MACHINO PLASTICS LIMITED
ANNUAL REPORT 2010-2011
My Dear Fellow Shareholders,
I am writing you this communication to mark the completion of 25 years of
journey of your company Machino Plastics Limited on 2nd April 2011. Some of
the early events the company has travelled, which I wish to record and
express my gratitude to the people who supported are:-
a. Company got incorporated on 2nd April 1986 and certificate of
commencement of business issued on 29th April 1986
b. Company was incorporated to achieve objectives of joint venture
agreement entered on 14th May 1987 amongst Maruti Udyog Limited (now Maruti
Suzuki India Limited), Suzuki Motor Corporation, Japan and Jindal's.
Company continue to flourish with full support of its partners and
agreement subsists till date.
c. Maruti Udyog Limited , allotted on 10.11.1986 land admeasuring 7800 sq
meters on 33 years lease in their premises for factory building at Gurgaon.
d. Company set up an injection moulding plant at Maruti Joint Venture
Complex with two large size injection moulding machines of 1300 ton and
2200 tons from JSW.
e. Plant was inaugurated by Shri J Vengala Rao, the then Hon'ble Union
Minister of Industries on 28.11.1987 and plant started commercial
production in January 1988. Mr. Krishnamurthy, then Chairman of Maruti
Udyog Limited and Mr. R C Bhargava played a pivotal role in setting up of
the factory of the company. Company was set up to cater to Bumper,
Instrument Panel and Grills requirements of Maruti Udyog Limited. Later on
many valuable contributions were made by various MUL officials like Mr. S
Maitra, Dr. K Kumar and Mr. G C Dwivedi, to name a few.
f. The project was well supported by The Bank of Tokyo Limited for working
capital and the financial institution consortium led by IFCI for term
g. Company issued shares to the public in 1989 and company's shares got
listed on Delhi, Bombay and Calcutta stock exchanges, making wider public
h. Company declared dividend for the year 1990-91 and has kept an unbroken
record of dividend payment since then.
i. Mr. O Suzuki, then President , Suzuki Motor Corporation was kind enough
to personally visit company's plant at Gurgaon in 2000, emphasizing need
for modernization and expansion.
j. Your company issued bonus shares in the ratio of 1:1 in the year 2002-03
to reward the shareholders beside regular dividends.
k. Company expanded the capacities regularly for meeting ever increasing
requirements of MUL. 1st such expansion took place in 1990 when company
added one more UBE 1600 ton machine. Thereafter company kept on adding
capacities by adding injection moulding machines at its Gurgaon Plant. Now
company has 10 large size injection moulding machines in Gurgaon Plant and
largest being of 3150 Ton clamping force.
l. Company set up a compounding unit in 1995-96 for its captive consumption
of raw material which was hived off to a separate company.
m. In another major expansion company set up a new plant on 4 acre free
hold land from HSIIDC in Manesar in 2008-09. This plant of the company has
24 injection moulding machines of wide range of sizes from 120 tons to 2500
n. Company was started with an installed capacity of 1500 tons in 1987
which now is about 15000 tons. 7 more injection moulding machines of
different sizes have been ordered for Manesar plant of your company.
o. On quality front company obtained prestigious certifications for ISO
14001, OHSAS 18001, TS 16948
p. The company is expected to cross turnover of Rs.200 crore in 2011-12
grown from the turnover of Rs.2.5 crore for the first operating year of
January- June 1988.
q. This journey was not possible without the continuous efforts of Dr.
Sanjiivv Jindall, the Managing Director.
r. As the time passed, the company is now supported by Mr. Aditya Jindal,
Vice President, who is very actively involved with the management of the
affairs of the company.
In the end, I am wishing you and your families a happy time ahead and the
management good luck for the challenging times ahead.
Murli Dhar Jindal