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   CHAIRMAN MESSAGE


Dear Members,

It gives me immense pleasure in communicating with you on the occasion of 26th Annual General Meeting. Continuous improvement and keeping pace with the technological developments is the “Success Mantra”.

During the financial year 2005-2006, the Company has taken major initiatives on adoption and implementation of technological advancements in the domain of paper manufacturing. I would like to specifically mention steps taken by your Company in this regard.

 
Salek Chand Ji Jain- Founder Chairman
 

Installation of De-inking Plant
Paper mills using waste paper as raw material faces a major constraint with regard to low brightness of paper manufactured due to presence of ink in waste paper which originates from various sources and which is our prime raw material. To overcome this difficulty, the Company has put up an advanced fully computerized de-inking plant from L & T India and Voith German.

Installation of Turbine
Uninterrupted Power Supply is crucial for quality production. The Company has set up a steam turbine of 4.5 MW fully computerized to ensure uninterrupted power supply at a lower cost from known supplier of Thermax Engineer and Tiwari Engineer India.

The aforesaid measures have resulted in improvement in quality of finished product and better sales realization at Lower Cost of Production.

To continue with its modernization spree, Magnum Ventures is undertaking an ambitious programme for up gradation and modernization of its manufacturing facilities which will result in better utilization of installed capacity, cost reduction and quality improvement. On the implementation of the present modernization programme, the profit margins of the Company will further go up through reduction in cost on one hand and better sales realization on the other hand.

The Company is also planning to enter the capital market by offering its equity shares to the public through an IPO.

As a vibrant economy, higher education become more easier compare to last decades besides that new generation have a positive and serious attitude towards having higher education. The Government of India has taken several path-breaking initiatives for spread of education in the country. The Government is mobilizing necessary resources for this noble purpose through imposition of education Cess besides Free education to girl child. With the enhanced allocation of funds to the education set up demand for printing and writing paper will substantially go up.

National Capital Region is a happening place in the country with the Commonwealth Games stated to be held in Delhi. There will be great demand for Luxurious hotels. Your Company is seriously contemplating to enter the hospitality and tourism sector, and our Bankers including Punjab National Bank has shown their positive confidence in the Company to participate in full term loan lending required for the Hotel Project.

To implement the stringent standards of Corporate Governance, the Board of Directors of the Company was strengthened with the induction of eminent persons as independent persons namely:

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Retired Justice Shri Sagar Chand Jain, Hon’ble Delhi & Allahabad High Court.
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Mr. R. J. Kamath, Former Chairman & MD of Canara Bank & Andhra Bank
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Retired Lt. Gen. Dr. M. R. Kochhar, Ph.D, MBA, B.Tech
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Mr. B. D. Shah, FCA, FCS, MBA

Some of the persons from the promoters’ family were also inducted. I extend a warm welcome to the newly appointed Directors.

I also thank all our loyal customers for the confidence that they have shown in us.

I would like to express our gratitude to our Bankers for their timely support to Indian Overseas Bank, Oriental Bank of Commerce, Syndicate Bank and Punjab National Bank

At Last, I would like to thanks all the Staff members of Magnum, Government official of various Government Department for their continuous supports. I am grateful to each one of them.

Look forward to your continued support and patronage.

With best wishes,

Salek Chand Jain
Founder Chairman

 

 
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