To Of - Bombay Stock Exchange
RESPONSIBLE CAREODNL/138/85Et626t2020July 14,2020To,LtdDepartment of Corporate Services,Phiroze Jeejeebhoy Towers,Datal Steet, Fort,Mumbai-400 001BSEDear Sir,Scrip Code: 506401Sub: Notice of the 49th Annual General Meeting ("AGM") and Annual Report forthe Financial Year ('FY") 2019-20to the provisions ofRegulation 34 of the SEBI (Listing Obtigations andDisclosure Requirements) Regutations, 2015, we enctose herewith a Notice of the 49thAGM and 49th Annual Report of the Company for the FY 2019-20.PursuantThe 49th Annual Report of the Company atong with Notice convening 49th AGM andother retevant documents are also availabte on the website of the Company.Kindty take the same on your records.Thanking you,LIMITEDEncl.: as aboveDEEPAK NITRITE LIMITEDCIN: 124110GJ1970P1C001735Registered & Corporate Office:Aaditya-1, Chhani Road,Vadodara-390 024. Gujarat, India. 0200Fax: 91 265 2765344Investor Relations Contact: investorp godeepak.comTe[: 91 265 276 5200i396www.godeepak.com
Corporate OverviewStatutory ReportsFinancial StatementsDeepak Nitrite Limited 1
INDEXCORPORATE OVERVIEWOn a Golden Pedestal01Financial Highlights 03Building Sustainable Future 04Our Strength 06Message from the Founder (Chairman Emeritus)14CEO’s Communique (Outgoing CEO)17Enhancing Value Brick by Brick18From the Desk of Chairman & Managing Director21CEO’s Letter24CFO’s Communique 27Board Of Directors 30Responsive to Challenges with Resilience34Building Sustainable Future with Responsible Chemistry37Our Team Our Strength 40Creating Socially Inclusive and Empowered Society42Our COVID-19 Initiatives47Corporate Information 48STATUTORY REPORTSManagement Discussion and AnalysisNoticeDirectors’ ReportCorporate Governance Report506674114FINANCIAL STATEMENTSStandaloneIndependent Auditor’s ReportBalance SheetStatement of Profit and LossCash Flow StatementStatement of Changes in EquityNotes forming part of the Financial StatementsConsolidatedIndependent Auditor’s ReportBalance SheetStatement of Profit and LossCash Flow StatementStatement of Changes in EquityNotes forming part of the Financial y-Ninth Annual General MeetingDay & Date : Friday, August 7, 2020Time : 11:30 A.M.Through Video Conferencing/Other Audio Visual MeansCautionary Statement Regarding Forward-Looking StatementThis Report may contain certain forward-looking statements relating to the future business,development and economic performance. Such Statements may be subject to a number of risks,uncertainties and other important factors, such as but not limited to (1) competitive pressure;(2) legislative and regulatory developments; (3) global, macro-economic and political trends;(4) fluctuations in currency exchange rates and general market conditions; (5) delay or inabilityin obtaining approvals from authorities; (6) technical developments; (7) litigations; (8) adversepublicity and news coverage, which could cause actual developments and results to differ materiallyfrom the statements made in this Report. Deepak Nitrite Limited assumes no obligation to update oralter forward-looking statements whether as a result of new information, future events or otherwise.
Corporate OverviewStatutory ReportsFinancial StatementsON A GOLDENPEDESTALDeepak Nitrite Limited at 50 is younger,agile and stable.Having sailed through storms, navigated rough terrainsand faced complex challenges, Deepak Nitrite todayenters into the 50th glorious year as a key player in thespace of chemical intermediates. Our empoweredworkforce and innovation-driven business acumen hasenabled us to build unwavering resilience.As a responsible Company, we have redefined chemicalswith a touch of care, by nurturing people and the planet.Operating in the ever-changing world, we are committedto redefine business and help our customers gaincompetitive edge.We are ready, confident and equipped to take the worldwith ‘new normal’, and look forward to moving ahead withrenewed strength and resilient spirit.At Deepak Nitrite, we believe in building businesses oftoday and tomorrow.Deepak Nitrite Limited 1
OUR GROWTHTRAJECTORYRevenueandPBTPBTRs. inRevenue andin 018-19TOTALEBITDA and PAT in Crores2019-20PBT TRENDRevenue mix by 22%308214138832017-18EBITDA2018-1910% 9%Color2019-20AgroFuel% wise category 18-19PAT3% 4%3% 3%PharmaOthers% wise category 19-20Funds OutflowFunds Outflow7%21%16%14%66%50%2018-192 49 AnnualthCost of Materials & Operational ExpensesInterest & DepreciationReport Dividend2019-20& Dividend TaxRetained Earnings2019-20Employee, Selling & Admin ExpensesResearch & Development ChargesIncome TaxCost of Materials & Operational ExpensesEmployee, Selling & Admin ExpensesInterest & DepreciationResearch & Development ChargesDividend & Dividend TaxIncome TaxRetained Earnings
Corporate OverviewStatutory ReportsFinancial StatementsFINANCIAL HIGHLIGHTSFOR THE LAST TEN YEARSInd ASSr.Particulars UOM*No.Indian GAAPConsolidatedStandalone2019-202018-19 9.9417.0223.972 EBITDA inCrores1061429804308214152#168140114815862Profit /(Loss)Before3 Taxation inCrores80626870621212274#916858533237Percentageto 75.103.985.46Profit /(Loss) AfterTaxation inCrores6111745441388352#655338382326Percentageto 3.672.913.81Total1 IncomeYoY Growth42019-20 2018-19 2017-18 2016-17 2015-16 2014-15 2013-14 2012-13 2011-12 2010-115 Equity inCrores2727272727262321101010106 Net worth inCrores15721072149110589447324763473082812532387 Debt endon Equity8 Capital 5**100##65606050100806060 624.6562443429426824223578.34 104.06 157.00 164.23 119.5567.6325.04Percentage9 EPS10BookValue*# 11579109787211Net Debt/Equity Ratio%69.93110.7313.9230.9748.90* UOM: Units of Measurement** Interim Dividend#Excludes Exceptional Income##Proposed dividend is accounted as and when declared by the Company*#In FY 2014-15, the Company has split its Equity share from face value of 10 each to 2 each and issued Bonus Shares in the ratio of1:1. Hence, Book Value is not comparableDeepak Nitrite Limited 3
BUILDING SUSTAINABLE FUTUREMAKING INDIA A FORCE TORECKON WITHWE ARE DEEPAK NITRITE LIMITEDRanked amongst Fortune Next 500 and 25 Top wealth creators by the prestigious FortuneIndia Magazine, Deepak Nitrite Limited (DNL) today is one of India's fastest-growingchemical intermediates companies with a diversified business of Basic Chemicals , Fine &Speciality and Performance Products. Further, it manufactures Phenol, Acetone & Iso-PropylAlcohol through its wholly-owned subsidiary, Deepak Phenolics Limited.Deepak Nitrite’s manufacturing facilities are locatedat Nandesari and Dahej in Gujarat, Roha and Taloja inMaharashtra, and Hyderabad in Telangana. Today, DNLcaters to over 700 customers in 6 continents with more than30 products. DNL’s is recognized globally as a ‘Supplier ofChoice’ by clients spread across 6 continents in over 30countries.As a partner of choice for Domestic and Global Chemicalmajors, DNL is amongst one of the fastest growingCompany in India, adhering to ‘Responsible Care’ and is4 49th Annual Report 2019-20also a proud member of ‘Together for Sustainability’ anda founder member of the Indian Chemical Council’s ‘NicerGlobe’. Evolving to meet the strategic demands of thebusiness, the industry, the society and the planet, we arestriving to build a sustainable future with our3P approach – Planet, People & Profit.DNL has a vision of expanding its footprint in high-valueintermediates to capitalize and sustain its growth trajectorydriven by several levers and strategic initiatives on the rightpath.
Corporate OverviewOUR VISIONTo become theFASTEST GROWINGIndian chemicalintermediates CompanyNET REVENUE 4,265 CRORESLEADINGPRODUCERFY 2019-20 (Consolidated) Inorganic Salts Xylidines Cumidines Toluidines Phenolics IPAStatutory ReportsFinancial StatementsATTRIBUTESInnovativenessDriving not just product ideasbut also innovation in termsof processes and employeeengagement thus maximizinggrowth.ResponsivenessTowards employees, customersand all other stakeholders.OwnershipWhere the vision becomes notjust the company goal but theindividual goal as well.Performance drivenRewarding performers acrossverticals, thereby setting examplesfor leadership.AgilityChange is constant. This equipsthe organisation to respondrapidly to this dynamic world.Deepak Nitrite Limited 5
OUR STRENGTHCreating responsible chemistry across the lifecycle - ‘Design to Dispatch’Over the last five decades, we have been evolving, engaging and empowering to createresponsible chemistry, for today and tomorrow. We are strategically positioned withinthe chemical industry with our diversified product portfolio and cutting-edge Research &Development. Our focus continues to remain on gaining ‘more from less’ as our integratedinfrastructure sharpens its ‘design to dispatch’ capabilities everyday.DIVERSIFIED &INTEGRATED PORTFOLIOSAFE MANHOURSENVIRONMENTCONSCIOUSNESSof value-addedintermediatescrossed more than 8.8 Millionsafe man hoursby adopting sustainable practicesMULTI-LAYER, MULTI-YEARRELATIONSHIPEARLY ADOPTER OF‘MAKE-IN-INDIA’BUILDING ONEMPOWERED SOCIETYwith marquee customersphilosophy for 50 yearsthrough our CSR initiatives6 49th Annual Report 2019-20
Corporate OverviewStatutory ReportsFinancial StatementsDIVERSIFIED PRODUCT PORTFOLIOBusinessSegmentBasic ChemicalsFine & ductsSodium NitriteXylidinesPhenolSodium NitrateOximes Optical BrighteningAgent (OBA)Nitro ToluidinesCumidinesDASDACumeneFuel AdditivesNitrosyl Sulphuric Acid rLaminate & PlywoodPetrochemicalsColors & esAdhesivesPersonal Care Coating Applications in SanitizersPrinting & Photographic icalsAcetoneIsopropyl alcoholPaintsCUSTOMERSDeepak Nitrite Limited 7
PLANT LOCATIONSOur 6 fully-integrated manufacturing facilities spread across 5 locations and 3 states inthe country.Nandesari (Gujarat) Basic Chemicals, Fine& Speciality Chemicals The first and flagshipmanufacturing facilityTaloja (Maharashtra) Synthetic OrganicChemicals, Fine and SpecialityChemicals Strategically connectedto Nhava Sheva portRoha (Maharashtra) Intermediates forAgrochemicals, Dyesand Speciality Chemicals8 49th Annual Report 2019-20
Corporate OverviewStatutory ReportsFinancial StatementsHyderabad (Telangana) Optical Brighteningintermediates DASDADahej - DNL (Gujarat) Basic Chemicals,Performance ProductsDahej - DPL (Gujarat) Phenol Acetone IPADeepak Nitrite Limited 9
ROBUST RESEARCH & DEVELOPMENTScience with Conscience Through ‘Responsible Chemistry’At Deepak Nitrite Limited, innovativeness is one of the key growthdrivers. This excellence is fuelled by our intellectually strongResearch & Development wing–Deepak Research and Development Center (DRDC).10 49th Annual Report 2019-20
Corporate OverviewStatutory ReportsFinancial StatementsThe advanced R&D facility enables us to developcutting-edge intermediates, positioning us as ‘ResponsibleManufacturer’. For five decades, Deepak Nitrite has madeinvestment in strengthening the research division tomaintain its position in the market. Your Company stronglybelieves in building novel chemistry through innovation,process improvement and utility reduction and value fromwaste.HIGHLIGHTINGFEATURES Safety Lab Environment Lab Pilot plant to commercial scaleDeepak Nitrite Limited 11
DIGITIZATION OUR EMERGING STRENGTHDeepak Nitrite Limited undoubtedly,within the chemical sector in India andamongst its peer, has emerged as mostdigitally savvy with its multiprongedapproach, platform, new toolsimpacting positively its stakeholdersand overall reputation.IT and Digitization hasbeen a major focus forthe year to strengthen ourinfrastructure and businessat both offices and acrossall plants. IT and digitalintervention has madesignificant difference tothe organization in itsquest for growth – be itacross plants, logistics,HR and Administrativesystem or even internalcommunications and IT andAdministrative facilitationthrough our in-houseportal and Mobile APP‘EMPOWER’.12 49th Annual Report 2019-20
Corporate OverviewStatutory ReportsFinancial StatementsMAKING THE50TH YEAR COUNTTimes Icon of Vadodora 2020Rising Brand of Asia, 2019 Certificate of MeritVadodara, 2020Deepak Nitrite Limited was conferred with ‘BestChemical Intermediates Company – Times Iconof Vadodara’ award by Times Internet Limited, adivision of Times of India newspaper.India’s most trusted Companies Award 2019Kuala Lumpur, 2019Deepak Group was conferred with prestigious ‘RisingBrand of Asia, 2019’ by BARC Asia under GlobalBusiness Symposium.Fortune Next 500Delhi, 2019Deepak Nitrite Limited was conferred with ‘India’sMost Trusted Companies Award’ by IBC.CFO 100 Roll of HonourDelhi, 2019Deepak Nitrite Limited ranks 74th in ‘Fortune 500Next List, 2019’ by Fortune Magazine. Recognisedat top wealth creator in mid-size category.Great Manager AwardJaipur, 2020Deepak Nitrite Limited’s Director – Finance &Chief Financial Officer Sanjay Upadhyay honouredat 10th Annual CFO100 Roll of Honour.Delhi, 2020Jay Shah received Great Manager Award by PeopleBusiness, powered by Economic Times and TA PaiManagement Institute (TAPMI) with ET NOW.Deepak Nitrite Limited 13
MESSAGE FROMTHE FOUNDER (CHAIRMAN EMERITUS)50 years ago, I could scarcely haveimagined that this is where we wouldbe standing as a Company. In mynostalgia, I still remember the originaldream of setting up a chemical plantbased on indigenous technology- atrue ‘Make in India’. We were a youngteam, confident that challenges couldbe overcome by honest passion andingenuity. Willing to learn from anyone,we dared to think big and were willingto work as hard.The struggle in setting up the first planthad its own unique challenges- wewere to compete with world playersand match their quality standardsby an untested local technology.Choosing Gujarat and Vadodara to setup the unit, the project was completedin record time, at least 8 months earlierthan our competitor.The Board of Directors consisted ofsome of the most eminent solicitors,economists and financial advisors ofthe time. We were able to convincethe shareholders of the tremendouspotential and the public issue of asmall town entrepreneur like mewas oversubscribed by 20 times- arecord! We had a great passion forgrowth- our zeal was able to inspireseemingly ordinary employees to giveextraordinary performances. One afteranother, new products continued to beadded to the original list until growthsimply became a way of life at DeepakNitrite.When I compare what Deepak is today,I see a market cap having risen from 45 Lakhs in 1972 to over 7,000Crores, the product slate havinggrown from 2 to 30, the number ofemployees from around 60 to 1,500and the original family of shareholdersgrowing from around 6,000 to 80,000.All this certainly makes me very happybut my greater sense of pride is when14 49th Annual Report 2019-20I see that the value system I practicedhas become the foundation of DeepakNitrite, such as:1. Strive to be the best in the world inwhatever we do.2. Take along the interest of all thestakeholders including workers,investors, suppliers and customers.3. Remember that we have to giveback from where we have got.Deepak continues to contribute tovarious social causes.4. Finally, maintain a high degreeof integrity and constantly embracetrusteeship in our behavior and workethics.Yes we have come a long way and I amconfident that our next 50 years will seeDeepak achieve even greater heightsand be a world player.Best Regards,C.K. MEHTAABOUT THE FOUNDER Visionary and founder withover five decades of versatileexperience in chemical industry. An Inspiration to DNL and all groupcompanies, including DeepakFoundation. Credited with leading an ableBoard and laying the foundationof a strong, professionally drivenorganisation at par excellence. Instrumental in initiating company’sCSR initiatives much ahead ofmandatory requirement and inestablishing Deepak Foundation. Recipient of ICC LifetimeAchievement Award in 2014
Corporate OverviewStatutory ReportsFinancial StatementY E ARDeepak Nitrite Limited 15
“Progressing from trading intomanufacturing was a big leap in itself as wewere venturing into unchartered territory.This was to be followed by steady progressover the next several decades, throughmany ups and downs.”16 49th Annual Report 2019-20
Corporate OverviewStatutory ReportsFinancial StatementsCEO’S COMMUNIQUE(OUTGOING CEO)Dear StakeholdersAs we embark into the goldenjubilee year of our operations, I amdelighted that your Company hasaccomplished 5 decades of tirelessservice in the Indian chemical industry.I am pleased to have served thisprestigious Company for 12 yearsand will always fondly remembermy association with Deepak NitriteLimited (DNL) throughout its journeyof transformation. Now, it is time forme to retire and pass on the baton tothe leader of next generation - ShriMaulik Mehta. I feel proud to havehad the opportunity to take yourCompany thus far with all the supportand guidance from you and the teamat DNL.Bidding my farewell, I warmlycongratulate Shri Maulik Mehta onhis new role, hoping for a brighterfuture for him and my wholeheartedbelief that we shall all witness DeepakNitrite’s continued evolution andfurther scaling up into a world-classchemical intermediates Company.Best Regards,UMESH ASAIKAROver these 12 years, we havewitnessed several milestones andthe experience from all thesedevelopments has been enriching anddelightful. Being a CEO of a globalcompany like DNL is an incrediblydemanding role. Fortunately, Ihave always felt supported in myrole by the several passionate andhardworking colleagues; my fellowmanagement team members whohave demonstrated utmost dedicationtowards joint objectives and theseveral thousand shareholders whohave reposed faith in us.However, I fall short of words to conveyhow much I have genuinely enjoyedbeing part of and working with DNLfamily. To spend over a decade of yourlife amongst people so enormouslytalented, relentless and optimistic, andto together achieve excellence andsuch wonderful outcomes has beennothing short of a blessing.“I fall short of words to conveyhow much I have genuinely enjoyed beingpart of and working with the DNL family.To spend over a decade of your life amongstpeople so enormously talented, relentless andoptimistic, and to together achieve excellenceand such wonderful outcomes has beennothing short of a blessing.”Deepak Nitrite Limited 17
ENHANCING VALUE,BRICK BY BRICKIncorporationof DeepakNitrite Limited1970CommissionedSodium Nitrite &Nitrate Plant atVadodara, Gujarat1971Public Issue ofEquity Shares1972Promoted DeepakFertilisers andPetrochemicalsCorporation Limitedfor setting up projectfor manufacturingAnhydrous LiquidAmmonia19741979Sir P.C. Rayaward for"Best ChemicalIndustry Unit”with IndigenousTechnologyth18 49AnnualAnnualReportReport2019-202019-201984Rights Issuesof EquitySharesCommissionedNitro AromaticPlant atNandesari1992Acquisitionof SahyadriDyestuffs &Chemicals Unitfrom MafatlalIndustries1995Capacity ofNitro Aromaticplant doubled1998Commissioningof full-fledgedHydrogenationPlant at TalojaAcquisitionof businessof DASDADivisionfrom VasantChemicals byHyderabad2000Acquisition ofmanagementand controlof AryanPesticidesLimited2006
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AGM and 49th Annual Report of the Company for the FY 2019-20. The 49th Annual Report of the Company atong with Notice convening 49th AGM and other retevant documents are also availabte on the website of the Company. Kindty take the same on your records. Thanking you, LIMITED Encl.: as above DEEPAK NITRITE LIMITED CIN: 124110GJ1970P1C001735
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Forecasting Stock Price Turning Points in the Tehran Stock Exchange Using Weighted Support Vector Machine. Journal of Entrepreneurship Education, 25(5), 1-12 . 2 1528-2651-25-5-797 Citation Information: Sayrani., M & Sharif, J.S. (2022). Forecasting Stock Price Turning Points in the Tehran Stock Exchange Using Weighted Support Vector Machine. .
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