I extend my hearty welcome to you to this 36th Annual General Meeting ofyour Company. I am sure you must have received the Directors' Report and Audited AnnualAccounts of the Company for the year ended 31st March 2019 and with yourpermission 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 478.07 lakhs as against the net loss of482.65 lakhs of the previous year. During the year the sales turnover (net) was 3886.03lakhs as against 3685.36 lakhs in the previous year. CFM-22 sale quantity was 1056 MT asagainst 1165 MT in the previous year and balance quantity was used as feed stock tomanufacture of PTFE. Quality of all companys products continued to be well acceptedby our customers. Company has achieved 94% capacity utilization as against 100% in theprevious financial year.
2. FUTURE OUTLOOK DIVERSIFICATION:
In consistence with vision company is making continues efforts to develop Glass filledand Glass+MoS2 filled with Modified PTFE; development of micro fine PTFE powder forlubrication application with suspension grade PTFE and development of blends of non- ODSgases by importing.
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 9001:2015
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 Director'sReport. This Report analyses in brief the potentialities of the Company as well as thefocus of the Company's business
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 Forest and Climate ChangeGovt. of India Govt of Telangana Promoter Company i.e. HOCL and Board Members. I wouldlike to convey my sincere appreciation to our valued customers suppliers StatutoryBodies Investors our bakers State Bank of India 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.
(S B BHIDE)