ANNUAL REPORT 2000-2001
THE DHARAMSI MORARJI CHEMICAL CO., LTD.
REGD. OFFICE PROSPECT CHAMBERS, 317 /21, DR. D. N. ROAD, MUMBAI - 400 001.
Excerpts from the speech delivered by Mr. R.M. Goculdas, the Chairman of
the Dharamsi Morarji Chemical Co. Ltd., Mumbai, at the 81st Annual General
Meeting of he Shareholders of Company held on September 19, 2001 at MC Ghia
Hall, Mumbai 400 001.
Mumbai, 20th September 2001 _ The Dharamsi Morarji Chemical Co. Ltd. is
making an offer of 67,63,437 equity shares of Rs. 10/- each for cash at
par, aggregating to Rs. 6,76,34,370/- to the existing, equity shareholders,
in the ratio of one equity for every two equity shares held as on September
19th, 2001 (i.e. the record date). The object of the issue is to augment
the long-term financial resources of the company, to meet the general
corporate purpose including the working capital requirements and to repay a
part of the Unsecured Loans of the company. The rights issue is scheduled
to open on 28th September, 2001 and close on 29th october, 2001. The
present Rights Issue is made by DMCC pursuant to the Resolutions passed by
the shareholders at the Extra ordinary General Meeting held earlier this
Addressing to the share-holders at the eighty-first AGM of the members of
the company held in Mumbai Mr. R. M. Goculdas - Chairman of the Dharamsi
Morarji Chemical Co. Ltd. (DMCC) -Said" Your company is gearing up to the
challenges offered by the economic reforms and deregulation process by
understanding and responding to consumer needs; improving customer service;
adopting the best practices; investing in quality, Research and
Development, improving supply chain and actively pursuing new growth
opportunities including strategic alliances. The company has chalked out
and is implementing a rationalization and restructuring plan which includes
cost-effectiveness measures in order to improve its competitiveness and
performance in the future years.
The turnover of the company for the year ended 31 March 2001 was Rs 245.79
crores with a profit after taxation of Rs.159'01 lakhs. The export turnover
for the year 2000-01 was Rs 16.01 crores. During the year 2000-2001, the
speciality chemicals business of DMCC performed well with a 7% increase in
turnover and the company is focusing on speciality chemicals with value-
added products; market expansion by finding new applications for existing
products and development of new products based on its strong in-house R &
D. Some examples are pharmaceutical intermediates, formulated descalants
for on-line cleaning of power plants and speciality additives for leather
and wool dyeing. The online descalants for power plant condensers will help
in increasing power generation and this business is expected to grow in the
coming year. The capacity of Absolute Alcohol plant is being increased with
new technology to enable production of eco- friendly additive for petrol
and explore markets for speciality alcohols.
The Dharamsi Morarji Chemicals Co. Ltd., is one of the largest manufactures
of Single Super Phosphate (SSP) in the country and owns the highly popular"
SHIP: brand which is marketed through a wide network spread over eight
states. The company has multi-state plant locational advantages as its
plants are operational at Ambernath & Roha in Maharashtra, Kumhari in
Chattisgarh, Jhar & Vadodara units in Gujarat and Khemli in Rajasthan. Its
Research & Development Division and major plants are accredited by Bureau
Veritas Quality International for ISO 9000. The company has recently been
awarded CHEMEXIL Exports Performance Awards for two consecutive years viz.
1998-99 and 1999-2000. The company has also extended its "SHIP" brand,
which is very popular among farmers, to market other agri-inputs like
micro-nutrients and organic manures. The initial response from the market
has been encouraging and further growth in this activity is expected.
For further information:
Mr. Ashwin Kotian
IPAN Public Relations
9 1 -22-284 1 7X 1