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Aditya Spinners Ltd.

BSE: 521141 Sector: Industrials
NSE: ADITYASPIN ISIN Code: INE122D01026
BSE LIVE 14:09 | 08 Dec 5.55 0.05
(0.91%)
OPEN

5.55

HIGH

5.55

LOW

5.55

NSE LIVE 05:30 | 01 Jan Stock Is Not Traded.
OPEN 5.55
PREVIOUS CLOSE 5.50
VOLUME 120
52-Week high 7.34
52-Week low 3.29
P/E 7.50
Mkt Cap.(Rs cr) 9.29
Buy Price 5.55
Buy Qty 380.00
Sell Price 0.00
Sell Qty 0.00
OPEN 5.55
CLOSE 5.50
VOLUME 120
52-Week high 7.34
52-Week low 3.29
P/E 7.50
Mkt Cap.(Rs cr) 9.29
Buy Price 5.55
Buy Qty 380.00
Sell Price 0.00
Sell Qty 0.00

Aditya Spinners Ltd. (ADITYASPIN) - Chairman Speech

Company chairman speech

1994 ADITYA SPINNERS LIMITED CHAIRMAN'S SPEECH PUBLIC ISSUE: On behalf of the Board of Directors of your Company, I extend to you and our fellow shareholders my heartfelt thanks for your overwhelming support and response to your Company's maiden Public Issue of 1,22,50,000 Equity Shares of Rs. 10/- each for cash at par during February '94 The issue was oversubscribed more than two times and the Board of Directors is proud to record the confidence and faith reposed by you, along with another 68,000 Shareholders, in the future of your Company. PERFORMANCE 1993-94: October '93 ushered in the start of Commercial Production of your Company with the installation of 8640 spindles, out of the total 25,000 spindles as envisaged in the project. The Company recorded a total income of Rs. 413.23-Lakhs during the period between October'93 and March'94 and earned a net profit of Rs. 6.12 lakhs. Considering that these results were achieved only on partially established capacity during the period, they should be considered satisfactory. During the current year with additional spindlage that has been commercially established and more that is being erected along with the growing acceptance of 'ADITYA' products by the market as a premier quality product, I am confident that the turnover will increase manifold during this year. ECONOMIC SCENARIO AND CHANGING TRENDS: The Indian economy, consequent to the liberalisation process initiated by our Government, is witnessing many changes in several fields and specifically in Textiles The Textile industry is amongst the fastest growing core sectors in our economy. The industry is poised for major growth in the immediate future, due to increasing demand both in our country and in the export market. Textile exports from India are expected to cross. US $9 billion during 1994-95 as per the current trends of exports until June,'94. The challenge of GATT and phasing out of quotas at the end of a ten-year transition period, global trade in textiles would be thrown open and it would be essentially governed by quality, pricing and marketing skills. I am happy to inform you that your Company has from the beginning set its sight to be a 'QUALITY PRODUCER'. In line with this goal, the Company has opted for ISO 9000 standardisation. The Company expects to get this stamp of ISO 9000 before the close of this financial year. With India's share in the textile exports at just 2%, there is a great future for your Company to enter the export market in a big way. I am happy to inform you that your Company's product even today is being used by established fabric exporters. Further, your Company's product samples have been tested and approved by some prospective buyers abroad. I am confident that the export efforts of your Company will fructify sooner than later. FUTURE PROSPECTS: The Company's turnover in the first six months of this year has doubled over that of the last six months and the Company is confident of reaching a turnover of well over Rs. 20 crores during the current year. The Company also proposes to manufacture value-added products like dyed yarn, 100% polyester sewing thread and some grade of industrial yarn. These products will add to the income and profits of the company within the next 12 months. ACKNOWLEDGEMENTS: On behalf of the Board of Directors, would like to thank Institutional Investors viz., Unit Trust of India, Morgan Stanley, General Insurance Company, SBI Caps, for their support to our Public Issue. I will be failing in my duty if I do not place on record my appreciation and gratitude' to the Industrial Development Bank of India, Industrial Finance Corporation of India and the Company's bankers, State Bank of Hyderabad, State Bank of Travancore, State Bank of Patiala for their support. I would also like to thank the Company's Contractors. Company's Contractor M/s. Siddarth Associates, M/s. Srinivas, M/s. SABC, M/s. ELGI, M/s. Voltas, M/s Vijay Laxmi Engineering Works Ltd., Associated Textile Engineers, RJK Industries, and a host of others who generously supported the Company with their services Major credit for the success of this Company goes to the Company's dedicated team of managers and workmen and I thank them for their loyalty and hard work. I also would like, on this occasion, to thank my other collaegues on the Board for their advice and support. I thank you once again for your support and confidence and I wish you all a very Happy " Deepawali". ( This does not purport to be a report of the proceedings of the Annual General Meeting.)

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