MIRA INFORM REPORT
|
Report No. : |
306191 |
|
Report Date : |
02.02.2015 |
IDENTIFICATION DETAILS
|
Name : |
INDIA GLYCOLS LIMITED |
|
|
|
|
Registered
Office : |
A-1, Industrial Area, Bazpur Road, Kashipur, Udham Singh
Nagar – 244713, Uttarakhand |
|
|
|
|
Country : |
India |
|
|
|
|
Financials (as
on) : |
31.03.2014 |
|
|
|
|
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
: |
Information Declined By The Management |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (43) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Maximum Credit Limit : |
USD 14000000 |
|
|
|
|
Status : |
Satisfactory |
|
|
|
|
Payment Behaviour : |
Usually Correct |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Subject is an established company having satisfactory track record. The company has incurred heavy loss during F. Y. 2014 however, net
worth of the company is satisfactory. General financial position of the
company is normal and acceptable for business dealings Trade relations are reported as fair. Business is active. Payments
terms are reported to be usually correct. 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 – June 1, 2014
|
Country Name |
Previous Rating (31.03.2014) |
Current Rating (01.06.2014) |
|
India |
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
EXTERNAL AGENCY RATING
|
Rating Agency Name |
INDIA RATING |
|
Rating |
LONG - TERM RATING IND (BBB+) (downgraded from A-) |
|
Rating Explanation |
Moderate degree of safety. It carry moderate credit risk. |
|
Date |
06.05.2014 |
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
31-03-2014.
INFORMATION DENIED BY
Management non co- operative Tel No.: 91-120-3090100
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 : |
|
|
|
|
|
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 31.03.2014
|
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. 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. |
|
|
|
|
Audit Committee: |
· Mr. R.C. Mishra, Chairman · Mr. Jagmohan N. Kejriwal · Pradip Kumar Khaitan · M. K. Rao |
SHAREHOLDING PATTERN
As on 30.09.2014
|
Category of Shareholder |
No.
of Shares |
%
of No. of Shares |
|
(A) Shareholding of Promoter
and Promoter Group |
|
|
|
|
|
|
|
|
3235159 |
10.45 |
|
|
15672166 |
50.62 |
|
|
18907325 |
61.07 |
|
|
|
|
|
Total shareholding of Promoter
and Promoter Group (A) |
18907325 |
61.07 |
|
(B) Public Shareholding |
|
|
|
|
|
|
|
|
15948 |
0.05 |
|
|
23840 |
0.08 |
|
|
560565 |
1.81 |
|
|
600353 |
1.94 |
|
|
|
|
|
|
2266326 |
7.32 |
|
|
|
|
|
|
7295410 |
23.56 |
|
|
1306964 |
4.22 |
|
|
585122 |
1.89 |
|
|
556902 |
1.80 |
|
|
28220 |
0.09 |
|
|
11453822 |
36.99 |
|
Total Public shareholding (B) |
12054175 |
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 |
BUSINESS 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 : |
|
||||||
|
|
|
||||||
|
Brand Names : |
Not Available |
||||||
|
|
|
||||||
|
Agencies Held : |
Not Available |
||||||
|
|
|
||||||
|
Exports : |
Not Divulged |
||||||
|
|
|
||||||
|
Imports : |
Not Divulged |
||||||
|
|
|
||||||
|
Terms : |
Not Divulged |
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
|
Suppliers : |
|
||||||||||||||||||||||||||||||||||||
|
|
|
||||||||||||||||||||||||||||||||||||
|
Customers : |
|
||||||||||||||||||||||||||||||||||||
|
|
|
||||||||||||||||||||||||||||||||||||
|
No. of Employees : |
Information Declined By The Management |
||||||||||||||||||||||||||||||||||||
|
|
|
||||||||||||||||||||||||||||||||||||
|
Bankers : |
|
||||||||||||||||||||||||||||||||||||
|
|
|
||||||||||||||||||||||||||||||||||||
|
Facilities : |
NOTES: LONG TERM BORROWINGS: The Term Loans inter-se, are secured / to be secured by mortgage of
all immovable properties of the Company both present and future and
hypothecation of all movable properties of the Company (save and except book
debts) including movable machinery, machinery spares, tools and accessories,
both present and future subject to prior charges created and / or to be
created in favour of the bankers of the Company on stocks, book debts and
other specified movable properties for working capital requirements / Buyers
Credit. SHORT TERM BORROWINGS: Working Capital Loans from Banks are secured / to be secured by way of
hypothecation of book debts and stocks including in-transit and other
specified movable properties and second charge on all immovable properties of
the Company. Buyers Credit facility is secured against non-fund based
facility sanctioned to the Company. Further Packing credit facility of
Rs.157.000 Millions (Previous Year Nil) (included in working capital loans)
are specifically secured by pledge of deposit. Out of the above, working
capital facility of Rs. 572.326
Millions (Previous Year Rs. 472.744 Millions) is also secured by the
corporate guarantee of India Glycols Limited (The Holding Company). |
||||||||||||||||||||||||||||||||||||
|
|
|
||||||||||||||||||||||||||||||||||||
|
Statutory Auditors : |
|
||||||||||||||||||||||||||||||||||||
|
Name : |
Lodha and Company Chartered Accountant |
||||||||||||||||||||||||||||||||||||
|
|
|
||||||||||||||||||||||||||||||||||||
|
Cost Auditors : |
R. J. Goel and Company |
||||||||||||||||||||||||||||||||||||
|
|
|
||||||||||||||||||||||||||||||||||||
|
Memberships : |
Not Available |
||||||||||||||||||||||||||||||||||||
|
|
|
||||||||||||||||||||||||||||||||||||
|
Collaborators : |
Not Available |
||||||||||||||||||||||||||||||||||||
|
|
|
||||||||||||||||||||||||||||||||||||
|
Subsidiaries : |
|
||||||||||||||||||||||||||||||||||||
|
|
|
||||||||||||||||||||||||||||||||||||
|
Joint Venture Enterprise : |
|
||||||||||||||||||||||||||||||||||||
|
|
|
||||||||||||||||||||||||||||||||||||
|
Other Related Parties : |
|
||||||||||||||||||||||||||||||||||||
CAPITAL STRUCTURE
As on: 31.03.2014
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 |
|
|
|
|
|
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 Rs.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.
DETAILS OF
SHAREHOLDERS HOLDING MORE THAN 5% SHARES IN THE COMPANY
|
Name of Shareholder |
31.03.2014 |
|
Kashipur Holdings Limited |
10,287,406 |
|
Sajani Devi Bhartia |
2,100,249 |
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
I.
EQUITY
AND LIABILITIES |
|
|
|
|
(1)Shareholders' Funds |
|
|
|
|
(a) Share Capital |
309.615 |
309.615 |
278.825 |
|
(b) Reserves & Surplus |
4746.138 |
5980.718 |
4536.985 |
|
(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) |
5055.753 |
6290.333 |
4815.810 |
|
|
|
|
|
|
(3)
Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
6622.204 |
6577.161 |
6376.882 |
|
(b) Deferred tax liabilities (Net) |
1065.444 |
1567.923 |
1129.322 |
|
(c) Other long term
liabilities |
53.454 |
49.541 |
45.993 |
|
(d) long-term
provisions |
34.903 |
30.091 |
24.802 |
|
Total Non-current
Liabilities (3) |
7776.005 |
8224.716 |
7576.999 |
|
|
|
|
|
|
(4)
Current Liabilities |
|
|
|
|
(a) Short
term borrowings |
10524.341 |
7878.671 |
11343.409 |
|
(b) Trade
payables |
4703.510 |
4592.781 |
2015.518 |
|
(c) Other
current liabilities |
3961.457 |
2536.646 |
3139.824 |
|
(d) Short-term
provisions |
64.818 |
115.765 |
272.353 |
|
Total Current
Liabilities (4) |
19254.126 |
15123.863 |
16771.104 |
|
|
|
|
|
|
TOTAL |
32085.884 |
29638.912 |
29163.913 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1)
Non-current assets |
|
|
|
|
(a) Fixed
Assets |
|
|
|
|
(i)
Tangible assets |
11856.081 |
10879.697 |
10573.290 |
|
(ii)
Intangible Assets |
22.987 |
37.653 |
48.138 |
|
(iii)
Capital work-in-progress |
1223.228 |
1935.134 |
972.964 |
|
(iv)
Intangible assets under development |
0.000 |
0.000 |
0.000 |
|
(b) Non-current Investments |
569.452 |
569.452 |
564.452 |
|
(c) Deferred tax assets (net) |
0.000 |
0.000 |
0.000 |
|
(d) Long-term Loan and Advances |
584.679 |
635.502 |
1699.783 |
|
(e) Other
Non-current assets |
22.996 |
17.552 |
11.714 |
|
Total Non-Current
Assets |
14279.423 |
14074.990 |
13870.341 |
|
|
|
|
|
|
(2)
Current assets |
|
|
|
|
(a)
Current investments |
0.980 |
1719.221 |
158.971 |
|
(b) Inventories |
5471.922 |
4612.113 |
6191.458 |
|
(c) Trade
receivables |
4417.568 |
2986.527 |
2690.308 |
|
(d) Cash
and cash equivalents |
1583.356 |
1216.744 |
2956.635 |
|
(e)
Short-term loans and advances |
6308.663 |
5001.685 |
3251.560 |
|
(f) Other current
assets |
23.972 |
27.632 |
44.640 |
|
Total
Current Assets |
17806.461 |
15563.922 |
15293.572 |
|
|
|
|
|
|
TOTAL |
32085.884 |
29638.912 |
29163.913 |
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
28850.004 |
33338.319 |
26240.928 |
|
|
|
Other Income |
289.419 |
127.827 |
91.540 |
|
|
|
TOTAL (A) |
29139.423 |
33466.146 |
26332.468 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Cost of Materials Consumed |
15432.692 |
16316.202 |
11223.917 |
|
|
|
Purchases of Stock-in-Trade |
5103.079 |
5617.271 |
4377.486 |
|
|
|
Changes in inventories of finished goods, work-in-progress
and Stock-in-Trade |
(565.409) |
3.492 |
338.070 |
|
|
|
Employees benefits expense |
795.156 |
812.408 |
688.291 |
|
|
|
Other expenses |
5990.803 |
6915.218 |
6228.655 |
|
|
|
Exceptional Items |
1917.262 |
0.000 |
0.000 |
|
|
|
TOTAL (B) |
28673.583 |
29664.591 |
22856.419 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
465.840 |
3801.555 |
3476.049 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
1335.320 |
1327.246 |
1131.950 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
(869.480) |
2474.309 |
2344.099 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
828.447 |
824.315 |
775.263 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) (G) |
(1697.927) |
1649.994 |
1568.836 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
(502.479) |
440.620 |
522.898 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-H) (I) |
(1195.448) |
1209.374 |
1045.938 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
Export Earnings |
11078.899 |
16747.259 |
12129.362 |
|
|
TOTAL EARNINGS |
11078.899 |
16747.259 |
12129.362 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw Materials |
2745.709 |
1807.625 |
2697.903 |
|
|
|
Stores & Spares |
971.783 |
800.673 |
734.725 |
|
|
|
Capital Goods |
0.000 |
0.371 |
0.000 |
|
|
|
Traded Goods |
4651.976 |
1807.625 |
2697.903 |
|
|
TOTAL IMPORTS |
8369.468 |
4416.294 |
6130.531 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
(38.61) |
41.10 |
37.51 |
|
QUARTERLY /
SUMMARISED RESULTS
|
Particulars (Rs.
Millions) |
|
Jun 2014 |
September 2014 |
|
Audited / Unaudited |
|
Unaudited |
Unaudited |
|
Revenue |
|
7403.100 |
6523.000 |
|
Other Income |
|
117.600 |
178.900 |
|
Total Income |
|
7520.700 |
6701.900 |
|
Expenditure |
|
(6844.100) |
(6370.500) |
|
Interest |
|
(436.100) |
(397.000) |
|
PBDT |
|
240.500 |
(65.600) |
|
Depreciation |
|
(221.000) |
(221.300) |
|
PBT |
|
19.500 |
(286.900) |
|
Tax |
|
(6.400) |
95.100 |
|
Net Profit |
|
13.100 |
(191.800) |
|
Equity |
|
309.600 |
309.600 |
|
EPS |
|
(4.200 |
(61.900) |
|
CEPS |
|
75.600 |
9.500 |
|
OPM % |
|
91.400 |
50.800 |
|
NPM % |
|
(1.800) |
(29.400) |
KEY RATIOS
|
PARTICULARS |
|
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
Net Profit Margin (PAT / Sales) |
(%) |
(4.14) |
3.63 |
3.99 |
|
|
|
|
|
|
|
Operating Profit Margin (PBIDT/Sales) |
(%) |
(1.61) |
11.40 |
13.27 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
(5.60) |
6.08 |
5.68 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
(0.34) |
0.26 |
0.33 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt /Networth) |
|
3.39 |
2.30 |
3.68 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
0.92 |
1.03 |
0.91 |
FINANCIAL ANALYSIS
[all figures are
in Rupees Millions]
DEBT EQUITY RATIO
|
Particular |
31.03.2012 |
31.03.2013 |
31.03.2014 |
|
|
(Rs. In Millions) |
(Rs. In Millions) |
(Rs. In Millions) |
|
Share Capital |
278.825 |
309.615 |
309.615 |
|
Reserves & Surplus |
4536.985 |
5980.718 |
4746.138 |
|
Net worth |
4815.810 |
6290.333 |
5055.753 |
|
|
|
|
|
|
long-term borrowings |
6376.882 |
6577.161 |
6622.204 |
|
Short term borrowings |
11343.409 |
7878.671 |
10524.341 |
|
Total borrowings |
17720.291 |
14455.832 |
17146.545 |
|
Debt/Equity ratio |
3.680 |
2.298 |
3.391 |
YEAR-ON-YEAR GROWTH
|
Year on Year Growth |
31.03.2012 |
31.03.2013 |
31.03.2014 |
|
|
(Rs. In Millions) |
(Rs. In Millions) |
(Rs. In Millions) |
|
Sales |
26240.928 |
33338.319 |
28850.004 |
|
|
|
27.047 |
(13.463) |
NET PROFIT MARGIN
|
Net Profit Margin |
31.03.2012 |
31.03.2013 |
31.03.2014 |
|
|
(Rs. In Millions) |
(Rs. In Millions) |
(Rs. In Millions) |
|
Sales |
26240.928 |
33338.319 |
28850.004 |
|
Profit |
1045.938 |
1209.374 |
(1195.448) |
|
|
3.99% |
3.63% |
(4.14%) |
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 |
Yes |
|
8] |
No. of employees |
Yes |
|
9] |
Name of person contacted |
Yes |
|
10] |
Designation of contact person |
Yes |
|
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 |
UNSECURED LOAN
|
Particulars |
As on 31.03.2014 |
As on 31.03.2013 |
|
|
(Rs. In Millions) |
|
|
LONG TERM
BORROWINGS: |
|
|
|
Loan from related parties (Body Corporates) |
691.024 |
809.374 |
|
SHORT TERM
BORROWINGS: |
|
|
|
From Banks |
381.186 |
748.862 |
|
Total |
1072.210 |
1558.236 |
INDEX OF CHARGES
|
S.NO. |
CHARGE ID |
DATE OF CHARGE
CREATION/MODIFICATION |
CHARGE AMOUNT
SECURED |
CHARGE HOLDER |
ADDRESS |
SERVICE REQUEST
NUMBER (SRN) |
|
1 |
10525062 |
16/10/2014 |
1,000,000,000.00 |
IDBI BANK
LIMITED |
INDIAN RED CROSS
SOCIETY BULIDING, 1, RED CROSS R |
C28818227 |
|
2 |
10520333 |
15/09/2014 |
1,000,000,000.00 |
AXIS BANK
LIMITED |
2ND FLOOR
STATESMAN HOUSE, 148, BARAKHAMBA ROAD, NEW DELHI, DELHI - 110001, INDIA |
C20970299 |
|
3 |
10500715 |
28/04/2014 |
3,500,000,000.00 |
IDBI BANK
LIMITED |
INDIAN RED
CROSS SOCIETY BLDF,1 R.C. RD. P B NO231, NEW DELHI, DELHI - 110001, INDIA |
C03589173 |
|
4 |
10458195 |
25/10/2013 |
1,000,000,000.00 |
STATE BANK OF
HYDERABAD |
COMMERCIAL
BRANCH, 74, JANPATH, NEW DELHI, DELHI - 110001, INDIA |
B88778410 |
|
5 |
10457758 |
20/01/2014 * |
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, |
B96181565 |
|
6 |
10447066 |
20/01/2014 * |
500,000,000.00 |
UNION BANK OF
INDIA |
SME OKHLA,OKHLA
INDUSTRIAL AREA, PHASE-I, NEW DELHI, DELHI - 110020, INDIA |
B96356043 |
|
7 |
10428427 |
29/04/2014 * |
1,000,000,000.00 |
STATE BANK OF
INDIA |
COMMERCIAL
BRANCH,THE GREAT EASTERN CENTRE, 70,GROUND FLOOR,NEHRU PLACE, NEW DELHI,
DELHI - 110019, |
C13902770 |
|
8 |
10413665 |
06/09/2013 * |
1,000,000,000.00 |
IDBI BANK
LIMITED |
INDIAN RED
CROSS SOCIETY BUILDING, 1, RED CROSS R |
B86027661 |
|
9 |
10397729 |
07/01/2015 * |
500,000,000.00 |
STATE BANK OF
TRAVANCORE |
COMMERCIAL BRANCH,
TRAVANCORE HOUSE, K.G.MARG, NE W DELHI, DELHI - 110001, INDIA |
C40465270 |
|
10 |
10394935 |
05/08/2014 * |
250,000,000.00 |
STATE BANK OF
HYDERABAD |
COMMERCIAL
BRANCH, 74, JANPATH, NEW DELHI, DELHI |
C17268848 |
* Date of charge modification
PERFORMANCE
During the year performance of the Company has been adversely affected on account of depressed global economic situation which has resulted in reduction of commodity demand. The performance of the Company has been adversely affected due to loss on account of foreign exchange volatility and steep fall in Guargum prices. The performance was further adversely affected as domestic prices of their feedstock viz. molasses and alcohol, was high on account of poor availability of alcohol and diversion of alcohol towards the implementation of Ethanol Blending with Petrol (EBP) Program of Government of India at an unrealistic price resulting in a sharp increase in the prices of alcohol. Sales and other income for the year has been Rs. 29140.000 Millions as compared to Rs. 33470.000 Millions last year. Loss after depreciation, exceptional item and tax for the year has been Rs.1200.000 Millions as compared to profit of Rs. 1210.000 Millions last year. The current year has been an extra ordinary and abnormal year for the company due to steep fall in guar gum prices and foreign exchange losses.
EXPORTS
During the year, the Company has achieved total export turnover of Rs. 11950.000 Millions as compared to Rs. 17720.000 Millions last year. The steep decline in exports can be attributed to the steep fall in prices of guar gum. 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) & EXTRA NEUTRAL ALCOHOL
During the year, the Company registered total sales of Rs. 6570.000 Millions compared to Rs. 6600.000 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). Company 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, Company has launched its premium products under the brand name of “V2O Vodka” in three flavors viz. Orange, Green Apple and Smooth. They have also extended the launch of Beach House Premium XXX Rum. During the year, IMFL brands of the Company have been supplied to Canteen Stores Department (CSD) of Indian Defence Forces. 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. Monde Selection Committee is conducting evaluation sessions for different categories of consumer products & accordingly provides quality awards, their Company has won fourth time in a row GRAND GOLD award from MONDE SELECTION, Belgium for its high quality of Extra Neutral Alcohol. Company has a tie-up with Bacardi for bottling of its products at its Kashipur bottling unit.
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 suppliers in the market. During the year the Company has sold 722 MT of EO-LCO2 as compared to 600 MT in the last year.
JOINT VENTURE FOR
PRIVATE FREIGHT TERMINAL (PFT)
The Company has terminated the Joint Venture agreement with M/s Fourcee Infrastructure Equipments Pvt. Limited (FIEPL) in respect of the Joint Venture for setting up a private freight terminal at Kashipur, Uttarakhand on 23rd June, 2014. The Company is exploring various possibilities including identifying another partner for the purpose of setting-up, operating and managing the said Private Freight Terminal (PFT) in order to provide multi-modal 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 and economical and would also ensure on-time delivery of goods and enable better inventory management. The total initial equity investment base of the JV 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.2000.000 Millions and repaid total loans of Rs.1890.000 Millions. The Company has been regular in meeting its obligations towards payment of principal / interest to Financial Institutions / Banks / Fixed Deposit holders.
MANAGEMENT DISCUSSION
& ANALYSIS REPORT
PRODUCTS
INDIA GLYCOLS LIMITED is one of the leading manufacturer of Glycols, Ethylene Oxide Derivatives, Natural Gum & Derivatives, Ethyl Alcohol (Potable), Extra Neutral Alcohol, Nutraceuticals & 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.
CHEMICAL SEGMENT
Sales in the Chemical segment has decreased from Rs. 30910.000 Millions in FY 2012-13 to Rs. 27100.000 Millions in FY 2013- 14. This segment is highest contributor at 79% to the total turnover of the Company. Decrease in value is on account of depressed global economic situation which has resulted in reduction of commodity demand and steep fall in Guargum prices. Company has regulated its Domestic sales as it was not feasible to market MEG using expensive Ethanol.
FINANCIAL REVIEW
In addition to the depressed global economic situation which has resulted in reduction of commodity demand, the performance of the Company has also been adversely much needed emotional and financial security. Company organizes blood donation camp at Company as part of community welfare activities. Company organizes medical camps at nearby villages and organize/assist in National health related programs in the nearby villages as part of community welfare activities.
UNAUDITED FINANCIAL RESULTS FOR THE QUARTER ENDED 30TH JUNE, 2014
|
Sr. No. |
Particulars |
Rs in Millions |
||
|
Quarter ended |
||||
|
as on 30.06.2014 |
||||
|
(Unaudited) |
||||
|
1 |
(a) Net Sales/Income from Operations |
7253.200 |
||
|
|
(b)Other Operating Income |
149.900 |
||
|
|
Total Income
From Operations (Net) |
7403.100 |
||
|
2 |
Expenditure |
|
||
|
|
(a) |
Cost of Materials Consumed |
3197.400 |
|
|
|
(b) |
Purchases of Stock-in-Trade |
1839.200 |
|
|
|
(c) |
Changes in inventories of finished goods, work-in-progress
and Stock-in-Trade |
242.600 |
|
|
|
(d) |
Employees benefits expense |
200.700 |
|
|
|
(e) |
Depreciation and amortization expense |
221.000 |
|
|
|
(f ) |
Power and Fuel |
785.500 |
|
|
|
(g) |
Other expenses |
578.700 |
|
|
|
|
TOTAL (B) |
7065.100 |
|
|
|
|
|
||
|
3 |
Profit from operation before other income, interest and other
exceptional items(1-2) |
338.000 |
||
|
4 |
Other Income |
117.600 |
||
|
5 |
profit before interest and exceptional items(3+4) |
455.600 |
||
|
6 |
Interest |
436.100 |
||
|
7 |
Profit after interest but before exceptional items(5-6) |
19.500 |
||
|
8 |
Exceptional Items |
-- |
||
|
9 |
Profit(+)/Loss(-) from Ordinary Activities before tax (7-8) |
19.500 |
||
|
10 |
Tax Expenses |
6.400 |
||
|
11 |
Net Profit(+)/Loss(-) from Ordinary Activities after tax( 9-10) |
13.100 |
||
|
12 |
Extra Ordinary Items |
-- |
||
|
13 |
Net Profit(+)/Loss(-) for the period (1112) |
13.100 |
||
|
14 |
Paid-up Equity Share Capital Rs.2/ per share |
309.600 |
||
|
15 |
Reserves excluding revaluation reserves |
-- |
||
|
16 |
Earning Per
Share |
|
||
|
(a) |
Basic and diluted EPS before Extraordinary items for the period, for
the year to date and for the previous year(not to be annualised) |
0.42 |
||
|
(b) |
Basic and diluted EPS after
Extraordinary items for the period, for the year to date and for the previous
year(not to be annualised) |
0.42 |
||
|
17 |
Public
Shareholding |
|
||
|
|
Number of Shares |
12053175 |
||
|
|
Percentage of Shareholding |
38.93% |
||
|
18 |
Promoters and Promoter group |
|
||
|
|
a) Pledged/Encumbered |
|
||
|
|
Number of shares |
160000 |
||
|
|
Percentage of Shares (as a % of the total shareholding of promoter and
promoter group) |
0.85% |
||
|
|
Percentage of Shares (as a % of the total share capital of the
Company) |
0.52% |
||
|
|
b) Non-encumbered |
|
||
|
|
Number of shares |
18748325 |
||
|
|
Percentage of Shares (as a % of the total shareholding of promoter and
promoter group) |
99.15% |
||
|
|
Percentage of Shares (as a % of the total share capital of the
Company) |
60.55% |
||
|
|
Particulars |
3 months ended 30.06.2014 |
||
|
|
INVESTOR
COMPLAINTS |
|
||
|
|
Pending at the beginning of the quarter |
-- |
||
|
|
Received during the quarter |
9 |
||
|
|
Disposed off during the quarter |
9 |
||
|
|
Remaining unresolved at the end of the quarter |
-- |
||
|
Particulars |
For The Quarter Ended On 30.06.2014 (Unaudited) |
|
Segment Revenue : |
|
|
Industrial chemicals |
6581.600 |
|
Ethyl alcohol (potable) |
528.800 |
|
Others |
142.800 |
|
Total |
7253.200 |
|
|
|
|
Segment Results : |
|
|
Industrial chemicals |
446.200 |
|
Ethyl alcohol (potable) |
50.800 |
|
Others |
18.100 |
|
Total |
515.100 |
|
Less : Interest Expenses |
436.100 |
|
Less : Unallocated corporate expenses net of Unallocable
income |
59.500 |
|
Total |
19.500 |
|
Capital Employed |
|
|
Industrial chemicals |
16878.900 |
|
Ethyl alcohol (potable) |
1359.100 |
|
Others |
2130.100 |
|
Total |
20368.100 |
NOTES:
1. Tax expenses include deferred tax of Rs. 6.400 Millions for the quarter ended June 30, 2014.
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, loans amounting to Rs. 184.900 Millions (including interest
accrued) and advances amounting to Rs. 817.800 Millions in a subsidiary company
Shakumbari Sugar and Allied Industries Limited (SSAIL) where net worth as per
the audited accounts for the year ended March 31 ,2013 had 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, which
has been filed with BIFR on January 11, 2014, no provision at this stage is
considered necessary by the management against Investments made in above
stated subsidiary. On this auditors' has drawn attention.
4. Short Term loans and advances includes Rs. 1468.300 Millions given to IGL
Finance Ltd. (IGLFI), 100% subsidiary of the company IGLFI in turn had invested
funds for short term in Commodity financing
contracts offered by National Spot Exchange Ltd (NSEL). NSEL has defaulted in
settling the contracts on due dates. However, considering the present
state of affairs, action taken by the Govt and other authorities, the
management is confident of recovery of dues from NSEL over a period of time.
Accordingly, against total exposure in IGLFI of Rs.1480.800 Millions (including
Investment in capital of Rs.12.500 Millions, no provision has been considered
necessary at this stage by the company and shown as good and fully recoverable.
On this auditors' has drawn attention.
5. During the quarter, capacity utilization was affected at Kashipur for more
than a week, due to outbreak of fire in the cooling tower the production has
since been restarted at reduced capacity. An insurance claim has been filed for
reinstatement of asset as well as for losses incurred due to business
interruption and the same is being evaluated by the insurance company. Based on
assessment made by the management and experts, the Company has accounted for
business interruption loss amounting to Rs 90.700 Millions till June 30, 2014.
The same has been included under the head “Other Income".
6. The useful life of Fixed Assets has been revised in accordance with Schedule
II of Companies Act, 2013 effective April 1, 2014. Due to above, Depreciation
for the quarter ended June 30, 2014 is lower by Rs. 3.200 Millions due to
change in useful life of Fixed Assets Further, based on transitional provision
provided in Note 7(b) of Schedule II, an amount of Rs. 47.700 Millions on
account of assets whose useful life is already exhausted as on April 1, 2014
net off deferred tax of Rs. 24.600 Milions thereon have been adjusted to
opening balance of General Reserve.
7. Previous quarter / year figures have been regrouped / reclassified wherever
considered necessary.
8. The figures of the quarter ended March 31, 2014 are the balancing figures
between the audited figures in respect of the full year ended March 31, 2014
and the unaudited published figures up to the third quarter ended December 31,
2013.
9. The above results were reviewed by the Audit committee and have been
approved by the Board of Directors in its meeting held on August 4, 2014.
FIXED ASSETS
· Land
· Leasehold Land
· Buildings
· Plant and Machinery
· Furniture and Fixtures
· Vehicles
· Specialised Computer Software
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.61.76 |
|
|
1 |
Rs.93.13 |
|
Euro |
1 |
Rs.70.03 |
INFORMATION DETAILS
|
Information
Gathered by : |
GYT |
|
|
|
|
Analysis Done by
: |
DIV |
|
|
|
|
Report Prepared
by : |
MTN |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
5 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
5 |
|
FINANCIAL
CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
5 |
|
--PROFITABILIRY |
1~10 |
3 |
|
--LIQUIDITY |
1~10 |
5 |
|
--LEVERAGE |
1~10 |
5 |
|
--RESERVES |
1~10 |
5 |
|
--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 |
NO |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
YES |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
DEFAULTER
|
|
|
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
TOTAL |
|
43 |
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.