MIRA
INFORM REPORT
|
Report Date : |
10.05.2008 |
IDENTIFICATION
DETAILS
|
Name : |
GODREJ INDUSTRIES
LIMITED |
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Registered Office : |
Pirojshanagar, Eastern Express Highway, Vikhroli (East), Mumbai – 400 079, Maharashtra |
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Country : |
India |
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Financials (as on) : |
31.03.2007 |
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Date of Incorporation : |
07.03.1998 |
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Com. Reg. No.: |
11-97781 |
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CIN No.: [Company
Identification No.] |
L24241MH1988PLC097781 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
MUMG07967B |
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Legal Form : |
Public Limited Liability company. The company’s shares are
listed on the Stock Exchanges |
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Line of Business : |
Manufacturers and marketing of soaps, cosmetics, detergents, fatty acids, glycerine, solvent extraction, alpha olefin and its precursors and derivatives, hydrogen (captive consumption) and oxygen (by-product). |
RATING &
COMMENTS
|
MIRA’s Rating : |
Aa |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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|
71-85 |
Aa |
Possesses adequate working capital. No caution needed for credit
transaction. It has above average (strong) capability for payment of interest
and principal sums |
Large |
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Maximum Credit Limit : |
USD 16424432 |
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Status : |
Good |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
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Comments : |
Subject is a well-established and reputed company of Godrej Group. Available information indicates high financial responsibility of the company. Financial position of the company is good. Business is active. Payments are always correct and as per commitments. The company can be considered normal for business dealings at usual trade terms and conditions. |
LOCATIONS
|
Registered Office : |
Pirojshanagar, Eastern Express Highway, Vikhroli (East), Mumbai – 400 079, Maharashtra, India |
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Tel. No.: |
91-22-25188010 / 25188020 / 25188030 |
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Fax No.: |
91-22-25188066 / 25188074 |
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E-Mail : |
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Website : |
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Factory 1 : |
Vikhroli Pirojshanagar,
Eastern Express Highway, Vikhroli, Mumbai 400 079, Maharashtra, India |
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Tel. No.: |
91-22 -2518
8010,2518 8020,2518 8030 |
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Fax No.: |
91-22-2518
8068/2518 8074 |
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Factory 2 : |
Valia Burjorjinagar,
Plot No. 3, Village Kanerao, Taluka - Valia, District Bharuch, Gujarat 393
135 |
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Tel. No.: |
91-2643-270756 to
270760 |
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Fax No.: |
91-2643-270018 |
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Factory 3 : |
Wadala LM. Nadkarni
Marg, Near M.P. T. Hospital, Wadala (East), Mumbai 400 037. |
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Tel. No.: |
91-22-2412 6320 /
23, 24146296 |
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Fax No.: |
91-22 - 2412 6204
/ 2416 4599 |
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Factory 4 : |
Mandideep Plot No. 5, New
Industrial Area No. 1, Mandideep, District Raisen, Bhopal - 462 046, Madhya
Pradesh |
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Tel. No.: |
91-7480 -
233405-6 |
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Fax No.: |
91-7480 - 233409 |
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Branches : |
Delhi 4th Floor, Delite Theatre Building, 4/1, Asaf Ali Road, New Delhi 110 002 Phone :91-11 -2326 1069/76 Fax : 91-11 -2326 1088 Kolkata Block GN, Sector-V, Salt Lake City, Kolkata 700 091. Phone : 91-33 - 2357 3556, 2357 3555 Fax : 91-33 - 2357 3945 Chennai New No. 102, (Old No. 81), Chamiers Road, Chennai 600 028. Phone : 91-44 - 2431 5721 / 2431 5722 Fax : 91-44 - 2431 5723 London 284A, Chase Road, Southgate, London N14 - 6HF., UK Phone : (004420) - 88860145 Fax : (004420) - 88869424 |
DIRECTORS
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Name : |
Mr. Adi Burjorji Godrej |
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Designation : |
Chairman |
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Name : |
Mr. Nadir Burjorji Godrej |
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Designation : |
Managing Director |
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Name : |
Mr. Jamshed Naoroji Godrej |
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Designation : |
Director |
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Name : |
Mr. Kaikhushru Nadirsha Naoroji |
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Designation : |
Director |
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Name : |
Mr. Vijay Mohan Crishna |
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Designation : |
Director |
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Name : |
Mr. Saleem Anwar Ahmadullah |
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Designation : |
Director |
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Name : |
Mr. Narayan Chintaman Gawankar |
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Designation : |
Director |
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Name : |
Mr. Vasant Narayan Gogate |
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Designation : |
Director |
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Name : |
Ms. Tanya Arvind Dubhash |
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Designation : |
Director (Marketing) |
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Name : |
Mr. Mathew Eipe |
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Designation : |
Executive Director & President (Chemicals) |
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Name : |
Mr. Chandrashekhar Kashinath Vaidya |
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Designation : |
Executive Director (Corporate Personnel) |
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Name : |
Mr. F. P. Sarkari |
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Designation : |
Director |
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Name : |
Mr. M. P. Pusalkar |
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Designation : |
Executive Director & President (Food Division) |
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Name : |
Mr. Kersi Kaikhushru Dastur |
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Designation : |
Executive Director (Finance) |
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Name : |
Mr. K. N. Petigara |
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Designation : |
Director |
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Name : |
Mr. V.F. Banaji |
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Designation : |
Executive
Director and President (Group Corporate Affairs) |
KEY EXECUTIVES
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Name : |
Mr. S. K. Bhat |
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Designation : |
Company Secretary |
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Name : |
Mr. Adi Burjorji Godrej |
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Designation : |
Chairman |
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Date of Birth/Age : |
59 years |
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Qualification : |
B.S., M.S. Engineering & Industrial Management (M.I.T., U.S.A.) |
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Experience : |
37 years |
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Date of Appointment : |
18.02.1964 |
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Name : |
Mr. Nadir Burjorji Godrej |
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Designation : |
Managing Director |
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Date of Birth/Age : |
49 years |
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Qualification : |
B.S., Chem. Engineering (Stanford, U.S.A.), M.B.A. |
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Experience : |
25 years |
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Date of Appointment : |
24.12.1976 |
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Name : |
Mr. Chandrashekhar Kashinath Vaidya |
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Designation : |
Executive Director |
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Date of Birth/Age : |
51 years |
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Qualification : |
B. Tech., P.G.D.M. |
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Experience : |
27 years |
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Date of Appointment : |
01.10.1996 |
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Previous
Employment : |
Godrej Agrovet Limited, Mumbai (5 years) |
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Name : |
Mr. Kersi Kaikhushru Dastur |
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Designation : |
Executive Director |
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Date of Birth/Age : |
60 years |
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Qualification : |
B.Com., A.C.A. |
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Experience : |
36 years |
MAJOR SHAREHOLDERS
/ SHAREHOLDING PATTERN
|
Names of Shareholders |
No. of Shares |
Percentage of
Holding |
|
As on 30.09.2007 |
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Indian |
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Promoters Holding |
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Individuals/ Hindu Undivided Family |
64031786 |
21.94% |
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Bodies Corporate |
187202388 |
64.14% |
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Institutional Investors |
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Mutual Funds & UTI |
2001923 |
0.69% |
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Financial Institutions / Banks |
159155 |
0.05% |
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Insurance Companies |
404734 |
0.00% |
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Foreign Institutional Investors |
8923172 |
3.06% |
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Non institutions |
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Bodies Corporate |
8030323 |
2.75% |
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Individuals |
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Individual shareholders holding nominal share capital upto Rs. 0.100 million |
12528471 |
4.29% |
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Individual shareholders holding nominal share capital in excess Rs. 0.100 million |
8564900 |
2.93% |
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Any other |
4800 |
0.00% |
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Total |
291851652 |
100.00% |
BUSINESS DETAILS
|
Line of Business : |
Manufacturers and marketing of soaps, cosmetics, detergents, fatty acids, glycerine, solvent extraction, alpha olefin and its precursors and derivatives, hydrogen (captive consumption) and oxygen (by-product). |
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Products : |
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PRODUCTION STATUS(as on 31.03.2007):-
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Particulars |
Unit |
Installed
Capacity |
Actual
Production |
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Fatty Acids |
MT |
32000 |
40397 |
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Glycerin |
MT |
8280 |
7909 |
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Alpha Olefin and its Precursores and Derivatives |
MT |
35000 |
51624 |
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Soaps |
MT |
26381 |
19075 |
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Cosmetics |
MT |
1200 |
-- |
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Fruit Beverages and Fruit Based Products |
KL |
30000 |
3392 |
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Fruit & Vegetable Puree, Pulp and Juices |
MT |
5000 |
1561 |
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Refined Oils and Vanaspati |
MT |
38700 |
16046 |
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Dietetic and Geriatic Foods |
MT |
250 |
28 |
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U.H.T./Sweetend Flavoured Milk |
KL |
1800 |
-- |
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Synthetic Detergents |
MT |
11250 |
11492 |
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Hydrogen (Captive Consumption) |
NM 3 |
1224000 |
543602 |
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Oxygen (By-Products) |
NM 3 |
612000 |
271801 |
GENERAL
INFORMATION
|
Customer |
v
B.
P. Koirala Institute of Health Sciences, Nepal v
Lister
Metropolis Laboratory & Research Centre Private Limited, Chennai v
Deptt.Of
Microbiology, AIIMS,New Delhi v
Apollo
Hospital, Chennai v
Deptt.Of
Parasitology, PGI, Chandigarh v
Madras
Medical Mission, Chennai v
Vatsalaya
Shishu Chikchalaya, Rajasthan v
Chennai
Corporation, Chennai v
Dr
V. S. Ghambir, Phangwara, Punjab v
Kovai
Medical Centre & Hospital Limited, Coimbatore v
Kuldeep
Diagnostics, Haryana v
KMC
Diagnostic Centre, Mangalore v
Dr
N. K. Jajodia, Orissa v
Vijaya
Diagnostic Center, Secundarabad v
Dr
A. K. Singh, Orissa v
Sri
Venkateshwara Institute of Medical Sciences (SVIMS), Tirupati v
District
Headquarter Hospital, Bolangir, Orissa v
Endocrinology
& Immunology Lab, Kochi v
District
Headquarter Hospital, Sundergarh, Orissa v
Devi
Laboratory Services, Thiruvananthapuram v
Akshaya
Apollo Hospital, Gandhinagar v
Southern
Command Hospital, Pune v
Green
Cross Laboratory, Ahmedabad v
Goa
Medical College, Bambolim v
Central
Path Lab, Gwalior v
Bhopal
Memorial Hospital & Research Centre, Bhopal v
Bombay
Hospital Blood Bank, Mumbai v
Dr
Pankaj Shah, Ankur Path Lab, Mumbai v
Endolab,
Pune v
Dr.
Daswani Lab Colaba, Mumbai v
St.
Luke’s Hospital, Ahmednagar v
Gokuldas
Hospital, Indore v
Rajkot
Cancer Society, Rajkot v
Advanced
Diagnostics Laboratory, Amravati v
Dr
Ramesh Ostwal, Raipur v
Samrat
Endocrinology Laboratory, Aurangabad v
Apollo
Hospital, Bilaspur |
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No. of Employees : |
1528 |
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Bankers : |
v Central Bank of India v State Bank of India v Bank of India, Mumbai v HDFC Bank Limited v Citibank N. A. v Canara Bank v The Hongkong & Shanghai Banking Corporation Limited |
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Facilities : |
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Banking
Relations : |
Good |
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Auditors : |
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Name : |
Kalyaniwalla & Mistry Chartered Accountants |
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Parent Company : |
Godrej Group [The group was established in 1897. It is the one of the country’s most remarkable industrial corporations.] |
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Associates/Subsidiaries : |
ASSOCIATES v Godrej Sara Lee Limited v General Mills Private Limited v Godrej Photo-Me Limited v Godrej and Boyce Manufacturing Company Limited v Wadala Investments Limited v Swadeshi Detergents Limited v Vora Soaps Limited v Lawkim Limited v Godrej Appliances Limited v Godrej Consumer Products Limited v Godrej Infotech Limited v Godrej Properties and Investments Limited v Godrej Telecom Limited v
Krithika Agro Farm
Chemicals and Engineering Ind. P. Limited. v
Godrej Commodities Limited. v
Godrej Infotech Limited. v
Godrej Appliances Limited. v
Godrej Malaysia Sdn Bhd v
Godrej Singapore Private Limited. v
Mercury Mfg. Company Limited. v
Cartini India Limited v
Godrej Beverages and Foods Limited. v
Godrej Gold Coin Aquafeed Limited. v
Godrej Upstream Limited. v
Nutrine Confectionery Company Limited. SUBSIDIARIES v Godrej Agrovet Limited v Goldmohur Foods and Feeds Limited v Godrej Properties and Investments Limited v Tahir Properties Limited v Girikandra Holiday Homes and Resorts Private Limited v Ensemble Holdings and Finance Limited v Godrej Remote Services Limited v Godrej International Limited v Godrej Global Mid East FZE v Sahyadri Aerosols Limited v Godrej Plant Biotech Limited v Godrej Capital Limited v Godrej Oil Palm Konkan Limited v Puran Plastics and Chemicals Limited v Godrej Consumer Products Limited v Godrej Infotech Limited v Godrej Appliances Limited v Godrej Foods Limited v Aadhaar Retailing Limited v Godrej Aquafeed Limited. v Golden Feed Products Limited v Goldmohur Foods and Feeds Limited v Godrej Properties Limited v Godrej Developers Private Limited v Godrej Real Estate Private Limited v Godrej Realty Private Limited v Godrej Seaview Properties Private Limited v Godrej Waterside Properties Private Limited v Godrej Hicare Limited v Ensemble Holdings and Finance Limited v Godrej International Limited v Godrej Global Mid East FZE v Godrej Global Solutions Limited v Godrej Global Solutions (Cyprus) Limited v Godrej Global Solutions, Inc |
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CAPITAL STRUCTURE
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
800000000 |
Equity Shares |
Rs.1/- each |
Rs.800.000 millions |
|
100000000 |
Unclassified Shares |
Rs.10/- each |
Rs.1000.000 millions |
|
|
Total |
|
Rs.1800.000 millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
291851652 |
Equity Shares |
Rs.1/- each |
Rs. 291.852 millions |
Notes:
(i) 187202388
(previous year 31200398) shares are held by Godrej & Boyce Mfg. Co.
Limited, the holding company.
(ii) 155547816
(previous year 25924636) shares are allotted for consideration other than cash pursuant
to schemes of amalgamation/arrangement.
(iii) 95705718
(previous year 15950953) shares are allotted as fully paid bonus shares by way
of capitalisation of Securities premium account.
FINANCIAL DATA
[all figures are in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2007 |
31.03.2006 |
31.03.2005 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
291.852 |
291.852 |
291.852 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
3814.256 |
3421.668 |
3061.783 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
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NETWORTH |
4106.108 |
3713.52 |
3353.635 |
|
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LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
3309.248 |
2491.089 |
2207.567 |
|
|
2] Unsecured Loans |
1367.713 |
780.324 |
355.713 |
|
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TOTAL BORROWING |
4676.961 |
3271.413 |
2563.28 |
|
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DEFERRED TAX LIABILITIES |
398.000 |
381.800 |
250.200 |
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|
|
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TOTAL |
9181.069 |
7366.733 |
6167.115 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
2695.532 |
2807.197 |
2353.669 |
|
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Capital work-in-progress |
174.903 |
52.238 |
156.309 |
|
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INVESTMENT |
4856.678 |
3713.467 |
3357.728 |
|
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DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
|
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|
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CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
1551.517 |
1189.238 |
1075.176 |
|
|
Sundry Debtors |
925.324 |
580.656 |
860.444 |
|
|
Cash & Bank Balances |
253.634 |
125.963 |
137.788 |
|
|
Other Current Assets |
0.000 |
0.000 |
0.000 |
|
|
Loans & Advances |
938.999 |
768.873 |
413.223 |
|
Total Current Assets |
3669.474 |
2664.73 |
2486.631 |
|
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Less : CURRENT LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Current Liabilities |
1805.318 |
1572.632 |
1705.024 |
|
|
Provisions |
570.412 |
520.203 |
494.828 |
|
Total Current Liabilities |
2375.730 |
2092.835 |
2199.852 |
|
|
Net Current Assets |
1293.744 |
571.895 |
286.779 |
|
|
|
|
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|
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MISCELLANEOUS EXPENSES |
160.212 |
221.936 |
12.630 |
|
|
|
|
|
|
|
|
TOTAL |
9181.069 |
7366.733 |
6167.115 |
|
PROFIT & LOSS
ACCOUNT
|
PARTICULARS |
31.03.2007 |
31.03.2006 |
31.03.2005 |
|
|
Sales Turnover |
6547.760 |
7454.826 |
8235.302 |
|
|
Other Income |
1281.362 |
573.304 |
0.000 |
|
|
Total Income |
7829.122 |
8028.130 |
8235.302 |
|
|
|
|
|
|
|
|
Profit/(Loss) Before Tax |
795.610 |
551.286 |
750.602 |
|
|
Provision for Taxation |
22.270 |
149.868 |
(6.900) |
|
|
Profit/(Loss) After Tax |
773.340 |
401.418 |
757.502 |
|
|
|
|
|
|
|
|
Export Value |
2229.714 |
1514.954 |
1537.335 |
|
|
|
|
|
|
|
|
Import Value |
2664.604 |
2473.074 |
NA |
|
|
|
|
|
|
|
|
Expenditures : |
|
|
|
|
|
|
Raw Material Consumed |
4627.206 |
5022.883 |
|
|
|
Interest |
383.078 |
284.885 |
|
|
|
Increase/(Decrease) in Finished Goods |
[287.760] |
[119.608] |
7484.700 |
|
|
Depreciation & Amortization |
242.636 |
225.943 |
|
|
|
Other Expenditure |
2068.352 |
2062.741 |
|
|
Total Expenditure |
7033.512 |
7476.844 |
7484.700 |
|
QUARTERLY RESULTS
|
PARTICULARS |
30.06.2007 |
30.09.2007 |
31.12.2007 |
|
Type
|
1st
Quarter |
2nd
Quarter |
3rd
Quarter |
|
Sales Turnover |
1633.300 |
1772.400 |
1909.700 |
|
Other Income |
386.900 |
156.700 |
406.300 |
|
Total Income |
2020.200 |
1929.100 |
2316.000 |
|
Total Expenditure |
1542.100 |
1569.100 |
1827.700 |
|
Operating Profit |
478.100 |
360.000 |
488.300 |
|
Interest |
101.700 |
76.800 |
92.500 |
|
Gross Profit |
376.400 |
283.200 |
395.800 |
|
Depreciation |
60.700 |
63.800 |
65.000 |
|
Tax |
1.500 |
1.400 |
3.100 |
|
Reported PAT |
325.300 |
225.500 |
330.600 |
KEY RATIOS
|
Year |
31.03.2007 |
31.03.2006 |
31.03.2005 |
|
Debt-Equity Ratio |
1.07 |
0.89 |
0.83 |
|
Long Term Debt-Equity Ratio |
0.74 |
0.70 |
0.66 |
|
Current Ratio |
0.83 |
0.85 |
0.82 |
|
TURNOVER RATIOS |
|||
|
Fixed Assets |
1.37 |
1.62 |
1.77 |
|
Inventory |
5.19 |
7.02 |
7.52 |
|
Debtors |
9.44 |
11.03 |
10.39 |
|
Interest Cover Ratio |
1.49 |
1.92 |
2.55 |
|
Operating Profit Margin(%) |
11.60 |
9.82 |
10.98 |
|
Profit Before Interest And Tax Margin(%) |
8.19 |
6.97 |
8.35 |
|
Cash Profit Margin(%) |
6.20 |
4.89 |
8.01 |
|
Adjusted Net Profit Margin(%) |
2.79 |
2.05 |
5.38 |
|
Return On Capital Employed(%) |
7.77 |
9.14 |
13.26 |
|
Return On Net Worth(%) |
5.35 |
4.98 |
15.57 |
LOCAL AGENCY FURTHER
INFORMATION
HISTORY
The company was incorporated on 13th August 1928 at Mumbai in Maharashtra having Company Registration Number 1416.
The company established in 1897 was called Godrej Soaps (GSL) until 31.03.2001. The company had restructured its business into consumer products, chemicals and medical diagnostics and hived off its consumer products business / division to Godrej Consumer Products (GSPL) w.e.f. 01.04.2001 and subsequently the name of the company had changed to Godrej Industries Limited.
As said earlier the company’s chemical division was a leading manufacturer of Olechemicals in India and it had two manufacturing facilities at Valia in Gujarat and Vikhroli near Mumbai.
The company co-generation plants for simultaneous generation of electricity and steam were commissioned in December, 1997 at Valia and in May, 1998 at Vikhroli.
The company was incorporated under the Companies Act, 1956 on 07.03.1988 under the name of Gujarat – Godrej Innovative Chemicals Limited. The business and undertaking of the erstwhile Godrej Soaps Limited was transferred to the company’s under a scheme of amalgamation with effect from April 1, 1994 and the company’s name was changed to Godrej Soaps Limited on 06.01.1995.
Subsequently, under a scheme of arrangement for consumer products division of the company was demerged with effect from April 1, 2001 into a separate company Godrej Consumer Products Limited (GCPL). The company’s name was thereafter changed to Godrej Industries Limited on 02.04.2001.
The company was incorporated to take over the business of Godrej Soaps Company, which was then carrying on the business of Soap, Perfumery and Candle Manufacturers.
The company is a member of Godrej Group is India’s manufacturer of oleochemicals and makes more than 100 chemicals which was used in over two dozen industries. The company is also a major player in food products and had interests in Medical Diagnostics and Real Estate.
On December 8, 2000, the company approved the scheme of demerger of its consumer products division as a going concern to a new company viz. Godrej Consumer Products Limited with effect from 01.04.2001. The scheme received approval of the High Court, Mumbai on 14.03.2001. Accordingly, with effect from 01.04.2001, the consumer products division of the company was demerged into Godrej Consumer Products Limited, a new company formed for this purpose.
BUSINESS
The company is engaged in manufacturing and marketing of soaps, cosmetics, detergents, fatty acids, glycerine, solvent extraction, alpha olefin and its precursors and derivatives, hydrogen (captive consumption) and oxygen (by-product).
Subject manufactures and markets soaps (main brands - Cinthol, Ganga, Evita, Marvel) and toiletries (hair dye, shaving cream, talcum powder) under its consumer products division. It also manufactures industrial chemicals, fatty acids, glycerine and fatty alcohol under its chemicals division (erstwhile Gujarat Godrej Innovative Chemicals).
The company which so far engaged only in trading in edible oils had taken over the manufacturing business of Godrej Foods together with sales, marketing, finance and other related functions through a demerger. This food division produces edible oils, vanaspathi, bakery fats, fruit drinks and fruit nictar,
The company has manufacturing facilities at Vikhroli and Wadala -Maharashrta, Valia -Gujarat and Mandideep -Bhopal. Vikhroli and Valia are the manufacturing facilites of Chemical Division of the company. During 2004-05 the company has decided to expand the manufacturing facilites at Valia by setting up an export oriented unit which is expected to commenced its operations in 2005-06. Further the two chemical division took various initiatives for de-bottlenecking, reducing engery consumption and cost and quality improvement during 2004-05. Wadala and Mandideep are the food division manufacturing facilities.
Subject which so far engaged only in trading in edible oils has taken over the
manufacturing business of Godrej Foods together with sales, marketing, finance
and other related functions through a demerger. This food division produces
edible oils, vanaspathi, bakery fats, fruit drinks and fruit nictar. The
company Co-generation plants for simultaneous generation of electricity and
steam were commissioned in December, 1997 at Valia and in May, 1998 at
Vikhroli.
MANAGEMENT DISCUSSION and ANALYSIS
There is a separate
section on Management Discussion and Analysis in this Annual Report, which, inter
alia, covers the following;
·
Discussion on
financial performance with respect to operational performance
·
Segment - wise
performance
·
Human Resources and
Industrial Relations
·
Opportunities and
Threats
·
Internal Control
Systems and their adequacy
·
Risks and
Concerns
·
Outlook
SUBSIDIARY AND ASSOCIATE COMPANIES
The Company has
interests in several industries including animal feeds, poultry and
agro-products, property development, household insecticides, pesticides, tea,
fruit and soya drinks and infotech, etc. through its subsidiary/associate
companies.
Godrej Agrovet Limited (GAVL):
The Company is in
the business of animal feeds, agri inputs, poultry, oil palm and rural
retailing. The Company recorded a revenue growth of 18% in FY 2006-07, the total
income rising from Rs. 6055.600 millions to Rs. 7128.500 millions. The Profit
after tax however declined from Rs. 68.300 millions to Rs. 27.500 millions.
The Company launched 8 new rural retail stores under the Aadhaar initiative in
the last quarter of the year taking the total store count to 39 outlets and
launched 3 new Nature's Basket stores in Mumbai (total 8 such stores), which
retail a large range of domestic as well as exotic fruits, vegetables and
herbs. The Company also launched the Yummiez range of ready to eat veg and
non-veg snacks and extended this range to Delhi, Baroda, Nagpur and Chandigarh
in the last quarter.
Avian Influenza and
high prices of certain key raw materials impacted the performance of the Animal
Feed and Poultry businesses.
The Company entered into a MoU with IJM Plantations, Berhad a listed Malaysian
Company to promote oil palm plantation in India and also entered into a JV
(49:51) named Godrej Gold Coin Aqua Feed Limited with Gold Coin Group,
Singapore for developing and marketing special feed for shrimp.
Goldmohur Foods and Feeds Limited
(GFFL):
Operations of this
wholly owned subsidiary of GAVL were also impacted during the initial months of
the Financial Year under review by the outbreak of Avian Influenza. High prices
of certain key raw materials like maize also impacted the performance. The
Profit after Tax came down from Rs. 53.800 millions in the previous year to Rs.
32.000 millions in the year under review, in spite of the total income rising
from Rs.2958.800 millions to Rs. 3263.500 millions.
Golden Feed Products Limited (GFPL):
This wholly owned
subsidiary of GAVL transferred its Higashimaru brand shrimp feed marketing
business to Godrej Gold Coin Aquafeed Limited during the year. The Company
reported a loss of Rs.1.557 millions against a loss of Rs.14.000 millions for
2005-06.
Godrej Properties Limited (GPL):
Recorded an increase
in Total Income of 95% from Rs. 704.600 millions in the previous year to
Rs.1372.600 millions in the current year. The Profit after Tax increased by
210% from Rs. 133.900 millions in the previous year to Rs. 414.500 millions.
GPL has declared an interim dividend of 419% as compared to 96% in the previous
year.
'Planet Godrej', the five 50-storeyed towers project located in close proximity
to Mahalaxmi race course and Willingdon Club in Mumbai has won the prestigious
Pinnacle Award 2006 awarded by Zee Business in the category of 'Best Upcoming
Real Estate Project' in India.
In addition to the two IT parks over 35 lac sq. ft. in Salt Lake area, Kolkata,
the Company has started developing an IT park at Hyderabad covering an area of
approximately 60 lac sq. ft. It has also signed an agreement to develop a
residential project on approx. 13 acres of land at Bangalore and 12 acres of
land at Pune. The total area under development is over 2 crore sq, ft. at
present.
The Company has formed three new Private Limited Companies viz., Godrej Real
Estate Private Limited, Godrej Developers Private Limited and Godrej Sea View
Properties Private Limited to develop the projects at Hyderabad, Kolkata and
Goa respectively.
Godrej International Limited (GINL):
A worldwide trader
of vegetable oils has posted turnover of US$ 61573658 as compared to US$ 50724030
in the previous year a rise of 21%. The net profit increased by 78% from US$
382566 in the previous year to US$ 658135 in the current year.
Godrej Global MidEast FZE (GGME):
A 100% subsidiary of
GINL earned Net Profit of AED 356453 as compared to AED 191167 in the previous
year registered a rise of 86%.
Godrej Hicare Limited (GHL):
The Pest Management
Services Company has recorded an excellent growth of 42% in its revenue. Total
Income grew from Rs. 211.200 millions in the previous year to Rs 299.500
millions in the current year. The Company's Profit after Tax of Rs. 18.200
millions for the year as compared to Rs.10.400 millions in the previous year
shows an impressive growth of 75%.
The Company identified training as critical to its success and hence invested
substantial resources behind this activity. In its never ending effort to
achieve excellence in service delivery it invited eminent foreign consultants
to train employees at all levels.
The Company launched one of world's leading brands of Flying Insect Killing
machines. This was in the last quarter of the current year and the Company
expects good revenue in coming years from new customer acquisitions and
deepening relationship with current ones.
Godrej Global Solutions Limited. (CGSL):
A back-office
transaction Processing Services Company earned a total income of Rs.140.526
millions as against Rs.96.630 millions in the previous year, an increase of
45%. GCSL grew its operations at both Chennai and Navi Mumbai facility. During
the year under review, CGSL added a number of new clients, ramped up operations
for existing clients, achieved higher operational efficiencies there by
achieving the revenue growth. During the year, GGSL facilities were awarded the
most coveted Information Security Certification ISO 27001 and ISO 9001
certification. GGSL continued to focus on business segments like Healthcare
claims processing, medical transcription, medical billing and document
management services.
Godrej Beverages and Foods Limited.
(GBFL):
GBFL markets juices
and fruit drinks under brands Xs and Jumpin; soyamilk based drink under the
Sofit brand; edible oil brands like Cooklite, packaged tea under the brand name
Godrej Tea and confectionery under the Nutrine portfolio. The Nutrine's portfolio
includes strong sub-brands like MahaLacto, Maha MahaLacto, Koko Naka, Milk
Eclairs, Honey Fab, Aam Ras, Aasay, SuperStar and Gulkand.
W.e.f. May 08, 2006, GBFL ceased to be the subsidiary of the Company. GBFL
acquired 100% stake in Nutrine Confectionery Company Limited. (NCCL) on
01/07/06, a major player in the confectionery business in India. During the
year, GBFL earned a Total Income of Rs. 1779.500 millions as compared to Rs.
77.900 millions in the previous year recording a loss of Rs. 187.900 millions
compared to loss of Rs. 171.700 millions in the previous year whereas NCCL
earned a total income of Rs.1068.100 millions and profit of Rs. 32.100 millions
for the period July 1, 2006 to March 31, 2007. Further, towards the end of the
financial year, Hershey's, the largest North American chocolate manufacturing
company signed an agreement to acquire 51% stake in GBFL. The agreement was
signed on April 2,2007, giving GBFL a strategic long term partner with global
brands and international technology.
Godrej Sara Lee Limited (GSLL):
The company recorded
a topline growth of 17% with strong profit growth of 23% during the year 06-07.
The Company paid a total interim dividend of 313%. This year. Good Knight, the
lead brand of the company underwent a major transformation in line with
changing Indian consumers. Good Knight presented a new vibrant identity to
consumers showcased in the form of packaging and advertising. Further, in an
endeavour to provide superior solutions for consumers to protect their cherished
happy moments everyday from mosquitoes. Good Knight launched a breakthrough
innovation: Good Knight Advanced Active + System. Good Knight continued to be
voted the most trusted Household care brand by Brand Equity - ET.
HIT brand continues to be the fast growing Household Insecticide brand.
This was enabled by
the launch of a new innovation: HIT Seek n Kill for cockroaches backed by
outstanding brand communication.
The Company's foray into air care, Ambipur also fortified its pioneering status
by expanding franchise into the Home Perfume arena through the launch of
Ambipur Aerosols.
Godrej Consumer Products Limited (GCPL)
:
GCPL continued to be
a focused FMCG company. On a standalone basis, GCPL earned a Total Income of
Rs. 7638.200 millions as compared to Rs. 6642.500 millions in the previous
year. GCPL's Net Profit increased to Rs.1321.600 millions as compared to
Rs.1212.000 millions in the previous year. GCPL declared dividends aggregating
to 375% in the current year as compared to 350% in the previous year. During
this year, the Company commenced commercial production at its new facilities at
Katha (HP) and Sikkim.
GCPL's 100% subsidiary Keyline Brands Limited (KBL) reported total earnings of
Rs.1674.800 millions and a PBT of Rs.198.700 millions for 2006-07.
On September 01, 2006, GCPL completed the acquisition of the South African
business of Rapidol, U.K. as well as its subsidiary Rapidol International.
The Rapidol
acquisition gives GCPL ownership of strong ethnic hair colour brands like
'INECTO' and 'SOFLENE' in ten countries. It also gives GCPL an opportunity to
enhance its global presence through the Modern Trade Network and the ownership
of customer listings of the INECTO and SOFLENE brands.
During March 2007, GCPL entered into an agreement with SCA Hygiene Products AB,
Sweden to form a 50:50 joint venture company known as Godrej SCA Hygiene
Limited. Godrej SCA Hygiene Limited will manufacture and market paper based
absorbent hygiene products, especially sanitary napkins and baby diapers in
India, Nepal and Bhutan.
On a consolidated basis, GCPL earned a total income of Rs. 9558.800 millions
and Net Profit of Rs.1440.300 millions for the year ended March 31, 2007.
GCPL has been ranked 6th in the Best Employers Study conducted by Hewitt
Associates along with Economic Times. GCPL is the highest ranked FMCG Company
in the survey.
GCPL's Malanpur factory was presented by JIPM solutions, japan with the Award
for TPM Excellence, 1st Category for improvement in operational efficiencies
with TPM initiatives. The factory also won the Platinum Award in India
Manufacturing Excellence Awards (IMEA) by Frost and Sullivan in the Chemicals
Category.
FINANCIAL POSITION
The financial position
of the Company continues to be sound. The loan funds as at the end of the year
is at Rs. 4677.000 millions as compared to Rs.3271.400 millions as at the end
of the previous year. The Company continues to hold the topmost rating of A1+
from ICRA for its commercial paper programme. The rating indicates that the
prospect of timely repayment of debt/obligation is the best.
MANUFACTURING FACILITIES
The Chemicals
Division of the Company has manufacturing facilities at Vikhroli and
Valia.
INDUSTRY STRUCTURE AND
DEVELOPMENTS:
The Indian economy
maintained its growth momentum in F.Y. 2006-07 thanks to industrial resurgence,
growth in international trade, and the improving physical infrastructure.
However, rising inflation rate is an area of concern. The advance estimate of
growth in GDP of 9.2% released by CSO for FY 06-07 has surpassed expectations.
There has been a noticeable rise in the rate of investment in the economy. The
index of industrial production (11.40%) and the steady and sustained growth
trend indicates an upswing in the economy in the manufacturing sector. Positive
investor sentiment, evidenced by rise in stock market indices will also induce
investment inflow into the country and augers well for the economy.
The overall performance of the Company has been satisfactory: Except the
Chemicals division, most of the businesses improved their performance compared
to the previous year. The division-wise performance and outlook have been
covered separately in this report.
CHEMICALS DIVISION
The Chemicals
division operates in the oleo-chemical and surfactant industries. The division
has a blend of domestic and international operations and continued its
leadership position in the Indian market The Export. Oriented Unit (EOU)
commissioned in March 2006 has achieved its full operating capacity and
contributed to the revenue from this division.
The Chemicals
business was recognized as 'Exporter of the Year' in the chemicals category of
Internationals
Trade Awards 2006-07
awarded by CNBC - TV 18 and DHL.
The products category-wise review follows:
Fatty alcohols
accounted for 43% of sales revenue of the Chemicals division. Revenue grew by
11% and volume by 27% over previous year.
Industry
cyclicality, announcement of fresh capacities and temporary supply-demand
mismatch have affected the product pricing and margins adversely. In spite of
the aggressive competition there has been an increase in sales volume over
previous year.
Through effective customer relationship management and supply chain
initiatives, the division could maintain its major share with some of the
global companies in the international market. With the expansion of customer
base, the Company has reached around 60 countries in the world through its
exports.
With the focused manufacturing and marketing strategies it is expected that
revenues from this segment will improve further in the coming year.
Fatty Acids:
The fatty acids
portfolio comprising stearic acid, oleic acid, as well as, specialty fatty
acids accounted for about 37% of the turnover of the division. Continuous cost
reduction and market development initiatives have helped grow this category by
about 5% in volume and 16% in value terms. The division is taking necessary
steps to strengthen its position in this category and counter competition from
imports, as well as, small players.
New fractionation
column which is capable of producing premium and specialty fatty acids was
commissioned during the year and is expected to achieve full capacity
utilisation by the end of 2007-08.
Surfactants:
Surfactants contributed 10 % to the turnover of Chemicals division. Sales
declined by 28% in value but increased by 2% in volume. The decline in value
was due to higher proportion of processing vis-a-vis outright sales.
The Company is the pioneer, as well as market leader in the production and
sales of Alpha Olefin Sulphonate (AOS) in India, a surfactant used in several
well known shampoos and detergent brands in the country. Costs have increased
due to a steep rise in Alpha Olefin prices, which is the raw material for AOS,
affecting margins and off-take. To improve capacity utilisation, the division
has started the production of value added sulphonated products.
Glycerin:
Glycerin accounted for 7.5%
of the turnover of this division. Revenues increased by 16% over last year,
volumes by over 30%. Its competitive price allowed the division to take
advantage of the opportunity of substituting other polyols with Glycerin.
Other initiatives:
The Company got
Kosher Certification for oleo chemicals, which would allow catering to new
market segments, thereby increasing the reach and revenue of the product
category and also help in fetching premium pricing.
Outlook:
The outlook for the coming year
2007-08 is mixed at this point in time.
There are
announcements of new production capacities of fatty alcohols, which might
result in an oversupply situation in the market if all of that came through.
The vegetable oil prices have also moved up in view of increasing demand and
alternate uses.
Most of the new plants are set up to produce mid chain alcohols. GIL has a
competitive advantage due to its unique strategy of offering higher chain
alcohols in the market. Producers of petroleum based alcohols continue to face
relatively high crude oil prices. It is expected that vegetable oil based
alcohols will therefore, substitute petro-alcohols in some applications.
Strong growth in demand for fast moving consumer goods (FMCC) and the other
industry segments that the division caters to, augers well for the products of
the division.
Initiatives to strengthen international distribution, improve logistics and
supply chain capabilities and customer relationship management, coupled with
tight cost control are expected to help grow revenue, as well as, profits of
the business.
VEGOILS DIVISION
Post the sale of
Foods Division to Codrej Beverages and Foods Limited. Under the Slump Sale
Agreement w.e.f. close of working hours on March 31, 2006 the Foods Division
was renamed as Vegoils Division. This Division continues as a contract
processor of edible oils. The division recorded a Turnover of Rs. 499.100
millions as against previous year Rs.1422.800 millions. The focus of the
division is to increase third party processing and sales of bulk oil to improve
its profitability.
Estate Management:
Mumbai continues to
be perceived as a suitable location with good infrastructure and availability
of skilled manpower by the BPO sector. The increase in real estate prices and
the rentals has continued during the current year resulting in increased demand
for space in the suburbs. The Company continues to effectively utilise the
available space by giving the unutilised space on leave and license basis to
reputed corporate for their back office operations. The green environment and
good infrastructure with close proximity to the CBD, airport and suburbs are
major advantages, making Vikhroli a preferred location. The total income from
this business for the year was about Rs. 257.500 millions as compared to
Rs.228.000 millions previous year an increase of about 13%.
Medical Diagnostics:
The Medical
Diagnostics Division is in the business of distribution of Diagnostic equipment
and Consumables to the Medical Community.
This division achieved a turnover of Rs. 84.000 millions for the year,
recording a de-growth of 12% in value terms over the previous year, mainly on
account of lower sales to government institutes compared to the previous
year.
The focus of the division was on reduction in Net Working Capital and sale of
the Hematology Cell Counter.
The Division extended its sales activities to SAARC countries particularly
Nepal and Sri Lanka.
FINANCE AND INVESTMENTS
Dividend income for
the year was significantly higher at Rs.578.100 millions (previous year Rs.
227.500 millions) and profit on sale of investment was Rs.438.300 millions
(previous year Rs. 212.000 millions).
During the year, the
Company invested Rs. 624.000 millions in Codrej Beverages and Foods Limited in
its Compulsorily Convertible Preference Shares issue and was also allotted
equity shares towards settlement of part consideration of Rs. 300.000 millions
for sale of Foods business in the last financial year.
The Company invested Rs. 300.000 millions in the rights Issue of godrej Agrovet
Limited to support its growth plans, taking its stake to 70.3% from 57.8%.
The Company also
acquired a stake of 40.4% in Codrej Upstream Limited for Rs.9000.000 millions
and a stake of 8.7% in a drug discovery research company Verse on LLC for Rs.
114.200 millions.
OPPORTUNITIES AND THREATS
Increased global
demand fuelled by growth in end-user industries coupled with the Company's
standing for consistent quality and product delivery customised to the needs of
the clients, provides good opportunity for growth for the Chemicals division.
At the same time, new capacity addition in the industry is likely to increase
competition from the supply side.
In the Medical Diagnostics Division, the opportunity is the large growing
middle class medically aware consumer and the increasing focus on medical
insurance. Threat could be obsolescence of technology/products which are more
than 10 years old.
The Vegoils division will continue to act as a third party processor in view of
good facilities and proximity to the large Mumbai market. Threat could be
increased cost of processing in view of rising fuel oil costs and large
unutilized refining capacities in the country resulting in uncompetitive
pricing.
Estate Management business has a potential to increase revenue by giving space
on leave and license by optimum re-sizing of the existing operational areas.
The factors that can aid further revenue growth include assured power supply,
upcoming infrastructural facilities like metro rail and better connectivity
that reduces travelling time.
OTHER INFORMATION
Background
The Company was
incorporated under the Companies Act, 1956 on March 7, 1988 under the name of Gujarat-
Godrej Innovative Chemicals Limited. The business and undertaking of the
erstwhile Godrej Soaps Limited was transferred to the Company under a scheme of
amalgamation with effect from April 1, 1994 and the Company's name was changed
to Godrej Soaps Ltd. Subsequently, under a scheme of arrangement the Consumer
Products division of the Company was demerged with effect from April 1, 2001
into a separate company, Godrej Consumer Products Limited (GCPL) and the
vegetable oils and processed foods manufacturing business of Godrej Foods Ltd.
was transferred to the Company with effect from June 30, 2001. The Foods
division (except Wadala factory) was then sold to GBFL •on March 31, 2006, The
Company's name was changed to Godrej Industries Limited on April 2, 2001. The
Company is engaged in the businesses of manufacture and marketing of
oleo-chemicals, their precursors and derivatives, bulk edible oils, trading in
medical diagnostic products, estate management and investment activities.
Contingent Liabilities:-
|
a) Claims
against the Company not acknowledged as debts: |
31.03.2007 |
31.03.2006 |
|
|
(Rs. in Millions) |
|
|
i) Excise duty
demands relating to disputed classification, post manufacturing expenses, assessable
values, etc. which the Company has contested and is in appeal at various
levels. |
154.409 |
153.741 |
|
ii) Customs Duty
demands relating to less charge, differential duty, classification, etc. |
85.694 |
84.453 |
|
iii) Sales Tax demand
relating to purchase tax on Branch Transfer/ Non availability of C Forms,
etc. at various levels. |
171.658 |
20.713 |
|
iv) Octroi
demand relating to classification issue on import of Palm Stearine and
interest thereon. |
93.805 |
84.446 |
|
v) Stamp duties
claimed on certain properties which are under appeal by the Company |
18.223 |
18.223 |
|
vi) Income Tax
demands against which the Company has preferred appeals. |
170.797 |
172.464 |
|
vii) Industrial
relations matters under appeal |
59.511 |
51.806 |
|
viii) Others |
11.876 |
21.726 |
|
b) Guarantees
issued by banks, excluding guarantees issued in respect of matters reported
in (a) above. |
64.762 |
155.831 |
|
c) Guarantees given
by the Company in respect of credit/guarantee limits sanctioned by banks to
subsidiary and other companies. |
308.600 |
308.500 |
|
d) Uncalled
liability on partly paid shares / debentures vii) Industrial relations
matters under appeal |
38.157 |
57.915 |
Secured Loans
a) Term loans from
banks are secured by first charge by way of equitable mortgage of the immovable
properties including land, building and plant and machinery at Vikhroli and
Valia factories.
b) Working capital facilities
sanctioned by banks are secured by hypothecation of stocks and book debts.
c) The Company had
during the year raised Rs. 900.000 millions (Previous year Rs. 300.000
millions) against the issue of commercial paper. The amount outstanding there against
as on March 31, 2007 is Rs. 100.000 millions .
Investments
a) CBay Systems
Limited, USA (CBay USA) carried out an organizational restructuring in October
2005, consequent to which, all businesses of CBay group have been consolidated
under CBay Systems Limited, India (CBay India), a'wholly owned subsidiary.
Under the scheme, the stockholders of CBay USA are entitled to receive one
additional share of CBay India for every two stocks in CBay USA. The shares in
CBay India were distributed to all stockholders except Indian Shareholders of
CBay USA, pending Indian regulatory approvals. The shares of CBay India,
pending distribution to Indian shareholders, are held in trust by CBay USA. In
the meanwhile, CBay group decided on a further organizational restructuring,
wherein CBay Systems Holdings Limited ("CBay BVI"), a company
incorporated in the British Virgin Islands, would be the holding company of the
CBay group. As per the scheme the Company is now entitled to four shares in
CBay BVI for every share it was entitled to inCBay India. The company has been
allotted the shares in CBay BVI on May 15, 2007.
b) The Company has
acquired and sold the following investments during the year.
FIXED ASSETS
· Land
· Buildings
· Plant and Machinery
· Research Centre
· Furniture and Fixtures
· Office and Other Equipments
· Vehicles
WEBSITE
DETAILS:
Medical diagnostics division
The medical diagnostics division
of this company was established in 1992. It used to be known as the
biotechnology division, and was under Godrej Soaps Limited before coming into
the fold of company, following the change in the company's name in 2001.
The medical diagnostics division
has garnered over 2,000 satisfied customers across India. Their customer list
includes prestigious institutions in urban areas as well as small ones in
remote villages.
Their network consists of three
regional offices, in Mumbai, Delhi and Chennai, and distributors all over
India.
Tie-ups
Becton Dickinson – USA
In 1992 they took up the distribution
of their products in India as exclusive distributors.
Products :
v
QBC Reference
II Haematology System
v
OBC Malaria
Parasite Detection System (QBC Paralens)
v
Specific uses
of QBC Centrifugal Haematology and Blood Parasite Detection System
v
Automated
Hematology Analyser
Distributors :
North
Jain
International
101, Prafulla Palace, Govind Mitra Road, Patna,
Bihar - 800004
Tel: 91-612- 2301922
Fax: 91-2666374
Zeal
India Chemicals
Aroma Palace, G-4, Ground Floor, Main Road, Ranchi,
Jharkhand -317606
Tel: 91-651- 2317606 / 2306876 (fax)
Tel: 91-651-2512455 / 2275717
Excellent
Trading Company
710/9 Near Star Bakery, Sipri Road
Civil Lines, Jhansi
UP - 284003
Tel: 91-517-2440125 / 2442577
Batra
Agencies
56 A, 12th E Road,
Sardarpura, Opp Medical College, Jodhpur,
Rajasthan - 342003
Tel: 91-291- 2614274 / 2628744
Mobile : 91-9414129274
Jain
Surgichem
LIC Building, Delhi Gate,
Udaipur,
Rajasthan - 313001
Tel: 91-294-2411809
Jayesh
Associates Near Bank of Baroda JLN Hospital Road Ajmer, Rajasthan
Tel: 91-145-2420551 / 2430176
Natur
O Tech
136 M L Nehru Road,
Pan Bazar, Guwahati,
Assam
Tel: 91-361- 2513612 / 2600479
email: ronythoudam@hotmail.com
Intensive
Drug Distributor
AIE Apartment, F C Road, Uzan Bazar Guwahati,
Assam - 781001
Tel: 91361- 2522049 / 2515743 (Fax),
email: idda@satyam.net.in
Medi
King
Farm Road, Sambalpur
Orissa - 768002
Tel: 91663-2400046
email: medikingindia@hotmail.com
Eastern
Scientific Corporation
Bijoy Kumar Chowmuhani
Agartala,
Tripura - 799001
Tel: 91-381-2223141 / 226846
Mr.
Sanjay,
Mangalam Surgicals & Pharmacuticals,
16, Hawala Marg, Ajanta Hotel Street,
Udaipur - 313001
Rajasthan
Tel: 91-294-2410645
Mobile : 91-9414156645
Mr.
Hiten Jain
Arihant Agencies, LG 23,
Vikram Tower,
Sapna Sangeeta Road,
Indore - 452 001
Mobile: 91-98275006890
Mr.
Rabindra Senapati,
Rabindra Surgicals Private. Limited,
121, Bhimpur,
Near Aerodrome Main gate,
Bhubaneswar - 20,
Orissa
Tel: 91-674-2530044 / 2533262
Mr.
S. Roy Chowdhary,
Fleming Laboratories,
40, Ezra Street
Kolkata - 700 001
Tel: 91-33 -22356756 / 22156730
West
Mr
Ram Chavan
Anjelica Medisystems,
34, Hemant Mayekar Market,
GTB Nagar,
Sion Koliwada,
Mumbai - 37
Tel: 91-22- 24038866
Mr
Chirag Shah
Max Enterprises 19, Premchand Nagar Row House,
1st
Lane, Opp AM-PM Super Market Judges Bunglow Road,
Outside
Octroi Limit Vastrapura,
Ahmedabad – 380 015
Tel: 91-79-6765505 / 676 5506 Fax: 079 – 676 55061
Mr
Pankaj Soni
Maruti Enterprise
410, Saffron Complex,
Fategunj,
Baroda - 390002
Tel: 91-265 - 785778 / 783535
Mobile: 91-9824038767
Mr
Sandip Agarwal
Mr Manish Agarwal
Scientific Supplies & MFG Co, Nai Sarak,
Gwalior - 474 001
Tel: 91-751-232 7830 / 2322830
Fax: 91-2329830
Mr
Mahesh Madhav
Udit Agencies, 21,
Alok Press Chouraha
First Floor, Tallaiya Road,
Bhopal - 462 001
Tel: 91-755-2546 337
Mr
Vikram Gambhir
Scientific Traders, 30 / 162, Tatyapara, Badaipara Road,
Raipur - 492 001
Tel: 91-771-2225373 / 2227753
Fax: 91-5032645
Mr
Salim Umrani
Modern Diagnostics
26, New Medical Complex,
GE Road,
Raipur
Tel: 91-771-225 912 / 630225
Fax: 91-254819
Mr
Jayesh Kamdar
Vansiro Diagnostics
32, Karanpara,
Behind S T Stand,
Rajkot - 360 001
Tel: 91-281- 223 199 / 240 549
Fax: 91-281- 240557
Mr
Kamal Kalra
Mediline Diagnostics
G-37, Indrasan Complex,
1, Jaoro Compound,
Indore - 452 001
Tel: 91-731- 5044787
Fax: 91-5071508
Mobile: 91-9827247791
Mr
Shashank Karangate
Tapasharaya Enterprises
b/h, Babu Naik House
Aquen-Alto,
Margoa - 403601
Goa
Tel: 91-832-750 127
Fax: 91-703 235
South
Tamil Nadu
Mediglobe
Systems
2, Swamy Bathan Street, Ramalingapuram,
Ayanavaram,
Chennai - 600 012
Tel: 91-44- 532 5975/ 644 7875(R)
Pgr: 91-9610 119409
Meditech
Diagnostics
2, Swamy Bathan Street,
Ramalingapuram,
Aynavaram,
Chennai - 600 012
Tel: 91-44 532 5975/ 644 7875 (R)
RK
Surgical Company
40-E, 3rd Floor, Kumaran Building,
100 Feet Road, Gandhipuram,
Coimbatore - 641 012
Tel: 91-422- 440 600, 457070 / 440900 (R)
M: 91-98430 93741
Andhra
Pradesh
Icon
Biosystems
3-6-369/A/20, I Floor, Street No 1,
Himayatnagar,
Hyderabad - 500 029
Tel: 91-40- 650 6474, 7112542/ 7117490(R)
M: 91-9848036384
Sri
Venkateswara Agencies,
47-3-11/1,1st Floor, Dwarka Nagar, 5thLane,
Vishakhapatnam -
Tel: 91-891- 2751248
Pooja
Medical & Surgicals
555 - B, Reddy & Reddy Colony,
Tirupati - 517 501
Tel: 91-8574- 20 684/ 25405(R)
Karnataka
Raghava
Biomedicals,
47/1,# 1762, 6th Main, D Block, Rajaji Nagar II Stage,
Bangalore - 560 010
Tel: 91-80- 23133611
M: 91-9844092826 / 080 31828248
Impact
Laboratory Supplies
3/34, Coconut Garden, Kadri,
Mangalore - 575 002
Tel: 91-824- 21 5320 / 444284
M: 91-9844044284
Nidhi
Agencies
# 40, V.L Layout,(opp) Milk Dairy,
Sidhartha Layout,
Mysore - 570 011
Tel: 91-821- 2449389
Mobile No.: 91-98452 32412
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 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. 41.38 |
|
UK Pound |
1 |
Rs.80.76 |
|
Euro |
1 |
Rs. 63.89 |
SCORE & RATING
EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
8 |
|
PAID-UP CAPITAL |
1~10 |
8 |
|
OPERATING SCALE |
1~10 |
8 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
9 |
|
--PROFITABILIRY |
1~10 |
7 |
|
--LIQUIDITY |
1~10 |
8 |
|
--LEVERAGE |
1~10 |
8 |
|
--RESERVES |
1~10 |
8 |
|
--CREDIT LINES |
1~10 |
8 |
|
--MARGINS |
-5~5 |
--- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
NO |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
YES |
|
--EXPORT ACTIVITIES |
YES/NO |
YES |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
YES |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
72 |
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 |
|