high end large carbon black briquetting plant sell at a loss in east asia

high end large carbon black briquetting plant sell at a loss in east asia

As per latest estimates of IHS Chemical (Market Advisory Service), the total Global Demand in 2017 was approximately 59 Million Tons against an estimated capacity of approximately 68 million MT. Soda Ash demand remains strong in most global regions other than winter supply issues and China''s restriction problems which cause temporary pockets of tightness. There has been an influx of new supply of natural soda ash from Turkey, which is cost-competitive and hence more sustainable than synthetic production; in fact during 2017 Turkey has added 4 streams totalling 2.0 million MT which has caused significant disruption on the supply side. As a result of this cheaper supply, more costly synthetic supply from high-cost producers, particularly in Europe, has come under increasing pressure

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Soda Ash demand in Europe has improved over the last year and is expected to remain stable for some time. However, the supply side is disturbed due to new supplies from Turkey have started having an effect. Delayed commissioning of Kazan''s 5th line and high demand/low supplies from China into Asia and East Europe has been helping maintain some balance

In spite of increasing economic problems that are affecting the financial viability of some operations, China continues to be the largest Soda Ash player in the world, having a capacity of 31 million tpa, which is 46% of the global capacity. Even after various restrictions and disturbances, overall Chinese soda ash output continues ahead of the 2 million MT month mark. Currently, another round of environmental inspections is carrying on in various provinces causing some disruptions and lower rate of operations. As per IHS Chemical report China''s operating rates were around 88% in 2017, reporting a production of 27 million tpa and domestic consumption of 25 million tpa, with 1.5 million tpa being exported. Our assumption of domestic growth in China is around 4 to 5% due to downstream improvement, especially flat glass

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US producers continue to enjoy the highly competitive production costs. Around 58% of US Soda Ash production is sold to export markets and shipment volumes have been increasing year by year. US capacity is 13 million tpa and they produced around 12 million tpa of soda ash and their annual production represents 91% operating rate. The US production is stated to have grown by 1% in 2017 where as domestic demand for soda ash also saw a growth of 1% versus 2016. The total domestic consumption was estimated at around 5 million tpa and they exported around 7 million tpa recording 3% growth. US exports are supported by good demand from South America, South East Asia (especially due to lower Chinese exports), Australia and parts of Europe. However, in future, US will face competition from Turkey in their traditional markets of South East Asia & Asia Pacific owing to the natural freight advantage that Turkey enjoys over US. In fact US may vacate some of these markets in favour of Turkey in this year

As regards Domestic Soda Ash market is concerned, after couple of years, the demand has witnessed a growth of 11% in FY 2017-18 as against last year. Indian soda ash markets remain strong with excellent growth in most of the downstream sectors. Our market estimate indicates that the momentum in the downstream demand growth will remain. The coming fiscal should see stable demand for soda ash with the main drivers being a strong detergent and float glass sector followed by a reasonably silicate and chemical sectors

Total Soda Ash installed capacity in India is 3.5 million tons, with an estimated production of about 3 million tons in last financial year (2017-18). The total size of the Indian soda ash market is about 3.75 million tons and almost all the major industry players are located in the state of Gujarat due to the closeness and ready availability of the main raw materials namely limestone and salt

At present your Soda Ash plant has a capacity of 9.75 lacs tpa. During the financial year 2017-18 your company has produced 9.37 lacs tons soda ash. This year, the Company has also achieved highest domestic sales i.e. 8.47 lacs tons and total sales of Soda Ash is 8.69 lacs tons including exports

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Our ongoing 1.25 Lacs MT Brownfield expansion is likely to get completed by Q4 FY19. Going forward we are looking at another Brownfield expansion of 1.25 lacs metric ton to be completed over a period of 2 year. Your company is also aggressively working on Greenfield expansion of 5 lacs MTPA which is likely to be completed in 4-5 years

During the year, the Company achieved production of BiCarbonate 35342 tons against 27677 tons in the previous year. During the year the Company achieved sales of Bi-Carbonate 34888 tons against 27638 tons in the previous year. Your company has doubled the capacity to 60000 MTPA which has been completed in January 2018. The full benefit of the expansion will be achieved in the coming year

Your company had initiated R&D activities for last five years to achieve following objectives (a) Introduce latest and economical technologies in the plant; (b) Provide innovative solutions to recurring problems and save natural resources; (c) To improve carbon foot print of company and contribute in national saving and environment improvements; (d) Energy conservation projects and (e) To improve soda ash production and plant productivity

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The R&D department operates with focused mandate (a) to Identify latest technology, superior design of equipment, improving process efficiency leading to reduced raw material consumption and reduced utility consumption resulting in better life of equipment and reduced cost of manufacture (b) to identify the possibility of producing value added products from wastes of soda ash manufacturing; (c) to identify suitable expert agencies who can find permanent solution to recurrent process problems; (d) to study possibility of catering to specific requirements of customers like soda ash briquettes (e) to suggest practices and procedures which can focus on reducing the energy consumption & reducing raw material consumption thus reducing carbon foot print

We carry out above activities with the help of research department of premier chemical engineering institutes, reputed consultants & in house capabilities. During the year, your company has carried out following activities:

We had only one briquette plant binder supplier capable of supplying binder suitable for our plant. We worked closely with various vendors and modified their process to manufacture binder confirming to our quality requirements. Now we have three alternate suppliers thereby strengthening our supplier base as well as better quality product

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Plant trials with higher viscosity of Pre-gel starch binder in coke briquetting plant have been taken up by working in co-ordination with few suppliers. Initial plant trials have indicated reduction of binder consumption by 1-1.2 %. Further trials are going on

In co-ordination with a leading Engineering College of South India, we have developed product equivalent to paver blocks from our wastes viz. fly ash, limestone fines & waste plastics. The blocks are water resistant having properties almost similar and strength equal to concrete. These blocks can be used for constructing path way, canal linings, floorings etc

4) In close co-ordination with an International agency, exhaustive work has been carried out for improving the efficiency of carbonation towers. Expert guidelines issued by them are in implementation stage

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After exhaustive studies and experimentation in association with an international agency through R & D efforts, we have developed solution for preventing soft lump formation in our refined sodium bicarbonate bags. We made changes in manufacturing stage of purge liquor during Refined Sodium Bicarbonate Manufacture resulting in saving of 5 MTPD of internal soda consumption

7) We have adopted belt filter technology and installed same in our expansion phase for reducing steam consumption in Calciners. Further, high speed filter with technology from Germany is being commissioned. This shall also reduce the steam consumption in Calciners

The domestic textile industry in India is projected to reach US$ 250 billion by 2019 as per recent IBEF (India Brand Equity Foundation) report from US$ 150 billion in July 2017. Rising per capita income, favourable demographics and a shift in preference to branded products are likely to boost demand. Textile and apparel exports from India is expected to increase to US$ 82 billion by 2021 from US$ 37 billion in 2017. The Indian Textile Industry contributes to around 10% of industry output in value terms, 2% of India''s GDP and to 15% of the country''s export earnings. With a production of over 6,000 million kgs, India was the largest producer of cotton in the world in 2016-17. India is also the 2nd largest producer of man-made fibre and filament globally, with a production of over 2 million kgs in 2016-17. India is the second largest supply country with a share of 11% after China, with a share of 39%. Over 25% of the US imports in this industry originate from India

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Rising government focus and favourable policies is leading to growth in the industry. 100% FDI, under the automatic route, is allowed in the sector and US$ 140 billion worth of foreign exchange investments are expected. Under the Union Budget 2018-19, Government of India allocated around US$ 1.1 billion for the textile industry. Huge investments are being made by the government under the Scheme for Integrated Textile Parks (SITP) to the tune of US$ 185 million and the Technology Up gradation Fund Scheme (TUFS) to the tune of US$ 216 million, to encourage more private equity and to train workforce

Your company has integrated textile manufacturing facilities centring around Spinning on one hand with 1.76 Lakh spindles and 3320 rotors and Home Textiles (Weaving, Processing and Cut & Sew of Bed Textiles) on the other. Our state-of-the art

Home Textiles facility in Vapi, Gujarat comprises of 190 Air Jet looms, 45 million meter of wide width processing capacity, 12 million meter of weaving capacity and 30 million meter of cut & sew. The Home Textiles division has recently increased weaving capacity by 18% and processing capacity by 25%. GHCL has also stepped up its focus on the domestic market and is working with major organized retail stores and brands in India

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The operating performance of the textiles business faced various industry level challenges like oversupply situation in USA resulting in the drop in the prices as well as margin, impact of GST and demonetisation, reduction in duty drawback etc. However, the Company has strengthened its marketing, product development and operating teams and has altered its focus to work around sustainability and innovation - two areas that are clearly competitive advantage drivers and are likely to see a huge improvement in the proliferation of business across geographies, with better margins, in times to come. As informed above, our Home Textile business is well integrated with our spinning business. Our Spinning units situated in Tamil Nadu are considered to be one of the most efficient and modern yarn manufacturing facilities in India. Our spinning units manufacture multiple varieties of yarn ranging from 100% cotton to blended yarns. This part of the business has performed well during the FY2017-18 and we expect that with the new cotton crop and buoyant yarn demand, the coming year should be even better

Our belief is that with our strong marketing and product development teams in place and launch of new innovative concepts such as REKOOP and FABFIT, we shall be able to create a differentiation through sustainability and innovation. We anticipate that with the acceptance of these two concepts, this business will not only grow top line and but also improve the profitability

Your Directors are pleased to inform that your Company has a consistent track-record of dividend payment for last 24 years. The Board of Directors in its meeting held on May 19, 2016, had approved a Dividend policy of the Company. As per said policy, dividend pay-out (including tax, if any) will be 15 to 20 % of net profit of the Company

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10 each (i.e. 50% on the paid-up capital) for the financial year ended March 31, 2018. Total dividend payout for the financial year 2017-18 shall be Rs. 58.60 crores comprising of dividend amounting to Rs. 48.70 crores and dividend tax of Rs. 9.90 crores. This dividend pay-out amounts to 16.29% of net profit of the Company for the financial year 2017-18 and the same is in line with the approved dividend policy of the Company

The Board of Directors of GHCL Limited in their meeting held on January 31, 2017 had given their approval for Buy Back of the Company''s fully paid-up equity shares of Rs. 10/- each from the Open Market through Stock Exchange route, at a Maximum Buyback price of Rs. 315/- per Equity Share excluding transaction costs, for an aggregate amount of Rs. 80 Crores. The information in this regards had already been given in last annual report

Your Directors are pleased to inform that in line with the said approval, since starting of buyback process, the Company had bought back 31,56,000 equity shares and extinguished the same. Out of which 5,73,438 equity shares were bought back and 546,550 equity shares were extinguished in Financial Year 2016-17 and balance 25,82,562 equity shares are bought back and 26,09,450 equity shares are extinguished during financial year 2017-18. Consequently after said extinguishment of equity shares, the issued & paid-up capital of the Company stands reduced to Rs. 96,86,32,860/- consisting of 9,68,63,286 equity shares (i.e. 10,00,19,286 equity shares minus 31,56,000 equity shares) as on September 30, 2017

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Your Directors are pleased to further inform that the price at which the equity shares were bought back was dependent on the price quoted on the stock exchanges. The highest and lowest price at which equity shares were bought back was Rs. 277.00 and Rs. 233.50 per equity share respectively. The average price (excluding brokerage and other charges) at which the equity shares have been bought back is Rs. 252.04 per equity share and the total amount deployed in the Buyback is Rs. 79.54 crores, which represents 99.43% of the Maximum Buyback Offer Size (excluding transaction cost)

Your company has Employees Stock Option Scheme for its permanent employees as per the scheme approved by shareholders in their Annual General Meeting held on July 23, 2015. The Company had obtained in-principle approvals from the Stock Exchanges for issue of 50 lakh equity shares through Employees Stock Option Scheme. During the year, the Nomination and Remuneration Committee in its meeting held on October 24, 2017 had granted 2.30 Lacs Stock Options to its 14 employees at an exercise price of Rs. 170 each. Subsequent to the year end, the Nomination and Remuneration Committee in its meeting held on April 25, 2018 had granted 21.30 Lacs Stock Options to its 58 employees (including three KMPs) at an exercise price of Rs. 150 each. Employees may exercise their options after vesting period, subject to compliance of other terms and conditions of the Scheme approved by the shareholders

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