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Insta Finance Ltd.

BSE: 511433 Sector: Financials
NSE: N.A. ISIN Code: INE592M01021
BSE 00:00 | 04 Mar Insta Finance Ltd
NSE 05:30 | 01 Jan Insta Finance Ltd
OPEN 9.71
PREVIOUS CLOSE 9.71
VOLUME 25
52-Week high 9.71
52-Week low 0.00
P/E
Mkt Cap.(Rs cr) 19
Buy Price 0.00
Buy Qty 0.00
Sell Price 9.71
Sell Qty 10296.00
OPEN 9.71
CLOSE 9.71
VOLUME 25
52-Week high 9.71
52-Week low 0.00
P/E
Mkt Cap.(Rs cr) 19
Buy Price 0.00
Buy Qty 0.00
Sell Price 9.71
Sell Qty 10296.00

Insta Finance Ltd. (INSTAFINANCE) - Chairman Speech

Company chairman speech

1994 SUBASH DALAL FINANCIAL CONSULTANTS LTD. CHAIRMAN'S SPEECH My Dear Shareholders, Ladies and Gentlemen, It gives me immense pleasure to welcome you all at this 4th ANNUAL GENERAL MEETING of your Company. Since the Company's Audited statement of Accounts for the Financial year from 1st April'93 to 31st March'94 alongwith the Directors' Report have already been circulated to you in advance, with your permission, I shall take them as read. LIBERALISED ECONOMIC SCENARIO The Indian economy has withnessed the swing of fortunes which is complete and dramatic that has brought a plethora of Financial activities. Theres has been a pronounced increase in the Foreign Investment inflows and a greater degree of efficiency and competitiveness in the economy. Industrial, Corporate and Service Sector scenes wore a different look. The Balance of Payment's situation is well under control and Foreign Exchange REserves are at a high level and still rising. Full convertibility of the Rupee, reduction in Corporate Tax, restructuring of Taxes and Duties, etc. have started showing encouraging results. Economic reforms, although perceived to have slowed down, have brought much needed changes including attitudinal changes. Whole- hearted efforts on the part of the Government towards making India an integral part of the global Economy implies vast inhherent potential which can be tapped both by Industry as well as the Services Sector. Political stability and international recognition of growing Indian Economy hold out brighter prospects. The current good monsoon for the 7th year in succession, likely announcements of very encouraging working results of Corporate Sector, openness on the part of lthe Government, Privatisation of Tele-Communications and Power Sectors and likelihood of further reforms buy way of Budgetary and Fiscal announcements by the Government for the year 1995-96, show the directions for further stimulation of the Indian Economy. The Company is formulating a corporate strategy to take advantage of the changed Economic Scenario to ensure its fast growth and commendable profitability. In everything we strive to do, we have in mind giving returns on your investment and ensuring Socio-Economic upliftment. It is expected that there would be a perceptible increase in Agricultural and Induatrial production during the current year leading to and overall growth rate of around 5% which give promising future for your Company's Financing Operations. FINANCIAL ACHIEVEMENTS The Board of Directors have recommended payment of dividend @ 15% on the Paid-up Equity Share Capital as on 31st March,1994. During the year, the Company earned Total Income of Rs.1,29,25,388 as against the total Income of Rs.53,55,650 in the previous year, Gross Profit of Rs.53,30,979 as against the Gross Profit of Rs.23,69,165 and Net Profit after Tax Provision of Rs.36,14,015 as against the Net Profit of Rs.12,78,250. An operational efficiency is on the rise as evidenced by 141% rise in total income, 126% rise in Gross Profit and 182% rise in Net Profits. PROMISING FUTURE The Company enjoys the advantage of being one of the Western India's pioneer Financial Organisations. The working of the Company is very encouraging for the current period during which it has already crossed the earnings of the entire previous year. To augment the existing activities of lmanaging Public Issues as a leading Category I Merchant Banker recognised by the Securities and Exchange Borad of India (SEBI) so as to make the Company an Integrated Financial Services Super-Market, the Company has already diversified into Fund based Financial Services such as Lease Finance of Industrial Equipment, Plant & machinery and Vehicles; Hire Purchase of Consumer appliances manufactured by leading Companies, Bill Discounting etc. The Company has targeted and is confident to achieve substantially highly turnover during the current year ending on 31st March, 1995 and expects to achieve Earnings per Share (EPS) of Rs. 5 to 6, barring unforeseen curcumstances. It would be the Company's endeavour to continuously monitor lthe environment to identify issues which would have a significant bearing on its operations and innovate constantly to lsurge ahead. Keeping in mind the single largest concern as of today i.e. the growing competition, your Company would aim to create tomorrow's advantage faster by identifying, cultivating and exploring core competencies that make consistent growth feasible. Public Issue proceeds is helping the Company to achieve various projections made by it in the prospectus published for the Public Issue of Equity Shares. The Company is in the process of tying up Bank Finance for undertaking increased Lease/Hire Purchase and other Business activities. The Company expects the sanction of various Banking facilities during the current year. The Company is also taking steps for inviting and acceptance of Fixed Deposits under its attractive schemes. CORPORATE MILESTONES The Company has issued 60,00,000 Equity Shares of Rs.10/- each for cash at par aggregating Rs.600/- lacs in January, 1994 which was oversubscribed by more than to times indicating the overwhelming response of the investors. The Directors of the Company convey their sincere thanks to you and to the investors for reposing confidence in the management of the Company. Your Company was incorporated as SUBASH DALAL FINANCIAL CONSULTANTS LTD. It is now thought proper to change this name of the Company to SDFC FINANCE LTD., subject to such approvals as may be required; in view of the convenient parlance. ACKNOWLEDGMENTS On behalf of the Board of Directors and on may own behalf, I take this opportunity to thak our Customers, Bankers, Brokers, Underwriter, Merchant Bankers and Financial Institutions for their support and assistance. I look forward to their continued support. I also place on record my appreciation of the hard work done by all members of the staff, both in the field and in the office. Last but not the least, thanks are due to you as the shareholders as without your reposing the confidence and trust in the Company, the dream of making your Company Financial Super market may not be converted into reality. Place : Baroda SUBASH B. DALAL Dated : 26th September, 1994 Chairman