International Hometex Ltd.
||ISIN Code: INE315D01018
05:30 | 01 Jan
International Hometex Ltd
05:30 | 01 Jan
International Hometex Ltd
International Hometex Ltd. (INTERNAHOMOTEX) - Chairman Speech
Company chairman speech
TRIMBAK INDUSTRIES LTD
It gives me great pleasure to welcome you to the 5th Annual General Meeting
of our company.
The Drector's Report and the Audited Statement of Accounts for the year ended
31st March, 1994 have been with you for sometime and with your permission,
the same is taken as read.
The Company's issue of 6,75,00 Fully Convertible debentures of Rs. 300 each
aggregating to Rupees Twenty Crores Twenty Five Lacs was fully subscribed and
the allotment and listing formalities have been Completed in time. In terms
of the Prospectus, Part "A" of the debentures of Rs. 100/- has been converted
nto 10 partly paid Equity Shares of Rs.10/- each. The conversion of Part "B"
of Rs. 200/- will take place within 1177 months from the date of Alotment.
You must have read from the Annual Report that the net profit of the Company
for the year ended 31st March 11994 was Rs.51.90 Lacs as aaist the previous
years profit of Rs. 22.45 Lacs, showing a increase by 131%.
Your Directors have recommended a dividend of 19% on Equity shares Prorata
divident will be paid on shares allotted during the year on conversion of
Part A of the Fully Convertible Debentures issued during the year n
proportion to the Capital paid-up thereon and the period for which the same
has been paid. This will absorb a sum of Rs. 36.12 Lacs as against the
previous year's figure of Rs. 4.50 Lacs.
I am pleased to inform you that the Company's terry towels project at Mahad,
set up in technical collaboration with Cointex AG, Switzerland, has been
successfully completed in time within the original project cost and without
any cost overrun. The present installed capacity of the lant is 2725 M.T. per
The situation would have been much better, If the Company had received
allotment and call money in time from the shareholdrs/ debentureholders. The
outstanding calls as on 31-03-194 on shares and debentures were Rs. 7.50
croes. Out of this more than six croes has been received by us till date, but
still much more than one crore is outstanding. We have already sent
forfeiture notices to the defaultig shareholder/debentuerholders and the
Board of Directs wll take apropriate action in this matter in due course.
Looking to the pesent policies of the Government of India for the
liberalisatin of the economy and globalisation of the market your Company has
entered into this arena at a right time. The demand of Indian products mainly
in textiles is increasing at a very fast pace. Myself and our Managing
Director were in Europe in last 10 days and have found a very good response
for our product mainly because of the excellent quality being achieved due to
the inclusion of mos modern plant and equipments with state-of-the -art
The Directors have discoussed the present situatin intheir meeting and have
decided to proceed with the preparation of necessary papers for the expansion
and its financing. As soon as we stabilise in quality and quantity of our
present capacity, we plan to undertake these expansions.
As mentioned by us at the time of public issue, we are also working on the
projects such as spinning mill for our requirement of yarn and setting up of
a steel plant. We shall keep you informed of the progress on these projects.
At this juncture of the economy of our country, we can look forward for a
faster growth of our Company in the coming years. We need your continued
confidence and support to achieve these objectives. As already informed
earlier, the Company's policies are investor friendly and will continue to be
the same, to ensure accrual of maximum benefits to our investors.
Your Company is fully awareof its obligationfor maintaining and preserving
the enviromental needs and have taken necessary steps inthis directio. as
your company is working on producing Eco-friendly product, which is in moe
and more demand in the world market and shall be a ncessity in due course.
As informed to you earlier, we are already on the job for getting our plant
accredited under iso 9002 which will guarantee efficiency in operation and
will also stand as guarantee consumers.
Before I conclude, I would like to sincerely thank all Government and Semi
Government agencies., financial institution and the Company's bankers for
their continued support and assistance. I would also like to thank our
shareholders/debantureholders for their suport and confidence in the Company.
I am also thankfu to all our officers and employees for their hard work,
efforts and constant endeavor which has resulted intimely completion of the
project. I am personally thankful to all my coleagues on the Board for their
valuable guidance and assistance from time to time.
V K AGRAWAL
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