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Citadel Realty & Developers Ltd.

BSE: 502445 Sector: Infrastructure
NSE: N.A. ISIN Code: INE906D01014
BSE LIVE 11:21 | 02 Dec 33.25 -1.65
(-4.73%)
OPEN

34.00

HIGH

34.00

LOW

33.25

NSE LIVE 05:30 | 01 Jan Stock Is Not Traded.
OPEN 34.00
PREVIOUS CLOSE 34.90
VOLUME 200
52-Week high 36.30
52-Week low 21.75
P/E 31.07
Mkt Cap.(Rs cr) 11.87
Buy Price 33.25
Buy Qty 50.00
Sell Price 35.90
Sell Qty 30.00
OPEN 34.00
CLOSE 34.90
VOLUME 200
52-Week high 36.30
52-Week low 21.75
P/E 31.07
Mkt Cap.(Rs cr) 11.87
Buy Price 33.25
Buy Qty 50.00
Sell Price 35.90
Sell Qty 30.00

Citadel Realty & Developers Ltd. (CITADELREALTY) - Chairman Speech

Company chairman speech

ROHIT PULP AND PAPER MILLS LIMITED ANNUAL REPORT 2002-2003 CHAIRMAN'S REPORT Speech of the Chairman Shri J.M. Patel At the Annual General Meeting, 25th September, 2003 Regd. Office Rohit Chambers, Janmabhoomi Marg, Mumbai - 400 001. Ladies & Gentlemen I am happy to extend to you a warm welcome to this Annual General Meeting of your Company. The Company's Accounting Year which was to end on 30th September 2003 has been changed to end on 30th June 2003. Hence the accounts for the year under review are prepared for the period of 9 months from 1.10.2002 to 30.6.2003. The Audited Accounts of your Company for the period ended 30th June 2003 together with Directors Report are already with you and with your permission may I take them as read? Let us now review the performance of Indian Economy during 2002-2003. The Indian economy witnessed signs of industrial recovery during 2002-2003, though overall growth remained sub-clued. The GDP growth is estimated at 4.3% in 2002-2003 as compared to 5.6% recorded in 2001-2002. A major reason for this decline was the lacklusture performance of agricultural sector resulting from delayed and deficient monsoon. The output of the agricultural sector decline by 3.2% in 2002-2003 as against an increase of 5.7% in 2001-2002. In spite of continued global economic uncertainties during 2002-2003, exports recorded an increase of 18% during 2002-2003 as compared to decline of 0.5% in the previous year. The country continued to maintain a healthy and comfortable foreign exchange reserves which increased from US$ 54 Billion at the end of March 2002 to US$ 75 Billion at the end of March 2003. The inflation remained low at 3.3% in 2002-2003 as against 3.6% in the previous year. The Indian currency which used to end almost every year with a depreciation of around 3 to 4% reversed the trend and appreciated by 0.5% at the end of year 2002. Rupee made further advances in the year 2003 and breached 46 level against the US$ recently. The rupee has already appreciated against US$ by around 2.7% in the year 2003. Coming to the paper industry, the paper industry is highly cyclical in nature. The performance of the Industry is closely linked with GDP growth, level of literacy and demand supply situation. Though the long term future of the paper industry seems to be bright essentially it depends upon several factors like whether the individual unit is based on a) Forest based raw material or secondary fibre b) Whether the unit enjoys the benefit of economy of scale and c) whether the main product of the the unit is writing and printing paper or industrial paper like Duplex Board. Units like your Company which is based on secondary fibre and manufacturing Duplex Board facing highly competitive market situation do not have favourable prospects at present. While the large and growing domestic market for paper, offers excellent opportunities for the Indian Paper industry to grow, shortage of raw material, obsolescence of technology and un-economical capacity will expose the paper industry to competition from overseas manufacturers. The paper industry is capital intensive and yields poor return on investments and therefore industry is handicapped which is evident from the absence of large scale investments in green field projects in the recent past. Let us turn to the performance of the Company for 9 months period ended 30th June 2003. The production of Paper, Paper Board and Coated Paper for the year ended 30th June 2003 (period of 9 months) was 15557 MT as against 38553 MT in the previous year (period of 18 months). During the year under review, the Company achieved the turnover of Rs.39.43 crores as compared to Rs 95.45 crores for the previous year. The performance of the Company during the year under review continued to be unsatisfactory. The various remedial measures undertaken by the Company, coupled with price increase effected in the months of June and July 2002, were expected to improve its financial performance. In fact, the Company's performance did improve, but was short-lived. Factors responsible and circumstances leading to continued losses have been narrated and explained in detail in the Directors Report and hence I refrain from repeating the same in this speech. The sustained operating losses since 1998-99 and further losses during the year under review resulting in erosion of working capital made it impossible to continue the production activity of the Company. This situation compelled the management most reluctantly to suspend its productions activities temporarily with effect from 26th May 2003. As per Audited Accounts of the Company for the year ended 30th June 2003, the networth of the Company is fully eroded due to accumulated losses and therefore the Company has become Sick Industrial Company within the meaning of Section 3(1)(O) of the Sick industrial Companies (Special Provisions) Act, 1985 and a reference was made to the Board for Industrial and Financial Reconstruction (BIFR) according to the provisions of the said Act to determine the remedial measures for the rehabilitation of the Company. In response to the said reference, the company is registered under the said act. In view of this, the recommencing of operations of the Company is dependent on the adoption of a suitable rehabilitation scheme and availability of adequate working capital funds. During the year under review, relations with the workmen continued to remain cordial. I wish to express my appreciation for the valued guidance and unstinted cooperation received from my colleagues on the Board. My grateful thanks to our Bankers and Financial Institutions for their confidence and co- operation. I am sure you would all join me and my colleagues on the Board in appreciating the dedicated services rendered by the employees of the Company at all levels during the year. Thank you.

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