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Dharani Finance Ltd.

BSE: 511451 Sector: Financials
NSE: N.A. ISIN Code: INE899D01011
BSE LIVE 15:03 | 14 Dec 13.04 0
(0.00%)
OPEN

13.04

HIGH

13.04

LOW

13.04

NSE 05:30 | 01 Jan Stock Is Not Traded.
OPEN 13.04
PREVIOUS CLOSE 13.04
VOLUME 3400
52-Week high 13.04
52-Week low 4.56
P/E 2.82
Mkt Cap.(Rs cr) 7
Buy Price 13.04
Buy Qty 24754.00
Sell Price 0.00
Sell Qty 0.00
OPEN 13.04
CLOSE 13.04
VOLUME 3400
52-Week high 13.04
52-Week low 4.56
P/E 2.82
Mkt Cap.(Rs cr) 7
Buy Price 13.04
Buy Qty 24754.00
Sell Price 0.00
Sell Qty 0.00

Dharani Finance Ltd. (DHARANIFINANCE) - Chairman Speech

Company chairman speech

1996 DHARANI FINANCE LIMITED CHAIRMAN'S STATEMENT I have great pleasure in extending a warm welcome to you all shareholders on this annual occasion of presenting the annual report for the year 1995- 96. Despite the adverse market conditions, the year 1995-96 has been a fairly successful one. The total income has gone up from Rs. 255.34 lakhs to Rs. 359.37 lakhs which represents a growth rate of 40.74%. Likewise, Public Deposits rose from Rs. 604.85 lakhs to Rs. 913.87 lakhs registering an increase of more than 51% .The gross profit has registered a 28% increase to Rs. 144.72 lakhs. The provision for depreciation has gone up from Rs. 17.9 lakhs to Rs. 49.2 lakhs. Apart from this, we had to make an unprecedented provision for payment of income tax for the first time in the company's history for a sum of Rs. 23.30 lakhs. These two items totalling to Rs. 72.50 lakhs have made a sizeable dent in the profits available for distribution as dividend and transfer to reserves. Your directors had therefore to recommend a slightly lower rate of dividend of 13% against 16% in the last year. In this context, I am sure you shareholders will appreciate the circumstances relating to the difficult general money market conditions in the country and the political developments all of which contributed to a bearish phase in the capital market. You will also note that this has been the case with majority of non-banking financial companies. Your company has been able to get a satisfactory rating for its deposits from CARE with the abbreviation BBB representing adequate safety for payment of principal. We had planned for an increase of total deposits to a sum of Rs. 12 Crores, but due to the sticky conditions in the primary market and the serious cash crunch in the money market as also fluctuations in the rupee-dollar parity, we have not been able to mobilise our targetted Rs. 12 crores. We hope the coming year 1996-97 will be more favourable to non-banking financial companies like ours and we may be able to expand our activities substantially. Though the total network of branches remains the same, we have been able to consolidate the gains achieved during the last year. For better and smoother co-ordination we have formed two regional offices and the branches have been attached to one or the other. The Regional Offices will co- ordinate the work of the branches attached to them. As the primary market was not in a very happy state, we did not venture into Merchant Banking activities to avoid development and consequent loss to the company. With the uncertainity in the political situation having been resolved, and a new government having taken over the reins of administration, we are sure that the reforms policy will continue in the coming years with greater speed and vigour. Your company hopes to take advantage of these developments and progress with your support and co-operation. Yours sincerely, Dr. PALANI G. PERIASAMY Chairman