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एसपीआईसी ऑर्गेनिक्स

बीएसई: 524142  |  NSE: UBPETRO  |  ISIN:  |  Petrochemicals

खोजें एसपीआईसी ऑर्गेनिक्स कनेक्शन
निदेशकों की रिपोर्ट वर्षांत : Mar '00
 The Directors have pleasure in presenting the Fourteenth Annual Report
 with the Audited Accounts for the period (9 months) ended 31st March,
 2000.
 
 OPERATING RESULTS
 
 The Operating Results for the period under review are given below :
 
 Products                                                          Sales
 
                                     1999-2000                 1998-1999
                                    (9 Months)               (15 Months)
 
                                 Qty.     Value       Qty.         Value
                                 (MT) (Rs. in Lacs)   (MT) (Rs. in Lacs)
 
 Propylene Oxide                 424        412.59     299        351.33
 
 Propylene Glycol               5108       3296.64    6890       4312.44
 
 Polyol                         4676       4071.35    6905       5830.18
 
 DCP                            1010         59.96    1074         62.59
 
 Isocyanates                      32         48.47      37         52.25
 
 Total                         11250       7889.01   15205      10608.79
 
 FINANCIAL RESULTS
 
                                                1999-2000        1998-99
 DETAILS                                        (9 Months)   (15 Months)
                                             (Rs. in Lacs) (Rs. in Lacs)
 
 Profit before depreciation and interest            857.80       2120.82
 
 Interest                                           361.95       1183.38
 
 Depreciation                                       346.93        612.54
 
 Deferred expenditure written-off                   251.76           Nil
 
 Net Profit/(Loss) before Tax                     (102.84)        324.90
 
 PLANT PERFORMANCE
 
 The capacity utilization and PG plants improved to 98% and 94% as
 compared to 81% and 80% respectively during the previous period, while
 Polyol plant recorded an utilization of 83% as compared to 89% during
 the previous period.  The optimal capacity utilisation was made
 possible by the uninterrupted supplies of optical like Propylene and
 Chlorine from indigenous sources.  The comfort of the Sageguard duty
 imposed on imported Propylene Glycol and Polyol during later part of
 previous period was neutralised to a large extent by phenomenal
 increase in the prices of major raw material and utilities during the
 period under review.  Even though safeguard duty came down to 11% and
 5% from 16% and 20% on Propylene Glycol and Polyol respectively,
 effective 24.12.1999, the declining Rupee Dollar parity is expected to
 help the Company maintain the price line of its products.
 
 During the (9 months) under review, the Company recorded a profit
 before depreciation of Rs.495.85 lacs as compared to Rs.937.44 lacs
 during the previous accounting period (15 months).  The interest out-go
 was considerably reduced on account of the restructuring scheme
 implemented by the Company.
 
 After providing for Depreciation of Rs.346.93 lacs and a deferred
 expenditure write-off of Rs.251.76 lacs the Company recorded a loss of
 Rs.102.84 lacs.
 
 In view of the losses carried forward, the Directors regret their
 inability to recommend any dividend for the year 1999-2000.
 
 ONE TIME SETTLEMENT
 
 As already reported to the Members, the Management in its efforts to
 put the fortunes of the Company back on rails embarked upon a scheme of
 Financial Institutions and implemented in full during the current
 accounting period resulted in the Company availing interest waiver of
 Rs.981 lacs, out of which a sum of Rs.888 lacs was taken credit for
 during the last accounting period and a sum of Rs.93 lacs duly taken
 credit for during the period under review.  The benefit of the above
 scheme would be reflected in the future working results of the Company
 through reduced interest cost.
 
 OUT OF COURT SETTLEMENT WITH A MAJOR SUPPLIER
 
 Members are already aware that, an amount of Rs.369.76 lacs was
 received from a major raw-material supplier, consequent to the
 settlement reached with them out of Court, on the Company's claims for
 price differential and interest thereon relating to suppliers made by
 them earlier years.
 
 In view of the fact, that, the supplier is our continued long standing
 source for the critical raw-materials and the enduring benefit the
 Company derives due to the reduced basic price of raw-material as per the
 terms of the MOU reached, the balance amount of Rs. 562.99 lacs
 representing difference in claim over the settlement, is treated as
 deferred revenue expenditure as explained in Note No. 17 of Notes of
 Accounts.  As regards the Auditor's remarks on the above vide para 2(f)
 of their Report on Accounts, the ending benefit to the Company as a
 result of the out of Court settlement reached, forms the basis of
 accounting treatment adopted in this regard.
 
 MARKETING
 
 The period under review started on a higher note with satisfactory
 selling price and low cost of production.  Even though, the increasing
 cost of inputs as stated above since October, 1999, brought down the
 profitability, the company has retained its market share.  The period
 under review, witnessed an increase in sale to the extent of 28% with
 regard to Propylene Glycol as compared to the previous period.
 Similarly, Polyol also recorded an increase of 16% in sales as compared
 to the previous period.
 
 The sales continue to be good in the current year and it is expected,
 that it would further increase in line with capacity, utilisation.
 
 FUTURE OUTLOOK ON NEW PRODUCTS
 
 The Company developed specialty surfactants, which are expected to
 make deep inroads in the current year.  These are used in several
 fields including the detergent sector.  Once the field trials are
 completed, this production line is expected to open to lucrative
 alternatives for optimising product portfolio.  This product has
 already found excellent acceptance in the pharmaceuticals field.
 
 CFC free formulations have been commercialised subsequent to the
 successful trials conducted by the company.  The company has changed
 over to CFC Free products with approach formulation from the R&d house
 of MPL.  The Company is optimistic that it would further increase its
 market share in the coming years and would not lose the opportunity
 when other users also change over.
 
 The sale of elastomer grade of Polyol is showing sings of improvement
 and is expected to contribute 10 percent of the total Polyol sales.
 
 MERGER WITH MANALI PETROCHEMICALS LTD.
 
 The Company is contemplating a merge with Manali Petrochemical Ltd., a
 Company belonging to SPIC Group and manufacturing the same product
 lines, considering the various benefits that would accrue in the merged
 operations.  On obtaining the requisite approvals you would be intimated
 in detail in this regard.
 
 SAFETY
 
 Highest standards in safety were maintained by the Company in all its
 facets of activities at the plant during the financial year under
 review.
 
 The company takes pride in informing you that there was no accident
 during the period under review.
 
 Safety Audit by external agency was carried out by the Company for
 improving and updating the systems.  The external agency in its report
 had commenced the existing safety systems of the Company.
 
 DIRECTORS
 
 Since the last Annual General Meeting the following changes have taken
 place in the Board of Directors.
 
 During the year, Mr. S. Suryanarayanan, Nominee Director (IDBI) and Dr.
 H.S. Vachha, Nominee Director (ICICI), were withdrawn from the Board,
 subsequent to the repayment of Term Loans in full to all the Financial
 Institutions, by the Company.
 
 The Directors place on record their appreciation of the valuable
 services rendered by Mr. S. Suryanarayanan and Dr. H.s. Vachha, during
 the tenure of office as Nominee Directors.
 
 Mr. T. Willington and Mr. M.G. Thirunavukkarasu, Directors who retie
 by rotation under the Articles of Association are eligible for
 reappointment.
 
 PARTICULARS OF EMPLOYEES
 
 Statement giving particulars of Employees as required by Section
 217(2A) of the Companies Act, 1956, read with The Companies
 (Particulars of Employees) Rules, 1975, as amended, is not required to
 be annexed to this report, as no employee is coming under the purview
 of this Section of the Companies Act, 1956 during the period under
 review.
 
 CONSERVATION OF ENERGY
 
 As required under section 217(1)(e) of The Companies Act, 1956, read
 with The Companies (Disclosure of particulars in the Report of
 Directors) Rules, 1988, the required information relating to,
 Conservation of Energy, Technology Absorption and Foreign Exchange and
 outgo are annexed hereto.
 
 DETAILS OF STOCK EXCHANGES WHERE COMPANY'S SHARES ARE LISTED
 
 The Company's Shares continue to be listed in the Madras, Mumbai,
 Ahmedabad; Bangalore, Calcutta and Delhi Stock Exchanges.
 
 ISSUE OF SHARES TO PROMOTERS
 
 The Company has issued Shares to M/s. Southern Petrochemical Industries
 Corporation Ltd., during the period under review on a Preferential
 basis u/s. 81(1A) of the Companies Act, 1956, as per the approval of the
 Shareholders obtained in the 13th Annual General Meeting, as a result
 of which the Company has become a subsidiary of M/s. SPIC Limited, as
 the latter holds 54.64% of Shares of the Company.
 
 FIXED DEPOSITS
 
 The Company has not accepted any Deposits from public during the period
 under review.
 
 INDUSTRIAL RELATIONS
 
 The Company maintains extremely cordial with its employees and the
 Directors wish to record their appreciation of the valuable services
 rendered by the employees at all levels.
 
 COST AUDIT
 
 Cost records relating to Polyols, Propylene Glycol and Propylene Oxide
 manufactured by the Company at subject to cost audit pursuant to
 Section 233B of the Companies Act, 1956 to be carried out by M/s.
 Gopalan & Associates, Cost Accountants, appointed by the Company in
 this regard.
 
 AUDITORS
 
 M/s. Fraser & Ross, Chartered Accountants, Chennai, the present
 Auditors of the Company retire at the ensuing Annual General Meeting.
 However, they have communicated their unwillingness for
 re-appointment.  M/s. S.R. Batliboi & Co., Chartered Accountants,
 Chennai, are being recommended for appointment as Statutory Auditor
 for the year 2000-2001.  They have given a Certification to he effect
 that their appointment, if made, will be within the limits specified
 under section 224 (1B) of the Companies Act, 1956.
 
 B. TECHNOLOGY ABSORPTION :
 
 I) Research and Development
 
 1. Specific Areas in which R & D carried out by the Company :
 
 a. Making use of carbondioxide as blowing agent, flexible Moulded
 formulations have been developed for commercial use.  Further fine
 tuning of formulations are under progress.  Work is also continuing
 in fine tuning the formulations in the case of EO/PO Condesates
 known as Spicosolves.
 
 b. Increasing /diversifying the product portfolio to ensure the stable
 operations.
 
 c. Commercialise EO/PO condensates and the CO2 system.
 
 d. Expenditure on R & D :
 
                                                           (Rs. in lacs)
 
 Capital Expenditure /Advance                                     N.A.
 
 Recurring (including market / R & D)                             35.67
 
 Total Expenses                                                   35.67
 
 Total as & of turnover                                           0.45%
 
 II) Technology Absorption, Adoption and Innovation :
 
 a. Efforts made :
 
 Technology has been fully absorbed and foreign help was not sought in
 production of base Polyol and Propylene Glycol and formulations of
 Polyol.
 
 b. Benefits :
 
 Enduring markets and lower cost of production.
 
 C. FOREIGN EXCHANGE EARNINGS AND OUTGO :
 
 a. Efforts :
 
 All the products manufactured by the company are import substitutes
 which have saved significant amount of Foreign Exchange outflow.  The
 Company is exploring the possibilities to improve its Export earnings.
 
 b. Earnings and Outgo :                                   (Rs. in Lacs)
 
 i) Foreign Exchange earnings : Export Sales (FOB)                 10.23
 
 ii) Foreign Exchange outgo  : (Travel)                             5.56
 
 iii) Subscription                                                   Nil
स्रोत: रेलीगरे टेचनोवा

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