%20LIMITED-129953%2015-Jan-2011_files/image002.jpg){kind=small}
MIRA
INFORM REPORT
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Report Date : |
15.01.2011 |
NOTE : Given address could not be confirmed.
IDENTIFICATION DETAILS
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Name : |
CLARIANT CHEMICALS ( |
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Formerly Known As : |
COLOUR – CHEM LIMITED |
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Registered Office : |
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Country : |
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Financials (as on) : |
31.12.2009 |
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Date of Incorporation : |
27.12.1956 |
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Com. Reg. No.: |
11-10806 |
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CIN No.: [Company
Identification No.] |
L24110MH1956PLC010806 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
MUMC10036F / MUMC00339D |
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PAN No.: [Permanent
Account No.] |
AAACC4298H / AAACC5602P |
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Legal Form : |
A Public Limited Liability Company. Company’s Shares are Listed on the Stock Exchange. |
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Line of Business : |
Manufacturing of Dyes and Chemicals. |
RATING & COMMENTS
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MIRA’s Rating : |
A (67) |
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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 13000000 |
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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.
Financial position of the company appears to be sound. Directors are
experienced and respectable businessmen. 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
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Name : |
Mr. B. L. Gaggar |
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Designation : |
Finance Controller |
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Tel No. : |
14.01.2011 |
LOCATIONS
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Registered
Office / Factory 1 : |
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Tel
No.: |
91-2225-315111 |
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Fax
No.: |
91-2225-315303 |
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E-Mail
: |
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Website
: |
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Factory
2 : |
Dhatav, Roha, District Raigad-402116, |
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Factory
3 : |
Balkum, Thane-400608, |
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Factory
4 : |
Kidoladi. SIPCOT, P.O. Ciuddalore-607005, |
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Factory
5 : |
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DIRECTORS
AS ON 31.12.2009
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Name
: |
Mr. Rajendra Ambalal Shah |
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Designation
: |
Chairman cum Managing Director |
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Address
: |
Panorama, |
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Date
of Birth/ Age: |
07.07.1931 |
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Date
of Appointment : |
19.04.2007 |
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Name : |
Mr. P Palm |
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Designation : |
Vice Chairman and Management Director |
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Name
: |
Mr. Bansidhar Sunderlal Mehta |
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Designation
: |
Director |
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Address
: |
C – 37, Fifth Floor, |
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Date
of Birth/ Age: |
19.09.1935 |
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Date
of Appointment : |
27.07.2006 |
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Name : |
Mr. Diwan Aruhn Nanda |
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Designation : |
Director |
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Name
: |
Dr. Heinrich Johann Meier |
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Designation
: |
Director |
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Address
: |
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Date
of Birth/ Age: |
28.08.1946 |
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Date
of Appointment : |
01.04.2006 |
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Name : |
Mr. Heiner Meier |
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Designation : |
Director |
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Name
: |
Andreas Stefan Walde |
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Designation
: |
Director |
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Address
: |
Clariant International Limited Special Market Rothausstra
SSE 61 CH – 4132, |
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Date
of Birth/ Age: |
23.07.1962 |
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Date
of Appointment : |
27.07.2006 |
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Name : |
Mr. H Schloemer |
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Designation : |
Director |
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Name : |
Mr. A. Muench |
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Designation : |
Director |
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Name : |
Mr. B L Gaggar |
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Designation : |
Director in Finance and Company Secretary |
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Name
: |
Mr. Peter Lindner |
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Designation
: |
Director |
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Address
: |
Clariant International Limited Special Market Rothausstra
SSE 61 CH – 4132, |
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Date
of Birth/ Age: |
21.11.1948 |
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Date
of Appointment : |
19.04.2007 |
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Name
: |
Mr. Arun Diwan Nanda |
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Designation
: |
Director |
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Address
: |
Row House 11, Grand Paradi, 572 Dady Seth Hill, August
Kranti Marg, Mumbai – 400036, |
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Date
of Birth/ Age: |
20.08.1943 |
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Date
of Appointment : |
19.04.2007 |
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Name
: |
Mr. Dominik Klaus Strebel |
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Designation
: |
Director |
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Address
: |
Alte, Bahnhofstrasse 2, Magenwil 5506 |
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Date
of Birth/ Age: |
13.07.1963 |
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Date
of Appointment : |
20.02.2009 |
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Name
: |
Mr. Walter Kindler |
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Designation
: |
Director |
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Address
: |
Flat A 5/F, Branksome Grande 3 Tregunter Path, |
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Date
of Birth/ Age: |
11.09.1959 |
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Date
of Appointment : |
20.02.2009 |
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Email
: |
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KEY EXECUTIVES
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Name
: |
Mr. B L Gaggar |
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Designation
: |
Director in Finance and Company Secretary |
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Name
: |
Mr. Sunil Kamalakar Nayak |
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Designation
: |
Company Secretary |
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Address
: |
16, Asha Mahal, 4th Floor, |
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Date
of Birth/ Age: |
18.09.1959 |
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Date
of Appointment : |
25.01.2005 |
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MANAGEMENT
COMMITTEE |
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Name : |
Mr. P Palm |
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Designation : |
Chairman of the company |
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Name : |
Mr. P Rajasekaran |
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Designation : |
Head – BU Textile Chemicals |
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Name : |
Mr. R. Kumaresan |
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Designation : |
Head –BU Leather Services |
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Name : |
Mr. R Prasad |
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Designation : |
Head- BU Paper Specialities |
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Name : |
Mr. R R Vaidya |
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Designation : |
Head- BU Pigments |
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Name : |
Mr. S Deshmukh |
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Designation : |
Head- Industrial and Consumer Specialities |
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Name : |
Mr. S Patil |
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Designation : |
Head BU Masterbatches |
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Audit Committee: |
·
Mr. R A Shah, Chairman ·
Mr. Diwan A Nanda ·
Mr. Henri Scholmer |
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Investors’ Grievance Committee |
·
Mr. Diwan A Nanda, Chairman ·
Mr. Peter Palm |
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Name : |
Crawford
Baylor and Company |
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Designation : |
Solicitors
and Advocates |
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MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 30.09.2010
|
Names of Shareholders |
No. of Shares |
Percentage of
Holding |
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(A) Shareholding of Promoter and Promoter Group |
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16,902,080 |
63.40 |
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16,902,080 |
63.40 |
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Total shareholding of Promoter and Promoter Group (A) |
16,902,080 |
63.40 |
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(B) Public Shareholding |
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1,152,701 |
4.32 |
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24,740 |
0.09 |
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289,584 |
1.09 |
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209,396 |
0.79 |
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1,676,421 |
6.29 |
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1,470,580 |
5.52 |
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5,809,224 |
21.79 |
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647,337 |
2.43 |
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155,103 |
0.58 |
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135,761 |
0.51 |
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17,492 |
0.07 |
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1,850 |
0.01 |
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8,082,244 |
30.32 |
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Total Public shareholding (B) |
9,758,665 |
36.60 |
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Total (A)+(B) |
26,660,745 |
100.00 |
%20LIMITED-129953%2015-Jan-2011_files/image004.gif){kind=small}
(1) Indian%20LIMITED-129953%2015-Jan-2011_files/image005.gif){kind=small}
Bodies Corporate%20LIMITED-129953%2015-Jan-2011_files/image006.gif){kind=small}
Individual shareholders holding nominal
share capital up to Rs. 0.100 Million BUSINESS DETAILS
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Line of Business : |
Manufacturing of Dyes and Chemicals |
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Products : |
§
Textile Chemicals §
Textile Dyes §
Leather §
Paper |
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Exports : |
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Products : |
§
Dyes §
Chemicals |
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Countries : |
§
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Imports : |
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Products : |
§
Raw Materials |
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Countries : |
§
§
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Terms : |
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Selling : |
Credit (60 days) |
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Purchasing : |
Credit |
GENERAL INFORMATION
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Customers : |
End Users and OEM’s |
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No. of Employees : |
1500 (Office – 300 and Factory – 1200) (Approximately) |
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Bankers : |
§
Standard Chartered Bank Limited,
Branch M §
Citi Bank N.A., Branch M §
HSBC Bank, Branch M §
BNP Paribas, Mumbai, §
State Bank of §
Union Bank of India, Union Bank
Bhavan, 239, Vidhan Bhavan Marg, Nariman Point, Mumbai-400021, Maharashtra,
India §
The Hongkong and Shanghai Banking
Corporation Limited |
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Facilities : |
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Banking Relations
: |
Good |
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Auditors : |
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Name : |
Deloitte Haskins and Sells Chartered Accountant |
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Name : |
A. F. Ferguson and Company Chartered Accountants |
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Address : |
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Associates/Subsidiaries : |
§
Clariant ( §
Clariant ( §
Clariant ( §
Clariant ( §
Clariant (Deutschland) GmbH §
Clariant ( §
Clariant (France ) §
Clariant ( §
Clariant (Gulf) FZE §
Clariant (Italia) SpA §
Clariant ( §
Clariant ( §
Clariant (Maroc) §
Clariant ( §
Clariant ( §
Clariant ( §
Clariant (Schweiz) AG §
Clariant ( §
Clariant ( §
Clariant ( §
Clariant (Turkiye) A.S §
Clariant Chemicals ( §
Clariant Colorquimica ( §
Clariant Corporation §
Clariant GmbH §
Clariant Huningue §
Clariant Iberica S.A. §
Clariant Masterbatch Iberica S.A. §
Clariant Masterbatch GmbH and Company
OHG §
Clariant Masterbatch Norden AB §
Clariant Masterbatches ( §
Clariant Quimicos ( §
Clariant §
Clariant Southern §
Clariant UK Limited §
BTP India Private Limited §
Colour - Chem Limited §
Dick Peters B.V. Netherlands §
K. J. Quinn S.A.S. §
P.T. Clariant §
Chemtreat Composits India Private
Limited U51900MH1987PTC043235 |
CAPITAL STRUCTURE
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
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|
30000000 |
Equity shares |
Rs.10/- each |
Rs.300.000 millions |
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Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
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|
26660745 |
Equity Shares |
Rs.10/- each |
Rs.266.607 millions |
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NOTES
Of the above:
(a) 15010745 equity shares issued as fully paid up pursuant to a contract for a consideration other than cash.
(b) 8167080 equity shares are held by EBITO Chemiebeteiligungen AG.
6075000 equity shares are held by Clariant International AG.
2660000 equity shares are held by Clariant Participations AG.
The ultimate holding company being Clariant AG,
(c) 6690610 equity shares were allotted as fully paid up bonus shares by capitalisation of Rs.66.906 Millions from general reserve.
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.12.2009 |
31.12.2008 |
31.12.2007 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
266.607 |
266.607 |
266.607 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
3211.318 |
2909.756 |
2827.568 |
|
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
3477.925 |
3176.363 |
3094.175 |
|
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LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
0.000 |
0.000 |
0.000 |
|
|
2] Unsecured Loans |
20.478 |
30.907 |
40.716 |
|
|
TOTAL BORROWING |
20.478 |
30.907 |
40.716 |
|
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DEFERRED TAX LIABILITIES |
0.000 |
25.494 |
43.324 |
|
|
|
|
|
|
|
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TOTAL |
3498.403 |
3232.764 |
3178.215 |
|
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APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
1389.030 |
1540.654 |
1540.764 |
|
|
Capital work-in-progress |
59.072 |
105.383 |
178.346 |
|
|
Fixed assets held for disposal |
79.234 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
INVESTMENT |
1244.995 |
578.447 |
294.328 |
|
|
DEFERREX TAX ASSETS |
27.572 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
766.503
|
1054.398
|
1127.103 |
|
|
Sundry Debtors |
1445.963
|
1321.041
|
1413.389 |
|
|
Cash & Bank Balances |
169.662
|
84.231
|
132.025 |
|
|
Other Current Assets |
0.000
|
0.000
|
0.000 |
|
|
Loans & Advances |
632.049
|
639.797
|
712.363 |
|
Total
Current Assets |
3014.177
|
3099.467
|
3384.880 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
1448.816 |
1123.938 |
1576.557 |
|
|
Current Liabilities |
208.474
|
160.548
|
145.100 |
|
|
Provisions |
658.387
|
806.701
|
498.446 |
|
Total
Current Liabilities |
2315.677
|
2091.187
|
2220.103 |
|
|
Net Current Assets |
698.500
|
1008.280
|
1164.777 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
3498.403 |
3232.764 |
3178.215 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.12.2009 |
31.12.2008 |
31.12.2007 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
9213.413 |
9163.947 |
8614.423 |
|
|
|
Other Income |
263.082 |
253.368 |
243.923 |
|
|
|
TOTAL (A) |
9476.495 |
9417.315 |
8858.346 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Cost of materials |
5452.349 |
5815.005 |
5526.322 |
|
|
|
Personnel cost |
615.871 |
722.991 |
710.883 |
|
|
|
Impairment of fixed assets |
13.698 |
72.862 |
0.000 |
|
|
|
Other expenditure |
1417.836 |
1584.289 |
1661.508 |
|
|
|
Service Charge recovered |
(90.674) |
(78.823) |
(73.702) |
|
|
|
Exceptional items |
245.046 |
4.800 |
313.345 |
|
|
|
TOTAL (B) |
7654.126 |
8121.124 |
8138.356 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
1822.369 |
1296.191 |
719.990 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
1.667 |
(1.829) |
12.031 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
1820.702 |
1298.020 |
707.959 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
189.635 |
225.160 |
214.574 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) (G) |
1631.067 |
1072.860 |
493.385 |
|
|
|
|
|
|
|
|
|
Less |
TAX (I) |
549.711 |
398.030 |
175.471 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-I) (J) |
1081.356 |
674.830 |
317.914 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
109.740 |
95.036 |
135.083 |
|
|
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
|
|
General reserve |
108.136 |
67.483 |
31.791 |
|
|
|
Interim dividend |
266.607 |
0.000 |
0.000 |
|
|
|
Proposed dividend (Final) |
399.911 |
506.554 |
266.607 |
|
|
|
Corporate tax on dividend (Interim & Final) |
113.275 |
86.089 |
45.310 |
|
|
|
Corporate tax on dividend of Previous period |
0.000 |
0.000 |
14.253 |
|
|
BALANCE CARRIED
TO THE B/S |
303.167 |
109.740 |
95.036 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
1806.441 |
1973.402 |
1791.008 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
40.56 |
25.31 |
11.92 |
|
QUARTERLY RESULTS
|
PARTICULARS |
31.03.2010 1st
Quarter |
30.06.2010 2nd
Quarter |
30.09.2010 3rd
Quarter |
|
Audited / UnAudited |
UnAudited |
UnAudited |
UnAudited |
|
Net Sales |
2292.000 |
2658.100 |
2652.200 |
|
Total Expenditure |
1816.700 |
2065.300 |
2126.400 |
|
PBIDT (Excl OI) |
475.300 |
592.800 |
525.800 |
|
Other Income |
14.600 |
15.700 |
17.100 |
|
Operating Profit |
489.900 |
608.500 |
542.900 |
|
Interest |
0.500 |
[0.200] |
1.200 |
|
Exceptional Items |
40.800 |
[24.800] |
[7.400] |
|
PBDT |
530.200 |
583.900 |
534.300 |
|
Depreciation |
42.800 |
42.000 |
42.300 |
|
Profit Before Tax |
487.400 |
541.900 |
492.000 |
|
Tax |
162.100 |
176.900 |
158.400 |
|
Provisions and contingencies |
0.000 |
0.000 |
0.000 |
|
Profit After Tax |
325.300 |
365.000 |
333.600 |
KEY RATIOS
|
PARTICULARS |
|
31.12.2009 |
31.12.2008 |
31.12.2007 |
|
PAT / Total Income |
(%) |
11.41
|
7.16
|
3.58 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
17.70
|
11.70
|
5.73 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
37.04
|
22.87
|
10.02 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.47
|
0.34
|
0.16 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
0.67
|
0.67
|
0.73 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.30
|
1.48
|
1.52 |
LOCAL AGENCY FURTHER INFORMATION
Rs
in Millions
|
|
|
|
|
|
SUNDRY CREDITORS
: |
31.12.2009 |
31.12.2008 |
31.12.2007 |
|
|
|
|
|
|
Due to micro enterprises and small enterprises |
36.114 |
8.225 |
0.000 |
|
Due to others |
1412.702 |
1115.713 |
1576.557 |
|
Total
|
1448.816 |
1123.938 |
1576.557 |
|
|
|
|
|
NOTE:
Clariant (
The Registered Office has been shifted from
Paville
House, Off Veer Savarkar Marg, Prabhadevi,
Mumbai – 400078,
TRADE
REFERENCE:
§
Adci Dye-Chem Private Limited
§
Advent Dyestuffs and Chem Private
Limited
§
Alginates Allied Chem Private Limited
§
Alguj Chemical Industries
§
Alpanil Industries
§
Alps Chemicals Private Limited
§
Amtex Dye-Chem Industries
§
Amzole India Private Limited
§
Apurva Chemicals.
§
Aries Dye-Chem Industries
§
Aru Organics Private Limited
§
Auxichem
§
Berries Dyes and Interest Private
Limited
§
Britacel Silicones Limited
§
Chemco Dyestuffs Private Limited
§
Chromatic India Limited
§
Clarion Casein Private Limited
§
Colour Industries
§
Deep Dyes and Intermediates
§
Dispo Dye Chem Private Limited
§
Dynemic Products Limited
§
Elkay Chemicals Private Limited
§
Esteem Inds. Private Limited
§
Everst Intermediates
§
Fineotex Chemical Industries •
§
Grand Organics Private Limited
§
Hemali Dye Chem
§
Hind Dyes and Chemicals
§
Indian Dyes and Chemicals.
§
Integral Chemical Factory
§
Jackson Chemical Industries
§
Jay Chem
§
Jay Chemicals Industries Limited
§
Kanshu Chemical Industries
§
Kepra Industries
§
Kiri Dyes and Chemicals Private Limited
§
L.N.Chemical Industries
§
Link Bulk Drug Products Private Limited
§
Lotus
§
Manish Minerals and Chemicals
§
Maulik Dyechem
§
Meghna Packaging
§
Modhera Chemicals Private Limited
§
Mohini Organics Private Limited
§
Mukut Plastics Private Limited
§
Naman Plastic Processor Limited
§
Narayan Organics Private Limited
§
Neo Colour
§
Nrox Specialities
§
Orchem Intermediates Private Limited
§
Ornet Intermediates Limited
§
Panchsheel Intermediates
§
Panna Chemicals and Solvents Private
Limited
§
Parksons Dyestuff Ind Private Limited
§
Polygon Chemicals
§
Premier Solvents Private Limited
§
Prima Chemicals
§
R.K.Industries
§
R.R.J.Dyes and Interest Limited
§
Rangoli Plastics Private Limited
§
Ranka Organics Private Limited
§
Saptavarna Colourants Private Limited
§
Saurabh Industries
§
Sf Dyes Private Limited
§
Shah Casein Industries
§
Shalibhadra Dye Chem Industries
§
Shivam Chemicals
§
Shree Pushkar Petro Products Limited
§
Sita Chemicals Private Limited
§
Sohan Dye Chem Private Limited
§
Solar Dyes Industries
§
Speciality Organics Private Limited
§
Sterling Auxiliaries Private Limited
§
Sudarshan Chemical Ind. Limited
§
Supreet Chemicals Private Limited
§
Suraj Chemtech Limited
§
Synthetic Dyes And Chemicals
§
Techno Colour Corporation
§
Triune Chemicals
§
United Pesti. and Nonionics Private
Limited
§
Utpan Chempro
§
Venus Ethoxyethers Private Limited
§
Versatile Chemicals Private Limited
§
Vikram Plasticizers
§
Yogeshwar Chemicals Limited
History:
Subject 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,
Review of
Operations
The global economic and financial crisis that began in 2008 and continued
to affect Indian economy till first half of 2009 had a crippling impact on the
global chemical industry. This has affected the Company’s performance during
the first 2 quarters of 2009. However, unexpected recovery in domestic market
and excellent performance in terms of cost management has resulted into
positive growth in terms of sales and benchmarking performance in net profits
of the Company as compared to previous year. The following ratios appropriately
reflect the Company’s operational performance during the year.
Divestment of
Business
The Company, during the year sold its flexible laminating adhesive
business for a total consideration of Rs. 36.000 Millions to M/s. Bostik India
Private Limited The Company had also signed business transfer agreement (BTA)
with M/s. Laxmi Organic Industries Limited for sale of its diketene and
intermediates business located at Balkum, Thane together with movable assets,
technical knowhow and non-compete undertaking for a total consideration of Rs.
132.500 Millions. On receipt of full consideration, the transaction is
concluded in January 2010 and the plant is being dismantled and delivered to
the buyer.
Registered Office
The registered office of the Company presently located at Ravindra
Annexe, 194, Churchgate Reclamation, Mumbai-400 020 is under lease and the
premises is under major repairs. For better co-ordination and effective
communication between sites, offices and laboratories, the Board has decided
that subject to approval of shareholders, the registered office of the Company
be relocated at Clariant owned premises at Kolshet Road, Thane-400 607
effective from May 1, 2010. Shareholders are requested to approve the proposal.
Balkum, Thane site
The Board of Directors of the Company has decided that subject to the
decision on closure, divestment or sale of its existing business operations
carried out at Balkum, Thane site and subject to approval of shareholders, the
land/premises and other assets attached thereto, may be sold in the best
interest of the Company and the value realised therefrom may be best put to use
for growth of the Company’s business. Shareholders are requested to consider
and approve the proposal as set out in notice of the annual general meeting.
MANAGEMENT
DISCUSSION AND ANALYSIS
Financial and
Operational Performance
The year 2009 began with a very high degree of uncertainty and
volatility in the Indian as well as the global economy. The sentiments,
however, started improving in the later part of the year with pick up in
domestic demand. Despite all the challenges, recession and downturns in the
business all around the world, the Company was able to sustain its business
performance and registered positive growth in sales and exceptional improvement
in net results. While domestic sales grew by 2.8%, export sales were lower by
8.3%. Of the total sales revenue of the Company for the year, 18.6% is
contributed by exports. Efficient cost management at all levels resulted in an
impressive growth of 51.5% in profit before depreciation, interest, exceptional
items and tax (PBDIT) and 60.2% in net profit after tax (PAT) over the previous
year. The overall efficiency has resulted into improvement in PBDIT from 15% to
22.6% and PAT from 7.4% to 11.7% of sales as compared to the previous year.
These results in the tough macroeconomic environment reflect the strength of
the Company in the market place.
The Company has further consolidated its market leadership in the highly
competitive textile chemicals and leather dyes sectors. It is constantly
improving its market presence in other industry segments it participates in.
The Company remains a zero debt company with no long-term borrowings.
Short-term borrowings are restricted to the need based working capital
requirements. The Company has created a benchmark in efficient management of
working capital. The year end ratio of inventory to sales of 8.3%, receivables
to sales of 15.7% and net working capital (NWC) to sales of 7.6% is one of the
best in the specialty chemical industry. Net cash flow from operating
activities during the year was Rs. 1710.800 Millions. Funds surplus to
the operational needs have been prudently invested to earn reasonable returns
with a high degree of safety. A sum of Rs. 1212.500 Millions (previous year Rs.
545.900 Millions) stands invested in debt schemes of mutual funds at the end of
the year.
During the year, all the plants had smooth operations and the capacity
utilisation was on need-based requirement. The Company sold its non-core
business of flexible laminating adhesives and entered into a business transfer
agreement for sale of its diketene and intermediate business. Both these
businesses during the year contributed Rs. 856.800 Millions by way of net
sales.
Achievement of ISO 9001, ISO 14001 and
Business Segments
and Performance
In accordance with the Accounting Standard – 17 notified by the
Companies (Accounting Standards) Rules, 2006, the Company has reclassified its
range of products into two reportable business segments based on
characteristics of products, production processes and the class of customers.
Intermediates and
Colours:
The intermediates and colours segment comprises of pigments, pigment
preparations, additives, intermediates and masterbatches.
Clariant offers a wide range of products for optimal colour and
performance solutions. High performance pigments serve a variety of industries
including the automotive, architectural, cosmetics, packaging and printing
trades and the product portfolio includes pigment preparations, special dyes,
flame retardants, high quality waxes and polymer additives. The pigments and
additives businesses of the Company deal in pigments, their dispersions and
diketene derivatives. They have a strong presence in organic pigments serving
the needs of the paints, printing-inks, plastics, rubber, detergents, cosmetics
and other industries. Besides being an important player in diketene chemistry,
it has niche products in the colourant range to meet specific customer needs.
The Company’s manufacturing facilities and state of art technical service
laboratories provide cutting edge technology which helps in realizing the goals
set by Clariant, for sustainable growth of the business. The Company is
focusing on the promotion of lead- and chrome-free pigments and is spreading
the awareness on use of non-halogenated flame retardants. The pigment and
additives businesses of the company, during the year, had good domestic growth
of 6%, however negative growth of 20% in exports resulted into net growth of
-3% over the previous year.
The Clariant’s masterbatches business is a world leader in providing
colour and additive concentrates and performance solutions for the plastic industry
and holds strong positions in the packaging, consumer goods, automotive and
fiber segments.
The masterbatches business of the Company services the plastic
processing industry covering the product range of colour concentrates, additive
masterbatches and special mixtures of pigments, additives, dispersing and
wetting agents which have applications in a variety of industrial and consumer
products such as automotive, packaging of pharmaceuticals, personal care, food
and beverage products, packaging film and sheet, agriculture appliances,
electrical connectors, wire and cables, medical equipment, household and
consumer products, food services, toys, fibers and filaments, compound / MRP
and construction etc. Clariant is recognized as an important supplier of
specialty and tailor made masterbatches for the processing of polymers like
LDPE, HDPE, HM-HDPE, PP, PVC, Nylon, PET, PBT and monofilaments,
multi-filaments, staple and nonwoven fibers for technical textile applications.
The masterbatches business, during the year, had an excellent growth of
36% over the previous year. In order to cater to the market potential of it’s
product range, the Company is in the process of expanding the capacities and
setting up a green field manufacturing facility in MIDC, Ambernath. The total
sales under this segment of Rs. 3926.700 Millions for the year comprises of
pigments and additives of Rs. 3286.600 Millions, masterbatches of Rs. 531.800
Millions and functional intermediates Rs. 108.300 Millions. The ratio of
domestic sales to export sales was 73:27. The segment contributes 43% to the
total sales and registered a negative growth of 2.2% over previous year.
Dyes and Specialty
Chemicals:
The Segment comprises of specialty chemicals and dyes for the textile,
leather and paper industry and performance chemicals for personal care and
industrial applications. Clariant’s textile, leather and paper chemicals
businesses add value through functionality and aesthetics to the textile,
leather and paper industries and provide solutions to meet customers’ needs
across the entire production chain in the user industry.
The Textile business serves textile producers as well as retailers and
brand owners with products and services for
pre-treatment, sizing, fibre finishing, dyeing and printing to
finishing. Clariant’s expertise in dyes and specialty chemicals makes the
Company a perfect partner in every step of the textile process chain from fiber
to finish. Clariant’s global service Archroma provides a solution to manage
colour standards along the whole textile chain and significantly accelerates
time to market. The Company is the market leader in the segment of textile
chemicals.
The Leather business develops and serves the market needs of dyes and
chemicals to process, treat and colour leathers and to create specific effects
and fulfil the performance requirements of specific leather products. Market
leadership in
Clariant is the market leader in colourants and optical brighteners for
paper and it’s specialty chemicals provide solutions, e.g. improve the strength
of recycled paper. The Company has established itself as one of the preferred
suppliers of dyes, optical brightening agents, surface and process
chemicals for the domestic paper industry. During the year, the businesses of
textile, leather and paper had overall growth of 5% driven mainly by export
growth of 100% over the previous year.
Clariant’s product portfolio based on surfactants, polymers and active
ingredients provide products and solutions for the oil and gas industry and key
ingredients for the home care and cosmetic sector. A wide variety of global
industries, such as detergent, cosmetics, oil, gas, construction, agriculture,
metal working, mining, paint and aviation sectors use high-tech functional
chemicals in their products. Clariant is a dominant player in the lubricant
segment supplying brake fluids, engine coolants and specialty additives and is
a preferred supplier of specialty ingredients for skin and hair care, wet wipes
and selected pharmaceutical applications in the personal care segment. The
Company is a leading supplier of biocides to the coating and construction
industries and a solution provider for solvent recovery systems.
Given the product range, the strong brand image created by the parent
company coupled with capabilities of providing technical services in product
development and application process, the Company is well positioned in this
business segment.
The total sales under this segment of Rs. 5286.700 Millions for the year
comprises of Rs. 4635.200 Millions (87.7%) from domestic and Rs. 651.500
Millions (12.3%) from export sales. The Dyes and Specialty Chemicals segment
has contributed 57% of total sales revenue for the year registering a growth of
2.7% over previous year.
Internal Control
Systems
The Company has a comprehensive system of internal controls to safeguard
the Company’s assets against loss from unauthorized use and ensure proper
authorization of financial transactions. The system is designed to provide a
high degree of assurance regarding the effectiveness and efficiency of
operations, the reliability of financial controls and compliance with
applicable laws and regulations. The organization is well structured and the
policy guidelines are well documented with pre-defined authority where monetary
decision is involved. Structured management information and reporting systems
together with an exhaustive budgetary control process for all major operational
activities form part of the overall control mechanism to ensure that requisite
information related to all operations are reported and are available for
control and review.
The Company has established a well laid out policy to maintain the
highest standards of environment, safety and health while maintaining
operational integrity. This policy is strictly adhered to as per Clariant
guidelines at all manufacturing sites.
The Company, with a view to encourage independent approach, has
outsourced the function of internal auditors to qualified professionals, who
conduct operational and system audits in accordance with an audit plan adopted
by the audit committee. Internal auditors as part of their assignment, evaluate
and assess the adequacy and effectiveness of internal control measures and the
compliance with policies, plans and statutory requirements. The internal audit
reports are reviewed at audit committee meetings and appropriate action on the
recommendations is initiated by the management.
Industry Structure
and Development
The Indian chemicals and petrochemicals industry is worth about US$ 78
billion. The industry with investments worth US$ 60 billion, contributes 3% to
Half of the chemical market is currently occupied by basic chemicals
such as petrochemicals and fertilizers. The rest comprises evenly of specialty
chemicals such as paints, dyestuffs and intermediates and knowledge chemicals
such as pharmaceuticals, bio chemicals and agro chemicals. The growth rate of
basic chemicals is 7-8% but that of specialty and knowledge chemicals is 13-15%
and a great expectation is placed on its future growth.
The industry is highly diversified and serves the basic needs of many
different industry verticals like natural gas, water, oil, metals, minerals,
air, oil, etc and all these verticals eventually bring into the marketplace an
array of products. The companies manufacturing high value chemicals and
compliant with industrial quality standards, are
capable of making their mark not just in
Indian dyes are in demand world over. Pigments and Dyes are primarily
used in paints, inks, textiles, leather, paper, foodstuffs and polymers. The
textile industry accounts for the largest consumption of dyestuffs.
approximately 6% of the world production. The total market of paint and
dyes is about US$ 1 billion with a growth rate of about 10%.
The dyestuff market is highly fragmented with high concentration in
Maharashtra and
The Indian textile industry size is estimated to expand significantly
from the present US$ 50 billion and it accounts for around 4% of the Gross
Domestic Products (GDP), 14% of Industrial production and over 13% of the
country’s total export earnings. The textile industry is capital intensive and
in recent years it has invested significantly on capital assets by acquiring
sophisticated new machinery. This has gone a long way towards upgrading
products to international standards and massive investment is expected further.
All this has enabled the industry to entrench itself firmly and make an entry
into the society of top fashion, formal and leisurewear garments.
World trade in leather is estimated at about US$ 150 billion and
The Rs. 160000.000 Millions Indian paper industry is currently investing
on capacity expansion, pollution control measures and environmental management
plans. The total paper demand in the country according to industry estimates is
about 94 lakh tonnes a year with packaging contributing to about 24% and
newsprint 20%. Clariant’s paper business offers a wide range of high
performance products for improving whiteness, strength, strong and bright
shades with excellent printability.
The Indian paint industry has seen remarkable changes during the last
decade. In this period, almost every major multinational has established or
entrenched their presence, incumbents have built on their market position and
the industry has become far more sophisticated in terms of the products it
manufactures, the way it sells to customers and the range of technologies it
uses. Overall paint demand in
The personal care sector in
The Company has diversified product ranges catering to the needs of
variety of user industries and these are classified into two broad business
segments of Intermediates and Colours and Dyes and Specialty Chemicals. Details
on these segments are described in this report under ‘Segment wise
performance’.
Outlook
In spite of deceleration from 9% GDP growth to about 7% GDP growth in
2009-10,
The Indian chemical industry is on a high
growth trajectory and through a series of efforts, expected to achieve USD 100
billion in the upcoming years. The industry today is into manufacturing of a
wide range of goods including fine and specialty chemicals, drugs and
pharmaceuticals, dyes and pigments, agrochemicals and fertilizers, pesticides,
plastics and petrochemicals etc. and its contribution to the Indian
manufacturing sector is about 18%. The positive factor for the Indian chemical
industry is the demand for its products that is largely driven by the domestic
market. Considering the very low per capita consumption ratio, it has great
potential for fast growth and with its inherent strengths of low cost and
highly qualified workforce, it is expected to play the role of an export base
to Europe and
Although 2009 has seen enough challenges,
recession and downturns, the Company has withstood all such pressures and
strongly positioned itself to meet the challenges of the future. While some of
the effects of the global economic scenario still persist, 2010 promises to be
much better to forge ahead. Considering the strong presence in different market
segments, it’s technological ability to provide solutions to user industries,
rapid response in adapting to change in fashion and preference of people,
global affiliation and brand image of Clariant world-wide, the future outlook
of the Company’s business is positive and sustainable growth is expected in
coming years.
Opportunities and
Threats
The overall performance of the Indian chemical industry even when the
world is reeling under financial and economic recession is satisfactory given
the performance in the domestic markets. Global recession is a reminder call
for domestic industries to upgrade the quality of products, technical services,
cost competitiveness and processing efficiencies, etc. Although small in size,
the Indian chemical industry is a net exporter. Per capita consumption in each
of its industry segment is very low and is about 1/10th of world
average, thus hold strong potential to grow in domestic markets.
To counter the negative fallout of the global slowdown on the Indian
economy, the Government responded by providing a substantial fiscal expansion
in the form of tax relief to boost demand and increased expenditure on public
projects. In view of good performance by industries, financial stimulus if
rolled back, could affect domestic demand in certain sectors for a temporary
period.
The Business environment for the chemical industry globally has been
changing very fast and if the Indian chemical businesses have to hold against
competition they have to change and adopt their strategies, methodology of
working and organisational structure.
The area of challenge and concerns which the Indian chemical industry
will need to face are non-tariff barriers, by way of international treaties,
which at times appear well and innocuous but have been used against the Indian
chemical industry in the past and will have to be reckoned with, as the
industry makes inroads into global trade
in chemicals so far dominated by developed nations. A plethora of taxes,
levies and duties charged while transacting business within and across states,
often exceeds the duty barrier that exporters to the Indian market face. The
high cost of internal transactions needs to be appropriately addressed so as to
provide Indian manufacturers a level playing field.
Highly developed technology, in-depth research capabilities, backward
and forward linkages, development of domestic capacity to decrease the
dependence on imports are some of the crucial factors that need to be taken
into consideration. Nowadays, safety, health and environment protection issues
have become the majortalking point in almost all industries and even in the
Indian chemical industry too. The Indian chemical manufacturers are addressing
the issue on a war-footing.
Government’s initiative to promote six Petroleum, Chemicals and
Petrochemical Investment Regions (PCPIR) is hoped to change the fortunes for
the Indian Chemical industry. Despite the difficult time, the dyestuff and
specialty chemicals industry holds a lot of promise for
A diversified product range, proactive preparedness in adjusting to
demand and supply levels and aggressive customer support services have provided
a cushion to the Company to withstand the pressure of global meLimitedown and
downturn in the industry. With strong technology support from the parent
company, state of art product development facilities, a world class product
safety laboratory with excellent product testing facilities and continuous
emphasis on cost management, the Company is well prepared to exploit the
opportunities both in the domestic and global markets to improve it’s presence.
The Company has placed continuous emphasis on cost management.
UNAUDITED STANDALONE FINANCIAL
RESULTS
For The Three Months Ended March
31, 2010
(Rs. In Millions)
|
Particulars |
Three Months Ended |
Accounting
Year Ended |
|
|
|
31.03.2010 (Unaudiated) |
31.03.2009 (Unaudited) |
31.12.2009 (Audited) |
|
1. (a) Net sales / Income from operations |
2230.200 |
1892.800 |
9213.400 |
|
(b) Other operating income |
61.800 |
52.400 |
214.300 |
|
Total Income |
2292.000 |
1945.200 |
9427.700 |
|
2. Expenditure |
|
|
|
|
(a) (Increase) / Decrease in stock in trade and work in progress |
[12.700] |
33.900 |
166.400 |
|
(b) Consumption of raw / packing materials |
950.600 |
868.100 |
4072.600 |
|
(c) Purchase of traded goods |
359.700 |
259.500 |
1213.400 |
|
(d) Power and fuel |
94.600 |
82.900 |
457.400 |
|
(e) Employees cost |
156.400 |
137.500 |
615.900 |
|
(f) Depreciation/Amortisation |
42.800 |
48.000 |
189.600 |
|
(g) Impairment of fixed assets |
-- |
-- |
13.700 |
|
(h) Other expenditure |
268.100 |
167.400 |
869.700 |
|
Total Expenditure |
1859.500 |
1597.300 |
7598.700 |
|
3. Profit from operations before other income, interest and
exceptional items (1-2) |
432.500 |
347.900 |
1829.000 |
|
4. Other income |
14.600 |
12.900 |
48.800 |
|
5. Profit before interest and exceptional items (3+4) |
447.100 |
360.800 |
1877.800 |
|
6. Interest expense (Net) |
0.500 |
[0.200] |
1.700 |
|
7. Profit after interest but before exceptional items (5-6) |
446.600 |
361.000 |
1876.100 |
|
8. Exceptional items (See Note 2) |
40.800 |
36.000 |
[245.000] |
|
9. Profit from ordinary activities before tax (7+8) |
487.400 |
397.000 |
1631.100 |
|
10. Tax expenses (including Deferred Tax and Fringe Benefit Tax) |
162.100 |
139.000 |
546.600 |
|
Short provision for prior years taxation (net) |
-- |
-- |
3.100 |
|
11. Net Profit / (Loss) for the period after tax (9-10) |
325.300 |
258.000 |
1081.400 |
|
12. Paid up equity share capital (Face Value of Rs.10/- each) |
266.600 |
266.600 |
266.600 |
|
13. Reserves excluding revaluation reserves as per balance sheet of
previous accounting period |
-- |
-- |
3211.300 |
|
14. Earning per share - Basic and Diluted (in Rs.) |
12.20 (Not Annualised) |
9.68 (Not Annualised) |
40.56 (Annualised) |
|
15. Public shareholding |
|
|
|
|
- Number of shares |
9758665 |
9758665 |
9758665 |
|
- Percentage of shareholding |
36.60 |
36.60 |
36.60 |
|
16. Promoters and promoter group shareholding |
|
|
|
|
(a) Pledged / Encumbered |
-- |
-- |
-- |
|
(b) Non-encumbered |
|
|
|
|
Number of shares |
16902080 |
16902080 |
16902080 |
|
Percentage of shares (as a % of the total shareholding of promoter and
promoter group) |
100.00 |
100.00 |
100.00 |
|
Percentage of shares (as a % of the total share capital of the company |
63.40 |
63.40 |
63.40 |
Notes:
1. The above results for the three months ended March 31,
2010, which have been subjected to a "Limited Review" by the auditors
of the Company, have been reviewed by the audit committee and approved by the
Board of Directors at its meeting held on April 23, 2010.
2. Exceptional items include the following (Rs. in Millions)
:
%20LIMITED-129953%2015-Jan-2011_files/image008.gif){kind=small}
(i) Termination benefits: 3 months ended 31.03.2010: Rs.125
and year ended 31.12.2009: Rs.2810.
(ii) Income from sale of flexible laminating adhesives
business: 3 months ended 31.03.2009 and year ended 31.12.2009: Rs.360.
(iii) Income from sale of diketene and intermediate business
for 3 months ended 31.03.2010: removable plant and equipment: Rs.488 and
non-compete fees: Rs.45.
3. There was 1 (one) investor complaint lying unresolved at the
beginning of the quarter. During the quarter the company received 1 (one)
complaint and both complaints were lying unresolved at the end of the quarter.
4. Figures for the previous periods have been regrouped
wherever necessary to conform to the current period's classification.
SEGMENT WISE
REVENUE, RESULTS AND CAPITAL EMPLOYED UNDER CLAUSE 41 OF THE LISTING AGREEMENT
FOR
THE THREE MONTHS ENDED MARCH 31, 2010
(Rs. In Millions)
|
Particulars |
Three Months Ended |
Accounting
Year Ended |
|
|
|
31.03.2010 (Unaudiated) |
31.03.2009 (Unaudited) |
31.12.2009 (Audited) |
|
1. Segment
Revenue (Net Sales/
Income from Operations) |
|
|
|
|
Intermediates and Colours |
789.600 |
806.800 |
3926.700 |
|
Dyes and Specialty Chemicals |
1440.600 |
1086.000 |
5286.700 |
|
Total Net Sales/
Income From Operations |
2230.200 |
1892.800 |
9213.400 |
|
|
|
|
|
|
2. Segment
results (Profit/ Loss
before tax and interest) |
|
|
|
|
Intermediate and Colours |
165.500 |
152.600 |
847.700 |
|
Dyes and Specialty Chemicals |
282.900 |
212.700 |
1069.400 |
|
Total Segment
Results |
448.400 |
365.300 |
1917.100 |
|
|
|
|
|
|
Add: Interest Income/ dividend income |
15.700 |
14.500 |
49.100 |
|
Less: 1) Interest Expenses |
2.600 |
2.400 |
10.000 |
|
2) Other unallocable Expenditure net
of unallocable income |
14.900 |
16.400 |
80.100 |
|
Total Profit Before exceptional items and tax |
446.600 |
361.000 |
1876.100 |
|
Exceptional item |
40.800 |
36.000 |
[245.000] |
|
Profit/ Loss from ordinary activities before tax |
487.400 |
397.000 |
1631.100 |
|
3. Capital Employed (Segment assets – Segment liabilities) |
|
|
|
|
Intermediates and Colours |
1194.800 |
1465.100 |
1283.200 |
|
Dyes and Specialty Chemicals |
1049.200 |
1126.200 |
1080.500 |
|
Total Capital
employed in segments |
2244.000 |
2591.300 |
2363.700 |
|
Add: Unallocable corporate assets less corporate liablilities |
1946.900 |
1493.800 |
1525.100 |
|
Total Capital
Employed in comapny |
4190.900 |
4085.100 |
3888.800 |
Note:
Figures for the previous periods have been
regrouped wherever necessary to comform to the current period’s classification.
Unaudited Financial Results for Three/Six month ended
June 2010
Rs in Millions
|
|
Particulars |
Three months
ended |
Six months ended |
|
|
|
30.06.2010 (Unaudited) |
30.06.2010 (Unaudited) |
|
|
|
|
|
|
1. |
a) Net sales / Income from operations |
2593.000 |
4823.200 |
|
|
b) Other income |
65.100 |
126.900 |
|
|
Total Income |
2658.100 |
4950.100 |
|
2. |
Expenditure |
|
|
|
|
a) (Increase) / Decrease in stock in trade
and work in progress |
(12.700) |
(157.900) |
|
|
b) Consumption of raw / packing materials |
1225.0 |
2308.100 |
|
|
c) Purchase of traded goods |
337.700 |
697.400 |
|
|
d) Power and fuel |
93.100 |
187.700 |
|
|
e) Employees cost |
144.900 |
301.300 |
|
|
f) Depreciation / Amortisation |
42.000 |
84.800 |
|
|
g) Impairment of fixed assets |
-- |
-- |
|
|
h) Other expenditure |
277.300 |
545.400 |
|
|
Total
expenditure |
2107.300 |
3966.800 |
|
3. |
Profit from
operations before other income, |
|
|
|
|
interest and
exceptional items (1-2) |
550.800 |
983.300 |
|
4. |
Other income |
15.700 |
30.300 |
|
5. |
Profit before
interest and exceptional items (3+4) |
566.500 |
1013.600 |
|
6. |
Interest expenses (Net) |
(0.200) |
0.300 |
|
7. |
Profit after
interest but before exceptional items (5-6) |
566.700 |
1011.300 |
|
8. |
Exceptional items (See Note 2) |
(24.800) |
16.000 |
|
9. |
Profit from ordinary
activities before tax (7+8) |
541.900 |
1029.300 |
|
10. |
Tax expenses (including deferred tax and
fringe benefit tax) |
176.900 |
339.000 |
|
|
Short provision for prior years taxation
(net) |
-- |
-- |
|
11. |
Net Profit for
the period after tax (9-10) |
365.000 |
690.300 |
|
12. |
Paid up equity share capital (Face Value
of Rs.10/- each) |
266.600 |
266.600 |
|
13. |
Reserves excluding revaluation reserves as
per balance sheet of previous accounting year |
|
|
|
14. |
Earnings per
share - Basic & Diluted (in Rs.) |
13.69 |
25.89 |
|
|
|
(Not annualized) |
(Not annualized) |
|
15. |
Public
shareholding |
|
|
|
|
- Number of shares |
9758665 |
9758665 |
|
|
- Percentage of shareholding |
36.60 |
36.60 |
|
16. |
Promoters and
promoter group shareholding |
|
|
|
|
a) Pledged / Encumbered |
-- |
-- |
|
|
b) Non-encumbered |
|
|
|
|
- Number of shares |
16902080 |
16902080 |
|
|
- Percentage of shares (as a % of the
total shareholding |
|
|
|
|
of promoter and promoter group) |
100.00 |
100.00 |
|
|
- Percentage of shares (as a % of the
total share capital |
|
|
|
|
of the company) |
63.40 |
63.40 |
Notes:
1. The above results for the three/six months ended June 30, 2010, which
have been subjected to a "Limited Review" by the auditors of the
Company, have been reviewed by the audit committee and approved by the Board of
Directors at its meeting held on July 26, 2010.
2. The Board of Directors at their meeting held on July 26, 2010
approved the payment of interim dividend of Rs.10/- per equity share.
The record date for payment of dividend is August 6, 2010.
3. Exceptional items include the following (Rs. in Millions):
(i) Termination benefit costs: 3
months ended 30.06.2010: Rs.24.800; 6 months ended 30.06.2010: Rs.37.300; 3
months and 6 months ended 30.06.2009: Rs.66.200 and year ended 31.12.2009: Rs
281.
(ii) Income from sale of flexible laminating
adhesives business: 6 months ended 30.06.2009 and year ended 31.12.2009: Rs.36.
(iii) Income from sale of diketene and
intermediate business: 6 months ended 30.06.2010: Rs.53.300.
4. There were 2 (two) investor complaints
lying unresolved at the beginning of the quarter. No complaint was received
during the quarter and 1 (one) complaint was lying unresolved at the end of the
quarter.
5. Figures for the previous periods have been regrouped wherever
necessary to conform to the current period's classification.
Segment wise revenue,
results and capital employed under clause 41 of the listing agreement for the
three/six months ended June 30, 2010
Rs in Millions
|
|
Particulars |
Three months
ended |
Six months ended |
|
|
|
30.06.2010 (Unaudited) |
30.06.2010 (Unaudited) |
|
|
|
|
|
|
|
|
30.06.2010 |
30.06.2010 |
|
|
|
(Unaudited) |
(Unaudited) |
|
|
|
|
|
|
1. |
Segment revenue |
|
|
|
|
(Net
sales/Income from operations) |
|
|
|
|
Intermediates & colours |
977.600 |
1767.200 |
|
|
Dyes & specialty chemicals |
1615.400 |
3056.000 |
|
|
Total Net
Sales/Income from operations |
2593.000 |
4823.200 |
|
2. |
Segment results |
|
|
|
|
Intermediates & colours |
222.300 |
387.800 |
|
|
Dyes & specialty chemicals |
342.500 |
625.400 |
|
|
Total Segment
results |
564.800 |
1013.200 |
|
|
Add : Interest income / dividend income |
16.200 |
31.900 |
|
|
Less : (1) Interest expenses |
3.000 |
5.600 |
|
|
(2) Other unallocable expenditure |
|
|
|
|
|
11.300 |
26.200 |
|
|
Total profit
before exceptional items & tax |
566.700 |
1011.300 |
|
|
Exceptional items |
(24.800) |
16.000 |
|
|
Profit/(Loss) from
ordinary activities before tax |
541.900 |
1029.300 |
|
|
|
|
|
|
3. |
Capital employed
|
|
|
|
|
(Segment assets - Segment liabilities) |
|
|
|
|
Intermediates & colours |
1295.900 |
1295.900 |
|
|
Dyes & specialty chemicals |
1191.800 |
1191.800 |
|
|
Total Capital
employed in segments |
2487.700 |
2487.700 |
|
|
Add : Unallocable corporate assets less
corporate liabilities |
1674.300 |
1647.300 |
|
|
Total capital
employed in Company |
4162.000 |
4162.000 |
Unaudited Stalealone
Statement of Assets & Liabilities as at June 30, 2010
Rs in Millions
|
Particulars |
30.06.2010 |
|
|
(Unaudited) |
|
|
|
|
Shareholders'
fund |
|
|
Share Capital |
266.600 |
|
Reserves and surplus |
3903.200 |
|
|
4169.800 |
|
Loan Funds |
15.300 |
|
Deferred tax
liability - Net |
-- |
|
|
4185.100 |
|
Fixed assets
(including Capital work-in-progress and advances) |
1458.400 |
|
Investments |
1415.100 |
|
Deferred tax
asset - Net |
3.400 |
|
|
|
|
Current assets,
loans and advances |
|
|
Inventory |
1099.000 |
|
Sundry debtors |
1527.400 |
|
Cash and bank balances |
137.300 |
|
Loans and advances |
643.500 |
|
Less: Current liabilities and
provisions |
|
|
Liabilities |
1929.500 |
|
Provisions |
169.500 |
|
|
4185.100 |
Note: Figures for the previous periods have been regrouped wherever necessary
to conform to the current period's classification.
FIXED
ASSETS:
§
Land Freehold
§
Land Leasehold
§
Building
§
Plant and Machinery
§
Office Equipment
§
Furniture and Fixture
§
Vehicles
AS PER
WEBSITE
History:
Clariant's presence in
In 2006, four of the affiliates were integrated into Colour-Chem Limited and
the company was subsequently renamed Clariant Chemicals (
Clariant Chemicals (
Profile:
Clariant’s Business Unit Additives is a major supplier of products for
functional effects in plastics, coatings and printing inks. The non-halogenated
flame retardants provide environmentally compatible protection for buildings,
electric and electronic equipment as well as textiles and other materials used
in aeroplanes, trains, busses and ships. The high quality waxes are used in
polishes, protective coatings, plastics and in a range of highly specialized
applications like hot melts. They also produce polymer additives like
antioxidants, processing/ light stabilizers, and antistatic agents eg. to give
plastics flexibility and durability, or to improve the heat, light and weather
resistance of coatings.
Decades of experience and know-how have made the products the industry standard
for technical performance and quality. This is supported through the global
technical service centers.
PRESS
RELEASE:
“Sense the Difference
in performance, ecology and fashion” - Clariant’s revolutionary new products
and systems
January 31 - February 3,
2011
Hall 2 Stand 3-17-02
Muttenz, December 15, 2010 - Clariant Chemicals (India) Limited will showcase a
full range of products at IILF, including its new revolutionary EasyWhite Tan
process based on Granofin® Easy F-90. A sustainable tanning process, the
organic compound used is metal-, aldehyde- and formaldehyde-free and the system
radically simplifies the production of leather by removing three process stages
and eliminating the need for added salt.
Clariant’s “Sense the Difference in performance,
ecology and fashion” theme also highlights its Autumn-Winter 2011-2012 leather
color/texture trends for fashion and footwear and provides a preview of
Spring-Summer 2012.
Its natural nappa and superb upholstery collections, produced
using specialty retanning and fatliquoring systems, Tergotan® PMB and Tergotan
TSP, will attract attention. These intelligent polymer retanning agents deliver
even softness, tightness and grain pattern. Tergotan PO-60, a new development
from Clariant, is a true retanning and softening polymer that gives superb
softness/tightness when used as a replacement for conventional retanning agents
and fatliquors.
A full range of articles with a classical vegetable
look and feel using the new specialty fatliquors Derminol® DDS and Derminol PUA
will be presented. These products offer the tanner opportunities to produce
beautiful vegtan type articles with the simplicity and economy of traditional
chrome leathers.
New finishing innovations in the NMP-free Aqualen®
topcoat range and new finishing techniques for upgrading low grade material
using Melio® Aquabase and Melio Ground systems will also feature.
Clariant continues to respond to the demands of the
industry for more efficient products. The Aqualen topcoat range meets strict
customer requirements without the use of phthalates, alkylphenolethoxylates,
and NMP, and with very low VOC levels. Aqualen Top IL and Melio 09-T-42 are
brand new developments. Aqualen Top IL provides an easy and effective intermediate
lacquer for base coated leathers without the use of solvents. Melio 09-T-42 is
an aqueous top coat for high gloss patent leather imitation.
For upgrading inferior material, customers will
appreciate the advantages of the upgrading and natural looks obtained with the
prebase compound Melio Ground UP, and the development of Melio Aquabase M-90 to
cover deep hide defects and is applied with a spatula.
Reader Enquiries
Clariant International
Limited
Rothausstrasse 61
4132 Muttenz 1
Tel +41 61 469 6742
Fax +41 61 469 5901
Web www.clariant.com
Notes
for Editors
Clariant – Exactly your chemistry
Clariant is a global leader in the field of specialty
chemicals. Strong business relationships, commitment to outstanding service and
wide-ranging application know-how make Clariant a preferred partner for its
customers.
Clariant, which is represented on five continents
with over 100 group companies, employs around 17,000 people. Headquartered in Muttenz
near
Clariant is committed to sustainable growth, which is
derived from its own innovative strength. Clariant’s world-class products and
services play a key role in its customers’ manufacturing processes and add
value to their end products. The company’s success is based on the know-how of
its people and their ability to identify new customer needs at an early stage
and to work together with customers to develop innovative, efficient solutions.
www.clariant.com
Granofin, Tergotan, Derminol, Aqualen and Melio are
registered trademarks of Clariant.
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.44.72 |
|
|
1 |
Rs.70.72 |
|
Euro |
1 |
Rs.61.34 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
7 |
|
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 |
YES |
|
--AFFILIATION |
YES/NO |
NO |
|
--LISTED |
YES/NO |
YES |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
67 |
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.