During 2015-16 our Company had to face several challenges due to non-availability ofworking capital finance for the smooth functioning of the activities and the operations atthe Plant were stalled during the financial year 2015-16. Since the entire net-worth ofthe company was eroded we have referred the company to BIFR for its revival andrestructuring. BIFR had already registered our company and we hope that our company wouldsoon be able to revive as per the revival and rehabilitation scheme that may be providedby BIFR. In addition the board of directors are also striving towards framing suitablestrategies for making the working capital available and also submitted the proposal forthe restructuring and revival of the company with its banker Allahabad Bank so that onavailability of the required working capital the production could run at its full swing.Your company is also in talks with National Textile Corporation Limited for providingworking capital assistance on suitable terms and conditions in order to achieve and managethe revival of our Company.
I would further like to extend my gratitude to all our stakeholders includingshareholders customers lenders and our loyal hardworking and committed employees fortheir continued support and faith in the Company during its difficult time.
By Order of the Board
Chairperson & Managing Director