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Anupam Rasayan India Ltd. is a company engaged in the custom synthesis and manufacturing of specialty chemicals in India. Company started its business as a partnership firm in 1984 as a manufacturer of conventional products and have, over the years, evolved into custom synthesis and manufacturing of life science related specialty chemicals and other specialty chemicals, which involve multi-step synthesis and complex technologies, for a diverse base of Indian and global customers.

Positives: (a) Strong and long-term relationships with diversified customers across geographies with significant entry barriers (b) Core focus on process innovation through consistent research and development, value engineering and complex chemistries (c) Diversified and customized product portfolio with a strong supply chain (d) Automated manufacturing facility with strong focus on environment, sustainability, health and safety measures (f) Consistent track record of financial performance

Investment concerns: (a) Company has incurred significant indebtedness, and an inability to comply with repayment could adversely affect business. (b) Experiencing insufficient cash flows to meet required payments on debt and working capital requirements, could adversely impact on operation. (d) It may become involved in claims concerning intellectual property rights, and could suffer significant litigation or related expenses in defending own intellectual property rights or defending claims that we infringed the rights of others.

Outlook & Valuation: Company has strong and long-term relationships with various multinational corporations, including, Syngenta Asia Pacific Pte. Ltd., Sumitomo Chemical Company Limited and UPL Limited. The company has posted strong revenue growth of 24.3% CAGR between FY2018 to FY2020. Despite the impact of the COVID-19 pandemic, company has posted revenue growth of 45.0% for the nine month period ending December 2021. Given strong revenue growth and long-term relationships with various multinational corporations we assign a "SUBSCRIBE" rating to the IPO.

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SEBI Registration number is INH000000164

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