%20LIMITED%20-%20147359%2005-Jul-2011_files/image002.jpg){kind=small}
MIRA
INFORM REPORT
|
Report Date : |
05.07.2011 |
IDENTIFICATION DETAILS
|
Name : |
CLARIANT CHEMICALS (INDIA) LIMITED (w.e.f. 05.06.2006) |
|
|
|
|
Formerly Known As : |
COLOUR – CHEM LIMITED |
|
|
|
|
Registered Office : |
|
|
|
|
|
Country : |
|
|
|
|
|
Financials (as on) : |
31.12.2010 |
|
|
|
|
Date of Incorporation : |
27.12.1956 |
|
|
|
|
Com. Reg. No.: |
11-010806 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
Rs.266.607 Millions |
|
|
|
|
CIN No.: [Company
Identification No.] |
L24110MH1956PLC010806 |
|
|
|
|
TAN No.: [Tax
Deduction & Collection Account No.] |
MUMC10036F / MUMC00339D |
|
|
|
|
PAN No.: [Permanent
Account No.] |
AAACC4298H / AAACC5602P |
|
|
|
|
Legal Form : |
A Public Limited Liability Company. Company’s Shares are Listed on the Stock Exchange. |
|
|
|
|
Line of Business : |
Manufacturing of Dyes and Chemicals. |
|
|
|
|
No. of Employees
: |
1500 (Office – 300 + Factory – 1200) Approximately |
RATING & COMMENTS
|
MIRA’s Rating : |
A (67) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
56-70 |
A |
Financial & operational base are regarded healthy. General unfavourable
factors will not cause fatal effect. Satisfactory capability for payment of
interest and principal sums |
Fairly Large |
|
Maximum Credit Limit : |
USD 14680000 |
|
|
|
|
Status : |
Good |
|
|
|
|
Payment Behaviour : |
Regular |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
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
|
Country Name |
Previous Rating (31.12.2009) |
Current Rating (01.04.2010) |
|
|
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
LOCATIONS
|
Registered
Office / Factory 1 : |
|
|
Tel
No.: |
91-2225-315111 |
|
Fax
No.: |
91-2225-315303 |
|
E-Mail
: |
|
|
Website
: |
|
|
|
|
|
Factory
2 : |
Dhatav, Roha, District Raigad-402116, |
|
|
|
|
Factory
3 : |
Balkum, Thane-400608, |
|
|
|
|
Factory
4 : |
Kudikada. SIPCOT, P.O. Cuddalore-607005, |
|
|
|
|
Factory
5 : |
|
DIRECTORS
AS ON 31.12.2010
|
Name
: |
Mr. Rajendra Ambalal Shah |
|
|
Designation
: |
Chairman cum Managing Director |
|
|
Address
: |
Panorama, |
|
|
Date
of Birth/ Age: |
07.07.1931 |
|
|
Date
of Appointment : |
19.04.2007 |
|
|
|
|
|
|
Name : |
Mr. P Palm |
|
|
Designation : |
Vice Chairman and Management Director |
|
|
|
|
|
|
Name
: |
Mr. Bansidhar Sunderlal Mehta |
|
|
Designation
: |
Director |
|
|
Address
: |
C – 37, Fifth Floor, |
|
|
Date
of Birth/ Age: |
19.09.1935 |
|
|
Date
of Appointment : |
27.07.2006 |
|
|
|
|
|
|
Name : |
Mr. Diwan Aruhn Nanda |
|
|
Designation : |
Director |
|
|
|
|
|
|
Name
: |
Dr. Heinrich Johann Meier |
|
|
Designation
: |
Director |
|
|
Address
: |
|
|
|
Date
of Birth/ Age: |
28.08.1946 |
|
|
Date
of Appointment : |
01.04.2006 |
|
|
|
|
|
|
Name : |
Mr. Henri Schloemer |
|
|
Designation : |
Director |
|
|
|
|
|
|
Name
: |
Mr. Alfred Muench |
|
|
Designation
: |
Director |
|
KEY EXECUTIVES
|
Name
: |
Mr. B L Gaggar |
|
|
Designation
: |
Director in Finance and Company Secretary |
|
|
|
|
|
|
Name
: |
Mr. Sunil Kamalakar Nayak |
|
|
Designation
: |
Company Secretary |
|
|
Address
: |
16, Asha Mahal, 4th Floor, |
|
|
Date
of Birth/ Age: |
18.09.1959 |
|
|
Date
of Appointment : |
25.01.2005 |
|
|
|
|
|
|
|
||
|
Audit Committee: |
·
Mr. R A Shah, Chairman ·
Mr. Diwan A Nanda ·
Mr. Henri Scholmer |
|
|
|
|
|
|
Investors’ Grievance Committee |
·
Mr. Diwan A Nanda, Chairman ·
Mr. Peter Palm |
|
|
|
|
|
|
Name : |
Crawford
Baylor and Company |
|
|
Designation : |
Solicitors
and Advocates |
|
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 31.03.2011
|
Names of Shareholders |
No. of Shares |
Percentage of
Holding |
|
|
|
|
|
(A) Shareholding of Promoter and Promoter Group |
|
|
|
|
|
|
|
|
|
|
|
|
16,902,080 |
63.40 |
|
|
16,902,080 |
63.40 |
|
Total shareholding of Promoter and Promoter Group (A) |
16,902,080 |
63.40 |
|
(B) Public Shareholding |
|
|
|
|
|
|
|
|
1,372,772 |
5.15 |
|
|
14,885 |
0.06 |
|
|
289,584 |
1.09 |
|
|
222,569 |
0.83 |
|
|
1,899,810 |
7.13 |
|
|
|
|
|
|
1,212,545 |
4.55 |
|
|
|
|
|
|
5,810,181 |
21.79 |
|
|
666,803 |
2.50 |
|
|
169,326 |
0.64 |
|
|
149,884 |
0.56 |
|
|
17,592 |
0.07 |
|
|
1,850 |
0.01 |
|
|
7,858,855 |
29.48 |
|
Total Public shareholding (B) |
9,758,665 |
36.60 |
|
Total (A)+(B) |
26,660,745 |
100.00 |
%20LIMITED%20-%20147359%2005-Jul-2011_files/image004.gif){kind=small}
(1) Indian%20LIMITED%20-%20147359%2005-Jul-2011_files/image005.gif){kind=small}
Bodies Corporate%20LIMITED%20-%20147359%2005-Jul-2011_files/image006.gif){kind=small}
Individual shareholders holding nominal share
capital up to Rs. 0.100 Million BUSINESS DETAILS
|
Line of Business : |
Manufacturing of Dyes and Chemicals |
||||||||
|
|
|
||||||||
|
Products : |
|
PRODUCTION STATUS AS ON (31.12.2010)
|
Particulars |
Unit |
Licensed
Capacity M.
Tonnes # |
Installed
Capacity M.
Tonnes * # |
Actual
Production |
|
Intermediates and Colours |
M.T |
12749 |
10128 |
NA |
|
Dyes and specialty chemicals |
M.T |
71160 |
55984 |
NA |
* Excluding captive Consumption
# At different Concentrations
Notes:
- The classification between the class of goods and the installed
capacities have been certified by the Vice
-Chairman and Managing Director on which the auditors have placed
reliance, this being a technical matter.
- Licensed capacity per annum not indicated due to the
abolition of Industrial Licenses as per Notification No. 477(E) dated 25th
July, 1991 issued under The Industries (Development and Regulations) Act
1951.
GENERAL INFORMATION
|
Customers : |
End Users and OEM’s |
|||||||||||||||
|
|
|
|||||||||||||||
|
No. of Employees : |
1500 (Office – 300 + Factory – 1200) Approximately |
|||||||||||||||
|
|
|
|||||||||||||||
|
Bankers : |
|
|||||||||||||||
|
|
|
|||||||||||||||
|
Facilities : |
|
|
|
|
|
Banking
Relations : |
Good |
|
|
|
|
Auditors : |
|
|
Name : |
Deloitte Haskins and Sells Chartered Accountant |
|
|
|
|
Holding Company: |
|
|
|
|
|
Subsidiaries : |
|
CAPITAL STRUCTURE
As on 31.12.2010
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
30,000,000 |
Equity shares |
Rs.10/- each |
Rs.300.000 millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
26,660,745 |
Equity Shares |
Rs.10/- each |
Rs.266.607 millions |
|
|
|
|
|
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 |
31.12.2010 |
31.12.2009 |
31.12.2008 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
266.607 |
266.607 |
266.607 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
3404.351 |
3211.318 |
2909.756 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
|
NETWORTH |
3670.958 |
3477.925 |
3176.363 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
0.000 |
0.000 |
0.000 |
|
|
2] Unsecured Loans |
10.528 |
20.478 |
30.907 |
|
|
TOTAL BORROWING |
10.528 |
20.478 |
30.907 |
|
|
DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
25.494 |
|
|
|
|
|
|
|
|
TOTAL |
3681.486 |
3498.403 |
3232.764 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
1355.782 |
1389.030 |
1540.654 |
|
|
Capital work-in-progress |
198.787 |
59.072 |
105.383 |
|
|
Fixed assets held for disposal |
37.870 |
79.234 |
0.000 |
|
|
|
|
|
|
|
|
INVESTMENT |
1918.391 |
1244.995 |
578.447 |
|
|
DEFERREX TAX ASSETS |
10.808 |
27.572 |
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
907.262
|
766.503
|
1054.398
|
|
|
Sundry Debtors |
1256.093
|
1445.963
|
1321.041
|
|
|
Cash & Bank Balances |
209.148
|
169.662
|
84.231
|
|
|
Other Current Assets |
0.000
|
0.000
|
0.000
|
|
|
Loans & Advances |
789.574
|
632.049
|
639.797
|
|
Total
Current Assets |
3162.077
|
3014.177
|
3099.467 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
1664.315 |
1448.816 |
1123.938 |
|
|
Current Liabilities |
510.659
|
208.474
|
160.548
|
|
|
Provisions |
827.255
|
658.387
|
806.701
|
|
Total
Current Liabilities |
3002.229
|
2315.677
|
2091.187 |
|
|
Net Current Assets |
159.848
|
698.500
|
1008.280 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
3681.486 |
3498.403 |
3232.764 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.12.2010 |
31.12.2009 |
31.12.2008 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
9747.128 |
9213.413 |
9163.947 |
|
|
|
Other Income |
312.345 |
263.082 |
253.368 |
|
|
|
TOTAL (A) |
10059.473 |
9476.495 |
9417.315 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Cost of materials |
5862.730 |
5452.349 |
5815.005 |
|
|
|
Personnel cost |
671.277 |
615.871 |
722.991 |
|
|
|
Impairment of fixed assets |
0.000 |
13.698 |
72.862 |
|
|
|
Other expenditure |
1665.024 |
1417.836 |
1584.289 |
|
|
|
Service Charge recovered |
(36.977) |
(90.674) |
(78.823) |
|
|
|
Exceptional items |
72.947 |
245.046 |
4.800 |
|
|
|
TOTAL (B) |
8235.001 |
7654.126 |
8121.124 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
1824.472 |
1822.369 |
1296.191 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
2.320 |
1.667 |
(1.829) |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
1822.152 |
1820.702 |
1298.020 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
168.916 |
189.635 |
225.160 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) (G) |
1653.236 |
1631.067 |
1072.860 |
|
|
|
|
|
|
|
|
|
Less |
TAX (I) |
529.086 |
549.711 |
398.030 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-I) (J) |
1124.150 |
1081.356 |
674.830 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
303.167 |
109.740 |
95.036 |
|
|
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
|
|
General reserve |
112.415 |
108.136 |
67.483 |
|
|
|
Interim dividend |
266.607 |
266.607 |
0.000 |
|
|
|
Proposed dividend (Final) |
533.215 |
399.911 |
506.554 |
|
|
|
Corporate tax on dividend (Interim & Final) |
132.840 |
113.275 |
86.089 |
|
|
|
Corporate tax on dividend of Previous period |
(1.545) |
0.000 |
0.000 |
|
|
BALANCE CARRIED
TO THE B/S |
383.785 |
303.167 |
109.767 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
Exports (F.O.B.) |
1973.148 |
1661.273 |
|
|
|
|
Know-how |
0.000 |
13.271 |
|
|
|
|
|
0.000 |
5.047 |
|
|
|
|
Others (insurance, freight, commission, claims, exchange
gain etc.) |
199.406 |
126.850 |
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
2172.554 |
1806.441 |
1973.402 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw Materials and Trading Terms |
2079.542 |
1690.862 |
|
|
|
|
Components and spare parts |
4.786 |
1.087 |
|
|
|
|
Capital Goods |
11.993 |
10.449 |
|
|
|
TOTAL IMPORTS |
2096.321 |
1702.398 |
NA |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
42.16 |
40.56 |
-- |
|
%20LIMITED%20-%20147359%2005-Jul-2011_files/image007.gif){kind=small}
%20LIMITED%20-%20147359%2005-Jul-2011_files/image008.gif){kind=small}
%20LIMITED%20-%20147359%2005-Jul-2011_files/image009.gif){kind=small}
QUARTERLY RESULTS
|
PARTICULARS |
31.03.2011 Quarter |
|
Audited / UnAudited |
|
|
Net Sales |
2332.300 |
|
Total Expenditure |
1927.400 |
|
PBIDT (Excl OI) |
404.900 |
|
Other Income |
59.800 |
|
Operating Profit |
464.700 |
|
Interest |
0.000 |
|
Exceptional Items |
2401.900 |
|
PBDT |
2866.600 |
|
Depreciation |
40.300 |
|
Profit Before Tax |
2826.300 |
|
Tax |
591.100 |
|
Provisions and contingencies |
0.000 |
|
Profit After Tax |
2235.200 |
KEY RATIOS
|
PARTICULARS |
|
31.12.2010 |
31.12.2009 |
31.12.2008 |
|
PAT / Total Income |
(%) |
11.17
|
11.41
|
7.16
|
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
16.96
|
17.70
|
11.70
|
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
36.59
|
37.04
|
22.87
|
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.45
|
0.47
|
0.34
|
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
0.82
|
0.67
|
0.67
|
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.05
|
1.30
|
1.48
|
LOCAL AGENCY FURTHER INFORMATION
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 Hoechst AG,
Review of
Operations:
The Directors are pleased to inform that your Company
has crossed the record mark of Rs.10,000.000 Millions sales (gross) from operations
during the year.
In accordance with a business transfer agreement (BTA) signed
in the previous year, the Company sold its diketene and intermediates business
located at Balkum, Thane together with movable assets, and technical know-how
for a total consideration of Rs. 132.500 Millions to M/s. Laxmi Organic
Industries Limited. in January, 2010.
As a result of improved business operations, the
Company registered a growth of 5.8 percent in sales, which on like to like basis, after
considering the loss of sales from sale of diketene and intermediate business (Rs. 820.969
Millions), amount to a record growth of 16.1 percent over previous year.
The increase in the cost of raw materials and other
expenses resulted into lowering of PBDIT margin before exceptional items from
22.6 percent to 19.5 percent. Net profit after accounting for exceptional items
and after tax is marginally higher over the previous year. The Company has
further consolidated its market position in the highly competitive business
segments in which it operates. These results were achieved by the Company in
the macroeconomic environment which witnessed intensifying competition. Of the
total sales revenue of the Company for the year, 21 percent is contributed by exports.
Management Discussion and Analysis
Financial and Operational Performance
The Company was able to sustain its business
performance and registered a positive growth in sales. Of the total sales
revenue of the Company for the year, 21% is contributed by exports. In view of
rising cost of raw materials and escalation in other operating costs, profit before
depreciation, interest, exceptional items and tax (PBDIT) is lower as compared
to the previous year. However, there is marginal improvement in profit after
tax (PAT) from Rs. 1081.400 Millions to Rs. 1124.100
Millions as compared to the previous year.
The following ratios reflect the financial performance for the year in relation
to the previous year.
The Company remains a zero debt company with no
long-term borrowings. CRISIL has upgraded its rating for long-term debt
instruments and bank facilities to ‘AA+/Stable’ from ‘AA/Stable’, and has
reaffirmed its ‘P1+ rating for short-term debt and bank facilities. 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 9.3%, receivables to sales of 12.9% and
net working capital (NWC) to sales of 10.1% is one of the best in the specialty
chemical industry. Net cash flow from operating activities during the year was Rs.1637.100
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. 885.900 Millions (previous
year Rs. 1212.500 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 further improved as compared to previous year.
The Company sold its diketene and intermediate business in January 2010 and
with closure of its Balkum, Thane plant, the manufacturing operations of
Phthalo green was closed effective from November 2010. The certification under
ISO 9001, ISO 14001 and
Business Segments and Performance:
In accordance with the Accounting Standard-17 notified
by Companies (Accounting Standards) Rules, 2006 and based on characteristics of
products, production processes and the class of customers, the Company has
classified its range of products into two reportable business segments as
under:
- Intermediates and Colours:
The intermediates and colours segment includes Pigment Dyestuffs and their dispersion, Intermediates for dyes, pesticides and pharmaceuticals and Masterbatches for plastics and nylon fibers. Clariant’s Pigments business is a leading global provider of organic pigments, pigment preparations and specialty dyes used in coatings, printing, plastics, consumer products and other special applications. Its product portfolio meets the demands for automotive, industrial and architectural paints and coatings; high fastness, color stability and non-warping solutions for plastic sector; colorants for the full range of printing technology – from newsprint, magazines, food packaging and security printing to inkjet, other non-impact printing systems and electronic display technologies and a wide range of colorants designed to meet international safety regulations for use, in toys and food packaging, etc. The 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 a pioneer in the promotion of lead and chrome-free pigments and in spreading the awareness on use of non-halogenated flame retardants. The Pigment and Additives businesses of the Company had a growth of 4.2% in domestic and good growth of 40.9% in export markets on like to like basis over the previous year. Clariant is the 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 of aster batches. Clariant’s worldwide presence and local support make it a preferred supplier for thermoplastic processors and brand owners, as well as for fiber manufacturers globally. Clariant provides a complete technical service offering for all products and applications and delivers consistent quality standards with quick response time. Its customers operate in a broad range of markets including packaging, household and consumer goods, medical, electrical, textile, personal care, food, beverages and automotive.
The Master batches business of the Company, during the year, had an excellent growth of 32.2% over the previous year and continued its thrust on expansion and up-gradation of laboratories to provide prompt and best services to its customers. The capability of the Company to develop and produce new products with accuracy and consistency has helped in achieving high growth rates over the period. Implementation of a green field manufacturing facility in MIDC, Ambernath is in initial stages as of now.
The total sales under the intermediates and colour segment of Rs. 3585.100 Millions comprises of pigments and additives of Rs. 2882.0000 Millions and master batches of Rs. 703.100 Millions. The ratio of domestic sales to export sales was 66 : 34. The segment contributes 37% to the total sales and registered a growth of 15.4% on like to like basis over the previous year
- Dyes and Specialty
Chemicals:
The dyes and specialty segment includes dyestuffs,
synthetic resins, binder materials, auxiliaries and chemicals, comprising 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, Paper and Industrial and Consumer Specialties and Detergents
and Intermediates businesses add value through functionality and aesthetics to
the textile, leather, paper and personal care industries and provide solutions
to meet customers’ needs across the entire production chain in the user
industry. The chemical technology of the Company, ‘from fiber to finish’, plays
a key role throughout the entire textile supply chain and its broad range of
product offering, this combined with outstanding chemical expertise and global
reach, makes Clariant a leading supplier to brands and mills worldwide. Its
customer segments include apparel and fashion, automotive / home textiles and
technical textiles. The Company provides special chemicals for pre-treatment,
dyeing, printing and finishing of textiles; optical brighteners and for functional
treatment of technical textiles and dyes such as dispersion, reactive, acid and
sulfur
dyes. Clariant’s process chemicals improve carding,
spinning, weaving and printing and its dyes and functional chemicals deliver
color and special effects such as moisture management, easy to iron and UV
protection. The Company’s color trends analysis and color matching technology
help the customers in quick introduction of products to market and its
innovative technology and services, including nanotech effects, more
environmentally friendly solutions, and concepts such as advanced denim, ensure
that they stay one step ahead of their competition.
Clariant is a leading provider of chemicals, technical
services and solutions over the entire value chain of leather production. The
Company offers environment friendly chemicals and technical solutions with
expertise in the complete leather manufacturing process, chrome-free tanning
solutions, from beam house to finishing and for customers in the shoe,
automotive, furniture or garment. Its technical expertise and colorants for
wet-end and finishing help customers to achieve consistently brilliant colors
and natural tones. The production plants and its fully equipped service centers
are continuously adapted to the latest findings and developments to remain
competitive in the world market. Clariant has introduced a large number of
innovations in recent years not only to meet new legal and retailer brand
requirements for environmental safety which become more and more important, but
also to become the industry benchmark for the upcoming years. Market leadership
in
Clariant’s paper specialty products improve the optical
and functional properties of all kinds of paper and board via tailored
solutions and aim to provide knowledge and expertise in the management of
whiteness, coloration, special coatings and strength for all kinds of paper,
offering the most cost effective product choices and solutions to its
customers. The key market segments of the Company are printing and writing copy
papers, coated paper and board, newsprint, packaging and specialized
applications.
Industrial and Consumer Specialties (ICS) is one of the
largest business units of Clariant globally. Business unit ICS is a leading
provider of specialty chemicals and ethylene oxide derivatives for a broad
spectrum of industries in consumer care and industrial application. The
consumer care business offers a complete range of ingredients for skin care,
hair care formulations and pharmaceutical applications. The industrial and home
care business helps customers gain competitive advantage with its range of
cleaning solutions for home and institutional care. The industrial application
business combines technical excellence, application know-how and a strong
portfolio to serve a broad range of industries. The Company is a partner of
choice to deliver solutions in areas as paints and coatings, construction, crop
protection, industrial lubricant, automotive fluids, heat transfer fluids,
special solvents and have global strength in aviation.
With a wide range of products, the strong brand image
of Clariant, knowledge and expertise of providing technical services and
solutions in product development and application process to the needs of
customers, the Company is well positioned in the business segment.
The total sales under dyes and speciality segment of
Rs. 6162.000 Millions for the year comprises of Rs. 5305.900 Millions (86%)
from domestic and Rs. 856.100 millions (14%)
from export sales. The Dyes and Specialty Chemicals segment has contributed 63%
of total sales revenue for the year registering a growth of 16.6% over previous
year.
Industry Structure and Development:
The chemical industry is one of the world’s largest
industries. In 2008 its sales exceeded 3 trillion USD. Chemical products and
technologies are used in almost every area of the world economy. As the global
economy grows, it increases the demand for the chemical products and the growth
is further driven by product innovation and improved production process. The
Indian chemical industry, with its size of USD 67 billion (Chemical News, July
2010), is ranked 12th largest in terms of volume and 3rd largest in
and cost of capital and low focus on R and D. The
chemical industry is divided into three key segments (1) basic chemicals
(inorganic chemicals, petrochemicals, fertilizers and industrial chemicals),
(2) specialty chemicals (paints and varnishes, textile chemicals, dyestuff and
intermediaries, catalysts, plastic additives, adhesives and sealants, industrial
gases etc.) and (3) knowledge chemicals (pharmaceuticals, biotechnology,
agrochemicals). The specialty chemical segment is characterized with high
product differentiation and value addition, typically smaller production units
with more flexibility and low capital investment levels. The chemical industry
as a whole and the specialty chemicals segment in particular operated in a
favorable market environment in 2010 and overall chemical production both in
Outlook
The Indian chemical industry has come out of its protected
market. The industry forms the backbone of industrial development of
The estimated market size of the Indian paint industry
segment is about USD 2.5 billion and is growing over 10% annually. Per capita
consumption of
The size of the Indian dyestuff industry is estimated
at USD 4 billion and it holds about 7% share in global market.
The plastics and polymer segment is growing steadily
with a very high potential of domestic consumption. It remains one of the
fastest growing markets in the recent past. Many overseas plastic processors
have started investing in
The Indian textile industry which accounts for about 4%
of Gross Domestic Product (GDP) is estimated to expand significantly and this
will provide opportunities to the textile chemical segment to grow and add
value in the expanding market of fashion, formal and leisurewear garments.
Clariant is a market leader in textile chemicals and has a significant presence
in all segments of the industry including technical textiles.
With expectation of significant growth in the paper
demand, the Indian paper industry is investing heavily on capacity expansion.
Clariant’s paper business offers a wide range of high performance products for
improving whiteness, strength, strong and bright shades with excellent
printability.
With increase in per capita income, the personal care
sector in
|
I) Contingent Liability |
As on 31.12.2010 (Rs. in Millions) |
As on 31.12.2009 (Rs. In Millions) |
|
a) in respect of income tax matters decided against the Company, in respect
of which the Company is in further appeal |
189.382 |
145.840 |
|
decided in favour of the Company against
which the department is in appeal |
1.478 |
1.478 |
|
b) in respect of sales tax
matters |
244.058 |
57.858 |
|
c) in respect of excise matters |
61.526 |
44.803 |
|
d) in respect of bills of
exchange discounted with banks [since realised Rs.87.444 Millions (Rs. 77.863 Millions)] |
113.896 |
111.958 |
|
e) Other matters in dispute |
0.225 |
0.225 |
|
f) Disputed labour matters -
Amount not ascertained |
-- |
-- |
In respect of items (a) to ( c), (e) & (f) future cash
outflows in respect of contingent liabilities is determinable only on receipt of
judgments pending at various forums/authorities.
II) On 15th February 2005, the Company had received an order of the
Tahsildar, Thane demanding Rs. 12.070 Millions for the lease of land to Thane Municipal
Corporation, Fire Brigade and Maharashtra State Electricity Board without
obtaining prior permission in writing against which the Company had filed a
writ petition on 23rd February 2005 before the Bombay High Court. The Hon’ble
High Court has granted interim stay in terms of the petition on 14th July 2005.
Unaudited Standalone Financial
Results For The Three Months Ended March 31, 2011
(Rs. In Millions)
|
Particulars |
31.03.2011 (Unaudited) |
|
|
|
|
1. (a) Net sales / Income from operations |
2281.700 |
|
(b) Other operating income |
50.600 |
|
Total Income |
2332.300 |
|
2. Expenditure |
|
|
(a) (Increase) / Decrease in stock in trade and work in progress |
(199.600) |
|
(b) Consumption of raw / packing materials |
1201.700 |
|
(c) Purchase of traded goods |
363.000 |
|
(d) Power and fuel |
84.500 |
|
(e) Employees cost |
144.400 |
|
(f) Depreciation/Amortisation |
40.300 |
|
(h) Other expenditure |
333.400 |
|
Total Expenditure |
1967.700 |
|
3. Profit from operations before other income, interest and
exceptional items (1-2) |
364.600 |
|
4. Other income |
39.200 |
|
5. Profit before interest and exceptional items (3+4) |
403.800 |
|
6. Interest expense (Net) |
(20.600) |
|
7. Profit after interest but before exceptional items (5-6) |
424.400 |
|
8. Exceptional items (See Note 2) |
2401.900 |
|
9. Profit from ordinary activities before tax (7+8) |
2826.300 |
|
10. Tax expenses (including Deferred Tax and Fringe Benefit Tax) |
591.100 |
|
Short provision for prior years taxation (net) |
0.000 |
|
11. Net Profit / (Loss) for the period after tax (9-10) |
2235.200 |
|
12. Paid up equity share capital (Face Value of Rs.10/- each) |
266.600 |
|
13. Reserves excluding revaluation reserves as per balance sheet of
previous accounting period |
0.000 |
|
14. Earning per share - Basic and Diluted (in Rs.) |
|
|
- Before exceptional items |
11.09 |
|
- After exceptional items |
83.84 |
|
15. Public shareholding |
|
|
- Number of shares |
9758665 |
|
- Percentage of shareholding |
36.60 |
|
16. Promoters and promoter group shareholding |
|
|
(a) Pledged / Encumbered |
-- |
|
(b) Non-encumbered |
|
|
Number of shares |
16902080 |
|
Percentage of shares (as a % of the total shareholding of promoter and
promoter group) |
100.00 |
|
Percentage of shares (as a % of the total share capital of the company |
63.40 |
Notes:
- The above results for the three months ended
March 31, 2011, 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 26, 2011.
- Exceptional
items include the following (Rs. in Millions) :
%20LIMITED%20-%20147359%2005-Jul-2011_files/image011.gif){kind=small}
- Termination benefit costs: 3 months
ended 31.03.2011: Rs. 28 ; 3 months ended 31.03.2010: Rs. 125 and year
ended 31.12.2010: Rs.1057.
- Profit on sale of land and
infrastructure thereon at Balkum site due to restructuring : 3 months
ended 1.03.2011 : Rs. 24047
- Income from sale of diketene and
intermediate business : 3 months ended 31.03.2010 and year ended
31.12.2010: Rs. 533.
- Write off of Assets / loss on sale of
Fixed assets due to restructuring : year ended 31.12.2010 : Rs. 206
- There was 1 (one) investor complaint lying unresolved at the beginning of the quarter. During the quarter no complaint was received and 1 (one) complaint was lying unresolved at the end of the quarter.
- The Board of Directors of the Company at its meeting held on March 17, 2011 considered the proposal for divestment of its holding in Chemtreat Composites India Private Limited, a 100% subsidiary of the Company.
- 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, 2011
(Rs. In Millions)
|
Particulars |
Accounting
Year Ended |
|
|
31.12.2009 (Unaudited) |
|
1. Segment
Revenue (Net Sales/
Income from Operations) |
|
|
Intermediates and Colours |
891.300 |
|
Dyes and Specialty Chemicals |
1390.400 |
|
Total Net Sales/
Income From Operations |
2281.700 |
|
|
|
|
2. Segment
results (Profit/ Loss
before tax and interest) |
|
|
Intermediate and Colours |
200.800 |
|
Dyes and Specialty Chemicals |
237.400 |
|
Total Segment
Results |
438.200 |
|
|
|
|
Add: Interest Income/ dividend income |
23.400 |
|
Less: 1) Interest Expenses |
2.800 |
|
2) Other unallocable
Expenditure net of unallocable income |
34.400 |
|
Total Profit
Before exceptional items and tax |
424.400 |
|
Exceptional item |
2401.900 |
|
Profit/ Loss
from ordinary activities before tax |
2826.300 |
|
3. Capital Employed (Segment assets – Segment liabilities) |
|
|
Intermediates and Colours |
1213.400 |
|
Dyes and Specialty Chemicals |
988.600 |
|
Total Capital
employed in segments |
2202.000 |
|
Add: Unallocable corporate assets less corporate liablilities |
4334.800 |
|
Total Capital
Employed in comapny |
6536.800 |
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:
April 26, 2011
Media Release
Clariant Chemicals
(
Clariant Chemicals’ Sales up at ` 228 crore in Q1’ 2011
Thane, April 26, 2011 – India’s leading
specialty chemicals producer - Clariant Chemicals (India) Limited has recorded
the sales turnover (net of excise) of Rs. 2280.000 Millions during the quarter
ended March 31, 2011 as against Rs. 2230.000 Millions in the same quarter of
previous year. The profit before tax and exceptional items is Rs. 424.000
Millions, marginally down from Rs. 447.000 Millions in the first quarter of
2010.
The Company’s shareholders approved the Final Dividend of Rs.20 per share (200%), which together with
the interim dividend of Rs.10 already paid in August 2010, make a total
dividend of 30 (300%) as compared to Rs.25 per share (250%) paid in the
previous year. The Company’s shareholders also unanimously approved all the
other resolutions proposed by the Board of Directors.
Reviewing the previous year’s performance, Mr. R.A. Shah, Chairman -
Clariant Chemicals (
Mr. Peter Palm, Vice-Chairman and Managing Director - Clariant Chemicals
(India) Limited, explained that, “Clariant globally has begun reaping the
benefits of the past two years of continuous restructuring and succeeded in
building a solid platform for profitable growth. The primary focus in 2010
continued to be on ‘Project Clariant’, which was launched in 2008 with the aim
of generating cash, reducing costs and streamlining processes to reduce
complexities. The real success of this restructuring and its focused emphasis
on Project Clariant is evident with the improvement in the EBIT margin, before
exceptional items, from 4.1 % to 9.8 % in 2010.
As the way forward,
Clariant is now looking towards:
- Improving profitability across all its
10 business units, with an eye on opportunities available across product
segments, customers and regions, as well as increasing value contribution
of our products and services;
- Strengthening new business development;
- Expanding and exploring Clariant’s
existing strong and competitive position in all the major markets,
including
- Optimizing the portfolio through complementary acquisitions in order to tap additional potential for profitable growth.”
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.44.45 |
|
|
1 |
Rs.71.52 |
|
Euro |
1 |
Rs.64.62 |
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.