MIRA
INFORM REPORT
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Report No. : |
307739 |
|
Report Date : |
13.02.2015 |
IDENTIFICATION DETAILS
|
Name : |
INDIA GLYCOLS LIMITED |
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Registered
Office : |
A-1, Industrial Area, |
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Country : |
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Financials (as
on) : |
31.03.2014 |
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Date of
Incorporation : |
19.11.1983 |
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Com. Reg. No.: |
20-009097 |
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Capital
Investment / Paid-up Capital : |
Rs. 309.615 Millions |
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CIN No.: [Company Identification
No.] |
L24111UR1983PLC009097 |
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IEC No.: |
Not Available |
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TAN No.: [Tax Deduction &
Collection Account No.] |
DELI04270A |
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PAN No.: [Permanent Account No.] |
AAACI7246P |
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Legal Form : |
A Public Limited Liability Company. The Company’s Shares are Listed on
the Stock Exchanges. |
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Line of Business
: |
Manufacturer of
Glycols, Ethylene Oxide Derivatives, Ethyl Alcohol (Potable), Natural Gum and
Derivatives, Nutraceuticals and Herbal Extracts and Industrial Gases. |
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No. of Employees
: |
160 (Approximately) |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (43) |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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Status : |
Satisfactory |
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Payment Behaviour : |
Usually Correct |
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Litigation : |
Clear |
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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 – December 31, 2014
|
Country Name |
Previous Rating (30.09.2014) |
Current Rating (31.12.2014) |
|
India |
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
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Low |
A2 |
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Moderate |
B1 |
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High |
B2 |
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Very High |
C1 |
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Restricted |
C2 |
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Off-credit |
D |
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 PARTED BY
|
Name : |
Mr. Thomas |
|
Designation : |
Finance Head |
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Contact No.: |
91-120-3090100 |
|
Date : |
12.02.2015 |
LOCATIONS
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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 |
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Fax No.: |
91-5947-275315 |
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Email: |
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Website : |
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Head Office : |
Plot No.2B, Sector-126, Noida, Gutam Budh Nagar – 201 304, Uttar Pradesh, India |
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Tel. No.: |
91-120-3090100/ 3090200 |
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Fax No.: |
91-120-3090111 |
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Corporate Office : |
3A, Shakespeare Sarani, Kolkata – 700 071, West |
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Factory 2: |
E-1, Sector 15, GIDA, |
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Tel. No.: |
91-551-2580352 |
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Fax No.: |
91-551-2580351 |
DIRECTORS
As on 31.03.2014
|
Name : |
Mr. |
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Designation : |
Chairman and Managing Director |
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Name : |
Ms. Jayshree Bartuia |
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Designation : |
Non-Executive Director |
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Name : |
Mr. Pradip Kumar Khaitan |
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Designation : |
Non-Independent Non-Executive Director |
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Name : |
Mr. Jitender Balakrishnan |
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Designation : |
Director |
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Name : |
Mr. Ravi Jhunjhunwala |
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Designation : |
Independent Director |
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Name : |
Mr. Jagmohan N. Kejriwal |
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Designation : |
Non-Executive Independent Director |
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Name : |
Mr. R.C. Misra |
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Designation : |
Non-Executive Independent Director |
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Name : |
Mr. M.K. Rao |
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Designation : |
Executive Director |
KEY EXECUTIVES
|
Name : |
Mr. Lalit Kumar Sharma |
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Designation : |
Company Secretary |
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Name : |
Mr. Rakesh Bhartia |
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Designation : |
Chief Executive Officer |
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Investors’ Grievance Committee: |
· Mr. R.C Mishra, Chairman · Mr. Jagmohan N Kejriwal ·
Mr. |
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Audit Committee: |
· Mr. R.C. Mishra, Chairman · Mr. Jagmohan N. Kejriwal · Pradip Kumar Khaitan · M. K. Rao |
SHAREHOLDING PATTERN
As on 31.12.2014
|
Category of Shareholder |
No.
of Shares |
%
of No. of Shares |
|
(A) Shareholding of Promoter and Promoter Group |
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|
|
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|
3235159 |
10.45 |
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|
15672166 |
50.62 |
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|
18907325 |
61.07 |
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Total shareholding of Promoter and Promoter Group (A) |
18907325 |
61.07 |
|
(B) Public Shareholding |
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|
|
|
|
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|
15948 |
0.05 |
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|
23840 |
0.08 |
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|
560565 |
1.81 |
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|
600353 |
1.94 |
|
|
|
|
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|
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 |
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|
0 |
0.00 |
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|
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. |
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Products : |
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Brand Names : |
Not Available |
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Agencies Held : |
Not Available |
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Exports : |
Not Divulged |
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Imports : |
Not Divulged |
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Terms : |
Not Divulged |
PRODUCTION STATUS (AS ON 31.03.2011)
|
Particulars |
Unit |
Licensed
Capacity * |
Installed
Capacity* |
Actual
Production# |
|
KASHIPUR |
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|
|
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|
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 |
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Ethyl Alcohol (Potable) |
KBL |
NA @ |
18000 |
4691 |
|
Industrial Gases Division |
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|
NM3/Hr |
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|
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 |
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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
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Suppliers : |
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Customers : |
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No. of Employees : |
1600 (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 : |
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). |
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Statutory Auditors : |
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Name : |
Lodha and Company Chartered Accountant |
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Cost Auditors : |
R. J. Goel and Company |
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Memberships : |
Not Available |
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Collaborators : |
Not Available |
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Subsidiaries : |
·
IGL Finance Limited ·
Shakumbari Sugar and Allied Industries Limited ·
IGLCHEM International PTE. Limited |
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Joint Venture Enterprise : |
·
Kashipur Infrastructure and Freight Terminal
Private Limited |
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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 |
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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 |
|
|
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|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
30961500 |
Equity Shares |
Rs.10/- each |
Rs.309.615
Millions |
|
|
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|
|
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 ROAD POST BAG NO. 231,
NEW DELHI, DELHI - 110001, INDIA |
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.
STATEMENT OF STANDALONE UNAUDITED FINANCIAL RESULTS FOR THE QUARTER ENDED 30TH SEPTEMBER 2014
(Rs. In Millions)
|
Sr. No |
Particulars |
Standalone |
|||
|
Quarter Ended |
Six Month Ended |
||||
|
30.09.2014 |
30.06.2014 |
30.09.2014 |
|||
|
Unaudited |
Unaudited |
Unaudited |
|||
|
1 |
Gross sales/ Income
from Operations |
7392.400 |
8787.900 |
16180.300 |
|
|
|
Less : Excise Duty |
970.400 |
1572.000 |
2542.400 |
|
|
|
Income from
operations |
|
|
|
|
|
|
a. Net Sales/ Income from Operations (Net of Excise Duty) |
6422.000 |
7215.900 |
13637.900 |
|
|
|
b. Other Operating Income |
101.000 |
90.900 |
191.900 |
|
|
|
Total Income from
Operations (Net) |
6523.000 |
7306.800 |
13829.800 |
|
|
2 |
Expenditure |
|
|
|
|
|
|
a. Cost of material Consumed |
3910.800 |
3197.000 |
7107.800 |
|
|
|
b. Purchase of Stock-in trade |
885.200 |
1843.700 |
2728.900 |
|
|
|
c. Changes in inventory of finished Goods, work- in-progress and Stock-in-trade |
(345.300) |
242.600 |
(102.700) |
|
|
|
d. Employees Benefit Expenses |
197.400 |
200.700 |
398.100 |
|
|
|
e. Depreciation and Amortisation Expenses |
221.300 |
221.000 |
442.300 |
|
|
|
f. Power and fuel |
926.600 |
785.500 |
1712.100 |
|
|
|
g. Other expenses |
640.800 |
578.900 |
1219.700 |
|
|
|
Total Expenses |
6436.800 |
7069.400 |
13506.200 |
|
|
3 |
Profit from
Operations before Other Income, Interest and Exceptional Items |
86.200 |
237.400 |
323.600 |
|
|
4 |
Other Income |
178.900 |
117.600 |
296.500 |
|
|
5 |
Profit from
ordinary activities before finance cost & exceptional items |
265.100 |
355.000 |
620.100 |
|
|
6 |
Finance Costs |
397.000 |
436.100 |
833.100 |
|
|
7 |
Profit from
ordinary activities after finance costs & exceptional items |
(131.900) |
(81.100) |
(213.000) |
|
|
8 |
Exceptional items |
155.000 |
(100.600) |
54.400 |
|
|
9 |
Profit from
ordinary activities before tax |
(286.900) |
19.500 |
(267.400) |
|
|
10 |
Tax Expense |
(95.100) |
6.400 |
(88.700) |
|
|
11 |
Net Profit from
ordinary activity after tax |
(191.800) |
13.100 |
(178.700) |
|
|
12 |
Extraordinary Items |
-- |
-- |
-- |
|
|
13 |
Net Profit After
Tax |
(191.800) |
13.100 |
(178.700) |
|
|
14 |
Paid-up equity share capital (face value of Rs.10 per share) |
309.600 |
309.600 |
309.600 |
|
|
15 |
Reserves excluding Revaluation Reserve as per balance sheet of previous accounting Year |
|
|
|
|
|
16 |
Earning Per Share (of Rs.10 each) |
|
|
|
|
|
|
-(not annualized) (in Rs.) |
(6.19) |
0.42 |
(5.77) |
|
|
A |
PARTICULARS OF
SHAREHOLDING |
|
|
|
|
|
17 |
Public Shareholding |
|
|
|
|
|
|
- No. of shares |
12054175 |
12053175 |
12054175 |
|
|
|
- Percentage of shareholding |
38.93% |
38.93% |
38.93% |
|
|
18 |
Promoter &
Promoter Group Shareholding |
|
|
|
|
|
|
a)
Pledged/Encumbered |
|
|
|
|
|
|
- No. of shares |
160000 |
160000 |
160000 |
|
|
|
- Percentage of shareholding (as a % of the total shareholding of promoter and promoter group) |
0.85% |
0.85% |
0.85% |
|
|
|
- Percentage of shareholding (as a % of the total share capital of the company) |
0.52% |
0.52% |
0.52% |
|
|
|
b) Non-encumbered |
|
|
|
|
|
|
- No. of shares |
18747325 |
18748325 |
18748325 |
|
|
|
- Percentage of shareholding (as a % of the total shareholding of promoter and promoter group) |
99.15% |
99.15% |
99.15% |
|
|
|
- Percentage of shareholding (as a % of the total share capital of the company) |
60.55% |
60.55% |
60.55% |
|
|
|
Particulars |
Quarter ended 30.09.2014 |
|
B |
Investor Complaints |
|
|
|
Pending at the beginning of the quarter |
-- |
|
|
Received during the quarter |
12 |
|
|
Disposed off during the quarter |
12 |
|
|
Remaining unresolved at the end of the
quarter |
-- |
NOTES:
1.
Tax expenses includes
deferred tax reversal of Rs. 95.100 Millions and Rs. 88.700 Millions for the
quarter and half year ended September 30, 2014 respectively.
2. Exceptional items represents exchange rate
differences on payment, settlement as well as reinstatement of short term
foreign currency borrowings and other monetary assets/ liabilities.
3. In line with consistent practice followed in
the quarterly results, Exchange Differences, arising due to change in exchange
rates during the quarter, on account of Forward Exchange contracts pertaining
to certain 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.
4. Company has investment of Rs. 542.800
Millions in equity shares and 10% cumulative redeemable preference share
capital, loans amounting to Rs. 190.300 Millions (including interest accrued)
and advances amounting to Rs. 856.000 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. (Also refer note 5 below).
5. Company received a letter from National Stock
Exchange of India Limited (NSE) dated October 30, 2014, on November 6, 2014
stating that Securities and Exchange Board of India (SEBI) has referred the matters
to Financial Reporting Review Board (FRRB) for its opinion on the
qualifications raised by the statutory auditors in its Auditors' Report for the
financial year 2012-13 on investments and loans to SSAIL. As per this letter,
Company has been advised to restate its financial statements pertaining to
financial year 2012-13 pursuant to clause 5(d)(ii) of Circular No.
CIR/CFD/DIL/7/2012 dated August 13, 2012 read with Circular No.
CIR/CFD/DIL/9/2013 dated June 5, 2013 The Company has decided to represent to
SEBI on this matter and has accordingly not made any adjustments with respect
to the same.
|
PARTICULAR |
Standalone |
||
|
Quarter Ended |
Six Month Ended |
||
|
|
30.09.2014 |
30.06.2014 |
30.09.2014 |
|
|
Unaudited |
Unaudited |
Unaudited |
|
Segment Revenue : |
|
|
|
|
Industrial chemicals |
5833.800 |
6543.100 |
12376.900 |
|
Ethyl alcohol (potable) |
439.800 |
529.900 |
969.700 |
|
Others |
148.400 |
142.900 |
291.300 |
|
Total |
6422.000 |
7215.900 |
13637.900 |
|
|
|
|
|
|
Segment Results : |
|
|
|
|
Industrial chemicals |
387.600 |
446.200 |
833.800 |
|
Ethyl alcohol (potable) |
13.800 |
50.800 |
64.600 |
|
Others |
25.100 |
18.100 |
43.200 |
|
Total |
426.500 |
515.100 |
941.600 |
|
Less : Interest Expenses |
397.000 |
436.100 |
833.100 |
|
Less : Unallocated corporate expenses net of
Unallocable income |
316.400 |
59.500 |
375.900 |
|
Profit / (Loss) before Tax |
(286.900) |
19.500 |
(267.400) |
|
Capital Employed |
|
|
|
|
Industrial chemicals |
16205.100 |
16878.900 |
16205.100 |
|
Ethyl alcohol (potable) |
1356.500 |
1359.100 |
1356.500 |
|
Others |
2083.900 |
2130.100 |
2083.900 |
|
Total |
19645.500 |
20368.100 |
19645.500 |
STANDALONE
STATEMENT OF ASSETS AND LIABILITIES
(Rs. In Millions)
|
Particulars |
As at half year ended on 30.09.2014 (Unaudited) |
|
|
A |
EQUITY AND LIABILITIES |
|
|
1 |
Shareholders' Funds |
|
|
|
(a) Share Capital |
309.600 |
|
|
(b) Reserves & Surplus |
4583.300 |
|
|
Total
Shareholders’ Funds |
4892.900 |
|
|
|
|
|
2 |
Non-Current
Liabilities |
|
|
|
(a) long-term borrowings |
5329.900 |
|
|
(b) Deferred tax liabilities (Net) |
952.100 |
|
|
(c) Other long term liabilities |
54.800 |
|
|
(d) long-term provisions |
37.200 |
|
|
Sub Total Non-current Liabilities |
6374.000 |
|
|
|
|
|
3 |
Current Liabilities |
|
|
|
(a) Short term
borrowings |
12194.300 |
|
|
(b) Trade payables |
3924.400 |
|
|
(c) Other current
liabilities |
4854.900 |
|
|
(d) Short-term provisions |
46.200 |
|
|
Sub
Total Current Liabilities |
21019.800 |
|
|
|
|
|
|
TOTAL- EQUITY AND LIABILITIES |
32286.700 |
|
|
|
|
|
A |
ASSETS |
|
|
1 |
Non-current assets |
|
|
|
(a) Fixed Assets |
12988.200 |
|
|
(b) Non-current Investments |
813.500 |
|
|
(c) Long-term Loan and Advances |
548.800 |
|
|
(d) Other Non-current assets |
24.900 |
|
|
Sub Total Non-Current Assets |
14375.400 |
|
|
|
|
|
2 |
Current assets |
|
|
|
(a) Current investments |
1.000 |
|
|
(b) Inventories |
5218.200 |
|
|
(c) Trade receivables |
4462.100 |
|
|
(d) Cash and cash
equivalents |
2462.700 |
|
|
(e) Short-term loans
and advances |
5723.800 |
|
|
(f) Other current
assets |
43.500 |
|
|
Sub Total Current
Assets |
17911.300 |
|
|
|
|
|
|
TOTAL-ASSETS |
32286.700 |
6. Short Term
loans and advances includes Rs. 1465.300 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. 1477.800
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.
7. During the quarter, Company has invested Rs.
244.000 Millions in equity of Kashipur Infrastructure and Freight Terminal
Private Limited (KIFTPL). With this investment KIFTPL became its subsidiary
with the Company holding 99.80% equity. Further, the Company has also entered
into a Joint Venture Agreement with Apollo Log solutions Limited
("ALS") wherein ALS has agreed to invest in equity of KIFTPL for 51 %
holding.
8. IGL Chem International USA LLC, a Texas
Limited Liability Company ("the Company"), is incorporated during the
quarter, as 100% subsidiary Company in the United States of America.
9. During the quarter ended June 30, 2014,
capacity utilisation was affected at Kashipur for more than a week, due to
outbreak of fire in the cooling tower. Due to this, production was also
effected during the quarter and half year ended September 30, 2014. 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. 99.700 Millions
and Rs.190.400 Millions during the quarter and half year ended September 30,
2014 respectively. The same has been included under the head "Other
Income".
10. 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 and half year ended
September 30, 2014 is lower by Rs. 2.600 Millions and Rs. 5.800 Millions
respectively, 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 of deferred tax of Rs. 24.600 Millions thereon have been
adjusted to opening balance of General Reserve during the half year ended
September 30, 2014.
11. Previous quarter / year figures have been
regrouped / reclassified wherever considered necessary.
12. The above results were reviewed by the Audit
committee and have been approved by the Board of Directors in its meeting held
on November 8, 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.62.43 |
|
|
1 |
Rs.95.01 |
|
Euro |
1 |
Rs.70.63 |
INFORMATION DETAILS
|
Information
Gathered by : |
GYT |
|
|
|
|
Analysis Done by
: |
DIV |
|
|
|
|
Report Prepared
by : |
JYTK |
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.