Ahmedabad, Sept. 29
The Ahmedabad-based Meghmani Organics Ltd has once again received an accolade from the investment community in Singapore for good corporate governance and transparency, its Chairman and Managing Director, Mr Jayanti M Patel said.
Addressing a news conference here, he said for the second consecutive year since its listing at the Singapore Stock Exchange in 2004, Meghmani is a runner-up in the Securities Investors' Association of Singapore Investors' Forum Choice Awards for the `most transparent company' in the mainboard small caps (of up to S$100 million category).
Meghmani was presented the award at a recent ceremony held at Swissotel The Stamford in Singapore. The company was selected for the prestigious award by about 25,000 retail investor members of the forum.
It was ranked among the top 5 per cent of companies reviewed for the Business Times' Corporate Transparency Index (BT-CTI) 2006. Out of the 535 companies reviewed, Meghmani ranked 27th with a total score of 68 points out of 100, compared to its own previous BT-CTI ranking of number 193 in 2005.
BSE, NSE LISTING
Meghmani is also set to be listed on BSE and NSE by March next year. The company, having a capital base of Rs 20 crore was exporting to 60 countries and earned a net profit of Rs 35 crore in 2005-06, he said. Meghmani is also one of the contenders for the proposed disinvestments in the state-owned Gujarat Alkalies and Chemicals Ltd (GACL) and is considering expansion in seeds, fertilisers and allied agro-chemicals.
The company, having four manufacturing units in Gujarat and a turnover of Rs 384 crore is also going in for an initial public offer IPO in the current financial year to mop up Rs 100 crore mainly for setting up a high-value, high-performance pigment plant at Vatva, near Ahmedabad, expanding agro-chemicals output and Rs 40 crore for general purpose corporate fund for acquisitions. The unit would have a capacity of 300 metric tonnes per annum, which would be doubled by 2008. The company is growing at a 20 per cent rate per annum.
Mr Patel said Meghmani is the world's largest manufacturer of blue pigment.
The global agro-chemicals market was worth $30 billion and non-agro chemicals' $6 six billion with a five per cent annual growth. But India's was only Rs 5,000 crore as the country's farmers used only 500 gm of fertilisers per hectare as against Taiwan's 13 kg and Japan's 11 kg per hectare, for instance.