CHAIRMAN SPEECH
I welcome you all to the Twenty First Annual General Meeting of your Company. The
Director's Report and the Audited Accounts for the year ended 31.03.2013 have been in your
hands and with your permission I take them as read.
A year has passed since I have last communicated to you. Your Company has made net loss
of Rs.69,977/- during the fiscal year compared to previous year profit of Rs. 18,95,835/-.
The Indian economy registered growth rates of 8.6% and 9.3% in FY 2009-10 and FY
2010-11 respectively. However, on account of macro-economic uncertainties, it has showed
signs of slow down in the last two financial years. The GDP growth was 6.2% in FY 2011-12
which further dipped to 5.0% in the FY 2012-13.
During the year under review, the real estate market was very sluggish and there were
very few buyers of vacant land. In addition to that the State / Central Government
policies were unfavorable as there has been enormous increase in guideline value of
properties in the State of Tamilnadu. However, your Company has done well in the first
quarter of the fiscal year 2013-2014 and keeping in account the positive trend of first
quarter, the Directors are confident that the Company will do well in the forthcoming
year.
I thank the Shareholders and I am confident that with your support and commitment of
Company's Staff, workers and the team of management, we will be able to achieve the
objectives we have set for ourselves.
Thanking you,
Yours faithfully,
Sd/-
T. Ashok Raj
Chairman
Date: 20.09.2013