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JMC Projects (India)
BSE: 522263|NSE: JMCPROJECT|ISIN: INE890A01016|SECTOR: Construction & Contracting - Civil
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Chairman's Speech (JMC Projects (India)) Year : Mar '13
Dear Shareholders,
 
 It gives me immense pleasure to present the 27th Annual Report of your
 Company.
 
 It is evident that India''s infrastructure growth story has taken
 backseat due to several country-specific issues like economic slowdown,
 high interest rates, current account deficit, inflation etc.These
 issues translate immense challenges for a company like yours in terms
 of muted capex plans of both government and private bodies, intense
 competition, availability of quality labour, prolonged working capital
 cycle etc.
 
 In the backdrop of this challenging environment, your Company has
 achieved good topline growth of 23%, although the operating margins
 have declined sharply mainly due to several external factors beyond our
 control.  The most critical ones among them being steep increase in raw
 material costs like steel, cement and sand, as well as sharp increase
 in logistics costs due to diesel price hikes etc. Moving ahead of
 financial numbers, FY 2012-13 was the year of transformation for your
 Company. I would like to provide a brief update of the same which is as
 follows:
 
 - Adding new orders with mostly price variation clauses, which
 reduces the commodity price risks to great extent - over 70% of the
 current order book is with price variation clauses or is getting free
 supply of raw materials from our clients
 
 - Revamping systems and processes across the functions to reduce
 inadequacies and enhance decision making process - enhanced use of
 modern tools and techniques across the organization including
 continuous improvement in IT enabled process and systems
 
 - Cost rationalization and waste minimization initiatives including
 consolidation of various functions at corporate and regional level
 
 - Infusion of new management pool across the hierarchy structure with
 diverse educational backgrounds and industry experience. It enhances
 the management bandwidth to cater to the upcoming large global
 opportunities along with challenges
 
 - Entry into International markets by leveraging presence of our
 Parent Company - Company has secured its first International Road EPC
 contract in Ethiopia up to the tune of Rs. 340 crore
 
 We are confident that these initiatives would take the Company to the
 next level of profitable growth.
 
 Apart from the new initiatives, we have strengthened execution
 capabilities to cater large size orders; currently we are executing
 orders of over Rs. 6,000 crores.  During the last year, our road BOOT
 project has achieved significant progress.AII the four road BOOT
 projects have achieved financial closure and reached a significant
 level of completion.Two of the projects are currently progressing ahead
 of schedule by 5-6 months from contractual completion time and we are
 very hopeful of early tolling in these projects during this financial
 year.The Rohtak- Bawal project should be operational by the time this
 message reaches you all.  The other two projects would be operational
 by the next financial year.
 
 We firmly believe that an economic slowdown cannot stagger the growth
 of companies which have strong core values and systems for long. We
 feel that such a slowdown will on the contrary serve as an opportunity;
 it will enable us to develop critical competencies that would otherwise
 not have been possible in a favorable environment. The foundation of
 people, processes, systems and organizational flexibility will
 differentiate your Company from competitors.
 
 I express my sincere gratitude to our shareholders, investors, joint
 venture partners, lenders, banks, financial institutions, government
 bodies and other regulatory authorities/agencies for providing their
 continuous support. I wish to express my appreciation to my colleagues
 on the Board and our employees for their thought leadership, unparallel
 dedication and unswerving commitment. I am grateful to you foryour
 cooperation and trust that you have reposed in us.
 
 Shailendra KumarTripathi
 
 CEO & Dy. Managing Director
Source : Dion Global Solutions Limited
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