MIRA
INFORM REPORT
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Report Date : |
09.07.2007 |
IDENTIFICATION DETAILS
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Name : |
GODREJ AND BOYCE MANUFACTURING COMPANY LIMITED |
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Registered Office : |
Pirojshanagar, Vikhroli, P. O. Box 10-123, Mumbai - 400
079, |
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Country : |
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Financials (as
on) : |
31.03.2006 |
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Date of Incorporation : |
03.03.1932 |
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Com. Reg. No.: |
11-1828 |
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CIN No.: [Company
Identification No.] |
L28993MH1932PLC001828 |
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TAN No.: [Tax Deduction & Collection
Account No.] |
MUMG00108D / MUMG07988B |
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PAN No.: [Permanent
Account No.] |
AAACG1395D |
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Legal Form : |
Closely Held Public Limited Liability Company |
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Line of Business : |
Manufacturing and Marketing of Consumer Durables, Office Equipments and Industrial Products. |
RATING & COMMENTS
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MIRA’s Rating : |
Aa |
RATING
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STATUS |
PROPOSED
CREDIT LINE |
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71-85 |
Aa |
Possesses adequate working capital. No caution
needed for credit transaction. It has above average (strong) capability for
payment of interest and principal sums |
Large |
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Maximum Credit Limit : |
USD 190000000 |
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Status : |
Good |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
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Comments : |
Subject is a very old, well-established and reputed company, the flagship Company of the “Godrej Group”. The brand name “Godrej” has reputation in the market place. It is a multi product company. It is reported that Mr. J. N. Godrej Chairman of the Board of Directors and Managing Director of the company was conferred the “Padma Bhushan” Award in recognition of his distinguished service of a high order to the nation in the field of trade and economic activity. The Award is one of the highest awards conferred on civilians of the country, which was presented by His Excellency Dr. A. P. J. Abdul Kalam, President of India at an investigate Ceremony held in New Delhi on 3rd April, 2003. The company’s track are fine. Trade relations are fair. Directors are respectable and experienced industrialists. Payments are correct and as per commitments. The company can be considered good for normal business dealings at usual trade terms and conditions. |
LOCATIONS
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Registered Office : |
Pirojshanagar, Vikhroli, P. O. Box 10-123, Mumbai - 400
079, |
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Tel. No.: |
91-22-55961700 / 55961800 / 55965656 / 55965959 |
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Fax No.: |
91-22-55961518 |
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E-Mail : |
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Website : |
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Factory 1 : |
Pirojshanagar, Vikhroli, Mumbai - 400 079, |
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Factory 2 : |
Pune, |
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Branches : |
Godrej Bhavan, 4-A, Tel. No. 91-22-22073871 / 22072238 / 22046448 / 22046804 Fax No. 91-22-22072238 E-Mail : mumbaibr@godrej.com Plant 18, Pirojshanagar, Vikhroli, Mumbai – 400 079, Tel. 91-80-55964851 Fax. 91-20-55961510/1511 E-mail. locksmkt@godrej.com Plot 13, Pirojshanagar, Vikhroli, Mumbai – 400 079, Tel. 91-22-55964356 Fax. 91-22-55961507 E-mail. storwel@godrej.com Plat 4 & 14, Pirojshanagar, Vikhroli, Mumbai – 400
079, Tel. 91-22-55961700/1800/5656/5959 Fax. 91-22-55961503/1505 E-Mail. oefurn.mktg@godrej.com Plant 11, Pirojshanagar, Vikhroli, Mumbai – 400 079, Tel. 91-22-55965301 Fax. 91-22-55965360 E-mail.amv@godrej.com Plat 17, Pirojshanagar, Vikhroli, Mumbai – 400 079, Tel. 91-22-55961700/1800/5656/5959 Fax. 91-22-55961509 E-mail. semktg@godrej.com Plant 18, Pirojshanagar, Vikhroli, Mumbai – 400 079, Tel. 91-22-55961700/1800/55962652/54 Fax. 1-22-55961526 E-mail. primamkt@godrej.com Plant 15, 19 & 6, Pirojshanagar, Vikhroli, Mumbai –
400 079, Tel. 91-22-55964556/4551 Fax. 91-22-55961556 E-mail. pedmktg@godrej.com Pirojshanagar, Vikhroli, Mumbai – 400 079, Tel. 91-22-55964556/4551 Fax. 91-22-55961556 E-mail. pedmktg@godrej.com Plant 9, Pirojshanagar, Vikhroli, Mumbai – 400 079, Tel. 91-22-55961447/448 Fax. 91-22-55961521 E-mail. mtdmktg@godrejnet.com Pirojshanagar, Vikhroli, Mumbai – 400 079, Board Nos. 55961700/1800/5656/5959 E-mail. shk@godrej.com Plant 7, Pirojshanagar, Vikhroli, Mumbai – 400 079, Tel. 91-22-55961700/1800/5656/5959 Fax. 91-22-55961523 E-mail. trmktg@godrej.com Plant 11, Pirojshanagar, Vikhroli, Mumbai – 400 079, Tel. 91-22-55964651 Fax. 91-22-55961520 E-mail. mhemktg@godrej.com Plant 2, Pirojshanagar, Vikhroli, Mumbai – 400 079, Tel. 91-22-55962201 Fax. 91-22-55961525 E-mail. hnd@godrej.com Godrej Bhavan, 4-A, The company also has branches at Ahmedabad, Faridabad, Ghaziabad, Guwahati, Hyderabad, Indore, Jabalpur, Jaipur, Jamshedpur, Kanpur, Lucknow, Chennai, New Delhi, Patna, Pune, Rajkot, Surat, Trivandrum and Vishakhapatnam |
DIRECTORS
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Name : |
Mr. J. N. Godrej |
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Designation : |
Chairman & Managing Director |
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Age : |
52 Years |
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Qualification : |
B.S., M.S. (Illinois Institute of |
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Experience : |
27 years |
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Date of Appointment : |
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Name : |
Mr. K. N. Naoroji |
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Designation : |
Whole Time Director |
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Age : |
84 Years |
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Qualification : |
BA. B.Sc. (ECON) ( |
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Experience : |
27 Years |
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Date of Appointment : |
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Name : |
Mr. A. B. Godrej |
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Designation : |
Director |
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Name : |
Mr. N. D. Sidhva |
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Designation : |
Director |
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Name : |
Mr. K. N. Petigara |
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Designation : |
Director |
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Name : |
Mr. N. B. Godrej |
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Designation : |
Director |
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Name : |
Mr. N. K. Dhabhar |
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Designation : |
Director |
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Name : |
Mr. V. M. Crishna |
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Designation : |
Director |
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Name : |
Mr. F. P. Sarkari |
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Designation : |
Director |
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Name : |
Mr. K. R. Thanewala |
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Designation : |
Director |
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Name : |
Mr. B. A. Hathikhanavala |
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Designation : |
Director |
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Name : |
Mr. P. D. Lam |
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Designation : |
Executive Director & President |
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Name : |
Mr. K. A. Palia |
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Designation : |
Executive Director (Finance) |
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Name : |
Mr. P. P. Shah |
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Designation : |
Director |
KEY EXECUTIVES
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Name : |
Mr. P. E. Fouzdar |
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Designation : |
Company Secretary |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
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Names of Shareholders |
Percentage of
Holding |
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Godrej investment Private Limited |
25.975 % |
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Directors and Relatives |
49.996 % |
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Other top 50 Shareholders |
24.029 % |
BUSINESS DETAILS
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Line of Business : |
Manufacturing and Marketing of Consumer Durables, Office Equipments and Industrial Products. |
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Products : |
Consumer Durables - Home Storewels & Furniture, Locks & Latches, Cash Boxes and Coffers. Office Equipments - Security Equipment, Safes - Strong Room Doors, Safe Deposit Lockers, Cabinets Recording Systems, Movable Partition Systems, Fire Resisting Record & Filing Cabinets, Book Stacks and Cases, Manual Typewriters and Electronic Typewriters and Computer Peripherals. Industrial Products - Steel Metal working Machines, Plastic Injection Moulding Machines, Precision Toolings, Precision Fabrications, Chemical, Aerospace, Defence and Nuclear Applications, Multiflex and Heavy Duty Storage Systems, Workshop Equipment and Forklift Trucks. |
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Exports to : |
Bangladesh, Sri Lanka, Thailand, Egypt, Indonesia, Vietnam, U.A.E., Tunisia, Kenya, Dubai, Yemen, Australia, etc. |
PRODUCTION STATUS
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PARTICULARS |
Unit |
Installed Capacity |
Actual production |
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Steel Furniture |
Tonnes |
60000 |
24904 |
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Security Equipment |
Tonnes |
21000 |
7460 |
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Typewriters |
Nos. |
40000 |
10410 |
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Locks |
Nos. |
4740000 |
5385233 |
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Home Appliances |
Nos. |
1400000 |
754505 |
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Press Tools, Jigs, Fixtures, Gauges, Dies, Cutting Tools, etc. |
Rs. ‘000 |
450000 |
569511 |
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Process Plant and Equipment |
Rs. ‘000 |
700000 |
1458117 |
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Forklift Trucks |
Nos. |
475 |
971 |
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Ready Mix Concrete |
M3 |
162000 |
182660 |
GENERAL INFORMATION
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No. of Employees : |
8100 |
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Bankers : |
Central
Bank of 1st
Floor, Union Bank of Mumbai – 400 021, Citibank N. A. 293, BNP Paribas Mumbai – 400 001, Standard Chartered Grindlays Bank Limited Mumbai – 400 001, State Bank of Mumbai - 400 021, UTI Bank Limited Mumbai – 400 001, The Hong Kong & Shanghai Banking Corporation Limited Mumbai – 400 001, ICICI Bank Limited Mumbai – 400 021, The |
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Facility : |
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Auditors : |
Kalyaniwala & Mistry Chartered Accountants |
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Associates : |
v Godrej Consumer Products v Godrej Industries v Godrej Foods v Geometric Software Solutions v Godrej Agrovet v Godrej Appliances v Godrej Appliances v Godrej Infotech v Godrej Properties v Godrej Sara Lee v Lawkim Limited v Makerich Investments Limited v Godrej Pacific Technology Limited v Fiskars India Limited v Mercury Manufacturing Company Limited v JT Dragon Pte. Limited v
Godrej ( |
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Subsidiaries : |
v Godrej Industries Limited v Godrej Consumer Products Limited v Godrej Appliances Limited v Godrej Infotech Limited v
Godrej ( v
Godrej ( v Godrej Agrovet Limited v
Godrej International Limited (incorporated in
the v Godrej Properties & Investments Limited v Godrej Remote Services Limited v Tahir Properties Limited v Sahyadri Aerosols Limited (in voluntary liquidation) v Godrej Hicare Limited v Ensemble Holdings & Finance Limited v Godrej Global Mid East FZE (incorporated in Sharjah, U.A.E.) v Godrej Global Solution Limited v Goldmohur Foods & Feeds Limited v Girikandra Holiday Homes & Resorts Limited |
CAPITAL STRUCTURE
Authorised Capital :
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No. of Shares |
Type |
Value |
Amount |
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1,100,000 |
Equity Shares |
Rs.100/- each |
Rs.110.000 millions |
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900,000 |
Cumulative Redeemable Preference
Shares |
Rs.100/- each |
Rs. 90.000
millions |
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Grand Total |
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Rs. 200.000 millions |
Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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662,640 |
Equity Shares |
Rs.100/- each |
Rs. 66.264 millions |
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
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SOURCES OF FUNDS |
31.03.2006 |
31.03.2005 |
31.03.2004 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
66.300 |
66.264 |
66.264 |
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2] Share Application Money |
0.000 |
0.000 |
0.036 |
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3] Reserves & Surplus |
4916.500 |
4418.875 |
4174.400 |
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NETWORTH |
4982.800 |
4485.139 |
4240.700 |
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LOAN FUNDS |
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1] Secured Loans |
3013.700 |
2634.120 |
2646.700 |
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2] Unsecured Loans |
2673.600 |
2539.643 |
2459.100 |
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TOTAL BORROWING |
5687.300 |
5173.763 |
5105.800 |
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TOTAL |
10670.100 |
9658.902 |
9346.500 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
4281.200 |
4037.946 |
4375.800 |
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Capital work-in-progress |
0.000 |
234.310 |
0.000 |
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INVESTMENT |
3711.600 |
3718.350 |
3368.100 |
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DEFERREX TAX ASSETS |
5070.300 |
634.343 |
0.000 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
5070.300 |
3644.900 |
3045.900 |
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Sundry Debtors |
3525.000 |
3065.053 |
2358.300 |
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Cash & Bank Balances |
58.300 |
42.685 |
24.400 |
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Loans & Advances |
2347.200 |
1006.820 |
2187.500 |
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Total
Current Assets |
11000.800
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7759.458 |
7616.100
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
7597.700 |
5941.242 |
5436.500 |
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Provisions |
725.800 |
784.26 |
577.000 |
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Total
Current Liabilities |
8323.500
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6725.505 |
6013.500
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Net Current Assets |
2677.300
|
1033.953 |
1602.600 |
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TOTAL |
10670.100 |
9658.902 |
9346.500 |
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PROFIT & LOSS
ACCOUNT
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PARTICULARS |
31.03.2006 |
31.03.2005 |
31.03.2004 |
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Sales Turnover |
22652.700 |
17498.709 |
17433.000 |
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Other Income |
1228.400 |
0.000 |
0.000 |
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Stock Adjustment |
1115.800 |
0.000 |
0.000 |
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Total Income |
24996.900 |
17498.709 |
17433.000 |
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Profit/(Loss) Before Tax |
532.900 |
468.019 |
406.100 |
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Provision for Taxation |
140.900 |
9.426 |
5.000 |
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Profit/(Loss) After Tax |
392.000 |
458.593 |
401.100 |
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Dividend
|
0.000 |
66.264 |
198.800 |
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Earnings in Foreign Currency : |
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Other Earnings |
0.000 |
1349.613 |
1173.861 |
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Total Earnings |
0.000 |
1349.613 |
1173.861 |
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Imports : |
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Others |
0.000 |
1513.547 |
976.653 |
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Total Imports |
0.000 |
1513.547 |
976.653 |
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Expenditures : |
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Raw
Materials |
13530.300
|
0.000 |
0.000 |
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Excise
Duty |
2123.600
|
0.000 |
0.000 |
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Power
& Fuel Cost |
457.100
|
0.000 |
0.000 |
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Other
Manufacturing Expenses |
1490.500
|
0.000 |
0.000 |
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Employee
Cost |
2620.300
|
0.000 |
0.000 |
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Selling
and Administration Expenses |
1912.600
|
0.000 |
0.000 |
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Miscellaneous
Expenses |
1463.600
|
0.000 |
0.000 |
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Other Expenditure |
0.000 |
16128.192 |
17113.100 |
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Total Expenditure |
23598.000 |
16128.192 |
17113.100 |
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KEY RATIOS
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PARTICULARS |
31.03.2006 |
31.03.2005 |
31.03.2004 |
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Debt-Equity
Ratio |
1.15 |
1.18 |
1.39 |
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Long
Term Debt-Equity Ratio |
0.92 |
0.78 |
1.22 |
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Current
Ratio |
1.13 |
0.99 |
1.17 |
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TURNOVER
RATIOS |
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Fixed
Assets |
2.62 |
2.16 |
1.94 |
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Inventory |
5.20 |
5.33 |
5.26 |
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Debtors |
6.87 |
6.57 |
7.42 |
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Interest
Cover Ratio |
2.00 |
1.22 |
1.22 |
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Operating
Profit Margin(%) |
6.15 |
5.71 |
6.71 |
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Profit
Before Interest And Tax Margin(%) |
4.11 |
3.09 |
4.09 |
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Cash
Profit Margin(%) |
3.55 |
3.17 |
3.40 |
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Adjusted
Net Profit Margin(%) |
1.51 |
0.55 |
0.79 |
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Return
On Capital Employed(%) |
9.15 |
5.79 |
6.53 |
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Return
On Net Worth(%) |
7.21 |
2.23 |
3.01 |
LOCAL AGENCY FURTHER INFORMATION
Press Release:
Edition: Mumbai
Date:
Refrigerators or ACs could be dearer soon as the consumer durable company’s start conforming to energy efficiency standards.
The Bureau of Energy Efficiency (BEE), ministry of power recently instituted energy labelling guidelines for electronic appliances that have high energy utilization like refrigerators and ACs. The guidelines come into effect by June 1.
As the companies have invested significant amounts to redesign their product
range to get better ratings, the incremental costs are expected to be passed on
to the consumers.
Kamal Nandi, vice-president, sales and marketing, Godrej Appliances said, “More efficient products require better raw materials, control mechanisms, superior compressors – all of which come at a higher cost. For better products, consumers have to pay a higher price.”
He added that to upgrade from 3 star to 4 star refrigerator of the same capacity, product prices could reflect an increase anywhere between 3-5 per cent. Energy labelling or star rating (one being the least efficient and five being optimally efficient) calculates power consumption with respect to performance.
Durables manufacturers claim that the star ranking will benefit consumers. “For every star that the user goes up to, he stands to save Rs 2,000 a year. So if you upgrade to a one-star, you save Rs 2,000 a year and Rs 10,000 annually for a five-star,” said Zubin Irani, managing director, Carrier India, as the company today launched its new energy-efficient product line of ACs.
Irani added that even additional costs incurred by consumers on superior models would be recovered on operational savings. “We believe that by switching to an energy-saving model, the payback on the incremental price would occur within a year,” said Irani. An industry expert said while it cost Rs 10 an hour to run an air-conditioner at home today, the cost could come down by almost 5 per cent a star that the user upgrades to.
Korean durables giant LG has invested in installing testing calorimeters that measure energy efficiency in ACs. The company has incurred additional investments to develop 4 and 5 star rated ACs, but refused to divulge financial details.
An industry expert said the leading brands were unlikely to come out with a low star rated product, in keeping with their image of good quality and reputation. Ajay Mathur, director-general, BEE, said, “The companies are reluctant to change as they claim that there is no demand in the market for the product. The reason why there is no demand is because the customers are not aware of the energy consumption.”
Publication: DNA Money Bureau
Edition:
Date:
Godrej Appliances, a leading player in the home appliances industry, has
launched its new range of EON air conditioners with a revolutionary technology
in split air conditioners for the first time in
These air conditioners are built with Godrej’s advanced i-Sence Technology,
which ensures that the temperature around you is exactly what you wish to have
in the room or hall.
The air conditioner comes with two temperature sensors, one built into the
indoor unit, and one built into the remote control.
These sensors, continuously exchange data with each other so the air
conditioner automatically adjusts the temperature condition around the remote
control that is with the user in the room, instead of that around the indoor
unit mounted in the room.
HISTORY :
The company was incorporated on
The Company celebrated its centenary in 1997. In 1897 a young man named Ardeshir Godrej gave up law and turned to lock-making. Ardeshir went on to make safes and security equipment of the highest order, and then stunned the world by creating toilet soap from vegetable oil. His brother Pirojsha Godrej carried Ardeshir's dream forward, leading Godrej towards becoming a vibrant, multi-business enterprise. Pirojsha laid the foundation for the sprawling industrial garden township (ISO 14001- certified) now called Pirojshanagar in the suburbs of Mumbai. Godrej touches the lives of millions of Indians every day. To them, it is a symbol of enduring ideals in a changing world.
In company, on the other hand, the Construction Department made it a point from the very beginning to adapt practices which prevent pollution, and that is why Vikhroli, unlike the city
which it adjoins, remains clean and green. The Construction Department had to conserve water and other resources, use raw material having less adverse environmental impacts, conserve and enhance green cover, and continue to create environmental awareness among their employees, sub-contractors, vendors and the community around, in pursuance of the environmental Policy laid down by the management: ' We at Godrej are committed to profitable growth in our business through sustainable development and continual improvement in our environmental performance.'
The further steps of the company took towards control of pollution make their synonymous with clean and sound environmental practices. The late Nozer A. Lentin, who has a member Secretary (Retired.) to Maharashtra Pollution Control Board, was appointed in 1980 to conduct a survey of legal and technical problems likely to be faced regarding treatment and disposal of effluents. In 1982, a Manager (Environment and Pollution Control) was appointed to attend to the day-to-day work related to environment and pollution control. Data of effluents from the industrial plants was an alysed and a feasibility report was prepared. Later, in 1983, an Effluent Treatment Plant (ETP) was established with Associated Industrial Consultants. An ETP with a capacity of 1,200 cubic metres was commissioned in 1986. In 1987, electroplating effluents were segregated and treated separately in a plant having the capacity of 200 cubic metres per day.
The first Tertiary Sewage Treatment and Recycling Plant was commissioned 1989 and second as recently as in 1996. At present, 100 cubic metres per day as sewage waste are being treated for re-use in industrial plants and gardens. In 1995 AIC Watson were appointed to carry out a detailed study of all aspects of solid waste management in the Godrej industrial premises. Suggestions in a comprehensive report submitted in January 1997 are in the process of being implemented. Paint waste, which has been a major source of hazardous wastes, was sent for test incineration to M/s. Bayers Limited. A procedure has been put in place to incinerate the paint sludge and to dispose of the ash generated. A secured landfill for hazardous wastes has been constructed.
Finally, in 1995 the management decided to appraise all the Divisional Heads and Managers about the Environmental Management System and Environment Audit. Mr K.P. Nyati, Head of the Environment Management Division, Confederation of Indian Industry, was invented to give a presentation to them. Further follow-up was done to initiate action on the Environment Management System and adoption of ISO-14001 standards throughout the Company.
Naval emphasized upon quality for the department, by which each of the structures would provide satisfactory services for about 100 years. He made it clearly known that an initial fault in the concept of design or workmanship would involve heavy costs at a later date, which had to be avoided. In this way, by having in-house facilities and capabilities, the Construction Department not only achieved economy, but also quality and reliably, unlike the construction industry in our country, which is becoming a matter of grave concern. Naval had envisaged from the beginning that the Construction Department would not only undertake new projects for construction at Vikhroli, but would also be responsible for its maintenance.
Baria's appointment in 1948 was followed by H.N. Engineer's in 1949. The foundation work of Plant-I was then in progress and work on the construction of plant-II had also started. Engineer became the departmental head in 1996 and continued in that capacity till 1971. He was ably assisted by Edul Postwalla. Engineer was followed by Bomi Sethna, who with his twenty years' experience, having joined Godrej in 1951, took over as departmental head in 1971 and continued till 1986. It was then Engineer's son Maneck's turn to take over, and deservedly too, for he had been in the service of the Company for twenty-two years since 1964 and continues to head the Department in the capacity of Vice-President to this day.
Progress in construction was slow, but steady. Naval's habit of adopting a system for everything he did and expecting his workers to follow, was very much in evidence in the construction of manufacturing plants, housing and the Udayachal schools. After the construction of plant-I and II, construction of other plants was taken up every second year. By the year 1990, when Naval passed away, eighteen factory sheds had been constructed and the last, the nineteenth, was completed in 1992.
As regards housing for workers, Naval would sit with the architects and insist
on cross-ventilation.
The experience thus gained would prove to be most useful
when designing Godrej Baug years later. The first housing project was taken in
hand in 1951. This project known as Betthi Chawl initiated a brisk Programme of
housing for workers; there was a break in the speed of construction between
1975 and 1985, when the
Operation :
The profit on sale of investments of during the year was realized largely by the profit of Rs. 353.591 millions on sale of 2225000 equity shares held by the company in Godrej Consumer Products Limited
Exports:
The company exports for the year under report aggregated to
Rs. 1344.828 millions as against Rs. 1169.016 in the previous year. Manual
typewriters have been exported to twenty –seven countries. The company’s
exports of furniture, security equipment, locks, tooling, material handling
equipment, and process plant and equipment registered a significant improvement
over the previous year. The company-enhanced presence in the markets of
Business :
Generic Names of Principal Products of the company are :
|
Item Code No. (ITC Code) |
940310.01 |
|
Product Description |
Steel Furniture
for Offices |
|
|
|
|
Item Code No. (ITC Code) |
841821.00 |
|
Product Description |
Household
Furniture |
|
|
|
|
Item Code No. (ITC Code) |
830300.00 |
|
Product Description |
Safes, Safe
Deposit Lockers & other Security Equipments |
The company is in trade terms with :
˜
Cincinnati Micron Inc.,
˜
Matsushita Refrigeration Co.,
˜
Toyo Umpanki Company Limited,
˜
Pintech Inc,
PROFILE
A little before 8.00 p.m. on 8 January 1979, Dr Ing Burjor Godrej, Naval's elder brother, returned to 40-D Ridge Road in his car. He got down near the entrance and his driver, Kadam, went to park the car. Burjor, slowly climbing the stairs, paused to wipe his feet on a mat on the first floor landing. He noticed a man standing in the garden below. He called out to him and asked him what he was doing there. The man slunk away without replying.
After delivering the car keys to Burjor's servant Philip, driver Kadam came down the stairs. He saw a man descending the stairs and waiting in the garden. Kadam asked him what he wanted. But the man seemed not to have heard. Kadam felt that the man was probably known to one of the servants in the house. Besides, he was in a hurry. He left the compound to take a bus home.
The man was Shankar Vithal Savardekar.
At about ten past eight, Jamshyd, driving with Naval seated beside him, entered the fully lit lane, but they didn't see Savardekar hiding in the shadows near the house. Naval got down and Jamshyd went to park the car. They had been talking while driving home about the President of the GDR, who was visiting Pirojshanagar the next day. Earlier that day Naval's wife, Soonuben, had purchased some shawls and left the parcel on the hall table.
Naval saw the parcel on the round table facing the entrance. He set about opening the parcel to see the contents and let his daughter-in-law, Pheroza, and his wife's mother, Gulbai Dastur, have a look at the shawls.
When Jamshyd entered a couple of minutes later, he found his father, his wife and grandmother standing near the table unwrapping the parcel. Jamshyd proceeded to the kitchen to have a glass of water followed by his mother Soonu. In the meantime, Pheroza called out to her maid, Elizabeth Carvello, to lay the table on the verandah for drinks.
The doorbell rang. Carvello came to the room from the balcony after putting down the tray of glasses to open the door. But when she saw Naval about to do so, she went back to arrange the glasses.
All this took less time than it takes to write.
Naval opened the door. Seeing nobody, he bent down to peer. Just then, Savardekar, crouching behind the shutter, leapt forward with a cry, pushed Naval back by pouncing on him, his Rampuri knife held high. He cried, "You have ruined us and so they are going to ruin you", and plunged the knife into the left side of Naval's stomach. Naval stumbled to the floor.
Pheroza, standing nearby, aghast, rushed to help her father-in-law get up, when Savardekar, in a wild frenzy, stabbed her too.
Seeing this, the frail Gulbai tried to intervene to find out what was happening. She too was stabbed and pushed by Savardekar and she fell down in a faint.
The assailant approached Naval again as he shifted in agony, trying to get up. Pheroza too tried to get up, but stumbled and fell into Gulbai's lap. She too lost consciousness.
Naval saw Pheroza bleeding profusely. With a tremendous effort of will he managed to get up as he wanted to catch the assailant. He got hold of his hand, but then Savardekar stepped forward and plunged the knife even deeper into the right side of his stomach. The knife remained stuck.
Drawn by the commotion and the shrieks, Jamshyd rushed to the room. He saw the assailant fleeing through the door. So he ran after him crying 'Chor! Chor!' His first instinct was to pursue and catch him, but when he saw his father and wife lying in a spreading pool of blood, he rushed to help them. Soonu too was doing her best to help. Jamshyd went to the landing and shouted to his uncles staying on the floors above to come down, as something terrible had happened.
Gasping in agony, Naval sat up. Shocked, bleeding and grimacing in pain, he managed to pull out the knife. It fell from his hand and clattered to the floor.
Jamshyd didn't lose his head. His father, wife,
grandma, had all to be rushed to hospital. Soonu was already on the phone
dialling the
Burjor, who was having his dinner, rushed downstairs on hearing the cries. Seeing what had happened, he rushed up again to get his car keys. With the help of his servant Felix and others, he carried the wounded Pheroza to his car. Jamshyd, aided by the servant, carried Naval to his.
The route to
Narayan H. Nalavade, who worked for Sohrab Godrej on the
third floor, ran to the Teenbatti Police Chowki and brought the constable on
duty back with him to 40-D. Later at
In the narrow lane outside the house there was commotion. Two Godrej cars driving out at breakneck speed, the police van driving in, siren blowing, had caused neighbours, servants and others to congregate there, making anxious enquiries, too panic-stricken and disturbed to go back to their homes.
On the first floor, the hall, still brightly lit, was now desolate, deathly still.
Pools of blood were congealing on the floor. The half-open parcel of shawls had also fallen down in the scuffle. The Rampuri knife was where Naval had let it fall, naked and bloodied, its blade savagely bent.
Planning the industrial township at vikhroli, Pirojsha planted trees before laying the foundations of the factory buildings. In doing so he was being true to the sprit of his Aryan forefathers, who loved and venerated nature and never destroyed what they believed to be the creations of god. Pollution of the elements of nature was considered by them to be a grievous sin, and hence amazingly, they practiced the science of ecology and conversation thousands of years before modern science invented these words.
The first thing the Aryans did on settling in
How Naval, acting on Pirojsha's behalf, came to acquire the
land at Vikhroli is quite a story recorded in the dusty files of the Bombay
High Court. It was on
On 15th April 1943, the High Court in Bombay
passed the order confirming the sale of the land at Vikhroli, measuring over
3,000 acres, in favour of Naoroji Pirojsha Godrej, and the court Receiver was
ordered to hand over possession of the village of Vikhroli to Naval. This was
confirmed by a letter on
Five years later, on
What had been a dream needed now to be blueprinted. But the blueprint, while establishing the dream's contours, gave but a dim idea on paper of the immensity and complexity of the effort that would be required, the ingenuity and skill, sweat and tears that would have to go into transforming this huge wasteland into an industrial garden township. Levelling land, building roads, airy plants, residential quarters and schools, vast lawns and gardens - and the many problems attendant to running and maintaining a township. Levelling land, building roads, airy plants, residential quarters and schools, vast lawns and gardens - and the many problems attendant to running and maintaining a township of this size, laying of pipes, drains and cables, provision of water and power, fencing the area, dealing with industrial effluents and sewerage, recycling waste.
Proof of the implicit faith Pirojsha had in Naval is shown
by the fact that in spite of the heavy debts incurred by him and the very high
stakes involved in the project, instead of taking the easy way by getting an
established contractor to do the planning and building, he entrusted the entire
work to Naval. Pirojsha was a good judge of character. Wise and selective about
how best each of his sons would render service to the karkhana, he weighed
their merits. Sohrab, his eldest son, once reconciled to become an
industrialist in spite of himself, was given a responsibility he was most
proficient to fulfil, to attend to publicity and Public Relations, establishing
valued contact at home and abroad and abroad. Burjor, the younger son, with his
passion for research, was asked to shoulder the entire responsibility of
running the soap business. Daughter Dosa wasn't forgotten. She was encouraged to
volunteer as an ambulance driver with the St. John Ambulance Brigade during the
war years. She played quite a role bringing the injured to safety, at some risk
to herself, during the
Naval's work initially was confined to planning the township along with Pirojsha. Later, particularly after Pirojsha's death in 1972, he became involved in the total execution of the project. He had to decide on the priorities of construction, which was a complex, expensive and location-specific activity. The Godrej Construction Department was in itself quite unique with multifaceted activities ranging from new construction projects to construction maintenance, industrial effluents, sewage and water treatment and gardening activities. Emphasis was laid on the adoption of a quality system for design and execution of industrial and residential construction projects, property investment, industrial and domestic works management, landscaping and gardening of the township. The end was to make the township a unique one, maintaining a balance between man and nature: a self-sufficient township with its own water supply, sewerage and effluent treatment systems. Well developed too, with infrastructure like roads, towns, landscape gardens, forestry and, of course, the manufacturing plants with machines thundering away to their industrial destiny.
Naval realized the importance of selecting tried and trusted
men for this seemingly impossible undertaking. H.N. Baria, Retired Chief
Engineer of the Bombay Port Trust, was appointed Chief Engineer in charge
of Projects and Developments on
Right from its inception, Naval laid down for the Construction Department an 'Environmental Policy,' by which they were committed to a gradual development and continuous improvement in their environmental performance pertaining to activities which then and now include civil construction, property project, wetland waste management and landscaping. In the attention they gave to environmental concerns, Godrej were well in advance of most industries. It is only in the last decade that the construction industry worldwide, in strengthening its commitment to environmental issues, has formed study groups with a view to investigating how industry should modify its behaviour in order to reduce its load on the environment. These groups laid down certain guidelines through a construction industry Environment Plan. Using this as a base, industry wanted to strengthen awareness of the concept of Environmental Construction and to involve all industries in making a concerted effort.
Factory (Plants) : Industrial area approximately 180 acres. Housing in the three colonies at Vikhroli : Area approximately 450 acres.
The Udayachal Schools.
No development zone : fifty-eight acres.
Lands gifted to Soonabai Pirojsha Godrej Foundation, Gamadia Trust and Ratan Tata Trust : 2,400 acres.
Land leased to Godrej Soaps for industrial purposes : 84 acres.
Land leased to Godrej Soaps for residential purposes : four acres.
By handling the building of the township themselves, Pirojsha and Naval showed extraordinary foresight. As the area is within Greater Mumbai, it comes under the purview of the development plan, which is revised every twenty years. This revision causes constant headaches, which would have been difficult, almost impossible to remedy, but for the fact that Godrej already had the in-house infrastructure for making representations, sending reminders and subsequently following up. Pirojsha's and Naval's foresight brought about rich rewards to their way of planning and thinking, which emphasizes comfortable living and sound education for thousands of workers.
Besides the routine problems the Construction Department faces from day to day, like material procurement, Labour problems, contractual disputes, delivery delays, etc., the activity of construction itself is of an exceedingly complex nature with costs mounting almost everyday. A recurring problem in construction over such a vast area is bringing men and machinery to a particular site and, after completing work, shifting them to another site. Mobility of labour and adherence to rigid quality standards (TQM) complicate the task of quality management. The task becomes even more complex when contractual arrangements regarding nominations of persons, allocation of duties and responsibilities lead to change in results. The Construction Department has not only custom-oriented and cost-competitive, but has to ensure that any kind of finished structure commands a premium with customers accepting it only on the basis of quality.
Maintenance too is a constant problem. This is handled by a staff of 115 workers, twenty-two staff members and thirty-nine managers, along with 135 contractors and more than 2,000 contract labours. Then there are two horticulturists and forty-one permanent workmen who take care of the Garden Department. Their job is to ensure proper landscaping and maintenance within the township and four traffic islands maintained by Godrej at Godrej Chowk, Ghatkoper, Vikhroli and at the Overseas Communication Services crossing near the Bombay Gymkhana. The total garden area build up and maintained over the years is around 200 acres and the annual cost of gardening alone is Rs. 4.500 millions, least grudged of all.
Housekeeping inside the industrial complex is entrusted to three contractors who have a workforce of over 300, while six other contractors deploying another hundred labourers attend to the regular housekeeping and maintenance in the industrial plants and the housing colony. This work is done during the first and second shifts and on holidays. The expenses work out to about Rs. 1.000 million per month. To date the projects completed are : Nineteen Factory Plants covering an area of 2,86,300 sq. metres; Offices, Canteen, Dispensary and Ancillary Structures covering an area of 79,100 sq. metres; Three Udayachal Schools covering an area of 22,700 sq. metres; and three residential colonies housing 3,600 tenements, with their number increased from day to day.
In recognition of efforts put in by the Construction Department,
it was awarded the ISO-9001 Certificate on
It wasn't easy going. There were numerous obstacles to be surmounted along the way. The earliest of these was the provision of water for the township. In 1949 water was supplied from he Tansa duct. In 1965 this was discontinued, and was transferred to a twelve-inch diameter water main along LBS Marg. Godrej had to have their own system of internal grid of water supply catered to by a reservoir near plant-III feeding the Plants and residential colony. The water consumption is about 5.500 Millions liters per day, for which Godrej has a parallel system of well water collected in the reservoir, as well as treated sewage water.
There were bureaucratic obstacles too. Whilst work was going
on in right earnest, on
Earlier, in March 1952, the company had advised the
Collector, Bombay Suburban District, that all lands in the
Correspondence till, ten years later, on
Then again the desire of the Soonabai Pirojsha Godrej Foundation to construct houses on 300 acres of land was thwarted because of a court case ( Suit No. 679 of 1973 ) between the Maharashtra State Government and Godrej & Boyce. The sufferers were thousands deprived of a roof over their heads for the past twenty-four years !
At Pirojshanagar, Godrej have preserved a large expanse of
swamp, one of the very few such areas in the city under original mangrove
forest. It is almost unbelievable that, like the
The mangrove has been preserved by the Soonabai Pirojsha Godrej trust, which is the owner of this tract covering 1,800 acres, east of Vikhroli. Never was nature worship, common to all the world's religions, more needed to be observed than today when the earth, the oceans, the air we breathe, the water we drink and other elements are increasingly being desecrated by human, industrial and atmospheric pollution. Such worship would create the awareness in all of us as, to loss of food, breeding grounds and shelter for numerous forms of life.
Since awareness about mangroves is extremely poor among city residents, creating such awareness is the need of the hour. Special programmes like Mangrove Awareness Programmes (MAP) are being designed, which will include nature trails. Slide shows. talks, exhibitions, etc., targeted for different groups. Brochures have been designed to convey information about mangroves and about the activities of the Vikhroli Centre. These brochures and/ or letters are sent to different schools/ colleges/NGOs/organisations, which are interested in research on mangroves. Two watchtowers are being maintained for safety of the area and for field observation. Further, a mangrove museum is being built to provide knowledge about mangroves. Slide shows are a powerful aid for this education. The idea is for the project to establish itself as a pioneer body working for the project to establish itself as a pioneer body working for the restoration of mangroves along with related activities.
As is the Godrej practice, an Environmental Cell was established in 1985 for the mangrove project. Three eminent scientists and Trustees of the Soonabai Pirojsha Godrej Foundation were appointed the late Dr Salim Ali, the late Dr A.K. Ganguli and Dr H.N.Sethna. Noted dignitaries have admired this project. Mauri Rautkari, Secretary-General, WWF-Finland had this to say: "vikhroli mangroves in Mumbai can offer such original habitat and ecosystem within the city itself, which hardly any other city in the world can boast of.'
Who says dreams cannot be realized? This industrial garden
township was. It has been referred to variously as a tourist attraction, the
pride of
ISO Certification
APPLIANCES: (ISO 9001/14001)
Refrigerators and Washing Machines
FURNITURE AND INTERIORS: (ISO 9001/14001)
Office Furniture, Seating and Desking Systems, Computer
Furniture and Open Plan Office Systems, Office and Home Storwels®, Sofas and
Recliners, Home Furniture, Filing Cabinets and Filing Systems, Book Stacks and
Cases, Sliding/Tambour Door Units, Personal/Industrial Lockers, Customized
Storage Systems, Roll-formed Slides and Components for Furniture.
SECURITY
EQUIPMENT & SOLUTIONS : (ISO 9001 / 14001)
Safes, Strong Room Doors, Safe Deposit Lockers, Cash Boxes and Coffers, Data Safes, Fire Resisting Safes, Record & Filing Cabinets, Electronic Coffers, Cash Counting Machines, Fire/Security Doors, Fire and Burglar Alarm Systems, Video Door Phones, CCTV System, Access Control Systems.
LOCKS: (ISO 9001)
Padlocks, Cylindrical Locks, Mechanical and Electromechanical door locks and related hardware.
STORAGE SOLUTIONS: (ISO 9001 / 14001)
Multiflex and Heavy Duty Storage Systems, Tool Storage Cabinets, Gravity-flow, Mobile and Drive-in System Components, Mezzanine Floors, Cantilever Storage Systems, Workshop Equipment and Special Solutions.
PRIMA COMMUNICATION SOLUTIONS: (ISO 9001 / 14001)
Multimedia, Slide and Overhead Projectors, Video and Teleconferencing Equipment, Fax, Photocopiers, Multi-Function Devices, PRIMA Manual Typewriters (available in over thirty languages), Vending Machines.
INDUSTRIAL PRODUCTS: (ISO 9001 / 14001)
Precision
Toolings (Press Tools/Plastic Injection Moulds/Vacuum Forming Moulds/Pressure
Die-Casting Dies), Special Purpose Machines, High Precision Components/Equipment
for Engineering and allied industries, Sheet Metal Working Machines – Sales and
Service.
PROCESS
PLANT AND EQUIPMENT (ISO 9001, ASME ‘U’, ‘U2’, ‘S’ and ‘R’ Stamps,
SQL ‘M’ Stamp
Pressure
Vessels, Columns, Reactors, Electro polished Reactors, Shell & Tube Heat
Exchangers, Trays, Tower Internals and other Custom-built Fabrication.
MATERIAL HANDLING EQUIPMENT: (ISO 9001 / 14001)
Forklift Trucks ( Diesel, Electric and LPG ) and Attachments, Container Handling Trucks, Warehousing and Personnel Access Equipment, Spare Parts, Services and Maintenance Contracts..
CONSTRUCTION AND REAL ESTATE:
(ISO 9001 /
14001)
Ready Mix
Concrete, Construction Projects, Property Development, Horticulture and
Envirotech Services.
ELECTRICAL AND ELECTRONICS SERVICES: (ISO 9001 / 14001)
Electrical Power Distribution System, Compressed Air Control System, Electronic Technology Solution Provider (Hardware, Software, Retrofitting, Process Control and Instrumentation, Industrial Automation), Energy Conservation.
All this - and a model school too, appropriately named Udayachal, breaking a new dawn for the workers' children, tomorrow's citizens.
The company’s fixed assets of important value include
CMT REPORT (Corruption, Money Laundering & Terrorism]
The Public Notice information has been collected from various sources
including but not limited to: The Courts,
1] INFORMATION ON
DESIGNATED PARTY
No records exist designating subject or any of its beneficial owners,
controlling shareholders or senior officers as terrorist or terrorist
organization or whom notice had been received that all financial transactions
involving their assets have been blocked or convicted, found guilty or against
whom a judgement or order had been entered in a proceedings for violating
money-laundering, anti-corruption or bribery or international economic or
anti-terrorism sanction laws or whose assets were seized, blocked, frozen or
ordered forfeited for violation of money laundering or international
anti-terrorism laws.
2] Court Declaration :
No records exist to suggest that subject is
or was the subject of any formal or informal allegations, prosecutions or other
official proceeding for making any prohibited payments or other improper
payments to government officials for engaging in prohibited transactions or
with designated parties.
3] Asset Declaration :
No records exist to suggest that the property or assets of the subject
are derived from criminal conduct or a prohibited transaction.
4] Record on Financial
Crime :
Charges or conviction
registered against subject: None
5] Records on Violation of
Anti-Corruption Laws :
Charges or investigation
registered against subject: None
6] Records on Int’l
Anti-Money Laundering Laws/Standards :
Charges or
investigation registered against subject: None
7] Criminal Records
No
available information exist that suggest that subject or any of its principals
have been formally charged or convicted by a competent governmental authority
for any financial crime or under any formal investigation by a competent
government authority for any violation of anti-corruption laws or international
anti-money laundering laws or standard.
8] Affiliation with
Government :
No record
exists to suggest that any director or indirect owners, controlling
shareholders, director, officer or employee of the company is a government official
or a family member or close business associate of a Government official.
9] Compensation Package :
Our market
survey revealed that the amount of compensation sought by the subject is fair
and reasonable and comparable to compensation paid to others for similar
services.
10] Press Report :
No press reports / filings exists on
the subject.
CORPORATE GOVERNANCE
MIRA INFORM as part of its Due Diligence do provide comments on
Corporate Governance to identify management and governance. These factors often
have been predictive and in some cases have created vulnerabilities to credit
deterioration.
Our Governance Assessment focuses principally on the interactions
between a company’s management, its Board of Directors, Shareholders and other
financial stakeholders.
CONTRAVENTION
Subject is not known to have contravened any existing local laws,
regulations or policies that prohibit, restrict or otherwise affect the terms
and conditions that could be included in the agreement with the subject.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.40.46 |
|
|
1 |
Rs.81.29 |
|
Euro |
1 |
Rs.54.96 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
8 |
|
PAID-UP CAPITAL |
1~10 |
7 |
|
OPERATING SCALE |
1~10 |
7 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
9 |
|
--PROFITABILIRY |
1~10 |
6 |
|
--LIQUIDITY |
1~10 |
7 |
|
--LEVERAGE |
1~10 |
7 |
|
--RESERVES |
1~10 |
7 |
|
--CREDIT LINES |
1~10 |
8 |
|
--MARGINS |
-5~5 |
-- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
NO |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
YES |
|
--EXPORT ACTIVITIES |
YES/NO |
YES |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
66 |
This score serves as a reference to assess SC’s credit risk
and to set the amount of credit to be extended. It is calculated from a composite
of weighted scores obtained from each of the major sections of this report. The
assessed factors and their relative weights (as indicated through %) are as
follows:
Financial
condition (40%) Ownership
background (20%) Payment
record (10%)
Credit history
(10%) Market trend
(10%) Operational
size (10%)
RATING EXPLANATIONS
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
>86 |
Aaa |
Possesses an extremely sound financial base with the strongest capability
for timely payment of interest and principal sums |
Unlimited |
|
71-85 |
Aa |
Possesses adequate working capital. No caution needed for credit
transaction. It has above average (strong) capability for payment of interest
and principal sums |
Large |
|
56-70 |
A |
Financial & operational base are regarded healthy. General
unfavourable factors will not cause fatal effect. Satisfactory capability for
payment of interest and principal sums |
Fairly Large |
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
26-40 |
B |
Unfavourable & favourable factors carry similar weight in credit
consideration. Capability to overcome financial difficulties seems comparatively
below average/normal. |
Small |
|
11-25 |
Ca |
Adverse factors are apparent. Repayment of interest and principal sums
in default or expected to be in default upon maturity |
Limited with
full security |
|
<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
|
NR |
In view of the lack of information, we have no basis upon which to
recommend credit dealings |
No Rating |
|