Universal Starch Chem Allied is a maize refiner that turns ordinary corn into the invisible functional ingredients inside tablets, food, paper and textiles - the starch that binds a pill, the sweetener that stabilises a sauce, the modified starch that strengthens paper. It began in 1973 when founder Dadasaheb Rawal, after visiting agro-based industries in America, set up a tiny 60-tonne-per-day starch plant in Dondaicha, Maharashtra, and it has since grown that single plant into a 750-tonne-per-day integrated facility. The recurring approach is organic, patient and self-contained: invest in the plant, widen the product range through in-house R&D, and earn the regulatory credentials that let you serve demanding customers - pharma companies, food manufacturers - who pay for reliability. # Business segments A single integrated business - maize wet milling into starch, sweeteners and derivatives - where every product flows from the same raw material through the same plant, and the moat is built from quality certifications and captive energy rather than from being in multiple industries. ## 1. Maize refining and starch derivatives: the group's only engine **One plant takes in maize and puts out more than ten distinct products - native starch, modified starches, liquid sweeteners and dextrose powders - sold across five industries, with pharmaceutical and food-grade credentials that separate it from commodity mills.** - **Wet milling at scale** - the Dondaicha plant crushes up to 750 tonnes of maize per day, up from the original 60 tonnes, producing Maize Starch Powder, White Dextrin, Pregelatinized Starch, Modified Starch, Liquid Glucose, Dextrose Syrup, Dextrose Monohydrate and Dextrose Anhydrous, plus the by-products Maize Germ, Gluten and Husk. - **Pharma and food are the high ground** - the company holds a GMP (Good Manufacturing Practice) licence from the Maharashtra FDA and runs an Air Handling Unit in its microbiology lab, so it can supply starch and dextrose as excipients (the non-active ingredients in medicines) and as food additives, where hygiene standards are non-negotiable. - **Modified starches do the specialist work** - by altering native starch, the company makes grades that thicken, stabilise, bind or emulsify for specific customer processes in textiles, paper and adhesives, widening the range of applications beyond what plain starch can do. - **Bought a ready-made sweetener line** - in FY24 the company acquired plant, machinery and land through a bank auction under the SARFAESI Act, which added three products - Dextrose Monohydrate, Dextrose Anhydrous and Liquid Glucose - to the portfolio in one move rather than building from scratch. - **Maize is the advantage and the risk** - maize gives higher and more efficient yields than potato or tapioca and is available across all Indian seasons, but its price swings with the harvest, so raw-material cost is the business's main exposure. # Captive energy and environmental infrastructure **The plant generates its own power and processes its own waste - a set of on-site projects that lower running costs and keep the factory compliant without relying on the grid or third-party disposal.** - **Waste becomes fuel** - an Effluent Treatment Plant converts liquid waste into bio-gas, which feeds a Co-Generation Power Plant that produces electricity for the factory, turning a disposal problem into an energy source. - **Wind and bio-methane add more captive power** - a Wind Mill at Brahmanwel and a Biomethanation Project sit alongside the co-generation plant, so the site draws on multiple self-owned energy sources rather than a single one. - **Even the ash gets used** - a Fly Ash Brick Making Project takes the solid residue from burning and turns it into bricks, closing another waste loop on site. # Group structure and partners **A standalone, family-controlled company with no subsidiaries - one plant, one balance sheet, and a promoter group that has lent it money on terms that can convert into equity.** - **No group companies** - the company has no subsidiaries, joint ventures or associates, so all operations sit inside a single legal entity with no consolidation complexity. - **Rawal family control** - promoters held 42.12% as of March 2025, with the Managing Director and Chairman Jitendrasinh Rawal among the largest individual shareholders, and the company has taken an unsecured loan of up to Rs. 5 crores from him that carries a clause allowing conversion into equity shares. - **Small investment book on the side** - non-current investments include shares in three co-operative banks, a co-operative spinning mill, and quoted holdings in Glaxo SmithKline Pharma and Bank of Baroda, plus an investment property held for rental income or capital appreciation.