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Aashee Infotech Ltd.

BSE: 519319 Sector: Others
NSE: N.A. ISIN Code: INE847M01011
BSE 05:30 | 01 Jan Aashee Infotech Ltd
NSE 05:30 | 01 Jan Aashee Infotech Ltd

Aashee Infotech Ltd. (AASHEEINFOTECH) - Chairman Speech

Company chairman speech

1994 S. R. OILS & FATS LIMITED CHAIRMANS' SPEECH Gentlemen On behalf of board of Directors, I have great pleasure in welcoming you to this 7th AGM & 1st after the Public issue. The directors report and audited accounts for the year ended 31st March 1994 have been with you some time and with your permission I shall take them as read. You are all aware that in the last three years, with Govt. of India switching over from controlled Economy to liberalization, there has been alround improvement in Industrial and business Climate. And taking advatage of delicensing system your company immediately decided, in 1992, to put up the Vanaspathi Unit, which started Commercial Production in Sept.93 In this 1st AGM after the issue I would like to brief you on the various stages, your Company has passed through. The company was incorporated in 1987 and commenced production of its 100TPD Solvent Extraction Plant in 1989. The turn over of your of your company increased from 350 Lacs in 1989-90 to 1563.55 Lacs in 1993-94 giving steady growth year after year. To Part finance the Vanaspati project, your company came out with a public issue in Jan.1994 which got good response from the share holders. I am thankful to all of you for the same. The project was completed within stipulated time and cost, without any cost over runs. The company launched its product under the Brand 'KANHA' in 15Kg Tins, Jars and 1kg and 1/2 kg consumer pack which has been well accpected in the market and shortly we are going to laugh the product in 200gms pouch also. The Company has got BIS markfor its Vanaspati Product. Till a decade back, Vanaspati industry in India was a national industry but with liberalization and increase in domestic production of oil seeds, and edible oil, It has become a regional industry and in these times of competition, the survival of a particular unit depends upon availability of Raw oil and proximity to it's consumers. Your company thus has inherent advantage because more than 50% of the raw material is supplied by the Group Companies in Punjab and Haryana, giving reduced cost of Raw material. The factory which results in lot of saving in selling cost. Till now your company was buying about 50% Raw oils from market, but now we have plans to add Expander/Extruder to our Solvent Extractions Unit. This will make available about 80% raw material from in house sources at substantialy cost effective prices. During the year, monsoon has been quite vigorous and the cultivation of oilseeds is encouraging, as such there are better prospects of higher production in current year in Solvent Extraction Unit. The Substantial improvement in production and availability of oil Seeds throughout the country for last 3-4 years has increased Production and Consumption of Vanaspati by 5 to 8% which otherwise showed declining trend from 1988-89 to 1990-91. Vanaspati is a consumer product and is a cheaper Cooking media than other oils, so it is also called as "GAREEB KA GHEE" There is good demand of vanaspati in Haryana, Delhi, UP and other surrounding regions and we expect good market in these areas. At present Vanaspati Unit is running at about 80% capacity and there is good scope to increase the installed capacity from present 30MTPD to 50MTPD, which your directors purpose to take up in the near future. Your directors also propose to put up oil Refinery of 25 MTPD to produce premium Quality Refined Cooking Oil. The recent 5 Months working of this year is very encouraging. From April 1994 to 20 Sept. 1994 the turnover of the company is appox. Rs.15 Cr. and we expect that the turnover in the year 94-95 would be more then 30.00 Cr. and the profitability will also increase accordingly. In all,the prospects of the company are very bright. Your Directorsare happy to recommend dividend @ 10% on pro-rata basis and hope to give better dividend in the coming years. The company remains committed to adding value to the stake of our share holders, and fulfilling a national purpose in the new economic scenario. to this end it is constantly looking for opportunities within and outside the country. We are also in the process of negotiating with buyers for export of deoiled cake and in the coming years we would also try to gain some export market. The co-operation and support recieved by the company from the Government, Bankers, our business associates and employees have been a source of great strength to us . I conclude by thanking them all and our share holders, including those who are not present here, for their confidence and support. Thanking you CHAIRMAN