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Beijing monitors share prices of Indian companies linked to Chinese biz

 China's financial market regulators are monitoring the over valuation of India-listed companies which have business dealings with Chinese-origin companies in Asia, following a recent dispute settlement of two firms from both countries, informed sources said on Friday. The sources cited a judgement by the Singapore International Commercial Court (SICC) this month, involving India's Kiri Industries and DyStar Global Holdings (Singapore), a subsidiary of the world's largest dye manufacturer from China. The Hong Kong-based sources pointed out that Kiri's hope for a USD 603.8-million buyout of its stake by DyStar is looking dim. The deal, as per the sources, is the buyout of Kiri's 37.57 per cent interest in Dystar which was valued at USD 603.8 million. China's regulatory approvals for such a massive outflow of funds is unlikely, as regulators in Beijing are convinced that the Indian company's stake is highly overpriced due to speculative play in share prices. Hong Kong-based Senda...
17-03-2023
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KIRI INDUSTRIES LTD. - 532967 - Singapore International Commercial Court Confirms US$ 603.80 Million, As The Final Value Of The Company''s Stake In Dystar. - Updates On Court Case In Singapore In Compliance With Regulation 30 Of SEBI (Listing Obligations And Disclosure Requirements) Regulations, 2015.

 We are pleased to inform that the Singapore International Commercial Court ('SICC') vide its judgement dated March 3, 2023 has confirmed the final value of Company's 37.57% stake in DyStar Global Holdings (Singapore) Pte Ltd ('DyStar') as US$603.80 million as against US$481.60 Million, which was valued by the SICC vide its judgement dated June 21, 2021 which is now significantly increased by US$122.20 million. The court of appeal (the Supreme Court of Singapore) vide its judgement dated 6 July 2022 had decided two major points in favour of the Company related to 19% Discount for Lack of Marketability and notional licence fees with respect to exploitation of DyStar's patent by Longsheng and had directed the SICC to give effect of the said Judgement. The buyout order is to be executed now at the value of US$ 603.80 million by Senda International Capital Ltd. Please find attached herewith copy of SICC final valuation judgement dated March 3, 2023 for your reference and records.
03-03-2023
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KIRI INDUSTRIES LTD. - 532967 - Judgement On Final Valuation To Be Announced On Tomorrow, 3Rd March 2023 - Updates On Court Case In Singapore In Compliance With Regulation 30 Of SEBI (Listing Obligations And Disclosure Requirements) Regulations, 2015.

 We are pleased to inform you that, the Singapore International Commercial Court ('SICC') shall deliver the judgement on final valuation of Company's stake in DyStar Global Holdings (Singapore) Pte. Ltd. ('DyStar') tomorrow i.e. 3rd March 2023. We will further update once the judgement becomes available to the Company.
02-03-2023
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KIRI INDUSTRIES LTD. - 532967 - Announcement under Regulation 30 (LODR)-Earnings Call Transcript

 In compliance with Regulation 30 of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, please find attached herewith the Transcript of Q3-FY23 Earnings Conference Call held on Monday, February 13, 2023. The Transcript of Q3-FY23 Earnings Conference Call is also available on website of the Company at www.kiriindustries.com.
16-02-2023
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KIRI INDUSTRIES LTD. - 532967 - Announcement under Regulation 30 (LODR)-Analyst / Investor Meet - Outcome

 Pursuant to Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, please find below the link of audio recording of conference call with analysts / investors held on Monday, February 13, 2023 for discussion of Q3-FY 2022-23 results of the Company: Link: http://www.kiriindustries.com/pdf/Recording%20Investor%20Call/20230213_Concall.mp3 You are kindly requested to take note of the same.
13-02-2023
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KIRI INDUSTRIES LTD. - 532967 - Announcement under Regulation 30 (LODR)-Investor Presentation

 In compliance with Regulation 30 of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 and our letter dated February 07, 2023 regarding intimation of Conference Call scheduled to be held on Monday, February 13, 2023 at 02.00 p.m. (IST), please find attached herewith the Q3-FY23 Earnings Presentation.
13-02-2023
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Q3FY23 Quarterly Result Announced for Kiri Industries Ltd.

 Kiri Industries announced Q3FY23 results: Consolidated Q3FY23 vs Q2FY23 and Q3FY22: During Q3FY23 revenues was lower by 16% YoY basis, and EBIDTA to sales was (-) 8% in Q3FY23. The major reason for negative EBIDTA, was sluggish demand and lower capacity utilization with conversion cost not getting fully absorbed and most importantly not being able to pass on the cost increases to its finished products sales prices. Earning after tax are lower by 11% QoQ and 49% YoY. The share of profit of associates includes share of profit of DyStar, which does not have any impact on the valuation of stake of Kiri in DyStar. The value of Kiri’s stake in DyStar is US$ 481.60 million plus the number of license fees for wrongfully using patents of DyStar by Lonsgheng plus the amount of 19% DLOM which ought to be reversed. Standalone Q3FY23 vs Q2FY23 and Q3FY22: EBITDA margins remained negative in Q3FY23 because of sluggish demand and accounting for higher legal costs. Other Income includes a dividend of Rs 6.86 crore from Lonsen Kiri Chemical Industries Limited, JV Company in which it holds a 40% equity stake. Result PDF
13-02-2023
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KIRI INDUSTRIES LTD. - 532967 - Announcement under Regulation 30 (LODR)-Change in Directorate

 Pursuant to the provisions of Regulation 30 read with Part A of Schedule III of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 and SEBI Circular No. CIR/CFD/CMD/4/2015 dated September 09, 2015, we wish to disclose the following events or information: 1. Re-appointment of Mr. Manish Kiri (DIN: 00198284), as a Chairman & Managing Director of the Company. 2. Appointment of Mr. Girish Tandel (DIN: 08421333), as a Whole Time Director of the Company. 3. Appointment of Mr. Yagnesh Mankad (DIN: 03204060), as a Whole Time Director of the Company. You are requested to kindly note of the above.
11-02-2023
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KIRI INDUSTRIES LTD. - 532967 - Financial Results For The Quarter And Nine Months Ended December 31, 2022.

 We wish to inform you that the Board of Directors of the Company at their meeting held on Saturday, February 11, 2023 have approved Unaudited Standalone and Consolidated Financial Results along with the Limited Review Reports issued by M/s Pramodkumar Dad & Associates, Statutory Auditors of the Company for the quarter and nine months ended December 31, 2022. Please find attached herewith, the approved Unaudited Standalone and Consolidated Financial Results along with Limited Review Report and Management notes on results for the quarter and nine months ended December 31, 2022. The approved Unaudited Standalone and Consolidated Financial Results are also available on the website of the Company viz. www.kiriindustries.com. The meeting was commenced at 02:30 p.m. and concluded at 04:00 p.m.
11-02-2023
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KIRI INDUSTRIES LTD. - 532967 - Board Meeting Outcome for Outcome Of Board Meeting

 we wish to inform you that the Board of Directors of the Company at their meeting held on Saturday, February 11, 2023 have approved Unaudited Standalone and Consolidated Financial Results along with the Limited Review Reports issued by M/s Pramodkumar Dad & Associates, Statutory Auditors of the Company for the quarter and nine months ended December 31, 2022. Please find attached herewith, the approved Unaudited Standalone and Consolidated Financial Results along with Limited Review Report and Management notes on results for the quarter and nine months ended December 31, 2022. The approved Unaudited Standalone and Consolidated Financial Results are also available on the website of the Company viz. www.kiriindustries.com. The meeting was commenced at 02:30 p.m. and concluded at 04:00 p.m.
11-02-2023
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