Once again I have the privilege of placing before you the Annual
Accounts of our Company ISIBARS LIMITED for the financial year
2003-2004. I do so with touch of optimism and a positive outlook of the
I am aware that you, Honourable Members, will perhaps have some mixed
responses to the, Report, you would have observed, that the financial
turnover has decreased. Surging energy costs and severe in cost of
inputs are both contributing factors, you would appreciate the bearing
these have on a steel manufacturing Company. As you all are aware these
factors have affected, the Country's steel industry in general and most
companies are facing financial constraints. We are no exception.
Your Company, however, can enjoy the benefits of improved business
cycle in the. steel industry with enhancement of working capital,
finance. Still we have been able to generate a small operating profit
before interest and depreciation. By stringent production and control
measures the percentage loss has also reduced.
Another word of cheer is that the Company has got its Corporate Debt
Restructuring (CDR) Scheme approved with the support of super majority
of the participating financial Institutions and Banks. This will enable
us to reschedule the financial outlay and reduce interest to a rational
In the foreseeable future, however, Honourable Members, I see the graph
of the Company arise upwards, the first sign perhaps of what could be
an exponential growth in profits in the years to come.
The trust and the hope that you Honourable Members have reposed in the
Company has helped us reach the end of the tunnel, the light beckons.
Your faith in the Company shall not go in vain and God willing we shall
together share much more cheering news in the Coming year.
With Good wishes and Warm regards, I remain,
Harbans Lal B Gupta