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Thursday, Nov 18, 2004

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Pitti Laminations comes out of BIFR purview

Our Bureau

Hyderabad , Nov. 17

FOLLOWING successful completion of settlement with the banks and financial institutions leading to the net worth turning positive, Pitti Laminations Ltd has come out of the purview of the Board for Industrial and Financial Reconstruction (BIFR).

The company on Wednesday informed the stock exchanges that consequent to the net worth turning positive, it has obtained a de-registration certificate from the BIFR.

In terms of this, the company ceases to be a sick company within the meaning of Section 3(1)(O) of the Sick Industrial Companies Act.

The company had earlier announced that its net worth has turned positive and stood at Rs 5.7 crore as on December 2003. PLL recorded a net profit of Rs 2.7 crore for the nine months period ended December 2003.

Owing to the slowdown in the economy, the company's performance was badly affected during 1997-98, 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 the entire net worth. This necessitated filing of a mandatory reference with the BIFR.

Mulling expansion: Stating that it has discharged its OTS payment obligations to both IDBI and DCB due on March 31, 2004 much in advance, the company said it has become free of long-term debt.

It is contemplating expansion of its facilities during the current fiscal to meet the increase in demand. Claiming that a major breakthrough is on the anvil, the company said it expects exports to increase in a very significant way.

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