MIRA
INFORM REPORT
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Report Date : |
07.06.2007 |
IDENTIFICATION DETAILS
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Name : |
CLARIANT
CHEMICALS INDIA LIMITED |
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Formerly Known As : |
COLOUR CHEM
LIMITED |
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Registered Office : |
Ravindra Annexe,
194, Churchgate Reclamation, Mumbai – 400 020, |
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Country : |
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Financials (as on) : |
31.12.2006 |
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Date of Incorporation : |
27.12.1956 |
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Com. Reg. No.: |
11-10806 |
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CIN No.: [Company
Identification No.] |
L24110MH1956PLC010806 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
MUMC00339D |
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Legal Form : |
A Public Limited
Liability Company. The company's shares are listed on the Stock Exchanges. |
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Line of Business : |
Manufacturing of
chemicals like |
RATING & COMMENTS
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MIRA’s Rating : |
A |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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56-70 |
A |
Financial & operational base are regarded healthy. General unfavourable
factors will not cause fatal effect. Satisfactory capability for payment of
interest and principal sums |
Fairly Large |
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Maximum Credit Limit : |
USD 12400000 |
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Status : |
Good |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
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Comments : |
Available
information indicates high financial responsibility of the company. Financial
position is good. The company’s
payments are correct and as per commitments. The company can
be considered good for normal business dealings at usual trade terms and
conditions. It can be
regarded as a promising business partner in a medium to long-run. |
LOCATIONS
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Registered
Office : |
Ravindra Annexe,
194, Churchgate Reclamation, Mumbai – 400 020, |
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91–22–2202 2161 / |
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Fax No.: |
91–22–2202 9781 |
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E-Mail : |
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Website : |
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Factory 1 : |
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91-22-25410999/25411834/25443402/25443409
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Factory 2 : |
113/114 MIDC
Industrial Estate, |
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Factory 3 : |
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Factory 4 : |
Kudikadu, P O
Cuddalore – 607 005, |
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Factory 5 : |
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Branches : |
H. K. House, 2nd
Floor, |
DIRECTORS
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Name : |
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Designation : |
Vice Chairman and
Managing Director |
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Name : |
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Designation : |
Chairman |
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Date of
Appointment : |
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Name : |
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Designation : |
Chairman |
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Date of
Appointment : |
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Name : |
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Designation : |
Vice – Chairman
& Managing Director |
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Date of
Appointment : |
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Name : |
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Designation : |
Director |
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Name : |
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Designation : |
Director |
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Name : |
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Designation : |
Director |
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Name : |
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Designation : |
Director |
KEY EXECUTIVES
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MANAGEMENT
COMMITTEE : |
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Name : |
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Designation : |
Vice- President |
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Date of
Appointment : |
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Name : |
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Designation : |
Chairman |
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Name : |
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Designation : |
Director |
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Name : |
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Designation : |
Director |
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Name : |
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Designation : |
Vice- President |
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Date of
Appointment : |
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Name : |
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Designation : |
Chief Financial
Officer and Company Secretary |
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Date of
Appointment : |
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AUDIT
COMMITTEE : |
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Name : |
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Designation : |
Chairman |
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Name : |
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Designation : |
Director |
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Name : |
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Designation : |
Director |
SHAREHOLDING PATTERN
As on 30th
September, 2006
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Names
of Shareholders |
No. of Shares |
Percentage of Holding |
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A] PROMOTERS HOLDINGS |
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1. Promoters |
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(a) Foreign
Promoters Ebito Chemiebeiligungen AG Clariant International Limited BTP Limited, |
8167080 6075000 2660000 |
30.63 22.78 9.97 |
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Sub – Total |
16902080 |
63.40 |
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B] INSTITUTIONAL INVESTORS |
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2810837 982772 12820 5716 |
10.54 3.69 0.05 0.02 |
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Sub – Total |
3812145 |
14.30 |
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C] OTHERS |
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(a)
Domestic
Companies (b)
Indian
Public (c)
NRIs
/ OCBs |
444797 5420309 81414 |
1.67 20.33 0.30 |
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Sub – Total |
5946520 |
22.30 |
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D] NON-PROMOTERS HOLDING |
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Sub – Total (B+C) |
9758665 |
36.60 |
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GRAND TOTAL (A+D) |
26660745 |
100.00 |
BUSINESS DETAILS
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Line of
Business : |
Manufacturing of
chemicals like |
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Products : |
Item Code No. - Product Description 292410.19- 320417.51- 291590.00-
Acetoacetic Methyl Ester |
PRODUCTION STATUS
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Particulars |
Unit
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Installed Capacity |
Actual Production |
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Pigment dyestuffs
and their dispersions |
M. Tonnes |
|
9870 |
7708 |
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Synthetic organic
dyestuffs |
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|
1337 |
1671 |
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Synthetic resins,
binder materials and auxiliaries |
M. Tonnes |
|
39410 |
38035 |
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Intermediates
(including catalysts) for dyes, pesticides,
Pharmaceuticals, etc. |
M. Tonnes |
|
19530 |
8366 |
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M. Tonnes |
|
1060 |
536 |
GENERAL INFORMATION
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No. of
Employees : |
Around 1490 |
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Bankers : |
v
State
Bank of v
v
Deutsche
Bank v
The
Honkong & Shanghai Banking Corporation v
HDFC
Bank Limited v
Bank
of v
Standard
Chartered Bank |
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Facilities : |
Secured Loans (Rs.
in millions)
Unsecured Loans (Rs.
in millions)
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Banking Relations : |
Good |
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Auditors : |
A. F. Ferguson
& Company Chartered
Accountants Internal Auditors: Mahajan and
Aibara Chartered
Accountants |
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Sister
concerns: |
Ř
Clariant
( Ř
Ř
SF-Chem
AG, Ř
Chemotextil
AG, Switzerlang Ř
Clariant
Guangzhou Masterbatch Limited, Ř
Ř
Clariant
CR s.r.o. Ř
Ř
InfraServ
GmbH & Company Ř
InfraServ
GmbH & Company Hochst KG, Ř
InfraServ
GmbH & Company Knapsack KG, Ř
InfraServ
GmbH & Company Ruhrchemie KG, Germnay Ř
InfraServ
GmbH & Company Ř
Ř
Gesellschaft
fur Ř
Clariant
Consulting GmbH, Ř
Clariant
Chimie Company (p.j.s.), Ř
Clariant
Tokuyama Limited, Ř
Dia
Fine Ř
Kong
Shin Jin Heung Company Limited, Ř
Clariant
Industrias Quimicas S.A. de C.V., Ř
Drycolor
Pacific ( Ř
Shapadu
Tros ( Ř
Clariant
( Ř
Omnexus
Ř
Ř
Chemcolour
Industries (NZ) Limited, Ř
Hoechst
Marion Roussel Limited Ř
Haycolour
Limited. |
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Subsidiary |
Ř
DyStar
India Limited Ř
Vanavil
Dyes & Chemicals Limited Ř
Kundalika
Investments Limited Ř
Clariant
( Ř
Ř
Clariant
(Oesterreich) Ř
Clariant
Ř
Clariant
Benelux Ř
Clariant
Reinsurance Limited, Ř
Clariant
Ř
Clariant
( Ř
Clariant
AG, Ř
Clariant
(Schweiz) AG, Ř
Clariant
Consulting AG, Ř
Clariant
Finanz AG, Ř
Ř
Clariant
( Ř
Clariant
Pigments ( Ř
Clariant
( Ř
Clariant
Verwaltungs Ř
Clariant
Ř
Clariant
(Deutschland) Ř
Disper
Ř
Disper
( Ř
Clariant
( |
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Parent
company: |
EBITO Chemiebeteiligungen
AG |
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Memberships: |
Confederation of
Indian Industry. |
CAPITAL STRUCTURE
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
30000000 |
Equity Shares |
Rs.10/- |
Rs. 300.000 millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
11650000 |
Equity Shares |
Rs. 10 /- |
Rs. 116.500 millions |
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF
FUNDS |
31.12.2006 (9 Months) |
31.03.2006 |
31.03.2005 |
|
SHAREHOLDERS FUNDS |
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1] Share Capital |
266.600 |
116.500 |
116.500 |
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2] Reserves & Surplus |
2835.800 |
3054.390 |
1605.744 |
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3] Share Capital Suspense Account
|
0.000 |
150.107 |
0.000 |
NETWORTH
|
3102.400 |
3320.997 |
1722.244 |
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LOAN FUNDS |
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1] Secured Loans |
14.200 |
359.785 |
189.427 |
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2] Unsecured Loans |
47.900 |
199.582 |
150.000 |
TOTAL BORROWING
|
62.100 |
559.367 |
339.427 |
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DEFERRED TAX
LIABILITIES |
0.000 |
52.564 |
0.000 |
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TOTAL |
3164.500 |
3932.928 |
2061.671 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
1571.700 |
1549.758 |
796.349 |
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Capital work-in-progress |
80.100 |
51.882 |
40.878 |
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INVESTMENTS |
465.100 |
1132.619 |
464.527 |
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DEFERREX TAX
ASSETS |
0.000 |
0.000 |
16.371 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
1281.800 |
1252.837 |
538.551 |
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Sundry Debtors |
1373.600 |
1451.450 |
699.184 |
|
Cash & Bank Balances |
396.200 |
138.896 |
36.781 |
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Loans & Advances |
789.800 |
744.890 |
617.059 |
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Total Current Assets |
3841.400 |
3588.073 |
1891.575 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
2071.800 |
1716.436 |
944.009 |
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Provisions |
739.700 |
672.968 |
204.020 |
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Total
Current Liabilities |
2811.500 |
2389.404 |
1148.029 |
Net
Current Assets
|
1029.900 |
1198.669 |
743.548 |
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MISCELLANEOUS EXPENSES |
17.700 |
0.000 |
0.000 |
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TOTAL |
3164.500 |
3932.928 |
2061.571 |
PROFIT & LOSS
ACCOUNT
|
PARTICULARS |
31.12.2006 (9 Months) |
31.03.2006 |
31.03.2005 |
|
|
Sales Turnover |
7538.900 |
8791.843 |
3949.376 |
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Other Income |
278.900 |
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Total Income |
7817.800 |
8791.843 |
3949.376 |
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Profit/(Loss) Before Tax |
507.700 |
648.385 |
357.815 |
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Provision for Taxation |
179.100 |
244.467 |
201.948 |
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Profit/(Loss) After Tax |
328.600 |
403.918 |
155.867 |
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Earnings in Foreign Currency : |
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Export Earnings |
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Commission Earnings |
|
2276.629 |
945.297 |
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Other Earnings |
|
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Total Earnings |
NA |
2276.629 |
945.297 |
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Imports : |
|
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|
Raw Materials |
|
|
|
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|
Stores & Spares |
|
1463.038 |
503.317 |
|
|
Capital Goods |
|
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Others |
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Total Imports |
NA |
1463.038 |
503.317 |
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Expenditures : |
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|
Cost of Goods Sold |
|
|
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|
Manufacturing Expenses |
325.900 |
|
|
|
|
Administrative Expenses |
666.000 |
|
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|
Raw Material Consumed |
4347.300 |
|
|
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|
Miscellaneous Expenses |
234.700 |
|
|
|
|
Consumption of stores and spares parts |
NA |
8143.478 |
3591.561 |
|
|
Increase/(Decrease) in Finished Goods |
NA |
|
|
|
|
Salaries, Wages, Bonus, etc. |
538.200 |
|
|
|
|
Managerial Remuneration |
NA |
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Payment to Auditors |
NA |
|
|
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|
Interest |
20.500 |
|
|
|
|
Insurance Expenses |
NA |
|
|
|
|
Power & Fuel |
340.100 |
|
|
|
|
Depreciation & Amortization |
153.500 |
|
|
|
|
Other Expenditure |
685.700 |
|
|
|
Total Expenditure |
7311.900 |
8143.478 |
3591.561 |
|
QUARTERLY RESULTS
|
PARTICULARS |
|
|
31.03.2007 (1st
Qtr.) |
|
Sales Turnover |
|
|
2036.000 |
|
Other Income |
|
|
58.500 |
|
Total Income |
|
|
2094.500 |
|
Total Expenditure |
|
|
1825.200 |
|
Operating Profit |
|
|
269.300 |
|
Interest |
|
|
(4.900) |
|
Gross Profit |
|
|
274.200 |
|
Depreciation |
|
|
54.900 |
|
Tax |
|
|
75.000 |
|
Reported PAT |
|
|
144.300 |
200703 Quarter 1
Notes
Expenditure Includes (Increase)/Decrease in Stock in Trade Rs (191.70)
million Consumption of Raw / Packing Materials Rs 1151.50 million Purchase of finished
goods Rs 294.60 million Power and Fuel Rs 109.00 million Personnel Cost Rs
192.20 million Other Expenditure Rs 269.60 million Tax Indicates Provision for
Tax (Including Deferred Tax & Fringe Benefit Tax) EPS is Basic &
Diluted Status of Investor Complaints for the quarter ended March 31, 2007
Complaints Pending at the beginning of the quarter Nil Complaints Received
during the quarter Nil Complaints disposed off during the quarter Nil
Complaints unresolved at the end of the quarter Nil 1. The above results for
the three months ended March 31, 2007 which have been subjected to 'Limited
Review' by the auditors of the Company have been reviewed by the audit
committee and approved by the Board of Directors at its meeting held on April
19, 2007. 2. Other Expenditure for the three months ended March 31, 2006
includes Integration expenses of Rs 85.566 million incurred by the Company on
Amalgamation of erstwhile Clariant India Ltd. Vanavil Dyes and Chemicals Ltd,
BTP India Pvt Ltd and Kundalika Investments Ltd with the Company pursuant to
the scheme of Amalgamation. 3. Previous period's figures have been regrouped
wherever necessary.
KEY RATIOS
|
PARTICULARS |
31.12.2006 (9 Months) |
31.03.2006 |
31.03.2005 |
|
Debt-Equity Ratio |
0.10 |
0.18 |
0.13 |
|
Long Term Debt-Equity Ratio |
0.09 |
0.17 |
0.10 |
|
Current Ratio |
1.39 |
1.48 |
1.55 |
|
TURNOVER RATIOS |
|
|
|
|
Fixed Assets |
2.66 |
3.18 |
2.08 |
|
Inventory |
7.93 |
10.41 |
7.98 |
|
Debtors |
7.12 |
8.67 |
5.74 |
|
Interest Cover Ratio |
25.77 |
17.24 |
10.70 |
|
Operating Profit Margin(%) |
9.04 |
11.59 |
10.65 |
|
Profit Before Interest And Tax Margin(%) |
7.01 |
8.97 |
7.86 |
|
Cash Profit Margin(%) |
6.39 |
7.92 |
6.59 |
|
Adjusted Net Profit Margin(%) |
4.36 |
5.30 |
3.79 |
|
Return On Capital Employed(%) |
20.04 |
28.14 |
16.92 |
|
Return On Net Worth(%) |
13.97 |
20.20 |
9.26 |
STOCK PRICES
|
Face Value |
Rs.10/- |
|
High |
Rs.300.00 |
|
Low |
Rs.291.00 |
LOCAL AGENCY FURTHER INFORMATION
History
Colour-Chem (CCL) was incorporated in 1956 with technical
and financial collaboration of Hoechst and Bayer AG and three Indian business
groups -- the Ruias, the Khataus and Ghias.
In October 2000, 50.1% equity stake of the company held by Hoechest AG,
Subsequently to the merger of the Speciality Chemicals Division of Hoechst AG
with Clariant AG in 1997, CCL has become a part of the global Clariant group.
CCL has subsidiaries, Vanavil Dyes & Chemicals in Cuddalore, Tamil Nadu and
Kundalika Investments Limited
CCL is a leading manufacturer and merchant exporter of pigments, fine chemicals
and leather chemicals and currently enjoys Trading House Status. The business
structure of the Company now comprises of the following divisions :Life Science
and Electronic Chemicals, Pigments and Additives, Textile, Leather and Paper
Chemicals, Cellulose Ethers & Polymerisates, Functional Chemicals.
During 2000-2001, the Reserve Bank of
In 2005, the company decided to amalgamate the companies namely, Clariant
(India) Limited, BTP India Private Limited, Vanavil Dyes and Chemicals Limited
and Kundalika Investments Limited into the company, with the swap ratio of 1
equity share of CCL for 1 equity share of Clariant India Limited, 1 equity
share of CCL for 5 equity shares of BTP India Private Limited and 1 equity
share of CCL for 5 equity shares of Vanavil Dyes and Chemicals Limited
During 2004-2005, the company expanded its installed capacity of Synthetic
resins, binder materials and auxillaries by 3000 MT. With this expansion, the
installed capacity of Synthetic resins, binder materials and auxillaries
increased to 19150 MT.
|
Year |
Description |
|
1959-60 |
Public Issue of
35000 equity shares of the face value of Rs.100/- each |
|
1961-62 |
Rights Issue of Rs.
2.500 millions to the shareholders to finance a Phthalocyanine project. |
|
1964-65 |
Plant for the
manufacture of Phthalocyanine Blue commissioned |
|
|
Additional land
of 10 acres adjacent to the factory was purchased |
|
1967-68 |
Production of Phthalocyanine
Green and Phthalogen Brilliant Blue IF3G commenced. |
|
1970-71 |
The company’s
registered office shifted to Ravindra Annexe |
|
|
Erection of
Intermediates Plant was completed and production commenced |
|
1973-74 |
Issue of bonus shares
in the ratio 1:2 |
|
|
R&D Centre
inaugurated by the Hon’ble Minister for Industrial Development Science and
Technology, |
|
1974-75 |
R&D Centre
recognised by the Department of Science and Technology, Government of India |
|
1976-77 |
Issue of bonus
shares in the ratio of 3:8 |
|
1978-79 |
Company’s factory
at Roha commissioned |
|
|
Production of
Organic Pigments and 3.3” DCB at Roha factory commenced |
|
1979-80 |
Issue of bonus
shares in the ratio of 2:5 |
|
|
ETP commissioned
at Thane |
|
|
Joint Venture
company in |
|
1981-82 |
The company
became a joint sector co-promoter of Vanavil Dyes and Chemicals Limited
[VDCL] with a stake of 25% in its equity capital |
|
1986-87 |
An ‘On-site
Disaster Plan’ was introduced at Thane and Roha |
|
|
Secondary
[biological] Effluent Treatment Plant was set up. |
|
|
Installation of
an incinerator for disposal of liquid and solid chemical sludges was
completed at Roha |
|
1988-89 |
Hoechst AG
acquired 16.4% equity holding of Bayer AG |
|
|
The company
acquired TIDCO’s shares in VDCL bringing its stake in VDCL to 51%. |
|
|
Technical
Consultancy Agreement with Bayer AG was terminated effective |
|
|
Agreement with wholesale
selling organisations was terminated and the company’s own Marketing Division
was set up. |
|
1989-90 |
Hoechst AG
formally became the sole technical/financial collaborator on |
|
|
Regional
Marketing Offices were set up at Ahmedabad, Kolkata, |
|
|
Technical Service
Centre for leather was set up at |
|
1991-92 |
The modernised
Diketene Plant was commissioned on |
|
|
Hoechst AG
increased its equity holding to 40%. |
|
1992-93 |
Shareholders
approved preferential allotment of shares to Hoechst AG and a Rights Equity
Issue in the ratio of 1:5. |
|
|
A preferential
allotment of 168800 equity shares to Hoechst AG at a premium of Rs.600/- per share
was completed in December 1992 increasing its holding from 40% to 50.52%. |
|
|
The modernised
Phthalocyanine Green Plant and upgraded ETP facilities at Thane works has
commissioned in March 1993. |
|
1993-94 |
During May 1993,
a Rights Equity Shares Issue in the ratio of 1:5 to shareholders and
Preferential Equity Issue to employees at a premium of Rs. 500/- per share
was made |
|
|
On allotment of
these shares in July 1993, Hoechst AG’s shareholding declined marginally to
50.1%. |
|
1995-96 |
Textile Dyes
business was exited. Toll Manufacture of reactive dyes, disperse dyes and
pigment emulsion on behalf of DyStar |
|
1998-99 |
Mowicollâ, the company’s first consumer product was
launched in October 1998. |
|
|
The company’
first Voluntary Retirement Scheme [VRS] was introduced in two phases and
resulted in the separation of 443 employees. |
|
1999-2000 |
The company’s
shares were inducted into the National Securities Depository Limited as well as
Central Depositary Services [India] Limited, to enable shareholders to hold
and trade the securities in electronic form, if they so desire. |
|
|
The company
launched its website – www.colour-chem.com
on |
|
2000-01 |
The Reserve Bank
of India approved the disinvestments of the company’s holding of 24000 Equity
Shares of face value of Rs. 100/- each in Haycolour Limited, Sri Lanka to
‘Hayleys Textile Services Limited’, Sri Lanka at par value. |
|
|
The company was
conferred the Golden Trading House Certificate in recoginition of its
long-standing contribution to exports. |
|
|
The face value of
the equity shares of the company was subdivided from Rs. 100/- each to Rs.
10/- each effective |
|
2001-02 |
The company successfully
went with the upgrade of its SAP ERP systems to SAP R/3 4.6C – one of the
first complete implementation sites in the chemicals manufacturing sector. |
The company’s
product ranges are as follows:
Ř
Synthetic
Organic Dyestuffs
Ř
Pigments
Ř
Synthetic
Resins
Ř
Binder
Material
Ř
Auxiliaries
for Textile
Ř
Leather
Ř
Intermediates
for Dyes
Ř
Agrochemicals
Ř
Pharmaceuticals
The company has
four business divisions. Its goal is to achieve
and maintain a leadership position in all the markets as under :
Ř
Pigments
and Additives
Ř
Life
Science & Electronic Chemicals
Ř
Textile,
Leather & Paper Chemicals
Ř
Functional
Chemicals
Fixed Assets:
v
v
v
Building
v
Plant
& Machinery
v
Vehicles
v
Furniture
& Fixture
v
Equipments
v
Office
Appliances
Acquisition of further shares by EBITO
During the year
EBITO Chemiebeteiligungen AG, promoter of the company acquired 20% of the Equity
Shares Capital under an open offer, made as per the provision of the SEBI’s
Substantial Acquisition of Shares and Takeover Regulation, 1997. As a
consequences, the promoter holding in the company increased to 70.10% from
50.10%.
Merger of the Clariant Group of Companies in
The Clariant Group
to which the company belongs was operating through five legal entities in
Change of Name
As per the scheme
of amalgamation approved by the members and the High Court of Bombay, the name
of the company has been changed from Colour-Chem Limited to Clariant Chemicals
(India) Limited, so as to more accurately reflect its affiliation with the
Clariant Group and brand. The Company’s products are also sold under the name
‘Clariant’ which has been registered as a Trade Mark world wide.
Dividend
The Board of
Directors is pleased to recommend for the approval of shareholders, a dividend
of Rs.11/- per equity share of the face value of Rs.10/- each for the financial
year ended
This would involve a cash outflow of Rs. 334.400 millions including tax on
dividend of Rs.41.100 millions against the previous year outflow of Rs. 79.700
millions including tax on dividend of Rs.9.800 millions. The dividend, if
approved, will be paid to the shareholders whose names appear on the Register
of Members, determined with reference to the book closure from
Intermediates and Colours
The company deals
in pigment dyestuffs and their dispersion, intermediates for dyes, pesticides
and pharmaceuticals. The company is a leader in organic pigments and serves the
need of paints, printing inks, plastics, runner, detergents, cosmetics and
other industries. The company is a pre-eminent player in the diketene based
intermediates business in
The total sales
under this segment for the year is Rs.3510.600 millions and contributes 41% of
the total sales of the Company. The export sales have contributed 51% of the
overall sales. Pigments dyestuffs and intermediates for dyes constitute 91% of
the total sales under this segment.
Dyes and Specialty Chemicals
Clothing, colour,
fashion, durability and comfort, all these are everyday terms. Clariant
specialty chemicals make a decisive contribution to enhance the performance,
look and feel of the final products of its customers and also add protection
and strength to such products.
The company offers a varied range of specialty chemicals products to textiles,
leather, paper, detergents and cleaning and personal care products.
The total sales under this segment for the year are Rs.4831.500 millions
contributing 57% in the total sales of the company. Domestic sales contributed
90% of the total sales of this segment during the current financial year.
Masterbatches
Masterbatches segment of the company deals in colour and additive concentrates
and special mixtures of these compounds for use by automotive, textile and
technical fibers, electronic and electrical devices, home appliances, toys,
medical devices, sporting goods and packaging.
The segment has recorded sales of Rs.168.500 millions and contributed 2% in the
overall sales of the total company.
In the small sized domestic market of masterbatches, white and black
masterbatches are consumed in large quantities as compared to newly developed
fashion colors sold in global markets. The company is improving its strength in
color matching to cater to the requirements of its customers and deliver custom
made colors by offering premium grade masterbatches for quality conscious
customers. The company's focus and strength in the development of fiber
masterbatches has shown encouraging results and customer spread in this segment
is increasing.
Outlook
While the global chemical Industry is focused on consolidation, cost reduction,
research and development and environmental compliances, the key concerns of the
Indian chemical industry remain the availability of infrastructure,
specifically power supply, reforms in labour laws, input costs, Free Trade
Agreement and uneconomic plant capacities. The Indian chemical industry needs
to invest in new capacities, debottleneck and expand existing capacities and
globalize its activities.
On the domestic front, with the reduction in tariffs, Indian companies with
strong systems and organised operations will benefit from the liberal
environment. Companies with competitive advantages, such as competence in high
valueadded chemicals which conform with international standards, will be able to
exploit the growth opportunities and establish a dominant presence in both
international and domestic markets.
The Indian pharmaceuticals industry accounts for nearly 8.5% of the world's
drug requirements in terms of volume, and the country ranks amongst the top 15
drug manufacturing countries in the world. Since,
With the liberalization of policies in retailing, the higher consumption
pattern among customers and huge infrastructure development in the pipeline,
the outlook for the specialty chemical industry for the coming year continues
to be encouraging.
Operational
Performance (2004-2005)
The sales turnover
for the year decreased by 3.02% to fls. 3729.921 Millions as compared to Rs.
3846.047 Millions in the previous year mainly due to lower trading sales.
Operating margins increased to 9.77% from 5.92% in the previous year mainly due
to gains from the Company's ongoing internal restructuring and downsizing
initiatives. Exports during the year decreased marginally to Rs. 954.297
Millions as against Rs. 1039.266 Millions in the previous year. An optimum
utilisation of capital has ensured lower cost of capital, and an improved
return on investment. The Company's financial strength - short term as well as
long term is reflected in its strong Current Ratio and its Debt Equity Ratio.
Change of Accounting
Year
The accounting year has been changed from April- March to January-December.
Therefore, the accounts have been drawn up for nine months for the period ended
December 31, 2006.
Post-Merger Integration Process
The Company achieved significant success in unifying the former subsidiaries
into a single integrated organisation. Without compromising its focus on its
markets and customers, the Company was able to integrate its businesses, adopt
uniform processes and practices, rationalise areas of overlap and duplication
and reap the benefit of synergies. This was largely achieved through continuous
and open communications and personal interaction at all levels by the senior
management team of the Company.
The integration efforts culminated with the successful implementation of the
SAP WINS system across all the businesses, sites and locations. SAP WINS is the
system that is used globally by Clariant and after going live on January 4,
2007, subject is in a position to reap the numerous ongoing benefits of being
part of the global system.
Subsidiary Company
The Statement pursuant to Section 212 of the Companies Act, 1956,
relating to wholly-owned subsidiary of the Company, viz., Chemtreat Composites
India Private Limited, is attached along with the Accounts of the
Company.
In the context of the mandatory requirement to present consolidated
accounts, which provides members with a consolidated position of the Company
including its subsidiaries, at the first instance, members are being provided
with the report and Accounts of the Company and the consolidated accounts as
contemplated by Section 219 of the Companies Act, 1956 and Accounting Standard
21 issued by the Institute of Chartered Accountant of India. Members who wish
to receive the full Report and Accounts including the Report and accounts of
the subsidiary will be provided with upon receipt of a written request.
Term Loan
No long term loan was taken during the year. Term loan of Rs.12.500 millions
was repaid during the year.
Segment-wise
Performance:
The specialty chemicals industry comprises of a wide range of products from
textile dyes and chemicals, leather dyes and chemicals, paper chemicals, rubber
chemicals, masterbatches, pigments, additives, electronic chemicals, fine
chemicals, water treatment chemicals, adhesives etc.
Intermediates and Colours
The Company deals in pigment dyestuffs and their dispersions, intermediates for
dyes, pesticides and pharmaceuticals. The Company has a strong presence in
organic pigments and serves the needs of the paints, printing inks, plastics,
rubber, detergents, cosmetics and other industries. It is a leader in diketene
chemistry and has the capacity to manufacture large volumes of this important
building block, in a wide range of derivative forms. It is therefore a
pre-eminent player in the diketene based intermediates business in
The total sales under this segment for the nine months period were Rs. 25563
millions. Export sales have contributed 44 per cent of the overall sales.
Pigment dyestuffs and intermediates for dyes constitute 90 per cent of the
total sales under this segment.
Dyes and Specialty Chemicals
Clariant's specialty chemicals help enhance the performance, look and feel of
the final products of its customers and add protection and strength to such
products.
Textile, leather, paper, detergents and cleaning, personal care products are
amongst the numerous end uses that are served by the Company with a wide range
of specialty chemicals.
The total sales under this segment for the nine months period was Rs 4135.100
millions contributing 60 per cent in the total sales of the Company.
Masterbatches
The Masterbatches segment of the Company deals in colour and additive
concentrates and special mixtures of these compounds for use by the automotive,
textile and technical fibers, electronic and electrical devices, home
appliances, toys, medical devices, sporting goods and packaging. The segment
has recorded sales of Rs. 1790 millions.
Industry Structure and Development
With revenues of approximately US$ 28 billion, the chemical industry in
The specialty chemicals sector is characterised by an innovation culture that
regularly develops and launches new high value functional chemicals. The
producers are customer-focused and aim to provide unique products that give
their customers a distinct advantage or benefit. The dyestuffs segment has
traditionally been one of the largest in the industry and continues to be
crucial because of its forward and backward linkages with a number of other
industries. However, the bulk of the action is in the textile pre-treatment and
finishing chemicals areas, where profitability is governed by constant
innovation and new product development.
Opportunities and Threats
With its strong technical skills and low cost manufacturing,
The laws regarding safety, health and environment standards are becoming
increasingly stringent every day. Various new retailer standards, as well as
the new legislation, the Registration Evaluation and Authorisation of Chemicals
(REACH) require a plethora of data to be provided by companies engaged in
international trade. Exporters, particularly those in the textile and leather
industry are increasingly requiring chemical manufacturers to provide adequate
certification that their products are fully compliant with all statutory
requirements. The Company has invested Rs. 35 million to set up a world class
Product Safety Laboratory with excellent testing facilities and processes that
enable it to undertake a comprehensive range of tests encompassing process
tests, ecological tests and test for banned and restricted substances. These
tests cover the entire gamut of post manufacturing hazards of products - such
as during drying, milling, packing, storage, transport and ultimate use at the
customers' facilities.
Outlook
The Indian economy, with an expected growth rate of around 9.2% in 2006-07 is
amongst the fastest growing in the world. According to a recent update of the
Goldman Sach's BRIC's report, productivity growth will help
Textile: The textile and clothing industry is valued at US$ 46 billion and is
projected to grow to US$ 85 billion by 2010. There has been regular increase in
investments in the textile sector during the last two to three years and
investments in the year 2006 are estimated to reach a level of US$ 6
billion.
The apparel industry is already the largest foreign exchange earning sector,
contributing 12% of the country's total exports. The 10% cap on Chinese textile
exports to the
Leather: The leather industry has seen good growth in the past, as the
government has developed policies to boost exports of leather. The Council for
Leather Exports expects exports to cross US$ 3 billion mark in 2006-07 and has
set a target of US$ 7 billion for 2010-11. The council has strengthened its
marketing efforts and the main areas of growth for 2007 are expected to be in
shoe uppers and upholstery. There has been a positive response from Italian,
Chinese and Taiwanese companies for investing in shoe and leather goods
manufacturing units.
Paper: The paper industry in
Paints: The Indian paints industry currently valued at US$ 2 billion expects
strong growth from the construction and housing sector to keep industry players
buoyant in the years ahead. It has helped the industry attain an average growth
of 8 - 9% in the last four years. The decorative paints segment is likely to
grow at 30% driven by the construction and housing boom. The per capita
consumption of paints in
Packaging: The packaging industry is serviced by the pigments, additives and
masterbatches businesses. Increased affluence has made more products affordable
to a larger section of the population. The new found prosperity and changing
life styles has resulted in a booming market for convenience products, both in
the foods and non-foods sectors. This in turn has led to a growing market for
convenient packing materials, easy-to-pour dispensing caps etc. With Indians
becoming more health conscious, there is also a move towards packaged, branded
products rather than the unpackaged formats. The packaging industry has good
potential and over the next five years is expected to grow at 8 to 10% per
annum. The Indian market for packaging materials is estimated at around Rs. 400
billion per annum. Of this, the consumer packaging market of the country is
valued at around Rs. 180 billion.
Construction: In order to sustain an 8% annual growth rate, the country will
need, among other things, robust and world-class infrastructure. Overall,
infrastructure investments are expected to rise from Rs. 1,700 billion in the
financial year 2005 to Rs. 2,200 billion by the financial year 2008. Of this,
the roads sector is expected to contribute as much as 34%, or Rs. 757 billion.
The roads sector is one that is expected to see the maximum action in the
infrastructure segment.
AS PER WEBSITE
Company was incorporated in 1956 as
an import substitution project for manufacture of pigment emulsions. The
initial promoters were
Committed to technological
excellence, the Company entered into technical and financial collaboration with
two of the most reputed chemical manufacturers in the world - Bayer AG and
Hoechst AG of
In
1990, Bayer AG disinvested and Hoechst AG progressively increased its equity stake
to 50.1% to make Colour-Chem its subsidiary representing its Specialty
Chemicals Division in
In 1997, with the combining of Hoechst AG’s
Specialty Chemicals Division with that of Clariant AG, Colour-Chem has become a
member of the Clariant global family - the world’s leading specialty chemicals
company.
Textile, Leather and Paper Chemical
Businesses:
Textile
Leather
Pigments
and Additives
Businesses:
Coating Business
Plastic Business
Printing Business
Specialties Business
Functional
Chemicals
Businesses:
Detergents
Performance Chemicals
Process Chemicals
Life
Science Chemicals
Businesses:
Specialty Fine Chemicals
Pharmaceutical Fine Chemicals
Distribution of Shareholding of Colour-Chem Limited as on 31st March 2005
Media Release
Colour-Chem’s Operating Profit Up 43%
-declares 60%dividend
Mumbai, May 26, 2005: Colour-chem’s operatingresults for
the year ended 31st March 2005have shown a steep rise of 43%, with
Profit before tax amounting to INR 357.900 Millions (previous year INR 249.500
Millions). this significantly improved operating performance directly reflects
the fains from the company ongoing internal retructuring and downsizing
initiatives. It was achieved a net sales base that was marginally lower at INR
3729.900 Millions (previous year INR 3846.000 Millions) on account of lower trading sales.
The company Net Profit for the year ended 31st
March 2005 stood at INR 155.900 Millions. (Previous Year INR 335.700 Millions).
The net profit for the two years is not comparable mainly because there is a
deferred tax previous year. The Board of
directors has recommended a dividend of 60% for the year 2004-05 (previos year
60%)
For further information please contact:
Mrs. Pilloo Mullan / Mr. Phillips Abraham
Tel : 91-22022161 Fax ; 22020496/22029781
Colour-chem
expandscapacity for Agrochemical and Phaarmaceutical Intermediates at Roha
Roha , March 10, 2005 ; The Life Sciencer Chemica
Division of Clariant, a leadin g swiss-based specialty chemicals company has
transferred the manufactute of building blocks primarily basedon Friedel-
crafts reactions from fermany to is affiliate in India- Colour –Chem Limited.
The expansion provides the parent
division with products of international qualityat indian cost. This facilty
also helps Colour-Chem to serve Indian customers with multi-step products for the pharmacecutical,
agrochemical and specialty chemical industries.
An investment of INR 80 millions has been made to expand
and rationalize the existing plant at raha for the manufacture of
Friedel-Crafts products, such as acetophaenones, as well as speciaty
intermdiates used in the manufacutre of agroachmeicals and pharmaceuticals.
These products will cater to both local and export markets.
30 May 2006
Clariant Chemicals (
Clariant Chemicals
(
Clariant Chemicals (
Mr Anjani Prasad -- Textile Leather
& Paper
Dr Govind Patkar -- Pigments &
Additives
Dr Subramanian Siddhan -- Life Science
Chemicals & Functional Chemicals
Mr Sahadeo Patil -- Masterbatches.
Clariant Chemicals (
Clariant
BTP India Private
Limited IN-Chennai
Colour-Chem
Limited Mumbai
Clariant (India)
Limited Mumbai
Vanavil Dyes and
Chemicals Limited Cuddalore
Clariant (India)
Limited Thane
Colour-Chem
Limited Thane
BTP India Limited Kanchipuram
Colour-Chem
Limited Roha,
Clariant (India)
Limited Madhavaram,
Chennai
Clariant (India)
Limited New
Colour-Chem
Limited
Clariant (India)
Limited Chennai
Colour-Chem
Limited Chennai
Colour-Chem
Limited Ahmedabad
Colour-Chem
Limited
Clariant (India)
Limited
Colour-Chem
Limited
Clariant (India)
Limited Ahmedabad
Clariant in
Azerbaijan
Bahrain
Bangladesh
Belarus
Cambodia
China
India
Indonesia
Iran
Israel
Italy
Japan
Jordan
Kazakhstan
Korea, North
Korea, South
Kuwait
Laos
Lebanon
Malaysia
Maldives
Mongolia
Myanmar
Nepal
Oman
Pakistan
Philippines
Qatar
Saudi Arabia
Singapore
Sri Lanka
Syria
Taiwan
Thailand
Turkmenistan
United Arab
Emirates
Uzbekistan
Vietnam
Yemen
Clariant sells
Custom Manufacturing Business to International Chemical Investors Group
MUTTENZ, Switzerland, May 8, 2007 – Clariant today announced the sale of
its Custom Manufacturing Business to International Chemical Investors Group (ICIG)
for an undisclosed transaction value. The sale is the latest step in Clariant’s
strategy to focus on its core competencies in colors, surfaces and performance
chemicals.
Clariant’s Customer Manufacturing Business supplies a wide range of
intermediates and actives ingredients for the agrochemicals, pharmaceuticals
and polymers industries. At closing, the new autonomous entity will be one of
the world’s leading suppliers to the agrochemicals industry with production
sites in
The sales process was initiated only six months ago as a result of the
review of the strategic options for the former underperforming Life Science
Chemicals Division.
Clariant expects to record a book loss of approximately CHF 70 million.
The transaction is expected to close by mid-year after fulfilment of local
transfer requirements such as approval of all relevant authorities. All assets
and personnel will be transferred to the buyer.
Jan Secher, Clariant’s Chief Executive Officer, said: “As an independent
entity supported by a committed investor, the Custom Manufacturing Business has
an excellent opportunity to improve its performance in the future. It is a
major step in focusing their business portfolio on colours, surfaces and
performance chemicals.”
"The Clariant agrochemicals businesses are an important building
block complementing their present portfolio of fine chemical custom
manufacturing assets. With this acquisition WeylChem will become an important
player in the non-GMP custom manufacturing sector with revenues of
approximately 200 million Euro. It is their plan to realize the synergies
Clariant International Ltd Group Communications
with their other fine chemicals manufacturing activities and to expand
their services to their customers of major chemical companies around the world”
says Dr. Achim Riemann, Managing Director of ICIG.
"The Custom Manufacturing Business substantially broadens ICIG’s
fine chemicals activities and they are looking forward to actively supporting
both the German and the
About International Chemical Investors
International Chemical Investors is an investment group focusing on
mid-sized chemical businesses, preferably subsidiaries of large corporations,
which are considered non-core, with leading positions in niche markets,
operating in competitive environments. Including the newly acquired Clariant
businesses, ICIG will operate 14 production facilities located in
Contacts
Clariant
Investor Relations Fax +41 61 469 67 67
Holger Schimanke Phone +41 61 469 67 45
Fabian Hildbrand Phone +41 61 469 67 49
Phone +41 61 469 67 48
Media Relations Fax +41 61 469 69 99
Walter Vaterlaus Phone +41 61 469 61 58
International Chemical Investors Group
Dr. Achim Riemann Phone +49 69 506 999 0
Patrick Schnitzer Fax +49 69 506 999 11
Clariant – Exactly your chemistry.
Clariant is a global leader in the field of specialty chemicals. Strong
business relationships, commitment to outstanding service and wide-ranging
application know-how make Clariant a preferred partner for its customers.
Clariant, which is represented on five continents with over 100 group
companies, employs about 21 500 people. Headquartered in Muttenz near
Clariant’s businesses are organized in four divisions: Textile, Leather
& Paper Chemicals, Pigments & Additives, Masterbatches and Functional
Chemicals.
Clariant is committed to sustainable growth springing from its own
innovative strength. Clariant’s innovative products play a key role in its
customers’ manufacturing and treatment processes or else add value to their end
products. The company’s success is based on the know-how of its people and
their ability to identify new customer needs at an early stage and to work
together with customers to develop innovative, efficient solutions.
CMT REPORT (Corruption, Money Laundering & Terrorism]
The Public Notice information has been collected from various sources
including but not limited to: The Courts,
1] INFORMATION ON
DESIGNATED PARTY
No exist designating subject or any of its beneficial owners, controlling
shareholders or senior officers as terrorist or terrorist organization or whom
notice had been received that all financial transactions involving their assets
have been blocked or convicted, found guilty or against whom a judgement or
order had been entered in a proceedings for violating money-laundering,
anti-corruption or bribery or international economic or anti-terrorism sanction
laws or whose assets were seized, blocked, frozen or ordered forfeited for
violation of money laundering or international anti-terrorism laws.
2] Court Declaration :
No records exist to suggest that subject is
or was the subject of any formal or informal allegations, prosecutions or other
official proceeding for making any prohibited payments or other improper
payments to government officials for engaging in prohibited transactions or
with designated parties.
3] Asset Declaration :
No records exist to suggest that the property or assets of the subject
are derived from criminal conduct or a prohibited transaction.
4] Record on Financial
Crime :
Charges or conviction
registered against subject: None
5] Records on Violation of
Anti-Corruption Laws :
Charges or
investigation registered against subject: None
6] Records on Int’l
Anti-Money Laundering Laws/Standards :
Charges or
investigation registered against subject: None
7] Criminal Records
No
available information exist that suggest that subject or any of its principals
have been formally charged or convicted by a competent governmental authority for
any financial crime or under any formal investigation by a competent government
authority for any violation of anti-corruption laws or international anti-money
laundering laws or standard.
8] Affiliation with
Government :
No record
exists to suggest that any director or indirect owners, controlling
shareholders, director, officer or employee of the company is a government
official or a family member or close business associate of a Government
official.
9] Compensation Package :
Our market
survey revealed that the amount of compensation sought by the subject is fair
and reasonable and comparable to compensation paid to others for similar
services.
10] Press Report :
No press reports / filings exists on
the subject.
CORPORATE GOVERNANCE
MIRA INFORM as part of its Due Diligence do provide comments on
Corporate Governance to identify management and governance. These factors often
have been predictive and in some cases have created vulnerabilities to credit
deterioration.
Our Governance Assessment focuses principally on the interactions
between a company’s management, its Board of Directors, Shareholders and other
financial stakeholders.
CONTRAVENTION
Subject is not known to have contravened any existing local laws,
regulations or policies that prohibit, restrict or otherwise affect the terms
and conditions that could be included in the agreement with the subject.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.40.98 |
|
|
1 |
Rs.80.98 |
|
Euro |
1 |
Rs.54.99 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
8 |
|
PAID-UP CAPITAL |
1~10 |
8 |
|
OPERATING SCALE |
1~10 |
8 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
7 |
|
--PROFITABILIRY |
1~10 |
8 |
|
--LIQUIDITY |
1~10 |
7 |
|
--LEVERAGE |
1~10 |
8 |
|
--RESERVES |
1~10 |
7 |
|
--CREDIT LINES |
1~10 |
8 |
|
--MARGINS |
-5~5 |
- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
NO |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
YES |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
YES |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
69 |
This score serves as a reference to assess SC’s credit risk
and to set the amount of credit to be extended. It is calculated from a
composite of weighted scores obtained from each of the major sections of this
report. The assessed factors and their relative weights (as indicated through
%) are as follows:
Financial
condition (40%) Ownership
background (20%) Payment
record (10%)
Credit history
(10%) Market trend
(10%) Operational
size (10%)
RATING EXPLANATIONS
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
>86 |
Aaa |
Possesses an extremely sound financial base with the strongest
capability for timely payment of interest and principal sums |
Unlimited |
|
71-85 |
Aa |
Possesses adequate working capital. No caution needed for credit transaction.
It has above average (strong) capability for payment of interest and
principal sums |
Large |
|
56-70 |
A |
Financial & operational base are regarded healthy. General unfavourable
factors will not cause fatal effect. Satisfactory capability for payment of
interest and principal sums |
Fairly Large |
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
26-40 |
B |
Unfavourable & favourable factors carry similar weight in credit
consideration. Capability to overcome financial difficulties seems
comparatively below average/normal. |
Small |
|
11-25 |
Ca |
Adverse factors are apparent. Repayment of interest and principal sums
in default or expected to be in default upon maturity |
Limited with
full security |
|
<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
|
NR |
In view of the lack of information, we have no basis upon which to
recommend credit dealings |
No Rating |
|