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Taneja Aerospace and Aviation

BSE: 522229|NSE: TANEJAERO|ISIN: INE692C01020|SECTOR: Miscellaneous
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Chairman's Speech (Taneja Aerospace and Aviation) Year : Mar '06
Dear Shareholders,
 
 It is indeed very gratifying to note and review the performance of the
 Company in the last year ending March 06. The turnover of the Company
 increased from Rs.13.46 Crore in 04/05 to Rs.22.24 Crore in 05/06.
 During the same period the net Profit increased from Rs. 3.12 Crore to
 Rs. 6.03 Crore. This heartening rate of growth reflects the convergence
 of a variety of positive factors - the efforts and investments that
 TAAL has made through trying times, the diversified technologies and
 capabilites that it has developed and, of course, the economic
 environment which is now vastly more conducive to the growth of the
 aircraft industry than in prior years. More importantly, it reflects
 the competitive strengths that the Company has been able to develop and
 the foothold that it has managed to secure in a number of growth
 sectors of the aviation industry. Given this positioning and given the
 robust foundation that has been laid, we believe the Company has every
 reason to look forward to a bright, exciting and rewarding future.
 
 As most of you would be aware, TAAL is present in three principal
 business segments, the maintenance, repair and overhaul (often referred
 to in the industry as MRO). In each of these areas, within India, TAAL
 enjoys certain competitive advantages be it in terms of infrastructure
 or be it in terms of a set of unique capabilities resulting from a
 first mover advantage. Going forward TAALs growth strategy hinges on
 using these advantages to establish itself as a Centre of Excellence
 or as a Leader in each of these sectors.
 
 On the aerostructures front the principal growth drivers are the Offset
 Policies proposed by the Ministry of Commerce and the Ministry of
 Defence (whereby foreign suppliers of aircraft are required to offset
 their supplies with purchases of aeronautical products from India) and
 the manufacture of Aerostructures (aircraft parts and assemblies),
 aircraft sales (currently including P68C and Cessna aircraft) and
 aircraft increased impetus to outsource by domestic organizations such
 as ISRO and HAL. As one of the first private sector entrants in this
 sector, TAAL enjoys a substantial first mover advantage in terms of
 capabilities, relationships with customers and industry knowledge. Over
 the next six months your company intends to roll out an ambitious plan
 to capitalize on these opportunities and advantages and establish
 itself firmly as a global player in this arena.
 
 The excitement and the growth in the MRO segment stems, as you would
 expect, from the rapid and sustained growth in the airline industry.
 TAALs key strengths in this area include its past experience and the
 infrastructure that the Company owns. TAALs airfield at Hosur has
 recently been upgraded to be able to accept an Airbus A 320 or Boeing
 737 class of aircraft. Simultaneously, a hangar has been built that
 can accommodate such aircraft. Recently the Company has entered into an
 agreement with a leading courier company for the maintenance and
 operation of their three BAE ATP aircraft. These aircraft have now
 arrived in India and are ready to enter service. This year the Company
 shall also launch an Approved Service Center for Cessna Citation
 Business Jets. TAAL is currently in discussions with a number of
 potential partners for setting up a full fledged MRO facility at its
 airfield. We expect the outcome of such discussions to he known within
 the next six months.
 
 The interest in business aircraft continues to be strong and with the
 economy on a stable footing we expect this trend to continue.
 Increasingly, companies as well as individuals are beginning to place
 value on their time and are therefore beginning to realize the benefits
 of a private aircraft. As the sole Indian representative of the Cessna
 A ircraft Company for their Citation range of Business Jets and the
 Caravan aircraft, TAAL enjoys a very strong positioning in the market
 and is therefore certain to benefit from the tailwinds in this sector.
 
 To facilitate all of the above TAAL has embarked on an aggressive HRD
 initiative. A number of executives have been recruited at middle to
 senior levels and they now form part of a very motivated and diverse
 team that will he responsible for driving the Company into the future.
 In short, the future looks exciting and every effort is being made to
 convert this excitement into real growth.
 
 We look forward to the continued support of our customers, hanks,
 financial institutions and shareholders in bringing these aspirations
 to fruition.  
 
 Thank you,
 
                                                             SalilTaneja
 Pune, June 30, 2006                                            Chairman
Source : Dion Global Solutions Limited
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