Shree Pushkar Chemicals & Fertilizers Ltd

Shree Pushkar Chemicals & Fertilizers Ltd

Shree Pushkar Chemicals & Fertilisers Ltd is engaged in the business of manufacturing and trading of Chemicals Dyes and Dyes Intermediate Cattle Feeds Fertilisers and Soil Conditioner. The company commenced its business operations with a trading business and has emerged to become one of the few manufacturers with widest range of dye intermediates in India with zero waste. It is also amongst India's leading manufacturers of K-Acid a dye intermediate used to manufacture reactive dyes for dying of textiles. It has state of the art integrated manufacturing facilities located at Lote Parshuram MaharashtraThe company was incorporated as Shree Pushkar Petro Products Limited on March 29 1993 as a public limited company in Mumbai. The name of the company was changed to Shree Pushkar Chemicals & Fertilisers Limited on March 5 2012 to reflect the business of the company more accurately. It is promoted by first generation entrepreneurs Mr. Punit Makharia and Mr. Gautam Makharia.In August 2015 the company made an Initial Public Offer (IPO) for 10769200 equity shares of Rs.10 each comprising of 8742611 fresh issue of equity shares by the Company and 2026589 equity shares offered for sale by selling shareholders India Enterprise Development Fund (IEDF). The equity shares were issued at a price of Rs. 65 per equity share (including premium of Rs. 55 per share). Out of the total proceeds from the IPO of Rs 7000 Lakhs the company's share is Rs. 5682.70 Lakhs from the fresh issue of 8742611 equity shares. In January 2016 commercial production commenced at the company's NPK mixed fertilisers plant. A capacity of 20000 MTA has been established for this product in the Soil Conditioner granulation plant without any significant capital cost as there was sufficient idle capacity in this department. The 3000 TPA reactive Dyes plant was commissioned in end January 2016.The commercial production of the Reactive Dyes plant commenced in May 2016 whereas the VS plant had been commissioned in June 2016 while the H-acid plant was commissioned and put on trial runs in March 2017. With the said commissioning the entire expansion as was envisaged through the IPO proceeds stands completed. The company commissioned the Sulphate of Potash (SOP) plant with a capacity of 10000 MT annum in October 2016.During the year ended 31 March 2017 the company launched 12 auxiliary Textile processing chemicals. During the financial year the company invested Rs.1 Lac by subscribing to the equity shares of the Company LCI Textile Solutions Private Limited and made this company a wholly owned subsidiary company. Eventually after reconsidering its future strategies and takeover plans the company has sold all of its investment in this company to outsider. The transfer was done at par price and to the new management of the company which is not related to the company or promoters of the company.