CHAIRMAN’S SPEECH AT THE TWENTY-FIFTH ANNUAL GENERAL MEETING OF CONTROL PRINT LIMITED HELD AT THE HOTEL MIRAGE, INTERNATIONAL AIRPORT APPROACH ROAD, MAROL, ANDHERI (EAST), MUMBAI - 400 059, ON FRIDAY, 05TH AUGUST 2016 AT 12:00 NOON.
On behalf of Control Print and its Board of Directors, I extend a warm welcome to each one of you at the 25thAnnual General Meeting of the Company. I thank you all for sparing your valuable time to be present here. It is the continued support and unwavering trust of the shareholders in the Corporation that has enabled us to deliver sustained performance and growth over the years.
We are pleased to inform that your Company’s equity shares are now traded on National Stock Exchange of India Limited with effect from June 24, 2016.
The Annual Report containing the Audited Balance Sheet of the Company as at March 31, 2016and the Profit & Loss Account for the year ended March 31, 2016 together with the Notice of this Meeting and Reports of your Directors and Auditors thereon have already been circulated to you and with your permission, I take them as read.
Let me begin by sharing with you the highlights of the year’s performance and the prospects going forward in the context of the economy.
During the year under review, total revenue of the Company was Rs.13,452 Lakhs as compared to Rs.11,292 Lakhs in the previous year representing a growth of 18%. Profit before Tax increased to Rs.3,359 Lakhs as compared to previous year of Rs. 2,794 Lakhs. Profit after taxes increased to Rs.2,644 Lakhs as compared to previous year of Rs.1,915 Lakhs registering a growth of about 37.5%.
On occasion of completing 25 yearsof its incorporation, the Company had paid an Interim Dividend of Rs. 4/- per share during the year under review. Furthermore, I happy to update you that your Board has recommended a final dividend of Rs. 2/- per share (i.e. 20% on paid-up share capital), thus making the total dividend for the year is 60% i.e. Rs. 6/- per Equity Share.
Your Company continues to be on a positive growth trajectory. While top line performance was driven by market penetration, continuous launch of new product range and innovation by launching upgraded version of the existing products are the pillars driving the company’s progress.
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. A technically qualified, trained and experienced strong team of sales and service people, reaching all corners of India through a network of offices at metros and other major cities and resident engineers ensure that our customers’ need are met anytime anywhere. Your Company takes pride in being the preferred solution provider in the Speciality Coding & Marking industry today, thanks to the trust that its clientele has reposed in it.
CPL’S Plant Expansion
Your Company has built a state-of-the-art manufacturing plant at Guwahati in 2015. The first phase of the project has been successfully completed and commenced commercial production commenced in May, 2015 for manufacturing consumables for Ink-jet printers, Hot Ink Coders etc.
Encouraged for successful completion of the 1stphase of the project, your Company has decided to expand the Guwahati plant for manufacturing of various types of printers and consumables thereof. We have already commenced civil work at the plant and expansion work is expected to be completed by end 2016. The product-wise commercial production shall commence in phases from August 2016. The expansion cost of Guwahati plant is approximate Rs.10 Crores being undertaken during the current year.
Future Prospects And Outlook
Your Company has demonstrated the value of well–defined and focused strategy consistently. Your Company will continue its journey of sustainable profitable growth by leveraging opportunities in the developing and emerging markets of Asia, thereby delivering long term value to our stakeholders. Your Company continues to strengthen and expand its range of offerings for the Coding & Marking market and focus is on escalating marketing efforts and increasing visibility of the Company in India and Sri Lanka.
Your Company had launched upgraded version of Thermal Inkjet Printer and High Resolution Piezo Inkjet Printer which have received good reviews.
We are committed to enhance the scale, efficiency and innovativeness of our business. As we grow and transform our businesses to take on some of the competitive challenges that lie before us, we also remain sincerely committed to our responsibility as a corporate citizen.
Corporate Social Responsibility
Your Company’s Corporate Social Responsibility ("CSR") program is designed to inspire and equip future generation of change-makers to strive for innovation and galvanize technological advancements of products made in India, transforming India into a global manufacturing hub. During the year, the Company has undertaken CSR project namely Gyan Shakti Program at Nalagarh and Pune for providing education and skill development to the disadvantaged communities and enhance the potential of young innovators.
On behalf of the Board of Directors and the employees of Control Print, I would like to extend my sincere thanks to all the shareholders for their continuous trust and support towards the Company and the respective unions for their efforts and contributions. I take this opportunity to personally thank all the stakeholders and business associates who have continued to repose faith and confidence in the Company and to reassure all stakeholders that the Company remains committed to creating long term value.