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Fairchem Organics Ltd

BSE Code : 543252 | NSE Symbol : FAIRCHEMOR | ISIN:INE0DNW01011| SECTOR : Chemicals |

NSE BSE
 
SMC up arrow

1,734.40

4.00 (0.23%) Volume 280564

07-Dec-2021 11:24:58

Prev. Close

1,730.40

Open Price

1,775.00

Bid Price (QTY)

1,732.05(1)

Offer Price (QTY)

1,734.45(11)

 

Today’s High/Low 1,809.90 - 1,715.50

52 wk High/Low 2,274.80 - 580.30

Key Stats

MARKET CAP (RS CR) 2251.83
P/E 29.85
BOOK VALUE (RS) 159.1454279
DIV (%) 35
MARKET LOT 1
EPS (TTM) 57.94
PRICE/BOOK 10.8667903490553
DIV YIELD.(%) 0.2
FACE VALUE (RS) 10
DELIVERABLES (%) 57.51
4

News & Announcements

01-Nov-2021

Fairchem Organics Ltd - Fairchem Organics Limited - Copy of Newspaper Publication

29-Oct-2021

Fairchem Organics standalone net profit rises 130.68% in the September 2021 quarter

29-Oct-2021

Fairchem Organics Ltd - Fairchem Organics Limited - Outcome of Board Meeting

09-Oct-2021

Fairchem Organics to discuss results

09-Oct-2021

Fairchem Organics to discuss results

23-Aug-2021

Fairchem Organics receives upgrade in credit ratings from CARE

07-Aug-2021

Fairchem Organics to hold AGM

21-Jul-2021

Fairchem Organics to announce Quarterly Result

Corporate Actions

Bonus
Splits
Dividends
Rights
Capital Structure
Book Closure
Board Meeting
AGM
EGM
 

Financials

Income Statement

Standalone
Consolidated
 

Peers Comparsion

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Ambani Organics Ltd 535097 AMBANIORG
Amex Carbonates & Chemicals Ltd 531321
Amines & Plasticizers Ltd 506248
Aminex Chemicals Ltd (Wound-up) 524386
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Arvin Liquid Gases Ltd 523404
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B L Industries (India) Ltd 530637
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Baroda Carbons Ltd 523527
BASF India Ltd 500042 BASF
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Burmah Petro Products Ltd 40310
C J Gelatine Products Ltd 507515
Cabot India Ltd 506700 CABOTINDIA
Camlin Fine Sciences Ltd 532834 CAMLINFINE
Canvay Chemicals Ltd 531535
Caprolactam Chemicals Ltd 507486
Carbon & Chemicals India Ltd (Merged) 505813
Castrol India Ltd 500870 CASTROLIND
Cellulose Products of India Ltd 506345
Chembond Chemicals Ltd 530871 CHEMBOND
Chemcon Speciality Chemicals Ltd 543233 CHEMCON
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Chemfab Alkalis Ltd 541269 CHEMFAB
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Ciba India Ltd(merged) 532184 CIBASPEC
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Citric India Ltd 506370
Citurgia Biochemicals Ltd 506373 CITURGIBIO
Clariant (India) Ltd(merged) 500373 CLARIANT
Clariant Chemicals (India) Ltd 506390 CLNINDIA
Clarisis Organics Ltd 524806
Claro India Ltd 524366
Clean Science & Technology Ltd 543318 CLEAN
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Deccan Petroleums Ltd 526375
Deepak Fertilizers & Petrochemicals Corp Ltd 500645 DEEPAKFERT
Deepak Nitrite Ltd 506401 DEEPAKNTR
Dharamsi Morarji Chemicals Co Ltd 506405 DHARAMSI
Diamines & Chemicals Ltd 500120
DIC India Ltd 500089 DICIND
Diviya Chemicals Ltd 506810
Doctors Biotech India Ltd 512079
Dujodwala Paper Chemicals Ltd 524276
Eiko Lifesciences Ltd 540204
Elantas Beck India Ltd 500123 DRBECK
Ellenbarrie Industrial Gases Ltd 590087
Emmessar Biotech & Nutrition Ltd 524768
EPIC Enzymes Pharma & Industrial Chemicals Ltd 524374
Evexia Lifecare Ltd 524444
Excel Industries Ltd 500650 EXCELINDUS
Ficom Organics Ltd(merged) 506443 FICOMORGAN
Fine Organic Industries Ltd 541557 FINEORG
Fineotex Chemical Ltd 533333 FCL
Fischer Chemic Ltd 524743
Foseco India Ltd 500150 FOSECOIND
Futuristic Offshore Services and Chemical Ltd 500154 GANESHANHY
Gagan Gases Ltd 524624
Galaxy Oleo-Chem (India) Ltd 40207
Ganesh Benzoplast Ltd 500153 GANESHBE
GBL Industries Ltd 539009
GHCL Ltd 500171 GHCL
Glory Chemicals Ltd 531532
Goa Carbon Ltd 509567 GOACARBON
GOCL Corporation Ltd 506480 GOCLCORP
Godrej Industries Ltd 500164 GODREJIND
Goiex Michio Sudo Ltd 507978
GOM Industries Ltd 523802
Goodearth Industries Ltd 526929
Goodearth Organic (India) Ltd [Wound-up] 524300
Govind Poy Oxygen Ltd 509586
GP Petroleums Ltd 532543 GULFPETRO
Grauer & Weil (India) Ltd 505710 GRAUWEIL
Gresoil (India) Ltd 530483
Gujarat Carbon & Industries Ltd 506457
Gujarat Fluorochemicals Ltd 542812 FLUOROCHEM
Gujarat Indo-Lube Ltd 523552
Gujarat Oiland Industries Ltd (Wound Up) 507866
Gujarat Organics Ltd 501368
Gujarat Speciality Lubes Ltd 523880
Gujchem Distillers India Ltd 506640
Gulf Oil India Ltd - Merged 511026 GULFOIL
Gulf Oil Lubricants India Ltd 538567 GULFOILLUB
Gulshan Polyols Ltd 532457 GULPOLY
Gulshan Sugars & Chemicals Ltd(merged) 524184
Haryana Leather Chemicals Ltd 524080
Hemo Organic Ltd 524590
Hico Products Ltd 506461
Hilltone Industrial Gases Ltd 40441
Himadri Speciality Chemical Ltd 500184 HSCL
Hindcon Chemicals Ltd 535053 HINDCON
Hindustan Industrial Chemicals Ltd 524679 HINDINDCHM
Hindustan Organic Chemicals Ltd 500449 HOCL
Hindustan Oxygen Gas Ltd 509660
Hubergroup India Pvt Ltd 523886 MICRO
I G Petrochemicals Ltd 500199 IGPL
IBP Co. Ltd(merged) 500198 IBP
Iccon Oil & Specialities Ltd 523766
India Carbon Ltd 40012
India Gelatine & Chemicals Ltd 531253
India Glycols Ltd 500201 INDIAGLYCO
Indian Electro Chemicals Ltd 506490
Indo Amines Ltd 524648
Indo Borax & Chemicals Ltd 524342
Indo Gulf Industries Ltd 506945
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Indu Nissan Oxo Chemicals Industries Ltd 500208 INDUNISSAN
Inox Air Products Pvt Ltd 526534 INDOXYGEN
Insilco Ltd 500211 INSILCO
Iota Chemiculture Ltd(Liquidated) 524630
IVP Ltd 507580 IVP
J F Laboratories Ltd 523804 JFLABS
J.R. Organics Ltd 506650
Jay Agrochem Ltd (Wound Up) 513504
Jayant Agro Organics Ltd 524330 JAYAGROGN
Jocil Ltd 500561 JOCIL
Jubilant Industries Ltd 533320 JUBLINDS
Jubilant Ingrevia Ltd 543271 JUBLINGREA
Jyoti Resins and Adhesives Ltd 514448
K P Gelatines & Chemicals India Ltd (Wound-up) 524741
Kamar Chemicals & Industries Ltd 531001
Kanchi Karpooram Ltd 538896
Kanva Hydro Chem Ltd 524685
Karnataka Chemical Industries Corp Ltd 530105
Karnav Leather Chemicals Ltd 524432
Keltech Energies Ltd 506528
Kesar Petroproducts Ltd 524174
Kilburn Chemicals Ltd 524699
Kings India Chemicals Corporation Ltd 524214
Kobo Biotech Ltd 531541
Kothari Polymers Ltd 40360
Krishna Plastochem Ltd (Wound Up) 524254
Laffans Petrochemicals Ltd 524522
Laxmi Organic Industries Ltd 543277 LXCHEM
Lime Chemicals Ltd 507759
Linde India Ltd 523457 LINDEINDIA
Link Pharma Chem Ltd 524748
Lords Chemicals Ltd 530039
M.P. Carbide & Chemicals Ltd 506925
Madras Petrochem Ltd 500261
Maha Chemicals Ltd (Wound-up) 524556
Maharashtra Explosives Ltd (Wound-up) 506871
Maharashtra Polybutenes Ltd 524232
Mangalam Organics Ltd 514418 MANORG
Mark Omega Organic Industries Ltd 524681
Maruti Industrial Carbohydrates Ltd 524814
Maruti Organics Ltd 524402 MARUTIORNG
Master Chemicals Ltd 506867
Mehta Rubber Chemcials Ltd 526536
Mehta Sulfites (India) Ltd 530029
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Motorol (I) Ltd 508965 MOTOROL
Motorol Enterprises Ltd 523049 RINKIPETRO
Motorol Speciality Oils Ltd 506954
MTZ Industries Ltd 500275 METAZINC
Murablack India Ltd 523578 MURABLACK
Nacro Chemicals Ltd 524350
Nariman Point Chemical Industries Ltd 524224
Narmada Gelatines Ltd 526739 SHAWGELTIN
National Oxygen Ltd 507813 NOL
National Peroxide Ltd 500298 NATPEROXID
Navin Fluorine International Limited 532504 NAVINFLUOR
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Niraj Petrochemicals Ltd 500454 NIRAJPETRO
Nitta Gelatin India Ltd 506532 KERALACHEM
NLC Nalco India Ltd 524101 NALCOCHEM
Noble Explochem Ltd 506991
NOCIL Ltd 500730 NOCIL
Nova Chemie (India) Ltd 40188
Ojas Technochem Products Ltd(wound-up) 526427
Omkar Pharmachem Ltd 532167
Omkar Speciality Chemicals Ltd 533317 OMKARCHEM
Organic Coatings Ltd 531157
Orient Organics Ltd 524766
Oriental Aromatics Ltd 500078 OAL
Oriental Carbon & Chemicals Ltd 506579 OCCL
Orissaa Organics Ltd 524392
Oswali Chemicals Ltd 506916
Padmanabh Industries Ltd 526905
Paintex Chemicals (Bombay) Ltd 524178
Paschim Petrochem Ltd 531005
Pentasia Chemicals Ltd (Merged) 507739
Pentokey Organy (India) Ltd 524210
Phillips Carbon Black Ltd 506590 PHILIPCARB
Pidilite Industries Ltd 500331 PIDILITIND
Pinky Chemicals Ltd 524671
Plastiblends India Ltd 523648 PLASTIBLEN
POCL Enterprises Ltd 539195
Poddar Pigments Ltd 524570 PODDARMENT
Polyolefins Industries Ltd (Merged) 506610
Pondy Oxides & Chemicals Ltd 532626 PONDYOXIDE
Premier Explosives Ltd 526247 PREMEXPLN
Privi Speciality Chemicals Ltd 530117 PRIVISCL
Prolife Industries Ltd 538392 PROLIFE
Protchem Industries (India) Ltd 524117
Punjab Chemicals & Crop Protection Ltd 506618 PUNJABCHEM
Rain Calcining Ltd(merged) 532153 RAINCALCIN
Rathi India Ltd 506959
Refex Industries Ltd 532884 REFEX
Refnol Resins & Chemicals Ltd 530815
Rencal Chemicals (India) Ltd 524510
Resonance Specialities Ltd 524218
Revati Organics Ltd 524504
Rhodia Specialty Chemicals India Ltd(Merged) 506230 ALBRMORARJ
Ritesh International Ltd 519097
Rock Hard Petro Chemical Industries Ltd 524194
Rossari Biotech Ltd 543213 ROSSARI
Rukmani Metals & Gaseous Ltd 40695
S H Kelkar & Company Ltd 539450 SHK
S K R Chemicals Ltd 530371
Salvigor Laboratories Ltd (Merged) 524268
Sanderson Industries Ltd 507728 SANDERIND
Sanginita Chemicals Ltd 538408 SANGINITA
Sarang Chemicals Ltd 532031
Searsole Chemicals Ltd (Wound-up) 506644
Seya Industries Ltd 524324 SEYAIND
Shaba Chemicals Ltd 524546
Shaper Chemicals Ltd (Wound-up) 524566
Shayona Petrochem Ltd 531538
Shentracon Chemicals Ltd 530757
Shree Benzophen Industries Ltd 531389
Shree Neelachal Laboratories Ltd 531487
Shri Ambuja Petro Chemicals Ltd 506742
Shri Aster Silicates Ltd 533219 SHRIASTER
Shri Nicosect Ltd 526437
SI Group - India Ltd 506460 SIGROUPIND
Sigachi Industries Ltd 543389 SIGACHI
SMZS Chemicals Ltd(wound-up) 524160 SMZSCHEM
Solar Industries India Ltd 532725 SOLARINDS
Sonal Sil Chem Ltd 524673
Southern Gas Ltd 509910
Speciality Petrolubes Ltd 523525
Sree Rayalaseema Hi-Strength Hypo Ltd 532842 SRHHYPOLTD
Sree Rayalaseema Petrochemicals Ltd (Merged) 524618
Sreechem Resins Ltd 514248
SRF Ltd 503806 SRF
SRHHL Industries Ltd (Merged) 524410 SRHHLINDST
Sterling Biotech Ltd 512299 STERLINBIO
Sudev Chemicals Ltd 40666
Sun Star Chemicals Ltd 524536 SUNSTRCHEM
Sunshield Chemicals Ltd 530845
Sunstar Lubricants Ltd 524452 SUNSTARLUB
Superior Air Products Ltd (Merged) 526469
Swarnajyothi Agrotech & Power Ltd 590090
Tamil Nadu Industrial Explosives Ltd 524028
Tamil Nadu Petro Products Ltd 500777 TNPETRO
Tanfac Industries Ltd 506854 TANFACIND
Tata Chemicals Ltd 500770 TATACHEM
Tatva Chintan Pharma Chem Ltd 543321 TATVA
TCM Ltd 524156
TECIL Chemical & Hydro Power Ltd 506680 TECILCHEM
Tetrahedron Ltd 40308
Thirani Chemicals Ltd (Merged) 524125
Thirumalai Chemicals Ltd 500412 TIRUMALCHM
Tide Water Oil Co (I) Ltd 590005 TIDEWATER
Tirupati Inks Ltd 533258
Transpek Industry Ltd 506687 TRANSPEK
Tria Fine Chem Ltd 524721
Tribology India Ltd 40171
Trigon Zinco Ltd 530287
Tulasee Bio-Ethanol Ltd 524514
Tyche Industries Ltd 532384
U P Lime Chem Ltd 524677
Unique Oils India Ltd 523250
Urvi Chemicals & Allied Industries Ltd 501371
Vadilal Chemicals Ltd 40485
Vadivarhe Speciality Chemicals Ltd 538429 VSCL
Valiant Organics Ltd 540145 VALIANTORG
Vasundhara Rasayans Ltd 538634
VBC Industries Ltd 524310
Vibros Organics Ltd 530487
Vijayshree Chemicals (India) Ltd 524312
Vikas Wsp Ltd 519307 VIKASWSP
Vinati Organics Ltd 524200 VINATIORGA
Vishnu Chemicals Ltd 516072 VISHNU
Vision Organics Ltd 532383 VISIONLTD
Yasho Industries Ltd 541167

Share Holding

Category No. of shares Percentage
Total Foreign 35718 0.27
Total Institutions 147411 1.13
Total Govt Holding 0 0.00
Total Non Promoter Corporate Holding 0 0.00
Total Promoters 9643239 74.06
Total Public & others 3268234 25.10
Total 13020902 100
  • Total Foreign
  • Total Institutions
  • Total Govt Holding
  • Total Non Promoter Corporate Holding
  • Total Promoters
  • Total Public & others

About Fairchem Organics Ltd

Fairchem Organics Ltd Chairman Speech

Fairchem Organics Ltd Company History

Fairchem Organics Ltd Directors Reports

To

The Members,

Your Directors are indeed pleased to present the Second Annual Report along with Audited financial statements of the Company for the financial year ended March 31, 2021. These financial statements have been prepared in accordance with Indian Accounting Standards (Ind-AS) as required under the Companies Act, 2013.

FINANCIAL RESULTS:

(Rupees in Lakhs, unless otherwise stated)

For the year ended on 31-03-2021 For the Period March 27, 2019 to March 31, 2020
(Restated)
(1) Total Income 39,685.16 31,308.12
(2) Profit before Interest, Depreciation and Tax 6,895.44 5,495.62
(3) Less : Interest 682.03 657.90
(4) Profit before Depreciation and Tax 6,213.41 4,837.72
(5) Less : Depreciation 657.33 595.95
(6) Profit before Tax for the year 5,556.08 4,241.77
(7) Less : Provision for Taxation
(a) Current Tax 1,437.73 816.85
(b) (Excess) / Short Provision for tax of earlier year(s) (Net) (118.15) 4.11
(c) Deferred tax (11.97) (49.59)
Sub-total 1,307.61 771.37
(8) Profit after Tax for the year 4,248.47 3,470.40
(9) Add : Other comprehensive income for the year / period, net of tax (47.09) (9.65)
(10) Total Comprehensive Income for the year / period 4,201.38 3,460.75
(11) Earnings per share (EPS) of Rs. 10/- each Rs. 32.63 Rs. 26.65

OPERATIONS AND THE STATE OF COMPANY’S AFFAIRS :

During the year under review, the revenue from operations were Rs 39,657 lakhs, showing a rise of more than 29%. The Profit before tax stood at Rs. 5,556.08 lakhs. This performance needs to be evaluated considering the fact that during the first 50 days of the financial year (April 1, 2020 to May 20, 2020), the manufacturing operations remained suspended due to national lockdown, resultant lack of demand and further fueled by non-availability of certain category of manpower. The operations re-started from May 21, 2020 and since then the Company has not looked back during the remainder period of the year.

There is no change in the nature of business of the Company.

DIVIDEND:

Your Directors are pleased to recommend a dividend of Rs. 3.50 (i.e. 35%) per equity share for the financial year ended March 31, 2021, subject to the approval of the shareholders at the ensuing Annual General Meeting of the Company.

TRANSFER TO RESERVE:

Your Directors have decided not to transfer any amount to the Reserve for the year under review.

MATERIAL CHANGES AND COMMITMENTS:

There have been no material changes and commitments which have occurred between the end of the financial year to which the financial statements relate and the date of this Report, affecting the financial position of the company.

CAPITAL STRUCTURE:

During the year, the Company issued 1,30,20,902 Equity Shares of Rs. 10/- each fully paid up to those shareholders of Fairchem Speciality Limited (now known as Privi Speciality Chemicals Limited) (FSL) whose names appeared on the Register of Members of FSL on August 24, 2020, the record date. These equity shares were issued pursuant to the order dated June 30, 2020 of Hon’ble N.C.L.T., Mumbai Bench, inter alia, sanctioning the Composite Scheme of Arrangement and Amalgamation between our Company, FSL and Privi Organics India Limited. Further, pursuant to the said scheme, the then existing paid up equity share capital of Rs. 1,00,000/- held entirely by FSL and its nominees was cancelled. The Company is having only one class of shares.

DIVESTMENT OF SHAREHOLDING BY PRIVI PROMOTERS:

Subsequent to the year end and as per agreements entered in to at the time of approval of the Composite Scheme of Arrangement and Amalgamation, Privi promoters have divested their entire shareholding representing 22.67 % in favour of Fairfax group Foreign Promoter and Adi group Indian Promoters. Resultantly, the shareholding pattern of promoters group as per latest BENPOS of June 4, 2021 is as under:

Name of Promoter Shareholder No. of Equity Shares of Rs. 10/- each held Per cent to total capital
1 FIH Mauritius Investments Limited 86,78,656 66.65 %
2 FIH Private Investments Limited 1,083 0.01 %
3 Nahoosh Tradelink LLP 6,33,293 4.86 %
4 Jariwala Tradelink LLP 3,21,874 2.47 %
5 Shri Utkarsh Shah 8,333 0.06 %
Total 96,43,239 74.05 %

Impact of COVID-19 Pandemic

COVID-19 Pandemic has created health scare and resulted in economic disruption in India. The manufacturing operations at the Oleo Chemicals plant of the Company at Chekhala were stopped to comply with the directions of Central Govt. vide notification dated March 24, 2020. The Company continued to monitor the business situation and decided to defer restarting of the said plant till May 21, 2020. Since the beginning of June, 2020, the business visibility has improved. The Company, however, remains cautious considering the fact that covid-19 cases continued to rise and partial lockdown is continuing in Maharashtra State which is commercially quite important. To ensure adequate liquidity and timely availability of funds, the Company has already availed the benefit of moratorium of 3 EMIs on term loans and has applied for availment of further 3 EMIs announced by RBI subsequently.

MEETINGS OF THE BOARD:

During the Financial Year 2020-21, 10 (Ten) meetings of the Board of Directors took place. In respect of these meetings, proper notices were given, and the proceedings were properly recorded and signed in the Minutes Book maintained for the purpose. For further details, please refer Report on Corporate Governance.

PARTICULARS OF LOANS GUARANTEES AND INVESTMENTS:

The Company has not given any loan, made investment, given any guarantee or provided any security covered u/s. 186 of the Companies Act, 2013.

CORPORATE GOVERNANCE/MANAGEMENT DISCUSSION AND ANALYSIS REPORT:

A Report on the Corporate Governance Code along with a certificate from a practicing Company Secretary regarding the compliance of conditions of Corporate Governance as stipulated in Regulation 34 of SEBI (LODR) Regulations, 2015 and the Management Discussion and Analysis Report are annexed to this Report.

Pursuant to Regulation 34(2)(f) of the Listing Regulations, the Business Responsibility Report, initiatives taken from an environmental, social and governance perspective in the prescribed format is attached as a separate section of this Annual Report.

AUDIT COMMITTEE:

During the year, the Board of Directors re-constituted the Audit Committee to comply with the requirements of Regulation 18 of SEBI (LODR) Regulations. Details regarding the same are given in the Corporate Governance Report forming part of this report

DEPOSITS:

The Company has not accepted nor renewed any deposits falling within the ambit of Section 73 of the Companies Act, 2013 and The Companies (Acceptance of Deposits) Rules, 2014.

CREDIT RATING:

CARE Ratings Limited carried out annual review of credit facilities of HDFC Bank and vide its letter dated September 15, 2020, has assigned its rating as under: 1. For Long-term Bank facilities: CARE A; (Single A; Outlook: Stable) 2. For Long-term / Short term Bank facilities: CARE A; Stable / CARE A1 (Single A; Outlook : stable / A one)

INVESTOR EDUCATION AND PROTECTION FUND (IEPF)

In accordance with the applicable provisions of Companies Act, 2013 read with Investor Education and Protection Fund (Accounting, Audit, Transfer and Refund) Rules, 2016 (“IEPF Rules”), all unclaimed dividends are required to be transferred by the Company to the IEPF, after completion of seven (7) years. Further, according to IEPF Rules, the shares on which dividend has not been claimed by the shareholders for seven (7) consecutive years or more shall be transferred to the demat account of the IEPF Authority. This is only the second financial year of the Company. So these provisions are not applicable to the Company.

TECHNICAL ACHIEVEMENT:

The Company keeps on exploring the possibility of technical improvement and process optimization for better yields / product mix / energy efficiency.

DIRECTORS:

In accordance with the provisions of Section 152 of the Act and the Articles of Association of the Company, Shri Utkarsh Shah (DIN 00101663) shall retire at the forthcoming Annual General Meeting of the Company and being eligible, offers himself for re-appointment.

STATEMENT ON DECLARATION GIVEN BY INDEPENDENT DIRECTORS:

In terms of Section 149 of the Act and SEBI (Listing Obligations & Disclosure Requirements), Regulations, 2015 (Listing Regulations), the Shareholders of the Company appointed, Mr. Venkatraman Srinivasan, Mr. Darius Pandole and Ms. Sonal Ambani as Independent Director for a period of 5 years. The Company has received declarations from all the 3 Independent Directors of the Company, inter alia, confirming that they meet the criteria of Independence as prescribed under Section 149(6) of the Companies Act, 2013 and Regulation 16(1)(b) of SEBI (LODR) Regulations, 2015 as amended from Independent Director confirming that they are not disqualified for continuing as an Independent Director.

COMPANY’S POLICY ON DIRECTORS’ APPOINTMENT AND REMUNERATION INCLUDING CRITERIA FOR DETERMINING QUALIFICATIONS, POSITIVE ATTRIBUTES, INDEPENDENCE OF A DIRECTOR ETC.:

Pursuant to the provisions of Section 178 and other applicable provisions, if any, of the Companies Act, 2013 read with the Rules made thereunder and Clause 49 of the Listing Agreement, now regulation 19 of SEBI (LODR) Regulation, 2015 the Board of Directors at their Meeting held on 12.08.2020 approved the Remuneration and Nomination Policy as recommended by the Nomination and Remuneration Committee. The salient features of the said policy covering the policy on appointment and remuneration and other matters have been explained in the Corporate Governance Report.

BOARD EVALUATION:

Based on the criteria for evaluation of Independent Directors and the Board as recommended by the Nomination and Remuneration Committee and as adopted by the Board, Board carried out evaluation of its own performance, the individual Directors and the Committees. The Independent Direcotrs also carried out evaluation of Chairman and non-Independent Directors in the separate meeting. It was derived that overall the Board was functioning very well in a cohesive and interactive manner.

DIRECTORS’ RESPONSIBILITY STATEMENT:

Pursuant to the requirement of Section 134(3)(c) of the Companies Act, 2013 and to the best of their knowledge and belief, and according to the information and explanations provided to them, your Directors hereby make the following statements:

(i) that in the preparation of the financial statements for the year ended March 31, 2021, the applicable accounting standards read with requirements set out under Schedule III of the Companies Act have been followed and there are no material departures from the same;

(ii) that the Directors have selected such accounting policies and applied them consistently and made judgments and estimates that are reasonable and prudent so as to give a true and fair view of the state of affairs of the Company at the end of the financial year viz. March 31, 2021 and of the profit of the Company for that period;

(iii) that the Directors have taken proper and sufficient care for the maintenance of adequate accounting records in accordance with the provisions of this Act for safeguarding the assets of the Company and for preventing and detecting fraud and other irregularities;

(iv) that the Directors have prepared the annual accounts on a ‘Going Concern’ basis;

(v) that the Directors have laid down internal financial controls to be followed by the company and that such internal financial controls are adequate and were operating effectively and

(vi) that the Directors have devised proper systems to ensure compliance with the provisions of all applicable laws and that such systems are adequate and operating effectively.

PARTICULARS OF EMPLOYEES:

Details pertaining to remuneration as required under section 197[12] of the Companies Act, 2013 read with Rule 5[1] of the Companies [Appointment and Remuneration of Managerial Personnel] Rules, 2014 are annexed to this report.

LISTING:

The Company’s securities were listed with BSE Limited and National Stock Exchanges of India Limited with effect from December 24, 2020. SEBI (LODR) Regulations, 2015 became applicable to the company from the said date. The Company has paid the listing fees for F.Y. 2021-22 on the paid up equity share capital.

BUSINESS RESPONSIBILITY REPORT:

The Business Responsibility Reporting, as prescribed under Regulation 34 of SEBI (LODR) Regulations, 2015 is annexed to this Report as separate Annexure - I.

CONTRACTS AND ARRANGEMENTS WITH RELATED PARTIES:

All contracts / arrangements / transactions with related parties entered into by the Company during the financial year with related parties were in the ordinary course of business and on an arm’s length basis. During the year, the Company had not entered into any contract / arrangement / transaction with related parties which could be considered material in accordance with related party transactions.

The policy on Related Party Transactions as approved by the Board is uploaded on the Company’s website.

INTERNAL CONTROL AND ITS ADEQUACY :

The Company has, commensurate with its size, single operational location and resultant requirement, Internal Control system. A well-known firm of Chartered Accountants carried out internal audit of the said system. Based on the recommendation / report of the said Internal Auditors which are presented to the Audit Committee, required corrective actions were initiated / taken by the Company.

INTERNAL FINANCIAL CONTROLS :

The Directors have laid down policies and procedures which are adopted by the company for ensuring the orderly and efficient conduct of its business, including adherence to company‘s policies, the safeguarding of its assets, the prevention and detection of frauds and errors, the accuracy and completeness of the accounting records, and the timely preparation of reliable financial information;

FRAUD :

During the year, no fraud was reported by the statutory auditors under section 143(12) of the Act.

CORPORATE SOCIAL RESPONSIBILITY:

The Corporate Social Responsibility Committee had formulated and recommended to the Board a Corporate Social Responsibility Policy which has been approved by the Board comprising of the following Directors:

1. Shri Nahoosh Jariwala

2. Shri Sumit Maheshwari

3. Ms. Sonal Ambani

The other details of the CSR activities as required U/s. 135 of The Companies Act, 2013 are given in the CSR Report as Annexure to Directors’ Report.

RISK MANAGEMENT POLICY:

The Company has put in place Risk Management Plan. The Company has identified following elements of risk which in the opinion of the Board may threaten the existence of the Company:

(1) Severe simultaneous drought in those Soya producing countries of the world on which Indian Crude Soya Oil refining is partly dependent.

(2) Development of new and substantially cheaper manufacturing technologies using altogether new inputs for making various kinds of resins which are required for making paints, printing ink, hardeners.

The Company has identified other hard vegetable oils such as Palm to which it can switch over to in the extreme event of non-availability of soya based raw materials throughout or major part of the year.

AUDITORS:

The auditors M/s. B S R & Co. LLP, Chartered Accountants LLP were appointed at the 1st Annual General Meeting held on December 31, 2020 for a term of five years, from the conclusion of first AGM till the conclusion of sixth AGM to be held in the year 2025. The Auditors’ report during the year under review does not contain any qualification/ remarks nor any instance of fraud committed against the Company by its officers or employees, the details of which would need to be mentioned in the Board’s report.

SECRETARIAL AUDIT REPORT:

As required by Section 204 of the Companies Act, 2013 read with The Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014, the Board has appointed M/s. Parikh Dave & Associates, Company Secretaries, Ahmedabad, a firm of Company Secretaries in Practice to conduct Secretarial Audit for the Financial Year 2020-21. The Report of the Secretarial Audit for the financial year ended on March 31, 2021 is enclosed as Annexure to this Report. Their report not contain any qualification/ remarks.

CONFIRMATION OF COMPLIANCE OF SECRETARIAL STANDARDS:

During the year under review, the Company has complied with the applicable Secretarial Standards i.e. SS-1 and SS-2, relating to “Meetings of the Board of Directors” and “General Meetings”, respectively, issued by The Institute of Company Secretaries of India (ICSI), the company confirms compliances of applicable secretarial standards.

MAINTENANCE OF COST RECORDS:

As per the Companies (Cost Records and Audit) Rules, 2014 as amended by Companies (Cost Records and Audit) Amendment Rules, 2014, issued by the Central Government, the Company is required to get its cost records maintained by it for the products covered under Chapters 2917 and 3823 of Sr. No. 18 of table mentioned under Rule 3 (B) Non-regulated Sectors audited by a Cost Auditor.

As specified by the Central Government under sub-section (1) of section 148 of the Companies Act, 2013, the Company has maintained cost accounts and records.

COST AUDITOR:

The Company has appointed M/s. Rajendra Patel and Associates, as Cost Auditors for financial year 2021-22. The necessary resolution for ratification of their remuneration by members has been put in the notice of the ensuing Annual General Meeting. Board recommends passing the resolution.

VIGIL MECHANISM :

As required under Companies Act and SEBI (LODR) Regulations, the Company has put in place Vigil Mechanism / Whistle Blower Policy for Directors and Employees so that the employees/Directors can report concerns about unethical behaviour, actual or suspected fraud or violation of the Company’s Code of Conduct Policy and SEBI Insider Trading Regulations. Whistle Blower Policy is disclosed on the website: http://fairchem.in/investor-relations/Policies/Whistle-Blower-Policy.pdf

Disclosure as per the Sexual Harassment of Women at Workplace (Prevention, Prohibition and Redressal) Act, 2013:

The Company has adopted a policy on prevention, prohibition and redressal of sexual harassment at workplace in line with the provisions of the Sexual Harassment of Women at Workplace (Prevention, Prohibition and Redressal) Act, 2013 and the Rules made thereunder and has complied with the provision relating to the constitution of Internal Complaints Committee. During the year, no complaint of sexual harassment was received by the Company.

CONSERVATION OF ENERGY, TECHNOLOGY ABSORPTION, AND FOREIGN EXCHANGE EARNINGS AND OUT GO: A. Conservation of Energy

(a) Steps taken or impact on conservation of energy :

The Company has decide3d to purchase, on trail basis 'Dry Vacuum System' from Edwards, U.K. which will be used in place of steam ejector based vacuum system. This will result in reduction of steam and water consumption and solid fuel i.e. coal.

If the trials are successful on different equipment’s the Company will be able to change all vacuum systems which will be having a huge impact in water, steam and fuel consumption.

(b) Steps taken by the Company for utilizing alternate source of energy : None.

(c) Capital Investment on energy conservation equipments : NIL

B. Technology Absorption

(i) the efforts made towards technology absorption; None

(ii) the benefits derived like product improvement, cost reduction, product development or import substitution;

(iii) in case of imported technology (imported during the last three years reckoned from the beginning of the year under reference)

a) details of the technology imported; NIL

b) the year of import; Not Applicable

c) whether the technology has been fully absorbed Not Applicable and if not, areas where absorption has not taken place, and the reasons thereof; Not Applicable

(iv) the expenditure incurred on Research and Development. Rs. 15.39 Lakhs

C. Foreign exchange earnings and Outgo

Foreign Exchange Earnings : Rs. 1,399.51 Lakhs
Foreign Exchange Outgo : Rs. 1,079.41 Lakhs

Annual Return:

As per the provisions of section 92[3] read with section 134(3)(a) of the Act, the Annual Return as on March 31, 2021 in the prescribed form no. MGT-7 is available on the website of the Company and weblink of the same is https://www.fairchem.in/ investor-relations/Annual-Reports/Annual-Return-MGT-7.pdf

ACKNOWLEDGMENTS:

Your Board of Directors wishes to place on record its appreciation to the contribution made by the employees of the company. The company has achieved impressive growth through the competence, hard work, solidarity, cooperation and support of employees at all levels. The Directors also wish to thank the Company’s vendors, vendors, Stock Exchanges, Government authorities, bank and shareholders for their cooperation and assistance extended to the company.

For and on behalf of the Board of Directors,
Place : Village Chekhala, Sanand-Kadi Highway, Utkarsh Shah
Taluka Sanand, District Ahmedabad - 382115 Chairman
CIN: U24200MH2019PLC323176 DIN 00101663
Date : June 07, 2021

   

Fairchem Organics Ltd Company Background

Utkarsh B ShahNahoosh J Jariwala
Incorporation Year2019
Registered OfficePlot No A-71 TTC Indl Estate,Near Thane Belapur Road
Mumbai,Maharashtra-400709
Telephone91-9016324095 / 9409958550,Managing Director
Fax
Company SecretaryRajen Niranjanbhai Jhaveri
AuditorBSR & Co LLP
Face Value10
Market Lot1
ListingBSE,NSE,
RegistrarLink Intime India Pvt Ltd
5th Floor 506 to 508,ABC-I Off C G Road ,Navrangpura ,Ahmedabad-380009

Fairchem Organics Ltd Company Management

Director NameDirector DesignationYear
Nahoosh J JariwalaManaging Director2020
Utkarsh B ShahChairman (Non-Executive)2020
Venkatraman SrinivasanIndependent Director2020
Darius Dinshaw PandoleIndependent Director2020
Sonal AmbaniIndependent Director2020
Sumit MaheshwariNominee2020
Rajen Niranjanbhai JhaveriCompany Secretary2020

Fairchem Organics Ltd Listing Information

Listing Information
BSESMALLCA
BSEALLCAP
BSEMETERIA

Fairchem Organics Ltd Finished Product

Product NameUnit Installed
Capacity
Production
Quantity
Sales
Quantity
Sales
Value
Unspecified NA 0000

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