SRINIVASA SHIPPING AND PROPERTY DEVELOPMENT LIMITED
I have great pleasure in welcoming you to this Second Annual General
Meeting of your Company. The Directors' Report and the Audited of your
Company for the year 1995-96 have been with you for quite some time now and
with your permission I shall take them as read.
As your can see from the Annual Report in your hands, the Company has done
well during the very first year of operations and posted an after tax
profit of Rs. 509.79 lakhs. This is after providing for an amount of Rs. 70
lakhs towards Income Tax and Rs. 70.82 lakhs towards interest. The Company
has also transferred an amount of Rs. 60.00 lakhs to the General Reserve.
From the above figures you can see that the performance of the Company
during the year 1995-96 has far exceeded the projections made by the
Company in its prospects, dated 6th March, 1995.
As you are already aware, your Company has declared and paid an Interim
Dividend of 20%. Encouraged by the results achieved by the Company, the
Board of Directors of your Company decided to recommend a final dividend of
30%, taking the total dividend in the first full year of operations to 50%.
I am proud to say that your Company is one of the very few companies which
can boast of declaring 50% dividend in the very the Company's Shareholders
who have shown enormous confidence and extended overwhelming response to
our Public Issue. The Company hopes that you will extend wholehearted
cooperation and support to this company in future also.
WIND POWER PROJECT :
As you are aware your Company has diversified into Power Generation during
1995-96. As part of its diversification plans the Company has set up a Wind
Power Generation Unit at Vadavalli village, Palladam Tq., Coimbatore
District of Tamil Nadu. The project was implemented in a record time of 3
months and I am happy to announce that Wind Power Generation has started in
March, 1996. During the year 1996-97 the Company has generated 19.05 lakhs
units of power upto 15th September, 1996.
PROGRESS OF EXISTING PROJECTS :
The Capital Tower Project and the Company's project at GNC Road in Madras
are progressing as per schedule. It is expected that the Company's both
projects will be completed by September, 1997. The Company will be handing
over commercial space to the respective buyers by September/October, 1997.
FUTURE PROSPECTS :
The performance of the Company during the year is expected to be
satisfactory as in the past. Gross income and the profit will be on the
expected lines. The Company is planning to obtain all the permissions and
required clearances for its Montiesh Road project in Madras by December,
1996 and work on this project will commence in April, 1997 to construct
66,000 SFT of commercial/office space. Further Company propose to take up
construction of 1.00 lakh SFT commercial/residential space every year
starting from 1997-98 onwards.
I take this opportunity in thanking all our shareholders for their
continued support and would like to place on record that the Company will
strive to satisfy its shareholders in future also. I hope that you will all
stand by the company to make it more prosperous in future also.
I also take this opportunity to thank our bankers M/s. Andhra Bank and
Global Trust Bank Limited for their unstinted cooperation and support
towards your company's growth.
I also thank Karvy consultants Limited, Registrars to the Company for
providing prompt service to our investors.
I also thank our employees for their co-operation and unstinted support
through their hard work and devotion towards your company's growth.
Once again I convey my gratitude for your continued association and support
to your company.
Lastly, I thank you Ladies and Gentlemen for participating in this Second
Annual General Meeting of your company.
PLACE : HYDERABAD,
DATED : 23rd September, 1996.