It gives me great pleasure to present the 24th Annual Report of ICDS Ltd.,
and my first address to you as Chairman of this august Company.
Your Company has performed exceedingly well during the year twelvemonth
period ended 31st March, 1995 with the distinction of ranking amongst the
top five in the financial services industry, specially in terms of net
accrual of fixed deposits and expansion of branch network.
The highlight of the year has been the proposal to declare 40% dividend on
a equity of Rs. 7.10 crores. Your Company recorded a gross profit of Rs.
25.18 crores with net profits after depreciation coming to Rs. 10.32
The year under report shows the Company crossing the historic mark of Rs.
200 crores in deposits and is very close to reaching the target of Rs. 300
crores fixed by the Company's Managing Director, Mr. T. Mohandas Pai. At
the time of going to the press, deposit figure has crossed the Rs. 250
crore mark which is a good indication of the Company reaching is targets
ahead of schedule.
The Company has taken giant strides in the Merchant Banking activity. To
tap the opportunities in its full potential in this area, ICDS Securities
Ltd., a new Company has come into existence. The Central Park too has shown
high rates of occupancy and has proved to be a very popular business class
hotel. The hotel division has build up adequate expertise and is now in a
position to shoulder managerial responsibilities of other hotels.
I take this opportunity to compliment the Board for its valuable guidance
in formulating good programmes for the Company to reach greater heights.
I also place on record my sense of appreciation for the dedicated support
of the employees, agents and well-wishers of the Company and I am sure that
with your continuous support and co-operation, this team will do much
better in the year to come.