I wish to recapitulate that your company had grown quite rapidly for several years but slowed down due to external conditions for couple of years. During first five to six years of the last one decade of the company?s operations, we had installed the latest machinery imported from Japan, Germany, Denmark and USA which set the highest standards for the most modern food grain processing plants in India and the same has not been breached by any other mill even today. While we are proud of raising bar in the Indian industry we have to confess that the year gone by has not been a good year for the company.
The year ended 31 March 2014 is an extended year of 18 month in compliance with the requirements depicted in the amended Companies Act. We have tried to comply with it at the earliest. We have shown turnover of Rs.18492.41 millions, PBT has recorded a deficit of Rs.196.76 millions which is mainly due to foreign exchange fluctuation. Whereas PAT reflects deficit of Rs.34.25 million. Mainly the last quarter of the year had let the performance of your company down. There were factors some of which were not under the control of the management. However, we in the company believe, by undertaking reform process and putting more focus on production side of business, we would be able to recoup the situation and recover sooner than later to return to progressive days in the company.
We are further ramping up our production facilities by putting up balancing equipments, particularly in the parboiling and steaming plants for optimized production to by putting up balancing equipments, particularly in the parboiling and steaming plants for optimized production to cater to consumer demand in domestic and overseas markets. We are also in the midst of setting up a corporate office in the factory premises which when completed will
the winning spirit of life,
we all strive to turn over
a new LEAF of achievements
Balbir Singh Uppal
Chairman and Managing Director
house all the departments of the company under one roof. This will help the company in smooth functioning due to better interdepartment coordination. Coupled with our desire to improve our performance, there is a stable outlook in industrial production which will help us to achieve good sales and profits in the year that?s going on. The Central and State Government have recently shown keen desire to promote agri based industry, which should also have positive impact on your company.
If we look at the agri sector from the point of view of monsoon, we know there is deficit though thankfully El Nino fears are waning. The deficit in rains would definitely have negative impact but at the same time I can say that it would not impact so much the Punjab crops including basmati rice which is our main stay presently. This expectation will keep our future outlook buoyant and God willing we would begin this financial year with a good note, though a lot depends upon how the prices of new crop open.
To conclude, I would like to mention to all our shareholders, let?s keep our good hopes alive. The company is actively running and doing production. Additional equipments and infrastructure are also coming up. It seems the difficult years are a passe. We have to now look forward so that we do our job well and God helps us to complete our mission. Though the agri prices rise due to inflation on which we don?t have a check but we would continue working towards lowering cost of production and delivering best quality products at the most competitive prices. At the end, I would like to thank you all and the others stakeholders as well as employees of the company who have worked tirelessly in good and bad times with the company.