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
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
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
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.,
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 Vithalwadi.
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
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 integrated 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 rights
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 Company.
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
-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,