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Punjab Chemicals & Crop Protection Chairman's Speech > Engineering - Heavy > Chairman's Speech from Punjab Chemicals & Crop Protection - BSE: 506618, NSE: PUNJABCHEM
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Punjab Chemicals & Crop Protection

BSE: 506618|NSE: PUNJABCHEM|ISIN: INE277B01014|SECTOR: Chemicals
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Chairman's Speech (Punjab Chemicals & Crop Protection) Year : Mar '18

Dear Shareholders,

Greetings!!

It gives me great -pleasure to communicate with you through this column and share the working, status on various matters and vision of the Company.

The country has witnessed various changes in the industrial and social sector in the recent past. These changes have an impact not only on Industry but also on a general public. The implementation of Goods and Services Tax (GST) w.e.f. 1st July, 2017 in the year 2017-18 is one of the biggest reform, which has rationalized the indirect taxation in India. The implementation of GST had many challenges in terms of technology, lack of clarity and required up-gradation of the infrastructure of the government and the users.

Your Company also faced lot of difficulty in the initial period for filing returns and to avail refund of GST on exports. The system is now almost updated and is catering to most of the requirements. This tax structure has a wide impact on the business and way of doing business.

The figures of tax collection from direct and indirect taxes clearly depict the improvement in the economy and participation of more entities.

Next major steps taken by the Government is on ease of the doing business without much bureaucratic hindrances and to promote “Make in India” concept. The huge investment and rationalization in the infrastructure sector with good roads and e-way bill system for transportation of goods are going to help lot to the industry by way of reduced time for movement of material. Simultaneously, the digital India project/schemes are going to ease the working of the industry and ultimately improving the economy of the country. No doubt, several reforms adopted for improved agriculture produce and the development of related industry namely food processing, chemicals and fertilizers should also improve the economy and the standard of living of the people. These steps and reforms have benefitted the country and as per the World Bank’s latest Doing Business Report, 2018, India has leapt 30 ranks over its previous rank of 130.

On Company’s front, it is a matter of great satisfaction for the management that the steps and decision taken in the last two years to make the Company profitable have yielded results. The Company divested its non-performing assets and non-profitable businesses. The Company has entered into One Time Settlement (OTS) with Central Bank of India for the outstanding dues. The necessary adjustments in the books of account have been carried out after the payment of entire OTS amount in the accounts of the financial year under review. Union Bank of India, EXIM Bank and Allahabad Bank have accepted the proposal for prepayment of debts of the Company. The Company is in the process of completing the required formalities in this regard. The management is thankful to the shareholders of the Company for the approval given by way of special resolution on February 2, 2018 through Postal Ballot to raise long term funds. The Company is weighing various options in this regard and will proceed with the advice of experts andprofessionals.

As you are aware that your Company is mainly in the business of manufacturing Agro, Specialty and Other Chemicals and 59% of the turnover consists of exports. Therefore, your Company is directly impacted with any development in industrial policy relating to Chemicals, infrastructure and steps taken to boost exports.

The Company has transitioned to Indian Accounting Standards (Ind-AS) from 01 April, 2017 with the transition date of 01 April 2016. Accordingly, the financial statements for the year under review have been prepared in accordance with the recognition and measurement principles laid down in Ind-AS in place of erstwhile Indian Generally Accepted Accounting Principles (IGAAP). Accordingly, figures for the previous year ended 31 March, 2017 have been restated to make them comparable.

As may be seen from the results, Company’s Indian Operations have improved in both domestic as well as export front. The Agro Chemicals Division remained the major contributor in generating revenue and profit in the Company. The working of other Divisions of the Company have also improved during the year under review. The Company has decided to be more focused on manufacturing Agro Chemicals, Specialty and other related chemicals, which are the strength of the Company. The contract manufacturing business of few products from Multinational Companies are continuing. You will appreciate that the total income of the Company on Standalone basis has increased by 11% to Rs. 502 crore from Rs. 452 crore with a profit before tax ofRs. 17.48 crore against loss of Rs. 1.37 crore of last year as restated as per Ind AS.

The Consolidated Income of the Company was Rs. 507 crore against Rs. 548 crore of the previous year. The consolidated results of the year under review, are without the results ofSintesis Quimica, S.A.I.C., Argentina which has been sold on 28th September, 2017.

Hence, keeping in view the recent development, action taken and a long term vision of the Government, we foresee a positive outlook with better working results, for the Company barring unforeseen circumstances.

I, on behalf of the Board of Directors and Executive Management, like to thank the customers, suppliers, employees and other associates like banks for their consistent and resolute support.

I thank all my colleagues on the Board for their unanimous support and immense encouragement.

I have special words to acknowledge the collective efforts of the entire ‘PCCPL Team’ working tirelessly to bring turnaround in the Company.

Last, but not the least, once again thank you all for keeping faith in the Board and the Management of your Company.

With best Wishes,

MukeshD Patel

Chairman

Source : Dion Global Solutions Limited
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