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.
Business Overview
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:
Shareholding Pattern:
Financials of Indofil Industries Limited Unlisted Shares:
| Year | 2015 | 2016 | 2017 | 2018 | 2019 |
| Equity | 21.35 | 21.35 | 21.35 | 21.35 | 21.35 |
| FV | 10 | 10 | 10 | 10 | 10 |
| Book value | 511.16 | 442.77 | 751.81 | 775.24 | 936 |
| Particulars | 2013 | 2014 | 2015 | 2016 | 2017 | 2018 | 2019 |
| Total Income | 1129 | 1366 | 1499 | 1644 | 1774 | 1977 | 2279 |
| E B I D T | 132 | 234 | 281 | 287 | 362 | 353 | 391 |
| Depreciation | 23 | 54 | 56 | 33 | 46 | 55 | 91 |
| Profit Before Tax | 62 | 102 | 153 | 211 | 280 | 242 | 228 |
| Profit After Tax | 62 | 90 | 145 | 163 | 218 | 213 | 185 |
| Equity | 2.135 | 2.135 | 2.135 | 2.135 | 2.135 | 2.135 | 2.135 |
| EPS per Share Basic | 44.02 | 44.75 | 69.68 | 76.48 | 102.12 | 100.19 | 88 |
Indofil Industries 2018-19 Business Overview
The company is a leader in Agrochemicals and Speciality chemicals.
Agrochemicals include Fungicide, Pesticide, Plant Nutrition, Acaricides, Herbicides, Surfactants, and Plant growth regulator. This segment contributes 87% of total revenue.
Specialty Chemicals includes Product Offerings Performance chemicals for industries such as: Textile, Plastic , Coating, Construction, Leather. This segment contributes 13% of total revenue.
1. Domestic Operation
Revenue= 1003 Cr, it has shown a growth of 6%, YoY basis. Domestically, they have 6300+ distributors.
2. International Operation
Revenue= 970 Cr, it has shown a growth of 17%, YoY basis. Internationally, they have 400+ distributors.
Indofil’s International Business covers offerings from Agrochemicals as well as Specialty Chemicals across 100+ countries.
The volume growth was quite strong, especially in Brazil, which saw volumes surging four times compared to the previous year. Besides, the business also saw some recovery in the African and Asian markets, which had seen a downturn in the earlier year. The European market remained fairly stable in line with the overall Agrochemical market in Europe. The global sanctioning of some of the Middle Eastern markets also affected the business revenues from these markets. Due to the overall demand-supply situation for Mancozeb, a key chemical, pricing pressures have been quite strong over the last two years. Even in the case of key markets such as Brazil, large-scale channel inventories had led to a price war and an overall reduction in pricing across the market. This phenomena is likely to continue in the current year as well.
Operation Capacity Expansion
(i) The Gujarat Industrial Development Corporation (GIDC) plant for producing Mancozeb with an annual installed capacity of 35,000 MT commenced production from October 2018. The GIDC plant for specialty chemical products with an annual installed capacity of 35,000 MT commenced commercial production from July 2018.
(ii) Indofil Philippines Inc. commenced commercial operations from May 2018 and achieved a surplus in the first year of operations.
(iii) They partnered with Grace Breeding Technologies Limited, an Israeli research firm engaged in the development of Nitrogen Fixation Technology.
(iv) Construction of a new facility has started in Bangladesh and is expected to complete in Q3 2019-20.
Indofil Business and Financial report:
https://dyvmwwyqozzzb.cloudfront.net/main/Indofil-Report.pdf
2017-18 review of Indofil Industries:
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.
Interview by Lalit Modi, the co-owner of Indofil Industries and its plan to sell it.
Any sale short of all trust assets unfair to other shareholders: Lalit Modi https://mybs.in/2YKotYu
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