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28Th Annual Report 2020-21 Mr 28th Annual Report 2020-21 Mr. K K Modi August 27, 1940 – November 2, 2019 Business is about expanding your reach, touching more and more lives, creating meaningful relationships. 02-40 41-97 Corporate Overview Statutory Reports 04 Indofil at a Glance 24 Adapting to Change - with a 41 Notice Renewed Approach 06 Our Presence 52 Management Discussion 28 Achieving Success - across and Analysis 08 Product Portfolio Geographies and Markets 62 Director’s Report 12 Message from Chairperson 30 Achieving Success - in 69 Annexures to 14 Message from COO Manufacturing and Supply Director’s Report 16 Financial Highlights Chain Management 89 Corporate 32 Aspiring for Sustainable 18 Business Model Governance Report Growth 20 Strategic Priorities 34 Environment, Health & 22 Adapting to Challenges - Safety Emerging Stronger 98-226 36 Social Responsibility Financial Statements 38 Board of Directors 99 Standalone 160 Consolidated “Intelligence is the ability to adapt to change” STEPHEN HAWKING While challenges present themselves in unique ways, we at Indofil realise the value of perseverance and prudence. It guides us to Adapt to change, Achieve phenomenal success and Aspire for sustainable progress - keeping our long-term vision intact, without losing sight of our goals. Keeping pace work culture amidst on our robust R&D with the evolving a pandemic, we are capabilities, we now market dynamics aligning our priorities aspire to fulfil goals and the changing and leveraging our with a clear and user demands, strengths to deliver concerted roadmap for we are constantly exceptional solutions. success. Our ability to restructuring our consistently develop practices and With an ardent sustainable and processes, protecting focus on a value- innovative solutions the very essence of accretive product that prioritise the sustainability in all pipeline, we are needs of our end users, our endeavours. From consistently ramping across geographies developing unique and up our capacity to without impacting our eco-friendly solutions streamline operations natural ecosystem, to improving farm and lay the grounds empowers our productivity and for remarkable aspirations to lead the adapting to a remote achievements. Banking change. Indofil Industries Limited Annual Report 2020-21 INDOFIL AT A GLANCE MAKING SUSTAINABLE SOLUTIONS A REALITY As a globally recognized agrochemicals and speciality chemical Company, Indofil Industries Limited (Indofil) offers solutions that help farmers across the world to improve productivity and yield to address the challenges of feeding a growing population. Relying on our innovative products VISION and solutions, we strive to introduce sustainable practices into the agrochemical and specialty chemical To be a global leader in growth industry. We offer an integrated portfolio of patented and co-branded with customer success. products along with formulations including fungicides, insecticides, herbicides and plant health and nutrition for a wide variety of crops. MISSION We also cater to the varied demands of leather, plastic, textile and coating & construction industries, with the supply To achieve leadership in Leverage efficient R&D, of specialty performance chemicals. growth rate. registration, manufacturing and marketing competencies. At Indofil, we believe customer proximity and strategic partnerships are vital for accelerating growth. Our business model reflects a growing market share across our product Strive to make our customers Use collaborations, acquisitions and portfolio in India and globally, successful through high quality manufacturing proximity to expedite creating long-term value for all our products, services and solutions growth in Crop Care, Speciality and stakeholders. in domestic and global markets. Performance chemicals. Velocity Prosperity Teamwork 3 2 4 Scan the QR code to know about our Vision, Mission Customer Values and Values in detail success Knowledge Use any QR code scanning app to 1 5 scan the QR code 04 Corporate Overview Statutory Reports Financial Statements INDOFIL – AN AGILE AND ENTERPRISING ENTITY INTEGRATED One of the LEADING 942 Manufacturing Companies to launch new EMPLOYEES process (Backward products, formulations across the globe and forward and patented products integration) consistently One of the LEADING producers and suppliers Indofil is ONE OF of agrochemical and specialty chemicals THE FEW producers and suppliers of key speciality chemicals Partnering in nation building with used by the plastic and VOCAL FOR LOCAL & AATMANIRBHAR coating industry in India BHARAT Initiatives Revenue in FY 2020-21 from domestic and international markets CROSSED K1000 CRORE EACH 05 Indofil Industries Limited Annual Report 2020-21 OUR PRESENCE ACHIEVING GROWTH, GLOBALLY CAPACITIES (in tonnes) 33,600 4,000 38,000 35,000 Dahej, SEZ, Gujarat Synthesis Plant, Innovative Solutions EBDC Plant, (Unit-1) Dahej, SEZ, Gujarat Plant, Dahej, Dahej, GIDC, Gujarat (Unit-2) Gujarat (Unit-3) (Unit-3) REVENUE MIX BY GEOGRAPHY (in %) 20 55 8 FY 2020-21 17 USA 17 53 Mexico 12 FY 2019-20 Costa Rica 18 India Brazil Europe South America Rest of the world REVENUE MIX BY CATEGORIES (in %) 11 12 44 42 Agrochemicals (India) FY 2020-21 FY 2019-20 Agrochemicals (International) Innovative Solutions 45 46 06 Corporate Overview Statutory Reports Financial Statements Operating Manufacturing Representative office subsidiaries units Head office Global network Russia Netherlands Kyrgyzstan South China Korea Italy Bangladesh Taiwan Mumbai Myanmar Philippines Malaysia Sri Lanka Indonesia Mauritius Madagascar Australia New Zealand South Africa Dahej, Gujarat 07 Indofil Industries Limited Annual Report 2020-21 PRODUCT PORTFOLIO FULFILLING ASPIRATIONS WITH UNIQUE CHOICES At Indofil, we have adopted a customer-centric business model to deliver path-breaking and unique products to customers and growers across the globe. Our best-in-class product portfolio is a result of world class manufacturing facilities, robust R&D capabilities and an extremely committed and qualified team of professionals - motivated to deliver the finest solutions. With a fine selection of superior quality products, we are empowering growers to enhance yield as well as offering sustainable choices. 08 Corporate Overview Statutory Reports Financial Statements Agrochemicals DOMESTIC We are strengthening our position as one of the leading manufacturers and suppliers of agrochemicals in India. Over the years, we have successfully marketed Agrochemicals - Insecticides, Fungicides, Herbicides, Acaricides, Surfactants, and Plant Growth Regulators (PGR). Our strong position in this space is a testimony of our ability to address evolving consumer needs and mitigate challenges faced by the growers. KEY CROPS SEGMENT AND BRANDS Fungicides: Fungicides are specially Surfactants and Plant Growth designed agrochemicals that prevent Regulators: Surfactants constitute the growth of fungi and resist serious a type of wetting agent that reduce Paddy Cotton damage to crops. Indofil develops a wide interfacial tension between two variety of fungicides that allow growers liquids and facilitate easier dispersion to avert losses and improve farm yield. of sprayed material. Plant growth regulators, on the other hand, are Indofil M 45, Manfil, Indofil Z chemicals that can modify and 78, Moximate, Avtar, Merger, Potato Chilli accelerate the growth of plants. Sprint, Impression, Iglare, Indofil’s Baan, Baan Gold, Matco, Boon, Indtron AE, Filwet Premium, Ethefol. Companion, Noor, Debut, Dhan, Benfil, Sitara Plus, Share, Captra, Plant Nutrition: Our plant nutrition Pulses Onion Trucop, Plumage, and Ream. segment delivers Glycine based bio- simulants that are used to improve crop Insecticides: Insecticides are specially productivity. We also offer products formulated chemicals used to control with patented technology, developed in insects that damage agricultural collaboration with a US based Company. Soybean Apple produce. Indofil produces a wide range IndoLife Fruit Energy, IndoLife Vital of efficient and ecologically sustainable Energy, IndoLife Green Energy and products used by growers across the Indolizer Granules country. Grapes Tomato Token, Dammu, Rimon, Click, Acaricides: Indofil supplies effective Lift, Volax, Atom, Atom Power, acaricides that are used to eliminate or Agent Plus, Agent Capsule, Blaze, prevent growth of arachnids such as Indothrin, Flash, Gem, Stalker SC, mites. Bajao, Oopiri, Indodiafen and Akhdir Wheat Cumin Ceasemite, Mitex Herbicides: Herbicides play a crucial role in ensuring proper growth of crops by killing unwanted weeds and plants. Pomegranate Tea/Coffee Oxygold, Society, Killog, Nami, Indifil’s Mix, Offset-N, Tadka71, Passport, Chase, Atrafil, Golf and Bigul Maize 09 Indofil Industries Limited Annual Report 2020-21 INTERNATIONAL Over the years, we have established KEY GEOGRAPHIES OUR OFFERINGS a strong presence in the international agrochemical space, expanding our Technical footprints in more than 120 countries. We cater to a diverse customer base Mancozeb, Cymoxanil, Metalaxyl, from renowned institutional clients to Tricyclazole, Myclobutanil, Maneb, US Europe Brazil local farmers. Our strong distribution Zineb, Dodine, Propiconazole, (Netherlands) network and robust supply chain have Thifluzamide and Hexaconazole propelled us to widen our presence to newer geographies across the globe with an increasing market share. Mixtures and Formulations Italy China Bangladesh KEY CROPS Mancozeb WP/WG/SC, Tricyclazole 75% WP, Mancozeb + Metalaxyl, Mancozeb + Cymoxanil, Mancozeb
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