- extend my hearty welcome to you to this 32nd Annual General Meeting
of your Company. I am sure, you must have received The Directors''
Report and Audited Annual Accounts of the Company for the year ended
31st March, 2015 and with your permission I take them as read.
- now proceed to share with you briefly the performance of the company
and our activities.
1. OPERATIONS AND OVERALL PERFORMANCE
Your Company has made Net loss of Rs.377.46 lacs from operations as
against the net loss of Rs. 2482.47 lacs of the previous year. During
the year, the sales turnover (net) was Rs.2915.07 lacs as against
Rs.2788.92 lacs in the previous year. This is mainly due to decrease in
sales realization of main product PTFE. During the year under report
production of PTFE was 107 MT as against 184 MT in the previous year.
During the year, 726.58 MT of CFM-22 was sold in the market against
555.17 MT in the previous year and balance quantity was used as feed
stock to manufacture various products including Fluoro Specialty
Chemicals and PTFE. Quality of all company''s products continued to be
well accepted by our customers. Company has achieved 88% capacity
utilization was achieved as against 86% in the previous financial year.
In spite of better physical performance, financial performance was
badly affected due to the reasons mentioned above.
2. FUTURE OUTLOOK DIVERSIFICATION:
In consistence with vision company is making continues efforts to make
Fluoro Specialty Chemicals.
Accordingly it is expected that TFE Consumption for Fluoro Specialty
Chemicals expected to increase in the current year.
In addition to this some special grades of PTFE is developed.
3. SAFETY, ENVIRONMENT & ISO CERTIFICATION''
The company continued to lay emphasis on the consciousness about safety
among the employees and periodic reviews of safety measures have
enabled the company once again to maintain safe operations during the
Management is maintaining strictly all the required environmental norms
and quality systems as per ISO 9001:2008
4. INDUSTRIAL RELATIONS
Employee relations continued to be cordial throughout the year. Company
continued to follow Govt. policy of reservation in recruitment of
SC/ST/OBC. During the year there were no strikes or lock outs affecting
5. CORPORATE GOVERNANCE
Your Company lays emphasis in conducting its affairs with in the frame
work of policies and guidelines set by the Government in a transparent
manner. It is the endeavor of the Company to build trust between share
holders, Employees and Customers based on the basic principles of
Corporate Governance. The detailed Report on the Corporate Governance
as well as Management Discussion Analysis Report is enclosed as a part
of the Director''s Report. This Report analyses in brief the
potentialities of the Company as well as the focus of the Company''s
6. ACKNOWLEDGEMENTS :
I place on record my appreciation and gratitude to all the employees
and others who had extended their support and co-operation during the
year to achieve the targeted goals of the Company. In particular I am
grateful to various officials of the Govt. especially from the Ministry
of Chemicals & Fertilizers, Department of Chemicals & Petro Chemicals,
The Finance Ministry, Ministry of Environment & Forestry, Government of
India, Government of Telangana, Promoter Company i.e. HOCL and Board
Members. I would like to convey my sincere appreciation to our valued
customers, suppliers, Statutory Bodies, Investors, our bankers State
Bank of Hyderabad, Statutory/Govt Auditors, etc for the continued
support. In conclusion I am fully confident that with the continued
support from all of you my urge to place your Company in the pedestal
of success will not be unrealistic.
We on our part would continue our efforts to take your Company into the
future by meeting the challenges, grabbing the opportunities in our
endeavor in the path towards turnaround. We look forward to your
continued support in this ongoing process.
In conclusion I am optimistic that the company would attain significant
profits in the near future.
Thank you all once again.
(V B RAMACHANDRAN NAIR)