-
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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