Docstoc

Chairman's Speech Format AGM

Document Sample
Chairman's Speech Format AGM Powered By Docstoc
					Sample Template / Example of Chairman Speech Format for AGM Meeting of
Public Listed Company with Loss in Current Financial Year in India in word/
.doc

CHAIRMAN SPEECH

Ladies and Gentlemen,

It gives me great pleasure to welcome you to the 39th Annual General Meeting of your
Company this morning. A copy of the Annual Report along with the Profit and Loss Account
has been with you for sometime. With your permission, I take them as read.

 The global recession, according to gurus of economics, is on its way out and the process of
recovery is now slowly but stealthily underway. Most forecasters expect that the pace of this
recovery will be tepid, especially in the US. However, deep recessions are typically followed
by steep recoveries. Looking to the emerging market and developing countries, China and
India have been leading the global recovery.

The Indian Government has handled the crisis with exemplary prudence and maturity. The
Indian Government has been trying to revive demand, liquidity and credit in the domestic
market. It has begun to renew projects, rework its IT strategies and refocus on
infrastructure. The visible signs of recovery of India Economy are indicated by strong rally in
equity markets, huge mobilsation of funds by private corporate from capital markets etc. The
union budget 2013-14 reflects continuity in the Indian Government’s measure and balanced
response to the global economic crisis and the fiscal deficit target has been lowered over the
next 3 years – from 7.5% in 2013-14 to 5.3% in 2015-16.

It gives me great pleasure to inform you that the demand of HR Coils (Hot Rolled Steel
Coils), during the year under review, was far in excess of Indian production. As the HR Coils
market in India is recording robust growth during the past few years, and since the Indian
production is not enough to meet the demand, large imports of HRC and Galvanized CRC
material have taken place from countries like China, Malaysia, New Zealand, Australia and
some European countries.

Vehicle industry in India is a large consumer of HRC as well as Galvanized CRC. Whereas
HRC presently constitutes 80% of the consumption, the balance 20% requirement is being
met through Galvanized CRC. However, globally the reverse holds true. China alone
consumes about 100000 – 150000 lac MT/yr of HRC as compared to less than 10000 lac
MT/yr in India. Therefore, there is a huge growth opportunity for HRC in India.

Moreover, even out of present consumption 60% is being met through imports, balance 40%
being supplied by Indian manufacturers of HRC. Therefore, the    Indian manufacturers
have ample scope for growth and expansion.

During the year under review, your Company incurred a Net Loss after Tax of Rs. 10000.00
Lacs as against a Profit after tax of Rs.12000.00 Lacs last year. The turnover of the Company
also came down from Rs.100000.00 Lacs previous year to Rs.80000.60 Lacs this year. The
production was also lower at 30 lacs Mt as compared to 35 lacs Mt last year.
The loss recorded was due to several raw materials scarcity and machinery breakdown.
However, the Indian economy is on the positive growth-path now, which is expected to
continue during the coming years. As a result constructions, projects etc. have picked up.
Even the IT sector is also showing signs of healthy revival. All these augurs well for the HRC
industry and the demand is expected to remain robust in the coming years. Further, there is
gradual shift in usage from Aluminum to Steel, which is also adding to the rising demand for
HRC.

In spite of the various plant breakdowns and technical problems faced during the year under
review your Directors are hopeful that your Company will perform much better in the
coming year in view of the good market demand.

Your Directors hope that inspite of a bad previous financial year with coming year the
financial condition of the Company will improve. But this is possible only when we work as a
team and strive until the ultimate goal of the Company is reached.

I quote Andrew Carnegiue “Teamwork is the ability to work together toward a common
vision. The ability to direct individual accomplishments toward organizational objectives. It
is the fuel that allows common people to attain uncommon results.”

Before I finish, I would like to thank our stakeholders, business associates, financial
institutions and all concerned for their continuing support to us both in our sunny days and
in the cloudy ones.

And above all, I would thank the shareholders for repose such unflinching trust and
confidence. This adds to our strength immeasurably.

Thank you very much for patient hearing.

				
DOCUMENT INFO
Shared By:
Stats:
views:231
posted:10/18/2012
language:English
pages:2