MIRA INFORM REPORT

 

 

Report Date :

24.05.2012

 

IDENTIFICATION DETAILS

 

Name :

ATUL LIMITED (w.e.f. 31.07.1996)

 

 

Formerly known as:

ATUL PRODUCTS LIMITED

 

 

Registered Office :

Ashoka Chambers, Rasala Marg, Mithakhali Cross Road, Eills Bridge, Ahmedabad - 380006, Gujarat

 

 

Country :

India

 

 

Financials (as on) :

31.03.2011

 

 

Date of Incorporation :

11.12.1975

 

 

Com. Reg. No.:

04-02859

 

 

CIN No.:

[Company Identification No.]

L99999GJ1975PLC002859

 

 

TAN No.:

[Tax Deduction & Collection Account No.]

AMMA00199D

 

 

PAN No.:

[Permanent Account No.]

AABCA2390M

 

 

Legal Form :

Public Limited Liability Company.  The company's Shares are Listed on the Stock Exchanges.

 

 

Line of Business :

Manufacturing of Dyestuff Chemicals, Drugs and Pharmaceuticals, Cresol, Sodium Sulphite, Sodium Sulphate, Soda Ash, Gypsum, Resorcinol, Aslurry, Spent Acid, Dinitro Diphenye, Sulfone, Metanilic Acid, Heavy Duty Break Fluid, Para Cand Panisaldehyde.

 

 

 No. of Employees :

2697 (Approximately)

 

 

RATING & COMMENTS

 

MIRA’s Rating :

A (63)

 

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 22683600

 

 

Status :

Good

 

 

Payment Behaviour :

Regular

 

 

Litigation :

Clear

 

 

Comments :

Subject is an established company having fine track. Financial postion of the company appears to be sound. Trade relations are reported as fair. Business is active. Payments are reported to be usually correct and as per commitments.

 

The company can be considered normal for 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 – September 30, 2011

 

Country Name

Previous Rating

(30.06.2011)

Current Rating

(30.09.2011)

India

A1

A1

 

Risk Category

ECGC Classification

Insignificant

 

A1

Low

 

A2

Moderate

 

B1

High

 

B2

Very High

 

C1

Restricted

 

C2

Off-credit

 

D

 

 

INFORMATION DECLINED BY

 

Name :

Mr. Yadnik

Designation :

Accountant

 

 

LOCATIONS

 

Registered Office :

Ashoka Chambers, Rasala Marg, Mithakhali Cross Road, Eills Bridge, Ahmedabad - 380006, Gujarat, India

Tel. No.:

91-79-26423706/ 26427520/ 26449294/ 26460520

Fax No.:

91-79-26404111

E-Mail :

wk.ag@atul.co.in

wk.ar@atul.co.in

wk.cl@atul.co.in

fi@atul.co.in

sec@atul.co.in

ahd@atul.co.in

jayesh_desai@atul.co.in

Website :

http://www.atul.co.in

 

 

Head Office :

Colours Division Post Atul, Valsad – 396020, Gujarat, India

Tel. No.:

91-2632-233261/ 5

Fax No.:

91-2632-233619 / 233375 / 233024 / 233619 / 233384

E-Mail :

sec@atul.co.in

ahd@atul.co.in

corporate.office@atul.co.in

wk.ar@atul.co.in

ho@atul.co.in

mohan_prajapati@atul.co.in

hr@atul.co.in

Website:

http://www.atul.co.in

 

 

Factory 1 :

297, GIDC Industrial Estate,  Ankleshwar - 393 002, Gujarat, India

 

 

Factory 2 :

Atul, District Valsad, Gujarat

 

 

Factory 3 :

MIDC, Tarapur, Thane, Maharashtra

 

 

Divisional Marketing Departments

Agrochemicals division

East Site, Atul - 396 020, Gujarat, India

E-Mail:  wk.ag@atul.co.in

Tel. No.:91-2632-233261

Telefax: 91-2632-233024 / 233619

 

Aromatics division

Atul - 396 020, Gujarat, India

Tel. No.:91-2632-233261

Telefax: 91-2632-233633 / 233349

E-Mail:  wk.ar@atul.co.in

 

Bulk chemicals and intermediates division

East Site , Atul - 396 020, Gujarat, India

Tel. No.:91-2632-233261 / 233021

Telefax: 91-2632-233375 / 233619

E-Mail:  wk.bl@atul.com.in

 

International, colours DIVISION:

East Site , Atul - 396 020, Gujarat, India

Tel. No.:91-2632-233261

Telefax: 91-2632-233384 / 233619

E-Mail:  wk.cl@atul.com.in

 

National, colours division

West Site , Atul - 396 020, Gujarat, India

Tel. No.:91-2632-233291 / 92 / 233617 / 233618

Telefax: 91-2632-233667 / 233122

E-Mail:  wk.cl@atul.com.in

 

Pharmaceuticals and intermediates division

PP Site, Atul - 396 020, Gujarat, India

Tel. No.:91-2632-233621 / 233622

Telefax: 91-2632-233639

E-Mail:  wk.pl@atul.co.in

 

Polymers divisions

PP Site, Atul - 396 020, Gujarat, India

Tel. No.:91-2632-233621 / 233622

Telefax: 91-2632-233639

E-Mail:  wk.po@atul.co.in          

 

 

Overseas Offices:

Atul Americas Inc.,

11121, Carmel Commons Boulevard, Suit 460, Charlotte, North Carolina - 28226, USA

Tel. No.:91-1-704-540 8460

Telefax: 91-704-540 8461

E-Mail:  aal@bellsouth.net

 

Atul Europe Limited

1st Floor, Office Suite B, Summerfields Village Centre, Dean Row Road, Wilmslow SK92TB, UK

Tel. No.: 91-44-625-539 209

Telefax: 91-44-1625-529 484

E-Mail:  Atul.Europeltd@btinternet.com

 

Atul China

Rm 303A, Building F, Dartguild-hall, No - 20, Guan Gong Dian, Chao Yang District, Beijing 100 020, China

Tel. No.:  91-86-10-650 22431 / 650 22213

Telefax: 91-86-10-650 85647

E-Mail:  atul@cgw.net.cn

 

 

Branches:

310 B, Veer Savarkar Marg [Cadell Road], Adjacent to Prabhadevi Telephone Exchange, Opposite India United Mill [Dye works] Prabhadevi, Dadar [West], Mumbai - 400028

Tel No.: 91-22-39876000

Fax No.: 91-22-24376061 / 24386065

Email : mum@atul.co.in

 

Located At :

  • Ahmedabad
  • Kolkata
  • Chennai
  • Delhi
  • Erode
  • Kanpur
  • Ludhiana
  • Secunderabad
  • Solapur
  • Surat
  • Tirupur
  • Udaipur

 

 

DIRECTORS

 

AS ON 31.03.2011

 

Name :

Mr. Bansi S. Mehta

Designation :

Director

Date of Birth:

19.09.1935

Other Directorship:

Public Limited Companies:

·         Bharat Bijlee Limited

·         CEAT Limited

·         Century Enka Limited

·         Clariant Chemicals (India) Limited

·         Gillette India Limited

·         Housing Development Finance Corporation Limited

·         IL and FS Investment Managers Limited

·         J B Chemicals  and  Pharmaceuticals Limited

·         National Securities Depository Limited

·         Pidilite Industries Limited

·         Procter and Gamble Hygiene and Health Care Limited

·         Sasken Communication Technologies Limited

·         SBI Capital Markets Limited

·         Sudarshan Chemicals Limited

·         Jumbo World Holdings Limited (BVI) (Body incorporated outside India)

·         Private Limited Companies:

·         Uhde India Private Limited – Alternate Director

Other Membership:

Chairman of Committees:

·         IL and FS Investment Managers Limited – Audit Committee

·         J B Chemicals  and  Pharmaceuticals Limited – Audit Committee

·         Pidilite Industries Limited – Audit Committee

·         Sasken Communication Technologies Limited – Audit Committee

·         Sudarshan Chemicals Limited – Audit Committee

·         Member of Committees:

·         Century Enka Limited – Audit Committee

·         Gillette India Limited – Audit Committee

·         Gillette India Limited – Remuneration Committee

·         Housing Development Finance Corporation Limited – Audit Committee

·         Housing Development Finance Corporation Limited – Compensation Committee

·         IL and FS Investment Managers Limited – Compensation Committee

·         Procter  and  Gamble Hygiene and Health Care Limited – Audit Committee

 

 

Name :

Mr. S. M. Datta

Designation :

Additional Director

Date of Birth/ Age:

01.07.2010

Other Directorship:

Public Limited Companies:

·         BOC India Limited – Chairman

·         Castrol India Limited – Chairman

·         IL and FS Investment Managers Limited – Chairman

·         Philips Electronics India Limited – Chairman

·         Tata Trustee Company Limited – Chairman

·         Transport Corporation of India Limited – Chairman

·         Bhoruka Power Corporation Limited

·         Deutsche Postbank Home Finance Limited

·         Kansai Nerolac Paints Limited

·         Peerless General Finance  and  Investment Company Limited

·         Peerless Hotels Limited

·         Rabo India Finance Limited

·         Zodiac Clothing Company Limited

·         Private Limited Companies:

·         Reach (Cargo Movers) Private Limited – Chairman

·         Ambit Holdings Private Limited

·         Chandras’ Chemical Enterprises Private Limited

Other Membership:

Chairman of Committees:

·         BOC India Limited – Audit Committee

·         Castrol India Limited – Shareholders’ | Investors’ Grievances Committee

·         IL and FS Investment Managers Limited – Compensation Committee

·         Transport Corporation of India Limited – Compensation Committee

·         Transport Corporation of India Limited – Remuneration Committee

·         Member of Committees:

·         Deutsche Postbank Home Finance Limited – Remuneration Committee

·         IL and FS Investment Managers Limited – Shareholders’ | Investors’ Grievance Committee

·         Peerless General Finance  and  Investment Company Limited – Audit Committee

·         Rabo India Finance Limited – Audit Committee

·         Transport Corporation of India Limited – Audit Committee

 

 

Name :

Mr. V Srinivas Rangan

Designation :

Additional Director

Date of Birth/ Age:

13.02.1960

Other Directorship:

Public Limited Companies:

·         HDFC Limited

·         HDFC Developers Limited

·         HDFC Holdings Limited

·         HDFC Investments Limited

·         HDFC Property Ventures Limited

·         HDFC Trustee Company Limited

·         HDFC Venture Capital Limited

·         Idhasoft Limited

·         India Asset Recovery Management Limited, Mauritius

·         IPFOnline Limited

·         L  and  T Urban Infrastructure Limited

·         OCM India Limited

·         Private Limited Companies :

·         Credila Financial Services Private Limited

·         IVF Advisors Private Limited

·         Ruralshores Business Services Private Limited

Other Membership:

Member of Committees

·         HDFC Limited – Shareholders’ | Investors’ Grievance Committee

·         HDFC Investments Limited – Audit Committee

·         HDFC Trustee Company Limited – Audit Committee

·         Idhasoft Limited – Audit Committee

·         IPFOnline Limited – Audit Committee

·         L  and  T Urban Infrastructure Limited – Audit Committee

·         OCM India Limited – Audit Committee

 

 

Name :

Mr. Arvind N. Lalbhai

Designation :

Chairman

 

 

Name :

Mr. Sunil S. Lalbhai

Designation :

Managing Director and Chief Executive Officer

 

 

Name :

Mr. Nusli N. Wadia

Designation :

Director

 

 

Name :

Mr. R. A. Shah

Designation :

Director

 

 

Name :

Mr. G. S. Patel

Designation :

Director

 

 

Name :

Dr. S. S. Baijal

Designation :

Director

 

 

Name :

Mr. Manu R. Shroff

Designation :

Director

 

 

Name :

Mr. Hasmukh S. Shah

Designation :

Director

 

 

Name :

Dr. H. Kaiwar

Designation :

Director

 

 

Name :

Mr. J. L. Shah

Designation :

Director

 

 

Name :

Mrs. Shalini S. Shah

Designation :

(Nominee of ICICI Bank Limited)

 

 

Name :

Mr. Samveg Arvind Lalbhai

Designation :

Managing Director

 

 

Name :

Mr. K Aparajithan

Designation :

Additional Director

 

 

Name :

Mr. M. K. Tandon

Designation :

(Nominee of UTI w.e.f. 28/01/2002)

 

 

KEY EXECUTIVES

 

Name :

Mr. T. R. Gopi Kannan

Designation :

Company Secretary

 

 

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

 

AS ON 31.03.2012

 

Names of Shareholders

No. of Shares

Percentage of Holding

(A) Shareholding of Promoter and Promoter Group

 

 

(1) Indian

 

 

Individuals / Hindu Undivided Family

859991

2.90

Bodies Corporate

14001727

47.20

 

 

 

(2) Foreign

 

 

 

 

 

(B) Public Shareholding

 

 

(1) Institutions

 

 

Mutual Funds / UTI

1262176

4.26

Financial Institutions / Banks

100238

0.34

Central Government / State Government(s)

336

--

Insurance Companies

1318773

4.45

Foreign Institutional Investors

900

--

 

 

 

Any Others (Specify)

 

 

    Trust

1050

--

 

 

 

(2) Non-Institutions

 

 

Bodies Corporate

2889021

9.74

 

 

 

Individuals

 

 

Individual shareholders holding nominal share capital up to Rs. 0.100 Million

5792568

19.53

Individual shareholders holding nominal share capital in excess of Rs. 0.100 Million

3278724

11.05

 

 

 

Any Others (Specify)

 

 

NRIs/OCBs

156229

0.53

 

 

 

TOTAL

29661733

100.00

 

 

BUSINESS DETAILS

 

Line of Business :

Manufacturing of Dyestuff Chemicals, Drugs and Pharmaceuticals, Cresol, Sodium Sulphite, Sodium Sulphate, Soda Ash, Gypsum, Resorcinol, Aslurry, Spent Acid, Dinitro Diphenye, Sulfone, Metanilic Acid, Heavy Duty Break Fluid, Para Cand Panisaldehyde.

 

 

Products :

Item Code No.

Description

3204

Synthetic Organic Colouring Matter

291200

Para Anisic Aldehyde

390730.09

Epoxy Resins

Imports :

 

Countries :
  • Germany
  • U.K.
  • USA

Terms :

 

Purchasing :

L/C, D/A or D/P

  

 

PRODUCTION STATUS     (AS ON 31.03.2011):-

Particulars

Unit

 

Installed Capacity

Actual Production

Aroma Products

MT

 

10400

4150

Herbicides

MT

 

12190

13217

Pharma Intermediates

MT

 

707

361

Caustic, Sulphuric, Resorcinol, Formaldehyde and Carbamite

MT

 

123436

98204

Cresols

MT

 

14420

7659

Dyes

MT

 

16343

14977

Resins

MT

 

18850

19418

Sulphones and Intermediates

MT

 

1620

1443

By products and miscellaneous chemicals

MT

 

NA

28836

 

Note:

 

1. Licensed Capacity - Delicensed vide Gazette Notification No. S.O. 477( E ) dated July 25, 1991.

2. As certified by General Manager - Manufacturing and being a technical matter, accepted by the Auditors, as correct.

3. Previous year figures have been recast on reclassification.

4. Figures in bracket are in respect of the previous year.

5. Gross production includes production for captive consumption.

 

 

GENERAL INFORMATION

 

No. of Employees :

2697 (Approximately)

 

 

Bankers :
  • State Bank of India
  • Bank of Baroda
  • Bank of India
  • UCO Bank
  • Credit Lyonnais
  • Dena Bank
  • Karur Vysya Bank
  • State Bank of Saurashtra
  • ICICI Bank Limited
  • Axis Bank
  • Export Import Bank of India

 

 

Facilities :

 

Secured loan

 

31.03.2011

Rs. In Millions

31.03.2010

Rs. In Millions

Term Loans From Financial Institutions | Banks

 

 

Foreign Currency Term Loans

265.800

349.700

Rupee Term Loans

1280.600

1755.900

Working Capital Loans From Banks (c)

 

 

Foreign Currency Working capital loan

853.400

299.300

Rupee Working capital Loans

559.300

185.200

Total

2959.100

2590.100

 

 

 

Unsecured Loans

31.03.2011

Rs. In Millions

31.03.2010

Rs. In Millions

Fixed deposits *

113.000

168.700

Interest accrued on cumulative deposits

10.200

9.000

From companies

--

--

From banks

200.000

180.000

Total

323.200

357.700

* Including Deposits from Chairman and Managing Director Rs 4.000 Millions (Previous year Rs Nil)

Notes:

(a) Secured by first pari passu charge on the fixed assets of the Company as a whole, both present and future, excluding specific assets with specific charge.

(b) Secured by first pari passu charge by way of hypothecation of all the movable fixed assets and mortgage of the immovable properties of the Company, present and future, excluding specific assets with exclusive charge and second charge on the entire current assets of the Company, present and future.

(c) Secured by hypothecation of tangible current assets (other than movable machinery), namely raw materials, finished and semi finished goods, inventories and book-debts of the Company as a whole and also secured by second and subservient charge on immovable assets of the Company to the extent of individual bank’s limit as mentioned in joint consortium documents. This also extends to guarantee given by the bankers. Amount of guarantee outstanding at the end of the year Rs 431.100 Millions (Previous year Rs 247.500 Millions)

(d) To be secured by first pari passu charge by way of hypothecation of all the movable fixed assets and mortgage of the immovable properties of the Company, present and future, excluding specific assets with exclusive charge and second charge on the entire current assets of the Company, present and future.

 

 

Banking Relations :

--

 

 

Auditors :

 

Name :

Dalal and Shah

Chartered Accountants

 

Cost Auditors

R. Nanabhoy and Company

Chartered Accountants

 

 

Associates :

·         Amal Limited

·         Atul Bioscience Limited

·         Gujarat Synthwood Limited

·         AtRo Limited

·         Atul Infotech Private Limited

·         Anchor Adhesives Private Limited

·         M. Dohmen S.A.

 

 

Subsidiaries :
  • Atul Europe Limited
  • Atul Americas Inc
  • Atul Deutschland GmbH
  • Atul International Trading (Shanghai) Co Limited
  • Ameer Trading Corporation Limited
  • Atul Rajasthan Date Palms Limited

 

 

CAPITAL STRUCTURE

 

AS ON 31.03.2011

 

Authorised Capital :

No. of Shares

Type

Value

Amount

8000000

Cumulative Redeemable Preference Shares

Rs. 100/- each

Rs. 800.000 millions

 

Total

 

Rs. 1600.000 millions

 

Issued  Capital :

No. of Shares

Type

Value

Amount

29691780

Equity Shares of

Rs. 10/- each

Rs. 296.918 millions

 

 

 

 

 

Subscribed  and  Paid-up Capital :

No. of Shares

Type

Value

Amount

29661733

Equity Shares of

Rs. 10/- each

Rs. 296.600 Millions

Add:

Forfeited Shares (amount paid up)

 

Rs. 0.200 Millions

 

Total

 

Rs. 296.800 Millions

 

Notes:

 

1. 19,64,650 shares are issued as fully paid-up Bonus shares by way of capitalisation of reserves.

 

2. 3,58,600 shares of Rs 10 each on account of reduction and consolidation of 35,86,000 equity shares of Rs 10 each as confirmed by the Honourable High Court of Gujarat vide its order dated August 20, 1988.

 

3. 75,00,000 shares are issued to the Shareholders of erstwhile The Atul Products Limited, pursuant to Amalgamation

Scheme sanctioned by the Honourable High Court of Gujarat as per its order dated August 20,1988.

 

4. 38,09,310 shares are issued as fully paid-up shares on conversion of 12.5% Fully Convertible Secured debentures of Rs 120 each per debenture in the year 1992-93.

 

5. 1,10,29,173 shares are issued as fully paid-up on conversion of 14% Fully Convertible Secured debentures of Rs 180 each per Debenture in the year 1994-95.

 

6. 50,00,000 Shares issued on preferential basis to promoters in the year 1993-94.

 

 

FINANCIAL DATA

[all figures are in Rupees Millions]

 

ABRIDGED BALANCE SHEET

 

SOURCES OF FUNDS

 

31.03.2011

31.03.2010

31.03.2009

SHAREHOLDERS FUNDS

 

 

 

1] Share Capital

296.800

296.800

296.800

2] Share Application Money

0.000

0.000

0.000

3] Reserves & Surplus

5374.100

4549.300

4290.500

4] (Accumulated Losses)

0.000

0.000

0.000

NETWORTH

5670.900

4846.100

4587.300

LOAN FUNDS

 

 

 

1] Secured Loans

2959.100

2590.100

3360.100

2] Unsecured Loans

323.200

357.700

319.000

TOTAL BORROWING

3282.300

2947.800

3679.100

DEFERRED TAX LIABILITIES

230.600

225.800

177.200

 

 

 

 

TOTAL

9183.800

8019.700

8443.600

 

 

 

 

APPLICATION OF FUNDS

 

 

 

 

 

 

 

FIXED ASSETS [Net Block]

3900.700

4122.400

4273.400

Capital work-in-progress

294.700

72.300

139.700

Advance Against Capital Exp.

66.500

41.800

17.100

 

 

 

 

INVESTMENT

833.200

650.200

651.300

DEFERREX TAX ASSETS

0.000

0.000

0.000

 

 

 

 

CURRENT ASSETS, LOANS & ADVANCES

 

 

 

 

Inventories
2613.900
2112.900
1966.800

 

Sundry Debtors
3016.200
2706.100
2226.700

 

Cash & Bank Balances
163.500
148.400
233.000

 

Other Current Assets
0.000
0.000
0.000

 

Loans & Advances
1580.500
1298.100
1098.400

Total Current Assets
7374.100
6265.500
5524.900

Less : CURRENT LIABILITIES & PROVISIONS
 
 

 

 

Sundry Creditors

2714.000

2476.900

1450.300

 

Current Liabilities
185.600
156.700
333.000

 

Provisions
385.800
498.900
379.500

Total Current Liabilities
3285.400
3132.500
2162.800

Net Current Assets
4088.700
3133.000
3362.100

 

 

 

 

MISCELLANEOUS EXPENSES

0.000

0.000

0.000

 

 

 

 

TOTAL

9183.800

8019.700

8443.600

 

 

PROFIT & LOSS ACCOUNT

 

 

PARTICULARS

31.03.2011

31.03.2010

31.03.2009

 

SALES

 

 

 

 

 

Income

15076.900

11681.200

11594.500

 

 

Operating Income

400.200

302.100

312.200

 

 

Other Income

57.900

53.500

50.400

 

 

TOTAL                                     (A)

15535.000

12036.800

11957.100

 

 

 

 

 

Less

EXPENSES

 

 

 

 

 

Cost of Goods sold material consumed

8784.300

6567.700

6609.800

 

 

Manufacturing expenditure

2259.600

1818.500

1745.400

 

 

Employee’s Emoluments

1055.600

1032.200

908.300

 

 

Others

1412.800

1101.600

1068.800

 

 

Exchange Rate Difference

90.900

90.700

440.400

 

 

Exceptional Items

(101.000)

 

 

 

 

TOTAL                                     (B)

13502.200

10610.700

10772.700

 

 

 

 

 

Less

PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B)      (C)

2032.800

1426.100

1184.400

 

 

 

 

 

Less

FINANCIAL EXPENSES                         (D)

254.600

255.600

410.300

 

 

 

 

 

 

PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D)                                       (E)

1778.200

1170.500

774.100

 

 

 

 

 

Less/ Add

DEPRECIATION/ AMORTISATION                     (F)

385.400

373.000

317.200

 

 

 

 

 

 

PROFIT BEFORE TAX (E-F)                               (G)

1392.800

797.500

456.900

 

 

 

 

 

Less

TAX                                                                  (I)

431.700

269.600

101.200

 

 

 

 

 

 

PROFIT AFTER TAX (G-I)                                  (J)

961.100

527.900

355.700

 

 

 

 

 

Add:

Tax Adjustments relating to earlier years Income tax and wealth tax

(61.100)

1.300

11.100

 

Additional MAT Entitlement for the earlier years

0.000

38.900

11.900

 

 

 

 

 

Add

PREVIOUS YEARS’ BALANCE BROUGHT FORWARD

2647.100

2274.200

2037.500

 

 

 

 

 

Less

APPROPRIATIONS

 

 

 

 

 

Transfer to General Reserve

56.800

56.800

37.900

 

 

Proposed Dividend

133.500

118.700

89.000

 

 

Corporate Dividend tax on above

21.600

19.700

15.100

 

BALANCE CARRIED TO THE B/S

3335.200

2647.700

2274.200

 

 

 

 

 

 

EARNINGS IN FOREIGN CURRENCY

 

 

 

 

 

Export Earnings

6513.300

4912.500

5608.300

 

TOTAL EARNINGS

6513.300

4912.500

5608.300

 

 

 

 

 

 

IMPORTS

 

 

 

 

 

Raw Materials

3328.800

1542.500

1900.900

 

 

Finished goods – for trading

28.400

40.500

87.600

 

 

Capital Goods

21.600

8.000

96.700

 

TOTAL IMPORTS

3378.800

1591.000

2085.200

 

 

 

 

 

 

Earnings Per Share (Rs.)

30.34

19.15

12.77

 

 

 QUARTERLY RESULTS

 

PARTICULARS

 

30.06.2011

30.09.2011

31.12.2011

31.03.2012

Type

1st Quarter

2nd Quarter

3rd Quarter

4th Quarter

 Sales Turnover

4149.200

4612.900

4616.500

4619.400

 Total Expenditure

3738.900

4191.600

4027.100

4159.800

 PBIDT (Excl OI)

410.300

421.300

589.400

459.600

 Other Income

2.500

17.700

2.300

117.900

 Operating Profit

412.800

439.00

591.700

577.500

 Interest

60.800

123.800

98.900

141.300

 Exceptional Items

0.000

0.000

0.000

65.100

 PBDT

352.000

315.200

492.800

501.300

 Depreciation

98.500

99.900

106.600

131.500

 Profit Before Tax

253.500

215.300

386.200

369.800

 Tax

68.100

55.400

128.600

91.600

 Reported PAT

185.400

159.900

257.600

278.200

Extraordinary Items       

0.000

0.000

0.000

0.000

Prior Period Expenses

0.000

0.000

0.000

0.000

Other Adjustments

0.000

0.000

0.000

0.000

Net Profit

185.400

159.900

257.600

278.200

 

 

KEY RATIOS

 

PARTICULARS

 

 

31.03.2011

31.03.2010

31.03.2009

PAT / Total Income

(%)
6.19
4.39

2.97

 

 
 
 

 

Net Profit Margin

(PBT/Sales)

(%)
9.24
6.83

3.94

 

 
 
 

 

Return on Total Assets

(PBT/Total Assets}

(%)
12.36
7.68

4.66

 

 
 
 

 

Return on Investment (ROI)

(PBT/Networth)

 
0.25
0.16

0.10

 

 
 
 

 

Debt Equity Ratio

(Total Liability/Networth)

 
1.16
1.25

1.27

 

 
 

 

 

Current Ratio

(Current Asset/Current Liability)

 
2.24
2.00

2.55

 

 

LOCAL AGENCY FURTHER INFORMATION

 

Check List by Info Agents

Available in Report (Yes / No)

1) Year of Establishment

 Yes

2) Locality of the firm

Yes

3) Constitutions of the firm

Yes

4) Premises details

No

5) Type of Business

Yes

6) Line of Business

Yes

7) Promoter's background

Yes

8) No. of employees

 Yes

9) Name of person contacted

Yes

10) Designation of contact person

Yes

11) Turnover of firm for last three years

Yes

12) Profitability for last three years

Yes

13) Reasons for variation <> 20%

 --

14) Estimation for coming financial year

No

15) Capital in the business

Yes

16) Details of sister concerns

Yes

17) Major suppliers

No

18) Major customers

No

19) Payments terms

Yes

20) Export / Import details (if applicable)

Yes

21) Market information

 --

22) Litigations that the firm / promoter involved in

--

23) Banking Details

Yes

24) Banking facility details

Yes

25) Conduct of the banking account

 --

26) Buyer visit details

 --

27) Financials, if provided

Yes

28) Incorporation details, if applicable

Yes

29) Last accounts filed at ROC

Yes

30) Major Shareholders, if available

 --

 

HISTORY:

 

The company was incorporated on 05.09.1947 at Ahmedabad in Gujarat under the name and style of Atul Products Limited having company Registration Number 2859 and subsequently the name of the company was changed to the present.

 

Subject was set up by Mr. Kasturbhai Lalbhai as a related diversification and commenced the manufacture of dyes and dye intermediates, agro-chemicals, aromatics like para-anisaldehyde, epoxy resins and pharma intermediates in 1947 at Valsad

 

In 1988-89 Gujarat Aromatics was merged with the company. Subject has promoted two manufacturing companies, namely Atic Industries in 1956 and Cibatul in 1960. An atic industry which was promoted in collaboration with ICI, UK manufactures Vat and other dyes and sulphuric acid. While the Cibatul which was promoted in collaboration with Ciba-Geigy, manufactures sulphur drug intermediates, resins and auxiliaries. In 1985, the company transferred its investments in Atic and Cibatul to a wholly owned subsidiary, Ameer Trading Corporation and later in 1995-96 this Atic Industries was integrated with the company.

 

In 1986, the company took over the management of Piramal Rasayan through its 100% subsidiary and subsequently changed the name of the company to Amal Rasayan.

 

Subject has also promoted Gujarat Synthwood to manufacture PVC Foam sheets. In 1995, the company commissioned para-cresidine and para anisicaldehde manufacturing plants.

 

In 1995-96, the company was implementing a project to manufacture non-benzidine dyestuffs with a capacity of 1700 tpa and the company has commissioned the project for manufacture of para cresol in 1997-98.

 

In 1996-97, the company issued 50,000 14% cumulative redeemable preference shares of Rs.100/- each amounting to Rs.5 millions.

 

Subject has been accredited with ISO 9002 certification for agro chemicals and pharmaceuticals division from TUV Bayern, Germany in 1996-97.

 

In 2000-01, the company has initiated the plan of installation of third fluidised boiler in order to become self reliant in captive power generation.

 

Subject is a part of Lalbhai Group manufacturing a wide range of chemicals, dyes, dye intermediates and pigments alongwith agrochemical, and pharmaceuticals. The group has grown from one textile mill in 1908 to become an international business conglomerate today.  Currently, the group has strong presence in textiles, chemicals, engineering, finance, white goods and real estate. 

 

 

 

 

 

1947     The Atul Products Limited incorporated.

Lederle Laboratories (India) Limited incorporated

 

1952     Sulphur Black and acid / direct dyes plants inaugurated by Jawaharlal Nehru, the then Prime Minister of India.

Two 11 t/h Coal Fired Steam Generating System commissioned (replaced by high pressure Steam Generating System in 1990).

1 MW Steam Turbine Set commissioned (replaced by 2.5 MW Back Pressure Steam Turbine for co-generation in 1977).

477000 m3 Weir No. 1 near Atul in River Par commissioned.

 

1955     Atic Industries Limited incorporated

 

1956     Vat dyes plant commissioned.

11 t/h Coal Fired Steam Generating System commissioned (replaced by High Pressure Steam Generating System in 1990).

4 MW Steam Turbine commissioned

 

1959     Vat dyes plant expanded.

 

1960     Sulphuric acid and oleum plant commissioned.

Cibatul Limited incorporated.

 

1961     1364000 m3 Weir No. 2 near Panchalai, in River Par commissioned.

 

1962     Lederle Laboratories (India) Limited renamed Cyanamid India Limited

 

1963     BON acid plant commissioned.

 

1964     Chlor-alkali (mercury cell) plant commissioned.

 

1965     Chlorosulphonic acid plant commissioned.

Dicalcium phosphate plant commissioned.

Naphthalene intermediates plant commissioned.

Vat dye intermediates plant commissioned.

 

1966     Urea formaldehyde plant commissioned.

Sulpha drug intermediates plant commissioned.

Two 34 t/h Oil Fired Steam Generating System commissioned.

 

1968     Fast colour bases plant commissioned.

Epoxy resin plant commissioned.

Two 10 t/h Oil Fired Steam Generating System commissioned.

 

1969     Reactive dyes plant commissioned.

 

1970     Anthraquinone plant commissioned.

Vat dyes plant expanded.

Phosgene plant commissioned.

 

1972     Formaldehyde plant commissioned.

 

1974     Aluminium chloride plant commissioned.

Anthraquinone disperse dyes plant commissioned.

Azo disperse dyes plant commissioned

 

1976     Beta naphthol plant commissioned

 

1978     Vat dyes plant expanded.

Two 18 t/h Coal Fired Steam Generating System with 2 MW Back Pressure Turbine set for co-generation commissioned.

 

1980     Reactive dyes plant expanded.

Reactive dye intermediates plant commissioned.

Sulphuric acid and oleum plant commissioned.

 

1982     Central effluent treatment plant for Atul complex commissioned.

 

1985     Monochlorobenzene plant commissioned.

The Atul Products Limited and Gujarat Aromatics Limited (Cresols) merged.

The Atul Products Limited gained management control of Amal Rasayan Limited

1200 kVA D G Set commissioned.

 

1986     8 t/h Coal Fired Steam Generating System commissioned

 

1987     Diuron plant commissioned.

 

1988     Disperse dye-intermediates plant commissioned.

Sulphur dyes plant commissioned.

The Atul Products Limited renamed Atul Products Limited

2500 m3/d Effluent Treatment Plant commissioned.

 

1989     Multi-purpose pilot plant commissioned.

 

1990     Beta naphthol plant capacity enhanced.

Sulphuric acid plant capacity enhanced.

Two 34 t/h Coal Fired High Pressure Steam Generating System commissioned.

5 MW Extraction cum Back Pressure Steam Turbine set for co-generation commissioned.

 

1991     Dicalcium phosphate plant capacity enhanced.

Hazardous Waste Incinerator for solid/liquid Phase-I commissioned.

 

1992     Upgraded effluent treatment facilities commissioned.

9600 m3/d Effluent Treatment plant commissioned.

 

1993     Chlor-alkali (membrane cell) plant commissioned.

New acid/direct dyes plant (phase 1) commissioned.

Sulphur Black plant capacity enhanced.

 

1994     BON acid plant capacity enhanced

Dinitrochlorobenzene plant capacity enhanced

Diuron plant upgraded

Vat dyes capacity enhanced

 

1995     Chlorosulphonic acid plant capacity enhanced.

New acid/direct dyes plant (phase 2) commissioned.

Atul Products Limited restructured into business units.

Atic Industries Limited merged into Atul Products Limited

Para anisic aldehyde plant commissioned.

45 t/h Coal Fired Steam Generating System with 5.6 MW Back Pressure Steam Turbine Set for co-generation commissioned.

 

1996     Amal Rasayan Limited renamed Amal Products Limited

Atul Products Limited renamed Atul Limited

Herbicides capacity enhanced.

Hazardous Waste Incinerator for liquid Phase-II commissioned.

 

1997     H-acid plant of Amal Products Limited commissioned.

Agrochemicals business of Cyanamid India Limited spun off to form Cyanamid Agro Limited

Cyanamid India renamed Wyeth Lederle Laboratories Limited

4 kilometre pipeline laid for discharge of treated effluent.

 

1998     Para cresol capacity enhanced.

18 MW Steam Turbine set commissioned.

 

1999     Herbicides capacity enhanced.

AtRo Limited incorporated.

Cibatul Limited merged into Atul Limited

 

FINANCIAL PERFORMANCE

 

Net sales increased by 29% to Rs.15080.000 Millions. While Life Science Chemicals segment grew by 28% to Rs.4920.000 Millions, Performance and Other Chemicals segment grew by 30% to Rs.10160.000 Millions. Profit after tax increased from Rs.530.000 Millions to Rs.960.000 Millions. Higher profit was mainly on account of higher sales resulting from volume growth of around 16%.The return on average capital employed improved from 13% to 18%. Interest to sales ratio reduced from 2.2% in the previous year to 1.7%. Borrowings increased by Rs.330.000 Millions as a result of higher working capital employed due to growth in sales and also payments towards capital expenditure of Rs.470.000 Millions. During the year, CARE upgraded credit rating to PR1+ (from PR1 in the previous year) for short-term debts and to A (from A- in the previous year) for long-term debts of the Company.

 

MANAGEMENT DISCUSSION AND ANALYSIS

 

The Company has made reassessment of the risks and returns of its product groups, the nature of its businesses, the class of its customers, etc, and accordingly reclassified its product groups into two segments, namely, Life Science Chemicals and Performance and Other Chemicals. Generally, products used in Agriculture and Pharmaceutical industries are now a part of Life Science Chemicals segment and other products are a part of Performance and Other Chemicals segment.

 

Life Science Chemicals

 

2010-11

2009-10

% change

Sales (Rs Millions)

4920.000

3840.000

28

Share in total revenues (%)

330.000

330.000

--

 

The performance and other details of the product groups are given below:

 

Crop Protection

 

Products

 

Fungicides, Herbicides, Others

 

Crop Protection product group mainly comprises Herbicides and Fungicides and are used by Agriculture industry for protection of crops. The group comprises 9 products and 54 formulations. Subject is not currently into Seeds product group which is now becoming an important input for Agriculture industry.

 

During the year, sales of the product group increased by 25% to Rs.3080.000 Millions. Brand sales which is currently only in India increased by 10% to Rs.690.000 Millions and accounted for 22% of the total. Export sales increased by 22% to Rs.1520.000 Millions and formed 49% of the total.

 

World market for crop protection chemicals is estimated at US$ 44 bn and is growing at about 2%. Indian market for such chemicals is estimated at US$ 1 bn and is growing at about 5%. There are about 60 major companies which dominate the world marketplace, and there are about 10 companies in India having sales of more than

US$ 111 mn.

 

The main user industry, namely, Agriculture, is growing well because of the increasing population on the one hand and improving standard of living on the other. The Company will participate in this growth by

 

         i.            debottlenecking capacities,

       ii.            introducing new products and new formulations,

      iii.            significantly improving efficiencies,

      iv.            promoting own brands and

        v.            enhancing the presence in other countries, particularly in Africa and South America. It will also form long term alliances with other companies.

 

Floods or famines will adversely affect the demand. Registration costs are high in certain countries. Fluctuations in foreign exchange will impact sales realizations. Given that some of these chemicals can be toxic, it is essential to take utmost care in their manufacture and use.

 

Pharma and Inters

 

Products

 

APIs, API intermediates, Others

 

Pharma and Inters product group mainly comprises API intermediates and a few APIs used by Pharmaceutical industry under five broad therapeutic categories, namely, antidepressant, anti-diabetic, anti-infective and anti-retroviral. The group comprises 27 products and is relatively a new introduction to the product portfolio of Subject. The Company is not currently engaged in formulations of APIs.

 

During the year, sales of the product group increased by 34% to Rs.1840.000 Millions. Export sales increased by 43% to Rs.950.000 Millions and formed 51% of the total. Subject Bioscience made its first sales, and the Company is expected to focus only on the products required by Pharmaceutical industry.

 

World market for pharmaceuticals is estimated at US$ 700 bn and is growing at about 4%. Indian market for such products is estimated at US$ 20 bn and is growing at about 10%. There are about 50 major companies, which dominate the world marketplace.

 

The main user industry, namely, Healthcare, is growing well because of the increasing awareness about diseases and health. The Company along with subject Bioscience will participate in this growth by

         i.            debottlenecking capacities,

       ii.            introducing new products and

      iii.            significantly improving efficiencies. It will also form long-term alliances with other companies.

 

Prices of many products come down significantly in a short time. Fluctuations in foreign exchange will impact sales realizations.

 

Performance and Other Chemicals

 

2009-10

2008-09

% change

Revenues (Rs Millions)

2840.000

3020.000

-6

Share in total revenues (%)

240.000

2540.000

-1

 

The performance and other details of the product groups are given below:

 

Aromatics

 

Products

 

p-Cresol, Others

 

Aromatics product group mainly comprises p-Cresol and its downstream products and used by Flavour and Fragrance and Personal Care industries. The group comprises 21 products.

 

During the year, sales of the product group increased by 17% to Rs.1880.000 Millions. Export sales increased by 22% to Rs.1300.000 Millions and formed 69% of the total. The Company undertook capacity expansion of p-Cresol.

 

World market of p-Cresol is estimated at 65,000 mt and is growing at about 2%. Though earlier the product used to be manufactured in the UK and the USA, China and India are now the major suppliers of the product.

 

The main user industries, namely, Flavour and Fragrance and Personal Care, are growing well because of the increasing population on the one hand and improving standard of living on the other. The Company will participate in this growth by

i)         expanding capacities,

ii)       introducing new products,

iii)      improving efficiencies and

iv)      widening its market reach.

 

Fluctuations in foreign exchange will impact sales realizations.

 

Bulk Chemicals and Inters

 

Products

 

Sodium Hydroxide, Chlorine, Sulphuric Acid, Oleum, Sulphur Trioxide, Chlorosulphonic Acid, Resorcinol, Others

 

Bulk Chemicals and Inters product group mainly comprises Sodium Hydroxide, Chlorine, Sulphuric Acid, Oleum, Sulphur Trioxide, Chlorosulphonic Acid and Resorcinol. Barring Chlorosulphonic Acid and Resorcinol, the rest of the products are used for captive consumption. The group comprises 15 products.

 

During the year, sales of the product group remained unchanged at Rs.650.000 Millions. Export sales formed 29% of the total. World market for bulk chemicals is growing at about 2% and Indian market is growing at about 4%. World market for Resorcinol is estimated at US$ 275 mn and is growing at about 2%; Indian market for the product is estimated at US$ 14 mn and is growing at about 5%.

 

The captive consumption of bulk chemicals is expected to grow as the Company expands manufacturing capacities of its various product groups. Tyre industry is expected to grow further because of increasing population on the one hand and improving standard of living on the other. It will participate in this growth by

i)         increasing and modernizing capacities of the bulk chemicals,

ii)       increasing capacity and efficiency of Resorcinol and

iii)      introducing new and down stream products.

 

The demand and prices of bulk chemicals are cyclical in nature. Fluctuations in foreign exchange will impact sales realizations.

 

Colors

 

Products

 

Textile dyes, Pigments, Paper dyes, Others

 

Colors product group mainly comprises dyes for natural fibres such as Vat, Sulphur, Reactive and Direct and to a very small extent those for synthetic fibres such as Acid and Disperse, used by Textile industry and some by Paper. The group comprises of about 400 products.

 

During the year, sales of the product group increased by 13% to Rs.3250.000 Millions. Export sales formed 44% of the total. The Company formed partnership by investing 50% in M. Dohmen S.A., a manufacturer of dyes for synthetic fibres, having manufacturing facilities in Germany, Korea and Switzerland. World market for dyes and auxiliary chemicals is estimated at US$ 11 bn and is growing at about 2% and Indian market is estimated at US$ 300 mn and is growing at about 3%. There are few companies based in Europe and China which dominate the world marketplace. China is the largest manufacturer of dyes followed by India.

 

The main user industry, namely, Textile, is growing well because of the increasing population on the one hand and improving standard of living on the other. The Company will participate in this growth by

         i.            debottlenecking capacities,

       ii.            introducing new dyes, pigments and textile chemicals,

      iii.            significantly improving efficiencies and

      iv.            enhancing the presence in other countries, particularly in South America. It will also form long term alliances with other companies. Fluctuations in foreign exchange will impact sales realizations.

 

Given that manufacture of dyes generates pollutants, treatment cost will remain high.

 

Polymers

 

Products

 

Epoxy Resins and Hardeners, Reactive diluents, Sulphones

 

Polymers product group mainly comprises Epoxy Resins and Hardeners and formulations thereof, other components such as air release agents, reactive diluents, rheological modifiers, wetting agents, etc. and Sulphones. These products are used by Aerospace, Automobile, Construction, Defence, Electronics, Footwear, Handicraft, Marine, Paint and Coatings, Paper and Wind Energy industries. The group comprises of about 80 products and 220 formulations.

 

During the year, sales of the product group increased from Rs.2680.000 Millions to Rs.4380.000 Millions. Brand sales which is currently only in India increased from Rs.180.000 Millions to  Rs.530.000 Millions and accounted for 12% of the total. Export sales increased from Rs.750.000 Millions to Rs.1280.000 Millions and formed 29% of the total. The Company acquired and integrated Polygrip brand and took up distribution of WD-40, a product that has good synergy with its current portfolio. It expanded capacities in selected products.

 

World market for Epoxy Resins and Hardeners is estimated at US$ 20 bn and is growing at about 2% and Indian market is estimated at US$ 300 mn and is growing at about 10%. The two key raw materials, namely Bisphenol-A and Epichlorohydrin, are imported into India. World market for Sulphones is estimated at US$ 300 mn and is growing at about 5%. There are about 4 major companies which dominate the world marketplace.

 

The user industries, Automobile, Construction and Paint and Coatings, are growing well, particularly in India. The Company will participate in this growth by

         i.            significantly debottlenecking capacities of Epoxy Resins and Hardeners,

       ii.            introducing new products and formulations,

      iii.            improving efficiencies and

      iv.            enhancing presence in other countries.

 

Cheaper imports of Epoxy Resins and Hardeners will keep the contribution margins under pressure. Since the two main raw materials are imported, fluctuations in foreign exchange will impact margins.

 

Internal Control Systems

 

The Company has adequate internal control Systems for safeguarding its assets, ensuring that transactions are in accordance with its policies and are duly authorized, recorded and reported, and preventing possibilities of frauds or other irregularities. The Internal Audit department is adequately staffed with qualified professionals and the efficiency and effectiveness of controls are independently checked by them and reported to the Audit Committee for its review.

 

The annual audit plan is reviewed by and major findings and actions taken | proposed to be taken are reported to the Committee.

 

The Company is working to further strengthen the Systems of Internal Audit and risk assessment and mitigation. During the year, it has taken the following specific initiatives to improve in these areas:

 

1. Introduced risk-based process reviews with the help of reputed external firms

2. Created future state design Manuals | SOPs for three critical processes, namely, Inventories, Sales and Marketing and Procurement

3. Strengthened in-house team by inducting experienced and skilled professionals

 

FINANCIAL RESULTS FOR THE YEAR ENDED MARCH 31, 2012

 

Particulars

31.03.2012

Audited

Rs. In Millions

Income from operations

 

a    Net sales | income from operations (Net of excise duty)

17608.200

b     Other operating income

347.500

Total income from operations (net)

17955.700

Expenses

 

a    Cost of materials consumed

10551.300

b     Purchases of stock-in-trade

200.100

c     Changes in inventories of finished goods, work-in-progress and stock-in-trade

(153.300)

d     Employee benefit expenses

1172.000

e    Depreciation and amortisation expenses

436.500

f     Power, fuel and water

1668.600

g     Other expenses

2485.500

Total expenses

16360.700

Profit from operations before other income, finance costs and exceptional items (1-2)

1595.000

Other income

116.400

Profit from ordinary activities before finance costs and exceptional items (3+4)

1711.400

Finance costs

431.000

Profit from ordinary activities after finance costs but before exchange rate difference and exceptional items (5-6)

1280.400

Exchange rate difference: gain | (loss)

(120.700)

Profit after finance costs and exchange rate difference but before exceptional items (7+8)

1159.700

Exceptional items

 

a    Gain on settlement of long term export advance

--

b    Recovery of advance written off in earlier years

--

Reversal of Provision for diminution in value of long term investment in a c     subsidiary company

65.100

Total

65.100

Profit from ordinary activities before tax (9+10)

1224.800

Tax expense

 

a    Current tax

351.000

b    Deferred tax

(7.500)

Total tax (a+b)

343.500

Net Profit from ordinary activities after tax (11-12)

881.300

Tax adjustment in respect of earlier years

(0.200)

Net Profit for the period (13+14)

881.100

Add: Share of profit in associate companies

--

Less: Minority interest

--

Net Profit after taxes, minority interest and share of profit of associate companies (15+16+17)

881.100

Paid-up equity share capital (face value r 10 per share)

296.600

Reserves excluding revaluation reserves

5057.400

 

 

FINANCIAL RESULTS FOR THE YEAR ENDED MARCH 31, 2012

 

Particulars

31.03.2012

Audited

Rs. In Millions

21

Earnings per share (EPS)

 

 

Basic and diluted EPS (r per share)

2.970

A

Particulars of shareholding

 

1

Public shareholding

 

 

Number of shares

--

 

Percentage of shareholding

14800015

2

Promoters and promoter group Shareholding

49.90%

 

a) Pledged|encumbered:

 

 

Number of shares

--

 

Percentage of shares (as a % of the total shareholding of promoters and promoter group)

--

 

Percentage of shares (as a % of the total share capital of the Company)

--

 

b) Non-encumbered:

 

 

Number of shares

14861718

 

Percentage of shares (as a % of the total shareholding of promoters and promoter group)

100.00%

 

Percentage of shares (as a % of the total share capital of the Company)

50.10%

 

NOTE:

 

1.       The above results have been reviewed and recommended for adoption by the Audit Committee to the Board of Directors and have been approved by the Board at its meeting held on May 15, 2012. The report of the Statutory Auditors contains no qualification.

2.       The Board of Directors has recommended a dividend ofRs. 4.50 per share (45%) subject to approval of the shareholders.

3.       The results for the quarter ended March 31, 2012 are derived figures by subtracting the results for the nine months ended on December 31, 2011 from the audited results for the year ended March 31, 2012.

4.       Figures of the earlier periods have been regrouped | recast | reclassified wherever necessary including in the segment report.

5.       The audited standalone 'Statement of assets and liabilities' and 'Segment revenue, results and capital employed' are annexed.

 

 

AUDITED FINANCIAL RESULTS FOR THE YEAR ENDED MARCH 31, 2012

 

 

PARTICULARS

31.03.2012

Rs. In Millions

A

Equity and liabilities

 

1

Shareholders' funds

 

 

a    Share capital

296.800

 

b    Reserves and surplus

6122.600

 

 

6419.400

2

Non-current liabilities

 

 

a    Long-term borrowings

1449.000

 

b   Deferred tax liabilities (net)

223.100

 

c    Long-term provisions

33.300

 

 

1705.400

3

Current liabilities

 

 

a    Short-term borrowings

1996.300

 

b   Trade payables

2756.400

 

c    Other current liabilities

1049.700

 

d    Short-term provisions

533.400

 

 

6335.800

 

Total - Equity and liabilities

14460.600

B

Assets

 

1

Non-current assets

 

 

a   Fixed assets

4737.200

 

b   Non-current investments

1250.000

 

c    Long-term loans and advances

281.100

 

d   Other non-current assets

275.600

 

 

6543.900

2

Current assets

 

 

a Inventories

2929.900

 

b   Trade receivables

3682.200

 

c    Cash and bank balances

174.600

 

d    Short-term loans and advances

954.900

 

e    Other current assets

175.100

 

 

7916.700

 

Total - Assets

14460.600

 

 

Fixed Assets:

 

  • Land – Freehold (a)
  • Land – Leasehold
  • Buildings
  • Roads
  • Tubewells and Pump House
  • Plant and Machinery
  • Railway Sidings
  • Laboratory Equipments
  • Equipment Furniture and Deed Stock
  • Office Equipment
  • Vehicles
  • Capital Spares
  • Research and Development
  • Building
  • Machinery
  • Computer Software

 

NEWS:

 

ATUL LEAPS FORWARD IN AGRI BIOTECH BUSINESS

 

Atul Limited, a leading chemical company belonging to Lalbhai Group, has acquired majority stake in the UK based DPD Limited, one of the largest producers of tissue cultured date palm plants in the world. This is one more step forward by Atul in its endeavour of ‘Greening the deserts’.

 

Atul Rajasthan Date Palms Limited (ARDP), a JV company of Atul and the Government of Rajasthan, is about to commission a state-of-the-art date palm tissue culture laboratory with overseas technology in Jodhpur, Rajasthan.

 

In close co-operation with the Government of Rajasthan, Atul has set up the largest demonstration farms of about 400 acres in Jaisalmer and Bikaner showcasing various elite varieties of tissue cultured date palms being scientifically cultivated successfully. Over 1000 acres of arid farm land in Rajasthan, Gujarat and other States in South India have been brought under tissue culture date palm cultivation.

 

Speaking on this occasion, Mr Bharathy Mohanan, Whole-time Director of Atul said, “The cultivation of tissue cultured date palms has the potential to transform the ecology and economy of the arid regions and it is heartening that we are able to take one more step towards realizing the idea of our Chairman, Mr. Sunil Lalbhai, of making India self reliant in the produce of date fruit and greening the deserts. This will help increase returns per acre to the farmers of arid regions, generate rural employment, save forex for the country through import substitution and improve overall ecological balance.”

 

Incidentally, India is the largest importer of date fruit in the world today with various applications in Food and Nutrition industry. Mr. Ajit Singh Batra, General Manager of Atul said, “This acquisition, completed on the eve of Independence Day of India, will complement the initiative by ARDP and help in building a modern Date industry in India.”

 

Atul was awarded the prestigious Khalifa International Date Palm Award 2009 in the ‘Best Producer category’ in the UAE and the prestigious Siemens Ecovatives Award 2010 in ‘Earth Care’ category in India for its efforts to promote tissue cultured date palms in India.

 

PRESS RELEASE :

 

HONOURABLE CHIEF MINISTER OF GUJARAT, SHRI NARENDRA MODI, VISITS ATUL ANKALESHWAR SITE, FOR THE INAUGURATION OF WORLD’S BIGGEST PARA CRESOL PLANT.

 

April 06, 2012, Ankleshwar: The present Aromatics Division of Atul Limited was formerly known as Gujarat Aromatics Limited in the late 70’s. Gujarat Aromatics started as a joint venture between the Gujarat Government and Lalbhai Group for manufacturing mixed cresols such as meta-para Cresols. In the year, 1985, the erstwhile Gujarat Aromatics Limited was reconstituted as Atul Products Limited (Ankleshwar) and taken over by the Lalbhai Group. Since then the Aromatics Division of Atul Limited has undergone many changes and has been successful in significantly growing the business. It has developed and perfected the technology of manufacturing 99% pure p cresol. Today, the Aromatics Division has emerged as one of the largest producers of para Cresol, para anisic aldehyde and para anisyl alcohol in the world. It is also a leading manufacturer of para cresidine. These products find their usage and application in diverse industries which include antioxidants, personal care, flavours and fragrances, pharmaceuticals, dyestuffs, pulp and paper, agriculture and animal nutrition.

 

The Aromatics Division’s Ankleshwar site is spread over a land area of 33 acres, houses 4 major plants which are

highly automated and utilise Distributed Control System (DCS), among these plants, the para Cresol plant is the

biggest. The site is fully integrated with independent utilities set up. The site has fully fledged effluent treatment

for treating liquid effluents. The Division has very recently installed a state of art DCS controlled based Multi Effect

Evaporator (MEE). The company is working towards making the site a zero discharge facility by process modification, putting up an additional MEE and an RO plant for recycling of water.

 

All the manufacturing processes are as per ISO 9001:2008 and ISO 14001:2004. The Division ensures safe working procedures and practices. The plant operations are monitored by a team of competent chemical engineers. From a humble beginning of manufacturing a few thousand tons of para Cresol at its Ankaleshwar site, the Aromatics Division of Atul Limited has successfully grown into a world’s biggest para Cresol facility with a business turnover of over Rs 4600.000 Millions.

 

About Atul

 

Incorporated in 1947, Atul Limited is a member of Lalbhai Group. The Company has seven businesses, namely, Aromatics, Bulk Chemicals and Intermediates, Colors, Crop Protection, Floras, Pharmaceuticals and Intermediates, and Polymers. The Company is serving diverse industries such as agriculture, automobile, construction, cosmetic, food and beverage, flavour and fragrance, marine, packaging, paint and coatings, paper, personal care, pharmaceutical, textile and tyre.

 

It has established subsidiary companies in the USA, the UK, Germany, China and Brazil to service its international customers.

 

Atul Chemical Complex in Valsad is spread over 1400 acres of land and is amongst the largest and the greenest chemical sites of its kind in the world.

 

Atul is listed on two stock exchanges of India and has 35,000 shareholders.

 

In step with the rich heritage and tradition of Lalbhai Group, Atul is strongly committed to serving the society in the fields of education, health and culture.

 

                                       Feb 1, 2011 

Atul and M Dohmen collaborate to offer a complete solution to valued customers

 

A part of US$1.5 billion Lalbhai Group, one of the oldest business houses of India, Atul Limited (Atul) is engaged in the manufacture and marketing of chemicals, with current sales of US$350 million, serving diversified industries such as aerospace, agriculture, construction, flavours & fragrance, paint & coatings, paper, pharmaceuticals and textile. In 1952, Atul became the first Indian company to have manufactured synthetic dyestuffs on a large-scale, and its current range comprises  cellulosic dyes such as vat dyes, sulphur dyes and reactive dyes for cotton textile and paper, and has current sales of US$75 million. Atul Colors has an excellent reputation for the highest order of quality of its products in the international markets.

 

 

M Dohmen SA (MD) is acknowledged as an innovative synthetic dyes company, providing integrated solutions especially for automotive and polyamide / wool applications apart from its recent foray into other industrial dye applications such as paper, wood and plastic. It has a turnover of around US$75 million and is headquartered in Switzerland with manufacturing facilities in Germany, South Korea, and Switzerland and having subsidiary companies in major textile markets of China, Germany, Italy, South Korea, Turkey and the USA.  MD is a global market leader and is strong in the automotive supply chain where it is considered as an integral partner for development of automotive interior textiles.

 

 

MD has now become a 50:50 JV between M Dohmen GmbH & Co KG  and Atul. Thus MD is now strong in both cellulosic and synthetic dyes and will offer a complete range of dyes and hence can provide a total solution to the customers. While Atul will offer to its customers in India and certain other markets not reached by MD currently the entire range of MD products  comprising automotive, wool, polyamide and other dyes and textile chemicals, MD will be able to service its customers with the vat, sulphur, reactive and other dyes of Atul Colors. This partnership also brings a significant increase in synthesis and research capacity to the fore and is expected to substantially strengthen the competitive advantage of the company and significantly enhance its customer focus, relationships and servicing.

 

CMT REPORT (Corruption, Money Laundering & Terrorism]

 

The Public Notice information has been collected from various sources including but not limited to: The Courts, India Prisons Service, Interpol, etc.

 

1]         INFORMATION ON DESIGNATED PARTY

No 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.55.93

UK Pound

1

Rs.88.14

Euro

1

Rs.70.87

 

 

INFORMATION DETAILS

 

Report Prepared by :

SDA

 

 

 

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

7

--PROFITABILIRY

1~10

7

--LIQUIDITY

1~10

7

--LEVERAGE

1~10

7

--RESERVES

1~10

7

--CREDIT LINES

1~10

7

--MARGINS

-5~5

-

DEMERIT POINTS

 

 

--BANK CHARGES

YES/NO

YES

--LITIGATION

YES/NO

NO

--OTHER ADVERSE INFORMATION

YES/NO

NO

MERIT POINTS

 

 

--SOLE DISTRIBUTORSHIP

YES/NO

NO

--EXPORT ACTIVITIES

YES/NO

YES

--AFFILIATION

YES/NO

NO

--LISTED

YES/NO

YES

--OTHER MERIT FACTORS

YES/NO

YES

TOTAL

 

63

 

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

-

 

 

 

 

 

 

PRIVATE & CONFIDENTIAL : This information is provided to you at your request, you having employed MIPL for such purpose. You will use the information as aid only in determining the propriety of giving credit and generally as an aid to your business and for no other purpose. You will hold the information in strict confidence, and shall not reveal it or make it known to the subject persons, firms or corporations or to any other. MIPL does not warrant the correctness of the information as you hold it free of any liability whatsoever. You will be liable to and indemnify MIPL for any loss, damage or expense, occasioned by your breach or non observance of any one, or more of these conditions

This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.