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Sumeet Industries Ltd.

BSE: 514211 Sector: Industrials
NSE: SUMEETINDS ISIN Code: INE235C01010
BSE 15:05 | 07 Jul 2.60 -0.13
(-4.76%)
OPEN

2.60

HIGH

2.60

LOW

2.60

NSE 14:59 | 07 Jul 2.50 -0.10
(-3.85%)
OPEN

2.65

HIGH

2.70

LOW

2.50

OPEN 2.60
PREVIOUS CLOSE 2.73
VOLUME 21243
52-Week high 3.20
52-Week low 1.26
P/E
Mkt Cap.(Rs cr) 27
Buy Price 2.60
Buy Qty 4720.00
Sell Price 2.60
Sell Qty 248698.00
OPEN 2.60
CLOSE 2.73
VOLUME 21243
52-Week high 3.20
52-Week low 1.26
P/E
Mkt Cap.(Rs cr) 27
Buy Price 2.60
Buy Qty 4720.00
Sell Price 2.60
Sell Qty 248698.00

Sumeet Industries Ltd. (SUMEETINDS) - Chairman Speech

Company chairman speech

We are leveraging our Inherent strengths to pursue our vision and live by our valuesand power our business to outperform consistently. We are buoyant about future prospectsof our business and fervently are looking for opportunities for strengthening and growingour business.

In the year under review company has faced acute financial constraints due to liquidityshortage and falling the status In NPA category with banks. In spite of that theproduction of the company remained satisfactory throughout the year but financial wasunder stress. In the current year the company is gradually coming out from financialsetbacks and submitted its Debt Restructuring Plan to the Bankers and expected to befinalized by them shortly. In the first quarter of the Current year the oompany hasrecoded Turnover of Hs. 19348.45 Lacs with maintaining EBITDA of Rs. 1298.62 Lacs andexpecting Improving in realisations due to cost optimisation will result much betterEBITDA margins In coming quarters. Further we firmly believe that the fresh capitalInfusion after restructuring of Loans by Banks will enable us to turn the tide In ourfinancial business constraints.

The year 2018-19 started with a promising note with expectation of strengthening ofglobal growth However the economic and political scenario during the year changedgradually with escalation of trade tensions between China and USA economic disruption InEurope and financial tightening In China and developed countries. The global growth rateIs now estimated by the IMF at 3.6% In 2018.

The NBFC sector faced severe liquidity crunch after the default of IL & FS TheMSME Sector also faced cash flow problems because of economic stress. RBI and banksrealizing the genuine need of these sectors had to adopt an accommodative stance toalleviate their problem.

India continues to be one of the world's fastest growing major economies wfth a 7%growth rate In FY 2018-19.The economy was powered by moderate Inflation gradual upswingIn private investment cycle and stronger Income and consumption trends which are expectedto Improve further going forward The Government of India has undertaken multipleInitiatives {budgetary and non-budgetary support) for Improving rural Infrastructure andlivelihoods spending.

We believe polyester will be the ‘fibre of future' which encouraged us to forayInto this business wfth confidence. Global fibre consumption has Increased from 29 milliontons In 1980 to 97 million tons In 2018 and the growing market has brought with aremarkable change In the consumption pattBms. The Industry has been witnessing a gradualshift from cotton to synthetic fibres over the past few decades. Polyester fibreconsumption especially has been steadily gaining momentum with highest CAGR of 6% from1980 to 2018 amongst other fibre categories.

We are confident of Improving our financial as well as operational performance In thBcoming years bolstered by these developments. We are focussed on maximising the value ofour assets by ensuring optimal operational efficiency and highest levels of plantavailability and also focused on building in systems and rs- engineering manufacturingprocesses that will improve realisations tracking rising input cost. The improvedoperating environment has been reflected In the Company's performance for June Quarter andexpect to be continue In future.

Sumeet has always been driven by determined corporate governance which has enabled usto accomplish our goals and create value for our stakeholders. I take this opportunity tothank for continued trust and confidence In the Company by our Stakeholders Bankers andthanks to our esteemed Board of Directors for their constant guidance and support. I amalso grateful to our customers for reposing faith In our capability to serve them andemployees for their relentless efforts and our community for Its support andunderstanding.

SHAWKAHLAL 3OMANI

CHAIRMAN