MIRA INFORM REPORT
|
Report Date : |
04.03.2014 |
IDENTIFICATION DETAILS
|
Name : |
AMRIT POLYCHEM PRIVATE LIMITED |
|
|
|
|
Registered
Office : |
404, Gurukrupa, 133 Kazi Sayed Street, Masjid, Mumbai-400003,
Maharashtra |
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Country : |
India |
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|
Financials (as
on) : |
31.03.2013 |
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Date of
Incorporation : |
28.03.2012 |
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Com. Reg. No.: |
11-228844 |
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Capital
Investment / Paid-up Capital : |
Rs.35.000
Millions |
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|
|
CIN No.: [Company Identification
No.] |
U24233MH2012PTC228844 |
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|
|
Legal Form : |
Private Limited Liability Company |
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Line of Business
: |
Manufacturer, Exporter and Importer of Chemicals. |
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No. of Employees
: |
40 (Approximately) |
RATING & COMMENTS
|
MIRA’s Rating : |
B (28) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
Maximum Credit Limit : |
USD 165600 |
|
|
|
|
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 relatively new company having a moderate track record. The company has achieved decent sales turnover in its first year of business
operation. Reserves of the company reported to be low. However, trade relations are improving. Business is active. Payment
terms are slow but correct. The company can be considered for business dealings 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.
INDIAN ECONOMIC OVERVIEW
The worst is over for India’s economy with gross domestic product likely
to expand 5 %to 5.5 % this year and more than 6 % in 2015, according to Moody’s
Analytics. Concerns over the rupee and current account deficit are under
control, said the agency. Ratings firm Crisil has forecast 6 % growth for
2014/15 up from the estimated 4.8 % for 2013/14. Total economic growth,
infrastructure bottlenecks and lack of transparency and consistency in foreign
direct investment policies seem to have taken a toll on India’s attractiveness
as an investment destination, says an Ernst & Young survey. Projects
with FDI component fell 16.4 % across the globe in 2012 from the previous
year. The drop in India was steeper at 21 %. State run carrier Air India
is doling out free tickets to its 24000 employees, even as it expects to incur
a loss of Rs 39000 mn this financial year and has a debt of Rs 350000 mn.
550000 number of jobs generated across India in 2013, a fall of 0.4 % as
compared to with a year earlier. The National Capital Region has a
one-fourth share in total jobs created, according to a study by industry lobby
group Assochem, Banks, real estate, automobile and telecommunications sectors
are showing a rise of job creation. $ 805 mn investments by venture capital firms
in India during 2013, registering a drop of about 18 % over the previous year.
The Information Technology and IT-Enabled Services Industry retained its
status as the favourable venture capital investors in 2013. Pakistan has
temporarily banned gold imports for the second time in six months, as it tries
to stem smuggling into India. India’s import duty on gold is 10 % and curbs on
purchases have dried up legal imports into what used to be the world’s biggest
bullion buyers. The World Gold Council puts the amount smuggled into India at
upto 200 tonnes in 2013. The Reserve Bank of India has proposed that unclaimed
bank deposits estimated to be about Rs 35000 mn be used for education and
awareness among depositors. According to the plan, deposits that have not
been claimed for at least 10 years will be transferred to the scheme.
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 PARTED BY
|
Name : |
Mr. Hemal Parikh |
|
Designation : |
Account Manager |
|
Contact No.: |
91-9819366604 |
|
Date : |
28.02.2014 |
LOCATIONS
|
Registered Office : |
404, Gurukrupa, 133 Kazi Sayed Street, Masjid, Mumbai-400003,
Maharashtra, India |
|
Tel. No.: |
91-22-66312476 / 66312876 / 23435233 |
|
Mobile No.: |
91-9819366603 [Mr. Jay – Finance Manager] 91-9819366604 [Hemal Parikh] |
|
Fax No.: |
91-22-23424347 |
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E-Mail : |
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Website : |
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Location: |
Owned |
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|
|
|
Sales Office 1 : |
6, Laxmi Bhuvan, 3rd Golibar Road, T P S III, Santacruz
(East), Mumbai-400055, Maharashtra, India |
|
Tel. No.: |
91-22-28389973 / 26178662 / 26195967 |
|
Fax No.: |
91-22-26160374 |
|
|
|
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Sales Office 2 : |
Shop No. 3, Patel Terrace, D Aghadi Nagar, Near Pump House, Andheri
(East), Mumbai-400093, Maharashtra, India |
|
|
|
|
Factory: |
30, 31 Hitel, Industrial Estate, Alialo Village, Palghar (West),
Maharashtra, India |
|
Location: |
Owned |
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Branch Office : |
Located At:
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DIRECTORS
AS ON 13.09.2013
|
Name : |
Mr. Mukesh Amritlal Bakhai |
|
Designation : |
Director |
|
Address : |
303, Regal Apartment, Near Khira Nagar, S V Road, Santacruz, Mumbai-400054,
Maharashtra, India |
|
Date of Birth/Age : |
15.08.1959 |
|
Date of Appointment : |
28.03.2012 |
|
Din No.: |
03052303 |
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Pan No.: |
AGEPB1081G |
|
|
|
|
Name : |
Ms. Leena Mukesh Bakhai |
|
Designation : |
Director |
|
Address : |
303, Regal Apartment, Near Khira Nagar, S V Road, Santacruz,
Mumbai-400054, Maharashtra, India |
|
Date of Birth/Age : |
25.06.1963 |
|
Date of Appointment : |
28.03.2012 |
|
Din No.: |
05147469 |
|
Pan No.: |
AFHPB5547B |
|
|
|
|
Name : |
Mr. Ambrish Mukesh Bakhai |
|
Designation : |
Director |
|
Address : |
303, Regal Apartment, Near Khira Nagar, S V Road, Santacruz,
Mumbai-400054, Maharashtra, India |
|
Date of Appointment : |
28.03.2012 |
|
Din No.: |
03086867 |
|
Pan No.: |
AMUPB6642B |
|
|
|
|
Name : |
Mr. Akshar Mukesh Bakhai |
|
Designation : |
Director |
|
Address : |
303, Regal Apartment, Near Khira Nagar, S V Road, Santacruz,
Mumbai-400054, Maharashtra, India |
|
Date of Birth/Age : |
02.02.1990 |
|
Date of Appointment : |
28.03.2012 |
|
Din No.: |
05170281 |
|
|
|
|
Name : |
Ms. Nirmala Amritlal Bakhai |
|
Designation : |
Director |
|
Address : |
303, Regal Apartment, Near Khira Nagar, S V Road, Santacruz,
Mumbai-400054, Maharashtra, India |
|
Date of Birth/Age : |
25.07.1934 |
|
Date of Appointment : |
28.03.2012 |
|
Din No.: |
05170278 |
|
Pan No.: |
AAJPB7895F |
KEY EXECUTIVES
|
Name : |
Mr. Hemal Parikh |
|
Designation : |
Account Manager |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 13.09.2013
|
Names of Shareholders |
|
No. of Shares |
|
Mukesh Amritlal Bakhai |
|
2799990 |
|
Leena Mukesh Bakhai |
|
525000 |
|
Ambrish Mukesh Bakhai |
|
82250 |
|
Akshar Mukesh Bakhai |
|
82250 |
|
Ramesh Amritlal Bakhai |
|
3500 |
|
Nirmala Amritlal Bakhai |
|
3500 |
|
Hemal Rasiklal Parekh |
|
3500 |
|
Boman Irani |
|
1 |
|
Chiranjiv Vaghani |
|
1 |
|
Chiranjiv Vaghani HUF |
|
1 |
|
Jignesh Shah [Partner of Jay Jeet Developers] |
|
1 |
|
Labhumati R. Parekh |
|
1 |
|
Manglaben P. Chitalia |
|
1 |
|
Milton Construction LLP, India |
|
1 |
|
Rehmanbhai [Partner of Patel Developers] |
|
1 |
|
Rasiklal M. Parekh |
|
1 |
|
Mukesh H. Mehta |
|
1 |
|
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|
|
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TOTAL
|
|
3500000 |
AS ON 13.09.2013
|
Equity Share Breakup |
|
Percentage of Holding |
|
Category |
|
|
|
Directors
or relatives of directors |
|
100.00 |
BUSINESS DETAILS
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Line of Business : |
Manufacturer, Exporter and Importer of Chemicals. |
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Products : |
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Exports : |
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Products : |
Chemicals |
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Countries : |
Nigeria |
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Imports : |
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Products : |
Chemicals |
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Countries : |
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Terms : |
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Selling : |
L/C, Cash and Credit |
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Purchasing : |
L/C, Cash and Credit |
GENERAL INFORMATION
|
Suppliers : |
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Customers : |
Wholesalers and Retailers
|
|
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No. of Employees : |
40 (Approximately) |
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|
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Bankers : |
Indian Overseas Bank,
111/115, Gulabi House, Kazi Sayed Street, Mandvi, Mumbai-400003, Maharashtra,
India |
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|
|
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Facilities : |
Fund and Non Fund: Rs. 200.000 Millions |
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Banking
Relations : |
-- |
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|
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Auditors : |
|
|
Name : |
B.P.L. Associates Chartered Accountants |
|
Address : |
602, Neelyog Square, 6th Floor, Above Fame Theatre, Fame
Theatre Entry, Opposite Ghatkopar Station, Ghatkopar (East), Mumbai-400077,
Maharashtra, India |
|
PAN No: |
AACPB4758N |
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|
|
|
Sister Concern: |
Premukh Poly
Products Address: 404, Gurukrupa, 133 Kazi Sayed Street, Masjid, Mumbai-400003,
Maharashtra, India Line of Business: Manufacturer of Polyurethane foam. |
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Other Related Parties : |
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CAPITAL STRUCTURE
AS ON 31.03.2013
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
5000000 |
Equity Shares |
Rs.10/- each |
Rs.50.000 Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
3500000 |
Equity Shares |
Rs.10/- each
|
Rs.35.000
Millions |
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES
OF FUNDS |
|
|
31.03.2013 |
|
I.
EQUITY AND LIABILITIES |
|
|
|
|
(1)Shareholders' Funds |
|
|
|
|
(a) Share Capital |
|
|
35.000 |
|
(b) Reserves & Surplus |
|
|
6.422 |
|
(c) Money
received against share warrants |
|
|
0.000 |
|
|
|
|
|
|
(2)
Share Application money pending allotment |
|
|
0.000 |
|
Total Shareholders’ Funds (1) + (2) |
|
|
41.422 |
|
|
|
|
|
|
(3)
Non-Current Liabilities |
|
|
|
|
(a)
long-term borrowings |
|
|
132.917 |
|
(b) Deferred tax
liabilities (Net) |
|
|
0.014 |
|
(c)
Other long term liabilities |
|
|
0.000 |
|
(d)
long-term provisions |
|
|
0.000 |
|
Total
Non-current Liabilities (3) |
|
|
132.931 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a)
Short term borrowings |
|
|
0.000 |
|
(b)
Trade payables |
|
|
190.487 |
|
(c)
Other current liabilities |
|
|
175.404 |
|
(d)
Short-term provisions |
|
|
0.000 |
|
Total
Current Liabilities (4) |
|
|
365.891 |
|
|
|
|
|
|
TOTAL |
|
|
540.244 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a)
Fixed Assets |
|
|
|
|
(i)
Tangible assets |
|
|
28.965 |
|
(ii)
Intangible Assets |
|
|
0.000 |
|
(iii)
Capital work-in-progress |
|
|
0.000 |
|
(iv) Intangible assets under
development |
|
|
0.000 |
|
(b)
Non-current Investments |
|
|
0.000 |
|
(c)
Deferred tax assets (net) |
|
|
0.000 |
|
(d) Long-term Loan and Advances |
|
|
0.000 |
|
(e)
Other Non-current assets |
|
|
0.000 |
|
Total
Non-Current Assets |
|
|
28.965 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a)
Current investments |
|
|
0.087 |
|
(b)
Inventories |
|
|
126.223 |
|
(c)
Trade receivables |
|
|
342.703 |
|
(d)
Cash and cash equivalents |
|
|
2.024 |
|
(e)
Short-term loans and advances |
|
|
6.522 |
|
(f)
Other current assets |
|
|
33.720 |
|
Total
Current Assets |
|
|
511.279 |
|
|
|
|
|
|
TOTAL |
|
|
540.244 |
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
|
|
31.03.2013 |
|
|
|
SALES |
|
|
|
|
|
|
|
Sales |
|
|
1130.000 (Approximately) |
|
|
|
Other Income |
|
|
NA |
|
|
|
TOTAL |
|
|
NA |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
TOTAL |
|
|
NA |
|
|
|
|
|
|
|
|
|
PROFIT / (LOSS)
BEFORE TAX |
|
|
9.619 |
|
|
|
|
|
|
|
|
|
Less |
TAX |
|
|
NA |
|
|
|
|
|
|
|
|
|
|
PROFIT / (LOSS)
AFTER TAX |
|
|
NA |
|
|
|
|
|
|
|
|
|
|
Earnings /
(Loss) Per Share (Rs.) |
|
|
NA |
|
Expected Sales (2013-2014) : Rs.1400.000 Millions
The above information has been parted by Mr. Hemal Parikh (Account
Manager)
KEY RATIOS
|
PARTICULARS |
|
|
|
31.03.2013 |
|
Return on Total Assets (PBT/Total Assets} |
(%) |
|
|
1.78 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
|
|
0.23 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt/Networth) |
|
|
|
3.21 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
|
|
1.40 |
FINANCIAL ANALYSIS
[all figures are
in Rupees Millions]
DEBT EQUITY RATIO
|
Particular |
|
|
31.03.2013 |
|
|
|
|
(Rs.
In Millions) |
|
Share Capital |
|
|
35.000 |
|
Reserves & Surplus |
|
|
6.422 |
|
Net
worth |
|
|
41.422 |
|
|
|
|
|
|
long-term borrowings |
|
|
132.917 |
|
Short term borrowings |
|
|
900.000 |
|
Total
borrowings |
|
|
1,032.917 |
|
Debt/Equity
ratio |
|
|
24.936 |
LOCAL AGENCY FURTHER INFORMATION
CURRENT MATURITIES
OF LONG-TERM DEBT DETAILS:
|
Particulars |
|
|
31.03.2013 |
|
|
(Rs. In Millions) |
||
|
Current maturities of long-term debt |
|
|
123.538
|
|
|
|
|
|
|
Total |
|
|
123.538
|
|
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 |
Yes |
|
8] |
No. of employees |
Yes |
|
9] |
Name of person contacted |
Yes |
|
10] |
Designation of contact person |
Yes |
|
11] |
Turnover of firm for last one year |
Yes |
|
12] |
Profitability for one year |
Yes |
|
13] |
Reasons for variation <> 20% |
-- |
|
14] |
Estimation for coming financial year |
Yes |
|
15] |
Capital in the business |
Yes |
|
16] |
Details of sister concerns |
Yes |
|
17] |
Major suppliers |
Yes |
|
18] |
Major customers |
Yes |
|
19] |
Payments terms |
Yes |
|
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 |
Yes |
|
31] |
PAN of Proprietor/Partner/Director, if available |
Yes |
|
32] |
Date
of Birth of Proprietor/Partner/Director, if available |
Yes |
|
33] |
Voter ID No of Proprietor/Partner/Director, if available |
No |
|
34] |
External Agency Rating, if available |
No |
INDEX OF CHARGES:
|
S. NO. |
CHARGE ID |
DATE OF CHARGE CREATION/MODIFICATION |
CHARGE AMOUNT
SECURED |
CHARGE HOLDER |
ADDRESS |
SERVICE REQUEST
NUMBER (SRN) |
|
1 |
10390914 |
07/02/2013 * |
234,000,000.00 |
INDIAN OVERSEAS
BANK |
111/115 GULABI HOUSE,
KAZI SAYED STREET,MANDVI, MUMBAI - 400003, MAHARASHTRA, INDIA |
B77228518 |
|
* Date of charge modification |
||||||
FINANCIAL RESULTS:
The Profit and Loss Account of the company shows a Net Profit amounting
to Rs. 9.619 Millions Before Tax.
|
Unsecured Loan |
As
on 31.03.2013 [Rs.
in Millions] |
|
Long Term
Borrowings |
|
|
Loans and Advances From Related Parties |
132.917 |
|
TOTAL
|
132.917 |
FIXED ASSETS
Tangible assets
- Land
- Buildings
- Furniture and fixtures
- Vehicles
- Office equipment
- Computer equipments
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 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.61.86 |
|
|
1 |
Rs.103.52 |
|
Euro |
1 |
Rs.85.31 |
INFORMATION DETAILS
|
Information
Gathered by : |
HNA |
|
|
|
|
Report Prepared
by : |
KVT |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
2 |
|
PAID-UP CAPITAL |
1~10 |
4 |
|
OPERATING SCALE |
1~10 |
4 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
3 |
|
--PROFITABILIRY |
1~10 |
3 |
|
--LIQUIDITY |
1~10 |
3 |
|
--LEVERAGE |
1~10 |
3 |
|
--RESERVES |
1~10 |
3 |
|
--CREDIT LINES |
1~10 |
3 |
|
--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 |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
TOTAL |
|
28 |
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.