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Nitin Spinners Ltd.

BSE: 532698 Sector: Industrials
NSE: NITINSPIN ISIN Code: INE229H01012
BSE LIVE 14:42 | 24 Aug 118.00 0.30
(0.25%)
OPEN

121.80

HIGH

121.80

LOW

116.15

NSE 14:40 | 24 Aug 119.00 0.65
(0.55%)
OPEN

117.85

HIGH

119.15

LOW

116.05

OPEN 121.80
PREVIOUS CLOSE 117.70
VOLUME 7819
52-Week high 145.00
52-Week low 61.00
P/E 9.37
Mkt Cap.(Rs cr) 541
Buy Price 118.60
Buy Qty 30.00
Sell Price 119.30
Sell Qty 50.00
OPEN 121.80
CLOSE 117.70
VOLUME 7819
52-Week high 145.00
52-Week low 61.00
P/E 9.37
Mkt Cap.(Rs cr) 541
Buy Price 118.60
Buy Qty 30.00
Sell Price 119.30
Sell Qty 50.00

Nitin Spinners Ltd. (NITINSPIN) - Chairman Speech

Company chairman speech

Dear Shareholders

It is great pleasure to share with you the progress and prospects of your Company.

During the Year 2014-15 the company achieved remarkable growth in Turnover Operatingprofits and Net profits. The company recorded sales of Rs 616 Crores against last year 488crores achieving a growth of 26 %. The EBIDTA also increased by 24% from Rs 84.27 Croresin previous year to Rs 104.30 Crores during current year. Net Profits also increased fromRs 34.78 Crores to Rs 40.96 Crores. I am pleased to inform that Board of Directors haverecommended a dividend of Rs 1.00 per Equity Share against last year Rs 0.75.

The financial figures are all the more notable against the backdrop of challengingmarket scenario for cotton textiles industry. There was steep fall in prices of Cotton dueto higher production and change in procurement policies of Chinese Government. Cotton Yarnprices were also reduced sharply as a result of slump in cotton prices and subdued demandfrom International markets affecting turnover and profitability margins. Despite of thechallenges your Company has achieved growth in turnover as well as profitability duringthe year as a result of increase in volumes focus on niche and value added products andexploring new markets.

I am also pleased to share about successful implementation of Expansion project ofSpinning and knitting during the year .The Company has successfully implemented expansionproject for installation of 72480 Spindles and 19 Knitting Machines at cost of Rs. 281Crores against envisaged project cost of Rs. 286 Crores and commercial production onexpanded capacity commenced w.e.f. 09.02.2015 against projected date of 31.03.2015. Theinvestment in the project is eligible for Interest subsidy and other benefits under TUFScheme of Govt of India and Rajasthan Investment Promotion Investment Scheme of Govt ofRajasthan . After the expansion the production capacity of company increased to 37800 TPAof Cotton yarn and 8600 TPA of knitted fabrics and the company is now equipped to offerbroader and diversified range of yarn and knit Fabrics to the customers and enhance itsmarket share. The production on expanded capacity is reaching at its optimum levels andyour Company will get full benefits of same in the year 2015-16.

Your Company remains committed to providing quality products exemplary customerservice achieving business objectives with social responsibility and enhancingstakeholder value. We remain cautiously optimistic on delivering results with improvedreturns on capital employed. Good Governance has always been a part of our businessphilosophy and will continue to be so as we move into the future. Your Directors firmlybelieve in acting with integrity and upholding the highest standard of CorporateGovernance.

I would like to thank all our colleagues for their hard work and valued contributionduring 2014-15. Together we have much to look forward as we strive to make our Companyeven stronger and continue to focus on delivering value to our stakeholders. I also thankall our customers suppliers bankers investors and last but not the least all ouremployees for their hard and sincere work.

With best wishes

R.L.NOLKHA