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Shrenuj & Company Ltd.

BSE: 523236 Sector: Consumer
NSE: SHRENUJ ISIN Code: INE633A01028
BSE LIVE 15:07 | 16 Oct Stock Is Not Traded.
NSE 15:44 | 23 Jan Stock Is Not Traded.
OPEN 0.61
PREVIOUS CLOSE 0.61
VOLUME 76428
52-Week high 3.51
52-Week low 0.58
P/E
Mkt Cap.(Rs cr) 11
Buy Price 0.00
Buy Qty 0.00
Sell Price 1.16
Sell Qty 25668.00
OPEN 0.61
CLOSE 0.61
VOLUME 76428
52-Week high 3.51
52-Week low 0.58
P/E
Mkt Cap.(Rs cr) 11
Buy Price 0.00
Buy Qty 0.00
Sell Price 1.16
Sell Qty 25668.00

Shrenuj & Company Ltd. (SHRENUJ) - Chairman Speech

Company chairman speech

ANNUAL REPORT - 2001 SHRENUJ & COMPANY LIMITED CHAIRMAN'S STATEMENT Dear Shareholders It gives me great pleasure to welcome you to this Nineteenth Annual General Meeting. Last year was one of mixed fortunes for your Company. Diamond sales did well despite recessionary conditions in some of our major markets. However, jewellery sales were not very encouraging. Given this background, it is gratifying that your Company has been able to record growth of 22% in turnover in face of severe competition and overall slowdown in global demand for gems & jewellery, in most of our major overseas markets. Profit before interest, depreciation and tax was higher by 40.7% at Rs. 19.05 crores against Rs. 13.54 crores last year. However, due to interest cost having more than doubled to Rs. 10.78 crores from Rs. 5.11 crores and higher provision for depreciation and taxation, profit after taxation declined from Rs. 7.80 crores to Rs. 7.13 crores. As far as Indian economy is concerned, the year 2000-2001 ended on a disappointing note, with deceleration in GDP growth to 5.2% from 6.4% in the previous year. The devasting earthquake in Gujarat in January, 2001 also cast a gloom on the entire country and economy. As a part of social obligation towards rehabilitation of the victims of this terrible tragedy, the company and its employees contributed Rs. 12.52 lacs to the Gujarat Earthquake Relief Fund through the Gems & Jewellery National Relief Foundation and Janmabhoomi Patro Rahat Niadhi. Your Company has been convinced of the need for good Corporate Governance and set up Audit Committee and Shareholders/Investors Grievance Committee in April 2000, although the relevant SEBI guidelines in this regard were to be complied with only by 31st March, 2002. A Remuneration Committee has also been formed in May, 2001. The foresight and pioneering spirit of your Company in introducing laser technology in the Indian diamond industry has resulted in considerable saving in costs and improved productivity. The management is continuously striving to bring about more production-oriented changes in the process of polishing diamonds, especially the premium ones. With this end in view, the company is currently implementing a project with state of the art equipment and employing modern techniques which will result in significant value addition and better yields. The project is expected to be commissioned during the first quarter of 2002. To achieve the desired results, we have already set up two pilot projects to test the equipment and proposed techniques and systems and I am glad to inform you that the results so far are very encouraging. I expect that this will have a positive impact on our bottom line next year. We have started the current year on a good note despite very tough market conditions. The goodwill we enjoy among our patrons combined with our strenuous efforts to offer more appealing and higher value gems and jewellery should enable us to fare well during the current year. During the year Shri Raj Kumar Talwar, Shri Prakash S. Doshi and Smt. Geeta S. Doshi resigned from the Board. I would like to sincerely thank them for their valuable advice during their long association with the Company. I welcome Shri Pinakin D. Desai, eminent Chartered Accountant, who has recently joined our Board. I am sure, the Board will benefit from his acumen and experience. In our efforts to steer the Company forward, we have had the unstinted co- operation of all our employees to whom I extend the warm appreciation of the Board and my own. I am also grateful to my colleagues on the Board for their mature counsel and to our Bankers and customers for their continuing support. The Diamond Trading Company has at all times evinced keen interest in our growth and development and we express our gratitude to them. You, our shareholders, have been a source of great support and encouragement to us and it will be our endeavour to ensure that you are suitably rewarded in years to come. Kirtilal K. Doshi Chairman Place : Mumbai Date : 8th August, 2001