LADIES AND GENTLEMEN,
It gives me great pleasure to welcome all of you to the Tenth Annual General Meeting of your Company. Your Company's Annual Report and Accounts have been with you for some time and with your permission I shall take them as read.
COMPANY'S PERFORMANCE
Despite of the challenges posed by the slow down in Auto-Industry, the Company recorded a consistent performance during the year and the Sales showed upward trend of 11% as against corresponding previous year. The Management is looking ahead for better prospects in the years to come both organically and inorganically.
INDUSTRY OVERVIEW
In the global market, the Indian automotive sector has carved a niche for itself. Major European and US automotive giants are recognizing and giving due importance to the Indian vehicles and components. Increasing disposable incomes of the young professionals coupled with low EMIs, are providing the required impetus and making these vehicles more affordable for the common masses hence boosting the demand for Auto-fabrics.
Technical textiles are gaining fast recognition to be one of the most dynamic and promising areas for the future of the textile industry in India for hi-performance applications. Automotive textiles happens to be the rewarding sector finding extensive use of technical textiles in the product categories viz. interior trims, safety devices like seat belts and airbags, carpets, filters, battery separators, hood liners, hoses & belt reinforcement etc.
Textiles are not only used for enhanced aesthetic of automotives but also for comfort & safety. Automotive furnishing fabrics-including seat covers-constitute another major product in the market for automotive technical textiles with an estimated market size of Rs 1,279 crore in 2007-08.
To cope up with the changing trend and to cater to these ample oppotunities and to foothold its position in the competitive market, the Company has initiated negotiation with major Auto giants such as Toyota, Fiat, Renault Nissan, Tata Global Truck. Further, the negotiations with Skoda are in the advance stages for supply of woven and knitted fabrics.
The management is diversifying the activities and exploring new avenues to enlarge its market share. The Company has positioned itself as an integrated multi product covering the entire Autofab value chain at length. The target market segment mix is diverse which includes of Automotives, Auditoriums, Multiplexes, Railways and Aviation sectors to ensure the risk segregation and stabilized earning. Currently the company sales are based on domestic market, however it is widening its wings to cover the international market as well.
Acknowledgement
Let me conclude by saying that all of us have geared ourselves to contribute towards this challenge and take our Company to an altogether new level. I sincerely thank our joint- venture partner, bankers, customers, suppliers and employees and all stakeholders for sharing our vision and supporting us and foresee a continued support in our future endeavors.
Thanking you, once again.
(Ajay Anand)
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