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Todays Writing Instruments Ltd.

BSE: 531830 Sector: Services
NSE: TODAYS ISIN Code: INE944B01019
BSE 00:00 | 29 Jan Todays Writing Instruments Ltd
NSE 05:30 | 01 Jan Todays Writing Instruments Ltd
OPEN 1.65
PREVIOUS CLOSE 1.65
VOLUME 100
52-Week high 2.05
52-Week low 1.38
P/E
Mkt Cap.(Rs cr) 2
Buy Price 0.00
Buy Qty 0.00
Sell Price 0.00
Sell Qty 0.00
OPEN 1.65
CLOSE 1.65
VOLUME 100
52-Week high 2.05
52-Week low 1.38
P/E
Mkt Cap.(Rs cr) 2
Buy Price 0.00
Buy Qty 0.00
Sell Price 0.00
Sell Qty 0.00

Todays Writing Instruments Ltd. (TODAYS) - Chairman Speech

Company chairman speech

TODAY'S WRITING PRODUCTS LIMITED ANNUAL REPORT 2008-2009 CHAIRMAN'S REPORT Dear fellow shareholders, Welcome to the 17th Annual General Meeting of our Company, Today's Writing Products Limited. The year gone by has been a new experience for all of us. Following the previous year's volatility in oil prices which saw raw material prices escalate our company's operations were affected to the extent that our stock values were eroded and we also had to make further provisions on our debtor's position. For the first time we've had to declare a loss at the PBT level. Market conditions have become more competitive, especially from the unorganized sector and we have taken counter measures to ensure that we do not sacrifice our shelf space in retail outlets. As part of our recovery strategy we have introduced over 15 new products and I am pleased to say that these new products have been very well received. This year we will be introducing several more new products at higher price points to increase profitability and revert to healthy financials. The new strategies to compete in the market place meant that our ability to meet our commitments to our lenders would be affected. Hence the reason to approach the banks with a Corporate Debt Restructuring proposal. As I write negotiations are on to give us some relief during these challenging times. Since the removal of the reservation of the writing instruments industry from the Small Scale Industries sector, we have seen several international brands taking more interest in the Indian market. However, I must add that the largely traditional market structure in India is something global companies find very difficult to enter. Our company's biggest asset is our reach and this is something we are in the process of consolidating and protecting. Once we have extricated ourselves from the current situation we will be back on track to focus on aggressive growth once again. I believe the Indian market is still on a double digit growth phase. I am happy to note that Indian customers have begun to upgrade their writing instrument to higher value products and we see a significant growth in the Rs 10 to 20 price point categories. Our company will be well represented in these price points in the near future. This will greatly improve our margins and will see us recover faster that planned. Our focus for the next 3 years will be solely on our in-house manufactured pens and we will be reducing our trading activity to a great extent. This will see a fall in our revenues but you will be pleased to see our earnings rise steeply. Exports, an activity never seriously taken up due to the delay in our export oriented project thanks to delay in funding, will see a renewed boost, giving our growth program a further impetus. Our country's economy being strong enough to ride through the economic crisis that has affected almost every other country will give us the necessary leverage we need to help us make profitable exports. I'm happy also on the progress made by our subsidiary Today's Petrotech Ltd. I believe we truly have a big idea in this Company here. Our joint initiative partner ITT, the world's No 1 pump manufacturer is extremely happy with the sales we've help on them achieve and they are in the process of strategizing an expansion of their existing facilities. I expect the other activities of TPL to also kick start with contributions to turnover and bottom line in this fiscal. Our wholly owned subsidiary Today's Stationery Mart has had a few hiccups in these troubled times, and we have re-strategized our plan to reduce costs and that has meant the relocation of our first store and moving to a new location where the footfalls are expected to be much higher, due to its proximity to several colleges and schools. Our other wholly owned subsidiary Today's Infrastructure and Construction Ltd is in a difficult position due to the liquidity challenge. Real estate prices being what they are deals are scarce and our assets are intact. However, I must inform you that there has been no value erosion in our real estate properties. All in all I must say that this year's experience has been most interesting and challenging, I look forward to meeting up with you during the next AGM. Thank you. With best regards, Sincerely, Rajesh Kumar Drolia Chairman