MIRA INFORM REPORT
|
Report Date : |
30.03.2013 |
IDENTIFICATION DETAILS
|
Name : |
INDIA GLYCOLS LIMITED |
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Registered
Office : |
A-1, Industrial Area, Bazpur Road, Kashipur, Udham Singh
Nagar – 244713, Uttarakhand |
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Country : |
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Financials (as
on) : |
31.03.2012 |
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Date of
Incorporation : |
19.11.1983 |
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Com. Reg. No.: |
20-009097 |
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Capital
Investment / Paid-up Capital : |
Rs.278.825 millions |
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CIN No.: [Company Identification
No.] |
L24111UR1983PLC009097 |
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TAN No.: [Tax Deduction &
Collection Account No.] |
DELI04270A |
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PAN No.: [Permanent Account No.] |
AAACI7246P |
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Legal Form : |
A Public Limited Liability Company. The Company’s Shares are Listed on
the Stock Exchanges. |
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Line of Business
: |
Manufacturing and sale of alcohol based chemicals such as
ethylene glycol, mono-ethylene glycol, ethylene oxide condensates /
derivatives, etc. |
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No. of Employees
: |
1300 (Approximately) |
RATING & COMMENTS
|
MIRA’s Rating : |
B (39) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
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Maximum Credit Limit : |
USD 20000000 |
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Status : |
Moderate |
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Payment Behaviour : |
Slow but correct |
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Litigation : |
Clear |
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Comments : |
Subject is a well established company having a moderate track record. Its
debt protection measures will remain weak because of significant increase in
its debt level and pressure on its accruals. However, trade relations are reported as fair. Business is active.
Payments are reported to be slow but correct. The company can be considered for business dealing with some caution. |
NOTES :
Any query related to this report can be made
on e-mail : infodept@mirainform.com while quoting report
number, name and date.
ECGC Country Risk Classification List – June 30, 2012
|
Country Name |
Previous Rating (31.03.2012) |
Current Rating (30.06.2012) |
|
India |
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
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Moderate |
B1 |
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High |
B2 |
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Very High |
C1 |
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Restricted |
C2 |
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Off-credit |
D |
INDIAN ECONOMIC OVERVIEW
India is developing into an open-market economy, yet traces
of its past autarkic policies remain. Economic liberalization, including industrial
deregulation, privatization of state-owned enterprises, and reduced controls on
foreign trade and investment, began in the early 1990s and has served to
accelerate the country's growth, which has averaged more than 7% per year since
1997. India's diverse economy encompasses traditional village farming, modern
agriculture, handicrafts, a wide range of modern industries, and a multitude of
services. Slightly more than half of the work force is in agriculture, but
services are the major source of economic growth, accounting for more than half
of India's output, with only one-third of its labor force. India has
capitalized on its large educated English-speaking population to become a major
exporter of information technology services and software workers. In 2010, the
Indian economy rebounded robustly from the global financial crisis - in large
part because of strong domestic demand - and growth exceeded 8% year-on-year in
real terms. However, India's economic growth in 2011 slowed because of persistently
high inflation and interest rates and little progress on economic reforms. High
international crude prices have exacerbated the government's fuel subsidy
expenditures contributing to a higher fiscal deficit, and a worsening current
account deficit. Little economic reform took place in 2011 largely due to
corruption scandals that have slowed legislative work. India's medium-term
growth outlook is positive due to a young population and corresponding low
dependency ratio, healthy savings and investment rates, and increasing
integration into the global economy. India has many long-term challenges that
it has not yet fully addressed, including widespread poverty, inadequate
physical and social infrastructure, limited non-agricultural employment
opportunities, scarce access to quality basic and higher education, and
accommodating rural-to-urban migration.
|
Source
: CIA |
EXTERNAL AGENCY RATING
|
Rating Agency Name |
CRISIL |
|
Rating |
FIXED DEPOSIT PROGRAMME : CRISIL FB+
(SUSPENDED) |
|
Rating Explanation |
High risk of default |
|
Date |
28.09.2012 |
Reason for suspended :– Non co-operation by the
company with crisil in providing adequate detail
RBI DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter in
the publicly available RBI Defaulters’ list.
EPF (Employee Provident Fund) DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter
in the publicly available EPF (Employee Provident Fund) Defaulters’ list as of
31-03-2012.
LOCATIONS
|
Registered Office/ Factory 1: |
A-1, Industrial Area, Bazpur Road, Kashipur, Udham Singh
Nagar – 244713, Uttarakhand, India |
|
Tel. No.: |
91-5947-275313/ 275317-275320/ 269000/ 269500 |
|
Fax No.: |
91-5947-275315 |
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Email: |
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Website : |
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Head Office 1 : |
C-124, Okhla Industrial Area, Phase I, |
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Tel. No.: |
91-11-26815772 |
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Fax No.: |
91-11-26810390 / 26819410 |
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E-Mail : |
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Head Office 2 : |
Plot No.2B, Sector-126, Noida, Gutam Budh Nagar – 201 304, Uttar Pradesh, India |
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Tel. No.: |
91-120-3090100/ 3090200 |
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Fax No.: |
91-120-3090111 |
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Corporate Office : |
3A, Shakespeare Sarani, Kolkata – 700 071, West |
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Factory 2: |
E-1, Sector 15, GIDA, |
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Tel. No.: |
91-551-2580352 |
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Fax No.: |
91-551-2580351 |
DIRECTORS
As on: 31.03.2012
|
Name : |
Mr. |
|
Designation : |
Chairman and Managing Director |
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Date of Birth/ Age: |
57 years |
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Qualification : |
B.Com. (Hons.) |
|
Other Directorships : |
1. India Glycols Limited 2. Kashipur Holdings Limited 3. IGL Finance Limited 4. Shakumbari Sugar and Allied Ind. Limited. 5. Polylink Polymers (India) Limited 6. Hindustan Wires Limited |
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Name : |
Ms. Jayshree Bartuia |
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Designation : |
Non-Executive Director |
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Name : |
Mr. Pradip Kumar Khaitan |
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Designation : |
Non-Independent Non-Executive Director |
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Date of Birth/ Age: |
70 Years |
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Qualification : |
L.L.B |
|
Other Directorships : |
1. CESC Limited 2. OCL India Limited 3. Dalmia Bharat Enterprsies Limited 4. Electrosteel Castings Limited 5. Gillanders Arbuthnot and Company Limited 6. Graphite India Limited 7. Hindustan Motors Limited 8. Dhunseri Petrochem and Tea Limited. 9. Pilani Investment and Indus Corpn Limited 10.Woodlands Multispeciality Limited 11. TCPL Packaging Limited. 12. VISA Steel Limited 13. India Glycols Limited |
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|
Name : |
Mr. Jitender Balakrishnan |
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Designation : |
Director |
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|
Name : |
Mr. Ravi Jhunjhunwala |
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Designation : |
Independent Director |
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Date of Birth/ Age: |
55 years |
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Qualification : |
B.Com and MBA from Geneva |
|
Other Directorships : |
1. India Glycols Limited 2.HEG Limited 3.RSWM Limited 4.Maral Overseas Limited 5. Malana Power Company Limited 6. Indo Canadian Consultancy Servers Limited 7. BSL Limited 8.Ad Hydro Power Limited 9.Cheslind Textiles Limited 10. Bhilwara Energy Limited |
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Name : |
Mr. Jagmohan N. Kejriwal |
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Designation : |
Non-Executive Independent Director |
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Name : |
Mr. Autar Krishna |
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Designation : |
Non-Executive Independent Director |
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Name : |
Mr. R.C. Misra |
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Designation : |
Non-Executive Independent Director |
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Name : |
Mr. M.K. Rao |
|
Designation : |
Executive Director |
KEY EXECUTIVES
|
Name : |
Mr. Lalit Kumar Sharma |
|
Designation : |
Company Secretary |
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Name : |
Mr. Rakesh Bhartia |
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Designation : |
Chief Executive Officer |
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Investors’ Grievance Committee: |
· Mr. R.C Mishra, Chairman · Mr. Jagmohan N Kejriwal · Mr. Autar Krishna ·
Mr. |
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Audit Committee: |
· Mr. R.C. Mishra, Chairman · Mr. Autar Krishna · Mr. Jagmohan N. Kejriwal |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 31.12.2012
|
Category |
No. of Shares |
Percentage of
Holding |
|
|
|
|
|
(A) Shareholding
of Promoter and Promoter Group |
|
|
|
|
|
|
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|
3236159 |
10.45 |
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|
15233764 |
49.20 |
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|
18469923 |
59.65 |
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|
|
|
|
Total
shareholding of Promoter and Promoter Group (A) |
18469923 |
59.65 |
|
(B) Public
Shareholding |
|
|
|
|
|
|
|
|
375425 |
1.21 |
|
|
4200 |
0.01 |
|
|
575565 |
1.86 |
|
|
1992 |
0.01 |
|
|
957182 |
3.09 |
|
|
|
|
|
|
2700139 |
8.72 |
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|
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|
Individual shareholders holding nominal share capital up to Rs.0.100
Millions |
6808338 |
21.99 |
|
|
1318973 |
4.26 |
|
|
706945 |
2.28 |
|
|
681209 |
2.20 |
|
|
25736 |
0.08 |
|
|
11534395 |
37.25 |
|
Total Public
shareholding (B) |
12491577 |
40.35 |
|
Total (A)+(B) |
30961500 |
100.00 |
|
(C) Shares held by
Custodians and against which Depository Receipts have been issued |
0 |
0.00 |
|
|
0 |
0.00 |
|
|
0 |
0.00 |
|
|
0 |
0.00 |
|
Total
(A)+(B)+(C) |
30961500 |
0.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturing and sale of alcohol based chemicals such as ethylene
glycol, mono-ethylene glycol, ethylene oxide condensates / derivatives, etc. |
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Products : |
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PRODUCTION STATUS (AS ON 31.03.2011)
|
Particulars |
Unit |
Licensed
Capacity * |
Installed
Capacity* |
Actual
Production# |
|
KASHIPUR |
|
|
|
|
|
Ethylene Glycol |
MT |
NA @ |
86500 |
69708 |
|
Ethylene Oxide |
MT |
NA @ |
24000 |
-- |
|
Di-ethylene Glycol |
MT |
NA @ |
6100 |
6340 |
|
Heavy Glycol |
MT |
NA @ |
400 |
316 |
|
E. O. Derivatives |
MT |
NA @ |
@@26000 |
106927** |
|
Guar Gum Powder and Derivatives |
MT |
NA @ |
12000 |
7168 |
|
Ethyl Alcohol (Potable) |
KBL |
NA @ |
18000 |
4691 |
|
Industrial Gases
Division |
|
|
NM3/Hr |
|
|
Oxygen |
NM3 |
NA @ |
10400 |
13634421## |
|
Nitrogen |
NM3 |
NA @ |
2828 |
895090## |
|
Argon |
NM3 |
NA @ |
232 |
1241233## |
|
CO2 |
MT |
NA @ |
160 (MT/Day) |
46102 |
|
EOCO2 |
MT |
NA @ |
2400 |
2 |
|
GORAKHPUR |
|
|
|
|
|
Ethyl Alcohol (Potable) |
KBL |
NA @ |
99000 |
30507 |
|
CO2 |
MT |
NA @ |
-- |
-- |
|
Ennature Bio- Pharma |
KGS |
NA @ |
631000 |
5214 |
Notes:
* As certified by the Management and relied upon by the auditors, being a
technical matter.
@@ Standard Capacity
** Net of captive consumption.
# Production as received in bonded tank farm.
@ Under the Industrial Policy Statement dated 24th July, 1991 and the
notifications issued there under, no licensing is required for these products.
## Net of Evaporation loss.
*** Including CO2 received from Kashipur Nil (Previous year 354MT) net
of transit loss Nil (Previous year 6 MT)
GENERAL INFORMATION
|
No. of Employees : |
1300 (Approximately) |
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Bankers : |
· State Bank of India · State Bank of Patiala · Axis Bank Limited · Punjab National Bank · Union Bank of India · IDBI Bank Limited · Exim Bank · State Bank of Hyderabad ·
State Bank of Travancore |
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Facilities : |
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Banking
Relations : |
-- |
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Auditors : |
|
|
Name : |
Lodha and Company Chartered Accountants |
|
Address : |
New Delhi, India |
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|
|
|
Other Related Parties: (Enterprises over
which Key Management Personnel have
significant influence) |
· Ajay Commercial Company (Private) Limited · J.B. Commercial Company (Private) Limited · Kashipur Holdings Limited ·
Polylink Polymers ( · Hindustan Wires Limited · Supreet Vyapaar Private Limited · Mayur Barter Private Limited · Facit Commosales Private Limited · J. Boseck and Co. Private Limited |
|
|
|
|
Joint Venture
Enterprise: |
Kashipur Infrastructure and Freight Terminal Private Limited |
|
Subsidiaries : |
· IGL Finance Limited · Shakumbari Sugar And Allied Industries Limited · IGL CHEM International Pte Limited |
CAPITAL STRUCTURE
As on 31.03.2012
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
30000000 |
Equity Shares |
Rs.10/- each |
Rs.300.000 millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
27882500 |
Equity Shares |
Rs.10/- each |
Rs.278.825 millions |
|
|
|
|
|
a) Terms/rights
attached to equity shares:
The Company has only one class of shares referred to as equity shares having a par value of ` 10/- per share. Each holder of equity shares is entitled to one vote per share. In the event of liquidation of the company, the holders of equity shares will be entitled to receive remaining assets of the company, after distribution of all preferential amounts. The distribution will be in proportion to the number of equity shares held by the shareholders.
b) Details of
shareholders holding more than 5% shares in the company
|
Name of Shareholder |
31.03.2012 |
|
Kashipur holdings Limited |
7.524 |
|
Sajani devi bhartia |
2.100 |
c) Reconciliation of
the number of shares outstanding at the beginning and at the end of the
reporting period.
|
Particular |
31.03.2012 |
|
Shares outstanding as at the beginning of the year |
27.883 |
|
Additions during the year |
-- |
|
Deletion during the year |
-- |
|
Shares outstanding as at the end of the year |
27.883 |
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
|
SHAREHOLDERS
FUNDS |
|
|
|
|
|
1] Share Capital |
278.825 |
278.825 |
278.825 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
4816.554 |
3867.834 |
3660.045 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
|
NETWORTH |
5095.379 |
4146.659 |
3938.870 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
16520.103 |
12902.407 |
10965.662 |
|
|
2] Unsecured Loans |
1200.188 |
262.300 |
354.249 |
|
|
TOTAL BORROWING |
17720.291 |
13164.707 |
11319.911 |
|
|
DEFERRED TAX LIABILITIES |
1129.322 |
606.424 |
469.264 |
|
|
|
|
|
|
|
|
TOTAL |
23944.992 |
17917.790 |
15728.045 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
10621.428 |
10396.122 |
8021.258 |
|
|
Capital work-in-progress |
972.964 |
1090.022 |
3225.153 |
|
|
|
|
|
|
|
|
INVESTMENT |
723.423 |
572.016 |
411.911 |
|
|
DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
6191.458
|
4239.568 |
2957.079
|
|
|
Sundry Debtors |
2690.308 |
1600.473 |
1159.611
|
|
|
Cash & Bank Balances |
2956.635 |
1764.008 |
441.132
|
|
|
Other Current Assets |
335.923 |
4.132 |
0.000
|
|
|
Loans & Advances |
4952.162
|
2445.501 |
1685.337
|
|
Total
Current Assets |
17126.486
|
10053.682 |
6243.159 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
2015.518 |
1259.023 |
1109.042
|
|
|
Other Current Liabilities |
3186.636 |
2830.894 |
589.476
|
|
|
Provisions |
297.155
|
104.135 |
478.225
|
|
Total
Current Liabilities |
5499.309
|
4194.052 |
2176.743 |
|
|
Net Current Assets |
11627.177
|
5859.630 |
4066.416
|
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
|
|
Foreign Currency Monetary Item Translation Difference |
0.000 |
0.000 |
3.307 |
|
|
|
|
|
|
|
|
TOTAL |
23944.992 |
17917.790 |
15728.045 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
25752.383 |
16326.605 |
11092.339 |
|
|
|
Other Income |
91.540 |
54.559 |
673.572 |
|
|
|
TOTAL (A) |
25843.923 |
16381.164 |
11765.911 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Cost of materials consumed |
11073.082 |
9264.286 |
|
|
|
|
Purchase of Stock-in-Trade |
4377.486 |
829.269 |
|
|
|
|
Change in inventories of finished goods, work-in-progress and Stock-in-trade |
338.070 |
(227.410) |
10263.254 |
|
|
|
Employee benefit expense |
688.291 |
650.641 |
|
|
|
|
Other expenses |
5981.341 |
3895.411 |
|
|
|
|
Exceptional Items (Net) |
(90.396) |
0.000 |
|
|
|
|
TOTAL (B) |
22367.874 |
14412.197 |
10263.254 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
3476.049 |
1968.967 |
1502.657 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
1131.950 |
915.202 |
600.949 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
2344.099 |
1053.765 |
901.708 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
775.263 |
686.176 |
590.716 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) (G) |
1568.836 |
367.589 |
310.992 |
|
|
|
|
|
|
|
|
|
Less |
TAX (I) |
522.898 |
111.353 |
111.040 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-I) (J) |
1045.938 |
256.236 |
199.952 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
2908.649 |
2710.860 |
2569.840 |
|
|
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
|
|
Transfer to General Reserve |
104.600 |
10.000 |
10.000 |
|
|
|
Proposed Dividend |
83.648 |
41.824 |
41.824 |
|
|
|
Corporate Dividend Tax |
13.570 |
6.785 |
7.108 |
|
|
|
Excess Corporate Dividend Tax Provision Written Back |
-- |
(0.162) |
-- |
|
|
|
Transfer to Molasses Reserve Fund |
0.080 |
-- |
-- |
|
|
BALANCE CARRIED
TO THE B/S |
1247.836 |
2908.649 |
2710.860 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN FOREIGN
CURRENCY |
|
|
|
|
|
|
|
Export Earnings |
12129.362 |
6572.037 |
4010.609 |
|
|
TOTAL EARNINGS |
12129.362 |
6572.037 |
4010.609 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw Materials |
2697.903 |
4117.687 |
2757.882 |
|
|
|
Stores & Spares |
734.725 |
483.758 |
300.075 |
|
|
|
Capital Goods |
0.000 |
54.111 |
0.771 |
|
|
|
Traded Goods |
4010.279 |
383.180 |
4.334 |
|
|
TOTAL IMPORTS |
7442.907 |
5038.736 |
5038.736 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
37.51 |
9.19 |
7.17 |
|
QUARTERLY RESULTS
|
PARTICULARS |
30.06.2012 |
30.09.2012 |
31.12.2012 |
|
Type |
1st
Quarter |
2nd
Quarter |
3rd
Quarter |
|
Net Sales |
9488.800 |
7765.100 |
8069.500 |
|
Total Expenditure |
7754.000 |
6632.800 |
7365.100 |
|
PBIDT (Excl OI) |
1734.800 |
1132.300 |
704.400 |
|
Other Income |
39.600 |
25.800 |
32.500 |
|
Operating Profit |
1774.400 |
1158.100 |
736.900 |
|
Interest |
368.100 |
355.400 |
302.000 |
|
Exceptional Items |
(700.300) |
0.000 |
0.000 |
|
PBDT |
706.000 |
802.700 |
434.900 |
|
Depreciation |
203.000 |
206.000 |
206.500 |
|
Profit Before Tax |
503.000 |
596.700 |
228.400 |
|
Tax |
160.900 |
191.000 |
(31.800) |
|
Provisions and contingencies |
0.000 |
0.000 |
0.000 |
|
Profit After Tax |
342.100 |
405.700 |
260.200 |
|
Extraordinary Items |
0.000 |
0.000 |
0.000 |
|
Prior Period Expenses |
0.000 |
0.000 |
0.000 |
|
Other Adjustments |
0.000 |
0.000 |
0.000 |
|
Net Profit |
342.100 |
405.700 |
260.200 |
KEY RATIOS
|
PARTICULARS |
|
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
PAT / Total Income |
(%) |
4.04
|
1.57
|
1.70
|
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
6.09
|
1.56
|
2.80
|
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
5.65
|
1.81
|
2.18
|
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.31
|
0.09
|
0.08
|
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt/Networth) |
|
3.48
|
3.17
|
2.87
|
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
3.11
|
3.81
|
2.87
|
LOCAL AGENCY FURTHER INFORMATION
|
Sr. No. |
Check List by Info Agents |
Available in
Report (Yes / No) |
|
1] |
Year of Establishment |
Yes |
|
2] |
Locality of the firm |
Yes |
|
3] |
Constitutions of the firm |
Yes |
|
4] |
Premises details |
No |
|
5] |
Type of Business |
Yes |
|
6] |
Line of Business |
Yes |
|
7] |
Promoter's background |
No |
|
8] |
No. of employees |
Yes |
|
9] |
Name of person contacted |
No |
|
10] |
Designation of contact
person |
No |
|
11] |
Turnover of firm for last
three years |
Yes |
|
12] |
Profitability for last
three years |
Yes |
|
13] |
Reasons for variation
<> 20% |
-- |
|
14] |
Estimation for coming
financial year |
No |
|
15] |
Capital in the business |
Yes |
|
16] |
Details of sister
concerns |
Yes |
|
17] |
Major suppliers |
No |
|
18] |
Major customers |
No |
|
19] |
Payments terms |
No |
|
20] |
Export / Import details
(if applicable) |
No |
|
21] |
Market information |
-- |
|
22] |
Litigations that the firm
/ promoter involved in |
-- |
|
23] |
Banking Details |
Yes |
|
24] |
Banking facility details |
Yes |
|
25] |
Conduct of the banking
account |
-- |
|
26] |
Buyer visit details |
-- |
|
27] |
Financials, if provided |
Yes |
|
28] |
Incorporation details, if
applicable |
Yes |
|
29] |
Last accounts filed at
ROC |
Yes |
|
30] |
Major Shareholders, if
available |
Yes |
|
31] |
Date of Birth of
Proprietor/Partner/Director, if available |
Yes |
|
32] |
PAN of Proprietor/Partner/Director,
if available |
No |
|
33] |
Voter ID No of
Proprietor/Partner/Director, if available |
No |
|
34] |
External Agency Rating,
if available |
Yes |
DETAILS OF
UNSECURED LOAN
(Rs.
in Millions)
|
PARTICULARS |
31.03.2012 |
31.03.2011 |
|
Fixed Deposits |
0.000 |
0.900 |
|
From Related Party (Body Corporate) |
1200.000 |
261.400 |
|
Short Term Loans from Banks |
0.188 |
0.000 |
|
Total |
1200.188 |
262.300 |
PERFORMANCE
During the year, the growth in Profit was possible as a result of
increased production and productivity, higher sales realization, better Cost
management and operational efficiencies.
Ethylene Oxide Derivatives (EOD) business has witnessed improvement in
profitability due to higher prices of Ethylene and Ethylene Oxide in the world
markets. Improved capacity utilization has resulted in better cost Management.
Company has also diversified towards production of Natural gums products, which
has witnessed higher export prices realization and resultant high profit
margins.
Sales and other income for the year has been Rs.25843.900 Millions as
compared to Rs.16381.200 Millions last year showing an increase by 58% vis a
vis last year. Profit before depreciation, exceptional item and tax for the
year was Rs.2253.700 Millions as compared to Rs.1053.800 Millions last year
showing an increase by 114%. The net profit after tax for the year was
Rs.1045.900 Millions as compared to Net Profit of Rs.256.200 Millions last year
showing an increase by 308%.
The borrowing cost has increased to Rs.1132.000 Millions as compared to
Rs.915.200 Millions last year, due to increase in the borrowings as well as
increase in the overall interest rates by all the banks.
During the year, the Company produced 200616 MT of Chemicals compared to
190546 MT last year. The Company has produced 105898 KBL of Ethyl Alcohol at
Kashipur and Gorakhpur distillery and has produced 89.100 Millions PET Bottle
for the Potable Alcohol plant at Gorakhpur.
Company has set up two 45 TPH SLOP boilers, one at Kashipur and other
one at Gorakhpur for fuel saving and for treatment of effluent.
Company has also expanded Guar Gum plant capacity to meet huge demand of
Guar oil field derivatives in international market.
MARKETING
The Company is the largest manufacturer of Bio-MEG in the world made out of agriculture feedstock i.e. Molasses and Ethanol. Bio-MEG has an application, apart from other products, in PET bottles, which is used for
packaging of beverage products. Sale in the Chemical segment has marginally decreased to 191265 MT compared to 193597 MT last year.
The performance of Natural Gums Division under the Chemical Segment had been overwhelming during the year. The Natural Gums products had been in high demand through the year and the same momentum is expected in coming years too. The company has carved a niche in world market and now is known as a consistent quality manufacturer. In order to tap potential and opportunities, the company has undertaken a plan for expansion of production capacity of Natural Gums Division. With the increased capacities, the company will position itself in world market as one of the largest producer of guar gum powder. The existing per month capacity is being expanded further and the expanded capacity will be operational by October 2012.
EXPORTS
During the year, the Company has achieved total export turnover of Rs.12548.100 Millions as compared to Rs. 7046.200 Millions last year. The Company expects reasonable growth in the overall export sales in the current year. Company has been granted ‘One Star Export House’ status by Government of India.
Ethyl Alcohol
(Potable) and Extra Natural Alcohol
During the year, the Company registered total sales of Rs.5016.800 Millions compared to Rs. 3414.700 Millions last year in the Ethyl Alcohol (Potable) division. During the year thrust was given on the export of high quality Extra Neutral lcohol (ENA). The export turnover of Extra Neutral Alcohol (ENA) increased to ` 10,281 Lac during the year 2011-2012 as compared to Rs.823.200 Millions during the year 2010-11, registering an increase of 25% over the previous year. The Company was awarded Grand Gold Award for the second consecutive year from MONDE SELECTION, Belgium for its high quality of Extra Neutral Alcohol.
Company has the most modern captive distillery in Asia and is having license for operations in and sale of Country Liquor and Indian Made Foreign Liquor (IMFL) in the States of Uttar Pradesh and Uttarakhand. During the year, IMFL brands of the Company have been supplied to Canteen Stores Department (CSD) of Indian Defence Forces.
Company has a tie-up with Bacardi for bottling of their products at their Kashipur bottling unit. Company is in process of introducing its IMFL brands in the higher range market and extensive brand building program shall be introduced in the current financial year.
Ennature Bio-Pharma
Division (100% Export Oriented Undertaking)
Company has a 100% Export Oriented Unit (100% EOU) by the name of Ennature Bio-pharma division. The unit has established Supercritical Fluid Extraction- CO2 and solvent extraction facility at Dehradun. The unit is GMP, ISO 9001, ISO22000, HACCP, Kosher and Halal certified. Unit at Dehradun has started production and R and D center duly recognized by Ministry of Science and Technology Government of India is working vigorously on the process of stabilizing and developing various Phytopharmaceutical and Nutraceutical products for the developed markets.
Company during the year developed Indian grown health supplements for the developed market with Zero residual solvents by SCF-CO2 technology. These products have given stupendous boost to the growth of the business of Bio-Pharma. During the year, Company has become a qualified supplier to many large conglomerates worldwide for natural colors, nutraceuticals, health supplements and plant based Active Pharmaceuticals Ingredients (APIs). Company has established its name as a quality manufacturer and supplier with stringent QC and QA controls in place.
During the year, the Company registered total sales of Rs.363.800 millions as compared to Rs.153.800 millions last year in the Ennature Bio-Pharma Division. The Company has major thrust and focus on new Phytochemicals, which company is envisaging to launch.
INDUSTRIAL GASES
The Company has an Industrial Gases division producing Oxygen, Nitrogen and Argon with an overall capacity of
13,460 NM3/h. During the year, Company produced approximately Rs.65.100 Millions NM3 of Oxygen and Rs. 22.800 Millions NM3 of Nitrogen. Both Oxygen and Nitrogen were successfully marketed and also used for own requirement. Industrial gases division also produced 1.600 Millions NM3 of Argon.
The Industrial Gases division has also produced food and industrial grade liquid Carbon Di-oxide (CO2) at Kashipur Plant having capacities of 160 MT/day each, to meet growing demand in the domestic market. Company
has produced 45296 MT of Carbon Di-oxide (CO2). During the year, Industrial Gases segment registered total sales of Rs.314.400 Millions compared to Rs.294.100 millions last year.
Joint Venture for
Private Freight Terminal (PFT)
The Company is setting up a Private Freight Terminal (PFT) under a joint venture with Fourcee Infrastructure Equipments Private Limited for providing railways-based logistics services and other facilities at Kashipur, Uttarakhand, as provided under extant guidelines of the Indian Railways. The facility is coming up at the area adjacent to the existing plant of Company at Kashipur.
The Parties have entered into a Joint Venture Agreement to co-operate and partner with each other for the purpose of setting-up, operating and managing the said Private Freight Terminal (PFT) in order to provide multi-modal logistics solutions to our Company and external customers and enhance its service delivery capacity. With the commissioning of this facility, logistics movement for both inbound and outbound cargo would become more dependable, reliable, economical, would also ensure on-time deliver
EXPANSION/MODERNISATION/DIVERSIFICATION
PLANS
The Company is actively pursuing growth opportunities and looking at areas to reduce its cost of production. Company is also evaluating plans to further expand its Ethoxylates capacity to improve its product mix and also considering the setting up of a Power Plant to reduce its dependence on external power. Company is also installing additional EO reactor to enhance the EO catalyst life and to have maximum production throughout the life of the catalyst.
Company is also installing another SLOP fired boiler at Kashipur, which will provide additional coal saving. In addition, the Company is actively pursuing expansion opportunities for its business other than Chemicals. The Company is setting up 10 ton biomass/day capacity pilot plant to convert lignocellulosic agricultural waste biomass to ethanol by using the bench-scale process developed at DBT-ICT Centre for energy Bio-Sciences, Mumbai. The Pilot Plant will use agricultural non-fodder lignocellulosic waste (i.e. Rice Straw, Wheat Straw and Bagasse) as feedstock to manufacture ethanol. The plant will aim at solving technical roadblocks in Lignocellulosic ethanol Technology in order to improve the overall situation with regard to alcohol availability. The plant is being set-up with the Department of Bio-Technology aid/ loan.
FINANCE
During the year, Company has raised Term Loans of Rs.2533.000 Millions and repaid total loans of Rs.1953.000 Millions. The Company has been regular in meeting its obligations towards payment of principal/interest to Financial Institutions/Banks/Debenture holders/Fixed Deposit holders.
SUBSIDIARY COMPANIES
The Company is having controlling stake in Shakumbari Sugar and Allied Industries Limited (SSAIL), which operates a sugar manufacturing plant in the state of Uttar Pradesh with a crushing capacity of 5500 tonnes per day (TCD) alongwith a modern distillery of 60 KL per day (KLPD) producing high quality rectified spirit and an internal bagasse fired co-generation plant of 11.4 MW catering to the captive power needs of the sugar and distillery units.
The Company has completed first phase of expansion plan and the capacity of sugar manufacturing plant has
been enhanced from 3200 TCD to 5500 TCD and cogeneration plant capacity has been enhanced from 3 MW to 10.4 MW of power generation.
The net worth of Shakumbari Sugar and Allied Industries Limited (SSAIL) has been completely eroded as on 31st
March, 2012, therefore, reference report under the provisions of Section 15 of the Sick Industrial Companies
(Special Provision) Act, 1985 has been filed before BIFR. Company has a 100% subsidiary in Singapore to augment its activities in South Eastern region and help the marketing of products from Chemical Plant, Natural Gums Plant and Supercritical Fluid Extraction facility to large buyers in US, Europe and South East Asia. The Company has three subsidiary companies, i.e. Shakumbari Sugar and Allied Industries Limited (SSAIL), IGL Finance Limited and IGL CHEM International Pte. Ltd. The Ministry of Corporate Affairs, Government of India, vide General Circular dated 8th February 2011 and 21st February 2011 has granted a general exemption from compliance with section 212 of the Companies Act, 1956, subject to fulfillment of conditions stipulated in the circular for non-inclusion of Subsidiary Companies’ Annual Report with the Annual Report of the Holding Company. The Company has satisfied the conditions stipulated in the circular and hence have availed the exemption. Necessary information relating to the subsidiaries has been included in the Consolidated Financial Statements.
The Company undertakes that annual accounts of the subsidiary companies and the related detailed information shall be made available to shareholders of the Company and subsidiary companies seeking such information at any point of time. The annual accounts of the subsidiary companies shall also be kept for inspection by any shareholders in the head office of the company and of the subsidiary companies concerned. The Company shall furnish a hard copy of details of accounts of subsidiaries to any shareholder on demand.
MANAGEMENT
DISCUSSION AND ANALYSIS:
Products
Subject is one of the manufacturer of Glycols, Ethylene Oxide Derivatives, Ethyl Alcohol (Potable), Natural Gum and Derivatives, Nutraceuticals and Herbal Extracts and Industrial Gases. Their belief in providing the desired products with the help of the best technology is reflected in their state-of-the-art integrated manufacturing facilities.
The Company has
organised its business into following segments.
A. Chemical segments comprises:-
Glycols (MEG, DEG, TEG and Heavy Glycols) Ethylene Oxide Derivatives (EODs) Natural Gum and Derivatives B. Ethyl Alcohol (Potable) and Extra Neutral Alcohol
C. Others includes Nutraceuticals and Herbal Extracts, Industrial Gases etc.
CHEMICAL SEGMENT
Sales of Chemical Segment has marginally decreased from 193561 MT to 191265 MT. However, in Value terms as increased from Rs.13456.000 million in FY 2010-11 to Rs.18773.000 million in FY 2011-12. This segment is highest contributor at 65% to the total revenue of the Company. Increase in value has primarily come from Exports of Bio-MEG. The capacity utilisation, though showing improvement over previous year could not be fully utilised due to the prices of feedstock like molasses and alcohol did not come down in line with international prices of crude oil / Ethylene /MEG. Consequently, Company has regulated its domestic sales as it was not feasible to market MEG using expensive Ethanol.
Ethylene Oxide Derivatives (EOD) business has witnessed improvement in profitability due to higher prices of Ethylene and Ethylene Oxide in the world markets. The Ethylene Oxide Derivatives produced by the company are used by diverse industries like Textile, Agrochemicals, Detergents, Pharmaceuticals and Personal Care, Oil Field and Automotive industry, paint and coating industry, etc.
The company aims to increase its business by developing new products and applications especially in areas of textile chemicals, oil field chemicals, paper chemicals, home care and personal care applications. The thrust would be in line with the strategy to maximize EODs business in view of increasing the usage of EO for EO Derivatives for improved margins.
BIO-ETHOXYLATES
They have initiated promotion of Bio-Ethoxylates in the international market which is gaining acceptability and can be a good opportunity for better realisation in the niche market segments.
NATURAL GUM
The performance of Natural Gums Division had been overwhelming during the year. The natural gums products had been high in demand all through the year and the same momentum is expected in coming years too. Company has carved a niche in world market and now is known as the consistent quality manufacturer among the customers world over.
ETHYL ALCOHOL
(POTABLE) AND EXTRA NATURAL ALCOHOL
In the Ethyl Alcohol (Potable) and Extra natural Alcohol segment, Company registered total sales of Rs.5097.000 million compared to Rs. 3415.000 million last year and Rs.3871.000 million a year before. Efforts are being made to further increase the sales in the segment.
INDUSTRIAL GASES
Company produced 65.100 millions NM3 of Oxygen and 22.800 millions NM3 of Nitrogen during the year. Both Oxygen and Nitrogen successfully marketed and also used for own requirement of MEG Plant. Industrial gases division also produced 1.600 millions NM3 of Argon and 45296 MT of Carbon Di-oxide, which were marketed successfully. Under the Industrial Gases division, Company registered total sales of Rs.314.000 million compared to Rs. 294.000 million last year and Rs.233.000 million a year before.
EXPORTS
Company has identified exports as a key future growth driver. It has already established itself as a major domestic specialty ethoxylates company and with the increased capacities, the scope for exports would be explored for higher growth.
Exports has achieved a growth of more than 78% in turnover from Rs. 7046.000 Million in 2010-11 to Rs.12548.000 Million in 2011-12. The products for export are Ethylene Oxide derivatives, which with increased capacities would result in higher export values and Natural Gum.
The future thrust would also be in the area of marketing Bio-MEG and Bio-Ethoxylates to niche markets for achieving better contribution.
Their EXPORTS have been increased despite slow down in the international markets. They expect to increase their exports in the coming year by atleast 30000 MTPA by focusing on Bio-MEG and EODs.
The major export markets are the South East Asia, Middle East, US and China as they have logistic advantage in these region.
FINANCIAL REVIEW
During the year, the growth in Profit was possible as a result of increased production and productivity, higher sales realization, better Cost management and operational efficiencies.
Company was able to get better sales realisation value of its Bio-MEG as compared to other Petro chemicals. Ethylene Oxide Derivatives (EOD) business has witnessed improvement in profitability due to higher prices of Ethylene and Ethylene Oxide in the world markets. Improved capacity utilization has resulted in better cost Management. Company has also diversified towards production of Natural gums products, which has witnessed higher export prices realization and resultant high profit margins.
Sales and other income for the year has been Rs.25843.900 Millions compared to Rs.16381.200 Millions last year showing an increase by 58% vis a vis last year. Profit before depreciation, exceptional item and tax for the year was Rs.2253.700 Millions as compared to Rs.1053.800 Millions last year showing an increase by 114%. The net profit after tax for the year was Rs.1045.900 Millions as compared to Net Profit of Rs.256.200 Millions last year showing an increase by 308%.
The borrowing cost has increased to Rs.1132.000 Millions as compared to Rs.915.200 Millions last year, due to increase in the borrowings as well as increase in the overall interest rates by all the banks.
During the year, Company has raised Term Loans of Rs.253.300 Million and repaid total loans of Rs.1953.000 Million.
During the year, the Gross Fixed Assets has increased to Rs.16243.300 Millions from Rs.15255.000 Millions in 2010-11. The Company has been regular in meeting its obligations towards payment of principal/interest to Financial Institutions/Banks/Debenture holders/Fixed Deposit holders.
CONTINGENT LIABILITIES
i) In respect of:-
|
Particulars |
31.03.2012 Rs. In Millions |
31.03.2011 Rs. In Millions |
|
|
|
|
|
Central Excise/
State Excise |
463.355 |
564.695 |
|
Customs |
26.193 |
35.012 |
|
Services Tax and
Others |
18.228 |
21.380 |
|
Sales Tax |
332.273 |
493.769 |
(ii) Claims against the Company not acknowledged as debts Rs.9.725 Millions (Previous Year: Rs. 40.991 Millions)
(iii) Bills discounted with Banks Rs. 79259.800 Millions (Previous Year: Rs.336.509 Millions).
(iv) Guarantees issued by Bank on behalf of Company Rs.570.071 Millions (Previous year Rs.523.597 Millions)
(v) Recovery Charges claimed by S.D.M. Behat towards payment of cane dues Rs.6.682 Millions (Previous year Rs. 6.682 Millions) including the interest on cane dues Rs.4.689 Millions (Previous year Rs.4.689 Millions).
(vi) Pending final disposal by the Appellate Tribunal (CESTAT), Central Excise, the Company has not reversed in the books of account CENVAT credit taken, in respect of certain inputs and capital goods and godown rent for Rs. 1.521 Millions (Previous year Rs.79.200 Millions) initially disallowed by authorities and even reversed in the Excise. The said amount Rs.1.521 Millions (Previous year Rs. 0.792 Million) is included in CENVAT receivables.
(B) Custom duty saved on import of raw material under Advance License pending fulfillment of export obligation is
amounting to Rs.161.719 millions (Previous year Rs.141.379 Millions). The management is of the view that considering the past export performance and future prospects there is certainty that pending export obligation under advance licenses, will be fulfilled before expiry of the respective advance licenses. Accordingly
STATEMENT OF
UNAUDITED FINANCIAL RESULTS FOR THE QUARTER ENDED 31ST DECEMBER,
2012
|
Sl No. |
Particular |
31.12.2012 |
30.09.2012 |
31.12.2012 |
|
|
|
Quarter Ended |
Nine Months Ended |
|
|
|
|
(Standalone) |
||
|
1 |
Gross sales/ income from operations |
9318.800 |
8946.200 |
29133.800 |
|
|
Less: Excise Duty |
1296.400 |
1228.600 |
3908.200 |
|
|
(a) Net sales/ income from operations (Net of excise duty) |
8022.400 |
7717.600 |
25225.600 |
|
|
(b) Other operating income / (loss) |
47.100 |
47.500 |
142.400 |
|
|
Total income from
operations (net) |
8069.500 |
7765.100 |
25368.000 |
|
2 |
Expenses |
|
|
|
|
|
(a) Cost of materials consumed |
2812.100 |
3917.600 |
12054.600 |
|
|
(b) Purchases of stock-in-trade |
2489.900 |
1103.200 |
4474.700 |
|
|
(c) Changes in inventories of finished goods, work-in-progress and stock-in-trade |
114.500 |
211.400 |
106.700 |
|
|
(d) Employee benefits expense |
198.400 |
207.500 |
615.800 |
|
|
(e) Depreciation and amortisation expense |
206.500 |
206.000 |
615.500 |
|
|
(f) Power and fuel |
849.900 |
975.900 |
2622.000 |
|
|
(g) Others |
900.300 |
217.200 |
2623.000 |
|
|
Total Expenses |
7571.600 |
6838.800 |
23112.300 |
|
3 |
Profit / (Loss)
from operations before other income, finance costs and exceptional items
(1-2) |
497.900 |
926.300 |
2255.700 |
|
4 |
Other Income /(Loss) |
32.500 |
25.800 |
97.900 |
|
5 |
Profit / (Loss)
from ordinary activities before finance costs and exceptional Items (3+4) |
530.400 |
952.100 |
2353.600 |
|
6 |
Finance costs |
302.000 |
355.400 |
1025.500 |
|
7 |
Profit / (Loss) from
ordinary activities after finance costs but before exceptional Items (5-6) |
228.400 |
596.700 |
1328.100 |
|
8 |
Exceptional Items [(Income)/ Loss] |
- |
- |
- |
|
9 |
Profit / (Loss)
from ordinary activities before Tax (7-8) |
228.400 |
596.700 |
1328.100 |
|
10 |
Tax expense (Net) (Refer Note 4) |
(31.800) |
191.000 |
320.100 |
|
11 |
Net Profit / (Loss)
from Ordinary Activities after tax (9-10) |
260.200 |
405.700 |
1008.000 |
|
12 |
Extraordinary items |
- |
- |
- |
|
13 |
Net Profit / (loss)
for the period (11-12) |
260.200 |
405.700 |
1008.000 |
|
14 |
Paid-up Equity Share Capital (Face value - Rs. 10/- per share) |
309.600 |
309.600 |
309.600 |
|
15 |
Reserves excluding revaluation reserves (as per balance sheet of previous accounting year) |
|
|
|
|
16 |
Basic / Diluted EPS after exceptional items for the period - not annualised (in Rs.) |
8.40 |
14.53 |
34.85 |
|
A |
PARTICULARS OF
SHAREHOLDING |
|
|
|
|
1 |
Aggregate of Public Share holding |
|
|
|
|
|
- Number of Shares |
12491577 |
12491577 |
12491577 |
|
|
- Percentage of Share holding |
40.34% |
40.34% |
40.34% |
|
2 |
Promoters and promoter group shareholding |
|
|
|
|
|
a) Pledged /Encumbered |
|
|
|
|
|
- Number of shares |
160000 |
160000 |
160000 |
|
|
- Percentage of shares (as a % of the total shareholding of promoter and promoter group) |
0.87% |
0.87% |
0.87% |
|
|
- Percentage of shares (as a % of the total share capital of the company) |
0.52% |
0.52% |
0.52% |
|
|
b) Non encumbered shares |
|
|
|
|
|
- Number of shares |
18309923 |
18309923 |
18309923 |
|
|
- Percentage of shares (as a % of the total shareholding of promoter and promoter group) |
99.13% |
99.13% |
99.13% |
|
|
- Percentage of shares (as a % of the total share capital of the company) |
59.14% |
59.14% |
59.14% |
|
B |
INVESTORS
COMPLAINTS |
|
|
|
|
|
Pending at the beginning of the quarter |
2 |
|
|
|
|
Received during the quarter |
12 |
|
|
|
|
Disposed of during the quarter |
14 |
|
|
|
|
Remaining unresolved at the end of the quarter |
- |
|
|
SEGMENT WISE REVENUE, RESULTS AND CAPITAL EMPLOYED
(Rs.
In Millions)
|
Sl No. |
Particular |
31.12.2012 |
30.09.2012 |
31.12.2012 |
|
|
|
Quarter Ended |
Nine Months Ended |
|
|
|
|
(Standalone) |
||
|
|
Segment Revenue |
|
|
|
|
|
- Industrial Chemicals |
7408.800 |
7089.500 |
23560.500 |
|
|
- Ethyl Alcohol (Potable) |
1716.000 |
1649.700 |
4983.700 |
|
|
- Others |
194.000 |
207.000 |
589.600 |
|
|
Total |
9318.800 |
8946.200 |
29133.800 |
|
|
Segment Profit /
(Loss) before Interest and Tax |
|
|
|
|
|
- Industrial Chemicals |
798.400 |
380.800 |
2858.800 |
|
|
- Ethyl Alcohol (Potable) |
72.800 |
114.600 |
278.800 |
|
|
- Others |
20.700 |
11.600 |
41.600 |
|
|
Total |
891.900 |
507.000 |
3179.200 |
|
|
Less : - Interest (Net) |
302.000 |
355.400 |
1025.500 |
|
|
- Unallocated corporate expenses net of unallocable income |
361.500 |
(445.100) |
825.600 |
|
|
Profit /(Loss)
before tax |
228.400 |
596.700 |
1328.100 |
|
|
Capital Employed (Segment assets- Segment liabilities) |
|
|
|
|
|
- Industrial Chemicals |
14535.200 |
17002.400 |
14535.200 |
|
|
- Ethyl Alcohol (Potable) |
1243.600 |
1354.400 |
1243.600 |
|
|
- Others |
1647.700 |
1622.500 |
1647.700 |
|
|
Total |
17426.500 |
19979.300 |
17426.500 |
Note:
1 Exchange Differences, arising due to change
in exchange rates during the quarter, on account of Forward Exchange contracts
pertaining to trade receivables on account of exports will be recognised at the
year end. Gain/losses, if any, being notional do not effect the cash flow of
the Company and actual gain/loss in this respect is ascertainable only on the
final settlement of such contracts.
2 Exceptional Items in respect of earlier
periods have been regrouped under the head Other Income/Other Expenditure. This
has no impact on the results of the respective periods.
3 Tax expenses includes deferred tax reversal
of Rs.31.800 Millions and provision of Rs.320.100 Millions for the quarter and
nine months ended 31st December, 2012 respectively.
4 Company has investment of Rs.542.800
Millions in equity shares and 10% cumulative redeemable preference share
capital and loans amountingto Rs.170.800 Millions (including interest accrued)
in a subsidiary company Shakumbari Sugar and Allied Industries Limited (SSAIL)
where net worth as per the audited accounts for the year ended 31st March, 2012
have been fully eroded. Considering the intrinsic value of the investee assets
and long term nature of investment made, no provision at this stage is
considered necessary by the management.
5 Previous year figures have been regrouped
wherever considered necessary.
6 The above results were reviewed by the Audit
committee and have been approved by the Board of Directors in its meeting held
on 6th February, 2013.
7 The Statutory Auditors have carried out a
limited review of the above financial results.
FIXED ASSETS:
· Land
· Leasehold Land
· Buildings
· Plant and Machinery
· Furniture and Fixtures
· Vehicles
· Specialised Computer Software
WEBSITE DETAILS
MILESTONES
Set up in 1983,
India Glycols has come a long way in establishing itself as a leading chemicals
manufacturer. Here are some of the key milestones the company has achieved
along its journey:
1983
Incorporated on 19th November 1983, as UP Glycols Limited.
1986
Renamed as India Glycols Limited on 28th August 1986.
1989
Commercial production commenced at MEG plant from 25th April 1989: capacity,
20,000MTPA.
1994
Commissioning of 13,000MTPA EO purification plant.
Commissioning of 20,000MTPA ethoxylate plant.
1995
De-bottlenecking of MEG facility (20,000 to 25,000 MTPA).
1997
Commissioning of 10,000MTPA formulation plant.
1998
De-bottlenecking of MEG facility (25,000 to 30,000 MTPA).
Commissioning of 6,000MTPA sulphation plant.
1999
Commissioning of 85,000 BL PD new continuous process distillery.
De-bottlenecking of MEG facility (30,000 to 33,000 MTPA).
Increase in power generation capacity (6 to 18 MW).
2001
Commissioning of glycol ether plant.
Commissioning of guar gum facility, 12,000MTPA capacity.
2002
Commissioning of bottling plant.
Expansion of MEG plant to 60,000MTPA.
2003
Addition of GE acetate facility.
Commissioning of ENA plant.
2005
Expansion of MEG production to 1 lakh MTPA.
Commissioning of ASU - III.
Commissioning of RAB unit.
2006
Commissioning of Gorakhpur unit.
2007
Acquisition of Shakumbhari Sugar.
2008
Commissioning of CO2 plant.
Expansion of MEG plant to 200,000MTPA.
2009
Commissioning of Ennature Biopharma, Dehradun.
Commissioning of DEGEE acetate plant.
Expansion of formulation plant - CABS.
Expansion of ethoxylate plant (stirred reactor).
2010
“The Biomass based Cogeneration Project at Gorakhpur registered under CDM
project by UNFCCC.”
AWARDS
1991
National Safety Award for meritorious performance in industrial safety, in achieving longest accident-free period
National Safety Award for outstanding performance in industrial safety as runner up in achieving lowest average frequency rate Organisation Ministry of Labour, Government of India
1992
Award Award of Merit for operating 27,55,364 employee hours without occupational injury or illness
Organisation National Safety Council, USA
1997
Award Award for Best Project / Entrepreneur in the biomethanation sector.
Organisation Ireda
1998
Award Safety Award in recognition and commendation of services rendered to the cause of safety
Organisation British Safety Council, UK
1999
Award Safety Award in recognition and commendation of services rendered to the cause of safety
Organisation British Safety Council, UK
2000
Award Safety Award in recognition and commendation of services rendered to the cause of safety
Organisation British Safety Council, UK
2001
Award Safety Award in recognition and commendation of services rendered to the cause of safety
Organisation British Safety Council, UK
2002
Award Safety Award in recognition and commendation of services rendered to the cause of safety
National Safety Award for outstanding performance in industrial safety, in achieving longest accident-free period.
Perfect Record Award for operating 7,208,784 employee hours without occupational injury or illness
Organisations British Safety Council, UK Ministry of Labour, Government of India
National Safety Council, USA
2004
Award Best Performing Power Plant International Safety Award in recognition of proven track record of maintaining excellent safety
Organisations British Safety Council, UK
2005
Award International Safety Award in recognition and commendation of services rendered to the cause of safety.
Organisation British Safety Council, UK
2008
Award Best Quality ENA Award in recognition of quality ENA production. Best Enhanced Performance for enhanced performance in exports, northern region
Organisations
· Ciab
· Concor
CMT REPORT (Corruption, Money Laundering & Terrorism]
The Public Notice information has been collected from various sources
including but not limited to: The Courts,
1] INFORMATION ON
DESIGNATED PARTY
No exist designating subject or any of its beneficial owners,
controlling shareholders or senior officers as terrorist or terrorist
organization or whom notice had been received that all financial transactions
involving their assets have been blocked or convicted, found guilty or against
whom a judgement or order had been entered in a proceedings for violating
money-laundering, anti-corruption or bribery or international economic or
anti-terrorism sanction laws or whose assets were seized, blocked, frozen or
ordered forfeited for violation of money laundering or international
anti-terrorism laws.
2] Court Declaration :
No records exist to suggest that subject is
or was the subject of any formal or informal allegations, prosecutions or other
official proceeding for making any prohibited payments or other improper
payments to government officials for engaging in prohibited transactions or
with designated parties.
3] Asset Declaration :
No records exist to suggest that the property or assets of the subject
are derived from criminal conduct or a prohibited transaction.
4] Record on Financial
Crime :
Charges or conviction
registered against subject: None
5] Records on Violation of
Anti-Corruption Laws :
Charges or
investigation registered against subject: None
6] Records on Int’l
Anti-Money Laundering Laws/Standards :
Charges or
investigation registered against subject: None
7] Criminal Records
No available
information exist that suggest that subject or any of its principals have been
formally charged or convicted by a competent governmental authority for any
financial crime or under any formal investigation by a competent government
authority for any violation of anti-corruption laws or international anti-money
laundering laws or standard.
8] Affiliation with
Government :
No record
exists to suggest that any director or indirect owners, controlling shareholders,
director, officer or employee of the company is a government official or a
family member or close business associate of a Government official.
9] Compensation Package :
Our market
survey revealed that the amount of compensation sought by the subject is fair
and reasonable and comparable to compensation paid to others for similar
services.
10] Press Report :
No press reports / filings exists on
the subject.
CORPORATE GOVERNANCE
MIRA INFORM as part of its Due Diligence do provide comments on
Corporate Governance to identify management and governance. These factors often
have been predictive and in some cases have created vulnerabilities to credit
deterioration.
Our Governance Assessment focuses principally on the interactions
between a company’s management, its Board of Directors, Shareholders and other
financial stakeholders.
CONTRAVENTION
Subject is not known to have contravened any existing local laws,
regulations or policies that prohibit, restrict or otherwise affect the terms
and conditions that could be included in the agreement with the subject.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.54.39 |
|
|
1 |
Rs.82.32 |
|
Euro |
1 |
Rs.69.54 |
INFORMATION DETAILS
|
Report Prepared
by : |
BSN |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
4 |
|
PAID-UP CAPITAL |
1~10 |
4 |
|
OPERATING SCALE |
1~10 |
5 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
5 |
|
--PROFITABILIRY |
1~10 |
4 |
|
--LIQUIDITY |
1~10 |
4 |
|
--LEVERAGE |
1~10 |
4 |
|
--RESERVES |
1~10 |
4 |
|
--CREDIT LINES |
1~10 |
5 |
|
--MARGINS |
-5~5 |
- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
NO |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
YES |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
YES |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
DEFAULTER |
|
|
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
TOTAL |
|
39 |
This score serves as a reference to assess
SC’s credit risk and to set the amount of credit to be extended. It is
calculated from a composite of weighted scores obtained from each of the major
sections of this report. The assessed factors and their relative weights (as
indicated through %) are as follows:
Financial
condition (40%) Ownership
background (20%) Payment
record (10%)
Credit history
(10%) Market trend (10%) Operational size
(10%)
RATING EXPLANATIONS
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
>86 |
Aaa |
Possesses an extremely sound financial base with the strongest
capability for timely payment of interest and principal sums |
Unlimited |
|
71-85 |
Aa |
Possesses adequate working capital. No caution needed for credit
transaction. It has above average (strong) capability for payment of interest
and principal sums |
Large |
|
56-70 |
A |
Financial & operational base are regarded healthy. General
unfavourable factors will not cause fatal effect. Satisfactory capability for
payment of interest and principal sums |
Fairly Large |
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
11-25 |
Ca |
Adverse factors are apparent. Repayment of interest and principal sums
in default or expected to be in default upon maturity |
Limited with
full security |
|
<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
|
- |
NB |
New Business |
- |
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.