MIRA
INFORM REPORT
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Report Date : |
16.12.2008 |
IDENTIFICATION
DETAILS
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Name : |
GALAXY
SURFACTANTS LIMITED |
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Registered Office : |
C-49/2, TTC
Industrial Area, Pawne, Navi Mumbai - 400 701, Maharashtra |
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Country : |
India |
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Financials (as on) : |
31.03.2008 |
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Date of Incorporation : |
20.05.1986 |
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Com. Reg. No.: |
11-39877 |
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CIN No.: [Company
Identification No.] |
U39877MH1986PLC039877 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
MUMG00044C /
MUMG00440G |
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PAN No.: [Permanent
Account No.] |
AAACG1539P |
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Legal Form : |
A public limited
liability company. The company’s
shares are listed on the Stock Exchanges. |
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Line of Business : |
Manufacturing of
organic surface active agents (surfactants) and preparations based thereon,
detergents, auxiliary washing preparations (for rinsing or bleaching cloths)
and cleaning preparations (for floors / windows etc.). |
RATING &
COMMENTS
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MIRA’s Rating : |
Ba |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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Maximum Credit Limit : |
USD 4590000 |
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Status : |
Satisfactory |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
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Comments : |
Subject is a
well-established company having satisfactory track. Trade relations are fair. Financial Position is satisfactory. Payments
are reported as 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 / Corporate Office : |
C-49/2, TTC Industrial
Area, Pawne, Navi Mumbai - 400 701, Maharashtra, India. |
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Tel. No.: |
91-22-27616666 /
55904444 / 24937571 |
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Fax No.: |
91-22-27615883 /
27615886 / 27614507 / 24937925 |
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E-Mail : |
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Website : |
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Head Office : |
Sector 36, Pace
City II, Gurgaon – 122004, Haryana, India |
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Factory : |
W-67 (B), MIDC,
Tarapur, Post Boisar – 401 506, Thane, Maharashtra M-3, MIDC, Tarapur,
Post Boisar – 401 506, Thane, Maharashtra W-44(C), MIDC,
Tarapur, Post Boisar – 401 506, Thane, Maharashtra G - 59, MIDC,
Tarapur, Post Boisar – 401 506, Thane, Maharashtra N-46/1 & 2,
MIDC, Tarapur, Post Boisar – 401 506, Thane, Maharashtra V-23, MIDC,
Taloja, Panvel - 410 208, District Raigad, Maharashtra, India. Plot No. 1,
Village Chal, CIBCO, Near M.I.D.C. Taloja, Panvel, District - Raigad, Pin - 410 208. (100% EOU) |
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Branches / Regional Offices : |
No.4/1, 1st Avenue, Indra Nagar, Adayar, Chennai – 600 020,
Tamilnadu, India Tel. No.
91-44-2441 6984 / 2441 6993 Fax No.
91-44-2441 9913 E Mail : madras@galaxysurfactants.com Contact Person
: Mr. Prasanna Nagarajan Block 5-A, C-40, Phase –11, Okhla
Industrial Area, New Delhi – 110 020 Contact Person
: Mr. Vijay sood Tel : 91-11-2691
4581 / 2691 6632 / 2691 6636 Fax : 91-11-2691 4581 E Mail : delhi@galaxysurfactants.com |
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Overseas
Office |
5A, PP House,
25/2, Soi. Louis#, South Sathorn Road, Yannawa, Bangkok - 10120, Thailand Contact Person
: Mr. Deepak Ballal Tel. No. : 91- 662-2119791 Fax No. :
91-662-2133081 |
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Sales Deposit
Office : |
Delhi, Silvassa,
Daman and Pondicherry |
DIRECTORS
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Name : |
Mr. U. Shekhar |
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Designation : |
Chairman and
Managing Director |
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Date of
Birth/Age : |
52 Years |
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Qualification
: |
B. Chemical
Engineer |
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Experience : |
30 Years |
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Date of
Appointment : |
20th
May, 1986 |
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Employment |
Lupin
Laboratories Limited |
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Name : |
Mr. G.
Ramakrishnan |
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Designation : |
Director |
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Date of
Birth/Age : |
51 Years |
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Qualification
: |
M. Com, FCA, F.I.C.W.A.,
A.C.S. |
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Experience : |
30 Years |
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Date of
Appointment : |
20th
May, 1986 |
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Employment |
Colgate Palmolive
India Limited |
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Name : |
Mr. S. D. Patil |
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Designation : |
Director |
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Date of
Birth/Age : |
52 Years |
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Qualification
: |
B. Chemical
Engineer |
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Experience : |
30 Years |
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Date of
Appointment : |
20th
May, 1986 |
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Employment |
Hico Products
Limited |
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Name : |
Mr. S. R.
Shanbhag |
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Designation : |
Director |
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Date of
Birth/Age : |
52 Years |
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Qualification
: |
B. Com, A.C.A,
C.W.A. |
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Experience : |
30 Years |
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Date of
Appointment : |
20th
May, 1986 |
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Employment |
Colgate Palmolive
India Limited |
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Name : |
Mr. Uday K.
Kamat |
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Designation : |
Director |
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Name : |
Mr. Subodh S.
Nadkarni |
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Designation : |
Director |
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Name : |
Mr. Venkatesh
Kasturirangan |
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Designation : |
Director |
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Name : |
Mr. M. G.
Parameswaran |
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Designation : |
Director |
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Name : |
Mr. S
Ravindranath |
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Designation : |
Director |
KEY EXECUTIVES
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Name : |
Mr. G. Kamath |
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Designation : |
Company Sectary |
BUSINESS DETAILS
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Line of Business : |
Manufacturing of
organic surface active agents (surfactants) and preparations based thereon, detergents,
auxiliary washing preparations (for rinsing or bleaching cloths) and cleaning
preparations (for floors / windows etc.). |
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Products : |
Specialty
chemicals
UV absorbers /
substantive uv absorbers
Fabric
softener
Generic Names of
Principal Products/Services of the company are as under :
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PRODUCTION STATUS (AS ON 31.03.2008)
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Particulars |
Unit |
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Installed
Capacity |
Actual
Production |
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Organic Surface
Active Agents / Preparations |
M.T. |
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70500 |
#58582 |
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Fatty
Alkanolamides/ Fatty Acid Esters |
M.T. |
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6600 |
##2322 |
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Speciality
Chemicals |
M.T. |
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5500 |
3563 |
Note:
The installed capacities are based on existing
product- mix and are as per the certificate given by a director on which the
auditors have relied, being a technical matter.
# Includes (i) 2295 MT (Previous year 2553 MT)
use for capative consumption
(ii) 947 MT (Previous year 692 MT)
processed for third parties.
## Includes 203 MT used for capative
consumption. (Previous year: 288 MT)
GENERAL
INFORMATION
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Customers : |
Colgate-Palmolive (India) Limited Hindustan Lever Limited Reckitt Benckiser
(India) Limited |
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No. of Employees : |
200 |
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Bankers : |
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Facilities : |
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Banking
Relations : |
Good |
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Auditors : |
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Name : |
S. V. Pinge and
Company Chartered Accountants |
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Address : |
Located at Mumbai |
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Share Transfer Agent : |
Intime Spectrum
Registry Limited Building C- 13, First Floor, Pannalal
Silk Mill Coumpound, L B S Road, Bhandup (West), Mumbai – 400078, Maharashtra
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Subsidiaries : |
Galaxy Chemicals
Inc. The Walton
Building, 242, Old New Brunswick Road, Piscataway, NJ 08854 |
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Associates : |
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CAPITAL STRUCTURE
Authorised Capital :
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No. of Shares |
Type |
Value |
Amount |
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15000000 |
Equity Shares |
Rs. 10/- each |
Rs.150.000 millions |
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10000000 |
Equity Shares |
Rs. 10/- each |
Rs. 100.000 Millions |
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Total |
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Rs. 250.000 Millions |
Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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8563688 |
Equity Shares |
Rs. 10/- each |
Rs. 85.637 Millions |
Note:
Includes, 3369125 equity share of Rs.10/- each,
issued as fully paid up bonus shares by capitalization of securities premium,
reserve and balance in profit and loss account. (Previous year 3369125 equity
share of Rs.10/- each)
FINANCIAL DATA
[all figures are in Rupees Millions]
ABRIDGED BALANCE
SHEET
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SOURCES OF FUNDS |
31.03.2008 |
31.03.2007 |
31.03.2006 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
85.636 |
85.636 |
85.637 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
833.630 |
622.949 |
415.092 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
919.266 |
708.585 |
500.729 |
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LOAN FUNDS |
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1] Secured Loans |
821.655 |
563.084 |
717.947 |
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2] Unsecured Loans |
174.857 |
385.023 |
371.150 |
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TOTAL BORROWING |
996.512 |
948.107 |
1089.097 |
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DEFERRED TAX LIABILITIES |
154.918 |
150.042 |
155.464 |
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TOTAL |
2070.697 |
1806.735 |
1745.290 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
1190.050 |
1040.832 |
1118.439 |
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Capital work-in-progress |
64.520 |
76.702 |
3.089 |
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INVESTMENT |
4.910 |
4.910 |
4.910 |
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DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
617.717
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536.183 |
502.938
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Sundry Debtors |
647.891
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509.106 |
381.170
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Cash & Bank Balances |
11.887
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10.928 |
14.395
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Other Current Assets |
0.153
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0.062 |
0.467
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Loans & Advances |
157.303
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135.588 |
65.811
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Total
Current Assets |
1434.951
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1191.867 |
964.781 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
552.165
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458.507 |
322.687
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Provisions |
71.573
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49.072 |
23.242
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Total
Current Liabilities |
623.738
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507.579 |
345.929 |
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Net Current Assets |
811.215
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684.290 |
618.852
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MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
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TOTAL |
2070.697 |
1806.735 |
1745.290 |
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PROFIT & LOSS
ACCOUNT
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PARTICULARS |
31.03.2008 |
31.03.2007 |
31.03.2006 |
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Sales Turnover |
3821.092 |
3227.090 |
2702.601 |
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Other Income |
51.123 |
10.360 |
0.000 |
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Total Income |
3872.215 |
3237.450 |
2702.601 |
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Profit/(Loss) Before Tax |
336.397 |
319.288 |
108.208 |
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Provision for Taxation |
72.423 |
66.878 |
51.565 |
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Profit/(Loss) After Tax |
263.974 |
252.410 |
56.643 |
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Earnings in Foreign Currency : |
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Export Earnings |
2109.053 |
1648.319 |
1143.138 |
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Commission Earnings |
0.000 |
0.000 |
0.000 |
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Other Earnings |
0.000 |
0.000 |
0.000 |
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Total Earnings |
2109.053 |
1648.319 |
1143.138 |
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Imports : |
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Raw Materials |
949.019 |
512.440 |
0.000 |
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Stores & Spares |
2.563 |
10.134 |
0.000 |
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Capital Goods |
35.431 |
1.239 |
0.000 |
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Others |
0.000 |
0.000 |
316.996 |
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Total Imports |
987.013 |
523.813 |
316.996 |
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Expenditure |
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Material Cost and Inventory Adjustments |
2706.603 |
2208.410 |
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Pesonnel Costs |
181.622 |
148.226 |
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Other Manufacturing, Selling and
Administrative Expenses |
443.838 |
379.959 |
2416.233 |
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Interest and Financial Charges |
83.717 |
70.993 |
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Depreciation |
120.038 |
110.574 |
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Total Expenditure |
3535.818 |
2918.162 |
2416.233 |
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KEY RATIOS
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PARTICULARS |
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31.03.2008 |
31.03.2007 |
31.03.2006 |
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PAT / Total Income |
(%) |
06.81
|
07.79 |
02.09 |
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Net Profit Margin (PBT/Sales) |
(%) |
08.80
|
09.89 |
04.00 |
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Return on Total Assets (PBT/Total Assets} |
(%) |
12.48
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24.29 |
05.17 |
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Return on Investment (ROI) (PBT/Networth) |
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0.36
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0.45 |
0.21 |
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Debt Equity Ratio (Total Liability/Networth) |
|
1.76
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2.05 |
2.86 |
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Current Ratio (Current Asset/Current Liability) |
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2.30
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2.34 |
2.78 |
LOCAL AGENCY
FURTHER INFORMATION
Financial Performance:
The year has been characterized by following significant developments in the
business environment which to a large extent were successfully responded to by the
Company:
* Rupee has continuously appreciated against the US Dollar (USD). The average
USD realization value for the current year is lower by Rs. 3.90 per dollar as
against 2006-07. This gives an effective Rupee appreciation impact of 8.6%
against the USD for the Company. The forward covers taken against exports on
global basis linked to previous year export performance has helped the Company
improve rupee realizations against foreign exchange earnings for the
year.
* Persistent global increase in all raw material and packing material prices
have been a major cause of concern. The Company has been partially successful
in weathering the cost increase through a combination of multiple efficiency
improvement initiatives and price increase where the market afforded. Managing
through the complexities of the business conditions, though, has not been
easy.
* In the first quarter (April to June, 2007) production was suspended at one of
there plants for about six weeks for de-bottlenecking of capacities. During
this period the Company had to import intermediate products at higher costs to
meet customer commitments. External processing had also to be resorted to as a
temporary measure to mitigate the shortage of in house available capacity.
These measures had a significant impact on the Year's profits.
* There has been quantum increase in energy and transportation costs. This to
some extent has been addressed by increase in productivity and better asset
utilization through de-bottlenecking.
* Financial markets have been evidencing a rise in borrowing costs. The Company
has not been immune to the same, but it has been successful in moderating the
impact through a judicious mix of funding sources and restricting the effective
rise to 15 basis points over the previous year.
* New investments for specific business opportunities made during the year
could not be put to full use as envisaged and the same is expected to fully
fructify during the ensuing year.
* During the de-bottlenecking at Taloja and renovation of the Corporate
Office, certain assets had to be scrapped and the total abnormal impact arising
therefrom on the Profit Before Tax is Rs.3363.900 Millions, which has been
charged off under appropriate expense heads.
* The Company has not entered into any exotic derivative structures for hedging
its foreign currency exposures. All its trade level foreign currency hedging
has been through plain vanilla forward covers.
Investments and Funding:
The highlights during the year are as under:
* During the year the Company has made a total outlay of Rs.27541.000 Millions
primarily on de-bottlenecking of production facilities at Taloja to improve
productivity and up gradation of its Corporate Office.
* This outlay has been mainly funded from internal accruals and foreign
currency borrowing from Development Bank of Singapore.
During the ensuing year a total capital outlay of Rs.27909.200 Millions is
envisaged to meet the needs of another round of de-bottlenecking, strengthening
and improving the R and D facilities and foray into new specialty
products.
Domestic Sales:
The Company continues to sustain and enhance its significant market share in
the Indian market.
The business environment was complex for:
* Commodities undergoing historical change in demand supply forces influencing
prices.
* Persistent global increase in the prices of both Oleo-chemical and
Petrochemical based feedstock coupled with issues on availability.
* Appreciation in the value of Rupee, resulting in pressure on margin through
imports.
They are confident of sustaining the growth momentum during 2008-09 backed by
there strategic partnership with there customers.
Export Sales:
The Company achieved a robust growth of 26.20% in export sales. During the year
the Company has been able to consolidate and expand its position with its
existing global strategic customers. The environment for international business
has been quite challenging on account of volatile currency movements and
increase in freight rates. They have been able to sustain exports growth in the
back drop of strong customer relations that have been nurtured over time.
Future growth lies in being near the customer and having manufacturing bases in
different geographies to meet the regional competitive forces at play.
Opportunities are being evaluated in regions were significant presence has been
developed; to build on the market acceptance, improve the service levels and
improve competitive strengths. Substantial progress has been made with
strategic customers on new product offerings, with better performance at
efficient pricing. The Company is confident that its investment in research and
development and new products targeted for export market will enable it to move
up the value chain.
As an acknowledgment of its export performance, the Company has been accorded a
Star Export House status by the Government of India during the year.
TPM:
The Company has been bestowed with Special Award in TPM by the Japan Institute
of Plant Management at a special function held in Japan on 12th March
2008.
The award is an acknowledgement that the Company nurtures learning, competency
building, and work force development as an organization pervasive continuous
improvement process.
ENTERPRISE RESOURCE PLANNING:
To leverage SAP for decision support and reporting needs, the Company is in the
process of implementing Business Intelligence module. The configuration work is
in an advanced stage and it will be fully operational from the second half of
the next accounting year.
Further to increase the expanse of system driven approach to data handling, the
Company is in the process of implementing Adrenalin Software to meet the data
application needs of People Management and unify the same with the SAP ERP
Package.
The Company has embarked on the course to unify the data base both functional
and financial so that usage, productivity and financial optimization can be
measured and improved to meet the competitive business needs.
With robust information systems support, the Company will have accomplished a
significant organizational need for business and operational scalability, with
adequate controls.
SUBSIDIARY COMPANY:
The audited Statement of Accounts of Galaxy Chemicals Inc., USA, the Company's
wholly owned subsidiary together with the reports of the Directors and Auditors
for the year ended 31st March, 2008 and a statement of the Company's interest
in the subsidiary as required under Section 212 of the Companies Act, 1956 are
attached.
DOMESTIC BUSINESS
The Company
continued to retain its leadership position in the Domestic Surfactants and
Specialty Chemicals business catering
to the Home & Personal Care segment. The Company's domestic business grew
by 13% over the previous year in line with the growth in the hair care and oral
care market. The hair care market grew by 12% and the oral care market by 5%.
The Home and
Personal Care segment in India last year witnessed a lot of churning in market
share of the end use players aided by steep reduction in prices and value added
offerings; thereby increasing pressure on prices of Surfactants and Specialty
Chemicals. This coupled with steep increase in feedstock prices and an
appreciating rupee exerted considerable pressure on margins. Increased volumes
amply supported by cost reduction initiatives aided in countering this pressure
to a reasonable extent. The Home and Personal Care market in India is expected
to grow at a healthy rate given the increase in disposable income in the hands
of the consumers and the boom in retailing that India is witnessing for the
last couple of years. The Company's domestic business is expected to mirror
this growth rate. The performance of the domestic business in the first quarter
of 2005-06 is indicative of this trend.
INTERNATIONAL
BUSINESS
The Export Sales
(including the deemed exports), achieved by the Company increased, from Rs
522.500 Millions in the previous year to Rs 820.400 Millions during the year
under review registering a growth of 57%. The share of International Business
in the total sales of the Company grew from 32% to 40%. International Business
continued to contribute significantly in the overall growth of the Company. The
Company has increased its reach to 69 countries across the globe. The growth
trend in the export market would continue to be in line with the growth
achieved in the year under review. The Company has set up during
the year a dedicated syndet noodle manufacturing facility. The project has been
designed, conceptualized and implemented by the Company's in-house project
team. The successful implementation of the project vouches for the Company's
technical and engineering capabilities and strengths. This opens a new window
of opportunity in international marketing. The Company started its operations
in the US market by setting up an office in New Jersey, USA. This will open up
the opportunities in North American & Latin American markets. The Company
is definitely building its own and unique brand of Galaxy in the minds of Home
& Personal Care markets. The Company is working strategically with Home
& Personal Care Products giants in various parts of the globe to part ner
their requirements to grow the business.
100% EXPORT ORIENTED UNIT (EOU) At TALOJA
The Continuous Process Sulphonation Plant
(Phase -1) which was commissioned in the last quarter of 2003-04 has completely
stabilized during the year meeting all quality, efficiency and other
operational parameters envisaged at the time of conceiving of the project. As a
sequel to this project and to broad base and offer a larger range of products
for the international market in the Home & Personal Care Product segments,
the Company, during the year, ventured into Phase - II expansion in the EOU.
The Phase - II expansion involves an outlay of Rs. 150.000 Millions. This
expansion will give the Company an impetus for growth through exports. The
Phase - II expansion will become operational by end of August, 2005.
BUSINESS OUTLOOK & STRATEGY
The Company will strive to maintain its
dominance in the domestic market and will grow at the industry rate. However,
the quantum growth has to come from international markets. The Company will
continue to be a valuable supply chain partner to multinational companies and
also graduate to be a provider of specialty value added products for improving
profitability. The Company is confident of leveraging its experience and
relationship with multinational companies both in the domestic and export
segments in the years ahead by broad basing its product offerings to improve
margins and market share.
PROCESS BASED ORGANISATION (B2P)
The Company feels that a strong customer
focus is a must for realising its vision to be a recognized global playe?'.
Hence, the Company has embarked on "Business to People" (B2P)
initiative. B2P is being implemented to reorient, the organization into a
process driven one, focusing on the needs of the customers - internal as well
as external, build appropriate skills and competencies amongst all its
employees, and also eliminate waste and non value adding activities in all the
business processes. With this, it is expected that the decision making on all
operational matters will move closer to the customer, making the organization
more responsive to the market needs. The Company believes this would make the
entire organization business and results oriented and also enable it to
implement a performance driven reward structure for its employees.
ENTERPRISE RESOURCE PLANNING
The Company visualises itself to be a global
Company with customers, vendors, manufacturing facilities, marketing offices
and depots all across the world. The Company feels that to achieve its global
aspiration it needs appropriate information technology infrastructure which can
help in effectively and efficiently managing men, materials and machines,
end-to-end supply chain, with information flowing on a real time basis. Towards
this end, the Company has taken up the implementation of the mySAP - Enterprise
Resource Planning system. The implementation of the same is expected to be
completed by March 2006. The total investment in this information technology
Upgradation is expected to be Rs. 25.000 Millions.
TWENTY FIVE YEARS OF INSPIRATION
Galaxy Chemicals, beginning in a small shed
at Tarapur on 22nd June 1980 has today
blossomed into Galaxy Surfactants Limited with offices and plants at various
locations. These 25 years of inspiration have enabled the Company to constantly
explore new possibilities and translate them into realities. As the Company
marches ahead, it reaffirms its commitment not only to be an inspired
organization but also be an inspiring one for everyone associated with it.
Entities over which
key management personnel [Whole-time Directors] are able to exercise
significant
influence:
a) Galaxy
Emulsifiers Private Limited
b) Galaxy Finsec
Private Limited
c) Galaxy Chemicals
[Partnership Firm]
d) Galaxy Estates
& Holdings [Partnership Firm]
e) Galaxy
Investments [Partnership Firm]
f) Galaxy Finvest
[Partnership Firm]
g) Shubh Estates
& Properties [Partnership Firm!
Fixed
assets
v Goodwill
v Leasehold land
v Factory building
v Plant & machinery
v Furniture & fixtures
v Vehicles
v Office equipments.
As per Website
Details:
A Vision to Succeed
It
was a modest beginning. The year was 1980. The beginning was in a tiny plant in
Tarapur, a small industrial town located 100 kms from Mumbai.
Two
Products, three customers - all multiplied manifold with a burning desire to
succeed. The desire was fuelled by a clear focus on what the organisation was
going to offer its customers, big or small: superior quality and unmatched
service.
That
was the spirit with which Galaxy took off from the starting block into a brave
new world of specialty chemicals over two decades ago.
The
aim was single-mindedly the victory stand. A desire to triumph and win over
customers by being inherently competitive, complemented by a yearning to be a
leader in the field.
The
extraordinary dedication to adhere to the principles with which the
organisation first started out still remains strong. With the cutting edge
products and services offered by Galaxy, their customers have begun to look at
us as Solution Providers.
And today, they are racing
ahead as acknowledged leaders in the field.
Motto
Galaxy Group,
promoted by a team of professionals, has the main objective of making profits
for growth by tapping opportunities in India and abroad, which challenge the
professional competence of people in Galaxy
Galaxy shall fulfill its commitments to society
Galaxy shall provide maximum value to its customers
Galaxy shall continuously build an organization of high-efficient,
high-effective, high-performing people, who would be proud of their association
with the Group
Galaxy shall make conscious efforts to look after the well being of its
people
Galaxy shall strive to achieve leadership in Quality of its products and
services
Galaxy shall have research and development of new products and
technologies as its major strength
Galaxy shall endeavour to achieve excellence through professionalization
of all areas of management
Value System At
Galaxy
Mutual trust and respect
Senior & Junior - No Superior & subordinate
Openness in communication & Dealings
Everyone can make a difference
Always open for new Ideas and new Solutions
Sharing of knowledge
Integrity of Self - Encourage to say "I do not know"
Quality Policy
Galaxy shall provide maximum value to its customers by consistent supply
of quality products and reliable services
Galaxy shall continuously strive to achieve quality leadership in its
products and services
Galaxy shall ensure safety at its work place and surroundings
Galaxy shall comply with all the relevant statutes pertaining to the
countries in which it markets products
Galaxy shall achieve this by trained and well co-ordinated team
This policy has the
commitment of each member of Galaxy
Tpm Policy
Achieving Planned and Predictable working of the Plant, producing
Customer Specific Quality Products right the first time at Least Cost in
Safe and Clean Environments, attaining goals of:
Zero
Defect
Zero
Accident
Zero
Breakdown
By Members of Galaxy who are proud of their association with the Group.
Health Safety
and Environment Policy
Environment Protection: Galaxy shall ensure safe, healthy,
and eco-friendly environment as First Culture at its work place Galaxy shall continually
work towards identification and reduction of risk and prevention of pollution
at its plants & surroundings
Product Stewardship &
Distribution:
Galaxy shall make health, safety, and environment protection a priority in
development of the new products and process so that the developed chemical can
be manufactured, transported, and used safely
Resource Management: Galaxy shall focus on minimizing waste generation and optimum
utilization of the natural resources through technological development and
involvement of people
Statutory Compliance: Galaxy shall comply with all the
statutory & regulatory requirements relevant to health, safety, and
environment
Emergency Preparedness: Galaxy shall ensure that each
facility has an emergency preparedness program and can respond rapidly and
effectively to emergencies
Galaxy shall make neighboring establishments aware of
the risks at their factory and seek emergency preparedness from them
Community Awareness: Galaxy shall inculcate total awareness among its workforce through
education & training Galaxy shall join hands with the community to
propagate "HSE Policies" for responsible care of the community Galaxy
shall communicate this Policy to all the interested parties and highlight its
performance in the Annual Report
Commitment: This policy has the commitments of each
member of Galaxy
Promoters of
Galaxy
Galaxy was promoted
by a team of professionals in 1980.
Shekhar is a
chemical engineer from the University Department of Chemical Technology, Mumbai
and a post graduate in business management from IIM, Calcutta, India. He is a
recipient of the Distinguished Alumnus of UDCT Award in 1998. He is the
Chairman & Managing Director of the Company. Shekhar was with Hindustan
Lever and Lupin Laboratories, before he ventured on his own to promote Galaxy.
Sudhir is a
chemical engineer from the University Department of Chemical Technology, Mumbai
and a recipient of the Distinguished Alumnus of UDCT Award in 1998. He is
Director - Technical. Before setting up Galaxy, he was with Hindustan Lever and
Hico Products.
Ramakrishnan is
a chartered accountant, cost accountant and company secretary. He is Director -
Home and Personal Care (Global). Prior to setting up Galaxy, he was with
Colgate Palmolive.
Shashi is a
chartered accountant and cost accountant. He is Director - International
Business. Before promoting Galaxy, he was with Colgate Palmolive.
Other
Members of the Board
Uday, Executive Director-
Finance, is an associate member of The Institute of Chartered Accountants of
India and The Institute of Cost and Works Accountants of India. He possesses
rich and varied experience of 25 years in the industry and profession. His
expertise includes Finance, Commerce, Taxation, Projects, and General
Management.
Subodh is a fellow member
of the Institute of Chartered Accountants of India and The Institute of Company
Secretaries of India. He possesses rich and varied experience of 21 years in
the industry. He is an expert in Finance, Project Management, Commerce,
Manufacturing, Sales, Marketing, Human Resources, and General Administration.
He is President - Asia Pacific (based at Singapore) with SULZER CHEMTECH
LIMITED, Switzerland, a division of Sulzer Corporation, Switzerland and
responsible for the business operations of Sulzer Chemtech in the entire
region.
Kasturirangan
joined the board of Galaxy Surfactants Limited as an independent director with
effect from October 15, 2004. He has a B.Tech (Hons) in Chemical Engineering from
IIT Mumbai and MBA from IIM Ahmedabad, India. He is also a recipient of
Distinguished Alumni Award from IIT, Mumbai. He has been actively involved in
various consulting assignments. Prior to the consulting assignments, he was
President - North America of Johnson Diversey, a position he held till June
2003. He has been associated with Unilever for over 29 years holding senior
positions in various countries.
Parameswaran joined
the board of Galaxy Surfactants Limited as an independent director with effect
from June 27, 2005. He is chemical engineer from IIT Madras and an MBA from
IIM, Calcutta, India. He is the Executive Director, FCB ULKA India. In a career
spanning over two decades, he has worked with Rediffusion (Y&R), Boots
India and Yellow Pages before dropping anchor at FCB-Ulka over fifteen years
ago. He has worked on brands like Indica, Xerox, Cadburys, Thermax, Brufen,
Strepsils, Santoor, Sweetex and Wipro. He completed his two years term as the
President of the Advertising Club Mumbai, in June 2005. In 2004 he was named as
one of India's 50 Most Powerful People in Marketing, Advertising and Media by a
survey conducted by the marketing magazine Pitch and he was also named one of
the 20 Most Influential People in Advertising by Economic Times Brand Equity
Survey in 2005.
Locations
Galaxy
has three Regional Sales Offices - one at Delhi along with a Depot to cater to
Northern region customers; one at Chennai to serve the Southern Region
customers and one at Navi Mumbai to cover the Western Region. These Regional
Sales Offices take care of sales in respective zones. Sales in Eastern zone is
executed through an agent at Kolkata. Apart from the Delhi Depot, there are
three Depots located at Silvassa, Daman and Pondicherry. Their International
Offices are at New Jersey, US and Bangkok, Thailand.
The Marketing, Research
& Development, Materials, Finance, Human Resource functions &
Administration for all the units are centralised at Mumbai. They are a 500
people strong organisation.
Their M - 3 unit and G - 59
unit at Tarapur along with V - 23 at Taloja are accredited with ISO 9001 : 2000
certification by BVQI.
Specialty
Chemicals
SPECIALTY CHEMICALS
|
|||
|
PRODUCT |
ACTIVE MATTER / SOLIDS |
pH |
APPLICATIONS |
|
|
% |
|
|
|
Galsilk 700 |
8 - 9 |
6.5 - 7.5 |
Shampoos, Hair-setting Gels and Lotions,
Shower Gels, Liquid Soaps, Shaving Cream, Creams and Lotions, Antiperspirants
and Deodorants |
|
Galsilk 701 |
8 - 9 |
6.5 - 7.5 |
Shampoos, Shaving Cream, Creams and
Lotions, Antiperspirants and Deodorants,( Excellent for Shower Gels,
Liquid Soaps and Shampoos) |
|
Galaxy BKC |
49 - 51 |
6.0 - 8.0 |
Germicidals, Disinfectants, Floor Cleaners,
Water Treatment, Aqua culture |
|
Galaxy BKC AT |
79 - 81 |
6.0 - 8.0 |
Germicidals, Disinfectants, Floor
Cleaners, Water Treatment |
|
Galaxy SHS |
38 - 42 |
10.0 - 12.0 |
Mercerising, Wetting Agent |
|
Galaxy CX |
96 min |
9.0 – 10.0 |
Corrosion Inhibitor, Emulsifier |
|
Galaxy BanDruff |
36 min |
7.0 – 9.0 |
Antidandruff Agent especially for
formulating Transparent Hair Care products |
|
90 min |
5.5 - 7.0 |
Inks, Paints, Resins and Polymers,
Adhesives, Coatings |
|
|
Phenoxyethanol |
99 min |
5.5 - 7.0 |
Preservative for Cosmetics and Toiletries |
|
Phenoxyethanol P25 |
99 min |
5.5 - 7.0 |
Preservative for Cosmetics and Toiletries |
|
Galaxy PEG 7 Glyceryl Cocoate |
~100 |
5.0 - 7.5 |
Superfatting, Emulsifier Solubiliser |
|
|
|||
|
UV ABSORBERS/SUBSTANTIVE UV ABSORBERS |
|||
|
PRODUCT |
PURITY/SOLIDS |
MOLAR EXTINCTION |
APPLICATIONS |
|
Galaxy 2932 |
98.5 |
23,300 at lmax |
UV-B Sunscreen for Creams, Lotions and
other cosmetics |
|
Galaxy Coco-UV |
~100 |
|
Modified coconut oil with UV-B Sunscreen |
|
99 |
25,000 at lmax |
Substantive UV-B Sunscreen for Skin Care,
Hair Care |
|
|
50 |
22,000 at lmax |
Water soluble, UV-B Sunscreen for Skin care, Hair Care,
Photoprotection of colours in formulations |
|
|
|
||
|
FABRIC SOFTENERS |
||
|
PRODUCT |
PURITY / SOLIDS % |
APPLICATIONS |
|
Galaxy EcoQuat P |
90 (Paste) |
Self dispersible, biodegradable, |
|
|
||
|
FATTY ALCOHOL SULFATES |
||||||
|
PRODUCT |
ACTIVE MATTER |
CARBON CHAIN |
INORGANIC SALTS |
UNSULFATED ALCOHOL |
pH |
APPLICATIONS |
|
|
% MIN |
|
SULFATE % MAX |
% MAX |
|
|
|
Galaxy 689 |
90 |
C12 - C14 |
6.5 |
1.5 |
7.5 - 10.5 |
Toothpaste, Emulsifier, Soaps &
Detergents Pharmaceuticals, Agrochemicals |
|
Galaxy 799 SP |
95 |
C12 - C14 |
2.0 |
1.5 |
7.5 - 10.5 |
Toothpaste, Emulsion Polymerisation |
|
Galaxy 799 |
90 |
C12 - C14 |
6.5 |
1.5 |
7.5 - 10.5 |
Toothpaste, Emulsifier, Pharmaceuticals |
|
Galaxy 799 G |
95 |
C12 - C14 |
2.0 |
1.5 |
7.5 - 10.5 |
Toothpaste, Soaps, Detergents
Agrochemicals |
|
Galaxy 699 |
90 |
C12 - C18 |
6.5 |
1.5 |
7.5 - 10.5 |
Toothpaste, Emulsifier, Pharmaceuticals |
|
Galaxy 789 SP |
95 |
C12 - C18 |
2.0 |
1.5 |
7.5 - 10.5 |
Toothpaste, Emulsion Polymerisation |
|
Galaxy 789 |
90 |
C12 - C18 |
6.5 |
1.5 |
7.5 - 10.5 |
Toothpaste, Emulsifier, Pharmaceuticals |
|
Galaxy 780 |
28 |
C12 - C14 |
1.5 |
1.5 |
7.5 – 9.5 |
Toothpaste+, Cream Shampoos Liquid Detergents |
|
Galaxy ALS |
27 |
C12 - C14 |
1.0 |
1.0 |
6.0 – 6.9 |
Shampoos, Bubble Baths, Body Wash |
|
SULFOSUCCINATES |
||||
|
PRODUCT |
SOLIDS |
SODIUM SULFITE |
pH |
APPLICATIONS |
|
|
% MIN |
% MAX |
|
|
|
Galaxy ESS |
38 |
0.3 |
5.0 - 7.0 |
Shampoos, Shower Gels, Emulsifier,
Emulsion Polymerisation |
|
FATTY ALCOHOL ETHER SULFATES |
||||||
|
PRODUCT |
ACTIVE MATTER |
CARBON CHAIN |
INORGANIC SALTS |
UNSULFATED ALCOHOL |
pH |
APPLICATIONS |
|
|
% MIN |
|
% MAX SULFATE |
% MAX |
|
|
|
Galaxy LES 70 |
68 |
C12-C14 |
3.0 |
3.0 |
6.5 - 8.5 |
Shampoos, Bubble Baths, Body Wash, Liquid
Soaps |
|
Galaxy LES 170 |
68 |
C12-C14 |
3.0 |
3.0 |
6.5 - 8.5 |
Shampoos, Bubble Baths, Body Wash, Liquid
Soaps |
|
Galaxy LES |
28 |
C12-C14 |
1.0 |
1.0 |
5.5 – 7.5 |
Shampoos, Bubble Baths Body Wash, Liquid Soaps
Liquid Detergents, Fire-Fighting Foam, Concrete Admixtures |
|
Galaxy ALES |
25 |
C12-C14 |
1.0 |
1.0 |
5.5 – 6.5 |
Shampoos, Bubble Baths Body Wash, Liquid
Soaps |
|
|
||||||
This annual award is given to
the Best Operator from each location of Taloja and Tarapur. The award carries
cash prize and certificate of appreciation presented on the Galaxy Foundation
Day (i.e. 22nd June).
The prize winners for the
year 2004-05 were Satish Patil from Taloja and Ramchandra Inamdar from Tarapur.
Satish
Patil's contributions:
Spearheading the
entire Captive Power Plant assignment
Preparing excellent
Captive Power Plant Model for TPM preliminary audit which was very well
received by the auditors
Horizontal deployment
of various electrical related kaizens in Export Oriented Unit
Leading the fresh
electrical team from the front
Training new people
and making them competent to handle shift activities
Active
participation and contribution to the TPM initiative
Galaxy awards the
three best breakthrough innovations in the organization every year.
First Prize: Rs.1,00,000/-
Second Prize: Rs.50,000/-
Third Prize: Rs.25,000/-
The purpose of this award is two-fold:
1. To acknowledge the
contribution of the innovation
2. To be a source
of inspiration for others in the organization.
The first prize for
the year 2004-05 was given to the team of Vaijanath Kulkarni, Dr. Sagar
Trailokya, Kishore Ingle and Bipin Meher for outstanding contribution to
Business
In Conceptualization of a business idea,
Connection to a business proposition,
Elegant implementation of the project,
Going up the value chain,
Creation of the customer,
Achievement of significant revenue and profitability for the organization.
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.47.94 |
|
UK Pound |
1 |
Rs.72.07 |
|
Euro |
1 |
Rs.64.70 |
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 |
4 |
|
--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 |
|
52 |
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 |
|