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Amal Ltd.

BSE: 506597 Sector: Industrials
NSE: N.A. ISIN Code: INE841D01013
BSE LIVE 15:50 | 05 Dec 60.60 -0.95
(-1.54%)
OPEN

59.50

HIGH

61.80

LOW

58.50

NSE LIVE 05:30 | 01 Jan Stock Is Not Traded.
OPEN 59.50
PREVIOUS CLOSE 61.55
VOLUME 13569
52-Week high 86.70
52-Week low 23.65
P/E 6.31
Mkt Cap.(Rs cr) 42.60
Buy Price 0.00
Buy Qty 0.00
Sell Price 0.00
Sell Qty 0.00
OPEN 59.50
CLOSE 61.55
VOLUME 13569
52-Week high 86.70
52-Week low 23.65
P/E 6.31
Mkt Cap.(Rs cr) 42.60
Buy Price 0.00
Buy Qty 0.00
Sell Price 0.00
Sell Qty 0.00

Amal Ltd. (AMAL) - Chairman Speech

Company chairman speech

AMAL LIMITED ANNUAL REPORT 2010-2011 CHAIRMAN'S REPORT Dear Shareholders, In our letter last year, we had reaffirmed our commitment to turn around Amal. We had shared with you some of the initiatives we will take to create long-term value, and we are happy that we have remained on course against odds, and as we write this letter, we have completed implementation of the 3 initiatives as mentioned on page 1 of this Annual Report. We trust these and further initiatives will show their impact in the months ahead and help in our endeavour to accomplish a decisive turnaround in a difficult situation. Our Company manufactures and markets in all 5 products, namely Sulphuric Acid 98%, Oleum 65%, Oleum 25%, Sulphur Trioxide and Sulphur Dioxide. Barring Sulphur Dioxide and to some extent Sulphur Trioxide, both of which have low demand, the other products are commodity in nature whose prices and contributions fluctuate significantly. The price of key raw material, Sulphur, also varies from month to month. In essence, the way to succeed in these products is to ensure full deployment of steam (a byproduct), excellent conversion efficiency and high capacity utilization. It may not be out of place to mention that as we write this letter, the price of Sulphur is at a high and the prices of the aforementioned products have not kept pace with it. Consequently, the contribution margins of the products have touched their lowest and the business is unlikely to generate the anticipated profit in Quarter 2. We are nonetheless pursuing the other initiatives which are in the long-term interest of the Company even if the recovery may take more time than earlier envisaged. During 2011-12, in addition to taking the aforementioned 3 initiatives, we have already identified and taken up implementation of 3 more initiatives, as mentioned on page 1, which will require marginal investments. Once completed, these initiatives will help in further improving manufacturing efficiency and competitiveness. In essence, at this time, we are making investments to first obtain value so far unrealized from the existing investments. These initiatives form Phase 1 of our strategy. At the same time, we are exploring and evaluating new value added products in our chosen areas with relatively low investments so that we do not become highly leveraged. We had considered manufacturing a chemical intermediate used in the Pharmaceutical industry, as mentioned in our letters to you in the last Annual Report. We have not gone ahead with the project as we are revalidating its long-term viability in view of changed circumstances. We will have more clarity about such investments, which form Phase 2 of our strategy, during 2011-12. We have during the year made further changes in the Board of our Company. We have appointed Mr Sujal Shah, a reputed Chartered Accountant, and Mr Abhay Jadeja, a reputed Solicitor, as two additional Independent Directors. Along with Mr Naresh Singhal (as the Chairman), they form the Audit Committee of our Company. During the year, Mr Mrighank Dutta, Dr Rana Vishnoi, Mr Ghanshyam Parekh and Mr Bharat Trivedi resigned from the Board, and we wish to thank them for their valuable contribution. We wish to take this opportunity to thank the Independent Directors for their significant involvement and guidance not only for improving the performance of our Company, but also to establish and institutionalize processes to enhance Corporate Governance. On behalf of all our colleagues on the Board, we wish to thank the customers for their support and employees for their commitment and dedication and for identifying and executing several improvement measures. We look forward to your understanding in our quest for recovery. With best wishes, Sincerely, (Vasudev Koppaka) (Sunil Lalbhai) Managing Director Chairman

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