Good Value Marketing Company Limited was incorporated in 1979 and has
been listed on the Bombay Stock Exchange since 1980. The Company is
engaged in the manufacture and
marketing of organic manures for use on various crops. The Company
has the largest farm of earthworms in the country. By a unique
proprietary method secretions are collected from the earthworms
without harming them for use as liquid organic manures. The Company
is also engaged in multiplying bacterial cultures, fungus culture and
has conducted in depth research in the ancient vedic knowledge of the
effect of Herbal extracts on the growth of plants. In January 1994, 3
Group Companies viz, EcomaxAgro Systems Ltd.. Biosense Crop Protection
(I) Ltd. and Good Value Agro Products Ltd. have merged with Good Value
Marketing Company Limited to give a very wide manufacturing base and
an extensive marketing and distribution network All-India.
Since these Companies were not listed on any Stock Exchange and
Market Value of the shares were not available, it was decided to
merge the Companies on the basis of their Net Assets value as on
31st July 1993. No revaluation ofAssets of any of the Companies
was undertaken before or at the time of merger.
The ratio of exchange of shares fixed was as follows:
(I)Ecomax Agro Systems Ltd.:- 1:8
i.e. one share of Good Value Marketing Company Ltd. for every eight
shares of Ecomax Agro Systems Ltd.
(ii) Biosense Crop Protection (I) Ltd.:- 1:8
i.e. one share of Good Value Marketing Company Ltd., for every eight
shares of Biosense Crop Protection Ltd.
(iii) Good Value Agro Products Ltd.:- 1:5
i.e. one share of Good Value Marketing Ltd. for every five shares of
Good Value Agro Products Ltd.
All the foreign collaborators of the merging Companies namely Micron
Sprayers Ltd., Technoverde Ltd., Powerchute Systems International
Ltd., Harley Paragliders, a division of Thunder and Colt Ltd.. and
Russell Fine Chemicals. continue to be collaborators of the merged
Company viz. Good Value Marketing Company Ltd. Promoters of Good
Value Marketing Company Ltd., merged Company, were holding the
following shares in the merging companies.
Company Total Promoter's Percentage Good Value No of
No.of shares holding Marketing Shares
Co. Ltd.'s holders
by the Promoters
System Ltd. 1,40,02,000 43,76,896 31.26% 547112 40830
(ii) Bio Sense Crop
(I)Ltd. 1,15,62,000 47,65,296 41.22% 595662 29409
(iii) Good Value
Ltd. 1,45,00,700 85,10,500 58.69% 1702100 4325
The above scheme was approved by The Bombay High Court on 27.1.1994
in Company Petition no.598 of 1993.
The brief history of the merged Companies is as follows :-
1. Biosense Crop Protection (India) Limited (BCPL):
The erstwhile BCPL was incorporated on 27th March, 1992. It has
entered into foreign collaborations [(a) & (b) below] duly approved
by Reserve Bank of India and are as under:
a) Technoverde Limited of U.K. for manufacture of Bio-Pesticides.
b) Russell Fine Chemicals, U.K.,for the manufacture of Biological
crop protection products, viz. lures and traps.
c) National Chemical Laboratory, Pune, Government of India for
production of Neem based insecticides.
The erstwhile BCPL has production centre at Vithalwadi, Opp. Railway
Station, near Bombay, for manufacturing Bio-Pesticides. It has also a
factory at Daman for the production of Pheromone Traps. BCPL has
acquired land at Musarne (7 acres) and Wadwali ( 5 acres) in Wada
Taluka, Dist. Thane for putting up new factories and for expansion of
The Company has an installed capacity of one million Lures per annum,
and two lakhs nos. per annum of Pheromones Traps. The field of Agro
Biological is an important and fast growing industry to cater to the
farmers demand of Chemical free farming. Its products are well
received in the market.
2. Ecomax Agro Systems Limited (EASL):
The erstwhile EASL was incorporated on 16th December, 1991.
Thereafter the Company has put up production facilities and marketing
infrastructure as detailed below.
Foreign Collaborations duly approved by RBI:
a) Micron Sprayers Limited, U.K. for manufacture of Control Droplet
Applicator (CDA) Sprayers for efficient crop spraying.
b) PowerChute Systems International Ltd., U.K. for the manufacture of
small aeroplane. This aeroplane will be made by Ecomax in India and it
is an inexpensive way and a safe way to fly. The aeroplane is approved
by Civil Aviation Authority of U.K. as a powered hang glider and
in-principal clearance has been obtained from D.G.C.A., India.
c) Harley Paragliders, a Division of Thunder and Colt Ltd. U.K. for
making the wings for the aeroplane.
The erstwhile EASL has set up production facilities at four centres
They are Ahmednagar, Nare (Wada Taluka, Thane District), Daman and
Ahmednagar : This factory is manufacturing Neemax which is neem based
organic manure with insecticidal properties. The existing installed
capacity is 500 tons and proposed to
be increased by another 500 tons.
Nare (Dist. Thane): EASL has a factory admeasuring 70,000 sq. ft. for
the production of plastic components for the CDA sprayers and
manufacture of Powerchute and Paragliders. Proposed installed
capacity for manufacturing aeroplanes is 200 nos. per annum
Daman: EASL has secured one readymade industrial gala at Kachigam
Daman, it has also secured a plot of land which can construct 30,000
sq. ft. factory at Bhimpur in Daman. The Kachigam unit is equipped
and has started manufacturing CDA sprayers. The advantage to the
Company arising out of this unit will be complete tax holiday for 5
years from the date of commencement of production. Proposed installed
capacity for this product will be 50000 Sprayers.
Vithalwadi: EASL has 10,000 sq.ft. of built up industrial space which
is being utilised for the manufacture of Spray Test Papers currently.
Total installed capacity is one billion Nematodes per day.
The erstwhile EASL has established offices at Thane, Calcutta,
Hyderabad, Bangalore, Jaipur, Guntur, Coimbatore, Chandigarh and New
Delhi. It has recruited qualified staff and Regional Managers and
have appointed the C & F Agents at above places.
The marketing organisation is geared for selling all types of
products used in agriculture. It is an effective organisation to sell
all the products of the Company. The products are applied for spraying
liquid organic manures in farming.
3. Good Value Agro Products Limited (GVAPL):
The erswhile GVAPL was incorporated on 8th January, 1993. It has
procured large plots of land at Ambiste, Dist. Thane for setting up
an intergrated dairy complex and has procured different types of
machinery for the production of milk products and manures. Proposed
capacity of production of milk products and manures are ten thousand
tons per annum. These milk products are used for production of ghee.
cheese, paneer etc. The factory building is in advanced stage of
construction and imported machinery and equipment from Alfa Laval,
Sweden has been received and is awaiting installation. Imported plant
and machinery from Alpha-Laval, Sweden includes milk parlour, milking
machine, automatic feed unit & computerised controls. Its production
facilities will help to increase the production and sale of
the profitable lines of the Good Value Marketing Company Limited.
Total cost of project for dairy complex is estimated at Rs 28 crores
out of which Rs. 26.5 crores is already incurred by the Company and
balance of Rs. 1.5 crores is to be financed from the proceeds of the
Financial Highlights of the Erstwhile merging Companies as on 31st
July '93 are as under:-
(Rs. in lacs)
Ecomax Biosence Good Value
Agro Crop Agro
Systems Protection Products
Ltd. (India) Ltd. Ltd.
Share Capital 1400.20 1156.20 1450.07
Share Application - - 586.47
Secured Loans 37.64 150.00 -
Fixed Assets 776.80 252.12 68.16
Investments 350.01 330.00
Current Assets 442.00 720.00 45.87
Note :- The erstwhile Companies had not commenced commercial
production as at 31st July, 93 and hence no Profit & Loss Accounts
have been prepared.
The Merged Company Good Value Marketing Company Limited:
All the Companies have worked in the field of non-toxic, ecological
agriculture which are complimentary to each other and for the same
markets i.e. farm inputs and therefore to take the benefit of synergy
and operation of all of them will go to build up a strong combined
With the merger the Company now has 5 Foreign Collaborations, 7
Factory locations, country-wide network of marketing and sales and a
pool of technical and managerial talent and is poised for quantum
growth in the coming years.
-Registered Office of the Company has been shifted from Mohammedi
House, G-3, Gr. Floor, 35 B St. Martins Road, Bandra (West), Mumbai
400050 to 3rd Floor, Industrial Assurance Building, Churchgate,