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Coral Newsprints Ltd.

BSE: 530755 Sector: Industrials
NSE: N.A. ISIN Code: INE715D01019
BSE 05:30 | 01 Jan Coral Newsprints Ltd
NSE 05:30 | 01 Jan Coral Newsprints Ltd

Coral Newsprints Ltd. (CORALNEWSPRINT) - Chairman Speech

Company chairman speech

1995 CORAL NEWSPRINTS LIMITED CHAIRMAN'S SPEECH Ladies & Gentlemen, It gives me great pleasure in welcoming you all to the 3rd Annual General Meeting of your Company. The Directors' Report and Audited Accounts for the year ended 31st March, 1995 have been with you for some time and with your permission, I take them as read. 1. PERFORMANCE : Your Company had commenced Commercial Production since 22nd July, 1994 and during this eight month period, gross revenue of Rs. 542.17 lacs has been generated, resulting in a gross profit of Rs. 83.63 lacs, and profit after tax of Rs. 28.89 lacs; leaving a balance of Rs. 12.02 lacs credited to the Balance Sheet after provision for dividend. This results in Annualised Earnings per Share of Rs. 2.50 and Annualised Cash Earnings per Share of Rs. 3.50. Your Directors have recommended a dividend of 10% on pro rata basis for the above period. 2. CURRENT YEAR During the current period your company has achieved a turnover of Rs. 584.72 lacs as against the projected turnover of Rs. 578.14 lacs. The Company is hopeful of achieving 800 lacs to 1000 lacs turn-over during the rest of the period. I would like to mention that the public issue of your Company was oversubscribed 2.17 times and the current market rates of the shares are quite encouraging, which indicates the confidence of the investors in your company. 3. GOVERNMENT POLICY I would like to mention that consequent to the liberalisation and change in fiscal policy of the country, the Government has come out with a new policy for the import of paper. The import duty on paper has been reduced from 65% to 40% and again 40% to 20% resulting in cheaper import of paper. Besides, import of newsprint paper has been allowed under OGL category, causing influx in the import of our item. Both these decisions of the Government have resulted in a set back to the domestic industry, as imported paper is definitely cheaper and more popular than that produced in the country. However despite this your Company has done well, for which I must congratulate, everyone connected with the Company. 4. EXPANSION PROGRAMME The target of the Company for producing 12,600 TPA will be achieved in the current year as the expansion programme is in full swing. The Plant Machinery and Equipment required for expansion have already been installed, and installation of 1280 KVA D.G. Sets, to meet out the power cuts, is being implemented. Here I would like to mention that your company is among the few industries which have performed well during its teething period. Before I close I would like to thank you, the shareholders, for your support. I place on record my deep appreciation to all the employees of the Company for their dedicated services. I would also like to take this opportunity to thank our Customers, Suppliers, the Institutions, the Banks and the Government Agencies for the support we have always received. Ladies and Gentlemen, please accept my greetings to you, your families and friends for the forthcoming festive season. Mr. Chetendra Pratap Singh Chairman Place : New Delhi Date : 29th September, 1995