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Kamadgiri Fashion Ltd.

BSE: 514322 | NSE: | Series: NA | ISIN: INE535C01013 | SECTOR: Textiles - Weaving

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    41.25 (26)

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Dec 27, 11:22
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Kamadgiri Fashion is not listed on NSE

Annual Report

For Year :
2007 2005

Chairman's Speech

Dear Shareholders, I have great pleasure in extending to you all a very warm welcome to the 20th Annual General Meeting of your Company and present before you the performance of your Company. I am glad to inform you that during the year under review, performance of your company was satisfactory. The Board tried hard to give upward flip to the profitability and turnover and initialed measures to improve overall performance of the company. BUSINESS AND INDUSTRIAL ENVIRONMENT The industrial scenario continues to be positive and sustainable for growth and development industry. The capital market is very bullish and strong. The textile industry is likely to do well in coming years due to lifting of quantitative restrictions and quota barriers. The share, which the industry plans to envisage capturing in the international market could be substantial, provided the industry foster growth in right direction. The industry anticipates severe competition from China and other South Asian countries on removal of quota regime. The modernization of textile industry, rejuvenation of old textile sick units, speedier and cheap financial assistance, simplification of procedural formalities introduction of informa- tion technology in production, processing, selling and distributions, stricter quality checks are some of the important measures that the textile industry should promote and initiate to overcome threats posed by South East Asian countries. MODERNIZATION & RATIONALIZATION The technology is changing very fast. Any company, which keeps pace with the technology, will survive in the business. The new technology always provides time and energy devices. This will lead to saving in labour, time and cost of energy consumption. Your company is updating its machineries every now and then, which enable it to have cutting edge over its competitors. The cost of production also comes down drastically. PERFORMANCE APPRAISAL Operation The company has performed satisfactory during the year. The total income registered during the year was Rs. 2481.01 Lacs as against Rs. 3700.01 Lacs in the previous year. The declination is mainly due to disposal of plant and machineries of spinning division of the company. Exports During the year under review your Companys export division-registered Sales of Rs. 136.20 lacs (Rs. 227.53 lacs) only. Your Company initiated several export promotion measures to improve exports Financial performance: The profit before tax was Rs. 100.29 lacs (71.83 lacs). The after tax profit was Rs.65.17 lacs (63.32 lacs) which was increased comparatively last year. The Debt: Equity ratio stood at 3.57:1 in the financial year 2006-2007 as against 3.29:1 in the previous year. Merger Board of directors of the company has approved the amalgamation /merger of Strips Apparels Limited, a subsidiary company of Pantaloon Industries Limited, with the company as a part of its expansion plan. Strips Apparels Limited is manufacturing and trading company in readymade garments and textiles. Dividend Your Board has recommended a dividend at the rate of 5% p.a. same as declared and paid in the previous financial year 2005-2006 Shareholders value The earning per share increased from Rs. 2.11 to Rs. 2.17 and the Book Value per share increased to Rs. 32.63 from Rs. 31.04. The market value of the companys share was in price range of Rs.10 to Rs. 33.15. THE FUTURE The year in retrospect was satisfactory. The turnover improved marginally and profitability constrained. I am optimistic to attain reasonable & sustain- able growth in the current financial year. Your management is trying hard to adopt best technology available in the textile and cut down the cost of production drastically. CORPORATE GOVERNANCE Your Company has initiated most of the measures prescribed for better corporate governance will facilitate transparency, accountability and equity in all facets of its operations and its interaction with its stakeholders, including shareholders employees and the government. Your Company is committed to achieving the highest standards of corporate governance. Your Company believes that all its operations and actions must serve the underlying goal of enhancing overall shareholder value, over a sustained period of time. CONCLUSION On behalf of the Board I take this opportunity to convey their sincere appreciation to all the Companys employees, shareholders, investors, Bank and Financial institution for their continued co-operation and support. For KAMADGIRI SYNTHETICS LIMITED DATE : 27/06/2007 Pradip Kumar Goenka PLACE: Mumbai Chairman & Managing Director