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Harita Seating Systems Ltd.

BSE: 590043 Sector: Auto
NSE: HARITASEAT ISIN Code: INE939D01015
BSE LIVE 15:40 | 18 Aug 739.75 -14.30
(-1.90%)
OPEN

749.80

HIGH

749.80

LOW

729.55

NSE 15:31 | 18 Aug 736.40 -23.05
(-3.04%)
OPEN

762.95

HIGH

762.95

LOW

718.00

OPEN 749.80
PREVIOUS CLOSE 754.05
VOLUME 401
52-Week high 876.00
52-Week low 508.45
P/E 22.39
Mkt Cap.(Rs cr) 575
Buy Price 0.00
Buy Qty 0.00
Sell Price 0.00
Sell Qty 0.00
OPEN 749.80
CLOSE 754.05
VOLUME 401
52-Week high 876.00
52-Week low 508.45
P/E 22.39
Mkt Cap.(Rs cr) 575
Buy Price 0.00
Buy Qty 0.00
Sell Price 0.00
Sell Qty 0.00

Harita Seating Systems Ltd. (HARITASEAT) - Chairman Speech

Company chairman speech

HARITA SEATING SYSTEMS LIMITED ANNUAL REPORT 2005-2006 CHAIRMAN'S REPORT Good Morning ladies and gentlemen: I have great pleasure in welcoming you all to the tenth annual general meeting of the shareholders of the company. The audited accounts have been with you for some time and I take this opportunity to brief you on the progress made by the company during the year under review. Review of Industry: During the year 2005-06, the economy of the country as well as the automotive industry, in particular, continued its steady growth. While GDP grew by over 7%, the automotive industry recorded a robust growth of 13% over the previous year. Performance of the company: During the year 2005-06, the company increased its sales turnover to Rs.137 crores with a profit after tax (PAT) of Rs.6.39 crores. The company has grown in all segments during the year under review with tractor seats recording the highest growth rate of 39% over the previous year. The company has commenced supplies of driver seats for agricultural equipment and seat components for commercial vehicles to overseas customers and the company has received positive feed back from the customers. Outlook: India is witnessing growth in all areas of its economic activities, despite floods and drought like conditions in some parts of the country. Availability of water in abundant measure is expected to boost agricultural production in the coming months. Focussed development of infrastructure such as roads, housing and building construction and electricity generation are expected to boost the economic activities further. On the backdrop of these positive developments, the company expects to continue its good performance in the current year also. In order to meet the challenges posed by the competition and the need to control cost due to increase in the cost of basic raw materials, the company is taking several new initiatives like development of new products incorporating innovative designs and alternative materials and improving operating efficiencies. The company's continued efforts to tap export markets have started yielding results and repeat orders for driver seats for commercial vehicles and agricultural equipment have been received. The company expects to double its export turnover in the current financial year. The progress of the manufacturing unit in Himachal Pradesh is as per plan and commercial production is expected to commence from third quarter. This unit will cater to the markets in northern and central India for products like two-wheeler seats, bus passenger seats, tractor seats and seats for commercial vehicles. Innovation is the key to success and the company is fully committed to focus on product innovation by developing new cost effective products to meet customer needs. The company has commenced work on setting up manufacturing facilities to produce polyurethane components using new technologies. These products will enable us to increase content per vehicle and commercial production from these facilities is expected to commence in the last quarter of the current financial year. Continuous improvement is the initiative that the company is steadfastly holding on to maintain leadership position. Cost reduction through productivity improvement, value engineering, alternate materials, alternate sourcing and elimination of non-value added activities will be consciously followed in order to improve the profitability. Acknowledgement: The board of directors thank the shareholders for the confidence reposed in the company. I would like to express our grateful thanks to the promoters, Harita group, for their continued support. I would also like to thank our customers, bankers and suppliers for their continued co-operation and support. The employees of the company deserve special appreciation for the commitment to the company in achieving the improved performance during the year. Thank you. Source: 10th AGM Mr. H. Lakshmanan Dated : 18th September, 2006 Chairman Place : Chennai.