MIRA INFORM REPORT

Report No. :	324771
Report Date :	29.05.2015

IDENTIFICATION DETAILS

Name :	INDIA GLYCOLS LIMITED
Registered Office :	A-1, Industrial Area, Bazpur Road, Kashipur, Udham Singh Nagar – 244713, Uttarakhand
Tel No.:	91-5947-275313
Country :	India
Financials (as on) :	31.03.2014
Date of Incorporation :	19.11.1983
Com. Reg. No.:	009097
Capital Investment / Paid-up Capital :	Rs. 309.615 Million
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 :	160 (Approximately)

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 – March 31, 2015

Country Name	Previous Rating (31.12.2014)	Current Rating (31.03.2015)
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 Issuer Rating : IND (BBB+)
Rating Explanation	Moderate degree of safety. It carry moderate credit risk.
Date	14 May 2015

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 (GENERAL DETAILS)

Name :	Mr. Gurav
Designation :	Finance Department
Contact No.:	91-120-3090100
Date :	26.05.2015

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
Mobile No.:	91-120-309100 (Mr. Gurav)
Fax No.:	91-5947-275315
Email:	iglho@vsnl.com ssingh@indiaglycols.net hs.bisht@indiaglycol.com mktgchem@indiaglycols.com industrialgases@indiaglycols.com ennature@indiaglycols.com naturalgums@indiaglycols.com spirits@indiaglycols.com purchase@indiaglycols.com projects@indiaglycols.com finance@indiaglycols.com careers@indiaglycols.com legal@indiaglycols.com admin@indiaglycols.com
Website :	http://www.indiaglycols.net http://www.indiaglycols.com
Location:	Owned
Locality:	Commercial
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 Bengal, India
Factory 2:	E-1, Sector 15, GIDA, Gorakhpur – 273 209, Uttar Pradesh, India
Tel. No.:	91-551-2580352
Fax No.:	91-551-2580351
Location:	Owned

DIRECTORS

As on 31.03.2014

Name :

Mr. U.S. Bhartia

Designation :

Chairman and Managing Director

Date of Appointment:

01.10.2014

DIN No.:

00063091

Other Directorship:

S.NO.	CIN/LLPIN	NAME OF THE COMPANY/ LLP	CURRENT DESIGNATION OF THE DIRECTOR/ DESIGNATED PARTNER	DATE OF APPOINTMENT AT CURRENT DESIGNATION	ORIGINAL DATE OF APPOINTMENT	DATE OF CESSATION	COMPANY/ LLP STATUS	DEFAULTING STATUS
1	U33300MH1937PTC002640	LUND AND BLOCKLEY PRIVATE LIMITED	Director	01-09-1975	01-09-1975	-	Active	NO
2	L27106WB1959PLC024177	HINDUSTAN WIRES LIMITED	Director	28-09-1981	28-09-1981	-	Active	NO
3	U65993WB1989PTC047330	SEAROCK CREDIT PRIVATE LIMITED	Director	01-08-1989	01-08-1989	27-03-2014	Active	NO
4	L17299GJ1993PLC032905	POLYLINK POLYMERS (INDIA) LIMITED	Director	08-01-1993	08-01-1993	-	Active	NO
5	L24111UR1983PLC009097	INDIA GLYCOLS LIMITED	Managing director	30-04-2008	29-11-1996	-	Active	NO
6	U67120UR1996PLC020938	KASHIPUR HOLDINGS LIMITED	Director	30-12-1996	30-12-1996	-	Active	NO
7	U65922UR1997PLC022992	IGL FINANCE LIMITED	Director	22-12-1997	22-12-1997	-	Active	NO
8	U51909WB1980PTC033099	J B COMMERCIAL CO PRIVATE LIMITED	Director	20-02-2003	20-02-2003	-	Active	NO
9	U51909WB1995PTC071770	FACIT COMMOSALES PRIVATE LIMITED	Director	22-08-2005	22-08-2005	-	Active	NO
10	U15429UP1994PLC016271	SHAKUMBARI SUGAR AND ALLIED INDUSTRIES LIMITED	Director	15-12-2007	15-12-2007	05-12-2013	Active	NO
11	U74899DL1951GAP001947	PHD CHAMBER OF COMMERCE AND INDUSTRY	Director	20-12-2007	20-12-2007	-	Active	NO
12	U36911WB1922PTC004431	J BOSECK & CO PRIVATE LIMITED	Director	12-03-2008	12-03-2008	-	Active	NO
13	U51909WB1980PTC033027	AJAY COMMERCIAL CO PRIVATE LIMITED	Director	12-03-2008	12-03-2008	-	Active	NO
14	U67120WB1957PTC023508	GENERAL ENTERPRISES PRIVATE LIMITED	Director	12-03-2008	12-03-2008	27-03-2014	Active	NO
15	U51109WB1995PTC068498	SUPREET VYAPAAR PRIVATE LIMITED	Director	17-03-2008	17-03-2008	-	Active	NO
16	U51909WB1996PTC080344	MAYUR BARTER PRIVATE LIMITED	Director	17-03-2008	17-03-2008	-	Active	NO
17	U60200DL2011PTC227307	KASHIPUR INFRASTRUCTURE AND FREIGHT TERMINAL PRIVATE LIMITED	Director	11-11-2011	11-11-2011	12-03-2015	Active	NO
18	U70102UP2014PTC066539	IGL INFRASTRUCTURE PRIVATE LIMITED	Director	13-10-2014	13-10-2014	-	Active	NO
19	U74900DL2015PTC279134	JB TRUSTEE PRIVATE LIMITED	Director	16-04-2015	16-04-2015	-	Active	NO
20	U74900DL2015PTC279831	PB TRUSTEE PRIVATE LIMITED	Director	07-05-2015	07-05-2015	-	Active	NO
21	U74140DL2015PTC279863	USB TRUSTEE PRIVATE LIMITED	Director	08-05-2015	08-05-2015	-	Active	NO
22	U74900DL2015PTC279864	PJ TRUSTEE PRIVATE LIMITED	Director	08-05-2015	08-05-2015	-	Active	NO
23	AAD-8167	POOJA JHAVER BENEFICIARY LLP	Designated Partner	23-04-2015	23-04-2015	-	Active	NO
24	AAD-8398	PRAGYA BHARTIA BARWALE BENEFICIARY LLP	Designated Partner	28-04-2015	28-04-2015	-	Active	NO
25	AAD-9339	JAYSHREE BHARTIA BENEFICIARY LLP	Designated Partner	13-05-2015	13-05-2015	-	Active	NO
26	AAD-9389	UMA SHANKAR BHARTIA BENEFICIARY LLP	Designated Partner	14-05-2015	14-05-2015	-	Active	NO

Name :

Ms. Jayshree Bartuia

Designation :

Director

Name :

Mr. Pradip Kumar Khaitan

Designation :

Director

Date of Appointment:

01.10.2014

DIN No.:

00004821

Other Directorship:

S.NO.	CIN/LLPIN	NAME OF THE COMPANY/ LLP	CURRENT DESIGNATION OF THE DIRECTOR/ DESIGNATED PARTNER	DATE OF APPOINTMENT AT CURRENT DESIGNATION	ORIGINAL DATE OF APPOINTMENT	DATE OF CESSATION	COMPANY/ LLP STATUS	DEFAULTING STATUS
1	L26942OR1949PLC000185	OCL INDIA LIMITED	Director	15-01-1968	15-01-1968	-	Active	NO
2	L27310OR1955PLC000310	ELECTRO STEEL CASTINGS LTD	Director	28-08-2014	25-08-1972	-	Active	NO
3	L24131WB1948PLC095302	PILANI INVESTMENT AND INDUSTRIES CORPORATION LIMITED	Director	12-03-1984	12-03-1984	29-05-2014	Active	NO
4	L34103WB1942PLC018967	HINDUSTAN MOTORS LIMITED	Director	21-12-1989	21-12-1989	29-05-2014	Active	NO
5	L31901WB1978PLC031411	CESC LIMITED	Director	01-10-2014	29-10-1992	-	Active	NO
6	L26942TN1951PLC000640	DALMIA BHARAT SUGAR AND INDUSTRIES LIMITED	Director	30-05-1996	30-05-1996	07-02-2011	Active	NO
7	L24111UR1983PLC009097	INDIA GLYCOLS LIMITED	Director	01-10-2014	29-11-1996	-	Active	NO
8	L51496WB1996PLC079932	SOUTH ASIAN PETROCHEM LIMITED	Director	05-09-1998	05-09-1998	30-06-2010	Amalgamated	NO
9	U70100WB1946GAP014545	WOODLANDS MEDICAL CENTRE LIMITED	Director	31-07-2001	31-07-2001	14-01-2011	Amalgamated	NO
10	L10101WB1974PLC094602	GRAPHITE INDIA LIMITED	Director	12-08-2014	08-06-2002	-	Active	NO
11	L74999AP1991PLC013391	SRIKALAHASTHI PIPES LIMITED	Director	08-04-2004	08-04-2004	29-01-2009	Active	NO
12	L40100GJ1995PLC025447	SUZLON ENERGY LIMITED	Director	25-08-2004	25-08-2004	28-04-2011	Active	NO
13	L51109OR1996PLC004601	VISA STEEL LIMITED	Director	06-10-2004	06-10-2004	29-05-2014	Active	NO
14	L51909WB1935PLC008194	GILLANDERS ARBUTHNOT & CO LTD	Director	26-04-2006	26-04-2006	29-05-2014	Active	NO
15	U45201DL2005PLC133161	EMAAR MGF LAND LIMITED	Director	24-09-2007	19-09-2007	23-04-2011	Active	NO
16	L22210MH1987PLC044505	TCPL Packaging Limited	Director	21-09-2010	27-05-2010	29-05-2014	Active	NO
17	L15492WB1916PLC002697	Dhunseri Petrochem Limited	Director	14-08-2014	03-07-2010	-	Active	NO
18	U85110WB2009PLC140464	WOODLANDS MULTISPECIALITY HOSPITAL LIMITED	Director	25-08-2011	13-01-2011	-	Active	NO
19	L40109TN2006PLC058818	DALMIA BHARAT LIMITED	Director	30-08-2014	11-02-2011	-	Active	NO
20	L22213WB1946PLC014346	SAREGAMA INDIA LIMITED	Director	27-07-2012	27-12-2011	08-04-2014	Active	NO
21	L01132AS1977PLC001706	WARREN TEA LIMITED	Director	11-03-2013	16-02-2012	20-06-2013	Active	NO
22	L63993WB1983PLC036030	EMAMI LIMITED	Director	09-08-2014	24-06-2013	-	Active	NO
23	L64202MH2001PLC134147	Firstsource Solutions Limited	Director appointed in casual vacancy	14-11-2014	14-11-2014	-	Active	NO

Name :

Mr. Jitender Balakrishnan

Designation :

Director

Date of Appointment:

01.10.2014

DIN No.:

00028320

Other Directorship:

S.NO.	CIN/LLPIN	NAME OF THE COMPANY/ LLP	CURRENT DESIGNATION OF THE DIRECTOR/ DESIGNATED PARTNER	DATE OF APPOINTMENT AT CURRENT DESIGNATION	ORIGINAL DATE OF APPOINTMENT	DATE OF CESSATION	COMPANY/ LLP STATUS	DEFAULTING STATUS
1	U65999DL2000PLC103177	IDBI HOMEFINANCE LIMITED	Nominee director	11-09-2003	11-09-2003	17-08-2007	Amalgamated	NO
2	L65190MH2004GOI148838	IDBI Bank Limited	Whole-time director	14-03-2006	14-03-2006	31-05-2009	Active	NO
3	U65990MH1993GOI075578	IDBI CAPITAL MARKET SERVICES LIMITED	Director	05-09-2008	13-09-2007	02-08-2010	Active	NO
4	U72200MH2000GOI124665	IDBI INTECH LIMITED	Director appointed in casual vacancy	28-09-2007	28-09-2007	25-06-2010	Active	NO
5	U66010MH2005PLC157108	BHARTI AXA LIFE INSURANCE COMPANY LIMITED	Director	25-06-2010	01-06-2010	-	Active	NO
6	U66030KA2007PLC043362	BHARTI AXA GENERAL INSURANCE COMPANY LIMITED	Director	02-07-2014	01-06-2010	-	Active	NO
7	L31400WB1986PLC091621	USHA MARTIN LIMITED	Director	31-07-2014	10-06-2010	-	Active	NO
8	U40101KA1986PLC007404	BHORUKA POWER CORPORATION LIMITED	Director	21-09-2010	22-06-2010	-	Active	NO
9	L25209UR1984PLC011596	POLYPLEX CORPORATION LIMITED	Director	25-09-2010	20-07-2010	-	Active	NO
10	U65990GJ1991PLC064603	ADITYA BIRLA FINANCE LIMITED	Director	23-09-2011	20-07-2010	-	Active	NO
11	L24117WB1962PLC025584	BINANI INDUSTRIES LIMITED	Director	27-06-2011	27-07-2010	28-09-2013	Active	NO
12	L27100MH1973PLC016617	SARDA ENERGY & MINERALS LIMITED	Director	25-09-2010	30-07-2010	-	Active	NO
13	L65999MH1986PLC147981	IL & FS INVESTMENT MANAGERS LIMITED	Director	27-07-2011	30-07-2010	-	Active	NO
14	L17120MH1990PLC058361	S KUMARS NATIONWIDE LIMITED	Director appointed in casual vacancy	30-07-2010	30-07-2010	28-03-2013	Active	NO
15	L24111UR1983PLC009097	INDIA GLYCOLS LIMITED	Director	01-10-2014	13-08-2010	-	Active	NO
16	U27100GJ1976FLC013787	ESSAR STEEL INDIA LIMITED	Director	30-09-2010	25-08-2010	29-05-2013	Active	NO
17	U99999MH2001PTC255339	PROVENANCE LAND PRIVATE LIMITED	Director	28-09-2010	03-09-2010	-	Active	NO
18	L24302RJ1979PLC001948	SHREE RAJASTHAN SYNTEX LTD	Director	19-09-2011	19-09-2011	21-08-2012	Active	NO
19	U74999MH2011PTC217380	ESSAR SERVICES INDIA Private Limited	Whole-time director	01-04-2012	21-01-2012	31-03-2015	Active	NO
20	U45202MH2008PTC180525	Equinox Realty & Infrastructure Private Limited	Director	29-09-2012	21-02-2012	18-09-2014	Active	NO
21	L64201DL2006PLC156038	Bharti Infratel Limited	Director	03-07-2013	03-09-2012	-	Active	NO
22	U99999MH1989PLC053280	Essar Projects (India) limited	Director	30-12-2014	27-09-2013	25-03-2015	Active	NO
23	U26941WB1996PLC076612	BINANI CEMENT LIMITED	Additional director	30-09-2013	30-09-2013	19-05-2014	Active	NO

Name :

Mr. Ravi Jhunjhunwala

Designation :

Director

Date of Appointment:

01.10.2014

DIN No.:

00060972

Other Directorship:

S.NO.	CIN/LLPIN	NAME OF THE COMPANY/ LLP	CURRENT DESIGNATION OF THE DIRECTOR/ DESIGNATED PARTNER	DATE OF APPOINTMENT AT CURRENT DESIGNATION	ORIGINAL DATE OF APPOINTMENT	DATE OF CESSATION	COMPANY/ LLP STATUS	DEFAULTING STATUS
1	L17115RJ1960PLC008216	RSWM LIMITED	Director	18-05-1979	18-05-1979	-	Active	NO
2	L23109MP1972PLC008290	HEG LIMITED	Managing director	13-02-2014	08-09-1979	-	Active	NO
3	L24302RJ1970PLC002266	BSL LIMITED	Director	16-10-1993	16-10-1993	-	Active	NO
4	U17118RJ1975PLC002275	BHILWARA PROCESSORS LIMITED	Director	16-10-1993	16-10-1993	-	Amalgamated	NO
5	U74899DL1995PLC064168	INDO CANADIAN CONSULTANCY SERVICES LIMITED	Director	07-09-1995	07-09-1995	11-08-2014	Active	NO
6	L17124MP1989PLC008255	MARAL OVERSEAS LIMITED	Director	27-11-1996	27-11-1996	-	Active	NO
7	L17115RJ1980PLC008217	BHILWARA SPINNERS LIMITED	Director	28-11-1996	28-11-1996	22-07-2010	Active	NO
8	U18101RJ1996PTC012501	BMD PRIVATE LIMITED	Director	04-02-1997	04-02-1997	-	Active	NO
9	U74899DL2000PLC103906	BHILWARA INFOTECH LIMITED	Director	23-02-2000	23-02-2000	05-06-2009	Amalgamated	NO
10	U74899DL2000PLC104401	BHILWARA INFOTECHNOLOGY LIMITED	Director	14-03-2000	14-03-2000	05-06-2009	Active	NO
11	U72200DL2000PTC104397	BHILWARA SOFTWARE PRIVATE LIMITED	Director	14-03-2000	14-03-2000	05-06-2009	Strike off	NO
12	U72200DL2000PTC104400	BHILWARA INFOWAY PRIVATE LIMITED	Director	14-03-2000	14-03-2000	05-06-2009	Strike off	NO
13	U72200DL2000PTC106789	ESCRIBE (INDIA) PRIVATE LIMITED	Director	13-07-2000	13-07-2000	05-06-2009	Strike off	NO
14	U40101HP1997PLC019959	MALANA POWER COMPANY LIMITED	Managing director	01-11-2011	10-09-2001	-	Active	NO
15	U40101HP2003PLC026108	AD HYDRO POWER LIMITED	Director	16-06-2003	16-06-2003	-	Active	NO
16	L17111TZ1989PLC005902	CHESLIND TEXTILES LIMITED	Director	29-09-2007	30-08-2007	-	Amalgamated	NO
17	L24111UR1983PLC009097	INDIA GLYCOLS LIMITED	Director	01-10-2014	26-10-2009	-	Active	NO
18	U31101DL2006PLC148862	BHILWARA ENERGY LIMITED	Director	11-09-2010	03-06-2010	-	Active	NO
19	U40101DL2009PLC196998	NJC HYDRO POWER LIMITED	Director	30-09-2011	31-03-2011	27-03-2015	Active	NO
20	U74899DL1995PLC066321	BHILWARA GREEN ENERGY LIMITED	Director	23-09-2011	15-06-2011	11-08-2014	Active	NO
21	L74999RJ1938PLC019511	JK LAKSHMI CEMENT LIMITED	Director	04-09-2014	26-03-2012	-	Active	NO

Name :

Mr. Jagmohan N. Kejriwal

Designation :

Director

Date of Appointment:

01.10.2014

DIN No.:

00074012

Other Directorship:

S.NO.	CIN/LLPIN	NAME OF THE COMPANY/ LLP	CURRENT DESIGNATION OF THE DIRECTOR/ DESIGNATED PARTNER	DATE OF APPOINTMENT AT CURRENT DESIGNATION	ORIGINAL DATE OF APPOINTMENT	DATE OF CESSATION	COMPANY/ LLP STATUS	DEFAULTING STATUS
1	U74210MH1963PTC012583	DYNATRON PRIVATE LIMITED	Managing director	23-04-1965	23-04-1965	-	Active	NO
2	L24111UR1983PLC009097	INDIA GLYCOLS LIMITED	Director	01-10-2014	28-05-1999	-	Active	NO
3	U21020MH1991PTC061835	INDUSTELE SERVICES PRIVATE LIMITED	Director	31-05-2001	31-05-2001	19-06-2013	Active	NO

Name :

Mr. Ramesh chandra Mishra

Designation :

Director

Date of Appointment:

01.10.2014

DIN No.:

00063146

Other Directorship:

S.NO.	CIN/LLPIN	NAME OF THE COMPANY/ LLP	CURRENT DESIGNATION OF THE DIRECTOR/ DESIGNATED PARTNER	DATE OF APPOINTMENT AT CURRENT DESIGNATION	ORIGINAL DATE OF APPOINTMENT	DATE OF CESSATION	COMPANY/ LLP STATUS	DEFAULTING STATUS
1	L24111UR1983PLC009097	INDIA GLYCOLS LIMITED	Director	01-10-2014	24-11-1987	-	Active	NO
2	U70102UP2014PTC066539	IGL INFRASTRUCTURE PRIVATE LIMITED	Director	13-10-2014	13-10-2014	-	Active	NO

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
Name :	Mr. Gurav
Designation :	Finance Department
Investors’ Grievance Committee:	· Mr. R.C Mishra, Chairman · Mr. Jagmohan N Kejriwal · Mr. U.S. Bhartia
Audit Committee:	· Mr. R.C. Mishra, Chairman · Mr. Jagmohan N. Kejriwal · Pradip Kumar Khaitan · M. K. Rao

SHAREHOLDING PATTERN

As on 31.03.2015

Category of Shareholder	No. of Shares	% of No. of Shares
(A) Shareholding of Promoter and Promoter Group
(1) Indian
Individuals / Hindu Undivided Family	3235159	10.45
Bodies Corporate	15672166	50.62
Sub Total	18907325	61.07
(2) Foreign
Total shareholding of Promoter and Promoter Group (A)	18907325	61.07
(B) Public Shareholding
(1) Institutions
Mutual Funds / UTI	16623	0.05
Financial Institutions / Banks	21380	0.07
Insurance Companies	560565	1.81
Sub Total	598568	1.93
(2) Non-Institutions
Bodies Corporate	2187431	7.07
Individuals
Individual shareholders holding nominal share capital up to Rs. 0.100 Million	7440730	24.03
Individual shareholders holding nominal share capital in excess of Rs. 0.100 Million	1273629	4.11
Any Others (Specify)	553817	1.79
Non Resident Indians	532597	1.72
Trust & Foundation	21220	0.07
Sub Total	11455607	37.00
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
(1) Promoter and Promoter Group	0	0.00
(2) Public	0	0.00
Sub Total	0	0.00
Total (A)+(B)+(C)	30961500	100.00

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 :

Item Code No.	Product Description
2905	Mono-Ethylene Glycol
3402	Ethylene Oxide Condensates / Derivatives

Brand Names :

Not Available

Agencies Held :

Not Available

Exports :

Country:

• USA
• Europe

Imports :

Country:

• China
• USA

Terms :

Selling :

Cash and Payment

Purchasing :

Cash and Payment

GENERAL INFORMATION

Suppliers :

Reference :	Not Divulged
Name of the Person :	Not Divulged
Contact No.:	Not Divulged
Since How Long Known :	Not Divulged
Experience :	Not Divulged
Maximum Limit Dealt :	Not Divulged

Customers :

Wholesalers and Retailers

Reference :	Not Divulged
Name of the Person :	Not Divulged
Contact No.:	Not Divulged
Since How Long Known :	Not Divulged
Experience :	Not Divulged
Maximum Limit Dealt :	Not Divulged

No. of Employees :

160 (Approximately)

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

Facilities :

Secured Loan	As on 31.03.2014	As on 31.03.2013
	(Rs. In Million)
LONG TERM BORROWINGS:
RUPEE TERM LOANS
From banks	3694.034	4316.774
Other than Banks	60.875	46.446
Foreign Currency Term Loans from Banks	2176.271	1404.567
SHORT TERM BORROWINGS:
Loans repayable on demand from Banks
Buyers Import Credit	3165.331	2324.735
Working Capital Loans from Banks	6977.824	4805.074
Total	16074.335	12897.596

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 Million (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 :

• IGL Finance Limited
• Shakumbari Sugar and Allied Industries Limited
• IGLCHEM International PTE. Limited

Joint Venture Enterprise :

• Kashipur Infrastructure and Freight Terminal Private Limited

Other Related Parties :

• Ajay Commercial Company (Private) Limited
• J. B. Commercial Company (Private) Limited
• Kashipur Holdings Limited
• Polylink Polymers (India) Limited
• Hindustan Wires Limited
• Supreet Vyapaar (Private) Limited
• Mayur Barter (Private) Limited
• Facit Commosales (Private) Limited
• J. Boseck and Company (Private) Limited

CAPITAL STRUCTURE

As on: 31.03.2014

Authorised Capital :

No. of Shares	Type	Value	Amount
45000000	Equity Shares	Rs.10/- each	Rs.450.000 Million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
30961500	Equity Shares	Rs.10/- each	Rs.309.615 Million

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

CURRENT MATURITIES OF LONG TERM DEBT DETAILS

Particulars	31.03.2014	31.03.2013	31.03.2012
Current Maturities of Long term debt	2120.327	1932.852	2209.982
Cash generated from operations	(1330.698)	8177.295	(294.529)

QUARTERLY RESULTS

Particulars	Mar 2015	Dec 2014	Sep 2014
Audited / UnAudited	UnAudited	UnAudited	UnAudited
Net Sales	6312.900	5431.400	6523.000
Total Expenditure	6021.900	5120.000	6215.500
PBIDT (Excl OI)	291.000	311.400	307.500
Other Income	55.600	81.300	178.900
Operating Profit	346.600	392.700	486.400
Interest	344.000	399.900	397.000
Exceptional Items	(93.900)	(431.300)	(155.000)
PBDT	(91.300)	(438.500)	(65.600)
Depreciation	148.500	220.800	221.300
Profit Before Tax	(239.800)	(659.300)	(286.900)
Tax	(213.500)	(250.900)	(95.100)
Provisions and contingencies	NA	NA	NA
Profit After Tax	(26.300)	(408.400)	(191.800)
Extraordinary Items	NA	NA	NA
Prior Period Expenses	NA	NA	NA
Other Adjustments	NA	NA	NA
Net Profit	(26.300)	(408.400)	(191.800)

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)		3.81	2.61	4.14
Current Ratio (Current Asset/Current Liability)		0.92	1.03	0.91

STOCK PRICES

Face Value	Rs.10.00
Market Value	Rs.86.25

FINANCIAL ANALYSIS

[all figures are in Rupees Millions]

DEBT EQUITY RATIO

Particular	31.03.2012	31.03.2013	31.03.2014
	(Rs. In Million)	(Rs. In Million)	(Rs. In Million)
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
Current maturities of long-term debts	2209.982	1932.852	2120.327
Total borrowings	19930.273	16388.684	19266.872
Debt/Equity ratio	4.139	2.605	3.811

YEAR-ON-YEAR GROWTH

Year on Year Growth	31.03.2012	31.03.2013	31.03.2014
	(Rs. In Million)	(Rs. In Million)	(Rs. In Million)
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 Million)	(Rs. In Million)	(Rs. In Million)
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	Constitution of the entity -Incorporation details	Yes
3	Locality of the entity	Yes
4	Premises details	No
5	Buyer visit details	--
6	Contact numbers	Yes
7	Name of the person contacted	Yes
8	Designation of contact person	Yes
9	Promoter’s background	Yes
10	Date of Birth of Proprietor / Partners / Directors	Yes
11	Pan Card No. of Proprietor / Partners	No
12	Voter Id Card No. of Proprietor / Partners	No
13	Type of business	Yes
14	Line of Business	Yes
15	Export/import details (if applicable)	Yes
16	No. of employees	Yes
17	Details of sister concerns	Yes
18	Major suppliers	No
19	Major customers	No
20	Banking Details	Yes
21	Banking facility details	Yes
22	Conduct of the banking account	--
23	Financials, if provided	Yes
24	Capital in the business	Yes
25	Last accounts filed at ROC, if applicable	Yes
26	Turnover of firm for last three years	Yes
27	Reasons for variation <> 20%	--
28	Estimation for coming financial year	No
29	Profitability for last three years	Yes
30	Major shareholders, if available	Yes
31	External Agency Rating, if available	Yes
32	Litigations that the firm/promoter involved in	--
33	Market information	--
34	Payments terms	Yes
35	Negative Reporting by Auditors in the Annual Report	No

UNSECURED LOAN

Particulars	As on 31.03.2014	As on 31.03.2013
	(Rs. In Million)
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, INDIA	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, INDIA	C13902770
8	10413665	06/09/2013 *	1,000,000,000.00	IDBI BANK LIMITED	INDIAN RED CROSS SOCIETY BUILDING, 1, RED CROSS R  OAD,POST BAG NO.-231, NEW DELHI, DELHI - 110001, INDIA	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  - 110001, INDIA	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 Million as compared to Rs. 33470.000 Million last year. Loss after depreciation, exceptional item and tax for the year has been Rs.1200.000 Million as compared to profit of Rs. 1210.000 Million 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 Million as compared to Rs. 17720.000 Million 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 Million compared to Rs. 6600.000 Million 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 23^rd 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 Million and repaid total loans of Rs.1890.000 Million. 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 31ST DECEMBER, 2014

(Rs. In Million)

Particulars	Quarter Ended ( Unaudited)	Quarter Ended ( Unaudited)	Nine Months Ended ( Unaudited)
	31.12.2014	30.09.2014	31.12.2014
1. Income from operations
a) Net sales/ Income from operation (net of excise duty)	5368.600	6422.000	21850.800
b) Other operating income	62.800	101.000	254.700
Total income from Operations(net)	5431.400	6523.000	19261.200
2.Expenditure
a) Cost of material consumed	3847.400	3910.800	10955.200
b) Purchases of stock in trade	1030.200	885.200	2859.100
c) Changes in inventories of finished goods, work-in-progress and stock-in-trade	(524.700)	(345.300)	(627.400)
d) Employees benefit expenses	225.700	197.400	623.800
e) Depreciation and amortization expenses	220.800	221.300	663.100
f) Power and Fuel	789.300	926.600	2501.400
f) Other expenditure	652.100	640.800	1871.800
Total expenses	5340.800	6436.800	18847.000
3. Profit from operations before other income and financial costs	90.600	86.200	414.200
4. Other income	81.300	178.900	377.800
5. Profit from ordinary activities before finance costs	171.900	265.100	792.000
6. Finance costs	399.900	397.000	1233.000
7. Net profit/(loss) from ordinary activities after finance costs but before exceptional items	(228.000)	*131.900)	(441.000)
8. Exceptional item	431.300	155.000	485.700
9. Profit from ordinary activities before tax Expense:	(659.300)	(286.900)	(926.700)
10.Tax expenses	(250.900)	(95.100)	(339.600)
11.Net Profit / (Loss) from ordinary activities after tax (9-10)	(408.400)	(191.800)	(587.100)
12.Extraordinary Items (net of tax expense)	-	-	-
13.Net Profit / (Loss) for the period (11 -12)	(408.400)	(191.800)	(587.100)
14.Paid-up equity share capital (Nominal value Rs.10/- per share)	3096	3096	3096
15. Reserve excluding Revaluation Reserves as per balance sheet of previous accounting year	-	-	-
16.i) Earnings per share (before extraordinary items) of Rs.10/- each) (not annualised):
(a) Basic	(13.19)	(6.19)	(18.96)

Particulars	Quarter Ended ( Unaudited)	Quarter Ended ( Unaudited)	Nine Months Ended ( Unaudited)
	31.12.2014	30.09.2014	31.12.2014
A. Particulars of shareholding
1. Public Shareholding
- Number of shares	12054175	12054175	12054175
- Percentage of shareholding	38.93%	38.93%	38.93%
2. Promoters and Promoters group Shareholding-
a) Pledged /Encumbered
Number of shares	160000	160000	160000
Percentage of shares (as a % of total shareholding of the promoter and promoter group)	0.85%	0.85%	0.85%
Percentage of shares (as a % of total share capital of the company)	0.52%	0.52%	0.52%
b) Non Encumbered
Number of shares	18747325	18747325	18747325
Percentage of shares (as a % of total shareholding of the promoter and promoter group)	99.15%	99.15%	99.15%
Percentage of shares (as a % of total share capital of the company)	60.55%	60.55%	60.55%
B. Investor Complaints	31.12.2014
Pending at the beginning of the quarter	-
Receiving during the quarter	4
Disposed of during the quarter	4
Remaining unreserved at the end of the quarter	-

Particulars	Quarter Ended ( Unaudited)	Quarter Ended ( Unaudited)	Nine Months Ended ( Unaudited)
	31.12.2014	30.09.2014	31.12.2014
1. Segment Revenue
a. Industrial Chemical	4395.000	5833.800	16771.900
b. Ethyl Alcohol (Potable)	655.700	439.800	1625.400
c. Others	317.90	148.400	609.200
Total	5368.600	6422.000	19006.500
2. Segment Result
a. Industrial Chemical	(43.400)	387.600	790.400
b. Ethyl Alcohol (Potable)	(9.200)	13.800	55.400
c. Others	35.800	25.100	79.000
Total	(16.800)	426.500	924.800
Less : i) Finance Costs	399.900	397.000	1233.000
ii) Other Un-allocable Expenditure (net)	242.600	316.400	618.500
Profit before Tax	(659.300)	(286.900)	(926.700)
3. Capital Employed (Segment Assets-Segment Liabilities)
a. Industrial Chemical	18679.000	16205.100	18679.000
b. Ethyl Alcohol (Potable)	1249.500	1356.500	1249.500
c. Others	2059.000	2083.900	2059.000
Total	21987.500	19645.500	21987.500

NOTES:

1. Tax expenses includes deferred tax reversal of Rs. 250.900 million and Rs. 339.600 million for the quarter and nine months ended December 31, 2014 respectively. 

2. The Kashipur plant was under shut down for approximately 20 days during October 2014 for silver catalyst change. Due to this, production for the quarter was effected.

3. Exceptional items during the quarter ended December 31, 2014 represents exchange rate differences on payment, settlement as well as reinstatement of short term foreign currency borrowings and other monetary assets/ liabilities amounting to Rs. 183.200 million and loss on sale of spent silver catalyst amounting to Rs. 248.100 million

4. 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 Foreign 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 effect the cash flow of the Company and actual gain/loss in this respect is ascertainable only on the final settlement of such contracts.

5. . Company has investment of Rs. 542.800 million in equity shares and 10% cumulative redeemable preference share capital, loans amounting to Rs. 193.700 million (including Interest accrued) and advances amounting to Rs. 8,414 Lacs 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 ended 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 6 below).

6. Company received a letter from National Stock Exchange of India Limited (NSE) dated October 30, 2014, wherein. Company has been advised to restate its financial statements w.r.t. qualification raised by statutory auditors on investments and loans to SSAIL, pertaining to financial year 2012-13. The Company has written letter to NSE for granting an opportunity of representing the case in person and has accordingly not made any adjustments with respect to the same.

7. Short Term loans and advances includes Rs. 1465.000 million 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. 1477.500 million (including Investment in capital of Rs.12.500 million), 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. 

8. . During the quarter ended June 30, 2014, capacity utilisation was affected at Kashipur Plant 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 Nil and Rs. 190.400 million during the quarter and nine months ended December 31, 2014 respectively. The same has been included under the head "Other Income".

9. 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 nine months ended December 31, 2014 is lower by Rs. 59 Lacs and Rs. 11.700 million 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. 477 Lacs on account of assets whose useful life is already exhausted as on April 1, 2014, net of deferred tax of Rs. 24.600 million thereon, have been adjusted to opening balance of General Reserve during the nine months ended December 31, 2014.

10. On realisability of overdue receivable from an overseas party, amounting to Rs. 501.800 million, auditors' have drawn attention. The Company is following up with the party for early settlement.

11. Previous quarters /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 February 14, 2015.

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, India Prisons Service, Interpol, etc.

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.63.90
UK Pound	1	Rs.98.16
Euro	1	Rs.69.74

INFORMATION DETAILS

Information Gathered by :	MNJ
Analysis Done by :	DIV
Report Prepared by :	GTA

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	--

PRIVATE & CONFIDENTIAL : This information is provided to you at your request, you having employed MIPL for such purpose. You will use the information as aid only in determining the propriety of giving credit and generally as an aid to your business and for no other purpose. You will hold the information in strict confidence, and shall not reveal it or make it known to the subject persons, firms or corporations or to any other. MIPL does not warrant the correctness of the information as you hold it free of any liability whatsoever. You will be liable to and indemnify MIPL for any loss, damage or expense, occasioned by your breach or non observance of any one, or more of these conditions

This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.