LETTER FROM THE CHAIRMAN
I would like to extend a warm welcome to each one of you to the 29th AnnualGeneral Meeting of our Company.
At the outset I would like to convey our sincere apologies for the delay in holding ofAnnual General Meeting this year. This has happened mainly due to the system failure inthe maintenance of accounting back-up as well as the fulfillment of minimum number ofIndependent Directors of our Company. I would like to place on record the very effectivecontribution and services of our Independent Director Shri Chiman J. Sanghavi who hasresigned from the board on 27th March 2014 and Executive Director Ms.Naina M. Shah who has resigned from the board on 24th November 2014.
As you are all aware the overall economic scenario is improving and the investorsentiments and confidence is re-building. After the recent general elections it islikely that the new Governments policies are likely to be conducive to thissentiment and over-all growth as also in the real-estate sectors. We are hopeful that dueto locational advantages we shall get a good response to our various projects once theadequate working capital is provided and the projects are commenced.
Update on operations
You will be pleased to note that the Company has maintained its operations andperformance as compared to last year. The total income during the year stood at Rs. 60.06Crores as against 64.27 Crores last year. However it is to be mentioned that due topaucity of working capital requirements the operations and the expected new projectsin Lok Everest Mulund and Lok Nirman Khar have got delayed in commencement.
However you will be pleased to note that the debt settlement with the State Bank ofIndia has been maintained where we have paid the Bank the first three installment as perthe settlement letter and are confident of meeting the coming up quarterly installmentschedule once the operations re-commences. We are also working actively on creatingWorking Capital
Base for the Company and are in process of tying up with investors/banks for financingon the Ambernath property in appropriate manner which would enable to create the workingcapital base on one hand and service outstanding dues of the State Bank of India on theother hand whilst ensuring implementation of projects and operations. The Company isputting in fresh efforts for pursuing its litigation in the Companys prime lands atTurbhe/Mandale as well as the without prejudice out-of-court settlement with the UnionGovernment.
The Company is also proposing at diluting its shareholding in its Lok Nirman Project atKhar (West) and C-Ward Cluster Development Project in the Remaking of Mumbai DevelopmentLtd. at proper market valuation to generate and overcome its present Working Capitalconstraints.
As regards the other lands situated at Pune Bangalore Vasai. The Company hasrecommenced its acquisition completion process -for these lands and is hopeful of makingsubstantial progress in these avenues in the coming years.
On a concluding note
Before I conclude let me express my sincere thanks to all our business associatesbankers creditors Government of Maharashtra Bombay Stock Exchange Limited SEBI localgoverning bodies and our valued customers for their continued support and cooperation. Iwould also like to express my thanks to my colleague Director and staff members for theirsupport.
Dear Shareholders while expressing my gratitude to each one of you for your wholesupport which has given me enough strength and confidence in steering the company indifficult times I would like to re-assure that all positive steps undertaken by thecompany shall reach their desired aspirations in the best possible and feasible time frameand will leave no stone unturned and make sincere and vigorous efforts for the same
Thank you all once again
Darshan L Gandhi