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Full Year Financial Statement And Dividend Announcement For The Period Ended 31/03/2004

PART I – INFORMATION REQUIRED FOR ANNOUNCEMENTS OF QUARTERLY (Q1, Q2 & Q3), HALF-YEAR AND FULL YEAR RESULTS

1(a) An income statement (for the group) together with a comparative statement for the corresponding period of the immediately preceding financial year.

The Board of Directors of Meghmani Organics Limited (“MOL” or “the Company” or “the Issuer”) wishes to make the announcement of the Company’s results for the financial year ended 31 March, 2004 as follows:

  Company
  12 months ended 31.03.2004 12 months ended 31.03.2003 % Increase /Decrease)
  Rs ‘000 Rs ‘000 
Revenue 2,440,319 2,024,034 20.6
Cost of sales (1,793,153) (1,426,667) 25.7
Gross Profit 647,166 597,367 8.3
Other operating income 66,287 107,751 (38.5)
Distribution costs (184,465) (261,801) (29.5)
Administrative expenses (92,163) (78,826) 16.9
Other operating expenses (4,509) (44,957) (90.0)
Profit from operations 432,316 319,534 35.3
Finance costs (60,896) (43,395) 40.3
Income from investments 30 23 30.4
Profit before income tax 371,450 276,162 34.5
Income tax (76,454) (59,655) 28.2
Profit after income tax 294,996 216,507 36.3

1(a)(ii) The net profit attributable to the shareholders includes the following charges/(credits):

  Company
  12 months ended 31.03.2004 12 months ended 31.03.2003 % Increase / (Decrease)
  Rs ‘000 Rs ‘000 
Allowance for doubtful trade receivables 36,712 (100.0)
Bad trade receivables written off 1,565 (100.0)
Depreciation expense 94,423 78,134 20.8
Foreign currency exchange
adjustment loss
4,737 5,751 (17.6)
Interest expense 44,981 35,137 28.0
Interest income (977) (884) 10.5
Loss on disposal of plant and equipment 740 929 (20.3)
Research and development expenditure 7,969 5,781 37.8
Under-provision of current tax in respect of
prior years
2,855 n/m

note: n.m. – not meaningful

1(b)(i) A balance sheet (for the issuer and group), together with a comparative statement
as at the end of the immediately preceding financial year.

  Company
  As at 31.03.2004 As at 31.03.2003
  Rs ‘000 Rs ‘000
ASSETS  
Current assets
Cash & bank balances 117,254 67,881
Trade receivables 1,184,627 847,570
Other receivables and prepayments 173,422 184,755
Inventories 402,157 305,549
Income tax recoverable 929
Total current assets 1,878,389 1,405,755
Non – current assets  
Property, plant and equipment 943,780 765,141
Available for sale investments 4,546 2,146
Total non – current assets 948,326 767,287
Total assets 2,826,715 2,173,042
LIABILITIES AND EQUITY  
Current liabilities  
Bank borrowings 674,181 442,428
Trade payables 305,792 329,851
Other payables 89,034 83,501
Loans from related parties (unsecured) 44,350
Income tax payable 5,519
Total current liabilities 1,069,007 905,649
Non – current liabilities  
Bank borrowings 221,550
Deferred tax liabilities 82,336 67,385
Total non – current liabilities 303,886 67,385
Capital & reserves  
Issued capital 165,930 165,930
Share premium 229,390 229,390
General reserve 364,130 324,130
Capital redemption reserve 18,433 18,433
Dividend reserve 44,925 41,182
Accumulated profits 631,014 420,943
Total equity 1,453,822 1,200,008
Total liabilities and equity 2,826,715 2,173,042

1(b)(ii) Aggregate amount of group’s borrowings and debt securities.
Amount repayable in one year or less, or on demand

As at 31.03.2004As at 31.03.2003
SecuredUnsecuredSecuredUnsecured
Rs ‘000
579,565
Rs ‘000
442,428
Rs ‘000
94,616
Rs ‘000
44,350

Amount repayable after one year

As at 31.03.2004As at 31.03.2003
SecuredUnsecuredSecuredUnsecured
Rs ‘000
221,550
Rs ‘000
Rs ‘000
Rs ‘000

Details of any collateral

The details of bank borrowings from various banks and securities are shown below:

Bank borrowings from consortium banks

As at March 31, 2004, bank borrowings amounting to Rs. 606,336,000 are secured by :

  • first ranking pari passu charge in favour of a consortium of banks by way of hypothecation on the Company’s trade receivables and inventories ; and
  • first ranking pari passu charge in favour of a consortium of banks by way of hypothecation and/or legal mortgage over certain of Company’s present and future properties, plant and equipment .

As at March 31, 2003, bank borrowings amounting to Rs. 441,017,000 are secured by :

  • first ranking pari passu charge in favour of a consortium of banks by way of hypothecation on the Company’s trade receivables and inventories ;
  • first ranking pari passu charge in favour of a consortium of banks by way of hypothecation and/or legal mortgage over certain of Company’s present and future properties, plant and equipment ; and
  • personal guarantees by certain directors.

Bank borrowings from other banks

Bank A

As at March 31, 2004, bank borrowings amounting to Rs. 17,849,000 are secured by :

  • first ranking pari passu charge by way of hypothecation on the Company’s current assets; and
  • first ranking pari passu charge by way of hypothecation and/or legal mortgage over certain of Company’s present and future properties, plant and equipment.

Bank B

As at March 31, 2004, bank borrowings amounting to Rs. 94,616,000 are unsecured and Rs. 142,687,000 are secured by :

  • second charge by way of hypothecation on the Company’s receivables and inventories ;
  • second charge by way of hypothecation over certain of Company’s present and future, plant and equipment; and
  • personal guarantees by certain directors.

Bank C

As at March 31, 2004, bank borrowings amounting to Rs. 32,664,000 are secured by first ranking pari passu charge by way of hypothecation on the Company’s plant and machinery purchased after October 9, 2003.

As at March 31, 2004, motor vehicle loans amounting to Rs 1,579,000 (March 31, 2003 : Rs 1,411,000) are secured by hypothecation of the respective motor vehicles purchased.

As at March 31, 2004, the Company has unutilized bank credit facilities amounting to Rs. 155,800,000 (March 31, 2003: Rs. 337,600,000).

1(c) A cash flow statement (for the group), together with a comparative statement for
the corresponding period of the immediately preceding financial year.

  Company
  12 months ended 12 months ended
  31.03.2004 31.03.2003
  Rs ‘000 Rs ‘000
Cash flows from operating activities  
Profit from operations 432,316 319,534
Adjustments for :  
Depreciation of property, plant and equipment 94,423 78,134
Loss on disposal of property, plant and equipment 740 929
Operating cash flows before movements in working capital 527,479 398,597
Trade receivables (337,057) (12,917)
Other receivables and prepayments 11,333 (8,923)
Inventories (96,608) (93,115)
Trade payables (24,059) 65,346
Bills payables 104,256 (22,187)
Other payables 5,533 18,758
Cash generated from operations 190,877 345,559
Income taxes paid (67,951) (92,407)
Interest and finance charges paid (60,896) (43,395)
Net cash from operating activities 62,030 209,757
Cash flows from investing activities:  
Purchase of property, plant & equipments (275,974) (190,766)
Purchase of available-for-sale investments (2,400) (300)
Proceeds on disposal of property, plant & equipment 2,172 2,531
Investment income received 30 23
Net cash used in investing activities (276,172) (188,512)
Cash flows from financing activities:  
Dividend paid (36,505) (16,753)
Tax on dividends paid (4,677) (6,770)
Proceeds from bank borrowings, net of repayments 377,086 (41,053)
Proceeds from other borrowings, net of repayments (44,350) 21,550
Net cash (used in)from financing activities 291,554 (43,026)
Net (decrease) increase in cash and cash equivalents 77,412 (21,781)
Cash and cash equivalents at beginning of year 39,842 61,623
Cash and cash equivalents at end of year 117,254 39,842

1(d)(i) A statement (for the issuer and group) showing either (i) all changes in equity or
(ii) changes in equity other than those arising from capitalisation issues and distributions to shareholders, together with a comparative statement for the corresponding period of the immediately preceding financial year.

  capital Share
premium
General
reserve
Capital
redemption
reserve
Dividend
reserve
Accumulated
Profits
Total
  Rs’000 Rs’000 Rs’000 Rs’000 Rs’000 Rs’000 Rs’000
Balance as at
April 1, 2002
165,930 229,390 233,830 18,433 335,918 983,501
Net profit for
the year
216,507 216,507
Proposed
dividend
41,182 (41,182)
Transfer to
(from) reserve
90,300 (90,300)
Balance as at
March 31,2003
165,930 229,390 324,130 18,433 41,182 420,943 1,200,008
Net profit for the year 294,996 294,996
Transfer to (from) reserve 40,000 (40,000)
Proposed dividends 44,925 (44,925)
Final dividend paid (41,182) (41,182)
Balance as at
March 31,2004
165,930 229,390 364,130 18,433 44,925 631,014 1,453,822

1(d)(ii) Details of any changes in the company’s share capital arising from rights issue,bonus issue, share buy-backs, exercise of share options or warrants, conversion of other issues of equity securities, issue of shares for cash or as consideration for acquisition or for any other purpose since the end of the previous period reported on. State also the number of shares that may be issued on conversion of all the outstanding convertibles as at the end of the current financial period reported on and as at the end of the corresponding period of the immediately preceding financial year.

Since the end of the previous financial year, pursuant to a resolution passed in an extraordinary meeting held on March 30, 2004, the shareholders of the Company approved the sub-division of every one ordinary share of Rs 10 each in the authorized and issued share capital of the Company into 10 ordinary shares of Rs 1 each. Consequently, the number of authorised shares increased from 37,000,000 to 370,000,000 and the number of issued and fully paid up ordinary shares increased from 16,593,000 to 165,930,000.

Whether the figures have been audited or reviewed and in accordance with which auditing standard or practice.

These figures have not been audited or reviewed by the Company’s auditors.

Where the figures have been audited or reviewed, the auditors’ report (including any qualifications or emphasis of a matter).

Not applicable.

Whether the same accounting policies and methods of computation as in the issuer’s most recently audited annual financial statements have been applied.

The Company’s financial statements have been prepared from those accounting records maintained under General Accepted Accounting Practices in India (‘Indian GAAP”) and adjusted to comply, in all material respects, with the requirements of the International Financial Reporting Standards (“IFRS”).

Previously, the Company prepared its financial statements in accordance with International Accounting Standards (“IAS”). The transition from IAS to IFRS did not result in any significant changes in accounting policies and figures presented in the financial statements for the financial year ended March 31, 2003.

If there are any changes in the accounting policies and methods of computation, including any required by an accounting standard, what has changed, as well as the reasons for, and the effect of, the change.

please refer to Point No. 4 above.

Earnings per ordinary share of the group for the current financial period reported on and the corresponding period of the immediately preceding financial year, after deducting any provision for preference dividends.

  Company
  12 months ended 12 months ended
  31.03.2004 31.03.2003
(a) Based on weighted average number of
ordinary shares in issue (Rs)
1.78 1.30
(b) On a fully diluted basis (detailing any
adjustments made to the earnings) (Rs)
1.78 1.30

For comparative purposes, the basic and diluted earnings per ordinary share for the financial year ended March 31, 2003 have been restated and computed based on the profit after income tax of Rs 216,507,000 divided by 165,930,000 ordinary shares of Rs 1 each after taking into account the effect of the sub-division of every one ordinary share of Rs 10 each into 10 ordinary shares of Rs 1 each as disclosed in Point No. 1(d)(ii) above.

There is no dilution as no share options were granted during the financial year.

Net asset value (for the issuer and group) per ordinary share based on issued share capital of the issuer at the end of the:-

(a) current financial period reported on; and
(b) immediately preceding financial year.

  Company
  As at 31.03.2004 As at 31.03.2003
Net assets value per ordinary share based on issued
share capital at the end of the year reported in Rs
8.76 7.23

For comparative purposes, the net assets value per ordinary share for the financial year ended March 31, 2003 have been restated and computed based on the net assets value of Rs 1,200,008,000 divided by 165,930,000 ordinary shares of Rs 1 each after taking into account the effect of the sub-division of every one ordinary share of Rs 10 each into 10 ordinary shares of Rs 1 each as disclosed in point 1(d)(ii) above

A review of the performance of the group, to the extent necessary for a reasonable understanding of the group’s business. It must include a discussion of the following:-

(a) any significant factors that affected the turnover, costs, and earnings of the group for the current financial period reported on, including (where applicable) seasonal or cyclical factors; and

(b) any material factors that affected the cash flow, working capital, assets or liabilities of the group during the current financial period reported on.

Revenue

Our revenue is principally derived from the manufacture and sale of our Pigments and Agrochemicals products. We also derive a small portion of our revenue from exporting trading of dyes, dyes intermediates and Agrochemicals products that are not manufactured by us.

During the financial year, sales revenue increased by Rs 416.3 million (or 20.6%) from Rs 2,024.0 million in FY2003 to Rs 2,440.3 million in FY2004. The Company has achieved 71% of its revenue from export activities, which increased by 18.0% from Rs 1,468.5 million in FY 2003 to Rs 1,733.2 million in FY 2004.

The increase in export sales was due to increase in exports of CPC and Beta Blue manufactured by the Pigment Panoli division, which was converted into 100% Export Oriented Unit (EOU). The long-term contracts for manufacturing of Agrochemicals entered into with MNCs also contributed to overall higher export sales.

Gross Profit

Gross profit increased by Rs 49.8 million (or 8.3%) from Rs 597.4 million to Rs 647.2 million. The gross profit %, however, declined from 29.5% in FY 2003 to 26.5% in FY 2004 due mainly to:

  • pressure on sales price of Pigment Green-7 and Acephate Technical Cypermethric Acid Chloride (CMAC) , Cypermethrin and Alpha Cypermethrin.
  • Effect of Exchange Rate Difference on depreciation of US $
  • Increase in Raw Material cost of Acephate Technical Cypermethric Acid Chloride (CMAC) , Cypermethrin and Imdiachloprid.

Other Operating Income

Other operating income comprises mainly export benefits such as Duty Entitlement Pass Book (“DEPB”) and Duty drawback. DEPB is a government export incentive and represents a credit entitlement which can be used to offset against custom duties payable. Only products falling within a pre-specified list are eligible for DEPB. Duty drawback is an alternative export scheme to the DEPB. Under the duty drawback scheme, the Indian Government provides cash incentives for exports, calculated as a percentage of the FOB value of the export item, which is currently 3%.

Despite an increase in exports, the Company’s export benefits decreased by Rs 40.6 million (or 38.6%) mainly due to a reduction in DEPB. This was mainly due to conversion of our Panoli pigment plant into an Export Oriented Unit (“EOU”) and reduction in DEPB rates. As an approved EOU, our Panoli plant benefited from certain exemptions from import duties, excise duties and income tax but no longer qualifies for DEPB.

Distribution , Administrative and Other Operating Expenses

Distribution costs decreased by Rs 77.3 million (or 29.5%) mainly due to lower sales commission expenses arising from a change in the Company’s export policy to eliminate intermediaries and to sell directly to customers.

Administrative expenses increased by Rs 13.3 million (or 16.9%) mainly due to salary increments, increase in traveling expenses as a result of more frequent overseas marketing trips, and increase in insurance expenses corresponding to an increased asset base insured.

Other operating expenses decreased by Rs 40.4 million (or 90.0%) mainly due to higher allowance for doubtful trade receivables and bad trade receivables written off in the previous financial year. Slower collections of receivables in FY 2003 were mainly due to shorter monsoon season which affected the harvest of the Indian farming community for the Agrochemicals business.

Balance sheet

Trade receivables

Trade receivables increased by Rs. 337.1 million (or 39.8%) mainly due to increase in revenue by 20.6%, extension of credit given to Pigments customers and seasonality of agrochemicals business where recovery of debts is dependent on the monsoon and climate conditions.

Inventories

Inventories increased by Rs. 96.6 million (or 31.6%) mainly due to raw mateiral build up in anticipation of contract with a new Agrochemicals customer, inventory build-up for both Agrochemicals and Pigments products in anticipation of higher market demand, as well as increased inventory holdings of Pigments products at warehouses in Belgium and Uruguay to facilitate direct sales to end customers in lieu of sales through intermediaries for savings in sales commission.

Property, plant and equipment

Fixed assets increased by Rs. 178.6 million (or 23.3%) due to expansion of production capacity for the following plants and/or products:

  • Panoli: CPC – Hysol P, Beta Blue, Blue 16 and Blue 69
  • Chharodi: Permethtrin
  • Vatva: Additives

Bank Borrowings

Bank borrowings (current and non – current) increased by Rs. 453.3 million (or 102.4%) mainly due to financing of higher working capital requirements and the purchase of additional plant, machinery and equipment for the expansion of production capacity for Pigment and Agrochemical products.

Cash flow statement

During the financial year the company has generated positive cash flow of Rs. 62 million from operating activities and is expected to have sufficient cash flow to meet its working capital requirement in the next financial year.

Cash Flow from Operating activities :-

Reduction in cash flow was due to increase in trade payables and inventories as explained herein above.

Cash Flow from investing activities :-

Reduction in Cash flow due to substantial expansion of production capacity of existing as well as new products.

Cash Flow from financing activities :-

Increase in cash flow due to increase in working capital requirements and term loan for capital expansion.

However over all cash flow was positive because of increase in cash profit from operation and increase in bank borrowings.

Where a forecast, or a prospect statement, has been previously disclosed to shareholders, any variance between it and the actual results.

Not applicable.

A commentary at the date of the announcement of the significant trends and competitive conditions of the industry in which the group operates and any known factors or events that may affect the group in the next reporting period and the next 12 months.

Pigments

Demand for Pigment is growing steadily, driven primarily by the continuous growth in key market areas like ink, Paints and Plastics. With the high quality manufacturing in India more and more companies from developed countries are outsourcing either by having tie-ups or through contracts. With this shift of manufacturing base to India more consumers in regions like US, Europe, Central & South America, Japan are also shifting for direct supplies from India. Further with the strong emphasis on development the domestic demand that is low is bound to increase in areas like Paints & Plastics. With increasing usage of ink jet, web offset printing, the Indian ink industry itself will consume more Pigments in coming years.

We also expect global competition in the Pigments market to increase, particularly between Pigments manufacturers in India and the PRC. With WTO agreement the Chinese price is expected to be in line with Indian Price and the difference in quality will make Indian Pigments more competitive.

Agrochemicals

Sustained economic growth in India in recent years has led to increased awareness in usage of Pesticides among farmers. Decreasing dependency of rain irrigation is also resulting in more cropping area and there by increasing the consumption of pesticides.

As like Pigments industry, we are also witnessing a trend amongst manufacturers in developed economies to reduce their production of Agrochemical products within such developed countries, as a result of higher costs of production as compared with developing countries. These manufacturers may outsource to Indian or PRC manufacturers or may set up or acquire captive plants in India and PRC. Such a trend would create opportunities for us in increasing our contract manufacturing projects. This view is further strengthened by implementation of TRIPS and GATT by the Indian Government by 2005. The patent holders will have confidence to shift the production to India after implementation in 2005. Our company with strong technical capabilities will be looking out to produce such patented molecules in future.

The proposed reforms in farm subsidies in developed nations are to be implemented in the medium to long term. We expect that farmers in such developed countries will seek to compensate for the loss in subsidies by reducing costs of inputs, which may lead to their increased demand for Agrochemical products from countries like India. Such a development would again create opportunities for greater export growth of our Agrochemical business.

Also Generic molecules and molecules which will be out of patent in near future are the focus of our company. These molecules produced at competitive cost can immediately take over the costly patented molecules when they go off patent.

Trend Information

The prices of our Pigment products have been relatively stable in FY2001, FY2002 and FY2003. The prices of our Agrochemical products have however experienced a downward trend in FY2001, FY2002 and FY2003, with average prices of our Agrochemical products decreasing by approximately 11.6% from FY 2001 to FY 2002 and approximately 5.4% from FY 2002 to FY 2003. Prices in 2004 are in line with the 2003 year and recently in last few months the prices are firming up both in Pigments and Agro Chemicals due to increasing demand and overall slight increase in cost of production of raw materials. We expect future prices for our Pigments and Agrochemical products to remain stable and slightly above the prices prevailing in 2003.

We have not experienced any material volatility in the prices of our main raw materials. We do not expect any material volatility in the prices of our main raw materials in the near future.

Effect of increase in crude oil prices

Some of our raw materials we use in our manufacturing processes are petroleum based but they are not derived directly. So the price hike of the crude oil will only affect our raw material prices marginally.

Historically, the company was successful in passing the increase in raw material prices to the customers. This year too, the company has already started the process and has informed the customers about the price increase of its products due to price increase of its raw material.

Dividend

(a) Current Financial Period Reported On

Any dividend declared for the current financial period reported on? Yes

Name of DividendInterim
Dividend TypeCash
Dividend Amount per Share (in cents)Rs 0.24 per ordinary share (tax not applicable)
Optional:- Dividend Rate (in %) Par value of shares Tax RateRs 1

(b) Corresponding Period of the Immediately Preceding Financial Year

Any dividend declared for the corresponding period of the immediately preceding financial year? Yes

Name of DividendFinal
Dividend TypeCash
Dividend Amount per Share (in cents)Rs 0.22 per ordinary share (tax not applicable)
Optional:- Dividend Rate (in %) Par value of shares Tax RateRs 1

(c) Date payable

The interim dividend was paid on July 8, 2004

(d) Books closure date

July 8, 2004

If no dividend has been declared/recommended, a statement to that effect.

Not applicable.

PART II – ADDITIONAL INFORMATION REQUIRED FOR FULL YEAR ANNOUNCEMENT

(This part is not applicable to Q1, Q2, Q3 or Half Year Results)

Segmented revenue and results for business or geographical segments (of the group) in the form presented in the issuer’s most recently audited annual financial statements, with comparative information for the immediately preceding year.

a) Business segment

Financial year ended March 31, 2004:

  Pigments Agro chemicals Others Eliminations Total
  Rs ‘000 Rs ‘000 Rs ‘000 Rs ‘000 Rs ‘000
Revenue:     
External sales 1,176,754 1,214,392 49,173 2,440,319
Inter-segment sales 110,509 14,512 (125,021)
Total revenue 1,287,263 1,228,904 49,173 (125,021) 2,440,319
Results:    
Segment results 254,216 231,250 (1,636) 483,830
Unallocated expenses    (51,514)
Profit from operations    432,316
Finance costs (24,121) (36,285) (490) (60,896)
Income from investment 30 30
Profit before income tax     371,450
Income Tax     (76,454)
Profit after income tax    294,996
  Pigments Agro chemicals Others Total
  Rs ‘000 Rs ‘000 Rs ‘000 Rs ‘000
Other information:    
Capital additions 168,993 65,328 41,653 275,974
Depreciation (52,421) (38,490) (3,512) (94,423)
Balance Sheet:    
Segment assets 1,423,458 1,314,653 31,842 2,769,953
Unallocated corporate assets    56,762
Total assets    2,826,715
Segment liabilities 445,520 836,615 8,422 1,290,557
Unallocated corporate liabilities    82,336
Total liabilities    1,372,893

Financial year ended March 31, 2003:

  Pigments Agro chemicals Others Eliminations Total
Rs ‘000 Rs ‘000 Rs ‘000 Rs ‘000 Rs ‘000
Revenue:     
External sales1,064,144868,24591,6452,024,034
Inter-segment sales70,6656(70,671)
Total revenue1,134,809868,25191,645(70,671)2,024,034
Results:     
Segment results203,630157,489582361,701
Unallocated expenses    (42,167)
Profit from operations    319,534
Finance costs(11,812)(30,986)(597)(43,395)
Income from investments23 23
Profit before income tax    276,162
Income Tax    (59,655)
Profit after income tax    216,507
  Pigments Agro chemicals Others Total
  Rs ‘000 Rs ‘000 Rs ‘000 Rs ‘000
Other information:    
Capital additions 73,901 57,787 59,078 190,766
Depreciation and amortisation 41,028 33,834 3,272 78,134
Balance Sheet:    
Segment assets 1,048,830 1,032,906 34,686 2,116,422
Unallocated corporate assets    56,620
Total assets    2,173,042
Segment liabilities 350,342 533,384 16,404 900,130
Unallocated corporate liabilities    72,904
Total liabilities    973,034

(b) Geographical Segment

Segment revenue is analysed based on the location of customers regardless of where the goods are produced.

The following provides an analysis of the Company’s sales by geographical markets:

 20042003
 Rs ‘000Rs ‘000
Africa82,45562,694
Asia440,523159,507
Australia80,21392,002
Europe544,374351,874
India707,089555,549
North America419,606581,494
South America166,059220,914
 2,440,3192,024,034

In the review of performance, the factors leading to any material changes in contributions to turnover and earnings by the business or geographical segments.

During the financial year, sales revenue increased by Rs 416.3 million (or 20.6%) from Rs 2,024 million in FY2003 to Rs 2,440.3 million in FY2004. Out of total revenue of Rs. 2,440.3 million, the pigment division has contributed Rs. 1,176.8 million (or 48.2%) and agrochemicals Rs. 1,214.4 million (or 49.8%). The Company has achieved 71% of its revenue from export activities and balance from domestic activities.

For further detail, please refer Point No. 8 above.

A breakdown of sales.

Not applicable, as this being the first announcement of the Company

A breakdown of the total annual dividend (in dollar value) for the issuer’s latest full year and its previous full year.

Total Annual Dividend (Refer to Para 16 of Appendix 7.2 for the required details)

  Latest Full Year (2004) Previous Full Year (2003)
Ordinary 39,823 36,505
Preference 0 0
Total: 39,823 36,505