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Haria Exports Ltd.

BSE: 512604 Sector: Industrials
NSE: HARIAEXPO ISIN Code: INE772B01014
BSE LIVE 15:14 | 16 Oct 2.43 0
(0.00%)
OPEN

2.43

HIGH

2.43

LOW

2.43

NSE 05:30 | 01 Jan Stock Is Not Traded.
OPEN 2.43
PREVIOUS CLOSE 2.43
VOLUME 371
52-Week high 11.20
52-Week low 2.43
P/E
Mkt Cap.(Rs cr) 3
Buy Price 2.40
Buy Qty 100.00
Sell Price 2.43
Sell Qty 9.00
OPEN 2.43
CLOSE 2.43
VOLUME 371
52-Week high 11.20
52-Week low 2.43
P/E
Mkt Cap.(Rs cr) 3
Buy Price 2.40
Buy Qty 100.00
Sell Price 2.43
Sell Qty 9.00

Haria Exports Ltd. (HARIAEXPO) - Chairman Speech

Company chairman speech

ANNUAL REPORT 2000-2001 HARIA EXPORTS LTD CHAIRMAN SPEECH ON THE EVE OF 31ST A.G.M. HELD AT REDG. OFFICE DT.31/08/2001. Dear shareholders On behalf of the management I take great pleasure to welcome you at the 31 t Annual General Meeting of the HARIA EXPORTS LTD. A lot has been written in the recent past about the extended downturn in the businesses worldwide and the extreme adversities faced by the Corporate world. The extraordinary pace of global change will remain a reality in the future, affecting our competitive environment in a permanent way. At Haria we will endeavour in this increasingly competitive and fast-paced global economy, to adapt, learn and respond, quickly to changing conditions. FINANCIAL PERFORMANCE VIS A VIS BUSINESS ENVIRONMENT: Your Company has fared better in the current year in comparision to the previous year. Despite bearish conditions in the International market, the export income and other income of the company amounted to Rs.106.96 crores against Rs.87.90 crores last year. Net profit after tax amounted to Rs.2.48 crores against Rs.3.70 crores last year. The Paid-up capital of the Company is Rs.4.10 crores and Reserves have increased to Rs.28.65 crores from Rs.27.50 crores. The Book Value per share has gone up from Rs.66.58 to Rs.69.56. The bottom line of the Company is effected due to earthquake in Gujarat where one of the unit was located in K F T Z .The Company have sufferred a loss of Rs,173 lakhs being damages to stock and Fixed Assets. INDUSTRY TRENDS: The Government of India has announced a Technology Upgradation Fund (T.U.F. of Rs.25,000 crores for textile Industry in India out of which a corpus of Rs.5000 crores has been reserved for the Garment Industry to combat the competetion which may arise by year 2004 when quota and other restrictions are removed and garment trade will become free all over the world. There will be interest subsidy @ 5%, and hence the effective cost of borrowed funds will not exceed 10%. Your Company is planning to avail the various benefits and subsidies introduced by the Government for Plant modernization and induction of advanced technologies. Your Company has started one more 100% E.O.U. unit at Vapi. The Government has revised downward the duty drawback incentive structure from 16% to 14 with a maximum cap of Rs.50/- per garment instead of Rs.65/- per garment. Further downward levels are made for each variety of garments. Effectively the reduction is not just 2% but it is more than 25%. This will effect the bottom line of the industry and the exporters will find it difficult to compete in the International market. Representatives have been made to the Government to re-structure & put the duty drawback to its original position. So also the 3% duty free licence benefits have been withdrawn but after due representation the benefit was restored. Hopes are kept on the duty drawback. incentive scheme. Also the partial withdrawal of 100% tax benefit u/s 80HHC will affect the bottom line of the company . The present export senario for f y 2001-2002 is on downward turn. The overall exports have reduced both in terms of quantity by 11.46% and 9.62 in the terms of dollars as compared to previous ear. The exports figures to non quota country is also alarming. The downtrend is to the extent of 43% ln qty terms and 46.5% in dollars terms. This negative growth is worrying everyone and govt. should take bold economic measures to reverse the trend. Inspite of this the quarterly performance for the quarter ended on 30.6.2001 of the company is also good. The company achieved a turnover of RS.16.76 cr as against rs.16.65 cr for previous year. The members are requested to ask any question to clarify the doubts. Thanking you, Kantilal L . Haria (Chairman)