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International Hometex Ltd.

BSE: 526185 Sector: Industrials
NSE: N.A. ISIN Code: INE315D01018
BSE 05:30 | 01 Jan International Hometex Ltd
NSE 05:30 | 01 Jan International Hometex Ltd

International Hometex Ltd. (INTERNAHOMOTEX) - Chairman Speech

Company chairman speech

1994 TRIMBAK INDUSTRIES LTD CHAIRMAN'S SPEECH Dear Shareholders, It gives me great pleasure to welcome you to the 5th Annual General Meeting of our company. The Drector's Report and the Audited Statement of Accounts for the year ended 31st March, 1994 have been with you for sometime and with your permission, the same is taken as read. The Company's issue of 6,75,00 Fully Convertible debentures of Rs. 300 each aggregating to Rupees Twenty Crores Twenty Five Lacs was fully subscribed and the allotment and listing formalities have been Completed in time. In terms of the Prospectus, Part "A" of the debentures of Rs. 100/- has been converted nto 10 partly paid Equity Shares of Rs.10/- each. The conversion of Part "B" of Rs. 200/- will take place within 1177 months from the date of Alotment. You must have read from the Annual Report that the net profit of the Company for the year ended 31st March 11994 was Rs.51.90 Lacs as aaist the previous years profit of Rs. 22.45 Lacs, showing a increase by 131%. Your Directors have recommended a dividend of 19% on Equity shares Prorata divident will be paid on shares allotted during the year on conversion of Part A of the Fully Convertible Debentures issued during the year n proportion to the Capital paid-up thereon and the period for which the same has been paid. This will absorb a sum of Rs. 36.12 Lacs as against the previous year's figure of Rs. 4.50 Lacs. I am pleased to inform you that the Company's terry towels project at Mahad, set up in technical collaboration with Cointex AG, Switzerland, has been successfully completed in time within the original project cost and without any cost overrun. The present installed capacity of the lant is 2725 M.T. per annum. The situation would have been much better, If the Company had received allotment and call money in time from the shareholdrs/ debentureholders. The outstanding calls as on 31-03-194 on shares and debentures were Rs. 7.50 croes. Out of this more than six croes has been received by us till date, but still much more than one crore is outstanding. We have already sent forfeiture notices to the defaultig shareholder/debentuerholders and the Board of Directs wll take apropriate action in this matter in due course. Looking to the pesent policies of the Government of India for the liberalisatin of the economy and globalisation of the market your Company has entered into this arena at a right time. The demand of Indian products mainly in textiles is increasing at a very fast pace. Myself and our Managing Director were in Europe in last 10 days and have found a very good response for our product mainly because of the excellent quality being achieved due to the inclusion of mos modern plant and equipments with state-of-the -art technology. The Directors have discoussed the present situatin intheir meeting and have decided to proceed with the preparation of necessary papers for the expansion and its financing. As soon as we stabilise in quality and quantity of our present capacity, we plan to undertake these expansions. As mentioned by us at the time of public issue, we are also working on the projects such as spinning mill for our requirement of yarn and setting up of a steel plant. We shall keep you informed of the progress on these projects. At this juncture of the economy of our country, we can look forward for a faster growth of our Company in the coming years. We need your continued confidence and support to achieve these objectives. As already informed earlier, the Company's policies are investor friendly and will continue to be the same, to ensure accrual of maximum benefits to our investors. Your Company is fully awareof its obligationfor maintaining and preserving the enviromental needs and have taken necessary steps inthis directio. as your company is working on producing Eco-friendly product, which is in moe and more demand in the world market and shall be a ncessity in due course. As informed to you earlier, we are already on the job for getting our plant accredited under iso 9002 which will guarantee efficiency in operation and will also stand as guarantee consumers. Before I conclude, I would like to sincerely thank all Government and Semi Government agencies., financial institution and the Company's bankers for their continued support and assistance. I would also like to thank our shareholders/debantureholders for their suport and confidence in the Company. I am also thankfu to all our officers and employees for their hard work, efforts and constant endeavor which has resulted intimely completion of the project. I am personally thankful to all my coleagues on the Board for their valuable guidance and assistance from time to time. Thanking you V K AGRAWAL CHAIRMAN