MIRA
INFORM REPORT
|
Report Date : |
08.01.2014 |
IDENTIFICATION DETAILS
|
Name : |
INDIA GLYCOLS LIMITED |
|
|
|
|
Registered
Office : |
A-1, Industrial Area, |
|
|
|
|
Country : |
|
|
|
|
|
Financials (as
on) : |
31.03.2013 |
|
|
|
|
Date of
Incorporation : |
19.11.1983 |
|
|
|
|
Com. Reg. No.: |
20-009097 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
Rs. 309.615 Millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
L24111UR1983PLC009097 |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
DELI04270A |
|
|
|
|
PAN No.: [Permanent Account No.] |
AAACI7246P |
|
|
|
|
Legal Form : |
A Public Limited Liability Company. The Company’s Shares are Listed on
the Stock Exchanges. |
|
|
|
|
Line of Business
: |
Manufacturer of
Glycols, Ethylene Oxide Derivatives, Ethyl Alcohol (Potable), Natural Gum and
Derivatives, Nutraceuticals and Herbal Extracts and Industrial Gases. |
|
|
|
|
No. of Employees
: |
1300 (Approximately) |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (50) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Maximum Credit Limit : |
USD 25160000 |
|
|
|
|
Status : |
Satisfactory |
|
|
|
|
Payment Behaviour : |
Usually Correct |
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|
|
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Litigation : |
Clear |
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Comments : |
Subject is an established company having a satisfactory track record. The company has progressed well during current year. Trade relations are reported as fair. Business is active. Payments are
reported to be usually correct and as per commitment. The company can be considered normal for business dealings at usual
trade terms and conditions. |
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 – September 30, 2013
|
Country Name |
Previous Rating (30.06.2013) |
Current Rating (30.09.2013) |
|
India |
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
INDIAN ECONOMIC OVERVIEW
India’s current
account deficit narrowed in the quarter ended September as government measures
to curb imports, especially gold, kicked in. The current account deficit,
the excess of a country’s imports of goods and services over exports, narrowed
to $ 5.2 billion from $ 21 billion in the year ago period, according to
provisional Reserve Bank of India data. Finance Minister P. Chidambaram said
the CAD for the year will be less than $ 60 billion or 3 per cent of GDP and
the latest data suggests the government may achieve the target.
India was ranked 94th
among the world’s most corrupt nations list. Denmark and New Zealand topped as
the cleanest while Somalia emerged as the most corrupt.
India’s services
sector activity witnessed a moderate improvement in November over the previous
month, even while indicating the fifth successive monthly contraction,
according the HSBC survey.
$53 million
estimated losses suffered by India due to phishing attacks during the third quarter,
according to a study by RSA. India ranks fourth in the list of nations hit by
phishing attacks. The US remained at the top of the charts. Phishing is the
process of acquiring information such as user names, passwords and credit card
details by sending e-mails disguised as official mails.
Rs.4080 million
worth of mobile-phone-based transactions by July 2013 compared to Rs.260
million in September, 2012, according to Deloitte report. The number of
transactions has shot up from 94000 to 701000.
India aims to earn
Rs.400000 million from the bandwidth auction set for January. The merger and
acquisition guidelines, cleared by a group of ministers, will be out before the
auction begins so that players can make informed decisions on the auctions.
EXTERNAL AGENCY RATING
|
Rating Agency Name |
FITCH |
|
Rating |
A- IND (Long Term Rating) |
|
Rating Explanation |
High credit quality |
|
Date |
July 2013 |
|
Rating Agency Name |
FITCH |
|
Rating |
A1 IND (Short Term Rating) |
|
Rating Explanation |
Highest credit quality |
|
Date |
July 2013 |
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.
INFORMATION DECLINED BY
Management non co-operative (Tel No.: 91-120-3090100 / 5947-269000)
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 |
|
Email: |
|
|
Website : |
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|
|
Head Office : |
Plot No.2B, Sector-126, Noida, Gutam Budh Nagar – 201 304, Uttar Pradesh, India |
|
Tel. No.: |
91-120-3090100/ 3090200 |
|
Fax No.: |
91-120-3090111 |
|
|
|
|
Corporate Office : |
3A, Shakespeare Sarani, Kolkata – 700 071, West |
|
|
|
|
Factory 2: |
E-1, Sector 15, GIDA, |
|
Tel. No.: |
91-551-2580352 |
|
Fax No.: |
91-551-2580351 |
DIRECTORS
AS ON 31.03.2013
|
Name : |
Mr. |
|
Designation : |
Chairman and Managing Director |
|
|
|
|
Name : |
Ms. Jayshree Bartuia |
|
Designation : |
Non-Executive Director |
|
|
|
|
Name : |
Mr. Pradip Kumar Khaitan |
|
Designation : |
Non-Independent Non-Executive Director |
|
|
|
|
Name : |
Mr. Jitender Balakrishnan |
|
Designation : |
Director |
|
|
|
|
Name : |
Mr. Ravi Jhunjhunwala |
|
Designation : |
Independent Director |
|
|
|
|
Name : |
Mr. Jagmohan N. Kejriwal |
|
Designation : |
Non-Executive Independent Director |
|
|
|
|
Name : |
Mr. Autar Krishna |
|
Designation : |
Non-Executive Independent Director |
|
|
|
|
Name : |
Mr. R.C. Misra |
|
Designation : |
Non-Executive Independent Director |
|
|
|
|
Name : |
Mr. M.K. Rao |
|
Designation : |
Executive Director |
KEY EXECUTIVES
|
Name : |
Mr. Lalit Kumar Sharma |
|
Designation : |
Company Secretary |
|
|
|
|
Name : |
Mr. Rakesh Bhartia |
|
Designation : |
Chief Executive Officer |
|
|
|
|
Investors’ Grievance Committee: |
· Mr. R.C Mishra, Chairman · Mr. Jagmohan N Kejriwal · Mr. Autar Krishna ·
Mr. |
|
|
|
|
Audit Committee: |
· Mr. R.C. Mishra, Chairman · Mr. Autar Krishna · Mr. Jagmohan N. Kejriwal |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 30.09.2013
|
Category of Shareholder |
No. of Shares |
% of No. of Shares |
|
(A) Shareholding of Promoter and Promoter Group |
|
|
|
|
|
|
|
|
3236159 |
10.45 |
|
|
15672166 |
50.62 |
|
|
18908325 |
61.07 |
|
|
|
|
|
Total shareholding of Promoter and Promoter Group (A) |
18908325 |
61.07 |
|
(B) Public Shareholding |
|
|
|
|
|
|
|
|
172772 |
0.56 |
|
|
34532 |
0.11 |
|
|
562565 |
1.82 |
|
|
769869 |
2.49 |
|
|
|
|
|
|
2080675 |
6.72 |
|
|
|
|
|
|
6993316 |
22.59 |
|
|
1442644 |
4.66 |
|
|
766671 |
2.48 |
|
|
735435 |
2.38 |
|
|
31236 |
0.10 |
|
|
11283306 |
36.44 |
|
Total Public shareholding (B) |
12053175 |
38.93 |
|
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 |
(1) Indian
Individuals / Hindu Undivided Family
Individual shareholders holding nominal
share capital up to Rs. 0.100 MillionBUSINESS DETAILS
|
Line of Business : |
Manufacturer of Glycols, Ethylene Oxide Derivatives, Ethyl Alcohol
(Potable), Natural Gum and Derivatives, Nutraceuticals and Herbal Extracts
and Industrial Gases. |
||||||
|
|
|
||||||
|
Products : |
|
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 ·
State Bank of Bikaner and Jaipur |
|||||||||||||||||||||||||||||||||||||||
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Facilities : |
|
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|
|
|
|
Banking
Relations : |
-- |
|
|
|
|
Auditors : |
|
|
Name : |
Lodha and Company Chartered Accountant |
|
|
|
|
Subsidiaries : |
·
IGL Finance Limited ·
Shakumbari Sugar and Allied Industries Limited ·
IGLCHEM International PTE. Limited |
|
|
|
|
Joint Venture Enterprise : |
·
Kashipur Infrastructure and Freight Terminal
Private Limited |
|
|
|
|
Other Related Parties : |
·
Ajay Commercial Company (Private) Limited ·
J. B. Commercial Company (Private) Limited ·
Kashipur Holdings Limited ·
Polylink Polymers (India) Limited ·
Hindustan Wires Limited ·
Supreet Vyapaar (Private) Limited ·
Mayur Barter (Private) Limited ·
Facit Commosales (Private) Limited ·
J. Boseck and Company (Private) Limited
|
CAPITAL STRUCTURE
AS ON 31.03.2013
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
45000000 |
Equity Shares |
Rs.10/- each |
Rs. 450.000 Millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
30961500 |
Equity Shares |
Rs.10/- each |
Rs. 309.615
Millions |
|
|
|
|
|
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
I.
EQUITY
AND LIABILITIES |
|
|
|
|
(1)Shareholders' Funds |
|
|
|
|
(a) Share Capital |
309.615 |
278.825 |
278.825 |
|
(b) Reserves & Surplus |
5980.718 |
4536.985 |
3867.834 |
|
(c) Money
received against share warrants |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
(2) Share Application money pending allotment |
0.000 |
0.000 |
0.000 |
|
Total
Shareholders’ Funds (1) + (2) |
6290.333 |
4815.810 |
4146.659 |
|
|
|
|
|
|
(3)
Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
6577.161 |
6376.882 |
5113.096 |
|
(b) Deferred tax liabilities (Net) |
1567.923 |
1129.322 |
606.424 |
|
(c) Other long term liabilities |
49.541 |
45.993 |
21.063 |
|
(d) long-term provisions |
30.091 |
24.802 |
21.136 |
|
Total Non-current Liabilities (3) |
8224.716 |
7576.999 |
5761.719 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a) Short term borrowings |
7878.671 |
11343.409 |
8051.611 |
|
(b) Trade payables |
4592.781 |
2015.518 |
1259.023 |
|
(c) Other current
liabilities |
2536.646 |
3139.824 |
2809.831 |
|
(d) Short-term provisions |
115.765 |
272.353 |
82.999 |
|
Total Current Liabilities (4) |
15123.863 |
16771.104 |
12203.464 |
|
|
|
|
|
|
TOTAL |
29638.912 |
29163.913 |
22111.842 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a) Fixed Assets |
|
|
|
|
(i) Tangible assets |
10879.697 |
10573.290 |
10342.683 |
|
(ii) Intangible Assets |
37.653 |
48.138 |
53.439 |
|
(iii) Capital
work-in-progress |
1935.134 |
972.964 |
1090.022 |
|
(iv)
Intangible assets under development |
0.000 |
0.000 |
0.000 |
|
(b) Non-current Investments |
569.452 |
564.452 |
564.402 |
|
(c) Deferred tax assets (net) |
0.000 |
0.000 |
0.000 |
|
(d) Long-term Loan and Advances |
978.146 |
1699.783 |
784.559 |
|
(e) Other Non-current assets |
17.552 |
11.714 |
4.132 |
|
Total Non-Current Assets |
14417.634 |
13870.341 |
12839.237 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a) Current investments |
1719.221 |
158.971 |
7.614 |
|
(b) Inventories |
4612.113 |
6191.458 |
4239.568 |
|
(c) Trade receivables |
2986.527 |
2690.308 |
1600.473 |
|
(d) Cash and cash
equivalents |
1216.744 |
2956.635 |
1764.008 |
|
(e) Short-term loans and
advances |
4659.041 |
3251.560 |
1660.942 |
|
(f) Other current assets |
27.632 |
44.640 |
0.000 |
|
Total Current Assets |
15221.278 |
15293.572 |
9272.605 |
|
|
|
|
|
|
TOTAL |
29638.912 |
29163.913 |
22111.842 |
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
33338.319 |
26240.928 |
16326.605 |
|
|
|
Other Income |
127.827 |
91.540 |
54.559 |
|
|
|
TOTAL (A) |
33466.146 |
26332.468 |
16381.164 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Cost of Material Consumed |
16316.202 |
11223.917 |
9264.286 |
|
|
|
Purchase of Stock In Trade |
5617.271 |
4377.486 |
829.269 |
|
|
|
Employee benefits expenses |
812.408 |
688.291 |
650.641 |
|
|
|
Other Expenses |
6915.218 |
6228.655 |
3895.411 |
|
|
|
Changes in inventories of Finished goods, work in progress and stock
in trade |
3.492 |
338.070 |
(227.410) |
|
|
|
TOTAL (B) |
29664.591 |
22856.419 |
14412.197 |
|
|
|
|
|
|
|
|
Less |
PROFIT
/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
3801.555 |
3476.049 |
1968.967 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
1327.246 |
1131.950 |
915.202 |
|
|
|
|
|
|
|
|
|
|
PROFIT
/ (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
2474.309 |
2344.099 |
1053.765 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
824.315 |
775.263 |
686.176 |
|
|
|
|
|
|
|
|
|
|
PROFIT / (LOSS)
BEFORE TAX (E-F) (G) |
1649.994 |
1568.836 |
367.589 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
440.620 |
522.898 |
111.353 |
|
|
|
|
|
|
|
|
|
|
PROFIT / (LOSS)
AFTER TAX (G-H) (I) |
1209.374 |
1045.938 |
256.236 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
Export Earnings |
16747.259 |
12129.362 |
6572.037 |
|
|
TOTAL EARNINGS |
16747.259 |
12129.362 |
6572.037 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw Materials |
1807.625 |
2697.903 |
4117.687 |
|
|
|
Stores & Spares |
800.673 |
734.725 |
483.758 |
|
|
|
Capital Goods |
0.371 |
0.000 |
54.111 |
|
|
|
Traded Goods |
1807.625 |
2697.903 |
383.180 |
|
|
TOTAL IMPORTS |
4416.294 |
6130.531 |
5038.736 |
|
|
|
|
|
|
|
|
|
|
Earnings /
(Loss) Per Share (Rs.) |
41.10 |
37.51 |
9.19 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
PAT / Total Income |
(%) |
3.61
|
3.97 |
1.56 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
4.95
|
5.98 |
2.25 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
6.08
|
5.68 |
1.80 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.26
|
0.33 |
0.09 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt /Networth) |
|
2.30
|
3.68 |
3.17 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.01
|
0.91 |
0.76 |
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) |
Yes |
|
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 |
No |
|
31] |
Date of Birth of
Proprietor/Partner/Director, if available |
No |
|
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 |
|
Unsecured Loan |
Rs.
In Millions 31.03.2013 |
Rs.
In Millions 31.03.2012 |
|
Long Term
Borrowings |
|
|
|
Loan from related parties (Body Corporates) |
809.374 |
1200.000 |
|
Short Term
Borrowings |
|
|
|
Short Term Loans from Banks |
748.862 |
0.188 |
|
|
|
|
|
TOTAL |
1558.236 |
1200.188 |
VIEW INDEX OF
CHARGES
|
S. No |
Charge ID |
Date of Charge Creation /Modification |
Charge amount secured |
Charge Holder |
Address |
Service Request Number (SRN |
|
1 |
10458195 |
25/10/2013 |
1,000,000,000.00 |
STATE BANK OF HYDERABAD |
COMMERCIAL BRANCH, 74, JANPATH, NEW DELHI,
DELHI- 110001, INDIA |
B88778410 |
|
2 |
10457758 |
18/10/2013 |
1,000,000,000.00 |
IDBI BANK LIMITED |
INDIAN RED CROSS SOCIETY BUILDING, 1, RED
CROSS |
B88604426 |
|
3 |
10447066 |
03/09/2013 |
500,000,000.00 |
UNION BANK OF INDIA |
SME OKHLA,OKHLA INDUSTRIAL AREA, PHASE-I,
NEW DEL |
B84035880 |
|
4 |
10442766 |
08/08/2013 |
1,000,000,000.00 |
AXIS BANK LIMITED. |
2ND FLOOR, STATESMAN HOUSE, 148,
BARAKHAMBA ROAD, NEW DELHI, DELHI - 110001, INDIA |
B81969404 |
|
5 |
10428427 |
06/09/2013 * |
1,000,000,000.00 |
STATE BANK OF INDIA |
COMMERCIAL BRANCH, THE GREAT EASTERN
CENTRE, 70,GROUND FLOOR, NEHRU PLACE, NEW DELHI, DELHI - 110019, INDIA |
B85993632 |
|
6 |
10422710 |
28/03/2013 |
550,000,000.00 |
PUNJAB NATIONAL BANK |
TOLSTOY HOUSE, TOLSTOY MARG, NEW DELHI,
DELHI - 1 |
B74031543 |
|
7 |
10413665 |
06/09/2013 * |
1,000,000,000.00 |
IDBI BANK LIMITED |
INDIAN RED CROSS SOCIETY BUILDING, 1, RED CROSS
ROAD, POST BAG NO.-231, NEW DELHI, DELHI - 110001, INDIA |
B86027661 |
|
8 |
10411182 |
07/03/2013 |
1,200,000,000.00 |
IDBI BANK LIMITED |
INDIAN RED CROSS SOCIETY BUILDING, 1, RED
CROSS ROAD, NEW DELHI, DELHI - 110001, INDIA |
B70582275 |
|
9 |
10397729 |
06/09/2013 * |
500,000,000.00 |
STATE BANK OF TRAVANCORE |
COMMERCIAL BRANCH, TRAVANCORE HOUSE, K. G.
MARG, NEW |
B86842739 |
|
10 |
10394818 |
13/12/2012 |
550,000,000.00 |
STATE BANK OF TRAVANCORE |
COMMERCIAL BRANCH, TRAVANCORE HOUSE, K G
MARG, NEW DELHI, DELHI - 110001, INDIA |
B65110959 |
|
11 |
10392534 |
05/11/2012 |
1,350,000,000.00 |
STATE BANK OF HYDERABAD |
COMMERCIAL BRANCH, 74, JANPATH, NEW DELHI,
DELHI- 110001, INDIA |
B64347719 |
|
12 |
10394935 |
05/11/2012 |
250,000,000.00 |
STATE BANK OF HYDERABAD |
COMMERCIAL BRANCH, 74, JANPATH, NEW DELHI,
DELHI- 110001, INDIA |
B65151755 |
|
13 |
10386455 |
06/09/2013 * |
500,000,000.00 |
STATE BANK OF PATIALA |
COMMERCIAL BRANCH, CHANDRALOK BUILDING,
36, JANPATH, NEW DELHI, DELHI - 110001, INDIA |
B85994754 |
|
14 |
10386453 |
22/09/2012 |
1,200,000,000.00 |
STATE BANK OF PATIALA |
COMMERCIAL BRANCH,, CHANDRALOK BUILDING,
36, JANPATH, NEW DELHI, DELHI - 110001, INDIA |
B62070230 |
|
15 |
10375019 |
06/09/2013 * |
440,000,000.00 |
UNION BANK OF INDIA |
SME OKHLA BRANCH,173-174,DSIDC SHEDS,
OKHLA INDUSTRIAL AREA, PHASE-I, NEW DELHI, DELHI - 110020, INDIA |
B85907079 |
|
16 |
10372479 |
22/02/2013 * |
2,500,000,000.00 |
IDBI BANK LIMITED |
INDIAN RED CROSS SOCIETY BUILDING, 1,RED
CROSS SOCIETY, NEW DELHI, DELHI - 110001, INDIA |
B69011906 |
|
17 |
10372687 |
30/07/2012 |
750,000,000.00 |
YES BANK LIMITED |
9TH FLOOR, NEHRU CENTRE, DISCOVERY OF INDIA,
DR. |
B56424039 |
|
18 |
10370307 |
27/07/2012 |
150,000,000.00 |
STATE BANK OF TRAVANCORE |
COMMERCIAL BRANCH, TRAVANCORE HOUSE, K. G.
MARG, NEW DELHI, DELHI - 110001, INDIA |
B45599818 |
|
19 |
10356914 |
14/02/2013 * |
500,000,000.00 |
STATE BANK OF TRAVANCORE |
COMMERCIAL BRANCH TRAVANCORE HOUSE, K. G.
MARG, NEW DELHI, DELHI - 110001, INDIA
|
B69257178 |
|
20 |
10356377 |
26/02/2013 * |
2,050,000,000.00 |
AXIS BANK LIMITED. |
2ND FLOOR, STATESMAN HOUSE, 148,
BARAKHAMBA ROAD, NEW DELHI, DELHI - 110001, INDIA |
B71921308 |
|
21 |
10356729 |
28/03/2013 * |
900,000,000.00 |
AXIS BANK LIMITED. |
2ND FLOOR, STATESMAN HOUSE, 148,
BARAKHAMBA ROAD, NEW DELHI, DELHI - 110001, INDIA |
B71927289 |
|
22 |
10346352 |
14/02/2013 * |
500,000,000.00 |
STATE BANK OF BIKANER AND JAIPUR |
SPECIALISED COMMERCIAL BRANCH, 27
BARAKHAMBA ROAD, NEW DELHI, DELHI - 110001, INDIA |
B72163702 |
|
23 |
10341553 |
03/01/2013 * |
750,000,000.00 |
THE RATNAKAR BANK LIMITED |
SHAHUPURI,KOLHAPUR KOLHAPUR, MAHARASHTRA -
416001, INDIA |
B68541523 |
|
24 |
10340817 |
07/03/2012 |
400,000,000.00 |
EXPORT IMPORT BANK OF INDIA |
CENTRE ONE BUILDING, FLOOR 21, WORLD TRADE
CENTRE |
B34417824 |
|
25 |
10336230 |
13/01/2012 |
100,000,000.00 |
UNION BANK OF INDIA |
SME OKHLA BRANCH, 173-174, DSIDC SHEDS,
OKHLA INDUSTRIAL AREA, PHASE-1, NEW DELHI, DELHI - 110020, INDIA |
B32391690 |
|
26 |
10336237 |
14/02/2013 * |
250,000,000.00 |
UNION BANK OF INDIA |
SME OKHLA BRANCH,173-174,DSIDC SHEDS,
OKHLA INDUS |
B68981737 |
|
27 |
10336233 |
06/01/2012 |
250,000,000.00 |
STATE BANK OF HYDERABAD |
COMMERCIAL BRANCH, 74, JANPATH, NEW DELHI,
DELHI |
B32394041 |
|
28 |
10330625 |
14/02/2013 * |
325,000,000.00 |
EXPORT IMPORT BANK OF INDIA |
CENTRE ONE BUILDING, FLOOR 21, WORLD TRADE
CENTRE |
B69446094 |
|
29 |
10320619 |
14/02/2013 * |
500,000,000.00 |
STATE BANK OF PATIALA |
COMMERCIAL BRANCH, 2ND FLOOR CHANDRALOK
BILDING, |
B73275984 |
|
30 |
10318780 |
14/02/2013 * |
350,000,000.00 |
EXPORT IMPORT BANK OF INDIA |
CENTRE ONE BUILDING, FLOOR 21, WORLD TRADE
CENTRE |
B69446359 |
|
31 |
10301132 |
29/06/2011 |
500,000,000.00 |
STATE BANK OF TRAVANCORE |
COMMERCIAL BRANCH TRAVANCORE HOUSE, K. G.
MARG, NEW |
B18401257 |
|
32 |
10275145 |
24/03/2011 * |
350,000,000.00 |
STATE BANK OF HYDERABAD |
COMMERCIAL BRANCH,, 74, JANPATH, NEW
DELHI, DELHI - 110001, INDIA |
B12000097 |
|
33 |
10262939 |
29/06/2012 * |
450,000,000.00 |
EXPORT IMPORT BANK OF INDIA |
CENTRE ONE BUILDING, FLOOR 21, WORLD TRADE
CENTRE COMPLEX , CUFFE PARADE, MUMBAI, MAHARASHTRA - 400005, INDIA |
B56022858 |
|
34 |
10239596 |
29/06/2012 * |
500,000,000.00 |
STATE BANK OF TRAVANCORE |
COMMERCIAL BRANCH, TRAVANCORE HOUSE, K G
MARG, NEW DELHI, NEW DELHI, DELHI - 110001, INDIA |
B45599297 |
|
35 |
10220009 |
26/05/2010 |
500,000,000.00 |
STATE BANK OF HYDERABAD |
Commercial Branch, 74, Janpath, New Delhi,
Delhi |
A86278850 |
|
36 |
10209926 |
30/03/2010 |
400,000,000.00 |
EXPORT IMPORT BANK OF INDIA |
CENTRE ONE BUILDING, FLOOR 21, WORLD TRADE
CENTRE |
A82418898 |
|
37 |
10170910 |
29/06/2012 * |
1,500,000,000.00 |
STATE BANK OF INDIA |
COMMERCIAL BRANCH VARDHMAN TRADE CENTER,
TRADE CE |
B44188159 |
|
38 |
10147930 |
29/06/2012 * |
500,000,000.00 |
STATE BANK OF PATIALA |
2ND FLOOR CHANDRALOK BUILDING, 36,
JANPATH, NEW DELHI, DELHI - 110001, INDIA |
B56269418 |
|
39 |
90276197 |
25/10/2013 * |
11,600,000,000.00 |
STATE BANK OF INDIA |
COMMERCIAL BRANCH VARDHMAN TRADE CENTER,
PLOT NO. 3&$ IIND FLOOR DDA BUILDING NEHRU PLACE, NEW DELHI, DELHI -
110019, INDIA |
B91168807 |
|
* Date of charge modification |
||||||
PERFORMANCE
During the year,
the growth in Profit was possible as a result of higher sales realization,
increased production and productivity, better cost management and operational
efficiencies.
Sales and other
income for the year has been Rs. 33466.100 Millions as compared to Rs.
26332.500 Millions last year registering an increase of 27%. Profit/(Loss) from
operations before depreciation and tax for the year was Rs. 2474.300 Millions
as compared to Rs. 2344.100 Millions last year. The Net Profit after Tax for
the year was Rs. 12,094 Lacs as compared to Net Profit of Rs. 1045.900 Millions
last year showing an increase of 16%.
During the year
sales of Glycols (MEG, DEG, TEG and Heavy Glycols) has increased to 91,215 MT
as compared to 82,639 MT during the last year and in Sales Value to Rs.
6933.700 Millions from Rs. 5921.100 Millions as compared to last year. The
Company has witnessed an increase in Exports at Rs.17719.700 Millions as
compared to Rs. 12545.600 Millions during the last year. The Company has shown
a remarkable performance in export sales and registered a growth of 41% despite
slowdown in the international markets.
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.
The EO Derivatives
business has registered higher sales volume of 1,04,157 MT during the year as
compared to 94,902 MT during previous year and also higher Sales Value at
Rs.10052.500 Millions compared to Rs. 8895.900 Millions during the previous
year.
The performance of
Natural Gums Division under the Chemical Segment had been overwhelming during
the year. The company has carved a niche in world market and now is known as a
consistent quality manufacturer.
Natural Gums
business segment witnessed growth in profits due to higher sales realization.
During the year, Guar gum powder and derivatives sales has increased to Rs.
7424.300 Millions as compared to Rs. 3949.100 Millions during previous year and
registered a growth of 88% over the last year.
The borrowing cost
has increased to Rs. 1327.200 Millions as compared to Rs.1132.000 Millions last
year, due to increase in the borrowings as well as increase in the overall
interest rates by all the banks.
EXPORTS
During the year,
the Company has achieved total export turnover of Rs. 17719.700 Millions as
compared to Rs.12545.600 Millions last year. The Company hopes to achieve
reasonable growth in the overall export sales in the current year though the
market conditions remain extremely challenging. 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 6602.700 Millions compared to Rs.
5016.800 Millions last year in the Ethyl Alcohol (Potable) division. During the
year thrust was given on the export of high quality Extra Neutral Alcohol
(ENA). 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 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,
Ennature Bio-Pharma division achieved a turnover of Rs. 642.200 Millions as
compared to Rs. 363.800 Millions during the last year and registered a growth
of 77% over the last year. Variety in Product Folio available with the Company
has created enhanced business opportunity and a better penetration into
domestic as well as international market.
The company has
enhanced its production capabilities from 200 MT to 400 MT hence achieved
better plant utilization from 55% to 75%.
During the year,
the Company has created four new process patents to hold intellectual property
rights on products namely; Thiocolchicoside, Marigold lutein, DHA and Green
Ginger Shogaol. They have also designed various new formulations,
micro-encapsulated forms from the existing SCF-CO2 process in order to have
better product portfolio.
Company is working
towards creating value for its generic products by branding, repositioning and
generating technical backup with the help of professional institutes.
INDUSTRIAL GASES
The Industrial
Gases division producing Oxygen, Nitrogen and Argon with an overall capacity of
13,460 NM3/h. During the year under review, Company produced approximately 669
lacs NM3 of Oxygen and 231lacs NM3 of Nitrogen. Both Oxygen and Nitrogen were
successfully marketed and also used for own requirement. Industrial gases
division also produced 16 lacs 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 50,073 MT of Carbon
Di-oxide (CO2). During the year, Industrial Gases segment registered total sales
of Rs. 339.000 Millions compared to Rs. 314.400 Millions last year.
The Company has
its own in house facilities for manufacturing of ETHYLENE OXIDE (EO) and Liquid
Carbon-Dioxide (CO2) at its Kashipur plant, suitable for Sterilization of
Disposable Surgical and Medical Devices, spices and packing substances like
rubber plastic etc. It is the only plant in Northern India to have such
manufacturing facility, therefore, they have a distinct edge over other
suppliers in the market.
During the year,
Company has registered total sale of 600 MT of EO CO2 having a value of Rs.
24.900 Millions and Company hopes to achieve better results in coming years.
JOINT VENTURE FOR
PRIVATE FREIGHT TERMINAL (PFT)
The Company has a
Joint Venture with Fourcee Infrastructure Equipments Private Limited (FIEPL)
for setting up a private freight terminal providing railway based logistic
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 multimodal logistics solutions to
their 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 delivery of goods and enable better inventory management.
The total initial
equity investment base of the Company would be around Rs. 300.000 Millions,
which would be contributed by Joint Venture Partners equally. The estimated
project cost would be Rs.750.000 Millions. The facility is expected to be
commissioned by last quarter of this financial year.
FINANCE
During the year,
Company has raised Term Loans of Rs. 3657.400 Millions and repaid total loans
of Rs. 2961.300 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
operates a sugar manufacturing plant in the state of Uttar Pradesh with a
crushing capacity of 7500 tones per day (TCD) along with a modern distillery of
60 KL per day (KLPD) producing high quality rectified spirit and an internal
bagasse fired co-generation plant of 11 MW catering to the captive power needs
of the sugar and distillery units.
The net worth of
Shakumbari Sugar and Allied Industries Limited (SSAIL) has been completely
eroded, therefore, the Company has been declared as Sick Company under the
provisions of section 3(1) (o) of the Sick Industrial Companies (Special
Provisions) Act, 1985. The BIFR has directed IDBI Bank Limited. Being the
Operating Agency to prepare and submit the revival scheme for SSAIL.
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. Limited. 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 REPORT
PRODUCTS
INDIA GLYCOLS
LIMITED is one of the leading manufacturer of Glycols, Ethylene Oxide
Derivatives, Ethyl Alcohol (Potable), Natural Gum and Derivatives 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 chemicals, Ethyl Alcohol and others 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 include
Nutraceuticals and Herbal Extracts, Industrial Gases etc.
CHEMICAL SEGMENT
Sales in the
Chemical segment has increased from Rs. 23,394 million in FY 2011-12 to Rs.
30,906 million in FY 2012-13.This segment is highest contributor at 80% to the
total turnover of the Company. Increase in value has primarily come from
Exports of Natural Gum products, Ethylene Oxide Derivatives and Bio-MEG.
Company has regulated its Domestic sales as it was not feasible to market MEG
using expensive Ethanol.
GLYCOLS AND EOD
Sales of Glycols
(MEG, DEG, TEG and Heavy Glycols) has increased from Rs. 5,921million in FY
2011-12 to Rs. 6,934 million in FY 2012-13.In view of higher feedstock cost,
the focus has been on sales of Bio-MEG for exports.
Sales under
Ethylene Oxide Derivatives (EOD) business has increased from Rs. 8,896 million
in FY 2011-12 to Rs. 10,052 million in 2012-13. EOD business has accounted for
33% of company’s revenues from Chemical business and is highest contributor at
26% to the total revenue of the Company. 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. Company has carved
a niche in world market and now is known as the consistent quality manufacturer
among the customers world over.
Sales under
Natural Gum business has increased from Rs. 3,956 million in FY 2011-12 to Rs.
7,424 million in 2012-13. Natural Gum business has accounted for 24% of
Company’s revenues from Chemical business and contributed at 19% to the total
revenue of the Company.
ETHYL ALCOHOL
(POTABLE) AND EXTRA NEUTRAL ALCOHOL
In the Ethyl
Alcohol (Potable) and Extra Neutral Alcohol segment, Company registered total
sales of Rs.6,603 million compared to Rs. 5,017 million last year and Rs. 3,415
million a year before. Efforts are being made to further increase the sales in
the segment.
|
|
2010-11 |
2011-12 |
2012-13 |
|
Sales Value (Rs.
in Million) |
3,415 |
5,017 |
6,603 |
INDUSTRIAL GASES
Company produced
669 lacs NM3 of Oxygen and 231 lacs 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 16 Lacs NM3 of Argon and
50,073 MT of Carbon Di-oxide, which were marketed successfully.
Under the
Industrial Gases division, Company registered total sales of Rs.339 million
compared to Rs. 314 million last year and Rs. 294 million a year before.
|
|
2010-11 |
2011-12 |
2012-13 |
|
Sales Value (Rs.
in Million) |
294 |
314 |
339 |
EXPORTS
Company has
identified exports as a key future growth driver. It has already established
itself as a major domestic speciality ethoxylates company and with the
increased capacities, the scope for exports would be explored for higher
growth.
Exports have
achieved a growth of 41% in turnover from Rs.12,546 million in 2011-12 to
Rs.17,720 million in 2012- 13 despite slow down in the international markets. The
future thrust would be in the area of marketing Bio-MEG and Bio-Ethoxylates to
niche markets for achieving better contribution.
|
|
2010-11 |
2011-12 |
2012-13 |
|
Export Sales
Value (Rs. in Million) |
7046 |
12546 |
17720 |
The major export markets
are the USA, South East Asia, Middle East and China as they have logistic
advantage in these regions. They export their chemical products to more than 40
countries worldwide and the thrust for exports would be to other regions in
Europe, Japan and Latin America for promotion of Bio-MEG and Bio-EODs.
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.
Sales (Net) and
other income for the year has been Rs. 33,466 million compared to Rs. 26,332
million last year showing an increase by 27% vis a vis last year. Profit/(Loss)
from operations before Depreciation and tax for the year was Rs. 2,474 million
as compared to Rs. 2,344 million last year. The Net Profit after Tax for the
year was Rs.1,209 million as compared to Net Profit of Rs. 1,046 million last
year showing an increase by 16%.
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.
During the year
sales of Glycols (MEG, DEG, TEG and Heavy Glycols) has increased to 91215 MT as
compared to 82639 MT during the last year and in Sales Value to Rs. 6,934
million from Rs. 5,921 million as compared to last year. The EO Derivatives
business has registered higher sales Value at Rs. 10,052 million compared to
Rs. 8,896 million during the previous year.
Natural Gums
business segment witnessed growth in profits due to higher sales realization
and volumes. During the year, Guar gum powder and derivatives sales has
increased to Rs. 7,424 million as compared to Rs. 3,956 million during previous
year and registered a growth of 88% over the last year.
The borrowing cost
has increased to Rs. 1,327 million as compared to Rs.1,132 million last year,
due to increase in the borrowings.
During the year, Company
has raised Term Loans of Rs. 3,657 million and repaid total loans of Rs. 2,961
million.
During the year,
the Gross Fixed Assets has increased to Rs. 17,288 million from Rs.16,243
million in 2011-12.
The Company has
been regular in meeting its obligations towards payment of principal/interest
to Financial Institutions/Banks/Debenture holders/Fixed Deposit holders.
FIXED ASSETS
· Land
· Leasehold Land
· Buildings
· Plant and Machinery
· Furniture and Fixtures
· Vehicles
· Specialised Computer Software
UNAUDITED
FINANCIAL RESULTS FOR THE QUARTER AND HALF YEAR ENDED ON 30TH
SEPTEMBER, 2013
(Rs. in millions)
|
Sr. No. |
Particular |
Quarter Ended |
Period Ended |
|
|
|
|
30.09.2013 (Unaudited) |
30.06.2013 (Unaudited) |
30.09.2013 (Unaudited) |
|
1. |
Income from
Operations |
|
|
|
|
|
Net Sales |
6806.400 |
8109.400 |
14915.800 |
|
|
Other Operating Income |
33.600 |
30.700 |
64.300 |
|
|
Net Sales/Income
from Operations |
6840.000 |
8140.100 |
14980.100 |
|
|
|
|
|
|
|
2. |
Expenditure |
|
|
|
|
|
Cost of Material Consumed
|
3360.300 |
4624.100 |
7984.400 |
|
|
Purchase of Stock in Trade |
1026.400 |
1317.100 |
2343.500 |
|
|
Change in Inventories of Finished Goods, Work-In-Progress and
Stock In Trade |
309.800 |
(359.700) |
(49.900) |
|
|
Employee Benefits Expenses |
192.600 |
192.400 |
385.000 |
|
|
Depreciation and Amortization Expenses |
204.700 |
204.600 |
409.300 |
|
|
Power and fuel |
805.500 |
856.800 |
1662.300 |
|
|
Other Expenses |
403.200 |
703.600 |
1106.800 |
|
|
f) Total |
6302.500 |
7538.900 |
13841.400 |
|
|
|
|
|
|
|
3. |
Profit
From Operations before Other Income, Interest and Exceptional Items (1-2) |
537.500 |
601.200 |
1138.700 |
|
|
|
|
|
|
|
4. |
Other Income |
105.500 |
124.400 |
229.900 |
|
|
|
|
|
|
|
5. |
Profit
Before Interest and Exceptional Items (3+4) |
643.000 |
725.600 |
1368.600 |
|
|
|
|
|
|
|
6. |
Interest |
302.000 |
342.800 |
644.800 |
|
|
|
|
|
|
|
7. |
Profit
After Interest but before Exceptional Items (5-6) |
341.000 |
382.800 |
723.800 |
|
|
|
|
|
|
|
8. |
Exceptional Items |
721.700 |
773.100 |
1494.800 |
|
|
|
|
|
|
|
9. |
Profit
from Ordinary Activities before Tax (7+8) |
(380.700) |
(390.300) |
(771.000) |
|
|
|
|
|
|
|
10. |
Tax Expense |
(118.000) |
(128.000) |
(246.000) |
|
|
|
|
|
|
|
11. |
Net
Profit from Ordinary Activities after Tax (9-10) |
(262.700) |
(262.300) |
(525.000) |
|
|
|
|
|
|
|
12. |
Extraordinary Item (net of expense) |
-- |
-- |
-- |
|
|
|
|
|
|
|
13. |
Net
Profit for the period (11-12) |
(262.700) |
(262.300) |
(525.000) |
|
|
|
|
|
|
|
14. |
Paid-up Equity Share Capital (Face Value of Rs.10/- Each) |
309.600 |
309.600 |
309.600 |
|
|
|
|
|
|
|
15. |
Reserves Excluding Revaluation Reserve |
-- |
-- |
-- |
|
|
|
|
|
|
|
16. |
Basic and Diluted Earning Per Share (EPS) (Rs.)-Not
Annualised |
(8.48) |
(8.47) |
(16.96) |
|
|
|
|
|
|
|
17. |
Public
Shareholding |
|
|
|
|
|
-Number of Shares |
12053175 |
12472278 |
12053175 |
|
|
- Percentage of Shareholding |
38.93% |
40.28% |
38.93% |
|
|
|
|
|
|
|
18. |
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) |
0.85% |
0.87% |
0.85% |
|
|
- Percentage of Shares (as a % of the Total Share Capital
of the Company) |
0.52% |
0.52% |
0.52% |
|
|
|
|
|
|
|
|
b)
Non Encumbered |
|
|
|
|
|
- Number of Shares |
18748325 |
18329222 |
18748325 |
|
|
- Percentage of Shares (as a % of the Total Shareholding
of Promoter and Promoter Group) |
99.15% |
99.13% |
99.15% |
|
|
- Percentage of Shares (as a % of the Total Share Capital
of the Company) |
60.55% |
59.20% |
60.55% |
|
Particulars
|
Quarter
Ended 30.09.2013 |
|
Pending at the beginning of the quarter |
-- |
|
Received during the quarter |
8 |
|
Disposed of during the quarter |
8 |
|
Remaining unresolved at the end of the quarter |
-- |
SEGMENT
WISE REVENUE, RESULTS AND CAPITAL EMPLOYED
(Rs.
In Millions)
|
Sr. No. |
Particular |
30.09.2013 |
30.06.2013 |
30.09.2013 |
|
|
|
Quarter Ended |
Period Ended |
|
|
1 |
Segment Revenue |
|
|
|
|
|
- Industrial Chemicals |
6166.600 |
7265.800 |
13432.400 |
|
|
- Ethyl Alcohol (Potable) |
538.400 |
678.200 |
1216.600 |
|
|
- Others |
101.400 |
165.400 |
266.800 |
|
|
Total |
6806.400 |
8109.400 |
14915.800 |
|
2 |
Segment Profit /
(Loss) before Interest and Tax |
|
|
|
|
|
- Industrial Chemicals |
231.000 |
472.800 |
703.800 |
|
|
- Ethyl Alcohol (Potable) |
16.800 |
108.300 |
125.100 |
|
|
- Others |
10.300 |
29.100 |
39.400 |
|
|
Total |
258.100 |
610.200 |
868.300 |
|
|
Less : - Interest (Net) |
302.000 |
342.800 |
644.800 |
|
|
- Unallocated corporate expenses net of unallocable income |
336.800 |
657.700 |
994.500 |
|
|
Profit /(Loss)
before tax |
(380.700) |
(390.300) |
(771.000) |
|
3 |
Capital Employed
(Segment assets- Segment liabilities) |
|
|
|
|
|
- Industrial Chemicals |
17136.500 |
17956.800 |
17136.500 |
|
|
- Ethyl Alcohol (Potable) |
1220.800 |
1201.500 |
1220.800 |
|
|
- Others |
1927.300 |
1947.600 |
1927.300 |
|
|
Total |
20284.600 |
21105.900 |
20284.600 |
STATEMENT
OF ASSETS AND LIABILITIES
|
PARTICULARS |
30.09.2013
UNAUDITED |
|
Equity and
liabilities |
|
|
Shareholders'
fund |
|
|
Share capital |
309.600 |
|
Reserve &
surplus |
5405.100 |
|
Sub-total - Shareholders' funds |
5714.700 |
|
Non - current
liabilities |
|
|
Long term
borrowings |
6734.100 |
|
Deferred tax
liability (net) |
1321.900 |
|
Other Long Term
Liabilities |
56.800 |
|
Long term
provisions |
33.100 |
|
Sub-total - Non-current liabilities |
8145.900 |
|
Current
liabilities |
|
|
Short term
borrowings |
10009.500 |
|
Trade payables |
4267.500 |
|
Other current
liabilities |
3339.600 |
|
Short term
provisions |
64.200 |
|
Sub-total - Current liabilities |
17680.800 |
|
Total - Equity & Liabilities |
31541.400 |
|
|
|
|
Assets |
|
|
Non-current
assets |
|
|
Fixed assets |
12784.900 |
|
Non-current
investment |
569.500 |
|
Long term loans
& advances |
922.200 |
|
Other
non-current assets |
43.300 |
|
Sub-total - Non-current Assets |
14319.900 |
|
Current assets |
|
|
Current
Investments |
459.500 |
|
Inventories |
5118.700 |
|
Trade
receivables |
4096.800 |
|
Cash & bank
balances |
1243.000 |
|
Short term loans
& advances |
6280.500 |
|
Other current
assets |
23.000 |
|
Sub-total - Current Assets |
17221.500 |
|
Total – Assets |
31541.400 |
NOTES
1 Tax expenses represents deferred tax reversal of Rs. 118.000 Millions and
Rs. 246.000 Millions for the quarter and half year ended September 30, 2013,
2. 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 affect the cash flow of the Company
and actual gain/loss in this respect is ascertainable only on the final
settlement of such contracts.
3. Company has investment of Rs. 542.800 Millions in equity shares and
10% cumulative redeemable preference share capital and loans amounting to Rs.
178.100 Millions (including interest accrued) in a subsidiary company
Snakumbari Sugar and Allied Industries Limited (SSAIL) where net worth as per
the audited accounts for the year ended March 31, 2013 have been fully eroded
and has also been declared sick industrial undertaking as per the provision of
Sick Industrial Companies Act, 1985. Considering the intrinsic value of the
investee assets, long term nature of investment and direction issued by the
Hon’ble Board for Industrial and Financial Reconstruction for preparation of
revival scheme by the operating agency as appointed, no provision at this stage
is considered necessary by the management against investments made in above
stated subsidiary. On this auditors' has arawn attention.
4. IGL Finance Limited, a 100% subsidiary of the Company had invested
short term funds in commodity financing product offered by National Spot
Exchange Limited (NSEL).NSEL has defaulted in making payment to IGL Finance
Limited. The Company’s total exposure in IGL Finance Limited is Rs. 1553.900
Millions as on September 30, 2013 (including investment in equity shares of Rs.
12.500 Millions). Considering the present state of affairs and actions
initiated by the Government and other authorizes for recovery of dues along
with interest thereon from NSEL, the management is confident of recovery over a
period of time. The company has stopped accruing income on the same.
5. The Plant was under shut down from September 25, 2013 to October 07,
2013 for catalyst change.
6. Exceptional items represents exchange rate differences on payment
settlement as well as reinstatement of short term foreign currency borrowings
and other monetary assets/ liabilities.
7. Previous quarter/year figures have been regrouped / reclassified wherever
considered necessary.
8. The above results were reviewed by the Audit committee and have been
approved by the Board of Directors in Its meeting held on November 11, 2013.
9. The Statutory Auditors have carried out a limited review of the above
financial results.
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 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 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. 62.37 |
|
|
1 |
Rs. 102.24 |
|
Euro |
1 |
Rs. 84.97 |
INFORMATION DETAILS
|
Information
Gathered by : |
PLK |
|
|
|
|
Report Prepared
by : |
DPT |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
7 |
|
PAID-UP CAPITAL |
1~10 |
6 |
|
OPERATING SCALE |
1~10 |
5 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
6 |
|
--PROFITABILIRY |
1~10 |
5 |
|
--LIQUIDITY |
1~10 |
5 |
|
--LEVERAGE |
1~10 |
5 |
|
--RESERVES |
1~10 |
6 |
|
--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 |
|
50 |
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.