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Indofil Industries Limited (Indofil), We Constantly Strive to Create a Greener Future Every Day for Those Who Feed the World

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FOCUSED MULTIFACETED GROWTH 26th Annual Report 2018-19 2018-19 HIGHLIGHTS Consolidated Income `2,280 crore 12% y-o-y Consolidated Profit After Tax `189 crore (20%) y-o-y Consolidated Earnings Per Share `88 (21%) y-o-y THE YEAR IN REVIEW STATUTORY REPORTS Corporate Overview Governance Report Notice 44 Introducing Indofil 2 Governance Framework and Management Discussion Global Presence 4 Risk Management 34 and Analysis 51 Business Review 6 Board of Directors 35 Directors’ Report 60 Operational Highlights 12 Annexures to Directors’ 66 People and CSR Financial Highlights 14 Report Environment, Health Chairman’s Message 16 Corporate Governance and Safety 38 Group CEO’s Message 18 Report 82 Human Resources 40 Strategic Review Corporate Social FINANCIAL STATEMENTS Business Model 20 Responsibility 42 Strategic Priorities 21 Awards and Standalone 89 Operating Environment 22 Recognitions 43 Consolidated 133 Multifaceted Growth Forward-looking Statement Green Manufacturing 24 In this Annual Report, we have disclosed forward-looking information to enable investors to comprehend Collaboration with our prospects and take investment decisions. This Report and other statements – written and oral – that Technology Companies 26 we periodically make contain forward-looking statements that set out anticipated results based on the Expanding Global Reach 28 management’s plans and assumptions. We have tried, wherever possible, to identify such statements by using words such as ‘anticipate’, ‘estimate’, ‘expects’, ‘projects’, ‘intends’, ‘plans’, ‘believes’ and words Continuous Learning and of similar substance in connection with any discussion of future performance. We cannot guarantee Application 30 that these forward-looking statements will be realised, although we believe we have been prudent in Investment in Future our assumptions. The achievements of results are subject to risks, uncertainties and even inaccurate assumptions. Should known or unknown risks or uncertainties materialise, or should underlying Technologies 32 assumptions prove inaccurate, actual results could vary materially from those anticipated, estimated or projected. Readers should keep this in mind. We undertake no obligation to publicly update any forward-looking statement, whether as a result of new information, future events or otherwise. At Indofil Industries Limited (Indofil), we constantly strive to create a greener future every day for those who feed the world. By means of our agrochemicals and through innovative solutions, we collaborate with our partners in their journey to increase productivity. With a long-term outlook, we aim to make our operations agile and efficient, by deploying the right blend of technology and innovation through R&D. Our focus on innovation has led to the creation of a diversified and stable product portfolio and has driven revenue growth. We have been successful in finding fast-growing market niches, staying ahead of competition by identifying and developing products to address customer needs and creating differentiators in competitive markets. 2018-19 was a year of multifaceted expansion. We strengthened our business across multiple fronts and continued to build on to our long-term growth strategy. We entered into new partnerships and strategic alliances to foster the value proposition of the brand while expanding capacity, revamping the supply chain and developing capabilities in line with customer aspirations. We, at Indofil, are well positioned to pursue opportunities and stand prepared for a strong future through focused multifaceted growth. 2 FOCUSED MULTIFACETED GROWTH Introducing Indofil Integrated Solutions Provider Indofil Industries Limited (Indofil), part of the R&D Investments K. K. Modi Group of Companies, is a fully-integrated, multi-product chemicals company. Indofil’s expertise lies in manufacturing, distributing and marketing `35crore agrochemicals and specialty chemicals. No. of Product Brands Over the years, Indofil has provided best-in-class chemicals to domestic and international markets. The Company’s products are certified with international quality standards such as ISO 9001 and ISO 14001. 100+ Registration VISION Applications Filed To be a global leader in growth with customer success. MISSION Our mission is to achieve leadership in growth rate. We leverage our 108 efficient R&D, registration, manufacturing and marketing competencies through our committed and proficient team. We will strive to make our customers successful by providing high quality products, services and solutions in domestic and global markets. To expedite growth, we will use collaborations, acquisitions and manufacturing proximity to the market in the segments of Crop Care, Speciality and Performance Chemicals. ENDURING VALUES Customer success Prosperity Believing that our success lies in the success of Winning, doing better than others through exploiting existing and potential customers. Based on this new opportunities and enhancing the interests of foundation, Indofil is doing all possible to understand, every employee, shareholder and stakeholder. To be fulfill and exceed the customer’s stated and recognised and perceived among the leaders in the unstated needs, thus enabling them to succeed on a segment of operation. continual basis. Teamwork Knowledge Employees and channel partners thinking and Continuously upgrading skills and knowledge about working together across functions, businesses and technology, markets, products, customers, geographies, leveraging the available resources to regulations and business processes. Encourage achieve common goals. new ideas and their implementation across the Company for commercial benefits. Velocity Responding to internal and external customers with a sense of urgency by consistent, focused and accelerated growth of the organisation with timely and optimal utilisation of all resources. THE YEAR STATUTORY FINANCIAL INDOFIL INDUSTRIES LIMITED ANNUAL REPORT 2018-19 IN REVIEW REPORTS STATEMENTS 3 BUSINESS DOMAINS Agrochemicals Product Offerings Indofil promotes ‘Crop Care Concept’ • Fungicides where the needs and problems of the crops • Insecticides are identified and appropriate solutions • Herbicides are suggested. • Acaricides • Plant Growth Regulators Revenue Share • Surfactants • Plant Nutrition 87% Innovative Solutions Product Offerings The Innovative Solutions division endeavours to Performance chemicals offer innovative and superior technology products for industries such as: to the market. • Textile • Plastic • Coating Revenue Share • Construction • Leather 13% MANUFACTURING CAPACITIES (existing capacity in tonnes) *20,000 32,000 4,000 35,000 35,000 Thane, Maharashtra Dahej SEZ, Gujarat Synthesis Plant, Dahej GIDC, Gujarat Innovative Solutions (Unit 1) Dahej SEZ Gujarat (Unit 3) Plant, Dahej, Gujarat (Unit 2) (Unit 3) * The management team at Indofil has consciously decided to shift all its manufacturing operations to Dahej (Gujarat) from July 1, 2019. However, our facility at Thane (Mumbai) shall continue to stand strong as the R&D Centre. 4 FOCUSED MULTIFACETED GROWTH Global Presence Offering Our Expertise to the World NEW REGISTRATIONS/ Costa Rica APPROVALS During the year, the Company applied for about 100 registrations overseas and got approvals for 84 registrations of those applied in earlier years. Brazil ACCREDITATIONS In addition to being ISO 9001 QMS and ISO 14001 EMS certified, our facilities have the following accreditations: • Good Laboratory Practices (GLP) Certification for our R&D facility • National Accreditation Board for Testing and Calibration Laboratories (NABL) for our R&D facility • OHSAS 18001 and ISO 14001 for our Dahej plant • Occupational Health and Safety Management - ISO 45001:2018 • (AEO) – T2 certification • Ecovadis certification THE YEAR STATUTORY FINANCIAL INDOFIL INDUSTRIES LIMITED ANNUAL REPORT 2018-19 IN REVIEW REPORTS STATEMENTS 5 Presence in Countries 100+ Netherlands Italy China India Philippines Bangladesh Myanmar Exploratory Markets Existing Markets Offices 6 FOCUSED MULTIFACETED GROWTH Business Review Our Wide Product Portfolio Agrochemicals The Agrochemicals business follows the ‘Crop Care Concept’, which ensures the safety and health of crops by identifying the problems affecting them and procuring the right solutions. A number of products categories such as Insecticides, Herbicides, Bactericides, Acaricides, Plant Growth Regulators and Surfactants are manufactured under the division’s scope of offerings. Indofil is committed to excellence in product quality and service. Our focus is to ensure the well-being of farmers by protecting their crops and facilitating better yields. The division is supported by talented agricultural graduates and doctorates and a strong marketing, technical, sales and logistics group. Our productivity improvement programme is designed to educate farmers through demonstrations for effective and economic ways of crop protection. With the basic objective of improving the efficiency and agility of field development assistants and optimising demand generation activities, Indofil is ready to launch a unique in-house mobile application – Ujjwal Kheti - this year. The app will enhance farmer engagement and also prescribe methods for better crop yields. THE YEAR STATUTORY FINANCIAL INDOFIL INDUSTRIES LIMITED ANNUAL REPORT 2018-19 IN REVIEW REPORTS STATEMENTS 7 Domestic Sales Offices in India 9 Distributors across India FUNGICIDES HERBICIDES Fungicides represent a class of Herbicides play a major role in ensuring agrochemicals made
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