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Annual-Report-2017-18 DESIGN Pidilite Design Studio | PRINT Parksons Graphics Parksons PIDILITE ANNUAL REPORT REPORT PIDILITE ANNUAL 2017-18 ANNUAL REPORT 2017-18 Pidilite Industries Limited www.pidilite.com Registered Office Regent Chambers, 7th Floor Jamnalal Bajaj Marg 2017-18 REPORT PIDILITE ANNUAL 208 Nariman Point Mumbai 400 021 3 Please check spine before printing A STORY OF GROWING TOGETHER We believe growth is collective. The growth story of Pidilite is written with the stories of so many lives that we have touched, each one as special. We bring to you six such stories. In their success, lies ours. A STORY OF GROWING TOGETHER We believe growth is collective. The growth story of Pidilite is written with the stories of so many lives that we have touched, each one as special. We bring to you six such stories. In their success, lies ours. PIDILITE ANNUAL REPORT 2017-18 REPORT PIDILITE ANNUAL 3 I am 86. I still love coming to work because this is my family. I was a young man when I met the founder of Pidilite, Mr. B K Parekh. My first day of work was the same day India got its independence. I was working with the Group even before Pidilite came into existence. Everything I learned, I learned here. At that time, there was no technology, and I had to be very meticulous; my memory was my super power. I would find ways to be cost-conscious for the company, which I treated as my own. I was the first employee at Pidilite. I’ve been here for the longest time, and still continue to come to office for a few hours. I get a lot of respect from my colleagues, old and new. Seeing different generations working together is common at Pidilite – people don’t just grow into their roles, they also grow here as individuals. JAYSHANKAR BHAI Employed with the Group PIDILITE ANNUAL REPORT 2017-18 REPORT PIDILITE ANNUAL since 70+ years 3 Fevicol jodne ka kaam karta hai, aur humare parivaaron ko bhi jodke rakhta hai. We had a furniture workshop, which we transformed into an FCC* office. That is the influence FCC has had on my life. Even our families have met and bonded over various FCC activities. My favourite activity is Shram Daan Divas, an initiative that gives carpenters the opportunity to come together for a noble cause. Instead of competing against each other, this unites us with a common goal and gives us a sense of community; I have not seen this anywhere else. We usually start preparations for Shram Daan Divas a month in advance. We treat it like any other festival in India. Overall, the FCC platform has also helped me a lot, especially to increase and improve my business. PRAMOD TIWARI (Panditji) *FCC stands for Fevicol Champions’ Club launched by Pidilite in 2002. FCC Contractor since 11 years PIDILITE ANNUAL REPORT 2017-18 REPORT PIDILITE ANNUAL 5 Jo bhi seekhne ko mila hai, woh sabse zyaada Pidilite se hi mila hai. My grandfather was one of the masons who worked on the stonework at Gateway of India and Taj Hotel in Colaba. At that time, the wage for labourers was just 10 paise! I have preserved that coin as a memento. My grandfather has always been my role model. When I started doing masonry at the Pidilite sites, everyone liked my work. I remember I also did stone work for the Pidilite office buildings. It makes me proud that I was a part of building Pidilite. Everything I know about waterproofing and its techniques, I learned here. Because of the Company’s trust in me and my work, I know business accha hi chalega. I think this has assured me to encourage my children to study further and follow their dreams. I want them to do what they like best and I am happy that I can support them. CHHAJURAM MISTREE Mason associated with Pidilite since 20 years 2017-18 REPORT PIDILITE ANNUAL 7 My relationship with Pidilite has always been one of trust, whether in business or personal life. My dad began his association with Pidilite way back in 1987. Later in 2005, when I joined his business, Pidilite recommended that we enter a new geography – Vashi. At that time, Vashi was unheard of. Pidilite trusted us with the job, and thanks to our partnership, we were able to create a strong base that they needed in that region. Since then, we have been given responsibility for other geographies too. Overall, Pidilite helped Prime to set up distribution and learn the trade. It constantly keeps up with latest technology, making it a joy for us to conduct business. On a personal note, when my father fell ill and was hospitalized, Pidilite management was concerned and offered help that was required. This gesture was very touching and one that I will always remember. RAJ KOTECHA Prime Distributors Distributor associated with Pidilite since 30 years PIDILITE ANNUAL REPORT 2017-18 REPORT PIDILITE ANNUAL 9 As a child I used Pidilite products for art and craft. It amazes me to see my son also enjoying the same. Remember how we used to play with Fevicol? The pure joy of peeling it off our hands is a fond memory. I remember Fevicol from my childhood days. I always loved scrapbooking and making cards for every occasion. It makes me happy to relive those memories watching my son do the same. He and I spend hours working on DIY (do-it-yourself) projects. I trusted Pidilite products ever since I was a child, and now my son too enjoys creating things with Pidilite’s range of products. ZALAK & VANSH SANGHAVI PIDILITE ANNUAL REPORT 2017-18 REPORT PIDILITE ANNUAL Consumers across generations 11 From a hobbyist at home to a full-fledged career, my journey has been very colourful! My love for art and craft was always strong. I used to paint handkerchiefs and pillow covers, enjoying my hobby from home. During the summer holidays, I would also get involved with art and craft summer workshops. There was a neighbourhood shop where I bought Fevicryl products. The shopkeeper connected me to Pidilite and that is how I got the opportunity to be professionally engaged with the Company. Initially, I worked only part-time but now I enjoy a full-time career as a hobby professional. My projects, both at Pidilite and outside, have given me an opportunity to share my creativity and connect with others, which is truly satisfying. Today, I have a career doing what I love! JIGNASA DESAI Hobby professional associated with Fevicryl since 15 years PIDILITE ANNUAL REPORT 2017-18 REPORT PIDILITE ANNUAL 13 15 44 91 Company Social & Community Cash Flow Information Service Initiatives Statement TABLE OF TABLE CONTENTS 16 54 93 Management Annexure to Notes Discussion and the Directors’ Analysis Report 26 78 144 Our Business Corporate Governance Performance Responsibility Report Report & Compliance Certificate 29 83 152 Economic Value Auditor’s Information for Added (EVA) Report Shareholders 30 88 155 10 Years Financial Balance Consolidated Performance Sheet Financial Statements 34 89 Directors’ Profit & Loss Report Account Board of Directors M B Parekh A B Parekh Executive Chairman Whole Time Director N K Parekh A N Parekh Vice Chairman Whole Time Director COMPANY COMPANY Bharat Puri Uday Khanna Managing Director Director INFORMATION B S Mehta Meera Shankar Director Director Ranjan Kapur Sabyaschi Patnaik Director Whole Time Director (Ceased to be a director w.e.f. 27-01-2018 Vinod Dasari due to demise) Director Sanjeev Aga Piyush Pandey Director Director (w.e.f. 11-04-2018) Corporate Office Chief Financial Officer Ramkrishna Mandir Road P. Ganesh Off Mathuradas Vasanji Road (w.e.f. 20.11.2017) Andheri (E), Mumbai 400 059 Solicitors & Advocates Registered Office Wadia Ghandy & Co Regent Chambers 7th Floor Jamnalal Bajaj Marg, Auditors 208, Nariman Point Deloitte Haskins & Sells Mumbai 400 021 Internal Auditors Registrar & Transfer Agent Mahajan & Aibara TSR Darashaw Limited 6-10, Haji Moosa Patrawala Bankers Ind. Estate 20, Dr. E Moses Road Indian Overseas Bank Mahalaxmi Corporation Bank Mumbai 400 011 ICICI Bank HDFC Bank Company Secretary Citibank N A Savithri Parekh Standard Chartered Bank PLC. PIDILITE ANNUAL REPORT 2017-18 REPORT PIDILITE ANNUAL 15 STANDALONE FINANCIALS Net Sales of the Company grew by Profit before exceptional item and tax increased by 7.4%. 9.8% ANALYSIS On a comparable basis (after reflecting impact of GST for the Profit after tax grew by 23.4% full year) Net Sales grew by and includes excess tax provision DISCUSSION & MANAGEMENT of ` 46.5 crores of earlier years now 12.0% written back, whereas profit after With sales volume & mix growth tax for previous year was after of 11.2%. impairment of investments in subsidiaries of ` 94.3 crores. “EBIDTA” (earnings before interest, taxes, depreciation, exceptional items and foreign exchange differences) excluding non-operating income growth was lower at 5.3% on the back of input cost led contraction in gross margins and advertising and sales promotion cost increase. CONSOLIDATED FINANCIALS Consolidated net sales grew by On a constant currency basis, The domestic subsidiaries the sales (excluding Cyclo division (excluding CIPY Poly Urethanes 8.0%. of Pidilite USA, Inc) of overseas Pvt Ltd which was acquired in the subsidiaries declined by 1.2% over fourth quarter) reported On a comparable basis (after last year. On an overall basis, the reflecting impact of GST for the overseas subsidiaries reported 21.6% full year and excluding sales of profit before tax (excluding Cyclo Cyclo division of Pidilite USA Inc., division of Pidilite USA, Inc) of growth in Sales and which was sold by Pidilite USA Inc.
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