MIRA INFORM REPORT
|
Report Date : |
02.06.2014 |
IDENTIFICATION DETAILS
|
Name : |
OMKAR SPECIALITY CHEMICALS LIMITED |
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|
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Registered
Office : |
B-34, MIDC, Badlapur (East), Thane-421503, Maharashtra |
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Country : |
India |
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Financials (as
on) : |
31.03.2013 |
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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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|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
PNEO002213B |
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PAN No.: [Permanent Account No.] |
AAACO7311D |
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Legal Form : |
A Public Limited Liability Company. The Company’s Shares are Listed on
the Stock Exchanges. |
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Line of Business
: |
Manufacturing and Sale of Chemicals. |
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No. of Employees
: |
1000 (Approximately) |
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 5100000 |
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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 record. The rating reflects healthy financial risk profile marked by sound
position and decent profitability achieved by the company. Trade relations are fair. Business is active. Payment terms are
reported to be usually correct. The company can be considered for business dealings at usual trade
terms and condition. |
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 – March 31, 2014
|
Country Name |
Previous Rating (31.12.2013) |
Current Rating (31.03.2014) |
|
India |
A1 |
A1 |
|
Risk Category |
ECGC Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
INDIAN ECONOMIC OVERVIEW
State-run banks hired nearly 300000
personnel including more than 94000 officers in the last four years, according
to the Indian Banks Association. A study by trade lobby Assocham in September
2013 indicated that banks would need 800000 people in the next six years. It
estimated that state-run lenders alone would hire 50000 people in 2013/14.
The Competition Commission of
India plans to issue final orders within a broad time-frame of one year in
matters where it decides to carry out detailed investigations. The number of
complaints received by the watchdog which keeps tabs on unfair trade practices
in the marketplace.
The government has detected
custom tax evasion totaling around Rs 37920 mn in 14 states until December.
Maharashtra topped the list of Rs 14190 mn followed by Andhra Pradesh at Rs
8140 mn, Gujarat Rs 5240 mn, Karnataka Rs 1670 mn and Tamilnadu Rs 1610 mn.
Connaught Place in New Delhi
slipped four notches to become the world’s eighth most expensive office
locations. London’s West End is the world’s most expensive office market.
There are 4.072 mn number of
high value spenders under the scanner of the income tax department. The income
tax department has information that they have made cash deposits announcing to Rs
1 mn or more in their savings bank accounts in the current financial year. It
plans to check potential evasion before the closing of the financial year on
March 31.
EXTERNAL AGENCY RATING
|
Rating Agency Name |
CRISIL |
|
Rating |
Long term rating: BBB+ |
|
Rating Explanation |
Having moderate degree of safety regarding timely servicing of
financial obligation. |
|
Date |
September 2013 |
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.
INFORMATION PARTED BY
|
Name : |
Mr. Deshpande |
|
Designation : |
Accounts Executive |
|
Contact No.: |
91-251-2697340 |
|
Date : |
27.05.2014 |
LOCATIONS
|
Registered / Corporate Office : |
B-34, MIDC, Badlapur (East), Thane-421503, Maharashtra, India |
|
Tel. No.: |
91-251-2697340/48/49/2690651 |
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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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Location: |
Owned |
|
|
|
|
Factory 1 : |
Plot No. W-92(A), MIDC, Badlapur, Thane-421503, Maharashtra, India |
|
Tel. No.: |
91-251-2698840 |
|
Fax No.: |
91-251-2691662 |
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|
|
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Factory 2 : |
Plot No. F-24, MIDC, Badlapur, Thane-421503, Maharashtra, India |
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Tel. No.: |
91-251-2691852 |
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Fax No.: |
91-251-2697673 |
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|
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Factory 3 : |
Plot No. B-34, MIDC, Badlapur, Thane-421503, Maharashtra, India |
|
Tel. No.: |
91-251-2697340/2690651 |
|
Fax No.: |
91-251-2697347/2691572 |
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|
|
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Factory 4 : |
Plot No. F-10/1, MIDC, Badlapur, Thane-421503, Maharashtra, India |
|
Tel. No.: |
91-251-2696434/2696432 |
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Factory 5 : |
D27/5, MIDC Lote Parshuram Chiplun, Ratnagiri, Maharashtra, India |
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Factory 6 : |
B-15 and B-16, Lote Parshuram Industrial Area, Talika Khed, District –
Ratnagiri – 415722, Maharashtra, India |
DIRECTORS
As on 31.03.2013
|
Name : |
Mr. Pravin S. Herlekar |
|
Designation : |
Chairman cum Managing Director |
|
|
|
|
Name : |
Mr. Omkar P. Herlekar |
|
Designation : |
Whole Time Director |
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|
|
|
Name : |
Prof. Suhas M. Rane |
|
Designation : |
Non Executive - Independent Director |
|
Date of Birth: |
03.12.1951 |
|
Date of appointment: |
25.03.2010 |
|
|
|
|
Name : |
Mr. Subhash P. Mali |
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Designation : |
Non Executive - Independent Director |
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|
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|
Name : |
Dr. Vikas N. Telvekar |
|
Designation : |
Non Executive - Independent Director |
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|
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|
Name : |
Mr. Siddharth S Sinkar |
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Designation : |
Non Executive - Non Independent Director (Appointed w.e.f. 5th April, 2012) |
|
|
|
|
Name : |
Mr. Amit A. Pandit |
|
Designation : |
Non Executive - Independent Director |
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Date of Birth: |
30.03.1971 |
|
Date of appointment: |
25.03.2010 |
KEY EXECUTIVES
|
Name : |
Mr. Nirav K. Momaya |
|
Designation : |
Company Secretary and Compliance Officer |
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|
|
|
Name : |
Mr. Deshpande |
|
Designation : |
Accounts Executive |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 31.03.2014
|
Category of
Shareholder |
No. of Shares |
% of No. of
Shares |
|
(A) Shareholding of Promoter and Promoter Group |
|
|
|
|
|
|
|
|
12632974 |
64.36 |
|
|
12632974 |
64.36 |
|
|
|
|
|
Total shareholding of Promoter and Promoter Group (A) |
12632974 |
64.36 |
|
(B) Public Shareholding |
|
|
|
|
|
|
|
|
888187 |
4.53 |
|
|
700000 |
3.57 |
|
|
323569 |
1.65 |
|
|
1911756 |
9.74 |
|
|
|
|
|
|
2224587 |
11.33 |
|
|
|
|
|
|
1078559 |
5.50 |
|
|
1569739 |
8.00 |
|
|
210389 |
1.07 |
|
|
180121 |
0.92 |
|
|
30268 |
0.15 |
|
|
5083274 |
25.90 |
|
Total Public shareholding (B) |
6995030 |
35.64 |
|
Total (A)+(B) |
19628004 |
100.00 |
|
(C) Shares held by Custodians and against which Depository Receipts
have been issued |
0 |
0.00 |
|
|
0 |
0.00 |
|
|
0 |
0.00 |
|
|
0 |
0.00 |
|
Total (A)+(B)+(C) |
19628004 |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturing and Sale of Chemicals. |
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Products : |
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Exports : |
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Products : |
Finished Goods |
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Countries : |
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Terms : |
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Selling : |
L/C and Credit |
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Purchasing : |
L/C and Credit |
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
|
Customer: |
End Users |
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No. of Employees : |
1000 (Approximately) |
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Bankers : |
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Facilities : |
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Banking
Relations : |
-- |
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Auditors : |
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|
Name : |
J.P.J Associates Chartered Accountants |
|
Address : |
46, Shrikrishna Nagar, Borivali (East), Mumbai, Maharashtra, India |
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Tel No.: |
91-22-28975829 |
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Fax No.: |
91-22-28970736 |
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Email: |
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Subsidiary - Common Control Exists: |
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Other Related: |
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CAPITAL STRUCTURE
As on 31.03.2013
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 |
|
|
|
|
|
NOTES
The Movements of Share capital is set out
below:
|
|
As At March 31,
2013 |
|
|
Authorized |
No. of Shares |
Rs. In Millions |
|
Authorised Share Capital at the beginning of the Year |
25,000,000 |
250.000 |
|
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 |
|
At the end of
the Year |
19,628,004 |
196.280 |
Details of
shareholders holding more than 5% shares in the company
|
|
As At March 31,
2013 |
|
|
Particulars |
No. of Shares |
Rs. In Millions |
|
Pravin Herlekar* |
9351810 |
93.518 |
|
Anjali Herlekar |
1208240 |
12.082 |
|
Rohinton Soli Screwvala |
1000000 |
10.000 |
|
TAIB Securities Mauritius Limited |
-- |
-- |
|
Axis Bank Limited** |
-- |
-- |
|
TOTAL |
11560050 |
115.600 |
Note:
Of the above equity shares:-
Nominal value of Rs 100/- per Equity Share sub-divided into Rs 10/- per Equity Share, during the Financial Year 2010-2011.
During the financial year 2009-2010, 1126600 Equity shares of Rs. 100/- each have been alloted as fully paid-up by way of bonus shares by way of capitalization of Profits & Security Premium A/c.
During the financial year 2010-2011, 8100004 Equity shares of Rs. 10/- each were issued at premium of Rs. 88/- each by public offer.
*4) Mr. Pravin S. Herlekar has acquired 2276 equity shares on 22nd March, 2013. However, the same is not reflected in the beneficial position received from the depositories as on 30th March, 2013.
**5) Shares held less than 5% as on 31st March, 2013.
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
I.
EQUITY
AND LIABILITIES |
|
|
|
|
(1)Shareholders' Funds |
|
|
|
|
(a) Share Capital |
196.280 |
196.280 |
196.280 |
|
(b) Reserves & Surplus |
1035.861 |
862.069 |
726.117 |
|
(c) Money
received against share warrants |
35.625 |
0.000 |
0.000 |
|
|
|
|
|
|
(2) Share Application money pending
allotment |
0.000 |
0.000 |
0.000 |
|
Total
Shareholders’ Funds (1) + (2) |
1267.766 |
1058.349 |
922.397 |
|
|
|
|
|
|
(3)
Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
299.005 |
46.766 |
82.729 |
|
(b) Deferred tax liabilities (Net) |
11.267 |
12.276 |
6.499 |
|
(c) Other long term
liabilities |
0.000 |
0.000 |
0.000 |
|
(d) long-term
provisions |
11.323 |
10.259 |
4.141 |
|
Total Non-current
Liabilities (3) |
321.595 |
69.301 |
93.369 |
|
|
|
|
|
|
(4)
Current Liabilities |
|
|
|
|
(a) Short
term borrowings |
864.891 |
691.670 |
328.988 |
|
(b) Trade
payables |
276.593 |
252.630 |
215.934 |
|
(c) Other
current liabilities |
39.197 |
65.811 |
59.903 |
|
(d) Short-term
provisions |
55.418 |
28.901 |
104.425 |
|
Total Current
Liabilities (4) |
1236.099 |
1039.012 |
709.250 |
|
|
|
|
|
|
TOTAL |
2825.460 |
2166.662 |
1725.016 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1)
Non-current assets |
|
|
|
|
(a) Fixed
Assets |
|
|
|
|
(i)
Tangible assets |
439.334 |
362.538 |
205.524 |
|
(ii)
Intangible Assets |
5.311 |
0.349 |
0.000 |
|
(iii)
Capital work-in-progress |
401.797 |
304.755 |
175.555 |
|
(iv)
Intangible assets under development |
0.150 |
1.771 |
0.378 |
|
(b) Non-current Investments |
108.639 |
21.208 |
13.908 |
|
(c) Deferred tax assets (net) |
0.000 |
0.000 |
0.000 |
|
(d) Long-term Loan and Advances |
274.067 |
99.829 |
10.201 |
|
(e) Other
Non-current assets |
0.000 |
0.000 |
0.000 |
|
Total Non-Current
Assets |
1229.298 |
790.450 |
405.566 |
|
|
|
|
|
|
(2)
Current assets |
|
|
|
|
(a)
Current investments |
0.000 |
0.000 |
0.000 |
|
(b)
Inventories |
635.605 |
526.625 |
300.775 |
|
(c) Trade
receivables |
614.711 |
384.852 |
272.144 |
|
(d) Cash
and cash equivalents |
215.747 |
314.036 |
412.141 |
|
(e)
Short-term loans and advances |
4.310 |
40.801 |
232.756 |
|
(f) Other
current assets |
125.789 |
109.898 |
101.634 |
|
Total
Current Assets |
1596.162 |
1376.212 |
1319.450 |
|
|
|
|
|
|
TOTAL |
2825.460 |
2166.662 |
1725.016 |
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
2015.312 |
1669.480 |
1067.600 |
|
|
|
Other Income |
57.940 |
36.986 |
5.346 |
|
|
|
TOTAL (A) |
2073.252 |
1706.466 |
1072.946 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Cost of Material Consumed |
1193.571 |
1077.333 |
716.890 |
|
|
|
Purchase of stock in trade |
350.926 |
181.796 |
98.873 |
|
|
|
Changes in inventories of Finished Goods, Work in progress and Stock
in Trade |
(180.851) |
(115.710) |
(69.827) |
|
|
|
Employee benefits expense |
80.054 |
63.834 |
32.071 |
|
|
|
Other Expenses |
208.345 |
130.293 |
75.985 |
|
|
|
TOTAL (B) |
1652.045 |
1337.546 |
853.992 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
421.207 |
368.920 |
218.954 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
74.316 |
80.953 |
52.762 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
346.891 |
287.967 |
166.192 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
56.843 |
56.209 |
19.086 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) (G) |
290.048 |
231.758 |
147.106 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
82.038 |
67.291 |
45.702 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-H) (I) |
208.010 |
164.467 |
101.404 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
214.960 |
94.008 |
30.492 |
|
|
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
|
|
Proposed Dividend |
29.442 |
24.535 |
19.628 |
|
|
|
Tax on Dividend |
4.776 |
3.980 |
3.260 |
|
|
|
Transfer to General Reserve |
15.000 |
15.000 |
15.000 |
|
|
BALANCE CARRIED
TO THE B/S |
373.752 |
214.960 |
94.008 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
Export Earnings |
581.597 |
257.576 |
122.657 |
|
|
TOTAL EARNINGS |
581.597 |
257.576 |
122.657 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw Materials |
651.318 |
741.004 |
268.596 |
|
|
|
Capital Goods |
4.329 |
2.419 |
2.158 |
|
|
TOTAL IMPORTS |
655.647 |
743.423 |
270.754 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
|
|
|
|
|
|
Basic |
10.60 |
8.38 |
|
|
|
|
Diluted |
10.59 |
8.38 |
|
|
QUARTERLY RESULTS
|
PARTICULARS |
30.06.2013 1st
Quarter |
30.09.2013 2nd
Quarter |
31.12.2013 3rd
Quarter |
|
Audited / UnAudited |
|
|
|
|
Net Sales |
451.900 |
472.400 |
484.300 |
|
Total Expenditure |
374.300 |
396.200 |
398.700 |
|
PBIDT (Excl OI) |
77.700 |
76.200 |
85.600 |
|
Other Income |
6.500 |
9.200 |
10.900 |
|
Operating Profit |
84.200 |
85.300 |
96.600 |
|
Interest |
22.600 |
26.500 |
36.500 |
|
Exceptional Items |
0.000 |
0.000 |
0.000 |
|
PBDT |
61.600 |
58.900 |
60.100 |
|
Depreciation |
14.900 |
15.400 |
11.700 |
|
Profit Before Tax |
46.700 |
43.500 |
48.400 |
|
Tax |
11.600 |
7.400 |
16.300 |
|
Provisions and contingencies |
0.000 |
0.00 |
0.000 |
|
Profit After Tax |
35.000 |
36.100 |
32.100 |
|
Extraordinary Items |
0.000 |
0.000 |
0.000 |
|
Prior Period Expenses |
0.000 |
0.000 |
0.000 |
|
Other Adjustments |
0.000 |
0.000 |
0.000 |
|
Net Profit |
35.000 |
36.100 |
32.100 |
KEY RATIOS
|
PARTICULARS |
|
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
PAT / Total Income |
(%) |
10.03
|
9.64 |
9.45 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
14.39
|
13.88 |
13.78 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
12.53
|
12.60 |
9.58 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.23
|
0.22 |
0.16 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt /Networth) |
|
0.92
|
0.70 |
0.45 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.29
|
1.32 |
1.86 |
FINANCIAL ANALYSIS
[all figures are
in Rupees Millions]
DEBT EQUITY RATIO
|
Particular |
31.03.2011 |
31.03.2012 |
31.03.2013 |
|
|
(Rs.
In Millions) |
(Rs.
In Millions) |
(Rs.
In Millions) |
|
Share Capital |
196.280 |
196.280 |
196.280 |
|
Reserves & Surplus |
726.117 |
862.069 |
1035.861 |
|
Net
worth |
922.397 |
1,058.349 |
1,232.141 |
|
|
|
|
|
|
long-term borrowings |
82.729 |
46.766 |
299.005 |
|
Short term borrowings |
328.988 |
691.67 |
864.891 |
|
Total
borrowings |
411.717 |
738.436 |
1,163.896 |
|
Debt/Equity
ratio |
0.446 |
0.698 |
0.945 |
YEAR-ON-YEAR GROWTH
|
Year
on Year Growth |
31.03.2011 |
31.03.2012 |
31.03.2013 |
|
|
(Rs.
In Millions) |
(Rs.
In Millions) |
(Rs.
In Millions) |
|
Sales |
1067.600 |
1669.480 |
2015.312 |
|
|
|
56.377 |
20.715 |
NET PROFIT MARGIN
|
Net
Profit Margin |
31.03.2011 |
31.03.2012 |
31.03.2013 |
|
|
(Rs.
In Millions) |
(Rs.
In Millions) |
(Rs.
In Millions) |
|
Sales |
1067.600 |
1669.480 |
2015.312 |
|
Profit |
101.404 |
164.467 |
208.01 |
|
|
9.50% |
9.85% |
10.32% |
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 |
Yes |
|
8] |
No. of employees |
Yes |
|
9] |
Name of person contacted |
Yes |
|
10] |
Designation of contact
person |
Yes |
|
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 |
Yes |
|
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 |
Yes |
|
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 |
PERFORMANCE
REVIEW:
The Revenue
from Operations for the financial year has gone up to Rs. 2015.312 Millions as against
Rs. 1669.480 Millions in previous year, registering a growth of 21%. The Profit
after tax has also gone up to Rs. 208.010 Millions in current year from Rs.
164.467 Millions in previous year, registering a growth of 26%.
MANAGEMENT DISCUSSION AND ANALYSIS
Industry
Scenario:
Global and
Indian Chemical Industry
The chemical
industry has traditionally grown in developed countries of the West and Japan.
However, changing market dynamics over the last ten years have resulted in global
chemical production, moving to Asia, particularly in China and India.
Speciality chemicals, which are consumed by the diverse end product markets,
are the key contributors to this changing landscape. It is because the rise in
the use of speciality chemicals has led to a higher level of commoditization,
thereby compelling manufacturers to focus more on cost reduction.
The
production levels in Asia have surpassed those in Europe, with China becoming
the world's second largest chemical producer, replacing Germany. In terms of
volume of production of chemicals, India ranks the third-largest producers in
Asia after China and Japan and eighth-largest across the globe. With the
current size of approximately USD 108 billion, the Indian chemical industry accounts
for about 7 percent of the Indian GDP and 14 percent in the overall index of
industrial production. Despite its large size, the Indian chemical industry
represents only about 3 percent of the global chemical industry.
Speciality
Chemical Segment
Speciality
chemicals are synthetic products used as intermediates to manufacture various
products ranging from pharmaceuticals to flavours and essences, and from
agrochemicals to detergents.
Unlike other
chemical products, the speciality chemical segment has greater flexibility,
small production volume and vast product categories.
Speciality
chemicals are high-value added chemicals used to manufacture a wide range of
products, including pharmaceuticals, fine chemicals, additives, advanced
polymers, adhesives, sealants, paints, pigments and coatings.
The demand
from end-user industries has improved the growth prospects of several
speciality chemicals segments in Asia. Currently, the Indian speciality
chemicals industry is still at a nascent stage and is expected to grow rapidly
over next couple of years as it moves toward higher-quality products and
applications, in both industrial and consumer segments.
The demand
for environment friendly solutions and stringent emission control legislations
has opened up new frontiers especially for the speciality chemical industry.
The greater emphasis on energy efficiency and curbing greenhouse emissions has
also contributed to demand for speciality chemical products, such as
photovoltaic solar cells, electrode materials, insulating materials and
chemicals.
Indian
chemical industry - Growth Scenario
The global
economic environment has remained sluggish as growth in the major advanced
economies decelerated due to a significant negative short-run effect of fiscal consolidation
on domestic output, thereby resulting in subdued trade and languid labour
markets, restraining the overall demand. Persistent recessionary conditions in
the United States and Europe, and the fragility in some global key end markets
have led to sinking demand for chemical products. Chemical companies located in
the Asia-Pacific geographies faced the brunt of the economic conundrum mainly
due to weaker demands in the West.
Amidst low
levels of growth in the developed economies, global demand for chemicals is
likely to remain downcast. However, with manufacturers shifting their focus on
emerging economies, Indian chemical industry is poised to increase its share of
global chemical industry pie.
Primarily
being regarded as producer of basic chemicals, Indian chemical industry has
forged ahead to earn a global repute as a manufacturer of speciality and high
value-added chemicals on the back of strong R&D.
With
significant labor cost advantages, rising domestic demand in end-user segments,
expanding exports fueled by improved export competitiveness, new market
opportunities, infrastructure investments along with regulatory reforms and the
federal government's fiscal incentives— the growth of the Indian chemical
industry is expected to continue.
According to
estimates, the India's chemical industry is slated to grow at 11 percent
year-on-year, to USD 134 billion by 2015 and USD 244 billion by 2017. India is
also expected to evolve as a global chemical manufacturing hub.
UNSECURED LOAN
|
PARTICULARS |
31.03.2013 (Rs.
in Millions) |
31.03.2012 (Rs.
in Millions) |
|
Short-term
borrowings |
|
|
|
Short term loan from financial institutions |
6.879 |
0.000 |
|
Loans from banks |
147.144 |
0.000 |
|
Total |
154.023 |
0.000 |
INDEX
OF CHARGES
|
S.NO. |
CHARGE ID |
DATE OF CHARGE
CREATION/MODIFICATION |
CHARGE AMOUNT
SECURED |
CHARGE HOLDER |
ADDRESS |
SERVICE REQUEST
NUMBER (SRN) |
|
1 |
10437165 |
12/07/2013 |
150,000,000.00 |
CITIBANK N. A. |
FIRST INTERNATIONAL
FINANCIAL CENTRE, 9TH FLOOR, |
B79749206 |
|
2 |
10388704 |
24/06/2013 * |
630,000,000.00 |
BANK OF BARODA |
RAS AL KHAIMAH BRANCH,
SH RASHID BUILDING, ALI BIN ABI TALIB ROAD, BUR DUBAI, - 0, UNITED ARAB
EMIRATES |
B80350721 |
|
3 |
10277060 |
24/06/2013 * |
57,300,000.00 |
BANK OF BARODA |
FORT UNIVERSITY
BRANCH, MUMBAI, MUMBAI, MAHARASH |
B80350317 |
|
4 |
10172462 |
23/08/2011 * |
934,600,000.00 |
BANK OF BARODA |
FORT, UNIVERSITY
BRANCH, MUMBAI, MUMBAI, MAHARASH |
B22886436 |
|
5 |
10143580 |
24/06/2013 * |
1,060,000,000.00 |
BANK OF BARODA |
FORT UNIVERSITY BRANCH,
MUMBAI, MUMBAI, MAHARASHTRA - 400001, INDIA |
B80349921 |
|
6 |
10143573 |
24/06/2013 * |
6,600,000.00 |
BANK OF BARODA |
FORT UNIVERSITY
BRANCH, MUMBAI, MUMBAI, MAHARASHTRA - 400001, INDIA |
B80349194 |
|
7 |
10143576 |
24/06/2013 * |
13,600,000.00 |
BANK OF BARODA |
FORT UNIVERSITY
BRANCH, MUMBAI, MUMBAI, MAHARASHTRA - 400001, INDIA |
B80349509 |
Note: * Date of
charge modification
STANDALONE
FINANCIAL RESULT FOR THE YEAR ENDED 31ST MARCH 2014
(Rs.
In Millions)
|
Particulars |
Quarter Ended |
Year to date |
|
|
|
31.03.2014 Unaudited |
31.12.2013 Unaudited |
31.03.2014 Unaudited |
|
(a) Net Sales/ Income from operation |
687.560 |
484.343 |
2096.211 |
|
(b) Other Operating Income |
-- |
-- |
-- |
|
Total Income |
687.560 |
484.343 |
2096.211 |
|
Expenditure |
|
|
|
|
Consumption of Raw-Materials |
217.667 |
204.656 |
935.411 |
|
Purchase of Traded Goods |
286.820 |
100.550 |
507.946 |
|
Increase(-) /Decrease(+) in Stock in trade and W.I.P. |
10.497 |
22.135 |
28.338 |
|
Employees benefits expenses |
24.465 |
27.767 |
98.825 |
|
Depreciation |
19.029 |
11.685 |
61.016 |
|
Other Expenditure |
58.613 |
43.602 |
196.718 |
|
Total |
617.091 |
410.395 |
1828.254 |
|
Profit(+)/ Loss(-)
from Operations before other Income Interest and Exceptional Item |
70.469 |
73.948 |
267.957 |
|
Other Income |
30.916 |
10.926 |
57.473 |
|
Profit(+)/ Loss(-) before Interest and Exceptional Item |
101.385 |
84.874 |
325.430 |
|
Finance Cost |
31.944 |
36.489 |
117.463 |
|
Profit(+)/ Loss(-) after Interest but before Exceptional Item |
69.441 |
48.385 |
207.967 |
|
Exceptional Items |
0.660 |
-- |
0.660 |
|
Profit(+)/ Loss
(-) from ordinary activities before
Tax |
68.781 |
48.385 |
207.307 |
|
Tax Expenses |
25.987 |
16.252 |
61.284 |
|
Net Profit(+)/ Loss (-) from ordinary activities after Tax |
42.794 |
32.133 |
146.023 |
|
Extraordinary Items (Net of Tax Expense) |
-- |
-- |
-- |
|
Net Profit (+)/ Loss(-) for the period (11-12) |
42.794 |
32.133 |
146.023 |
|
Paid Up Equity Share Capital (Face Value of Rs.10 Per Share) |
1,962,80 |
196.280 |
196.280 |
|
Reserves excluding Revaluation Reserves as per Balance Sheet of
Previous Accounting Year |
-- |
-- |
1147.437 |
|
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) |
2.18 |
1.64 |
7.44 |
|
b) Basic and diluted EPS after extraordinary items for the period, for
the year to date and for the previous year (not annualised) |
2.08 |
1.56 |
7.10 |
|
Public
Shareholding |
|
|
|
|
Number of Shares |
6995030 |
7058924 |
6995030 |
|
% of Share holding |
35.64% |
35.96% |
35.64% |
|
Promoters and promoter
group Shareholding |
|
|
|
|
a)
Pledged/Encumbered |
|
|
|
|
- Number of shares |
3395000 |
4500000 |
3395000 |
|
- Percentage of shares (as a % of the total
shareholding of promoter and promoter group) |
26.87% |
35.80% |
26.87% |
|
- Percentage of shares (as a
% of the total share capital of the company) |
17.30% |
22.93% |
17.30% |
|
b)
Non-encumbered |
|
|
|
|
- Number of shares |
9237974 |
8069080 |
9237974 |
|
- Percentage of shares (as a % of the total shareholding
of promoter and promoter group) |
73.13% |
64.20% |
73.13% |
|
- Percentage of shares (as a
% of the total share capital of the company) |
47.06% |
41.11% |
47.06% |
|
B INVESTOR
COMPLAINTS |
|
|
|
|
Pending at the beginning of the quarter |
NIL |
|
|
|
Received during the quarter |
NIL |
|
|
|
Disposed off during the quarter |
NIL |
|
|
|
Remaining unresolved at the end of the quarter |
NIL |
|
|
NOTE:
1. The above audited financial results have been reviewed by the Audit Committee and approved by the Board of Directors at its meeting held on May 10, 2014.
2. The Board of Directors has recommended the dividend of Rs. 1.50/-per share
(15%) of face value of Rs.10/- each, for the year ended March 31,2014, subject
to the approval of members at the Annual General Meeting .
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. Mr. Pravin S. Herlekar, Chairman & Managing Director (Promoter ) of the
Company has acquired 180005 equity shares in the month of March,2014 which are
not reflected in his name in the beneficial position received from the
depositories as on March 31,2014. Further, out of these 180,005 shares, he has
created encumbrance on 35,000 shares.
5. The figures of the last quarter are the balancing figures between audited
figures in respect of the full financial year and the published year to date
figures upto the third quarter.
6. The Previous quarter's/year's figures have been regrouped/rearranged
wherever necessary to make it comparable with the current quarter/year.
STANDALONE /
CONSOLIDATED STATEMENT OF ASSETS AND LIABILITIES
|
Particulars |
As at 31.03.2014 |
|
|
|
Particulars |
|
|
A |
EQUITY AND LIABILITIES |
|
|
1 |
Shareholder’s Funds |
|
|
|
a) Share Capital |
196.280 |
|
|
b) Reserves & Surplus |
1147.438 |
|
|
c) Money received against share warrants |
35.625 |
|
|
Sub Total- Shareholders funds |
1379.343 |
|
2 |
Share application money pending allotment |
|
|
3 |
Minority Interest |
|
|
4 |
Non-current liabilities |
|
|
|
(a) Long term borrowings |
372.134 |
|
|
(b)
Deferred tax liabilities (Net) |
11.826 |
|
|
(b) Other long term liabilities |
-- |
|
|
fc) Long term provisions |
11.760 |
|
|
Sub Total- Non Current Liabilities |
395.720 |
|
5 |
Current liabilities |
|
|
|
(a) Short term borrowings |
1110.053 |
|
|
(b) Trade Payables |
380.710 |
|
|
(c) Other current liabilities |
107.494 |
|
|
(d) Short term provisions |
45.161 |
|
|
Sub Total- Current Liabilities |
1643.418 |
|
|
TOTAL-EQUITY AND LIABILITIES |
3418.481 |
|
B |
ASSETS |
|
|
1 |
Non-current assets |
|
|
|
(a) Fixed assets |
1112.370 |
|
|
(b) Non-current Investments |
137.988 |
|
|
(c) Deferred tax assets (net) |
-- |
|
|
(d) Long-term Loan and Advances |
399.557 |
|
|
(e)
Trade receivables |
-- |
|
|
(f) Other
Non-current assets |
-- |
|
|
Sub-Total- Non current assets |
1649.915 |
|
2 |
Current assets |
|
|
|
a) Current Investments |
|
|
|
b) Inventories |
629.731 |
|
|
c) Trade Receivables |
851.493 |
|
|
d) Cash and cash equivalents |
181.121 |
|
|
(e) Short term loans and advances |
2.561 |
|
|
(f) Other current assets |
103.660 |
|
|
Sub-Total- current assets |
1768.566 |
|
|
TOTAL ASSETS |
3418.481 |
CONTINGENT
LIABILITIES (AS ON 31.03.2013):
Claims against the Company not acknowledged as debt: Rs Nil (Previous year: Rs Nil)
The Company has given guarantee to the bank on behalf of its Wholly Owned Subsidiary, Urdhwa Chemicals Company Private Limited of Rs 270.000 Millions (Previous year Rs 210.000 Millions) and Lasa Laboratory Private Limited of Rs 233.500 Millions (Previous Year Rs Nil)
FIXED ASSETS
- Leasehold
Land
- Factory
Building
- Plant and
Machinery
- Electrical
Installation
- Furniture and
Fixture
- Office
Equipments
- Motor Car and
Cycle
PRESS RELEASES
OMKAR SPECIALITY CHEMICALS WINS THE ‘EMERGING SME OF THE YEAR’ AWARD
2013
(09/10/2013)
Pravin S. Herlekar, Chairman and Managing Director, Omkar Speciality Chemicals Limited (OSCL) receives the ‘Emerging SME of the year 2013’ award at the Thought Leadership Conclave -2013, hosted by Citi Bank in association with CNBC TV18, with the theme ‘Empowering the Growth of Emerging Enterprises’ in Mumbai.
An alumni of prestigious IIT-Bombay with a B. Tech in Chemical Engineering and a Post Graduate in Management Studies from Bombay University, Herlekar is a first generation entrepreneur who single-mindedly steered and spearheaded the entire initiative of transforming Omkar Speciality Chemicals Limited, from a startup in 1983 with a working capital of meager Rs 0.150 Million to a fledging midcap company in last over three decades with topline revenues of Rs 2110.000 Millions with a growth of CAGR 45.77% in FY2013.
With a strong technical background, keen business sense and an unquenchable ambition for growth, Herlekar carved out a niche for himself in the niche chemistry landscape. After inexorably delving into the techno commercial viability of starting his venture vis-à-vis product identification and market feasibility for several years, Herlekar finally decided to manufacture import substitutes for pharma companies, which nobody was manufacturing in India during the 80s.
With all his unwavering determination, Herlekar went ahead to develop couple of import substitutes—molybdenum and selenium derivatives in his home kitchen as he did not have a full-fledge laboratory. This marked the start of Herlekar’s entrepreneurial journey.
Herlekar’s visionary and astute entrepreneurial leadership resulted in OSCL emerging as one of the leading speciality chemicals conglomerates, driven by research and strategic thinking on a global scale.
It’s a relentless pursuit of Herlekar who had the cheek to retreat from the beaten tracks and create an institution, which today influences not only the speciality chemicals community, but the country at large.
Herlekar’s importance to quality, prompt delivery and service led him to integrate forward and backwards—thereby manufacturing a diverse portfolio of niche speciality chemicals, including an assortment of organic, inorganic and organo inorganic intermediates, which find applications in a plethora of industries comprising pharmaceuticals, chemical, glass, cosmetics, ceramic pigments and cattle and poultry feeds.
Today, OSCL exports its diversified product range across 21 countries, including regulated markets, such as Europe, Canada, Asia (China), South America and Australia. Under his leadership, the group’s business and revenues have grown manifolds.
Some of OSCL’s ‘niche’ high value-added products, including pharma intermediates like resolving agents face no competition globally; and especially from China. Do not foresee any ‘risk’ in the business as it is largely driven by a wide customer base. Besides, a roadmap for next five years has been laid down in terms of products, markets and geographies.
He was ahead of his time in foreseeing the growth of speciality chemicals business in India. Growth through quality, innovation and market consolidation has been Herlekar’s business mantra. His focus on research and development has enabled the group to develop products which cater to the demand of pharma intermediates for drug manufacturers and supplies specialty chemicals for varied end-user industries like glass, agrochemical, paints/pigments, poultry and cattle feed, water treatment, and electroplating industries. As a part of the forward integration strategy, OSCL forayed into human and veterinary API manufacturing genre with acquisition of Lasa Laboratories in April 2012.
Today, Herlekar is widely recognized across the speciality chemicals industry for his path-breaking and visionary contributions towards transforming speciality chemicals landscape of India by setting new standards and creating world class manufacturing infrastructure to attract unprecedented levels of foreign and domestic investment inflows and generating new employment opportunities.
Herlekar spearheads business development, expansion initiatives, financial management, investment and regulator y affairs. He has a team of experienced and committed management team who are dedicated towards scaling the company to greater heights through innovation and excellence, thereby creating value for our stakeholders.
BUY OMKAR SPECIALITY; TARGET OF RS 140: MEHTA EQUITIES
(10/06/2013)
Mehta Equities is bullish on Omkar Speciality chemicals (OSCL) and has recommended buy rating on the stock with a target price of Rs 140 in its June, 2013 research report.
Result update Q4FY13: Omkar speciality Q4 results were inline with our expectation; Topline grew up by 28 percent to Rs 524.000 Millions from Rs 410.000 Millions on YoY basis mainly on the back improvement seen in Export segment, largely consisting of high value-added products, grew by 82 percent y-o-y in Q4FY13 EBITDA margin remained flat on YoY at 21.4 percent from 21.2 percent as the benefit of better product mix in high value-added products. PAT was under pressure mainly on the back of higher depreciation effects and higher tax provision during the quarter; for the full year, the tax rate was 31 percent. Going forward we expect contribution from high value-added Products in FY14 on the back of expected ramp-up in manufacturing of new products in the Urdhwa and Lasa Labs plants.
Increase in export revenue helps Omkar to maintain healthy growth: To keep the pace on, Omkar has lined up plans to launch 2-3 more export oriented products every quarter from the newly commissioned plants which will drive the revenue from export segment in FY14E.
New capacity to add value going forward: OSCL has commissioned Urdhwa plant in mid-December 2012 and is currently running at an utilisation rate of around 40 percent. We expect the utilisation level to improve to 50 percent -60 percent and reach 75 percent in Mid FY2014E which will help to boost overall volume and profitability going ahead.
For the Audited full year, net profit rose by 29 percent to Rs 205.600 Millions in the year ended March 2013 as against Rs 160.000 Millions year ended March 2012. Sales rose 27 percent to Rs 2110.000 Millions in the year ended March 2013 as against Rs 1660.000 Millions during the previous year ended March 2012.
Going forward we believe that the performance will be backed by capacity growth which is inline with our expectations. We see very less small pharma intermediaries having fundamental growth potential to grow more than the industrial growth and Omkar is one among them. On valuation parse at the current market price of Rs 115, the stock is trading at PE of 8.7x times to its FY14E earnings of Rs 13.2 on a conservative basis. Hence we believe performance to translate into healthy growth in forthcoming earnings. We continue to remain positive and expect healthy gains from the current levels with a target of Rs 140 on short to medium term horizon," says Mehta Equities research report.
OMKAR SPECIALITY CHEMICALS TO CONSIDER DIVIDEND ON MAY 20, 2013
(06/05/2013)
Omkar Speciality Chemicals Limited has informed BSE that a meeting of the Board of Directors of the Company will be held on May 20, 2013, inter alia, to consider and if thought fit to approve the following agenda items :1. To consider and approve the Audited Financial Statements (Standalone and Consolidated) of the Company for the financial year ended on March 31, 2013 and to take note of the Auditors’ Report on the Audited Financial Statements of the Company for the Financial Year ended on March 31, 2013.2. To recommend Dividend, if any, for the financial year ended on March 31, 2013.3. To discuss and finalize the date, time and venue for conveying the Annual General Meeting and all the documents related to Annual General Meeting.
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 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 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.61.09 |
|
|
1 |
Rs.101.59 |
|
Euro |
1 |
Rs.84.65 |
INFORMATION DETAILS
|
Information
Gathered by : |
PLK |
|
|
|
|
Report Prepared
by : |
KVT |
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 |
YES |
|
--LITIGATION |
YES/NO |
NO |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
YES |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
YES |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
DEFAULTER |
|
|
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
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.