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Sri Malini Spinning Mills Ltd.

BSE: 521119 Sector: Industrials
NSE: N.A. ISIN Code: N.A.
BSE 05:30 | 01 Jan Sri Malini Spinning Mills Ltd
NSE 05:30 | 01 Jan Sri Malini Spinning Mills Ltd

Sri Malini Spinning Mills Ltd. (SRIMALINI) - Chairman Speech

Company chairman speech

1994 P. A. MILLS INDIA LIMITED CHAIRMAN'S SPEECH Mr. K. Ponnusamy Chairman P.A.Mills India Limited 4th Annual General Meeting held on 29.9.1994. Dear Shareholders, It is a great pleasure to welcome you all to this Fourth Annual General Meeting of your Company. The copies of the Directors Report and the Audited Accounts are with you for sometime now and with your permission, I take them as read. ECONOMIC ENVIRONMENT AND GENERAL OUTLOOK In order to have a good economic growth, we need a stable and progressive Economic Development. The Government has removed various controls and created liberalised environment for the growth. We are in the process of sustaining the growth and the stability of the same should see our Industries scale greater heights in the coming days. To succeed in the competitive world demands absolute clarity in objects trust and cooperation, quick and transparent communications. The Corporate Sector has to produce goods and success which are acceptable universally. It is in this scenario that your Company feels the need to gear up in the new liberalised environment. The thrust given to the task of upgrading and training of our marketing network has clearly reaped rich harvest. OUR PERFORMANCE Your Company has done extremely well during the year under review by achieving a record gross sales turnover of Rs. 641.26 lacs an increase of 375.54% over the pervious year. Net Profit after Tax has gone up by several folds recording an amount of Rs. 53.68 lacs. At PA we have endeavored to enthuse our people at all levels. People love challenges and per form best when they believe in their organisation and its mission. These are the factors that substantially determine motivation, perseverance and ultimate success. DIVIDEND In view of the good operational results reported, your Directors have great pleasure in recommending a dividend of 10% prorata for the year under review subject to deduction of Tax at source. OUR FUTURE OUTLOOK OF BRIGHT OPTIMISM The Monsoon for the fourth successive year is good and on the expected lines. The cotton crop is expected to be good this year and will help to ease the raw material procurement problem. Your Directors are optimistic of bright future for the Company and hope to report to you excellent results in the coming year. The rapidly changing environment has provided an excellent opportunity to demonstrate our ability to respond to change. Your Company has drawn up long term strategies in order to meet the needs of the customers, to maximise shareholder's value. Our Commitment to growth in fundamentals remain unchanged and more importantly our ambitious growth plans remain the same. ACKNOWLEDGMENT As I conclude, I would like to place on record my appreciation and sincere gratitude to my colleagues on the Board for their contribution and support. I also express my sincere thanks to all the employees of the Company for their cooperation and contribution towards achievement of the Corporate goals. I would also like to thank the Banks and also concerned Government Agencies for the excellent support and encouragement given to us which helped us considerably in our performance. At this juncture I would also like to emphasise the support given by the Shareholders which has strengthened the base of the Company and I will assure all of you that this company will be very much investor friendly. Thank You . Note: This does not purport to be the proceedings of the Chairman's speech delivered at the Annual General Meeting. K. Ponnusamy Chairman