1. Summary Information
|
|
|
Country |
India |
|
Company Name |
CLARIANT
CHEMICALS (INDIA) LIMITED |
Principal Name 1 |
Mr. Rajendra Ambalal Shah |
|
Status |
Good |
Principal Name 2 |
Mr. Peter Palm |
|
|
|
Registration # |
11-010806 |
|
Street Address |
Kolshet Road, P.O. Sandoz Baug, Thane - 400607,
Maharashtra |
||
|
Established Date |
27.12.1956 |
SIC Code |
-- |
|
Telephone# |
91-2225-315111 |
Business Style 1 |
Manufacturing |
|
Fax # |
91-2225-315303 |
Business Style 2 |
-- |
|
Homepage |
Product Name 1 |
Dyes |
|
|
# of employees |
854 (Approximately) |
Product Name 2 |
Chemicals |
|
Paid up capital |
Rs.266,607,000/- |
Product Name 3 |
-- |
|
Shareholders |
Promoter and
Promoter Group - 63.40 % Public
shareholding - 36.60 % |
Banking |
Standard
Chartered Bank Limited |
|
Public Limited Corp. |
YES |
Business Period |
57 Years |
|
IPO |
YES |
International Ins. |
- |
|
Public |
YES |
Rating |
A (67) |
|
Related
Company |
|||
|
Relation
|
Country
|
Company
Name |
CEO |
|
Holding Company |
-- |
Clariant International AG |
-- |
|
Note |
- |
||
2. Summary
Financial Statement
|
Balance Sheet as of |
31.12.2011 |
(Unit: Indian Rs.) |
|
|
Assets |
Liabilities |
||
|
Current Assets |
2,310,283,000 |
Current Liabilities |
1,935,332,000 |
|
Inventories |
1,155,943,000 |
Long-term Liabilities |
2,019,000 |
|
Fixed Assets |
1,704,872,000 |
Other Liabilities |
1,193,521,000 |
|
Deferred Assets |
0,000 |
Total Liabilities |
3,130,872,000 |
|
Invest& other Assets |
2,814,034,000 |
Retained Earnings |
4,587,653,000 |
|
|
|
Net Worth |
4,854,260,000 |
|
Total Assets |
7,985,132,000 |
Total Liab. & Equity |
7,985,132,000 |
|
Total Assets (Previous Year) |
6,683,715,000 |
|
|
|
P/L Statement as of |
31.12.2011 |
(Unit: Indian Rs.) |
|
|
Sales |
9,560,812,000 |
Net Profit |
3,040,390,000 |
|
Sales(Previous yr) |
9,747,128,000 |
Net Profit(Prev.yr) |
1,124,150,000 |
MIRA
INFORM REPORT
|
Report Date : |
08.02.2013 |
IDENTIFICATION DETAILS
|
Name : |
CLARIANT CHEMICALS (INDIA) LIMITED (w.e.f. 05.06.2006) |
|
|
|
|
Formerly Known
As : |
COLOUR – CHEM LIMITED |
|
|
|
|
Registered
Office : |
Kolshet Road, P.O. Sandoz Baug, Thane - 400607,
Maharashtra |
|
|
|
|
Country : |
|
|
|
|
|
Financials (as
on) : |
31.12.2011 |
|
|
|
|
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. The Company’s Shares are Listed on the Stock Exchanges. |
|
|
|
|
Line of Business
: |
Manufacturing of Dyes and Chemicals. |
|
|
|
|
No. of Employees
: |
854 (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 19420000 |
|
|
|
|
Status : |
Good |
|
|
|
|
Payment Behaviour : |
Regular |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Subject is a well established and a reputed company having good track
record. 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 – June 30, 2012
|
Country Name |
Previous Rating (31.03.2012) |
Current Rating (30.06.2012) |
|
India |
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
INDIAN ECONOMIC OVERVIEW
India is developing into an open-market economy, yet traces
of its past autarkic policies remain. Economic liberalization, including
industrial deregulation, privatization of state-owned enterprises, and reduced
controls on foreign trade and investment, began in the early 1990s and has
served to accelerate the country's growth, which has averaged more than 7% per
year since 1997. India's diverse economy encompasses traditional village
farming, modern agriculture, handicrafts, a wide range of modern industries,
and a multitude of services. Slightly more than half of the work force is in
agriculture, but services are the major source of economic growth, accounting
for more than half of India's output, with only one-third of its labor force.
India has capitalized on its large educated English-speaking population to
become a major exporter of information technology services and software
workers. In 2010, the Indian economy rebounded robustly from the global
financial crisis - in large part because of strong domestic demand - and growth
exceeded 8% year-on-year in real terms. However, India's economic growth in
2011 slowed because of persistently high inflation and interest rates and
little progress on economic reforms. High international crude prices have
exacerbated the government's fuel subsidy expenditures contributing to a higher
fiscal deficit, and a worsening current account deficit. Little economic reform
took place in 2011 largely due to corruption scandals that have slowed legislative
work. India's medium-term growth outlook is positive due to a young population
and corresponding low dependency ratio, healthy savings and investment rates,
and increasing integration into the global economy. India has many long-term
challenges that it has not yet fully addressed, including widespread poverty,
inadequate physical and social infrastructure, limited non-agricultural
employment opportunities, scarce access to quality basic and higher education,
and accommodating rural-to-urban migration.
|
Source
: CIA |
EXTERNAL AGENCY RATING
|
Rating Agency Name |
CARE |
|
Rating |
A1+ (Short Term Bank Facilities) |
|
Rating Explanation |
Very strong degree of safety and lowest
credit risk. |
|
Date |
26.06.2012 |
|
Rating Agency Name |
CARE |
|
Rating |
AAA (Long Term Bank Facilities) |
|
Rating Explanation |
Highest degree of safety and lowest credit
risk. |
|
Date |
26.06.2012 |
RBI DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter in
the publicly available RBI Defaulters’ list.
EPF (Employee Provident Fund) DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter
in the publicly available EPF (Employee Provident Fund) Defaulters’ list as of
31-03-2012.
LOCATIONS
|
Registered Office/
Factory 1 : |
Kolshet Road, P.O. Sandoz Baug, Thane – 400607, Maharashtra, India |
|
Tel. No.: |
91-2225-315111 |
|
Fax No.: |
91-2225-315303 |
|
E-Mail : |
|
|
Website : |
|
|
|
|
|
Factory
2 : |
113/114, MIDC Industrial Area, P O Dhatav, Roha, District Raigad – 402116, Maharashtra, India |
|
|
|
|
Factory
3 : |
Kudikada. SIPCOT, P.O. Cuddalore – 607005, Tamilnadu, India |
|
|
|
|
Factory
4 : |
Singadiovakkam Village, Attuputtur Post Enathur, Kanchipuram – 631561, Tamilnadu, India |
DIRECTORS
(AS ON 31.12.2011)
|
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. Peter 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 : |
Mr. Henri Schloemer |
|
|
Designation : |
Director |
|
|
|
|
|
|
Name
: |
Mr. Alfred Muench |
|
|
Designation
: |
Director |
|
|
|
|
|
|
Name
: |
Mr. Philipp Hammel |
|
|
Designation
: |
Director |
|
KEY EXECUTIVES
|
Name
: |
Mr. B L Gaggar |
|
Designation
: |
Director in Finance and Company Secretary |
|
|
|
|
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 31.12.2012)
|
Category of Shareholders |
No. of Shares |
Percentage of
Holding |
|
|
|
|
|
(A) Shareholding
of Promoter and Promoter Group |
|
|
|
|
|
|
|
|
|
|
|
|
16902080 |
63.40 |
|
|
16902080 |
63.40 |
|
Total
shareholding of Promoter and Promoter Group (A) |
16902080 |
63.40 |
|
(B) Public
Shareholding |
|
|
|
|
|
|
|
|
1715002 |
6.43 |
|
|
18261 |
0.07 |
|
|
370817 |
1.39 |
|
|
272985 |
1.02 |
|
|
2377065 |
8.92 |
|
|
|
|
|
|
831164 |
3.12 |
|
|
|
|
|
|
5791419 |
21.72 |
|
|
585198 |
2.19 |
|
|
173819 |
0.65 |
|
|
154777 |
0.58 |
|
|
17192 |
0.06 |
|
|
1850 |
0.01 |
|
|
7381600 |
27.69 |
|
Total Public
shareholding (B) |
9758665 |
36.60 |
|
Total (A)+(B) |
26660745 |
100.00 |
|
(C) Shares held by
Custodians and against which Depository Receipts have been issued |
0 |
0.00 |
|
|
0 |
0.00 |
|
|
0 |
0.00 |
|
|
0 |
0.00 |
|
Total
(A)+(B)+(C) |
26660745 |
0.00 |
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(1) Indian%20LIMITED%20%20-%20210006%2008-Feb-2013_files/image003.gif){kind=small}
Bodies Corporate%20LIMITED%20%20-%20210006%2008-Feb-2013_files/image004.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 : |
·
Mowilith used in paints, construction
and specilities ·
Mowicoll used in adhesives ·
Appretan, Emucry and Printoff binder
used in textiles ·
Melio used in Leather ·
Cartaseal, Cartaco and Cartacoal used
in Paper ·
Major monomer systems include: Vinyl Acetate,
VeoVa, Acrylates, Styrene and other Specilities |
PRODUCTION STATUS (AS ON 31.12.2011)
|
Particulars |
Unit |
Licensed Capacity |
Installed Capacity M. Tonnes # |
Actual Production M. Tonnes * # |
|
|
|
|
|
|
|
Intermediates and Colours |
M.T |
NA |
12002 |
9570 |
|
Dyes and specialty chemicals |
M.T |
NA |
74986 |
49044 |
|
|
|
|
|
|
* 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
|
No. of Employees : |
854 (Approximately) |
|
|
|
|
Bankers : |
·
Standard Chartered Bank Limited Branch M G Road, Fort, Mumbai, Maharashtra, India ·
Citi Bank N.A., Branch M G Road, Fort, Mumbai, Maharashtra, India ·
HSBC Bank, Branch M G Road, Fort, Mumbai, Maharashtra, India |
|
|
|
|
Banking
Relations : |
-- |
|
|
|
|
Auditors : |
|
|
Name : |
Deloitte Haskins and Sells Chartered Accountants |
|
|
|
|
Holding Company: |
·
EBITO Chemiebeteiligungen AG ·
Clariant International AG ·
Clariant Participations AG |
|
|
|
|
Ultimate Holding
Company: |
·
Clariant AG, Switzerland |
|
|
|
|
Subsidiary : |
· Chemtreat Composites India Private Limited |
|
|
|
|
Fellow Subsidiaries : |
· Clariant (Australia) Pty. Limited · Clariant (Canada) Inc. · Clariant (China) Limited · Clariant (Colombia) SA · Clariant (Egypt) SAE · Clariant (Guatemala) SA · Clariant (Gulf) FZE · Clariant (Japan) K.K. · Clariant (Korea) Limited · Clariant (Malaysia) Sdn Bhd · Clariant (Maroc) S.A. · Clariant (Mexico) S.A. de C.V. · Clariant (Pakistan) Limited · Clariant (Perú) S.A. · Clariant (Singapore) Pte. Limited · Clariant (Thailand) Limited · Clariant (Tianjin) Limited · Clariant (Uruguay) SA · Clariant Chemicals (China) Limited · Clariant Chemicals (Taiwan) Company Limited · Clariant Corporation · Clariant Export AG · Clariant Ibérica Producción S.A. · Clariant Masterbatch Ibérica S.A. · Clariant Masterbatches (Deutschland) GmbH · Clariant Masterbatches (Malaysia) Sdn Bhd · Clariant Masterbatches (Italia) S.p.A. · Clariant Masterbatches (Saudi Arabia) Limited · Clariant Masterbatches (Shanghai) Limited · Clariant Masterbatches (Thailand) Limited · Clariant Masterbatches Benelux SA · Clariant Masterbatches Huningue · Clariant Masterbatches Ireland Limited · Clariant Masterbatches Norden AB · Clariant Pigments (Korea) Limited · Clariant Pigments (Tianjin) Limited · Clariant Prodotti (Italia) S.p.A. · Clariant Production (France) · Clariant Produkte (Deutschland) GmbH · Clariant Produkte (Schweiz) AG · Clariant S.A. · Clariant Southern Africa (Pty.) Limited · Clariant Specialty Chemicals (Zhenjiang) Company Limited · Clariant Trading (China) Limited · Clariant (Türkiye) Boya ve Kimyevi Maddeler Sanayi ve Ticaret A.S. · K.J. Quinn · PT Clariant Indonesia · The Egyptian German Company for Dyes and Resins SAE (Egcodar SAE) |
CAPITAL STRUCTURE
(AS ON 31.12.2011)
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
30000000 |
Equity shares |
Rs.10/- each |
Rs.300.000 millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
26660745 |
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 |
31.12.2011 |
31.12.2010 |
31.12.2009 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
266.607 |
266.607 |
266.607 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
4587.653 |
3404.351 |
3211.318 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
|
NETWORTH |
4854.260 |
3670.958 |
3477.925 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
0.000 |
0.000 |
0.000 |
|
|
2] Unsecured Loans |
2.019 |
10.528 |
20.478 |
|
|
TOTAL BORROWING |
2.019 |
10.528 |
20.478 |
|
|
DEFERRED TAX LIABILITIES |
45.643 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
4901.922 |
3681.486 |
3498.403 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
1704.872 |
1355.782 |
1389.030 |
|
|
Capital work-in-progress |
148.908 |
198.787 |
59.072 |
|
|
Fixed assets held for disposal |
0.000 |
37.870 |
79.234 |
|
|
|
|
|
|
|
|
INVESTMENT |
2665.126 |
1918.391 |
1244.995 |
|
|
DEFERREX TAX ASSETS |
0.000 |
10.808 |
27.572 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
1155.943
|
907.262
|
766.503
|
|
|
Sundry Debtors |
1333.891
|
1256.093
|
1445.963
|
|
|
Cash & Bank Balances |
284.455
|
209.148
|
169.66
2
|
|
|
Other Current Assets |
0.000
|
0.000
|
0.000
|
|
|
Loans & Advances |
691.937
|
789.574
|
632.049
|
|
Total
Current Assets |
3466.226
|
3162.077
|
3014.177
|
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditor |
1701.179
|
1664.315 |
1448.816 |
|
|
Other Current Liabilities |
234.153
|
510.659
|
208.474
|
|
|
Provisions |
1147.878
|
827.255
|
658.387
|
|
Total
Current Liabilities |
3083.210
|
3002.229
|
2315.677
|
|
|
Net Current Assets |
383.016
|
159.848
|
698.500
|
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
4901.922 |
3681.486 |
3498.403 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.12.2011 |
31.12.2010 |
31.12.2009 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
9560.812 |
9747.128 |
9213.413 |
|
|
|
Other Income |
394.310 |
312.345 |
263.082 |
|
|
|
TOTAL (A) |
9955.122 |
10059.473 |
9476.495 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Cost of materials |
5914.979 |
5862.730 |
5452.349 |
|
|
|
Personnel cost |
742.445 |
671.277 |
615.871 |
|
|
|
Impairment of fixed assets |
0.000 |
0.000 |
13.698 |
|
|
|
Other expenditure |
1618.576 |
1665.024 |
1417.836 |
|
|
|
Service Charge recovered |
(16.847) |
(36.977) |
(90.674) |
|
|
|
Exceptional items |
(2413.320) |
72.947 |
245.046 |
|
|
|
TOTAL (B) |
5845.833 |
8235.001 |
7654.126 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
4109.289 |
1824.472 |
1822.369 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
(26.045) |
2.320 |
1.667 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
4135.334 |
1822.152 |
1820.702 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
181.243 |
168.916 |
189.635 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) (G) |
3954.091 |
1653.236 |
1631.067 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
913.701 |
529.086 |
549.711 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-H) (I) |
3040.390 |
1124.150 |
1081.356 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
383.785 |
303.167 |
109.740 |
|
|
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
|
|
General reserve |
304.039 |
112.415 |
108.136 |
|
|
|
Interim dividend |
799.822 |
266.607 |
266.607 |
|
|
|
Proposed dividend (Final) |
799.822 |
533.215 |
399.911 |
|
|
|
Corporate tax on dividend (Interim & Final) |
259.502 |
132.840 |
113.275 |
|
|
|
Corporate tax on dividend of Previous period |
(2.058) |
(1.545) |
0.000 |
|
|
BALANCE CARRIED
TO THE B/S |
1263.048 |
383.785 |
303.167 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
Exports (F.O.B.) |
2160.990 |
1973.148 |
1661.273 |
|
|
|
Know-how |
0.000 |
0.000 |
13.271 |
|
|
|
|
0.000 |
0.000 |
5.047 |
|
|
|
Others (insurance, freight, commission, claims, exchange
gain etc.) |
255.847 |
199.406 |
126.850 |
|
|
TOTAL EARNINGS |
2416.837 |
2172.554 |
1806.441 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw Materials and Trading Terms |
2034.360 |
2079.542 |
1690.862 |
|
|
|
Components and spare parts |
9.184 |
4.786 |
1.087 |
|
|
|
Capital Goods |
83.372 |
11.993 |
10.449 |
|
|
TOTAL IMPORTS |
2126.916 |
2096.321 |
1702.398 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
114.04 |
42.16 |
40.56 |
|
QUARTERLY RESULTS
|
PARTICULARS |
|
31.03.2012 1st
Quarter |
30.06.2012 2nd
Quarter |
30.09.2012 3rd
Quarter |
|
Type |
|
Unaudited
|
Unaudited |
Unaudited |
|
Net Sales |
|
2451.400 |
2873.000 |
2726.200 |
|
Total Expenditure |
|
2132.600 |
2421.000 |
2468.500 |
|
PBIDT (Excl OI) |
|
318.800 |
452.000 |
257.700 |
|
Other Income |
|
79.700 |
45.200 |
34.300 |
|
Operating Profit |
|
398.500 |
497.200 |
292.000 |
|
Interest |
|
3.400 |
3.500 |
4.000 |
|
Exceptional Items |
|
92.100 |
0.000 |
0.000 |
|
PBDT |
|
487.200 |
493.700 |
288.000 |
|
Depreciation |
|
52.800 |
52.900 |
54.100 |
|
Profit Before Tax |
|
434.400 |
440.800 |
233.900 |
|
Tax |
|
117.000 |
133.200 |
66.400 |
|
Provisions and contingencies |
|
0.000 |
0.000 |
0.000 |
|
Profit After Tax |
|
317.400 |
307.600 |
167.500 |
|
Extraordinary Items |
|
0.000 |
0.000 |
0.000 |
|
Prior Period Expenses |
|
0.000 |
0.000 |
0.000 |
|
Other Adjustments |
|
0.000 |
0.000 |
0.000 |
|
Net Profit |
|
317.400 |
307.600 |
167.500 |
KEY RATIOS
|
PARTICULARS |
|
31.12.2011 |
31.12.2010 |
31.12.2009 |
|
PAT / Total Income |
(%) |
30.54
|
11.17
|
11.41
|
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
41.36
|
16.96
|
17.70
|
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
76.47
|
36.59
|
37.04
|
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.81
|
0.45
|
0.47
|
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt/Networth) |
|
0.00
|
0.00
|
0.06
|
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.12
|
1.05
|
1.30
|
LOCAL AGENCY FURTHER INFORMATION
|
Sr. No. |
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 |
No |
|
10] |
Designation of contact person |
No |
|
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 |
No |
|
20] |
Export / Import details (if applicable) |
No |
|
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 |
No |
|
31] |
Date of Birth of Proprietor/Partner/Director, if available |
Yes |
|
32] |
PAN of Proprietor/Partner/Director, if available |
No |
|
33] |
Voter ID No of Proprietor/Partner/Director, if available |
No |
|
34] |
External Agency Rating, if available |
Yes |
DETAILS UNSECURED
LOANS
(Rs.
In Millions)
|
PARTICULARS |
31.12.2011 |
31.12.2010 |
|
|
|
|
|
From Others Interest–free sales tax deferral scheme granted by State Industries Promotion Corporation of Tamil Nadu Limited |
2.019 |
10.528 |
|
Total |
2.019 |
10.528 |
REVIEW OF
OPERATIONS:
The business environment remained extremely challenging and the recessionary economic conditions to slowdown in demand and inflation pushed scale up of input costs left its adverse imprint on overall performance for 2011. The Company, based on its intrinsic strength, has broadly maintained its performance. Gross sales from
operations remained above threshold mark of Rs.10000.000 Millions during the year.
The operational performance for the current year is not strictly comparable with that of 2010 due to the fact that performance for previous year included operations of manufacturing facilities located at Balkum, Thane which was closed in December 2010.
In accordance with the memorandum of understanding (MOU)
signed between the Company and Ananta Landmarks Private Limited for sale of
balance land together with the infrastructure thereon located at Balkum, Thane,
the Company handed over the possession and on receipt of the entire sale
consideration the transaction was concluded in February 2011. The profit resulting
from the sale, Rs.2404.700 Millions is reflected in exceptional items in the
financial performance of the Company.
The Company registered sales of Rs.9560.800 Millions as compared to Rs.9747.100 Millions with de-growth of 1.9 percent in sales, which on like to like basis, after considering the loss of sales from discontinuance of Phthalo Green business amount to a marginal growth of 1.9 percent over previous year. The sharp increase in the cost of raw materials and inflationary rise in other expenses resulted into lowering of PBDIT margin before exceptional items from 19.5 percent to 17.7 percent. Net profit after accounting for exceptional items and tax is significantly higher over the previous year. The Company continues to remain focused to sustain its market position in the highly competitive business segments in which it operates. These results were realized by the Company in very difficult business environment which witnessed slow-down of demand both in local and foreign markets. Of the total sales revenue of the Company for the year 23.6 percent is contributed by exports.
The Cyclone “Thane”, which hit Tamil Nadu Coast on early hours of Friday, December 30, 2011, caused damage to plant infrastructure facilities and equipment at their manufacturing site located in Cuddalore and affected operations at site for a few weeks. Thanks to excellent efforts of the staff at Cuddalore, production was restored to normal after carrying out restoration activities with minor loss in productivity.
MANAGEMENT DISCUSSION AND ANALYSIS
FINANCIAL AND OPERATIONAL PERFORMANCE:
The Extremely
challenging business environment had put restraint on growth drive of the
Company for the year 2011. In view of discontinuation of its operations at Balkum
Plant, Thane effective from December, 2010, the operational performance for the
current year is not strictly comparable with that of 2010. In spite of
difficult times, the Company has been able to broadly sustain its performance
and registered positive sales growth of 1.9% on comparable basis and marginal
loss of 1.9% on absolute value basis.
Of the total sales
revenue of the Company for the year, 23.6% is contributed by exports. In view
of rising cost of raw materials and escalation in other operating costs mainly
due to lower productivity, profit before depreciation, interest, exceptional
items and tax (PBDIT) is lower as compared to the previous year. After
considering the exceptional income including those arising from sale of land
and infrastructure at Balkum, Thane, the profit after tax (PAT) has gone up
substantially from Rs.1124.100 Millions to Rs.3040.400 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. The Company has been
assigned ‘CARE AAA’ rating for long term bank facilities and ‘CARE A1+’ for
short term bank facilities and this endorses the confidence on the financial
standing of the Company. Short-term bank borrowings are restricted to the need
based working capital requirements. The Company has sustained its performance
in efficient management of working capital. The yearend ratio of inventory to
sales of 12%, receivables to sales of 14% and net working capital to sales of
8.3 % is one of the best in the specialty chemical industry. Net cash flow from
operating activities during the
year was Rs.207.791
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.2665.100 Millions (previous year Rs.1885.900 Millions) stands invested
in debt schemes of mutual funds at the end of the year.
All the plants had smooth operations and the capacity
utilisation was lower due to slowdown in demand as compared to previous year.
As reported earlier, with the sale of Balkum plant in Thane, the manufacturing
operations of Phthalo green was discontinued due to closure of site.
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 pigments, dyestuffs and their dispersion,
intermediates for dyes, pesticides and pharmaceuticals and masterbatches for
plastics and nylon fibers.
Clariant is a
leading global provider of organic pigments, pigment preparations and dyes used
in coatings, paints, printing, plastics and other specialty applications. Its
product portfolio meets the demands for automotive and home decoration paints,
household detergents, packaging labels, colorant used in ink jet and laser
printers. Its key market segments are trading and non-impact printing,
electronic displays, all plastics including films, fibers and special
applications, detergent coloration, cosmetics, aluminum finishing, automotive,
industrial decorative and architectural paints and coatings.
Clariant’s
additives create value by improving efficiency, safety, protection, durability
and appearance of products and are a provider of flame retardants, waxes and
polymer additives with a wide range of applications in electronic, construction
and automotive sectors.
Clariant is a
global in masterbatches for color, additive concentrate and innovative
performance solutions for plastic. Its customers span a broad range of markets
that include packaging for home, personal care, food, drink and industrial;
consumer goods appliances, electrical, sports, toys and construction; medical
devices and pharmaceutical packaging; carpets, non-woven textiles and sports
apparel; interior and exterior parts, engine and components for automotive
sector.
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 capability of the Company to develop and produce new
master batches with accuracy and consistency has helped in achieving high
growth rates over the period.
The total sales
under the intermediates and colour segment comprises of pigments, additives and
master batches. The ratio of domestic sales to export sales was 65:35. The
segment contributes 40% to the total sales and registered a growth of 5.7% on
like to like basis over the previous year. The Company is in the process of
implementing a green field manufacturing facility for master batches in MIDC,
Ambernath.
·
Dyes and
Specialty Chemicals:
The dyes and
specialty chemicals segment includes dyestuffs, synthetic resins, binder
materials, functional effects and coatings, auxiliaries and chemicals, comprising
of specialty chemicals, emulsions and dyes for the textile, leather and paper
industry and performance chemicals for personal care and industrial
applications.
From fiber to
finish, Clariant’s chemical technology plays a key role throughout the entire
textile supply chain. As a leading producer of dyes and chemicals for textile
industry, brands and mills in apparel and fashion, automotive, home and
technical textiles look upon Clariant to meet their sector’s constantly
changing specifications. The Company offers solutions including colour trends
analysis, color matching technology combined with processing efficiency,
nanotech effects, environment friendly solutions and unique concepts that add
to the ability of customers to fast move their products to markets and stay
ahead of competition. Key market for Clariant products include apparel,
clothing of all types and fashions, home textiles such as towels, drapes,
linens and furniture fabrics, technical textiles for applications including
medical, construction, sports and industrial, carpets including indoor and
outdoor floor coverings and mobiltech for fabrics in hard wearing transport
applications such as planes, buses and trains.
Clariant is a
leading provider of chemicals, technical services and solutions over the entire
value chain of leather production. From beamhouse to finishing, Clariant
provide high quality and environment friendly leather processing chemicals and
services and world class knowledge of leather upgrading and chrome free tanning
solutions. The customers in the shoe, automotive, furniture and garment
segments benefit from customized technical solutions and expertise in
performance leather and environmentally compatible solutions.
Clariant aims 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. Key markets for Clariant products
include printing and writing copy papers, coated papers and board, recycled
papers, newsprint, packaging and specialized applications.
Clariant’s
emulsions business is a major supplier of solutions in water based
emulsions/polymer based dispersions. Being water based, their products are more
suitable with less impact on environment avoiding the use of solvents. Key
market areas for emulsions are decorative interior and exterior paints,
primers, varnishes, anti-corrosion and industrial applications, concrete
applications, roofing, tiling sealants and primers in construction, wood,
paper, lamination, packaging and pressure sensitive adhesives and wide range of
functional effects and coating applications for textiles, leather and paper.
Industrial and
Consumer Specialties business is a provider of speciality chemicals and ethylene
oxide derivatives for industrial and consumer care applications. The innovative
products are used in skin and hair care, household goods, seeds protection and
deicing airplanes. With a strong focus on ecologically sustainable solutions,
their key market segments include additives for concrete and mortar, dispersing
agents, defoamers, biocides and emulsifiers for emulsion polymerization,
ingredients for skin and hair care cosmetics, wet wipes and pharmaceutical
applications, ingredients for household and industrial cleaning solutions,
ingredients for hydraulic, metal working and other performance fluids, aircraft
and runway de-icers, special solvents and fluids for heat transfer, gas
scrubbing, formulations for fungicides, herbicides and seed treatments.
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 the dyes and specialty segment comprises of mainly textiles, leather
services, paper specialties, emulsions, industrial and consumer specialties.
The ratio of domestic sales to export sales was 84:16. The segment contributes
60% to the total sales and registered a degrowth of 6.3% over the previous
year.
INDUSTRY STRUCTURE AND DEVELOPMENT
The chemical
industry is one of the world’s largest industries and since it contributes
indirectly to almost every sector of the economy, it plays a vital role in a
country’s economic growth. As the global economy grows, it increases the demand
for chemical products and the growth is further driven by the value chain of
product innovation and improved production processes.
The Indian chemical industry, one of the oldest
industries in India, is highly diversified in structure catering to the broad
manufacturing bases and markets. The industry with a large domestic demand
potential as compared to other countries, contributes over 3 percent of the
overall GDP and is an important cog in the wheel of economic growth. Based on a
study conducted by Indian National Academy of Engineering (INAE), the gross
turnover of Indian chemical sector was around $60 billion and the cumulative investment
was USD 22 billion in 2008-09. More than 85% of its production volume is
accounted by the basic chemical sector with fertilizers 43% and petrochemicals
30% providing the major contributions. However, the share of knowledge
intensive chemical sector is about 34% of chemical industry turnover due to its
low volume and high value feature. The overall contribution of speciality
chemical sector to production is around 14% with nearly 50% of it is
contributed by the food processing subsector (Chemical News, Nov.2011). The
industry is contributing significantly to the industrial and economic growth
and has emerged as a net earner of foreign exchange. Along with drugs and
petrochemicals segments, fine chemicals, dyes and intermediates, and knowledge
based chemicals are playing a significant role in driving the growth of India’s
chemical industry.
The key
characteristics of the Indian chemical industry are - focus on high domestic
demand with increase in per capita consumption levels, high degree of fragmentation,
small scale operations, limited emphasis on exports, low cost competitiveness
due to high taxation and cost of capital and low focus on R&D. The chemical
industry is divided into three key segments (1) basic chemicals (inorganic
chemicals, petrochemicals, fertilizers and industrial chemicals), (2)
speciality 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 speciality chemical segment is characterized
with high product differentiation and value addition, typically smaller
production units with more flexibility and low capital investment levels.
The Indian chemical
sector is witnessing deceleration in the past few years. From a 5.31% growth in
April-October, 2009, it fell to 0.9% in the same period in 2010 and there was
steep fall of 2.4% in the same period in 2011. During 2011-12 the sector
started well, however, the rate of growth and demand for chemicals in all
segments which remained good in first quarter suddenly fell below normal over
the course of the second and third quarter.
OUTLOOK,
OPPORTUNITIES AND CHALLENGES
The Indian
economic growth in general and industrial growth in particular has decelerated
sharply during 2011. On the other hand, the global economic weakness has forced
many players on other markets to divert their supplies to India. As a result,
the domestic chemical sector in general and speciality chemicals in particular
is witnessing the double impact of sluggish domestic demand and increased
competition from global and domestic players. The Chemical industry’s
contribution to the GDP has stagnated during the past two years due to India’s
inability to build competitiveness required to meet global challenges and to
develop a larger domestic market through low cost production. The major
challenge that the Indian chemical industry continue to face is the perception
that it affects the environment negatively. The industry is viewed with
misapprehensions on the pollution and sustainability fronts and thus safety,
health and environment protection issues have become the major talking point in
the Indian chemical industry. Inspite of Indian chemical sector taking a
significant lead over other industries sectors, in R and D spending and
utilisation, it lags behind other emerging economies like China and S. Korea.
Products from the
chemical industry have altered the quality of life world over and have
contributed significantly to everyone’s day-to-day requirements. The Indian
chemical industry forms the backbone of industrial development of India. Over
the years, the industry has evolved from basic chemical producer to knowledge
intensive industry with healthy growth. The huge potential of domestic demand
and low per capita consumption in each of its industry segments compared to
world average provide a strong potential for overall performance for Indian
chemical industry. The speciality chemical segment which caters to several key
applications will be increasingly important for India and with expanding
economic growth and per capita income; it is poised to grow more than the
economic growth. The industry shows comparative promise when compared to the
advanced countries and has the potential to emerge as a major manufacturing hub
for the global market. In the past export growth was hampered by reach and
other European legislation, but Indian government has taken quick measures to
meet the norms and offers concession in registration charges for companies that
come under the reach legislation. This offers unique opportunities to the
industry players to innovate and move up the value chain and compete
effectively with global players both in the domestic and export markets and
bring the Indian speciality chemical industry on the global map while meeting
the needs of enhanced quality of life for growing affluent population of India.
In order to improve quality and throughput, supply chain efficiencies and sustainable
competitiveness, the chemical industry must look for automation of plants which
are highly complex and play an important role in streamlining processes and
reducing costs. With these initiatives and industry’s proactive actions, the
chemical industry will witness resurgence in terms of cost competitiveness and
growth.
India has emerged
as a global supplier of dyestuffs, intermediates, pigments and pigment
preparations and the industry is growing with steady demand from domestic and
export markets. However, in order to take a leap forward, the industry has to
address the issues with respect to clean and green environment and meet
competitive pressure from China and other markets. The Indian paint industry
has seen remarkable changes and has become far more sophisticated in terms of
the products it manufactures, the way it sells to customers and the
range of
technologies it uses. Industry outlook for paint, plastics, inks and special
applications remain good. In coatings industry, increasing demand for good
quality exterior paint provides opportunity to sell high performance pigments
having better light / weather fastness. Due to retail boom, plastic and
flexible film packaging is showing good signs of progress. Particularly for
packing of consumable / food items, plastic packing and printing on flexible
packing need safe colors conforming to the food packaging regulations. The
challenges in this segment are from rising costs of utilities whereas customers
are increasingly becoming sensitive to price rise. The Company has positioned
itself as preferred supplier of pigments, pigment preparations, additives and
intermediates to major paint, coatings and ink manufacturing companies in the
country and is well equipped to meet the requirements.
The Indian textile
industry which accounts for about 4% of Gross Domestic Product (GDP) has
witnessed turbulence during 2011 owing to high volatility in cotton prices as
well as large scale unit closures in the Tirupur area, an important center for
the textile industry. The free trade agreement and duty free import of 48
textile items from Bangladesh and comparative low manpower costs has led to
substantial rise in import of fabrics and apparels and export of yarn. Textile
companies are fast shifting their base to Bangladesh to take advantage of low
costs and tariff concessions. The Govt. has set an export target of $ 33
billion for the textiles sector for 2012-13 despite the global slowdown as
against target of $ 28 billion for 2011-12. The ambitious targets is expected
to provide opportunities to the textile chemical segment to move up in value
chain in the expanding market of fashion, formal and leisurewear garments. The
Textile chemical industry has the advantage of low cost manpower and pool of
technical experts. However, with shifting base, the industry may face threat of
competition from low cost countries. Clariant is a leading producer of dyes and
textile chemicals and plays a key role throughout the entire textile supply
chain and its all segments.
The Indian leather
industry holds pre-eminent position in the global leather market and has huge
potential for growth in exports. The industry has moved from being an exporter
of finished leather to products exports and established for its designing
capabilities and premium leather goods. The growth in leather industry is
contributed
by range of
product segments including leather footwear which accounts for 40% of exports
followed by garment sector that accounts for about 10 percent. India’s share in
the world’s leather trade is just about 3 percent. Demand for leather
accessories, goods and fashion garments from India have picked up in export
markets due to skill sets and technology development. Increasing labour costs
in China provide further opportunity for sourcing of leather goods from India.
Clariant with a wide product range of leather dyeing and finishing chemicals,
provide customized technical solutions and its expertise to realize
consistently brilliant colors, natural tones, performance leathers and more
environmentally compatible solutions.
The Indian paper
and newsprint industry is estimated at about Rs.303 billion. Significant demand
growth in writing and printing paper segment in the recent past has led to
significant capacity additions. Though the growth in paper demand is likely to
sustain due to lower per capita consumption compared with world average, it may
not be adequate to absorb all new capacities and may create surplus supply
leading to price pressure. Ban on plastic usages and increasing awareness for
paper usage in various segments including food packaging, cup stock and high
quality color tissue opens up opportunities for OBA, colorants, strength
improving chemicals, fluoro chemical, color pigments and bio degradable and FDA
approved specialty chemicals. Clariant provides knowledge and expertise in the
management of whiteness, coloration, special coatings and strength and offer
products to improve optical and functional properties of all kinds of paper and
board.
The industrial,
home and personal care markets in India are on a healthy growth trajectory,
although competitive pressure has intensified and margins are under pressure.
Very low per capita consumption levels for most of the products compared to
global averages and favorable demographics and higher disposable incomes are
permitting consumers across the spectrum to increase spending. Continued
expansion of markets provides immense opportunities for all kinds of chemical
inputs for industrial, home and personal care segments. The chemical suppliers
are being challenged to offer ingredients that provide enhanced functionality
and multiple benefits at lower prices. Clariant with its strong global presence
is looking forward for improving its position in this segment. The Company has
established customer care and crop protection laboratories with state of art
facilities to focus on strengthening new business development for industrial
and personal care applications and building unique portfolio of crop protection
guideline formulations using a range of emulsifiers, adjuvants, dispersing
agents and new innovative chemistry derived from renewable resources.
The plastics and
polymer segment is currently struggling to cope with waning domestic demand and
slump in global markets. Most plastic and plastic processing facilities are
running below their capacities due to declining demand. However, plastic
packaging, tanks and containers segment is growing steadily with high potential
for growth in domestic consumption. With local focus and global standards,
Clariant addresses Indian plastics sector’s push to create innovative, safer,
and environmental compatible products. It’s specialty chemicals and master
batches provides broad portfolio of high-quality, cost-effective pigments, and
performance additives and its innovative products provide cost efficient
processing, advanced functionality and aesthetic possibilities to meet the
challenges of a wide range of segments including food and cosmetics packaging,
electronic and electrical (E&E), infrastructure, agriculture, medical and
pharmaceutical.
Indian chemical
businesses have to change and adopt their strategies, methodology of working
and organizational structure to hold against competition. Highly developed
technology, in-depth research capabilities, backward and forward linkages and
expansion of capacity to reduce the dependence on imports are some of the
crucial factors that need to be addressed.
CONTINGENT
LIABILITY
(Rs. in Millions)
|
Particulars |
31.12.2011 |
31.12.2010 |
31.12.2009 |
|
|
|
|
|
|
a) in respect of income tax matters decided against the Company, in respect
of which the Company is in further appeal |
116.979 |
189.382 |
145.840 |
|
decided in favour of the Company against
which the department is in appeal |
38.919 |
1.478 |
1.478 |
|
b) in respect of sales tax
matters |
495.864 |
244.058 |
57.858 |
|
c) in respect of excise matters |
89.211 |
61.526 |
44.803 |
|
d) in respect of bills of
exchange discounted with banks [since realised Rs.87.444 Millions (Rs. 77.863 Millions)] |
134.813 |
113.896 |
111.958 |
|
e) Other matters in dispute |
0.225 |
0.225 |
0.225 |
|
f) Disputed labour matters -
Amount not ascertained |
-- |
-- |
-- |
In
respect of items (a) to (c), (e) and (f) future cash outflows in respect of contingent
liabilities is determinable only on receipt of judgments pending at various
forums/authorities.
STATEMENT OF STANDALONE UNAUDITED RESULTS FOR THE THREE/NINE MONTHS
ENDED SEPTEMBER 30, 2012
(Rs. In Millions)
|
Particulars |
3 Months |
Preceding
3 Months |
9 Months |
|
|
30.09.2012 |
30.06.2012 |
30.09.2012 |
|
|
(Unaudited) |
(Unaudited) |
(Unaudited) |
|
PART I |
|
|
|
|
Income from
Operations |
|
|
|
|
(a) Net sales / Income from operations
(Net of excise duty) |
2670.800 |
2821.100 |
7884.700 |
|
(b) Other operating income |
55.400 |
51.900 |
164.900 |
|
Total Income
from operations (net) |
2726.200 |
2873.000 |
8049.600 |
|
Expenses
|
|
|
|
|
Cost of materials consumed |
1346.500 |
1422.900 |
4077.600 |
|
Purchase of stock-in-trade |
462.300 |
424.700 |
1228.200 |
|
Changes in inventories of finished goods,
work-in progress and stock-in-trade |
(41.000) |
(82.600) |
(326.300) |
|
Power and fuel |
127.200 |
121.100 |
372.100 |
|
Employee benefits expense |
267.900 |
203.900 |
687.800 |
|
Depreciation and amortisation expense |
54.100 |
52.900 |
159.800 |
|
Other expenses |
305.600 |
330.000 |
981.700 |
|
Total expenses |
2522.600 |
2472.900 |
7180.900 |
|
Profit from
operations before other income, finance costs and exceptional items (1-2) |
203.300 |
400.100 |
868.700 |
|
Other income |
34.300 |
44.200 |
159.200 |
|
Profit from
ordinary activities before finance costs and exceptional items |
237.900 |
444.300 |
1027.900 |
|
Finance Costs |
4.000 |
3.500 |
10.900 |
|
Profit from
ordinary activities after finance costs but before exceptional items |
233.900 |
440.800 |
1017.000 |
|
Exceptional items |
-- |
-- |
92.100 |
|
Profit from ordinary
activities before tax |
233.900 |
440.800 |
1109.100 |
|
Tax expense |
66.400 |
133.200 |
316.600 |
|
Net Profit from
ordinary activities after tax |
167.500 |
307.600 |
792.500 |
|
Paid up equity share capital (Face value
of Rs.10/- each) |
266.600 |
266.600 |
266.600 |
|
Reserves excluding Revaluation Reserves as
per balance sheet of previous accounting year |
|
|
|
|
Earning per
share (of Rs.10/- each) |
|
|
|
|
Basic &
Diluted (in Rs.) (Not annualised) |
6.28 |
11.53 |
29.73 |
|
PART II |
|
|
|
|
A PARTICULARS OF
SHAREHOLDING |
|
|
|
|
1. Public
shareholding |
|
|
|
|
Number of shares |
9758665 |
9758665 |
9758665 |
|
Percentage of shareholding |
36.60 |
36.60 |
36.60 |
|
2. Promoters and
promoter group shareholding |
|
|
|
|
a) Pledged / Encumbered |
-- |
-- |
-- |
|
b) Non-encumbered |
|
|
|
|
Number of shares |
16902080 |
16902080 |
16902080 |
|
Percentage of shares (as a % of the total
shareholding of promoter and promoter group) |
100.00 |
100.00 |
100.00 |
|
Percentage of shares (as a % of the total
share capital of the company) |
63.40 |
63.40 |
63.40 |
|
B INVESTOR
COMPLAINTS |
|
|
|
|
Pending at the beginning of the quarter |
- |
|
|
|
Received during the quarter |
1 |
|
|
|
Disposed of during the quarter |
1 |
|
|
|
Remaining unresolved at the end of the
quarter |
- |
|
|
SEGMENT WISE REVENUE, RESULTS AND CAPITAL EMPLOYED UNDER CLAUSE 41
OF THE LISTING AGREEMENT FOR THE THREE/NINE MONTHS ENDED SEPTEMBER 30, 2012
(Rs. In Millions)
|
Particulars |
3 Months |
Preceding
3 Months |
9 Months |
|
|
30.09.2012 |
30.06.2012 |
30.09.2012 |
|
|
(Unaudited) |
(Unaudited) |
(Unaudited) |
|
|
|
|
|
|
1. Segment
revenue (Net sales / Income from operations) |
|
|
|
|
Intermediates and colours |
1051.200 |
1087.000 |
918.300 |
|
Dyes and specialty chemicals |
1619.600 |
1734.100 |
1346.900 |
|
Total Net Sales
/ Income from operations |
2670.800 |
2821.100 |
2265.2 |
|
|
|
|
|
|
2. Segment
results |
|
|
|
|
Intermediates and colours |
73.900 |
194.600 |
114.000 |
|
Dyes and specialty chemicals |
159.000 |
239.200 |
168.400 |
|
Total Segment
results |
232.900 |
433.800 |
282.400 |
|
Less: (1)
Finance costs |
4.000 |
3.500 |
3.100 |
|
(2) Other unallocable expenditure net of unallocable income |
(5.000) |
(10.500) |
(21.300) |
|
Total profit
before exceptional items and tax |
233.900 |
440.800 |
300.600 |
|
Exceptional items |
-- |
-- |
(5.200) |
|
Profit from
ordinary activities before tax |
233.900 |
440.800 |
295.400 |
|
|
|
|
|
|
3. Capital
employed (Segment assets - Segment liabilities) |
|
|
|
|
Intermediates and colours |
1951.400 |
1856.300 |
1716.100 |
|
Dyes and specialty chemicals |
1256.300 |
1280.200 |
1242.100 |
|
Total capital
employed in segments |
3207.700 |
3136.500 |
2958.200 |
|
Add :Unallocable
corporate assets less corporate liabilities |
2129.100 |
2342.800 |
2594.200 |
|
Total capital
employed |
5336.800 |
5479.300 |
5552.400 |
Notes:
1. The above results have been reviewed by the Audit Committee and approved by the Board of Directors at its meeting held on November 2, 2012.
2. Exceptional items comprises the following
i) Termination benefit costs 3 months ended 30.09.2011 Rs.5.200 Millions; 9 months ended 30.09.2012: Rs.1.100 Millions; 9 months ended 30.09.2011: Rs.8.600 Millions; and year ended 31.12.2011: Rs.9.700 Millions.
ii) Profit on sale of premises: 9 months ended 30.09.2012: Rs.93.200 Millions.
iii) Profit on sale of land and infrastructure thereon at Balkum site due to restructuring: 9 months ended 30.09.2011 and year ended 31.12.2011: Rs.2404.700 Millions.
iv) Profit on sale of shares in subsidiary: Year ended 31.12.2011: Rs.18.300 Millions.
3. Figures for the previous periods have been regrouped / recasted 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
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.
MEDIA
RELEASE:
SUSTAINABLE INNOVATIONS IN COATINGS: CLARIANT AT THE
COATINGS 2020 CONFERENCE, INDIA
MUMBAI, JANUARY 18, 2013
Clariant's Pigments Business showcased its sustainable innovations in the Coatings segment at the Coatings 2020 - the 26th Indian Paint Conference in Mumbai from 18-20 January 2013.
“We at Clariant’s Pigments Business believe in bringing our customers closer to
their color dream enabling them to see the bigger picture. The bigger picture,
we mean, is being the right partner for sustainable solutions to India’s paint
and coatings producers. We have focused our global and local Research and
Development efforts on creating innovative solutions which meet the key market
demands with respect to efficiency, greater environmental and safety awareness
and improved product and processing performance,” commented Mr. Ravi Vaidya,
Head TSSM, India Region-Pigments, Clariant Chemicals (India) Limited, “We are
pleased to extend our innovations to customers in India, to support their
participation in the future development of the market. We are backed up by our
product stewardship team, which helps customers in achieving eco-friendly
coating solutions and thus also ensuring an all-round inclusive long term
growth for the industry.”
“Keeping in mind the challenge to offer innovative products which reduce
processing time, energy and save cost, Clariant has on offer a wider palette of
ED (easy dispersible) pigments, which are compatible with all types of Paint
systems - thus providing a technological edge. Lead Chrome replacement exercise
continues to be a priority for us, helping in promoting and showcasing “safer
pigments”. We also offer a fully equipped and state-of-the-art Technical
Service and Product Safety Lab, wherein you get an experience of our
technological edge, that can ensure that we can be joint working partners for
your newer products and thereby creating value. Clariant's local manufacturing
at the Roha (Maharashtra) and at the Cuddalore (Tamil Nadu) sites gives us the
advantage to be closer to Indian market, yet remain globally connected,”
explained Mr. Tej Dialani, Head-Sales, India Region, Coatings & Tinting
Systems, Clariant Chemicals (India) Limited.
Clariant‘s Pigments Business is a leading global provider of organic pigments,
pigment preparations and dyes used in coatings, printing, plastics, and other
specialty applications. Its Business Segment - Coatings offers Colorants for
all applications for the coatings industry, such as Automotive, Industrial,
Powder, Wood & Coil Coatings and Decorative paints. Decades of experience
and know-how have made our products the industry standard for technical performance
and quality. We also provide integrated tinting solutions with global colorant
expertise, in its endeavor to act as an enabler for the coating industry to
satisfy needs of its end users.
Our globally recommended range includes: Hostaperm®, Novoperm®, Permanent, Hansa®, Colanyl® 100, Colanyl® 500, Hostatint® 500, Hostafine®, Hostatint® A 100, Hostatint® E; Savinyl Solvent Soluble Dyes and local special range of the CC Fine Paste series.
These products are backed up by our acknowledged regulatory REACH expertise and
also meet the APEO and VOC requirements.
ED Pigments – Designed to Inspire
Dispersion of pigments is the most important step in the paint manufaturing
process and Clariant has developed a range of economical organic easily
dispersible pigments, which includes surface treatment of the pigments with
highly efficient and widely compatible dispersing additives. These range from
solvent- to water-based; from industrial to decorative applications which
simplify the production processes of our customers.
Integrated Tinting Systems – The Perfect
Match
Clariant offers a comprehensive range of Tinting Systems consisting of tinting
dispensers, mixers , color matching software, colorants and color fan deck
cards in different combinations. These are backed up with advanced local
manufacturing capabilities and also complex color database development. These
tinting machines offer accuracy, speed, and repeatability in colorant
dispensing with low ownership costs. At Clariant, environmental protection begins
with product development and these are designed to handle all kinds of low VOC
water based & universal colorants to fulfill the sustainability requirement
of the paint industry.
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 exist designating subject or any of its beneficial owners, controlling
shareholders or senior officers as terrorist or terrorist organization or whom
notice had been received that all financial transactions involving their assets
have been blocked or convicted, found guilty or against whom a judgement or
order had been entered in a proceedings for violating money-laundering,
anti-corruption or bribery or international economic or anti-terrorism sanction
laws or whose assets were seized, blocked, frozen or ordered forfeited for
violation of money laundering or international anti-terrorism laws.
2] Court Declaration :
No exist to suggest that subject is or was
the subject of any formal or informal allegations, prosecutions or other
official proceeding for making any prohibited payments or other improper payments
to government officials for engaging in prohibited transactions or with
designated parties.
3] Asset Declaration :
No records exist to suggest that the property or assets of the subject
are derived from criminal conduct or a prohibited transaction.
4] Record on Financial
Crime :
Charges or conviction
registered against subject: None
5] Records on Violation of
Anti-Corruption Laws :
Charges or
investigation registered against subject: None
6] Records on Int’l
Anti-Money Laundering Laws/Standards :
Charges or
investigation registered against subject: None
7] Criminal Records
No
available information exist that suggest that subject or any of its principals
have been formally charged or convicted by a competent governmental authority
for any financial crime or under any formal investigation by a competent
government authority for any violation of anti-corruption laws or international
anti-money laundering laws or standard.
8] Affiliation with
Government :
No record
exists to suggest that any director or indirect owners, controlling
shareholders, director, officer or employee of the company is a government
official or a family member or close business associate of a Government
official.
9] Compensation Package :
Our market
survey revealed that the amount of compensation sought by the subject is fair
and reasonable and comparable to compensation paid to others for similar
services.
10] Press Report :
No press reports / filings exists on
the subject.
CORPORATE GOVERNANCE
MIRA INFORM as part of its Due Diligence do provide comments on
Corporate Governance to identify management and governance. These factors often
have been predictive and in some cases have created vulnerabilities to credit
deterioration.
Our Governance Assessment focuses principally on the interactions
between a company’s management, its Board of Directors, Shareholders and other
financial stakeholders.
CONTRAVENTION
Subject is not known to have contravened any existing local laws,
regulations or policies that prohibit, restrict or otherwise affect the terms
and conditions that could be included in the agreement with the subject.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.53.14 |
|
|
1 |
Rs.83.27 |
|
Euro |
1 |
Rs.71.94 |
INFORMATION DETAILS
|
Report Prepared
by : |
BSN |
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 |
YES |
|
--LITIGATION |
YES/NO |
NO |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
NO |
|
--AFFILIATION |
YES/NO |
YES |
|
--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.