MIRA
INFORM REPORT
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Report Date : |
24.02.2011 |
IDENTIFICATION DETAILS
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Name : |
ELANTAS BECK INDIA LIMITED (w.e.f. 26.09.2003) |
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Formerly Known As : |
BECK INDIA LIMITED |
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Registered Office : |
Beck House, Damle Path, Off. |
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Country : |
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Financials (as on) : |
31.12.2009 |
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Date of Incorporation : |
15.03.1956 |
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Com. Reg. No.: |
11-134746 |
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CIN No.: [Company
Identification No.] |
L24222PN1956PLC134746 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
PNEB02788C |
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PAN No.: [Permanent
Account No.] |
AAAACD0538M |
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Legal Form : |
It is a public limited liability company. The company’s shares are listed on the Stock Exchanges. |
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Line of Business : |
Manufacturing of Insulation Varnishes, Unsaturated Polyester Resins, Other Paints, Varnishes and Epoxide Resins. |
RATING & COMMENTS
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MIRA’s Rating : |
A (68) |
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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 5458600 |
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Status : |
Good |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
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Comments : |
Subject is a well-established and a reputed company having good track. Directors are reported to be experienced and respectable businessmen. Financial position of the company appears to be sound. Trade relations are reported as fair. Business is active. Payments are reported to be regular and as per commitments. The company can be considered good for normal business dealings at usual trade terms and conditions. |
NOTES :
Any query related to this report can be made
on e-mail : infodept@mirainform.com
while quoting report number, name and date.
ECGC Country Risk Classification List – April 1, 2010
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Country Name |
Previous Rating (31.12.2009) |
Current Rating (01.04.2010) |
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A1 |
A1 |
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Risk Category |
ECGC
Classification |
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Insignificant |
A1 |
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Low |
A2 |
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Moderate |
B1 |
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High |
B2 |
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Very High |
C1 |
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Restricted |
C2 |
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Off-credit |
D |
INFORMATION DECLINED BY
Management non co-operative [ Name not disclosed. ]
LOCATIONS
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Registered Office : |
‘Beck House’, Damle Path, Off |
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Tel. No.: |
91-20-30210600 / 30210614 |
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Fax No.: |
91-20-30210634 |
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E-Mail : |
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Website : |
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Corporate Office / Head Office : |
407-A, ‘ |
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Tel. No.: |
91-22-22833255 / 22833224 / 24932654 |
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Fax No.: |
91-22-22873455 |
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E-Mail : |
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Factory : |
Technical Services 147, Tel. No. : 91-20-30610600 Fax No. : 91-20-30610601 E-mail : tsd@beckindia.com Plot No. 1 (A, B and
C), GIDC Industrial Area, Ankleshwar – 393002, Plot No. D-1/3, MIDC, Lote-Parshuram,
Taluka Khed - 415 722, District - Ratnagari, |
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Regional Offices: |
403, World Trade Centre, Unit 708, 7th Floor, Tel. No.: 91-33-22271841 Marketing and
Export Head Office Beck House, Damle Path, Pune – 411004, 1176, 12th H.A.L. II Stage, |
DIRECTORS
AS ON 06.05.2010
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Name : |
Dr. Matthias Wolfgruber |
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Designation : |
Chairman |
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Name : |
Dr. Christoph Schlunken |
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Designation : |
Director |
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Name : |
Dr. Guido Forstbach |
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Designation : |
Director |
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Name : |
Mr. Martin Babilas |
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Designation : |
Director |
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Name : |
Mr. Ravindra Kulkarni |
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Designation : |
Director |
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Name : |
Mr. Pradeep Mallick |
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Designation : |
Director |
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Name : |
Mr. Suresh Talwar |
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Designation : |
Alternate Director |
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Name : |
Mr. Prashant Despande |
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Designation : |
Alternate Director |
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Name : |
Mr. Sharadkumar Shetye |
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Designation : |
Alternate Director |
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Name : |
Mr. Rajeev Bhide |
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Designation : |
Managing Director and WTD |
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Name: |
Mr. M. Tandon |
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Designation: |
Managing Director |
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Age: |
62 Years |
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Qualification: |
B.Com, F.C.A. ( |
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Experience: |
37 Years |
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Date of Joining: |
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Previous Employment: |
Chief Executive -
Finance and Personnel, BASF India Limited, Mumbai, |
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Name: |
Mr. Wolfgang
Schutt |
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Designation: |
Director |
KEY EXECUTIVES
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Name : |
Mr. Shirish Dabir |
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Designation : |
Company Secretary and Head Legal |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 31.12.2010
|
Category
of Shareholders |
No. of Shares |
Percentage |
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(A) Shareholding of Promoter and Promoter Group |
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(2)
Foreign |
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7020316 |
88.55 |
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Sub Total |
7020316 |
88.55 |
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Total shareholding of Promoter
and Promoter Group (A) |
7020316 |
88.55 |
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(B) Public Shareholding |
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|
1600 |
0.02 |
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50 |
0.000 |
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125815 |
1.59 |
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|
127465 |
1.61 |
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153307 |
1.93 |
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572738 |
7.22 |
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43294 |
0.55 |
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10562 |
0.13 |
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Non Resident Indians |
10562 |
0.13 |
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|
779901 |
9.84 |
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Total Public shareholding (B) |
907366 |
11.45 |
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Total (A)+(B) |
7927682 |
100.00 |
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(C) Shares held by Custodians and against which
Depository Receipts have been issued |
-- |
-- |
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Total (A)+(B)+(C) |
7927682 |
100.00 |
(1) Indian
Mutual Funds / UTI
Individual shareholders holding nominal
share capital up to Rs.0.100 millionBUSINESS DETAILS
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Line of Business : |
Manufacturing of Insulation Varnishes, Unsaturated Polyester Resins, Other Paints, Varnishes and Epoxide Resins. |
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Products : |
Product
Description
Item Code No. Insulating Varnishes 320840 Unsaturated Polyester Resins 390791 Epoxide Resins 390730 |
PRODUCTION STATUS
As on 31.12.2008
|
Particulars |
Unit |
|
Installed
Capacity |
Actual
Production |
|
Wire enamels, Impregnating Varnishes and Paints |
MT |
|
9500 |
7818 |
|
Synthetic Resins |
MT |
|
4500 |
1609 |
GENERAL INFORMATION
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No. of Employees : |
800 (Approximately) |
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Bankers : |
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Banking
Relations : |
Good |
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Auditors : |
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Name : |
BSR and Company Chartered Accountants |
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Internal Auditor: |
Mahajan and Aibara Chartered Accountants |
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Associates : |
v
v Schenectady International Inc. v Schenectady Specialities Asia Limited v Schenectady Herdillia Limited v
v Schenectady Brazil Limited v
v Schenectady Korea Limited v Schenectady Europe Limited v Yuka Schenectady Company Limited v BYK Chemie GmbH v Beck Electrical Insulation GmbH v Sterling Technology Limited v The P.D. George Company v DEA Tech Srl v Tongling Siva Ins. Material Company Limited v Wiedeking GmbH v Beck Electrical v BYK Chemie Asia Pacific Pte Limited |
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Subsidiaries : |
v Elantas Isolantes Elétricos Do
Brasil |
CAPITAL STRUCTURE
AS ON 31.12.2009
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
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15000000 |
Equity Shares |
Rs. 10 Each |
Rs. 150.000 Millions |
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Issued, Subscribed
& Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
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7927682 |
Equity Shares |
Rs. 10 Each |
Rs. 79.277 Millions |
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FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.12.2009 |
31.12.2008 |
31.12.2007 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
79.280 |
79.300 |
79.300 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
1285.370 |
1010.900 |
851.900 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
1364.650 |
1090.200 |
931.200 |
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LOAN FUNDS |
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1] Secured Loans |
0.000 |
0.000 |
0.000 |
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2] Unsecured Loans |
0.000 |
0.000 |
0.000 |
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TOTAL BORROWING |
0.000 |
0.000 |
0.000 |
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DEFERRED TAX LIABILITIES |
15.090 |
27.200 |
27.600 |
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TOTAL |
1379.740 |
1117.400 |
958.800 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
321.230 |
268.300 |
266.400 |
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Capital work-in-progress |
3.390 |
13.700 |
5.100 |
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INVESTMENT |
546.150 |
260.000 |
160.000 |
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DEFERREX TAX ASSETS |
0.000 |
14.000 |
13.000 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
321.120 |
368.700 |
403.500 |
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Sundry Debtors |
269.730 |
242.300 |
250.600 |
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Cash & Bank Balances |
134.690 |
103.100 |
73.300 |
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Other Current Assets |
0.000
|
0.000
|
0.000 |
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Loans & Advances |
48.760 |
53.700 |
53.300 |
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Total
Current Assets |
774.300
|
767.800 |
780.700 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
59.108 |
54.111 |
85.751 |
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Sundry creditors |
116.742 |
79.989 |
111.449 |
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Provisions |
89.480 |
72.300 |
69.200 |
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Total
Current Liabilities |
265.330
|
206.400
|
266.400 |
|
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Net Current Assets |
508.970 |
561.400 |
514.300 |
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MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
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TOTAL |
1379.740 |
1117.400 |
958.800 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.12.2009 |
31.12.2008 |
31.12.2007 |
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SALES |
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Income |
1949.000 |
1819.400 |
1698.100 |
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Other Income |
66.9000 |
57.200 |
42.700 |
|
|
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TOTAL (A) |
2015.900 |
1876.600 |
1740.800 |
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|
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Less |
EXPENSES |
|
|
|
|
|
|
|
Manufacturing Expenses |
112.080 |
112.300 |
102.700 |
|
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Administrative Expenses |
33.770 |
102.800 |
99.400 |
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|
Raw Material Consumed |
1091.450 |
1163.300 |
1059.900 |
|
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|
Salaries, Wages, Bonus, Etc. |
0.000 |
99.700 |
86.500 |
|
|
|
Increase/(Decrease) in Finished Goods |
17.200 |
(11.000) |
(8.600) |
|
|
|
Power & Fuel |
35.900 |
34.000 |
29.900 |
|
|
|
Miscellaneous Expenses |
79.990 |
53.400 |
46.000 |
|
|
|
Other Expenditure |
147.550 |
0.000 |
0.000 |
|
|
|
TOTAL (B) |
1517.940 |
1554.500 |
1415.800 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
497.960 |
322.100 |
325.000 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
0.310 |
0.300 |
0.400 |
|
|
|
|
|
|
|
|
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|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
497.650 |
321.800 |
324.600 |
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|
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Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
36.730 |
32.100 |
25.800 |
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PROFIT BEFORE
TAX (E-F) (G) |
460.920 |
289.700 |
298.800 |
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|
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Less |
TAX (H) |
144.720 |
93.600 |
96.500 |
|
|
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|
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|
PROFIT AFTER TAX
(G-H) (I) |
316.200 |
196.100 |
202.300 |
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Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
586.330 |
446.900 |
301.890 |
|
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|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
902.530 |
643.040 |
504.240 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
39.89 |
24.74 |
25.52 |
|
QUARTERLY RESULTS
|
PARTICULARS |
31.03.2010 |
30.06.2010 |
30.09.2010 |
31.12.2010 |
|
Type |
1st
Quarter |
2ndQuarter |
3rd
Quarter |
4th
Quarter |
|
Sales Turnover |
607.990 |
626.280 |
654.400 |
6242.650 |
|
Total Expenditure |
473.180 |
508.450 |
524.370 |
549.320 |
|
PBIDT (Excl
OI) |
134.810 |
117.830 |
130.030 |
98.330 |
|
Other Income |
11.850 |
10.280 |
7.490 |
15.650 |
|
Operating
Profit |
146.660 |
128.110 |
137.520 |
108.990 |
|
Interest |
0.200 |
0.030 |
0.030 |
0.070 |
|
Exceptional
Items |
0.000 |
0.000 |
0.000 |
0.000 |
|
PBDT |
146.460 |
128.080 |
137.490 |
108.950 |
|
Depreciation |
11.350 |
11.580 |
12.070 |
12.620 |
|
Profit
Before Tax |
135.110 |
116.500 |
125.420 |
96.300 |
|
Tax |
44.230 |
32.630 |
47.450 |
25.080 |
|
Reported PAT |
90.880 |
83.870 |
77.960 |
71.230 |
|
Extraordinary Items |
0.000 |
0.000 |
0.000 |
0.000 |
|
Prior Period Expenses |
0.000 |
0.000 |
0.000 |
0.000 |
|
Other Adjustments |
0.000 |
0.000 |
0.000 |
0.000 |
|
Net Profit |
90.880 |
83.870 |
77.960 |
71.230 |
KEY RATIOS
|
PARTICULARS |
|
31.12.2009 |
31.12.2008 |
31.12.2007 |
|
PAT / Total Income |
(%) |
15.68
|
10.45
|
11.62 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
23.64
|
15.92
|
17.60 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
42.07
|
27.96
|
28.54 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.33
|
0.27
|
0.32 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
0.19
|
0.19
|
0.29 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
2.91
|
3.72
|
2.93 |
LOCAL AGENCY FURTHER INFORMATION
Sundry Creditors
Details :
(Rs.
In Millions)
|
Particulars |
31.12.2009 |
31.12.2008 |
31.12.2007 |
|
Sundry Creditors |
|
|
|
|
Due to micro and small enterprises # |
0.766 |
1.235 |
-- |
|
Dues to creditors other micro and small enterprises |
115.976 |
78.754 |
111.449 |
|
|
|
|
|
|
Total |
116.742 |
79.989 |
111.449 |
PERFORMANCE:
The sales performance at Rs.1949.000 million for the year ended 31 December 2009 registered a 7.7% growth over the sales performance at Rs.1810.000 million for the previous year ended 31 December 2008. In terms of sales quantity, the tonnage sold during the year ended 31 December 2009 has increased by 9.2% over the previous year.
The aforementioned growth in sales coupled with an overall improvement in other operational parameters has resulted in a significant increase in Profit Before Tax.
DIRECTORS
During the year, Mr. Martin Babilas and Dr. Guido Forstbach resigned from the position of the Directors of the Company with effect from 23 March 2009.
Mr. Suresh Talwar resigned as Alternate Director to Dr. Matthias Wolfgruber with effect from 23 March 2009 and was appointed as Additional Director with effect from that date. In the Annual General Meeting held on 1 June 2009, Mr. Suresh Talwar was appointed as a Director of the Company whose period of office was liable to determination by retirement of directors by rotation.
Mr. Prashant Deshpande resigned as Alternate Director to Dr. Wolfgang Schutt with effect from 23 March 2009 and was appointed as Alternate Director to Dr. Matthias Wolfgruber from that date.
Mr. Sharadkumar Shetye ceased to be an Alternate Director to Dr. Guido Forstbach with effect from 23 March 2009 and was appointed as Alternate Director to Dr. Wolfgang Schutt from that date.
Dr. Matthias Wolfgruber and Dr. Wolfgang Schutt retire by rotation at the ensuing Annual General Meeting and being eligible, offer themselves for re-appointment.
UNAUDITED
FINANCIAL RESULTS (PROVISIONAL) FOR THE QUARTER ENDED 30.09.2010
|
Particulars |
Three months ended 30.09.2010 (Unaudited) |
Nine months ended 30.09.2010 (Unaudited) |
|
a) Net Sales / Income from Operations |
650.969 |
1875.966 |
|
b) Other Operating Income |
3.428 |
12.694 |
|
Total Income from operations |
654.397 |
1888.660 |
|
Expenditure |
|
|
|
(a) (Increase)/decrease in Stock in Trade and work in progress |
(23.017) |
(7.071) |
|
(b) Consumption of Raw Materials |
416.360 |
1103.584 |
|
(c) Purchase of traded goods |
1.268 |
11.870 |
|
(d) Employees Cost |
34.299 |
125.214 |
|
(e) Depreciation / Amortisation |
12.072 |
35.002 |
|
(f) Other Expenditure |
95.465 |
272.410 |
|
Total |
536.447 |
1541.009 |
|
Profit From Operations before other Income Interest & Exceptional Items |
117.950 |
347.651 |
|
Other Income |
7.494 |
29.625 |
|
Profit before Interest and Exceptional items |
125.444 |
377.276 |
|
Interest |
0.033 |
0.258 |
|
Profit after interest before Exceptional items |
125.411 |
377.018 |
|
Exceptional Items |
- |
- |
|
Profit / (Loss) From
Ordinary activities before Tax |
125.411 |
377.018 |
|
Tax Expenses (includes current, deferred, fringe benefit taxes and excess provision for previous years) |
47.451 |
124.308 |
|
Net Profit/(Loss) From Ordinary activities after Tax |
77.960 |
252.710 |
|
Extraordinary Items |
- |
- |
|
Net Profit/(Loss) for the period |
77.960 |
252.710 |
|
Paid Up Equity Share Capital ( Face Value of the share Rs.10/- each ) |
79.277 |
79.277 |
|
Reserves (Excluding Revaluation Reserves) |
- |
- |
|
Earnings per share
(EPS) |
|
|
|
-Basic and Diluted EPS before Extraordinary items for the period, for the year to date and for the previous year (not to be annualized) |
9.83 |
31.88 |
|
-Basic and Diluted EPS after Extraordinary items for the period, for the year to date and for the previous year (not to be annualized) |
9.83 |
31.88 |
|
Public Share Holding |
|
|
|
- Number of Shares |
907366 |
907366 |
|
- Percentage of shareholding |
11.45 |
11.45 |
|
Promoters and Promoter group share holding |
|
|
|
a) Pledged / Encumbered |
|
|
|
- Number of Shares |
- |
- |
|
- Percentage of share (as a % of the total shareholding of promoter and promoter group) |
- |
- |
|
- Percentage of shares(as a % of the total share capital of the company) |
- |
- |
|
b) Non-encumbered |
|
|
|
- Number of Shares |
7020316 |
7020316 |
|
- Percentage of Share (as a % of the total shareholding of promoter and promoter group) |
100.00 |
100.00 |
|
- Percentage of Share (as a % of the total share capital of the company) |
88.55 |
88.55 |
SEGMENT- WISE REVENUE, RESULTS AND CAPITAL EMPLOYED
(Rs. In millions)
|
Particulars |
30.09.2010 (UNAUDITED) |
30.09.2010 (UNAUDITED) |
|
1. Segment Revenue |
|
|
|
a. Electrical Insulations |
5197.06 |
14979.05 |
|
b. Electronic and Engineering Materials |
1360.72 |
3967.55 |
|
Total |
6557.780 |
18946.600 |
|
Less: Inter-segment Revenue |
-- |
-- |
|
Net Sales / Income from Operations |
6557.780 |
18946.600 |
|
2. Segment Results |
|
|
|
a. Electrical Insulations |
1015.540 |
3022.640 |
|
b. Electronic and Engineering Materials |
201.660 |
596.650 |
|
Total |
1217.200 |
3619.290 |
|
Less: (i) Interest (Net) |
0.330 |
2.580 |
|
Add: Other Un-allocable Expenditure net of Un-allocable Income |
37.240 |
153.470 |
|
Total Profit / (Loss) before Tax |
1254.110 |
3770.180 |
|
3. Capital Employed (Segment Assets-Segment Liabilities) |
|
|
|
a. Electrical Insulations |
6414.980 |
6414.980 |
|
b. Electronic and Engineering Materials |
2342.900 |
2342.900 |
|
Total |
7417.110 |
7417.110 |
NOTE
1. The above results, subjected to limited review by the Statutory Auditors, were reviewed by the Audit Committee and approved by the Board of Directors at their respective meetings held on October 19, 2010.
2. At the beginning of the quarter, the Company had no investor complaints outstanding, and no complaints were received during the quarter.
3. Figures in this statement have been regrouped where necessary.
FIXED ASSTES:
·
·
· Buildings and Roads,
· Plant and Machinery,
· Furniture and Fixtures,
· Motor Vehicles
· Cycles.
WEBSITE DETAILS
Profile
Electrical
Insulation:
Focus on the global electrical and electronics industry, global market leader
in primary and secondary insulation
ELANTAS, the Division Electrical Insulation within the ALTANA Group, produces insulating materials for the electrical and electronics industry. They are found in electric motors, household appliances, cars, generators, transformers, capacitors, wind mills, computers, lamps, circuit boards and sensors, and help to ensure that design engineers can construct ever-smaller and more powerful electronic devices, thus saving materials and energy.
Owing to consistent research and development, continual development of insulating materials and processes, and the fact that ELANTAS has production facilities around the world, the company has established a leading international position for itself and is the world's leading manufacturer of wire enamels and impregnating resins. This makes the division the supplier of choice for the electrical insulation industry. Hence international, renowned technology leaders are amongst the top customer base . The division serves the markets through three business lines: "Primary Insulation" supplies the enameled wire industry, "Secondary Insulation" supplies applications in which the enameled wire winding is insulated and stabilized mechanically, and "Electronic and Engineering Materials" mainly supplies applications that embed or completely encapsulate electrical components.
In 2006, Subject completed 50 years of operations in
The leadership status ensures they translate the leading technological
capabilities and consistent quality standards to the advantage of the customers
through contemporary an
The wide products profile is well supported by comprehensive Technical Service,
and an All India Distribution Network.
Subject has been accredited with the International Quality Management System
ISO 9001:2000 and Environment Management System Certification ISO 14001:2004.
Competences
Excellent technical achievements for more comfort and
safety.
Without an insulating coating electricity would flow between
the wires and not down the path of the wire. The result: leakage current or
short circuits.
Increasing leakage current can possibly cause considerable
generation of heat and thus lead to functional impairment or to the complete
breakdown of a technical device due to overheating. In extreme cases, faulty
insulation coupled with moisture can even pose a serious safety problem.
Electrically insulated wires are used in electric motors and transformers,
where they meet high heat and chemicals-resistance requirements and have to
withstand mechanical and electrical burdens.
Whether a computer or a television set, an espresso or
drilling machine, windshield wipers or window lifters – the world is full of
technology that makes many aspects of everyday life easier.
Every electrical device contains a number of components
such as electric motors and transformers which they don’t even notice because
they function reliably. A low breakdown rate of a device reflects its high
quality and means that the insulation problem has been solved well. The
products made by ELANTAS Electrical Insulation – wire enamels, impregnating
resins, and compounds – contribute to the safety, reliability, and long life of
such devices.
R and D
"Subject is committed
to providing the global customers with products of the highest quality and
performance round the world. This provides the impetus for market driven R and
D at the company's global research center at
Press
Release
Global economic crisis burdens ALTANA
Sales: down 30 percent
EBITDA: down 71 percent
Positive cash flow
Consistent cost management
The specialty chemicals Group Subject
is strongly affected by the worldwide economic crisis an
Development of the
divisions
Sales
in the BYK Additives and Instruments division fell by 34% from €120.2 million
in the first quarter of 2008 to €79.0 million. The ECKART Effect Pigments
division recorded a sales decrease of 39% to €57.6 million from €93.9 million
in the prior year. At subject Electrical Insulation sales dropped by around 27%
to €64.5 million; in the prior year sales had amounted to €88.1 million. In the
ACTEGA Coatings and Sealants division sales remaine
Measures to improve
efficiency and cut costs prove effective
In the
late summer 2008, subject had already introduced a comprehensive program to
improve efficiency and cut costs. It comprises, among others, a reduction of
personnel costs due to operational shutdown periods and short-time work, the
postponement of investment measures and a worldwide qualified hiring freeze. In
total, the estimated savings potential for 2009 amounts to approximately €50
million; more than €10 million were realized in the first quarter of the
current business year.
“Despite
the broad positioning in the market, the worldwide economic crisis has also
affected ALTANA,“ stated Dr. Matthias L. Wolfgruber, CEO of ALTANA AG. “In such
difficult times they are in an advantageous position of having a solid
financial structure.“ The company’s present focus was on maintaining margins
and cash flow as well as on a consistent and successful implementation of the
set of measures to reduce costs, said Dr. Wolfgruber, adding that ALTANA’s
business model was still intact. ”They wish to emerge strengthened from this
crisis, building on the innovative strength and market position,“ continued
Dr. Wolfgruber.
Outlook
The
general economic conditions for ALTANA are still influenced by very high
uncertainty. This is true for almost all customer industries an
Key
Figures Q1 2009
|
ALTANA Group |
January to March
2009 |
January to March
2008 |
Change |
|
(in € million) |
|
|
in % |
|
|
|
|
|
|
Sales |
251.8 |
357.6 |
-30 |
|
|
|
|
|
|
Earnings before interest, taxes, depreciation and amortization
(EBITDA) |
20.8 |
71.7 |
-71 |
|
|
|
|
|
|
Operating income (EBIT) |
1.9 |
53.8 |
-97 |
|
|
|
|
|
|
Earnings before taxes (EBT) |
0.4 |
52.9 |
-99 |
|
|
|
|
|
|
Net income (EAT) |
(0.2) |
35.5 |
n/a |
|
|
|
|
|
|
Earnings per share (EPS) in € |
0.00 |
0.26 |
n/a |
|
|
|
|
|
|
Research and development expenses |
17.9 |
17.3 |
4 |
|
|
|
|
|
|
Capital expenditure on intangible assets and property, plant and
equipment |
13.9 |
18.9 |
-26 |
|
|
|
|
|
|
Headcount (March 31) |
4,717 |
4,7911 |
-2 |
This press release
contains forward-looking statements, i.e. current estimates or expectations of
future events or future results. These statements are based on beliefs of
ALTANA as well as assumptions made by and information currently available to
ALTANA. Forward-looking statements speak only as of the date they are made.
ALTANA does not intend, and does not assume any obligation, to update
forward-looking statements to reflect facts, circumstances or events that have
occurred or changed after such statements have been made.
About ALTANA:
ALTANA develops and
produces high-quality innovative products in the specialty chemicals business.
The ALTANA Group, with headquarters in Wesel/Germany, is a genuine “global
player” with 83% of its sales generated by international activities. The ALTANA
Group has four divisions: BYK Additives and Instruments, ECKART Effect
Pigments, ELANTAS Electrical Insulation, and ACTEGA Coatings and Sealants. All
of these divisions occupy a leading position in their target markets with
respect to quality, product solution expertise, innovation and service.
ALTANA offers innovative, environmentally compatible solutions with the
matching specialty products for coating manufactures, paint and plastic
processors, the printing and cosmetic industries, and the electrical and
electronic industry. The product range includes additives, special coatings and
adhesives, effect pigments, sealants and compounds, impregnating resins and
varnishes, and testing and measuring instruments.
At present, the ALTANA Group has 32 production facilities and 46
service and research laboratories worldwide. Throughout the group about 4,700
people work to ensure the success of ALTANA worldwide. In 2007, ALTANA achieved
sales of about 1.4 billion euros.
Its impressive earning power and high growth rate make ALTANA one of the most
successful and innovative chemical groups worldwide.
November 10, 2009
ELANTAS strengthens its
activities in technologies of the future
Two acquisitions in
Focus on market segment“Electronic and Engineering
Materials”
Major importance of Research and Development further
stressed
ELANTAS Electrical Insulation, a leading manufacturer of insulating materials
for the electrical and electronics industry, further expands its position in
the market segment “Electronic and Engineering Materials”. subject, a division
of the specialty chemicals Group ALTANA, announced today, at the “productronica
2009” trade fair in Munich, that it had made two acquisitions in this market
segment in the preceding weeks. In the future, subject is going to strongly
focus its research activities in this area, which offers an excellent growth
potential due to the increasing electronization and automation of all areas of
life. “Electronic and Engineering Materials” refer to applications that embed
or encapsulate electrical components, such as complete circuits or circuit
boards, with insulating resins to protect them from all kinds of environmental
influences.
In September 2009, ELANTAS acquired the business of Epoxy and Polyurethane
Systems for Casting, Potting and Encapsulating from the Indian company “Shimo
Resins Private Limited.“ This company achieved in 2008 sales of about €2.0
million and has been active in regional markets of
“Through these acquisitions, which they will integrate into the existing
activities by way of asset deals, they are expanding the strategic
positioning“, stated Dr. Wolfgang Schütt, President Division ELANTAS.
“Alongside the traditional business lines Primary and Secondary Insulation,
they will increasingly turn the attention to the market segment Electronic and
Engineering Materials, since this segment still holds a significant growth
potential. In this respect, the two acquisitions make an important
contribution; they improve the global market position and will be smoothly
integrated into the existing activities.”
Schütt emphasized that the area of Research and Development at ELANTAS was
going to be given increased importance and influence in the future. “Only
innovative strong companies are able to offer future-oriented solutions to
their customers in the traditional, but, above all, also in the new business
fields.“ As an example, Schütt referred to the area of Printed Electronics,
these are printed circuits that could be used, among others, for RFID tags in
the future.
Already since the beginning of 2008, Research and Development in the 10
worldwide laboratories at subject is controlled and coordinated by a Chief
Technology Officer. Like this, research processes run highly efficiently and
close to the customer base, and – what is more – at the same time industrial
trends of the future are identified and corresponding solutions are developed.
In total, more than 100 employees work in Research and Development at ELANTAS.
“The strong innovative ability will be the key to further strengthen and expand
the outstanding position in technologically ever more demanding markets,“ said
Schütt, adding that the company’s organic growth was going to be supplemented
through acquisitions particularly in the field of “Electronic and Engineering
Materials“ to further enhance the worldwide market position of ELANTAS.
This press release contains forward-looking statements, i.e. current
estimates or expectations of future events or future results. The forward-looking
statements appearing in this press release include sales and earnings
projections for the ALTANA Group. These statements are based on beliefs of
ALTANA as well as assumptions made by and information currently available to
ALTANA. Many factors that ALTANA is unable to predict with accuracy could cause
ALTANA’s actual results, including its financial position, sales and earnings
to be materially different from those that may be expressed or implied by such
forward-looking statements. These factors include ALTANA’s ability to develop
and launch new and innovative chemical products, ALTANA’s ability to maintain
close ties with its customers, the business cycles experienced by ALTANA’s
customers, and the prices of the raw materials used by ALTANA.
Forward-looking statements speak only as of the date they are made.
ALTANA does not intend, and does not assume any obligation, to update
forward-looking statements to reflect facts, circumstances or events that have
occurred or changed after such statements have been made.
About ALTANA:
ALTANA develops and produces high-quality innovative products in the
specialty chemicals business. The ALTANA Group, with headquarters in
Wesel/Germany, is a genuine “global player” with 83% of its sales generated by
international activities. The ALTANA Group has four divisions: BYK Additives and
Instruments, ECKART Effect Pigments, ELANTAS Electrical
Insulation, and ACTEGA Coatings and
Sealants. All of these divisions occupy a leading position in their target markets
with respect to quality, product solution expertise, innovation and service.
ALTANA offers innovative, environmentally compatible solutions with the
matching specialty products for coating manufactures, paint and plastic
processors, the printing and cosmetic industries, and the electrical and
electronic industry. The product range includes additives, special coatings and
adhesives, effect pigments, sealants and compounds, impregnating resins and
varnishes, and testing and measuring instruments.
At present, the ALTANA Group has 35 production facilities and 47
service an
About ELANTAS:
ELANTAS Electrical Insulation produces insulating materials for the
electrical and electronics industry. They are found in electric motors,
household appliances, cars, generators, transformers, capacitors, wind mills,
computers, lamps, circuit boards and sensors, and help to ensure that design
engineers can construct ever-smaller and more powerful electronic devices, thus
saving materials and energy. Owing to consistent research and development,
continual development of insulating materials and processes, and the fact that
ELANTAS has production facilities around the world, the company has established
a leading international position for itself and is the world's leading
manufacturer of wire enamels and impregnating resins. This makes the division
the preferred supplier for the electrical insulation industry and the main
supplier to large international customers.
The division
serves the markets through three business lines: "Primary Insulation"
supplies the enameled wire industry; "Secondary Insulation" supplies
applications in which the enameled wire winding is insulated and stabilized
mechanically, and "Electronic and Engineering Materials" mainly
supplies applications that embed or completely encapsulate electrical
components. The division, which is managed by a holding company headquartered
in Wesel/Germany, has nine independent manufacturing companies in all major
regions worldwide. In 2008, ELANTAS employed a total workforce of 920 people
and achieved sales of €327 million.
Feb 15, 2010
ELANTAS PDG, Inc. Acquires
Formulated Products Business from Quadrant Chemical Corporation
“They are excited about the acquisition of Quadrant’s
Formulated Product Business,” said Dr. Susan W. Graham, President and CEO of
ELANTAS PDG, Inc. “They plan to leverage the Quadrant reputation with the 90
year heritage of innovation to grow the E and EM business as a whole. The Formulated
Business Products Business of Quadrant broadens the overall product offering
with the other great product brands, like Epoxylite®, ELAN-Cast® and ELAN-Tron®.”
Electronic and Engineering Materials (E and EM) are used in
applications that embed or encapsulate electronical components, such as
complete circuits or circuit boards, with insulating resins to protect them
from all kinds of environmental influences.
About ELANTAS PDG:
ELANTAS PDG, Inc., (formerly The P.D. George Company)
founded in 1919 and based in
About ELANTAS:
ELANTAS Electrical Insulation produces insulating materials for
the electrical and electronics industry. They are found in electric motors,
household appliances, cars, generators, transformers, capacitors, wind mills,
computers, lamps, circuit boards and sensors, and help to ensure that design
engineers can construct ever-smaller and more powerful electronic devices, thus
saving materials and energy. Owing to consistent research and development,
continual development of insulating materials and processes, and the fact that
ELANTAS has production facilities around the world, the company has established
a leading international position for itself and is the world's leading
manufacturer of wire enamels and impregnating resins. This makes the division
the preferred supplier for the electrical insulation industry and the main
supplier to large international customers.
The division serves the markets through three business
lines: "Primary Insulation" supplies the enameled wire industry;
"Secondary Insulation" supplies applications in which the enameled
wire winding is insulated and stabilized mechanically, and "Electronic and
Engineering Materials" mainly supplies applications that embed or
completely encapsulate electrical components. The division, which is managed by
a holding company headquartered in Wesel/Germany, has nine independent
manufacturing companies in all major regions worldwide. In 2009, ELANTAS
employed a total workforce of 886 people and achieved sales of €273 million.
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 records 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. 45.20 |
|
|
1 |
Rs. 73.16 |
|
Euro |
1 |
Rs. 61.88 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
8 |
|
PAID-UP CAPITAL |
1~10 |
7 |
|
OPERATING SCALE |
1~10 |
7 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
8 |
|
--PROFITABILIRY |
1~10 |
8 |
|
--LIQUIDITY |
1~10 |
8 |
|
--LEVERAGE |
1~10 |
7 |
|
--RESERVES |
1~10 |
8 |
|
--CREDIT LINES |
1~10 |
7 |
|
--MARGINS |
-5~5 |
-- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
NO |
|
--LITIGATION |
YES/NO |
NO |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
NO |
|
--AFFILIATION |
YES/NO |
NO |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
68 |
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 |
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 |
|
- |
NB |
New Business |
- |
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.