I on behalf of both myself and my colleagues on the Board, extend my
warm welcome to all of you present, to this 7th Annual General Meeting
of our Company. It gives me great pleasure in sharing with you the highlights of the operations of your Company for the year ended 31st
March, 1999 and its plan and prospects for the years to come.
The year 1998-99 was indeed yet another year of great performance, characterised by achievement of several milestones. The Company crossed the barriers of Rs. 100.00 crores mark and achieved a turnover of Rs. 114.29 crores. I am sure you will be pleased with the results that our Company has achieved during 1998.99. Thanks to an increase in Profits After Tax from Rs. 29.40 lacs to Rs. 53.48 lacs this year, showing an increase of 81.90%. The Board of Directors recommend the payment of dividend at the rate of 10 % of the paid-up value of the equity shares.
The Shareholders will be all the more happy that these results have
been achieved in the face of a recession under which there has been
hardly an increase in the volume growth of the industry.
As a expansion project the Company has bought a latest technology from
Westfalia Germany, which has recently been put to trials. The shareholders will be pleased to know that the Subsidiary Company also
recently brought the Plant and Machinery for the establishment of a
Wheat Gluten and Starch Plant of Westfalia Germany.
At Pioneer we have taken initiatives towards the corporate governance.
The Company has taken several initiatives and chalked out plans and
programmes for the next years to come taking into account the prevailing policies and environmental factors. Marketing and distribution are the key elements to achieve success for a consumer product Company like ours. We attach considerable importance to this and that is why we have substantially increased our advertisement budget. We shall continue to expand our distribution network even further.
Our key strength are our employees and their commitment to the progress
of your Company. On your behalf and on behalf of all my colleagues I
would like to thank and look forward to their support in growing the
Company even further. We owe special thanks to our customers, banker
and employees for the contributions made by them. I at the same time
like to acknowledge the very keen and sincere efforts put in by Westfalia Separator AG (WSAG) & Westfalia Separator India Limited (WSIL) for extending all the faith and support for the on-going R & D on very critical process. My special thanks to Mr. Narula (CEO) WSIL for his confidence and faith bestowed upon. I would also like to thank our shareholders for their continued support and confidence.
May I conclude by extending my best wishes to all of you, our Shareholders, Colleagues and Staff.