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Padmini Technologies Ltd.

BSE: 500321 Sector: Industrials
BSE 05:30 | 01 Jan Padmini Technologies Ltd
NSE 05:30 | 01 Jan Padmini Technologies Ltd

Padmini Technologies Ltd. (PADMINPOLY) - Chairman Speech

Company chairman speech

ANNUAL REPORT 1999-2000 PADMINI TECHNOLOGIES LIMITED CHAIRMAN'S MESSAGE Dear Shareholders, This year has seen a phenomenal growth in the CD, DVD and Multimedia business in India. Your company has been associated with this business since 1994, when the industry was at its nascent stage. The timely and long association with this sector has helped us to tide over the depressed International and domestic plastic markets, with high input cost and cut- throat competition. The company has responded to the depression in plastic industry by consolidating its position through business and financial re- structuring. In tune with changing times, company has decided to hive-off its plastic division and shift the focus on the growing and highly profitable CD/DVD manufacturing and Multimedia development. Company strengthened its operations in this field in the current period by installing state-of-the- art DVD manufacturing plant, 5 colour dry on line printing machine, CD/DVD master with an installed capacity of 11 million pieces per annum. You would be glad to know that this is the first plant of its kind in India and is yielding goods results. Your company has integrated its facilities for multimedia development, CD/DVD manufacturing, Mastering, Printing, with State-of-the-art technology, involving the world's best machinery in such a way that there is virtually no competition for the business, in this part of the world. We have redefined our business strategy, re-focussed our attention and continue to move into high tech area with higher margins and futuristic business models. The investment oh R&D has begun to yield results and our designer CD's, which can be designed into any shape and size, offers tremendous potential. This is a very user friendly technology, which offers tremendous prospects. You would again be happy to know that it is a pioneering effort in India. Financially however, the year has been challenging because of high interest cost and loss in the business of plastic division. To reduce the high debt burden, the company has entered into repayment arrangement with various banks and institutions to make Padmini debt free, within the next one year, In fact, the company has already repaid 50% outstanding debt. We fully believe that the best is yet to come. Padmini has already steered through the short-term difficulties and is poised for accelerated growth in the future to emerge a world class, profitable player. I gratefully acknowledge the unalloyed trust and confidence reposed in the company's management and look forward to your continued co-operation in future too. With best wishes, VIVEK NAGPAL