Indofil Industries Limited Unlisted Shares

(i) Indofil Chemicals Limited was incorporated in 1962 as a subsidiary of Rohm and Haas Company, US. In 1985, the Company was merged with a listed company called Modipon Limited (MPL) and operated as a division of MPL till 2006. Thereafter, in 2007, Indofil was separated from MPL and transferred and vested with Indofil Organic Industries Limited (IOIL). Further, in 2010, IOIL was rechristened as Indofil Industries Limited (Indofil).

(ii) Indofil Industries Limited (Indofil) is a fully-integrated, multi-product chemical company, part of the K. K. Modi Group of Companies. Its expertise lies in the manufacturing, distribution, and marketing of agrochemicals and specialty chemicals.

(iii) Indofil provides high-quality crop care products to farmers and plays a significant role in helping them implement best practices in crop protection. Indofil has been able to augment growth with a focus on Research and Development (R&D) based product development and structured business, coupled with appropriate technologies and distribution network.

(iv) Over the years, Indofil has provided best-in-class chemicals, both to the domestic and international markets. The products are accredited with international quality standards such as ISO 9001, OHSAS 18001 and ISO 14001. A consistent focus on innovation drives Indofil’s ambition to create an enterprise value of 2 billion dollars in the next three years.

Key Indicators

1. R&D Investment of 45 Cr.
2. No. of Products Brand 100+
3. Geographical Presence of 96+ Countries.
4. No. of Employees 1080.
5. No. of Patents held = 8

SUBSIDIARIES OPERATIONS

A large portion of the Company’s future growth is expected to be driven by the Company’s International business. The Company already has a sales presence in more than 95+ countries through its distributors, commissioning agents, etc.

In the last 2-3 years, the Company has extensively invested in its key international markets like Europe, Brazil and some AsiaPacific markets with an objective to:

a) Come closer to some of its key markets and customer.

b) Provide better client service to its customers.

c) Engaging in Value Added Distribution (VAD) activities by replicating its successful domestic distribution model in these countries.

d) Expanding its registration portfolio which requires local presence in these markets.

Name of the Subsidiary Company	Country of Incorporation	Principal Activities	Proportion of Equity Interest (%)
Indofil Industries (Netherlands) B.V.	The Netherlands	Marketing & Distribution of Agrochemicals	100%
Indofil Bangladesh Industries Pvt. Ltd.	Bangladesh	Marketing & Distribution of Agrochemicals	100%
Indofil Costa Rica S.A.	Costa Rica	Marketing & Distribution of Agrochemicals	100%
Indofil Industries DO Brasil Ltda	Brazil	Marketing & Distribution of Agrochemicals	100%
Indofil Philippines, Inc	Philippines	Marketing & Distribution of Agrochemicals	100%
Indofil Industries (International) B.V	The Netherlands	Holding Company	100%
Good Investment (India) Ltd. 100%	India	Investment	100%
Quick Investment (India) Ltd. India	India	Investment	100%

JOINT VENTURE OPERATIONS

The Company had entered into a Joint Venture with Shanghai Baijin Group, China for the manufacture of Carbon – Di –Sulphide (CS2) as part of its backward integration strategy for key raw materials. The Joint Venture has ensured uninterrupted supply of this important raw material to Company, thus eliminating the need for import of CS2 and saving on foreign exchange outflow.

MANUFACTURING PLANTS

1. THANE, MAHARASHTRA , 20,000(TPA)

2. DAHEJ UNIT 1, GUJARAT , 31,000 (TPA)

3. SYNTHESIS PLANT, DAHEJ UNIT 2, GUJARAT ,4,000(TPA)

New Capacities

1. EBDC PLANT, GUJARAT INDUSTRIAL DEVELOPMENT CORPORATION (GIDC), DAHEJ, GUJARAT, 35,000(TPA).

2. INNOVATIVE SOLUTION PLANT, GIDC, DAHEJ, GUJARAT, 35,000(TPA)

The Company drives 50% of the revenue from the International market.

Indofil Industries Limited Unlisted Shares Details:

Total Available Shares:	500
Face Value:	₹ 10 Per Equity Share
ISIN:	INE071I01016
Lot Size:	25 Shares
Current Unlisted Share Price:	₹ Best in Industry Per Equity Share
Retail Discount:	Bulk Deal (1%)

Promoters And Management:

Mr. K. K. Modi guides Indofil Industries Limited in its strategic business decisions, which elevated the Company to new heights of success. His revolutionary vision introduces a global perspective that drives Indofil to continue and increase its markets, both domestically and abroad. He has partnered with several international Companies in his various businesses, bringing a global vision and the best of International Technology to India.

Shareholding Pattern:

Top Investors in the Company are: 1. APMS Investment Fund Limited 2. Modi Industries Limited. 3. Status Mark Finvest Ltd 4. Cresta Funds limited. 5. Life Insurance Corporation of India. A lot of Mutual Funds, Banks/FIs, State Govt., Insurance Companies are a part of shareholders in the company.

Financials of Indofil Industries Limited Unlisted Shares:

YEAR	2014-15	2015-16	2016-17	2017-18
EQUITY	21.35	21.35	21.35	21.35
FACE VALUE	10	10	10	10
BOOK VALUE (PER SHARE)	511.16	442.77	751.81	775.24

Particulars(lakh)	2012 – 13	2013 – 14	2014 – 15	2015 – 16	2016 – 17	2017 – 18
Total Income (Net of E. Duty)	112977	136640	149906	164430	177400	197731
E B I D T	13258	23486	28114	28770	36237	35327
Depreciation	2338	5416	5626	3324	4692	5565
Profit Before Tax	6261	10228	15305*	21156	28080	24227
Profit After Tax	6231	9095	14519	16329	21804	21392
EPS per Share Basic	44.02	44.75	69.68	76.48	102.12	100.19
% Dividend on Equity Shares	35%	40%	50%	60%	80%	80%
Gross Fixed Assets	72836	81758	58365	75637	86222	112556
Net Fixed Assets	65213	68795	45240	59220	65244	86226

UZ Review 1. During FY17-18, the Company’s consolidated total income (net of excise duty) was up from 1,835.62 Crores to 2,030.28 Crores, an increase of 11%. 2. Consolidated Profit for the year stood at 235.99 Crores for the year under review as against 259.31 Crores for the previous year, registering a decrease of 9%. The pressure on margin was due to challenges in the implementation of GST in India. In the international market, key market of Brazil, the Company had to face demand-side pressures on account of large scale channel inventories and cut throat pricing competition from other market players which have ultimately affected the margins. 3. The Consolidated EPS for FY17-18 stands at 110. 4. The Debt/Equity stands at 0.64. 5. The company has ROE of 14% in FY17-18. 6. The Company had embarked upon a new initiative “Lakshya 2 x 3” which aims to drive Indofil’s Enterprise Value to US$2 billion in the next 3 years which is equivalent to 14000 Cr. 7. The Company has a Mcap of close to 2232 Cr.

Comparison With Peers:

The company has a listed peer in the name of Dhanuka Agritech and Rallies India. 1. Dhanuka Agritech(FY17-18 Financials) (i) Revenue= 978 Cr (ii) PAT= 126 Cr (iii) EPS= 25 (iv) P/E= 15.48 (v) P/B= 2.21 (vi) MCap= 1800 Cr 2. Rallies India (FY17-18 Financials) (i) Revenue= 1500 Cr (ii) PAT= 191 Cr (iii) EPS= 7.28 (iv) P/E= 22 (v) P/B= 2.65 (vi) MCap= 3160 Cr So peers are trading in the P/E range of 15-22 and Indofil is currently trading at P/E of less than 10. This shows share is currently undervalued and being the leader in Agro-business we at UnlistedZone feels that it is a good opportunity to invest in this company at this stage. Annual Report 2017-18

Company Address:

Indofil Industries Limited Kalpataru Square – 4th floor, Kondivita Rd., Off Andheri Kurla Rd., Andheri – East, Mumbai- 400 059 Maharashtra, India. Phone No. 91-022-66637373 / 91-022-66637555 Fax No. 91-022-28322275 Email Id. mktagro-icc@modi.com website: www.indofilcc.com

Discussion on Indofil Industries Limited Unlisted Shares:

Godfrey near life-time high of 1415 – m-cap 7300 cr

Indofil holds 12% in Godfrey, worth Rs 850 cr – Rs 400 per Indofil share

Indofil current m-cap 1600 cr

Indofill looks very good in terms of result.is there any chance of listing. .?

No news with us as far as IPO is concerned.

Indofil Industries Ltd announced its Joint Venture with world’s leading polymer additives manufacturing company, Italy-based Reagens on February 13, 2019 titled Indo-Reagens Polymer Additives Pvt. Ltd. (IRPA). Reagens is a Polymer Additives company based in Bologna, Italy founded in 1950. It is a global-scale manufacturer of specialty chemicals for PVC and other thermoplastics. Indo-Reagens Polymer Additives Pvt. Ltd. Is all set to become a new force in the supply of additives to PVC and CPVC sectors in India

The JV will also be constructing a new a state-of-art technology plant in Gujarat Industrial Development Corporation’s Special Economic Zone in Dahej in 2019 to offer all green polymer additives to the Indian Polymer processing industry. Also, this collaboration will offer technical support and services from its regional application laboratory centres based at Thane and Delhi, supplemented by support from existing Reagens’ facilities.

Mr K K Modi, Chairman & Managing Director – Indofil Industries Ltd and Chairman – Modi Enterprises said, “We are very excited about this partnership with Reagens. Both companies have complementary strengths which can be leveraged to bring sustainable solutions and products used in PVC and CPVC polymers. We hope to combine our expertise and talent and take the JV to its best potential”.

Dr Ettore Nanni, Chairman of Reagens added, “Indofil and Reagens will bring together unique assets, deep technical expertise, as well as ability to identify, scale and customize solutions. We will work together to bring cost-effective and sustainable solutions in the heat stabilizers market.”

Indo-Reagens Polymer Additives Pvt Ltd will offer a complete product range including heat stabilizers, acrylic based impact modifiers and processing aids, lubricants, functional fillers, and various specialty additives.

https://unlistedzone.com/indofil-acquires-majority-stake-in-italys-agrowin-biosciences-07-04-2019/

(1) Recognised among India’s Top 10 Best Workplaces in Manufacturing: 2018, as per a study conducted by The Economic Times in partnership with the Great Place to Work® Institute, India.

(2) Won a Silver award in the Coaching and Mentoring Category at the TISS-LeapVault CLO Awards held during the 5th edition of Chief Learning Officers Summit in Mumbai.

(3) Dahej facility awarded the CII-ITC Sustainability Award, 2017, by The Confederation of Indian Industry (CII).

(4) Thane plant awarded Maharashtra Safety Awards for its meritorious performance in industrial safety in the chemicals and fertilisers industry in September 2017 by National Safety Council – Maharashtra Chapter.

(5) Dahej Unit 1 awarded for implementation of 6-S across the site by TUV SUD South Asia Pvt. Ltd.

(6) Dahej Unit 1 received a Certificate of Appreciation from Federation of Indian Chambers of Commerce & Industry (FICCI) for Good Practices in Quality Systems.

(7) Indofil was one among the Promising Brand category, yet again, for the year 2018 in the Brand Book collated by The Economic Times.

(8) Dahej Unit 1 awarded the Platinum category in the Apex India Excellence Award, 2017, by the Apex India Foundation.

(9) Thane plant awarded the Platinum category in the Apex India Environment Excellence Award, 2017, for the chemical secto