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Ashok Minda
Chairman |
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Dear Shareholders,
It is my pleasure to extend a very warm welcome to all of you to this Twenty Fifth Annual General Meeting of your Company. Through all these years, your Company has faced many tough times and enjoyed equal moments of glory. The Report of the Directors and the audited results for the year ended 31st March, 2010 have been with you for some time; with your permission, I shall take them as read.
OPERATIONS
Over the past twenty five years, Minda Corporation Limited has set its benchmark amongst the leading players in the auto components industry.
In the year 2009-10, the Company recorded a sale of Rs. 332 Crores as compared to Rs. 200 Crores during the previous year, thereby showing an increase of 65 %. The Net Profit of the Company has also increased by over 96% from Rs. 9 Crore in previous year to Rs. 18 Crores in the current year.
Keeping in view the improved performance, your Directors have recommended a dividend of Rs. 2.5 per share (i.e. 25%) for the year ended 31st March, 2010, which is the highest dividend ever declared by the Company.
ECONOMY
The previous year was started in the backdrop of Global recession .Though many global economies are still not fully recovered from the slow-down; Indian economy has shown remarkable improvement and faster recovery. Over the years the Indian automotive industry has demonstrated sustained growth as a result of increased competitiveness and fewer restrictions. Several Indian automobile manufacturers expanded their domestic and international operations and all the major global automotive giants have chosen India as preferred destination for their growth.
The economy has recorded an 8.8 percent growth during the first quarter of the current financial year. The Indian Automotive sector has also achieved record production and sales of over 4 Million vehicles during the first quarter of the current year compare to 3 Million vehicles during the first quarter of the previous fiscal.
OUTLOOK
In order to expand its product range, the Company has started manufacturing of Plastic interiors from its new unit at Pune, which will provide product with latest German technology to Indian Auto OEMs at competitive price.
Your Company is taking all necessary steps to minimize its cost at all level of operations. Innovation and cost reduction hold the key to meet the global challenge of rising demand from developed countries and competition from other emerging economies.
RESEARCH AND DEVELOPMENT (R&D)
The Company is focused on developing new products and has a dedicated cell to develop new technology products for its customers.
The Company is very sensitive to IPR and has a cell which continuously keeps a track of the advancements around the globe. Your Company has filed more then 10 patents on Magnetic Shutter Technology and Immobilizers. Some of the patents are applicable in Indonesia, Vietnam, Philippines, Thailand and Japan besides India.
I am pleased to inform that your Company has won the prestigious Gold award from ACMA for Technology.
ACKNOWLEDGEMENT
My sincere thanks to all our shareholders for their continued trust in the management of the Company. I want to convey my deepest appreciation to my colleagues on the Board for their continuous guidance.
I would also like to acknowledge with thanks the support of our bankers, customers, suppliers, other business associates and various government authorities for their continued confidence and support.
AND FINALLY
I would like to conclude by commending the dedication and contribution of the management team and employees of our Company without which the continuous good performance would not have been possible.
Once again, my sincere thanks to all of you for your presence.
Thank you very much.
Ashok Minda
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