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Borosil Glass Works Ltd.

BSE: 502219 Sector: Industrials
NSE: BOROGLASS ISIN Code: INE666D01014
BSE LIVE 14:24 | 25 Jul 8924.00 -59.15
(-0.66%)
OPEN

8850.05

HIGH

9100.00

LOW

8850.05

NSE 05:30 | 01 Jan Stock Is Not Traded.
OPEN 8850.05
PREVIOUS CLOSE 8983.15
VOLUME 1122
52-Week high 9666.00
52-Week low 3945.00
P/E 49.87
Mkt Cap.(Rs cr) 2,061
Buy Price 8910.05
Buy Qty 2.00
Sell Price 8924.00
Sell Qty 1.00
OPEN 8850.05
CLOSE 8983.15
VOLUME 1122
52-Week high 9666.00
52-Week low 3945.00
P/E 49.87
Mkt Cap.(Rs cr) 2,061
Buy Price 8910.05
Buy Qty 2.00
Sell Price 8924.00
Sell Qty 1.00

Borosil Glass Works Ltd. (BOROGLASS) - Chairman Speech

Company chairman speech

ANNUAL REPORT 2000-2001 BOROSIL GLASS WORKS LIMITED CHAIRMAN'S SPEECH Ladies & Gentlemen. I welcome you on the Thirty-eighth Annual General Meeting of your Company. The Directors' Report and Annual Accounts are in our bands and with your permission. I take them as read. As you are aware. since last twelve months or so. the global economy is passing through a recession and this has affected the growth of Indian economy as well. The developments in the aftermath of terrorist attack in USA and resulting scenario in our neighbourhood is also likely to impact economy of our country in general and industries in particular. As I had mentioned last year. in the laboratoryware and scientific apparatus segment. whereas there is not much growth, dumping of goods by foreign suppliers continue unabated. There is also the problem of spurious goods sold by small scale converters and the company has been taking steps to identify and prosecute them. In the Consumerware segment. however. there is considerable growth and the company has tied up on an exclusive basis with five of the world s leading manufacture,rs' in this field and is marketing their products in its own brand name as well as co-branding them. Consequently, the publicity programme has been considerably expanded. In view of uncertain market conditions, on account of substantial imports, the operations at Marai Malai Plant are at a minimum level. Pending clarity on the product mix, the decision of rebuilding that furnace is kept in abeyance. Meanwhile, the fixed cost of that plant is to be absorbed by the other existing operations of the company. Furnace No. 1 at Marol has run its full campaign and now due for rebuild. The company's taking this opportunity to upgrade and modernize it. Negotiations are on with world's top consultants in this respect and are shortly to be finalized. SUBSIDIARY COMPANY A Rehabilitation Scheme for Gujarat Borosil Ltd., (GBL) has been approved by the Board for Industrial and Financial Reconstruction (BIFR). GBL has, however,made representations to the Operating Agency i.e., ICICI Limited for modifying the said Scheme as well as reducing the period of implementation and there are positive indications ,from the Tern Lending Institutions. Further actions are being taken in the matter. Before concluding, I like to take this opportunity t hank our Shareholders, employees. Bankers, Distributors, Lenders. Suppliers as also our customs for their continued support. I, now propose the resolution concerning adoption of Accounts,Directors' and Auditor's Reports thereon.