Chairman's Speech Format AGM

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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.


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