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Enkei Wheels (India)
BSE: 533477|ISIN: INE130L01014|SECTOR: Auto Ancillaries
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« Mar 12
Chairman's Speech (Enkei Wheels (India)) Year : Mar '13
Dear Shareholder''s
 
 To start with, I would like to express my gratitude to all the stake
 holders, for extending their continuous support to Enkei Wheels (India)
 Limited.
 
 At the beginning of the year under review Financial Year 2012- 13,
 share swap was executed which resulted into increase of Enkei
 Corporation stake by more than 64% in the Company.  Hence, it was the
 first year for Enkei Wheels (India) Limited to become an individual &
 independent entity both in name and reality.
 
 At the outset in Financial Year 2012-13, the growth for indian
 automobile industry was miniscale and it witnessed the growth of 2.1%
 for passenger car segment and 2.9% for two wheeler segment.
 
 As far as Company is concerned, last financial year, it experienced
 fewer orders because of Tsunami in Japan, flood in Thailand and strike
 in factory at customer end. Likewise in Financial Year 2012-13 also
 occurrence of labor related incidents took place in the factory at
 customer end which affected the stable order position of the Company
 adversely.
 
 The environment surrounding us is becoming rigid and difficult because
 of the effects of external causes of Indian Economy and political
 instability. Our Indian rupee is becoming weaker compared to foreign
 currency which is resulting in sudden price rise in the cost of basic
 raw material of the Company.
 
 However, Company has implemented the Shrink Balance Activity (Damage
 control to bring the damage to the lowest by implementing the
 production system in order to match with order quantity) as a measure
 to overcome such rigid and difficult situation.
 
 Also by exercising the 5S audit activity and monitoring Daily Income
 Statement (DIS) as per standard of Enkei Group management principle, we
 are putting maximum efforts to develop all sorts of improvement at the
 production level and also promoting 3 Basics of manufacturing for
 improvement of quality parameters which are the fundamentals of Enkei
 
 Group. We are hopeful and also aiming to acquire the new orders and
 stable production in the coming years.
 
 As a result of this, the Revenue has gone up by 4.8% as compared to
 Financial Year 2011-12, and we have achieved the Gross Revenue of 3200
 million INR (including excise duty). Later at the year end, Promoters
 (Enkei Corporation) provided great support by relinquishing their
 rights of receivables from the Company which helped us to close the
 Financial with profit. Here onwards also we will keep raising the
 target and aim towards fulfillment of goal.
 
 The biggest strength of Enkei Wheels (India) Limited, is in the 61
 years of rich experience of the Enkei Group in the field of research &
 development and manufacturing of aluminum alloy wheel. The strong
 technical support & cultural exchange from Japan and otherASEAN group
 companies of Enkei, makes us No. 1 aluminum wheels OEM supplier at
 present in India. And we commit to retain the same status.
 
 In order to deal with the new demands in first half of financial year
 2013-14, we have almost completed the preparation for production
 capacity expansion and also prepared to strive with the increased
 production capacity and technical capability.
 
 Financial Year 2013-14 will be challenging for the Indian Automobile
 Industry due to ongoing economic slowdown and inflation. However, we
 will continue to focus on cost control, new product development and
 will put maximum effort to increase the orders and to the production
 activities to get maximum growth.
 
 I believe the future holds immense opportunities for us and our global
 team has the proficiency to drive and convert these opportunities into
 success, for all of us.
 
 At the end I would like to express my cordial gratitude to all for your
 support and cooperation and would also like to request the same
 hereafter as well.
 
 Masakatsu Uchiyama Managing Director
Source : Dion Global Solutions Limited
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