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Parekh Platinum Ltd.

BSE: 500323 Sector: Consumer
NSE: PAREKHPLAT ISIN Code: INE598A01015
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Parekh Platinum Ltd. (PAREKHPLAT) - Chairman Speech

Company chairman speech

1995 PAREKH PLATINUM LIMITED CHAIRMAN'S SPEECH Ladies and Gentlemen, I have great pleasure in welcoming you to the 13th Annual General Meeting of your Company. The Directors' report and the audited accounts for the year 31st March 1995 have been with you for sometime now and with your permission I take them as read. REVIEW OF OPERATIONS The year ended 31st March 1995 has ken an excellent year for the company's performance and financial results. The turnover has gone up by 104% to Rs. 96.55 crores and Net Profit up by over 173% to Rs. 13.28 crores. Your company has touched a turnover of around Rs. 100 crores during the current financial year i.e. during the period April 1995 to 15th September, 1995, which is more than the turnover achieved in the previous whole year. However, I am confident that even this turnover, highly satisfactory though it is, will appear to be small to you all when compared in the context of the expected turnover in the next six months on account of the jewellery project which has already commenced. EXPORTS Your company has achieved an export turnover of Rs. 8.90 crores during the financial year 1994-95. DIVIDEND It also gives me pleasure that the Board of Directors of your company has decided to increase the dividend to 40% for the year under review namely 1994-95 as against 15% declared for the previous year. I think the perspective of our operations for the years to come explains this optimistic approach of our board. I am sure the shareholders will endorse the recommended dividend. PROSPECTS AND NEW PROJECTS Gold, this glittering treasure has enthralled people the world over from the immemorial. The most common use of Gold all over the world is for making jewellery. Besides this, gold is bought for investment. It is also used in the industries for its other properties. While the enduring physical properties of gold have made it a commodity by which a person can confidently and successfully cross the financial plights and difficulties, its glittering malleability makes it suitable for shapes and forms which are aesthetically beautiful, pleasing to the eye and satisfying to the heart. It is worth noting that India Tops the list in the international market for consuming the largest amount of Gold. As per World Gold Council report for the year 1994. The estimated consumption of gold is 415 tonnes as against the overall world demand of 3109 tonnes. The gold business in India is expected to register a cumulative growth rate of 11% per annum. I hope that your company will prove itself to be a fitting instrument in Giving a thrust to the expected growth in demand as well as establish itself as a leading and major partner in the trade so enhanced. Your company has to cater to the aesthetic needs of each and every segment of society. It has, therefore, started manufacturing the exclusive jewellery as well as hollow light weight jewellery, with your company's expertise and technical skill gold jewellery would also become accessible to all homes at a price which they can afford and pay without any pinch or embarrassment. IMPLEMENTATION OF PROMISED SCHEME AT LAUNCHING OF PRODUCTS The civil works for the company's jewellery project at Bhat gem & jewellery complex, District Gandhinagar, Gujarat State are in progress. There has been some delay in the implementation of the project, due to circumstances beyond our control. We, however, do not foresee any cost over-run. This project is likely to be commissioned before the end of the year. However, your company has commenced production of master alloys, semi finished products and finished jewellery at its existing Bombay plant. The Jewellery manufactured by this jewellery plant is under test marketing and is displayed on the stage for viewing by the shareholders. The company proposed to launch the jewellery nation wide before the end of the calender year. On first launching of the products, as promised in the Directors' report, your Directors have worked out a scheme of offering a special discount to each and every member of your company. Accordingly a special discount of 7.5% on the purchases made by them of company's jewellery upto Rs. 50,000 will be given. It is needless to say that this discount, which covers even the price of the gold is substantial in products of precious metals in general and of gold in particular. I have no doubt that this humble gesture on the part of the company would be welcomed by you as cementing further our mutual bonds, and the members will avail this opportunity. The Company has initiated action for acquiring space for Company's showroom in the major cities of the country. The Company has also started negotiations with prospective franchisees with the intention to make the jewellery available throughout the country. I am further pleased to announce that Parekh Micro Electronics (India) Ltd., our associate company which is having its factory situated at Gandhinagar in Gujarat has commenced production of thick film materials in technical collaboration with Du Pont, U.S.A. The Company has also entered into technical collaboration with Osram Sylvania Inc, USA, formerly known as GTE Corporation for manufacture of electronic phosphors and it has stared implementing the project. The Company is also setting up a project for manufacture of chip resistors and resistor networks. I am grateful to our members for their overwhelming response to the Company's Rights Cum Public Issue of Equity Shares floated during April 1995. I would like to thank all the employees of your company for their dedication and commitment as also to members of the Board who continue to seer your company with Sagacity and Foresight. The Co-operation and support received by us from the Government at the centre as well as at the States, Financial Institutions, Banks and our Business Associates have been a source of Great Strength to us. I would like to thank them all and our shareholders for their confidence and support extended to us. Thank you very much. Shri. J.J. Parekh Chairman