Bharuch, September 23, 2006: The 30th Annual General Meeting of Gujarat Narmada Valley Fertilizers Company Limited (GNFC) was held at Narmadanagar, Bharuch on 23rd September, 2006. Addressing to the shareholders of the Company, Shri S. G. Mankad, Chairman said, “The Company has posted excellent financial performance by achieving its highest ever sales-turnover (Rs. 2281.33 crore), profit before tax-PBT(Rs. 446.55 crore)and profit after tax-PAT (Rs. 294.72 crore). As a commitment towards shareholders, the Company has also declared highest ever Dividend @ 42.5%, which involved payment of Rs. 70.98 crore.”
“The Company has also established as many as 104 new records of production, marketing and dispatch. All the plants of the Company were operated at over 100% capacity utilization during the year. Add to it, both Ammonia and Urea Plants of the Company achieved over 100% capacity utilization for the 15th year in succession. The Company has achieved highest ever annual sales records for Methanol, Acetic Acid, Formic Acid, CNA and WNA.”
The Company has also excelled on the marketing front. Sales-turnover registered a growth of 18% over the last year. The sale of own manufactured fertilizers was the highest ever at 10.18 lac MT during the year. Out of the total sales of 12.45 lac MT fertilizers, 8.28 lac MT of fertilizers were sold in the primary marketing zone, saving significantly on freight cost. 5.64 lac MT of fertilizers were sold only in Gujarat.
The Company has won the prestigious “Transfer of Improved Farm Technology” National Award from the Fertilizers Association of India. The Company has also undertaken various programmes viz. Young Farmers’ Training Programmes, Tissue Culture, etc. for the upliftment of Agriculture and farmers.
The Company is the joint promoter of Gujarat Green Revolution Company Limited (GGRCL), which has been set up to promote Micro Irrigation System (MIS) in Gujarat. The use of MIS in agriculture helps the farmers to economize on the cost of cultivation and achieving better returns.
Talking about the Company’s corporate plan Shri Mankad said, “The Company is pursuing growth through revamp and expansion of its existing plants. The Company is exploring putting-up projects for Ammonia Plant Feed Stock Conversion from LSHS to Natural Gas and N2O Abatement project under clean development mechanism. During the year, the Company has commissioned several projects that include Air Separation Unit (ASU) Revamp, Setting up of a new Methanol Synthesis Unit and Shifting of filling stations for Industrial Products. The Company has also re-started sale of AN Melt after shifting the AN Melt Filling Station at a safe location away from the plants. The new AN Melt filling station has state-of-the-art technology and is equipped with additional safety features.
The Company, in collaboration with Central Salt & Marine Chemicals Research Institute, Bhavnagar (CSMCRI) has developed a process to convert the waste lime produced in the Ammonium Nitrophosphate Plant to value added Calcium Carbonate. A Precipitated Calcium Carbonate Plant with a capacity of 100 MTPD is being setup and slated to be commissioned by October 2007.
The Company is revamping its Urea Plant to reduce the energy consumption and it is expected to be commissioned by October 2007. It is also revamping its Methanol II Plant to increase the Methanol Production by about 175 MTPD and it is expected to be operational in phased manner by February 2008.”
Informing the shareholders on the Company’s progress in the Information Technology sector Shri Mankad said, “The Company has witnessed a major growth in the demand and sale of Digital Signature Certificates (DSCs) based on Public Key Infrastructure Technology during the year. The Company has successfully developed many applications for addressing various needs of Importers/ Exporters, IFFCO, Northern Railway Vendors, Government of Gujarat Vendors, Company Directors/Chartered Accountants/Chartered Secretaries for ROC e-filing Project (MCA- 21) and several others. The Company is fully committed to Environment Protection and Safety. The Safety Audit and Operational Risk Analysis were conducted during the year. The Company is an ISO 14001 certified Company and has decided to get certificate for OHSAS 18001, to establish excellent systems in occupational health and safety.
On social commitment, he said, “The Company is conscious of its obligations towards the Society and has been contributing for the social upliftment in and around Bharuch district, directly and also through Narmadanagar Rural Development Society (NARDES), a non-profit institution of the Company.
The urban & rural areas of Surat District in Gujarat were worst affected by devastating floods recently. GNFC immediately rose to the occasion to help the affected people in Surat. 22.87 lac food packets, 24.18 lac water pouches and 3.40 lac packets of food materials were rushed to Surat. Further, 24 water tankers were also sent, in view of the problem of drinking water in Surat. In addition, 14,500 kits containing pulses – rice, sugar, milk powder and tea were prepared worth Rs. 15 lac, which was collected from the donation of one day salary of the employees of the Company. The Government of Gujarat had set-up a Co-ordination Centre at GNFC, Bharuch for the relief works. The relief material collected from various Industries and Districts like Vadodara, Bharuch, Anand, Dahod, Panchmahal, Narmada and Gandhinagar was co-ordinated and sent to Surat from this Centre.
Narmada Chematur Petrochemicals Limited (NCPL), the subsidiary of the Company continued its onward march with splendid performance. NCPL has also achieved its highest ever profit before tax of Rs. 53.27 crore and profit after tax of Rs. 35.28 crore during the year. The shareholders of the company have already approved the merger of NCPL with GNFC.
On the future outlook of the Company he said, “The revamp of Air Separation Unit and new Methanol Synthesis Unit, the production of Ammonia, Methanol and Acetic Acid has improved. The merger of NCPL with the Company will open new avenues. The Company will be able to manufacture and market Aniline and TDI more effectively. All these will have a positive impact on the profitability of the Company. The Company has continued its excellent performance during the first quarter of the current financial year. This is indeed a welcome trend for the beginning of a record-breaking year once again.
|