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Mid India Industries Ltd.

BSE: 500277 Sector: Industrials
NSE: MIDINDIA ISIN Code: INE401C01018
BSE LIVE 10:57 | 22 Nov 0.60 0
(0.00%)
OPEN

0.60

HIGH

0.60

LOW

0.60

NSE 05:30 | 01 Jan Stock Is Not Traded.
OPEN 0.60
PREVIOUS CLOSE 0.60
VOLUME 400
52-Week high 1.00
52-Week low 0.60
P/E
Mkt Cap.(Rs cr) 1
Buy Price 0.57
Buy Qty 1400.00
Sell Price 0.00
Sell Qty 0.00
OPEN 0.60
CLOSE 0.60
VOLUME 400
52-Week high 1.00
52-Week low 0.60
P/E
Mkt Cap.(Rs cr) 1
Buy Price 0.57
Buy Qty 1400.00
Sell Price 0.00
Sell Qty 0.00

Mid India Industries Ltd. (MIDINDIA) - Chairman Speech

Company chairman speech

1994 MID INDIA SPINNING LIMITED Chairman,s speech Chairman, Mr. R.P. Ganediwal's speech at SPINNING COlON INTO MEGA PROFITS It is my proud privilege to address the MID INDIA FAMILY at the Third Annual General Meeting of your Company. I am happy to report the commencement of commercial production in January 1994 and you wlll appreciate that the company's performance was quite satlsfactory to earn ant profit of Rs.56.22 lacs in eighty operational days, despite several adverse factors which are highlighted as under: 1.The year under review had witnessed an erratic movement in cotton prices causing a lot of market uncertainties as far as economics and competitlveness Mr. R.R Ganediwal, Chairman were concerned and we had to bear the resulting cost disadvantage. 2. We could have otherwise, operated at 100% capacity but for certain delays beyond the control of management, in installation of machinery we could operate at only 60% capaclty. FUTURE OUTLOOK: With an expected bumper cotton crops of 150 lacs bales in the current year, your company would be able to increase margins handsomely on account of a considerable savings in raw material cost. Through technical upgrdation and better product mix we will be achieving 100% capacity utilisation by October 1994. These factors will lead to a sizeable growth in your company's profitability. Very shortly, we will be commencing.the second phase of expansion, increasing our installed capacity from the existing 12,500 spindles to 25,000 spindles. As a part of our forward Integration thrust we plan to install knitting facility to produce five tonnes of knitted fabric per day thus, will enable us to produce 35,000 pcs. of garment. Such garments have a ready international market and considerably enhance your company's profits. The product of your company has been well accepted by its overseas customers because of strict adherence to quality control measures resultin(1 in a quality of yarn superior to that of our competitors. We have already made our presence felt i; the Asian Markets and are nolv concentrating on penetrating the European Markets because f the general shift in manufactures of textiles from European and other advanced countries to Asian locations. These factors will herald a new era for the entire Indian spinning industryand your company will not spare any effort to capltalise on this. Barring unforseen circumstances we are quite optimistic of rewarding our shareholders by declaring a maiden dividend in the immediate future. Your company recognises the fact that employees are its inherent strength and therefore attaches great importance to human resource development. Proper training i9 being imparted to all employees which would lead to highly skilied and fully motivated manpower including the management. I would like to assure you all that your company is managerially strong and e'ffective with a team of dedicated and motivated orofessionals and is therefore confident of achieving impressive growth. R.P. GANEDIWAL CHAIRMAN Place : INDORE Dated : August 12, 1994