“Annual Report 2011-12.”
It is my pleasure to report the annual results for the year 2011-12.
For the first time in the History of your Company, we have faced a very tough year due to the EURO crisis, the wide fluctuation of the US Dollar versus the rest of the world currencies resulting in slowdown of the International trade and delay in receivables, which led to the Company incurring losses.
As a result of the tough times faced by the Company, we have applied for Corporate Debt Restructuring (CDR) through our consortium banks and the same has been admitted by the CDR Cell.
Further, as a gesture all the Directors have waived the salary due to them from March 2012 till such time the situation improves.
I am hopeful that we shall be able to overcome the challenges faced by the Company and post better results in coming years.
On behalf of everyone at Varun Industries, I want to thank all the shareholders for your support and commitment.
With warm regards,
Kiran Mehta
Chairman & Managing Director