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Kiri Industries Ltd.

BSE: 532967 Sector: Industrials
NSE: KIRIINDUS ISIN Code: INE415I01015
BSE 00:00 | 29 Sep 502.75 -4.05
(-0.80%)
OPEN

509.90

HIGH

517.95

LOW

493.90

NSE 00:00 | 29 Sep 503.75 -2.00
(-0.40%)
OPEN

510.95

HIGH

517.90

LOW

494.00

OPEN 509.90
PREVIOUS CLOSE 506.80
VOLUME 21157
52-Week high 569.20
52-Week low 421.00
P/E
Mkt Cap.(Rs cr) 2,606
Buy Price 0.00
Buy Qty 0.00
Sell Price 0.00
Sell Qty 0.00
OPEN 509.90
CLOSE 506.80
VOLUME 21157
52-Week high 569.20
52-Week low 421.00
P/E
Mkt Cap.(Rs cr) 2,606
Buy Price 0.00
Buy Qty 0.00
Sell Price 0.00
Sell Qty 0.00

Kiri Industries Ltd. (KIRIINDUS) - Chairman Speech

Company chairman speech

Dear Fellow Shareholders

I am pleased to present to you the Annual Report of the company for the financial year2020-21. Confronted with escalating challenges the financial year 2020-21 remained anunusual fiscal year — the world struggled to recover from a pandemic that was asdamaging to the businesses as it was to people's lives and livelihood. The world as weknow is experiencing disruption and a rapid alteration as a result of this pandemic.

It is only during trying times like these that true resilience can be showcased byresponding with flexibility and agility. Kiri's ability to respond to the pandemicsituation with relative ease is an illustration of this. During the last financial yearour senior leadership and all employees have worked relentlessly to address the challengesfaced. The resilience showcased by our team gives me a very strong confidence that thecompany can withstand any storm and yet be able to sustain.

The global GDP fell by 3.3 percent to USD 85 trillion during the last financial yearand the GDPs of other significant countries including the United States Germany JapanFrance and the United Kingdom decreased by 3 to 9 percent. India was no exception withits GDP de-growing by 8% to USD 3 trillion. Speaking of the chemical industry sized atUSD 4 trillion the world chemical industry declined by 2.6%. The Indian chemical industryvalued at USD 136 billion declined by 6.1%. Most end- user industries witnessed adeclining trend in demand and it was the textile industry felt the worst impact of thepandemic due to consumption centers being shut across the world this in turn impacted usthe most. While the chemical industry would face certain challenges because of the adversemacroeconomic environment which has impacted demand in industries its medium to longterm prospects remain optimistic. Because of its cost and quality advantage India'schemical industry environment is turning in its favour.

The silver lining in the past financial year was that the long standing court battlewith Longsheng finally yielded positive results with the Singapore InternationalCommercial Court (SICC) giving a valuation of USD 481.60 million (appox. INR 3600 crores)as the value of KIL's 37.57% stake in DyStar for the execution of the earlier buyoutorder. With the final appeal stage being underway we believe that this case would beclosed by the end of the financial year 2022 and the company would finally recover therightful value of its investment which has been long overdue.

With a strong focus on R&D we are excited to make a breakthrough by presentingproducts that are import substitutes and have higher growth potential. We have alreadybegun Phase 1 commercial utilization of our multipurpose specialty intermediate plant intough time which has received positive feedback and is expected to grow in the comingyears and phase II we have target to kick start by end of current financial year. Theseinitiatives will help us broaden our customer base and make the company more immune todemand shocks. Further to reduce our power cost and make the company self-reliant onpower requirement we are in process to set up solar power plant through Kiri RenewableEnergy Private Limited wholly owned subsidiary of the company.

In current financial year Second wave of covid19 impacted our country heavily hence aspart of our CSR activities we have installed three oxygen plants one at Pandit DeenDayal Upadhyay (DDU) Hospital Varanasi with capacity of 500 LPM second at SSG HospitalVadodara with capacity of 1650 LPM and third at Crossroads Hospital Dabhasa Vadodarawith capacity of 830 LPM.to meet requirement of medical grade oxygen for treatment toCovid patients.

With its investments in technology innovation and worldwide network I am confidentthat the company will be at the forefront of the upcoming opportunity and achieve greaterheights in coming years. In the short to medium term we are aiming to further broaden ourproduct range maintain a strong focus on quality parameters and become cost competitiveby controlling overheads as well as through forward and backward integration of ourproduction facilities.

In addition we continue to make high-quality products with several variants acrossour three business divisions. We have invested in new plants and technologies to betterour quality benchmarks produce more efficiently and to further reduce the impact on theenvironment. Our captive power and steam generation provides cost competitiveness and addsvalue to our margin growth.

In conclusion I am thankful to all our stakeholders for their continued support andguidance towards taking the Company ahead. Your faith and support for the Company hasensured that we continue to work hard and deliver even in the most challenging ofenvironments. The company's mission is timeless but how we approach it will change withtime.

MR. PRAVIN KIRI (Chairman)

He is the Chairman and Promoter of Kiri Industries and has vast experience in the fieldof dyestuff and chemical industry. He looks after the manufacturing activities of ourCompany and is in charge of operational strategy quality control and research &development activities of the Company.

MR. MANISH KIRI (Managing Director)

He is the Managing Director and Promoter of Kiri Industries Limited and Lonsen KiriChemical Industries Limited and director in DyStar Global Holdings (Singapore) Pte.Limited and other group/ subsidiaries companies of the Company. Presently he is involvedin formulating strategies and its implementation and also looks after overall businessoperations of the Company.

MR. KEYOOR BAKSHI (Independent Director)

He is an I ndependent Director of the Company with vast experience in Corporate LawsFinance and Management and has actively been involved in various assignments relating toamalgamations mergers/ de-mergers.

MR. MUKESH DESAI (Independent Director)

He is an Independent Director of the Company with working experience in different typesof manufacturing units in India and abroad.

MS. VEENA PADIA (Independent Director)

She is an Independent and Women Director of the Company with vast leadership experiencein providing strategic advisory expertise and directing development and implementation ofwidespread programmes and organisations.

MR. ULRICH HAMBRECHT (Independent Director)

He has more than 40 years of experience in the field of Textile Chemicals Mergers andAcquisitions. He has served as CEO of CHT R. Beitlich GmbH Germany for the period from1979 to 2001 and CEO of Rudolf Chemie GmbH Germany for the period from 2002 to 2010. Atpresent he is serving to Rudolf Chemie GmBH as a Member of Advisory Board. He was Memberof the Board of TEGEWA (an Association of textile auxiliary manufacturers) Germany formore than 20 years.

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