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Ventura Textiles Ltd.

BSE: 516098 Sector: Industrials
NSE: N.A. ISIN Code: INE810C01044
BSE 00:00 | 01 Aug Ventura Textiles Ltd
NSE 05:30 | 01 Jan Ventura Textiles Ltd
OPEN 8.38
PREVIOUS CLOSE 8.82
VOLUME 28
52-Week high 9.50
52-Week low 3.40
P/E
Mkt Cap.(Rs cr) 17
Buy Price 0.00
Buy Qty 0.00
Sell Price 0.00
Sell Qty 0.00
OPEN 8.38
CLOSE 8.82
VOLUME 28
52-Week high 9.50
52-Week low 3.40
P/E
Mkt Cap.(Rs cr) 17
Buy Price 0.00
Buy Qty 0.00
Sell Price 0.00
Sell Qty 0.00

Ventura Textiles Ltd. (VENTURATEXTILES) - Chairman Speech

Company chairman speech

1996 VTC INDUSTRIES LIMITED CHAIRMAN'S REPORT I extend to you all a very hearty welcome to the Twenty-sixth Annual General Meeting of the Company. The audited statement of accounts and the Directors Report for the year ended 31st March 1996 have already been with you and with your kind permission I take them as read. As per the information available, the export of cotton textiles, fabrics, yarn and made-ups, during 1995-96 had touched Rs. 8,898 crores surpassing the target of Rs. 6,720 crores. It is reported that the Union textile ministry has set a target of Rs. 10,850 crore for the current year. In line with this trend, your company s exports have also been increased from Rs .967.90 lacs to Rs.1812.07 lacs and registered an impressive growth. The profit before tax and after depreciation has increased from Rs. 189.68 lacs to Rs. 296.68 lacs. As you are aware, your Directors in order to plough back the internal accruals into the expansion of the project, have prudently recommended a Dividend of 15% on Equity Shares. The payment of dividend, if approved by you at today s meeting will absorb Rs. 68.25 lacs. The Reserves and Surplus of your company has gone up from Rs. 141.71 lacs to Rs. 370.15 lacs thus creating a sound and healthy financial position. Your Company s equity capital stands at Rs. 455 lacs as in the previous year. The operations of the Company have been well established both in terms of quality and quantity. Your company's products have been well accepted in the international market and the continuous export orders received from the foreign buyers is not less than a testimony to the quality of the product, your company produces. In the last 4 months, l am happy to inform you that we have produced 19.45 lac sq. mtrs. as against 16.05 lac sq. mtrs. for the corresponding period thus showing a rise of 21.19% over the last years production figure. The regular on going interaction at all working levels has significantly improved the productivity of your company. EXPANSION : Last year you had been informed of the expansion. The Company has gone in for backward integration and also the additional weaving capacity. The project work is progressing well. The civil works on the main factory building have been completed and the ancillary are in good progress. All the Open-End Spinning machinery, and Sulzer Weaving machines have already reached the site and the other infrastructural are also moving one after the other. With the expansion nearing completion, your Company will derive the benefits of increased Exports and profitability from this expansion during the current financial year. RIGHTS ISSUE : To part finance the expansion project, your company is shortly coming out with the Rights Issue of 45,50,000, 18% fully Convertible Debentures of Rs. 42/- each for cash at par, aggregating to Rs. 1911 Lacs. ACKNOWLEDGMENTS : Before I conclude, I on behalf of the Board of Directors and on my own behalf thank all the shareholders, IDBI, SBI for their continued co- operation and support. I also wish to record my appreciation and thanks for the wise counsel and guidance of my colleagues on the Board. Last but not the least, I acknowledge with warm appreciation the active contribution and dedication of the Company s personnel at all levels. I thank you and look forward to your continued support, trust and confidence in our endeavours. R.S. Mehra Chairman Place : Mumbai, Dated : 27th September, 1996.
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