The Hindu Business Line : Pitti Laminations' net worth turns positive

PITTI Laminations Ltd's (net worth turned positive and stood at Rs 5.7 crore at the end of December 2003. The city-based manufacturer of electrical steel laminations and stampings attributed this to the successful completion of settlements with banks and financial institutions.

In a press release here, Pitti Laminations said it now plans to make an application for exiting from the purview of the Board for Industrial and Financial Reconstruction (BIFR) once the accounts for the fiscal ended March 2003 were adopted by its board of directors.

The company, which had recorded a net profit of Rs 2.7 crore for the nine months period ended December 2003, plans to convene the meeting of its board of directors on April 15 to take on record the performance for the financial year.

The company had landed in financial trouble owing to slowdown in the economy and its performance getting badly affected during 1997-98, resulting in the company suffering losses for the first time since its inception. The situation worsened further in 1998-99 with poor operational performance resulting in heavy losses and erosion of entire net worth. This necessitated filing of a mandatory reference with the BIFR.

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