I extend my hearty welcome to you to this 33rd Annual General Meeting ofyour Company. I am sure you must have received The Directors Report and AuditedAnnual Accounts of the Company for the year ended 31st March 2016 and withyour permission I take them as read.
I now proceed to share with you briefly the performance of the company and ouractivities.
1. OPERATIONS AND OVERALL PERFORMANCE
Your Company has incurred a net loss of Rs.1111.39 lacs from operations as against thenet loss of Rs. 377.46 lacs of the previous year. During the year the sales turnover(net) was Rs.3527.38 lacs as against Rs.2915.06 lacs in the previous year. CFM-22 salequantity was 1116 MT as against 726.58 MT in the previous year and balance quantity wasused as feed stock to manufacture various products including Fluoro Specialty Chemicalsand PTFE. Quality of all companys products continued to be well accepted by ourcustomers. Company has achieved 96% capacity utilization as against 88% in the previousfinancial year. In spite of better physical performance financial performance was badlyaffected in spite of increase in sales loss was more mainly due to non-operational incomein the financial year 2014-15.
2. FUTURE OUTLOOK. DIVERSIFICATION:
In consistence with vision company is making continues efforts to develop FluoroSpecialty Chemicals.
Accordingly it is expected that TFE Consumption for Fluoro Specialty Chemicals expectedto increase in the current year. Company has developed Benzotrifluoride (BTF) & samewas accepted by the customer. Commercialization of the product depends on viability of theproduct.
3. SAFETY ENVIRONMENT & ISO CERTIFICATION
The company continued to lay emphasis on the consciousness about safety among theemployees and periodic reviews of safety measures have enabled the company once again tomaintain safe operations during the year.
Management is maintaining strictly all the required environmental norms and qualitysystems as per ISO 9001:2008
4. INDUSTRIAL RELATIONS
Employee relations continued to be cordial throughout the year. Company continued tofollow Govt. policy of reservation in recruitment of SC/ST/OBC. During the year there wereno strikes or lock outs affecting the production/profitability.
5. CORPORATE GOVERNANCE
Your Company lays emphasis in conducting its affairs with in the frame work of policiesand guidelines set by the Government in a transparent manner. It is the endeavor of theCompany to build trust between share holders Employees and Customers based on the basicprinciples of Corporate Governance. The detailed Report on the Corporate Governance aswell as Management Discussion Analysis Report is enclosed as a part of the DirectorsReport. This Report analyses in brief the potentialities of the Company as well as thefocus of the Companys business
6. ACKNOWLEDGEMENTS :
I place on record my appreciation and gratitude to all the employees and others who hadextended their support and co-operation during the year to achieve the targeted goals ofthe Company. In particular I am grateful to various officials of the Govt of India.especially from the Ministry of Chemicals & Fertilizers Department of Chemicals andPetrochemicals the Finance Ministry Ministry of Environment & Forestry Govt. ofIndia Govt of Telangana Promoter Company i.e. HOCL and Board Members. I would like toconvey my sincere appreciation to our valued customers suppliers Statutory BodiesInvestors our bakers State Bank of Hyderabad Statutory/Govt Auditors etc for thecontinued support. In conclusion I am fully confident that with the continued support fromall of you my urge to place your Company in the pedestal of success will not beunrealistic.
We on our part would continue our efforts to take your Company into the future bymeeting the challenges grabbing the opportunities in our endeavor in the path towardsturnaround. We look forward to your continued support in this ongoing process.
In conclusion I am optimistic that the company would attain significant profits in thenear future.
Thank you all once again.
Sd/-(S B BHIDE)