MIRA INFORM REPORT
|
Report
Date : |
28.02.2007 |
IDENTIFICATION
DETAILS
|
Name : |
GUJARAT
STATE FERTILIZERS AND CHEMICALS LIMITED |
|
|
|
|
Registered
Office : |
P. O. No.
Fertilizer Nagar - 391 750, District Vadodara, Gujarat, India |
|
|
|
|
Country
: |
India |
|
|
|
|
Financials
(as on) : |
31.03.2006 |
|
|
|
|
Date
of Incorporation : |
15.02.1962 |
|
|
|
|
Com.
Reg. No.: |
04-1121 |
|
|
|
|
CIN
No.: [Company Identification No.] |
L99999GJ1962PTC001121 |
|
|
|
|
TAN
No.: [Tax Deduction & Collection Account No.] |
BRDG00298E |
|
|
|
|
Legal
Form : |
Public limited liability company. The company’s shares are listed on the Stock Exchanges |
|
|
|
|
Line of
Business : |
Manufacturing and Selling of Ammonia, Urea, Ammonium
Sulphate, Di-Ammonium Phosphate, Ammonium Phosphate Sulphate, Caprolactam,
Caprolactam Sulphate, Sulphur Dioxide, Argon, Methane, Nylone-6 Chips, Sulphuric
Acid, Melamine, Oxi-syn-Gas, MEK Oxime, Methyl Methacrylate Monomer,
Polymethyl Methacrylate Sheets, Polymethyl Pellets, Ammonium Sulphate
(Polymers), Acetone Cyano Hydrine, Methacrylic Acid, Di-Ammonium Phosphate,
Synthetic Filament Yarn including Yarn / Tyre Cord and Nylon Chips. |
RATING & COMMENTS
|
MIRA’s
Rating : |
Ba |
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered
normal. Capable to meet normal commitments. |
Satisfactory |
|
Maximum
Credit Limit : |
USD
45000000 |
|
|
|
|
Status
: |
Satisfactory |
|
|
|
|
Payment
Behaviour : |
Usually
Correct |
|
|
|
|
Litigation
: |
Clear |
|
|
|
|
Comments
: |
Subject is a well-established company having satisfactory track.
Company’s fundamentals are strong. Trade relations are fair. Payments are
usually correct and as per commitments. The company is faring well. General
financial position is satisfactory. Payments are usually correct and as per
commitments. The company can be considered good for normal business
dealings at usual trade terms and conditions. |
LOCATIONS
|
Registered
Office : |
P. O. No.
Fertilizer Nagar - 391 750, District Vadodara, Gujarat, India |
|
Tel.
No.: |
91-265-2372451/
2372641/ 2372651/ 2372751 / 2370090 –96 / 2370098 / 104 / 105 / 2372906 /
2240411 / |
|
Fax
No.: |
91-265-2372966
/ 2240097 |
|
E-Mail
: |
|
|
Website
: |
|
|
|
|
|
Factory
1 : |
Ř
Main Plant Fertilizer Nagar, District Vadodara, Gujarat, India Ř
Polymers Unit Nandesari, District Vadodara, Gujarat, India Ř
Sikka Unit Moti Khavdi, Sikka, District Jamnagar, Gujarat Ř Fibre Unit Kuwarda, Kosamba, District Surat,
Gujarat |
|
|
|
|
Branches
: |
102/103, Raheja Centre, 214, Free Press Journal Marg, Nariman
Point, Mumbai - 400 021, Maharashtra |
|
Tel.
No.: |
91-22-2282 4030 / 2283 1903 / 894 / 915 |
|
Fax
No.: |
91-22-2283 1899 |
DIRECTORS
|
Name : |
Mr. S G
Mankad |
|
Designation
: |
Chairman |
|
|
|
|
Name : |
Dr.
Manjula Subramaniam |
|
Designation
: |
Director |
|
|
|
|
Name : |
Mr.
Balwant Singh |
|
Designation
: |
Director |
|
|
|
|
Name : |
Dr.
Avinash Kumar |
|
Designation
: |
Director |
|
|
|
|
Name : |
Prof.
Vasant P Gandhi |
|
Designation
: |
Director |
|
|
|
|
Name : |
Mr. D C Anjaria |
|
Designation
: |
Director |
|
|
|
|
Name : |
Mr. Ajay
N Shah |
|
Designation
: |
Director |
|
|
|
|
Name : |
Mr. Vijai
Kapoor |
|
Designation
: |
Director |
|
|
|
|
Name : |
Mr. A K
Luke |
|
Designation
: |
Managing Director |
|
|
|
|
Name : |
Mr. C R Rao |
|
Designation
: |
Special Director |
KEY EXECUTIVES
|
Name |
Mr. S. W. Palnitkar |
|
Designation |
Executive Director and Company Secretary |
|
Age |
61 years |
|
Qualification |
Asso. Comp Secretary |
|
Experience |
17 years |
|
Date
of Joining |
27.06.1986 |
|
Previous
Employment |
Divisional Audit Officer – Central Railway,
Bhusaval, Maharashtra, India |
|
|
|
|
Name |
Mr. H. M. Shah |
|
Designation |
Executive Director |
|
Age |
61 years |
|
Qualification |
B.E. Mechanical |
|
Experience |
33 years |
|
Date
of Joining |
03.09.1970 |
|
Previous
Employment |
General Electric Company, Lymn, Mass, USA |
|
|
|
|
Name |
Mr. C. A. Subramaniam |
|
Designation |
Executive Director |
|
Age |
61 years |
|
Qualification |
B.Sc Engg. Chemical |
|
Experience
|
38 years |
|
Date
of Joining |
27.09.1965 |
|
|
|
|
Name : |
Mr. A K
Vijay Kumar |
|
Designation
: |
Executive
Director |
|
|
|
|
Name : |
Mr. M S
Agarwal |
|
Designation
: |
Executive Director |
|
|
|
|
Name : |
Mr. V D Nanavaty |
|
Designation
: |
Company
Secretary |
MAJOR SHAREHOLDERS
|
Names of Shareholders |
No. of Shares |
Percentage of Holding |
|
Promoters |
|
|
|
Indian Promoters |
30159981 |
37.84 % |
|
Mutual Funds and UTI |
9813005 |
12.31 % |
|
Banks, Financial Institutions, Insurance
Companies |
50393 |
0.06 % |
|
Insurance Companies |
11948674 |
14.99 % |
|
Foreign Institutional Investors |
1473887 |
1.85 % |
|
FIIS |
50 |
0.00 % |
|
Any Other - Overseas Corp. Body |
101724 |
0.13 % |
|
Bodies Corporate |
9080140 |
11.39 % |
|
Individual shareholders holding nominal share
capital up to Rs. 0.1 million. |
12329461 |
15.47 % |
|
Individual shareholders holding nominal share
capital in excess of Rs. 0.1 million |
4154936 |
5.21 % |
|
Co-op. Banks |
74305 |
0.09 % |
|
Co-op. Societies |
507335 |
0.64 % |
|
Trusts |
1665 |
0.00 % |
|
Sub Total |
79695556 |
100.000 % |
BUSINESS DETAILS
|
Line
of Business : |
Manufacturing and Selling of Ammonia, Urea, Ammonium
Sulphate, Di-Ammonium Phosphate, Ammonium Phosphate Sulphate, Caprolactam,
Caprolactam Sulphate, Sulphur Dioxide, Argon, Methane, Nylone-6 Chips,
Sulphuric Acid, Melamine, Oxi-syn-Gas, MEK Oxime, Methyl Methacrylate
Monomer, Polymethyl Methacrylate Sheets, Polymethyl Pellets, Ammonium
Sulphate (Polymers), Acetone Cyano Hydrine, Methacrylic Acid, Di-Ammonium
Phosphate, Synthetic Filament Yarn including Yarn / Tyre Cord and Nylon
Chips. |
||||||||
|
|
|
||||||||
|
Products
: |
|
||||||||
|
|
|
PRODUCTION STATUS
|
Particulars |
Unit |
Licensed Capacity |
Installed Capacity |
Production |
|
|
|
|
|
|
|
Ammonia |
MT |
150000 |
150000 |
7215 |
|
Ammonia
(Expansion) |
MT |
445500 |
445500 |
470994 |
|
Urea |
MT |
364000 |
364000 |
314779 |
|
Ammonium
Sulphate Phosphate or Ammonium
Sulphate And i)
Di-Ammonium Phosphate |
MT |
256000 |
108000 or 108000 |
177367 |
|
Caprolactam |
MT |
70000 |
70000 |
78120 |
|
Ammonium
Sulphate Caprolactam |
MT |
202000 |
196000 |
292350 |
|
Nylon-6
Chips |
MT |
-- |
7000 |
7975 |
|
Sulphuric
Acid |
MT |
132000 |
132000 |
134791 |
|
Styrene Acrylonitrile |
MT |
500 |
300 |
-- |
|
Melamine |
MT |
-- |
15000 |
15323 |
|
MEK Oxime |
MT |
-- |
1200 |
2699 |
|
Methyl
Methacrylate Monomer |
MT |
5000 |
5000 |
4056 |
|
Polymethyl
Methacrylate Sheets |
MT |
2000 |
2000 |
573 |
|
Polymethyl
Methacrylate Pellets |
MT |
1500 |
1500 |
1936 |
|
Ammonium
Sulphate (Polymers) |
MT |
10000 |
10000 |
9376 |
|
Acetone
Cyano Hydrine |
MT |
5150 |
5150 |
5806 |
|
Methacrylic
Acid |
MT |
500 |
500 |
663 |
|
DAP [A+B Train] |
MT |
150000 |
150000 |
574241 |
|
DAP [C Train] |
MT |
-- |
396000 |
-- |
|
NPK |
MT |
-- |
-- |
38508 |
|
Synthetic
Filament Yarn Incl Industrial Yarn /
Tyre Cord |
MT |
6000 |
6000 |
5779 |
|
Nylon
Chips |
MT |
2000 |
2000 |
4546 |
GENERAL INFORMATION
|
Customers
: |
v
A N
Instruments Private Limited v
Aep
Company v
Bhavani
Forge Private Limited v
Bharat
Forge & Press Industries Limited v
Chemtrol
Valves Private Limited v
Chisel
& Hammer v
Detection
Instruments (India) Private Limited v
Econo
Valves Private Limited v
Elctro
Mech Industries v
Fabwell
Engineering Corporation v
Fainger
Engineering v
Flowchem
Industrial Private Limited v
Globe
Electrical Industries v
Goa
Instrument Industries v
Hawa
Industries Private Limited v
Hydropneumatics v
Jhaveri
Polymers v
LGP
Engineering Limited v
Instrument
Engineering Private Limited v
Jyoti
Industries v
Kirti
Plastic Industries Private Limited v
Madras
Industrial Products v
Mayank
Gasket Manufacturing v
MKT
Valves Private Limited v
New
Field Industrial Equipments v
New
Mercantile Impex Private Limited v
Odin
India Private Limited v
Powergrip
(India) Fasteners Private Limited v
Unitop
Engineers Private Limited |
|
|
|
|
No. of
Employees : |
4862 |
|
|
|
|
Bankers
: |
v
Bank of Baroda v
State Bank of India v
Bank of India v
Vijaya Bank v
Central Bank of India v
Dena Bank v
Indian Bank v
Indian Overseas Bank v
Punjab National Bank v
ICICI Bank Limited v
Yes Bank Limited v UTI Bank
Limited |
|
Facilities : |
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
|
|
|
Banking Relations : |
Satisfactory |
|
|
|
|
Auditors
: |
STATUTORY AUDITORS
Ghiya and
Company Chartered
Accountants Jaipur,
Rajasthan, India BRANCH AUDITORS
(Polymers
& Fibre Units) K. C.
Mehta and Company Chartered
Accountants Vadodara,
Gujarat COST AUDITORS
Diwanji
and Associates Cost
Accountants Vadodara, Gujarat |
|
|
|
|
Associates: |
v
Gujarat
Narmada Valley Fertilizer Company Limited v
Gujarat
Industries Power Company Limited v
Gujarat
Alkalies & Chemicals Limited v
Gujarat
Agri Processing Company Limited v Gujarat State Fertilisers Company
Infopark Limited v Effluent
Channel Project Limited |
|
|
|
|
Subsidiaries
: |
v
GSFC
Investment and Leasing Company Limited |
|
|
|
|
Membership
: |
Confederation
of Indian Industry |
CAPITAL STRUCTURE
Authorised
Capital :
|
No. of
Shares |
Type |
Value |
Amount |
|
16000000 |
Redeemable Cumulative Preference Shares |
Rs. 100/-
each |
Rs.
1600.000 millions |
|
200000000 |
Equity shares |
Rs.
10/- each |
Rs.
2000.000 millions |
|
|
Total |
|
Rs. 3600.000
millions |
|
|
|
|
|
Issued,
Subscribed & Paid-up Capital :
|
No. of
Shares |
Type |
Value |
Amount |
|
|
Issued Capital : |
|
|
|
79824370 |
Equity
shares of |
Rs. 10 each |
Rs. 798.244 millions |
|
|
|
|
|
|
|
Subscribed Capital : |
|
|
|
79813937 |
Equity
shares of Rs. 10 each |
Rs. 10 each |
Rs. 798.139 millions |
|
|
|
|
|
|
|
Paid-up Capital : |
|
|
|
79695506 |
Equity
Shares of Rs. 10/- each |
Rs. 10 each |
Rs. 796.955 millions |
|
Add: |
116091
Forfeited Equity Shares (Amount originally paid up) |
|
Rs. 0.413 millions |
|
|
Total |
|
Rs. 797.368 millions |
FINANCIAL DATA
[all figures are in Rupees Millions]
ABRIDGED
BALANCE SHEET
|
SOURCES
OF FUNDS |
31.03.2006 |
31.03.2005 |
31.03.2004 |
|
SHAREHOLDERS FUNDS |
|
|
|
|
1] Share Capital |
797.368 |
797.368 |
797.368 |
|
2] Reserves & Surplus |
10605.103 |
8076.044 |
6715.293 |
|
NETWORTH |
11402.471 |
8873.412 |
7512.661 |
|
|
|
|
|
|
LOAN FUNDS |
|
|
|
|
1] Secured Loans |
4303.875 |
7896.491 |
11140.614 |
|
2] Unsecured Loans |
6553.262 |
3697.033 |
2769.110 |
TOTAL BORROWING
|
10857.137 |
11593.524 |
13909.724 |
Deferred Tax
|
3359.491 |
2329.367 |
1378.462 |
|
|
|
|
|
TOTAL
|
25619.099 |
22796.303 |
22800.847 |
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
14480.004 |
15763.391 |
17236.904 |
|
Capital work-in-progress |
28.239 |
2.120 |
28.857 |
|
Projects under execution |
35.087 |
56.235 |
-- |
|
|
|
|
|
|
INVESTMENTS |
1298.455 |
1291.256 |
1208.772 |
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
Inventories |
5350.581 |
3836.453 |
3728.108 |
|
Sundry Debtors |
9040.351 |
5873.979 |
5335.681 |
|
Cash & Bank Balances |
251.764 |
553.430 |
415.410 |
|
Loans and Advances |
2529.411 |
2707.900 |
2454.823 |
|
Income accrued on Investment |
0.994 |
0.994 |
1.692 |
|
Total Current Assets |
17173.101 |
12972.756 |
11935.714 |
|
Less : |
|
|
|
|
Current Liabilities |
6216.252 |
6471.571 |
7051.054 |
Provisions
|
1185.259 |
834.038 |
605.533 |
Total Current Liabilities
|
7401.511 |
7305.609 |
7656.587 |
Net
Current Assets
|
9771.590 |
5667.147 |
4279.127 |
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
5.724 |
16.154 |
47.187 |
|
|
|
|
|
TOTAL
|
25619.099 |
22796.303 |
22800.847 |
PROFIT & LOSS ACCOUNT
|
PARTICULARS |
31.03.2006 |
31.03.2005 |
31.03.2004 |
|
|
Sales
Turnover |
28307.071 |
26065.727 |
21821.049 |
|
|
Other Income |
1094.132 |
632.519 |
|
|
|
Total
Income |
29401.203 |
26698.246 |
21821.049 |
|
|
|
|
|
|
|
|
Profit/(Loss) Before Tax |
4369.264 |
2520.611 |
424.016 |
|
|
Provision for Taxation |
1431.324 |
1139.879 |
22.813 |
|
|
Profit/(Loss) After Tax |
2937.940 |
1380.732 |
401.203 |
|
|
|
|
|
|
|
|
Earnings
in Foreign Currency : |
|
|
|
|
|
|
Export Earnings |
|
|
|
|
|
Commission Earnings |
2067.568 |
1764.794 |
808.646 |
|
|
Other Earnings |
|
|
|
|
Total
Earnings |
2067.568 |
1764.794 |
808.646 |
|
|
|
|
|
|
|
|
Imports
: |
|
|
|
|
|
|
Raw Materials |
8695.190 |
6341.471 |
|
|
|
Stores & Spares |
102.834 |
91.063 |
5424.410 |
|
|
Capital Goods |
5.378 |
0.000 |
|
|
Total
Imports |
8803.402 |
6432.534 |
5424.410 |
|
|
|
|
|
|
|
|
Expenditures : |
|
|
|
|
|
|
Materials, Manufacturing &
Operating Expenses |
20258.491 |
18062.639 |
|
|
|
Personnel Expenses |
2056.220 |
1839.466 |
|
|
|
Administration, Marketing &
Other Expenses |
1469.096 |
1562.559 |
|
|
|
Purchase of Finished Products |
53.550 |
51.519 |
|
|
|
Interest : |
|
|
|
|
|
On Debentures / Bonds and Fixed
Loans |
639.181 |
788.701 |
|
|
|
Others |
177.613 |
269.513 |
21370.713 |
|
|
Depreciation |
1415.468 |
1432.808 |
|
|
|
(Increase)/Decrease in Stock of
Finished products, Trading Goods and Stock-in-Process |
[1050.467] |
164.746 |
|
|
Total
Expenditure |
25019.152 |
24171.949 |
21370.713 |
|
QUARTERLY RESULTS
|
PARTICULARS |
30.06.2006 |
30.09.2006 |
31.12.2006 |
|
Type |
1st Qtr |
2nd Qtr |
3rd Qtr |
|
Sales Turnover |
4491.700 |
1,1245.200 |
9088.400 |
|
Other Income |
371.600 |
255.100 |
117.800 |
|
Total Income |
4863.300 |
1,1500.300 |
9206.200 |
|
Total Expenditure |
3751.300 |
9730.200 |
7490.800 |
|
Operating Profit |
1112.000 |
1770.100 |
1715.400 |
|
Interest |
198.200 |
152.200 |
157.600 |
|
Gross Profit |
913.800 |
1617.900 |
1557.800 |
|
Depreciation |
355.300 |
355.700 |
353.300 |
|
Tax |
155.000 |
238.200 |
499.300 |
|
Reported PAT |
500.600 |
857.500 |
798.900 |
200606
Quarter 1 –
Expenditure Includes (Increase)/Decrease in
stock in Trade Rs (1906.60)million Consumption of Raw Material Rs 3653.60 million
Staff Cost Rs 468.20 million Power & Fuel Rs 520.20 million Purchase of
Finished Goods Rs 15.70 million Other expenditure Rs 1000.20 million Tax
Includes Provision for Current Tax Rs 291.50 million MAT Credit Recognised Rs
(138.50) million Deferred Tax (net) Rs (97.10) million Fringe Benefit Tax Rs
2.00 million EPS is Basic & Diluted Status of the Investors Complaints for
the quarter ended June 30, 2006 Complaints Pending at the beginning of the
quarter Nil Complaints received during the quarter 01 Complaints disposed off
during the quarter 01 Complaints unsolved at the end of the quarter Nil 1. The
above financial results as reviewed by the Audit Committee on July 13, 2006
were taken on record by the Board of Directors at the meeting held on July 15,
2006. 2. A Limited Review of the unaudited financial results for the Quarter
ended on June 30, 2006 has been carried out by the Auditors. 3. During the
quarter ended on June 30, 2006, the Company has accounted Rs 63.5 million as
Subsidy of DAP, APS and NPK on estimated basis, as the final concession rates
for these fertilizers for the current quarter has still not been notified by
the Government of India. 4. The Company has already negotiated and settled the
long-term wage settlement with all its employees. The earlier provisions made
for employee benefits of Rs 277.8 million now no longer required, has been
written back during the current quarter. 5. Figures have been regrouped
wherever necessary. 6. Observations made by the Statutory Auditors in their Audit
Report for the financial statements for 2005-06 and the Managements comment
thereon; Provision not considered Out of the order of commissioner of Labour.
Since, the Company is having good meritorious case and recourse is available
for approaching higher Courts, the Company has not provided liability.
200609
Quarter 2 –
Expenditure Includes (Increase)/Decrease in
stock in Trade Rs 2022.70 million Consumption of Raw Material Rs 5455.10
million Staff Cost Rs 448.10 million Power & Fuel Rs 623.70 million Purchase
of Finished Goods Rs 81.40 million Donation to CM's Relief Fund Rs 100.00
million Other expenditure Rs 998.10 million Tax Includes Provision for Current
Tax Rs 234.70 million Deferred Tax (net) Rs 166.50 million Fringe Benefit Tax
Rs 3.50 million EPS is Basic & Diluted Status of the Investors Complaints
for the quarter ended September 30, 2006 Complaints Pending at the beginning of
the quarter Nil Complaints received during the quarter 02 Complaints disposed
off during the quarter 02 Complaints unsolved at the end of the quarter Nil 1.
The above financial results as reviewed by the Audit Committee on October 18,
2006 were taken on record by the Board of Directors at the meeting held on
October 19, 2006. 2. A Limited Review of the unaudited financial results for
the Quarter ended on September 30, 2006 has been carried out by the Auditors.
3. Figures have been regrouped wherever necessary. 4. Observations made by the
Statutory Auditors in their Audit Report for the financial statements for
2005-06 and the Managements comment thereon: Provision not considered Out of
the order of commissioner of Labour. Since, the Company is having good
meritorious case and recourse is available for approaching higher Courts, the
Company has not provided liability.
200612
Quarter 3 –
Expenditure Includes (Increase)/Decrease in
stock in Trade Rs (211.00) million Consumption of Raw Material Rs 5603.20
million Staff Cost Rs 567.90 million Power & Fuel Rs 675.80 million
Purchase of Finished Goods Rs 22.50 million Other expenditure Rs 832.40 million
Tax Includes Provision for Current Tax Rs 494.10 million Deferred Tax (net) Rs
(93.70) million Fringe Benefit Tax Rs 5.20 million EPS is Basic & Diluted
Status of the Investors Complaints for the quarter ended December 31, 2006
Complaints Pending at the beginning of the quarter Nil Complaints received
during the quarter 01 Complaints disposed off during the quarter 01 Complaints
unsolved at the end of the quarter Nil 1. The above financial results as
reviewed by the Audit Committee on January 18, 2006 were taken on record by the
Board of Directors at the meeting held on January 20, 2007. 2. A Limited Review
of the unaudited financial results for the quarter ended on December 31, 2006
has been carried out by the Auditors. 3. Figures have been regrouped wherever
necessary. 4. Observations made by the Statutory Auditors in their Audit Report
for the financial statements for 2005-06 and the Managements comment thereon:
Provision not considered Out of the order of commissioner of Labour. Since, the
Company is having good meritorious case and recourse is available for
approaching higher Courts, the Company has not provided liability.
KEY
RATIOS
|
PARTICULARS |
31.03.2006 |
31.03.2005 |
31.03.2004 |
|
Debt-Equity Ratio |
1.11 |
1.56 |
2.26 |
|
Long Term Debt-Equity Ratio |
0.65 |
1.06 |
1.44 |
|
Current Ratio |
1.01 |
0.94 |
0.77 |
|
TURNOVER RATIOS |
|
|
|
|
Fixed Assets |
0.99 |
0.91 |
0.73 |
|
Inventory |
6.54 |
7.30 |
5.65 |
|
Debtors |
4.03 |
4.93 |
5.27 |
|
Interest Cover Ratio |
6.06 |
3.28 |
1.33 |
|
Operating Profit Margin(%) |
22.13 |
18.32 |
15.12 |
|
Profit Before Interest And Tax
Margin(%) |
17.41 |
13.13 |
8.57 |
|
Cash Profit Margin(%) |
14.49 |
10.19 |
14.61 |
|
Adjusted Net Profit Margin(%) |
9.78 |
5.00 |
8.06 |
|
Return On Capital Employed(%) |
24.50 |
17.33 |
9.24 |
|
Return On Net Worth(%) |
28.98 |
16.85 |
28.20 |
LOCAL AGENCY FURTHER INFORMATION
Fixed assets
v Leasehold and freehold land
v Buildings
v Railway sidings
v Plant & machinery
v Furniture, fittings & equipments
v Vehicles
v Library books
v Livestock
History
Gujarat State
Fertilisers & Chemicals Limited, previously known as The Gujarat State
Fertilizer Company (GSFC) was promoted by the Government of Gujarat in 1962, in
the joint sector, for the manufacture of fertilisers and heavy chemicals. GSFC,
along with the Gujarat government, promoted Gujarat Narmada Valley Fertilizer
Company (GNFC), which has the largest fuel-based ammonia plant and the largest
single stream urea plant in the world when commissioned. GSFC Investment and
Leasing Company Limited is a subsidiary of the company.
In 1994-95, the company signed a MoU with the Uganda Development Corporation to
set up a phosphatic fertiliser project in Uganda. It promoted Gujarat Airways
along with the Gujarat government to operate flights to and from Bombay.
Besides this, GSFC has signed an agreement with GSFC and Tahal Consulting
Engineers, Israel, have formed a joint-venture consulting company in water
management to bring relief to Gujarat's arid zones.
In 1999-2000, with a view to diversify in the field of information technology,
the Company signed an MOU with L & T. The Company has also incorporated a
separate company in the name of GSFC Infopark Limited.
The Company is engaged in the implementation of the DAP expansion project
of the capacity of 4.0 million tonnes per annum at Sikka, Jamnagar. During
2004-05 the company has also considered to incorporate necessary modification
at Sikka DAP Plant to produce NPK Fertilizer at an estimated cost of Rs.30
millions.
During 2003-04 the company decided to set up a production facility of MEK-Oxime
with a capacity of 6500 MTPY at an estimated cost of Rs.75 millions with is
expected to be completed by May 2005. Further the erection of MEK-Oxime was completed
and the trial production has commenced from 23rd April 2005. During 2004-05 the
company has decided to go for additional production facility of Mek-Oxime plant
with completion by end of May 2005.
OPERATIONAL PERFORMANCE:
The Company has recorded impressive performance during 2005-06. The
ever-highest net sales, profit before tax and profit after tax were achieved in
2005-06. The net sales grew by 9% to Rs.28307.1 Millions. The EBIDTA increased
by 32% from Rs. 5017.3 Millions in 2004-05 to Rs. 6614.4 Millions in 2005-06.
The operating profit margin has improved from 19.25% in 2004-05 to 23.37% in
2005-06. Originally, Corporate Debt Restructuring (CDR) cell approved repayment
schedule of debts upto 2013. However, the Company after approval from CDR Cell,
has made accelerated redemption of all the outstanding debentures and bonds
amounting to Rs.2360 Millions and all outstanding Secured Loans amounting to
Rs. 2850 Millions. Thus total repayment of Rs.5210 Millions was made in January
& February 2006. The company is now effectively debt-free. The interest
cost has reduced by 23% from Rs.1058.2 Millions in 2004-05 to Rs. 816.8
Millions. The profit before tax is Rs.4369.3 Millions as against Rs. 2520.6
Millions in previous year. The profit after tax has increased by 113% from
Rs.1380.7 Millions in 2004-05 to Rs. 2938.0 Millions in 2005-06. Considering
excellent costing practices, the Company won the prestigious ICWAI National
Award - 'Excellence in Cost Management - 2005' as Second Award in the category
- Govt. Manufacturing big companies having turnover more than Rs.2500
Millions.
CURRENT PERFORMANCE:
The net sales of the Company increased by Rs. 243.3 Millions during the quarter
April-June 2006-07 to Rs.4491.7 Millions as compared to Q1 2005-06. During Q1
2006-07, the production at Sikka unit was 0.162 Millions MTs of fertilizers,
against 0.051 Millions MTs in Q1 2005-06. This will be sold in coming quarters
and Company will realise its benefits accordingly. The EBIDTA stood at Rs.
1111.9 Millions as against Rs. 1504.7 Millions in Q1 2005- 06. The Profit
before tax was Rs. 558.5 Millions in Q1 2006-07 as compared to Rs.910.5
Millions in Q1 2005-06. The provision for current tax was Rs. 291.5 Millions
while MAT credit recognised is Rs. 138.5 Millions. The provision for FBT
(Fringe Benefit Tax) was Rs. 2.0 Millions. Net deferred tax asset was created
of Rs.97.1 Millions. The profit after tax was Rs. 500.6 Millions for Q1 2006-07
as against Rs. 702.1 Millions in Q1 2005-06.
Unlike earlier years, when the plant shutdowns were spread out over the entire
year, this year all the major plant shutdowns were carried out in the first
quarter. These shutdowns increased the expenditure on stores, spares, repairs
& maintenance and resulted in loss of production, thereby affecting the
first quarter result. However, the benefit of the well-maintained plants will
be seen in the coming quarters through better production.
PROJECTS UNDER CLEAN DEVELOPMENT
MECHANISM:
The Company is committed to Energy & Environment improvement and is always
looking forward to such opportunities.
The Company has taken positive steps for taking up energy efficiency
improvement projects under Clean Development Mechanism (CDM). These projects aim
at reducing emission of green house gases. The Company has identified few
projects like recovery of energy from off gases of Caprolactam plant, power
saving improvements in process plants, improvements in Urea plant etc. The
Company is identifying suitable agency who will assist in CDM registration and
procedures. Implementation of these projects will help in contributing to
global reduction of green house gases. It will also help the Company in earning
Carbon Credit under CDM and saving of energy through implementation of these
projects.
EXPANSION & DIVERSIFICATION:
The MEK-Oxime plant has been completed and the plant is operating on full
throttle. The product quality achieved is of export grade.
For the production of Methanol in Ammonia I plant, the feasibility study
through three internationally renowned technology suppliers is completed. The
project appraisal is being done through IDBI.
NPK production is started at Sikka Unit by making suitable modifications at
marginal cost. This was done without affecting the overall production of DAP at
Sikka Unit.
The Company has taken a major step in ensuring availability of Phosphoric Acid
to its DAP Plant at Sikka. This plant, because of shortage of Phosphoric Acid,
is able to run at a capacity utilisation of only 68% annually. The Company has
decided to invest in GCT, Tunisia, one of the world's major producers of
Phosphoric Acid, so as to ensure substantial supplies of additional Phosphoric
Acid. With the commissioning of GCT's new plant in Tunisia in 2008, where the
GSFC would have an equity stake and the consequent availability of additional
Phosphoric Acid alongwith commitment to supply additional quantity of
Phosphoric Acid from M/s. Foskor, South Africa and M/s. OCP, Morocco who are
the world leaders in manufacturing Phosphoric Acid and also our existing
suppliers, the GSFC Sikka Plant would be able to achieve full capacity
utilisation thereby producing 1 million ton of DAP in Sikka. This would
substantially add to the Company's profitability and also ensure supplies of
fertilizer to the farmers of the country. The gradual completion of the Sardar
Sarovar project would increase the fertilizer demand in Gujarat which is the
most profitable market for the Company because of proximity.
The Company is also contemplating the expansion of its Caprolactam
manufacturing facilities. The Company is planning to put up an additional 50000
tons per annum Caprolactam facility near its existing Caprolactam plant. The
technical feasibility study for the same is given to renowned technology
suppliers. The study is expected to be completed within 6 months. The Company
is also exploring possibilities of expansion in Melamine, Urea, Sulphuric Acid
and Phosphoric Acid at its Vadodara Plant.
PROMOTIONAL ACTIVITIES:
With an objective to `Sale Productivity not the Product', the Company is
presenting bouquet of products & services to the farmer. The bouquet is
emitting fragrance not only of Chemical Fertilizers but also other products
like Biofertilizers, Banana Tissue Culture Plants, Micronutrients,
Water-soluble Fertilizers (19: 19: 19) and services like Soil & Water
Testing, Agricultural Monthly Magazine `KRISHIJIVAN', Micro Irrigation System
(MIS) etc. A Small-scale production facility of Vermicompost for demonstration
purpose has also been established. With the objective of supplying quality
seeds to the farmers, Company has coordinated with highly reputed seed
producers. During the financial year 2005-06 Company has achieved ever-highest
sale (434 MTs) of Biofertilizers and 2.152 Millions Banana Tissue Culture
Plants.
The Company has constructed seven Satellite Net Houses on the farmers'
field in Gujarat State for secondary hardening of Tissue Culture Plants to
cater the requirement of the farmer and also to act as an entrepreneur promoted
by the Company for sale of tissue culture plants to other farmers. The Company
is trying to develop Tissue Culture plants of Papaya, Turmeric and Ginger on
experimental basis and disease free Potato seed through Tissue Culture and make
them available to the farmers. The Company has played its pro-active role in
the State for preparing Soil Health Card, which is helping the farmer to
improve the health of soil.
Publication of KRISHIJIVAN, a unique monthly magazine having the highest
circulation is continued to be published, which is disseminating the knowledge
to the farmer in various activities of agriculture and acting as a link for
transfer of technology from 'lab' to 'field'.
With a view to provide `TOTAL SOLUTION' to the farming community and taking
support of Information Technology too, it is planned to set up `Agri-net
system'. Under this system all the depots will be linked through computer to
GSFC headquarter and other websites so that Company's representative at the
depot can answer farmer's queries with one click only. The farmer can even
interact with experts of different subjects of agriculture through this
system.
In the era of Biotechnology, the Company after successful field trials,
launched various Bioproducts viz. Gibberellic Acid as growth promoting agent
and Protein Hydrolysats for protein nutrition, Pheromone Traps & Lures for
monitoring of crop pests. It is also planned for manufacturing and marketing
Azadirachtin (Neem base) for control of wide spectrum of insects, Pseudomonas
for control of fungus, nematodes and bacterial disease for protecting
agriculture in biological way and Vesicular Arbuscular Mycorrhiza (VAM) in
collaboration with The Energy Research Institute (TERI).
The Company has decided to participate in developing 'alternate energy
resources' and planned for Jatropha Project on Government of Gujarat Land
(Approx 1,095 hectares) at Patan District and technology collaboration for
Medicinal Plants for inter cropping with Central Institute for Medicinal &
Aromatic Plants (CIMAP), Lucknow.
A challenging & herculean task of installing MIS on a large scale in
Gujarat State has been taken up by Gujarat Green Revolution Co. Limited(GGRC),
promoted by the company along-with GNFC & GAIC. Widespread &
wellorganised marketing network of the company is the backbone for achieving
desired milestone in the said task.
During 2005-06, GGRC could do MIS in 16,152 hectares covering 58 crops that is
considered to be remarkable milestone in the first year of the company.
The Company has also launched marketing of eco-friendly biological fungicide
under the brand name of `Sardar Ecogreen' for protecting crops from soil borne
plant pathogens manufactured by GGRC. The product has been successfully commercialized
with technical know-how from National Botanical Research Institute (NBRI) with
an installed production capacity of 100 MTPY.
Nominations from Financial Institutions:
During the year the Company has prepaid outstanding loans etc. to different
financial institutions and consequently IDBI, UTI and ICICI Bank Limited have
withdrawn their nominees viz. Shri R S Agarwal, Shri N R Krishnan and Shri S R
Vengsarker respectively.
In pursuance of the provisions of Article 170 of the Articles of Association of
the Company, as also the provisions of the Companies Act, 1956, Dr. Avinash
Kumar, IAS will retire by rotation at this Annual General Meeting and being
eligible, has offered himself for re-appointment.
Exports:
This year, Company registered ever highest export of Rs. 2051.1 Millions in
terms of value. Caprolactam exports during the year have registered growth
compared to last year in terms of quantity (from 15645 MTs in 2004-05 to 19770
MTs in 2005-06) and in value, (from Rs. 1412.0 Millions in 2004-05 to Rs.
1727.0 Millions in 2005-06) while in MEK-OXIME, there was a quantum jump in
volume (from 1139 MTs in 2004-05 to 2348 MTs in 2005-06) and in value, (from
Rs. 111.5 Millions in 2004-05 to Rs. 221.3 Millions in 2005-06) achieving ever
highest export.
Outlook:
The greater emphasis on agriculture sector in the union budget & the
increased availability of the credit to the farming community may give boost to
fertilizer demand. The budgetary provision for fertilizer subsidies for the
financial year 2006-07 had been fixed at Rs.17252 crores though the actual
amount that the government owes to the fertilizer industry is much more if the
past years' arrears are taken into account. The input cost has gone up heavily
due to the rise in global oil prices. This will block lot of funds of
manufacturers and would have the impact on their working capital.
The south - west monsoon has started little early than it's schedule. Indian
Meteorological Department (IMD) `s operational long range forecast for the 2006
south west monsoon season is that the rainfall for the country as a whole is
likely to be 93% of the long period average with a model error of 5%.
Consumption of fertilizers and the other agri inputs would depend on the
behavior of monsoon.
The company
has strategic alliances with the following:-
v
Super
Waudite Jointings Private Limited
v
Eagle
Poonawala Industry Limited
v
Chemtrols
Engineering Limited
v
Elson
Packaging Industries Private Limited
v
Fluorocarbon
Processing Industries
v
Karan Synthetic
(India) Private Limited
v
Metal
India
v
Shekasa
Engineering Company Private Limited
v
Arcoy
Industries
v
Prime
Mover Governor Services
v
Ideal
Systems Private Limited
v
Ambili
Industries
Products and
Services
With a market presence exceeding 35 years, the company has
carved out an irreplaceable image for itself on the Indian Marketing scene.
Integration of technologies and brilliant innovative research ensures that the
products, touch all walks of life. From household consumer to core industrial
consumer, the company continued fulfills multifolds needs of the market.
The company’s incessant strive for product diversification
and value addition has created a product mix ranging more than 24 brands of
fertilizers to petrochemicals, chemicals, industrial gases, plastics, fibres
and other products.
Conforming to the strictest international standards GSFC
continuously achieves and maintains Best Quality, Superior Packaging, Prompt
Deliveries and Services of highest standards for every products. This claim is
well substained by a string of National and International Awards, but total
customers satisfaction is the most valued award at company.
Today, stands for superior quality with many of its products
being ISO 9001 certified. The company believes in providing highest value of
the customers’s money through economies of scale, continuous product
improvement and value addition to the products.
Undoubtedly, the company is a respectable player in the
emerging scenario of the competitive and globalized industry.
The company has customer Service Centres both in Agriculture
Field (AD & AS) and Industrial Field (ADC) to disseminate the latest
technical knowledge for efficient use of the products.
AS PER WEBSITE
HISTORY
Translating GSFC's philosophy is its vast network
of plants that make its possible. This infrastructure took its first step in
1967 with the setting up of 6 plants with an initial investment of Rs.
400 Millions. These six nitrogenous and phosphatic fertilizer plants started
production of Ammonia, Urea, Ammonia Sulphate (AS), Diammonium Phosphate(DAP),
Sulphuric Acid and Phosphoric Acid. The expansion of Ammonia and Urea
production began with Phase II in 1969 and an investment of Rs. 230
Millions was made to meet the increasing demand for Nitrogenous fertilizers.
Phase III began in 1974 when diversification of products occurred. Plants to
manufacture caprolactam, Melamine, Nylon-6, Oleum- SO2 and
OXO-Synthesis Gas unit and Purge Gas Recovery Unit were set up. With Phase III,
GSFC became India's first & only Melamine Producer. This provided the boost
for further diversification to Nylons/ Fibers/ Melamine/MEK-Oxime and
industrial gases like Argon Gas & Oxo Synthesis Gas. In 1989 GSFC began
further expansion and diversification (Phase IV) which saw the company
increasing its self-reliance while also conserving energy needs. Three
Co-generation units using LSHS and Natural Gas were set up. Also further
expansion of Ammonia and Caprolactam production was initiated. Diversification
into Fibers ,Nylons, and acrylic were completed and a DAP plant was
also set up.
This extensive diversification and expansion drive has been
fuelled by GSFC's compelling need to ensure full utilization of available
resources while also maintaining its profitability and leadership status.
Today, GSFC is proud to be a multi-location, multi-plant, multi-services &
multi-millions company, providing much more than just fertilizers.
Since its inception GSFC has constantly
striven to re-define its role in a dynamic environment. In the
process earning a commendable reputation as an organisation
that not only provides just products but also the knowledge to
use them wisely.
But this performance would not be possible
without a strong technical capability. And in creating that firm bedrock
of technological superiority GSFC has once again created an enviable track
record.
v
First joint sector Industrial Complex in India -Equity Capital of
State Government 49% and public 51%
v
First to erect the fertilizer plants within the shortest project
completion period -Completed within a period of two years of the day of its
inception
v
First Fertilizer unit to be assisted by IDBI's Development
Assistance Fund -As GSFC was a industrial project to secure direct and active
participation of farmers in the share Capital through equity subscription of
over Rs 10 million - GSFC launched a massive door to door drive and collected
Rs. 10 Million
v
First to adopt the Steam Naptha Reforming process for manufacture
of Ammonia. It is the biggest technical contribution
v
First to manufacture DAP complex fertilizer in India.
v
First to develop and use the Phospho-Gypsum Process for
manufacture of Ammonium Sulphate
v
First to develop indigenous catalyst for manufacture of
Cyclohexane . It is an intermediate for manufacture of caprolactam
v
First to set up the caprolactam Plant in India - in 1974
decided to diversify to caprolactam production which is a raw material
for Nylon Yarn and Tyre Cord .
v
First to utilise indigenous Rock Phosphate for manufacture
Phosphoric Acid
v
First to set up effluent treatment facilities for removing
Phosphate and Fluroide from liquid effluent
v
First to use indigenous Primary Steam Naptha Reformer Tubes and
indigenous Primary Steam Naptha reforming Catalyst in the Ammonia plants
v
First to Recover Argon from Purge Gas In 1981 Company entered
market of industrial gases by making Argon Gas Used for Welding in Engg.
and Fabrication industries
v
First to establish the Melamine Plant
v
First largest Nylon -6 Plant for Engg., Plastics Based on know of
M/s Inventa of Switzerland - Build at a cost of Rs. 140 Million the
product have variety of application in number of industries.
v
First to launch its own chain of marketing outlets and
agriculture extension services to farmers for optimum selection of fertilizers
seeds and other inputs.
v
First to adopt DCDA (Double Contract Double Absorption)
technology in Sulphuric Acid production to avoid Sulphur Dioxide emission
v
First to adopt Enriched Air Technology for Cyclohexanone
Plant in Asia.
AWARDS and CERTIFICATE
|
ICMA Awards 1976 |
Forwards Development Technology |
|
ICMA Award 1976 |
Social Progress in Chemical Industry |
|
ASSOCHAM Award 1979 |
Outstanding work in Rural Development and Agricultural
Activities |
|
FAI Award 1980 |
Second best performance in Phosphatic Production |
|
FAI Award 1981 |
Second best performance in Phosphatic Production |
|
NPC Award 1982 |
Second best performance in Productivity |
|
FAI Award 1982 |
Best performance in Phosphatic Production |
|
Arjuna Award 1982 |
GSFC Player's Best Performance in Badminton |
|
ASSOCHAM Award 1983 |
Consumer Protection and Service through an Appropriate
Distribution Network |
|
1985 Hindustan Award |
GSFC scientist at the Most Outstanding Chemical Engineer
of the year by Indian Institute of Chemical. Engineers. |
|
Industrial Relation Award 1988 |
from All India Organisation of Employers - New Delhi |
|
1989-90 |
GSFC was ranked as "The Company of the year". |
|
NPC Award 1991-92 |
Best Performance in Biofertilizer Production And National
Activities |
|
FAI Award 1991-92 |
for Environment Control |
|
Energy Conservation Award 1991-92 |
First prize for energy Conservation in Fertilizer Sector by
Department of Power, Government of India |
|
NPC Award 1992-93 |
Best in Biofertilizer Production and National Activities |
|
JNM Award 1992-93 |
Environment Control Award from Jawaharlal Nehru Memorial
Hyderabad |
|
NPC Award 1993-94 |
Best Performance in Biofertilizer production and National
Activities |
|
NPC Award 1994-95 |
Best Performance in Biofertilizer production and National
Activities |
|
ISO 9002:1994 in 1996 |
For Manufacture and Marketing of Caprolcatam (Flakes &
Crystals), Melamine, Sulphuric Acid, Oleum, Ammonia, Argon, Urea and
Mek-Oxime |
|
FAI Runners up Award 1996-97 |
For Production and performance for Nitrogenous group of plants
(Ammonia, Urea Plants). |
|
FAI Award 1996-97 |
Best Phosphatic Fertilizer |
|
NPC Award 1996-97 |
Best performance in Fertilizer Industries |
|
FAI Award 1996-97 |
Best performance in Biofertilizer |
|
JNMN Award 1997-98 |
Best Product and Productivity Gold Award from Jawaharlal Nehru
Memorial National Award |
|
FAI Award 1998 |
Best Performance in Production, Promotion and Marketing of Bio-Fertilizer
and was identical as "Ideal Model Unit" by Government of
India and FAI |
|
National Safety Award 1998 |
British Safety Council awarded this for maintaining a good
record, which was significantly better than the national average. |
|
ISO 9001:2000 in 2002 |
For Manufacture and Marketing of Caprolcatam (Flakes &
Crystals), Melamine, Nylon-6, Sulphuric Acid, Oleum, Ammonia, Argon, Carbon
Di-oxide, Urea, MEK-Oxime and other associated utilities and offsites |
|
Moreover several trophies and shields have also been awarded
every year at state and related level competition shows on Horiculture,
Vegetables, Fruits and Flowers at different places |
|
|
GSFC has also received 40 state 12 National and 18 International
Safety Awards |
|
ACHIEVEMENTS IN THE FIELD OF SAFETY
AWARDS EARNED FROM NATIONAL SAFETY COUNCIL, CHICAGO, U.S.A.
|
SR.NO |
YEAR |
NAME OF AWARD |
AWARD ISSUED FOR |
|
1
|
1983
|
Award
of Merit |
For
achieving 2,701,726 Accident free manhours from June 20,1983 to Sept. 12,1983
|
|
2
|
1984
|
Award
of Merit |
For
achieving 1,395,700 Accident free manhours from Sept. 1,1984 to Oct. 19,1984 |
|
3
|
1985
|
Award
of Honour |
For
achieving 3,284,745 Accident free manhours from May 17,1985 to Aug. 28,1985 |
|
4
|
1986
|
Award
of Honour |
For
achieving 6,544,943 Accident free manhours from Dec. 26, 1985 to July 8,1986 |
|
5
|
1987
|
Award
of Honour |
For
overall performance in safety based on Evaluation of Occupational injury and
illness |
|
|
|
|
incidence
rates of the year - 1986 |
|
6
|
1989
|
Award
of Honour |
For
achieving 4,808,951 Accident free manhours from Oct. 25,1988 to March ,1989 |
|
7
|
1990
|
Award
of Honour |
For
achieving 4,539,103 Accident free manhours from March 16, 1990 to July
25,1990 |
|
8
|
1990
|
Award
of Merit |
A
noteworthy Safety performance for the year 199 |
|
9
|
1991
|
Award
of Merit |
For
overall performance in safety based on Evaluation of Occupational injury and
illness |
|
|
|
|
incidence
rates of the year - 1986 |
|
10
|
1991
|
Award
of Honour |
For
achieving 3,051,449 Accident free manhours from Nov. 13, 1990 to Feb. 7,1991 |
|
11
|
1992
|
Award
of Merit |
For
achieving 2,877,305 Accident free manhours from Jan. 12, 1992 to March 28,
1992 |
|
12
|
1992
|
Award
of Honour |
For
achieving 3,381,391 Accident free manhours from June 14, 1992 to Sept. 4,
1992 |
|
13
|
1993
|
Award
of Honour |
For
achieving 4,204,108 Accident free manhours from Nov. 12, 1992 to Feb. 22,
1993 |
|
14
|
1994
|
Award
of Merit |
A
noteworthy Safety performance for the year 1994 |
|
15
|
1995
|
Award
of Honour |
For
achieving 4,585,960 Accident free manhours from March 15, 1995 to July 7,
1995 |
|
16
|
1997
|
Award
of Honour |
For
achieving 3,143,871 Accident free manhours from Sept. 9, 1997 to Dec. 10,
1997 |
|
17
|
1998
|
Award
of Honour |
For
achieving 4,905,334 Accident free manhours from Jan. 2, 1998 to May 18, 1998 |
|
18
|
1999
|
Perfect
Record Award |
For
achieving 4,037,100 Accident free manhours from Jan. 3, 1999 to April 18,
1999 |
|
19
|
1999
|
Significant
Improvement Award |
For
out standing safety performance in the year 1999 |
|
AWARDS EARNED FROM BRITISH SAFETY
COUNCIL, U.K. |
|||
|
|
|
|
|
|
SR.NO |
YEAR |
NAME OF AWARD |
AWARD ISSUED FOR |
|
1
|
1998
|
Safety
Award |
For
better record in the field of Health & Safety |
|
2
|
1999
|
Safety
Award |
For
better record in the field of Health & Safety |
National Awards
AWARDS EARNED FROM NATIONAL SAFETY COUNCIL,
GOVERNMENT OF INDIA (MINISTRY OF LABOUR)
|
SR.NO |
YEAR |
NAME OF AWARD |
AWARD ISSUED FOR |
|
1
|
1974
|
Certificate
of Commendation |
For
achieving longest accident free period |
|
2
|
1975
|
Certificate
of Commendation |
For
achieving more than one million manhours without accident |
|
3
|
1977
|
Certificate
of Commendation |
For
achieving longest accident free period |
|
4
|
1978
|
Certificate
of Commendation |
For
achieving longest accident free period |
|
5
|
1980
|
Certificate
of Commendation |
For
achieving longest accident free period |
|
6
|
1982
|
Certificate
of Commendation |
For
achieving longest accident free period |
|
7
|
1983
|
Certificate
of Commendation |
For
achieving longest accident free period |
|
8
|
1984
|
Certificate
of Commendation |
For
achieving longest accident free period |
|
9
|
1985
|
Certificate
of Commendation |
For
achieving longest accident free period |
|
10
|
1986
|
Certificate
of Commendation |
For
achieving longest accident free period |
|
11
|
1988
|
Certificate
of Commendation |
For
achieving longest accident free period |
|
12
|
1990
|
Certificate
of Commendation |
For
achieving longest accident free period |
3.3 State level
Awards
|
AWARDS EARNED FROM GUJARAT SAFETY
COUNCIL, VADODARA |
|
SR.NO |
YEAR |
NAME OF AWARD |
AWARD ISSUED FOR |
|
1
|
1980
|
Certificate
of Appreciation |
For
achieving more than 1 million Accident free man hours |
|
2
|
1982
|
Certificate
of Honour |
For
achieving more than 3 million Accident free man hours |
|
3
|
1983
|
Certificate
of Appreciation |
For
achieving more than 1 million Accident free man hours |
|
4
|
1983
|
Certificate
of Merit |
For
achieving more than 2 million Accident free man hours |
|
5
|
1983
|
Certificate
of Merit |
For
reduction in Frequency Rate |
|
6
|
1984
|
Certificate
of Appreciation |
For
achieving more than 1 million Accident free man hours |
|
7
|
1985
|
Certificate
of Appreciation |
For
achieving more than 1 million Accident free man hours |
|
8
|
1986
|
Certificate
of Honour |
For
achieving more than 3 million Accident free man hours |
|
9
|
1986
|
Certificate
of Appreciation |
For
achieving more than 1 million Accident free man hours |
|
10
|
1986
|
Certificate
of Merit |
For
achieving more than 2 million Accident free man hours |
|
11
|
1986
|
Spl.
Commendation Certificate |
For
reduction in Frequency Rate |
|
12
|
1986
|
Running
Trophy |
For
achieving overall Good Safety Performance |
|
13
|
1987
|
Certificate
of Appreciation |
For
achieving more than 1 million Accident free man hours |
|
14
|
1987
|
Certificate
of Honour |
For
achieving more than 3 million Accident free man hours |
|
15
|
1987
|
Running
Trophy |
For
achieving lowest Disabling Injury Index (D.I.I.) |
|
16
|
1988
|
Certification
of Appreciation |
For
achieving more than 1 million Accident free man hours |
|
17
|
1988
|
Certificate
of Merit |
For
achieving more than 2 million Accident free man hours |
|
18
|
1988
|
Running
Trophy |
For
achieving lowest Disabling Injury Index (D.I.I.) |
|
19
|
1989
|
Running
Trophy |
For
achieving lowest Disabling Injury Index (D.I.I.) |
|
20
|
1989
|
Certificate
of Appreciation |
For
achieving more than 1 million Accident free man hours |
|
21
|
1989
|
Certificate
of Merit |
For
achieving more than 2 million Accident free man hours |
|
22
|
1990
|
Running
Trophy |
For
achieving lowest Disabling Injury Index (D.I.I.) |
|
23
|
1990
|
Certificate
of Merit |
For
achieving more than 2 million Accident free man hours |
|
24
|
1990
|
Certificate
of Honour |
For
achieving more than 3 million Accident free man hours |
|
25
|
1991
|
Certificate
of Appreciation |
For
achieving more than 1 million Accident free man hours |
|
26
|
1991
|
Certificate
of Merit |
Fore
achieving more than 2 million Accident free han hours |
|
27
|
1991
|
Certificate
of Honour |
For
achieving more than 3 million Accident free man hours |
|
28
|
1991
|
Running
Trophy |
For
achieving lowest Disabling Injury Index (D.I.I.) |
|
29
|
1992
|
Certificate
of Appreciation |
Fore
achieving more than 1 million Accident free han hours |
|
30
|
1992
|
Certificate
of Merit |
For
achieving more than 2 million Accident free man hours |
|
31
|
1992
|
Certificate
of Honour |
For
achieving more than 3 million Accident free man hours |
|
32
|
1993
|
Certificate
of Merit |
For
achieving more than 2 million Accident free han hours |
|
33
|
1993
|
Certificate
of Honour |
For
achieving more than 3 million Accident free man hours |
|
34
|
1993
|
Certificate
of Appreciation |
For
achieving more than 1 million Accident free man hours |
|
35
|
1994
|
Certificate
of Appreciation |
For
achieving more than 1 million Accident free man hours |
|
36
|
1994
|
Certificate
of Honour |
For
achieving more than 3 million Accident free man hours |
|
37
|
1995
|
Certificate
of Appreciation |
For
achieving more than 1 million Accident free man hours |
|
38
|
1995
|
Certificate
of Honour |
For
achieving more than 3 million Accident free man hours |
|
39
|
1996
|
Certificate
of Appreciation |
For
achieving more than 1 million Accident free man hours |
|
40
|
1996
|
Certificate
of Honour |
For
achieving more than 3 million Accident free man hours |
|
41
|
1997
|
Certificate
of Appreciation |
For
achieving more than 1 million Accident free man hours |
|
42
|
1997
|
Certificate
of Honour |
For
achieving more than 3 million Accident free man hours |
|
43
|
1997
|
Certificate
of Merit |
For
achieving more than 2 million Accident free han hours |
|
Gujarat State Investments Limited |
30159981 |
37.84 |
|
Reliance Cap.Trustee Co.Limited A/c. Reliance Growth Fund |
3377603 |
4.24 |
|
Reliance Cap.Trustee Co.Limited A/c. Reliance Vision Fund |
2920963 |
3.67 |
|
Prudential ICICI Trust Limited - Discovery Fund |
2000000 |
2.51 |
|
Life Insurance Corp. of India |
6904074 |
8.66 |
|
General Insurance Corp. of India |
950822 |
1.19 |
|
National Insurance Co. Limited |
955784 |
1.20 |
|
United India Insurance Co. Limited |
891087 |
1.12 |
|
New India Assurance Co. Limited |
1585519 |
1.99 |
|
Gujarat Narmada Valley Fert.Co.Limited |
1500000 |
1.88 |
|
Gujarat Alkalies & Chemicals Limited |
1500000 |
1.88 |
|
Gujarat Mineral Development Corp. |
1000000 |
1.25 |
|
Uno Metals Limited |
1870900 |
2.35 |
|
AKG Finvest Limited |
1700000 |
2.13 |
|
TOTAL |
27156752 |
34.08 |
With a market presence exceeding 35 years GSFC has carved out an
irreplaceable image for itself on the Indian marketing scene. Integration of technologies
and brilliant innovative research ensures that the products touch all walks of
life. From household consumer to core industrial Consumer, GSFC continuously
fulfills multifold needs of the market.
GSFC's incessant strive for product diversification and value
addition has created a product mix ranging from more than 24 brands of
fertilizers to petrochemicals, chemicals, industrial gases, plastics, Fibers
and other products.
Conforming to the strictest international standards GSFC
continuously achieves and maintains Best Quality, Superior packaging, Prompt
deliveries & services of highest standards for every product. This claim is
well substantiated by a string of National & International Awards, but TOTAL
Customer Satisfaction is the MOST VALUED AWARD at GSFC
GSFC today stands for superior quality with many of its products
being ISO 9001 certified. GSFC believes in providing highest value for the
Customer's money through economies of scale, continuous product improvement
& Value addition to the products.
Undoubtedly, GSFC is a respectable player in the emerging scenario
of the competitive & globalized industry.
GSFC has Customer Service Centers both in Agriculture Field
(AD&AS) and Industrial Field (ADC) to disseminate the latest technical
knowledge for efficient use of the Products.
CUSTOMER CARE
AGRICULTURAL
GSFC not only offers fertilizers but also happiness to the
Farmers. This is the prime marketing objective of GSFC`s Agro-products. This is
achieved by the Sales supporting Network consisting of 300 warehouses across
the country connected through the well-planned routes to reach the interiors
and a strong marketing network of 140 Farm Information Centre-Cum-Depots, where
products & information are made available to the farmers through more than
200 experienced Agro-Professionals.
Training is the vital factor in GSFC`s customer relationship
programme. GSFC regularly educates the farmers on the proper use of fertilizers
& other agricultural inputs, the latest advances in agricultural field
through individual and group meetings, Technical Demonstrations, field
meetings, trade exhibitions and magazine "Krishi Jivan" published
regularly to keep in touch with them. GSFC conducts Farm Youth Training Programme
of 7 days in collaboration with the Gujarat Agriculture University, free of
charge and rural youth are trained to improve Productivity through Technology.
These trained youth are motivated to form Sardar Yuva Kriushak Hurmey (SUKH)
Clubs for overall development of their respective villages. More than 2107
participants from over 1932 villages have benefited so far. GSFC's commitment
is prominently reflected by the services offered for Testing of Water &
Soil through its mobile vans and continuous development of new high yield
hybrid seeds for better quality crops.
INDUSTRY
GSFC
offers industrial products & Pre-Post Sales services through
Application Development Centre suited to various industries & applications.
Prospective Entrepreneurs are trained in various fields viz. Mould designing,
processing of our products, which are tested through well equipped
laboratories. Dissemination of the information on Products & Applications
through organizing Consumer meets, technical brochures, seminars and trade expositions
for our customers is a continuous feature of GSFC's Customer care programme.
For AD&AS
Activities
Agro Development & Agro Services Department
Gujarat State Fertilizers &
Chemicals Limited,
P. O. Fertilizernagar 391 750, Dist.
Vadodara, Gujarat, India.
Phone No. : 2242051, 2242451, 2242651,
2242751, 2242641
Extn. : 2974 / 2484 / 2873 / 2653 /
3036
e-mail : adas@gsfcLimitedcom
For ADC Activities
Application
Development Centre
Gujarat State Fertilizers & Chemicals Limited,
P. O. Fertilizernagar 391 750, Dist.
Vadodara, Gujarat, India.
Phone No. : 2242051, 2242451, 2242651, 2242751, 2242641
Extn.: 3171/3453
Fax No.: 0265-2242834/2243943
e-mail: rcmathur@gsfcLimitedcom
CMT REPORT [Corruption, Money laundering &
Terrorism]
The
Public Notice information has been collected from various sources including but
not limited to: The Courts, India Prisons Service, Interpol, etc.
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. 44.28 |
|
UK Pound |
1 |
Rs. 86.62 |
|
Euro |
1 |
Rs. 58.32 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
6 |
|
OPERATING SCALE |
1~10 |
6 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
6 |
|
--PROFITABILIRY |
1~10 |
6 |
|
--LIQUIDITY |
1~10 |
6 |
|
--LEVERAGE |
1~10 |
6 |
|
--RESERVES |
1~10 |
6 |
|
--CREDIT LINES |
1~10 |
6 |
|
--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 |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
YES |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
YES |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
54 |
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 |
PRIVATE & CONFIDENTIAL : This information is provided to you at your request, you having employed MIPL for such purpose. You will use the information as aid only in determining the propriety of giving credit and generally as an aid to your business and for no other purpose. You will hold the information in strict confidence, and shall not reveal it or make it known to the subject persons, firms or corporations or to any other. MIPL does not warrant the correctness of the information as you hold it free of any liability whatsoever. You will be liable to and indemnify MIPL for any loss, damage or expense, occasioned by your breach or non observance of any one, or more of these conditions