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Pashupati Seohung Ltd.

BSE: 526353 Sector: Others
NSE: N.A. ISIN Code: INE322D01014
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Pashupati Seohung Ltd. (PASHUPATISEOHUN) - Chairman Speech

Company chairman speech

PASHUPATI SEOHUNG LTD. ANNUAL REPORT 1998-99 CHAIRMAN'S REPORT Dear Shareholders, I have great pleasure in welcoming you all to this 7th Annual General Meeting of your Company. The year 1998-99 was not as good as expected. Though the Company has escalated the profit marginally but the quantum of the same is much below the expected level. The reasons for the same have already been clarified in Directors Report. However the Company has taken the corrective measures to optimise the profit margin to the extent possible and assure you of better performance in the current year. There was turbulent effect of currency devaluation globally and the impact of the same was much vicious in the countries of Asia and Europe particularly in the second half of the financial year under review. Your Company, being a 100% EOU, was also victimized by way of stagnated business opportunities with the countries where 80% of the total sales counted. You can well appreciate the reasonability for the sales downfall and the realisations also as during that period it was totally gloomy market due to uncertaintly of the negotiating currency. The Indian economy was also not very impressive during the year under review so as to encounter the DTA Market with the incentive portions as provided to the EOUs. Industrial growth rate declined as compared to previous year. However agriculture sector showed a positive growth. Though the import increased too much as compared to exports, the foreign exchange reserve was quite satisfactory. However, the tax structure was continued to be simplified in Union Budget for 1999-2000 also. Efforts are being in the way by Government for libralisation of economy. Tax holiday to new industries has been extended. Your Company will also be benefitted by this decision. Various other facilities were also extended to the exporters by the Government. Due to sudden imbalance in the global economy, including Russia, the Company could not do well. The turnover during the period under review was Rs.690.50 lacs as against 652.86 lacs in the previous year. Though both the quantity as well as value of condoms sold had shown a rise but the net realisation was not compatible. The production during the year under review was 63.80 MPC reflecting lower productivity due to insufficient working capital. The Company earned a net profit of Rs.29.87 lacs. The downfall in profit was due to lower growth rate in sales comparing to last year as well as lower realisation of sales. Gross Assets raised to Rs, 1,367,60 lacs against Rs. 1,340,43 lacs in the Previous Year. Net Current Assets raised to Rs. 372.95 lacs against Rs.285.44 lacs in the Previous Year. Condom, being the tool used not only for birth control but also for prevention of AIDS and STDs. The data shows that by the year 2000 there will be 40 million AIDS patients worldwide irrespective of developed and underdeveloped countries. As a result, the demand for Condom is continuously increasing. There is a vast gap between the demand and supply of Condom globally. The worldwide demand for Condom is about 16 billion pcs per year whereas the supply is around 13 billion psc approximately. Due to sudden fall in the exports, the company confronted with serious cash crunch situation during 1998-99. Hence the decision for expansion could not be materialised. However the clutches labelling to the global economy has been frozen and the expansion programme is being carries out at a reasonable pace. As already informed to you the Company has taken steps in compliance with the formalities involved for ISO accredition and expected to be completed within current financial year. In spite of all the financial problems faced by the Company during the year under review, the Company maintained its operation uninterruptedly as well as service to its shareholders. However lapses, if any, though not intentional but incidental in meeting the requirements of the shareholders are sincerely regretted. Before concluding I wish to thank all my colleagues on the Board who in spite of some other pre-occupations spare considerable time and actively participated in the deliberations of the Board on important issues and guided with their vast experience for smooth functioning of the Company. I am also thankful to our foreign collaborators M/s. Seohung Industrial Co. Ltd. for their continuous and active co-operation. I wish to place on record my sincere appreciation for the employees at all levels of operation and acknowledge their loyalty, support and professional approach and for the co-operation extended by the Union. I also thank to the Financial Institutions, Banks, Govt. of West Bengal and various authorities of the Govt. of India for their continuous support and co-operation to the Company. Thanking you, (M.L.Murarka) Chairman & Managing Director Place : Calcutta Dated : 21st August, 1999