COROMANDEL INTERNATIONAL LTD
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BSE Code:
506395
NSE Code:
COROMANDEL
Business Profile
Business Profile
Coromandel Fertilisers (COROMNFERT) was incorporated on Oct. 16, 1961 and converted into a public company on Apr. 10, 1964. It is a leading company in India manufacturing a wide range of fertilizers and pesticides (technical and formulations). Part of the Murugappa group, COROMNFERT is a subsidiary of EID Parry India, which holds 69.05% shares in the company. The chairman of the company is A. Vellayan and V. Ravichandran is the managing director.
Coromandel Fertilisers is in the phosphatic fertilizer business manufacturing and marketing complex fertilizers. Products include Gromor 14-35-14 (for cotton, groundnut, etc), Paramfos 16-20-0-13 (drill-sown areas), Parrygold (sulphur deficient soils), Parry Super (dry land areas) etc. The company manufactures and markets pesticides including insecticides, fungicides, herbicidies and plant biostimulants. Fertilizer plants are in Visakhapatnam, Ennore and Ranipet and plant protection chemicals plant in Navi Mumbai, Ranipet and Jammu. COROMNFERT has technical tie-ups with multinationals like Dupont, BASF, FMC, Otsuka etc, for marketing their products in India.
Along with its subsidiary Godavari Fertilisers & Chemicals, Coromandel Fertilisers markets around 2 million tons of phosphatic fertilizers, phosphogypsum and sulphur pastilles through 14 marketing offices and a network of about 8,000 dealers. Exports presently account for about 30% of the turnover, which includes technicals, formulations and micro emulsions to countries like Argentina, Australia, Bangladesh, Bolivia, USA, Spain, and many more. Recent awards won include The FAI Best Production Performance Award-2006 for the Phosphoric Acid Plant at Vizag. COROMNFERT acquired Ficom Organics, a technical grade pesticides manufacturing company, which was merged with the company effective Apr. 01, 2006.
The registered office of COROMNFERT is located at Secunderabad, India
Financials
The company swung to a loss for the quarter ended in March 2009. Net sales for the quarter rose 46.61% to Rs 8568.60 million, while total income for the quarter rose 49.94% to Rs 9120.8 million, when compared with the prior year period. It posted earnings of Rs 0.89 a share during the quarter.
Recent Developments
28-MAY-09
The company inked a joint venture agreement with Soquimich European Holdings BV, Netherlands, a subsidiary of SQM, Chile, for setting up of 15,000 MT water soluble fertilisers (NPK Grades) plant at Kakinada.
24-APR-09
The company has approved a proposal for setting up a joint venture with SQM, Chile, for manufacturing water soluble fertilizers at Kakinada, Andhra Pradesh.
26-JUL-08
The company has formed a wholly owned subsidiary `CFL Mauritius`, in Mauritius and proposes to channelize company`s future investments abroad via this subsidiary company.
08-FEB-08
Meeting of the Board of Coromandel Fertilisers (COROMNFERT) will be held on February 27, 2008 for allotment of equity shares to the shareholders of M/s. Godavari Fertilisers & Chemicals (GFCL) consequent to amalgamation of GFCL with COROMNFERT Further the Company reported that, as per the Scheme of Amalgamation, the shareholders of GFCL will be entitled to receive 3 equity shares of COROMNFERT for every 2 equity shares held by them in GFCL.