%20LIMITED%2019-Aug-2008_files/image002.jpg){kind=small}
MIRA
INFORM REPORT
|
Report Date : |
19.08.2008 |
IDENTIFICATION
DETAILS
|
Name : |
CLARIANT
CHEMICALS (INDIA) LIMITED |
|
|
|
|
Formerly Known As : |
COLOUR CHEM
LIMITED |
|
|
|
|
Registered Office : |
Ravindra Annexe,
194, Churchgate Reclamation, Mumbai – 400 020, Maharashtra, India |
|
|
|
|
Country : |
India |
|
|
|
|
Financials (as on) : |
31.12.2007 |
|
|
|
|
Date of Incorporation : |
27.12.1956 |
|
|
|
|
Com. Reg. No.: |
11-10806 |
|
|
|
|
CIN No.: [Company
Identification No.] |
L24110MH1956PLC010806 |
|
|
|
|
TAN No.: [Tax
Deduction & Collection Account No.] |
MUMC00339D |
|
|
|
|
Legal Form : |
A Public Limited
Liability Company. The company's shares are listed on the Stock Exchanges. |
|
|
|
|
Line of Business : |
Manufacturer of
Chemicals like Acetoacet Monomethylamide 70%, Hostaperm Green GNX and
Acetoacet Diethyl Amide. |
RATING &
COMMENTS
|
MIRA’s Rating : |
A |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
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 |
|
|
|
|
|
|
Maximum Credit Limit : |
USD 15000000 |
|
|
|
|
Status : |
Good |
|
|
|
|
Payment Behaviour : |
Regular |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
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
|
Registered
Office : |
Ravindra Annexe,
194, Churchgate Reclamation, Mumbai – 400 020, Maharashtra, India |
|
Tel. No.: |
91–22–2202 2161
/2283 0882 |
|
Fax No.: |
91–22–2202 9781 |
|
E-Mail : |
|
|
Website : |
|
|
|
|
|
Factory 1 : |
Mumbai-Agra Road,
Balkum Village, Thane - 400 608, Maharashtra, India |
|
Tel. No.: |
91-22-25410999/25411834/25443402/25443409
|
|
|
|
|
Factory 2 : |
113/114 MIDC
Industrial Estate, A. V. P. O. Dhatav, Taluka-Roha, District - Raigad - 402
116, Maharashtra, India |
|
|
|
|
Factory 3 : |
Kolshet Road,
Thane – 400 607, Maharashtra, India |
|
|
|
|
Factory 4 : |
Kudikadu, P O
Cuddalore – 607 005, India |
|
|
|
|
Factory 5 : |
Singhadivakkam
Village, Kanchipuram – 631 561, India |
|
|
|
|
Branch Office
: |
H. K. House, 2nd
Floor, Ashram Road, Ahmedabad – 380 009, Gujarat, India |
DIRECTORS
|
Name : |
Mr. H Meier |
|
Designation : |
Vice Chairman and
Managing Director |
|
|
|
|
Name : |
Mr. Peter Lindner
|
|
Designation : |
Chairman |
|
Date of Appointment
: |
1st
January 2005 |
|
|
|
|
Name : |
Mr. R. A. Shah |
|
Designation : |
Chairman |
|
Date of
Appointment : |
1st
January 2005 |
|
|
|
|
Name : |
Mr. K. J.
Bharucha |
|
Designation : |
Vice – Chairman
& Managing Director |
|
Date of Appointment
: |
1st
January 2005 |
|
|
|
|
Name : |
Mr. B S Mehta |
|
Designation : |
Director |
|
|
|
|
Name : |
Mr. Diwan A Nanda
|
|
Designation : |
Director |
|
|
|
|
Name : |
Dr. Andreas Walde
|
|
Designation : |
Director |
|
|
|
|
Name : |
Mr. W Mohr |
|
Designation : |
Director |
|
|
|
|
Name : |
Mr. Dominik
Strebel |
|
Designation : |
Director |
KEY EXECUTIVES
|
MANAGEMENT
COMMITTEE : |
|
|
Name : |
Dr. G. G. Patkar |
|
Designation : |
Vice- President |
|
Date of
Appointment : |
1st
January 2005 |
|
|
|
|
Name : |
Mr. H Meier |
|
Designation : |
Chairman |
|
|
|
|
Name : |
Mr. A K Prasad |
|
Designation : |
Director |
|
|
|
|
Name : |
Mr. S S Patil |
|
Designation : |
Director |
|
|
|
|
Name : |
Dr. S. Siddhan |
|
Designation : |
Vice- President |
|
Date of
Appointment : |
1st
January 2005 |
|
|
|
|
Name : |
Mr. Sunil K.
Nayak |
|
Designation : |
Chief Financial
Officer and Company Secretary |
|
Date of
Appointment : |
1st
January 2005 |
|
|
|
|
AUDIT
COMMITTEE : |
|
|
|
|
|
Name : |
Mr. R A Shah |
|
Designation : |
Chairman |
|
|
|
|
Name : |
Mr. Diwan A Nanda
|
|
Designation : |
Director |
|
|
|
|
Name : |
Mr. K J Bharucha |
|
Designation : |
Director |
SHAREHOLDING
PATTERN
(As on
30.06.2008)
|
Names
of Shareholders |
No. of Shares |
Percentage of Holding |
|
|
|
|
|
A] PROMOTERS HOLDINGS |
|
|
|
1. Promoters |
|
|
|
(a) Foreign
Promoters Ebito Chemiebeiligungen AG Clariant International Limited BTP Limited, UK |
8167080 6075000 2660000 |
30.63 22.79 9.98 |
|
Sub – Total |
16902080 |
63.40 |
|
B] INSTITUTIONAL INVESTORS |
|
|
|
2412164 732772 12666 42715 |
9.04 2.75 0.05 0.16 |
|
Sub – Total |
3200317 |
12.00 |
|
C] OTHERS |
|
|
|
(a)
Domestic
Companies (b)
Indian
Public (c)
NRIs / OCBs |
630372 5821953 106023 |
2.36 21.84 0.40 |
|
Sub – Total |
6558348 |
24.60 |
|
|
|
|
|
D] NON-PROMOTERS HOLDING |
|
|
|
Sub – Total (B+C) |
9758665 |
36.60 |
|
|
|
|
|
GRAND TOTAL (A+D) |
26660745 |
100.00 |
BUSINESS DETAILS
|
Line of
Business : |
Manufacturer of Chemicals
like Acetoacet Monomethylamide 70%, Hostaperm Green GNX and Acetoacet Diethyl
Amide. |
||||||||
|
|
|
||||||||
|
Products : |
|
GENERAL
INFORMATION
|
No. of
Employees : |
Around 1490 |
|
|
|
|
Bankers : |
·
State Bank
of India ·
Citibank N A ·
Deutsche
Bank ·
The Honkong
& Shanghai Banking Corporation ·
HDFC Bank
Limited ·
Bank of
America N.T. & S.A. ·
Standard
Chartered Bank |
|
|
|
|
Banking Relations : |
Good |
|
|
|
|
Auditors : |
A. F. Ferguson
and Company Chartered
Accountants Internal Auditors: Mahajan and
Aibara Chartered
Accountants |
|
|
|
|
Sister
concerns: |
·
Clariant (Bangladesh)
Limited, Bangladesh ·
Fuchs do
Brasil S.A., Brazil ·
SF-Chem
AG, Switzerland ·
Chemotextil
AG, Switzerlang ·
Clariant
Guangzhou Masterbatch Limited, China ·
Tianjin Hua
Shi Chemicals, China ·
Clariant CR
s.r.o. Czech Republic ·
Abietta
Chemie GmbH, Gersthofen, Germany ·
InfraServ
GmbH & Company Genrsthofen, Germany ·
InfraServ
GmbH & Company Hochst KG, Germany ·
InfraServ
GmbH & Company Knapsack KG, Germany ·
InfraServ
GmbH & Company Ruhrchemie KG, Germnay ·
InfraServ
GmbH & Company Wiesbaden KG, Germany ·
Diogenes Achte
Vermogens – Verwaltungs GmbH, Germany ·
Gesellschaft
fur Entsorgung von Sondermull in Bayern, Germany ·
Clariant
Consulting GmbH, Frankfurt, Germany ·
Clariant
Chimie Company (p.j.s.), Iran ·
Clariant
Tokuyama Limited, Japan ·
Dia Fine K.
K., Japan ·
Kong Shin Jin
Heung Company Limited, South Korea ·
Clariant
Industrias Quimicas S.A. de C.V., Mexico ·
Drycolor
Pacific (Malaysia) Sdn Bhd, Malaysia ·
Shapadu Tros
(Malaysia) Sdn Bhd, Malaysia ·
Clariant
(Nigeria) Limited, Nigeria ·
Omnexus
N.V., Netherland ·
Borvi AS,
Norway ·
Chemcolour
Industries (NZ) Limited, New Zealand ·
Hoechst
Marion Roussel Limited ·
Haycolour
Limited. |
|
|
|
|
Subsidiary : |
·
BTP
Insurance Company Limited ·
BTP Limited ·
BTP World
S.A. ·
Clariant
(Argentina) S.A. ·
Clariant
(Australia) Pty. Limited ·
Clariant (Canada)
Inc ·
Clariant
(China) Limited ·
Clariant
(Colombia) S.A. ·
Clariant
(Denmark) AS ·
Clariant
(Egypt) S A E ·
Clariant
(Finland) Oy ·
Clariant
(Guatemala) S.A. ·
Clariant
(Gulf) FZE ·
Clariant
(Honduras) S A de C V ·
Clariant
(Japan) K K ·
Clariant
(Korea) Limited ·
Clariant
(Malaysia) Sdn. Bhd. ·
Clariant
(Maroc) S A ·
Clariant
(Mexico) S A de C V ·
Clariant
(New Zealand) Limited ·
Clariant
(Norge) AS ·
Clariant
(Oesterreich) GmbH ·
Clariant
(Pakistan) Limited ·
Clariant
(Peru) S A ·
Clariant
(Singapore) Pte. Limited ·
Clariant (Sevrige)
AB ·
Clariant
(Sevrige) Holding AB ·
Clariant
(Tianjin) Limited ·
Clariant
(Uruguay) S A ·
Clariant
(Venezuela) S A ·
Clariant
Administracao de Bens Limited ·
Clariant
Advanced Materials GmbH ·
Clariant
Business Services GmbH ·
Clariant
Chemicals (China) Limited ·
Clariant
Chemicals (Guangzhou) Limited ·
Clariant
Chemicals (Taiwan) Company Limited ·
Clariant
Chemicals (Thailand) Limited ·
Clariant
Chemiebeteiligungen AG ·
Clariant
Colorquimica (Chile) Limited · Clariant Consulting AG ·
Clariant
Corporation ·
Clariant
Distributie (Netherland) BV ·
Clariant
Distribution (Belgium) S A ·
Clariant
Distribution (France) ·
Clariant
Distribution UK Limited ·
Clariant
Distribuzione (Italia) S p A ·
Clariant
Export AG ·
Clariant
Finance (BVI) Limited ·
Clariant
Finance (Luxembourg) S A ·
Clariant Finance
AG ·
Clariant
Horsforth Limited ·
Clariant
Life Science Molecules (Florida) Inc. ·
Clariant
Life Science Molecules (Italia) S p A ·
Clariant LSM
(France) Holding EURL ·
Clariant
Masterbatch Huningue ·
Clariant
Masterbatch Iberica S A ·
Clariant
Masterbatches (Beijing) Limited ·
Clariant
Masterbatches (Deutschland) GmbH ·
Clariant
Masterbatches (Finland) Oy ·
Clariant
Masterbatches (Guangzhou) Limited ·
Clariant
Masterbatches (Italia) S p A ·
Clariant
Masterbatches (Korea) Limited ·
Clariant
Masterbatches (Malaysia) Sdn. Bhd. ·
Clariant
Masterbatches (Saudi Arabia) Limited ·
Clariant
Masterbatches (Shanghai) Limited ·
Clariant
Masterbatches (St. Jeoire) ·
Clariant
Masterbatches (Thailand) Limited ·
Clariant
Masterbatches Benelux S A ·
Clariant
Masterbatches Ireland Limited ·
Clariant
Masterbatches Norden AB ·
Clariant
Masterbatches UK Limited ·
Clariant
Participations (The Netherlands) B V ·
Clariant
Pigments (Korea) Limited ·
Clariant
Pigments (Tianjin) Limited ·
Clariant
Prodotti (Italia) S p A ·
Clariant
Production (France) ·
Clariant Production
UK Limited ·
Clariant
Productos Quimicos S A de C V ·
Clariant
Produkte (Deutschland) GmbH ·
Clariant
Produkte (Schweiz) AG ·
Clariant
Quimicos (Portugal) Lda ·
Clariant
Reinsurance Limited · Clariant S A ·
Clariant
Service (Schweix) AG ·
Clariant
Services (Belgium) S A ·
Clariant
Services (France) ·
Clariant
Services UK Limited ·
Clariant
Servizi (Italia) S p A ·
Clariant
Southern Africa (Pty) Limited ·
Clariant
Specialty Africa (Pty) Limited ·
Clariant
Specialty Chemicals (Zhenjiang) Company Limited ·
Clariant
Specialty Fine Chemicals (France) ·
Clariant
Trading (China) Limited ·
Clariant
Turkiye A S ·
Clariant
Vertrieb (Deutschland) GmbH and Company KG ·
Clariant
Verwaltungs GmbH ·
Dia Fine K K ·
Dick Peters
B V ·
Egyptian
German Company for Dyes and Resins S A E ·
Industriepark
Griesheim GmbH and Company KG ·
K J Quinn · Lancaster Synthesis Inc. |
|
|
|
|
Holding
Company: |
EBITO
Chemiebeteiligungen AG |
|
|
|
|
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 |
|
26660745 |
Equity Shares |
Rs. 10 /- |
Rs.266.600 millions |
FINANCIAL DATA
[all figures are in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF
FUNDS |
31.12.2007 (12 Months) |
31.12.2006 (9 Months) |
31.03.2006 (12 Months) |
|
SHAREHOLDERS FUNDS |
|
|
|
|
1] Share Capital |
266.600 |
266.600 |
116.500 |
|
2] Reserves & Surplus |
2827.600 |
2835.800 |
3054.390 |
|
3] Share Capital Suspense Account
|
0.000 |
0.000 |
150.107 |
|
|
|
|
|
NETWORTH
|
3094.200 |
3102.400 |
3320.997 |
|
|
|
|
|
|
LOAN FUNDS |
|
|
|
|
1] Secured Loans |
0.000 |
14.200 |
359.785 |
|
2] Unsecured Loans |
40.700 |
47.900 |
199.582 |
TOTAL BORROWING
|
40.700 |
62.100 |
559.367 |
|
|
|
|
|
|
DEFERRED TAX
LIABILITIES |
43.300 |
98.200 |
52.564 |
|
|
|
|
|
|
TOTAL |
3178.200 |
3262.700 |
3932.928 |
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
1540.800 |
1571.700 |
1549.758 |
|
Capital work-in-progress |
178.300 |
80.100 |
51.882 |
|
|
|
|
|
|
INVESTMENTS |
294.300 |
465.000 |
1132.619 |
|
DEFERREX TAX
ASSETS |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
Inventories |
1127.100 |
1281.800 |
1252.837 |
|
Sundry Debtors |
1351.500 |
1373.600 |
1451.450 |
|
Cash & Bank Balances |
132.000 |
396.300 |
138.896 |
|
Loans & Advances |
712.500 |
677.400 |
744.890 |
|
Total Current Assets |
3323.100 |
3729.100 |
3588.073 |
|
|
|
|
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
Current Liabilities |
1659.800 |
1861.200 |
1716.436 |
|
Provisions |
498.500 |
739.700 |
672.968 |
|
Total
Current Liabilities |
2158.300 |
2600.900 |
2389.404 |
|
|
|
|
|
Net
Current Assets
|
1164.800 |
1128.200 |
1198.669 |
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
17.700 |
0.000 |
|
|
|
|
|
|
TOTAL |
3178.200 |
3262.700 |
3932.928 |
PROFIT & LOSS
ACCOUNT
|
PARTICULARS |
31.12.2007 (12 Months) |
31.12.2006 (9 Months) |
31.03.2006 (12 Months) |
|
|
Sales Turnover |
8614.400 |
6870.400 |
8791.843 |
|
|
Other Income |
243.900 |
221.200 |
|
|
|
Total Income |
8858.300 |
7091.600 |
8791.843 |
|
|
|
|
|
|
|
|
Profit/(Loss) Before Tax |
493.300 |
507.800 |
648.385 |
|
|
Provision for Taxation |
175.400 |
179.100 |
244.467 |
|
|
Profit/(Loss) After Tax |
317.900 |
328.700 |
403.918 |
|
|
|
|
|
|
|
|
Earnings in Foreign Currency : |
|
|
|
|
|
|
Exports (F.O.B.) |
1737.800 |
1590.900 |
|
|
|
Know-how |
8.500 |
7.100 |
|
|
|
Other Earnings |
120.300 |
121.800 |
|
|
Total Earnings |
1866.600 |
1719.800 |
2276.629 |
|
|
|
|
|
|
|
|
Imports : |
|
|
|
|
|
|
Raw Materials |
1536.000 |
1256.400 |
|
|
|
Stores & Spares |
2.600 |
3.300 |
1463.038 |
|
|
Capital Goods |
45.300 |
26.700 |
|
|
Total Imports |
1583.900 |
1286.400 |
1463.038 |
|
|
|
|
|
|
|
|
Expenditures : |
|
|
|
|
|
|
Cost of Materials |
5526.600 |
4549.600 |
|
|
|
Personnel cost |
710.800 |
534.000 |
|
|
|
Exceptional items |
313.400 |
(5.600) |
|
|
|
Interest |
12.000 |
(0.700) |
8143.478 |
|
|
Depreciation & Amortization |
214.600 |
153.500 |
|
|
|
Other Expenditure |
1661.300 |
1403.600 |
|
|
|
Less : Service charge recovered |
(73.700) |
(50.600) |
|
|
Total Expenditure |
8365.000 |
6583.800 |
8143.478 |
|
%20LIMITED%2019-Aug-2008_files/image003.gif){kind=small}
%20LIMITED%2019-Aug-2008_files/image004.gif){kind=small}
%20LIMITED%2019-Aug-2008_files/image005.gif){kind=small}
QUARTERLY RESULTS
|
Year |
31.03.2008 |
30.06.2008 |
|
Type |
1st
Quarter |
2nd
Quarter |
|
Sales Turnover |
2043.300 |
2617.600 |
|
Other Income |
58.200 |
71.700 |
|
Total Income |
2101.500 |
2689.300 |
|
Total Expenditure |
1819.600 |
2226.600 |
|
Operating Profit |
281.900 |
462.700 |
|
Interest |
(0.600) |
(3.900) |
|
Gross Profit |
282.500 |
466.600 |
|
Depreciation |
52.000 |
57.600 |
|
Tax |
81.400 |
141.500 |
|
Reported PAT |
149.100 |
267.500 |
KEY RATIOS
|
PARTICULARS |
31.12.2007 (12 Months) |
31.12.2006 (9 Months) |
31.03.2006 (12 Months) |
|
Debt-Equity Ratio |
0.02 |
0.1 |
0.18 |
|
Long Term Debt-Equity Ratio |
0.02 |
0.09 |
0.17 |
|
Current Ratio |
1.42 |
1.39 |
1.48 |
|
TURNOVER
RATIOS |
|
|
|
|
Fixed Assets |
2.57 |
2.66 |
3.18 |
|
Inventory |
7.9 |
7.93 |
10.41 |
|
Debtors |
6.98 |
7.12 |
8.67 |
|
Interest Cover Ratio |
22.94 |
25.77 |
17.24 |
|
Operating Profit Margin(%) |
10.91 |
9.04 |
11.59 |
|
Profit Before Interest And Tax
Margin(%) |
8.65 |
7.01 |
8.97 |
|
Cash Profit Margin(%) |
7.31 |
6.4 |
7.92 |
|
Adjusted Net Profit Margin(%) |
5.06 |
4.36 |
5.3 |
|
Return On Capital Employed(%) |
26.22 |
20.05 |
28.14 |
|
Return On Net Worth(%) |
15.53 |
13.97 |
20.2 |
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, Germany
was transferred to EBITO Chemiebeteiligungen AG, Switzerland, a subsidiary of
Clariant International AG, Switzerland and subsequently EBITO acquired 20%
stake of the company in 2005. Now EBITO holds 70.1% Equity stake of the
company.
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 India approved the disinvestment of
Colour-Chem's holding of 24,000 Equity Shares of face value of Rs. 100/- each
in Haycolour Limited, Sri Lanka to M/s. Hayleys Textile Services Limited, Sri
Lanka at par value. It has also introduced several new products both in leather
chemicals and textile chemicals. As a part of acquiring various new technologies,
the company has acquired the technology for manufacture of diketen and the
company is a dominant player in these industrial segments.
In 2005, the company decided to amalgamate the companies namely, Clariant
(India) Limited, BTP India Pvt 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 Pvt Limited and 1 equity share of CCL for
5 equity shares of Vanavil Dyes and Chemicals LimitedAccordingly the Scheme of
Amalgamtion Vanavil Dyes and Chemicals Limited and Clariant India Limited was
amalgamated with the company in April 2006 in the above said ratio.
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,
Mr. C. Subramaniam |
|
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 Sri Lanka – Haycolour Limited –was incorporated. |
|
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 31st
July, 1989. |
|
|
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 22nd
February, 1990. |
|
|
Regional Marketing
Offices were set up at Ahmedabad, Kolkata, Delhi and Chennai. |
|
|
Technical Service
Centre for leather was set up at Kanpur. |
|
1991-92 |
The modernised
Diketene Plant was commissioned on 29th November, 1991. |
|
|
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 India commenced on 1st
September, 1997. |
|
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 8th March 2000. The
website goes beyond presenting a corporate brochure to being a central
repository of useful information about the company for those who are
interested in ‘doing business’ with the company. |
|
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 25th October, 2000. |
|
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. |
FIXED
DEPOSITS:
The Company did not accept any fixed deposits during the year. There were no
overdue deposits except unclaimed deposits of Rs. 0.025 millions as at December
31, 2007.
As per requirements of Section 205C of the Companies Act,
1956, the fixed deposits and interest unclaimed after completion of seven years
are transferred to the Investor Education and Protection Fund (IEPF)
established by the Central Government. There is no amount due and outstanding
to be credited to Investor Education and Protection Fund as on December 31,
2007.
SHIFTING OF DYES & CHEMICALS
PRODUCTION FACILITY FROM KOLSHET:
As part of the rationalization measures undertaken by the Company, Dyes and
Chemicals production facility at Kolshet was shifted to Roha and Kanchipuram
during September, 2007.
MANAGEMENT
DISCUSSION AND ANALYSIS:
Industry
Structure and Development:
The Indian economy is expected to grow at 8.7% in 2007-2008-the weakest pace
since 2005 compared with the growth of 9.6% in 2006-07 and 9.4% in 2005-06. The
slowdown in GDP is mainly due to slowdown in the manufacturing sector, which is
expected to expand 9.4% this fiscal, compared with 11.82% in 2006-07.
Textile:
The Indian Textile Industry is 80% occupied with Apparel
segment, the ratio will change towards more growth in Technical Textiles,
Automotives, Carpets and Home Textiles. Technical Textiles is one of the
faster-growing sectors of the global Textile Industry. Technical Textiles is an
emerging area for investment in India.
Pantone, the global authority on colour provider of professional colour
standards for the Textile Business of Clariant International Limited, had
announced a strategic partnership that will turn textile color development into
a vehicle for increased productivity and revenue for the fashion and home
furnishings industries worldwide.
Leather:
The Council of Leather Exports is strengthening the marketing effort for
investing in Leather Industry in India. More joint ventures are upcoming for
Shoe Upper and Shoe factories. Leather production growth is expected to be 1-2%
in 2007-2008, since joint venture companies are supplying finished leather to
Indian partners. Main areas of growth is expected to be in Shoe Uppers and
Upholstery.
Paper:
The Indian Paper Industry is among the top 15 global players today, with an
output of more than 6 million tonnes annually and with an estimated turnover of
Rs.150,000 million. Paper Industry in India is riding on a strong demand and on
an expanding mood to meet the projected demand of 8 million tonnes by 2010 and
13 million tonnes by 2020.
Paints:
The paint industry, year after year, is growing at a consistent pace due to
increased disposable income in the hands of consumers. Increasing affordability
to buy homes has led to a rise in high paint sales. In addition to this, the
frequency with which renovations are done, has also been the major growth
driver in paint sales. These factors has led to higher demands for the pigments
for paints in decorative segments.
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 food and
non-food sectors. This, in turn, has led to a growing market for convenient
packing materials, easy to pour dispensing caps etc. The packaging industry has
good potential and over the next five years is expected to grow at 8 to 10% per
annum.
Segment-wise Performance:
The specialty chemicals industry comprises of 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.
(a) Intermediates and Colours:
The Company deals in pigment dyestuffs and their dispersions and diketene derivatives.
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 serving pharmaceuticals, agrochemicals, dyes and pigment
industries in India.
This segment is taking special efforts to promote safer pigments (Lead/Chrome
replacement/. Also is spreading awareness on uses of non-halogenated Flame
Retardants.
The focused Technical Service laboratories at Balkum enable us to provide the
cutting edge technology and an innovative palette specific to our customer
needs.
The total sales under this segment for the year were Rs. 3,247 Million. Margin
continued to remain under pressure due to competition and volatility in
material prices.
(b) Dyes and Specialty Chemicals:
Clothing, colour, fashion, durability and comfort are everyday terms for every
one. Clariant's specialty chemicals make a decisive contribution to enhance the
performance, look and feel of the final products of our customers and also add
protection and strength to such products.
Textile, leather, paper, detergents and cleaning, personal care products, are
amongst the numerous industries wherein the Company has varied range of
specialty chemicals products.
The total sales under this segment for the year was Rs. 5,079 million. Sales
were affected especially of textile chemicals due to impact of rupee
appreciation which lowered sales of our customers.
The Company is developing competence in Technical Textiles as this is becoming
an upcoming segment where the usage of fluoro chemicals and coating based
products will be in focus. Denim Segment is looking for more innovation
finishes and color effects and ecology friendly concepts for which Clariant
will be in focus on Sulphur Dyes and breathable coating.
The trend towards the home textile market development in India and economical
mass market of apparel is leading to a more continuous operations where the
business has specific packages to offer in the preparation dyeing and
finishing. Also with the home textile boom, the printing segment is also under
focus.
High cost factors in China are forcing top global paper
companies to look at opportunities in India. Strong growth is expected in
surface and coating chemicals. The Company has developed customized direct dyes
for customers. The Government is recognizing the significant impact of the
paper industry on the environment and has intensified environmental
regulation.
(c) Masterbatches:
The market in India continues to be in the growth phase. In general, many of
the manufacturers, are in an expansion mode. The demand from the customer and
packaging sector is growing thereby garnering more business. However, intense
competition, especially from local players, are putting the margins under
pressure.
The company’s
product ranges are as follows:
·
Synthetic
Organic Dyestuffs
·
Pigments
·
Synthetic
Resins
·
Binder
Material
·
Auxiliaries
for Textile
·
Leather
·
Intermediates
for Dyes
·
Agrochemicals
·
Pharmaceuticals
The company has
four business divisions. Its goal is to
achieve and maintain a leadership position in all the markets as under :
·
Pigments and
Additives
·
Life Science
and Electronic Chemicals
·
Textile,
Leather and Paper Chemicals
·
Functional
Chemicals
Fixed Assets:
·
Software
License fees
·
Land Freehold
·
Land Leasehold
·
Buildings
·
Plant,
Machinery, Equipment etc.
·
Vehicles
·
Furniture,
Fixture and Office appliances
·
Office
Appliances
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.
AS PER WEBSITE
Company was incorporated in 1956
as an import substitution project for manufacture of pigment emulsions. The
initial promoters were Mr. R.R. Ruia, Mr. D.M. Khatau, Mr. B.M. Ghia and Mr. C.
Rai.
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 Germany.
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 India.
%20LIMITED%2019-Aug-2008_files/image006.gif){kind=small}
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
Clariant Chemicals
Net Profit increases by 83% in Q2, 2008.
Mumbai,
India, July 24, 2008 – Clariant Chemicals (India) Limited has
reported a Net Profit of INR 268 mio. for the quarter ended June 30, 2008 (INR
146 mio. in the corresponding previous year period) – amounting to an increase
of 83%.
Its net sales for the quarter ended June 30, 2008 amounted
to INR 2618 mio. (INR 2317 mio. for the corresponding period of the previous year)
– signifying a growth of 13%.
The increase in operating profits is attributed to the
various proactive measures initiated by the Company to combat the rising cost
of inputs, viz. the ability to pass on price increases, optimization of costs,
lean organization structures, etc.
The Company’s sales for the six months ended June 30, 2008
rose to INR 4661 mio. (INR 4353 mio. in the corresponding previous year
period), while the Net Profit in the same period jumped up to INR 417 mio. (INR
290 mio. in the corresponding previous year period).
Futuristic Trends in Textiles from Clariant - Customer Awareness
Kolhapur,
India, August 4, 2008 – Clariant Chemicals (India) Limitedorganized a customer
meet at Hotel Victor Palace, in Kolhapur, on August 4, 2008.
Textile in Kolhapur is a mix of
yarn dyeing, shirting and sheetings. Ichalkaranji market, which is in Kolhapur
district caters to sizing, dress-material, suiting material made – up of 100%
cellulosics and their blends with polyester. Clariant invited the textile
producers from the above segments for a conference on “Futuristic Trends in
Textiles”.
On this occasion, Mr.
Anjani K. Prasad, Country Head of Textile, Leather and Paper Chemicals
Division, Clariant Chemicals (India) Limited, emphasized that Clariant offers
complete Solutions for Sizing,
technology related to entire processing of textile. He discussed about the new
applications in sizing and also the GOTS
approved products related to sizing. Technologies for Continuous Processings such as Bleaching, Dyeing and Finishing were
highlighted upon along with Specialty
Finishes. He stressed that Clariant has a wide range of products and
based on consumer needs, Clariant can offer cost and process effective recipes.
Clariant is shortly launching GOTS
certified amylase Bactosol MTO for organic cotton processing. He
discussed the special areas of hydrophilic silicones and lubricants offered by
Clariant. Speciality areas such as Ultra
Low Formaldehyde Based Binders; Anti-Microbial Solutions and the
non-PFOA concept of Fluorocarbons were
discussed. Drimaren (Reactive
Dyes) were also offered as a solution for problems in continuous and exhaust
processes. He stressed on the benefits of Ecoswat Concept, highlighting the use of right technology for
optimization of energy, water and effluent management. He discussed in detail
the garment washing process incorporating biotechnology, wherein he enlightened
the customers with the enzyme processing of the garments. Effect Labels from Clariant were also
showcased upon during the presentation. The new concepts such as Cold Black and Nanosphere by Clariant were discussed during the meet. REACH and its relevance were explained
to the customers. Mr. Prasad also discussed with the customers, the main
reasons for price increase and assured them that Clariant will always be with
them to support on cost optimization, quality improvement and innovations.
Clariant
has set up an expert team to manage all the processes with support from the
Consultancy Services team, the various Lab. facilities (central as well as
regional), and the Product Safety Lab. These will work in tandem to cater to
the changing needs of the customers. With today’s rising prices of major raw materials
Clariant Consultancy Services are well-equipped to take projects to optimize
cost with alternate technology and processes.
Along
with the presentation by Mr. Anjani Prasad, an exhibition of queries from the
market in the form of illustrative folders was displayed. The meet elicited a
good response from the market.
Innovations from Clariant in Wet Processing and Eco Impact
Ludhiana,
India, July 31, 2008 – Clariant Chemicals (India) Limitedorganized a
customer meet at Hotel Park Plaza, in Ludhiana, on July 31, 2008.
Ludhiana textiles comprise a mix
of cellulosic yarn and knitted fabric. Apart from these, acrylic and wool
processing are also carried out in the fibre and yarn form. Major Brands are
present and use this region as a source. Garment washing units cater to the
local and international market. Denim has also found its place here. To cater
to these burgeoning segments, the Clariant’s Textiles Business hosted a
customer awareness conference in Ludhiana.
Speaking
on this occasion, Mr. Anjani K. Prasad,
Country Head of Textile, Leather and Paper Chemicals Division, Clariant
Chemicals (India) Limited, emphasized that Clariant offers complete Solutions for the Processing of Knits,
Garment Washing, Enzyme Technology, Denim Washing and related
technologies. Drimaren Dyes were
offered as a solution for all the problems related to the Dyeing technology. He
stressed on the benefits of Ecoswat
Concept, highlighting the use of right technology for optimization of
energy, water and effluent management. He discussed the problems related to Effluent Treatment. He discussed in
detail the garment washing process incorporating biotechnology, wherein he
enlightened the customers with the enzyme processing of the garments. He also
highlighted the leaning of the processors towards the latest trends in Technical Textiles offered by
Clariant, such as ultra low formaldehyde based binders and the non-PFOA concept
of fluorocarbons. Effect Labels from
Clariant were also showcased upon during the presentation. The new concepts on
offer, such as Cold Black and Nanosphere were discussed during the
meet. REACH and its relevance
were explained to the customers. Mr. Prasad also discussed with the customers,
the main reasons for price increase and assured them that Clariant will always
be with them in these difficult times.
Clariant
has set up an expert team to manage all the processes with support from the
Consultancy Services team, the various Lab. facilities (central as well as regional),
and the Product Safety Lab. These will work in tandem to cater to the changing
needs of the customers. With today’s rising prices of major raw materials,
Clariant’s Consultancy Services are well-equipped to take projects to optimize
cost with alternate technology and processes.
Along
with the presentation by Mr. Anjani Prasad, an exhibition of queries from the
market in the form of illustrative folders was displayed. The meet elicited a
good response from the market.
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 Germany and the US. In 2006, the Custom Manufacturing Business had
sales of around CHF 217 million and about 490 employees.
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 Limited 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 U.S. businesses in their organic growth as well as
through further additional complementary acquisitions" says Patrick
Schnitzer, Managing Director of ICIG.
CMT REPORT
(Corruption, Money Laundering & Terrorism]
The Public Notice information has been collected from various sources
including but not limited to: The Courts, India Prisons Service,
Interpol, etc.
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 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.43.23 |
|
UK Pound |
1 |
Rs.80.89 |
|
Euro |
1 |
Rs.63.80 |
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. |
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 |
|