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Maha Rashtra Apex Corporation Ltd.

BSE: 523384 Sector: Financials
NSE: MAHAPEXLTD ISIN Code: INE843B01013
BSE LIVE 10:38 | 26 Sep 52.00 0.10
(0.19%)
OPEN

54.10

HIGH

54.10

LOW

52.00

NSE 05:30 | 01 Jan Stock Is Not Traded.
OPEN 54.10
PREVIOUS CLOSE 51.90
VOLUME 2000
52-Week high 146.85
52-Week low 12.92
P/E
Mkt Cap.(Rs cr) 74
Buy Price 52.00
Buy Qty 92.00
Sell Price 0.00
Sell Qty 0.00
OPEN 54.10
CLOSE 51.90
VOLUME 2000
52-Week high 146.85
52-Week low 12.92
P/E
Mkt Cap.(Rs cr) 74
Buy Price 52.00
Buy Qty 92.00
Sell Price 0.00
Sell Qty 0.00

Maha Rashtra Apex Corporation Ltd. (MAHAPEXLTD) - Chairman Speech

Company chairman speech

1994 MAHARASHTRA APEX CORPORATION LIMITED CHAIRMAN'S SPEECH Ladies & Gentlemen, I have great pleasure in welcoming you to the 51st Annual General Meeting of your Company. This year your Company is stepping into the 51st year of its existence. Our grateful thanks goes to Late Upendra Pai who was also the founder of Syndicate Bank and Late Dr. T.M.A. Pai and Late T.A. Pai who have played their role in founding the Maharashtra Apex Bank Ltd. which was later converted into Hire Purchase Finance Company. Your Company has a Golden History of safeguarding the customers' interest for over 50 years. The legacy of our founding fathers' vision, integrity and commitment has been carried on with utmost care. Today we again pledge ourselves to carry on this legacy and it will be our duty to see that the golden history and the charisma is carried on. Your Company has a unique distinction of paying Dividend for the past 50 years. This year the Directors have proposed an increased dividend of 30%, pro-rata basis. The Company has provided Shareholders with 3 bonus issues and the latest bonus issue was in January 1994 in the ratio of 1:5. Your Company has your splendid support and the capital base has been increasing consistently. Each Rights Issue was a tremendous success. I, on behalf of my colleagues on the Board, thank the shareholders for their incessant support. support. Recently the Rights cum Preferential Offer was made to the Shareholders of the Company and also to those of the Group Companies. PERFORMANCE There has been an allround improvement and growth in the activities of the Company. The gross income rose to Rs.13.16Crores,ascompared to Rs.9.03 Crores showing an increase of 46%. The Company's net profit after tax has gone up to Rs. 167.10 lakhs as compared to Rs. 141.49 lakhs. The Cash Profit has also increased from Rs.205.06 lakhs to Rs.262.04 lakhs showing a comfortable increase. The Company's fund base for the year increased from 46.32 Crores to Rs.69.03 Crores registering a growth of 49%. The Networth of the Company also increased from Rs. 5.40 Crores to Rs. 8.80 Crores giving an impressive growthof 63%. With this, the Earning Per Share on annualised basis is maintained at Rs. 7.54 and the cash Earning per Share has gone up from Rs. 10 to Rs. 12/- for the year. Further the net return on effective Networth for the year has been maintained at 27%. In view of the allround progress of the Company in every sphere of activity, the Directors have proposed a Dividend of 30% to the Share- holders on pro-rata basis as against 25% in the last year. This dividend payment is made on the enlarged capital arising after the bonus share issue and also Rights cum Preferential Issue made during the year. FUTURE PLAN The Company has plans to diversify into allied areas such as Merchant Banking, OTCEI Dealership, Stock Exchange Membership, Mutual Funds and to offer other specialised serivces. CONCLUSION The Company has over sixty thousand depositors both big and small, Institutional and individuals spread over a wide geographical area. This growing family of depositors who have been with us for decades is a tribute and a testimony to the financial probity of the Pai's of Manipal. Yours is one of the leading transport sector financing companies and caters to over more than 5,000 unemployed and small borrowers and helps the Industrial Sector primarily in Karnataka and other States contributing its mite to the progress of the country. The objectives and goals that your Company has set for itself are exciting and challenging. Now it is time for the Company to consolidate and expand its asset base and capitalise resources to contribute towards building a strong infrastructure. The diversification and growth plans charted by the Company which are being implemented will bring new benefits and increased resources coupled with innovative financial solutions which will all go to build up a strong base to service its Shareholders and Customers. I thank the Shareholders, Depositors and friends who stood by us in the trying times and helped us to achieve this growth rate. I am confident that in the years to come everybody will extend their co-operation which is needed by the Company.