MUMBAI, April 28, 2020 /PRNewswire/ — DCW Limited (“DCW”), one India’s leading specialty chemical manufacturers, has partially resumed its largest integrated Sahupuram plant which is placed in the vicinity of Tuticorin port in Tamil Nadu. The company produces Synthetic Iron Oxide Pigment (SIOP), C-PVC, PVC and Caustic Soda at this facility. The company has resumed its partial operations on the back of permissions granted by the Government of India. The company also resumed partial operations of its Soda Ash plant located at Dhrangadhra, Gujarat.
Adapting business operations for worker safety:
The management of DCW has placed paramount importance to be in compliance with all the regulatory requirements, including the social distancing norms. Accordingly, the company has taken several precautionary measures to safeguard the well-being of its workers. These measures include providing masks, hand sanitizers, cleaning the factory premise with disinfectants regularly and closely monitoring the general health of the workers.
Furthermore, as an integrated facility, the plant is self-sufficient for its input resources such as power, raw materials and processing. As the plant is less dependent on the external supply chain to run its operations, the company has sustainable plans to maintain production continuity. DCW plans to ship its confirmed orders by international customers through the functioning Tuticorin port, which is located in close proximity to the plant.
Even though the factories are running on a partial basis, all the essential departments such as finance, R&D, marketing, and operations are working from home to ensure business continuity and minimal disruption.
The company is managing the current disruption with a focus on ensuring adequate liquidity for functioning smoothly until normalcy returns. It has sought a moratorium for its interest and principal payment obligations falling due in the month of March and April 2020.
Serving local villages through this lockdown:
DCW is highly committed to serving society, even during these uncertain times. In midst of the COVID-19 global pandemic, the company is leading the efforts in providing disinfectants to the villages in the nearby vicinity of the Sahupuram plant. It is also providing 3,000 ration kits which include 10 kg of wheat; 1 litre of cooking oil; 1kg of red chili powder; 5 kg khichadi; 1 kg of toor dal; and 1 kg of salt. These kits are designed to be sufficient for providing nutrition to a family of 4 members, for the duration of 15 days.
The management of DCW feel that the current situation is still evolving and fluid, and thus early to predict the actual impact of these developments. Even though the company expects some revenue loss in Q4FY2020 and Q1FY2021 due to lockdown, it has sufficient human and financial resources to steer through these challenging times.
DCW is a specialty chemical company, manufacturing PVC, C-PVC (chlorinated polyvinyl chloride), Caustic Soda, Soda Ash and Synthetic Iron Oxide Pigment (SIOP). The company is the only domestic manufacturer of C-PVC, a versatile thermoplastic used mainly for manufacturing hot and cold-water pipes, industrial liquid handling, and a wide range of products serving a variety of applications. DCW’s Caustic Soda, SIOP and PVC Units are in close proximity to the Tuticorin Port in Tamil Nadu, giving the company a competitive edge over its peers to export its products to global markets.
This release contains statements that contain “forward looking statements” including, but without limitation, statements relating to the implementation of strategic initiatives, and other statements relating to DCW Limited’s future business developments and economic performance. While these forward-looking statements indicate our assessment and future expectations concerning the development of our business, a number of risks, uncertainties and other unknown factors could cause actual developments and results to differ materially from our expectations. These factors include, but are not limited to, general market, macroeconomic, governmental and regulatory trends, movements in currency exchange and interest rates, competitive pressures, technological developments, changes in the financial conditions of third parties dealing with us, legislative developments, and other key factors that could affect our business and financial performance. DCW undertakes no obligation to publicly revise any forward-looking statements to reflect future / likely events or circumstances.
For more information please contact:
Mr. Dilip Darji
General Manager (Legal) & Company Secretary
Mr. Chinmay Madgulkar
Consultant – Dickenson World
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