GEEKAY FINANCE AND LEASING COMPANY LIMITED
ANNUAL REPORT 2008-2009
It gives me a great pleasure to present before you all the 16th Annual
Report of the Company and now I would like to place before you our
performance for the Fiscal Year ending 31st March, 2009 and the outlook
for the future .The Director's report and the audited accounts for the
year ended 31st March, 2009, have been with you and with your permission,
I shall take them as read.
The Indian economy has slightly affected by the global financial turmoil
emerging from sub-prime crises. However, due to strong domestic
consumption, it has shown regligence & has ability to continue to witness
rapid growth both in the manufacturing as well as services sector. In view
of the real GDP growth rate about 7%, company has started some new
business activities during the year which had affected the business of the
Company and Board is positive for the better growth in future. The company
is now planning for some more areas of business activities which would
result in healthy growth of the company in future.
I feel bit happy in submitting the financial performance of the company
during the reporting year. The company had done very little business
during the year. The growth is not upto the mark and still company is in
loss with revenue expenditure but the Board of Directors is very positive
and dedicated towards accelerated growth in future.
The company had continued with the policy of cost reduction as the
business of company in last few years was not performing well, and all the
resources balanced with the company; the emphasis is on the development of
human resources with a view to upgrade their competence and managerial
qualities so as to enable them to function effectively in the more
competitive and rapidly changing environment
The management's perception for future is very positive; the Board of
Directors is, seeking new areas of business proactively viz. real estate,
power sector with positive attitude towards the growth of the business of
the company. The management of the company is making efforts to put
enormous growth in the company in an organize manner.
We have set up one of the most advanced and extensive platform for the
clients of our company regarding dematerialization of securities and
financing against them. Our goal is to continuously fill the pipeline with
a stream of new services designed to meet customer needs.
I convey my heartfelt thanks to all our shareholders for their continued
trust and confidence in the Management of the company. My gratitude is due
to my colleagues on the Board for their valuable guidance and support.
Though the company is facing a tough time and need time to revive but I am
strongly hopeful of coming out with bright colors owing to the strong
support of all stakeholders and business associates and I take this
opportunity to convey sincere thanks to our customers, bankers, depositors
and all the shareholders for the cooperation and assistance extended to
the company and look forward to their continued support.
I also convey my heartfelt appreciation for the dedication and
contribution of the employees of the Company at all levels.
Dated this 2nd day of September 2009 at Agra.