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Hindustan Photo Films Manufacturing Company Ltd.

BSE: 524316 Sector: Consumer
NSE: N.A. ISIN Code: N.A.
BSE 05:30 | 01 Jan Hindustan Photo Films Manufacturing Company Ltd
NSE 05:30 | 01 Jan Hindustan Photo Films Manufacturing Company Ltd

Hindustan Photo Films Manufacturing Company Ltd. (HINDPHOTOFILMS) - Chairman Speech

Company chairman speech

HINDUSTAN PHOTO FILMS MANUFACTURING COMPANY LIMITED ANNUAL REPORT 2002-2003 CHAIRMAN'S REPORT Chairman's Speech Dear Shareholders, I extend a very warm welcome to all the Shareholders present here today. I took over as the Director (Finance) of the Company on 9th Jan 2003. Subsequently, I have been given additional charge of the post of CMD from 28th Mar 2003, when I took over chargo, the Company was passing through a crucial phase. The Company has been before the BIER since January, 1996. During January 2003, the BIFR passed orders confirming its opinion that the Company be wound up. The morale of the employees too was very low and the Company was passing through many problems. During the year 2002-03, 253 employees have been relieved on VRS and with a lot of difficulties, the Company has been able to sustain its operations at the existing levels. Seeing the technical viability of the Company, I was determined to bring the Company back on rails. In this direction, I have streamlined the operations of the Company so as to make efficient use of the available resources. New ventures are being pondered into. Digital Products which have a vast market have been launched. The Company is gearing up to face the challenges posed by the liberalized economy. The management has posted the right person for the right job, thus enabling the system to automatically function in a proper way. Knowing well that 'One Time settlement' (OTS) is the first and foremost step for the revival of the Company, I have lift no stone unturned in this direction. Meetings of the creditors and bankers have been covened. They are being convinced to arrive at an OTS. Of late, many dignitaries both from the Administrative Ministry and other fields have visited the Company. They appreciated the facilities available and the technology. With the efforts being put in and the support of the Govt., Administrative Ministry, bankers and other creditors, the Company will soon see the light of the day and reach the stage of revival. With this, the livelihood of 1300 employees and their families most of whom belong to the SC/ST and OBC communities will be protected. I am confident that HPF being a strategic industry will be revived early in National interest. We look ahead for the day. Thank you, Gentlemen. S. Muralidharan Director (Finance)/Actg. CMD