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Protchem Industries (India) Ltd.

BSE: 524117 Sector: Industrials
NSE: N.A. ISIN Code: INE819D01019
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Protchem Industries (India) Ltd. (PROTCHEMINDSI) - Chairman Speech

Company chairman speech

1994 PROTCHEM INDUSTRY (INDIA) LTD CHAIRMAN REPORT Dear Shareholders, It gives me great pleasure to extend a warm welcome to all of you for the Seventh Annual General Meeting of your Company. The Director's Report and the Audited Accounts for the year ended 31st March 1994 have already been with you for some time now and wish your permission, I shall take them as read. Your Company's Performance You would have noticed from the report of your Director's that your Company had to work under very difficulty conditions during the year under review. Continuing demand recession, steep fall in prices of products due to dumping of sub-standrad quality porducts by producers from the Republic od China, shrp increase in input costs and interest on borrowed funds impacted adversely on your company's operation at a time when it had overcome all its process and equipment related problem through its own intensive in-house R & D efforts and was poised to operate its plant facilities at very high levels of capacity utilisation. It is often said that Tough Times do not last but Tough Prople do. I am glad to say that you have a tough and courageous management which could overcome all these problem with characteristic foresight, planning and resolution. In this task, they were ably assisted by a highly porfessional and involved Board of Directors. I am also glad to say that the current years operations tend to slow a significant improvement. By virtue of superior quality of its products your Company could create a 'niche' market in quanlity conscious and discriminative buyer's from Europe and Japan. As a result of this, the prices have started to show an important trend. On the other hand, operating costs, are being contained through productivity increase and energy conservation measures. Sales revenue will increase further through development of new products, improve quality and market orinted selling. Your Companys request for reduction in interest rates on borrowed funds are also under the active consideration of Financial Institutions. The impact of all these favourable development will be reflected in a significant improvement in the bottom line of your Company's operations during the current year. Future Outlook Through vigorous in-house R & D efforts, your Company could succeed in developing a high value Hydrolysed Vegetable Protein (HVP) product for ahich there is a large and growing market in Europe. To further refine the process technology, to meet the stringent international standards of quantity and facilities entry into the European markets your, Company has entered into a Mamorandum of Understanding with M/s HACO Limited, Switzerland, a world renowned manufacture of food products. The porduction of this products will maximise the utilisation of the Spray Drier and facilitate operation of all its facilities at high levels of capacity utilisation with beneficial effects on costs. It is a recognised fact today that success in the global market is not based on a nation's natural resources or cheap labour but on deliberate choices of right technologies to effective complete in the international market. Constant improvement and innovation in product design, process technologies and management methods have become key variables which define competitiveness of corporations. A key feature of the manufacturing environment of hte late 1990s would be emphasis on quality, design, flexibility, process technology and management methods. Considering the above and to effective make a significant entry inot the international market, your company has planned to get ISO 9000 certification bt 1956-96. As afirst step your Company has sought the assistance of a professional management consultant. The Economic Environment Globaliation as a term has not only gained universal currency, it has also brought about brough about a radial shift in the structure and functioning of contemporary industry and business. Globalisation has come to define the competitive advantage of nations in terms of their ability to complete and survive in the global market, going beyond National, Political and Cultural boundraies. In other words one of the most enduring tests of an ecnomy's comparative advantage is its ability to be a global player, which it can sustain only by exports ot the global market. To stand up to this Indian Companies should anticipate what is likely to happen in the future and take advance action to prepare themselves for meeting the sitution. They must continuously diagnose and analyse their relevent environment and design their strategic in the light of that. They need to define fro themselves a global vision and develop strategies coherent with vision. They have to build the muscle to lift themselves by their bootstraps to complete head-on with the world's best. In a sence, the various difficulties your Company faced during th past served to toughen the will and the muscles of your management team which is a tough core already. I am happy to say that your Company is now adequately equipped to stand up to the emerging situations and shows vastly improved results in the years to come. Acknowledgements I would like to thank my collagues on the Bound for their valuable guidance and support. My sincere thanks to Canara Bank and Financial Institution and by IDBI, the Governments of hte Union Territory of Pondicherry and at the Centre and the Development Commissioner Madras for their co-operation guidance and support. Despite the difficult conditional we have gone through during the year under review our Executive, Staff and Employees at all levels have responded positively and spontaneously to the one our demands placed on them. And I would like to thank them for their commitement and contribution. Finally I wish to thank each and every one of you our shareholder, for having steadfastly stood by the Company over the years, ever supporting and encouraging I look forward to your continuing support guidance and encouragement to our plans and programmers aimed at taking your Company to higher levels of performance and profitability in the years to come. Thank you (C.S.PANI) Chairman