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Aarvee Denims & Exports Ltd.

BSE: 514274 Sector: Industrials
NSE: AARVEEDEN ISIN Code: INE273D01019
BSE LIVE 15:28 | 20 Feb 73.80 0.75
(1.03%)
OPEN

74.00

HIGH

75.95

LOW

73.50

NSE LIVE 15:31 | 20 Feb 74.10 0.65
(0.88%)
OPEN

79.00

HIGH

79.00

LOW

72.55

OPEN 74.00
PREVIOUS CLOSE 73.05
VOLUME 2416
52-Week high 110.90
52-Week low 47.00
P/E 29.64
Mkt Cap.(Rs cr) 173.13
Buy Price 73.80
Buy Qty 310.00
Sell Price 74.50
Sell Qty 25.00
OPEN 74.00
CLOSE 73.05
VOLUME 2416
52-Week high 110.90
52-Week low 47.00
P/E 29.64
Mkt Cap.(Rs cr) 173.13
Buy Price 73.80
Buy Qty 310.00
Sell Price 74.50
Sell Qty 25.00

Aarvee Denims & Exports Ltd. (AARVEEDEN) - Chairman Speech

Company chairman speech

AARVEE DENIMS AND EXPORTS LIMITED CHAIRMAN'S STATEMENT Dear Shareholders, It gives me great pleasure to communicate to the shareholders of the company as we move forward towards the next millennium. Your company has performed reasonably well under the extremely challenging times. The year has been very volatile on social, political and economic front. The new Government has initiated certain measures in the Budget 1998 to revive the sagging Indian industry. I feel that it is the demand side of economy that needs to be perked up. Your company has achieved a turnover for Rs. 10762.87 lacs, comprising of Rs. 7565.04 lacs of Denim Fabric and Rs. 3197.83 lacs of yarn as against Rs. 6573.10 lacs achieved in previous year, comprising of Rs. 6183.78 lacs of Denim Fabric and Rs. 389.32 lacs of Yarn. (This is on a Year-on-Year 12 months pro-rata basis.) The sale of Denim grew by 22%. The company achieved an export turnover of Rs. 1118.70 lacs (including third party exports of Rs. 224 lacs), as against the exports of Rs. 277.05 lacs, showing a quantum jump of more than 300% over the last year. Despite a sudden fall in the domestic prices of denim fabric in the last quarter of 1997-98 due to South East Asian Crisis, the company could more or less maintain its operating margins. Since the interest cost is a major burden on the profit margins, your company has initiated a financial restructuring programme. Production volume increased nearly 24% from 7.88 million meters to 9.79 million meters per annum. The company has added 24 nos. High Speed Tsudakoma Airjet Looms to match with the increased Dyeing-Sizing capacity. Of these, 15 looms started operations in August 1997 and 9 looms started operations in March 1998. These machines conform to the highest international quality standards. The company has also increased its spinning capacity by additional 2000 t.p.a., which has been commissioned during the first quarter of 1998-99. The highest levels of safety standards have been maintained during commissioning of the projects and production. Your company has taken up the task of educating its dealers, customers and various segments of textile industry on denim by starting a bi-monthly newsletter in the name "D-Vogue" in October 1997. D-Vogue gives a concise insight into the important aspects of denim industry, latest news, views and developing trends. Your company also held an exclusive denim fashion show titled "Denim Dynamics on the ramp" in October 1997 at Mumbai. The collections designed by Bhairavi Jaikishan showed an exciting combination of fashion and functionality with themes like Summer Pastels, Water Baby, Safari, Snowball and Ethnic. The collection was presented by leading models like Shikha Swaroop, Mehr Bhasin, Manpreet Brar, etc. We are proud to inform our investors that the company has developed its own web-site on the Internet. To have a glimpse, visit "www.aarvee-denims.com". Internet has already changed the way business is done abroad and is soon gaining popularity in India. Your company has begun the current year on very optimistic note and has already achieved a turnover of Rs. 1905.05 lacs in the first quarter of 1998-99. The exports is around 45% of this. Our strategy has been to focus on the core business of selling denim fabric rather than going in for any unrelated diversification. We have re-oriented ourselves towards Shareholder Value Enhancement - the key to measure success. The world map is the market for us and we are confident of making our mark on it. We may be small today but we are striving hard in moving towards our goal of becoming an international force to reckon with. The commitment is 100% - nothing less. VINOD P. ARORA CHAIRMAN