COMPUDYNE WINFOSYSTEMS LIMITED
ANNUAL REPORT 2004-2005
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.
Chairman & Managing Director