Sharda Cropchem Ltd. (SCL) is one of India's leading agrochemical companies, engaged in the marketing and distribution of generic active ingredients and formulations, with a differentiated asset light business model. SCL focuses on product registrations in regulated markets, catering to this demand through supplies from Chinese vendors. It operates in formulations and active ingredients solely based on generic (off-patent) molecules. Exports account for ~95% of the company's agrochemicals sales with EU being the largest market with ~47% of agro-chemical sales in 9MFY17 and a steadily increasing its portfolio of new registrations in the EU/ LATAM, we see strong growth ahead for Sharda (15%/12% revenue/...