About Convergence Chemicals Private Limited
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Convergence Chemicals Private Limited was a private limited company based in Mumbai, Maharashtra, India, operated as a subsidiary of Piramal Pharma Limited. The company has been amalgamated - it was merged with another entity and no longer exists as a separate legal entity. It operated in the specialty chemicals segment of the chemicals and materials sector. It was incorporated on 19 November 2014.
The company was registered with the Registrar of Companies (ROC), Mumbai, under CIN U24100MH2014PTC373507. Its GSTIN is 24AAFCC9336D1ZU (Gujarat).
The company had an authorised share capital of ₹85 Cr and a paid-up capital of ₹70.01 Cr. It was led by directors Surinder Bhawanidas Gulati and Vivek Valsaraj.
Its last annual general meeting (AGM) was held on 17 September 2021, and its latest financial statements are for the year ended 31 March 2021. The registered office was at Ground Floor Piramal Ananta Agastya Corporate Park, Mumbai, Maharashtra.
As per the financials filed for FY 2021, the company reported a revenue of ₹119.83 Cr, a growth of 10% compared to the previous year. For the same year it recorded a net profit of ₹20.88 Cr (net margin 17.4%) and EBITDA of ₹49.82 Cr (EBITDA margin 41.6%). Revenue has grown at a compounded annual rate (CAGR) of 62% over three years.
The company had about 110 employees on its provident fund (EPFO) records before it was dissolved.
As per MCA filings, the company had open charges of ₹240 Cr on record. Court records list 4 cases involving the company, including 4 filed by the company. The company has 3 deals on record (2 secondary share transfers, 1 rights issue); the latest was in February 2021. Its 6 peer companies in the Chemicals industry (Specialty Chemicals), with the same principal business activity (chemical and chemical products, pharmaceuticals, medicinal chemical and botanical products) are compared by revenue, 2 larger and 4 smaller; the largest is Dodhia Chem-Tex Private Limited with revenue of ₹120.25 Cr. The company has 7 MSME Form 1 returns on record between 2019 and 2022, listing 307 overdue payments to 95 micro and small suppliers.
The last known website on record is piramal.com.
Company details
CIN history
Convergence Chemicals has one previous CIN (Corporate Identification Number): U24100GJ2014PTC081290. The current CIN is U24100MH2014PTC373507, which is the unique identifier assigned by the Registrar of Companies.
| CIN | Status |
|---|---|
| U24100MH2014PTC373507 | Current |
| U24100GJ2014PTC081290 | Previous |
Contact details
Convergence Chemicals Private Limited's registered office is in Mumbai, Maharashtra. Its e-mail address and telephone number are in the company report.
- Email
- Telephone
- Social Media
- Registered AddressGround Floor Piramal Ananta Agastya Corporate Park Kamani Junction Lbs Marg Kurla W, Est, Mumbai, Maharashtra, India – 400070
- IndustryChemicals and Materials, Specialty Chemicals
To see the full contact details of Convergence Chemicals Private Limited, buy the company report.
- Company details, directors and signatories
- Historical financials and ratios
- Shareholding pattern and group structure
- Charges with holder and property details
- Legal cases, compliance and MCA filings
Business activity
The main business activity of Convergence Chemicals is manufacturing. In detail, this covers chemical and chemical products, pharmaceuticals, medicinal chemical and botanical products.
| Main activity group code | Main activity | Business activity code | Business activity | Share of turnover |
|---|---|---|---|---|
| C | Manufacturing | C6 | Chemical and chemical products, pharmaceuticals, medicinal chemical and botanical products |
To see the full business activity and turnover split of Convergence Chemicals Private Limited, buy the company report.
Financials of Convergence Chemicals Private Limited
FY 2021 filings availableConvergence Chemicals Private Limited reported revenue of ₹119.83 Cr (up 10% YoY) for FY 2021.
Compounded Annual Growth Rate (CAGR)
Revenue has grown at a compounded annual rate (CAGR) of 62% over three years, including 10% growth in the latest year. EBITDA rose 9% in the latest year. Three- and five-year figures are compounded annual growth rates (CAGR): the steady yearly rate that links the first and the last year. All are worked out from the filed statements.
Financial Statement Summary
| Metrics | FY 2020-21 | FY 2019-20 | FY 2018-19 | FY 2017-18 | FY 2016-17 |
|---|---|---|---|---|---|
| Profit and Loss Statement | |||||
| Revenue from Operations | |||||
| Other Income | |||||
| Total Revenue | ₹119.83 Cr | ||||
| Cost of Materials Consumed | |||||
| Employee Benefit Expense | |||||
| Finance Costs | |||||
| Depreciation and Amortisation | |||||
| Other Expenses | |||||
| Total Expenses | |||||
| EBITDA | ₹49.82 Cr | ||||
| Profit Before Tax | |||||
| Tax Expense | |||||
| Net Profit (PAT) | ₹20.88 Cr | ||||
| Balance Sheet | |||||
| Share Capital | |||||
| Reserves and Surplus | |||||
| Net Worth (Total Equity) | |||||
| Long-term Borrowings | |||||
| Short-term Borrowings | |||||
| Trade Payables | |||||
| Total Liabilities | |||||
| Fixed Assets | |||||
| Investments | |||||
| Inventories | |||||
| Trade Receivables | |||||
| Cash and Bank Balance | |||||
| Total Assets | |||||
Financial Ratios
| Metrics | FY 2020-21 | FY 2019-20 | FY 2018-19 | FY 2017-18 | FY 2016-17 |
|---|---|---|---|---|---|
| Profitability | |||||
| EBITDA Margin | 41.6% | ||||
| Net Profit Margin | 17.4% | ||||
| Return on Equity (ROE) | |||||
| Return on Capital Employed (ROCE) | |||||
| Return on Assets (ROA) | |||||
| Liquidity and Debt | |||||
| Current Ratio | |||||
| Quick Ratio | |||||
| Debt-to-Equity Ratio | |||||
| Interest Coverage Ratio | |||||
| Efficiency and Growth | |||||
| Asset Turnover | |||||
| Receivable Days | |||||
| Payable Days | |||||
| Inventory Days | |||||
| Revenue Growth | |||||
| Net Profit Growth | |||||
To see the full financial statements and ratios of Convergence Chemicals Private Limited, buy the company report.
Board of directors of Convergence Chemicals Private Limited
Convergence Chemicals has 2 current directors and 12 former directors. Current directors are listed first, with their designation and appointment date.
| Name | Designation | Appointment Date | Tenure | Status |
|---|---|---|---|---|
| Surinder Bhawanidas Gulati Also directs: Piramal Pharma II Private Limited | Director | 27 Apr 2015 | 11 Years 6 Months | As last reported |
| Vivek Valsaraj Also directs: Piramal Pharma Limited, Abbvie Therapeutics India Private Limited | Director | 19 Nov 2014 | 11 Years 11 Months | As last reported |
Peer comparison
Convergence Chemicals Private Limited is compared with the 6 companies closest to it by revenue in the Chemicals industry (Specialty Chemicals), with the same principal business activity (chemical and chemical products, pharmaceuticals, medicinal chemical and botanical products), from the latest filed financials of each company.
| Company | Revenue | Net profit | Margin | Growth (1 yr) | Employees | Location |
|---|---|---|---|---|---|---|
| Dodhia Chem-Tex Private Limited | ₹120.25 Cr (FY 2025) | -30.0% | Bhiwandi, Maharashtra, India | |||
| Adarsha Specialty Chemicals Private Limited | ₹120.16 Cr (FY 2024) | -3.0% | Kora, Karnataka, India | |||
| Convergence Chemicals Private Limitedthis company | ₹119.83 Cr (FY 2021) | ₹20.88 Cr | 17.4% | 10.0% | 110 | Mumbai, Maharashtra, India |
| Apurva Chemicals Private Limited | ₹119.45 Cr (FY 2025) | 17.0% | Vapi, Gujarat, India | |||
| Arofine Polymers Private Limited | ₹117.76 Cr (FY 2025) | 10.0% | Pune, Maharashtra, India | |||
| Innovassynth Technologies (India ) Limited | ₹117.57 Cr (FY 2025) | -27.0% | Khopoli, Maharashtra, India | |||
| Paragon Fine and Speciality Chemical Limited | ₹117.12 Cr (FY 2025) | -5.0% | Ahmedabad, Gujarat, India |
To see the full peer comparison of Convergence Chemicals Private Limited, buy the company report.
Auditor
Convergence Chemicals Private Limited is audited by Deloitte Haskins & Sells LLP for the financial year 2021.
| Auditor firm | Financial year | Firm registration number |
|---|---|---|
| Deloitte Haskins & Sells LLP | FY 2021 | 117366W / W- 100018 |
Shareholding
The shareholding of Convergence Chemicals Private Limited is on record for 5 financial years, the latest being FY 2021, split between promoters, domestic institutions, foreign institutions, public shareholders and others.
| Shareholder category | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 |
|---|---|---|---|---|---|
| Promoters | |||||
| Domestic institutional investors (DII) | |||||
| Foreign institutional investors (FII) | |||||
| Public | |||||
| Others |
To see the full shareholding pattern of Convergence Chemicals Private Limited, buy the company report.
Charges & borrowings
| Date | Charge ID | Lender | Amount | Status | Modified or satisfied on |
|---|---|---|---|---|---|
| 15 Sep 2021 | 100487392 | Axis Bank Limited | ₹95 Cr | Open | |
| 15 Sep 2021 | 100487379 | Axis Bank Limited | ₹30 Cr | Open | |
| 07 Nov 2019 | 100302580 | Axis Bank Limited | ₹115 Cr | Open |
Total charge records: 3 View all charges
Deals & funding
Convergence Chemicals Private Limited has 3 deals on record (2 secondary share transfers, 1 rights issue); the latest was in February 2021.
Deals on record (3 of 3)
| When | Deal | Amount | Parties |
|---|---|---|---|
| Feb 2021 | Secondary share transfer | Undisclosed | Buyer: Piramal Pharma Limited Seller: Navin Fluorine International Limited |
| Oct 2020 | Secondary share transfer | Undisclosed | Buyer: Piramal Pharma Limited Seller: Piramal Structured Finance |
| Jan 2015 | Rights issue | ₹70 Cr | Investors: Piramal Structured Finance, Navin Fluorine International Limited |
Deal records are compiled from filings and public sources; amounts are shown only where the source reported them.
Legal cases
Convergence Chemicals Private Limited has 4 court cases on record: 4 filed by Convergence Chemicals. All cases are disposed.
Cases by court
| Court | Cases | Against the company | Pending |
|---|---|---|---|
| NCLT | 4 | 0 | 0 |
Cases on record (3 of 4)
| Court | Type of case | Party | Status |
|---|---|---|---|
| NCLT, Mumbai | Court case (C.A.(CAA)) | Filed by the company | Disposed |
| NCLT, Mumbai | Court case (COMP.APPL) | Filed by the company | Disposed |
| NCLT, Mumbai | Court case (C.P.(CAA)) | Filed by the company | Disposed |
To see the full case history of Convergence Chemicals Private Limited, buy the company report.
Case records are compiled from court listings and may lag the court's own records. A case filed against a company is not a finding against it.
Credit ratings & regulatory alerts
Convergence Chemicals Private Limited was last rated by Icra on 31 Aug 2021.
| Rating agency | Rated on | Rating |
|---|---|---|
| Icra | 31 Aug 2021 |
To see the full credit ratings and regulatory alerts of Convergence Chemicals Private Limited, buy the company report.
MSME payment delays
Convergence Chemicals Private Limited has 7 MSME Form 1 returns on record between 2019 and 2022, listing 307 overdue payments to 95 micro and small suppliers. Companies must report dues to micro and small suppliers that stay unpaid for more than 45 days in a half-yearly MSME Form 1 return.
Suppliers with reported dues (5 of 95)
| Supplier | Amount due | Due since | Reported on |
|---|---|---|---|
| an individual supplier | |||
| Reliability Engineering Industries Private Limited | |||
| an individual supplier | |||
| Uni Klinger Limited | |||
| an individual supplier |
To see the full MSME payment records of Convergence Chemicals Private Limited, buy the company report.
Individuals and sole proprietors among the suppliers are not named.
Employees & EPFO
Convergence Chemicals Private Limited has a workforce of 110 employees on its EPFO records as of Mar 28, 2024, across 1 active EPFO establishment.
GST
Convergence Chemicals has 1 GST registration: 1 active.
| GSTIN | State | Status | Registered on |
|---|---|---|---|
| 24AAFCC9336D1ZU | Gujarat | Active | 01 Jul 2017 |
To see the full GST registrations and return filing status of Convergence Chemicals Private Limited, buy the company report.
Recent activity
Convergence Chemicals Private Limited has 11 board changes on record since 2014: 2 appointments and 9 cessations. The latest: Amit Goyal ceased to be Cfo(Kmp) on 31 Mar 2021.
5 earlier events are in the company report.
Frequently asked questions
Convergence Chemicals has been "Amalgamated" (merged) as per MCA records. The company was combined with another entity and no longer exists as a separate legal entity. Business activities, if any, continue under the successor entity.
Convergence Chemicals was a private limited company based in Mumbai, Maharashtra, India. The company worked in specialty chemicals, within the chemicals and materials industry. It was incorporated on 19 November 2014 and is registered under CIN U24100MH2014PTC373507. The company is recorded as amalgamated in MCA records and no longer exists as a legal entity.
Convergence Chemicals was incorporated on 19 November 2014. It is registered with the Registrar of Companies, Mumbai.
Convergence Chemicals had 2 directors:
- Surinder Bhawanidas Gulati - Director
- Vivek Valsaraj - Director
The CIN (Corporate Identification Number) of Convergence Chemicals is U24100MH2014PTC373507. It is issued by the Ministry of Corporate Affairs under the Companies Act, 2013, and uniquely identifies the company in India.
The registered office of Convergence Chemicals is at Ground Floor Piramal Ananta Agastya Corporate Park Kamani Junction Lbs Marg Kurla W, Est, Mumbai, Maharashtra, India – 400070.
Convergence Chemicals can be reached through the website piramal.com. Its registered office is in Mumbai, Maharashtra, India.
The latest financial statements of Convergence Chemicals on record with the MCA are for the year ended 31 March 2021. Its last annual general meeting was held on 17 September 2021. Year-wise statements from 2015 are in the company report.
The GSTIN of Convergence Chemicals is 24AAFCC9336D1ZU, registered in Gujarat.
Convergence Chemicals operated in the chemicals and materials industry, in the specialty chemicals segment.
Convergence Chemicals has 3 deals on record (2 secondary share transfers, 1 rights issue); the latest was in February 2021.
The peers of Convergence Chemicals by revenue are Dodhia Chem-Tex Private Limited, Adarsha Specialty Chemicals Private Limited, Apurva Chemicals Private Limited, Arofine Polymers Private Limited, Innovassynth Technologies (India ) Limited and 1 more, all in the Chemicals industry (Specialty Chemicals), with the same principal business activity (chemical and chemical products, pharmaceuticals, medicinal chemical and botanical products).
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