Heavy Debt companies

Company listed below are Debt/sales ratio greater than 2.

company	BSE CODE	nse code	marketcap	debt/sales
Coal India Ltd.	533278	COALINDIA	217157.83	3.312137471
Cairn India Ltd.	532792	CAIRN	65828.23	564.8535565
Power Grid Corporation of India Ltd.	532898	POWERGRID	47014.6	4.873552517
DLF Ltd.	532868	DLF	45055.73	5.16431305
Reliance Power Ltd.	532939	RPOWER	25624.59	42.71715228
NHPC Ltd.	533098	NHPC	25031.92	3.44814153
Adani Power Ltd.	533096	ADANIPOWER	19118.6	8.234814354
Reliance Communications Ltd.	532712	RCOM	18668.88	2.593020313
Jaiprakash Power Ventures Ltd.	532627	JPPOWER	10735.43	14.72651474
GMR Infrastructure Ltd.	532754	GMRINFRA	10684.64	3.266524608
Unitech Ltd.	507878	UNITECH	7142.5	3.083905086
Bhushan Steel Ltd.	500055	BHUSSTEEL	7076.11	2.370219957
Reliance Natural Resources Ltd.	532709	RNRL	6883.52	5.099366601
Jaypee Infratech Ltd.	533207	JPINFRATEC	5881.99	2.278806636
IRB Infrastructure Developers Ltd.	532947	IRB	5381.56	4.637355656
Pipavav Shipyard Ltd.	533107	PIPAVAVDOC	4752	2.32909948
Godrej Properties Ltd.	533150	GODREJPRP	4515.19	2.419164517
Housing Development & Infrastructure Ltd.	532873	HDIL	3293.34	2.327371674
HMT Ltd.	500191	HMT	3148.06	2.9928018
Indiabulls Power Ltd.	533122	IBPOWER	2917.63	791.2533333
Core Projects & Technologies Ltd.	512199	COREEDUTEC	2912.5	2408.636364
Indiabulls Real Estate Ltd.	532832	IBREALEST	2576.55	10.04481458
Gujarat Pipavav Port Ltd.	533248	GPPL	2520.42	2.80819216
Strides Arcolab Ltd.	532531	STRIDES	2267.67	2.345610456
GVK Power & Infrastructure Ltd.	532708	GVKPIL	2184.03	2.433461909
Aban Offshore Ltd.	523204	ABANOFFSH	1918.79	2.43754304
KSK Energy Ventures Ltd.	532997	KSK	1833.19	5.33254008
Ackruti City Ltd.	532799	HUBTOWN	1503.8	3.685420618
Electrosteel Steels Ltd.	533264	ELECTROSTEE	1355.11	553.1292059
Puravankara Projects Ltd.	532891	PURVA	1351.89	2.681967451
Hotel Leela Venture Ltd.	500193	HOTELEELA	1277.8	7.232779278
GTL Infrastructure Ltd.	532775	GTLINFRA	1251.19	10.27560051
Television Eighteen India Ltd.	532299	TV18	1129.31	2.631342847
Gammon Infrastructure Projects Ltd.	532959	GAMMONINFR	1000.27	3.391015625
Prime Focus Ltd.	532748	PFOCUS	812.57	2.479079035
Orient Green Power Company Ltd.	533263	GREENPOWER	562.66	78.99107143
United Breweries (Holdings) Ltd.	507458	UBHOLDING	513.69	5.94063543
Advanta India Ltd.	532840	ADVANTA	489.85	4.345348837
Karuturi Global Ltd.	531687	KARUTGLOB	458.33	7.347593583
Reliance MediaWorks Ltd.	532399	RELMEDIA	381.71	3.6442751
Sterling Biotech Ltd.	512299	STERLINBIO	345.59	2.300758349
Shree Ashtavinayak Cine Vision Ltd.	532793	SHREEASHT	344.72	3.771264928
Sundaram Multi Pap Ltd.	533166	SUNDARAM	339.01	7.171666667
Great Offshore Ltd.	532786	GREATOFF	338.33	3.422852377
Ruby Mills Ltd.	503169	RUBY	335.94	3.482557726
Asian Hotels (North) Ltd.	500023	ASIANHOT	335.89	2.44903982
Binani Industries Ltd.	500059	BINANIZINC	330.34	18.66096866
3i Infotech Ltd.	532628	3IINFOTECH	315.84	3.348750568
Shree Ram Urban Infrastructure Ltd.	503205	SHREERAM	313.12	13.15508792
Varun Shipping Company Ltd.	500465	VARUNSHIP	273.75	3.230746251
Assam Company (India) Ltd.	500024	ASSAMCO	271.08	2.873670963
Bharati Shipyard Ltd.	532609	BHARSHIP	264.7	2.217237868
Entegra Ltd.	532287	ENTEGRA	260.55	667.3076923
Nirlon Ltd.	500307	NIRLON	244.12	5.342754275
Kamat Hotels (India) Ltd.	526668	KAMATHOQ	213.75	3.639924609
Andhra Cements Ltd.	532141	ANDHRCM	168.05	7.022317334
Elpro International Ltd.	504000	ELPRO	149.5	2.1733603
Rollatainers Ltd.	502448	ROLLT	135.95	3.01194332
Aksh Optifibre Ltd.	532351	AKSHOPTFBR	100.03	8.691759919
Satra Properties (India) Ltd.	508996	SATRAPROP	94.42	2.993669239
Viceroy Hotels Ltd.	523796	VICEHOT	91.16	15.07209536
SIL Investments Ltd.	521194	SILINVEST	79.34	5.130413625
Marksans Pharma Ltd.	524404	MARKSANS	71.35	2.557599287
Terai Tea Company Ltd.	530533	TERAI	68.66	2.105392157
Arcotech Ltd.	532914	ARCOTECH	62	4.513583441
Duncans Industries Ltd.	590063	DUNCANSIND	57.72	6.298044504
Pioneer Distilleries Ltd.	531879	PIONRDIS	54.34	3.412773173
Kerala Ayurveda Ltd.	530163	KERALAYUR	53.53	2.692076229
Pentamedia Graphics Ltd.	500329	PENTAGRAPH	51.46	10.59641256
Indowind Energy Ltd.	532894	INDOWIND	49.87	3.637607592
Sezal Glass Ltd.	532993	SEZALGLAS	47.04	2.206141437
Prajay Engineers Syndicate Ltd.	531746	PRAJAYEN	44.04	2.656353465
Bheema Cements Ltd.	518017	BHEEMACEM	41.87	3.518711311
Grabal Alok Impex Ltd.	532909	GRABALALK	40.5	25.58596838
Kinetic Motor Company Ltd.	505190	KINETIC	37.15	6.91011236
Jayshree Chemicals Ltd.	506520	JAYCH	35.16	3.591759003
Cranes Software International Ltd.	512093	CRANES	34.4	32.54104211
Sancia Global Infraprojects Ltd.	532836	SANCIA	34.29	2.819234995
Agro Dutch Industries Ltd.	519281	AGRODUT	33.73	2.953918362
KLG Systel Ltd.	531269	KLG	32.26	2.701328117
Ganesh Benzoplast Ltd.	500153	GANESHBE	31.6	2.990514905
Harig Crankshafts Ltd.	500178	HARCR	31.55	2.268824306
Teledata Informatics Ltd.	532358		30.49	12.88675022
Store One Retail India Ltd.	532679	STOREONE	29.1	113.6781609
TCM Ltd.	524156	TCMLMTD	29.09	14.23602484
Euro Ceramics Ltd.	532823	EUROCERA	29.04	2.025763161
Roselabs Industries Ltd.	526753	ROSEIND	25.88	2.333333333
Dujodwala Products Ltd.	514418	DUJODPRO	25.75	35.70114943
Broadcast Initiatives Ltd.	532816	BROADCAST	25.43	13.31529657
HB Estate Developers Ltd.	532334	HBESD	24.42	63.12386707
Piramal Life Sciences Ltd.	532979	PIRAMLIFE	23.56	30.47169811
Syschem (India) Ltd.	531173	SYSCHEM	23.07	2.365714286
Indo Pacific Software & Entertainment Ltd.	531565	INDOPACIF	22.11	7.156959526
Jaykay Enterprises Ltd.	500306	JAYKAY	21.56	52.39393939
NEPC India Ltd.	500301	NEPIN	21.41	591.6538462
Shree Rama Multi-Tech Ltd.	532310	SHREERAMA	20.76	3.840236686
Sea TV Network Ltd.	533268	SEATV	20.04	2.295887663
Riba Textiles Ltd.	531952	RIBATEX	17.01	2.764186633
Jhagadia Copper Ltd.	504920	JHAGCOP	16.39	13.64941888
Euro Multivision Ltd.	533109	EUROMULT	14.95	2.371347269
NRC Ltd.	503780	NRC	14.69	498.6969697
Eastern Gases Ltd.	590080	EASTERNGAS	14.53	105.0909091
Unimers India Ltd.	524264	UNIMERQ	14.44	6136
XL Energy Ltd.	532788	XLENERGY	13.47	5.410759724
Parekh Platinum Ltd.	500323	PAREKHPL	13.39	46.25104603
Abhishek Corporation Ltd.	532831	ABHICOR	13.2	5.69605475
Asit C Mehta Financial Services Ltd.	530723	ASITCFIN	12.48	4.418918919
Ras Propack Lamipack Ltd.	500361	RASPRO	12.22	2.228832952
Martin Burn Ltd.	523566	MARBU	11.97	4.858024691
Jagsons Airlines Ltd.	520139	JAGSONAI	11.62	4.156378601
Jenson & Nicholson (India) Ltd.	523592	JENSONIC	11.48	8.177339901
Blue Bird (India) Ltd.	532781	BLUEBIRD	10.89	67.63721805
Hanil Era Textiles Ltd.	500177	HANILERA	10.46	3.77093207

Tata Motors - 500570

NSE	TATAMOTORS
Price	218.9
As of date	Jan 23, 17:00
Market Cap	69,477.51
PE	46.77
EPS	4.68
Div yield %	1.83%
Reserves	Reserves have increased from 6458.39 to 19351.4 from Mar '07 to Mar '11
Debt	Debt has increased from 4009.14 to 15898.75 from Mar '07 to Mar '11
# of shares	317.39

Ashok Leyland - 500477

Company	Ashok Leyland
BSE	500477
NSE	ASHOKLEY
Price	26.45
As of date	40928.70833
Market Cap	7,037.49
PE	12.08
EPS	2.19
Div yield %	7.56%
Reserves	Reserves have increased from 1739.23 to 2523.65
Debt	Debt has increased from 640.4 to 2658.19
# of shares	266.07

Domestic Appliances

Company Name	Last Price	52 wk	52 wk	Market Cap	Net Sales	Net Profit
		High	Low	(Rs. cr)	(Rs. cr)	(Rs. cr)
TTK Prestige	2333.75	3200	1376.05	2642.06	763.99	83.75
Bajaj Electric	163.45	296	132.85	1628.62	2738.9	144.86
Hawkins Cooker	1386.1	2117.95	827.05	732.94	332.2	31.77
Butterfly	299.5	373.95	110.3	462.09	205.67	15.19
Khaitan Electri	79.5	153.85	60	91.43	467.18	5.51
Panasonic Home	90.05	176.35	61	77.17	186.26	1.79
Sujana Uni	4.39	7.55	2.55	74.12	3877.42	27.2
Gorani Ind	58.6	65	42.95	31.87	2.92	0.12
Kanchan Int	61	177.35	33.9	19.58	43.01	-0.6
DHP	31.7	35.5	24.15	9.51	23.45	2.6
Polar Ind	3.3	8.3	2.55	7	0.43	-1.18

too costly, not financially stable companies

Company Name	Interest	% of Net	Debt	% of	% above low	Int/NP	Debt/Sales	PE	Mcap/Sales
		Sales		Liability
TTK Prestige	4.43	0.58	2.25	7.67	70%	5%	0%	31.55	3.46
Bajaj Electric	37.68	1.38	116.47	6.69	23%	26%	4%	11.24	0.59
Hawkins Cooker	2.09	0.63	20.26	33.07	68%	7%	6%	23.07	2.21
Butterfly	6.27	3.05	72.07	45.04	172%	41%	35%	30.42	2.25
Khaitan Electri	17.82	3.81	223.62	44.37	33%	323%	48%	16.59	0.20
Panasonic Home	2.21	1.19	18.3	23.42	48%	123%	10%	43.11	0.41
Sujana Uni	82.85	2.14	246.64	15.85	72%	305%	6%	2.73	0.02
Gorani Ind	0.04	1.37	3.1	51.07	36%	33%	106%	265.58	10.91
Kanchan Int	2.58	6	24.49	63.83	80%	-430%	57%	-32.63	0.46
DHP	0.38	1.62	5.13	24.3	31%	15%	22%	3.66	0.41
Polar Ind	0.33	76.74	33.32	195.31	29%	-28%	7749%	-5.93	16.28

Cement Companies

This has been a bad year for the cement companies post the world economic slowdown. Some companies are overvalued in spite of this. Ambuja and ACC are acceptable to an extent as a bounce back would be best  for the big three - Ultratech, Ambuja and ACC. Rain commodities, Dalmia enterprises and Andhra Cements seem overvalued.

Company Name	Mcap/Sales
Ambuja Cements	3.149865971
ACC	2.731699567
Rain Commoditie	3.375153825
Dalmia Enter	8.145511296
Andhra Cemen	2.569839308

The big three spend around 20% of the net sales on the raw materials. There are some companies which spend a lot on raw materials, which might mean the company pays more for the raw materials. The companies which might very less for the raw materials are India Cements, JK Cements, Mangalam Cements and Shree Digvijay.

Company Name	Raw mat/Sales
Birla Corp	28%
Prism Cement	49%
Rain Commoditie	55%
Dalmia Enter	27%
HeidelbergCemen	32%
OCL India	35%
KCP	28%
Andhra Cemen	38%
Burnpur Cement	55%
Barak Vally Cem	25%

Andhra cements debt seems to be huge and it can never repay its debt in the reasonable future. Madras, Rain Commodities and Panyam cements need to pay approximately 1 year sales to repay their debt, this may be difficult as well. Ultratech has the biggest debt among the big three, this is bringing the net profit down for the biggie. But Ultratech can manage this debt as this is not huge.

Company Name	Int/Sales	Int/NP	Debt/NP	Debt/Sales
Shree Cements	5%	84%	879%	53%
Madras Cements	5%	66%	1323%	107%
Rain Commoditie	6%	-10%	-184%	103%
Andhra Cemen	21%	-54%	-1867%	710%
Panyam Cements	6%	-205%	-3473%	94%
Saurastra Cemen	11%	-73%	-466%	68%
Barak Vally Cem	5%	821%	9772%	60%

Company Name	Last Price	52 wk	52 wk	Market Cap	Net Sales	Net Profit
		High	Low	(Rs. cr)	(Rs. cr)	(Rs. cr)
ACC	1111.6	1233	917	20891.41	7647.77	1120.01
Ambuja Cements	151.5	165.5	112	23219.3	7371.52	1263.61
Andhra Cemen	11.39	16.89	8.03	166.32	64.72	-24.6
Barak Vally Cem	12.55	26.75	11.35	27.81	95.12	0.58
Birla Corp	273	394.95	242.7	2102.25	2146.37	319.88
Burnpur Cement	6.55	10.05	5.41	28.17	27.38	0.49
Chetinad Cem	540	570	390	2062.75	1545.58	75.17
Dalmia Enter	135	235	87	1096.06	134.56	21.44
Guj Sidhee Cem	8.15	15.45	6.92	117.86	347.91	-3.03
HeidelbergCemen	31.1	54	25.05	704.77	868.16	63.3
India Cements	69.55	107.15	62.1	2136.43	3413.29	68.1
JK Cement	109.1	148.5	95.8	762.91	2361.35	64.05
JK LakshmiCemen	43.75	56.8	35.5	535.32	1317.26	59.13
KCP	26.3	30.85	22.4	339.06	316.17	41.35
Madras Cements	104.65	123	79.7	2490.35	2620.71	210.98
Mangalam Cement	93.55	134.9	76	249.72	491.57	38.24
OCL India	90	124.95	83.05	512.1	1472.08	114.47
Panyam Cements	50.4	104.9	33.95	80.73	141.29	-3.81
Prism Cement	40.45	59.85	35.75	2036.08	3364.27	95.79
Rain Commoditie	31.75	40.22	25	1124.5	333.17	-186.04
Saurastra Cemen	14	23.5	8.4	71.67	389.41	-57.06
Shree Cements	2074.95	2200	1504.75	7228.55	3498.89	209.7
Shree Digvijay	9	12.98	7.51	127.24	295.02	1
UltraTechCement	1160.1	1228	890	31793.81	13205.64	1404.23

--------------

Company Name	Raw Materials*	% of Net	Interest	% of Net	Debt	% of
		Sales		Sales		Liability
ACC	1464.1	19.14	56.78	0.74	523.82	12.31
Ambuja Cements	1420.92	19.28	48.69	0.66	65.03	13.53
Andhra Cemen	24.27	37.5	13.31	20.57	459.4	61.25
Barak Vally Cem	24.07	25.3	4.76	5	56.68	35.44
Birla Corp	598.6	27.89	61.95	2.89	945.41	31.67
Burnpur Cement	14.95	54.6	1.16	4.24	15.42	18.39
Chetinad Cem	335.8	21.73	64.57	4.18	896.06	38.78
Dalmia Enter	36.72	27.29	0.09	0.07	0.32	0.06
Guj Sidhee Cem	41.49	11.93	2.55	0.73	7.5	6.87
HeidelbergCemen	280.05	32.26	4.21	0.48	0	14.16
India Cements	554.44	16.24	141.72	4.15	2456.07	30.87
JK Cement	423.36	17.93	114.5	4.85	1319.15	42.58
JK LakshmiCemen	303.11	23.01	59.91	4.55	996.99	40.16
KCP	88.7	28.05	13.94	4.41	350.06	45.82
Madras Cements	561.95	21.44	139.9	5.34	2791.17	48.93
Mangalam Cement	100.99	20.54	2.19	0.45	0	2.57
OCL India	510.99	34.71	62.45	4.24	852.27	47.66
Panyam Cements	27.22	19.26	7.82	5.53	132.33	50.21
Prism Cement	1651.58	49.09	105.73	3.14	1169.84	35.09
Rain Commoditie	183.16	54.98	19.09	5.73	342.42	42.8
Saurastra Cemen	71.52	18.37	41.8	10.73	265.87	56.26
Shree Cements	777.12	22.21	175.35	5.01	1844.29	42.6
Shree Digvijay	28.34	9.61	0.56	0.19	0	0.62
UltraTechCement	2686.75	20.35	277.11	2.1	4144.6	20.73

I would consider Ambuja, ACC, Ultratech, India Cements, JK Cements, Heidelberg cement, Mangalam Cement and Shree Digvijay. Stay with the bigger players as this is a very capital intensive business - Setting up a cement plant is not like buying a few computers for 50K rupees each and renting a office space.

https://docs.google.com/spreadsheet/ccc?key=0AkkfAImTou94dGpMaml0alh6UFIwX3d5X3JUV3gxTkE

Thanks to Britannica for the pic.

Suprajit Engineering -

Established 1985

Based out of Bangalore

mechanical control cables for motorcycles, cars, commercial vehicles and non automotive

instruments, speedometers

Top Indian Companies - by MCAP and Profit

Agri Companies

Housing Finance Companies

HDFC is the big boss here, huge valuations and huge player. A lot of banks are in this business as well. HFCs are better focussed to lend into categories such as Home loans and mortgages. Banks such as ICICI, SBI are also popular places where people tend to shop when getting their loans. 

Company Name	Last Price	52 wk	52 wk	Market Cap	Net Profit
		High	Low	(Rs. cr)	(Rs. cr)
HDFC	668.05	736.45	582.25	98,482.05	3534.96
LIC Housing Fin	225.85	245	150.4	10,720.26	974.49
Dewan Housing	185.55	288	171.1	1,946.11	265.13
GRUH Finance	551.2	630.05	310.1	1,945.82	91.51
GIC Housing Fin	74.05	122.4	68	398.77	113.77
Shristi Infra	154	248.7	132.1	341.88	3.73
Can Fin Homes	91.6	135.8	86.55	187.64	42.02
Sharyans Res	52.3	83.5	42.5	77.77	1.61
India Home Loan	42.4	52.3	37.45	46.39	0.13
Sahara Housing	57.55	138.1	52.3	40.28	2.26
Coral India Fin	18.6	29	17	19.38	5.98
Vax Housing	15.12	71.8	8.93	11.95
Manraj Hsg Fin	21.65	30.85	20	10.83	0.48
Ind Bank Housin	9.74	22.7	8.48	9.74	-2.92
Parshwanath	23.7	90.75	23.7	7.11	1.35
Int Housing Fin	2.76	7.14	2.71	4.96	-0.03
Sylph Tech	2.52	6.63	2.52	1.25	0.22
Saya Housing	4.04	6.95	2.94	1.21	0.03

From Emkay Indian Housing finance sector report:

Mortgage/GDP in India is a meager 10%* and with improving demographics and economies of scale, we believe there is room for growth.

The recent NHB regulation on withdrawal of pre-payment penalty and uniformity in interest rates on floating loan is unlikely to have any material impact on growth and profitability.

In order to gauge the impact of interest rate on housing loan growth,

we have plotted the trend on yoy growth in individual loan portfolio and floating rate loan of

HDFC. Our analysis depicts that interest rates have minimal impact on mortgage demand in

the past. This is clearly evident from the fact that over the last decade, despite volatile

interest rate regime (8.25%-12.75%), HDFC has witnessed healthy 24% CAGR in its loan

book.

TRF - 505854

A tata group company

Material handling equipment and processing systems

highly volatile profits, thus the stock price

When blogged, 214 (at 52 week low, 5 year low is 90 during march 2009). market cap is 235 Cr.

ups and downs in this stock, buy low, sell high. 5 year high was 1100. more than 10 times the low, about 5 times the current price.

Metrochem Industries

37 Cr market cap at current price of 32.50. 

this company normally sells for around 200 Cr a year. In Fy10 it sold 13 Cr and had a additional income of 47 Cr.

This company seems to have stopped doing business, please exit.

Dyes and Chemicals

Company Name	Last Price	52 wk high	52 wk low	Market Cap	Net Profit	Debt
Amal	11.97	24	11.97	8.41	-3.72	16.69
Asahi Songwon	75.1	129.7	61	92.16	20.04	48.49
Atul	139.4	240.6	135	413.48	96.11	328.23
Audichem	27	41.25	13	13.37	6.37	10.76
Bagadia Colour	4	8.5	3.75	1.48	0.13	1.29
Bhageria Dyeche	21.45	40.8	20.6	15.26	0.9	12.49
Bodal Chemicals	11.5	35.8	10.88	114.44	17.49	287.91
Camex	16.6	22.15	13.25	12.3	1.45	24.03
Chromatic India	78	154	56.55	554.16	0.92	1.56
Clariant	575	854.8	563	1,532.99	112.42	1.05
Daikaffil Chem	12.2	19.5	10.26	7.32	1.63	1.99
Dynamic Ind	8.5	13.8	7.63	2.57	0.71	14.36
Dynemic Product	16.8	27.95	15.15	19.03	5.71	17.3
Indian Toners	14.49	27.8	11.51	11.68	1.51	0.47
Indokem	4.2	5.23	2.9	10.29	-9.52	19.9
Jaysynth Dyestu	18.5	23.3	11.1	16.08	4.47
JD Orgochem	4.59	5.5	2.67	6.08	-3.63	37.75
Kiri Industries	59.1	520	50	112.29	33.21	376.64
Metrochem	32.5	58.95	31.3	37.16	40.7	14.55
Poddar Pigments	31.25	52.3	30.1	33.16	9.55	24.02
Pratiksha Chem	2.33	4.06	2.33	1.3	0.07	3.83
Priya Limited	25.95	43.65	22.25	7.79	2	25.86
Roselabs Ind	10.35	19.55	7.85	23.54	0.01	0.84
Sadhana Nitro	12.5	30	11.71	11.5	-5.03	52.14
Shree Hari Chem	18.6	25.85	13.65	8.27	0.81	16.54
Shreyas Interme	6.7	12.24	5.07	10.79	-7.97	115.77
Sudarshan Chem	542	798.4	480	375.21	55.81	196.39
Ultramarine	34.4	51.75	34	100.45	17	7.74
Vidhi Dyestuffs	3.9	9.16	3.32	19.48	3.68	26.75
Vipul Dyechem	14.5	33.8	12.2	7.88	0.96	6.23
Vivid Global	7.99	10.11	4.03	3.26	0.45	0.52

Clariant and Chromatic are near zero debt companies. Clariant is a well established MNC player.

Atul, Sudarsan, Bodal, Kiri Industries and Shreyas intermediaries are playing with huge debt. Dyes are not very high NPM companies.

I will consider Atul, Sudarsan and Clariant further.