1996
SUGAL & DAMANI FINLEASE LIMITED
CHAIRMAN'S SPEECH
Ladies & Gentlemen,
It gives me a great pleasure to extend a warm welcome to all of you to the
Third Annual General Meeting of your Company.
The Directors' Report and the Annual Accounts for the year ended 31st
March, 1996 have been with you for some time from now. With your kind
permission, I take them as read.
FINLEASE PERFORMANCE IN 1995 - 96:
Your Company has registered satisfactory growth in the year under review.
The HP disbursements amounted to Rs.300.03 lakhs as against Rs. 275.52
lakhs in the previous year. The stock on hire as on 31.3.96 was Rs. 469.03
lakhs as against Rs. 356.37 lakhs as on 31.3.95. Under leasing, the Company
did business to the extent of Rs. 65.50 lakhs during the year as against
Rs. 35.30 lakhs in the previous year.
BUSINESS OUTLOOK:
Industrial liberalisation measures taken by the Government of India and the
relaxations during the year have activated the Indian economy. It is
heartening to note that the just formed United Front Government has made
repeated assurances to continue to-pursue the earlier liberalisation
policies leading to globalisation, privatisation, market led economy and
active competition. It is anticipated that overall industrial and economic
climate will result in further business growth. Your Company will also
stand to be benefited. It is fervently hoped that your Company will
significantly improve its volume of business in the year 1996 - 97.
CONCLUSION:
Before I conclude, I wish to thank on behalf of the Board members and also
on my own behalf the employees, the business associates and the Bankers of
the Company for their cooperation and assistance during the year.
My sincere thanks are due to my colleagues on the Board for the excellent
guidance and positive contribution. Above all, my colleagues and I are
grateful to the shareholders of the Company for their continued support.
G.N. DAMANI
Chairman
Place : Madras
Dated : 6th September, 1996.