MIRA INFORM REPORT
|
Report Date : |
31.07.2013 |
IDENTIFICATION DETAILS
|
Name : |
GODREJ INDUSTRIES LIMITED (w. e. f. 02.04.2001) |
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Formerly Known
As : |
GODREJ SOAPS
LIMITED GUJARAT-GODREJ
INNOVATIVE CHEMICALS LIMITED |
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Registered
Office : |
Pirojshanagar Eastern Express Highway, Vikhroli, Mumbai -
400079, Maharashtra |
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Country : |
India |
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Financials (as
on) : |
31.03.2013 |
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Date of
Incorporation : |
07.03.1988 |
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Com. Reg. No.: |
11-097781 |
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Capital
Investment / Paid-up Capital : |
Rs. 335.200
Millions |
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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.: [Permanent Account No.] |
AAACG2953R |
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Legal Form : |
A Public Limited Liability Company. The Company’s Shares are Listed on
the Stock Exchanges. |
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Line of Business
: |
Manufacturing and Marketing of Oleochemicals, their
Precursors and Derivatives, Bulk Edible Oils, Estate Management and
Investment Activities. |
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No. of Employees
: |
1371 (Approximately) |
RATING & COMMENTS
|
MIRA’s Rating : |
A (67) |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
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 64960000 |
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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 a fine track record. There appears some dip in the profits
during 2013. However, the financial position of the company is sound and
healthy. Trade relations are reported as trustworthy. Business is active.
Payments are reported to be regular and as per commitments. The company can be considered good 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.
EXTERNAL AGENCY RATING
|
Rating Agency Name |
ICRA |
|
Rating |
Long term rating : AA |
|
Rating Explanation |
High degree of safety and very low credit
risk. |
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Date |
December 2012 |
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Rating Agency Name |
ICRA |
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Rating |
Short term rating : A1+ |
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Rating Explanation |
Very strong degree of safety and lowest
credit risk. |
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Date |
December 2012 |
RBI DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter in
the publicly available RBI Defaulters’ list.
EPF (Employee Provident Fund) DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter
in the publicly available EPF (Employee Provident Fund) Defaulters’ list as of
31-03-2012.
INFORMATION DECLINED
Management Non Cooperative. (91-22-25188010)
LOCATIONS
|
Registered Office/ Factory 1 : |
Pirojshanagar, Eastern Express Highway, Vikhroli (East), Mumbai – 400079, Maharashtra, India |
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Tel. No.: |
91-22-25188010/ 25188020/ 25188030/ 25194493/ 66451211/ 1218 |
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Fax No.: |
91-22-25188066/ 25188074/ 66451213 |
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E-Mail : |
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Website : |
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Factory 2 : |
Valia (DTA and EOU) Burjorjinagar,
Plot No. 3, Village Kanerao, Taluka - Valia, District Bharuch - 393135,
Gujarat, India |
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Tel. No.: |
91-2643-270756-60 |
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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 – 400037, Maharashtra,
India |
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Tel. No.: |
91-22-24148770/
24154816 |
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Fax No.: |
91-22-24126204 |
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Branches : |
4th Floor, Delite Theatre Building, 4/1, Asaf Ali Road, New Delhi - 110002, India Phone :91-11-23261066 Fax : 91-11-23261088 Kolkata Block GN, Sector-V, Salt Lake City, Kolkata – 700091, West Bengal, India Phone : 91-33-23573555 Fax : 91-33-23573945 284A, Phone : (004420) - 88860145 Fax : (004420) - 88869424 |
DIRECTORS
AS ON 31.03.2013
|
Name : |
Mr. A. B. Godrej |
|
Designation : |
Chairman |
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Date of Birth/Age : |
71 Years |
|
Qualification : |
B.S., M.S. from Massachusetts Institute of Technology, U.S.A. |
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Expertise in
specific functional area : |
Engineering and Management |
|
Date of Appointment : |
07.03.1988 |
|
Other Directorship : |
Godrej and Boyce
Mfg. Company Limited Godrej Consumer
Products Limited Godrej
Properties Limited Godrej Agrovet
Limited Godrej Hygiene
Products Limited Godrej
Investments Private Limited Godrej Consumer
Products (UK) Limited, Keyline Brands
Limited Rapidol (Pty)
Limited Godrej
International Limited Godrej Global
Mid East FZE Godrej Consumer
Products Mauritius Limited Kinky Group Pty.
Limited Godrej Consumer
Products Holding (Mauritius) Limited Godrej Nigeria
Limited PT Megasari
Makmur PT Ekamas
Sarijaya PT Sarico Indah PT Indomas
Susemi Jaya Argencos S.A. PT
Intrasari-Raya Laboratoria Cuenca S.A. Consell S.A. Panamar Producciones
Sri Argentina Godrej Kinky
Holdings Limited Godrej Consumer
Products Dutch Coperatief U.A. Godrej Consumer
Products (Netherland) B.V. Godrej Consumer
Holdings (Netherland) B.V. Godrej Indonesia
Netherland Holdings B.V. Godrej Argentina
Dutch Coperatief U.A. Godrej
Netherland Argentina Holding B.V. Godrej
Netherland Argentina B.V. DGH Mauritius
Private Limited Swadeshi
Detergents Limited Vora Soaps
Limited Indian School of
Business (Member of the Executive Board) |
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|
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Name : |
Mr. J. N. Godrej |
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Designation : |
Managing Director |
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Name : |
Mr. N. B. Godrej |
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Designation : |
Managing Director |
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Date of Birth/Age : |
61 Years |
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Qualification : |
B.S. from Massachusetts Institute of Technology, U.S.A., M.S. in Chem. Engg., Standford University. MBA, Harward Business School. |
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Expertise in
specific functional area : |
Engineering and Management |
|
Date of Appointment : |
07.03.1988 |
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Other Directorship : |
Godrej and Boyce Mfg. Company Limited Godrej Consumer Products Limited Mahindra and Mahindra Limited Godrej Properties Limited The Indian Hotels Company Limited Tata Teleservices (Maharashtra) Limited Godrej Agrovet Limited Godrej Tyson Foods Limited Isprava Technologies Limited Godrej International Limited Godrej Global Mid East FZE. ACI Godrej Agrovet Private Limited - Bangladesh Keyline Brands Limited Rapidol (Pty) Limited Godrej Nigeria Limited Poultry Processors’ Association of India |
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Name : |
Mr. A. B.
Choudhury |
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Designation : |
Director |
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Date of Birth/Age : |
70 Years |
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Qualification : |
Masters In Economics and MMS from JBIMS |
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Expertise in
specific functional area : |
Marketing, General Management and Real Estate |
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Date of Appointment : |
04.08.2009 |
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Other Directorship : |
Godrej Properties Limited Godrej Agrovet Limited Wadala Commodities Limited Swadeshi Detergents Limited Vora Soaps Limited Godrej Waterside Properties Private Limited |
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Name : |
Mr. S. A.
Ahmadullah |
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Designation : |
Director |
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|
Name : |
Mr. V. M. Crishna |
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Designation : |
Director |
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Date of Birth/Age : |
66 Years |
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Qualification : |
B.A. (Economics) |
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Expertise in
specific functional area : |
Economics |
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Date of Appointment : |
03.01.1995 |
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Other Directorship : |
Godrej and Boyce Mfg. Company Limited Godrej Agrovet Limited Precision Wires India Limited Naoroji Godrej Centre for Plant Research |
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|
Name : |
Mr. K. K. Dastur |
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Designation : |
Director |
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Date of Birth/Age : |
71 Years |
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Qualification : |
B. Com., A.C.A. |
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Expertise in
specific functional area : |
Finance and Accounts |
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Date of Appointment : |
01.05.2002 |
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Other Directorship : |
Godrej Infotech Limited Cartini India Limited Netel (India) Limited Oil Field Instrumentation (India) Limited |
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|
Name : |
Mr. K. M. Elavia |
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Designation : |
Director (Appointed w.e.f. May 28, 2013) |
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Date of Birth/Age : |
67 Years |
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Qualification : |
Chartered Accountant |
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Expertise in
specific functional area : |
Finance, Accounts, Company Law, Banking and Corporate Governance |
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Date of Appointment : |
28.05.2013 |
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Other Directorship : |
Godrej and Boyce Mfg. Company Limited NRB Bearings Limited Goa Carbon Limited Uni Abex Alloy Products Limited Uni Deritend Limited Allcargo Logistics Limited Insilco Limited Peerless Trust Management Company Limited Dai-Ichi Karkaria Limited Raptor Research and Conservation Fund (Section 25 Company) Grindwell Norton Limited Development Credit Bank Limited Busbar Systems (India) Limited Uni VTL President Private Limited SinoGoa International Holdings Limited (Foreign Company) |
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Name : |
Mr. N. D. Forbes |
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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 : |
Mrs. T. A. Dubash |
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Designation : |
Executive
Director and Chief Brand Officer |
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Name : |
Mr. M. Eipe |
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Designation : |
Executive
Director and President (Chemicals) (Superannuated
on April 30, 2013) |
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|
Name : |
N. S. Nabar |
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Designation : |
Executive
Director and President (Chemicals) (Appointed
w.e.f. May 1, 2013) |
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Date of Birth/Age : |
49 Years |
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Qualification : |
B. Sc. (Tech.) University of Mumbai and Management
Graduate, Welingkar Institute of Management Development and Research, Mumbai |
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Expertise in specific functional area : |
Sales, Marketing, Commodities, Exports, Imports and
Purchase |
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Date of Appointment : |
01.05.2013 |
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Other Directorship : |
Ensemle Holding and Finance Limited
Wadala Commodities Limited |
KEY EXECUTIVES
|
BOARD COMMITTEES |
|
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Audit Committee : |
K. K. Dastur (Chairman)
S. A.
Ahmadullah
K. N.
Petigara
A. B.
Choudhury |
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|
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Compensation Committee : |
S. A. Ahmadullah (Chairman)
B.
Choudhury
K. N.
Petigara
N. B.
Godrej |
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Shareholders Committee : |
B. Godrej (Chairman)
N. B.
Godrej
T. A.
Dubash
N. S.
Nabar |
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Management Committee : |
B. Godrej (Chairman)
N. B.
Godrej
T. A.
Dubash
N. S.
Nabar |
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|
Name : |
Clement Pinto |
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Designation : |
Chief Financial
Officer |
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Name : |
K. R. Rajput |
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Designation : |
Company Secretary |
SHAREHOLDING PATTERN
AS ON 30.06.2013
|
Category of Shareholder |
No. of Shares |
Percentage of
Holding |
|
(A) Shareholding of Promoter and Promoter Group |
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|
|
|
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|
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|
64031786 |
19.10 |
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|
187202388 |
55.85 |
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|
251234174 |
74.96 |
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Total shareholding of Promoter and Promoter Group (A) |
251234174 |
74.96 |
|
(B) Public Shareholding |
|
|
|
|
|
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|
4480133 |
1.34 |
|
|
137149 |
0.04 |
|
|
10295229 |
3.07 |
|
|
33863511 |
10.10 |
|
|
48776022 |
14.55 |
|
|
|
|
|
|
12829234 |
3.83 |
|
|
|
|
|
|
14617175 |
4.36 |
|
|
6870076 |
2.05 |
|
|
839236 |
0.25 |
|
|
839236 |
0.25 |
|
|
35155721 |
10.49 |
|
Total Public shareholding (B) |
83931743 |
25.04 |
|
Total (A)+(B) |
335165917 |
100.00 |
|
(C) Shares held by Custodians and against which Depository Receipts have been issued |
|
|
|
|
0 |
0.00 |
|
|
0 |
0.00 |
|
|
0 |
0.00 |
|
Total (A)+(B)+(C) |
335165917 |
100.00 |
Shareholding of
securities (including shares, warrants, convertible securities) of persons
belonging to the category Promoter and Promoter Group
|
Sl. No. |
Name of the
Shareholder |
No. of Shares held |
As a % of grand
total (A)+(B)+(C) |
Total shares
(including underlying shares assuming full conversion of warrants and
convertible securities) as a % of diluted share capital |
|
1 |
Burjis Nadir Godrej |
54,46,740 |
1.63 |
1.63 |
|
2 |
Freyan Vijay Crishna |
64,03,175 |
1.91 |
1.91 |
|
3 |
Godrej and Boyce Mfg. Company Limited |
18,72,02,388 |
55.85 |
55.85 |
|
4 |
Nadir Barjorji Godrej |
12,20,572 |
0.36 |
0.36 |
|
5 |
Navroze Jamshyd Godrej |
64,03,181 |
1.91 |
1.91 |
|
6 |
Nisaba Adi Godrej |
42,68,781 |
1.27 |
1.27 |
|
7 |
Nyrika Vijay Crishna |
64,03,175 |
1.91 |
1.91 |
|
8 |
Pirojsha Adi Godrej |
42,68,786 |
1.27 |
1.27 |
|
9 |
Raika Jamshyd Godrej |
64,03,169 |
1.91 |
1.91 |
|
10 |
Rati Nadir Godrej |
6,00,000 |
0.18 |
0.18 |
|
11 |
Rishad Kaikhushru Godrej |
1,28,06,350 |
3.82 |
3.82 |
|
12 |
Sohrab Nadir Godrej |
55,39,074 |
1.65 |
1.65 |
|
13 |
Tanya Arvind Dubash |
42,68,783 |
1.27 |
1.27 |
|
|
Total |
25,12,34,174 |
74.96 |
74.96 |
(*) The term encumbrance has the same meaning as
assigned to it in regulation 28(3) of the SAST Regulations, 2011.
Shareholding of
securities (including shares, warrants, convertible securities) of persons
belonging to the category Public and holding more than 1% of the total number
of shares
|
Sl. No. |
Name of the
Shareholder |
No. of Shares held |
Shares as % of
Total No. of Shares |
Total shares
(including underlying shares assuming full conversion of warrants and convertible
securities) as a % of diluted share capital |
|
1 |
IL And FS Trust Company Limited |
5870889 |
1.75 |
1.75 |
|
2 |
Government Pension Fund Global |
6389376 |
1.91 |
1.91 |
|
3 |
Life Insurance Corporation of India |
10295229 |
3.07 |
3.07 |
|
4 |
HDFC Standard Life Insurance Company Limited |
7004825 |
2.09 |
2.09 |
|
5 |
JF India Fund |
3360556 |
1.00 |
1.00 |
|
|
Total |
32920875 |
9.82 |
9.82 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturing and Marketing of Oleochemicals, their Precursors
and Derivatives, Bulk Edible Oils, Estate Management and Investment
Activities. |
GENERAL INFORMATION
|
No. of Employees : |
1371 (Approximately) |
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Bankers : |
Central Bank of India State Bank of India Bank of India HDFC Bank Limited Citibank N.A. HSBC Limited DBS Bank Limited IDBI Bank Limited Kotak
Mahindra 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 Mfg. Company Limited |
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Subsidiary
companies : |
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Fellow
Subsidiaries : |
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Associate
/ Joint Venture Companies : |
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Enterprises
over which key management personnel exercise significant influence : |
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CAPITAL STRUCTURE
AS ON 31.03.2013
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
800,000,000 |
Equity Shares |
Re. 1/- each |
Rs. 800.000 Millions |
|
100,000,000 |
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 |
|
|
|
|
|
|
335,165,917 |
Equity Shares |
Re. 1/- each |
Rs. 335.200
Millions |
|
|
|
|
|
Reconciliation of
number of Shares
|
|
31.03.2013 |
|
|
Equity Shares |
Number |
Rs. In Millions |
|
Number of Shares outstanding at the beginning of the year |
317,624,892 |
317.600 |
|
Issued during the year |
17,541,025 |
17.600 |
|
Number of Shares outstanding at the end of the year |
335,165,917 |
335.200 |
Rights,
Preferences and Restrictions attached to Shares
Equity Shares: The Company has one class of equity shares. Each equity
share entitles the holder to one vote. The final dividend proposed by the Board
of Directors is subject to the approval of the shareholders in the ensuing
Annual General Meeting. In the event of liquidation, the equity shareholders
are eligible to receive the remaining assets of the Company after distribution
of all preferential amounts in proportion to their shareholding.
Share Holding
Information
|
|
31.03.2013 |
|
|
Equity Shares |
Number |
Rs. In Millions |
|
(a) Equity Shares held by Godrej and Boyce Manufacturing Company Limited - Holding Company |
187,202,388 |
187.200 |
|
(b) Shareholders holding more than 5% of Equity Shares in the Company Godrej and Boyce Manufacturing Company Limited - 55.85% (Previous Year 58.94%) |
187,202,388 |
187.200 |
Equity Shares
Reserved for Issue under Options
|
|
31.03.2013 |
|
|
Equity Shares |
Number |
Rs. In Millions |
|
(a) 120,599 Employee Stock Options eligible for 120,599 equity shares
of Rs.1 each vesting on 31/05/12 |
-- |
-- |
|
(b) 32,921 Employee Stock Options eligible for 32,921 equity shares of
Rs.1 each vesting on 30/07/12 (*) |
32,921 |
-- |
|
(c) 5,901 Employee Stock Options eligible for 5,901 equity shares of
Rs.1 each vesting on 29/06/12 |
-- |
-- |
|
(d) 189,029 Employee Stock Options eligible for 189,029 equity shares
of Rs.1 each vesting on 31/05/13 |
189,029 |
0.200 |
|
(e) 191,354 Employee Stock Options eligible for 191,354 equity shares
of Rs.1 each vesting on 31/05/14 |
191,354 |
0.200 |
|
(f) 3,974 Employee Stock Options eligible for 3,974 equity shares of
Rs.1 each vesting on 31/12/13 (*) |
3,974 |
-- |
|
(g) 1,927 Employee Stock Options eligible for 1,927 equity shares of
Rs.1 each vesting on 30/04/14 (*) |
1,927 |
-- |
|
(h) 8,226 Employee Stock Options eligible for 8,226 equity shares of
Rs.1 each vesting on 31/07/13 (*) |
8,226 |
-- |
|
(i) 1,387 Employee Stock Options eligible for 1,387 equity shares of
Rs.1 each vesting on 31/11/14 (*) |
1,387 |
-- |
|
(j) 80,065 Employee Stock Options eligible for 80,065 equity shares of
Rs.1 each vesting on 31/05/15 |
80,065 |
0.100 |
|
(k) 3,841 Employee Stock Options eligible for 3,841 equity shares of
Rs.1 each vesting on 31/03/15 (*) |
3,841 |
-- |
During the period of five years immediately preceeding the date as at which
the Balance Sheet is prepared:
(a) There were no shares allotted as fully paid up pursuant to contracts
without payment being received in cash.
(b) No shares have been allotted as fully paid up bonus shares.
(c) In the financial year 2009-10, the Company bought back 2,133,710
Equity Shares.
There are no calls unpaid.
There are no forfeited shares.
(*) Amount less than Rs. 0.100 Million.
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
I.
EQUITY AND LIABILITIES |
|
|
|
|
(1)Shareholders'
Funds |
|
|
|
|
(a) Share Capital |
335.200 |
317.600 |
317.600 |
|
(b) Reserves & Surplus |
15906.000 |
12007.900 |
10583.800 |
|
(c) Money received against share warrants |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
(2) Share
Application money pending allotment |
0.000 |
0.000 |
0.000 |
|
Total
Shareholders’ Funds (1) + (2) |
16241.200 |
12325.500 |
10901.400 |
|
|
|
|
|
|
(3) Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
4223.600 |
1811.000 |
1977.300 |
|
(b) Deferred tax liabilities (Net) |
343.800 |
357.600 |
359.200 |
|
(c)
Other long term liabilities |
0.000 |
0.000 |
0.000 |
|
(d)
long-term provisions |
100.200 |
65.000 |
55.100 |
|
Total
Non-current Liabilities (3) |
4667.600 |
2233.600 |
2391.600 |
|
|
|
|
|
|
(4)
Current Liabilities |
|
|
|
|
(a)
Short term borrowings |
4452.600 |
944.900 |
1157.300 |
|
(b)
Trade payables |
4305.700 |
6017.800 |
3187.500 |
|
(c)
Other current liabilities |
1591.000 |
3969.100 |
3969.600 |
|
(d)
Short-term provisions |
744.700 |
689.900 |
694.300 |
|
Total
Current Liabilities (4) |
11094.000 |
11621.700 |
9008.700 |
|
|
|
|
|
|
TOTAL |
32002.800 |
26180.800 |
22301.700 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1)
Non-current assets |
|
|
|
|
(a)
Fixed Assets |
|
|
|
|
(i)
Tangible assets |
3208.500 |
3306.600 |
3128.000 |
|
(ii)
Intangible Assets |
5.300 |
8.400 |
13.700 |
|
(iii)
Capital work-in-progress |
4890.200 |
1417.900 |
43.500 |
|
(iv) Intangible assets under development |
0.000 |
0.000 |
0.000 |
|
(b) Non-current
Investments |
12782.700 |
13498.300 |
12279.900 |
|
(c) Deferred tax assets
(net) |
0.000 |
0.000 |
0.000 |
|
(d) Long-term Loan
and Advances |
872.300 |
1135.100 |
1295.500 |
|
(e)
Other Non-current assets |
0.000 |
0.000 |
43.000 |
|
Total
Non-Current Assets |
21759.000 |
19366.300 |
16803.600 |
|
|
|
|
|
|
(2)
Current assets |
|
|
|
|
(a)
Current investments |
609.800 |
39.800 |
57.500 |
|
(b)
Inventories |
1382.500 |
1998.300 |
1850.900 |
|
(c)
Trade receivables |
1396.200 |
1332.800 |
1226.300 |
|
(d)
Cash and cash equivalents |
4465.400 |
691.400 |
380.300 |
|
(e)
Short-term loans and advances |
1467.200 |
1213.600 |
641.300 |
|
(f)
Other current assets |
922.700 |
1538.600 |
1341.800 |
|
Total
Current Assets |
10243.800 |
6814.500 |
5498.100 |
|
|
|
|
|
|
TOTAL |
32002.800 |
26180.800 |
22301.700 |
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
|
|
SALES |
|
|
|
|
|
|
|
Revenue from Operations |
14646.300 |
14380.400 |
11123.300 |
|
|
|
Other Income |
348.300 |
317.200 |
541.200 |
|
|
|
TOTAL (A) |
14994.600 |
14697.600 |
11664.500 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Cost of Materials Consumed |
9543.100 |
8874.700 |
7065.200 |
|
|
|
Purchases of Stock-in-Trade |
37.800 |
35.600 |
19.700 |
|
|
|
Changes in Inventory of Finished Goods, Work-in- Progress
and Stock-in-Trade |
256.400 |
(91.500) |
(231.600) |
|
|
|
Employee Benefits Expense |
1153.300 |
1163.300 |
1176.600 |
|
|
|
Other Expenses |
2740.100 |
2661.500 |
2130.800 |
|
|
|
Exceptional Items |
(587.100) |
(933.700) |
(776.000) |
|
|
|
TOTAL (B) |
13143.600 |
11709.900 |
9384.700 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
1851.000 |
2987.700 |
2279.800 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
648.200 |
705.300 |
631.200 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
1202.800 |
2282.400 |
1648.600 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
231.200 |
271.900 |
288.500 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) (G) |
971.600 |
2010.500 |
1360.100 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
4.200 |
(5.100) |
25.800 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-H) (I) |
967.400 |
2015.600 |
1334.300 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS YEARS’
BALANCE BROUGHT FORWARD |
4836.800 |
3669.500 |
3114.600 |
|
|
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
|
|
Dividend on Equity Shares |
586.900 |
556.400 |
555.800 |
|
|
|
Tax on distributed profits |
95.200 |
90.300 |
90.200 |
|
|
|
Dividend for 2011-12, on additional shares issued during
the year |
29.800 |
0.000 |
0.000 |
|
|
|
Credit for Dividend Distribution Tax on Dividend Received from Subsidiaries |
(18.500) |
0.000 |
0.000 |
|
|
|
Transfer to General Reserve |
290.200 |
201.600 |
133.400 |
|
|
BALANCE CARRIED
TO THE B/S |
4820.600 |
4836.800 |
3669.500 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
Export of Goods on FOB Basis |
4973.000 |
5445.100 |
3884.700 |
|
|
|
Dividend |
116.300 |
47.200 |
0.000 |
|
|
|
Sale of Investments |
2259.500 |
186.600 |
132.600 |
|
|
TOTAL EARNINGS |
7348.800 |
5678.900 |
4017.300 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw Materials |
2367.400 |
3986.000 |
3465.700 |
|
|
|
Components and Spare Parts |
17.200 |
31.900 |
33.100 |
|
|
|
Capital Goods |
75.900 |
4.000 |
0.000 |
|
|
TOTAL IMPORTS |
2460.500 |
4021.900 |
3498.800 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
|
|
|
|
|
|
Basic
|
2.96 |
6.35 |
4.20 |
|
|
|
Diluted
|
2.96 |
6.33 |
4.20 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
PAT / Total Income |
(%) |
6.45
|
13.71 |
11.44 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
6.63
|
13.98 |
12.23 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
6.78
|
17.85 |
13.63 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.06
|
0.16 |
0.12 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt/Networth) |
|
0.53
|
0.22 |
0.29 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
0.92
|
0.59 |
0.61 |
LOCAL AGENCY FURTHER INFORMATION
DETAILS OF CURRENT
MATURITIES OF LONG-TERM DEBT
(Rs.
in Millions)
|
PARTICULARS |
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
CURRENT MATURITIES OF LONG-TERM DEBT |
|
|
|
|
Secured Loan |
|
|
|
|
From Others |
0.000
|
0.000 |
650.000 |
|
Unsecured Loan |
|
|
|
|
From Bank |
125.000
|
1700.000 |
1475.000 |
|
Unsecured Deposits |
|
|
|
|
Fixed Deposits |
460.900
|
611.300 |
282.700 |
|
Total |
585.900
|
2311.300 |
2407.700 |
|
Sr. No. |
Check List by Info Agents |
Available in
Report (Yes / No) |
|
1] |
Year of Establishment |
Yes |
|
2] |
Locality of the firm |
Yes |
|
3] |
Constitutions of the firm |
Yes |
|
4] |
Premises details |
No |
|
5] |
Type of Business |
Yes |
|
6] |
Line of Business |
Yes |
|
7] |
Promoter's background |
Yes |
|
8] |
No. of employees |
Yes |
|
9] |
Name of person contacted |
No |
|
10] |
Designation of contact
person |
No |
|
11] |
Turnover of firm for last
three years |
Yes |
|
12] |
Profitability for last
three years |
Yes |
|
13] |
Reasons for variation
<> 20% |
-- |
|
14] |
Estimation for coming
financial year |
No |
|
15] |
Capital in the business |
Yes |
|
16] |
Details of sister
concerns |
Yes |
|
17] |
Major suppliers |
No |
|
18] |
Major customers |
No |
|
19] |
Payments terms |
No |
|
20] |
Export / Import details
(if applicable) |
No |
|
21] |
Market information |
-- |
|
22] |
Litigations that the firm
/ promoter involved in |
-- |
|
23] |
Banking Details |
Yes |
|
24] |
Banking facility details |
Yes |
|
25] |
Conduct of the banking account |
-- |
|
26] |
Buyer visit details |
-- |
|
27] |
Financials, if provided |
Yes |
|
28] |
Incorporation details, if
applicable |
Yes |
|
29] |
Last accounts filed at
ROC |
Yes |
|
30] |
Major Shareholders, if
available |
Yes |
|
31] |
Date of Birth of Proprietor/Partner/Director,
if available |
Yes |
|
32] |
PAN of
Proprietor/Partner/Director, if available |
No |
|
33] |
Voter ID No of
Proprietor/Partner/Director, if available |
No |
|
34] |
External Agency Rating,
if available |
Yes |
INDEX OF CHARGES
|
S.NO. |
CHARGE ID |
DATE OF CHARGE CREATION/MODIFICATION |
CHARGE AMOUNT SECURED |
CHARGE HOLDER |
ADDRESS |
SERVICE REQUEST NUMBER (SRN) |
|
1 |
80033888 |
24/12/2010 * |
2,160,000,000.00 |
CENTRAL BANK OF INDIA |
CORPORATE FINANCE BRANCH,
1ST FLOOR, MMO BUILDING, |
B02802890 |
|
2 |
80033889 |
01/03/1999 |
250,000,000.00 |
INDUSTRIAL INVEST BANK OF INDIA |
EARNEST HOUSE, 11TH FLOOR, 194,NARIMAN POINT, MUMBAI - 400021, MAHARASHTRA, INDIA |
- |
|
3 |
80033890 |
22/01/1999 |
250,000,000.00 |
ICICI LIMITED |
BANDRA KURLA COMPLEX, BANDRA (EAST), MUMBAI - 400051, MAHARASHTRA, INDIA |
- |
|
4 |
80033891 |
18/03/1996 |
150,000,000.00 |
EXPORT IMPORT BANK OF INDIA |
WORLD TRADE CENTRE, CUFFE PARADE, MUMBAI – 400005, MAHARASHTRA, INDIA |
- |
* Date of charge modification
UNSECURED LOANS
|
Unsecured Loans |
31.03.2013 |
31.03.2012 |
|
|
(Rs. In Millions) |
|
|
LONG-TERM
BORROWINGS |
|
|
|
Term Loans From Banks |
3671.000 |
1142.400 |
|
Deposits Fixed Deposit |
552.600 |
668.600 |
|
SHORT TERM
BORROWINGS |
|
|
|
Loans Repayable On Demand From Bank |
250.000 |
0.000 |
|
Loans and Advances from Related Parties |
0.000 |
20.000 |
|
Other Loans Commercial Papers |
3500.000 |
750.000 |
|
Total |
7973.600 |
2581.000 |
GENERAL INFORMATION
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 Limited. 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
Limited was transferred to the Company with effect from June 30, 2001. The
Foods division (except Wadala factory) was then sold to Godrej Hershey Limited,
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, estate management and investment
activities.
RAISING OF FUNDS
PURSUANT TO INSTITUTIONAL PLACEMENT PROGRAMME
During the financial year ended March 31, 2013, the Company issued and
allotted 17233407 equity shares of Re. 1 each at a premium of Rs. 214 per
equity share, aggregating to Rs.3705.200 Millions, to eligible qualified
institutional buyers pursuant to an Institutional Placement Programme (“IPP”)
in terms of Chapter VIII-A of the Securities and Exchange Board of India (Issue
of Capital and Disclosure Requirements) Regulations, 2009, as amended. The
public shareholding in the Company has increased to 25% of its issued and paid
up equity share capital pursuant to the IPP. The equity shares allotted
pursuant to the IPP were admitted for listing and trading on BSE Limited and
The National Stock Exchange of India Limited with effect from July 30, 2012.
The net issue proceeds have been partially utilised for investment and balance
unutilised amount has been temporarily invested in mutual funds schemes and
fixed deposit with banks.
SUBSIDIARY AND
ASSOCIATE COMPANIES
The Company has interests in several industries including animal feeds,
poultry and agro-products, oil palm plantation, property development, personal
and home care, etc. through its subsidiary / associate / joint venture
companies.
GODREJ AGROVET
LIMITED (GAVL)
GAVL continued on its growth path during the year. GAVL’s consolidated
revenue and profits increased by 26% and 22% respectively, over last year.
The Animal Feed business recorded a growth of 33% in revenues and 30% in
profitability. The strong performance in sales revenue and profitability was on
account of increased volumes, innovative products backed by R and D efforts and
efficiency in buying. This division of GAVL commissioned new plants at Erode
(Tamilnadu), Khanna (Punjab) and Kharagpur (West Bengal). This division also
introduced two new Cattle Feed products, viz., Bovino Calf Grower and Bovino
Heifer Feed.
GAVL’s Vegetable Oil operations registered a creditable growth in the
Fresh Fruit Bunches arrival of % over F.Y. 2011-12. Sales during the year
recorded a growth of 23% over the previous year. This division of GAVL
established a new plant at Chintampalli, Andhra Pradesh.
The Agri inputs division of GAVL reported a sales growth of 17% despite
adverse environmental conditions in the form of a highly erratic and deficient
monsoon. GAVL has been able to penetrate into new markets and crops with the
help of innovative products i.e. ‘Double’, a new generation Plant Growth
Regulator and additional variants of ‘Zymegold’, a micronutrient.
GAVL continues to be the holding company of Golden Feed Products Limited
and Godrej Seeds and Genetics Limited (GSGL). GSGL recorded a sales of
Rs.190.000 Millions during the year. During the year, GAVL acquired 100% stake
in Goldmuhor Agrochem and Feeds Limited. GAVL continues to have joint venture
arrangement in ACI Godrej Agrovet Private Limited (Bangladesh) and Godrej Tyson
Foods Limited. During the year, V-Sciences Investments Pte. Limited, a Temasek
Group company, acquired 19.99% stake in GAVL.
GODREJ PROPERTIES
LIMITED (GPL)
GPL is the real estate development arm of the Godrej Group, with a
pan-India presence and an asset light business model. In spite of the current
uncertainties and challenges in the real estate environment, GPL successfully
demonstrated strong value addition to its development portfolio. During the
financial year ended March 31, 2013, GPL signed 8 new projects totaling
approximately 13 million sq. ft. of saleable area. GPL successfully created a
residential co-investment platform along with an investment consortium headed
by the APG Asset Management, a Dutch Pension Fund Management Company, with a
total corpus of over Rs.10000.000 Millions. This fund will enable GPL to source
value accretive deals with large capital requirements. GPL will receive
development management fees for all projects undertaken under the fund plus a
share of equity profits from the projects. GPL continued to make significant
progress in the Mumbai re-development space by signing five new re-development
projects in Mumbai.
GPL launched 13 new projects and phases across the country. While
volumes for the real estate sector have declined for the second consecutive
year, GPL has delivered 58% growth in booking volume and 78% growth in booking
value driven by successful new launches in Gurgaon, Bangalore, Kolkata, Pune,
Ahmedabad and Mumbai. The highlight of the year was the successful launch of
Godrej Summit in Gurgaon where GPL sold 695 apartments aggregating to 1 million
sq. ft. of saleable area in 1 day. During the year, GPL sold approx. 4.1
million sq. ft. of area with a total booking value of approx. Rs.27610.000
Millions, spread across all its locations. Another milestone GPL achieved
during the year was the handover of 535 apartments in Phase I of Godrej
Prakriti in Kolkata within the time period committed to the customers.
GPL continues to be at the forefront of sustainable development. 74% of
GPL’s inventory launched in the last financial year was
registered/pre-certified as green by the Indian Green Building Council; up from
67% in FY 12 and 26% in FY 11. Key achievements in this area include numerous
sustainable design certifications received during the year. These include Gold
Precertifications for Godrej Horizon in Pune, Serenity in Mumbai and Gold
County in Bangalore, all under the IGBC Green Homes rating system v.1.0. Godrej
Central in Mumbai, which is yet to be launched, has been awarded Silver
Pre-certification under the IGBC Green Homes rating system v 2.0. Under Green
operations, GPL is working on reducing energy, water consumption and waste
generated at its administrative offices in accordance with the Group wide Good
and Green Initiative.
NATURES BASKET
LIMITED (NBL)
NBL which operates in the gourmet food retail segment and is a wholly
owned subsidiary of the Company has been increasing its foothold across cities.
NBL is ‘the’ retail destination for gourmet and fine food in India. NBL scaled
up its business by adding 8 new stores this fiscal year to take up the count to
27 stores, all located at premium residential areas, across 6 key metros –
Mumbai, Delhi, NCR, Pune, Hyderabad and Bengaluru.
NBL’s business growth continued to outpace other food and grocery
retailers and it was recognized as the finest retailer in multiple forums.
NBL’s gross turnover for the fiscal year 2013 was Rs.1360.000 Millions, with a
growth of 55% over the previous year. More than 2,500 new products were
introduced in the year to take up the contribution from new products to 9%.
Sales throughput continues to be one of the highest within the food and grocery
industry.
NBL introduced new sections such as healthy alternatives, gifting and
premium chocolates. NBL won the Coca Cola Golden Spoon Award for the Most
Admired Specialty Retailer of the Year for the third successive year and also
bagged the award for the Most Admired National Supermarket Chain of the year at
the prestigious Food and Grocery Forum. NBL also won awards across multiple
forums like Asia Retail congress, IMAGES Retail Forum, CMO Asia etc.
GODREJ CONSUMER PRODUCTS
LIMITED (GCPL)
GCPL, an associate of the Company had a good year, inspite of tough
market conditions and is well underway towards becoming an emerging markets
FMCG company. On a consolidated basis, GCPL reported Income from operations of
Rs.64070.000 Millions and Net Profit (after minority interest) of Rs.7960.000
Millions as against Rs.48660.000 Millions of Income from Operations and Net
Profit (after minority interest) of Rs.7270.000 Millions for the previous year.
While GCPL’s salience of international revenues increased to 44%, it
also ensured strong growth momentum in its domestic business with a healthy 20%
organic growth. GCPL focus has been to accelerate innovation and back new
products with strong marketing investments. In the past year, GCPL had several
new launches in the domestic and international businesses. These launches, they
believe, will further enhance GCPL’s competitiveness, improve the equity of its
brands and drive increased penetration and consumption.
GCPL has gained both volume and value share and grown well ahead of the
market in its domestic business. The performance in household insecticides and
soaps in particular has been excellent and well ahead of the category. In hair
colors, while the Company faced some challenges, the Company turned the corner
with growth in the last quarter far ahead of category growth. GCPL continues to
realize synergy benefits from the merger with the erstwhile Godrej Sara Lee
Limited and is rapidly expanding and deepening its distribution. GCPL is also
investing significantly in a future ready sales system and making its supply
chain more agile.
On the international front, growth in GCPL’s Indonesian business has
been very strong and it remains very optimistic about the long-term prospects
of the business. The potential of its Africa business is also tremendous and
the integration of Darling acquisition is on track. In its Latin America
business, while top line growth has been strong, there were some near term
margin pressures given the economic environment. GCPL’s UK business has grown
ahead of a generally weak market environment.
OTHER SUBSIDIARIES
AND JOINT VENTURE
Godrej International Limited (GINL), a wholly owned subsidiary of the
Company trades in vegetable oils worldwide. GINL turnover increased by 19% to
US$ 245 million.
Godrej International Trading and Investments Limited (GITI), a wholly
owned subsidiary of the Company, was incorporated in Singapore for the purpose
of trading in vegetable oils. GITI increased turnover and profits in its second
full year of trading. During the year, the turnover was US$ 14 million and
after-tax profit was US$ 0.12 million. GITI is already a recognised and well
established player in the vegetable oils market in Asia.
Ensemble Holdings and Finance Limited (EHFL), a wholly owned subsidiary
of the Company, is a Non-Banking Finance Company. The Gross Income of EHFL for
the financial year ended March 31, 2013 was Rs.33.500 Millions as against that
of Rs.12.900 Millions last year. The net profit of EHFL during the financial
year ended March 31, 2013 was Rs.27.100 Millions as against that of Rs.10.800
Millions last year.
Swadeshi Detergents Limited (SDL), an associate of the company became a
wholly owned subsidiary of the Company during the year. The Company has filed a
Company Petition with the High Court, Bombay for amalgamation of SDL into the
Company.
Godrej Hershey Limited (GHL) and its subsidiary Nutrine Confectionery
Company Limited (NCCL) are no longer a joint venture. During the year, the
Company divested its entire 43.37% stake in GHL to the Hershey Group and thus
GHL and NCCL ceased to be a part of the Godrej Group.
FINANCIAL POSITION
The financial position of the company continues to be sound. The loan
funds at the end of the year stand at Rs.9262.100 Millions as compared to
Rs.5067.200 Millions for previous year. The debt equity ratio is 0.56 as
compared to 0.40 last year. The Company continues to hold the topmost rating of
A1+ from ICRA for its commercial paper program of Rs.4100.000 Millions (enhanced
from Rs.2600.000 Millions). ICRA has reaffirmed an A1+ rating for its short
term debt instruments/other banking facilities of Rs.8500.000 Millions
(enhanced from Rs.7500.000 Millions). This rating of ICRA represents highest
credit quality carrying lowest-credit risk. ICRA also reaffirmed LAA rating for
long-term debt, working capital and other banking facilities of Rs.6400.000
Millions (enhanced from Rs.5400.000 Millions). This rating represents
high-credit quality carrying low-credit risk.
MANUFACTURING
FACILITIES
The chemicals division of the Company has manufacturing units at
Vikhroli and Valia.
The Vikhroli factory is ISO-9001:2008 and ISO 14001:2004 certified. It
has also got OHSAS18001:2007 certificate of Bureau Veritas and ISO 27001:2005
certificate of British Standard Institution.
The Valia factory is also ISO-9001:2008 and ISO 14001:2004 certified. It
has also got OHSAS18001:2007 certificate of Bureau Veritas and ISO 27001:2005
certificate of British Standard Institution. The specialty fatty acid plant
commissioned in the fourth quarter of FY 2011-12 has delivered excellent
product quality and efficiency in variable cost. In surfactant category, this
factory produces high quality SLS granules which is used in oral care
applications by their customer. This factory strictly follows Current Good
Manufacturing Practices.
The Vegoils Division (Wadala) continues as a contract processor of
edible oils and vanaspati. The division recorded a turnover of Rs.64.800
Millions as against Rs.62.600 Millions in the previous year.
A new manufacturing facility at Ambernath is being set-up for their
chemicals business. Civil foundations for plants, utilities and structural
buildings for the plants is progressing well and most of the equipments have also
been installed. The facility is expected to be operational from Q3 of financial
year 2013-14.
MANAGEMENT
DISCUSSION AND ANALYSIS
INDUSTRY STRUCTURE
AND DEVELOPMENTS
Early shoots of economic progress are being witnessed globally. While
the Eurozone is still not out of the woods on its economic issues, the
headwinds are fewer as compared to the previous year. Employment data in the
United States is also looking more favorable. The global uncertainty of the
last few years has also impacted India. Concurrently, low manufacturing growth,
slower than required pace of reforms, high current account and fiscal deficits
and inflation have also made the last year a tough one for the Indian economy.
Weak monsoon further exacerbated the situation by adversely impacting the
agricultural sector. At 5%, the projected GDP growth rate in FY 2013 will be
the lowest in a decade.
Key actions by the government in the last year such as the opening up of
Foreign Direct Investment, postponement of GAAR and the formation of a Cabinet
Committee on investment have all inspired confidence. The recent and much
awaited rate cut by the RBI should also support economic growth. Restoring
growth through reforms, policies geared for economic overhaul, and good
governance will be a key imperative and will create a virtuous cycle of
boosting production and consumption, enhancing investor confidence and reviving
growth.
The agriculture sector, which is the largest employer in India, suffered
due to a drought in FY 2013. The FY 2014 Union Budget has increased the outlay
to the sector by 22% to enhance agriculture growth and back productivity
enhancement programs such as crop diversification and building of allied
infrastructure. In the past years, the government has provided the agriculture sector
a boost, by funding enablers for facilitating productivity increase,
strengthening agri-distribution and storage as well as providing additional
access to credit for farmers.
The animal feed industry in India is evolving towards being a more
organized sector with multi-national feed millers also entering the market and
increased spend on research and development by large players. The industry’s
growth and potential are supported by the fact that India is among the largest
livestock producing countries and that the feed industry has been traditionally
that of home mixers. The animal feed industry had a volatile year in FY 2013
due to spike in prices of soymeal and other commodities and subdued end product
markets.
More than half of India’s edible oil consumption comes from imports.
Palm oil plantation is the most productive among all oilseed crops and
plantations with a potential oil yield of ~4 MT / hectare. The current area
under oil palm plantation in India is estimated to be over 200,000 hectares
with much more potential. Further development of oil palm plantations will
reduce India’s dependence on imports for edible oil and also provide stable
income for farmers.
Highly volatile commodity prices in the past year had an impact on the
oleochemicals business. Oleochemicals are used in a variety of applications
including personal care (hair care, skin care, oral care, cosmetics), home care
(laundry detergents), and pharmaceuticals. Increase in India’s GDP/ capita has
led to a strong growth in the personal and home care market over the last few
years. Additionally, the significant size of the global personal and home care
ingredients markets also represents a potential opportunity.
The real estate sector witnessed a tough year in FY 2013. Residential
absorption rates fell significantly across many cities, while rentals for
commercial projects remained stagnant with high vacancy rates. With prices of
steel, and cement being fairly volatile, margins for this sector were also
under pressure. Availability of affordable financing is a key driver for
consumer demand and high interest rates combined with high inflation in the
last fiscal year have been a deterrent. Going forward, overall demand and need
for housing in India will continue to be strong particularly due to rapid
urbanization and migration.
CHEMICALS DIVISION
The Chemicals division operates in the oleochemical and surfactant
segment. 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.5150.000 Millions in this fiscal, accounting for about
37% of its turnover and now exports to 80 countries in the world.
The new manufacturing facility at Ambernath is progressing well and is
on schedule expected to be operational in Q3 FY 2013-14
The product
category-wise review follows:
Fatty Acids
The Fatty Acids portfolio, comprising stearic acid, oleic acid, as well
as specialty fatty acids, accounted for about 42% of the turnover of the division.
Continuous cost reduction and market development initiatives have helped grow
this category by about 13% in value terms. The division plans to enhance the
sales of its specialty fatty acids in the domestic as well as export markets.
Fatty Alcohol
Fatty alcohol contributed 37% to turnover of this division.
Their GINOL grades have been approved internationally by leading
multinational corporations. With customer centric business strategies, it is
expected that the revenues and margins from this segment will be maintained and
improved.
Surfactants
Surfactants contributed 16% to the turnover of the division.
They have continued to grow their Sodium Lauryl Ethoxy Sulphate (SLES) and
Sodium Lauryl Sulphate (SLS) sales in the domestic as well as international
markets.
Sales grew by 4% in value terms as compared to the previous year. Their
products have been approved by several multi-national companies and they can
now strongly participate in their global sourcing programs.
Glycerin
Glycerin accounted for 5% of the turnover of this division. Revenues
increased by 20% in view of higher unit price of Glycerin. Being largely a byproduct,
additional sales are mostly opportunistic, depending on market conditions.
OUTLOOK
The outlook for the coming year 2013-14 is good for the Specialty fatty
acids at this point in time. International demand is showing signs of
improvement and with advantage of Indian raw material, they have an edge over
overseas competition.
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 profitability. The specialty fatty acid plant commissioned in Q4 of FY
2011-12 has delivered excellent product quality and efficiency in variable
cost.
ESTATE MANAGEMENT
The Company, having foreseen the potential of maximizing the value from
the real estate development activity in Mumbai city and its suburbs, had
entered into an agreement with Godrej Properties Limited, for joint development
of the area around the registered office of the company at Vikhroli. The
Limited Liability Partnership vehicle created for this joint development,
Godrej Vikhroli Properties LLP, has commenced the development on the 34 acres
of prime land. A mixed use project, “The Trees”, comprising Grade A commercial
office buildings, residential apartments, high street retail and a five Star
hotel, is in 3 phases and would be completed in about 5 years’ time.
The site, due to its strategic location, has excellent connectivity to
the airports, railway networks and other public services - current and as well
as ones being planned with easy access to the east-west corridor. “Godrej One”
is the first office building of about 750000 sq. ft., now under construction in
an advanced stage, and would be the new corporate headquarters for several of
the Godrej group companies. This building would also accommodate other
corporate clients apart from the Godrej group.
In order to facilitate this development, the Company has been gradually
phasing out the renewal of leave and license arrangements resulting in decline
of revenues from this activity. The Company however continues to ensure optimum
usage of available space and is maximizing the revenue during this transition
phase.
The total income from this business for the year was Rs.743.400 Millions
compared to Rs.528.800 Millions, in the previous year.
FINANCE AND
INVESTMENTS
During the year, the company continued to earn return from its
investments in the form of Dividend of Rs.605.500 Millions (previous year
Rs.953.200 Millions) and realised capital appreciation of Rs.736.100 Millions
(previous year Rs.908.400 Millions).
During the year, the company acquired an additional stake in Godrej
Consumer Products Limited by investing Rs.1104.200 Millions. The stake of the
company in Godrej Consumer Products Limited now stands at 21.64%. The company
also invested Rs.291.000 Millions in Natures Basket Limited to support their
growth plans. Swadeshi Detergents Limited has become 100% subsidiary of the
company during the year.
The company had sold off its entire stake of 43.37% in Godrej Hershey
Limited to Hershey
CONTINGENT
LIABILITIES:
|
Particulars |
31.03.2013 |
31.03.2012 |
|
|
(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 |
98.600 |
88.900 |
|
(ii) Customs Duty
demands relating to lower charge, differential duty, classification,
etc. |
15.800 |
15.800 |
|
(iii) Sales Tax demands
relating to purchase tax on Branch Transfer/ Non-availability
of C Forms, etc. at various levels. |
225.100 |
204.000 |
|
(iv) Octroi
demand relating to classification issue on import of Palm Stearine and
interest thereon |
2.900 |
2.900 |
|
(v) Stamp duties
claimed on certain properties which are under appeal by the Company |
18.200 |
18.200 |
|
(vi) Income tax
demands against which the company has preferred appeals |
261.600 |
206.700 |
|
(vii) Industrial
relations matters under appeal |
21.200 |
20.800 |
|
(viii) Others |
13.100 |
13.100 |
|
b) Guarantees: |
|
|
|
(i) Guarantees
issued by banks, including guarantees issued in respect of matters reported
in (a) above |
312.100 |
282.900 |
|
c) Other Money for which the Company is Contingently
Liable |
|
|
|
(i) Letter of
credit issued by bank on behalf of the Company |
58.400 |
45.200 |
FIXED ASSETS:
Tangible Assets
Land
Buildings
Plant and Equipment
Research Centre
Furniture and Fixtures
Office and Other Equipment
Vehicles / Vessels
Intangible Assets
Trademarks
Software
GLOBUS
SPIRITS GETS RS 700.000 MILLIONS FROM TEMPLETON FUND, SHARES UP
Mar 20, 2013
North-based liquor manufacturing
company Globus Spirits gained 16 percent in early trade on Wednesday after
getting Rs 705.000 Millions from Templeton Strategic Emerging Markets Fund and
Rs 107.000 Millions from promoter.
North-based liquor manufacturing company Globus Spirits gained 16 percent in early trade on Wednesday after getting Rs 705.000 Millions from Templeton Strategic Emerging Markets Fund and Rs 107.000 Millions from the promoter.
The board of directors of the company, yesterday, approved allotment of 5038168, 4.75 percent cumulative compulsorily convertible preference shares (CCCPS) at a par value of Rs 140 per CCCPS to Templeton Strategic Emerging Markets Fund IV, L D C.
These preference shares will be convertible into one equity share of the face value of Rs 10 each against each CCCPS within a period of 18 months from the date of allotment.
The board also made allotment of 763359 warrants at a price of Rs 140 per warrant to promoter group entity Chandbagh Investments Limited, which holds 49.43 percent stake in the company as of December 2012.
The promoter group entity will get one equity share of the face value of Rs 10 each in allotment against each such warrant within a period of 18 months from the date of allotment.
Promoters stake post sale will stand at 56 percent as against 67.09 percent as of December 2012. The company will use Rs 700.000 Millions for business expansion.
At 09:57 hours IST, shares surged 13 percent to Rs 118.25 amid large volumes on Bombay Stock Exchange.
Trading volumes increased 36.5 percent to 354903 equity shares as against five-day average of 9745 shares
In the previous trading session, the share shot up 6.19 percent to Rs 104.70. Market capitalisation of the company currently stands at Rs 2719.500 Millions.
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 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 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. 59.83 |
|
|
1 |
Rs. 91.76 |
|
Euro |
1 |
Rs. 79.33 |
INFORMATION DETAILS
|
Information
Gathered by : |
PLK |
|
|
|
|
Report Prepared
by : |
RAJ |
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 |
|
DEFAULTERS |
|
|
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
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.