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Majestic Auto Ltd.

BSE: 500267 Sector: Auto
NSE: MAJESAUTO ISIN Code: INE201B01022
BSE LIVE 15:56 | 18 Aug 101.00 -3.50
(-3.35%)
OPEN

104.50

HIGH

104.50

LOW

101.00

NSE 05:30 | 01 Jan Stock Is Not Traded.
OPEN 104.50
PREVIOUS CLOSE 104.50
VOLUME 759
52-Week high 132.00
52-Week low 86.25
P/E
Mkt Cap.(Rs cr) 105
Buy Price 0.00
Buy Qty 0.00
Sell Price 0.00
Sell Qty 0.00
OPEN 104.50
CLOSE 104.50
VOLUME 759
52-Week high 132.00
52-Week low 86.25
P/E
Mkt Cap.(Rs cr) 105
Buy Price 0.00
Buy Qty 0.00
Sell Price 0.00
Sell Qty 0.00

Majestic Auto Ltd. (MAJESAUTO) - Chairman Speech

Company chairman speech

1994 MAJESTIC AUTO LIMITED CHAIRMAN SPEECH Ladies & Gentlemen, On behalf of my colleagues on the Board of Directors and on my own behalf, I extend to you all, a very warm welcome, to this Twenty First Annual General Meeting of your Company. The Directors Report and the audited Accounts for the year ended 31.03.94 have been in your hands for quite some time and I trust that you must have perused them carefully. THE EMERGING OPPORTUNITIES: Before I move on to the performance of the Company, it will not be out of place to have a look at the salient features of the current economic scenario and how is that going to be related to our business needs. Ladies & Gentlemen, the process of restructural adjustments that started about three years back, has started mobilizing our economy and are clearly reflected by the buoyancy in market place. I, for one, would like to attribute the current rise in production volumes, in demand and general mood of stability in economy as off-shoot of the economic liberalisation process. However, at the same time, it is going to bring the whole lot of new challenges to the industry, and to the durable consumer industry in particular. The quantitative restrictions on import of goods and also the import duty are going down further,and bringing a new and more significant era of competition with the international brands and products. Your company, I have the pleasure in mentioning, has been gearing up to meet these new challenges. In fact, your company plans to use this opportunity of economic liberalisation to emerge as a global player of some significance. Our products are well-established and we are the largest exporters of two- wheelers in the country with nearly 40% of the total export of two-wheeler from India. We are setting up Overseas Operations, Offices and Joint Ventures, and I see a bright future in this area, but the domestic market will remain our sharp focus. COMPANY'S PERFORMANCE: The Two-Wheeler industry in India has also come out of the recession and is now in the growth phase. It is anticipated that this year the domestic market may grow to a close vicinity of 15%. We have geared ourselves to increase our presence in the domestic market as well. We have as now 20% share of the market. This will lead us to keep the tempo of growth of your Company. The year 1993-94 saw the turnover rise to Rs.147.86 Crores showing a growth of 36% over last year. This resulted in a net profit of Rs.9.30 Crores. We are also proud to announce that we have been successful in writing off all our past losses this year. The production of Mopeds has recorded a growth of 26% and the Ludhiana Unit has introduced the GIZMO, alongwith its ALLEGRO EXERBIKE ROWING MACHINE, STEPPER AND TREADMILL, all indigenously designed and produced by your company. CURRENT YEAR WORKING : It can be said with full confidence that this year would prove to be a landmark year for your Company. The Company plans to go full throttle on exports. We hope to achieve export turnover of Rs.60 Crores in the current year by consolidating present avenues and exploring new markets. In order to further our presence in the Eurpean markets work on achieving the ISO 9000 is well under way and we are hopeful of achieving it this year. ACKNOWLEDGEMENT : Please allow me to take this opportunity to thank the various personalities and institutions which have helped the company to come out of its difficult days. The first thanks is due to the IFCI, IDBI, ICICI and UTI and Company's Bankers for conistent financial help and support. The next thanks is due to BIFR whih salvaged a helpful package for the company to revive itself. We also thank the other Companies in our group, namely M/S. Hero Cycles Limited, Rockman Cycle Industries Ltd. and Highway Cycle Industries Ltd. for timely support extended to us. Also my word of appreciation for the employees, at all levels, for putting in strenuous efforts for getting excellent results for the year. Above all, my thanks are due to the Shareholders who maintained their faith in the Company and its Management. O.P.MUNJAL Chairman