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BSE: 511194 Sector: Financials
BSE 05:30 | 01 Jan ICDS Ltd
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ICDS Ltd. (ICDSLTD) - Chairman Speech

Company chairman speech

1995 ICDS LIMITED CHAIRMAN'S STATEMENT Dear Shareholders, It gives me great pleasure to present the 24th Annual Report of ICDS Ltd., and my first address to you as Chairman of this august Company. Your Company has performed exceedingly well during the year twelvemonth period ended 31st March, 1995 with the distinction of ranking amongst the top five in the financial services industry, specially in terms of net accrual of fixed deposits and expansion of branch network. The highlight of the year has been the proposal to declare 40% dividend on a equity of Rs. 7.10 crores. Your Company recorded a gross profit of Rs. 25.18 crores with net profits after depreciation coming to Rs. 10.32 crores. The year under report shows the Company crossing the historic mark of Rs. 200 crores in deposits and is very close to reaching the target of Rs. 300 crores fixed by the Company's Managing Director, Mr. T. Mohandas Pai. At the time of going to the press, deposit figure has crossed the Rs. 250 crore mark which is a good indication of the Company reaching is targets ahead of schedule. The Company has taken giant strides in the Merchant Banking activity. To tap the opportunities in its full potential in this area, ICDS Securities Ltd., a new Company has come into existence. The Central Park too has shown high rates of occupancy and has proved to be a very popular business class hotel. The hotel division has build up adequate expertise and is now in a position to shoulder managerial responsibilities of other hotels. I take this opportunity to compliment the Board for its valuable guidance in formulating good programmes for the Company to reach greater heights. I also place on record my sense of appreciation for the dedicated support of the employees, agents and well-wishers of the Company and I am sure that with your continuous support and co-operation, this team will do much better in the year to come. K.K. PAI Chairman