You are here » Home » Companies » Company Overview » Shri Lakshmi Cotsyn Ltd

Shri Lakshmi Cotsyn Ltd.

BSE: 526049 Sector: Industrials
NSE: SHLAKSHMI ISIN Code: INE851B01016
BSE 13:33 | 28 Mar Stock Is Not Traded.
NSE 15:31 | 10 Jul Stock Is Not Traded.
OPEN 1.81
PREVIOUS CLOSE 1.90
VOLUME 32116
52-Week high 1.82
52-Week low 0.00
P/E
Mkt Cap.(Rs cr) 5
Buy Price 0.00
Buy Qty 0.00
Sell Price 1.81
Sell Qty 934.00
OPEN 1.81
CLOSE 1.90
VOLUME 32116
52-Week high 1.82
52-Week low 0.00
P/E
Mkt Cap.(Rs cr) 5
Buy Price 0.00
Buy Qty 0.00
Sell Price 1.81
Sell Qty 934.00

Shri Lakshmi Cotsyn Ltd. (SHLAKSHMI) - Chairman Speech

Company chairman speech

Dear Shareholders

Nothing much has changed over what we communicated in our last year's report. Thebusiness environment continued to remain challenging. However this phase has made us evenmore stronger than ever. As a corporate that believes in transparency and strongergovernance did not let its aspirations boil down the turmoil. We continued to makerelentless efforts towards achieving a sustainable turnaround.

Ever since inception the Company had uninterruptedly served its debt obligations andhad a steady relation with banking consortiums. However the prolonged recession in thetextile industry demonetization and first time levy of GST on fabric has panicked theinvestors and it will take some time in settling the industry. All these challengescombined with non disbursement of credit facilities on time for working capital andexpansion project has given a huge setback to the Company's future plans. The Companycould not complete the expansions and faced challenges in serving its day-to-day workingcapital needs. This all led to turning our accounts as NPA owing to inability of servingthe existing huge debt of ' 2700 crores across our consortium banks comprising at present15 banks and one ARC.

The Company has clear intentions of ensuring maximum repayment to banks. Hence we havecontinued running our plants though at a lower capacity utilisation of 30% to 40%.Keeping the plant running will allow us drive better value as compared to closed plant.Moreover the cost of restarting a closed plant would have involved much higher capitaloutlay.

We are also looking for potential investors to dispose-off our machineries. Howeverowing to recession in Textile industry coupled with demonetization and first time levy ofGST in the textile technology these machineries are not fetching the desired value. Goingahead we will continue to seek possibilities to liquidate our assets and the debts.

I am thankful to the shareholders bankers creditors as well as Auditors for theirsupport for patiently being with us in the tiring times. I would also like to acknowledgeour employees for staying put with the Company and giving their best effort. I wouldcontinue to seek support of our Board Members and Management Team to relentless pursue thedesired objectives with the positive hope of steadying the ship in the years to come.