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Bharat Seats Ltd.

BSE: 523229 Sector: Auto
NSE: N.A. ISIN Code: INE415D01024
BSE LIVE 15:40 | 02 Dec 51.20 -0.35
(-0.68%)
OPEN

50.30

HIGH

52.80

LOW

50.30

NSE LIVE 05:30 | 01 Jan Stock Is Not Traded.
OPEN 50.30
PREVIOUS CLOSE 51.55
VOLUME 13070
52-Week high 71.50
52-Week low 31.55
P/E 17.59
Mkt Cap.(Rs cr) 160.77
Buy Price 0.00
Buy Qty 0.00
Sell Price 0.00
Sell Qty 0.00
OPEN 50.30
CLOSE 51.55
VOLUME 13070
52-Week high 71.50
52-Week low 31.55
P/E 17.59
Mkt Cap.(Rs cr) 160.77
Buy Price 0.00
Buy Qty 0.00
Sell Price 0.00
Sell Qty 0.00

Bharat Seats Ltd. (BHARATSEATS) - Chairman Speech

Company chairman speech

1996 BHARAT SEATS LIMITED CHAIRMAN'S REPORT It gives me immense pleasure to welcome you all to the 9th Annual General Meeting of the Bharat Seats Limited. The audited balance sheet and Profit and Loss account for the year ended on 31-03-96 together with Directors' Report have been with you and I presume that you had the opportunity of going through the same and I can take it as read. In line with the automobile boom your Company's turnover has increased from Rs. 64.87 crores to Rs. 76.50 crores i.e, showing a rise of 17.91% whereas your profit before tax and after depreciation has increased from Rs.2.17 crores to Rs.2.93 crores i.e an increase of about 34.65% on an annualised basis. Looking into the better profitability and secured future your Company has recommended an increased dividend of 15% against last years 12.5% i.e. out of Rs.1.71 crores profits available for appropriation your Company will distribute Rs.47.10 lacs as dividend and will carry forward Rs.1.24 crores to Reserves Account. Against a Capital of Rs. 3.14 crores, the Reserves & Surplus of your Company has gone up from Rs.5.13 crores last year to Rs.6.23 crores this year thus creating a sound and healthy financial position. On the operational front we expect that our production will increase, as Maruti Udyog Limited production is likely to increase by more than 20% over last year's production level. Your Company hopes to gain substantially by the increased target of Maruti Udyog Limited. In the last four months, I am happy to inform that we have produced 41,453 seat sets against last years 36,973 seat sets for the corresponding period thus showing a rise of 12.10% over last year's production level. Not only your Company is giving thrust to additional productivity but also to product upgradation and improvement in Quality. We have already developed new features in the YE2 model with the co-operation of M/s Maruti Udyog Limited, M/s Suzuki Motor Corporation, Japan and our technical collaborators M/s Houwa Kogyo Co. Ltd., Japan. You will be happy to note that these new features to the seat sets are being supplied to Maruti for not only their export model but would also be introduced for their domestic production shortly. We are also already in advance stage of discussions with Maruti Udyog Limited for development of new product range. As regards quality improvement your Company has been awarded the ISO 9002 certification by the assessing authority. As you know, ISO stands for the International Organization for standardization which currently comprises the standard bodies of 91 nations. Its function is to develp global standards in an effort to improve the exchange of goods and services internationally. We are not sitting on the laurels of having obtained ISO 9002 but your Company wants to start a journey towards total quality management and steps are being initiated to work for QS 9000 standards which are beyond ISO 9000 and ask for higher level of quality performance. With thes steps, the Company is going to move towards a culture of total quality management. Last year the automobile industry grew by 32%. Many new players have either entered the market or are in the process of entering the Indian market. With total Quality Management concepts, your Company has better propects of growth in the near future. I am very grateful to the members of our Board for their valuable support and advice which has enabled us to achieve the results and equally to all the share holders who had all along been providing strength to us to make the company a success. I place my thanks to our technical collaborators, M/s Houwa Kogyo Company Ltd., Japan who have been providing help all throughout. I am thankful to Suzuki Motor Corporation, Japan and Maruti Udyog Ltd., our joint promoters and customers for their valuable support and guidance which contributed greatly to improve our performance. I am also thankful to our vendors, suppliers, financial institutions i.e. IFCI, State Bank of Travancore, Bank of Tokyo and Central Government, Haryana Government and their respective departments for their continuous cooperation. Last but not the least, I wish to place on record the very cordial industrial atmosphere prevailing in our company and thank all employees for their dedication and sincerity, they remain our major asset and our performance has been sustained by their commitment to the spirit of excellence. I thank you once again for giving support and attending this meeting. N. D. RELAN Chairman Place : New Delhi, Dated : 29th August, 1996.

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