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NRB Bearings Ltd.

BSE: 530367 Sector: Engineering
NSE: NRBBEARING ISIN Code: INE349A01021
BSE LIVE 15:40 | 11 Dec 148.80 0.45
(0.30%)
OPEN

149.95

HIGH

150.00

LOW

146.00

NSE 15:31 | 11 Dec 149.35 1.90
(1.29%)
OPEN

152.85

HIGH

152.85

LOW

145.25

OPEN 149.95
PREVIOUS CLOSE 148.35
VOLUME 12055
52-Week high 158.55
52-Week low 103.00
P/E 26.48
Mkt Cap.(Rs cr) 1,442
Buy Price 148.80
Buy Qty 308.00
Sell Price 0.00
Sell Qty 0.00
OPEN 149.95
CLOSE 148.35
VOLUME 12055
52-Week high 158.55
52-Week low 103.00
P/E 26.48
Mkt Cap.(Rs cr) 1,442
Buy Price 148.80
Buy Qty 308.00
Sell Price 0.00
Sell Qty 0.00

NRB Bearings Ltd. (NRBBEARING) - Chairman Speech

Company chairman speech

ANNUAL REPORT 2000-2001 NRB BEARINGS LIMITED CHAIRMAN'S SPEECH 36TH ANNUAL GENERAL MEETING HELD ON AUGUST 1st 2001 Ladies and Gentlemen: I am pleased to e)tend, on behalf oF my colleagues on the Board and of myself, a very warm welcome to this 36 h Annual General Meetings of our company. In compliance of Corporate Governance guidelines, we have constituted an Audit Committee comprising independent non-executive Directors - we have Dr.P D Ojha (retired Deputy Governor of the Reserve Bank of India) as Chairman of the Committee, Dr.(Ms) Kala S ant (Economist) and Mr.Keki Elavia (Partner, Kalyaniwala & Mistry), all of whom are present here today. Mr.Thiery Michaud, Managing Director, Nadella is also in our midst todaY. Company's performance The year ended March 2001 was very challenging for the automotive industry. Other than Motorcycles all other segments - commercial vehicles, passenger cars, scooters, mopeds, 3-wheelers and tractor- posted a decline in volumes. Your company net sales (net of excise duty) declined by 2.80%. The fall in volumes adversely effected profit margins, with profit before tax declining by 22% over the previous year. The dividend has been lowered from 45% to 40x/. Current year To contain any build up of finished goods inventories, the company maintained production levels in line with the low demand market situation which has had an adverse impact on the results for the first quarter (April-June 2001). With net sales down by 7.4% profit before tax is down substantially over the corresponding quarter of the previous year. We look forward with cautious optimism to the remaining period of the year as offtakes from the motor cycle segment, the replacement market and exports are showing signs improvement. The commercialization from August 2001 of new products developed will further boost sales through the subsequent quarters resulting in improved profitability. Outook and business strategies The current fiscal year started against the backdrop of a slowdown in economic activity, causing concern all around. However, notwithstanding some deceleration in GDP during 2000-01, India remains one of the fastest growing economies in the world. A decade of reforms has strengthened the resilience of the Indian economy and its ability to withstand periodic shocks. With comfortable stocks of foodgrains and foreign exchange reserves, no serious supply management problems are expected. The expectations of a normal monsoon should lead to an improvement in industrial performance. We cannot help but look optimistically at India's future with continuing liberalization and encouragement of private investment. The government's enormous infrastructure project to implement a major and much needed national road network covering the length and breadth of the country should give the much needed impetus to the economy. 2001-02 will be a year of change: Success will belong to companies who can align themselves to their customers. The winners of the day will be those who move with speed and deliver new products fastest to their customers. Your company is moving towards this alignment and is taking steps to focus on the drivers for future success: New Product Development Significant resources have been committed to the design, development and testing of new products, both for industrial and automotive applications. Quality Our attitude to quality provides the basis for a sustainable competitive edge to our customers. With cross functional quality teams in place across the organization, we have planned milestones to monitor our progress in the quality journey towards continuous product improvement, greater yields and higher productivity. We expect this to translate into higher levels of customer satisfaction and improved operating margins. Exports The company's stated objective is to aggressively grow e