Vinati organics 27_sep_final

C O M P A N Y R E P O R T

India
27 Sep 2011
Vinati Organics Rs 67.5
Sector: Chemical Carving Niches of Global-scale
o...

BSE Sensex 16,524 Vinati Organics (Vinati) is a specialty chemical company with a truly differentiated
Nifty 4,971 business, specializing in growing niche products into global scale. Having already
52 week high (Rs) 97.4 attained global leadership in its two key products – IBB, and ATBS, Vinati is now
52 week low (Rs) 61.1
rapidly diversifying its product mix, while keeping its business model intact. While
this transition is on, the company has also delivered standout numbers in terms of
Bloomberg VO:IN
sales growth, profitability and capital efficiency.
NSE VINATIORGA
BSE 524200
Diversifying sales mix: While IBB contributed as much as 70% of sales in FY07, by
Equity Shares (m) 49.37 FY13, its share will be down to 18-20%. The single largest contributor to sales would
Face Value (Rs) 2 be ATBS, which has the potential to grow for several years at double digit rates,
Market Cap (Rs mn) 3335 driven by new applications and growth in existing applications.

Growing strongly: Its performance of FY07-11 has been standout. Sales have grown
Share Price Performance at over 40% CAGR. EBITDA margin has expanded to over 20%. ROE and ROCE
(%) Vinati Sensex are at 43% and 34% respectively. The current product mix has enough ammunition to
1 week -2.53 -3.36 drive revenue growth at more than 30% over FY11-13. Vinati also has a robust
1 month 6.38 4.26 product pipeline, which could drive sales beyond FY13.
3 month -6.31 -10.26
6 month -3.22 -12.18 Differentiated business model: Vinati’s global leadership in its key products and
1 year -14.28 -17.86 high margins are not by accident. The company has a clear focus on entering only
niche chemical products, where technology is not easily available. The company has
the ability to source the right lab-scale technology and then scale it up to commercial
Shareholding Pattern (Jun’11) levels. It appears this is a skill set its peers cannot easily replicate.
Promoters 74.99
FIIs - Reducing risk: The risk profile of the company reduces with each year. The
DII 0.05 dependence on IBB is less. Cash profits crossed Rs 520mn in FY11, giving Vinati
Bodies Corporates 1.73
Others 24.96 greater internal resources with which to plan expansion.

Vinati is a good stock for investors with a medium to long term holding horizon.
The stock can outperform due to both its superior growth rates, and likely re-
rating, as investors give weight to the company’ differentiated business model.
Our price target for March’13 is Rs 120, based on PE of 8x.

FY'08 FY'09 FY'10 FY'11 FY'12E FY'13E
Revenue 1463 1905 2318 3167 4226 5867
Revenue growth (%) 78.3 30.2 21.7 36.7 33.4 38.9
EBITDA 253 340 527 640 823 1207
EBITDA margin (%) 17.3 17.8 22.7 20.2 19.5 20.6
PAT 152 251 400 520 530 757
ROE(%) 41.9 46.7 48.8 42.8 31.2 32.3
ROCE(%) 33.8 31.9 34.3 30.0 25.6 27.6
P/E (x) 4.7 2.8 8.8 6.6 6.3 4.4
EV/EBITDA (x) 4.1 3.5 7.9 6.4 5.0 3.1
(Rs mn unless stated)

Company Report: Vinati Organics 27 Sep’11

Investment Rationale

Business with a moat
“In business, I look for economic castles protected by unbreachable ‘moats’.”
-Warren Buffett

You don’t normally associate an SME business with ability to break into
exiting global business bastions and achieve with global leadership. SMEs are
generally me-too players. There are dozens of such listed me-too companies in
practically all sectors - IT, pharma, textiles, construction, real estate, chemicals
Vinati is amongst etc.
top global Specialty chemicals industry is also not without its fair share of me-toos. There
producers in its are several producers of textiles chemicals, leather chemicals, construction
product lines, chemicals, plastic additives – all of which you may classify under ‘speciality
helped by chemicals’.
technology Vinati is different. This is not by accident; this is by careful thought, planning
leadership and rigorous management discipline. Very early on, the Vinati management
decided the criteria on which it would grow: look for products where it could
achieve global leadership, where margins were good, and technology hard to
come by. As you can guess, some of these factors are inter-related. Margins
wouldn’t have stay good for too long, if technology was easily copyable. With
this background, now look at Vinati’s product folio.

IBB: purer than thou

Vinati’s first product was Isobutylbenzene (IBB), where it is today the global
leader. It has about 60-65% of the global market. Vinati has maintained its
Leading global
leadership in this market for quite some time now. Check some features of this
producer of IBB,
business. Vinati got the basic technology done from a French lab, and figured
technology scaled
out on its own how to scale it up to commercial levels. And now, Vinati can
up in-house
make this product with a purity level better than anyone else in the world. The
result: a secure market, most leading global buyers are its customers. There
you have it: a business with a moat.

ATBS: history repeats itself

Second largest The success with 2-Acrylamido 2-methylpropanesulfonic Acid (ATBS) proved
global producer of Isobutylbenzene (IBB) was not an accident.. Here again, Vinati is now the
ATBS largest producer in the world. There is no competition in India, or anywhere
else in the developing world, and no new capacities are coming up in the
developed world.
We think Vinati has provided ample proof that it can build globally relevant
businesses, with a technology edge, thereby deriving and maintaining strong
margins.

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Aggressive growth performance
The numbers Vinati has delivered in the last few years are what any listed
company would be proud of. Revenues have grown at over 40%, EBITA has
grown at 78% and PAT at 89%.

Growth in Revenue, EBITDA and PAT historically
3,500
On a strong growth 3,000
path in recent years 2,500
Rs mn

2,000
1,500
1,000
500
0
2007 2008 2009 2010 2011
PAT 41 152 251 400 520
EBITDA 86 253 340 527 640
Revenue 820 1,463 1,905 2,318 3,167

Impressive margin performance

Vinati’s strong growth in top line has come with strong profitability
performance. The latter is a clear reflection of the success of its management
philosophy of building businesses with superior economic characteristics

Consistently bettering margins
25%
Margins have 20%
improved, a
testimony to its 15%
technological EBITDA margin
leadership 10%
PAT margin
5%

0%
FY'07 FY'08 FY'09 FY'10 FY'11

Enough drivers for future growth

There are more than enough drivers to push the future growth for Vinati
ATBS market still Organics. Carefully calibrated capex strategy to expand the production
growing, new capabilities will drive the top line for coming years. Installed capacity is
products lined up to expected to reach from current levels of 38,500TPA to 46,000TPA by this year

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drive continuing end and 60,000TPA by FY13. Being world leaders in the major segments it
growth operates in and by being preferred vendor of its major customers, Vinati will
continue to enjoy high demand from its customers. The company is also
looking to venture into some high technology, high return special chemical
products; its R&D team expects breakthrough in a few areas it is working on.
The company is banking on similar strategy to build capacities, like it did with
IBB or ATBS, once these technologies become commercially feasible.

Strong balance sheet
Conservative financials

The prudence on the P&L side – what to produce and how much – also extends
Vinati has always to the balance sheet side. Vinati has always had conservative financials, and it
continues to do so even now. Its balance sheet ratios are much better than peer
maintained a strong
balance sheet group.
For example, Vinati ended FY11 with a debt equity ratio is 0.5, presenting
eminent possibility to management for financial leverage. Strong management
of balance sheet numbers has ensured good capital efficiency. Vinati’s ROE
and ROCE ratios at 43% and 34% respectively are also substantially better
than most competition.

ECB, FCCB combo at good terms

Obtained loan from An interesting point is the funding route it took in FY11, as part of its last
IFC at favourable round of expansion. The company raised US$ 16mn from IFC through FCCB
terms and ECB route. Out of this only US$5mn FCCBs are issued by company as of
now to IFC with conversion price of Rs 100 per equity share. This funding is
available to Vinati Organics at generous rate of around 3-4%. Although Vinati
Organics has not used or taken disbursement of this fund, this shows Vinati
Organics’ strong financial condition.

Business is derisking
One reason why SMEs get low discounting from the market is the higher
business risk. You can break down this risk into many parts:

The company’s  Financial: ability to service debt, ability to withstand sudden changes
expanding size will in cash flows, ability to finance growth etc
reduce many of the  Operational: ability to sustain margins, ability to negotiate with
traditional SME suppliers.
risks  HR: ability to attract and retain talent
And so on. You could add a few more bullets here. As companies grow, this
risk reduces.
Vinati, we believe, is rapidly crossing important milestones in this derisking
process. In its current lines of business, Vinati has very little demand side risk.
It has several key global chemical majors as its customers, many of whom are
relationships of several years.
Financial risk for the current round of expansion is well covered. This round of

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capacity expansion will take Vinati to a revenue size of Rs 5.51bn, and a net
profit size of Rs 757mn. This makes it financially highly secure.

Business Portfolio Risk

Let’s take an easy one first. In the last few years, the sales mix has changed
sharply. Whereas a few years ago, Vinati was heavily dependent on IBB, now
Sales mix has
diversified there are more products in its product line. So while you could say earlier:
What if the IBB market collapses? What if a new producer enters the market?
considerably,
(while none of this happened) – The risk from such events is much less now.
reducing
dependence on IBB, The product mix is diversifying; the company is less dependent on any one
molecule.
a mature product
What’s more, ATBS, the biggest revenue earner now, is still in early stage of
its product life cycle. New applications are emerging, and the management
believes there are more as yet undiscovered applications. In other words,
ATBS market can be much bigger.
This is not all. The management is working on several new products. The
business mix could look very different 3-5 years down the line. Management
already has announced introduction of 4 new products in portfolio by the mid-
end of FY13 with overall capacity of 15050TPA. These could yield a sales of
around Rs 125 crore.

New Products Capacity (TPA)
DAAM 1000
HP-MTBE 6000
DIB 5000
DEA 3050

Growth risk

Strong cash flows Will the company be able to finance growth? – This is a critical question you
give Vinati an can ask about many SMEs. With Vinati, given its superior margins and strong
enhanced ability to cash flow, this issue is rapidly becoming less important.
finance growth For FY11, its operating cash flow was Rs 313mn. At this number it becomes
far easier for Vinati to expand, compared to say in FY07, when the operating
cash flow was Rs 15.6mn.
In other words, Vinati is reaching a sort of critical mass. From here on, the
growth risk – ability to finance growth – reduces significantly.

Attractive Valuations
There is little Vinati, we believe, is a good bargain at current levels. The forward PE has
downside risk at drifted downward over the last few months, indicating the market is not quite
current valuations. factoring in the growth likely to happen at Vinati.
We expect 15% Our price target of Rs 120 for March’13 is based at a PE of 8x. We believe
returns based on given superior business model of the company, its valuations would trend up
FY12 numbers over a period of time.

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Risk factors

Few products in its sales mix …. Company mitigating it by
improved product portfolio
High dependency of Vinati Organics on its two flagship products i.e. ATBS
and IBB might give some jitters to its probable investors. Although Vinati is
Company working
on this risk with world leaders in those markets, any disruption in these product markets will
impact Vinati organics badly.
planned further
diversification of Historical record suggests that demand and profitability have been reasonably
revenue mix secure for Vinati. In IBB, its oldest product, Vinati has shown consistent sales.
Vinati is looking to diversify this risk by expanding its product portfolio to
include other special chemical products.

High promoter holding
High promoter Promoters hold almost 75% stake in Vinati Organics resulting in lower free
holding is one float for investors. This has resulted in low trading volumes for the scrip.
reason for low
trading in the stock

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Peer Benchmarking

The peer set: midcap speciality Chemical companies
With a market capitalisation of around Rs 3.35bn, Vinati is a midcap speciality
chemical company. The table below gives key headline data for the midcap
Vinati is a speciality
chemical space. As can be seen, while Vinati is smaller than the median
chemical company
comparable in this list on the basis of sales figures, however, in terms of
profitability of the business, whether via EBITDA or PAT, Vinati scores way
better compared to almost all peers.
The wide dichotomy in business parameters like operating margins is
explained by the fact that several of the peers in chemical space are more into
commodity chemicals, rather than truly speciality chemicals. Himadri and
Clariant, and Balaji to some extent, are the companies which come closest to
Vinati in terms of profitability of the business.
Himadri Chemicals is a leading manufacturer in its major products: coal tar by
products and derivatives. Clariant is a global chemical giant with strong
technological competency. Balaji Amines manufactures a class of chemicals
called ‘Aliphatic Amines’. Its story is similar: amine technology is a closely
guarded process with only a few handful companies having access to such
technology. Balaji developed its technology indigenously and has improved it
further over a period of time.

Sales 3 yr PAT 3 yr
Market CAGR EBITA CAGR
Company Cap EV Sales (%) EBITDA Margin (%) PAT (%)
Aarti Industries 3,602 8,759 14,839 1.1 1,979 (10.7) 815 (3.2)
Balaji Amines 1,110 2,674 3,571 19.1 629 31.5 266 32.7
Chembond 1,208 1,332 2,068 20.6 254 50.5 135 29.7
Clariant 19,422 19,224 9,747 2.7 1,585 21.8 1,124 29.5
Deepak Nitrite 1,777 2,334 6,722 8.4 570 2.7 258 (8.6)
Himadri Chemicals 18,824 26,237 7,001 36.0 1926 49.5 1,144 56.0
Shasun Chemicals 3,274 6,447 8,397 6.0 762 NA 266 NA
Thirumalai Chemicals 742 3,131 7,685 27.8 461 NA 184 NA
Average 6,245 8,767 7,504 15.2 1,021 24.22 524 22.7
Vinati 3,335 4,085 3,167 28.9 640 37.2 520 43.8
(Rs mn, unless specified)

Comparing key P&L items
Note the CAGRs

The key factor to note in the above table is the 3 year CAGR ratios for sales,
EBITDA and net profit. On each of those counts, Vinati fares on par or better
than peer averages. If compared with better valued peers like Himadri

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Sales and net Chemicals and Clariant, Vinati Organics performs exceedingly better than
profits have grown Clariant and comes close to performance of Himadri Chemicals on all the
at 30-40%. fronts.
Vinati has maintained these outstanding CAGRs for last three years resulting
from strategy of building up the scale for its niche products once commercial
technology is developed which is not easy to imitate. Vinati has expanded its
ATBS plant from 5000TPA in 2009 to 12000TPA in 2011 resulting in better
growth in sales and also in EBITDA and PAT.
While the growth rate will slow down somewhat over the next 1-2 years, we
still expect growth of more than 15% in revenues and earnings. Similar growth
rate is expected in further future with new products coming into picture in full
force.

Profitability: Impressive past margins with confident outlook

Vinati Organics has achieved impressive margins historically, achieved
consistently year by year. Vinati achieved 22% EBITDA margin and 16% PAT
margin for FY11 which is well above their industry peers posting 13%
EBITDA margin and 9% PAT margin.
Vinati’s operating Vinati has improved its margin level steadily from EBITDA 10.5% in FY07
margin is much and 4.9% of PAT margin to margins of current levels signifying improving
better than peers business mix and operational excellence. This consistent improvement in
margins for Vinati is result of company’s strategy to develop high margin
product and build capacity for the same. This is evident from current product
portfolio with ATBS contributing to 55% of its top line.
While compared to Himadri Chemicals and Clariant, Vinati scores better than
Clariant on PAT and EBITDA margins and is at par with Himadri Chemicals
on PAT margin showcasing that Vinati Organics’ profitability performance is
at par with the best in its peers.

FY11 Margin (%)
Company EBIDTA PAT
Aarti Industries 13.3 5.5
Balaji Amines 17.6 7.5
Chembond 12.3 6.5
Clariant 16.3 11.5
Deepak Nitrite 8.5 3.8
Himadri Chemicals 27.5 16.3
Shasun Chemicals 9.1 3.2
Thirumalai Chemicals 6.0 2.4
Average 13.8 7.1%
Vinati 20.2 16.4

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Balance sheet ratios
Much better on leverage compared to peers

Debt Equity Interest Coverage
Company FY10 FY11 FY10 FY11
Aarti Industries 1.0 1.0 2.4 2.6
Balaji Amines 1.1 1.5 3.8 4.0
Chembond 0.4 0.7 7.2 9.9
Clariant 0.0 0.0 141.0 610.4
Deepak Nitrite 0.4 0.3 3.8 7.1
Himadri Chemicals 0.6 1.0 3.7 5.4
Shasun Chemicals 2.8 3.9 -0.8 1.2
Thirumalai Chemicals 2.3 2.0 2.1 1.8
Average 1.1 1.3 3.2* 4.6*
Vinati 0.6 0.5 10.5 12.3
*excluding Clariant ratios

Only Clariant, Chemical industry is more capex driven with organizations trying to gain scale
which is an MNC, to improve operating margin putting strain on their balance sheet. But
has better balance compared to industry peers and industry averages, Vinati Organics has much
sheet ratios than better debt-equity ratio and interest coverage ratio signifying solid financial
Vinati position. D/E and interest coverage ratio better than even Himadri Chemicals
denotes Vinati Organics’ prudent conduct while considering debt option for
capex.
Vinati has also displayed remarkable sagacity in choosing which debt to take
and from where. In January’11, Vinati got approval for a funding of $16mn
from IFC in ECB and FCCB at approximately 3% interest rate. The exchange
rate risk is naturally hedged, given exports that Vinati does. Also, the IFC loan
is certainly good for its profile value.

Better liquidity ratios

Vinati has better liquidity ratio as compared to almost all of its peers for both
current ratio and also cash ratio. This denotes Vinati has much better ability to
meet both its short term and long term obligations compared to most of its
peers, putting company at in better position to leverage its financials.
Vinati Organics’ demeanour to keep its liabilities in check while keeping eye
on its assets is visible from its consistent better current ratio for last few years.
Among its peers only Himadri Chemicals has scored better than Vinati
Organics here. Whereas Vinati Organics has ratios much higher than peer
average.

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Current Ratio Cash Ratio
Balaji Amines 3.2 3.5 0.1 0.1
Chembond 2.2 2.5 0.1 0.3
Clariant 1.3 1.0 0.0 0.1
Deepak Nitrite 2.5 2.4 0.1 0.1
Shasun Chemicals 1.9 1.7 0.0 0.1
Average 2.7 2.8 0.1 0.1
Vinati 4.8 4.2 0.1 0.1

Better capital efficiency

Exceptional ROE Higher profitability due to efficient management and impressive product
and ROCE portfolio is evident from much higher ROE and ROCE ratio than almost all of
its peers. Only Clariant, which has global leadership in several areas, has
comparable or better numbers. This signifies Vinati Organics’ management has
managed to take correct decisions to invest money in right technology and
products.

ROE (%) ROCE (%)
Balaji Amines 25.9 26.5 20.3 23.4
Chembond 27.2 24.1 32.2 29.5
Clariant 32.5 31.5 42.1 39.5
Deepak Nitrite 9.2 11.3 10.7 12.8
Shasun Chemicals -20 26.5 -5.7 9.0
Average 20.0 21.1 17.5 18.8
Vinati 48.8 42.8 34.3 30.0

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Comparing Peer Valuation

Company CMP EV/
(`Rs) Market Cap EV P/E (x) EBIDTA (x) D/E (x)
Aarti Industries 47.0 3,602 8,759 4.4 4.4 1.0
Balaji Amines 34.3 1,110 2,674 4.2 4.3 1.5
Chembond 190.0 1,208 1,332 8.9 5.2 0.7
Clariant 728.5 19,422 19,224 17.3 12.1 0.0
Deepak Nitrite 170.0 1,777 2,334 6.9 4.1 0.3
Himadri Chemicals 48.8 18,824 26,237 16.5 13.6 1.0
Shasun Chemicals 67.5 3,274 6,447 12.3 8.5 3.9
Thirumalai Chemicals 72.5 742 3,131 4.0 6.8 2.0
Average 6,245 8,767 9.3 7.4 1.3
Vinati 67.6 3,335 4,085 6.4 6.4 0.5
(Rs mn unless otherwise specified)

Vinati deserves a Vinati Organics is currently quoting at a discount to peer group averages on
premium over peer both P/E and EV/EBITDA ratios. We believe Vinati Organics should quote at a
group in valuations premium to peer averages given its superior management quality, strong
leadership in its product lines, technological edge, better capital efficiency and
better balance sheet quality.
The valuation numbers reflected in the above table which place Vinati
valuations in line with, or marginally lower than its peers, do not quite reflect
the business fundamentals.

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Valuation: Price Target
Likely growth not captured

1yr Fwd pe band chart
120
Given expanding 9x
100
size, strong
7x
profitable growth 80
rate, Vinati’s
Rs

60
valuation is set to 5x
expand 40
3x
20

0
16-Sep-07 16-Sep-08 16-Sep-09 16-Sep-10 16-Sep-11

Vinati has consistently traded above 5x forward PE barring a brief period in
2008 when the global financial crisis pulled every stock down. The stock also
enjoyed a valuation of above 7x in FY10 and FY11.
We believe Vinati
Valuations have drifted downward in recent months, an indication that the
valuations will
expand if it shows market perhaps doubts the company’s ability to maintain strong growth. There
P&L growth in is certainly a flat profit outlook for FY12, but Vinati should return to growth in
FY13 as new products enter production. There has also been a marginal delay
FY12
in capacity build up at the ATBS unit, by 4Q FY12, ATBS will be at full
capacity as well.
We believe the market will bid up the valuations once its sees continued
growth coming in from ATBS and the couple of niche compounds the
company has recently introduced.

While we think Vinati deserves a premium valuation as stated above, we are
basic our price target on Vinati matching peer averages by FY13.
At a PE of 8x, we expect a price of Rs 120 by March 2013. This corresponds to
an EV/EBITDA of just over 5x, which is still less than peer averages.

Key Valuation Ratios
FY'09 FY'10 FY'11 FY'12 FY'13E
P/E Ratio (x) 2.8 8.9 6.4 6.3 4.4
EV/EBITDA (x) 3.5 7.9 6.4 5.0 3.1
EV/Sales 0.6 1.8 1.3 1.0 0.6
Dividend Yield (%) 3.5 1.4 1.9 2.0 2.8

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Vinati’s Business
Vinati - Business model

Vinati Organics Limited was established in 1989. It is focused on
manufacturing speciality chemicals with the help of best in class technology
and efficient manufacturing process.
Vinati is highly
Within the field of speciality chemicals also, Vinati has been very choosy in
focussed on
profitable niches what to do. It has consistently worked to find niches where it can build viable
technologies and build global leadership. This has worked very well till date
for Vinati Organics. It has managed to maintain strong focus on R&D, has
found and captures niches, and overall has managed to grow revenues while
maintaining good profitability.

Focus on Higher Margin Products

Vinati has always concentrated on higher margin products and historically has
managed to maintain better margins than other peers. Vinati started with IBB
Has consciously
in 1992, then developed capability to manufacture higher margin ATBS which
chosen high margin
pushed its overall margins to the current level. With an aim to expand margins
chemicals
further, Vinati is expanding current ATBS capacity and also has plans to
manufacture other higher margins products like Diacetone Acrylamide
(DAAM), High Purity Methyl Tert Butyl Ether (HP MTBE) and Di-Ethyl
Aniline (DEA) in near future.

Vinati has also integrated backward for further improving margins by setting
up an IB plant. IB is major component in ATBS production and a major cost
Vertical
factor too. With in-house IB capacity Vinati looks to better margins for ATBS
integration by at least 2-3%. Also new DIB plant will work as further forward integration
for IB plant utilising surplus IB plant capacity than current ATBS
requirement.

Positioned for continuing growth
The company is undertaking major capacity expansion projects currently
where it would be expanding ATBS product line from current 12000TPA to
ATBS volumes will
18000TPA by Dec 2011. ATBS is one of the company’s higher margin
expand into FY13
product. Vinati has already done backward integration for ATBS by setting up
an IB plant which is major component in ATBS.
New products such Vinati Organics is also setting up a facility to start production for new high
as HP-MTBE, margin products: High Purity Methyl Tert Butyl Ether (HP-MTBE) 6000TPA,
DEA, DIB to be Di-Ethyl Aniline (DEA) 3050TPA, and Di-IsoButylene (DIB) 5000TPA along
added with capacity expansion for: N-Tertiary Butyl Acrylamide (TBA) and

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Diacetone Acrylamide (DAAM). The company will have a capacity of
1000TPA for DAAM and 1000TPA for TBA by this Dec 2011.
This expansion plans show the company’s craving for growth and confidence
in their capability to venture into newer products.

Aggressive Growth in Production Capacities

All fig in TPA

Products ATBS: Key to growth

ATBS is the new 2-Acrylamido 2-methylpropanesulfonic Acid (ATBS) has become the flagship
flagship product product from Vinati Organics. Vinati Organics is second largest producer of
ATBS in the world after Lubrizol of USA. Vinati started production of ATBS
in 2002 with a plant at Lote, in Maharashtra, with capacity of 1000TPA. The
company was attracted into ATBS production not only to diversify its product
line, but also by the high margin from the segment. With growing demand for
ATBS across globe from customers of various industries like oil industry to
water treatment to acrylic fiber and technology barrier for new entrants to enter
in this market Vinati Organics has strike the right note here. These factors will
help Vinati Organics to maintain higher margins for ATBS. Vinati since then
has progressively built-up the capacity for ATBS, making it the biggest
contributor to top line by 2011. The company currently has a capacity
12000TPA for ATBS, with plans to expand it to 18000TPA by Dec 2011.

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ATBS Capacity

20000
ATBS capacity set
15000
to expand to 18,000
tons by Dec’11 10000

5000

0
2002 2006 2009 2011 2012E
All Figures in TPA

ATBS: Limited supply, increasing market demand
Entry in ATBS market has done wonders for Vinati Organics. ATBS market is
not only growing rapidly, driven by its use in various new and emerging
applications, but supply of ATBS is stagnant. Most competitors have stagnant
capacity and no known plans for expansion. This gives Vinati Organics ample
opportunity to capture the growing ATBS market.

ATBS % contribution to topline
60% 3,500

50% 3,000 ATBS
2,500
40%
2,000
30% Total
1,500
20%
1,000
10% 500
0% -
FY'07 FY'08 FY'09 FY'10 FY'11 All Figures in Rs mn

ATBS : Wide applications with many unexploited opportunities
Acrylic fibre: ATBS is widely used in acrylic fibre industry where it is applied
ATBS growth is on the fibre before fibre dying process.
getting driven by its Oil Fields: ATBS is used in oil fields in deep-drilling situations, where
use in new ATBS’s characteristics of high stability at higher temperature and higher
applications. salinity help. With global oil prices consistently going up oil companies are
getting more convinced to go deeper to dig out oil to improve recovery factor
of their oil wells. This has opened up a large market for ATBS applications as
ATBS’s higher cost will be rationalised by ever increasing oil prices.
High oil prices will Water Treatment: ATBS is used effectively in Boiler plants and Cooling
benefit ATBS Tower as corrosion inhibitor for silt control. Due to its special characteristics
demand ATBS is used to improve corrosion resistance and as a de-scaling agent in

Four-S Research 15


boilers. In cooling towers again, ATBS is used as descaling agent.
Other: ATBS is also used as by many industries like paper industry, mining
industry as a flocculent agent. ATBS is also used in personal care products like
shampoos etc as surfactant. It is also used in high rising tower/building
construction sites for other uses.
Unexploited opportunities: Vinati maintains the view that many unexploited
application exists for ATBS which will increase ATBS market exponentially
in near future.

Products Isobutyl benzene (IBB): Market Leaders with stable market

Vinati Organics is the largest manufacturers of Isobutyl benzene (IBB) in the
Almost 2/3rds world with 14000TPA capacity and annual production of 12000 tonnes. Vinati
holds almost 60-65% of total IBB market worldwide, in a worldwide market of
share of the global
market in IBB 20,000TPA.
IBB is the first specialty chemical product from Vinati Organics, which they
started producing in year 1992 with capacity of 1200TPA. Periodic capacity
expansions driven by strong export growth has led the company to become the
world’s largest manufacturer of IBB with a strong customer base across the
world.

IBB tech not freely Vinati has sourced the technology to manufacture IBB is from Institut Francais
available du Petrole (IFP) in France on which it did internal research to make it
commercially viable, becoming the first company to manufacture IBB based
on this technology. With this technology Vinati Organics has managed to
manufacture IBB with record purity level 99.8% against prevailing
international standards of 95.5% purity. This showcases company’s capacity to
adopt latest sophisticated lab based technology and to convert it into very
successful commercial technology with the help of in-house research center.

But it is a mature Starting with modest capacity of 1200TPA in Mahad, Maharashtra, Vinati
product now steadily grew its production capacity to present capacity as shown in the graph
below. With higher operating efficiency and by wining trust from their client
Vinati Organics has managed to win all the major clients from its competitors
pushing them out of competition.

IBB Capacity (TPA)

15000

10000

5000

0
1992 1996 1997 2006 2008

Four-S Research 16


IBB was the key product for Vinati Organics since its inception for almost 2
decades, before ATBS overtook it in FY11. IBB reached revenue of Rs 1.02bn
in FY11.

With the recent stagnant nature of the IBB market and comparative lower
margins Vinati has no plans to increase capacity here, with more focus on de-
bottling and improving efficiencies on operational side to improve bottom line
for IBB segment.

Application Pharma: Major Pharma customers with some use in perfume industry
IBB is used as basic raw material for manufacturing the bulk drug Ibuprofen
which is used as an anti-inflammatory analgesic. IBB is the major raw material
for Ibuprofen bulk drug which is produced in mass volume all over the world.
It is also used in perfume industry in Europe.

IB: Backward Integration with focus on ATBS margins

Set up an IB unit as Vinati has ventured into backward integration for ATBS line by setting up a
a backward 12,000 TPA Isobutylene (IB) production facility in its Lote premises. Of the
integration to total IB capacity, up to 60% production will be used captive for the ATBS
ATBS plant where Isobutylene (IB) is major constituent.
When the company reaches its full capacity of 18000TPA for ATBS, it will use
around 6500Tonnes of IB for captive use, with the rest of IB production to be
sold in open market.
The company plans to sell rest of IB production in domestic market which has
approximate market of 3-4000TPA as also looks to sell in Asia region as Asia
is shortage of IB in market recently.
With largest manufacturing capacity for IB in India with only other close
competitor Salva Chemical with much lower capacity (4000TPA), Vinati
Organics is set to gain leading position in this market segment too.

Applications
Whereas IB will be used in Vinati Organics to manufacture in ATBS, IB is also
used to produce Isooctane which is used as fuel additive. Isobutylene is also
used in the production of methacrolein. Polymerization of isobutylene produces
butyl rubber (polyisobutylene). IB is also in Agro-chemical industry as an
active ingredient for pesticides. Many pharmaceutical companies are also doing
research to come up techniques to efficiently use IB for their process.

Venturing into new products
DAAM
DAAM is a low The first new product coming is DAAM, with a 1000TPA plant setup, at the
volume, but high Lote site by Dec 2011. This is a high margin product with much higher
margin product realisation value than other products in Vinati’s portfolio. With expectation to
contribute more than Rs 300mn at full capacity DAAM will push Vinati’s top
line and margins further.

Four-S Research 17


August’11 announcement

3 new products Vinati Organics announced three new products in August 2011. These are:
announced in High Purity Methyl Tert Butyl Ether (HP-MTBE), Di-Ethyl Aniline (DEA) and
Aug’11 Di-IsoButylene (DIB). All these are linked to the production chains involved in
existing product lines of Vinati. Hence the capacities will come up at their
existing plant locations Mahad and Lote. These products will entail a capex of
Rs 500mn with company aiming to complete capex by second quarter of FY13.
These follow the usual Vinati new product route: identify molecules with
limited competition and develop technology through research tie-ups and in-
house resources.

HP-MTBE: Ingredient for Pharma company

Main raw material With domestic market size expected to be larger than 3000TPA and lone Indian
same as IB supplier Savla Chemical meeting only half of this demand, Vinati Organics is
aiming to capture and grow the market with a new 6000 TPA setup. The
company holds the advantage of experience of main raw material MTBE,
which is also the raw material for its other product IB. Vinati Organics has
developed technology for HP-MTBE in-house with some external aid. HP-
MTBE is expected to contribute around Rs 320mn to company’s top line at full
capacity.

Di-Ethyl Aniline (DEA) Ingredient for agro- industry, perfume and
healthcare industry

Will be sole Introduction of DEA presents Vinati Organics with a domestic market of
manufacturer of 1700TPA which is expected to reach 2500TPA soon. There is no domestic
DEA in India manufacturer, providing ideal opportunity to capture entire import market with
right pricing strategy. With a setup of 3000MT, easy availability of its raw
material locally and in-house developed technology with some external aid,
Vinati will be well positioned to become lone and largest manufacturer of DEA
in India.

Di-IsoButylene (DIB): Intermediate for chemical industry

DIB as forward Similar to other products, Vinati Organics has again chosen to enter this
integration to IB product as there is no domestic competitor in India. Local consumption is
plant currently around 1500TPA, met through imports, and with potential to reach
3000TPA in next two years. DIB also has a potent export market in China as
major players in DIB are present only in US and Europe. DIB will also act as
forward integration for its existing IB plant with DIB utilising surplus capacity
of IB plant as its ingredient.

Pipeline
Para amino phenol

PAP currently at While the company now has several molecules in the pipeline, the big one,
pilot plant stage. which it has publicly mentioned so far, is para amino phenol or PAP for short.

Four-S Research 18


Company could The company is working on pilot plant, and if that is successful, they will go
decide by Dec’11 for commercial manufacture. The decision on this could be taken by
December’11.
PAP is potentially a big product, which can make a significant contribution to
the top line.

Revenue Mix: Focus on Diversification

Vinati’s revenue is driven by two major products, IBB which was their prime
product for almost 2 decades, and ATBS which is Vinati Organics’ current
focus. Vinati is progressively diversifying its product portfolio moving from
single product era a decade back to more than 4-5 products under its current
Share of IBB now portfolio. With existing plan to introduce few more products in its pool,
down to 32% revenue mix will further diversify. Vinati by choice has maintained limited
product portfolio as company believes in entering into niche speciality
chemical segment only, with the goal to hold leading position in each of the
segment’s market.
Starting with single product portfolio with IBB in 1992 Vinati now has
multiple products under its kitty other than IBB like ATBS, Na-ATBS, IB,
TBA, DAAM and many more in the pipe line. This has helped Vinati to come
out of situation of over dependence on single product while still maintain
leading position in their product segments.

Increasing diversified Revenue Mix
100%

80% Other-products

60% NA-ATBS
ATBS
40%
IBB
20%

0%
FY'07 FY'08 FY'09 FY'10 FY'11

Global scale of operations

Vinati exports 75% Vinati Organics exports nearly 75% of its production to USA, Europe, Asia,
of its turnover Middle East and China, and has some of the largest chemical companies in the
world as its clients. Its top five customers constitutes about 40-50% of top line

Four-S Research 19


Financial Analysis and Growth Outlook
Revenue grew at 41% CAGR for last 5 years

Despite having seemingly few products in its portfolio, Vinati Organics has
maintained a scorching pace of growth in recent years.

New products have The Company’s net revenues grew at a CAGR of 41% over FY’07-’11 to Rs
driven revenue 3.25 bn from Rs 820mn in FY07. The growth has been driven by major
growth capacity expansions in last few years along with entering into new product
segments.

Strong revenue growth trend to continue

We expect sales to The top line however is expected to grow at CAGR of 36% over FY’11-13 on
grow at over 30% the support of more expansion expected in ATBS line from current 12000TPA
CAGR over FY11- to 18000 TPA with the plant expected to run at full capacity by FY13.
13 IB plant in Lote will start utilising its full capacity by next year and Vinati’s
other products like DAAM will also start contributing to top line by next with
full capacity. Also new products like HP-MTBE, DEA and DIB also
contributing in FY13 substantially although major effect of this expansion will
be more visible in the years ahead. With all these future plans Vinati organics
is expected to cross sales of Rs 5.5bn by FY13 posting CAGR of 30% over
period of FY11-FY13.

FY11-FY13 revenue growth

6,000
5,000
4,000
3,000
2,000
1,000
-
FY'09 FY'10 FY'11 FY'12E FY'13E

All Figures in Rs mn

Product Performance

IB and DAAM will ATBS and IBB are the major products offerings from Vinati Organics which
also contribute to constitute 54% and 33% of revenue to Vinati Organics respectively. IB and
revenues in FY12 DAAM product is also starting to make headway in Vinati with management
and FY13 expecting to Rs 274mn contribution in FY12 from IB and Rs 160mn is
expected from DAAM in FY13. Whereas three new products are expected to
contribute around Rs 750mn in FY13 pushing revenues higher.

Four-S Research 20


Revenue mix changing to higher margin products

1,400
1,200
1,000
IBB
800
ATBS
600
NA-ATBS
400 Other-products
200
-
FY'07 FY'08 FY'09 FY'10 FY'11

ATBS
ATBS segment grew at a 4-year CAGR of 79% to revenue of Rs 1.79bn in
FY’11, from Rs 174mn in FY’07. ATBS is also the most profitable segment
for Vinati Organics, so strong growth in this segment has helped Vinati to
improve its profitability.

ATBS revenue growth

2,000
Strong growth seen
1,500
in ATBS segment
1,000

500

-
FY'07 FY'08 FY'09 FY'10 FY'11

A major 6000TPA capacity expansion for ATBS is expected to be completed
this year, taking the total capacity to 18000TPA. Vinati is expected to increase
ATBS production to full 18000 TPA capacities by FY13 to push up total
revenue from ATBS to around Rs 3.3bn in FY13.

Four-S Research 21


Boost in ATBS Revenue Expected

ATBS revenue 4,000
could cross Rs
3.3bn in FY13 from 3,000
Rs 2.1bn in FY11 2,000

1,000

-
FY'09 FY'10 FY'11 FY'12E FY'13E

IBB
IBB, a mature IBB product line has shown the result of market stagnation with sedate growth
product now, will of 14% CAGR in last 4 years. IBB contributed Rs 1.07bn of revenue in FY11
have a sedate to Vinati’s top line, from Rs 630mn in FY07. Due to stagnant nature of the
growth market, steady revenues are expected from IBB product line in the future. The
positive part is, Vinati is expected to maintain top position in the market.

IBB Revenue

1,500

1,000

500

-
FY'07 FY'08 FY'09 FY'10 FY'11

Solid performance on margins with better future expected

Vinati has increased its EBITDA at an impressive CAGR of 70% from FY07
to FY11. This growth was achieved with focus on higher margins; EBITDA
EBITDA margin
margins touched 20% in FY11 from 10.5% in FY07. In absolute terms,
hit 22% in FY11
EBITDA crossed Rs 640mn figure in FY11 from Rs 86mn in FY07.
This growth in EBITDA margin is mainly due to increasing revenue
contribution from higher margin product line. Vinati has impressively pushed
up revenue contribution from ATBS product, a high margin product, from
mere 19% in FY07 to significant 55% in FY11. Post capacity expansion ATBS
contribution to revenue is expected to reach 58% by next year. Higher margins
are also attributed to improved operational efficiencies.

Four-S Research 22


EBITDA
700 28.0%

600
23.0%
500

400
18.0% EBITDA
300
EBITDA margin
200
13.0%
100

0 8.0%
FY'07 FY'08 FY'09 FY'10 FY'11

Strong EBITDA Growth Expected
1,400 21.0%

1,200 20.0%
Substantial 1,000
EBITDA growth 19.0%
expected in near 800
18.0% EBITDA
future, while 600
maintaining solid 17.0% EBITDA margin
400
margins
200 16.0%

0 15.0%
FY'11 FY'12E FY'13E

Higher net profit with steady margin improvement

Vinati Organics’ net profit has grown at CAGR of 89% in last 4 years. Net
profit expanded from Rs 40.5mn in FY07 to Rs 520mn in FY11. Net margin
was around 16% in FY11 and has been above 10% for fourth consecutive years
now.

Four-S Research 23


PAT & Net Margin Growth
600
23.0%
FY11 net profit at 500
over Rs 50 crore
400 18.0%
gives Vinati a
strong base to
300 PAT
expand on 13.0%
PAT margin
200
8.0%
100

0 3.0%
FY'07 FY'08 FY'09 FY'10 FY'11

FY11-13 net profit growth

Company is expecting to expand its current net profit of Rs 520mn to Rs
757mn by FY’13. With current outlook Vinati Organics is expecting to
maintain margins in double digits also with support coming from ATBS and
other existing and new products with higher margins.

Expected PAT growth

800
700
Net profit will grow 600
strongly in FY13,
lifting FY11-13 net 500
profit growth to 400
about 20% CAGR 300
200
100
0
FY'09 FY'10 FY'11 FY'12E FY'13E

Capex and Funding

Vinati has done capital expenditure of around Rs 200mn this year for de-
Rs 1.3bn of capex
bottling of their existing Lote plant. Now Vinati will be looking for capital
in FY12 will finish
current round of expenditure of around Rs 800mn in FY12 which will be done for ATBS plant
expansion. capacity expansion as mentioned earlier along with TBA and DAAM capacity
expansion. In addition Vinati will be doing another Rs. 500mn capital
expenditure in FY12-13 for capacity setup for new products viz. DIB, DEA
and HP-MTBE.

Four-S Research 24


Funded through Vinati does have the luxury of approved IFC loan of US$16mn in terms of
IFC loan US$11mn ECB and US$5mn of FCCBs which are convertible into Company
Equity Shares at Rs. 100 per share. Vinati is looking to fund existing capex
plan with the mixture of its own reserves and debt funding.

Four-S Research 25


Financial Annexure

Income Statement

Income Statement FY'07 FY'08 FY'09 FY'10 FY'11 FY'12 FY'13
Gross Sales 905 1614 2035 2384 3293 4394 6101
Less : Excise Duty 84 150 130 67 126 168 234
Revenue from Operations 820 1463 1905 2318 3167 4226 5867
Decrease/(Increase) in Stock 8 -18 29 -59 -12 -35 -46
Raw Materials Consumed 543 962 1190 1387 1844 2613 3561
Manufacturing/Other expenses 66 91 125 210 345 320 445
Payments to and provision for
employees 53 66 88 115 149 206 287
Administrative & Other expenses 64 110 132 137 202 298 414
Total Expenses 734 1210 1565 1790 2527 3402 4660
EBITDA 86 253 340 527 640 823 1207
Depreciation 27 30 33 50 64 101 114
EBIT 59 224 307 478 575 723 1093
Other Income 22 40 53 84 97 133 185
Financial Expenses 20 33 41 44 47 107 128
Profit before tax and Exceptional
Items 61 231 319 518 625 749 1151
Exceptional Items 0 0 0 0 0 0 0
Profit before tax 61 231 319 518 625 749 1151
Tax 20 79 68 118 105 219 394
Profit after tax before minority
interest 41 152 251 400 520 530 757
Reported net profit 41 152 251 400 520 530 757
(All values in Rs mn)

Four-S Research 26


Balance Sheet

Balance Sheet FY'07 FY'08 FY'09 FY'10 FY'11 FY'12E FY'13E
Shareholder's Equity
Share Capital 66 99 99 99 99 99 99
Reserves and Surplus 233 328 550 893 1338 1868 2626
ESOPs 0 0 0 0 0 0 0
Total equity capital 299 427 649 992 1437 1967 2724

Liabilities
Secured Loans 210 282 448 570 708 1408 1708
Unsecured Loans 47 61 61 61 61 61 61
Deferred Tax Liability 48 53 59 87 117 165 212

Total Liabilities and Owner's
Equity 604 822 1217 1710 2324 3602 4706
0 0 0 0
Assets 0 0 0 0 0 0 0
Goodwill on consolidation 0 0 0 0 0 0 0
Gross Block 563 640 711 1109 1487 2487 2787
Less: Depreciation 203 232 264 313 375 472 586
Net Fixed Assets 360 408 447 796 1112 2014 2201
Work-in-progress 16 109 434 384 360 0 0
Investments 0 0 0 0 32 32 32
Inventory 82 121 121 189 350 297 413
Debtors 197 221 279 359 519 581 806
Cash and Bank Balance 9 14 19 18 19 726 1335
Other Current Assets 0 0 0 0 0 0 0
Loans and Advances 57 107 75 106 186 300 392
Total Current Assets 345 462 493 671 1075 1903 2946

Current Liabilities 104 129 117 98 173 232 322
Provision 13 29 40 43 81 115 151
Total Current Liabilities 117 158 157 141 254 347 472
Net Current Assets 228 305 336 530 820 1556 2474
Total Assets 604 822 1217 1710 2324 3602 4706

Four-S Research 27


Cash Flow Statement

Cash Flow Statement FY'07 FY'08 FY'09 FY'10 FY'11 FY'12E FY'13E
Net Profit/(Loss) before Tax 55 231 319 518 625 749 1,151
Depreciation 27 29 33 49 64 101 114
Interest paid 20 33 33 34 39 81 97
Unrealised Foreign Exchange (Gain)/Loss
(net) 0 0 5 -17 -14 - -
Provisions for expenses and liabilities 0 0 15 20 31 - -
Excess Liability written back 0 0 0 0 -1 - -
Other Provisions and write offs (net) 0 0 -9 -9 -1 - -
Others charges and liability 2 -10 -1 -1 -27 - -
Operating Cash flow before Wcap 102 293 394 594 717 931 1,362

(Increase)/Decrease in Trade/Other
Receivables -91 -73 -16 -102 -167 -61 -226
(Increase)/Decrease in Inventories -3 -39 1 -68 -161 53 -115
Increase(Decrease) in Trade/Other Payables 35 41 -26 -39 45 93 125
Cash Generated from Operations 43 221 352 385 434 1,016 1,146
Direct Taxes Paid -28 -98 -55 -97 -120 -225 -345
Operating Cash flow- A 16 123 297 288 313 791 801
0 1 - 0 0 0 0
Cash from Investing activities- B -68 -33 -396 -348 -385 -640 -300
Change in Borrowings 64 32 167 122 138 700 300
Adjustment for foreign exchange year end
revaluation 0 0 -6 17 13 - -
Interest paid -12 -20 -33 -34 -39 -81 -97
Dividend paid 0 0 -25 -35 -34 -48 -70
Tax on dividend 0 0 -3 -7 -6 -16 -23
0 0 - 1 2 3 4
Cash from Financing activities- C 52 12 99 64 74 555 109
Change in Cash= A+B+C 9 -5 0 3 2 706 610
Opening Balance 5 14 -6 -6 18 19 726
Closing Balance 14 9 -6 18 19 726 1,335

Four-S Research 28


Ratio Analysis

Ratios FY'07 FY'08 FY'09 FY'10 FY'11 FY'12 FY'13
Per share numbers (Rs)
EPS 0.7 3.1 5.1 8.1 10.5 10.7 15.3
DPS 1.2 2.0 2.5 1.0 1.3 1.3 1.9
Book Value 6.1 8.6 13.2 20.1 29.1 39.8 55.2

Profitability (%)
EBITDA margin 0.1 0.2 17.8 22.7 20.2 19.5 20.6
Pretax margin 0.1 0.2 16.7 22.3 19.7 17.7 19.6
Net margin 0.0 0.1 13.2 17.3 16.4 12.5 12.9
Return on avg. Equity 0.1 0.4 46.7 48.8 42.8 31.2 32.3
Return on avg. Capital employed 0.1 0.3 31.9 34.3 30 25.6 27.6

Growth Ratios (%)
Revenue growth 0.4 0.8 30.2 21.7 36.7 33.4 38.9
EBITDA growth 0.5 1.9 34.2 55.1 21.3 28.7 46.6
Net profit growth 1.0 2.8 37.8 62.4 29.8 2 42.8

Activity/Turnover Ratios
Asset turnover 1.7 2.5 2.2 1.8 1.7 1.6 1.6
Working Cap turnover 4.1 5.5 5.9 5.4 4.7 3.6 2.9
Debtor Days 73.3 52.1 47.9 50.2 50.6 47.5 43.1
Inventory Days 35.8 25.4 23.2 24.4 31.1 28 22.1
Payables Days 39.4 29.0 23.6 17 15.6 17.5 17.2

Liquidity Ratios
Current Ratio 3.0 2.9 3.1 4.8 4.2 5.5 6.2
Cash Ratio 0.2 0.1 0.1 0.1 0.1 0.1 2.1

Solvency
Debt Equity 0.9 0.8 0.8 0.6 0.5 0.7 0.6
Leverage Ratio 2.0 1.9 1.9 1.7 1.6 1.8 1.7
Net Debt / EBITDA 2.9 1.3 1.4 1.2 1.2 0.9 0.4
Interest Coverage 3.0 6.9 7.4 10.8 12.3 6.7 8.5

Valuation Ratios
P/E Ratio 5.7 4.7 2.8 8.8 6.4 6.3 4.4
EV/EBITDA 5.6 4.1 3.5 7.9 6.4 5.0 3.1
Dividend Yield (%) 3.4 2.8 3.5 1.4 1.9 1.9 2.7

Four-S Research 29


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Four-S Research 30

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