Camlin Fine Science Limited --- Looks interesting but some way to go

Stock Opportunities
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Thanks @sanjay210 for the update. I have few queries here:

1/ Is it normal practice by regulatory body to give approvals for limited time periods?

2/ If not, then what are the possible reasons behind giving a limited time approval? and do they need to renew the approval in 2021?

Thanks in advance
Mukul

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  1. No, the normal period of the CCA (the final consent required) is either 5 years or 6 years if the company is complying with ISO 14000 or Responsible care
    2)I don’t know why this limited time period has been allowed. My guess is that GPCB has given a conditional consent and given time to CFS to comply with certain conditions that have not yet been met. This could be an exception considering the COVID situation, as I have not heard of this before.
    Yes, CFS will have to renew the CCA in 2021. No exception here.
    3)If I can find any more information, I will certainly post it here
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Hi @sanjay210, would be really helpful if you can please comment on the Q1 results and management commentary?

Disclosure: Invested

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CFS has undoubtedly delivered excellent results in the last quarter. The question is whether or not the company is turning around.

Due to COVID many customers have stocked up on inventory. The management has given guidance in the conference call that such margins and profits may not be possible in the future.

I still do not understand the current strategy of the management. While the focus is on the commissioning of the Dahej plant, the management has given guidance that the vanillin plant will be shifted out of China and re-erected in India. What happens to all the Catechol that will be made in Dahej in those few months? Further, the management has confirmed that Italian origin catechol will also be sold in India.

It is unlikely that the Lockheed Martin project could consume all of the catechol produced in Dahej, since it is still in a pilot stage.

I would suggest that you track the day sales inventory and the accounts receivable to understand whether or not the company is actually turning around. The figures of March 2020 do not indicate any change from the past few quarters. YoY basis the number of days sales of inventory increased slightly from 167 to 176.

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Looks like logistics has started : https://www.bseindia.com/xml-data/corpfiling/AttachLive/cbf90bff-4d9a-446e-b474-d722b4b944c0.pdf

Disc - Exited will look into this after December (awaiting for entire logistics to be completed)

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Initiating Coverage report by Nirmal Bang

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report by axis
Camlin Fine Sciences Ltd - Q2FY23 - Result Update - 16112022_16-11-2022_14.pdf (943.6 KB)
Q 2 FY 2023

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Was anyone able to attend the AGM today? Please share any management commentary especially around Vanillin sales

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I would be more interested in finding out why they have stopped doing quarterly concalls. If it has anything to do with the open offer.

I didn’t get any reply to the mail sent to investor relations.

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Does anyone have any insight on the company’s operations?, The stock has been lagging for way too long cuz of the delays of vanillin plant. And now the vanillin prices have also fallen, which means they wont be making high margins that was previously anticipated.

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There have been so many transactions between the promoters… it seems something is really wrong with the company…
Ashish Dandekar - the original promoter has only 10% holding and that too has sold, bought and then sold again a part of his holding to Infinity and Anfima…

I used to have shares of this company many years back and made good returns… it seems it has turned into a bad apple.

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Hello Folks - is anyone holding / tracking this company?

Would appreciate notes / updates if anyone has any.

Holding tracking qty after the poor results + good commentary.

Getting a feeling of a potential turnaround play - but don’t have much inroads into the sector and would appreciate your thoughts if you are following the sector / company.

Thank you

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was going through the investor presentation… i think this company is facing a lot of headwinds - at best it is high risk low return at current levels… and so overvalued…

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I am trying to understand the potential of their supply agreement with Lockheed Martin.

IMG_6962
IMG_69621179×1789 331 KB

Any idea on potential timelines & value?

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image

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Looks to be very futuristic. Nothing is there on ground now.

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Board meeting on 10th September to consider rights issue. Given the negative sentiment, possible to get more than entitlement.

cc: @Sridharj

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Do you have a thesis / view on mid-long term prospects?

I’ve been working on this but information is limited and complex.

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I am betting on reversion to mean in this counter and historical numbers are decent. My information is limited to what is available in AR, concalls and management interviews.

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They have been saying all that since 3 years. And they have never given a potential for the lockheed martin deal

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