MIRA
INFORM REPORT
|
Report Date : |
01.10.2012 |
IDENTIFICATION DETAILS
|
Name : |
OMKAR SPECIALITY CHEMICALS LIMITED |
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Registered
Office : |
B-34, MIDC, Badlapur (East), Thane-421503, |
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Country : |
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Financials (as
on) : |
31.03.2012 |
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Date of
Incorporation : |
24.02.2005 |
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Com. Reg. No.: |
11-151589 |
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Capital
Investment / Paid-up Capital : |
Rs.196.280
Millions |
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|
|
|
CIN No.: [Company Identification
No.] |
L24110MH2005PLC151589 |
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|
Legal Form : |
It is a Public Limited Liability Company. The company's shares are listed on the Stock Exchanges. |
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Line of Business
: |
Manufacturing and |
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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 4200000 |
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|
|
Status : |
Satisfactory |
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Payment Behaviour : |
Usually Correct |
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Litigation : |
Clear |
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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 – June 30, 2012
|
Country Name |
Previous Rating (31.03.2012) |
Current Rating (30.06.2012) |
|
|
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
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Restricted |
C2 |
|
Off-credit |
D |
INDIAN ECONOMIC OVERVIEW
|
Source
: CIA |
EXTERNAL AGENCY RATING
|
Rating Agency Name |
CRISIL |
|
Rating |
BBB+ (Long Term Rating) |
|
Rating Explanation |
Moderate degree of safety and moderate credit risk. |
|
Date |
21.06.2012 |
|
Rating Agency Name |
CRISIL |
|
Rating |
A2 (Short Term Rating) |
|
Rating Explanation |
Strong degree of safety and low credit risk. |
|
Date |
21.06.2012 |
RBI DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter
in the publicly available RBI Defaulters’ list.
EPF (Employee Provident Fund) DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter
in the publicly available EPF (Employee Provident Fund) Defaulters’ list as of
31-03-2012.
LOCATIONS
|
Registered / Corporate Office : |
B-34, MIDC, Badlapur (East), Thane-421503, |
|
Tel. No.: |
91-251-2697340/2690651 |
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Fax No.: |
91-251-2691572/2697347 |
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E-Mail : |
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Website: |
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Factory 1 : |
Plot No. W-92(A), MIDC, Badlapur, Thane-421503, |
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Tel. No.: |
91-251-2698840 |
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Fax No.: |
91-251-2691662 |
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Factory 2 : |
Plot No. F-24, MIDC, Badlapur, Thane-421503, |
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Tel. No.: |
91-251-2691852 |
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Fax No.: |
91-251-2697673 |
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Factory 3 : |
Plot No. B-34, MIDC, Badlapur, Thane-421503, |
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Tel. No.: |
91-251-2697340/2690651 |
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Fax No.: |
91-251-2697347/2691572 |
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Factory 4 : |
Plot No. F-10/1, MIDC, Badlapur, Thane-421503, |
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Tel. No.: |
91-251-2696434/2696432 |
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|
|
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Factory 5 : |
D27/5, MIDC Lote Parshuram Chiplun, Ratnagiri, |
DIRECTORS
AS ON 31.03.2012
|
Name : |
Mr. Pravin S. Herlekar |
|
Designation : |
Chairman cum Managing Director |
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|
Name : |
Mr. Omkar P. Herlekar |
|
Designation : |
Whole Time Director |
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|
Name : |
Prof. Suhas M. Rane |
|
Designation : |
Director |
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|
Name : |
Mr. Subhash P. Mali |
|
Designation : |
Director |
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|
Name : |
Mr. Amit A. Pandit |
|
Designation : |
Director |
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|
Name : |
Dr. Vikas N. Telvekar |
|
Designation : |
Director |
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|
|
|
Name : |
Mr. Siddharth S Sinkar |
|
Designation : |
Director |
KEY EXECUTIVES
|
Name : |
Mr. Swapnil S. Puranik |
|
Designation : |
Company Secretary |
|
|
|
|
Name : |
Mr. Prakash Rao |
|
Designation : |
Vice President of Administration |
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|
|
|
Name : |
Mr. Shriram Modak |
|
Designation : |
Vice President of Operation |
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|
Name : |
Dr. Ravi Moro |
|
Designation : |
Vice President of R and D |
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|
Name : |
Mr. Vidyut Kumar Ta |
|
Designation : |
Head Corporate Communications |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 30.06.2012
|
Category of
Shareholder |
No. of Shares |
% of No. of
Shares |
|
(A) Shareholding of Promoter and Promoter Group |
|
|
|
|
|
|
|
|
11808584 |
60.16 |
|
Sub Total |
11808584 |
60.16 |
|
(2) Foreign |
|
|
|
Total shareholding of Promoter and Promoter Group (A) |
11808584 |
60.16 |
|
(B) Public Shareholding |
|
|
|
|
|
|
|
Financial Institutions / Banks |
982317 |
5 |
|
|
1138817 |
5.8 |
|
|
2121134 |
10.81 |
|
(2) Non-Institutions |
|
|
|
Bodies Corporate |
1980735 |
10.09 |
|
Individuals |
|
|
|
|
1239358 |
6.31 |
|
|
2240704 |
11.42 |
|
Any Others (Specify) |
237489 |
1.21 |
|
Clearing Members |
183591 |
0.94 |
|
Non Resident Indians |
53898 |
0.27 |
|
Sub Total |
5698286 |
29.03 |
|
Total Public shareholding (B) |
7819420 |
39.84 |
|
Total (A)+(B) |
19628004 |
100 |
|
|
0 |
0 |
|
(1) Promoter and Promoter Group |
0 |
0 |
|
|
0 |
0 |
|
Sub Total |
0 |
0 |
|
Total (A)+(B)+(C) |
19628004 |
0 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturing and |
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Products : |
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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 |
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Bankers : |
Bank of |
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Facilities : |
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Banking
Relations : |
-- |
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Auditors : |
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Name : |
Siddharth Sinkar and Associates Chartered Accountants |
|
Address : |
Mumbai, |
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|
|
|
Subsidiaries : |
·
Rishichem Research Limited ·
Desh Chemicals Private Limited ·
Urdhwa Chemicals Company Private Limited |
CAPITAL STRUCTURE
AS ON 31.03.2012
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
25000000 |
Equity Shares |
Rs.10/- each |
Rs. 250.000 Millions |
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|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
19628004 |
Equity Shares |
Rs.10/- each |
Rs. 196.280
Millions |
|
|
|
|
|
NOTES
The Movements of Share capital is set out
below:
|
|
As At March 31,
2012 |
|
|
Authorized |
No. of Shares |
Rs. In Millions |
|
Authorised Share Capital at the beginning of the Year |
25,000,000 |
250.000 |
|
Increased during the year |
-- |
-- |
|
Authorised Share
Capital at the end of the year |
25,000,000 |
250.000 |
|
|
|
|
|
Issued, Subscribed
and Paid up capital |
|
|
|
At the beginning of the Year |
19,628,004 |
196.280 |
|
Share issued
during the Year for consideration other than cash |
-- |
-- |
|
At the end of
the Year |
-- |
-- |
*- Face value Rs 100/- (Refer explanation in
Point 3 below)
SHARE HOLDING IN EXCESS OF 5%
|
|
As At March 31,
2012 |
|
|
Particulars |
No. of Shares |
Rs. In Millions |
|
Pravin Herlekar |
9,335,294 |
93.353 |
|
Anjali Herlekar |
1,208,240 |
12.082 |
|
TAIB Securities Mauritius Limited |
1,158,817 |
11.588 |
|
Axis Bank Limited |
1,020,360 |
10.204 |
|
TOTAL |
12,722,711 |
127.227 |
Notes:
Of the above
equity shares:-
1)
25100 Equity shares of Rs. 100/- each have been issued
for consideration other than cash
2)
Nil 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)
Nominal value of Rs 100/- per Equity Share
sub-divided into Rs 10/- per Equity Share, during the Financial Year 2010-2011.
4)
During the previous year 8100004 Equity shares of
Rs. 10/- each were issued at premium of Rs. 88/- each by public offer.
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
196.280 |
196.280 |
115.280 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
862.069 |
726.117 |
43.532 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
|
NETWORTH |
1058.349 |
922.397 |
158.812 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
738.436 |
378.398 |
251.901 |
|
|
2] Unsecured Loans |
0.000 |
33.319 |
15.755 |
|
|
TOTAL BORROWING |
738.436 |
411.717 |
267.656 |
|
|
DEFERRED TAX LIABILITIES |
12.276 |
6.499 |
4.297 |
|
|
|
|
|
|
|
|
TOTAL |
1809.061 |
1340.613 |
430.765 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
362.887 |
205.524 |
156.028 |
|
|
Capital work-in-progress |
306.526 |
175.933 |
5.793 |
|
|
|
|
|
|
|
|
INVESTMENT |
21.208 |
13.908 |
0.000 |
|
|
DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
526.625
|
300.775
|
194.818 |
|
|
Sundry Debtors |
384.852
|
272.144
|
165.771 |
|
|
Cash & Bank Balances |
314.036
|
412.141
|
4.193 |
|
|
Other Current Assets |
109.898
|
101.634
|
0.000 |
|
|
Loans & Advances |
140.630
|
242.957
|
85.832 |
|
Total
Current Assets |
1476.041
|
1329.651 |
450.614 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
252.630
|
215.934
|
120.841 |
|
|
Other Current Liabilities |
65.811
|
59.903
|
1.182 |
|
|
Provisions |
39.160
|
108.566
|
59.647 |
|
Total
Current Liabilities |
357.601
|
384.403 |
181.670 |
|
|
Net Current Assets |
1118.440
|
945.248
|
268.944 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
1809.061 |
1340.613 |
430.765 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
1669.480 |
1067.600 |
683.496 |
|
|
|
Other Income |
36.986 |
5.346 |
2.654 |
|
|
|
TOTAL (A) |
1706.466 |
1072.946 |
686.150 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Cost of Material Consumed |
1077.333 |
716.890 |
461.928 |
|
|
|
Purchase of Stock In Trade |
181.796 |
98.873 |
40.277 |
|
|
|
Employee Benefits Expenses |
63.834 |
32.071 |
34.062 |
|
|
|
Administrative, Selling and Distribution Expenses |
0.000 |
0.000 |
22.063 |
|
|
|
Other Expenses |
130.293 |
75.985 |
0.000 |
|
|
|
Increase/ Decrease in Stock of Finished Goods |
(115.710) |
(69.827) |
(3.041) |
|
|
|
TOTAL (B) |
1337.546 |
853.992 |
555.289 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
368.920 |
218.954 |
130.861 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
80.953 |
52.762 |
37.440 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
287.967 |
166.192 |
93.421 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/ AMORTISATION (F) |
56.209 |
19.086 |
18.534 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) (G) |
231.758 |
147.106 |
74.887 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
67.291 |
45.702 |
23.050 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-H) (I) |
164.467 |
101.404 |
51.837 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
94.008 |
30.492 |
90.446 |
|
|
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
|
|
Transfer to General Reserve |
15.000 |
15.000 |
15.000 |
|
|
|
Proposed Dividend on Equity Shares |
24.535 |
19.628 |
5.764 |
|
|
|
Corporate Tax on Dividend |
3.980 |
3.260 |
0.957 |
|
|
|
Capitalized by way of bonus issue |
0.000 |
0.000 |
90.070 |
|
|
BALANCE CARRIED
TO THE B/S |
214.960 |
94.008 |
30.492 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
Export Earnings |
257.576 |
122.657 |
NA |
|
|
TOTAL EARNINGS |
257.576 |
122.657 |
NA |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw Materials |
741.004 |
268.596 |
185.357 |
|
|
|
Capital Goods |
2.419 |
2.158 |
2.887 |
|
|
TOTAL IMPORTS |
743.423 |
270.754 |
188.244 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
8.38 |
7.95 |
44.97 |
|
QUARTERLY RESULTS
|
PARTICULARS |
30.06.2012 |
|
|
1st
Quarter |
|
Net Sales |
503.150 |
|
Total Expenditure |
406.080 |
|
PBIDT (Excl OI) |
97.070 |
|
Other Income |
13.720 |
|
Operating Profit |
110.790 |
|
Interest |
22.750 |
|
Exceptional Items |
0.000 |
|
PBDT |
88.040 |
|
Depreciation |
13.130 |
|
Profit Before Tax |
74.910 |
|
Tax |
22.810 |
|
Provisions and contingencies |
0.000 |
|
Profit After Tax |
52.100 |
|
Extraordinary Items |
0.000 |
|
Prior Period Expenses |
0.000 |
|
Other Adjustments |
0.000 |
|
Net Profit |
52.100 |
KEY RATIOS
|
PARTICULARS |
|
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
PAT / Total Income |
(%) |
9.64
|
9.45 |
7.55 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
13.88
|
13.78 |
10.96 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
12.60
|
9.58 |
12.34 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.22
|
0.16 |
0.47 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
1.05
|
0.87 |
2.83 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
4.13
|
3.46 |
2.48 |
LOCAL AGENCY FURTHER INFORMATION
|
Sr. No. |
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 |
No |
|
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) |
Yes |
|
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 |
|
31] |
Date of Birth of Proprietor/Partner/Director,
if available |
Yes |
|
32] |
PAN of
Proprietor/Partner/Director, if available |
No |
|
33] |
Voter ID No of
Proprietor/Partner/Director, if available |
No |
|
34] |
External Agency Rating,
if available |
Yes |
YEAR IN RETROSPECT
The revenue from operation increased to Rs. 1669.480
Millions during the year, as compared to Rs. 1067.600
Millions in previous year, recording a growth of 56.37%. The Profit After Tax
(PAT) increased to Rs. 164.467 Millions from Rs. 101.404 Millions during the previous financial year,
registering a growth of 62.18 %.
MANAGEMENT
DISCUSSIONS AND ANALYSIS
INDUSTRY SCENARIO
The Indian speciality chemicals industry is poised for a
breakthrough and is expected to follow an accelerated growth path in line with
growing economy. The demand in the sector is mostly driven by the strong growth
outlook for end-use industries.
The speciality chemicals is a highly knowledge driven industry, in
which R and D plays a pivotal role for development of non- conventional
speciality molecules. Pharmaceuticals, coating industry, micro-nutrients,
automotive sector, and personal care products are the key areas driving the
growth of speciality chemicals industry in
Increased production cost restrictions have forced the API
manufacturers from the developed economies to shift their manufacturing base to
the emerging economies like
The above factors have helped the emerging countries to make their
global presence felt in the API market. The growth of API market in
FINANCIAL PERFORMANCE
The Key Financial Highlights of the company is as under:
The revenue from operation has increased to
Rs. 1669.480 Millions during the year as compared to Rs. 1067.600 Millions in previous year recording a
growth of 56.37%. The Profit After Tax (PAT) increased to Rs.
164.467 Millions from Rs. 101.404 Millions
during the previous financial year, registering a growth of 62.18 %.
|
Description |
2011-12 (Rs. in Millions) |
2010-11 (Rs. in Millions) |
|
Total revenue |
1706.466 |
1072.946 |
|
EBIDTA |
368.921 |
214.669 |
|
Interest / Finance charges |
80.953 |
52.762 |
|
Depreciation and Amortisation |
56.209 |
19.086 |
|
Profit Before Tax (PBT) |
231.758 |
147.106 |
|
Taxation |
67.291 |
45.702 |
|
Profit After Tax (PAT) |
164.467 |
101.404 |
|
Earnings Per Share (EPS) (in Rs) Basic and Diluted |
8.38 |
7.95 |
|
Face value of equity share (in Rs) |
10 |
10 |
MANUFACTURING
OSCL has four manufacturing facilities in MIDC, Badlapur,
and one facility at MIDC, Lote Parshuram, Chiplun. Similarly, OSCL's subsidiary
Urdhwa Chemicals Company Private Limited is also located at MIDC, Lote
Parshuram, Chiplun. Another subsidiary— Lasa Laboratory Private Limited,
Located at MIDC, Mahad has facilities for manufacturing API's.
The company is well equipped to manufacture a variety of
speciality chemicals comprising of inorganic and organic molecules at its
facilities. Most of the facilities of the company are flexible in operation for
manufacturing multiple products. All the facilities are equipped with suitable
safety requirements to handle any emergency operations. Proper instrumentations
are in place to safeguard the process parameters.
Proper documents as regards production and quality reports
are maintained as per the statutory requirements. Company's unit No II is an
ISO 9001:2008 certified unit. The process for qualifying other units under ISO
certification is currently on. All the facilities of the company are
periodically audited by its valued customers including multinationals.
EXPORT
During the year, the company has increased its focus on
exports and has achieved 127%increase in exports as compared to previous year.
The management is strategically targeting various countries and products so as
to increase the exports.
The company's products are regularly exported to various
European countries and products have been well accepted in the European market.
The Company enjoys excellent goodwill with these overseas customers. As you are
aware, the company has acquired Lasa Laboratories Private Limited which is
engaged in manufacturing of APIs for veterinary applications. Bulk of the
production from this unit will be exported and the company will be targeting
new markets like Africa,
The company regularly participates in the international
exhibitions held in Europe and
INFORMATION TECHNOLOGY
ERP: Old game, new challenges
During the FY 2011-12, their company has initiated action for
implementing ERP across its units. After a detailed evaluation of various ERP's
available in the market, their management decided to implement Microsoft
Dynamics Nav. A third party agency has been appointed to do the implementation
work, which is expected to be completed shortly.
ERP will facilitate company-wide integrated information
system covering all functional areas like manufacturing, selling and
distribution, payables, receivables, inventory, accounts, human resources and
purchases. It will bridge the information gap across Group. Electronic fund
transfer (EFT), electronic data interchange (EDI), video conferencing and
E-commerce will be facilitated by introduction of ERP. This will result in to
better working capital management, inventory control and cash management. ERP
will provide business intelligence tools like decision support systems (DSS),
executive information system (EIS), reporting, data mining and early warning
systems (Robots) for enabling people to make better decisions, and thus improve
their business processes.
SUBSIDIARIES
URDHWA CHEMICALS COMPANY PRIVATE LIMITED
During FY2011-12, their company acquired Urdhwa Chemicals Company Private Limited. Located at
PlotNo.C-4, MIDC, Lote Parshuram Industrial Area, Taluka Khed, District Ratnagiri,
Chiplun. OSCL has installed additional equipment in order to make this unit a
full-fledged intermediates manufacturing facility. The capacity of this plant
is 2,800 MT per annum. The construction is nearing completion and most of the
equipment have been installed. The plant is currently in the final stages of
finishing operations and most likely to be commissioned soon.
LASA LABORATORY PRIVATE LIMITED
Their company acquired Lasa Laboratory Private Limited, an
API manufacturing facility located at Plot No.C-105, Mahad Industrial Area,
MIDC, Village Khajre, Airwandi, District Raigad, Mahad. Lasa Labs is engaged in
manufacturing of Anthelmintic APIs for veterinary applications. The company
proposes to expand its capacities from existing 120 MT per annum to 500 MT per
annum. The products manufactured at Lasa Labs have potential for exports to
Africa,
RISHICHEM RESEARCH LIMITED
Located at W-83(C), MIDC, Badlapur, District Thane,
Rishichem Research Limited has a dedicated facility for scale up operations for
product development. OSCL has a state-of-the-art R and D facility at its
corporate office situated at B-34, MIDC, Badlapur, District Thane. This
facility is recognized by DST and is engaged in development of new molecules at
micro level. The products developed in the R and D Centre are scaled to
kilogram levels at Rishichem Research Private Limited, wherein the processes
are standardized and quality standards established before launching the
products for commercial production.
DESH CHEMICALS PRIVATE LIMITED
Desh Chemicals Private Limited located at W-93(A), MIDC, Badlapur,
Dist: Thane is situated at site adjacent to OSCL's Unit No. I. This has
provided opportunities for OSCL for expanding its activities for Unit No. I.
OSCL has also acquired plots at W-94(A) andW-95(A) which are adjacent to Plot
No.W-93(A) of Desh Chemicals Private Limited. Due to these acquisitions the
company is now in possession of plots—W-92 (A), W-93 (A),W-94(A) and W-95 (A),
admeasuring 2,880 sq mtrs in aggregate. Thus OSCL is now in a position to
expand the activities at Unit No. I spreading over a larger area. For purpose
of this, Desh Chemicals Private Limited is proposed to be amalgamated with
OSCL, the procedure for which have been already initiated.
FIXED ASSETS
·
·
·
Plant and Machinery
·
Electrical Installation
·
Furniture and Fixture
·
Office Equipments
·
Motor Car and Cycle
UNAUDITED
FINANCIAL RESULTS FOR THE QUARTER ENDED 30TH JUNE 2012
(Rs.
In millions)
|
Particulars |
Quarter Ended
30.06.2012 (Unaudited) |
|
(a) Net Sales/ Income from
operation |
503.148 |
|
(b) Other Operating Income |
0.000 |
|
Total Income |
503.148 |
|
2. Expenditure |
|
|
a. Increase(-) /Decrease(+) in Stock in trade and W.I.P. |
(2.647) |
|
b. Consumption of Raw-Materials |
277.695 |
|
c. Purchase of Traded Goods |
70.189 |
|
d. Employees Cost |
17.567 |
|
e. Depreciation |
13.125 |
|
f. Other Expenditure |
43.286 |
|
g. Total |
419.215 |
|
3. Profit(+)/
Loss(-) from Operations before other Income Interest and Exceptional
Item(1-2) |
83.933 |
|
4. Other Income-Foreign Exchange Fluctuation-Gain/(Loss) |
13.718 |
|
5. Profit(+)/ Loss(-) before Interest and Exceptional Item |
97.651 |
|
6. Interest |
22.750 |
|
7. Profit(+)/ Loss(-) after Interest but before Exceptional Item (5-6) |
74.901 |
|
8. Exceptional Items |
-- |
|
9. Profit(+)/
Loss (-) from ordinary activities before
Tax (7-8) |
74.901 |
|
10. Tax Expenses |
22.806 |
|
11. Net Profit(+)/ Loss (-) from ordinary activities after Tax (9-10) |
52.095 |
|
12. Extraordinary Items (Net of Tax Expense Rs.________) |
-- |
|
13. Net Profit (+)/ Loss(-) for the period (11-12) |
52.095 |
|
14. Paid Up Equity Share Capital (Face Value of Rs.10 Per Share) |
196.280 |
|
15. Reserves excluding Revaluation Reserves as per Balance Sheet of
Previous Accounting Year |
-- |
|
16. 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 annualised) |
2.65 |
|
b) Basic and diluted EPS after extraordinary items for the period, for
the year to date and for the previous year (not annualised) |
2.65 |
|
17. Public
Shareholding |
|
|
Number of Shares |
7819420 |
|
% of Share holding |
39.84% |
|
18. Promoters
and promoter group Shareholding |
|
|
a)
Pledged/Encumbered |
|
|
- Number of shares |
-- |
|
- Percentage of shares (as a % of the total
shareholding of promoter and promoter
group) |
-- |
|
- Percentage of shares (as a
% of the total share capital of the
company) |
-- |
|
b)
Non-encumbered |
|
|
- Number of shares |
11808584 |
|
- Percentage of shares (as a % of the total
shareholding of promoter and
promoter group) |
100% |
|
- Percentage of shares (as a
% of the total share capital of the
company) |
60.16% |
NOTES
1. The unaudited financial statements of the subsidiary companies have been
considered for consolidation.
2. The above unaudited financial result have been reviewed by the Audit
Committee and approved by the Board of Directors at its meeting held on 04th
August, 2012, and have been subjected to limited review by the Statutory
Auditors
3. Considering the nature of business carried on by the company whereby
revenues do not necessarily accrue evenly over the year, the results of the
quarter may not be representative of the result for the year. As such, the
result of the current quarter is not comparable with the result of
corresponding quarter / full year.
4. The company operates in one segment i.e.
5. There was no investor complaint pending to be resolved at the beginning
of the quarter of the quarter. During the quarter, no complaint was received.
Accordingly there was no investor complaint pending to be resolved at the end
of the quarter.
WEBSITE
PROFILE
Their Company was originally
incorporated as Omkar Speciality Chemicals Private Limited on February 24, 2005
and took over business of the Proprietorship Firm M/s. Omkar Chemicals which
was in operation since 1983 with Mr. Pravin S. Herlekar as the Proprietor. The
Private Limited Company was converted into a Public Limited Company on March
18, 2010. Their Company is mainly engaged in the manufacture and sale of
Speciality Chemicals and Intermediates for Chemical and Allied Industries.
Their Company has four Units at MIDC, Badlapur (E), District Thane,
The locations of their Units are as under:
·
Unit No.1– W-92(A), MIDC, Badlapur(E), Dist:
Thane-421503, State:
·
Unit No.2– F-24, MIDC, Badlapur (E), Dist:
Thane-421503, State:
·
Unit No.3– B-34, MIDC, Badlapur (E), Dist:
Thane-421503, State:
·
Unit No.4– F-10/1, MIDC, Badlapur (E), Dist:
Thane-421503, State:
Their Company is
primarily involved in the production of Speciality Chemicals and Pharma
Intermediates. They manufacture a range of Organic, Inorganic and Organo
Inorganic Intermediates. The Inorganic Intermediates include Molybdenum
derivatives, Selenium derivatives, Iodine derivatives, Cobalt derivatives,
Bismuth and Tungsten derivatives and the organic intermediates include Tartaric
acid derivatives and other intermediates. These products find applications in
various industries like Pharmaceutical Industry, Chemical Industry, Glass
Industry, Cosmetics, Ceramic Pigments and Cattle and Poultry Feeds.
They are exporting their products to Europe,
BOARD OF DIRECTOR
MR. PRAVIN S.HERLEKAR - Chairman And Managing Director
B. Tech-Chemical Engineering from IIT, MUMBAI. Chairman and Managing
Director of their Company. He has an overall experience of 27 years in the
field of Product Development, Marketing and Administration.
MR. AMIT PANDIT - Independent Director
He is a Fellow member of the Institute of Chartered Accountants of India
(ICAI), holds a Diploma in Business Finance (DBF) from The Institute of
Chartered Financial Analysts of India (ICFAI) and is a commerce graduate from
DR. VIKAS TELVEKAR - Independent Director
He has done Master of Science (Technology) and Doctor of Philosophy (Technology)
in pharmaceutical and fine chemicals from Mumbai University Institute of
Chemical Technology.
MR. SIDDHARTH SINKAR - Non-independent, Non-Executive Director
Mr. Siddharth Sinkar, is a Fellow member of the Institute of Chartered
Accountants of India (ICAI), and is a commerce graduate from
MR. OMKAR P.HERLEKAR - Whole Time Director
Post Graduate from UICT, Mumbai Having sound knowledge of Organic
chemistry. Leading the research team and an aggressive marketing leader. He
looks after the Research and Development activities of their Company and
supervises the entire factory operations
Mr. SUBASH MALI - Independent Director
He is a Bachelor of Chemical Engineering from
Dr. SUHAS RANE - Independent Director
He is a Bachelor of Engineering (Mechanical) from
PRESS RELEASE:
10TH 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
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
“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
CMT REPORT (Corruption, Money Laundering & Terrorism]
The Public Notice information has been collected from various sources
including but not limited to: The Courts,
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] 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. 52.69 |
|
|
1 |
Rs. 85.71 |
|
Euro |
1 |
Rs. 68.14 |
INFORMATION DETAILS
|
Report Prepared
by : |
DPT |
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 |
- |
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.