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Athena Financial Services Ltd.

BSE: 511718 Sector: Financials
NSE: N.A. ISIN Code: INE139C01014
BSE 05:30 | 01 Jan Athena Financial Services Ltd
NSE 05:30 | 01 Jan Athena Financial Services Ltd

Athena Financial Services Ltd. (ATHENAFINSERV) - Chairman Speech

Company chairman speech

KINETIC FINANCE LIMITED ANNUAL REPORT 2000-2001 CHAIRMAN'S' REPORT Dear shareholder, The year gone by was an important year for the Indian economy in general and the automotive sector in particular. The economy of the Country and the Globe is changing at an unparalleled pace with technology taking giant strides and the world of business changing gears. The automobile sector as a whole has been going through a downturn due to poor macro level numeric. The two wheeler segment has seen mixed signals. Whereas there has been a slowdown in the demand for scooters and mopeds, the motorcycle segment has shown better results. It is with a sense of satisfaction I inform you that despite the adverse conditions, the sale of Kinetic scooters has grown by 10%. During the year gone by Kinetic Engineering Limited launched the 4 stroke Kinetic Challenger which boasts of several unique features and several new products from Kinetic Engineering Limited in the motorcycle segment are about to enter the market. The motorcycle segment has emerged as the largest segment and Kinetic vehicles have several key strengths that help in establishing it as a force to reckon with. The consumers have also shown increasing preference for Kinetic Vehicles leading to a healthy growth of 20% in the number of vehicles financed by your company. As you are aware, last year saw the amalgamation of the two other finance companies into your Company to form one of the largest two wheeler auto financing company. Financing of new products alongwith a complete range of products from mopeds to topline Scooters has enabled your company to achieve the desired growth. With the launch of new products in the market and increase in the sale Kinetic vehicles it is expected that your Company. Your company during the period under review has strived to better services to the customers. Easy credit facilities, operation through over 350 dealer points across the Country has led to your company being one of the largest retail finance distribution network in the country. As is clean from the key performance indicators, your company has consolidated its position and is continuously making strides. Before I conclude on behalf of the Company and the Board of Directors, I wish to convey my heartfelt sympathies to the people of Gujarat who have been affected by the devastating earthquake of the 26th of January, 2001 which rendered thousands homeless and caused irreparable loss to life and property and shattered the dreams of millions by its fury. In order to extend support to the affected people of Gujarat, the employees of your company contributed a day's salary to Gujarat Earthquake Relief Fund. Your Company also contributed an equal amount for this noble cause. I trust that with the support of the people, corporate sector, Government and non- government organisations normalcy will soon be restored in Gujarat. I look forward to your continued support during the coming year and the years to come. Thanking you, Arun H. Firodia (Chairman)