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Ashapura Minechem Ltd.

BSE: 527001 Sector: Metals & Mining
NSE: ASHAPURMIN ISIN Code: INE348A01023
BSE LIVE 15:51 | 02 Dec 59.95 -1.30
(-2.12%)
OPEN

61.00

HIGH

61.95

LOW

59.45

NSE LIVE 15:51 | 02 Dec 59.85 -1.50
(-2.44%)
OPEN

60.85

HIGH

61.95

LOW

59.35

OPEN 61.00
PREVIOUS CLOSE 61.25
VOLUME 54411
52-Week high 100.60
52-Week low 52.95
P/E 7.34
Mkt Cap.(Rs cr) 521.56
Buy Price 59.95
Buy Qty 775.00
Sell Price 0.00
Sell Qty 0.00
OPEN 61.00
CLOSE 61.25
VOLUME 54411
52-Week high 100.60
52-Week low 52.95
P/E 7.34
Mkt Cap.(Rs cr) 521.56
Buy Price 59.95
Buy Qty 775.00
Sell Price 0.00
Sell Qty 0.00

Ashapura Minechem Ltd. (ASHAPURMIN) - Chairman Speech

Company chairman speech

ANNUAL REPORT - 2001 ASHAPURA MINECHEM LIMITED CHAIRMAN'S SPEECH To, Our Family of Shareholders, I have yet one more opportunity to extend a hearty welcome to all of you to our Company's Twentieth Annual General Meeting. The Annual Report containing the Director's Report and Auditor's Report and also the Audited Accounts of your Company and its subsidiaries, for the year ended 31st March, 2001, has been, as usual, with you for quite some time. I hope that you are pleased to note that for the first time your Company has crossed a sales turnover of Rs. 140 Crores in the year 2000/2001. It is heartening for me that your Company has achieved this spectacular performance for the first tome ever since its inception under the younger and new generation Managing Directorship of Shri Chetan Shahand his team of enthusiastic managers. Under his Leadership, Company has achieved a major break through in the export of Bauxite. The figures mentioned in the Annual REport speak for itself and this is tonnage achievement of Bauxite would be doubled in the year 1999-2000 and would lead to a significant contribution to the bottom line of the years 1999- 2000 and 2000-2001. I want to tell something about the basic business policy that makes a company's performance remarkable. Sometimes, investors are impatient for high returns in a short time. The stock market scenario of last one year has shown that in spite of all setbacks, the companies on sound foundation and powerful management have stood against all the odds. Your Company is endeavoring to be one such Company. The performance of some business that was showing high profits or speculative growth carry a danger of speculative down falls also. Your Company is endeavoring to avoid this course. Over and above profits and turnover, the purpose of the business should be to work with the people in the area where the business has its roots and where its roots and where it obtains all its nutrition and strength. Your Company also endeavors for this social purpose of business by providing employment, growth, prestige and honor to " MY KUTCH "(PANJO KUTCH} which has so far provided the required nutrition and strength to your Company. As for the current year, the Company has a full order book for Bauxite and there is an improvement in the inquiries and order Bookings for Bentonite and Barites. The Company has already achieved sales turnover of Rs. 30 crores during the 1st Quarter ended on 30th June, 2001. The Company expects to achieve a sales turnover of Rs. 36 Crores during the 2nd Quarter ending 30th September 2001, which is expected to make a total sales turnover of Rs. 66 Crores during the first half of the Current Year. With control over vast resources of Bentonite and Bauxite minerals, your Company has also ventured into value added Bentonite clay products like pet litter and acid activated bleaching clay. Your Company caters to local and international customers in Foundry, Iron Ore Pelletization, Petroleum Drilling, Pet Litter, Civil Engineering and other diverse applications of Bentonite. Your Company started exporting metallurgical grade Bauxite from Kutch in 1998-99. It has today emerged as the Preferred Supplier for metallurgical grade Bauxite from India,exporting to Alumina Plants in Canada, Ukraine , Azerbaijan, Iran and Japan. Your Company is also planning to enter into manufacturing value added Bauxite products like calcined Bauxite and other allied products. Among the Company's other interest for exports are minerals like Barites, Attapulgite, Mica, Feldspar, China Clay and Lime. Your Company has set up an R & D center near Mumbai for detailed analysis of its minerals. These R & D facilities are among the world's best with state of art analytical facilities acquired from SHIMADZU of Japan. Headed by a senior Scientist, this facility will help your Company to understand and develop advanced applications of various minerals. The R & D will continue its focused efforts on several development activities and will enable ASHAPURA to embark on a journey of excellence. MIZUSAWA of Japan, under a tie-up arrangement, has provided technical know- how to manufacture acid activated bleaching clay and use their brand name " GALLEON" by ASHAPURA VOLCLAY LIMITED in which your Company and AMCOL Group of USA have shareholding on 50:50 basis. I am glad to inform you that AVL is expected to start its commercial production very shortly. You all are also well aware that the State Government, the Central government as well as the CAPAXIL have honored ASHAPURA every year with Best Export Performance Award. The motto of the Company Ashapura is "COMPETE AND THRIVE". This is the reason the Company has jumped from a turnover of about Rs. 20 crores in 1993 to around Rs. 140 crores in 2000/2001 and targeted to be around Rs. 180 to Rs. 200 crores in the current year. Quality and consistency has been the pillars of ASHAPURA'S reputation in international markets. ASHAPURA considers it a duty to make optimal utilization of the extracted raw materials through continual research and innovation. Through close co-operation between chemist, geologists, engineers and specialized workers, the Company has made every endeavor a success. A quest for quality, efficiency, value and an internationally oriented vision has made the name of ASHAPURA synonymous with Bentonite and its allied products in India and abroad. To day your Company exports to over 30 countries and in 6 continents across the world. Board Changes Shri Bachubhai Shah, the Whole-time Director in charge of the Company's mining activities has on health ground resigned from the Board. The Company takes on record, and I am sure the Members will join the Company, the valuable services rendered by Shri Bachhubhai Shah in various capacities for more than three decades and almost right from the inception of the Company. Acknowledgement I would like to express my sincere appreciation for the contributions made by employees at all levels. They are the backbone of our organization and their sustained commitment and efforts are crucial to our growth. I would also like to acknowledge continued co-operation and support given to the Company by the Banks, Financial Institutions, Government Authorities and the Shareholders. Before I conclude, on behalf of the Company and the Board of Directors, I wish to convey my heartfelt sympathies to the people of Gujarat, affected by the devastating earthquake of 26th January, 2001, which caused enormous loss of life and, property and rendered thousands homeless. In order to extend all possible support in relief and rehabilitation work, the Company had made available its men and materials and equipments for the immediate relief operations. Your Company has also promoted a Public Charitable Trust known as the "KUTCH NAVNIRMAN TRUST'" to construct houses for the rehabilitation of the people displaced by the earthquake. The Trust is registered with the Public Charitable Trust Office at Rajkot and also under the provisions of the Income Tax Act and Foreign Contribution Act. The construction of the houses has already been started at Kukma village near Bhuj, Kutch and expected to completed shortly. NAVNITLAL R. SHAH EXECUTIVE CHAIRMAN Place : Mumbai Date : 21st September 2001

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