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Munjal Showa Ltd.

BSE: 520043 Sector: Auto
NSE: MUNJALSHOW ISIN Code: INE577A01027
BSE 15:40 | 17 Jan 291.85 -3.40
(-1.15%)
OPEN

293.85

HIGH

296.20

LOW

289.90

NSE 15:41 | 17 Jan 292.50 -2.90
(-0.98%)
OPEN

296.70

HIGH

296.70

LOW

289.00

OPEN 293.85
PREVIOUS CLOSE 295.25
VOLUME 25253
52-Week high 312.00
52-Week low 184.10
P/E 18.95
Mkt Cap.(Rs cr) 1,167
Buy Price 292.00
Buy Qty 300.00
Sell Price 0.00
Sell Qty 0.00
OPEN 293.85
CLOSE 295.25
VOLUME 25253
52-Week high 312.00
52-Week low 184.10
P/E 18.95
Mkt Cap.(Rs cr) 1,167
Buy Price 292.00
Buy Qty 300.00
Sell Price 0.00
Sell Qty 0.00

Munjal Showa Ltd. (MUNJALSHOW) - Chairman Speech

Company chairman speech

1994 MUNJAL SHOWA LIMITED CHAIRMAN'S SPEECH Ladies and Gentlemen, It is a great pleasure and privilege for me to meet you all once again on the 9th Annual General Meeting of the company. I take this opportunity to extend a herty welcome to all of you on this occasion. The Director's report and the accounts of your company have been with you for some time and, with your permission, I shall take them as read. THE ECONOMY It is becoming clearly evident that it is the liberal market-driven system that would dominate the economic philosophy of nations in the years to come. Our Government, also, realised the importance of opening up the economy and has been trying to integrate it with the global economy. This has been done through a series of reforms over the last three years and the economy has shown a marked improvement. Our foreign exchange reserves increased to $17.5 billion in july 1994 and looking at the health of the economy and the political stability that we offer, as many as 1478 international companies have signed up collaborations with indian enterprises. The new economic policy adopted by the Government of india has helped in creating an environment in which the indian enterprises can compete internationally. At the same time, it is the industry that has to adopt a more responsible role and continuously evaluate its strength and comparative advantages. if our industry has to compete globally, it must not only concentrate on catering to the global markets but, also, adapt technology and system that would help it to compete effectively. Access to international market has not to be seen as a one time opportunity but as a provision which can be tapped on a sustained basis. AUTOMOBILE INDUSTRY As you know, the entire indian automobile industry sector, went through a recessionary phase which lasted for almost three years. The phase is over and the scenario for the future looks extremely bright. There is, already, a surge in the domestic demand and a reasonable degree of buoyancy is noticed in the export market as well. The automobile component sector accounts for an output of over Rs. 5000 crores out of which exports account for Rs. 630 crores. It is catering to a very wide spectrum of vehicle models produced in the country. An indigenisation level in excess of 90% has already been achieved by the indian automobile industry and the component sector has played a vital role in this development. MUNJAL SHOWA LIMITED Inspite of the fact that the entire automobile industry went through a phase of recession, your company managed to brave the impact quite well. This was possible as a result of the performance of our committed buyers. You would be glad to know that your company has managed to make further improvements in its performance. During the fiscal year 1993-94 the gross sales increased to Rs. 58.12 Crores from Rs.46.23 crores in the previous year an increase of around 26%. Profits,too, increased. The pretax profit this year was approximately 40% higher as compared to the previous year. Your company has been continuously striving to develop products to cater to the growing and fast changing automobile market. It has already made many fresh additions to its product range during the year. This included development of front forks and window balancers for the `Zen' model launched by Maruti Udyog Limited and rear shockers for the `Splendor' model launched by Hero Honda Motors Ltd. Its plans for the year include development of rear shockers for Maruti 800CC car and Maruti Omni Van. An expansion is, also, on the anvil with almost all major customers of your company going in for an increase in their capacity and having chosen to continue to rely upon Munjal Showa Limited as the OE supplier to meet their requirements. Further,in order to substantiate its position in the corporate world, your company has started making forays into other industries as well. A beginning has been made with window balancers being supplied to the machine tool industry. I assure you friends, that with the steps already taken and those proposed to be taken in future, time is not far when you will see your company establishing itself as one of the companies that would be looked upon as a leader not only because of the quality of its products and the market share that it enjoys but, also, because of the efficient management and effective systems that it has adopted. CONCLUSION In conclusion, I on behalf of the Board of Directors and on behalf of my ownself, take this opportunity to express my gratitude to our collaborators for their valuable support and guidance which we have received from time to time. I would,also, like to thank the Government of India, Government of Haryana,Haryana State Electricity Board, Bankers and Financial Institutions for their cooperation and assistance extended to your company. I, also, place on record my appreciation for the good work done by all the staff and workers of your company. Thank you, once again, ladies and gentlemen.