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| “Ladies
and Gentlemen, it gives me great pleasure to welcome you to
the 24th Annual General Meeting of JMT Auto Limited. |
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The year 2010 enlightened the Global economy during which
growth and optimism returned in ample measure and the economy
recovered to its considerable heights. Monetary Policies
provided by the Government led to high liquidity and significant
growth of business. Economic Growth and higher demands led
to significant increase in the prices of Commodities. Amidst
this period when emerging markets were developing thrice
the rate of developed markets, Asia served as an engine
of Global Economic Growth and our Indian, sub- continent
being a part of the Asian continent continues its march
on a trajectory of high economic growth rate. |
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Your
Company has well positioned itself to contribute to
the Indian growth by its participation in the core
sector of manufacturing of Auto Components. With the
ease of shifting from negative environment, consequent
to recovery of economy from global recession in the
year 2009-10, JMT has shown optimism and acute business
acumen in its forecast and performance during the
previous year, and has recorded the highest ever turnover
of Rs. 327.21 crore. |
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To
cater to the additional requirements, your company
has entered into tie ups with Timken India Limited
for rolling and machining Bearing Races, has received
the “GO AHEAD “ signal
for casting of fly wheels for fly wheel assemblies,
added new machines and a cell location has been fixed
at Plant II for manufacturing of gears and shafts
for the World Trucks of Tata Motors. New cells have
been constructed exclusively for Caterpillar India
and SRT and HR2 10 for HV Axles, Tata Motors. Two
furnaces for Carburizing and one for hardening would
shortly be installed at Dharwad unit, Karnataka for
TIMKEN and TIMPL. With the above expansion activities
the company expects to cross a Gross Turnover of Rs.
400 crore (approx) during the current financial year. |
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In
my last communication to you, I had mentioned that
your company had qualified for Jharkhand Mega Project
Policy. It’s a pleasure to inform you that your
company has received capital subsidy of Rs. 5.00 crore
& Vat subsidy of . 89 crore against its claim
of Rs 5.00 crore of Capital Subsidy and Rs.14 crore
(approximately) of VAT and Interest subsidy. The remaining
subsidies receivables are in the pipeline and are
expected to be received during this financial year
2011-12. |
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Your
Company is the only company in the State of Jharkhand to
be honored with ISO 9001 2008 and AS 9100 B by TUV SUD America
INC. for Machining of Aerospace Metal Components. Production
activities are already in to motion and the products have
reached the sample stage and on approval of the samples,
your company wishes to embark in to this new field by the
end of the Financial year 2011-12. |
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We
are committed to delivering consistent returns for our shareholders.
To this end we have adopted a progressive dividend policy
and intend to pay a final dividend of 5% on the equity shares
as against 2.5% paid last year. |
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Our
priorities for the years ahead are clear. We have a plan
and it is now our collective job to make it happen. The
Board will concentrate on delivering exemplary governance
at the highest level to enable our executive team to drive
this strategy forward. The economy still gives us reasons
to be cautious. Yet in difficult times, our core values
of quality, value, services, Innovation and Trust matter
more than ever to JMT Customers. These values remain at
the heart of our strategy and I therefore look forward to
the future with confidence. |
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With
an assurance of making every effort to create value for
JMT and for all our Shareholders, Bankers, Financial Institutions,
Lenders, Suppliers and Customers I sincerely thank all our
stakeholders for their continued and resolute support. I
thank my colleagues on the Board for their strong support
and encouragement. I finally thank the entire team of JMT
for their commitment and dedication in creating and sustaining
the company as a world class Company. |
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Thank
you. |
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| RAJEEV
SINGH DUGAL |
| Chairman
& Managing Director |
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