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Indofil Industries Limited Annual Report 2016-17

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Indofil Industries Limited Annual Report 2016-17 24th Annual Report 2016-17 Good Gets Better Contents FORWARD-LOOKING STATEMENT 1-36 In this Annual Report, we have disclosed forward-looking COMPANY information to enable investors to comprehend our prospects and take investment decisions. This report and other statements, OVERVIEW written and verbal, that we periodically make contain forward- looking statements that set out anticipated results based on the Strengthening a Vibrant Enterprise 2 management’s plans and assumptions. We have tried wherever Global Presence 4 possible, to identify such statements by using words such as ‘anticipate’, ‘estimate’, ‘expects’, ‘projects’, ‘intends’, ‘plans’, Financial Highlights 6 ‘believes’ and words of similar substance in connection with Business Review 8 any discussion of future performance. We cannot guarantee that Business Model & Strategic Priorities 14 these forward-looking statements will be realised, although we believe we have been prudent in assumptions. The achievements Better by Global Outreach 16 of results are subject to risks, uncertainties, and even inaccurate Better by Consistent Innovation 18 assumptions. Should known or unknown risks or uncertainties Better by Reaching New Frontiers 20 materialise, or should underlying assumptions prove inaccurate, actual results could vary materially from those anticipated, Better by Farmer Engagement and Digitisation 22 estimated, or projected. Readers should keep this in mind. We EHS Management 24 undertake no obligation to publicly update any forward-looking People Matter at Indofil 26 statements, whether as a result of new information, future events or otherwise. Social Commitments 28 Chairman’s Message 30 Message from Group Chief Executive Officer 32 Board of Directors 34 37-81 STATUTORY REPORTS Notice 38 Management Discussion and Analysis 46 Directors’ Report and Annexures 54 Corporate Governance Report 76 82-184 FINANCIAL STATEMENTS Standalone Financial Statements 82 Consolidated Financial Statements 133 One of the fascinating aspects of India is that the creativity of its people, along with their innovation and entrepreneurial skills is setting an interesting benchmark in socio- economic growth. That too at a time, when the world is passing through a phase of significant volatility and fragile economic growth. At Indofil, we work hard to create to move towards building a long a better future every day. We term strategy. During the year, we partner our clients to increase their grew our offerings and geographic productivity with our agro and reach to address food security. We specialty chemicals and help them enhanced our R&D investments enhance productivity. to drive leadership in advancing agricultural technologies. At the Our outlook is inherently long term. same time, we forayed into the Plant Our objective is to support farmers Nutrition business to seek new in their journey towards sustainable avenues of growth. success. We aim to be flexible, innovative and efficient in all our We invested and added our operations consistently. manufacturing capability for future growth requirements. Above all, Our strategic focus is on increasing we improved farmer profitability and delivering specific solutions to through more efficient, sustainable help farmers meet and exceed the technology and products that challenges of today and tomorrow. increase their productivity. We are committed to boosting agricultural productivity through The outcome of our initiatives is innovation and technology. encouraging from a financial and operational perspective. And we will At Indofil, we have crossed several continue to focus on making a good milestones, but our achievements company an even better one. have never made us complacent. We are enhancing our capability to deliver on the expectations of our customers every day. We strengthened our business across multiple fronts and continued Strengthening a Vibrant Enterprise Indofil Industries Limited (Indofil) is a research led, fully integrated chemical company under the proud parentage of K. K. Modi Group of Companies. It is engaged in the manufacturing, distribution and marketing of agrochemicals and specialty and performance chemicals globally. At Indofil, we have multi-product, state-of-the-art, PLC-based (Programmable Logic Controller) manufacturing facilities and several contract manufacturing units across India. Our manufacturing facilities have international 904 product quality accreditations, including ISO 9001 EMPLOYEES ACROSS INDIA and ISO 14001. We operate with a simple philosophy of enlarging our customer base and retaining their loyalty by addressing their specific requirements. At the same time, we pay ` 1,910 Crores equal attention to the needs of our existing customers. We STANDALONE REVENUE are committed to enrich the experience of our customers in different ways and they have been our partners in our journey of over five decades. We aim to grow by partnerships in the domain of manufacturing, marketing and research & ` 28 Crores development (R&D) initiatives globally. R&D INVESTMENT Excellence in concept development through innovative marketing organisation One of the world’s largest Mancozeb producer Presence in Key Facts 95+ countries Strong domestic brand and distribution network Focused approach on crop care concept and productivity improvement Strong R&D with GLP certified Analytical Lab and Registration team 2 Strengthening a Vibrant Enterprise COMPANY OVERVIEW STATUTORY REPORTS FINANCIAL STATEMENTS 1-36 37-81 82-184 Vision Mission To be a global leader in Our mission is to achieve leadership in growth rate. We growth and customer success. all leverage our 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, specialty & performance chemicals. Enduring Values Customer Success Believing that our success lies in the success of existing and potential customers. Based on this foundation, Indofil is doing all possible to understand, fulfil and exceed the customer’s stated and unstated needs, thus enabling them to succeed on a continual basis. Business Domains Knowledge Agrochemicals (fungicides, insecticides, herbicides, Continuously upgrading skills and knowledge about acaricides, plant growth regulators, surfactants and technology, markets, products, customers, regulations plant nutrition) and business processes. Encourage new ideas and their implementation across the Company for Specialty and Performance Chemicals (Performance commercial benefits. chemicals for textile, plastic, coating & construction, and leather industries) Prosperity Winning, doing better than others through exploiting new opportunities and enhancing the interests of every employee, shareholder and stakeholder. To be recognised and perceived among the leaders in the segment of operation. Teamwork Employees and channel partners thinking and working together across functions, businesses and geographies, leveraging the available resources to achieve common goals. Manufacturing Velocity Responding to internal and external customers with a sense Capacities of urgency by consistent, focused and accelerated growth Plant Existing Capacity (Tonnes) of the organisation with timely and optimal utilisation Thane, Maharashtra 20,000 TPA of all resources. Dahej, Gujarat 30,000 TPA Synthesis Plant, Dahej, Gujarat 4,000 TPA Annual Report 2016-17 3 Global Presence Offices 1 Mumbai, India 2 Dhaka, Bangladesh 3 Shanghai, China 4 Amsterdam, Netherlands 5 Milan, Italy 6 Costa Rica 7 Sao Paulo, Brazil 8 Yangon, Myanmar Exploratory Markets Existing Markets 6 7 New Registrations/Approvals Submitted 71 applications for International registrations Received 49 Overseas registrations. Accreditations In addition to being ISO 9001 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 Dahej Plant. 4 Global Presence COMPANY OVERVIEW STATUTORY REPORTS FINANCIAL STATEMENTS 1-36 37-81 82-184 4 5 3 1 2 8 Awards & Recognition Recognised as the Industry Best (Manufacturing & ‘Gold Medal and Achievement Certificate’ to Dahej Plant Production) and India’s Best companies to work for 2017 from India Green Manufacturing Challenge 2016. – Top 50 a study conducted by The Economic Times in Honourable Chairman Shri K. K. Modi awarded partnership with the Great Place to Work ® Institute. ‘Excellence as The Agro ALCHEMIST’ at the GLOBE 2017- ‘Best Welfare Practices Award 2017’ (Rank 2) Platinum Awards 2016 (World Business Conclave, was awarded to Thane Plant by the Directorate of December 11, 2016). Industrial Safety And Health (DISH) covering the entire Indofil was awarded ‘The Pioneer in Agrochemical Thane Division, at the Belapur Industrial Association Manufacturing’ at the GLOBE Platinum Awards 2016 Hall, Thane. (World Business Conclave, December 11, 2016). ‘Silver Award’ to Thane Plant under HR (Retention Indofil Thane Plant awarded the Certificate of Merit for Strategy) category. The award was presented by ‘Ek achieving Zero Accident Frequency in the year by the st Kaam Desh Ke Naam (EKDKN)’ in 1 Annual EKDKN National Safety Council – Maharashtra Chapter. Exceed Award
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