MIRA INFORM REPORT

Report Date :

22.06.2012

IDENTIFICATION DETAILS

Name :	OMKAR SPECIALITY CHEMICALS LIMITED
Registered Office :	B-34, MIDC, Badlapur (East), Thane-421503, Maharashtra
Country :	India
Financials (as on) :	31.03.2011
Date of Incorporation :	24.02.2005
Com. Reg. No.:	11-151589
Capital Investment / Paid-up Capital :	Rs.196.280 Millions
CIN No.: [Company Identification No.]	L24110MH2005PLC151589
Legal Form :	It is a Public Limited Liability Company. The company's shares are listed on the Stock Exchanges.
Line of Business :	Manufacturing and Sale of Chemicals.
No. of Employees :	Not Available

RATING & COMMENTS

MIRA’s Rating :

Ba (50)

RATING		STATUS	PROPOSED CREDIT LINE
41-55	Ba	Overall operation is considered normal. Capable to meet normal commitments.	Satisfactory

Maximum Credit Limit :	USD 3680000
Status :	Satisfactory
Payment Behaviour :	Usually Correct
Litigation :	Clear
Comments :	Subject is an established company having satisfactory track. Financially company is doing well. Trade relations are reported as fair. Business is active. Payments are reported to be usually correct and as per commitments. The company can be considered for normal business dealings on a usual trade terms and conditions.

NOTES :

Any query related to this report can be made on e-mail : infodept@mirainform.com while quoting report number, name and date.

ECGC Country Risk Classification List – September 30, 2011

Country Name	Previous Rating (30.06.2011)	Current Rating (30.09.2011)
India	A1	A1

Risk Category	ECGC Classification
Insignificant	A1
Low	A2
Moderate	B1
High	B2
Very High	C1
Restricted	C2
Off-credit	D

LOCATIONS

Registered / Corporate Office :	B-34, MIDC, Badlapur (East), Thane-421503, Maharashtra, India
Tel. No.:	91-251-2697340/2690651
Fax No.:	91-251-2691572/2697347
E-Mail :	care@omkarchemicals.com omkarchem@vsnl.com info@omkarchemicals.com
Website:	http://www.omkarchemicals.com
Factory 1 :	Plot No. W-92(A), MIDC, Badlapur, Thane-421503, Maharashtra, India
Tel. No.:	91-251-2698840
Fax No.:	91-251-2691662
Factory 2 :	Plot No. F-24, MIDC, Badlapur, Thane-421503, Maharashtra, India
Tel. No.:	91-251-2691852
Fax No.:	91-251-2697673
Factory 3 :	Plot No. B-34, MIDC, Badlapur, Thane-421503, Maharashtra, India
Tel. No.:	91-251-2697340/2690651
Fax No.:	91-251-2697347/2691572
Factory 4 :	Plot No. F-10/1, MIDC, Badlapur, Thane-421503, Maharashtra, India
Tel. No.:	91-251-2696434/2696432

DIRECTORS

As on 31.03.2011

Name :	Mr. Pravin S. Herlekar
Designation :	Chairman cum Managing Director
Name :	Mr. Omkar P. Herlekar
Designation :	Whole Time Director
Name :	Prof. Suhas M. Rane
Designation :	Director
Name :	Mr. Subhash P. Mali
Designation :	Director
Name :	Mr. Amit A. Pandit
Designation :	Director
Name :	Dr. Vikas N. Telvekar
Designation :	Director

KEY EXECUTIVES

Name :	Mr. Swapnil S. Puranik
Designation :	Company Secretary

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 31.03.2012

Category of Shareholder	Total No. of Shares	Total Shareholding as a % of total No. of Shares
(A) Shareholding of Promoter and Promoter Group
(1) Indian
Individuals / Hindu Undivided Family	11,795,836	60.10
Sub Total	11,795,836	60.10
(2) Foreign
Total shareholding of Promoter and Promoter Group (A)	11,795,836	60.10
(B) Public Shareholding
(1) Institutions
Financial Institutions / Banks	1,020,360	5.20
Foreign Institutional Investors	1,158,817	5.90
Sub Total	2,179,177	11.10
(2) Non-Institutions
Bodies Corporate	2,039,348	10.39
Individuals
Individual shareholders holding nominal share capital up to Rs.0.100 Million	1,244,201	6.34
Individual shareholders holding nominal share capital in excess of Rs.0.100 Million	2,293,995	11.69
Any Others (Specify)	75,447	0.38
Clearing Members	4,829	0.02
Non Resident Indians	70,618	0.36
Sub Total	5,652,991	28.80
Total Public shareholding (B)	7,832,168	39.90
Total (A)+(B)	19,628,004	100.00
(C) Shares held by Custodians and against which Depository Receipts have been issued	-	-
(1) Promoter and Promoter Group	-	-
(2) Public	-	-
Sub Total	-	-
Total (A)+(B)+(C)	19,628,004	-

BUSINESS DETAILS

Line of Business :

Manufacturing and Sale of Chemicals.

Products :

PRODUCT DESCRIPTION	ITEM CODE
Selenium Dioxide	28112990
Methyl Iodide	29033930
Benezene Seleninic Anhydride	29310090

PRODUCTION STATUS [AS ON 31.03.2011]

Particulars	Unit	Installed Capacity	Actual Production
Iodine Compounds	Kgs/Lakhs	435000	379509
Selenium Compounds	Kgs/Lakhs	75000	71728
Molybdenum Compounds	Kgs/Lakhs	70000	68536
Others	Kgs/Lakhs	170000	168526
Total	Kgs/Lakhs	750000	688299

NOTE:

a) Installed capacities are interchangeable for different compounds.

b) Licensed capacities is not applicable.

GENERAL INFORMATION

No. of Employees :

Not Available

Bankers :

Bank of Baroda

Facilities :

Secured Loan	As on 31.03.2011 [Rs. in Millions]	As on 31.03.2010 [Rs. in Millions]
Term Loan
From Banks
Rupee Loans	99.935	60.750
Working Capital Loans From Banks	298.713	191.151
Total	398.648	251.901
NOTE: 1) a) Term loans from Banks were secured by way of hypothecation of stock and book debts and first charge on land, building and plant and machinery situated at Plot No. F-24, Plot No. W-92A, Plot No. F -10/1, Plot No. B-34, MIDC, Badlapur, District Thane, Maharashtra, India. b) Personal guarantee of the promoter directors of the company 2) a) Working Capital Loans from Banks were secured by way of hypothecation of stock and book debts and first charge on land building and plant and machinery situated at Plot No. F-24, Pot No. W-92A, Plot No. F -10/1, MIDC, Badlapur, District Thane, Maharashtra, India. b) Personal guarantee of the promoter directors of the company
Unsecured Loan
Term Loans From Financial Institutions	24.641	5.980
Short Term Loans From Financial Institutions	12.173	9.254
Loans From Directors	18.102	0.521
Total	54.916	15.755
NOTE: 1) Term loans from Financial Institutions are due within a year (previous year Rs.15.251 Millions) 2) Short Term Loans from Financial Institutions are due within a year (previous year Rs.15.035 Millions) 3) Term Loans from Financial Institutions are secured by personal guarantee of the promoter directors of the company

Banking Relations :	--
Auditors :
Name :	Siddharth Sinkar and Associates Chartered Accountants
Address :	Mumbai, Maharashtra, India
Subsidiaries :	· Rishichem Research Limited Registered / Factory Address: W-83C, MIDC, Badlapur (East), Thane-421503, Maharashtra, India · Desh Chemicals Private Limited Registered Address: B-34, MIDC, Badlapur (East), Thane-421503, Maharashtra, India Factory Address: W-93(A), MIDC, Badlapur (East), Thane-421503, Maharashtra, India · Urdhwa Chemicals Company Private Limited Registered Address: B-34, MIDC, Badlapur (East), Thane-421503, Maharashtra, India Factory Address: C-4, Lote Parshuram Industrial Area, Khed, Ratnagiri, Maharashtra, India

CAPITAL STRUCTURE

As on 31.03.2011

Authorised Capital :

No. of Shares	Type	Value	Amount
25000000	Equity Shares	Rs.10/- each	Rs.250.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
19628004	Equity Shares	Rs.10/- each	Rs.196.280 Millions

NOTE:

OF THE ABOVE EQUITY SHARES:-

1) 25100 (Previous year 25100) Equity shares of Rs.100/- each have been issued for consideration other than cash

2) Nil (previous year 11,26,600) Equity shares of Rs.100/- each have been allotted as fully paid -up by way of bonus shares by way of capitalization of Profits and Security Premium A/c

3) Existing nominal value of Rs.100/- per Equity Share sub-divided into Rs.10/- per Equity Share.

4) 8100004 (previous year Nil) Equity shares of Rs.10 each have been issued at premium of Rs.88 each by public offer.

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS		31.03.2011	31.03.2010	31.03.2009
SHAREHOLDERS FUNDS
1] Share Capital		196.280	115.280	2.620
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		726.117	43.532	113.036
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		922.397	158.812	115.656
LOAN FUNDS
1] Secured Loans		398.648	251.901	199.163
2] Unsecured Loans		54.916	15.755	61.657
TOTAL BORROWING		453.564	267.656	260.820
DEFERRED TAX LIABILITIES		6.499	4.297	2.194
TOTAL		1382.460	430.765	378.670
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		205.524	156.028	149.561
Capital work-in-progress		175.933	5.793	0.000
INVESTMENT		13.010	0.000	0.000
DEFERREX TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	300.775	194.818	152.431
	Sundry Debtors	272.144	165.771	149.659
	Cash & Bank Balances	386.019	4.193	2.070
	Other Current Assets	0.000	0.000	0.000
	Loans & Advances	371.611	85.832	50.541
Total Current Assets		1330.549	450.614	354.701
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	219.496	120.841	89.786
	Other Current Liabilities	14.703	1.182	6.552
	Provisions	108.357	59.647	29.281
Total Current Liabilities		342.556	181.670	125.619
Net Current Assets		987.993	268.944	229.082
MISCELLANEOUS EXPENSES		0.000	0.000	0.027
TOTAL		1382.460	430.765	378.670

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2011	31.03.2010	31.03.2009
	SALES
		Income	1067.600	683.496	510.100
		Other Income	5.346	2.654	0.227
		TOTAL (A)	1072.946	686.150	510.327
Less	EXPENSES
		Cost of Material Consumed	750.382	461.928	333.501
		Other Manufacturing Expenses	54.471	40.277	38.106
		Cost of Employment	30.784	34.062	27.303
		Administrative, Selling and Distribution Expenses	27.086	22.063	17.143
		Increase/ Decrease in Stock of Finished Goods	(4.446)	(3.041)	3.864
		TOTAL (B)	858.277	555.289	419.917
Less	PROFIT / (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		214.669	130.861	90.410
Less	FINANCIAL EXPENSES (D)		48.477	37.440	35.959
	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		166.192	93.421	54.451
Less/ Add	DEPRECIATION/ AMORTISATION (F)		19.086	18.534	4.830
	PROFIT / (LOSS) BEFORE TAX (E-F) (G)		147.106	74.887	49.621
Less	TAX (H)		45.702	23.050	18.279
	PROFIT / (LOSS) AFTER TAX (G-H) (I)		101.404	51.837	31.342
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		30.492	90.446	59.104
Less	APPROPRIATIONS
		Transfer to General Reserve	15.000	15.000	0.000
		Proposed Dividend on Equity Shares	19.628	5.764	0.000
		Corporate Tax on Dividend	3.260	0.957	0.000
		Capitalized by way of bonus issue	0.000	90.070	0.000
	BALANCE CARRIED TO THE B/S		94.008	30.492	90.446
	IMPORTS
		Raw Materials	268.596	185.357	233.616
		Capital Goods	2.158	2.887	0.987
	TOTAL IMPORTS		270.754	188.244	234.603
	Earnings / (Loss) Per Share (Rs.)		7.95	44.97	27.00

QUARTERLY RESULTS

PARTICULARS	30.06.2011	30.09.2011	31.12.2011	31.03.2012
Type	1^st Quarter	2^nd Quarter	3^rd Quarter	4^th Quarter
Net Sales	425.600	392.390	441.460	410.030
Total Expenditure	343.610	314.910	353.700	325.320
PBIDT (Excl OI)	81.990	77.480	87.760	84.710
Other Income	6.770	7.270	7.280	15.660
Operating Profit	88.760	84.750	95.040	100.370
Interest	15.330	21.220	25.680	18.720
PBDT	73.430	63.530	69.360	81.650
Depreciation	10.010	10.440	10.490	25.270
Profit Before Tax	63.420	53.090	58.870	56.380
Tax	23.220	16.910	18.560	8.590
Profit After Tax	40.200	36.180	40.310	47.790
Net Profit	40.200	36.180	40.310	47.790

KEY RATIOS

PARTICULARS		31.03.2011	31.03.2010	31.03.2009
PAT / Total Income	(%)	9.45	7.55	6.14
Net Profit Margin (PBT/Sales)	(%)	13.77	10.96	9.73
Return on Total Assets (PBT/Total Assets}	(%)	9.57	12.34	9.84
Return on Investment (ROI) (PBT/Networth)		0.16	0.47	0.43
Debt Equity Ratio (Total Liability/Networth)		0.86	2.83	3.34
Current Ratio (Current Asset/Current Liability)		3.88	2.48	2.82

LOCAL AGENCY FURTHER INFORMATION

Check List by Info Agents	Available in Report (Yes / No)
1) Year of Establishment	Yes
2) Locality of the firm	Yes
3) Constitutions of the firm	Yes
4) Premises details	No
5) Type of Business	Yes
6) Line of Business	Yes
7) Promoter’s background	Yes
8) No. of employees	No
9) Name of person contacted	No
10) Designation of contact person	No
11) Turnover of firm for last three years	Yes
12) Profitability for last three years	Yes
13) Reasons for variation <> 20%	--
14) Estimation for coming financial year	No
15) Capital in the business	Yes
16) Details of sister concerns	Yes
17) Major suppliers	No
18) Major customers	No
19) Payments terms	No
20) Export / Import details (if applicable)	No
21) Market information	--
22) Litigations that the firm / promoter involved in	--
23) Banking Details	Yes
24) Banking facility details	Yes
25) Conduct of the banking account	--
26) Buyer visit details	--
27) Financials, if provided	Yes
28) Incorporation details, if applicable	Yes
29) Last accounts filed at ROC	Yes
30) Major Shareholders, if available	No

REVIEW OF OPERATIONS:

INCREASE IN SALES AND PROFIT OF THE COMPANY:

There is a significant growth in the total income and profit after tax despite of global downturn and recessionary trend. The Company has registered a growth of 56.33% in total income and 95.62% in profit after tax. The almost two fold growth in profit from operations was primarily on account of cost optimization, higher gross margin in product mix and efficient working capital management.

New markets were also explored for Company's existing products, thereby increasing exports revenues. The same has been indicated in the growth of total income. This can be seen from the tabular presentation as given below;

MANUFACTURING FACILITY

The Company has a diverse product range comprising a mix of organic, inorganic and organo inorganic intermediates. The total product mix comprises of more than 105 products which contain wide range of inorganic intermediates like derivatives of molybdenum, selenium, iodine, cobalt, bismuth and tungsten; organic intermediates like resolving agents and hypervalent Iodine compounds. Their R and D team is continuously working on the improvement in processes of their existing products in order to smoothen the production process with optimum utilization of resources and cost saving. These provide them a competitive edge over others and help us to widen their customer base.

The variety of diverse product mix has enabled the Company to cater to the need of larger base of existing as well as prospective customers. The Company has a diverse customer base from different industry segments like pharmaceutical, chemical, glass, cosmetics, ceramic pigments, poultry, veterinary feed etc. and export of their products to various countries in Europe, Asia, North America and Australia.

The Company has always given paramount importance to explore new market opportunities. The philosophy of the Company is driven by market adoptive principles in order to support the ambitious growth plans the company has set for itself.

The Company is currently expanding its capacity to 3,650 MTPA from 950 MTPA. The said expansion of capacity is expected to be completed by the end of Financial Year 2013. Currently they have three (3) manufacturing units in Badlapur MIDC, Thane and plan to set up fourth one in the same industrial area.

MANAGEMENT DISCUSSION AND ANALYSIS REPORT:

INDUSTRY OVERVIEW:

Incorporated on 24th February, 2005, took over the 23 years robust business of a proprietary concern.

Their Company is a pure play in Pharmaceutical Intermediates and Specialty Chemicals. Historical track record of developing new products and current focus on R and D operations is a challenge for moving ahead. The Company's purpose is to provide Pharmaceutical Intermediates and Speciality Chemicals to various segment industries for various applications. The Company is expected to witness stable growth driven by the end-user demand.

The Speciality Chemical Industry in India is one of the most diversified and matured of all industrial sectors with thousands of commercial products. It contributes significantly towards industrial and economic growth of the nation, contributing approximately 3% to the GDP. The industry primarily consists of:

· Industrial Chemicals, Glass and Ceramic industry, Pharmaceuticals and Cosmetics

· Photographic Chemicals

· Electroplating, Animal and Poultry Feed and Metal Finishing Applications

· Paints and Pigments, Agrochemical

INDIAN PHARMACEUTICAL INDUSTRY:

The Indian Pharmaceutical Industry (IPI) is one of the largest in the world and has grown to a US$20 bn (Rs.950000.000 Millions) industry backed by robust growth in terms of infrastructure development, technology base and a wide range of products. It is now the 3rd largest in the world in terms of volume and 14th largest in terms of value thereby accounting for around 10% of world's production by volume and 2% by value due to lower prices. The industry now produces over 400 bulk drugs (APIs) and almost entire range of formulations belonging to all major therapeutic groups requiring complex manufacturing technologies.

Pharmaceutical Intermediates Market:

A Pharmaceutical Intermediate is defined as a substance produced during the steps in the synthesis of an API which undergoes further molecular change(s) or purification before it becomes an API. Every reaction step may give rise to one or more intermediates, which may or may not be isolated at that stage. Pharmaceutical Intermediates include both basic intermediates (building block chemicals for the Pharma Industry) and advanced intermediates (those that are 2 to 3 steps away from the bulk drug). Pharmaceutical Speciality Chemicals typically constitute both API's and intermediates. Some of the key drivers for the increase in demand of Pharma Intermediates are:

· Growth in outsourcing of Pharma Intermediates production from India

· Large number of patent expiries leading to advent of generic drugs

· Higher spending on R and D leading to new developments

· Several new drug development in pipeline in different therapeutic areas

· Constant demand for innovative therapies and manufacturing technologies

· Government of India's spending on health care schemes

Year 2011 has been a year of celebration for Subject, with robust growth in business and the Company's listing at BSE and NSE.

The Company enjoys some key strength which are listed below:

· Industry’s leading chemistry skills and R and D developments which have resulted in launching new chemical products to meet end users demand.

· Multi product capability helps us change their product mix in response to changes in market demand.

· Consistent past track record has demonstrated strong financial performance on both top-line and bottom line

· The Company over the years has built significant credibility on the basis of long association with various segments in Chemical Industry.

KEY FINANCIAL HIGHLIGHTS FOR FY 2010-11:

During the year, their total income increased from Rs.689.191 millions during Financial Year 2010 to Rs.1077.392 millions during Financial Year 2011 showing an increase of 56%. Profit After Tax increased from Rs.51.838 millions in Financial Year 2010 to Rs.101.404 millions in Financial Year 2011 showing an increase of 96%. Profit After Tax as a percentage of total income increased from 7.52% in Financial Year 2010 to 9.41% in Financial Year 2011. Business of the company has grown satisfactorily across all industry segments by optimum utilisation of installed multiproduct capacities.

OPERATIONAL PERFORMANCE:

Market demand from various segment industries for their products for the year under review was substantially very high as compared to the previous year. Due to boosted market demand for their product mix, total income for the year increased by 56%. The Company is significantly leveraged to the pharmaceutical industry and derives ~70-75% of its revenues by supplying Pharmaceutical Intermediates and Chemicals to the Domestic Pharma Companies. In addition, the Company manufactures and supplies Speciality Chemicals to various End User Segments such as cattle and poultry feeds, glass industry, water treatment, paints and electroplating. Company has diversified its product base significantly in the last few years to over 105 products and is in the process of further expansion.

COMPANY INFRASTRUCTURE:

Subject started its business as a proprietary concern in the year 1983 with the capacity of 6 MT per annum for manufacture of Selenium and Molybdenum derivatives. Over the years, it has developed an installed capacity of 950 MT and the wings are expanded into 4 Units performing manufacturing activities for production of Cobalt, Selenium and Iodine Derivatives in addition to other Organic Intermediates. In view of the proposed expansion, Company will be able to expand its product lines in Selenium, Molybdenum, Cobalt, Bismuth, etc. further a new range of products in related field will be added to the existing product portfolio. After the proposed expansion of manufacturing facilities, the total installed capacity of the Company would aggregate to 3650 MT per annum. Details of proposed increase in capacity are cited below:

· Unit I of the Company is situated at Plot No. W-92(A), MIDC, Badlapur, Thane. It is a manufacturing Unit for Iodine, Selenium compounds and other derivatives.

· Unit II is another manufacturing unit where Iodine, Molybdenum compounds and other derivatives viz-chiral resolving agents are produced. It is situated at Plot No. F-24, MIDC, Badlapur, Thane.

· Unit III is a Registered Office of the Company, situated at Plot No. B-34, MIDC, Badlapur, Thane. Currently the facility for manufacturing Selenium Sulphide (USP) is established at this Unit.

· Unit IV of the Company occupies a combined area of Plot No. F-9 and F-10/1 at MIDC, Badlapur. Right now, they have a warehousing facility established here and a multipurpose set-up for manufacture of organic intermediates has been planned to be set up at this site.

CONTINGENT LIABILITIES:

Particulars	31.03.2011 (Rs. in millions)	31.03.2010 (Rs. in millions)
Letter of Credit	159.625	12.552
Estimated Amount of Contracts remaining to be executed on capital account	221.316	49.208
Total	380.941	61.760

FIXED ASSETS:

· Leasehold Land

· Factory Building

· Plant and Machinery

· Electrical Installation

· Furniture and Fixture

· Office Equipments

· Motor Car and Cycle

AUDITED FINANCIAL RESULTS FOR THE YEAR ENDED 3S1T MARCH, 2012

Rs. in Millions

Particular	Quarter Ended	Year Ended
	31.03.2012	31.03.2012
(a) Net Sales / Income from operations	410.034	1669.480
(b) Other Operating Income	0.000	0.000
Total Income	410.034	1669.48
Expenditure
a) (Increase) / Decrease in stock in trade and work in progress	4.273	(115.710)
b) Consumption of raw materials	262.192	1249.216
c) Purchase of traded goods	0.075	9.913
d) Employees cost	19.200	63.834
e) Depreciation	25.271	56.209
f) Other expenditure	39.591	130.295
Total	350.602	1393.757
Profit from operations before other income, interest and exceptional Items	59.432	275.723
Other income	15.664	36.986
Profit before interest and exceptional Items	75.096	312.709
Interest	18.717	80.953
Profit after Interest but before Exceptional Items	56.379	231.756
Exceptional Items	--	--
Profit (+)/Loss(-) from Ordinary Activities before tax	56.379	231.756
Tax expense	8.593	67.290
Net Profit (+)/Loss(-) from Ordinary Activities after tax	47.786	164.466
Extraordinary items	--	--
Net Profit (+) / Loss (-) for the year period	47.786	164.466
Paid up equity share capital (Face value of Rs.10/- per share)	196.280	196.280
Reserves excluding revaluation reserves as per balance sheet of previous accounting year	--	862.068
Earning per share (EPS)
(a) Basic and diluted EPS before Extraordinary items for the period, for the year to date and for the previous year (not to be annualised)	2.43	8.38
(a) Basic and diluted EPS before Extraordinary items for the period, for the year to date and for the previous year (not to be annualised)	2.43	8.38
Public shareholding
Number of shares	19628004	19628004
Percentage of shareholding	39.90	39.90
Promoters and Promoters group Shareholding-
a) Pledged /Encumbered
Number of shares	--	--
Percentage of shares (as a % of total shareholding of the promoter and promoter group)	--	--
Percentage of shares (as a % of total share capital of the company)	--	--
b) Non Encumbered
Number of shares	11795836	11795836
Percentage of shares (as a % of total shareholding of the promoter and promoter group)	100.00	100.00
Percentage of shares (as a % of total share capital of the company)	60.10	60.10

NOTE:

1. The consolidated financial results as given have been prepared as per AS-21 “Consolidated Financial Statements” notified under the companies (Accounting Standards) Rules, 2006

2. The audited financial statements of the subsidiary company has been considered for consolidation.

3. The company operated in one segment i.e. Sale of Chemicals. All other activities of the company revolve around its main business. Hence, there is only one primary reportable business segment as defined by Accounting Standard-17 as notified by the companies (Accounting Standards) Rules, 2006.

4. The above results were reviewed by audit committee and approved by the Board of Directors as the meeting held on May 19, 2012.

5. The Board has recommended payment of dividend of 12.5% (i.e. Rs.1.25/- per equity share) compared to 10% (i.e. Rs.1/- per equity share) last year.

6. The financial statements for the year ended 31^st March 2012 have been prepared as per the Revised Schedule VI to the Companies Act, 1956. Accordingly, the previous quarters / year’s figures have been regrouped/ rearranged wherever necessary to make it comparable with the current quarter/ year.

7. There were no investor complaints pending to be resolved at the beginning of the year. During the year no complaints were received. Accordingly there were no investor complaints pending to be resolved at the end of the year.

STATEMENT OF ASSETS AND LIABILITIES:

Particular	As on 31.03.2012
SHAREHOLDERS’ FUNDS
Share capital	196.280
Reserve and surplus	862.068
Money received against share warrants	0.000
Total	1058.348
NON CURRENT LIABILITIES
Long-term borrowings	46.766
Deferred tax liabilities (net)	12.275
Other long term liabilities	0.000
Long-term provisions	10.259
Total	69.300
CURRENT LIABILITIES
Short-term borrowings	691.670
Trade payables	270.851
Other current liabilities	47.590
Short-term provisions	28.901
Total	1039.012
TOTAL EQUITY AND LIABILITIES	2166.660
ASSETS
NON CURRENT ASSETS
Fixed assets	669.414
Non-current investments	21.208
Deferred tax assets (net)	0.000
Long-term loans and advances	99.829
Trade receivables	0.000
Other non-current assets	0.000
Total	790.451
CURRENT ASSETS
CURRENT INVESTMETNS
Inventories	526.625
Trade receivables	384.852
Cash and cash equivalents	314.034
Short-term loans and advances	40.801
Other current assets	109.897
Total	1376.209
TOTAL ASSETS	2166.660

PRESS RELEASE:

10^TH APRIL, 2012

OMKAR SPECIALITY CHEMICALS FORAYS INTO API BUSINESS; ACQUIRES LASA LABS

KEY HIGHLIGHTS:-

· State-of-the-art API manufacturing facility at Mahad in Raigad district, about 120-km off Mumbai

· To manufacture anthelmintic drugs and various specialized Active Pharmaceutical Ingredients (APIs)

· Augment six new pharma intermediary products

April 10, 2012, MUMBAI: Omkar Speciality Chemicals Limited, one of the manufacturers of speciality chemicals, such as selenium derivatives, iodine derivatives, molybdenum derivatives, cobalt bismuth derivatives and pharma intermediates for life saving drugs has recently forayed into pharmaceutical business with its recent acquisition of LASA Laboratory Private Limited.

Located at Mahad in Raigad district, south west of Maharashtra has been an established player in the anthelmintic / veterinary API segment with state-of-the-art API manufacturing facility.

Talking to the media, Mr. Pravin S. Herlekar, Chairman and Managing Director, Omkar Speciality Chemicals Limited (OSCL) said, “There is a colossal demand in the API manufacturing space, and with Indian drug manufacturing sector gaining international prominence, the acquisition of LASA Laboratory was the right move for our group to venture into the pharma business. It is also a part of our group’s forward integration strategy.”

“The acquisition will enable us to focus on manufacturing Anthelmintics, such as Albendazole EP, Albendazole IP/USP, Cyromazine, Fenbendazole BP VET/ EP, Nitroxynil BP Vet, Ricobendazole, Toldimphos Sodium and Triclabendazole,” informed Mr. Herlekar.

“Our new API division is already in operations and will initially focus on continuing the existing API business of LASA Laboratory, which has massive demand in India and abroad. The products are used as Anthelmintics or deworming agents for veterinary,” informed Mr. Herlekar.

“Currently, our product portfolio comprises 10 products in the Veterinary Anthelmentics segment, mainly Benzimidazoles and other active pharma ingredients,” he added.

About OSCL Group:

Omkar Speciality Chemicals Limited (OSCL) is a listed company and one of the manufacturers of speciality chemicals and intermediates. OSCL has diversified business interests with a major presence in pharma, chemical, glass and ceramics, cosmetics and pigment industries. In June 2005, the group took over the business of Omkar Chemicals, a proprietary concern commenced by Mr. Pravin S. Herlekar in 1983. The company manufactured six MT molybdenum derivatives every year. Today, with its multiplicity of product range, OSCL has a strong export footing across various developing countries, comprising Europe, Asia, North America, South America and Australia.

CMT REPORT (Corruption, Money Laundering & Terrorism]

The Public Notice information has been collected from various sources including but not limited to: The Courts, India Prisons Service, Interpol, etc.

1] INFORMATION ON DESIGNATED PARTY

No records exist designating subject or any of its beneficial owners, controlling shareholders or senior officers as terrorist or terrorist organization or whom notice had been received that all financial transactions involving their assets have been blocked or convicted, found guilty or against whom a judgement or order had been entered in a proceedings for violating money-laundering, anti-corruption or bribery or international economic or anti-terrorism sanction laws or whose assets were seized, blocked, frozen or ordered forfeited for violation of money laundering or international anti-terrorism laws.

2] Court Declaration :

No records exist to suggest that subject is or was the subject of any formal or informal allegations, prosecutions or other official proceeding for making any prohibited payments or other improper payments to government officials for engaging in prohibited transactions or with designated parties.

3] Asset Declaration :

No records exist to suggest that the property or assets of the subject are derived from criminal conduct or a prohibited transaction.

4] Record on Financial Crime :

Charges or conviction registered against subject: None

5] Records on Violation of Anti-Corruption Laws :

Charges or investigation registered against subject: None

6] Records on Int’l Anti-Money Laundering Laws/Standards :

Charges or investigation registered against subject: None

7] Criminal Records

No available information exist that suggest that subject or any of its principals have been formally charged or convicted by a competent governmental authority for any financial crime or under any formal investigation by a competent government authority for any violation of anti-corruption laws or international anti-money laundering laws or standard.

8] Affiliation with Government :

No record exists to suggest that any director or indirect owners, controlling shareholders, director, officer or employee of the company is a government official or a family member or close business associate of a Government official.

9] Compensation Package :

Our market survey revealed that the amount of compensation sought by the subject is fair and reasonable and comparable to compensation paid to others for similar services.

10] Press Report :

No press reports / filings exists on the subject.

CORPORATE GOVERNANCE

MIRA INFORM as part of its Due Diligence do provide comments on Corporate Governance to identify management and governance. These factors often have been predictive and in some cases have created vulnerabilities to credit deterioration.

Our Governance Assessment focuses principally on the interactions between a company’s management, its Board of Directors, Shareholders and other financial stakeholders.

CONTRAVENTION

Subject is not known to have contravened any existing local laws, regulations or policies that prohibit, restrict or otherwise affect the terms and conditions that could be included in the agreement with the subject.

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.56.42
UK Pound	1	Rs.88.45
Euro	1	Rs.71.52

INFORMATION DETAILS

Report Prepared by :

TPT

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	5
PAID-UP CAPITAL	1~10	6
OPERATING SCALE	1~10	6
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	6
--PROFITABILIRY	1~10	5
--LIQUIDITY	1~10	5
--LEVERAGE	1~10	5
--RESERVES	1~10	6
--CREDIT LINES	1~10	6
--MARGINS	-5~5	-
DEMERIT POINTS
--BANK CHARGES	YES/NO	NO
--LITIGATION	YES/NO	NO
--OTHER ADVERSE INFORMATION	YES/NO	NO
MERIT POINTS
--SOLE DISTRIBUTORSHIP	YES/NO	NO
--EXPORT ACTIVITIES	YES/NO	NO
--AFFILIATION	YES/NO	YES
--LISTED	YES/NO	YES
--OTHER MERIT FACTORS	YES/NO	YES
TOTAL		50

This score serves as a reference to assess SC’s credit risk and to set the amount of credit to be extended. It is calculated from a composite of weighted scores obtained from each of the major sections of this report. The assessed factors and their relative weights (as indicated through %) are as follows:

Financial condition (40%) Ownership background (20%) Payment record (10%)

Credit history (10%) Market trend (10%) Operational size (10%)

RATING EXPLANATIONS

RATING		STATUS	PROPOSED CREDIT LINE
>86	Aaa	Possesses an extremely sound financial base with the strongest capability for timely payment of interest and principal sums	Unlimited
71-85	Aa	Possesses adequate working capital. No caution needed for credit transaction. It has above average (strong) capability for payment of interest and principal sums	Large
56-70	A	Financial & operational base are regarded healthy. General unfavourable factors will not cause fatal effect. Satisfactory capability for payment of interest and principal sums	Fairly Large
41-55	Ba	Overall operation is considered normal. Capable to meet normal commitments.	Satisfactory
26-40	B	Capability to overcome financial difficulties seems comparatively below average.	Small
11-25	Ca	Adverse factors are apparent. Repayment of interest and principal sums in default or expected to be in default upon maturity	Limited with full security
<10	C	Absolute credit risk exists. Caution needed to be exercised	Credit not recommended
-	NB	New Business	-

PRIVATE & CONFIDENTIAL : This information is provided to you at your request, you having employed MIPL for such purpose. You will use the information as aid only in determining the propriety of giving credit and generally as an aid to your business and for no other purpose. You will hold the information in strict confidence, and shall not reveal it or make it known to the subject persons, firms or corporations or to any other. MIPL does not warrant the correctness of the information as you hold it free of any liability whatsoever. You will be liable to and indemnify MIPL for any loss, damage or expense, occasioned by your breach or non observance of any one, or more of these conditions

This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.