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Dharamsi Morarji Chemical Company Ltd.

BSE: 506405 | NSE: DHARAMORAR | Series: NA | ISIN: INE505A01010 | SECTOR: Chemicals

BSE Live

Aug 12, 16:00
163.30 7.75 (4.98%)
Volume
AVERAGE VOLUME
5-Day
64,538
10-Day
48,667
30-Day
48,315
77,632
  • Prev. Close

    155.55

  • Open Price

    163.30

  • Bid Price (Qty.)

    0.00 (0)

  • Offer Price (Qty.)

    0.00 (0)

NSE Live

Dec 27, 11:22
12.45 1.45 (13.18%)
Volume
No Data Available
13,402
  • Prev. Close

    11.00

  • Open Price

    -

  • Bid Price (Qty.)

    - (0)

  • Offer Price (Qty.)

    - (0)

Dharamsi Morarji Chemical Company is not listed on NSE

Annual Report

For Year :
2009 1998

Chairman's Speech

After a tough year, we are optimistic about the future, given our strength, expertise, the new UPA Government, a structural India story and the corrective measures taken at Emkay Hi Dear ShareOwners, At the outset, we want to upfront admit that 2008-09 was a tough year for us. Driven by the global liquidity crisis and the plunge in the equities market in India, we were also adversely affected. Emkay reported a loss of Rs 5.96 crores. However, we believe that the worst is behind us. We are delighted to inform that Emkay reported a Q1 profit of Rs 2.37 crores. After a tough year, we are optimistic about the future, given our strength, expertise, the new UPA Government, a structural India story and the corrective measures taken at Emkay. The India story, we believe has once again gathered momentum. The clear mandate given to the newly formed UPA Government, we believe, will add a lot of stability and ; credibility to Indias ability to remain on an 8% GDP growth path for the next several years. India, along with China will be the growth engine for the world and is expected to attract a lot of capital. Besides, it is only a matter of time before household savings get channelized into equities and other asset classes, The lndian markets have bounced back by more than 50% from the lows in October 2008 and the future looks good. We are bullish. Though we were affected in one financial year, the downtrend did long term good for the Company. We used the downtrend to get more efficient, de-risk the business and look at other opportunities too. We realigned our businesses to improve operational efficiencies. We used the downtrend to rightsize our business by focusing on productivity and used productivity- driven measures to rationalize people. The downtrend was also a good time to hire appropriate talent at the right price. | We did that. Besides, we focused on profitable branches. Of the 77 branches, 12 branches that lacked the potential to generate ROI for the Company were closed down. Having invested and built a strong Emkay brand, we preferred the more flexible franchise model to grow. 93 franchisees were added since they work on flexible cost structures. Though we were affected in one financial year, the downtrend did long term good for the Company. We used the downtrend to get more efficient, de-risk the business and look at other opportunities too. De-risking Realizing the cyclical nature of the equity business, we used the slump, to enter into non equity verticals. This will help us de-risk our business by generating alternate streams of income. Indian corporate sector borrowing is expected to grow, fueling demand for bank borrowing and other alternate funding channels. This spells opportunity for Emkay as we have entered the corporate finance business. Emkay has a strong brand and client base. The retail client base increased from 68,000 to 93,500. We have strong equities marketing capabilities. We reinforced the equities PMS space in a strategic partnership with Fortuna Capital, run by two stalwarts in the Indian equities space - Sanjoy Bhattacharya and Soumendra Nath Lahiri - who will now advise the PMS business. We continue to focus on the retail expansion as we believe that the household investment into Indian equities is at an inflection. As younger India earns, there is a significant need to take equities to people. Emkay is set to give new energy to the growth of its retail business across the country. As we look ahead, the India story is strong. Indian equities and fixed income businesses are slated to grow. The outlook looks buoyant and optimistic. The concern areas that remain are world economy and the performance of global equities. We are cautiously optimistic. We have removed excesses from the business. We have hired the right talent. We have built a strong brand. We would like to thank our team, for it is because of each member that we were able to come out stronger in such a crucial year. We are also grateful to all our clients who remain committed to us. And finally we would like to thank our shareholders for their long term trust in us. Sincerely Prakash Kacholia Krishna Kumar Karwa Managing Director Managing Director and CFO