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Usha (India) Ltd.

BSE: 500431 Sector: Others
NSE: USHAINDIA ISIN Code: INE068A01019
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Usha (India) Ltd. (USHAINDIA) - Chairman Speech

Company chairman speech

ANNUAL REPORT - 2001 CHAIRMAN'S REPORT USHA BELTRON LIMITED Dear Shareholders, I extended a warm welcome to the Annual General Meeting of your Company. Let me share with you the happening in your Company during the last financial year. To truly understand the Company, I must share the vision of the Company. Our vision: In our chosen businesses, e shall retain the market leadership in India. We shall be globally competitive through customer orientation and excellence in quality, innovation and technology. The Hon'ble Calcutta High Court approved the Scheme of Arrangement for transferring the IT and knowledge-based businesses of the Company to Usha Martin Infotech Limited with effect from 1st January, 2000. Accordingly, with the de-merger of IT & knowledge based businesses the Company is now focussed on its core manufacturing. The performance of the Company for 200 - 01 is for fifteen months, therefore the comparison needs to be done from this perspective. The sales and net profit were Rs.1095.72 crores and Rs.48.81 crores respectively. The performance of the Cable division was adversely affected due to lower orders received from the Department of Telecommunication. We are seriously exploring the overseas markets with the aim to broaden the customer base for the cable business in the coming years. The Silvassa Plant with an additional capacity of 12 lckm of jelly-filled telephone cables and a green field project with a 34000 rkm capacity of optic fibre cables were commissioned, during the year under review. While the industrial growth rate in general is sliding, the demand for telephone cables is growing steadily and the current year's outlook for the cable division appears to be positive. Wire & Wire Popes division of the Company has gone through considerable market anxiety. An anti-dumping duty was imposed on the Company's wire rope products by US and European regulatory authorities which following the Company's appeal was removed by the US. However, with clear focus on the key marketing issues, there have been significant positive developments. In Europe the division could maintain its market share through a minimum price undertaking for export in European Union. The division has launched two pronged attacks to re-assert its presence in the world-wide market with the objective to be the lowest cost manufacturer of wire ropes globally and introduce newer varieties of ropes catering to specific customer needs. The Company entered Australia and South East Africa to establish its presence in these markets. Your Company also acquired Brunton Shaw Ltd., a leading UK wire rope manufacture, to source technologically-advanced ropes and access the European market. To enlarge the product range, the division has put up Low Relaxation PC Line of 8000 MT per year capacity to be commissioned shortly. This product gone in the construction of bridges/flyovers etc., where the demand in the country is growing up and also has export potential. The domestic steel industry is passing through the worst phase in the recent history. The growth is virtually static since 1995-96. Under this scenario the division had to face a number of challenges during the period under review. Despite these factors, the division remained focused on its strategy of growth, efficiently and enrichment in product mix. Despite over capacity in the country as well as globally, the Steel division of your Company has been able to achieve a steady growth in volumes and a healthy increase in the share of value added products. A new Steel Melting Shop is being commissioned at a cost of Rs.80 crore to increase the productivity and production of premium grades of steel. The bloom caster and vacuum de gassing units are already functional and trial runs for other facilities are going on. The full benefits of this expansion should start accruing from September, 2001. The combination of bloom caster and vacuum de-gassing facilities will enable your company to go into higher end speciality steel products in a comprehensive way. The 25 MW Capacity Power Plant at Jamshedpur was set up with the object to create a stable, continuous and economical source of power supply for the Steel division. Captive Power Plant will be the major strength of the Steel division. Permanent linkage for a suitable quality of coal has been approved, which will help in uninterrupted operations of Captive Power Plant. TPM & ERP were implemented in 2000 01 with the objective of increasing productivity, raising quality and reducing costs. The Company has undertaken a massive cost reduction drive during the last year. One of the cost reduction target is to bring down the total personnel and administrative cost to 7.0% in two years from the previous level of 10.5%. On each operating area in the three businesses, bench marketing is being carried our with reference to the best practices of other industries. Rationalistion of human resources and elimination of waste in all areas shall be a continuous objective during the current year. I am pleased to report that the performance during the current financial year has been satisfactory. Barring unforeseen circumstances, we would expect an improved performance for the current year. Wishing every one of you prosperity and happiness. Chairman