meghmani organics limited a manufacturer of …meghmani has four production facilities in gujarat,...

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PROSPECTUS DATED 30 JULY 2004 (registered with the Monetary Authority of Singapore on 30 July 2004) This document is important. If you are in any doubt as to the action you should take, you should consult your stockbroker, bank manager, solicitor, accountant, or other professional adviser. We have made an application to the Singapore Exchange Securities Trading Limited (“SGX-ST”) for permission to deal in, and for quotation of, all our Singapore depository shares (“SDSs”) (including the Vendor SDSs (as defined herein) as well as the New SDSs (as defined herein), each representing one half of one equity share of Rs.1 each (the “Share”) in the capital of Meghmani Organics Limited (the “Company”), which are the subject of this invitation (the “Invitation”) by our Company and the Vendors to the public in Singapore to subscribe and/or purchase the New SDSs and Vendor SDSs (the “Invitation SDSs”). Such permission will be granted when we have been admitted to the Official List of the SGX-ST. There will be no dealing in, or quotation of our Shares on the Official List of the SGX-ST. Only our SDSs (each representing one half of one Share) will be traded on the Official List of the SGX-ST in the manner described in this Prospectus. The dealing in, and quotation of, our SDSs will be in Singapore dollars. Acceptance of applications will be conditional upon, inter alia, permission being granted to deal in, and for quotation of all our SDSs (including the Vendor SDSs) and the New SDSs. If the completion of the Invitation does not occur because permission is not granted or for any other reason, moneys paid in respect of any application accepted will be returned to you at your own risk, without interest or any share of revenue or other benefit arising therefrom and you will not have any claim against us, the Vendors, the Issue Manager, the Underwriter or the Placement Agent. The SGX-ST assumes no responsibility for the correctness of any of the statements made, reports contained or opinions expressed in this Prospectus. Admission to the Official List of the SGX-ST is not to be taken as an indication of the merits of our Invitation, our Company, our existing SDSs (including the Vendor SDSs) or our New SDSs. A copy of this Prospectus has been lodged with and registered by the Monetary Authority of Singapore (the “Authority”) on 30 June 2004 and 30 July 2004 respectively. The Authority assumes no responsibility for the contents of this Prospectus. Registration of this Prospectus by the Authority does not imply that the Securities and Futures Act, Chapter 289 of Singapore, or any other legal or regulatory requirements, have been complied with. The Authority has not, in any way, considered the merits of our SDSs being offered or in respect of which an invitation is made, for investment. Investing in our SDSs involves risks which are described in the section entitled "RISK FACTORS" of this Prospectus. No SDS will be allotted or allocated on the basis of this Prospectus later than six months after the date of registration of this Prospectus. The Invitation SDSs have not been and will not be registered under the US Securities Act of 1933 (the “Securities Act”) and, subject to certain exceptions, may not be offered or sold within the United States or to, or for the account or benefit of, US persons (as defined in Regulation S under the Securities Act (“Regulation S”)). The Invitation SDSs are being offered and sold outside the United States to non-US persons (including institutional and other investors in Singapore) in reliance on Regulation S – see “Selling/Transfer Restrictions”. Meghmani Organics Limited (Incorporated in Gujarat, India, on 2 January 1995) Invitation in respect of 100,400,000 Invitation SDSs each representing one half of one Share of Rs.1 each, comprising 69,400,000 New SDSs and 31,000,000 Vendor SDSs as follows:- (1) 7,500,000 Offer SDSs at S$0.28 for each Offer SDS by way of public offer; and (2) 92,900,000 Placement SDSs at S$0.28 for each Placement SDS by way of placement, comprising (i) 91,900,000 Placement SDSs at S$0.28 each for applications by way of Placement SDSs Application Form; (ii) 1,000,000 Internet Placement SDSs at S$0.28 each for applications made through the Internet Website of DBS Vickers Securities Online (Singapore) Pte Ltd, payable in full on application. Issue Manager Meghmani Organics Limited Underwriter and Placement Agent Meghmani Organics Limited Principal Sub-Placement Agent

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  • PROSPECTUS DATED 30 JULY 2004(registered with the Monetary Authority of Singapore on 30 July 2004)

    This document is important. If you are in any doubt as to the action you should take, you should consult your stockbroker, bank manager, solicitor,accountant, or other professional adviser.

    We have made an application to the Singapore Exchange Securities Trading Limited (“SGX-ST”) for permission to deal in, and for quotation of, all ourSingapore depository shares (“SDSs”) (including the Vendor SDSs (as defined herein) as well as the New SDSs (as defined herein), each representingone half of one equity share of Rs.1 each (the “Share”) in the capital of Meghmani Organics Limited (the “Company”), which are the subject of this invitation(the “Invitation”) by our Company and the Vendors to the public in Singapore to subscribe and/or purchase the New SDSs and Vendor SDSs (the “InvitationSDSs”). Such permission will be granted when we have been admitted to the Official List of the SGX-ST. There will be no dealing in, or quotation of ourShares on the Official List of the SGX-ST. Only our SDSs (each representing one half of one Share) will be traded on the Official List of the SGX-STin the manner described in this Prospectus. The dealing in, and quotation of, our SDSs will be in Singapore dollars. Acceptance of applications will beconditional upon, inter alia, permission being granted to deal in, and for quotation of all our SDSs (including the Vendor SDSs) and the New SDSs. If thecompletion of the Invitation does not occur because permission is not granted or for any other reason, moneys paid in respect of any application acceptedwill be returned to you at your own risk, without interest or any share of revenue or other benefit arising therefrom and you will not have any claim againstus, the Vendors, the Issue Manager, the Underwriter or the Placement Agent.

    The SGX-ST assumes no responsibility for the correctness of any of the statements made, reports contained or opinions expressed in this Prospectus.Admission to the Official List of the SGX-ST is not to be taken as an indication of the merits of our Invitation, our Company, our existing SDSs (includingthe Vendor SDSs) or our New SDSs.

    A copy of this Prospectus has been lodged with and registered by the Monetary Authority of Singapore (the “Authority”) on 30 June 2004 and 30 July2004 respectively. The Authority assumes no responsibi l ity for the contents of this Prospectus. Registration of this Prospectus bythe Authority does not imply that the Securities and Futures Act, Chapter 289 of Singapore, or any other legal or regulatory requirements, have beencomplied with. The Authority has not, in any way, considered the merits of our SDSs being offered or in respect of which an invitation is made, for investment.

    Investing in our SDSs involves risks which are described in the section entitled "RISK FACTORS" of this Prospectus. No SDS will be allotted ora l locat ed on the bas is o f th is Pr ospectus lat er than s ix months a f t er the dat e o f r eg is trat ion o f th is Pr ospectus .

    The Invitation SDSs have not been and will not be registered under the US Securities Act of 1933 (the “Securities Act”) and, subject to certainexceptions, may not be offered or sold within the United States or to, or for the account or benefit of, US persons (as defined in Regulation S underthe Securities Act (“Regulation S”)). The Invitation SDSs are being offered and sold outside the United States to non-US persons (including institutionaland other investors in Singapore) in reliance on Regulation S – see “Selling/Transfer Restrictions”.

    PIGMENTS

    - Specialises in green and blue pigments• CPC Blue (an upstream product for Pigment Blue 15 and

    Pigment Green 7)• Pigment Green 7• Pigment Blue 15, 15:1, 15:3, 15:4 (Alpha Blue, Beta

    Blue)

    - Used for multiple applications including printing inks,plastics, rubber, paints, textiles, leather and paper

    - Two pigment manufacturing plants in Vatva and Panoliwhich are ISO 9001-2000 certified

    - More than 75% of our pigments are exported

    AGROCHEMICALS (Pesticides)

    - Three main product categories:• pesticide intermediates (raw materials for manufacture

    of pesticides)• technical grade pesticides• pesticide formulations (branded products)

    - Used mainly for crop protection and non-crop applications such as public health, termite and insectcontrol and veterinary applications

    - Two multifunctional manufacturing plants in Chharodiand Ankleshwar, one of which is ISO 9001-2000 certified

    - More than 50% of our agrochemicals are exported

    core businesses

    A MANUFACTURER OFPIGMENTS AND AGROCHEMICALS

    Established in 1986, Meghmani is amongst the leading pigments and agrochemicals manufacturersin India with a strong emphasis on delivering quality products backed by continuing research anddevelopment (”R&D”) efforts. For the last three financial years ended 31 March 2001, 31 March2002 and 31 March 2003, more than 75% of our pigments and more than 50% of our agrochemicalproducts were exported worldwide. Meghmani has four production facilities in Gujarat, India, ofwhich three are ISO 9001 – 2000 certified. Meghmani has a global customer base, a proactiveR&D team, a wide range of products and a professional management team that have enabledMeghmani to grow at a compounded annual growth rate of 14.5% over the last five years.

    Meghmani Organics Limited(Incorporated in Gujarat, India, on 2 January 1995)

    Invitation in respect of 100,400,000 Invitation SDSs each representing one half of one Share of Rs.1 each,comprising 69,400,000 New SDSs and 31,000,000 Vendor SDSs as follows:-

    (1) 7,500,000 Offer SDSs at S$0.28 for each Offer SDS by way of public offer; and(2) 92,900,000 Placement SDSs at S$0.28 for each Placement SDS by way of placement, comprising

    (i) 91,900,000 Placement SDSs at S$0.28 each for applications by way of Placement SDSs Application Form;(ii) 1,000,000 Internet Placement SDSs at S$0.28 each for applications made through the Internet Website

    of DBS Vickers Securities Online (Singapore) Pte Ltd,payable in full on application.

    Issue Manager

    Meghmani Organics Limited

    Underwriter and Placement Agent

    SN

    P-R

    R D

    onne

    lley

    Fin

    anci

    al 6

    4167

    55

    Meg

    hm

    ani O

    rgan

    ics Lim

    ited

    Principal Sub-Placement Agent

  • PROSPECTUS DATED 30 JULY 2004(registered with the Monetary Authority of Singapore on 30 July 2004)

    This document is important. If you are in any doubt as to the action you should take, you should consult your stockbroker, bank manager, solicitor,accountant, or other professional adviser.

    We have made an application to the Singapore Exchange Securities Trading Limited (“SGX-ST”) for permission to deal in, and for quotation of, all ourSingapore depository shares (“SDSs”) (including the Vendor SDSs (as defined herein) as well as the New SDSs (as defined herein), each representingone half of one equity share of Rs.1 each (the “Share”) in the capital of Meghmani Organics Limited (the “Company”), which are the subject of this invitation(the “Invitation”) by our Company and the Vendors to the public in Singapore to subscribe and/or purchase the New SDSs and Vendor SDSs (the “InvitationSDSs”). Such permission will be granted when we have been admitted to the Official List of the SGX-ST. There will be no dealing in, or quotation of ourShares on the Official List of the SGX-ST. Only our SDSs (each representing one half of one Share) will be traded on the Official List of the SGX-STin the manner described in this Prospectus. The dealing in, and quotation of, our SDSs will be in Singapore dollars. Acceptance of applications will beconditional upon, inter alia, permission being granted to deal in, and for quotation of all our SDSs (including the Vendor SDSs) and the New SDSs. If thecompletion of the Invitation does not occur because permission is not granted or for any other reason, moneys paid in respect of any application acceptedwill be returned to you at your own risk, without interest or any share of revenue or other benefit arising therefrom and you will not have any claim againstus, the Vendors, the Issue Manager, the Underwriter or the Placement Agent.

    The SGX-ST assumes no responsibility for the correctness of any of the statements made, reports contained or opinions expressed in this Prospectus.Admission to the Official List of the SGX-ST is not to be taken as an indication of the merits of our Invitation, our Company, our existing SDSs (includingthe Vendor SDSs) or our New SDSs.

    A copy of this Prospectus has been lodged with and registered by the Monetary Authority of Singapore (the “Authority”) on 30 June 2004 and 30 July2004 respectively. The Authority assumes no responsibi l ity for the contents of this Prospectus. Registration of this Prospectus bythe Authority does not imply that the Securities and Futures Act, Chapter 289 of Singapore, or any other legal or regulatory requirements, have beencomplied with. The Authority has not, in any way, considered the merits of our SDSs being offered or in respect of which an invitation is made, for investment.

    Investing in our SDSs involves risks which are described in the section entitled "RISK FACTORS" of this Prospectus. No SDS will be allotted ora l locat ed on the bas is o f th is Pr ospectus lat er than s ix months a f t er the dat e o f r eg is trat ion o f th is Pr ospectus .

    The Invitation SDSs have not been and will not be registered under the US Securities Act of 1933 (the “Securities Act”) and, subject to certainexceptions, may not be offered or sold within the United States or to, or for the account or benefit of, US persons (as defined in Regulation S underthe Securities Act (“Regulation S”)). The Invitation SDSs are being offered and sold outside the United States to non-US persons (including institutionaland other investors in Singapore) in reliance on Regulation S – see “Selling/Transfer Restrictions”.

    PIGMENTS

    - Specialises in green and blue pigments• CPC Blue (an upstream product for Pigment Blue 15 and

    Pigment Green 7)• Pigment Green 7• Pigment Blue 15, 15:1, 15:3, 15:4 (Alpha Blue, Beta

    Blue)

    - Used for multiple applications including printing inks,plastics, rubber, paints, textiles, leather and paper

    - Two pigment manufacturing plants in Vatva and Panoliwhich are ISO 9001-2000 certified

    - More than 75% of our pigments are exported

    AGROCHEMICALS (Pesticides)

    - Three main product categories:• pesticide intermediates (raw materials for manufacture

    of pesticides)• technical grade pesticides• pesticide formulations (branded products)

    - Used mainly for crop protection and non-crop applications such as public health, termite and insectcontrol and veterinary applications

    - Two multifunctional manufacturing plants in Chharodiand Ankleshwar, one of which is ISO 9001-2000 certified

    - More than 50% of our agrochemicals are exported

    core businesses

    A MANUFACTURER OFPIGMENTS AND AGROCHEMICALS

    Established in 1986, Meghmani is amongst the leading pigments and agrochemicals manufacturersin India with a strong emphasis on delivering quality products backed by continuing research anddevelopment (”R&D”) efforts. For the last three financial years ended 31 March 2001, 31 March2002 and 31 March 2003, more than 75% of our pigments and more than 50% of our agrochemicalproducts were exported worldwide. Meghmani has four production facilities in Gujarat, India, ofwhich three are ISO 9001 – 2000 certified. Meghmani has a global customer base, a proactiveR&D team, a wide range of products and a professional management team that have enabledMeghmani to grow at a compounded annual growth rate of 14.5% over the last five years.

    Meghmani Organics Limited(Incorporated in Gujarat, India, on 2 January 1995)

    Invitation in respect of 100,400,000 Invitation SDSs each representing one half of one Share of Rs.1 each,comprising 69,400,000 New SDSs and 31,000,000 Vendor SDSs as follows:-

    (1) 7,500,000 Offer SDSs at S$0.28 for each Offer SDS by way of public offer; and(2) 92,900,000 Placement SDSs at S$0.28 for each Placement SDS by way of placement, comprising

    (i) 91,900,000 Placement SDSs at S$0.28 each for applications by way of Placement SDSs Application Form;(ii) 1,000,000 Internet Placement SDSs at S$0.28 each for applications made through the Internet Website

    of DBS Vickers Securities Online (Singapore) Pte Ltd,payable in full on application.

    Issue Manager

    Meghmani Organics Limited

    Underwriter and Placement Agent

    SN

    P-R

    R D

    onne

    lley

    Fin

    anci

    al 6

    4167

    55

    Meg

    hm

    ani O

    rgan

    ics Lim

    ited

    Principal Sub-Placement Agent

  • prospects

    PIGMENTS

    • Global demand is expected to grow because of continuing expansionin key user markets, namely printing inks and paints

    • Capitalise on the strong growth in demand for high performancepigments due to fundamental shifts in printing ink and paint sectors

    AGROCHEMICALS

    • Expected increase in use of pesticides in India :- Higher investment in newer pesticides by Indian farmers- A more corporatised farming industry (commercial agriculture)

    • Significant opportunities to expand our export sales :- Agrochemicals manufacturing outsourcing trend to India to benefit from

    lower production and administration costs in India

    - Generic pesticides going off-patent enable us to expand our product rangeand tap the export market

    growth strategies

    • Increase vertical integration of production processes

    - Increase R&D efforts to develop more vertical integration in our manufacturingprocesses to enhance our competitiveness

    • Expand our range of products- Invest in production facilities and R&D centre to expand our product range

    - Introduce new high performance pigments:

    • Hysol-P based CPC Blue

    • Pigment Blue-16, Pigment Green-36, Pigment Blue-60 andPigment Blue-79

    - Develop capabilities to manufacture off-patent pesticides:

    • “Indoxacarb”, “Acetamiprid”, “Triazophos” and “Bifenthrin”

    • Increase contract manufacturing activities with MNCs- Procure more manufacturing projects for both pigment and agrochemical

    products

    - Currently in negotiations with one MNC for the contract manufacture oftwo agrochemical products

    • Increase sales of our agrochemical products to overseas markets- Obtain required registration for more of our agrochemical products in overseas

    markets to increase our export sales

    54.0

    67.2

    73.7

    50.6

    57.0

    FY2001 FY2002 FY2003 8M2002 8M20030

    10

    20

    30

    40

    50

    60

    70

    80

    FINANCIAL HIGHLIGHTS

    Revenue (S$’million)

    5.2

    9.1

    7.9

    6.0

    6.8

    FY2001 FY2002 FY2003 8M2002 8M20030

    1

    2

    3

    4

    5

    6

    7

    8

    9

    10

    Profit After Tax (S$’million)

    *FY: Financial Year Ended March 318M 2002: 8 months ended Nov 30, 20028M 2003: 8 months ended Nov 30, 2003

    25.8%

    29.3%29.5% 30.1%

    27.6%

    FY2001 FY2002 FY2003 8M2002 8M20030

    5

    10

    15

    20

    25

    30

    35

    Gross Profit Margin (%) FY2003 Revenue Breakdown by Business

    Others4%

    Pigments53%

    Agrochemicals43%

    competitive strengths

    • Cost advantage due to vertically integrated manufacturing processesand strategic location- Production of raw materials used in the manufacture of our pigment and

    pesticide products allows effective cost management and bettercontrol

    - Cost effective agrochemicals production facilities due to multi- functionalityof our plants

    - Manufacturing plants are located in a low cost base – Gujarat, India - whichfacilitates our access to raw materials at low cost

    • Established brand names- Products are marketed under our brand names – Meghafast, Megacyper,

    and Megastar – that are recognized by consumers of pigments and agrochemicals in India, Europe, the USA and Latin America

    - 20 overseas distributors worldwide covering our overseas markets

    - Over 1000 stockists, agents, distributors and dealers covering India

    • Diversified and global customer base- More than 100 pigments customers, mainly MNCs who are leading players

    in their industries such as printing inks, plastics, paints, textiles, leather, paperand rubber

    - Over 30 agrochemicals customers including leading pesticide manufacturersfrom North America, Europe, Latin America and Asia

    • Experienced and qualified management and technical team- Founders have over 50 years of experience collectively in pigments and

    pesticides

    - Management supported by a team of skilled technical engineers and sciencegraduates (degree and PhD holders) specialising in chemistry, who possessin-depth technical and industry knowledge

  • prospects

    PIGMENTS

    • Global demand is expected to grow because of continuing expansionin key user markets, namely printing inks and paints

    • Capitalise on the strong growth in demand for high performancepigments due to fundamental shifts in printing ink and paint sectors

    AGROCHEMICALS

    • Expected increase in use of pesticides in India :- Higher investment in newer pesticides by Indian farmers- A more corporatised farming industry (commercial agriculture)

    • Significant opportunities to expand our export sales :- Agrochemicals manufacturing outsourcing trend to India to benefit from

    lower production and administration costs in India

    - Generic pesticides going off-patent enable us to expand our product rangeand tap the export market

    growth strategies

    • Increase vertical integration of production processes

    - Increase R&D efforts to develop more vertical integration in our manufacturingprocesses to enhance our competitiveness

    • Expand our range of products- Invest in production facilities and R&D centre to expand our product range

    - Introduce new high performance pigments:

    • Hysol-P based CPC Blue

    • Pigment Blue-16, Pigment Green-36, Pigment Blue-60 andPigment Blue-79

    - Develop capabilities to manufacture off-patent pesticides:

    • “Indoxacarb”, “Acetamiprid”, “Triazophos” and “Bifenthrin”

    • Increase contract manufacturing activities with MNCs- Procure more manufacturing projects for both pigment and agrochemical

    products

    - Currently in negotiations with one MNC for the contract manufacture oftwo agrochemical products

    • Increase sales of our agrochemical products to overseas markets- Obtain required registration for more of our agrochemical products in overseas

    markets to increase our export sales

    54.0

    67.2

    73.7

    50.6

    57.0

    FY2001 FY2002 FY2003 8M2002 8M20030

    10

    20

    30

    40

    50

    60

    70

    80

    FINANCIAL HIGHLIGHTS

    Revenue (S$’million)

    5.2

    9.1

    7.9

    6.0

    6.8

    FY2001 FY2002 FY2003 8M2002 8M20030

    1

    2

    3

    4

    5

    6

    7

    8

    9

    10

    Profit After Tax (S$’million)

    *FY: Financial Year Ended March 318M 2002: 8 months ended Nov 30, 20028M 2003: 8 months ended Nov 30, 2003

    25.8%

    29.3%29.5% 30.1%

    27.6%

    FY2001 FY2002 FY2003 8M2002 8M20030

    5

    10

    15

    20

    25

    30

    35

    Gross Profit Margin (%) FY2003 Revenue Breakdown by Business

    Others4%

    Pigments53%

    Agrochemicals43%

    competitive strengths

    • Cost advantage due to vertically integrated manufacturing processesand strategic location- Production of raw materials used in the manufacture of our pigment and

    pesticide products allows effective cost management and bettercontrol

    - Cost effective agrochemicals production facilities due to multi- functionalityof our plants

    - Manufacturing plants are located in a low cost base – Gujarat, India - whichfacilitates our access to raw materials at low cost

    • Established brand names- Products are marketed under our brand names – Meghafast, Megacyper,

    and Megastar – that are recognized by consumers of pigments and agrochemicals in India, Europe, the USA and Latin America

    - 20 overseas distributors worldwide covering our overseas markets

    - Over 1000 stockists, agents, distributors and dealers covering India

    • Diversified and global customer base- More than 100 pigments customers, mainly MNCs who are leading players

    in their industries such as printing inks, plastics, paints, textiles, leather, paperand rubber

    - Over 30 agrochemicals customers including leading pesticide manufacturersfrom North America, Europe, Latin America and Asia

    • Experienced and qualified management and technical team- Founders have over 50 years of experience collectively in pigments and

    pesticides

    - Management supported by a team of skilled technical engineers and sciencegraduates (degree and PhD holders) specialising in chemistry, who possessin-depth technical and industry knowledge

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