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Clariant Chemicals India
BSE: 506390|NSE: CLNINDIA|ISIN: INE492A01029|SECTOR: Dyes & Pigments
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« Dec 12
Notes to Accounts Year End : Dec '13
1.                                          31-12-2013      31-12-2012
                                             Rs. Lakhs       Rs. Lakhs
 
 CONTINGENT LIABILITIES AND COMMITMENTS 
 (to the extent not provided for)
 
 (a) Contingent liabilities :
 
 (i) in respect of income tax matters
 
 - decided against the Company, in 
 respect of which the Company is in
 further appeal                               1156.85          763.05
 
 - decided in favor of the Company 
 against which the department is in
 appeal                                        524.40          593.75 
 
 (ii) in respect  of sales tax / 
 VAT matters                                  5366.10         4765.10 
 
 (iii) in respect of excise / service 
 tax matters                                  1107.99         1062.54 
 
 (iv) in respect of bills of exchange 
 discounted with banks                         581.62         2200.22
 (since realised Rs. 581.62 Lakhs 
 [ Rs. 2198.57 Lakhs])
 
 (v) Other matters in dispute                  186.77            2.25
 
 (vi) Disputed labor matters - Amount 
 not ascertained 
 
 In respect of items (i) to (iii), (v) & 
 (vi) future cash outflows in respect of 
 contingent liabilities is determinable 
 only on receipt of judgments pending 
 at various forums/authorities
 
 (b) Commitments :
 
 (i) Estimated amount of contracts 
 remaining to be executed on capital
 account and not provided                     1924.74         2575.43
 for (net of capital advances)
 
 (ii) Others - amount of future minimum 
 lease payments under non-cancellable 
 operating                                    3580.22          297.95
 leases
 
 2 SEGMENT INFORMATION :
 
 (As required by Accounting Standard (AS) - 17 Segment Reporting) :
 
 (a) The Company is organised into two primary business segments mainly:
 (i) Pigments and Colors :
 
 Includes pigment, pigment preparations, additives and master batches.
 (ii) Dyes and Specialty Chemicals :
 
 Includes dyestuff, synthetic resins, binder materials, functional effects
 and coating, auxiliaries and chemicals. (See Note 41)
 
 (b) The secondary segments of the Company are geographical segments
 mainly: 
 
 (i) India
 
 (ii) Outside India
 
 (c) Segments have been identified and reported taking into account the
 nature of products and services, the differing risk and returns, the
 organisation structure, and the internal financial reporting system.
 
 (d) (i) Segment revenue and results :
 
 Segment revenue and expenses are directly attributable to segment. It
 does not include interest income, interest expense and income tax. The
 expenses which are not directly attributable to the business segment
 are shown as unallocated corporate cost.
 
 (ii) Segment assets and liabilities :
 
 Segment assets include all operating assets used by the business
 segment and consist principally of fixed assets, trade receivable and
 inventories. Segment liabilities primarily include trade payables and
 other current and non-current liabilities.
 
 Assets and liabilities that cannot be allocated among the segments are
 shown as a part of unallowable corporate assets and liabilities
 respectively.
 
 3 Discontinuing Operations
 
 (a) In terms of the Agreement for Transfer of business entered in to by
 the Company on September 28, 2013 with Archroma India Private Limited
 (Archroma), the business of textile chemicals, paper specialties and
 emulsions (TPE Business), included in the Dyes and Specialty Chemicals
 Segment, has been transferred as on the closing date (September 30,
 2013) as a going concern on slump sale basis for a lump sum
 consideration of Rs. 209.15 crores. The profit of Rs. 114.45 crores (net
 of Rs. 24.98 crores expenses incurred/committed to be incurred) on sale
 of the TPE Business, recognized during the year has been disclosed as
 an exceptional item under Note 28 Exceptional Items. Current tax
 thereon of Rs. 2660.19 Lakhs is included in tax expense for the year in
 the Statement of Profit and Loss.
 
 Pending receipt of certain approvals required for carrying on of the
 TPE Business by Archroma post the closing date, the Company and
 Archroma entered in to a Business Continuation Agreement (BCA) in terms
 of which the Company has carried on the TPE Business in trust for
 Archroma till January 31, 2014, and the BCA is automatically
 terminated.
 
 (b) The Board of Directors at its meeting held on December 16, 2013
 has, subject to approval of members of the Company and such other
 approvals, as may be required, accorded its consent to transfer, sell
 or otherwise dispose of the business of leather services, included in
 the Dyes and Specialty Chemicals Segment, consisting of production
 facility for manufacture at Kanchipuram in Tamilnadu and laboratories,
 along with employees, assets, liabilities and including all licenses,
 land leases, permits, consents and approvals thereto as a going concern
 by way of a slump sale to Stahl India Pvt. Ltd. (SIPL), a company
 incorporated in India under the Companies Act, 1956, being an affiliate
 of Stahl Holdings B.V. Group for a consideration of not less than Rs.
 156 crores, subject to necessary adjustment, if any, as on the effective
 date.
 
 Subsequent to the year end, the members approved the proposed sale of
 business by passing a special resolution through postal ballot.
 
 4 In accordance with the approval of the Board of Directors at its
 meeting held on December 16, 2013, the company has entered into an
 agreement with M/s. Plastichemix Industries (PI) for purchase of
 Masterbatches business as going concern on slump sale basis for a
 consideration of about Rs. 135 crores subject to adjustment, if any, as
 on the effective date. The company expects to close the transaction as
 of April 1, 2014.
 
 5 As per the resolution passed through postal ballot by the members of
 the Company on October 5, 2013, consent was accorded, subject to such
 approvals as may be required, to transfer, sell or otherwise dispose of
 the whole or substantially whole of the Company''s assets consisting of
 property / land / undertaking located at Sandoz Baug, Kolshet, Thane,
 at a price and on such terms and conditions, as may be deemed ft by the
 Board in the best interest of the Company.
 
 6 Pursuant to the sale of TPE Business in the current year, referred
 to in Note 41, the figures of the current year are not strictly
 comparable with those of the previous year. Figures for the previous
Source : Dion Global Solutions Limited
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