MIRA
INFORM REPORT
|
Report Date : |
31.01.2011 |
IDENTIFICATION DETAILS
|
Name : |
GODREJ INDUSTRIES
LIMITED |
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Registered Office : |
Pirojshanagar, Eastern |
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Country : |
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Financials (as on) : |
31.03.2010 |
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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.] |
MUMG08648D MUMG07967B |
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PAN No.: |
AAACG2953R |
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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, glycerin, solvent extraction, alpha olefin and its precursors and derivatives, hydrogen (captive consumption) and oxygen (by-product). |
RATING & COMMENTS
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MIRA’s Rating : |
A (67) |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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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 |
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Maximum Credit Limit : |
USD 40000000 |
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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 Godrej Group company. it is a well established and a
reputed company having fine track. Trade relations are reported as fair.
Business is active. Payments are reported to be regular and as per
commitments. the Company can be considered normal for business dealings at usual
trade terms and conditions. |
NOTES :
Any query related to this report can be made
on e-mail : infodept@mirainform.com
while quoting report number, name and date.
ECGC Country Risk Classification List – April 1, 2010
|
Country Name |
Previous Rating (31.12.2009) |
Current Rating (01.04.2010) |
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A1 |
A1 |
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Risk Category |
ECGC
Classification |
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Insignificant |
A1 |
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Low |
A2 |
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Moderate |
B1 |
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High |
B2 |
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Very High |
C1 |
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Restricted |
C2 |
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Off-credit |
D |
INFORMATION DENIED BY
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Name : |
Mr. Fernandies |
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Designation : |
Finance Manager |
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Contact No.: |
91-22-25188010 |
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Date : |
27.01.2011 |
LOCATIONS
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Registered Office/ Factory 1 : |
Pirojshanagar, Eastern |
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Tel. No.: |
91-22-25188010 / 25188020 / 25188030 / 25194493 |
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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 : |
Valia Burjorjinagar,
Plot No. 3, Village Kanerao, Taluka - Valia, District Bharuch, |
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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 2 : |
Wadala LM. Nadkarni
Marg, Near |
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Tel. No.: |
91-22-2412 6320 /
23, 24146296 / 24148770 / 24154816 |
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Fax No.: |
91-22 - 2412 6204
/ 2416 4599 |
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Branches : |
4th Floor, Phone :91-11 -2326 1069/76 Fax : 91-11 -2326 1088 Kolkata Block GN, Sector-V, Phone : 91-33 - 2357 3556, 2357 3555 Fax : 91-33 - 2357 3945 Chennai New No. 102, (Old No. 81), Phone : 91-44 - 2431 5721 / 2431 5722 Fax : 91-44 - 2431 5723 284A, Phone : (004420) - 88860145 Fax : (004420) - 88869424 |
DIRECTORS
As On 31.03.2010
|
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. 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. Vasant Narayan Gogate |
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Designation : |
Director |
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Name : |
Ms. Tanya Arvind Dubhash |
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Designation : |
Executive Director and President (Marketing) |
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Name : |
Mr. Mathew Eipe |
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Designation : |
Executive Director and President (Chemicals) |
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Name : |
Mr. F. P. Sarkari |
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Designation : |
Director |
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Name : |
Mr. Kersi Kaikhushru Dastur |
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Designation : |
Director |
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Name : |
Mr. K. N. Petigara |
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Designation : |
Director |
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Name : |
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Designation : |
Director |
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Name : |
Mr. J. S.
Bilimoria |
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Designation : |
Director |
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Name : |
Mr. A. B
Choudhury |
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Designation : |
Director |
KEY EXECUTIVES
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Name : |
Mr. V. Srinivasan |
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Designation : |
Company Secretary |
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Name : |
Mr. Fernandies |
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Designation : |
Finance Manager |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 31.12.2010
|
Names of Shareholders |
No. of Shares |
Percentage of
Holding |
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(A) Shareholding of Promoter and Promoter Group |
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64,031,786 |
20.16 |
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187,202,388 |
58.94 |
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251,234,174 |
79.10 |
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Total shareholding of Promoter and Promoter Group (A) |
251,234,174 |
79.10 |
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(B) Public Shareholding |
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5,402,922 |
1.70 |
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5,034,212 |
1.58 |
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1,531,895 |
0.48 |
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10,695,226 |
3.37 |
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22,664,255 |
7.14 |
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10,834,595 |
3.41 |
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21,244,704 |
6.69 |
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10,291,298 |
3.24 |
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1,355,866 |
0.43 |
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1,355,866 |
0.43 |
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43,726,463 |
13.77 |
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Total Public shareholding (B) |
66,390,718 |
20.90 |
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Total (A)+(B) |
317,624,892 |
100.00 |
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(C) Shares held by Custodians and against which Depository Receipts
have been issued |
- |
- |
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- |
- |
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- |
- |
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- |
- |
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Total (A)+(B)+(C) |
317,624,892 |
- |
(1) Indian
Individuals / Hindu Undivided Family
Individual shareholders holding nominal
share capital up to Rs. 0.100 millionBUSINESS DETAILS
|
Line of Business : |
Manufacturers and marketing of soaps, cosmetics, detergents, fatty acids, glycerin, 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 31.03.2010)
|
Particulars |
Unit |
Licensed
Capacity |
Installed
Capacity |
Actual
Production |
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Fatty Acids |
MT |
|
73300 |
59488 |
|
Glycerin |
MT |
|
8280 |
9230 |
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Alpha Olefin and its Precursores and Derivatives |
MT |
|
65000 |
49696 |
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Refined Oils and Vanaspati |
MT |
|
38700 |
6354 |
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Synthetic Detergents |
MT |
|
29250 |
23126 |
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Hydrogen (Captive Consumption) |
NM 3 |
|
19200000 |
- |
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Oxygen (By-Products) |
NM 3 |
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- |
- |
NOTES:
1. The Licensed
Capacities are not applicable in view of the exemption from licensing granted
under Notification SO 477 ( E ) dated 25.07.1991, issued under the Industries (
Development and Regulation Act,1951).
2. Installed
capacity excludes the installed capacity for manufacture of intermediates which
are intended to be used for internal consumption to manufacture A.O. and its
precursors and derivatives.
3. Production of Synthetic
Detergent includes 4111 MT (Previous year 7871 MT) produced under process
contracts for third parties.
4. Production of
Refined Oils and Vanaspati is under process contract.
GENERAL INFORMATION
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Customers : |
v
B. P. Koirala Institute of Health Sciences, v
Lister Metropolis Laboratory and Research Centre Private
Limited, Chennai v
Deptt.Of Microbiology, AIIMS, v
v
Deptt.Of Parasitology, PGI, v
v
Vatsalaya Shishu Chikchalaya, Rajasthan v
Chennai Corporation, Chennai v
Dr V. S. Ghambir, Phangwara, v
Kovai Medical Centre and Hospital Limited, v
Kuldeep Diagnostics, Haryana v
KMC Diagnostic Centre, Mangalore v
Dr N. K. Jajodia, Orissa v
v
Dr A. K. Singh, Orissa v
Sri Venkateshwara Institute of Medical Sciences (SVIMS),
Tirupati v
District Headquarter Hospital, Bolangir, Orissa v
Endocrinology and Immunology Lab, v
District Headquarter Hospital, Sundergarh, Orissa v
Devi Laboratory Services, Thiruvananthapuram v
v
Southern v
Green Cross Laboratory, Ahmedabad v
v
Central Path Lab, v
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
v
v
Advanced Diagnostics Laboratory, v
Dr Ramesh Ostwal, v
Samrat Endocrinology Laboratory, v
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No. of Employees : |
1528 (approximately) |
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Bankers : |
v
Central Bank of v
State Bank of v
Bank of v HDFC Bank Limited v Citibank N. A. v Canara Bank v The Hongkong and Shanghai Banking Corporation Limited v Corporation Bank v Kotak Mahindra Bank Limited v Barclays Bank, Limited v DBS Bank Limited v IDBI Bank Limited |
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Facilities : |
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Banking
Relations : |
- |
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Auditors : |
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Name : |
Kalyaniwalla and Mistry Chartered Accountants |
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Holding Company: |
Godrej and Boyce Manufacturing Company Limited |
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Subsidiary : |
v Godrej Agrovet
Limited v Golden Feeds
Products Limited v Cauvery Palm Oil
Limited v Godrej Oil Palm
Limited v Godrej
Properties Limited v Godrej
Developers Private Limited v Godrej Real Estate
Private Limited v
Godrej Realty Private Limited v Godrej Sea View
Properties Private Limited v Godrej Waterside
Properties Private Limited v Happy Highrises
Limited v Godrej Estate
Developers Private Limited v Natures Basket
Limited v Ensemble
Holdings and Finance Limited v Godrej
International Limited v Godrej Hygiene
Care Private Limited (up to 31.05.2009) |
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Associates/Subsidiaries : |
v
Godrej Agrovet Limited (GAVL) v
Godrej Properties
Limited (GPL) v
Godrej International
Limited (GINL) v
Godrej Hershey Limited
(GHL) v
Nutrine Confectionery
Company Limited (NCCL) v
Godrej Consumer
Products Limited (GCPL) v
Godrej Hygiene Care
Limited (GHCL) v
Godrej and Boyce Mfg. Co. Limited v
Cartini India Limited v
Godrej Investments Private Limited v
Godrej Efacec Automation and Robotics Limited v
Godrej Holdings Private Limited v
Godrej ( v
Godrej ( v
J T Dragon Pte. Limited v
Mercury Mfg. Co. Limited v
v
Water v
Geomeric Limited v
Godrej and Khimji ( v
Godrej Infotech Limited v
Veromatic Services B.V. v
Godrej International Limited v
Ensemble Holdings and Finance Limited v
Swadeshi Detergents Limited v
Vora Soaps Limited v
Godrej Properties Limited v
Godrej Realty Private Limited v
Godrej Waterside Properties Private Limited v
Godrej Real Estate Private Limited v
Godrej Developers Private Limited v
Godrej Sea View Properties Private Limited v
Godrej Estate Developers Private Limited v
Happy Highrises Limited v
Godrej Agrovet Limited v
Golden Feed Products Limited v
Godrej Oil Palm Limited v
Cauvery Palm Oil Limited v
Godrej Tyson Foods Limited v
Bahar Agrochem and Feeds Private Limited v
Natures Basket Limited v
Aadhaar Retailing Limited v
Godrej IJM Palm Oil Limited v
Godrej Gold Coin Aquafeed Limited v
Polychem Hygiene Laboratories Private Limited v
Creamline Dairy Products Limited v
ACI Godrej Agrovet Private Limited v
Godrej Hersheys Limited v
Nutrine Confectionery Co. Limited v
Godrej SaraLee Limited v
Tahir Properties Limited v
Godrej Consumer Products Limited v
Rapidol (Pty) Limited v
v
Godrej Global Mid v
Godrej Consumer Products Mauritius Limited v
Godrej Hygiene Products Limited (formerly known
as SCA Hygiene) v
Godrej Consumer Products Holdings Mauritius
Limited v
Godrej Consumer Products Dutch Cooperatief U.A. ( v
ABG Venture LLP v
NBG v
JNG v
SVC Enterprise LLP v
RKN v
Godrej and Boyce Enterprise LLP |
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Fellow Subsidiaries : |
v
Wadala Commodities Limited v Godrej ( v Godrej ( v Godrej Infotech
Limited v v Veromatic v Water v Godrej
ConsumerBiz Limited (up to 01.06.2009) |
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Associate / Joint Venture Companies: |
v Godrej Consumer Products
Limited (also fellow subsidiary) v Godrej Hershey
Limited v Swadeshi
Detergents Limited v Compass BPO
Limited (up to 08.03.2010) v Godrej Sara Lee
Limited (up to 31.05.2009) |
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Enterprises over
which key management personnel exercise significant influence : |
v v Rapidol (Pty)
Limited v Godrej Global v Godrej Hygiene
Products Limited v Godrej Consumer
Products Mauritius Limited v Godrej Consumer
Products Holding ( v Godrej Holdings
Private Limited v Godrej
Investments Private Limited v Bahar Agrochem
and Feeds Private Limited v Vora Soaps
Limited v Tahir Properties
Limited v Godrej Tyson
Foods Limited |
CAPITAL STRUCTURE
As on 31.03.2010
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 |
|
|
|
|
|
|
317624892 |
Equity Shares |
Rs. 1/- each |
Rs. 317.625
Millions |
|
|
|
|
|
Note:
Of the above,
(i) 187,202,388 (Previous
Year 187,202,388) shares are held by Godrej and Boyce Mfg. Co. Limited, the
holding company.
(ii) 155,547,816
(Previous Year 155,547,816) shares are allotted for consideration other than
cash pursuant to schemes of amalgamation/arrangement.
(iii) 95,705,718
(Previous Year 95,705,718) 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 |
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
317.625 |
319.759 |
319.759 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
9909.336 |
9951.461 |
10264.447 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
|
NETWORTH |
10226.961 |
10271.220 |
10584.206 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
2041.889 |
2328.216 |
2494.807 |
|
|
2] Unsecured Loans |
3434.214 |
3681.431 |
1861.892 |
|
|
TOTAL BORROWING |
5476.103 |
6009.647 |
4356.699 |
|
|
DEFERRED TAX LIABILITIES |
319.820 |
327.820 |
361.920 |
|
|
|
|
|
|
|
|
TOTAL |
16022.884 |
16608.687 |
15302.825 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
2763.118 |
2638.671 |
2664.869 |
|
|
Capital work-in-progress |
219.760 |
248.413 |
49.368 |
|
|
|
|
|
|
|
|
INVESTMENT |
11476.199 |
11480.802 |
7754.843 |
|
|
DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
1347.687
|
935.562
|
1977.119 |
|
|
Sundry Debtors |
1108.655
|
1609.998
|
1487.323 |
|
|
Cash & Bank Balances |
150.861
|
285.117
|
2942.885 |
|
|
Other Current Assets |
0.000
|
0.000
|
0.000 |
|
|
Loans & Advances |
1753.541
|
1479.420
|
1470.589 |
|
Total
Current Assets |
4360.744
|
4310.097
|
7877.916 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
1848.436 |
1095.348 |
|
|
|
Other Current Liabilities |
255.117
|
309.194
|
2455.426 |
|
|
Provisions |
693.384
|
703.341
|
695.534 |
|
Total
Current Liabilities |
2796.937
|
2107.883
|
3150.960 |
|
|
Net Current Assets |
1563.807
|
2202.214
|
4726.956 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
38.587 |
106.789 |
|
|
|
|
|
|
|
|
TOTAL |
16022.884 |
16608.687 |
15302.825 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
8163.675 |
8174.538 |
7353.054 |
|
|
|
Other Income |
1753.298 |
1540.294 |
1035.120 |
|
|
|
TOTAL (A) |
9916.973 |
9714.832 |
8388.174 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Material Consumed and Purchased of Goods |
5341.689 |
5431.799 |
3946.672 |
|
|
|
Inventory
change |
(173.602) |
225.441 |
54.042 |
|
|
|
Extraordinary Items |
0.000 |
(2.600) |
(23.161) |
|
|
|
Prior period adjustments |
0.000 |
8.611 |
0.000 |
|
|
|
Expenses |
3062.600 |
3017.354 |
2677.968 |
|
|
|
TOTAL (B) |
8230.687 |
8680.605 |
6655.521 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
1686.286 |
1034.227 |
1732.653 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
602.479 |
610.612 |
54.042 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
1083.807 |
423.615 |
1678.611 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
283.880 |
264.619 |
254.700 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) (G) |
799.927 |
158.996 |
1423.911 |
|
|
|
|
|
|
|
|
|
Less |
TAX (I) |
(9.347) |
(21.773) |
335.814 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-I) (J) |
809.274 |
180.769 |
1088.097 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
2938.778 |
3243.714 |
2732.054 |
|
|
|
|
|
|
|
|
|
Add |
EXCESS PROVISION
OF PROPOSED DIVIDEND |
2.605 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
|
Add |
EXCESS PROVISION
OF TAX ON DISTRIBUTED PROFIT |
0.443 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
|
|
Proposed dividend – final |
476.437 |
399.699 |
399.699 |
|
|
|
Tax on distributed profits |
79.130 |
67.929 |
67.928 |
|
|
|
Transfer to General Reserve |
80.928 |
18.077 |
108.810 |
|
|
BALANCE CARRIED
TO THE B/S |
3114.605 |
2938.778 |
3243.714 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
Export Earnings |
2996.426 |
3218.363 |
3019.745 |
|
|
|
Other Earnings |
0.578 |
20.684 |
3.189 |
|
|
TOTAL EARNINGS |
2997.004 |
3239.047 |
3022.934 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw Materials |
2309.575 |
2226.453 |
3238.828 |
|
|
|
Goods for Resale |
0.000 |
15.693 |
63.767 |
|
|
|
Stores & Spares |
18.362 |
24.765 |
30.586 |
|
|
|
Capital Goods |
0.169 |
125.124 |
0.909 |
|
|
TOTAL IMPORTS |
2328.106 |
2392.035 |
3334.090 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
|
|
|
|
|
|
- Basic |
2.54 |
0.56 |
3.53 |
|
|
|
- Diluted |
2.54 |
0.57 |
3.60 |
|
QUARTERLY RESULTS
|
PARTICULARS |
30.06.2010 (1st
Quarter) |
30.09.2010 (2nd
Quarter) |
31.12.2010 (3rd
Quarter) |
|
Net Sales |
2386.000 |
2745.400 |
2918.500 |
|
Total Expenditure |
2157.200 |
2408.100 |
2705.600 |
|
PBIDT (Excl OI) |
228.800 |
337.300 |
212.900 |
|
Other Income |
33.900 |
46.300 |
48.700 |
|
Operating Profit |
262.700 |
383.600 |
261.600 |
|
Interest |
141.800 |
154.500 |
154.100 |
|
Exceptional Items |
79.800 |
324.200 |
230.600 |
|
PBDT |
200.700 |
553.300 |
338.100 |
|
Depreciation |
69.700 |
71.800 |
72.900 |
|
Profit Before Tax |
131.000 |
481.500 |
265.200 |
|
Tax |
(3.000) |
37.300 |
15.500 |
|
Profit After Tax |
134.000 |
444.200 |
249.700 |
|
Net Profit |
134.000 |
444.200 |
249.700 |
KEY RATIOS
|
PARTICULARS |
|
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
PAT / Total Income |
(%) |
8.16
|
1.86
|
12.97 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
9.80
|
1.95
|
19.36 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
11.23
|
2.29
|
13.51 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.08
|
0.02
|
0.13 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
0.81
|
0.79
|
0.71 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.56
|
2.04
|
2.50 |
LOCAL AGENCY FURTHER INFORMATION
Background:
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 under a scheme of
amalgamation with effect from 01.04.1994 and the Company’s name was changed to
Godrej Soaps Limited. Subsequently, under a scheme of arrangement the Consumer
Products division of the Company was demerged with effect from 01.04.2001 into
a separate company, Godrej Consumer Products Limited (GCPL) and the vegetable
oils and processed foods manufacturing business of Godrej Foods Limited was
transferred to the Company with effect from 30.06.2001. The Foods division
(except Wadala factory) was then sold to Godrej Hershey Limited, on 31.03.2006
The Company’s name was changed to Godrej Industries Limited on 02.04.2001.
The Company is
engaged in the businesses of manufacture and marketing of oleo-chemicals, their
precursors and derivatives, bulk edible oils, estate management and investment
activities.
The Details of
sundry creditors:
Rs.
In Millions
|
Particulars |
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
Sundry Creditors |
|
|
|
|
- outstanding dues of micro enterprises and small enterprises |
8.528 |
4.717 |
NA |
|
- others |
1839.908 |
1090.631 |
NA |
|
Total |
1848.436 |
1095.348 |
NA |
History:
Subject is a diversified Indian company with business
interests ranging from chemicals, personal care, processed foods and beverages,
animal feeds, poultry, rural retailing, pest management services, property
development, agri-products to branded tea, confectionery and household
insecticides. The company largely operates in the business of oleo-chemicals,
edible oils, fats, processed foods, finance and investments and estate
management. The Chemicals Division of the company is a leading manufacturer of
oleochemicals like fatty acids, glycerin, fatty alcohols and surfactants. The
Chemicals Division has manufacturing facilities at Vikhroli, Mumbai and Valia,
REVIEW OF
OPERATIONS:
The total income
increased by Rs. 202.200 millions from Rs. 9714.800 millions to Rs. 9917.000
millions. The Net Profit for the year was Rs. 809.300 millions as compared to
Rs.189.400 millions in the previous year.
SUBSIDIARY,
ASSOCIATE AND JOINT VENTURE COMPANIES
The Company has interests
in several industries including animal feeds, poultry and agro-products, oil
palm plantation, property development, personal and home care, beverages and
confectionery, etc. through its subsidiary / associate / joint venture
companies.
Godrej Agrovet
Limited (GAVL):
The turnover of
GAVL increased from Rs. 12834.600 millions to Rs. 13916.000 millions, an 8%
increase over the previous year. The Profit after tax but before extra ordinary
income increased from Rs. 133.200 millions to Rs. 217.100 millions.
The year saw the core businesses of Animal Feeds and
Agri Inputs returning an extremely good performance, both in revenue and
profit. The Animal Feed business recorded a growth of 16% in revenue and 31% in
profit. The profitability grew due to expansion of contribution margins and
control over fixed overheads. The expansion of contribution margins was
possible due to efficient sourcing, improved formulation and successful R and D
efforts. The Agricultural Inputs business grew by 19% in revenue and 22% in
profitability. This success is even more impressive in the light of a failed
monsoon and drought conditions that followed. The sales growth was fuelled by
innovative products from in-house R and D in addition to growth in the more
commoditised pesticides and Organic Manure Mixture. GAVL enjoyed significantly
lower borrowing costs on account of efficient treasury management. GAVL also
successfully implemented SAP in its Animal Feed business and the implementation
has started yielding significant business benefits.
During the year,
GAVL transferred its entire shareholding in Natures Basket Limited (NBL) to the
Company. GAVL continues to be the holding Company of Godrej Oil Palm Limited
(GOPL), Cauvery Palm Oil Limited (CPOL) and Golden Feed Products Limited
(GFPL).
Godrej Properties
Limited (GPL):
During the year
2009–10, GPL entered the capital market with an Initial Public Offer (IPO) of
9,429,750 equity shares of Rs. 10/- each, through 100% Book Building Process
wherein 7,732,405 equity shares were allotted to the subscribers, at a premium
of Rs. 480/- per share and 1,697,345 equity shares were allotted to certain
Anchor Investors at a premium of Rs. 520/- per share. The issue was subscribed
about 3.6 times. GPL shares were listed on the Bombay Stock Exchange Limited
and National Stock Exchange of India Limited on 05.01.2010.
GPL posted a total
revenue of Rs. 3134.300 millions for the year ended 31.03.2010 from Rs.
2555.200 millions for the year ended 31.03.2009, thereby a growth of 23% over
last year. The net profit grew by 62% at Rs. 1241.900 millions for the year
ended 31.03.2010 from Rs. 766.200 millions for the year ended 31.03.2009.
During the year, GPL successfully completed several projects, most notably the
1st Phase of Godrej Waterside - commercial project in Kolkata, Godrej Woodsman
Estate - a residential project in Bangalore and Godrej Coliseum in Mumbai. At
the end of 2009-10, the completed developed area of GPL stood at 7.55 mn sq.
ft. compared to 3.63 mn sq. ft. in 2008-09. During the year GPL successfully
launched mid-income residential projects in Ahmedabad and Kolkata and it
commenced operations in
GPL launched a
state-of-the art township project, Godrej Garden City in Ahmedabad in March
2010. It is one amongst 16 founding projects of the Climate Positive
Development Program, a Clinton Climate Initiative (CCI) program that will
support the development of large-scale urban projects that demonstrate cities
can grow in ways that are “Climate Positive.” Climate Positive real estate
developments will strive to reduce the amount of on-site CO2 emissions to below
zero. The project received an overwhelming response, the fi rst phase has been
entirely booked within 10 days of its launch.
Godrej
International Limited (GINL):
GINL trades
worldwide in vegetable oils. GINL’s turnover increased by about 4% to US$
120.27 million from US$ 115.50 million whilst profits increased by about 11% to
US$ 1.53 million from US$ 1.38 million. The company improved its turnover and
profits despite difficult markets and lower unit value of vegetable oils. As
the world economy recovers, the company should continue to do well.
Godrej Hershey
Limited (GHL):
The Company holds
a 43.4% stake in GHL. During the year , beverages grew 8% over the previous
year and chocolate syrup grew 82% over the previous year. The gross margin was
under pressure due to unprecedented rise in commodity prices particularly,
sugar, glucose and dairy products. There were some major cost saving projects
undertaken that yielded benefits during this year.
Nutrine
Confectionery Company Limited (NCCL):
NCCL, a 100%
subsidiary of GHL, is a major player in confectionery business in
This market
contributes to about 30% of fruit confectionary and is growing at a very
healthy rate. For the first time, a customer relationship program was held for
Maha Lacto in which over 2,000 channel partners were invited in a ‘Meet and
Greet’ Dhoni event. This was held in Chennai and turned out to be a huge hit
with the wholesalers and distributors who participated in the same. Apart from
this, a consumer promotion was launched in which kids were invited to meet
their idol – M.S. Dhoni. This promotion saw an overwhelming response in key
states leading to a jump in sales post the event.
Godrej Consumer
Products Limited (GCPL):
GCPL is one of the
leading companies in the FMCG sector with a presence in the Personal and
Household Care business. During the year
the company has endeavored to build on its strong foundation and to
create an even stronger future. The year has seen the introduction of many new
products combined with several other growth initiatives which included a
focused expansion into the rural and interior regions. GCPL’s new product
introductions span all the company’s categories comprising soaps, hair
colourants, toiletries and a new range of hand hygiene products. All these
launches have been after a rigorous amount of research and interaction with the
target consumer.
In the soaps
business GCPL introduced two new variants of Godrej No. 1 namely ‘Lime and Aloe
Vera’ and ‘Moisturising soap’ with nourishment of Milk Cream and Almonds. With
this the Godrej No. 1
portfolio now
comprises nine variants. Godrej No. 1 is one of the three chosen power brands
of GCPL and is today valued at over Rs. 5000.000 millions. During the year,
Godrej No. 1 maintained its leadership position in the States of Uttaranchal,
Punjab, Himachal, and
In the hair
colourants business, GCPL re-launched its ‘Godrej Expert Hair colour’ brand
during the year. This is GCPL’s power brand. Godrej Expert Colour is now
available in liquid form as well as powder form. In Renew brand, GCPL launched
Godrej Renew’s Ravishing Reds Collection with two new shades, Wine Red and Plum
Crazy. Both these new launches have been very well liked. GCPL’s international
operations too performed encouragingly especially on the back of the ‘One
Africa’ program which enabled it to derive numerous synergies across the
continent and thereby strengthen GCPL’s presence. Keyline brands’ key
offerings, namely the ‘Cuticura’ Hand Hygiene range, ‘Bio-oil’, P20 performed
strongly. In
GCPL acquired 49%
stake in Godrej Sara Lee Limited (GSLL), an unlisted joint venture between the
Godrej Group and Sara Lee Corporation
Financial Performance of GCPL
On a consolidated
basis, GCPL registered a net income of Rs. 20885.000 millions as compared to
Rs. 14331.300 millions in the previous year and GCPL’s profi t after tax
increased by 96% from Rs. 1732.600 millions in the previous year to Rs.
3395.900 millions in the current year. GCPL has paid a total dividend at the
rate of Rs. 4.25 per equity share of face value Re. 1.
Godrej Hygiene Care
Limited (GHCL)
The Board of
Directors of the Company, at its meeting held in May 2009, approved a scheme
for the merger of GHCL a 100% subsidiary of the Company, into Godrej Consumer
Products Limited (GCPL).
FINANCIAL POSITION
The financial
position of the company continues to be sound. The loan funds at the end of the
year stand at Rs. 5476.100 millions as compared to Rs. 6009.600 millions at the
end of the previous year. The debt equity ratio is 0.52 as compared to 0.57
last year.
The Company continues
to hold the topmost rating of A1+ from ICRA for its commercial paper program
(Rs. 1400.000 millions) (enhanced from Rs. 1000.000 millions). ICRA has also
assigned an A1+ rating for its short term debt instruments/other banking
facilities (Rs. 5950.000 millions) (enhanced from Rs. 5700.000 millions). This
rating of ICRA represents highest-credit quality carrying lowest-credit risk.
ICRA also assigned LAA rating for long-term debt, working capital and other
banking facilities (Rs. 3700.000 millions) (enhanced from Rs. 3300.000
millions). This rating represents high-credit quality carrying low credit risk.
MANUFACTURING
FACILITIES
The Chemicals
Division of the Company has manufacturing facilities at Vikhroli and Valia.
Effective 01.01.2010, leadership across both the factories has been integrated
with one head for manufacturing and engineering services.
Vikhroli:
Vikhroli factory
has successfully implemented OHSAS 18001: 2007 standards last year. Post
implementation of OHSAS 18001: 2007, surveillance audit of the Integrated
Management System (Quality Management
Systems-ISO
9001:2000, Environment Management Systems-ISO 14001:2004 and Occupational
Health and Safety Assessment Series- OHSAS 18001:2007), was conducted by Bureau
Veritas. The factory has been re-certifi ed for the Integrated Management
System in which ISO 9001:2000 has been upgraded to ISO 9001:2008 standards
during last year.
Valia:
Valia factory has
successfully recertifi ed for ISO-14001:2004 and ISO-9001:2008 upgradation
after surveillance audit conducted by Bureau Veritas to check the effectiveness
and improvements under the system and on environment and quality front. The
factory is recommended for continuation of both certificates. This factory has
successfully implemented cost effective separation of C8, C10, C12 and C14
alcohols.
Vegoils Division:
This Division
continues as a contract processor of edible oils and vanaspati. The division
recorded a turnover of Rs. 24.400 millions as against Rs. 24.500 millions in
the previous year.
MANAGEMENT DISCUSSIONS AND ANALYSIS
INDUSTRY STRUCTURE
AND DEVELOPMENTS
The global
meltdown experienced last year, with
With the Index of
Industrial Production showing growth of 10.1% and within that, manufacturing
sector growing at 10.5% compared to same period of last year, the outlook for
the coming year looks promising. However, rising food inflation is an area of
concern. Overall, the Indian economy has shown signs of growth in almost all
the sectors. With the resurgence of positive sentiments, the Indian economy is
expected to maintain and expand its growth rate in the coming year.
FINANCIAL
PERFORMANCE WITH RESPECT TO OPERATIONAL
PERFORMANCE
The highlights of
overall performance are as follows:
Rs.
In Millions
|
Particulars |
2009-10 |
|
Sales |
8163.700 |
|
Total Income |
9917.000 |
|
Profit Before
Taxation |
799.900 |
|
Profit After
Current Taxation |
801.300 |
|
Profit After
Current and Deferred Taxation |
809.300 |
|
Earnings per
Equity Share (Rs.) |
25.400 |
|
Profitability
ratios are as follows: |
|
|
PBDIT/Total
Income |
170.000 |
|
PBT/Total Income |
80.700 |
|
PAT/Total Income |
81.600 |
|
Return on Capital
Employed |
86.100 |
|
Return on Net
Worth |
76.700 |
|
Basic EPS (Rs.) |
2.54 |
|
The Financial
risk ratios are as follows: |
|
|
Debt/Equity |
5.200 |
|
Interest
coverage |
23.300 |
Rs. In Millions
|
Particulars |
2009-10 |
|
Segment Revenue |
|
|
Chemicals |
7812.400 |
|
Estate |
277.500 |
|
Finance and investments |
1708.200 |
|
Others |
118.900 |
|
Total |
9917.000 |
|
|
|
|
Segment Revenue
(PBIT) |
|
|
Chemicals |
523.800 |
|
Estate |
181.900 |
|
Finance and investments |
1582.800 |
|
Others |
(53.900) |
|
Total |
2234.600 |
|
Less: Interest (Net) |
(602.500) |
|
Less: Other un-allocable expenses (Net) |
(832.200) |
|
Profit Before
Tax |
799.900 |
|
|
|
|
Segment Capital
Employed |
|
|
Chemicals |
2660.000 |
|
Estate |
611.200 |
|
Finance and investments |
12766.300 |
|
Others |
229.500 |
|
Unallocated |
(6040.000) |
|
Total |
10227.000 |
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 division achieved export
turnover of Rs. 300 millions in this fi scal, accounting for about 37% of its
turnover. The recovery of the global economy leading to a robust increase in
demand helped the growth in this division. The product categorywise review
follows:
Fatty Acids
Fatty Acids portfolio, comprising stearic acid, oleic acid, as well as
specialty fatty acids, accounted for about 40% of the turnover of the division.
Continuous cost reduction and market development initiatives have helped grow
this category by about 9% in value terms and 8% in volume terms. The division
plans to enhance the sales of its specialty fatty acids in the domestic as well
as export markets.
Fatty Alcohol
Fatty Alcohols accounted for 34% of the sales revenue of the Chemicals
division. Revenue decreased by 11% largely due to the fall in commodity prices
leading to a reduction in unit selling price though volume increased by 3%.
Through effective customer relationship management and supply chain
initiatives, the division could maintain and grow its share with major global
corporations. The growth in sales of fatty alcohols in
With customer focused manufacturing and marketing strategies, it is
expected that revenues from this segment will improve in the coming year.
Surfactants
Surfactants contributed 18% to the turnover of the division. As a
forward integration and de-risking strategy, the division is strongly focusing
on fatty alcohol based surfactants such as Sodium Lauryl Ethoxy Sulphate (SLES)
and Sodium Lauryl Sulphate (SLS) in addition to Alpha Olefi n Sulphonate (AOS),
particularly in improving the presence in the international market. The company
has started exporting SLES and SLS to various countries. Sales grew by 41% in
value terms as compared to last year. This portfolio is expected to grow
steadily in the future.
Glycerin
Glycerin accounted for 4% of the turnover of this division. Revenues
decreased by 36% in view of the low price of Glycerin. This is largely a
by-product and additional sales are mostly opportunistic, depending on market
conditions.
Outlook
The outlook for the coming year 2010-11 is mixed at this point in time.
International prices and demand are showing signs of improvement and if the recovery
trend continues, the chemicals business is well poised to take advantage. If
new capacities for oleo-chemicals that were announced earlier go on stream,
there could be an oversupply situation in the market affecting the prices.
However, most of the new plants are set up to produce mid chain alcohols. The
Company has a competitive advantage due to its unique strategy of offering
higher chain alcohols. Focus on increasing sales of integrated specialty
derivative products of fatty alcohol will improve profi tability as well as
de-risk the business from the adverse movements in the fatty alcohol market.
The Company is actively expanding its presence in the international
market for its specialty derivative products by getting R and D approvals from
multinational corporations. The Company is also focusing on specialty fatty
acids and their co-products, which will improve its leadership position in
terms of market share as also profi tability.
FINANCE AND INVESTMENTS
During the year, the Company continued to earn return from its
investments in the form of dividend of Rs. 428.000 millions (previous year Rs.
502.100 millions) and realised capital appreciation of Rs. 1043.800 millions
(previous year Rs. 562.700 millions). During the year, Godrej Hygiene Care
Limited (GHCL) (formerly known as Godrej Hygiene Care Private Limited), 100%
subsidiary of the Company, was merged with Godrej Consumer Products Limited
(GCPL) under a scheme of arrangement fi led with Hon’ble High Court, Bombay
w.e.f. 01.06.2009 and all assets and liabilities of GHCL stand transferred to
and vested in GCPL. The Company received 209,39,409 equity shares of GCPL in
lieu thereof as per the scheme of arrangement. Out of the equity shares
received, 25% equity shares are locked in till November 2012. During the year,
there subsidiary Godrej Properties Limited successfully completed its IPO and
listed on BSE and NSE. The Company acquired 100% stake in Natures Basket
Limited during the year.
The Company sold its entire stake in Compass BPO Limited. As earlier
reported, the Company had sold its subsidiary company Godrej Hi Care Limited
The per capita income is up by 5.4% as per advance estimate by CSO. (GHCL) in
March, 2009 last year. As per the Share Purchase Agreement entered into with
the purchaser, the sellers of GHCL were entitled to additional consideration on
achievement of stipulated financial parameters based on which the Company
received additional consideration during the year which is reflected in the
accounts.
UNAUDITED STAND
ALONE FINANCIAL RESULTS FOR THE QUARTER ENDED 31.12.2010
(Rs. In Millions)
|
|
|
Quarter
ended |
Nine
months ended |
|
|
Particulars |
31.12.2010
(Unaudited) |
31.12.2010
(Unaudited) |
|
1 |
a) Net Sales |
2789.000 |
7477.000 |
|
|
(b) Other Operating Income |
129.500 |
550.300 |
|
|
Total Income
from operations |
2918.500 |
8027.300 |
|
2. |
Expenditure : |
|
|
|
|
a) (Increase)/Decrease in Stock in trade and work in progress |
(39.800) |
(197.700) |
|
|
b) Consumption of Raw Materials |
1852.800 |
5070.500 |
|
|
c) Purchase of traded goods |
9.700 |
24600 |
|
|
d) Employee's Cost |
282.700 |
794.300 |
|
|
e) Depreciation |
72.90 |
214.400 |
|
|
f) Other Expenditure |
600.200 |
1579.200 |
|
|
g) Total Expenditure
|
2778.500 |
7485.300 |
|
3. |
Profit from
operations before Other Income, Interest and
Exceptional Items |
140.000 |
542.000 |
|
4. |
Other Income |
48.700 |
151.500 |
|
5 |
Profit before
Interest and Exceptional Items |
188.700 |
693.500 |
|
6 |
Interest and Financial Charges |
154.100 |
0.400 |
|
7 |
Profit after/ (Loss) Interest but before Exceptional Items |
34.600 |
243.100 |
|
8 |
Exceptional Items – Income (Profit on sale of long term investments) |
230.600 |
634.600 |
|
9 |
Profit (+)/Loss(-) from Ordinary Activities before tax |
265.200 |
877.700 |
|
10 |
Tax Expenses : |
|
|
|
|
a) Current Tax |
(10.700) |
-- |
|
|
b) MAT Credit Entitlement |
-- |
-- |
|
|
c) Deferred Tax |
26.200 |
49.800 |
|
|
d) Adjustment of previous year (net) |
-- |
-- |
|
11 |
Profit (+)/Loss(-) from Ordinary Activities after tax |
249.700 |
827.900 |
|
12 |
Extraordinary Item (Net of Tax Expense) |
-- |
-- |
|
13 |
Prior Period Items |
-- |
-- |
|
14 |
Net Profit (+)/Loss(-) for the period |
249.700 |
827.900 |
|
15 |
Paid-up Equity Share Capital (Face Value of Rs. 1 per Share) |
317.600 |
317.600 |
|
16 |
Reserve excluding Revaluation Reserve |
-- |
-- |
|
17 |
Basic and Diluted EPS excluding Extra Ordinary Items |
0.79 |
2.61 |
|
18 |
Basic and Diluted EPS including Extra Ordinary Items |
0.79 |
2.61 |
|
19 |
Public Shareholding |
|
|
|
|
- Number of Shares |
66390718 |
66390718 |
|
|
- Percentage of Shareholding |
20.90% |
20.90% |
|
20 |
Promoters and promoter group Shareholding |
|
|
|
|
a) Pledged/Encumbered |
|
|
|
a)
|
-Number of shares |
-- |
-- |
|
|
-Percentage of shares (as a % of the total shareholding
of promoter and promoter group) |
-- |
-- |
|
|
- Percentage of shares (as a% of the total
share capital of the company) |
-- |
-- |
|
b)
|
b) Non-encumbered |
|
|
|
|
-Number of Shares |
251234174 |
251234174 |
|
|
-Percentage of shares (as a % of the total
shareholding of promoter and promoter group) |
100% |
100% |
|
|
- Percentage of shares (as a% of the total
share capital of the company) |
79.10% |
79.10% |
Notes:
- The above
results, which have been subjected to a limited review by the statutory
auditors of the Company, were reviewed by the Audit Committee and approved
by the Board of Directors of the Company at their meetings held on
24.01.2011 and have been prepared in accordance with Clause 41 of the
Listing Agreement.
- The Auditors’
Limited Review Report for the period ended 31.12.2010 draws reference to
recoverability of advances amounting to ` 1,033 lac given to certain
individuals being contingent upon the transfer and/or disposal of the
shares pledged against the loan. The Company has enforced its securities
and lodged the shares for transfer in its name. However, as the transfer
application was rejected, the Company filed an appeal before the Company
Law Board(CLB). The investee company had in the meanwhile, moved the
Bombay High Court and the Court remanded the matter back to CLB. The CLB
has advised that the parties may approach the Bench after final disposal
of the suit filed by the investee company and the application made by
minority shareholders under section 397/398 before the Hon’ble High Court.
The Company has filed an appeal with the Hon'ble High Court against the
order of the Company Law Board under section 10 F of the Companies Act ,
which has been admitted. The impact thereof on the profit for the year and
the reserves as at 31st December, 2010 cannot be ascertained.
- The Company’s
ESOP plan is administered by an independent ESOP Trust which purchases
shares of the Company from the market equivalent to the number of stock
options granted from time to time to eligible employees. These purchases
are financed by loans from the Company aggregating to `8831.17 lac . The
Auditors' Limited Review Report for the quarter ended 31.12.2010 draws
attention, without qualifying the report, that the market value, as on
31st December 2010, of the shares held by the ESOP trust is lower than the
cost of these shares by `2158.93 lac. The repayment of the loans granted
to the ESOP Trust is dependent on the exercise of the options by the
employees and the market price of the underlying shares of the unexercised
options at the end of the exercise period. The weighted average balance
life of options outstanding as on 31.12.2010 is 3.35 years.
- Information
on investor complaints pursuant to clause 41 of the listing agreement for
the quarter ended 31.12.2010
|
Complaints
outstanding as on September 30, 2010 |
Nil |
|
Complaints
received during quarter ended December 31, 2010 |
13 |
|
Complaints resolved
during quarter ended December 31, 2010 |
13 |
|
Complaints
outstanding as on December 31, 2010 |
Nil |
5. Segment Information
Rs.
In Millions
|
|
|
Quarter Ended |
Nine Months Ended |
|
|
Particulars |
|
|
|
1. |
Segment Revenue |
|
|
|
|
Chemicals |
2701.400 |
7225.800 |
|
|
Estate |
112.900 |
256.300 |
|
|
Finance and investments |
355.400 |
1242.100 |
|
|
Others |
28.200 |
89.300 |
|
|
Total |
3197.800 |
8813.400 |
|
|
Less: Inter
Segment Revenue |
- |
- |
|
|
Total |
3197.800 |
8813.400 |
|
|
|
|
|
|
2. |
Segment Revenue
(Before Interest and Tax) |
|
|
|
|
Chemicals |
240.600 |
558.600 |
|
|
Estate |
90.200 |
178.300 |
|
|
Finance and investments |
355.400 |
1242.100 |
|
|
Others |
(17.900) |
(34.100) |
|
|
Profit Before
Interest and Tax |
668.300 |
1944.900 |
|
|
Less: Interest (Net) |
154.100 |
450.400 |
|
|
Less: Other un-allocable expenses (Net) |
249.000 |
616.800 |
|
|
Profit Before
Tax |
265.200 |
877.700 |
|
|
|
|
|
|
3. |
Segment Capital
Employed |
|
|
|
|
Chemicals |
1899.400 |
1899.400 |
|
|
Estate |
949.100 |
949.100 |
|
|
Finance and investments |
13498.400 |
13498.400 |
|
|
Others |
241.100 |
241.100 |
|
|
Unallocated |
(5544.400) |
(5544.400) |
|
|
Total |
11043.600 |
11043.600 |
Notes to Segmental Information:
a) Unallocable expenditure includes expenses incurred on common services at the corporate level and relate to the Company as a whole.
b) Others includes Vegoils and the business of energy generation through windmills.
c) Segment Revenue Reconciliation:
Rs. In Millions
|
Sr. No |
Particulars |
Quarter ended 31.12.2010 (Unaudited) |
Nine Months ended 31.12.2010 (Unaudited) |
|
1 |
Total income from operations |
2918.500 |
8027.300 |
|
2 |
Other income |
48.700 |
151.500 |
|
3 |
Exceptional items – income (profit on sale of long term investments) |
230.600 |
634.600 |
|
|
Total |
3197.800 |
8813.400 |
6 Figures for the previous periods have been regrouped / restated wherever necessary to facilitate comparison.
Contingent Liabilities:-
|
Particulars |
31.03.2010 (Rs. In millions) |
|
a) Claims
against the Company not acknowledged as debts: |
|
|
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. |
119.205 |
|
ii) Customs Duty
demands relating to less charge, differential duty, classification, etc. |
28.608 |
|
iii) Sales Tax
demand relating to purchase tax on Branch Transfer/ Non availability of C
Forms, etc. at various levels. |
21.624 |
|
iv) Octroi
demand relating to classification issue on import of Palm Stearine and
interest thereon. |
121.763 |
|
v) Stamp duties
claimed on certain properties which are under appeal by the Company |
18.223 |
|
vi) Income Tax
demands against which the Company has preferred appeals. |
149.803 |
|
vii) Industrial
relations matters under appeal |
19.970 |
|
viii) Others |
13.076 |
|
b) Guarantees
issued by banks, excluding guarantees issued in respect of matters reported
in (a) above. |
73.304 |
|
c) Guarantees
given by the Company in respect of credit/guarantee limits sanctioned by banks
to subsidiary and other companies. |
143.121 |
|
d) Letter of
Credit issued by bank of behalf of the company |
61.774 |
|
e) Uncalled
liability on partly paid shares / debentures |
5.003 |
|
f) Additional Consideration
payable for acquisition of certain shares on the occurrence of certain
contingent events. |
-- |
FIXED ASSETS
· Land
· Buildings
· Plant and Machinery
· Research Centre
· Furniture and Fixtures
· Office and Other Equipments
· Vehicles
Website Details:
Subject is a manufacturer of Oleochemicals and makes more than a hundred chemicals for use in over two dozen industries. It also manufactures edible oils, vanaspati and bakery fats. Besides, it operates real estate. Gil is a member of the godrej group, which was established in 1897 and has since grown into a us$1.875 billion conglomerate. The company was called godrej soaps until 31.03.2001. Thereafter, the consumer products division got de-merged into godrej consumer products, and the residual godrej soaps became godrej industries. This led to the formation of two separate corporate entities: godrej consumer products and godrej industries.
Besides its
three businesses, Godrej industries also runs four divisions — corporate
finance, corporate hr, corporate audit and assurance and research and
development — which operate on behalf of the entire godrej group.
Gil has
built a strong manufacturing base capable of delivering international quality
products at competitive prices. It operates two plants, one at valia in the
Indian state of Gujarat and a second at
Vikhroli in suburban Mumbai. The company's products are exported to 40
countries in north and South America, Asia, Europe, Australia
and Africa , and it leads the Indian market in
the production of fatty acids, fatty alcohols and aos.
PRESS RELEASE:
Consolidated Total Income for Q3 FY 2010-11 at Rs. 10760.000 millions up
by 20%
Consolidated PBT for Q3 FY 2010-11 at Rs. 580.000 millions higher by
105%
Consolidated Net Profit for Q3 FY 2010-11 at Rs. 610.000 millions grew
by 39%
Godrej Industries Limited today reported its financial performance for
Q3 and 9M FY 2010-2011.
Highlights of the unaudited financial results for Q3 and 9M FY 2010-11:
|
Rs. millions |
Q3 FY 2011 |
Q3 FY 2010 |
% change |
9M FY 2011 |
9M FY 2010 |
% change |
|
Total Income |
10760.000 |
8990.000 |
20% |
3171 |
2607 |
22% |
|
PBDIT |
940.000 |
650.000 |
45% |
291 |
224 |
30% |
|
PBT |
580.000 |
280.000 |
105% |
189 |
117 |
62% |
|
Net Profit |
610.000 |
440.000 |
39% |
185 |
127 |
46% |
|
EPS (Rs.) (annualised) |
7.6 |
5.5 |
39% |
7.8 |
5.3 |
46% |
HIGHLIGHTS OF QUARTERLY PERFORMANCE (Q3 FY 2010-11)
• Total Income increased by 20% to Rs. 10760.000 millions.
• PBDIT higher by 45% to Rs. 940.000 millions.
• Profit Before Tax up by 105% to Rs. 580.000 millions.
• Net Profit increased by 39% to Rs. 610.000 millions.
CHAIRMAN’S COMMENTS
Commenting on the performance for Q3 and 9M FY 2010-11, Mr. A. B. Godrej,
Chairman, Godrej Industries Limited, said:
“I am happy to announce that all our
operating businesses performed extremely well during the period , thereby
reinforcing the efficacy of our business model and ‘CREATE’, our strategy for
growth.
Our Oleochemicals business has shown strong
growth in terms of sales and profitability. All our agri businesses reported
significant growth in both sales and profitability over the corresponding
quarter with plans to add capacities and launch new products to match the
increased demand. Godrej Properties also continues to receive encouraging
response on various projects across the country establishing its position as a
national real estate developer.
We continue to be guided by our vision of a
Brighter Living for all of our stakeholders. Through our CREATE strategy, we
continue to remain focused on harnessing the full potential of our 4 core
businesses, enabling a transformation across the Group and incubating
businesses for the future.
As a Group, we have always actively championed
social responsibility. We will further our commitment to sustainable growth
through ‘shared value’ initiatives that create both social and business
benefits. In line with this, we have crafted our objectives for playing our
part in creating a more inclusive and greener
1. Create an employable workforce – Train 1 million
rural and urban youth in skilled employment
2. Create a greener
3. Innovate for good and green products – Have a
third of our portfolio revenues comprising Good and/or Green products and
services
A strong business model, well diversified and
growing operating businesses, a relentless focus on execution and the power of
brand Godrej, provide us the environment to create increasing value for all our
stakeholders.”
CORPORATE
HIGHLIGHTS
Chemicals
Business (Godrej Industries Limited) – Awards / Recognition
- Mr. Adi
Godrej (Chairman of Godrej Group) felicitated with the 37th and 38th
CHEMEXCIL Lifetime Achievement Award at Mumbai for excellent Chemicals
export performance.
- Chemicals
Business has been awarded the Frost and Sullivan Best Managed Company of
the Year Award at Frost and Sullivan CMF Awards.
- Vikhroli
Factory has been awarded “Excellent QC Award” and “Distinguished QC Award”
at the “24th National Convention of Quality Circle” (NCQC-2010).
Business
Highlights – Godrej Consumer Products Limited
- Acquisition
of Genteel extends leadership in the specialty liquid detergents category
and the acquisition of Swastik will consolidate number two position in the
personal wash category.
- Continues to
enjoy market leadership position in hair colours and household
insecticides markets in
- International
business comprises of 34% of total consolidated revenues.
About
Godrej Industries Limited
Godrej
Industries Limited is part of the Godrej group, one of the leading business
groups in
CMT REPORT (Corruption, Money Laundering & Terrorism]
The Public Notice information has been collected from various sources
including but not limited to: The Courts,
1] INFORMATION ON
DESIGNATED PARTY
No records exist designating subject or any of its beneficial owners,
controlling shareholders or senior officers as terrorist or terrorist
organization or whom notice had been received that all financial transactions
involving their assets have been blocked or convicted, found guilty or against
whom a judgement or order had been entered in a proceedings for violating
money-laundering, anti-corruption or bribery or international economic or
anti-terrorism sanction laws or whose assets were seized, blocked, frozen or
ordered forfeited for violation of money laundering or international
anti-terrorism laws.
2] Court Declaration :
No records exist to suggest that subject is
or was the subject of any formal or informal allegations, prosecutions or other
official proceeding for making any prohibited payments or other improper
payments to government officials for engaging in prohibited transactions or
with designated parties.
3] Asset Declaration :
No records exist to suggest that the property or assets of the subject
are derived from criminal conduct or a prohibited transaction.
4] Record on Financial
Crime :
Charges or conviction
registered against subject: None
5] Records on Violation of
Anti-Corruption Laws :
Charges or
investigation registered against subject: None
6] Records on Int’l
Anti-Money Laundering Laws/Standards :
Charges or
investigation registered against subject: None
7] Criminal Records
No
available information exist that suggest that subject or any of its principals
have been formally charged or convicted by a competent governmental authority
for any financial crime or under any formal investigation by a competent
government authority for any violation of anti-corruption laws or international
anti-money laundering laws or standard.
8] Affiliation with
Government :
No record
exists to suggest that any director or indirect owners, controlling
shareholders, director, officer or employee of the company is a government
official or a family member or close business associate of a Government
official.
9] Compensation Package :
Our market
survey revealed that the amount of compensation sought by the subject is fair
and reasonable and comparable to compensation paid to others for similar
services.
10] Press Report :
No press reports / filings exists on
the subject.
CORPORATE GOVERNANCE
MIRA INFORM as part of its Due Diligence do provide comments on Corporate
Governance to identify management and governance. These factors often have been
predictive and in some cases have created vulnerabilities to credit
deterioration.
Our Governance Assessment focuses principally on the interactions
between a company’s management, its Board of Directors, Shareholders and other
financial stakeholders.
CONTRAVENTION
Subject is not known to have contravened any existing local laws,
regulations or policies that prohibit, restrict or otherwise affect the terms
and conditions that could be included in the agreement with the subject.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.45.74 |
|
|
1 |
Rs.72.73 |
|
Euro |
1 |
Rs.62.73 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
7 |
|
OPERATING SCALE |
1~10 |
8 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
8 |
|
--PROFITABILIRY |
1~10 |
8 |
|
--LIQUIDITY |
1~10 |
8 |
|
--LEVERAGE |
1~10 |
7 |
|
--RESERVES |
1~10 |
8 |
|
--CREDIT LINES |
1~10 |
7 |
|
--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 |
NO |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
YES |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
67 |
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 |
Capability to overcome financial difficulties seems comparatively below
average. |
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 |
|
- |
NB |
New Business |
- |
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or
its officials.