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Compudyne Winfosystems Ltd.

BSE: 532306 Sector: IT
NSE: COMPUDYNE ISIN Code: INE531B01014
BSE LIVE 05:30 | 01 Jan Stock Is Not Traded.
NSE 05:30 | 01 Jan Stock Is Not Traded.
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Compudyne Winfosystems Ltd. (COMPUDYNE) - Chairman Speech

Company chairman speech

COMPUDYNE WINFOSYSTEMS LIMITED ANNUAL REPORT 2004-2005 CHAIRMAN'S REPORT CHAIRMAN'S MESSAGE Dear Shareholders, I welcome you to the 10th Annual General Meeting of your Company. The business of the Company for the financial year 2004-05 has further gone down for want of funds to execute the projects in hand. Because of its well established reputation in the market there was no dearth of orders but your company failed to meet the commitment of executing the high value projects. Since the company could not service the loan taken from Banks, they have referred to Debts Recovery Tribunal for the recovery of loan. Various options planned to revive the business of the Company could not bring fruits. Number of court cases and the petitions filed by Banks before Debts Recovery Tribunal dissuaded the investor community for any investment in your company. On 2nd February 2005 your company had the honour of receiving National Award for the Best Special Effects for the Film 'Koi Mil Gaya'. It takes years and years for a Company to build its reputation / Name in the market but a small spark can bring it down very fast. Your Company, over a period of time had earned the status of dumber One Company in providing Best Special effects in India. Misfortunes struck the company with lightning speed. Unfortunate tragedy of TWIN TOWERS on 11th September 2001 in New York changed the destiny of your company forever. The process of reconstruction of your Company faced roadblock at every stage. The tunnel started becoming longer and longer and unending without seeing any ray of light. At this juncture, Directors of your company pumped in lots of money with the hope of reviving it but it was not enough to arrest the downfall. The Rights issue, which was the financial lifeline for the Company, could not go through due to technical reasons. The Company is in a tight financial position, with no money of its own, to meet day today expenses of the Company. The Company, which was beehive with full activities, now has skeleton staff strength. Miracles do happen in this World. Let us pray and hope that your Company comes back on rails. Your Company is righting against all odds for its survival. With faith in ALLMIGHTY we still hope for the best. I like to thank you all for your presence and support. I also thank all the employees, esteemed shareholders, our valuable clients, Bankers, Financial Institutions, Vendors, Auditors, Government Agencies, friends and relatives who have helped the Company tremendously throughout the year. S.S. Dahiya Chairman & Managing Director