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Vinyl Chemicals (I) Ltd.

BSE: 524129 Sector: Others
NSE: VINYLINDIA ISIN Code: INE250B01029
BSE 00:00 | 17 Sep 220.50 -6.20
(-2.73%)
OPEN

227.25

HIGH

228.10

LOW

218.70

NSE 00:00 | 17 Sep 220.80 -6.05
(-2.67%)
OPEN

227.00

HIGH

228.80

LOW

218.65

OPEN 227.25
PREVIOUS CLOSE 226.70
VOLUME 29773
52-Week high 244.25
52-Week low 92.95
P/E 24.55
Mkt Cap.(Rs cr) 404
Buy Price 0.00
Buy Qty 0.00
Sell Price 0.00
Sell Qty 0.00
OPEN 227.25
CLOSE 226.70
VOLUME 29773
52-Week high 244.25
52-Week low 92.95
P/E 24.55
Mkt Cap.(Rs cr) 404
Buy Price 0.00
Buy Qty 0.00
Sell Price 0.00
Sell Qty 0.00

Vinyl Chemicals (I) Ltd. (VINYLINDIA) - Chairman Speech

Company chairman speech

ANNUAL REPORT 2000-2001 VINYL CHEMICALS (INDIA) LTD. CHAIRMAN'S SPEECH Ladies and Gentlemen, I welcome you all to the FIFTEENTH Annual General Meeting of our Company. The Directors Report and Audited Accounts for the year ended 31st March, 2001 have been with you for sometime and with your permission, I shall take them as read. PERFORMANCE FOR THE YEAR 2000 2001 You will have noted from the Annual Report that - a. The plant remained closed for 61 days including 11 days for change over of catalyst and for annual maintenance shutdown and for 35 days due to non availability of Ethylene, an essential raw material. b. The production and sales (excluding traded goods) of Vinyl Acetate Monomer (VAM) in volume were at 13,517 MT and 13,625 MT respectively as against 11,209 MT and 11,467 MT in the previous year. c. Compared to the previous year, the selling price of VAM remained firm during most part of the year. d. The price of Ethylene, an important raw material fluctuated in the range of Rs.3 1.50 per kg. to Rs.4 1.50 per kg. e. There was no benefit of exemption from Sales Tax and Purchase Tax during the year as the same has ended in February, 2000. f. Trading turnover decreased to Rs.1207 lac as against Rs.3965 lac in the previous year. g. The net profit for the year was Rs.565 lac after providing for depreciation of Rs.253 lac and taxation of Rs. 162 lac against net loss of Rs. 198 lac in the previous year. DIVIDEND Directors have recommended dividend at the rate of 10% for the year. PROSPECTS FOR THE CURRENT :AR 2001 - 2002 During the quarter April - June, 2001 the plant remained closed for 3 days including 49 days for non availability of Ethylene an important raw material. In the corresponding quarter in the year 2000 - 2001, the plant remained closed for only 19 days which was on account of annual shutdown, change over of catalyst and non availability of Ethylene. Uncertainty regarding assured supply of Ethylene is a matter of great concern. The management is exploring various options to find a suitable solution for this issue. The production and sales of manufactured VAM during this quarter are 1602 and 1543 tons as compared to 2886 and 2709 tons during the corresponding period of 2000. The sale of traded goods during this quarter has been Rs.902 lac as compared to Rs.852 lac during the corresponding period of 2000. Since April, 2001 the price of VAM in the international market has fallen and it appears that the price will remain weak for atleast few months. On the other hand, the supply of Ethylene has remained erratic and its price has been fluctuating between Rs.33.10 per kg. to Rs.36.10 per kg. The cumulative effect of all these factors is the Net Loss for the quarter of Rs.86 lac as compared to Net profit of Rs.48 lac for the corresponding period of 2000. If Ethylene supply remain satisfactory during the rest part of the year, company expects reasonable performance for the year. DEBOTTLENECKING / EXPANSION: The company has taken steps to implement debottlenecking / expansion proposal to increase the capacity of the plant to 24,500 tpa and for setting up Oxygen / Nitrogen plants. In conclusion, I express my sincere thanks to: a. Our Shareholders for their trust in the Company b. Our valued customers and suppliers I also express my gratitude to each one of my colleagues on the Board for their valuable advice and support I sincerely thank all the employees of our Company and the group Companies for their co-operation, dedication and devoted work. Lastly, I sincerely thank you all for being present here. Thanking you again, B. K. PAREKH CHAIRMAN Date: 3rd August, 2001 This does not purport to be a record of the proceeding of the Annual General Meeting. VINYL CHEMICALS (INDIA) LTD. Regd. Office: 7 floor, Regent Chamber, Jamnalal Bajaj Marg, 208, Nariman Point Mumbai 400 021
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