Adani Petronet secures environmental clearance for Dahej cargo port terminal project

Nov 20: Adani Petronet (Dahej) Private Limited has secured environmental clearance for the second phase of its proposed cargo port terminal project at Dahej in the Bharuch district of Gujarat. The  project involves the following activities-- widening of the road leading to the existing rock bund (6600mX15m), renovation of the closed godowns along with hard stands for bulk and solid cargo, erection of conveyer belts alongside the strengthened and widened road, and railway siding for loading and unloading of cargo at the site. The private developer already has in place approval for using 38 hectares of designated forest land for the project development. (Click on the Details for more information.)   Details

Supreme Petrochem Limited's annual report for 2007-08

Nov 20: The website carries here, for reference purposes,  Supreme Petrochem Limited's (SPL) annual report for the financial year 2007-08. According to the report, the company's net profit declined by 27.20% from the preceding fiscal, mainly on account of high prices of raw material and crude oil during this period. However, the company went ahead with its capacity expansion projects related to Specialty Polymer Products (SPP) and Expanded Polystyrene (XPS) at Amdoshi in Maharashtra along with Expandable Polystyrene (EPS) at Chennai. Implementation work at these projects is progressing smoothly and expected to be operational by the end of the current financial year as per schedule. The company also completed the amalgamation process with SPL Limited. Further, the company floated two subsidiary companies --  SPL Industrial Park Limited and SPL Industrial Support Services Limited. It also received the TS 16949 certification, a prerequisite for participation in the automobile sector. (Click on the Reports section for more information.)

Briefs I

Nov 20: 8Bombay Dyeing and Manufacturing Company Limited has reported a loss of Rs 103.97 crore in  Q2 FY2009 despite positive  growth in sales. The company's net sales was pegged at Rs 245.54 crore in this period as compared to Rs 168.18 crore in Q2 FY2008.During H1 FY2009, the company's loss was Rs 152.31 crore compared to the corresponding period of FY2008..
8In its recent Annual General Meeting ,Bongaigaon Refinery and Petrochemicals Limited declared a dividend of Rs 5 per equity share of Rs 10 each for the previous financial year ended on March 31, 2008.

Briefs II

Nov 20: 8Shree Renuka Sugars Limited's ethanol sales jumped 181% to  51,115 kiloliter during the first half of the current financial year, compare to the corresponding of the preceding fiscal. On the robust sales growth during this period, the company achieved a revenue of Rs 304.10 crore in the segment, logging a growth of 229.11% over the same period of 2007-08. The company's Profit Before Interests and Taxes (PBIT) in the ethanol segment shot up to  328.10% to Rs 141.7 crore during this period.  
8Jenson and Nicholson India Limited has received an objection in its audit report for April-September 2008 for non accounting of outstanding loans and the attendant interest liabilities of Rs 739.67 lakh  that led to the company reporting less than actual loss in its financial statements for the period.

IICT scouting for consultant to advise on tendering for decommissioning of Bhopal gas plant

Nov 20: The Hyderabad-based Indian Institute of Chemical Technology (IICT) is looking for a consultant to advise on the preparation of tender documents for detoxification, decommissioning and dismantling of the former Union Carbide India Ltd's plant that caused the Bhopal gas tragedy . The interested parties need to submit the list of similar projects completed, list of the clients and the current job in hand along with their bid. (Click on the Reports section for more information.)

Supreme Petrochem Limited's Chairman foresees industry revival amid volatility in prices

Nov 19: In the most recent Annual General Meeting of Supreme Petrochem Limited, the Chairman has expressed his concerns over the global economic slowdown affecting the Indian economy. He has pointed out that the banks in the country would face a liquidity crunch, and are, therefore, likely to restrict credit to the industries, which would severely affect the production levels of the industries. The Chairman has stated that the steep hike in crude oil prices during the year has adversely affected the polymer industry in the country, reducing production levels by almost 40%. Additionally, the weakening of the Indian Rupee against the US Dollar has taken its toll on raw material purchases, liabilities and outstanding loans. However, the Chairman was optimistic about the revival of polymer demand within the country in the long run. He has confidently stated that his company was on the verge of completion of several projects related to value added products, which are likely to enhance the company's revenues significantly. He has forecasted that value added products would contribute about 15% of the company's turnover by 2009-10, which would insulate the company from cyclical changes in the Polystyrene and Styrene business. The Chairman has informed the members about the implementation of the company's projects related to Specialty Polymer Products (SPP), Expandable Polystyrene (EPS) and Cup Grade EPS Beads. He has stated that the process of the company's amalgamation with SPL Limited was complete and new equity shares have also been allotted, resulting in an increase of the company's paid up capital by Rs 86.37 lakh.
(Click on the Reports section for more information.)

Anti dumping duty likely to be imposed on Phosphoric Acid imports from Korea

Nov 19: The Directorate General of Anti-Dumping and Allied Duties, under the Ministry of Commerce in the Government of India, has decided to set in motion an investigation on dumping of Phosphoric Acid in the Indian market by Korea RP. The decision was taken by the authority following a complaint filed jointly by Gujarat Alkalies and Chemicals Limited (GACL) along with Solaris Chemtech Limited (SCL). The companies have claimed that Korea RP was dumping the product of all grades and concentrations and the product was similar to their own products both technically and commercially, thus, severely harming the companies as well the Indian domestic industry. Therefore, the authority, in order to alleviate the negative effects of the dumping, has decided to investigate the issue and subsequently impose anti-dumping duty to Phosphoric Acid imports from Korea RP upon establishing the authenticity of the claim. The period of investigation would be, April 1, 2007 to March 31,2008. (Click on Details for more information.)   Details

CRISIL assigns 'AA+' and 'P1+' rating to Berger Paints India Limited's various bank facilities

Nov 19: CRISIL has assigned a rating of 'AA+/Stable' to the Rs 220 crore cash credit facilities of Berger Paints India Limited (BPIL). The rating agency has also assigned a rating of 'P1+' to the company's Rs 70 crore bank guarantees. At the same time, CRISIL has reaffirmed its 'P1+'rating on the company's Rs 170 crore short-term debt programme. The ratings indicate the company's strong market position in its core segments, robust financial risk profile and diversified revenue base. On the negative side, the ratings are partially offset by the company's susceptibility to fluctuating raw material costs and its limited pricing flexibility.
(Click on Details for more information.)   Details

Briefs I

Nov 19: 8Asian Paints Limited has, temporarily, suspended operations at its Phthalic Anhydride manufacturing plant situated at Ankleshwar in Gujarat. The company has not provided any specific reasons for the temporary shutdown.
8Simbhaoli Sugars Limited has completed the commissioning of its new Extra Neutral Alcohol (ENA) and fuel alcohol plant at Brijnathpur in the Ghaziabad district of Uttar Pradesh. The plant, valued at Rs 40 crore, has a capacity of 60 kiloliters per day, and would increase the total production of the company to 210 kiloliters per day.
8Simbhaoli Sugars Limited has recently set up a unit called Simbhaoli Global Commodities in the DMCC, located in the free trade zone of Dubai, United Arabs Emirates for trade in sugar, molasses, ethyl alcohol and fuel alcohol.

Briefs II

Nov 19: 8The polyester filament yarn and polyester chips maker, JBF, has announced the completion of the merger of its recent acquisition, Microsynth Fabrics (India) Limited (MFIL), with itself. JBF had announced the acquisition in November of last year and had set the merger in motion in March 2008. Industry sources point out that the merger would enable JBF to synergize operations of the erstwhile MFIL with its own. Both companies produced partially oriented yarn (POY) at different sites in Silvassa, in the Union Territory of Dadra & Nagar Haveli. The merger should enable JBF to cut marketing costs and save sales tax on sale of polyester chips to MFIL's plant.
8Polyester filament yarn and polyester chips producer, JBF Industries Limited, has received an objection in its audit for the non-accounting of foreign exchange losses during an acquisition of fixed assets, that resulted in an inflated profit of Rs 360 lakh during the July-Sept quarter.

MMTC Limited issues tender for caustic soda lye

Nov 18: MMTC Limited has invited bids for the supply of caustic soda lye for its Paradeep, Vizag, Haldia and Vishakapatnam plants. MMTC has specified that the caustic soda lye should contain at least 47% Sodium Hydroxide (NaOH) by mass. The bidders are required to quote their prices in US Dollars for both Free on Board (FOB) as well as Carriage and Freight (C&F) discharge point basis, with the company reserving the right to place its order using either option. The last date for submission of bids has been fixed as November 28, 2008. (Click on Details for more information.)   Details

Briefs

Nov 18: 8Niche chemical firm, Hardcastle and Waud, has announced its decision to shut down its synthetic resin business, located at Saigram in Gujarat. In September, the Mumbai stock exchange listed firm had suspended the manufacture of resins, citing lack of orders. The company did not disclose the impact of this decision on its sales and profits.
8DCM Shriram Consolidated Limited (DSCL) is compensating for the downslide in prices of Polyvinyl Chloride (PVC) resin by increasing the production and marketing of its co-product, calcium carbide, at its swing plant at Kota in Rajasthan. DSCL is the only PVC producer in the country that manufactures this versatile polymer through the acetylene route, that results in calcium carbide as a by-product. All other PVC producers, including Reliance and Finolex, produce PVC by using ethylene/ethylene dichloride/vinyl chloride monomer. They, thus, do not enjoy the operational flexibility available to DSCL. DSCL is also highly upbeat about its plastic window profile business. The company makes this retail product from unplasticized PVC (UPVC) that it produces at Kota. It markets its window profiles under the brand Fenesta.
8The website carries here, for reference purposes, the unaudited financial results of Hindustan Organic Chemicals Limited (HOCL) for the second quarter and the half-year ended September 30, 2008.
HOCL has reported a loss of Rs 6.80 crore during Q2 FY2009, against a net profit of Rs 4.79 crore in Q2 FY2008. However, its sales during the period have improved to Rs 164.50 crore from Rs 152.25 crore in Q2 FY2008. For H1 FY2009, HOCL made a loss of Rs 5.77 crore against the net profit of Rs 7 crore in H1 FY2008. The company's sales during the first half of the current financial year were Rs 331.63 crore as compared to its sales of Rs 243.68 crore during the first half of the previous financial year.