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It gives me immense pleasure to welcome you all to a very significant Annual General Meeting of your Company. This is the 25th AGM - the Silver Jubilee AGM of the Company. This is a milestone event and I must admit pride and nostalgia, a sense of accomplishment and deep humility.
The company made its maiden public issue on 5th of October,1994 and my first address to public shareholders was in October,1994. I had the unique privilege of addressing the shareholders every year since then, and I have invariably closed my speech with an expression of gratitude to the Company's shareholders. At this Silver Jubilee AGM, I would like to start by acknowledging the tremendous support of our shareholders, without which we could not have reached where we are today.
From its Genesis in 1987, JMT started its commercial operations with pickling jobs to TELCO and later manufactured Gears, Shafts and other components for Medium and Heavy Commercial Vehicles of Tata Motors. High Quality Standards and on time delivery very soon geared up its expansion activities and eventually JMT diversified its business to other sectors like Earth Mover, Agriculture, and Railways and Oil & Natural Gas, manufacturing around 1500 components for the world renowned OEM's like Tata Motors,TELCON, Tata Cummins, , TAFE, L&T-Komatsu Ltd., Caterpillar (I) Ltd., Bharat Earth Movers Ltd. The Company also made its export Sales to Malaysia, Dubai, USA, Brazil and other countries. Currently it is one of the few auto component manufacturers in the country to have a fully integrated manufacturing facility with multiple machining and heat treatment facilities.
When we started off, little did I realize that in a span of 25 years, your company would be Rs.400 crore plus company. In my very first address to the shareholders after we went public, I was happy to report a turnover of over Rs 7.23 crore. This AGM, I am happy to report that your Company has made a robust Turnover of Rs. 410 crore approx. From a single manufacturing unit at Jamshedpur, we have developed a web of manufacturing facilities spread across the states of Jharkhand, Karnataka and Uttar Pradesh.
Your Company has initiated execution on multi - generational plans to expand the production capacity, upgrade quality management system and improve marketing aspects of its business. We are confident that you will see significant improvements in all aspects of our business in Auto, Oil & Gas, tractor and other segments in the years to come. In order to augment the production for growing demand, your company has made capex investments of Rs. 51 crore during FY 2012 . This will enhance JMT's annual production capacity by 10-15%.However the markets look down due to poor GDP and industrial growth.
As far as the future predictions are concerned, increasing demand for automobiles in India, establishment of bases of major global auto-makers due to favorable policies and government support would give immense support to the growth of ancillary sector.
The green initiative of the Government of India's, Ministry of Corporate Affairs has been welcomed by all. We had begun this exercise in the previous year itself. I request all the shareholders to support us in compliance with this initiative.
Ladies and Gentlemen, I thank you very much for your attention and look forward to your continued support in the coming years. Together, we shall not only build a still more successful commercial organization but, even more importantly, build a more caring and healthier world. Let this be our promise to the future.
To conclude, I wish to convey my thanks and acknowledgement for the Co-operation and assistance extended by the Central Government, State Government, the Financial Institutions, the Company's Bankers, dealers and suppliers. I would also like to congratulate each and every member of the JMT Family for their sincere and committed contribution to the stellar financial performance and growth in 2012. I look forward to their continued support and encouragement as we embark on another rewarding year. My best wishes to all of you.
Thank you.
Chairman & Managing Director
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