Dear Shareholders/Stockholders, Banking, Finance and Corporate World:
All of you are aware that mankind has never ever faced crisis like CORONA pandemic. It is a grave crisis period and all of us salute to Modi Government, their administration, medical staff, police and paramedical staff, volunteers acting as Corona Warriors.
I take this opportunity to update status of your company, T T Limited, during such crisis period. You would be glad to know that I have personally assured all our employees, workers, staff and ex- employees that if they require any additional help in this crisis period, we would be able to offer them all the possible help till the crisis last. They should remain safe and should not face any crisis because of lack of money in their hand.
We have been successful in making some export out of available stock even during the lock down period. We are contacting our debtors to help us in this period of crisis by remitting to us as much money as they can and as soon as possible so that our financial status remains solid.
We have assured our creditors and we have already started making payments to them and soon we would be able to make most of the pending payments as some foreign payments are in the pipeline as some documents pertaining to inwards foreign remittances are available with us and in a few days’ time we will present the same to our bankers. You would be glad that our bankers are helping us a lot during such crisis period by accommodating us and fulfilling our requirements as per Government of India and RBI guidelines and we are sure that we would be able to cross through this crisis period strongly.
Your company has started manufacturing at Gajroula (Uttar Pradesh) and producing health products like masks, allover bodysuits, shoe covers for medical purposes (categorized as “essential goods”) and many more health products are underway to develop very soon and this has been made possible by necessary initiative and help of the local administration and Government of India, Health Ministry as well. We are diversifying in export- import trade to pick up such opportunities as they arise during such crisis period instead of sticking to and waiting for our garment business and textiles business to pick up and recover totally.
Our factory in Gajroula is likely to start very soon to produce normal products as the government is allowing as we have most of the workers inside the factory campus. Similarly, we would be able to start manufacturing activities at our Gujrat factory from 20th April, 2020 with workers staying in house campus and we have received export orders for good numbers of containers for yarn exports. Pipavav Port, Mundra Port and Kandla Ports are open to us for availability to dispatch goods.
Tamilnadu factory is likely to start very soon as soon as the government passes permission and we have sufficient number of workers residing in side the campus. The situation of Corona Virus is somehow grave in the state of Tamilnadu. The number of patients has gone up recently and therefore the local administration and the government are taking some more time to allow permissions.
You must be assured that our product policy is being changed as per the requirement of the time to diversify in to import-export business and to encash other opportunities in such period of changes which the whole world is witnessing. We wish mankind should be free from this kind of never before pandemic and everybody should stay at home to keep themselves and their family safe and those who are operating in our factories or elsewhere and corona warriors, should take necessary care as per health guidelines. Our company, managers and the management are making all possible help and arrangements to ensure that health guidelines are duly implemented in practice by our staff, by our workers and our managers, our customers, carriers, couriers and transporters.
Thank you and we would keep you updated from time to time so that you are fully aware about the status of your company.
Thank you for your co-operations.
Dr. Rikhab Chand Jain Chairman
T T Limited