It is my privilege to welcome you all, on behalf of the Board of Directors and the Management Team of Control Print Limited, at the 29th Annual General Meeting of the Company.
The Company’s Annual Report and Audited Accounts for the year ended March 31, 2020, have been with you for some time now and with your kind permission, shall take them as read.
I would like to begin by brief outline of the macroeconomic environment which prevailed in 2019-20 as it provides the proper contextual perspective for determining your Company’s performance during the year. Thereafter, I would like to present before you the highlights of your Company’s performance and the way forward for your Company.
The year 2019 has been a challenging year that saw the 2nd quarter GDP growth plunge to 4.5% year on year, primarily due to a sharp deceleration in investment growth. During the year, before the breakout of COVID-19, the macro-economic environment had been challenging with lower GDP growth rates, liquidity crunch, and peaking unemployment rate. This is reflected in sluggish demand and weakening consumer sentiment. However, there was strong hope of recovery in the last quarter of the current fiscal. Conversely, later part of the year also witnessed an unprecedented outbreak of Corona Virus sending global economies into panic, impacting supply chain as well as consumer sentiment. The outbreak of COVID-19 pandemic and resulting lockdown has affected world economy including India leading to significant decline and volatility in economic activities.
Slow economic activity and liquidity challenges impacted the overall demand scenario in the industry. During the year Government undertook certain initiatives like reduction of corporate tax rates, creating a separate corpus for stalled real-estate projects etc. which could have positive impact in the long run.
The Company has commenced the commercial production of Face Mask effective from July 24, 2020, along with the present business activity of Coding and Marking at the Company’s factory situated at Nalagarh, Himachal Pradesh.
The total income of the Company for the year ended March 31, 2020 is Rs. 19,606.14 Lakhs which is higher by about 11.76% over that for the previous year which was Rs.17,543.15 lakhs. The total comprehensive income for the year stood at Rs. 2274.43 Lakhs in the current year against Rs. 3008.01 Lakhs in the previous year.
During the year, the Board of Directors of the Company declared an interim dividend of Rs. 3.50 and 2nd Interim Dividend of Rs. 4.50 per equity share for the financial year 2019-20 i.e. total dividend would be Rs. 8.00 per share for the year.
Your Company is committed to growing and enhancing its leadership in its business, thereby contributing to its underlined objective of maximizing of shareholders value on a long-term basis.
We believe that our focus on product development significantly contributes to our ability to meet customer needs in an ever-evolving and competitive market. Further, we believe that our product development processes have been a catalyst for the growth of our business.
Before, I take up the listed items in the agenda for approval, on behalf of the Board of Directors, I would like to take this opportunity to thank you for your support that has enabled your Company to grow thus far. I would also like to thank all your Company’s loyal customers who gave us staunch backing and helped it to gain the statue it has. I express my gratitude to the Government of India, Reserve Bank of India (RBI), Securities Exchange Board of India (SEBI) and all other Statutory and Regulatory Authorities for their continued timely support and valuable guidance. The co-operation and support rendered by various State Government’s and other banking and financial institutions is also gratefully acknowledged. I would like to also express my sincere thanks to the Board of Directors of the Company who have dedicated themselves to improving the Company. Last but not the least, I would like to thank the workforce of your Company across levels, who have been dedicatedly working for better tomorrow. This enables all of us to look ahead with confidence that your Company will overcome the current challenges to emerge a leading player in the Coding and Marketing Business. With your continued support and best wishes, I am confident that we will achieve the pinnacles of success.
Yet again, I thank you for staying invested in Control Print Limited and taking time to participate in our meeting today. Your continued trust, encouragement and support are what gives us energy, enthusiasm, confidence and motivation to strive for better. I trust that I will see you next year to be able to share with you the progress that your Company will make in the ongoing financial year.
Thank you once again for your time and your continued patronage.
Note: This does not purport to be the proceedings of the 29thAGM held on August 21, 2020