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Chemox Chemical Industries Ltd Stock Analysis

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Promoted by S N Agarwal, Chemox Chemical Industries (CCIL), the flagship company of the Chemox group was incorporated as a private limited company and converted into a public limited company in 1984.The plants of the company are located at Gujarat and sales operations are carried out from...

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Promoted by S N Agarwal, Chemox Chemical Industries (CCIL), the flagship company of the Chemox group was incorporated as a private limited company and converted into a public limited company in 1984.The plants of the company are located at Gujarat and sales operations are carried out from seven major cities including Ahmedabad, Hyderabad, Indore and New Delhi.

Business of the company:

The company has been involved in the

Promoted by S N Agarwal, Chemox Chemical Industries (CCIL), the flagship company of the Chemox group was incorporated as a private limited company and converted into a public limited company in 1984.The plants of the company are located at Gujarat and sales operations are carried out from seven major cities including Ahmedabad, Hyderabad, Indore and New Delhi.

Business of the company:

The company has been involved in the manufacture of pharmaceutical products, besides trading in certain chemicals like methanol, formaldehyde and acetic acid. However, manufacturing activities of Chemox have been suspended since June 1998 and the trading operations have also been very low.

Further, the company has been referred to Board for Industrial and Financial Reconstruction (BIFR) after its net worth was eroded as a result of huge losses incurred by the company in the previous years. The board appointed Industrial Development Bank of India (IDBI) for recommending a restructuring plan for the company.

IDBI was further directed to investigate certain aspects of the accounts for the period 31st March 1998 and the investigation is in progress. This development was subsequent to the secured creditors of the company expressing the doubts on the authenticity of the accounts of the company. The allegations made against the company include writing off of sundry balances to the tune of Rs 400.2 mn by the company as well as making additional provision made on account of depreciation subsequent to a change in the policy of the company.

Puchho Befikar
SEBI Registered: Investment Adviser - INA000013323

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