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AG VENTURES LIMITED Investor Presentation 2021

Feb 6, 2021

61015_rns_2021-02-06_da910d38-5ad2-4343-b7d6-ecb4394d6d5a.pdf

Investor Presentation

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February 06, 2021

The Manager The Manager BSE Limited National Stock Exchange of India Limited Phiroze Jeejeebhoy Towers Exchange Plaza, Bandra Kurla Complex Dalal Street Bandra (E) Mumbai – 400 001 Mumbai – 400 051

BSE STOCK CODE: 506579 NSE SYMBOL: OCCL

Dear Sirs/Madam,

Re: Investor Presentation for the quarter and nine months ended 31[st] December 2020

Pursuant to the provision of the Listing Regulations, 2015 enclosed please find herewith a copy of the Investor Presentation for the quarter and nine months ended 31st December, 2020.

Thanking you,

Yours faithfully,

For Oriental Carbon & Chemicals Ltd Pranab Kumar Maity Company Secretary

Encl.: As above

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Oriental Carbon & Chemicals Limited

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…Creating Innovations
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Investor Presentation – February 2021
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1

Safe Harbor

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This presentation and the accompanying slides (the “Presentation”), which have been prepared by Oriental Carbon & Chemicals Limited (the “Company”) , have been prepared solely for information purposes and do not constitute any offer, recommendation or invitation to purchase or subscribe for any securities, and shall not form the basis or be relied on in connection with any contract or binding commitment what so ever. No offering of securities of the Company will be made except by means of a statutory offering document containing detailed information about the Company.

This Presentation has been prepared by the Company based on information and data which the Company considers reliable, but the Company makes no representation or warranty, express or implied, whatsoever, and no reliance shall be placed on, the truth, accuracy, completeness, fairness and reasonableness of the contents of this Presentation. This Presentation may not be all inclusive and may not contain all of the information that you may consider material. Any liability in respect of the contents of, or any omission from, this Presentation is expressly excluded.

Certain matters discussed in this Presentation may contain statements regarding the Company’s market opportunity and business prospects that are individually and collectively forward-looking statements. Such forward-looking statements are not guarantees of future performance and are subject to known and unknown risks, uncertainties and assumptions that are difficult to predict. These risks and uncertainties include, but are not limited to, the performance of the Indian economy and of the economies of various international markets, the performance of the industry in India and world-wide, competition, the company’s ability to successfully implement its strategy, the Company’s future levels of growth and expansion, technological implementation, changes and advancements, changes in revenue, income or cash flows, the Company’s market preferences and its exposure to market risks, as well as other risks. The Company’s actual results, levels of activity, performance or achievements could differ materially and adversely from results expressed in or implied by this Presentation. The Company assumes no obligation to update any forward-looking information contained in this Presentation. Any forward-looking statements and projections made by third parties included in this Presentation are not adopted by the Company and the Company is not responsible for such third party statements and projections.

Oriental Carbon & Chemicals Limited

2

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Q3 & 9M FY21 Financial Highlights

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Q3 FY21 Standalone: Strong Growth Momentum

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Revenues^ (Rs. Crs)

EBITDA^ (Rs. Crs)

PAT (Rs. Crs)

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COVID-19 impact COVID-19 impact COVID-19 impact
28.4
109.0 42.8
88.3
33.5
81.9 81.8 20.4
29.0
17.1
24.8 16.0
46.9
9.0
1.4
Q3 FY20 Q4 FY20 Q1 FY21 Q2 FY21 Q3 FY21 Q3 FY20 Q4 FY20 Q1 FY21 Q2 FY21 Q3 FY21 Q3 FY20 Q4 FY20 Q1 FY21 Q2 FY21 Q3 FY21

Disruption from CoVID-19 Short-Lived
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  • Recovery in Performance

  • Sales momentum expected to sustain going forward

^incl. Other Income

Oriental Carbon & Chemicals Limited

4

Standalone Financial Highlights: Q3 FY21

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Revenues^ (Rs. Crs)
EBITDA^ (Rs. Crs) PAT (Rs. Crs)
+33% +72% +78%
109.0 42.8 28.4
81.9 81.8 +33% 33.5 +28% 20.4 +39%
24.8 16.0
Q3 FY20 Q2 FY21 Q3 FY21 Q3 FY20 Q2 FY21 Q3 FY21 Q3 FY20 Q2 FY21 Q3 FY21
EBITDA^ (%) PAT (%)
+900 bps +660 bps
41.0% 26.1%
39.3% 24.9%
-170 bps +120 bps
30.3% 19.5%
Q3 FY20 Q2 FY21 Q3 FY21 Q3 FY20 Q2 FY21 Q3 FY21
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^incl. Other Income

Oriental Carbon & Chemicals Limited

5

Standalone Profit & Loss Statement

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Particulars (Rs. Crs.) Standalone Standalone Standalone
Q3 FY21
Q3 FY20
Y-o-Y
Q2 FY21
Q-o-Q
9M FY21
9M FY20
Y-o-Y
Total Income from Operations^ 109.0
81.9
33%
81.8
33%
237.8
264.7
-10%
Raw Material*
Employee Expenses
Other Expenses
22.7
23.5
13.0
11.0
30.6
22.7
13.1
11.3
23.9
48.9
69.6
33.5
33.5
70.1
82.1
EBITDA^ 42.8
24.8
72%
33.5
28%
85.3
79.5
7%
EBITDA Margin (%) ^ 39.3%
30.3%
41.0% 35.9%
30.0%
Depreciation 5.1
5.0
5.1 15.2
15.1
EBIT 37.7
19.8
90%
28.5
32%
70.1
64.5
9%
EBIT Margin (%) 34.6%
24.2%
34.8% 29.5%
24.4%
Finance Cost
Profit before Tax
Tax
1.3
2.3
36.3
17.5
108%
7.9
1.5
1.7
26.8
36%
6.4
4.9
7.2
65.2
57.3
14%
14.9
2.9
Profit After Tax 28.4
16.0
78%
20.4
39%
50.2
54.4
-8%
PAT Margin (%) 26.1%
19.5%
24.9% 21.1%
20.6%
Other Comprehensive Income -0.7
0.2
-0.3 -0.3
-0.5
Total Comprehensive Income 27.8
16.2
72%
20.1
38%
49.9
53.9
-7%
EPS 28.47
16.00
20.43 50.29
54.48

^incl. Other Income, *Total Raw material cost incl. change in Inventories

Oriental Carbon & Chemicals Limited

6

Balance Sheet - Standalone

EQUITY & LIABILITIES (Rs. Crs.) Sep-20 Mar-20
Equity Share Capital
Other Equity
10.0
474.2
10.0
458.0
Total Equity 484.2 468.0
Financial Liabilities
Borrowings
Lease Liability
Other Financial Liabilities
Provisions
Deferred Tax Liabilities (Net)
97.4
5.5
0.1
2.7
22.8
96.1
5.8
0.2
2.5
20.7
Total Non-Current Liabilities 128.6 125.3
Financial Liabilities
Borrowings
Lease Liability
Trade Payables
Other Financial Liabilities
Other Current Liabilities
Provisions
49.4
0.0
15.2
37.4
5.7
2.2
38.3
0.0
14.4
24.5
6.9
1.6
Total Current Liabilities 109.9 85.8
Total Equity and Liabilities 722.7 679.1

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ASSETS (Rs. Crs.) Sep-20 Mar-20
Property, Plant and Equipment
Capital Work-in-progress
Other Intangible Assets
Intangible Assets Under Development
Financial Assets
Investments
Loans
Others
Other Non-Current assets
329.4
55.0
0.4
0.0
0.0
32.6
0.5
7.2
20.8
337.9
25.3
0.4
0.0
0.0
29.6
0.5
7.2
19.6
Total Non-Current Assets 445.9 420.5
Inventories
Financial Assets
Investments
Trade Receivables
Cash and Cash Equivalents
Bank balances
Loans
Others Financial Assets
Current Tax Assets (Net)
Other Current Assets
35.4
20.0
65.4
1.8
134.2
0.7
8.5
0.2
10.5
34.2
2.4
66.7
23.3
117.3
0.6
3.0
1.1
10.1
Total Current Assets 276.8 258.6
Total Assets 722.7 679.1

Oriental Carbon & Chemicals Limited

7

Standalone Cashflow Statement

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Particulars (Rs. Crs.) Sep-20 Sep-19
Net Profit Before Tax 28.8 39.8
Adjustments for: Non Cash Items / Other Investment or Financial Items 8.2 14.5
Operating profit before working capital changes 37.0 54.3
Changes in working capital 0.3 7.2
Cash generated from Operations 37.4 61.5
Direct taxes paid (net of refund) -4.1 -9.8
Net Cash from Operating Activities 33.2 51.7
Net Cash from Investing Activities -67.6 -39.5
Net Cash from Financing Activities 12.9 -12.8
Net Decrease in Cash and Cash equivalents -21.5 -0.6
Add: Cash & Cash equivalents at the beginning of the period 23.3 1.8
Cash & Cash equivalents at the end of the period 1.8 1.1

Oriental Carbon & Chemicals Limited

8

Consolidated Profit & Loss Statement

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Particulars (Rs. Crs.). Consolidated Consolidated Consolidated
Q3 FY21
Q3 FY20
Y-o-Y
Q2 FY21
Q-o-Q
9M FY21
9M FY20
Y-o-Y
Total Income from Operations^ 120.4
92.3
30%
93.5
29%
265.4
298.5
-11%
Raw Material*
Employee Expenses
Other Expenses
29.1
29.2
15.4
13.5
31.7
23.5
19.5
13.7
24.8
64.4
87.9
40.2
40.8
72.6
84.8
EBITDA^ 44.2
26.1
70%
35.5
25%
88.3
85.0
4%
EBITDA Margin (%) ^ 36.8%
28.2%
38.0% 33.3%
28.5%
Depreciation 5.4
5.4
5.3 16.0
16.1
EBIT 38.8
20.7
88%
30.2
29%
72.3
68.9
5%
EBIT Margin (%) 32.3%
22.4%
32.3% 27.2%
23.1%
Finance Cost
Profit before Tax
Tax
1.4
2.4
37.5
18.3
105%
7.9
1.5
1.8
28.4
32%
6.4
5.1
7.4
67.2
61.4
9%
14.9
2.9
Profit After Tax 29.6
16.8
76%
22.1
34%
52.2
58.5
-11%
PAT Margin (%) 24.6%
18.2%
23.6% 19.7%
19.6%
Other Comprehensive Income
Non-Controlling Interest
-0.7
0.1
0.5
0.4
-0.3
0.8
-0.3
-0.6
1.0
2.0
Total Comprehensive Income 28.3
16.5
71%
20.9
35%
50.9
55.9
-9%
EPS 29.04
16.40
21.25 51.29
56.52

^incl. Other Income, *Total Raw material cost incl. change in Inventories

Oriental Carbon & Chemicals Limited

9

Balance Sheet - Consolidated

EQUITY & LIABILITIES (Rs. Crs.) Sep-20 Mar-20
Equity Share Capital
Other Equity
10.0
471.2
10.0
454.6
Total Equity 481.3 464.6
Non-Controlling Interest 11.6 11.2
Financial Liabilities
Borrowings
Lease Liability
Other Financial Liabilities
Provisions
Deferred Tax Liabilities (Net)
97.6
5.5
0.2
3.1
22.8
96.3
5.8
0.3
2.9
20.7
Total Non-Current Liabilities 129.2 126.0
Financial Liabilities
Borrowings
Lease Liability
Trade Payables
Other Financial Liabilities
Other Current Liabilities
Provisions
52.8
0.0
19.8
40.9
7.1
2.2
38.8
0.0
18.7
27.4
8.7
1.7
Total Current Liabilities 122.9 95.4
Total Equity and Liabilities 745.0 697.2

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ASSETS(Rs. Crs.) Sep-20 Mar-20
Property, Plant and Equipment
Capital Work-in-progress
Other Intangible Assets
Intangible Assets Under Management
Financial Assets
Investments
Loans
Others
Other Non-Current assets
344.6
55.0
0.6
0.0
18.0
0.5
7.6
20.9
353.5
25.3
0.6
0.0
15.1
0.5
7.2
19.6
Total Non-Current Assets 447.2 421.8
Inventories
Financial Assets
Investments
Trade Receivables
Cash and Cash Equivalents
Bank balances
Loans
Others Financial Assets
Current Tax Assets (Net)
Other Current Assets
43.5
20.0
69.7
6.0
136.7
0.6
8.5
1.2
11.6
42.1
2.4
71.3
23.4
119.4
0.6
3.0
2.2
11.1
Total Current Assets 297.8 275.4
Total Assets 745.0 697.2

Oriental Carbon & Chemicals Limited

10

Consolidated Cashflow Statement

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Particulars (Rs. Crs.) Sep-20 Sep-19
Net Profit Before Tax 29.7 43.1
Adjustments for: Non Cash Items / Other Investment or Financial Items 8.8 14.8
Operating profit before working capital changes 38.5 57.9
Changes in working capital 0.8 5.9
Cash generated from Operations 39.3 63.8
Direct taxes paid (net of refund) -4.1 -9.9
Net Cash from Operating Activities 35.2 54.0
Net Cash from Investing Activities -68.2 -40.0
Net Cash from Financing Activities 15.6 -14.6
Net Decrease in Cash and Cash equivalents -17.4 -0.6
Add: Cash & Cash equivalents at the beginning of the period 23.4 3.8
Cash & Cash equivalents at the end of the period 6.0 3.2

Oriental Carbon & Chemicals Limited

11

Consistent Dividend Records

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Dividend (% of Face Value)

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120%
100% 100% 100%
85% 85%
70%
50% 50%
40%
FY11 FY12 FY13 FY14 FY15 FY16 FY17 FY18 FY19 FY20
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The Board of Directors has declared an Interim Dividend for the Financial Year 2020-2021 of Rs.4/- per equity share of Rs.10/- each (40% of FV)

Oriental Carbon & Chemicals Limited

12

Company Overview

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Duncan JP Goenka Group Duncan JP Goenka Group Company Company One of the market leader in the One of the market leader in the production of Insoluble Sulphur production of Insoluble Sulphur

Aims to be the most respected, Aims to be the most respected, most preferred technology driven most preferred technology driven Insoluble Sulphur supplier to the Insoluble Sulphur supplier to the Rubber industry Rubber industry

State of the art manufacturing facilities in State of the art manufacturing India at Dharuhera (Haryana) and at facilities in India at Dharuhera Mundra (Gujarat) (Haryana) and at Mundra (Gujarat)

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OCCL is a people and technology OCCL is a people and technology driven driven company company Our products are “REACH” compliantOur products are “REACH” compliant

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12 Yea10 Year CAGRAGR
Revenues – 12%Revenues – 18%
EBITDA – 24%
EBITDA – 22%
PAT – 30%
PAT – 37%
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Domestic Share of 55% - 60%
Global market share of ~10%
Customer Base + 40
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Oriental Carbon & Chemicals Limited

13

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KEY STRENGTHS

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Key Strengths

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Niche Product Portfolio of Insoluble Sulphur, Sulphuric Acid & Olems offered in various grades to satisfy diverse compounding requirements majorly for Tire industry

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HIGH ENTRY
BARRIERS
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High Entry Barriers with regards to

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Customer Approvals
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  • Technology

  • Capital Intensive

The Company has Strong Relationships with over 40+ Customers having presence in 21 countries across the globe

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EXPERIENCED
MANAGEMENT
TEAM
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Have an Experienced Management Team with over 3 decades of experience in this field

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CAPACITY
EXPANSION
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Continuous Expansion of Capacities of Insoluble Sulphur have taken place from 3,000 MT in 1994 to 34,000 MT currently

One of the market leader in the Continuous Focus on Cost production of Insoluble Sulphur Optimizations with regards to Domestic Share of ~60% Raw Material, Freight, Power and other Fixed Costs Global market share of ~10%

Oriental Carbon & Chemicals Limited

15

We deliver a Niche Product Portfolio…

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93%
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7%
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INSOLUBLE SULPHUR

SULPHURIC ACID & OLEUMS

Insoluble Sulphur is sold under the brand “DIAMOND SULF”

  • Application : Used as vulcanising agent in application where sulphur loading levels are required above the sulphur solubility rating of particular elastomers

  • DIAMOND SULF is offered in various grades to satisfy diverse compounding requirements majorly for Tire industry

  • High Dispersion Grades

Manufactures both Commercial Grade and Battery Grade Sulphuric Acid and Oleums

  • Application : Dehydrating agent, catalyst, active reactant in chemical processes, solvent, detergents and absorbent

Offered in following Grades

  • Grades of exact purity : Storage battery, rayon, dye, Detergent and pharmaceutical industries

  • High Stability Grades

  • Special Grades

  • Grades of less specifications :Steel, heavy chemical and superphosphate industries

Oriental Carbon & Chemicals Limited

16

With Strong Customer Relationships…

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Oriental Carbon & Chemicals Limited

17

Having Presence in 21 Countries

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RUSSIA
EUROPE
NORTH AMERICA
CHINA
INDIA
SOUTH EAST ASIA
AFRICA
SOUTH AMERICA
...across the globe
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Maps not to scale. All data, information, and maps are provided "as is" without warranty or any representation of accuracy, timeliness or completeness.

Oriental Carbon & Chemicals Limited

18

We have Continuously expanded…

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Mundra Plant – Phase I & II
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Dharuhera Plant

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Set up Insoluble Sulphur Capacity of Mundra Plant
Dharuhera Plant – EOU
11000 MTPA Increase Insoluble Sulphur
Set up 2nd line of Insoluble Sulphur
Capacity by 11,000 MTPA
with capacity of 4,000 MTPA Acquired 50% Equity shares of
Schrader Duncan Ltd. Phase I – 5,500MT (2017) –
Commenced Production
1978 2004 2014 2017
1994 2008 2016 2018
Mundra Plant
Dharuhera Plant Debottlenecking Dharuhera + Mundra
Capacity Increase
Insoluble sulphur Insoluble Sulphur: 23,000 MTPA
Capacity increased to
operations started with
12,000 MTPA Sulphuric Acid: 46,000 MTPA in July 2018
capacity of 3,000 MTPA
Expansion of 11,000 MTPA at Mundra in 2
Phases is underway
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Incorporated as Dharuhera Chemicals Ltd to manufacture Sulphuric Acid of 30,000 MTPA

Mundra Plant Phase II – 5,500MT – Commenced Production in July 2018

Oriental Carbon & Chemicals Limited

19

Having State of Art Manufacturing Facilities…

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Product name Annual Capacity (MT) Location No. Of Lines
Insoluble Sulphur 12,000 Dharuhera (Haryana) 2
Insoluble Sulphur 22,000 SEZ Mundra (Gujarat) 4
Sulphuric Acid / Oleum 46,000 Dharuhera (Haryana) 1

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Oriental Carbon & Chemicals Limited

20

We use Cost Optimization Strategies

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KEY RAW
MATERIAL
LOGISTICAL
ADVANTAGE
FIXED
COSTS
POWER COST
OPTIMIZATION
TAX
BENEFIT
Sulphur available
easily due to ample
Presence at the Port
gives Location
With increase production
the plants Operating
at Self-Sufficiency of
steam for Plant at
supply Advantage of reduced Leverage to play out Dharuhera SEZ location of
Naphthenic Oil is Logistic & Freight Cost Expansion has resulted in Benefits from Lower Mundra Plant -
Income Tax
procured from
domestic as well as
international players
~67% of the sales
constitutes Exports
reduced Fixed cost/
Overheads per MT as R&D
and Utilities have been
Power Cost in SEZ
Gujarat
Exemption benefit
shared

Oriental Carbon & Chemicals Limited

21

Experienced Management Team

Mr. J. P. Goenka - Promoter & Chairman

  • Graduate from Kolkata University – An Industrialist associated with the renowned multi-Industry group name Duncan

  • ▪ Having 55 years of Experience in the industries of diverse business interests such as Jute & Cotton Textiles, Wool-Tops, Industrial Explosives, Rubber Chemicals & Engineering products

Mr. Akshat Goenka - Promoter & Jt. Managing Director

  • Graduate in Economics & International Relations from University of Pennsylvania, USA

  • ▪ Lead the team for setting up new Plant for manufacturing Insoluble Sulphur at SEZ Mundra, Gujarat

Mr. Vijay Sabbarwal: President (Operations)

  • He is an IIT graduate & heading the Operations of the company from 2014

  • Has over 25 years of experience in diverse Industrial segments like Chemicals, FMCG, Consumer Durables, Auto etc

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Mr. Arvind Goenka - Promoter & Managing Director

  • Commerce Graduate from Kolkata University with 30 years of Experience in managing jute, lubricants and carbon black industry with expertise in finance & international marketing

  • Responsible for the Long-term Goal Setting & Monitoring the progress of the Company

Mr. Anurag Jain - Chief Financial Officer (CFO)

  • Part of the company from last 26 years

  • He brings dynamism to the Financial & Commercial Operations of the company & has played a key role in the Growth and Restructuring of the company over the years

Mr. Muneesh Batta: Vice President (Marketing)

  • An M.B.A (International Business) with over 20 years of experience in International business

  • ▪ Responsible for marketing of Insoluble Sulphur & increasing market share of Diamond Sulf overseas

Oriental Carbon & Chemicals Limited

22

Having High Entry Barriers

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Product Portfolio
In house Technology
Customer Approvals
Capital Intensive

Various grades to satisfy diverse compounding requirements of leading tire manufacturers

Ongoing development of New Grades to meet Customer requirements

Minimum 24 months required by Customers to approve & validate product from new supplier

Widely accepted around the world as a preferred vendor by leading tire manufacturers

Edge over the others -
Proven Track Record
In-house Technology

In house R&D team works on a continuous basis to improve Quality of product and its Properties

In house technology team to maintain the technical and quality edge at each production stage

OCCL has successfully implemented its In-house Technology which has been approved by all our Customers across the globe

Oriental Carbon & Chemicals Limited

23

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KEY GROWTH OPPORTUNITIES

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Global Tyre Industry

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Tire Production Tire Rubber Consumption
(mn units) (‘000 tonnes)
+3.2%
+3.1%
2,098 31,733
+2.2%
1,788 +2.3% 27,281
1,691
24,737
1,433 21,692
2006 2011 2016 2021E 2006 2011 2016 2021E
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Source: Notch Report

Oriental Carbon & Chemicals Limited

25

Insoluble Sulphur – Demand Forecast

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Geographical Breakup Radialisation Effect
$22 bn Investment Insoluble Sulphur to Tire Rubber Ratio
1.4
Asia
9%
1% 1.36
North America
17%
Europe 1.31
South America 1.27
28% 45%
Africa & Middle
East
2006 2011 2016 2021E
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* Insoluble Sulphur Demand (‘000 tonnes)

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+3.8%
311
+3.4%
264
258
250
236
227 228
178
2005 2011 2012 2013 2014 2015 2016 2021E
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Source: Notch Report * Also incl. Insoluble Sulphur used for Non-Tire Goods

Oriental Carbon & Chemicals Limited

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Key Growth Drivers

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04
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Capacity Expansion

Radialization

Geographical Penetration

  • Capacity expansion at Mundra

  • In-house technology and Common Infrastructure available

An increase in rate of Radialization in Commercial Vehicles in India will lead to an increase in requirement of

  • North America is the largest market for Insoluble sulphur with potential for growth to increase share

  • Strategic Location to meet Export demand

  • Approval from all Large Global Tire Companies

Insoluble Sulphur

  • Insoluble sulphur requirement increasing at a fast pace in Asia – High Growth Market

Increase in Automation in Tire Industry and Higher Performance Expectation from Tires will also drive the demand of Insoluble Sulphur

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Capacity Expansion…Ready for Future Growth

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+47.8%
Addition 34,000
Existing
28,500 5,500
23,000 23,000 5,500
17,500 5,500
28,500
12,000 5,500 17,500 23,000
12,000
2011 2012 2013 2015 2017 2018
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Brownfield Expansion

To cater to the Growth in Insoluble Sulphur Demand

  • Large Tire manufacturers expanding their business in Asia – High Growth Market

  • Increase in market share in the Domestic & International market

  • Grabbing opportunities of increasing Radialisation in India

  • Increase presence in North American Market

  • Strong R&D and in house Technology to support future expansion

  • Increase from Natural Growth of Existing Customers

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New Project Announced…

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INSOLUBLE SULPHUR Expansion of Insoluble Sulphur Capacity by 11,000 MT Expansion in 2 phases of 5,500 MT each

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SULPHURIC ACID
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Expansion of Sulphuric Acid Capacity by 42,000 MT Total Capacity of Sulphuric Acid would become 88,000 MT

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  • Capital investment would be of ~Rs.216 crores including Working Capital of Rs. 7.5 crores

  • The Project is proposed to be funded by a mix of Loans and Internal accruals with a debt equity ratio of 2:1

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For further information, please contact:

Company :

Oriental Carbon & Chemicals Ltd. CIN: L24297WB1978PLC031539 Mr. Anurag Jain - CFO [email protected]

http://www.occlindia.com/

Investor Relations Advisors :

Strategic Growth Advisors Pvt. Ltd. CIN: U74140MH2010PTC204285 Mr. Varun Divadkar/ Ms. Khushbu Shah [email protected]/ [email protected]

+91 9763702204/ +91 9820601181

www.sgapl.net

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