ANDREW YULE & CO., LTD.
Chairman’s Speech at the 67th Annual General Meeting held on 28th July, 2015
It gives me immense pleasure to welcome you all to the 67th Annual General Meeting of your Company and present before you the Annual Report of your Company for the financial year 2014-15.
The Annual Report containing the Director’s Report and Audited Accounts for the year 2014-15 has been with you for sometime now and I am sure you have had the opportunity on going through it. With your permission, I take it as read.
I am very proud to announce that your Company has come out of BIFR. The year 2014-15 was an excellent year for your Company and after a gap of 21 years your Company had recommended to pay dividend, subject to your approval.
I am happy to inform you that your Company have achieved an all-time record turnover of Rs. 377.64 crores which indicates an upward trend in Company’s overall performance. I am sure, very soon your Company’s turnover will be over Rs. 500 crores.
The turnover of Andrew Yule Group had reached an ever best height of Rs. 1585.70 crores and profit before tax of Rs. 172.48 crores. This could be achieved mainly due to improvement in the operations and dedicated work of all the employees of your Company and the Group Companies.
I am happy to inform you that current year’s performance of your company will be better than the last year mainly due to excellent performance of Tea Division of your Company.
Your Tea Division are constantly modernizing their facilities to remain at the top of the quality chart and giving special emphasis on value added deliverance. Now Estates are considered as one of the best managed Tea Estates among the Tea Industry, which is a matter of pride for all of us and most of our Gardens are within the top 10 in terms of quality. Your Company’s Gardens have now become a “Bench Mark” for many in the Tea Industry.
The performance of your Electrical Division, improved considerably compared to that of the previous year. The order in-take position of your Engineering Division continuous to be encouraging but despite of all efforts the expected level of activity could not be achieved as execution thereof became difficult owing to paucity of Working Capital. However, every endeavour is being made to provide requisite financial support for gradual improvement in the performance of the Division. Your Directors hope that some positive result maybe achieved during the current financial year.
Your Company under its CSR (Corporate Social Responsibility) different Project Schemes have taken up ‘Yule Centre for Learning’, Vocational Training Centers, Medical Camps, Village Development Programme, Awareness Programme during 2014-15 and total expenditure on different project of social activities during last four years are available in the Annual Report, already with you. Details of CSR activities are available in Company’s Website www.andrewyule.com
A Report on Corporate Governance together with a Certificate from the Auditors regarding compliance of condition of Corporate Governance as required by Clause 49 of the Listing Agreement is annexed with Annual Report already with you.
I would like to acknowledge the valuable guidance, support and co-operations received from the Department of Heavy Industry, the Central and State Governments, valued shareholders, suppliers and for the contributions made by the employees of your Company at all levels and seek their continued co-operation and support for the years to come.