Date: 2004.03.31. Chairman speech
CHAIRMANS' SPEECH FOR THE YEAR ENDED 31ST MARCH, 2004
We are no longer Hindusthan Seals Limited. We are Manaksia Limited.
Over the last few years, our core business evolved from crowns and caps to
assume wider dimensions. As a result, the word 'Seals' :'within our name
was considered limiting and inappropriate.
The new name reflects the migration of our business from the national to
the international, from a few products to a wider basket and from
relatively medium-value items to a value-added portfolio.
The name may have changed, but the competencies have not.
This is reflected in our topline and bottomline during the year under
review: a growth in our turnover from Rs. 448.24 crores in 2002-03 to Rs.
712.83 crores in 2003-04, an increase in the profit after current tax from
Rs. 29.17 crores to Rs. 45.17 crores and a rise in exports from Rs. 91.68
crores to Rs. 116.99 crores during the period.
At Manaksia Limited, we reinforced our ongoing growth with the following
during the year under review:
MINL Limited, our Nigerian subsidiary, went on stream with the production
of aluminium ingots, aluminium profiled sheets and galvanised sheets. The
subsidiary has been granted a US$ 5 million term loan by State Bank of
India, London, for this project.
* Crescent Industries Pvt. Ltd., our subsidiary for the manufacture of
galvanised sheets in Nepal, went into an advanced state of implementation
and is expected to go on stream in 2004-05.
* Our EOU at Haldia for the manufacture of cold-rolled aluminium sheets and
other value-added aluminium products progressed well and is expected to
commence commercial operations in 2004-05.
* We started a marine division to enter into ship design and ship building
and bagged a three-year contract from Cochin Shipyard to work on various
aspects of design for the most recent aircraft carrier of the Indian Navy.
At Manaksia Limited, we are leveraging our rich engineering expertise,
built over the years, to deepen our presence in the international market.
I have no doubt that in a short time, Manaksia Limited will attain a global
presence of considerable significance.