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25325$7( ,1)250$7,21 CORPORATE INFORMATION Board of Directors Management Committee M M Murugappan, Chairman K Srinivasan, Managing Director Subodh Kumar Bhargava N Kishore, President - Abrasives &Technology T L Palani Kumar P R Ravi, President - Industrial Ceramics Sridhar Ganesh V Ramesh, !"#$%&"'(')"(*%+$S)#- Shobhan M Thakore M Muthiah, Senior Vice-President - Human Resources M Lakshminarayan P L Deepak Dorairaj, Senior Vice-President (Operations) - Abrasives Sanjay Jayavarthanavelu N Ananthaseshan, Senior Vice-President - Electro Minerals Division K Srinivasan, Managing Director R Rajagopalan, Senior Vice-President - Refractories & Prodorite Company Secretary Bankers S Dhanvanth Kumar State Bank of India Standard Chartered Bank Bank of America N.A. The Hongkong and Shanghai Banking Corporation Ltd. Auditors The Royal Bank of Scotland N.V Deloitte Haskins & Sells, Chennai BNP Paribas Carborundum Universal Limited | Annual Report 2010 REPORT OF THE DIRECTORS (including Management Discussion & Analysis) Your Directors have pleasure in presenting their 56th Annual Report The recessionary trends that engulfed the world in 2008 had its !"# $#%&'( $& $#&)*+( #+&S-)-.()/&0 ) #1#- 0&2!%& $#&3#)%&#-+#+& +#:(/( ) (-"&(1>). &!-& $#&A!1>)-3#0&0)/#0&"%!' $&+*%(-"& $#&S%0 & '!& 31 st March 2010. The Management Discussion & Analysis Report, quarters of the year both in the domestic and international markets. which is required to be furnished as per the requirements of stock Despite the weak sentiment, the Company managed to register a exchanges, has been included in the Directors Report so as to avoid "%!' $&!2&FG&(-&( 0& *%-!<#%&2!%& $#&S%0 &0(B&1!- $0&.!1>)%#+& !&>%(!%& duplication and overlap. year levels. The Company, however, registered quarter on quarter growth commencing from the fourth quarter of 2008-09. ECONOMIC OVERVIEW H%!1&I. !:#%&!-')%+0@& $#&1!!+&:#.)1#&*>:#) &)-+&.!-S+#-.#& 4$#&3#)%&5667896&:#")-&!-&)&+(2S.*/ &-! #;&4$#%#&')0&)&0("-(S.)- & returned steadily to the markets. Growth was primarily driven by the slowdown in the economic growth rate in the second half of 2008-09, domestic markets with the buoyancy in the Indian economy resulting 2!//!'(-"& $#&S-)-.()/&.%(0(0& $) &:#")-&(-& $#&)+<)-.#+&#.!-!1(#0& in stepped up consumption in several sectors of the economy. There in 2007-08 which spread to the real economy across the world. The was good off-take from several user industry segments including auto, world witnessed the deepest global downturn in recent history and auto components, bearing, steel and general engineering. However there was apprehension that the deceleration in the economy would project orders were not so encouraging as several major projects got persist for some time, as the full impact of the economic slowdown postponed, particularly for Super Refractories. As a result, sales for worked through the system of the developing economies. the second half of the year registered a growth of 21% compared to It was also a year of reckoning for the policymakers across the globe, the corresponding period of 2008-09. '$!&$)+& )=#-&)&.)/.*/) #+&%(0=&(-&>%!<(+(-"&0*:0 )- ()/&S0.)/&0 (1*/*0& Export sales however continued to be subdued due to the sluggish to counter the negative fallout of the global slowdown. demand from European and North American markets which continued ?0&)&%#0*/ &!2& $#&S0.)/&1#)0*%#0& )=#-@&"/!:)/&>%!+*. (!-&)-+& %)+#& to be impacted by the recession. The export competitiveness was 0 )% #+&%#.!<#%(-"&(-& $#&0#.!-+&$)/2&!2&5667;&A!-S+#-.#&%#:!*-+#+& also gradually being eroded by the steady appreciation of the Indian !-&:! $& $#&S-)-.()/&)-+&%#)/&2%!- 0@&)0&#B %)!%+(-)%3&>!/(.3&0*>>!% & rupee during the year. However a few of the Asian markets offered forestalled another Great Depression. In advanced economies, the some relief. Further some of the export product lines, catering to select beginning of a turn in the inventory cycle contributed to positive industry sectors, remained relatively less impacted by the downturn. developments. Finally domestic demand was strong in key emerging Despite the weak markets overseas and the appreciating rupee, and developing economies, although the turn in the inventory cycle exports sales were maintained at last year levels of Rs.1359 million. and the normalization of global trade also played an important role. World output registered a drop of 0.6% with all major regions showing Aided by the buoyancy in the second half of the year, all business a decline - US at (2.4%), Euro zone at (4.1%) and Russia at (7.9%). segments registered double digit growth rates for the full year. The continued recession in the developed world, for the better part of There were largely no steep upward movements in the prices and 5667896@&1#)- &)&0/*""(0$&#B>!% &%#.!<#%3&)-+&)&0/!'+!'-&(-&S-)-.()/& availability of inputs. However since the economy was just returning T!'0&(- !& $#&+!1#0 (.&#.!-!13;&D# @&!<#%& $#&0>)-&!2& $#&3#)%@& $#& to normalcy, pricing was under pressure, with all players trying to Indian economy posted a remarkable recovery. The real turnaround capture the shrinking pie. came in the second quarter of 2009-10 when the economy grew by Capital expenditure during the year was about Rs.442 million, with 7.9%. As per the advance estimates of GDP for 2009-10, released by investment primarily in establishment of the facility for manufacture the Central Statistical Organisation (CSO), the economy is estimated of Silicon Carbide microgrits, which was at an advanced stage of to have grown at 7.2% in 2009-10, with the industrial and the service completion in the Cochin Special Economic Zone, as of the year end. sectors growing at 8.2% and 8.7% respectively. One of the highlights The Anti corrosives project in Katpadi Taluk, Tamil Nadu, which was of the recovery was the renewed momentum in the manufacturing executed in a phased manner, has been fully completed. Apart from sector, which had seen continuous decline in the growth rate for almost the new investments, the Company made considerable progress eight quarters since 2007-08. Manufacturing sector growth had more (-&"# (-"& $#&+#0(%#+&:#-#S 0&2%!1& $#&<)%(!*0&.)>( )/&#B>#-+( *%#& than doubled from 3.2% in 2008-09 to 8.9% in 2009-10. Further the projects commissioned in the past few years. recovery in GDP growth for 2009-10, was broad based. Seven out of Operating Earnings before interest, depreciation and tax (EBITDA) eight sectors/ sub-sectors showed a growth rate of 6.5% or higher. margins increased by 25% primarily due to 12% top line growth COMPANY PERFORMANCE OVERVIEW .!*>/#+&'( $&.!- %!/&!-&SB#+&.!0 0&)-+&>%*+#- &2!%#("-&#B.$)-"#& Rs. million hedging policy. Depreciation was higher by Rs.56 million as a result 31.03.2010 31.03.2009 of the full year effect of capital expenditure projects completed in 2008-09. Interest costs were lower by 12% (i.e. Rs.239 million versus Net Sales – Domestic * 6022 5215 J0;5K5&1(//(!-L&)0&)&%#0*/ &!2& $#&0!2 &(- #%#0 &%) #&%#"(1#&)-+&#2S.(#- & Exports 1359 1363 '!%=(-"&.)>( )/&1)-)"#1#- ;&M%!S &!-&0)/#&!2&SB#+&)00# 0& ')0& Total 7381 6578 lower at Rs.5 million during the year as compared to the previous * Includes income from work bills and services 3#)%&NJ0;579&1(//(!-L;&A!-0#O*#- /3@&>%!S &:#2!%#& )B&')0&/!'#%&) & Net Sales grew by 12% with domestic sales registering an increase Rs.842 million, as compared to Rs.861 million during the of 15%. Exports were at last year’s levels. previous year. 2 | Report of the Directors Riding the Rainbow FINANCIAL REVIEW Recommended appropriations Earnings Transfer to Debenture Redemption Reserve 31.25 4$#&=#3&S-)-.()/&(-+(.) !%0&)%#&)0&2!//!'0P Transfer to General Reserve 300.00 Rs. million Dividend 186.71 31.03.2010 31.03.2009 Dividend Tax 23.96 Total Net revenues* 7617 6640 Balance carried forward 1640.29 Operating earnings before interest, 1429 1139 Total 2182.21 depreciation & tax (‘EBITDA’)* The Board is pleased to recommend a dividend of Rs.2 per equity I>#%) (-"&M%!S &:#2!%#&(- #%#0 & 1076 841 share of Rs.2 each for the year 2009-10. Last year a dividend of and tax (EBIT)* Rs.2 per equity share was paid. Finance cost 239 272 M%!S &!-&0)/#&!2&SB#+&)00# 0 5 291 CUMI CONSOLIDATED PERFORMANCE OVERVIEW M%!S &:#2!%#& )B 842 861 4$#&=#3&S-)-.()/&(-+(.) !%0&2!%& $#&.!-0!/(+) #+&!>#%) (!-0&)%#&"(<#-& M%!S &)2 #%& )B 580 597 :#/!'P& Earnings per share of Rs.2/- each 6.21 6.40 Rs. million Q#B./*+(-"&>%!S &!-&0)/#&!2&SB#+&)00# 0 31.03.2010 31.03.2009 Net sales (Inclusive of Joint Ventures) 12822 11930 Financial Position Total net revenues* 13141 12258 Shareholders funds as on 31 st March 2010 was Rs.4289 million. Operating earnings before interest, 2429 1988 Addition for the year (excluding proposed dividend) was Rs.380 depreciation & tax (‘EBITDA’)* million. I>#%) (-"&M%!S &:#2!%#&(- #%#0 &)-+& )BQ 2017 1637 Year end debt levels (Rs.2838 million) comprises long term borrowings of Rs.2152 million and short term borrowings of Rs.686 million. Finance cost 308 329 Borrowings have reduced by Rs.641 million during the year. As a M%!S &!-&0)/#&!2&SB#+&)00# 0 5 293 result the debt-to-equity ratio has improved to a comfortable 0.66 M%!S &:#2!%#& )B 1714 1601 (from 0.89 last year). M%!S &)2 #%& )B 1017 1037 R# &SB#+&)00# 0&'#%#&) &J0;FKSS&1(//(!-&N>%#<(!*0&3#)%&J0;FK96& million). The total capital expenditure for the year was Rs.442 million Earnings per share of Rs.2 each 10.90 11.11 which exceeded the depreciation of Rs.353 million for the year. Q#B./*+(-"&>%!S &!-&0)/#&!2&SB#+&)00# 0 Investments (which are mainly into the Company’s subsidiaries and joint ventures) were at Rs.1718 million (at about last year levels). Consolidated sales recorded a growth of 7.5% aided by the strong The focus on working capital management paid rich dividends with performance of the Indian operations. net current assets (excluding bank balances and dividend provisions) In Volzhsky Abrasive Works (VAW), sales at RUB 2.1 billion, was marginally declining from Rs.2196 million to Rs.2185 million despite at last year levels for the twelve months period ended March 2010.
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