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Kingfa Science & Technology (India) Ltd.

BSE: 524019 Sector: Industrials
NSE: KINGFA ISIN Code: INE473D01015
BSE LIVE 15:45 | 15 Dec 822.55 13.50
(1.67%)
OPEN

818.00

HIGH

827.30

LOW

818.00

NSE 15:31 | 15 Dec 821.05 13.10
(1.62%)
OPEN

818.00

HIGH

824.95

LOW

810.10

OPEN 818.00
PREVIOUS CLOSE 809.05
VOLUME 930
52-Week high 900.00
52-Week low 615.00
P/E 72.66
Mkt Cap.(Rs cr) 996
Buy Price 823.00
Buy Qty 8.00
Sell Price 0.00
Sell Qty 0.00
OPEN 818.00
CLOSE 809.05
VOLUME 930
52-Week high 900.00
52-Week low 615.00
P/E 72.66
Mkt Cap.(Rs cr) 996
Buy Price 823.00
Buy Qty 8.00
Sell Price 0.00
Sell Qty 0.00

Kingfa Science & Technology (India) Ltd. (KINGFA) - Chairman Speech

Company chairman speech

HYDRO S&S INDUSTRIES LIMITED ANNUAL REPORT 2008-2009 CHAIRMAN'S REPORT Ladies and Gentlemen: It gives me immense pleasure to welcome all of you to the Annual General Meeting of your Company. The Annual Report for the period ended 31st March 2009 has already been circulated and with your permission, I will take it as read. National Scene: Last year when we met, I was a bit pessimistic on the outlook for the Country and the Economy. Thereafter, there has been good news and bad news. The good news is that the general election results gave a clear mandate for the UPA and the fear that we would have a fractured verdict with the consequent instability was fortunately belied. The further good news was that India was able to successfully complete its negotiations on the Nuclear Deal. Of course, some doubts are now being expressed on the understanding of the two parties on some of the provisions. The bad news is that the Global Economic crisis has also affected India severely. Many sectors are suffering for want of orders, jobs have been lost, exports are significantly down, GDP growth and Industrial growth have been retarded. The fiscal deficit has ballooned and prudent limits on fiscal and budgetary management have been set aside. The stock markets are struggling to claw their way back and there is extreme volatility in the markets as well as with the foreign exchange rates. To add to our woes, the monsoon has failed and the spectre of a severe drought is now haunting the country. The Government is now thinking to import foodgrains after several decades of self sufficiency. All in all, the Central Government is not able to take advantage of the clear electoral verdict and is again in a fire fighting mode. Law and order matters as well as terrorist threats continue to pose severe challenges across the country. One is not clear whether the worst is over for the global economic crisis. There are so called green shoots of recovery being seen in several countries. One hopes that these will take strong root and the economies of the nations will revive soon. We live today in an interconnected world and our prosperity and growth is contingent on the global recovery also. Much is expected from India and China to spur global economic recovery. We hope that the Goods who have watched over India for centuries will extend their benevolence again to the Nation. I wish to particularly highlight the severe impact of the recession on the Auto Sector which has had a consequential impact on your company's performance during the year under review. As on date, there has been a turnaround in the performance of this sector and the sales data during the last few months shows a positive trend. One hopes that this is not temporary but will be sustained. One should keep in mind that while even though the domestic market is showing signs of improvement, the continued growth of the export market is too early to be predicted. Your Company: The Annual Report of the Company containing the Directors' Report and the Management Discussion and Analysis Report explain in detail the company's operations and the business environment. The buyback of Equity shares scheme which was announced last year in September is scheduled to close as at the close of business hours tomorrow - 15th September 2009 and many shareholders have exercised their option to exit from their holding. The response to the scheme has been quite positive. Your company has initiated a number of steps to deal with the recessionary conditions and the impact of inflationary input costs. Detailed attention is being given to the reduction in inventories, aggressive collection of receivables from the major Tier-1 customers as well as pursuing new opportunities with both existing customers as well as new entrants. We do believe that these steps will infuse liquidity into the company's cash flow management as well as enhance the production and sales volumes to feed the three Plants. In conclusion, I wish to assure the shareholders that the company faces the future with confidence and hope. I also wish to acknowledge with gratitude the contribution of each and every employee, the stakeholders including the customers, vendors, bankers and most importantly, you the shareholders in ensuring the continued success of your company. Let us now proceed to take up the business of today's meeting. Chairman of the Meeting. Source: Annual General Meeting - 14th September 2009.