Ambition Mica ambitious on its export

Ambition Mica Ltd, an Ahmedabad based BSE-SME listed company is confident of increasing its factories’ utilisation rate to 70 per cent this financial year, compared to 48.26 per cent of utilisation of its total installed capacity, during last financial year. Ambition Mica is riding high on the back of its achieving a moderate growth in its exports to Gulf and US markets in third quarter, despite the current global slowdown.

Ambition Mica Ltd came into existence in 2010 as a result of three visionaries, Mr. Govind Patel (Chairman), Mr Ramesh Patel (C.E.O.) and Mr. Prahlad Patel (Director).

Ambition Mica manufactures and supplies decorative laminates and door skins both in India and abroad. Dindayal Agarwal, Export Manager at Ambition, said, “Despite slow down, we have achieved a moderate growth in our exports”. He however didn’t give the figure of growth increase. Ambition also started its one-of e-commerce portal – Doorskinworld.com that specialises in Door Skins.

What is incredible in the company’s earning is despite all the headwinds, Ambition has managed to post a net profit of Rs 80 lakhs for the six months period ending September 2015, a 12 per cent increase against the net profit it incurred during corresponding six months period of last financial year.

Agarwal added, raw materials of Ambition like phenol, formaldehyde and melamine are petrol based and are sourced from suppliers who generally import these products. The recent fall of Rupee might have increased its raw material costs, the company said in its recent statement. It also said that significant exchange rate fluctuations may affect its business as it may alter the costs of the imports significantly. The solacing factor, however, was the fall in rupee that generally make Indian products cheaper. Ambition Chief Financial Officer, Bhavesh Patel, refused to comment on the development.

Ambition Mica Ltd is also planning to increase the authorized share capital of the company from existing Rs 4,25,00,000 to Rs 12,00,00,000. It is also considering to issue Bonus Shares to its shareholders.

As per its recent notice to BSE-SME exchange, Ambition is also planning to acquire entire shareholding of Velsons Laminate Private Limited, the company in which directors of the company and their relatives are interested.