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MIRA INFORM REPORT
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Report No. : |
487634 |
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Report Date : |
25.01.2018 |
IDENTIFICATION DETAILS
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Name : |
GODREJ AGROVET LIMITED |
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Registered
Office : |
Godrej One, 3rd Floor, Pirojsha Nagar, Eastern Express Highway,
Vikhroli (East), Mumbai – 400079, Maharashtra |
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Tel. No.: |
91-22-25188010 |
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Country : |
India |
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Financials (as
on) : |
31.03.2017 |
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Date of
Incorporation : |
25.11.1991 |
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Com. Reg. No.: |
11-135359 |
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Capital
Investment / Paid-up Capital : |
INR 1851.309 Million |
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CIN No.: [Company Identification
No.] |
L15410MH1991PLC135359 |
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IEC No.: |
0392027992 |
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TAN No.: [Tax Deduction &
Collection Account No.] |
Not Available |
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PAN No.: [Permanent Account No.] |
AAACG0617Q |
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TIN No.: |
27380000709 |
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GST No.: |
27AAACG0617Q1ZG |
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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 High Quality Animal Feed, Innovative Crop Protection and Agricultural Inputs, Palm Oil & Allied Products & Milk and Milk Products. [Registered Activity] |
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No. of Employees
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Not Divulged |
RATING & COMMENTS
(Mira Inform has adopted New Rating mechanism w.e.f. 23rd
January 2017)
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MIRA’s Rating : |
A++ |
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Credit Rating |
Explanation |
Rating Comments |
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A++ |
Minimum Risk |
Business dealings permissible with minimum
risk of default |
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Maximum Credit Limit : |
USD 25789023 |
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Status : |
Excellent |
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Payment Behaviour : |
Regular |
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Litigation : |
Exist |
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Comments : |
Subject was incorporated in the year 1991 and is a subsidiary of “Godrej Industries Limited” and a step down subsidiary of “Godrej and Boyce Manufacturing Company Limited”. The company is engaged in manufacturing and marketing of high quality animal feed, innovative agricultural inputs and palm oil and allied products. As per the financial of 2017, the company has achieved 7.43% growth in its revenue as compared to the previous year’s revenue and has earned an average profitability margin of 5.75%. The robust financial position of the company is reflected by strong capital structure along with sound net worth base, low debt balance sheet profile and comfortable liquidity parameters. Rating takes into consideration the equity infused by its promoters. Rating also takes into consideration the strength that the company derives from its holding company and its experienced management team. The company has its share price trading at around INR 596.50 on BSE as on January 22, 2018 as against the Face Value (FV) of INR 10. Trade relations are reported as fair. Business is active. Payments are reported to be regular. In view of aforesaid, 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.
ECGC Country Risk Classification List
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Country Name |
Previous Rating (30.06.2017) |
Current Rating (30.09.2017) |
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India |
A1 |
A1 |
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Risk Category |
ECGC
Classification |
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Insignificant |
A1 |
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Low Risk |
A2 |
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Moderately Low Risk |
B1 |
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Moderate Risk |
B2 |
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Moderately High Risk |
C1 |
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High Risk |
C2 |
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Very High Risk |
D |
EXTERNAL AGENCY RATING
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Rating Agency Name |
ICRA |
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Rating |
Long term loans = AA |
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Rating Explanation |
High degree of safety and very low credit
risk. |
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Date |
12.01.2018 |
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Rating Agency Name |
ICRA |
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Rating |
Short term loans = A1+ |
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Rating Explanation |
Very strong degree of safety and carry
lowest credit risk. |
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Date |
12.01.2018 |
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
31-03-2016.
BIFR (Board for Industrial & Financial Reconstruction) LISTING STATUS
Subject’s name is not listed as a Sick Unit in
the publicly available BIFR (Board for Industrial & Financial
Reconstruction) list as of 25.01.2018
IBBI (Insolvency and Bankruptcy Board of India) LISTING STATUS
Subject’s name is not listed in the publicly
available IBBI (Insolvency and Bankruptcy Board of India) list as of report
date.
INFORMATION PARTED BY
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Name : |
Mr. Nasim Ali |
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Designation : |
Finance Head |
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Contact No.: |
91-9848014984 |
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Date : |
21.01.2018 |
MANAGEMENT NON-COOPERATIVE [91-22-25188010]
LOCATIONS
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Registered Office : |
Godrej One, 3rd Floor, Pirojsha Nagar, Eastern Express
Highway, Vikhroli (East), Mumbai – 400079, Maharashtra, India |
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Tel. No.: |
91-22-25188010/ 20/ 30 |
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Mobile No.: |
91-9848014984 [Mr. Nasim Ali] |
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Fax No.: |
91-22-25195124 |
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E-Mail : |
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Website : |
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Factories : |
ANIMAL FEED · Khanna (Punjab) · Ikolaha (Punjab) · Miraj (Maharashtra) · Sachin (Gujarat) · Kharagpur (West Bengal) · Hanuman Junction (Andhra Pradesh) · Kondapalli (Andhra Pradesh) · Tumkur (Karanataka) · Hazipur (Bihar) · Erode (Tamilnadu) · Chandauli (Uttar Pradesh) AGRI INPUTS · Jammu (Jammu & Kashmir) · Lote Parshuram (Maharashtra) OIL PALM · Pothepally (Andhra Pradesh) · Chintampally (Andhra Pradesh) · Ariyalur (Tamilnadu) · Valpoi (Goa) · Kolasib (Mizoram) |
DIRECTORS
AS ON: 31.03.2017
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Name : |
Mrs. Tanya Arvind Dubash |
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Designation : |
Director |
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Address : |
Hasman Bunglow, 89B, Bhulabhai Desai Road, Mumbai – 400026, Maharashtra, India |
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Date of Appointment : |
10.04.2003 |
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DIN No.: |
00026028 |
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Name : |
Mr. Adi Barjorji Godrej |
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Designation : |
Director |
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Address : |
Aashraye Godrej House, 67-H, Walkeshwar Road, Mumbai - 400006,
Maharashtra, India |
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Date of Appointment : |
25.11.1991 |
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DIN No.: |
00065964 |
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Name : |
Mr. Kavas Noshirwan Petigara |
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Designation : |
Director |
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Address : |
801, Citadel, 18-B, Ruparel Marg, Malabar Hill, Mumbai - 400006,
Maharashtra, India |
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Date of Appointment : |
24.08.1992 |
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DIN No.: |
00066162 |
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Name : |
Mr. Nadir Burjor Godrej |
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Designation : |
Director |
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Address : |
40-D, B.G. Kher Marg, 2nd Floor, Malabar Hill, Mumbai - 400006,
Maharashtra, India |
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Date of Appointment : |
25.11.1991 |
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DIN No.: |
00066195 |
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Name : |
Mr. Vijay Mohan Crishna |
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Designation : |
Director |
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Address : |
A-261, Grand Paradi Apartments, Off August Kranti Marg, Mumbai -
400036, Maharashtra, India |
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Date of Appointment : |
24.08.1992 |
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DIN No.: |
00066267 |
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Name : |
Mr. Raghunath Anant Mashelkar |
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Designation : |
Director |
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Address : |
D-4, Varsha Park, Raghunath Bunglow Baner Road, Baner, Pune – 411045, Maharashtra, India |
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Date of Appointment : |
18.07.2017 |
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DIN No.: |
00074119 |
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Name : |
Mr. Jamshyd Naoroji Godrej |
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Designation : |
Director |
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Address : |
40-D, Ridge Road, Mumbai - 400006, Maharashtra, India |
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Date of Appointment : |
24.08.1992 |
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DIN No.: |
00076250 |
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Name : |
Mr. Sudhir Laxman Anaokar |
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Designation : |
Director |
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Address : |
A-204, Centre Point Panchpakhadi Opposite Thane Municipal Corporation
Thane - 400602, Maharashtra, India |
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Date of Appointment : |
29.06.1998 |
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DIN No.: |
00236819 |
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Name : |
Mr. Balram Singh Yadav |
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Designation : |
Managing Director |
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Address : |
A 3703, Vivarea, Sane Guruji Marg, Mahalaxmi, Near Jacobs Circle, Mumbai-400011 , Maharashtra, India |
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Date of Appointment : |
01.09.2007 |
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DIN No.: |
00294803 |
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Name : |
Mrs. Ritu Niraj Anand |
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Designation : |
Director |
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Address : |
11, Brindaban, 65 Linking Road, Santacruz (West), Mumbai – 400054,
Maharashtra, India |
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Date of Appointment : |
18.07.2017 |
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DIN No.: |
00363699 |
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Name : |
Mrs. Aditi Kothari Desai |
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Designation : |
Director |
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Address : |
57, Sea View, Worli, Worli Sea Face, Mumbai – 400025, Maharashtra,
India |
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Date of Appointment : |
18.07.2017 |
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DIN No.: |
00426799 |
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Name : |
Mr. Amit Biren Choudhury |
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Designation : |
Director |
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Address : |
Golden Oak Chs, Flat 304, Wing C Hiranandani Gardens, Powai, Mumbai -
400076, Maharashtra, India |
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Date of Appointment : |
08.12.2004 |
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DIN No.: |
00557547 |
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Name : |
Mrs. Nisaba Adi Godrej |
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Designation : |
Director |
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Address : |
4501, Strata, Planet Godrej K K Marg, Mahalaxmi East, Mumbai - 400011,
Maharashtra, India |
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Date of Appointment : |
24.07.2006 |
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DIN No.: |
00591503 |
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Name : |
Mrs. Roopa Purushothaman |
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Designation : |
Director |
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Address : |
19, Goodwill Co-Operative Housing Society Limited, S. No. 126/1+2A,
ITI Road, Aundh, Pune – 411007, Maharashtra, India |
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Date of Appointment : |
18.07.2017 |
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DIN No.: |
02846868 |
KEY EXECUTIVES
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Name : |
Mr. Varadaraj Subramanian |
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Designation : |
Chief Finance Officer |
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Address : |
B - 803, Sarvoy, Raheja Garden, L.B.S. Marg, Thane 400604,
Maharashtra, India |
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Date of Appointment : |
14.05.2014 |
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PAN No.: |
ABUPV1974H |
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Name : |
Mr. Vivek Raizada |
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Designation : |
Company Secretary |
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Address : |
D/501, Bharat Apartment Marve Road, Malad (West), Mumbai - 400064,
Maharashtra, India |
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Date of Appointment : |
13.10.2014 |
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PAN No.: |
ADLPR8038H |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON: 30.09.2017
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Category of shareholder |
Total nos. shares held |
Shareholding as a % of total no. of shares
(calculated as per SCRR, 1957)As a % of (A+B+C2) |
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(A) Promoter &
Promoter Group |
132093101 |
68.79 |
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(B) Public |
59935638 |
31.21 |
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Grand Total |
192028739 |
100.00 |
Statement showing
shareholding pattern of the Promoter and Promoter Group
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Category of shareholder |
Total nos. shares held |
Shareholding as a % of total no. of shares (calculated
as per SCRR, 1957)As a % of (A+B+C2) |
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A1) Indian |
0.00 |
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Individuals/Hindu
undivided Family |
20735876 |
10.80 |
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ADI BARJORJI
GODREJ |
5096 |
0.00 |
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NADIR BARJORJI
GODREJ |
4146156 |
2.16 |
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JAMSHYD NAOROJI
GODREJ |
2073078 |
1.08 |
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RISHAD KAIKHUSHRU
NAOROJI |
4146156 |
2.16 |
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NAVROZE JAMSHYD
GODREJ |
2073078 |
1.08 |
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PIROJSHA ADI
GODREJ |
1382052 |
0.72 |
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TANYA ARVIND
DUBASH |
1382052 |
0.72 |
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NISABA GODREJ |
1382052 |
0.72 |
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NYRIKA HOLKAR |
2073078 |
1.08 |
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FREYAN CRISHNA
BIERI |
2073078 |
1.08 |
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Any Other
(specify) |
111357225 |
57.99 |
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Godrej Industries
Limited |
111357225 |
57.99 |
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Sub Total A1 |
132093101 |
68.79 |
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A=A1+A2 |
13,20,93,101 |
68.79 |
Statement showing shareholding
pattern of the Public shareholder
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Category & Name of the Shareholders |
Total no. shares held |
Shareholding % calculated as per SCRR, 1957
As a % of (A+B+C2) |
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B1) Institutions |
0.00 |
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Mutual Funds/ |
7230819 |
3.77 |
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Kotak
Opportunities |
2119121 |
1.10 |
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Alternate
Investment Funds |
936634 |
0.49 |
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Foreign Portfolio
Investors |
6430360 |
3.35 |
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Financial
Institutions/ Banks |
68941 |
0.04 |
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Any Other
(specify) |
24707698 |
12.87 |
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V-SCIENCES
INVESTMENTS PTE LTD |
24707698 |
12.87 |
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Sub Total B1 |
39374452 |
20.50 |
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B2) Central
Government/ State Government(s)/ President of India |
0.00 |
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B3)
Non-Institutions |
0.00 |
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Individual share
capital up to INR 0.200 Million |
7889595 |
4.11 |
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Individual share capital
in excess of INR 0.200 Million |
4550996 |
2.37 |
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NBFCs registered
with RBI |
13320 |
0.01 |
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Any Other
(specify) |
8107275 |
4.22 |
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Trusts |
980 |
0.00 |
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NRI |
121994 |
0.06 |
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Clearing Members |
202837 |
0.11 |
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Director or Director's
Relatives |
4269204 |
2.22 |
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Balram Singh Yadav |
4267732 |
2.22 |
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NRI – Non- Repat |
49536 |
0.03 |
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Bodies Corporate |
3462724 |
1.80 |
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Sub Total B3 |
20561186 |
10.71 |
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B=B1+B2+B3 |
59935638 |
31.21 |
BUSINESS DETAILS
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Line of Business : |
Manufacturing and marketing of High Quality Animal Feed, Innovative Crop Protection and Agricultural Inputs, Palm Oil & Allied Products & Milk and Milk Products. [Registered Activity] |
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Brand Names : |
Not Divulged |
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Agencies Held : |
Not Divulged |
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Exports : |
Not Divulged |
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Imports : |
Not Divulged |
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Terms : |
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Selling : |
Not Divulged |
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Purchasing : |
Not Divulged |
PRODUCTION STATUS: NOT AVAILABLE
GENERAL INFORMATION
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Suppliers : |
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Customers : |
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No. of Employees : |
Not Divulged |
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Bankers : |
· Central Bank of India · Union Bank of India ·
State Bank of India |
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Facilities : |
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Auditors : |
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Name : |
Kalyaniwalla and Mistry LLP Chartered Accountants |
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Memberships : |
Not Available |
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Collaborators : |
Not Available |
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Holding Companies:: |
· Godrej Industries Limited (GIL), Holding Company holds 63.67% Equity Shareholding in Godrej Agrovet Limited (GAVL) as on March 31, 2017. · GIL was a subsidiary of Godrej & Boyce Manufacturing Company Limited (G&B) till March 29, 2017. Consequently, G&B was also the Ultimate Holding Company of GAVL till March 29, 2017 and ceased to be so w.e.f. March 30, 2017. ·
GIL became a subsidiary of Vora Soaps Limited
(VSL) w.e.f. March 30, 2017. Consequently, VSL is the Ultimate Holding
Company of GAVL w.e.f. March 30, 2017. |
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Subsidiary
Companies: |
· Godvet Agrochem Limited · Godrej Seeds & Genetics Limited (upto March 18, 2017) · Astec LifeSciences Limited · Behram Chemicals Private Limited (a subsidiary of Astec LifeSciences Limited) · Astec Europe Sprl (a subsidiary of Astec LifeSciences Limited) · Comercializadora Agricola Agroastrachem Cia Ltda (a subsidiary of Astec LifeSciences Limited) · Creamline Dairy Products Limited · Nagavalli Milkline Private Limited (a subsidiary of Creamline Dairy Products Limited) |
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Fellow
Subsidiaries: |
Subsidiaries of
Godrej & Boyce Mfg. Co. Ltd. (G&B), Fellow subsidiaries upto March
29, 2017 : · Godrej Infotech Limited · Godrej (Singapore) Pte. Limited, Singapore · Veromatic International BV, Netherlands · Busbar Systems (India) Limited · Mercury Mfg. Co. Limited · Godrej Americas Inc., USA · India Circus Retail Pvt. Limited Subsidiaries of
Godrej Industries Ltd. (GIL) : · Godrej Properties Limited (GPL) · Ensemble Holdings & Finance Limited · Godrej International Limited, Isle of Man · Natures Basket Limited · Godrej International Trading & Investments Pte Limited, Singapore · Godrej International Limited, Labuan Malaysia Subsidiaries of
Godrej Properties Limited (GPL) : · City Infraprojects Limited · Godrej Realty Private Limited · Godrej Real Estate Private Limited · Godrej Buildcon Private Limited · Godrej Projects Development Pvt. Ltd. (GPDPL) · Godrej Redevelopers (Mumbai) Private Limited (a subsidiary of GPDPL) · Godrej Garden City Properties Private Limited · Godrej Landmark Redevelopers Private Limited · Godrej Green Homes Limited · Godrej Home Developers Private Limited · Godrej Hillside Properties Private Limited · Godrej Prakriti Facilities Private Limited (a subsidiary of Happy Highrises Ltd.) Godrej Investment Advisers Private Limited · Godrej Highrises Properties Private Limited · Godrej Genesis Facilities Management Private Limited (a subsidiary of Happy Highrises Ltd.) · Godrej Residency Private Limited · Godrej Skyline Developers Private Limited · Godrej Vikhroli Properties India Limited (Godrej Vikhroli Properties LLP converted into a Public Limited Company) · Prakritiplaza Facilities Management Private Limited · Godrej Property Developers LLP · Mosiac Landmarks LLP 22 Dream World Landmarks LLP · Oxford Realty LLP · Godrej SSPDL Green Acres LLP · Oasis Landmarks LLP · M S Ramaiah Ventures LLP · Caroa Properties LLP 28 Godrej Construction Projects LLP · Godrej Housing Projects LLP · Godrej Land Developers LLP · Godrej Developers & Properties LLP · Godrej Highrises Realty LLP · Godrej Project Developers & Properties LLP · Godrej Highview LLP · Prakhhyat Dwellings LLP · Godrej Skyview LLP · Bavdhan Realty @ Pune 21 LLP · Godrej Green Properties LLP · Godrej Projects (Pune) LLP · Godrej Projects (Bluejay) LLP · Godrej Projects (Soma) LLP · Godrej Century LLP · A R Landcraft LLP Subsidiaries of
Godrej Infotech Ltd. (Fellow subsidiaries upto March 29, 2017) : · Godrej Infotech Americas Inc., North Carolina, USA · Godrej Infotech (Singapore) Pte. Ltd., Singapore · LVD Godrej Infotech NV, Belgium Subsidiaries of Godrej
(Singapore) Pte. Ltd. (Fellow subsidiaries upto March 29, 2017) : · JT Dragon Pte. Ltd., Singapore · Godrej (Vietnam) Co. Ltd., Vietnam (a wholly owned subsidiary of JT Dragon Pte. Ltd.) Other Fellow Subsidiaries (where Godrej & Boyce Mfg. Co. Ltd. owns
directly and/or indirectly through one or more subsidiaries, more than
one-half of the equity share capital) (Fellow subsidiaries upto March 29,
2017) : · Godrej Consumer Products Ltd. (GCPL) ·
Godrej One Premises Management Private Limited Subsidiaries and
Sub-subsidiaries of Godrej Consumer Products Limited (GCPL) (Fellow
subsidiaries upto March 29, 2017) : · Godrej South Africa (Proprietary) Ltd., South Africa (formerly, Rapidol (Pty) Ltd.) Godrej Netherlands BV, Netherlands · Godrej UK Ltd. (a subsidiary of Godrej Netherlands BV) · Godrej Consumer Products Holding (Mauritius) Ltd., Mauritius · Godrej Global Mid East FZE (incorporated in Sharjah, U.A.E.) (a subsidiary of Godrej Consumer Products Holding (Mauritius) Ltd.) · Godrej Consumer Products Mauritius Ltd., Mauritius · Godrej Household Products Lanka (Private) Ltd., Sri Lanka · Godrej Household Products Bangladesh Pvt. Ltd., Bangladesh · Godrej Consumer Products Bangladesh Ltd., Bangladesh · Godrej Mauritius Africa Holdings Ltd., Mauritius · Godrej West Africa Holdings Ltd., Mauritius (a subsidiary of Godrej Mauritius Africa Holdings Ltd.) · Godrej Consumer Products (UK) Ltd. (a subsidiary of Godrej UK Ltd.) · Godrej Consumer Investments (Chile) Spa, Chile (a subsidiary of Godrej Netherlands BV) · Godrej Mideast Holdings Limited, Dubai (a subsidiary of Godrej Indonesia IP Holdings Limited) · Godrej Holdings (Chile) Limitada, Chile (a subsidiary of Godrej Consumer Investments (Chile) Spa) · Cosmetica Nacional, Chile (a subsidiary of Godrej Holdings (Chile) Limitada) Plasticos Nacional, Chile (a subsidiary of Cosmetica Nacional) · Kinky Group (Proprietary) Ltd. (a subsidiary of Godrej Mauritius Africa Holdings Ltd.) · Godrej Nigeria Ltd., Nigeria (a subsidiary of Godrej Consumer Products Mauritius Ltd.) · Indovest Capital Ltd., Malaysia (a subsidiary of Godrej Consumer Products Holding (Mauritius) Ltd.) · Godrej Consumer Products Dutch Cooperatief UA, Netherlands (a subsidiary of Godrej Consumer Products Holding (Mauritius) Ltd.) · Godrej Consumer Products (Netherlands) BV, Netherlands (a subsidiary of Godrej Consumer Products Dutch Cooperatief UA) · Godrej Consumer Holdings (Netherlands) BV, Netherlands (a subsidiary of Godrej Consumer Products Dutch Cooperatief UA) · PT Megasari Makmur, Indonesia (a subsidiary of Godrej Consumer Holdings (Netherlands) BV) · PT Intrasari Raya, Indonesia (a subsidiary of Godrej Consumer Holdings (Netherlands) BV) · PT Ekamas Sarijaya, Indonesia (a subsidiary of Godrej Consumer Holdings (Netherlands) BV) · PT Indomas Susemi Jaya, Indonesia (a subsidiary of Godrej Consumer Holdings (Netherlands) BV) · PT Sarico Indah, Indonesia (a subsidiary of Godrej Consumer Holdings (Netherlands) BV) · Panamar Produccioness Srl, Argentina (a subsidiary of Godrej Netherlands Argentina BV) · Argencos S.A., Argentina (a subsidiary of Godrej Netherlands Argentina BV) Laboratoria Cuenca S.A., Argentina (a subsidiary of Godrej Netherlands Argentina BV) · Deciral Ltd., Uruguay (a subsidiary of Laboratoria Cuenca S.A.) · Issue Group Brazil Ltda., Brazil (a subsidiary of Godrej Netherlands Argentina BV) · Consell S.A ., Argentina (a subsidiary of Laboratoria Cuenca S.A.) Subinite Pty. Ltd., South Africa (a subsidiary of Godrej West Africa Holdings Ltd.) · Lorna Nigeria Ltd., Nigeria (a subsidiary of Godrej Mauritius Africa Holdings Ltd.) · Weave IP Holding Mauritius Pvt. Ltd., Mauritius (a subsidiary of Godrej West Africa Holdings Ltd.) · Weave Trading Mauritius Pvt. Ltd., Mauritius (a subsidiary of Godrej Mauritius Africa Holdings Ltd.) · Hair Trading (Offshore) S. A. L., Lebanon (a subsidiary of Weave Trading Mauritius Pvt Ltd.) · Weave Mozambique Limitada, Mozambique (a subsidiary of Godrej West Africa Holdings Ltd.) · Godrej East Africa Holdings Ltd., Mauritius (a subsidiary of Godrej Consumer Products Ltd.) · Style Industries Ltd., Kenya (a subsidiary of DGH Phase Two Mauritius Pvt. Ltd.) · DGH Phase Two Mauritius, Mauritius (a subsidiary Godrej East Africa Holdings Ltd.) · Godrej Tanzania Holdings Ltd., Mauritius (a subsidiary of Godrej Consumer Products Ltd.) · DGH Tanzania Ltd., Tanzania (a subsidiary of Godrej Tanzania Holdings Ltd.) Sigma Hair Ind. Ltd., Tanzania (a subsidiary of DGH Tanzania Ltd.) · Weave Ghana Ltd., Ghana (a subsidiary of Godrej Mauritius Africa Holdings Ltd.) · Godrej Consumer Products US Holding Limited, Mauritius · Darling Trading Company Ltd., Mauritius (a subsidiary of Godrej Mauritius Africa Holdings Ltd.) · Godrej Africa Holdings Ltd., Mauritius (a subsidiary of Godrej Mauritius Africa Holdings Ltd.) · Godrej Indonesia IP Holdings Ltd., Mauritius (a subsidiary of Godrej Consumer Products Holding (Mauritius) Ltd.) · Frika Weave (Pty) Ltd., South Africa (a subsidiary of Godrej Mauritius Africa Holdings Ltd.) · Belaza Mozambique LDA · Charm Industries Ltd. · Canon Chemicals Ltd. · Godrej Hair Weave Nigeria Ltd. · Godrej International Trading Company, Sharjah · DGH Angola (name changed from ‘Godrej Megasari Holdings’) · Godrej Hair Care Nigeria Limited · Godrej Household Insecticide Nigeria Ltd. Hair Credentials Zambia Limited Godrej SON Holdings Inc., USA · Old Pro International Inc · Strength of Nature LLC, USA · Strength of Nature South Africa Proprietary Limited · Style Industries Uganda Limited · Weave Senegal Ltd. · DGH Uganda ·
Godrej Consumer Products FZCO |
|
|
|
|
Joint Ventures of Godrej
Agrovet Limited: |
· Godrej Tyson Foods Limited · ACI Godrej Agrovet Private Limited, Bangladesh |
|
|
|
|
Associates of
Godrej Agrovet Limited: |
· Polchem Hygiene Laboratories Private Limited (upto December 12, 2016) · Crop Science Advisors LLP · Al Rahba International Trading LLC |
|
|
|
|
Other related
parties : |
· Anamudi Real Estates LLP · Godrej Agrovet Limited Employees Provident Fund Trust. · Godrej Agrovet Limited Employees Superannuation Scheme. · Godrej Agrovet Limited Employees Group Gratuity Trust. |
CAPITAL STRUCTURE
AFTER: 04.08.2017
Authorised Capital: INR 2250.000 Million
Issued, Subscribed & Paid-up Capital: INR 1920.287
Million
AS ON: 31.03.2017
Authorised Capital:
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
224994000 |
Equity Shares |
INR 10/- each |
INR 2249.940 Million |
|
6000 |
Preference shares |
INR 10/- each |
INR 0.060 Million |
|
|
|
|
|
|
|
Total |
|
INR 2250.000
Million |
Issued, Subscribed & Paid-up Capital:
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
185130876 |
Equity Shares |
INR 10/- each |
INR 1851.309
Million |
|
|
|
|
|
Reconciliation of
number of shares outstanding at the beginning and end of the year:
|
|
As at March 31, 2017 |
|
|
No. of shares |
INR in million |
|
|
Equity shares : |
|
|
|
Outstanding at the beginning of the yea |
92565438 |
925.654 |
|
Bonus Shares issued during the yea |
92565438 |
925.655 |
|
Outstanding at the
end of the year |
185130876 |
1851.309 |
|
Preference shares : |
|
|
|
Outstanding at the beginning of the year |
6000 |
0.060 |
|
Issued during the year |
-- |
-- |
|
Outstanding at the
end of the year |
6000 |
0.060 |
Rights, preferences
and restrictions attached to Equity share
Equity Shares: The Company has one class of Equity shares having a par value of INR 10 per share. Each Shareholder is eligible for one vote per share held. All Equity Shareholders are eligible to receive dividends in proportion to their shareholdings. The dividends proposed by the Board of Directors are 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.
Preference Shares:
The Company has Non-Convertible Redeemable Preference Shares having a par value
of INR 10 per share. Each eligible Shareholder is entitled for 8% dividend on
par value of shares. In the event of liquidation, Preference Shareholders have
preferential right on the asset over Equity Shareholders
Shareholders holding
more than 5% shares in the company is set out below:
|
|
As at March 31, 2017 |
|
|
No. of shares |
% |
|
|
Equity shares : |
|
|
|
Godrej Industries Limited -Holding Company |
117878964.00 |
63.67 |
|
V-Sciences Investments Pvt Ltd |
37007698.00 |
19.99 |
There are no shares
reserved for issue under options.
Other Equity
|
|
As at March 31, 2017 |
|
Retained Earnings |
5843.994 |
|
General Reserve |
10.866 |
|
Debenture Redemption Reserve |
0.000 |
|
Employee Stock Options Outstanding |
0.000 |
|
Reserve for employee compensation expenses |
0.000 |
|
Treasury Share reserve |
0.000 |
|
Share Premium Account |
1298.989 |
|
Cash Flow Hedge Reserve |
21.000 |
|
|
|
|
Total Equity |
7174.849 |
FINANCIAL DATA
[all figures are
in INR Million]
ABRIDGED
BALANCE SHEET
|
SOURCES OF FUNDS |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
I.
EQUITY AND LIABILITIES |
|
|
|
|
(1)Shareholders' Funds |
|
|
|
|
(a) Share Capital |
1851.309 |
925.654 |
925.654 |
|
(b) Reserves & Surplus |
7174.849 |
6039.919 |
5166.148 |
|
(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) |
9026.158 |
6965.573 |
6091.802 |
|
|
|
|
|
|
(3)
Non-Current Liabilities |
|
|
|
|
(a) Long-term borrowings |
67.066 |
68.906 |
719.336 |
|
(b) Deferred tax liabilities (Net) |
729.443 |
603.105 |
510.182 |
|
(c)
Other long term liabilities |
132.535 |
189.340 |
116.635 |
|
(d)
long-term provisions |
30.962 |
18.352 |
13.839 |
|
Total
Non-current Liabilities (3) |
960.006 |
879.703 |
1359.992 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a)
Short term borrowings |
4749.746 |
11406.589 |
5923.605 |
|
(b)
Trade payables |
7462.853 |
2346.838 |
1969.919 |
|
(c)
Other current liabilities |
1582.763 |
2183.611 |
1278.985 |
|
(d)
Short-term provisions |
206.933 |
123.712 |
119.804 |
|
Total
Current Liabilities (4) |
14002.295 |
16060.750 |
9292.313 |
|
|
|
|
|
|
TOTAL |
23988.459 |
23906.026 |
16744.107 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a)
Fixed Assets |
|
|
|
|
(i)
Tangible assets |
6880.781 |
6653.505 |
5081.972 |
|
(ii)
Intangible Assets |
115.982 |
164.576 |
217.988 |
|
(iii)
Capital work-in-progress |
300.907 |
369.523 |
1380.489 |
|
(iv) Intangible assets under development |
2.342 |
1.486 |
0.000 |
|
Biological assets other than bearer plants |
46.698 |
88.681 |
123.364 |
|
(b) Non-current
Investments |
5059.881 |
4801.428 |
1072.916 |
|
(c) Deferred tax assets
(net) |
50.930 |
82.312 |
65.281 |
|
(d) Long-term Loan
and Advances |
109.001 |
99.353 |
99.687 |
|
(e)
Other Non-current assets |
302.106 |
249.291 |
305.817 |
|
Total
Non-Current Assets |
12868.628 |
12510.155 |
8347.514 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a)
Current investments |
0.000 |
16.275 |
469.908 |
|
(b)
Inventories |
5730.435 |
5228.400 |
3546.370 |
|
(c)
Trade receivables |
4074.454 |
3661.703 |
2599.589 |
|
(d)
Cash and cash equivalents |
444.616 |
261.976 |
161.664 |
|
(e)
Short-term loans and advances |
343.527 |
1363.102 |
1145.522 |
|
(f)
Other current assets |
526.799 |
864.415 |
473.540 |
|
Total
Current Assets |
11119.831 |
11395.871 |
8396.593 |
|
|
|
|
|
|
TOTAL |
23988.459 |
23906.026 |
16744.107 |
PROFIT
& LOSS ACCOUNT
|
|
PARTICULARS |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
|
|
SALES |
|
|
|
|
|
|
|
Revenue from Operations |
36160.542 |
33659.888 |
34650.625 |
|
|
|
Other Income |
541.861 |
552.895 |
165.334 |
|
|
|
TOTAL |
36702.403 |
34212.783 |
34815.959 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Cost of Materials Consumed |
26389.150 |
25041.695 |
25199.439 |
|
|
|
Purchases of Stock-in-Trade |
1836.049 |
1745.220 |
1420.973 |
|
|
|
Changes in inventories of finished goods, work-in-progress
and Stock-in-Trade |
74.203 |
(248.253) |
(223.617) |
|
|
|
Employees benefits expense |
1646.995 |
1351.168 |
1281.491 |
|
|
|
Other expenses |
2980.585 |
2851.525 |
4190.955 |
|
|
|
Exceptional Items |
(200.000) |
0.000 |
(346.470) |
|
|
|
CSR expenditure |
0.000 |
0.000 |
13.017 |
|
|
|
TOTAL |
32726.982 |
30741.355 |
31535.788 |
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION |
3975.421 |
3471.428 |
3280.171 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL EXPENSES |
680.358 |
910.813 |
287.088 |
|
|
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION |
3295.063 |
2560.615 |
2993.083 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION |
488.370 |
441.622 |
364.897 |
|
|
|
|
|
|
|
|
|
|
PROFIT/ (LOSS)
BEFORE TAX |
2806.693 |
2118.993 |
2628.186 |
|
|
|
|
|
|
|
|
|
Less |
TAX |
726.998 |
536.317 |
596.915 |
|
|
|
|
|
|
|
|
|
|
PROFIT/ (LOSS)
AFTER TAX |
2079.695 |
1582.676 |
2031.271 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
156.463 |
136.354 |
62.804 |
|
|
|
|
|
|
|
|
|
|
Earnings/ (Loss)
Per Share (INR) |
|
|
|
|
|
|
Basic |
10.24 |
8.13 |
2.19 |
|
|
|
Diluted |
9.80 |
7.77 |
2.19 |
|
CURRENT MATURITIES OF LONG TERM DEBT DETAILS
|
PARTICULARS |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
Current
Maturities of Long term debt |
|
|
|
|
Debentures -Nil (for the year 2015-16 750 and for the year
2014-15 nil ) 8.63% Unsecured Non-convertible Debentures of INR 10,00,000
each |
0.000 |
748.933 |
0.000 |
|
From others - Deferred Sales Tax Loan |
3.515 |
1.658 |
3.105 |
|
From others - Deferred payment liabilities |
10.296 |
10.296 |
0.000 |
|
Current maturities of long-term debt - Secured loans |
6.271 |
138.154 |
0.000 |
|
Current maturities of long-term debt - term loan |
16.295 |
6.333 |
0.000 |
|
Total |
36.377 |
905.374 |
3.105 |
|
|
|
|
|
|
Cash generated from operations |
8578.475 |
848.374 |
NA |
|
|
|
|
|
|
Net Cash Flow from Operating Activities |
8012.295 |
433.622 |
517.049 |
KEY
RATIOS
EFFICIENCY RATIOS
|
PARTICULARS |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
Average Collection Days (Sundry
Debtors / Income * 365 Days) |
41.13 |
39.71 |
27.38 |
|
|
|
|
|
|
Account Receivables Turnover (Income / Sundry Debtors) |
8.87 |
9.19 |
13.33 |
|
|
|
|
|
|
Average Payment Days (Sundry Creditors / Purchases * 365 Days) |
96.51 |
31.98 |
27.01 |
|
|
|
|
|
|
Inventory Turnover (Operating Income / Inventories) |
0.69 |
0.66 |
0.92 |
|
|
|
|
|
|
Asset Turnover (Operating Income / Net Fixed Assets) |
0.54 |
0.48 |
0.49 |
LEVERAGE RATIOS
|
PARTICULARS |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
Debt Ratio ((Borrowing
+ Current Liabilities) / Total Assets) |
0.59 |
0.71 |
0.60 |
|
|
|
|
|
|
Debt Equity Ratio (Total Liability / Networth) |
0.54 |
1.78 |
1.09 |
|
|
|
|
|
|
Current Liabilities to Networth (Current Liabilities / Net Worth) |
1.55 |
2.31 |
1.53 |
|
|
|
|
|
|
Fixed Assets to Networth (Net Fixed Assets / Networth) |
0.81 |
1.03 |
1.10 |
|
|
|
|
|
|
Interest Coverage Ratio (PBIT / Financial Charges) |
5.84 |
3.81 |
11.43 |
PROFITABILITY RATIOS
|
PARTICULARS |
|
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
Net Profit Margin ((PAT / Sales) * 100) |
% |
5.75 |
4.70 |
5.86 |
|
|
|
|
|
|
|
Return on Total Assets ((PAT / Total Assets) * 100) |
% |
8.67 |
6.62 |
12.13 |
|
|
|
|
|
|
|
Return on Investment (ROI) ((PAT / Networth) * 100) |
% |
23.04 |
22.72 |
33.34 |
SOLVENCY RATIOS
|
PARTICULARS |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
Current Ratio (Current
Assets / Current Liabilities) |
0.79 |
0.71 |
0.90 |
|
|
|
|
|
|
Quick Ratio ((Current Assets – Inventories) / Current
Liabilities) |
0.38 |
0.38 |
0.52 |
|
|
|
|
|
|
G-Score Ratio Financial (Networth / Total Assets) |
0.38 |
0.29 |
0.36 |
|
|
|
|
|
|
G-Score Ratio Debt (Debts / Equity Capital) |
2.62 |
13.38 |
7.18 |
|
|
|
|
|
|
G-Score Ratio Liquidity (Total Current Assets / Total Current Liabilities) |
0.79 |
0.71 |
0.90 |
Total
Liability = Short-term Debt + Long-term Debt + Current Maturities of Long-term
debts
STOCK
PRICES
|
Face Value |
INR 10.00/- |
|
|
|
|
Market Value |
INR 596.50/- |
FINANCIAL ANALYSIS
[all figures are
in INR Million]
DEBT EQUITY RATIO
|
Particular |
31.03.2015 |
31.03.2016 |
31.03.2017 |
|
|
INR
In Million |
INR
In Million |
INR
In Million |
|
Share Capital |
925.654 |
925.654 |
1851.309 |
|
Reserves & Surplus |
5166.148 |
6039.919 |
7174.849 |
|
Money received against share
warrants |
0.000 |
0.000 |
0.000 |
|
Share Application money
pending allotment |
0.000 |
0.000 |
0.000 |
|
Net
worth |
6091.802 |
6965.573 |
9026.158 |
|
|
|
|
|
|
long-term borrowings |
719.336 |
68.906 |
67.066 |
|
Short term borrowings |
5923.605 |
11406.589 |
4749.746 |
|
Current Maturities of Long
term debt |
3.105 |
905.374 |
36.377 |
|
Total
borrowings |
6646.046 |
12380.869 |
4853.189 |
|
Debt/Equity
ratio |
1.091 |
1.777 |
0.538 |
YEAR-ON-YEAR GROWTH
|
Year
on Year Growth |
31.03.2015 |
31.03.2016 |
31.03.2017 |
|
|
INR
In Million |
INR
In Million |
INR
In Million |
|
Sales |
34650.625 |
33659.888 |
36160.542 |
|
|
|
(2.859) |
7.429 |
NET PROFIT MARGIN
|
Net
Profit Margin |
31.03.2015 |
31.03.2016 |
31.03.2017 |
|
|
INR
In Million |
INR
In Million |
INR
In Million |
|
Sales |
34650.625 |
33659.888 |
36160.542 |
|
Profit |
2031.271 |
1582.676 |
2079.695 |
|
|
5.86% |
4.70% |
5.75% |
LEGAL CASES
|
HIGH COURT OF
BOMBAY |
|
CASE DETAILS BENCH: BOMBAY |
|
PRESENTATION
DATE:- 01.08.2017 |
|
LODGING NO: ITXAL/1925/2017
FILING DATE: 01.08.2017 REG. NO: ITXA/214/2018
REG. DATE: 18.01.2018 |
|
PETITIONER:
PR. COMMISSIONER OF INCOEM TAX-14 RESPONDENT: GODREJ AGROVET
LIMITED RESP. ADV.: SURESH KUMAR [I2100]
DISTRICT: MUMBAI |
|
BENCH: DIVISION STATUS: PRE-ADMISSION CATEGORY:
TAX APPEALS NEXT DATE: 02.02.2018 STAGE:
FOR REJECTION [ORIGINAL SIDE MATTERS] CORAM :
ACCORDING TO SITTING LIST ACCORDING TO
SITTING LIST |
|
ACT: INCOME TAX ACT,
1961 Under Section :- 260 A |
LOCAL AGENCY FURTHER INFORMATION
|
Sr. No. |
Check list by info
agents |
Available in
Report (Yes/No) |
|
1 |
Year of establishment |
Yes |
|
2 |
Constitution of the entity -Incorporation
details |
Yes |
|
3 |
Locality of the entity |
Yes |
|
4 |
Premises details |
No |
|
5 |
Buyer visit details |
-- |
|
6 |
Contact numbers |
Yes |
|
7 |
Name of the person contacted |
Yes |
|
8 |
Designation of contact person |
Yes |
|
9 |
Promoter’s background |
Yes |
|
10 |
Date of Birth of Proprietor / Partners /
Directors |
Yes |
|
11 |
Pan Card No. of Proprietor / Partners |
No |
|
12 |
Voter Id Card No. of Proprietor / Partners |
No |
|
13 |
Type of business |
Yes |
|
14 |
Line of Business |
Yes |
|
15 |
Export/import details (if applicable) |
No |
|
16 |
No. of employees |
No |
|
17 |
Details of sister concerns |
Yes |
|
18 |
Major suppliers |
No |
|
19 |
Major customers |
No |
|
20 |
Banking Details |
Yes |
|
21 |
Banking facility details |
Yes |
|
22 |
Conduct of the banking account |
-- |
|
23 |
Financials, if provided |
Yes |
|
24 |
Capital in the business |
Yes |
|
25 |
Last accounts filed at ROC, if applicable |
Yes |
|
26 |
Turnover of firm for last three years |
Yes |
|
27 |
Reasons for variation <> 20% |
-- |
|
28 |
Estimation for coming financial year |
No |
|
29 |
Profitability for last three years |
Yes |
|
30 |
Major shareholders, if available |
Yes |
|
31 |
External Agency Rating, if available |
Yes |
|
32 |
Litigations that the firm/promoter
involved in |
Yes |
|
33 |
Market information |
-- |
|
34 |
Payments terms |
No |
|
35 |
Negative Reporting by Auditors in the
Annual Report |
No |
INDEX OF CHARGES
|
CHARGES REGISTERED |
||||||||
|
SNO |
SRN |
CHARGE ID |
CHARGE HOLDER NAME |
DATE OF CREATION |
DATE OF MODIFICATION |
DATE OF SATISFACTION |
AMOUNT |
ADDRESS |
|
1 |
A89949606 |
80026160 |
CENTRAL BANK OF INDIA |
22/07/1999 |
28/06/2010 |
- |
800000000.0 |
CORPORATE FINANCE BRANCH,1ST FLOORMMO BUILDING,M.G.ROAD,FORTMUMBAIMH400023IN |
|
2 |
B71254361 |
10153459 |
3i Infotech Trusteeship Services Limited |
06/04/2009 |
- |
13/03/2013 |
950000000.0 |
3rd to 6th floor, International Infotech Park,Tower No.5, Vashi Railway Station Complex, VashiNavi MumbaiMH400703IN |
|
3 |
B64021470 |
10090611 |
State Bank of India |
03/10/2007 |
26/02/2008 |
06/12/2012 |
400000000.0 |
Corporate Accounts Group -Central,3rd floor,State Bank Bhavan,Madame Cama Road,MUMBAIMH400001IN |
|
4 |
B33885625 |
80043197 |
AXIS BANK LIMITED |
06/12/2000 |
08/08/2008 |
28/02/2012 |
606900000.0 |
ESQUIRE CENTRENO.9, M. G. ROADBANGALOREKA560001IN |
|
5 |
B32595449 |
10142730 |
CITY UNION BANK |
23/01/2009 |
- |
17/02/2012 |
56200000.0 |
29, E.V.S. CHARI STREETSRIRANGAMTN620005IN |
|
6 |
B32593295 |
90286927 |
CITY UNION BANK LTD |
12/02/2004 |
12/02/2004 |
17/02/2012 |
9000000.0 |
KALAPALUVUR BRANCHTIRUCHIRAPALLI ROADPERAMBALURTNIN |
|
7 |
B32596306 |
90287874 |
CITY UNION BANK LIMITED |
16/02/2004 |
09/08/2007 |
17/02/2012 |
18000000.0 |
SRIRANGAM BRANCH29, EVS CHARI STREET SRIRANGAMTRICHYTN620006IN |
|
8 |
B32594269 |
80025851 |
CITY UNION BANK |
12/02/2004 |
29/06/2010 |
17/02/2012 |
77000000.0 |
29, E.V.S. CHARI STREETSRIRANGAMTN620005IN |
|
9 |
B32596975 |
80025850 |
City Union Bank Limited |
16/02/2004 |
- |
17/02/2012 |
9000000.0 |
kilapaluvur branch, trichirapalli road,perambalur district,trichiTN620006IN |
|
10 |
B16069734 |
10110875 |
Axis Bank Limited |
29/03/2008 |
23/03/2009 |
20/06/2011 |
245000000.0 |
SME Centre, Ground Floor, Karumuttu NilayamNo.192, Anna SalaiChennaiTN600002IN |
UNAUDITED FINANCIAL
RESULTS FOR THE QUARTER AND HALF YEAR ENDED 30.09.2017
|
Particulars |
Quarter Ended 30.09.2017 |
Quarter Ended 30.06.2017 |
Half Year Ended 30.09.2017 |
|
|
(Unaudited) |
(Unaudited) |
(Unaudited) |
|
|
|
|
|
|
Income from operations |
|
|
|
|
Revenue from operations |
10422.000 |
9871.600 |
20293.600 |
|
Other Income |
99.600 |
38.400 |
138.000 |
|
Total Income |
10521.600 |
9918.000 |
204.316 |
|
|
|
|
|
|
Expenses |
|
|
|
|
Cost of Materials Consumed |
6741.600 |
6952.700 |
13694.300 |
|
Purchases of Stock-in-Trade |
748.600 |
459.400 |
1208.000 |
|
Changes in inventories of finished goods, work-in-progress
and Stock-in-Trade |
303.400 |
(112.900) |
(190.500) |
|
Excise Duty |
0.000 |
170.500 |
170.500 |
|
Employee
benefits expense |
512.900 |
490.600 |
1003.500 |
|
Finance
Costs |
106.700 |
79.200 |
185.900 |
|
Depreciation
and amortisation expense |
132.300 |
132.900 |
265.200 |
|
Other
expenditure |
894.500 |
821.600 |
1716.100 |
|
Total Expenses |
9440.000 |
8994.000 |
18434.000 |
|
|
|
|
|
|
Profit before Exceptional Items, Tax and Share of equity Accounted
Investor |
1081.600 |
916.000 |
1997.600 |
|
Share
of Equity accounted investors, net of tax |
0.000 |
0.000 |
0.000 |
|
Profit before Exceptional Items, and Tax |
1081.600 |
916.000 |
1997.600 |
|
Exceptional Items |
0.000 |
0.000 |
0.000 |
|
Profit Before Tax |
1081.600 |
916.000 |
1997.600 |
|
Tax
expense |
328.500 |
303.800 |
632.300 |
|
Profit for the period |
753.100 |
612.200 |
1365.300 |
|
Other comprehensive income |
|
|
|
|
Items that will not be reclassified to profit or loss |
(36.600) |
(33.300) |
(69.900) |
|
Remeasurement of defined benefit liability |
(16.300) |
(42.000) |
58.300 |
|
Equity accounted Investors share of other comprehensive income |
(20.300) |
8.700 |
(11.600) |
|
Income tax related to items that will not
be reclassified to profit or loss |
5.700 |
15.000 |
20.700 |
|
Items that will be reclassified to profit or loss |
20.900 |
(66.100) |
(45.200) |
|
Foreign Operations - Foreign currency translation differences |
23.000 |
(20.100) |
2.900 |
|
The effective portion of gains and loss on hedging instruments in a cash flow hedge |
(2.100) |
(46.000) |
(48.100) |
|
Income tax related
to items that will be reclassified to profit or loss |
0.800 |
15.900 |
16.700 |
|
Total other comprehensive income for the
period, net of income tax |
(9.200) |
(68.500) |
(77.700) |
|
Total comprehensive income for the period |
841.000 |
|
|
|
Paid - up Equity Share Capital (Face value of INR 10/- per share) |
1853.200 |
1851.300 |
1853.200 |
|
Owners of the company |
807.000 |
738.500 |
1545.500 |
|
Non-Controlling Interest |
43.200 |
22.2000 |
65.400 |
|
Other comprehensive income Attributed to : |
|
|
|
|
Owners of the company |
(5.600) |
(63.900) |
(69.500) |
|
Non-Controlling Interest |
(3.600) |
(4.600) |
(8.200) |
|
Total Comprehensive Income Attributable to: |
|
|
|
|
Owners of the company |
801.500 |
674.500 |
1476.000 |
|
Non-Controlling Interest |
39.500 |
17.700 |
57.200 |
|
Earnings Per Share (EPS) |
|
|
|
|
a) Basic |
4.32 |
3.95 |
8.27 |
|
b) Diluted |
4.32 |
3.95 |
8.27 |
STANDALONE STATEMENT OF ASSETS AND LIABILITIES
|
SOURCES OF FUNDS |
30.09.2017 |
|
|
(Unaudited) |
|
III.
EQUITY
AND LIABILITIES |
|
|
(1)Shareholders'
Funds |
|
|
(a) Share Capital |
1853.200 |
|
(b) Reserves & Surplus |
7554.800 |
|
(c) Money received against
share warrants |
0.000 |
|
|
|
|
(2) Share Application money
pending allotment |
0.000 |
|
Sub Total
Shareholders’ Funds |
9408.000 |
|
|
|
|
(3) Non-Current
Liabilities |
|
|
(a) Long-term borrowings |
63.300 |
|
(b) Deferred tax liabilities (Net) |
755.300 |
|
(c) Other long term
liabilities |
130.000 |
|
(d) long-term
provisions |
71.900 |
|
Sub
Total Non-current Liabilities |
1020.500 |
|
|
|
|
(4) Current Liabilities |
|
|
(a) Short term borrowings |
7071.700 |
|
(b) Trade payables |
6444.400 |
|
(c) Other current
liabilities |
2546.100 |
|
(d) Short-term
provisions |
669.200 |
|
Sub
Total Current Liabilities |
16731.400 |
|
|
|
|
TOTAL
EQUITY AND LIABILITIES |
27159.900 |
|
|
|
|
I.
ASSETS |
|
|
(1)
Non-current assets |
|
|
Property, plant and Equipments |
6994.000 |
|
Capital work in progress |
193.000 |
|
Intangible assets |
91.500 |
|
Intangible assets under development |
3.200 |
|
Biological assets other than bearer plants |
47.600 |
|
Equity Accounted investors |
0.000 |
|
(D)Financial Assets |
|
|
Investments |
|
|
Investment in
subsidiary, associate and joint venture |
5201.800 |
|
Other investment |
0.000 |
|
Trade receivable |
0.000 |
|
Loans |
106.700 |
|
Others |
15.100 |
|
Differed Tax Assets |
53.200 |
|
Other tax assets |
0.000 |
|
Other non-current assets |
368.400 |
|
Total Non-Current
Assets |
13074.500 |
|
|
|
|
(2) Current assets |
|
|
Inventories |
4850.200 |
|
(b)Financial Assets |
|
|
Trade receivables |
7185.400 |
|
Cash and cash
equivalents |
204.900 |
|
Bank Balance Other than
|
7.900 |
|
Loans |
177.600 |
|
Others |
157.900 |
|
Current Tax Assets |
0.000 |
|
Other Current assets |
1501.500 |
|
Sub Total
Current Assets |
14085.400 |
|
|
|
|
TOTAL
ASSETS |
27159.900 |
NOTES:
- The above Financial Results which are published in accordance with Regulation 33 of the Securities and Exchange Board of India (Listing Obligations & Disclosure Requirements), Regulations, 2015 have been reviewed and recommended by the Audit Committee and approved by the Board of Directors at their Meetings held on November 3, 2017. The Financial Results are in accordance with the Indian Accounting Standards (Ind-AS) as prescribed under Section 133 of the Companies Act 2013 ("Act"), read with Rule 3 of the Companies (Indian Accounting Standards) Rules, 2015 (including any amendment(s) / modification^) / re-enactment(s) thereto). The Financial Results have been subjected to a limited review by the Statutory Auditors of the Company and they have expressed a modified review opinion related to the matter covered in note no.7 below.
- The Company has completed Initial Public Offer (IPO) of 25,158,964 Equity Shares of INR 10/- each at an issue price of INR 460/- per Equity Share, consisting of fresh issue of 6,337,225 Equity Shares and offer for sale of 18, 821,739 Equity Shares by Selling Shareholders. The Equity Shares of the Company were listed on October 16, 2017 on National Stock Exchange of India Limited (NSE) and BSE Limited (BSE). Accordingly, the Standalone Financial Results for Half Year and Quarter ended September 30, 2016 were not subjected to limited review by the Statutory Auditors of the Company. Further, the details of utilization of IPO proceeds shall be provided with the next Quarter Financial Results.
- The Government of India introduced the Goods and Services Tax (GST) with effect from July 1, 2017, consequently revenue from operations for the Quarter ended September 30, 2017 is net of GST, however revenue for all other periods presented (including the Quarter ended June 30, 2017 included in the figures presented for the Half Year ended September 30, 2017) is inclusive of excise duty and hence, total income from operations for the Quarter and Half Year ended six months ended September 30,2017 are not comparable with the previous periods.
- To give effect to the
Scheme of Amalgamation ("the Scheme") of Godrej Gokama Oil Palm
Ltd (GGOPL), Godrej Oil Palm Ltd (GOPL) and Cauvery Palm Oil Ltd (CPOL)
("the Transferor Companies") with Godrej Agrovet Limited ( 'the
Transferee Company"), effective April I, 2011, ("the Appointed
date") as sanctioned by the Horfble High Court of Judicature at
Bombay ("the
Court"), vide its Order dated March 16, 2012, the following entries have been passed.
i. Amortisation of Intangible Assets of the Transferor Companies amounting to INR 10.600 million each for the Quarters ended September 30, 2017, June 30, 2017 and September 30, 2016, INR 21.300 million each for the period ended September 30, 2017 and September 30, 2016 and INR 42.500 million for the Financial Year ended March 31, 2017 recorded in the books of the Transferee Company are charged against the balance in the General Reserve Account of the Transferee Company. The Gross Book value of these Assets now held by the Transferee Company is INR 425.100 million.
ii. Provision created against the loan advanced to the ESOP Trust of Godrej Industries Limited amounting to INR 200.000 million was directly charged against the balance in the Securities Premium Account of the Transferee Company. During the Financial Year ended March 31, 2017, the Company has written back this provision of INR 200.000 million as the said advance has been recovered and hence, no longer doubtful and the same has been shown as exceptional item.Had the Scheme not prescribed the above treatment, profit for each of the Quarters ended September 30, 2017, June 30, 2017 and September 30, 2017 would have been lower by INR 6.900 million and for each of the periods ended September 30, 2017 and September 30, 2016 would have been lower by INR 13.900 million and for the Financial Year ended March 31, 2017 would have been lower by INR 27.800 million.
- To give effect to the Honorable Bombay High Court's Order dated March 8, 2013, an amount of INR 100.400 million standing to the credit of the Securities Premium Account of the Company has been utilised to create Reserve for Employee Compensation Account of the Company. The expenses in respect of the Company's ESOP scheme will be charged against the Reserve for Employee Compensation Account, of which INR 39.000 million has been utilised for the Financial Year ended March 31, 2017.
Had the Scheme not prescribed this treatment the profit for the Financial Year
ended March 31, 2017 would have been lower by INR 39.000 million.
- A Scheme of Amalgamation ("the Scheme") for the amalgamation of Goldmuhor Agrochem & Feeds Limited (callcd "the Transferor Company") with Godrej Agrovet Limited (the "Transferee Company"), with effect from October 1, 2013, ("the Appointed date") was sanctioned by the Honorable High Court of Judicature at Bombay ("the Court"), vide its Order dated September 20, 2013 and certified copies of the Order of the C ourt sanctioning the Scheme were filed with the Registrar of Companies, Maharashtra on December 13,2013 (the "Effective Date").
To give effect to the Honourable Bombay High Court's Order dated September 20,
2013 regarding Scheme of the Arrangement, the following entry has been passed
- An amount of Rs.20 Crore has been transferred from the General Reserve Account and used to increase the Reserve for Employee Compensation Expenses, of which INR 198.600 million has been utilised for the Financial Year ended March 31, 2017. Had the Scheme not prescribed this treatment the profit for the Financial Year ended March 31, 2017 would have been lower by INR 98.600 million,
- The Company had paid
remuneration to its Managing Director during the Financial Year ended
March 31, 2017 which is in excess of the limits given under Section 197 of
the Companies Act,
rend with Schedule V to the Act by INR 866.100 million. The Company has applied to the Central Government and is awaiting approval in respect of the same.
UNSECURED LOANS
|
UNSECURED LOANS |
31.03.2017 (INR
In Million) |
31.03.2016 (INR
In Million) |
|
LONG-TERM BORROWINGS |
|
|
|
6000 8% Cumulative Non-convertible Redeemable Preference
Shares of the par value of `10 each |
0.060 |
0.060 |
|
Deferred payment liabilities |
41.182 |
42.066 |
|
Deferred Sales Tax Loan |
25.824 |
26.780 |
|
|
|
|
|
SHORT TERM BORROWINGS |
|
|
|
Term loans from Banks |
1703.315 |
7112.238 |
|
Commercial paper |
2750.000 |
4000.000 |
|
Cash credit |
296.431 |
85.445 |
|
|
|
|
|
Total |
4816.812 |
11266.589 |
CONTINGENT
LIABILITIES:
|
Particulars |
31.03.2017 (INR
In Million) |
31.03.2016 (INR
In Million) |
|
Excise Matter Excise duty demands relating to disputed classification, assessable
values, availment of credit etc. which the Company has contested and is in
appeal at various levels |
998.880 |
629.899 |
|
Service Tax demand amounting to INR 0.102 million raised by
Central Excise Department at Lote in respect of dispute arising out of works
contract transaction. An equal amount is levied by the department towards
interest and penalty. The Company has preferred an Appeal against this Order
of Assessing Officer |
0.204 |
0.000 |
|
Customs Matter The Company has preferred an appeal with the Customs Dept.
in the matter of Assessable value of imported Capital goods and presently the
case is pending with the Commissioner of Customs, Chennai. |
8.535 |
0.000 |
|
Income Tax The Company has received a rectification order u/s 154 of Income Tax Act 1961 for AY 2014-15 dated 23.01.2017, as per the said order amount determined to be payable is INR 13.243 million which includes interest amounting to ` 25.45 lakh |
13.243 |
0.000 |
|
The Company has preferred an appeal before the
Commissioner of Income Tax (Appeals) against the order of the Assessing
Officer for the A.Y 2013-14 in which a demand of INR 14.305 million has been
determined to be payable by the Company |
14.305 |
105.923 |
|
The Company has preferred an Appeal before the
Commissioner of Income Tax ( Appeals) against the order of the Assessing
Officer for the A.Y 2012-13 and A.Y 2013-14 in which a demand of INR 0.196
million and INR 0.300 million respectively has been determined to be payable
by the Company. The above demand pertains to Dividend Distribution Tax paid
by Bahar Agrochem & Feeds Ltd (since merged with Godrej Agrovet Ltd) the
credit of which has not been granted by the Income Tax department and
disallowances under section 14 A of the Income Tax Act |
0.000 |
0.496 |
|
The company has preferred appeal before the Commissioner
of Income Tax (Appeals) against the order of the Assessing Officer for the
A.Y. 2012- 13 in which a demand of INR 91.618 million has been determined to
be payable by the company. The above demand includes taxes amounting to INR
76.988 million towards which credit has not been granted by the Income Tax
department |
0.000 |
0.000 |
|
Sales Tax Matters The Company has preferred an appeal before the Deputy
Excise and Taxation Commissioner, Jalandhar against the penalty order issued
by the VAT officer for the F.Y. 2010-11 |
0.000 |
0.099 |
|
The Company has preferred an appeal before the Joint
Commissioner, Kashipur against the penalty order issued by the VAT officer
for the F.Y 2008-09 & F.Y 2012-13 |
0.000 |
1.262 |
|
The company has preferred an appeal before the VAT
Tribunal at Bhatinda against the penalty order issued by the VAT officer for
the F.Y. 2013-14 |
0.000 |
0.000 |
|
Buy-back guarantee issued to Industrial Promotional & Development Company on behalf of Joint Venture |
0.000 |
41.125 |
|
Surety Bond issued on behalf of Fellow Subsidiary |
12.067 |
12.067 |
|
Guarantees issued by the Banks and counter guaranteed by the company which have been secured by deposits with bank |
41.012 |
43.622 |
|
Gurantee issued to banks on behalf of the Joint Venture Company |
0.000 |
0.000 |
|
Claims against the Company not acknowledge as Debt |
90.587 |
64.091 |
GENERAL INFORMATION
Godrej Agrovet Ltd. ("the Company" or “Parent”) is
a public limited Company, which is domiciled and incorporated in the Republic
of India with its registered office situated at 3rd Floor, Godrej One,
Pirojshanagar, Vikhroli (East), Mumbai – 400 079. The Company and its
subsidiaries, joint ventures and associates (the “Group”) is a diversified
agribusiness Group and its principal activities include manufacturing and marketing
of high quality animal feed, innovative crop protection & agricultural
inputs, palm oil & allied products & milk and milk products
REVIEW OF OPERATIONS
/ STATE OF AFFAIRS OF THE COMPANY:
Animal Feeds:
The Animal feed business had a flat year due to head winds faced in certain feed categories. While cattle feed, layer feed and fish feed recorded robust growth. The business had flat sales in shrimp feed,while the volumes declined in broiler feed. Integration as an operating business model had gained ground in broiler business in last 5 years. The prevalence has increased to an extent that majority of the broiler market share has been captured by Integrators. The Company is working on multiple solution themes to improve its broiler feed play in coming years. Good monsoons lead to bumper Kharif and Rabi crops in the said Financial Year, keeping the critical raw materials prices mooted in the second half of Financial Year 2016-17, which aided the profitability of the business in Financial Year 2016-17
Crop Protection Business:
During the Financial Year 2016-17, good south west monsoons helped the Crop protection business clocked a growth of 18% in sales. The business reported sales of ` 45,132 Lakh during the Financial Year 2016-17. The Crop protection business started sales of product portfolio of Astec LifeSciences Limited (a subsidiary) during the Financial Year 2016-17 and has seen its market share improve across the Azole product fungicide portfolio
Vegetable Oil:
During the Financial Year 2016-17, both Crude Palm Oil and
Palm Kernel Oil prices were robust which resulted in significant improvement in
the performance of Oil Palm business over last year. Operating performance of
the business remained strong. The business recorded Sales of ` 50,672 Lakh in
Financial Year 2016-17, growth of over 25% over Financial Year 2015-16. A
project to convert the Oil Palm Biomass into value added product was also
commissioned during the Financial Year 2016-17, which will add to the
profitability of the Oil Palm Business in times to come
ACQUISITION OF SEEDS
BUSINESS
A scheme of Arrangement ("the Scheme") for the
demerger of Seeds business of Godrej Seeds and Genetics Limited ("the
Demerged Company) into Godrej Agrovet Limited ("the Resulting
Company") effect from April 1st, 2015, ("the Appointed date")
was sanctioned by the Honourable High Court of Judicature at Bombay ("the
Court"), vide its Order dated January 8th, 2016 and certified copies of
the Order of the Court sanctioning the Scheme were filed with the Registrar of
Companies, Maharashtra on February 9, 2016 (the "Effective Date").
To give effect to the Honourable Bombay High Court's Order dated January 8th, 2016 regarding Scheme of the Arrangement, the following actions have been performed.
· The excess of face value of the preference shares held by the transferee Company over book value of the net assets of the Transferor Company taken over, along with face value of preference shares issued on account the amalgamation, amounting to INR 169.447 million has been debited to the Surplus in Statement of Profit and Loss as per the Scheme
· The cost and expenses arising out of or incurred in carrying out and implementing the scheme amounting to INR 1.938 million had been directly charged against the Surplus in Statement of Profit and Loss of the Resulting Company.
Had the Scheme not prescribed the above treatment, the
Surplus in Statement of Profit and Loss would have been higher by INR 169.447
million.
FIXED ASSETS:
· Freehold Land
· Leasehold Land
· Buildings
· Plant and Machinery
· Furniture and Fixtures
· Vehicles
· Office and Other Equipment
· Tree Development Cost
· Leasehold Improvements
· Livestock used for R&D
·
Research Center
PRESS RELEASE:
GODREJ AGROVET ACQUIRES
MAJORITY STAKE IN ISRAELI BIO-TECH FIRM MAXXIMILK
19.01.2018
Godrej Agrovet Ltd, the agri-business subsidiary of Godrej Industries Ltd, has bought a majority stake in Israeli bio-tech firm Maxximilk Pvt Ltd, a stock market disclosure showed
The company said it has picked up 51% stake in Maxximilk, which became its subsidiary as part of the deal.
The financial details of the transaction couldn’t be immediately ascertained.
Maxximilk specialises in in-vitro production of high-quality embryos that aid dairy farmers produce top-quality milk, thus increasing their yield by a significant proportion. The company claims that its embryos are genetically predisposed to withstand hot weather conditions.
Originally established in central Israel in 2008, Maxximilk shifted gears and opened a production facility in Maharashtra last August, after signing a partnership agreement with Godrej Agrovet Ltd.
Godrej Agrovet, which made its public market debut in October 2017, is a diversified, research- and development-focused agri-business of the 120-year-old Godrej Group.
The company, which was incorporated in 1991, produces 1.1 million tonnes of feed and nutritional products for dairy cattle, poultry and aquaculture annually. It also has palm oil plantations and makes hybrid seeds.
Godrej Agrovet ranked fourth among India’s animal compound feed producers in terms of sales volume in the financial year 2015-16, according to a report by ratings agency CRISIL. It is also India’s largest crude palm oil producer by market share.
The company, which is backed by Singapore state investment firm Temasek, had in the past made two acquisitions – Maharashtra-based Astec Life Sciences and Hyderabad-based Creamline Dairy.
The animal feed business vertical accounted for over 52% of its revenue in 2016-17. It reported net profit of INR 2735.300 million in 2016-17 on total revenue of INR 4,98.329 million.
CMT REPORT (Corruption, Money Laundering & Terrorism]
The Public Notice information has been collected from various sources
including but not limited to: The Courts, India Prisons Service,
Interpol, etc.
1] INFORMATION ON
DESIGNATED PARTY
No records exist designating subject or any of its beneficial owners,
controlling shareholders or senior officers as terrorist or terrorist
organization or whom notice had been received that all financial transactions
involving their assets have been blocked or convicted, found guilty or against
whom a judgement or order had been entered in a proceedings for violating
money-laundering, anti-corruption or bribery or international economic or
anti-terrorism sanction laws or whose assets were seized, blocked, frozen or
ordered forfeited for violation of money laundering or international anti-terrorism
laws.
2] Court Declaration :
No records exist to suggest that subject is
or was the subject of any formal or informal allegations, prosecutions or other
official proceeding for making any prohibited payments or other improper
payments to government officials for engaging in prohibited transactions or
with designated parties.
3] Asset Declaration :
No records exist to suggest that the property or assets of the subject
are derived from criminal conduct or a prohibited transaction.
4] Record on Financial
Crime :
Charges or conviction
registered against subject: None
5] Records on Violation of
Anti-Corruption Laws :
Charges or
investigation registered against subject: None
6] Records on Int’l
Anti-Money Laundering Laws/Standards :
Charges or
investigation registered against subject: None
7] Criminal Records
No
available information exist that suggest that subject or any of its principals
have been formally charged or convicted by a competent governmental authority
for any financial crime or under any formal investigation by a competent
government authority for any violation of anti-corruption laws or international
anti-money laundering laws or standard.
8] Affiliation with
Government :
No record
exists to suggest that any director or indirect owners, controlling
shareholders, director, officer or employee of the company is a government
official or a family member or close business associate of a Government
official.
9] Compensation Package :
Our market
survey revealed that the amount of compensation sought by the subject is fair
and reasonable and comparable to compensation paid to others for similar
services.
10] Press Report :
No press reports / filings exists on
the subject.
CORPORATE GOVERNANCE
MIRA INFORM as part of its Due Diligence do provide comments on
Corporate Governance to identify management and governance. These factors often
have been predictive and in some cases have created vulnerabilities to credit
deterioration.
Our Governance Assessment focuses principally on the interactions
between a company’s management, its Board of Directors, Shareholders and other
financial stakeholders.
CONTRAVENTION
Subject is not known to have contravened any existing local laws, regulations
or policies that prohibit, restrict or otherwise affect the terms and
conditions that could be included in the agreement with the subject.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
INR |
|
US Dollar |
1 |
INR 63.64 |
|
UK Pound |
1 |
INR 89.32 |
|
Euro |
1 |
INR 78.45 |
INFORMATION DETAILS
|
Information
Gathered by : |
NIY |
|
|
|
|
Analysis Done by
: |
SUP |
|
|
|
|
Report Prepared
by : |
RUP |
SCORE FACTORS
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
YES |
|
--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 |
RATING EXPLANATIONS
|
Credit Rating |
Explanation |
Rating Comments |
|
A++ |
Minimum Risk |
Business dealings permissible with minimum
risk of default |
|
A+ |
Low Risk |
Business dealings permissible with low
risk of default |
|
A |
Acceptable Risk |
Business dealings permissible with
moderate risk of default |
|
B |
Medium Risk |
Business dealings permissible on a regular
monitoring basis |
|
C |
Medium High Risk |
Business dealings permissible preferably
on secured basis |
|
D |
High Risk |
Business dealing not recommended or on
secured terms only |
|
NB |
New Business |
No recommendation can be done due to
business in infancy stage |
|
NT |
No Trace |
No recommendation can be done as the
business is not traceable |
NB is stated where there is insufficient information to facilitate rating. However, it is not to be considered as unfavourable.
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 are as follows:
·
Financial
condition covering various ratios
·
Company
background and operations size
·
Promoters
/ Management background
·
Payment
record
·
Litigation
against the subject
·
Industry
scenario / competitor analysis
·
Supplier
/ Customer / Banker review (wherever available)
This report is issued at
your request without any risk and responsibility on the part of MIRA INFORM
PRIVATE LIMITED (MIPL) or its officials.