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Organic Coatings Ltd.

BSE: 531157 Sector: Industrials
NSE: N.A. ISIN Code: INE412E01011
BSE LIVE 13:36 | 16 Oct 11.93 -0.62
(-4.94%)
OPEN

11.93

HIGH

11.93

LOW

11.93

NSE 05:30 | 01 Jan Stock Is Not Traded.
OPEN 11.93
PREVIOUS CLOSE 12.55
VOLUME 550
52-Week high 25.50
52-Week low 8.41
P/E 9.25
Mkt Cap.(Rs cr) 9
Buy Price 11.93
Buy Qty 50.00
Sell Price 13.17
Sell Qty 100.00
OPEN 11.93
CLOSE 12.55
VOLUME 550
52-Week high 25.50
52-Week low 8.41
P/E 9.25
Mkt Cap.(Rs cr) 9
Buy Price 11.93
Buy Qty 50.00
Sell Price 13.17
Sell Qty 100.00

Organic Coatings Ltd. (ORGANICCOATINGS) - Chairman Speech

Company chairman speech

ORGANIC COATINGS LIMITED ANNUAL REPORT 2009-2010 CHAIRMAN'S REPORT Dear Shareholders, It gives me great pleasure to share with you the successful journey your company has taken in the last year. From modest sales growth of just 1% in the financial year 2008-09, your company grew by more than 22% in the financial year 2009-10. The growth was more phenomenal when it comes to profitability where your company grew by 88%. It gives me an immense pleasure to inform you that your Board has recommended a dividend of 5% (Rs.0.5 per equity share) to all the shareholders and we hope that this trend of giving dividend will continue for the future. During the year your company reached optimum capacity utilization at its Mumbai facility and hence an investment had to be made to buy Land & Building in Vadodara to meet the increasing demand for our products. As I write this note, the Government approvals for starting the manufacturing plant at Vadodara has been received and we expect production to start for inks at Vadodara Plant before the end of the year. During the year, Black Plant was also installed at our Mumbai factory and it added around 100 Tons per month of additional capacity of Black Ink. This in turn strengthens your company in gaining high market share in the publication industry. The current trend is also very encouraging, our first quarter net sales for the financial year 2010-11 grew by 38% and profit after tax also has shown growth of 69 % over the same quarter last year. Your company is now set on the momentum for continuous growth for this fiscal year and beyond. Some of the new products launched during this year have shown tremendous growth potential and the full impact of these products will be seen by the end of this year. The products launched were Plasto Coat for currency printing, Rich Green for environmentally friendly application, High Speed Coldset Inks for newspaper industry and Pantone bases based on eco-friendly technology. I would also like to inform you that our labour negotiations with the Union were agreed and signed in the month of July 2010. This contract will be valid till 2013.1 take this opportunity to thank the workers as well as the Union and all employees of the organization in settling all the issues related to negotiations amicably. During the year company has launched a new redesigned website. It represents spirit in our company today which is upbeat about its future, agile and aggressive in its pursuit of growth and excellence, and emerging into a great place to work. The current escalation and volatility with the prices and availability in critical raw material is an area of concern to the Management. We are trying to get into long term price and supply contracts to ensure that your company is least affected. However, to counter the effect of cost increase, the company has revised its prices upward during the month of June 2010. My sincere thanks to all of you, management colleagues, independent directors and employees for continued support and trust. Thank you, R.K. Shah. Chairman