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Mid East Portfolio Management Ltd.

BSE: 526251 Sector: Financials
NSE: N.A. ISIN Code: INE033E01015
BSE LIVE 15:14 | 13 Nov 1.64 -0.08
(-4.65%)
OPEN

1.64

HIGH

1.64

LOW

1.64

NSE 05:30 | 01 Jan Stock Is Not Traded.
OPEN 1.64
PREVIOUS CLOSE 1.72
VOLUME 3190
52-Week high 4.04
52-Week low 1.64
P/E 4.43
Mkt Cap.(Rs cr) 0
Buy Price 1.64
Buy Qty 1000.00
Sell Price 0.00
Sell Qty 0.00
OPEN 1.64
CLOSE 1.72
VOLUME 3190
52-Week high 4.04
52-Week low 1.64
P/E 4.43
Mkt Cap.(Rs cr) 0
Buy Price 1.64
Buy Qty 1000.00
Sell Price 0.00
Sell Qty 0.00

Mid East Portfolio Management Ltd. (MIDEASTPORT) - Chairman Speech

Company chairman speech

1995 MID EAST PORTFOLIO MANAGEMENT LTD. CHAIRMAN'S STATEMENT I have great pleasure in extending you all a warm welcome to the 4th Annual General Meeting of your company. The Director's report and the audited accounts of the Company for the year ended 31st March, 1995 have been with you for some time and with your permission I consider them as read. Economic Scenario The liberalisation of the economy undertaken by the Government has now started yielding results. With Foreign Exchange Reserves touching an all time high level coupled with various other measures initiated by the government. India has started figuring prominently in financial map of the world. The finance ministry has delegated more powers to the Securities & Exchange Board of India (SEBI) for control as well as growth of the capital market. SEBI has allowed free pricing of premium in public issue and also authorised lead managers for vetting the rights issue. As regards Non- Banking Finance Companies. Reserve Bank of India has asked for restricting credit to them and also exercise greater administrative controls. Performance During the period under review your company has recorded encouraging results. The gross income has jumped from Rs.16.01 lacs to Rs. 229.03 lacs. The profit after tax has risen from Rs.0.19 lacs to Rs. 103.24 lacs showing an allround growth in the activities of the company. Encouraged by these results the Directors had declared an interim dividend of 10% and has further recommended final dividend of 5% making the total dividend 15%. As usual the company continues to be a market leader in mobilising NRI funds and mobilised around Rs.80.45 crores during the year 1994-95. This forms the core areas of the income of the Company. There are around 750 Power of Attorneys issued by various NRI clients in favour of your Directors Mr. Kishor A. Shah and Mrs. Jyoti K. Shah indicating clients undisputed faith in the company. the Company intend to grow further in this area and have targeted to reach 1000 power of attorneys for the current year. The schemes NRI NIDHI and NRI NIIS introduced last year have been doing well. Your Company has introduced two new schemes for clients i.e. PRIME ADVISOR and PRIME INVEST. The schemes have received good response and company already has around 130 clients in Prime Advisor and 35 clients in Prime Invest Company intends to reach a target of 300 clients in Prime advisor and 100 in Prime Invest and expect to collect an amount of Rs.600 lacs under these schemes. I am glad to inform you that your company has been accredited with Category I Merchant Bankers status by SEBI. This will enable the company to enter in issue management area and offer to its clients all financial services under one roof. During the year the company intends to take 8-10 issue management mandates and firmly establish its hold in the financial market as a Merchant Banker. The Company also intend to enter into the highly skilled areas of Bought out deals, Joint ventures. The Company is also negotiates with a Reputed Overseas Institutional Investor for promoting an Offshore Mutual Fund. For increasing its network the Company has already set up 100 franchises in Bombay itself and intends to increase the same to 150 during the year. Company wants to spread its wings out of Bombay and is opening its Jaipur branch very shortly to be followed with Ahmedabad, Bangalore and Pune. The Company also intends to take a giant step in the international market by opening of full-fledged office in Dubai and enter the international market for various international financial activities. Company has also applied to RBI for Non-Banking financial Company status and on receipt of the same would go to promote a fixed deposit scheme after getting rating from a reputed rating agency. I would like to bring to the notice of the members that our sister concern i.e. Montage Securities Ltd. has received membership of NSE (Capital Market Segment) and has been doing exceedingly well in the Stock broking activities. A new Company is also floated for obtaining OTC membership to operate OTC markets. The Company has also adversified into Power Projects and has purchased a land at Coimbatore for the same. The wind Mills to be situated on that land is likely to be commissioned in the 1st quarter of 1996. This will not only give tax shelter but will also generate regular consistent income for the Company. In view of all these activities. I am of the opinion that the performance of the current year till surpass the results of the year ended 31st March, 1995. Acknowledgement Before I conclude, I sincerely acknowledge and thank our Bankers i.e. Syndicate bank and Central Bank for the help and guidance provided by them. I am fully confident that with their continuous support and co-ordination. We shall be able to gear up for greater heights of achievements. My thanks also go to all my colleagues on the Board who have rendered valuable advice and guidance. I also express my profound thanks and appreciation for the contribution made by our executive and staff members at all levels. Finally, I also extend my gratitudes to you, all our share holders-our family members whose confidence in Mid East has been a continued source of inspiration and strength at all times. Thanking you KISHOR A. SHAH Chairman & Managing Directorrrrr