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3decades

 

MIRA INFORM REPORT

 

 

Report No. :

498793

Report Date :

19.03.2018

 

 

 

IDENTIFICATION DETAILS

 

Name :

GODREJ INDUSTRIES LIMITED (w. e. f. 02.04.2001)

 

 

Formerly Known As :

GODREJ SOAPS LIMITED

 

GUJARAT-GODREJ INNOVATIVE CHEMICALS LIMITED

 

 

Registered Office :

Godrej One, Pirojshanagar, Eastern Express Highway, Vikhroli (East), Mumbai - 400079, Maharashtra

Tel. No.:

91-22-25188010

 

 

Country :

India

 

 

Financials (as on) :

31.03.2017

 

 

Date of Incorporation :

07.03.1988

 

 

Com. Reg. No.:

11-097781

 

 

Capital Investment / Paid-up Capital :

INR 336.100 Million

 

 

CIN No.:

[Company Identification No.]

L24241MH1988PLC097781

 

 

IEC No.:

[Import-Export Code No.]

Not Divulged

 

 

TAN No.:

[Tax Deduction & Collection Account No.]

MUMG08648D / MUMG07967B

 

 

GSTN :

[Goods & Service Tax Registration No.]

27AAACG2953R1Z3

 

 

PAN No.:

[Permanent Account No.]

AAACG2953R

 

 

Legal Form :

A Public Limited Liability Company. The Company’s Shares are Listed on the Stock Exchanges.

 

 

Line of Business :

The Subject is engaged in the businesses of manufacture and marketing of oleo-chemicals, their precursors and derivatives, bulk edible oils, estate management and investment activities. (Registered activity)

 

 

No. of Employees :

1164 (Approximately)

 

 

RATING & COMMENTS

(Mira Inform has adopted New Rating mechanism w.e.f. 23rd January 2017)

 

MIRA’s Rating :

A+

 

Credit Rating

Explanation

Rating Comments

A+

Low Risk

Business dealings permissible with low risk of default

 

Status :

Excellent

 

 

Payment Behaviour :

Regular

 

 

Litigation :

Clear

 

 

Comments :

Subject is the flagship company of the Godrej group established in the year 1988. It is an Indian manufacturer of oleochemicals for use in over various industries. It also manufactures edible oils, vanaspati and bakery fats. In addition, it operates real estate. Godrej Industries (Chemicals Division) has its headquarters in Mumbai, India, and bases in 40 countries; it exports to more than 60 countries.


For the financial year ended 2017, the company has achieved revenue growth of 14.94% as compared to the previous year but has incurred operational loss.

 
The sound financial risk profile of the company is marked by adequate net worth base along with comfortable debt balance sheet profile.


As per the quarterly financials of December 2017, the company has achieved revenue of INR 4951.300 million along with a profit 2384.600 million.


Further, it has established market position, diversified revenue profile, long business track records marked by leadership position in the core business of oleo chemicals.

 
Rating strength is partially offset on account of operational loss incurred by the company.

Business is active. Payment seems to be regular and as per commitments.

 
In view of the aforesaid, the company can be considered 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 Fund Based Limits=AA

Rating Explanation

High degree of safety and very low credit risk.

Date

08th January 2018

 

Rating Agency Name

ICRA

Rating

Short Term Fund Based Limits=A1+

Rating Explanation

Very strong degree of safety and carry lowest credit risk.

Date

08th January 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 19.03.2018

 

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 DENIED

 

MANAGEMENT NON-COOPERATIVE: Tel. No.: 91-22-25188010

 

 

LOCATIONS

 

Registered Office/ Factory 1 /Head Office :

Godrej One, Pirojshanagar, Eastern Express Highway, Vikhroli (East), Mumbai – 400079, Maharashtra, India

Tel. No.:

91-22-25188010/ 25188020/ 25188030/ 25194493/ 66451211/ 1218

Fax No.:

91-22-25188066/ 25188074/ 66451213

E-Mail :

nilufer.shekhawat@godrejinds.com

Website :

http://www.godrejinds.com

http://www.godrej.com

 

 

Factory 2 :

Valia (DTA and EOU)

Burjorjinagar, Plot No. 3, Village Kanerao, Taluka - Valia, District Bharuch - 393135, Gujarat, India

Tel. No.:

91-2643-270756-60

Fax No.:

91-2643-270018

 

 

Factory 3 :

Wadala

LM. Nadkarni Marg, Near M.P.T. Hospital, Wadala (East), Mumbai – 400037, Maharashtra, India

Tel. No.:

91-22-24148770/ 24154816

Fax No.:

91-22-24126204

 

 

Factory 4 :

Ambernath

Plot No.N-73, Additional Ambernath Industrial Area, Anand Nagar, Village Jambivali, Taluka Ambernath (East), District: Thane - 421506,  Maharashtra, India 

Tel. No.:

91-251-2624000

 

 

Factory 5 :

Dombivali

Plot No: W-61, MIDC Phase II, Sagaon, Sonarpada, Dombivali (East), Thane - , 421204, Maharashtra, India

Tel. No.:

91-251 - 2871177

 

 

Branch Offices :

Delhi

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

 

Delhi

6th Floor, Hanslaya Building, 15, Barakhamba Road, New Delhi-110002, India

Phone: 91-11-233234860

 

 

Overseas Office :

London

Block B, 2nd Floor, 284A, Chase Road, Southgate, London N14 - 6HF., UK

Phone : (004420) - 88860145

Fax : (004420) – 88869424

 

 

DIRECTORS

 

As on 31.03.2017

 

Name :

Nadir Burjor Godrej

Designation :

Managing Director

Address :

40-D, B.G. Kher Marg, 2nd Floor, Malabar Hill, Mumbai, 400006, Maharashtra, India

Date of Birth/Age :

62 Years

Qualification :

B.S. from Massachusetts Institute of Technology, U.S.A., M.S. in Chem. Engg., Standford University. MBA, Harward Business School.

Expertise in specific

functional area :

Engineering and Management

Date of Appointment :

07.03.1988

DIN No.:

00066195

 

 

Name :

Mrs. Tanya Arvind Dubash

Designation :

Whole-Time Director

Address :

Hasman Bunglow, 89b Bhulabhai Desai Road, Mumbai - 400026, Maharashtra, India

Date of Birth/Age :

48 Years

Qualification :

AB, Economics and Political Science, Brown University, USA., Advanced Management Program, Harvard Business School

Expertise in specific functional area:

Marketing

Date of Appointment :

01.08.1996

DIN No.:

00026028

 

 

Name :

Keki Manchersha Elavia

Designation :

Director

Address :

2A Anand Bhavan, 36th Road, Bandra (West), Mumbai - 400050, Maharashtra, India

Date of Appointment :

28.05.2013

DIN No.:

00003940

 

 

Name :

Aspy Dady Cooper

Designation :

Director

Address :

Flat No. 502, Wing-A, 5th Floor, Vivarea Tower, Sane Guruji Marg, Jacob Circle, Mahalaxmi, Mumbai - 400011, Maharashtra, India

Date of Appointment :

28.10.2015

DIN No.:

00026134

 

 

Name :

Mr. Saleem Anvaar Ahmadullah

Designation :

Director

Address :

52, Jupiter, 1, Anstey Road, Mumbai, 400026, Maharashtra, India

Date of Appointment :

03.01.1995

DIN No.:

00037137

 

 

Name :

Kersi Kaikhushru Dastur

Designation :

Director

Address :

Ground Floor, Flat No.1, Rajab Mahal, 144, Maharshi Karve Road, Churchgate,, Mumbai - 400020, Maharashtra, India

Date of Appointment :

01.05.2002

DIN No.:

00050199

 

 

Name :

Adi Barjorji Godrej

Designation :

Director

Address :

Aashraye Godrej House, 67-H, Walkeshwar Road, Mumbai - 400006, Maharashtra, India

Date of Birth/Age :

75 Years

Qualification :

B.S., M.S. from Massachusetts Institute of Technology, U.S.A.

Expertise in specific functional area:

Engineering and Management

Date of Appointment :

07.03.1988

DIN No.:

0065964

 

 

Name :

Kavas Noshirwan Petigara

Designation :

Director

Address :

801, Citadel, 18-B Ruparel Marg, Malabar Hill, Mumbai - 400006, Maharashtra, India

Date of Appointment :

30.01.2012

DIN No.:

00066162

 

 

Name :

Mr. Vijay Mohan Crishna

Designation :

Director

Address :

A-261, Grand Paradi Apartments, Off August Kranti Marg, Mumbai- 400036, Maharashtra, India

Date of Birth/Age :

67 Years

Qualification :

B.A. (Economics)

Expertise in specific

functional area :

Economics

Date of Appointment :

03.01.1995

DIN No.:

00066267

 

 

Name :

Jamshyd Naoroji Godrej

Designation :

Director

Address :

40-D, Ridge Road, Mumbai - 400006, Maharashtra, India

Date of Appointment :

07.03.1988

DIN No.:

00076250

 

 

Name :

Mr. Amit Biren Choudhury

Designation :

Director

Address :

Golden Oak CHS, Flat 304. Wing C, Hiranandani Gardens, Powai, Mumbai - 400076, Maharashtra, India

Date of Birth/Age :

71 Years

Qualification :

Masters In Economics and MMS from JBIMS

Expertise in specific

functional area :

Marketing, General Management and Real Estate

Date of Appointment :

04.08.2009

DIN No.:

00557547

 

 

Name :

Mr. Nitin Sudhakar Nabar

Designation :

Whole-Time Director

Address :

C -6, Samant Blocks CHS Limited, Ghantali Devi Road, Navpada, Thane - 400602, Maharashtra, India

Date of Appointment :

01.05.2013

DIN No.:

06521655

 

 

KEY EXECUTIVES

 

Name :

Clement George Pinto

Designation :

Chief Financial Officer

Address :

A/106, Vaastu Shubh, Jijamata Road, Andheri (East), Mumbai – 400093, Maharashtra, India

Date of Appointment :

30.04.2016

PAN No.:

AAKPP9186E

 

 

Name :

Nilufer Shekhawat

Designation :

Company Secretary

Address :

B91, Andheri Greenfield Towers CHS Limited, JVLR, Near Majas Depot, Andheri (East), Mumbai – 400093, Maharashtra, India

Date of Appointment :

25.05.2016

PAN No.:

ABDPI7014E

 

 

BOARD COMMITTEES

 

 

Audit Committee :
  • K. K. Dastur (Chairman)
  • S. A. Ahmadullah
  • K. N. Petigara
  • A. B. Choudhury

 

 

Nomination and Compensation Committee :
  • S. A. Ahmadullah (Chairman)
  • B. Choudhury
  • K. N. Petigara

 

 

Stakeholders Relationship/ Shareholders Committee :
  • B. Godrej (Chairman)
  • N. B. Godrej
  • T. A. Dubash
  • N. S. Nabar

 

 

Corporate Social Responsibility Committee:
  • N. B. Godrej (Chairman)
  • T. A. Dubash
  • K. N. Petigara
  • A. B. Choudhury

 

 

Risk Management Committee :
  • N. B. Godrej (Chairman)
  • T. A. Dubash
  • N. S. Nabar

 

 

Management Committee :
  • B. Godrej (Chairman)
  • N. B. Godrej
  • T. A. Dubash
  • N. S. Nabar

 

 

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

 

As on December 2017

 

Category of shareholder

No. of fully paid up equity shares held

Shareholding as a % of total no. of shares 

Promoter and Promoter Group

251336467

74.74

Public

84932827

25.26

Grand Total

336269294

100.00

 

 

Statement showing shareholding pattern of the Promoter and Promoter Group

 

Category of shareholder

No. of fully paid up equity shares held

Shareholding as a % of total no. of shares

A1) Indian

0.00

 

Individuals/Hindu undivided Family

54328611

16.16

 

BURJIS NADIR GODREJ

6139080

1.83

 

NADIR BARJORJI GODREJ

528232

0.16

 

NAVROZE JAMSHYD GODREJ

6403181

1.90

 

NISABA ADI GODREJ

4268781

1.27

 

NYRIKA HOLKAR

3103175

0.92

 

PIROJSHA ADI GODREJ

4268786

1.27

 

JAMSHYD GODREJ, PHEROZA GODREJ AND NAVROZE GODREJ [(TRUSTEES OF RAIKA GODREJ FAMILY TRUST) (BENEFICIAL INTEREST IS OF RAIKA GODREJ)

6403169

1.90

 

RISHAD KAIKHUSHRU NAOROJI

50

0.00

 

RISHAD KAIKHUSHRU NAOROJI ( As a Partner of RKN Enterprises)

12806300

3.81

 

SOHRAB NADIR GODREJ

6139074

1.83

 

TANYA ARVIND DUBASH

4268783

1.27

 

Any Other (specify)

193904681

57.66

 

VORA SOAPS LIMITED

193904681

57.66

 

Sub Total A1

248233292

73.82

 

A2) Foreign

0.00

 

Individuals (NonResident Individuals/ Foreign Individuals)

3103175

0.92

 

FREYAN CRISHNA BIERI

3103175

0.92

 

Sub Total A2

3103175

0.92

 

A=A1+A2

251336467

74.74

 

 

Statement showing shareholding pattern of the Public shareholder

 

Category & Name of the Shareholders

No. of fully paid up equity shares held

Shareholding % calculated as per SCRR, 1957 As a % of (A+B+C2)

B1) Institutions

0

0.00

 

Mutual Funds/

4832339

1.44

 

Foreign Portfolio Investors

42316696

12.58

 

Blackrock Global Funds Asian Dragon Fund

5664463

1.68

 

Financial Institutions/ Banks

330590

0.10

 

Insurance Companies

9456001

2.81

 

Life Insurance Corporation of India

9456001

2.81

 

Sub Total B1

56935626

16.93

 

B2) Central Government/ State Government(s)/ President of India

0

0.00

 

B3) Non-Institutions

0

0.00

 

Individual share capital upto INR 0.200 Million

18787335

5.59

 

Individual share capital in excess of INR 0.200 Million

1850060

0.55

 

Any Other (specify)

7359806

2.19

 

HDFC Standard Life Insurance Company Limited

3563156

1.06

 

Sub Total B3

27997201

8.33

 

B=B1+B2+B3

84932827

25.26

 

 

 

BUSINESS DETAILS

 

Line of Business :

The Subject is engaged in the businesses of manufacture and marketing of oleo-chemicals, their precursors and derivatives, bulk edible oils, estate management and investment activities. (Registered activity)

 

 

Products :

Item Code No.

Product Description

24118

Fatty Acid

24118

Fatty Alcohol

24243

Surfactant

 

 

Brand Names :

Not Divulged

 

 

Agencies Held :

Not Divulged

 

 

Exports :

Not Divulged

 

 

Imports :

Not Divulged

 

 

Terms :

Not Divulged

 

PRODUCTION STATUS NOT AVAILABLE

 

 

GENERAL INFORMATION

 

Suppliers :

Reference :

Not Divulged

Name of the Person :

--

Contact No.:

--

Since How Long Known :

--

Maximum Limit Dealt :

--

Experience :

--

Remark:

--

 

 

Customers :

 

Reference :

Not Divulged

Name of the Person :

--

Contact No.:

--

Since How Long Known :

--

Maximum Limit Dealt :

--

Experience :

--

Remark:

--

 

 

No. of Employees :

1164 (Approximately)

 

 

Bankers :
  • Central Bank of India
  • State Bank of India
  • Bank of India
  • HDFC Bank Limited
  • Citibank N.A.
  • HSBC Limited
  • DBS Bank Limited
  • Kotak Mahindra Bank Limited

 

 

Facilities :

Secured Loan

31.03.2017

(INR in Million)

31.03.2016

(INR in Million)

Short-term borrowings

 

 

Loans Repayable on Demand From Banks

2.600

227.600

(Working capital facilities sanctioned by banks under consortium arrangement are secured by hypothecation of stocks and book debts.)

 

 

 

 

 

Total

2.600

227.600

 

Auditors :

 

Name :

Kalyaniwalla and Mistry

Chartered Accountants

Address :

Kalpataru Heritage, 127 Mahatma Gandhi Road, Mumbai – 400001, Maharashtra, India

Tel. No.:

91-22-61587200

Mobile No.:

91-22-22673964

 

 

Auditors :

 

Name :

BSR and Company LLP

Chartered Accountants4

Address :

5th Floor, Lodha Excelus, Apollo Mills Compound, N.M. Joshi Marg, Mahalaxmi, Mumbai – 400011, India

Tel. No.:

91-22-43455300

Fax No.:

91-22-43455399

 

 

Memberships :

Not Available

 

 

Collaborators :

Not Available

 

 

Subsidiary companies :
  • Godrej Agrovet Limited
  • Godvet Agrochem Limited.
  • Godrej Seeds and Genetics Limited (up to March 18, 2017)
  • Astec Life Sciences Limited.
  • Behram Chemicals Private Limited
  • Astec Europe Sprl
  • Comercializadora Agricola Agroastrachem Cia Ltda
  • Creamline Dairy Products Limited
  • Nagavalli Milkline Private Limited
  • Godrej Properties Limited
  • City Star Infraprojects Limited. (w.e.f. January 12, 2017)
  • Godrej Real Estate Private Limited
  • Godrej Buildcon Private Limited
  • Godrej Projects Development Private Limited
  • Godrej Garden City Properties Private Limited.
  • Godrej Green Homes Limited
  • Godrej Home Developers Private Limited
  • Godrej Hill Side Properties Private Limited
  • Godrej Fund Management Pte. Limited
  • Godrej Greenview Housing Private Limited (up to June 29, 2016)
  • Wonder Projects Development Private Limited (up to Septemer 18,2016)
  • Godrej Real View Developers Private Limited (w.e.f. September 1, 2016 and up to March 28, 2017)
  • Pearlite Real Properties Private Limited (w.e.f. September 2, 2016 and up to March 29, 2017)
  • Godrej Prakriti Facilities Private Limited
  • Godrej Genesis Facilities Management Private Limited
  • Godrej Investment Advisers Private Limited
  • Godrej Highrises Properties Private Limited
  • Godrej Residency Private Limited (w.e.f. March 16, 2017)
  • Godrej Skyline Developers Private Limited. (w.e.f. November 22, 2016)
  • Godrej Vikhroli Properties India Limited (w.e.f. January 25, 2017) formerly known as Godrej Vikhroli Properties LLP (up to January 24, 2017)
  • Prakritiplaza Facilities Management Private Limited (w.e.f. July 28, 2016)
  • Godrej Highrises Realty LLP
  • Godrej Land Developers LLP
  • Godrej Developers and Properties LLP
  • Godrej Project Developers and Properties LLP
  • Godrej Highview LLP (w.e.f. September 29, 2016)
  • Godrej Skyview LLP (w.e.f. October 19, 2016)
  • Godrej Green Properties LLP (w.e.f. October 27, 2016)
  • Godrej Projects (Pune) LLP (w.e.f. February 5, 2017)
  • Godrej Projects (Soma) LLP (w.e.f. March 6, 2017)
  • Godrej Projects (Bluejay) LLP (w.e.f. March 2, 2017)
  • Godrej Century LLP (w.e.f. March 14, 2017)
  • Natures Basket Limited
  • Godrej One Premises Management Private Limited.
  • Ensemble Holdings and Finance Limited
  • Godrej International Limited. (incorporated in the Isle of Man)
  • Godrej International Trading and Investments Pte Limited (Incorporated in Singapore)
  • Godrej International Limited (Labuan, Malaysia)

 
  •  

Fellow Subsidiaries (Upto March 29, 2017)
  • Godrej (Malaysia) Sdn Bhd (Incorporated in Malaysia)
  • Godrej (Singapore) Pte Limited (Incorporated in Singapore)
  • JT Dragon Pte. Limited (Incorporated in Singapore)
  • Godrej (Vietnam) Co. Limited (Incorporated in Vietnam)
  • Godrej Infotech Limited
  • Godrej Infotech Americas Inc. (a wholly-owned subsidiary incorporated in North Carolina, USA)
  • Godrej Infotech (Singapore) Pte Limited (a wholly-owned subsidiary incorporated in Singapore)
  • LVD Godrej Infotech NV (incorporated in Belgium)
  • Veromatic International BV (Incorporated in Netherlands)
  • Mercury Mfg. Co. Limited
  • Busbar Systems (India) Limited (a Wholly-owned subsidiary)
  • Godrej Americas Inc. (a Wholly-owned subsidiary incorporated in the USA)
  • MiracleTouch Developers Private Limited. (a Wholly-owned subsidiary)
  • India Circus Retail Private Limited
  • Godrej South Africa Pty Limited
  • Laboratoria Cuenca S.A.

 

 

Parties where control exists:
  • Godrej and Boyce Mfg. Co. Limited, (Holding Co. up to March 29, 2017)
  • Vora Soaps Limited. (Holding Co. w.e.f. March 30, 2017)

 

 

Other related parties with whom the Company had transactions during the year

Associate / Joint Venture Companies :
  • Godrej Consumer Products Limited (also a fellow subsidiary)
  • Godrej Global Mideast FZE, Sharjah
  • PT Megasari Makmur, Indonesia
  • Bhabhani Blunt Hairdressing Private Limited

 

 

Companies under common control (w.e.f. March 30, 2017):
  • Godrej and Boyce Mfg. Co. Limited
  • Godrej (Malaysia) Sdn Bhd (Incorporated in Malaysia)
  • Godrej (Singapore) Pte Limited. (Incorporated in Singapore)
  • JT Dragon Pte. Limited (Incorporated in Singapore)
  • Godrej (Vietnam) Co. Limited (Incorporated in Vietnam)
  • Godrej Infotech Limited
  • Godrej Infotech Americas Inc. (a wholly-owned subsidiary incorporated in North Carolina, USA)
  • Godrej Infotech (Singapore) Pte. Limited (a wholly-owned subsidiary incorporated in Singapore)
  • LVD Godrej Infotech NV (incorporated in Belgium)
  • Veromatic International BV (Incorporated in Netherlands)
  • Mercury Mfg. Co. Limited
  • Busbar Systems (India) Ltd. (a Wholly-owned subsidiary)
  • Godrej Americas Inc. (a wholly-owned subsidiary incorporated in the USA)
  • MiracleTouch Developers Private Limited. (a wholly-owned subsidiary)
  • India Circus Retail Private Limited
  • Godrej South Africa Pty Limited
  • Laboratoria Cuenca S.A.

 

 

Enterprises over which key management personnel exercise significant influence :
  • Anamudi Real Estates LLP
  • Godrej Investments Private Limited
  • Vora Soaps Limited (Upto March 29, 2017)
  • Godrej Tyson Foods Limited

 

 

Enterprises over which relative of key management personnel exercise significant influence :
  • Shata Trading and Finance Private Limited
  • Shilawati Trading and Finance Private Limited

 

 

Post-Employment Benefit Trust where the company exercises significant influence :
  • Godrej Industries Employees Provident Fund
  • Godrej Industries Limited. Group Gratuity Trust
  • Godrej Industries Limited Employee Stock Option Trust

 

 

CAPITAL STRUCTURE

 

After 11.08.2017

 

Authorised Capital : INR 1800.000 Million

 

Issued, Subscribed & Paid-up Capital : INR 336.269 Million

 

 

As on 31.03.2017

 

Authorised Capital :

No. of Shares

Type

Value

Amount

 

 

 

 

800000000

Equity Shares

INR 1/- each

INR 800.000 Million

100000000

Unclassified Shares

INR 10/- each

INR 1000.000 Million

 

Total

 

INR 1800.000 Million

 

Issued, Subscribed & Paid-up Capital :

No. of Shares

Type

Value

Amount

 

 

 

 

336139786

Equity Shares

INR 1/- each

INR 336.100 Million

 

 

 

 

 

Reconciliation of number of Shares

 

 

31.03.2017

Equity Shares

Number

INR In Million

Number of Shares outstanding at the beginning of the year

335988807

336.000

Issued during the year

150979

0.100

Number of Shares outstanding at the end of the year

336139786

336.100

 

 

 

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

 

 

31.03.2017

Equity Shares

Number

INR In Million

a) Equity Shares held by holding Company:

 

 

Vora Soaps Limited

193904681

193.900

Godrej & Boyce Manufacturing Company Limited

--

--

(b) Shareholders holding more than 5% of Equity Shares in the Company:

 

 

Vora Soaps Limited - 57.69%

193904681

193.900

Godrej & Boyce Manufacturing Company Limited - As at March 31, 2016 - 57.71% (As at April 01, 2015- 57.73%)

--

--

 

 

Equity Shares Reserved for Issue Under Employee Stock Grant (INR 1 each)

 

Employee Stock Grant for which vesting date shall be such date as may be decided by the Compensation Committee(*)

31.03.2017

Equity Shares

Number

INR In Million

 

 

 

(a) Employee Stock Grant vesting on 31/03/15(*)

--

--

(b) Employee Stock Grant vesting on 31/05/15

--

--

c) Employee Stock Grant vesting on 31/07/15(*)

--

--

(d) Employee Stock Grant vesting on 31/03/16(*)

--

--

(e) Employee Stock Grant vesting on 31/05/16(*)

--

--

(f) Employee Stock Grant vesting on 31/05/17

148998

0.01

(g) Employee Stock Grant vesting on 30/11/17

1513

--

(h) Employee Stock Grant vesting on 31/03/18

2075

--

(l) Employee Stock Grant vesting on 31/05/18

97223

0.01

j) Employee Stock Grant vesting on 30/09/18

807

--

(k) Employee Stock Grant vesting on 31/05/19

47985

--

 

7. During the period of five years immediately preceeding the date as at which the Balance Sheet is prepared :

 

Pursuant to the Scheme of Amalgamation of Wadala Commodities Limited (WCL) with the Company:

 

(i) 2,00,243 equity shares allotted as fully paid up to the Equity Shareholders of WCL and 10 equity shares allotted as fully paid up to the Perference Shareholders of WCL, without

 

(ii) 67,627 equity shares have been allotted as fully paid up bonus shares to the non-promoter shareholders of the Company.

 

8. There are no calls unpaid.

 

9. There are no forfeited shares.

(*) Amount less than INR 0.100 Million.

 

In the FY 2014-15, the Honourable Bombay High Court and High Court of Madhya Pradesh, Indore Bench, approved a Scheme of Amalgamation (“Scheme”) of Wadala Commodities Limited (WCL) with the Company effective from April 1, 2014, being the appointed date. The Effective Date was November 21, 2014, being the date of filing the approval of the Respective High Courts with the ROC. Accordingly, the Company had issued 200,243 equity shares of the Company in lieu of the equity shares in WCL and 10 equity shares of the Company in lieu of the preference shares in WCL held by the shareholders of the erstwhile WCL and also issued 67,504 bonus equity shares of the Company to the non-promoter shareholders of the Company.

 

In current year, the Company has issued 38 (previous year 85) bonus equity shares of the Company to the non-promoter shareholders on exercise of ESGS options.

 

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

336.100

336.000

335.900

(b) Reserves & Surplus

15818.200

17232.600

16246.900

(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)

16154.300

17568.600

16582.800

 

 

 

 

(3) Non-Current Liabilities

 

 

 

(a) long-term borrowings

9852.800

10168.000

10127.800

(b) Deferred tax liabilities (Net)

0.000

0.000

170.200

(c) Other long term liabilities

0.000

0.000

0.000

(d) long-term provisions

51.500

57.600

83.000

Total Non-current Liabilities (3)

9904.300

10225.600

10381.000

 

 

 

 

(4) Current Liabilities

 

 

 

(a) Short term borrowings

14374.100

13110.200

7823.700

(b) Trade payables

3119.700

1714.700

3971.300

(c) Other current liabilities

5172.100

4450.900

3176.300

(d) Short-term provisions

48.300

50.400

772.600

Total Current Liabilities (4)

22714.200

19326.200

15743.900

 

 

 

 

TOTAL

48772.800

47120.400

42707.700

 

 

 

 

II.          ASSETS

 

 

 

(1) Non-current assets

 

 

 

(a) Fixed Assets

 

 

 

(i) Tangible assets

13993.700

11716.300

6471.300

(ii) Intangible Assets

9.000

7.000

6.700

(iii) Capital work-in-progress

100.100

2097.200

6669.600

(iv) Intangible assets under development

0.000

0.000

0.000

(b) Non-current Investments

27852.900

24945.600

23777.800

(c) Deferred tax assets (net)

26.500

25.300

0.000

(d)  Long-term Loan and Advances

31.800

28.800

529.600

(e) Other Non-current assets

1672.500

1644.500

1.000

Total Non-Current Assets

43686.500

40464.700

37456.000

 

 

 

 

(2) Current assets

 

 

 

(a) Current investments

0.000

0.000

0.000

(b) Inventories

2966.200

2655.600

1663.400

(c) Trade receivables

1217.100

1855.200

1043.000

(d) Cash and cash equivalents

150.700

116.400

1073.000

(e) Short-term loans and advances

1.700

190.900

1116.200

(f) Other current assets

750.600

1837.600

356.100

Total Current Assets

5086.300

6655.700

5251.700

 

 

 

 

TOTAL

48772.800

47120.400

42707.700

 

 

PROFIT & LOSS ACCOUNT

 

 

PARTICULARS

31.03.2017

31.03.2016

31.03.2015

 

SALES

 

 

 

 

Income

16021.700

13938.600

14546.400

 

Other Income

468.800

254.700

342.700

 

TOTAL

16490.500

14193.300

14889.100

 

 

 

 

 

Less

EXPENSES

 

 

 

 

Cost of Materials Consumed

11118.600

8290.000

9424.100

 

Purchases of Stock-in-Trade

186.800

17.300

33.900

 

Changes in inventories of finished goods, work-in-progress and Stock-in-Trade

(460.500

(56.600)

261.300

 

Excise Duty

1020.800

909.100

0.000

 

Employees benefits expense

1162.500

1350.500

1238.200

 

Exceptional Items

0.000

(1342.100)

(1996.100)

 

Other expenses

2312.900

2496.400

2838.400

 

TOTAL

15341.100

11664.600

11799.800

 

 

 

 

 

 

PROFIT/ (LOSS)  BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION

1149.400

2528.700

3089.300

 

 

 

 

 

Less

FINANCIAL EXPENSES

2078.600

2002.400

1481.700

 

 

 

 

 

 

PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION

(929.200)

526.300

1607.600

 

 

 

 

 

Less/ Add

DEPRECIATION/ AMORTISATION

524.300

443.700

285.900

 

 

 

 

 

 

PROFIT/ (LOSS)  BEFORE TAX

(1453.500)

82.600

1321.700

 

 

 

 

 

Less

TAX

(1.100)

(259.500)

(166.400)

 

 

 

 

 

 

PROFIT/ (LOSS)  AFTER TAX 

(1452.400)

342.100

1488.100

 

 

 

 

 

 

EARNINGS IN FOREIGN CURRENCY

 

 

 

 

F.O.B. Value of Exports

3908.400

3806.500

4930.400

 

Insurance

0.000

968.900

 0.000

 

TOTAL EARNINGS

3908.400

4775.400

4930.400

 

 

 

 

 

 

IMPORTS

 

 

 

 

Raw Materials

NA

2601.400

3096.700

 

Components and Stores parts

NA

8.800

19.300

 

Capital Goods

NA

64.500

66.500

 

TOTAL IMPORTS

NA

2674.700

3182.500

 

 

 

 

 

 

Earnings / (Loss) Per Share (INR)

(4.32)

1.02

4.43

 

 

CURRENT MATURITIES OF LONG TERM DEBT DETAILS

 

Particulars

 

31.03.2017

31.03.2016

31.03.2015

Current Maturities of Long term debt

4388.300

3305.200

2272.300

Cash generated from operations

2149.500

(3572.900)

(1201.900)

Net cash flow from operating activity

2068.900

(3627.300)

(1237.800)

 

 

QUARTERLY RESULTS

 

Particulars

30.06.2017

30.09.2017

31.12.2017

Audited / Unaudited

Unaudited

Unaudited

Unaudited

 

1ST Quarter

2nd Quarter

3rd Quarter

Net Sales

5228.600

4807.800

4951.300

Total Expenditure

4277.600

4029.200

4601.900

PBIDT (Excl OI)

951.000

778.600

349.400

Other Income

82.300

73.500

78.500

Operating Profit

1033.300

852.100

427.900

Interest

549.400

537.900

507.200

Exceptional Items

NA

NA

2667.700

PBDT

483.900

314.200

2588.400

Depreciation

143.300

143.600

143.800

Profit Before Tax

340.600

170.600

2444.600

Tax

NA

NA

60.000

Provisions and contingencies

NA

NA

NA

Profit After Tax

340.600

170.600

2384.600

Extraordinary Items

NA

NA

NA

Prior Period Expenses

NA

NA

NA

Other Adjustments

NA

NA

NA

Net Profit

340.600

170.600

2384.600

 

 

KEY RATIOS

 

EFFICIENCY RATIOS

 

PARTICULARS

 

31.03.2017

31.03.2016

31.03.2015

Average Collection Days

(Sundry Debtors / Income * 365 Days)

27.73

48.58

26.17

 

 

 

 

Account Receivables Turnover

(Income / Sundry Debtors)

13.16

7.51

13.95

 

 

 

 

Average Payment Days

(Sundry Creditors / Purchases * 365 Days)

100.72

75.34

153.26

 

 

 

 

Inventory Turnover

(Operating Income / Inventories)

0.39

0.95

1.86

 

 

 

 

Asset Turnover

(Operating Income / Net Fixed Assets)

0.08

0.18

0.23

 

 

LEVERAGE RATIOS

 

PARTICULARS

 

31.03.2017

31.03.2016

31.03.2015

Debt Ratio

((Borrowing + Current Liabilities) / Total Assets)

0.76

0.70

0.66

 

 

 

 

Debt Equity Ratio

(Total Liability / Networth)

1.77

1.51

1.22

 

 

 

 

Current Liabilities to Networth

(Current Liabilities / Net Worth)

1.41

1.10

0.95

 

 

 

 

Fixed Assets to Networth

(Net Fixed Assets / Networth)

0.87

0.79

0.79

 

 

 

 

Interest Coverage Ratio

(PBIT / Financial Charges)

0.55

1.26

2.08

 

 

PROFITABILITY RATIOS

 

PARTICULARS

 

 

31.03.2017

31.03.2016

31.03.2015

Net Profit Margin

((PAT / Sales) * 100)

%

(9.07)

2.45

10.23

 

 

 

 

 

Return on Total Assets

((PAT / Total Assets) * 100)

%

(2.98)

0.73

3.48

 

 

 

 

 

Return on Investment (ROI)

((PAT / Networth) * 100)

%

(8.99)

1.95

8.97

 

 

SOLVENCY RATIOS

 

PARTICULARS

 

31.03.2017

31.03.2016

31.03.2015

Current Ratio

(Current Assets / Current Liabilities)

0.22

0.34

0.33

 

 

 

 

Quick Ratio

((Current Assets – Inventories) / Current Liabilities)

0.09

0.21

0.23

 

 

 

 

G-Score Ratio Financial

(Networth / Total Assets)

0.33

0.37

0.39

 

 

 

 

G-Score Ratio Debt

(Debts / Equity Capital)

85.14

79.12

60.21

 

 

 

 

G-Score Ratio Liquidity

(Total Current Assets / Total Current Liabilities)

0.22

0.34

0.33

Total Liability = Short-term Debt + Long-term Debt + Current Maturities of Long-term debts

 

 

STOCK PRICES

 

Face Value

INR 1.00/-

Market Value

INR 549.70/-

 

 

FINANCIAL ANALYSIS

[all figures are 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

335.900

336.000

336.100

Reserves & Surplus

16246.900

17232.600

15818.200

Share Application money pending allotment

0.000

0.000

0.000

Net worth

16582.800

17568.600

16154.300

 

 

 

 

Long Term borrowings

10127.800

10168.000

9852.800

Short Term borrowings

7823.700

13110.200

14374.100

Current Maturities of Long term debt

2272.300

3305.200

4388.300

Total borrowings

20223.800

26583.400

28615.200

Debt/Equity ratio

1.220

1.513

1.771

 

 

 

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

14546.400

13938.600

16021.700

 

 

(4.178)

14.945

 

 

 

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

14546.400

13938.600

16021.700

Profit / (Loss)

1488.100

342.100

(1452.400)

 

10.23%

2.45%

(9.07%)

 

 

 

ABRIDGED BALANCE SHEET – (CONSOLIDATED)

 

SOURCES OF FUNDS

 

31.03.2017

31.03.2016

 

 

 

 

I.              EQUITY AND LIABILITIES

 

 

 

(1)Shareholders' Funds

 

 

 

(a) Share Capital

 

336.100

336.000

(b) Reserves & Surplus

 

0.000

0.000

(c) Other Equity

 

31620.100

29681.100

(d) Non-controlling interest

 

14745.900

12806.700

(e) Money received against share warrants

 

0.000

0.000

 

 

 

 

(2) Share Application money pending allotment

 

0.000

0.000

Total Shareholders’ Funds (1) + (2)

 

46702.100

42823.800

 

 

 

 

(3) Non-Current Liabilities

 

 

 

(a) long-term borrowings

 

15082.600

15743.500

(b) Deferred tax liabilities (Net)

 

2292.500

1542.300

(c) Other long term liabilities

 

505.700

536.400

(d) long-term provisions

 

172.800

146.600

Total Non-current Liabilities (3)

 

18053.600

17968.800

 

 

 

 

(4) Current Liabilities

 

 

 

(a) Short term borrowings

 

55883.900

51889.700

(b) Trade payables

 

16423.800

11489.600

(c) Other current liabilities

 

14856.300

18458.600

(d) Short-term provisions

 

265.600

226.000

Total Current Liabilities (4)

 

87429.600

82063.900

 

 

 

 

TOTAL

 

152185.300

142856.500

 

 

 

 

II.          ASSETS

 

 

 

(1) Non-current assets

 

 

 

(a) Fixed Assets

 

 

 

(i) Tangible assets

 

25915.600

22590.800

(ii) Intangible Assets

 

630.600

686.900

(iii) Investment Property

 

1262.100

1284.600

(iv) Goodwill

 

5002.900

5002.700

(v) Capital work-in-progress

 

572.800

2719.500

(vi) Intangible assets under development

 

2.500

21.300

(vii) Biological Assets

 

46.700

88.700

(viii) Equity Accounted Investees

 

24802.800

22194.400

(b) Non-current Investments

 

3536.700

2766.500

(c) Deferred tax assets (net)

 

2684.500

1526.800

(d)  Long-term Loan and Advances

 

1002.500

1350.100

(e) Other Non-current assets

 

2786.900

1926.300

Total Non-Current Assets

 

68246.600

62158.600

 

 

 

 

(2) Current assets

 

 

 

(a) Current investments

 

3693.300

4273.900

(b) Inventories

 

50203.400

48794.800

(c) Trade receivables

 

8968.400

8556.000

(d) Cash and cash equivalents

 

2349.100

2009.200

(e) Short-term loans and advances

 

7602.100

6060.700

(f) Other current assets

 

11122.400

11003.300

Total Current Assets

 

83938.700

80697.900

 

 

 

 

TOTAL

 

152185.300

142856.500

 

 

PROFIT & LOSS ACCOUNT– (CONSOLIDATED)

 

 

PARTICULARS

 

31.03.2017

31.03.2016

 

SALES

 

 

 

 

Income

 

84825.300

75493.000

 

Other Income

 

1758.400

2075.800

 

TOTAL

 

86583.700

77568.800

 

 

 

 

 

Less

EXPENSES

 

 

 

 

Cost of Materials Consumed

 

47275.900

36862.800

 

Purchases of Stock-in-Trade

 

5150.400

4892.700

 

Cost of Property Development

 

10733.100

17324.700

 

Changes in inventories of finished goods, work-in-progress and Stock-in-Trade

 

(459.000)

(979.800)

 

Excise Duty

 

1174.000

957.100

 

Employees benefits expense

 

4292.100

3648.600

 

Exceptional Items

 

(227.600)

(487.400)

 

Share in Profit of Equity Accounted Investees (Net of Income Tax)

 

(3366.600)

(2450.800)

 

Other expenses

 

10272.500

8881.600

 

TOTAL

 

74844.800

68649.500

 

 

 

 

 

 

PROFIT/ (LOSS)  BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION

 

11738.900

8919.300

 

 

 

 

 

Less

FINANCIAL EXPENSES

 

3995.200

3430.400

 

 

 

 

 

 

PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION

 

7743.700

5488.900

 

 

 

 

 

Less/ Add

DEPRECIATION/ AMORTISATION

 

1481.400

1172.100

 

 

 

 

 

 

PROFIT/ (LOSS)  BEFORE TAX

 

6262.300

4316.800

 

 

 

 

 

Less

TAX

 

1674.100

1086.900

 

 

 

 

 

 

PROFIT/ (LOSS)  AFTER TAX 

 

4588.200

3229.900

 

 

 

 

 

 

Earnings / (Loss) Per Share (INR)

 

7.13

4.51

 

 

LEGAL CASES

 

LITIGATION DETAILS

Bench:- Bombay

Presentation:- 08.08.2017

Lodging No:-

ITXAL/2006/2017

Failing Date:-

08.08.2017

Reg. No.:-

ITXA/218/2018

Reg. Date:-

18.01.2018

Petitioner:-

PR. COMMISSIONER OF INCOME-TAX-14

Respondent:-

GODREJ INDUSTRIES LIMITED

Petn.Adv:-

SURESH KUMAR (I2100)

Resp.Adv.:

ATUL KARSANDAS JASANI (33)

District:-

MUMBAI

Bench:-

DIVISION

Category:

TAX APPEALS

Status:-

Pre-Admission

Stage:-

FOR REJECTION [ORIGINAL SIDE MATTERS]

Last Date:-

02.02.2018

Last Coram:-

ACCORDING TO SITTING LIST

ACCORDING TO SITTING LIST

Act:-

Income Tax Act, 1961

Under Section:-

260A

 

 

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

Yes

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

 

 

CORPORATE INFORMATION

 

The Company was incorporated under the Companies Act, 1956 on March 7, 1988 under the name of Gujarat- Godrej Innovative Chemicals Limited. The Company is domiciled in India and is listed on the BSE Limited. (BSE) and the National Stock Exchange (NSE). The Company’s registered office is at Godrej One, Pirojshanagar, Eastern Express Highway, Vikhroli (East), Mumbai – 400 079. The Company is engaged in the businesses of manufacture and marketing of oleo-chemicals, their precursors and derivatives, bulk edible oils, estate management and investment activities. The 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).

 

The Company’s name was changed to Godrej Industries Limited on April 2, 2001. 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. Swadeshi Detergents Limited, 100% subsidiary of the Company, was amalgamated with the Company effective from April 01, 2013. Wadala Commodities Limited was amalgamated with the Company effective from April 01, 2014.

 

Financial Highlights:

 

For the full financial year, GPL’s Total Income decreased by 24% and stood at INR 17330.000 Million. However, EBITDA increased by 42% to INR 4010.000 Million and net profit increased by 30% to INR 2070.000 Million. An important contributor to the strong profit growth has been their flagship project ‘The Trees’ which attained revenue recognition much ahead of schedule.

 

Sales Highlights:

 

From a sales perspective, despite a weak year on the whole due to regulatory approval delays resulting in a low number of new residential project launches, the projects which we were able to launch received an encouraging response. GPL registered booking volume of 3.1 million sq. ft. and booking value of INR 20200.000 Million in a weak real estate market. Below are the highlights:

 

Godrej Golf Links, Noida:

• First GPL project in Noida

• Sold over 6 lakh sq. ft. of villas with a booking value in excess of INR 3000.000 Million in a single day

• Sold more than 1 million sq. ft. with a booking value of INR 5630.000 Million despite weak market conditions

• Serves as a reflection of GPL’s brand strength, sales capability and ability to successfully attract customers across the country’s leading real estate markets. Godrej Greens, Pune:

• Witnessed an overwhelming customer response despite being launched immediately after the government’s demonetization announcement

• Sold 420,088 sq. ft. with a booking value of INR 1870.000 Million in FY2016-17.

 

OUTLOOK:

 

The real estate sector is in the midst of a transition. A cyclical downturn combined with demonetization and the implementation of the Real Estate Regulation Act has created short-term uncertainty in the sector. However these same factors will lead to consolidation and improved governance in the sector, which in turn will drive improved consumer confidence. The combination of this improved consumer confidence with far improved affordability that is the result of rising incomes, stagnant prices, and reduced interest rates will propel the sector in a very positive direction over the next several years. The government has put in place many policy reforms to encourage real estate development, especially in the affordable housing space which have the potential to lead to sustained improvements in the sector. They expect 2017 to be a transition year but the years ahead are likely to be very exciting ones for the sector. Their brand, national presence, demonstrated track record, and capabilities put us in a strong position to disproportionately benefit from any improvement in the environment and will allow us to remain on a high growth trajectory in the years ahead.

 

MANAGEMENT DISCUSSION AND ANALYSIS

 

CHEMICALS DIVISION

 

The Chemicals division is one of India’s leading manufacturers of basic oleo-chemicals, surfactants and derivatives of oleo-chemicals. The division has a blend of domestic and international operations and is one of the leading suppliers in the Indian market. The division achieved export turnover of INR 3990.000 Million in this fiscal, accounting for about 28% of its turnover.

 

The division is focusing on value added chemicals which have steady margins and also helps in derisking the business.

 

Despite a challenging macro-economic situation the division recorded a revenue growth of 17% and has a wide distribution network.

 

The product category-wise review follows:

 

Fatty Acids

The Fatty Acids portfolio, comprising stearic acid, oleic acid, as well as value-added fatty acids, accounted for about 41% of the turnover of the division. The division plans to enhance the sales of its value-added fatty acids in the domestic as well as export markets.

 

Fatty Alcohol

Fatty alcohol contributed 29% to turnover of this division. A good portion of the revenues for this category comes from exports. The division is also expanding the product basket by focusing on valueadded fatty alcohol and also long chain alcohol.

 

Surfactants

Surfactants contributed 22% to the turnover of the division.

 

They have continued to grow their Sodium Lauryl Sulphate (SLS) sales in the domestic as well as international markets.

 

Sales of SLS grew by 19% 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. Effective sourcing of raw material and increasing customer base are important for improving margins and division has done reasonably well on both the counts.

 

The division also has the significant presence in Sodium Lauryl Ether Sulphate (SLES) and Alpha Olefin Sulfonate (AOS) market space.

 

Glycerin

Glycerin accounted for 6% of the turnover of this division. Being largely a co-product, additional sales are mostly opportunistic, depending on market conditions. With the help of R & D and a new plant at Dombivli, the division is now manufacturing value added glycerin product. Their glycerin has been approved by many pharmaceutical companies and known for its consistent quality.

 

Other Initiatives

 

The company continues to focus on use of renewable energy over the years. In FY2016-17, more than 41% of the total energy they consumed was through renewable sources. They achieved this through use of biomass briquettes and other initiatives.

 

Their Valia plant & Ambernath plant has installed solar rooftop of 189kW & 198 kW respectively.

 

Their Valia plant was awarded the ‘Energy Efficient Unit for second time in a row at CII National Awards for Energy Management 2016.

 

They have also initiated various other energy conservation technologies in their plants which has resulted in reducing their specific energy consumption by ~ 24%.

 

OUTLOOK

 

The outlook for the coming year 2017-18 is good for the value-added fatty acids at this point in time. International demand is showing signs of improvement and procurement of indigenous raw material will be an edge over overseas competition.

 

Overall, they expect stronger demand in FY2017-18.

 

Finance and Investments

During the year, the company continued to earn return from its investments in the form of Dividend of INR47 crore (previous year INR 920.000 Million).

 

The company acquired an additional stake in Godrej Agrovet Limited by investing INR 2007.300 Million. The stake of the company in Godrej Agrovet Limited now stands at 63.7%. The company also invested INR 840.000 Million in Natures Basket Limited to support their growth plans.

 

Veg Oils

The veg oils business started direct sales of edible Oils under ‘Godrej Brand’ in bulk and consumer packs from September, 2015. The business clocked a revenue of INR 1110.000 Million and has a reach of 7000+ retail outlets in Mumbai Metropolitan Region (MMR) and 2000+ retail outlets in western Maharashtra and Goa. The products of this business has been well received in the market.

 

 

UNSECURED LOAN

 

Unsecured Loan

31.03.2017

(INR in Million)

31.03.2016

(INR in Million)

Long-term Borrowings

 

 

Term Loans From Banks:

 

 

Loan carries interest rate at Base Rate for an original term upto 36 months and repayable starting September 2018 to March 2019.

1000.000

1000.000

Loan carries interest rate of Base Rate + 0.7% p.a. for an original term upto 60 months and repayable by April 2017

0.000

187.500

Loan carries interest rate of Base Rate + 0.5% p.a. for an original term upto 36 months and repayable by

February 2018.

0.000

1000.000

Loan carries interest at Base Rate for an original term upto 36 months and repayable starting December

2018 to June 2019.

500.000

0.000

Loan carries interest at 3 month MCLR for an original term upto 36 months and repayable starting March 2019 to September 2019.

1000.000

0.000

Loan carries interest at Fixed rate of 8.50% p.a for an original term upto 60 months and repayable starting

June 2018 to March 2022.

1250.000

0.000

Loan carries interest at 1 year MCLR for an original term upto 60 months and repayable starting June 2018 to March 2022.

900.000

0.000

Loan carries interest at 6 month MCLR + 1.50% p.a. for an original term upto 36 months and repayable

starting June 2018 to March 2019

1000.000

1000.000

Loan carries interest at 3 year MCLR + 0.05% p.a. for an original term upto 36 months and repayable

starting November 2018 to August 2019.

500.000

0.000

Loan carries interest at SBI Base Rate + 0.35% p.a. for an original term upto 36 months and repayable

starting July 2017 to April 2018.

250.000

1000.000

Loan carries interest at LIBOR + 2.5% p.a. for an original term upto 60 months and repayable by December 2017.

0.000

662.600

Loan carries interest at LIBOR + 2.05% p.a. for an original term upto 60 months and repayable by August 2018.

324.300

993.800

Loan carried interest at LIBOR + 2.40% p.a., fixed under IRS at 4.28% p.a. for an original term upto 60 months and repayable by July 2019.

1229.300

1674.200

Loan carried interest at LIBOR + 2.35% p.a., fixed under IRS at 4.25% p.a. for an original term upto 60 months and repayable by July 2019.

824.300

1094.000

Loan carried interest at LIBOR + 2.45% p.a., fixed under IRS at 4.39% p.a. for an original term upto 60 months and repayable by July 2019.

408.300

555.900

 

 

 

From Other Parties:

 

 

Loan carries interest at SBI Base Rate + 0.35% p.a. for an original term upto 60 months and repayable by March 2020.

333.300

500.000

Loan carries interest at SBI Base Rate + 0.35% p.a. for an original term upto 60 months and repayable by March 2020.

333.300

500.000

 

 

 

Short-term borrowings

 

 

Loans Repayable on Demand From Banks :

 

 

Loan carries interest rate at 1 month MCLR repayable by May 2017

900.000

0.000

Loan carries interest rate at 3 month MCLR repayable by May 2017

500.000

0.000

Loan carries interest rate at 1 month MCLR + 0.05% p.a. repayable by April 2017

300.000

0.000

Loan carries interest rate at 3 month MCLR + 0.10 % p.a. repayable by April 2017

750.000

0.000

Loan carries interest rate at 3 month MCLR repayable by June 2017.

1300.000

0.000

Loan carries interest rate of 1 month MCLR repayable by April 2017.

900.000

0.000

Loan carries interest at Base Rate repayable within 6 months

621.500

532.600

Loan carries interest at Base Rate repayable by April 2016

0.000

500.000

Loan carries interest at Base Rate repayable by May 2016

0.000

1850.000

Loan carries interest at Base Rate repayable by August 2016

0.000

750.000

Loan carries interest at Base Rate repayable by September 2016

0.000

500.000

 

 

 

 

 

 

Other Loans Commercial Papers:

 

 

Commercial Papers carries interest at 6.30% p.a. to 6.70% p.a. repayable during the period April to June 2017.

9100.000

0.000

Commercial Papers carries interest at 7.69% p.a. to 8.65% p.a. repayable during the period April to August 2016.

0.000

8750.000

Total

24224.300

23050.600

 

 

INDEX OF CHARGES:

 

SNo

SRN

Charge Id

Charge Holder Name

Date of Creation

Date of Modification

Date of Satisfaction

Amount

Address

1

B02802890

80033888

CENTRAL BANK OF INDIA

05/12/2001

24/12/2010

-

2160000000.0

CORPORATE FINANCE BRANCH, 1st FLOOR, MMO BUILDINGM. G. ROAD, FORTMUMBAIMH400023IN

2

Z00147261

80033889

INDUSTRIAL INVEST BANK OF INDIA

01/03/1999

-

-

250000000.0

EARNEST HOUSE,11TH FLOOR194,NARIMAN POINTMUMBAIMH400021IN

3

Z00147270

80033890

ICICI LTD.

22/01/1999

-

-

250000000.0

BANDRA KURLA COMPLEXBANDRA (E)MUMBAIMH400051IN

4

Y10310037

90208138

STATE BANK OF BIKANER & JAIPUR

28/01/1998

-

-

6700000.0

BHOPALBHOPALMPIN

5

Y10310005

90208106

CANARA BANK

15/12/1997

11/08/1998

-

100000000.0

I.F.B. BRANCHMUMBAIMH400021IN

6

Y10309957

90208058

CANARA BANK

20/09/1997

-

-

20000000.0

INDUSTRIAL FINANCE BRANCHRAHEJA CENTRE; NARIMAN POINTMUMBAIMH400021IN

7

Y10309915

90208016

CANARA BANK

18/06/1997

-

-

450000000.0

SEWREE (WEST) BRANCHSEWREEMUMBAIMH400015IN

8

Y10309894

90207995

CANARA BANK

22/04/1997

-

-

65000000.0

SEWREE (WEST) BRANCHSEWREEMUMBAIMH400015IN

9

Y10309858

90207959

CANARA BANK

05/03/1997

-

-

100000000.0

SEWREE (WEST) BRANCHSEWREEMUMBAIMH400015IN

10

Y10309826

90207927

CANARA BANK

20/01/1997

-

-

60000000.0

SEWREE WEST BRANCHSEWREEMUMBAIMH400015IN

 

 

STATEMENT OF STANDALONE UNAUDITED FINANCIAL RESULTS FOR THE QUARTER AND NINE MONTHS ENDED 31ST DECEMBER 2017

 

 

 

Particulars

quarter ended

quarter ended

Nine months ended

 

 

 

31.12.2017

30.09.2017

31.12.2017

1

 

Income from Operations

 

 

 

 

 

Sales/Income from Operations (Gross)

4951.300

4807.800

14987.700

 

 

b) Other Operating Income

78.500

73.500

234.300

 

Total Income from Operations (Net)

5029.800

4881.300

15222.000

2

Expenses

 

 

 

 

a)

Cost of Materials consumed

3628.000

3027.800

9590.200

 

b)

Cost of Property Development

--

--

--

 

c)

Purchase of Stock-in-trade

86.300

48.800

139.900

 

d)

Changes in inventories of finished goods, work-in-progress and stock-in-trade

(231.8000)

(1.300)

(149.100)

 

e)

Excise Duty

--

--

279.900

 

f)

Employee benefit expenses

343.100

319.100

985.900

 

g)

Finance Costs

507.200

537.900

1594.500

 

h)

Depreciation and amortization expense

143.800

143.600

430.700

 

i)

Other expenses

776.300

634.800

2081.900

 

Total Expenses

5252.900

4710.700

14933.900

 

 

 

 

 

7

Profit /(Loss) from ordinary activities after finance costs but before exceptional items

(223.100)

170.600

288.100

8

Exceptional Items

2667.700

--

2667.700

9

Profit /(Loss) from ordinary activities before tax

2444.600

170.600

2955.800

10

Tax Expense

60.000

--

60.000

11

Net Profit /(Loss) from ordinary activities after tax

2384.600

170.600

2895.800

 

Other Comprehensive Income:

 

 

 

 

Other Comprehensive Income:

 

 

 

 

A. Items that will not be reclassified to profit or loss

(4.800)

(4.800)

(14.400)

 

Other Comprehensive Income for the year, net of taxes

(4.800)

(4.800)

(14.400)

 

Total Other Comprehensive Income for the period

2379.800

165.800

2881.400

 

 

 

 

 

12

Paid up equity share capital (Eq. shares of  INR 10/- each)

33.630

33.630

33.630

13

Reserve excluding revaluation reserves

 

 

 

14

 

Earnings per share (before/after extraordinary items) of  Rs.10/- each

 

 

 

 

 

Basic & Diluted

7.09

0.51

8.61

 

 

Note:

 

1. The above results which are published in accordance with Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 have been reviewed by the Audit Committee and approved by the Board of Directors at their meeting held on February 14, 2018. The financial results are in accordance with the Indian Accounting Standards (Ind-AS) as prescribed under section 133 of the Companies Act, 2013 read with the relevant rules thereunder. The financial results have been subjected to a limited review by the Statutory Auditors of the Company and the review report on the unaudited consolidated financials results has a modified conclusion (in respect of the matter stated in note 10 to the Statement) and for the unaudited standalone financial results is an unmodified conclusion.


2. During the quarter the board of directors of Godrej Industries Limited (GIL) and Vora Soaps Limited (VSL) have approved the amalgamation of VSL with GIL under section 230-232 of the Companies Act 2013, and other applicable provisions of the Companies Act 2013, and accordingly an application under regulation 37 of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015 was filed with the Stock Exchanges. Upon receipt of Observation letter / No-objection letter from the exchanges, applications under section 230-232 of the Companies Act 2013 would be filed with National Company Law Tribunal (NCLT).


3. During the nine months ended December 31, 2017, the Company has issued 129,508 equity shares of Re. 1 each to eligible employees of the Company and its subsidiaries against the exercise of options given under Employees Stock Grant Scheme for an aggregate value of INR 43.900 Million.


4. During the nine months ended December 31, 2017, under the Employee Stock Grant Scheme, the Company has granted 96,267 stock grants to eligible employees of the Company and its subsidiaries. Upon vesting, as per the Scheme, equivalent number of equity shares of nominal value of Re. 1 each in the Company shall be issued to the eligible employees on exercising their grants.


5. 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 December 31,2017 and 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 nine months ended December 31, 2017) is inclusive of excise duty and hence, total income from operations for the quarter and nine months ended December 31, 2017 are not comparable with the previous periods.


6. Managerial Remuneration paid for the previous year exceeded the permissible limit as prescribed under Schedule V of the Companies Act 2013 by INR 4540.000 Million. The Company is in the process of obtaining approval from Central Government of India for such excess remuneration paid. Pending such approvals, the amount is held in trust on behalf of the Company.


7. The current tax expense in the unaudited standalone results for quarter and nine months ended December 31, 2017 includes charge for the previous years INR 17.600 Million (September 30, 2017 NIL, December 31 2016 NIL and March 31, 2017 NIL).


8. Exceptional items in the unaudited standalone results of current quarter and nine months ended December 31, 2017 comprises profit on sale of non-current investments in the IPO of Godrej Agrovet Limited (GAVL) of INR 2667.700 Million. As the Company continues to hold controlling stake in GAVL, based on the accounting treatment as prescribed in IND AS 110 (Consolidated Financial Statements) the resultant gain has been directly recognised in Reserves and hence the same does not form part of unaudited consolidated profits.

 

 

CONTINGENT LIABILITIES:

(INR in million)

PARTICULARS

31.03.2017

31.03.2016

1. Claims against the Company not acknowledged as debts

 

 

(a) Excise duty/Service Tax demands relating to disputed classification, post manufacturing expenses, assessable values, etc. which the Company has contested and is in appeal at various levels.

113.300

170.300

b) Customs Duty demands relating to lower charge, differential duty, classification, etc.

39.400

42.100

(c) Sales Tax demands relating to purchase tax on Branch Transfer / disallowance of high seas sales, etc. at various levels.

460.300

466.800

(d) Octroi demand relating to classification issue on import of Palm Stearine and interest thereon.

2.900

2.900

(e) Stamp duties claimed on certain properties which are under appeal by the Company.

18.200

18.200

(f) Income tax demands against which the Company has preferred appeals.

679.300

572.800

(g) Industrial relations matters under appeal.

25.700

23.300

(h) Others.

16.800

18.700

2. Surety Bonds

 

 

Surety Bonds given by the Company in respect of refund received from excise authority for exempted units of associate company

268.800

248.800

 

Note:

 

1. Detail of Guarantee given covered under Section 186 (4) of the Companies Act, 2013 :

The Corporate surety bond of ` 26.88 crore (` 24.88 crore as on March 31, 2016 and ` 19.86 crore as on April 01, 2015) is in respect of refund received from excise authority for exempted units (North East) of Godrej Consumer Products Limited, an associate company.

 

2. The Company has reviewed all its pending litigations and proceedings and has adequately provided for where provisions are required and disclosed as contingent liabilities where applicable, in its financial statements. The Company does not expect the outcome of these proceedings to have a materially adverse effect on its financial results.

 

3. It is not practicable for the Company to estimate the timings of cash outflows, if any, in respect of the above pending resolution of the respective proceedings as it is determinable only on receipt of judgements/decisions pending with various forums/authorities.

 

 

FIXED ASSETS

 

Tangible Assets

 

  • Land

 

Freehold

Leasehold

 

  • Buildings
  • Plant and Equipment
  • Research Centre
  • Furniture and Fixtures
  • Office and Other Equipment
  • Vehicles/Vessels

 

Intangible Assets

 

  • Trademarks
  • Software

 

 

 

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 64.87

UK Pound

1

INR 90.48

Euro

1

INR 79.91

 

 

INFORMATION DETAILS

 

Information Gathered by :

PRT

 

 

Analysis Done by :

PRY

 

 

Report Prepared by :

SUJ

 

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)

 

 

 

 

 

 

 

 

PRIVATE & CONFIDENTIAL : This information is provided to you at your request, you having employed MIPL for such purpose. You will use the information as aid only in determining the propriety of giving credit and generally as an aid to your business and for no other purpose. You will hold the information in strict confidence, and shall not reveal it or make it known to the subject persons, firms or corporations or to any other. MIPL does not warrant the correctness of the information as you hold it free of any liability whatsoever. You will be liable to and indemnify MIPL for any loss, damage or expense, occasioned by your breach or non observance of any one, or more of these conditions

This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.