I have great pleasure in welcoming you today to the 28th Annual General Meeting of Pawansut Holdings Limited.
On behalf of the Board and on my own behalf, I would like to place on record my deep sense of appreciation and gratitude to you and our esteemed shareholders.
Being a NBFC which is an integral part of India's financial system, our company acts as a critical link in the overall financial system catering to a large market.
As we all know that NBFC's have emerged as lenders to both companies and individuals. When it comes to lending, NBFCs are generally regarded to be complementary to banks and are often able to offer better services and products to their customers.
Would be hoping that by now you have received copies of the Annual Report for Fiscal 2011-12. I assume you have gone through the Annual Report and consider it as read.
Looking into the Growing Company's Performance would like to tell about the Company's Performances and Heading assignments for future.
In keeping with the trend of recent years, our Company's performance in the year was under review, by all measures, remarkable .
There has been remarkable increase in the Net profit of Our Company for the financial year ended March 31, 2012 increased form 21,08,347.21 to 9,90,365.82
Would like to express my view that during the period , the company rewarded its shareholders by way of bonus shares in the ratio of 4:1. The shareholders have been benefited by way of additional shares.
The Company's shareholders approved the issuance of bonus shares in the ratio of Four shares for every One share, as recommended by the Board on 31st January, 2012. The record date for this transaction has been fixed as 25th February, 2012. This is in line with the Company's objective to strengthen its capital structure and enable shareholder participation in its growth.
After issuance of Bonus Shares, Company raises its capital from 5,00,00,000 to 12,00,00,000 for the Company's investments in growth initiatives including expansions, modernizations, acquisitions, capital expenditure, working capital requirements, debt restructuring and general corporate purposes, Bonus had also approved at its EGM hold on 25th February, 2012.
I would like to tell that Company is in process of listing our company on Bombay Stock Exchange, for this purpose it is require to be first listed on SME. That's why the Company is in process of filing SME application to BSE.
There also has been increase in our Authorized Capital from 5 crores to 12 crores which has turned to be remarkable achievement.
On a concluding note
Would present my personal gratitude for the faith reposed by you in the company's management and sincerely hope that we will continue to receive the same kind of support and guidance towards achievement of higher goals.
I would like to thank our valued participants for their continued support and confidence in your Company.
Once again I thank you all for the confidence you have shown in the Company. And I pray that may The Almighty help us in all our future endeavours.
Laxman Singh Satyapal.