthy impact on the dry cargo market. Other Asian countries are also likely to register conslderable growth in their economles. Higher activity in the international grain trade and stronger demand for raw materials wlll therefore serve to improve the shipping treight market. The successtul conclusion of GATT will act as a turther catalyst to this. Expansion: Your Company will be taking dellvery of a Mlni Bulk Carrier ot about 2000 DWT from an Indian Shipyard betore the end ot September 1994. A Panamax Bulk Carrier ot 71,200 DWT under construction at Namura Shipyard Japan is scheduled tor delivery during the current financial year. Your Company proposes to embark on a turther tleet expansion programme by acquiring one new Panamax Bulk Carrier and one new Handimax Bulk Carrier or two secondhand Handimax Bulk Carriers. The expansion programme is expected to cost about Rs. 189 crores which will be flnanced by internal accruals the proceeds of the Rights issue and term loans trom the International Finance Corporation Washington. With the emerging trends your Company is expected to do well and improve turther on its past pertormance. IFC Equity Investment: I have great pleasure in informing you that the International Flnance Corporation - a Member ot the World Bank Group - has decided to Invest In the Equity upto 10 percent ot the enhanced Share Capital of your Company clearly demonstrating its taith in the management and tuture growth prospects of your Company. Rights Issue: As approved by the Members ot the Company at the Extraordlnary General Meeting held on 1 8th June 1994 the Company Is comlng out with a Rights Issue of 96,89,325 Equity Shares to existing Shareholders at a price of Rs. 40/- per Share In the ratio of 3 New Equity Shares for every 4 Equity Shares held. The Paid-up Share Capital of your Company will thereby increase to Rs. 22.61 crores. The Issue will open for subscrlptlon on 17th October 1994 and will close on 16th November 1994. A word of thanks: I am grateful to the various Ministeries Departments of Government, the Director General ot Shipping and SCICI Ltd. tor their full co-operation sympathetic conslderation and guidance. I also take this opportunity to convey my sincere thanks to the Company's Bankers especially the State Bank of India the Bankers abroad and our Agents both in India and abroad for their unstinted co-operation and etficient service. I also convey my personai gratitude to my Colleagues on the Board tor their co-operation and guidance. I must express my hearty appreciation of the loyal and dedicated services of the Companys officers and staff both ashore and afloat. Thank you V.D. CHOWGULEChairman BOMBAY, SEPTEMBER 23, 1994

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