MIRA INFORM REPORT
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Report No. : |
347056 |
|
Report Date : |
29.10.2015 |
IDENTIFICATION DETAILS
|
Name : |
INDIA GLYCOLS LIMITED |
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|
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Registered
Office : |
A-1, Industrial Area, Bazpur Road, Kashipur, Udham Singh
Nagar – 244713, Uttarakhand |
|
Tel. No.: |
91-5947-269000/269500/275320 |
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|
|
|
Country : |
India |
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Financials (as
on) : |
31.03.2015 |
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|
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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 Million |
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|
|
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CIN No.: [Company Identification
No.] |
L24111UR1983PLC009097 |
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|
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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
: |
1300 (Approximately) |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (41) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Maximum Credit Limit : |
USD 13000000 |
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Status : |
Satisfactory |
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Payment Behavior : |
Slow but correct |
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Litigation : |
Clear |
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Comments : |
Subject is an established company incorporated in the year 1983 having
satisfactory track. The rating takes into consideration company’s satisfactory networth
position and long established track record of the company. Further, the rating also takes into consideration favorable gap
between trade payables and trade receivables However, the rating strength is partially offset by continuous losses
incurred by the company. Trade relations are reported as fair. Business is active. Payments terms
are reported as slow but 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 |
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Restricted |
C2 |
|
Off-credit |
D |
EXTERNAL AGENCY RATING
|
Rating Agency Name |
India Rating |
|
Rating |
Long - Term Rating : BBB |
|
Rating Explanation |
Moderate degree of safety and carry moderate credit risk. |
|
Date |
August, 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
31-03-2015.
INFORMATION PARTED BY
|
Name : |
Mr. Gurav |
|
Designation : |
Finance Department |
|
Contact No.: |
91-120-3090100 |
LOCATIONS
|
Registered Office/ Factory 1: |
A-1, Industrial Area, Bazpur Road, Kashipur, Udham Singh
Nagar – 244713, Uttarakhand, India |
|
Tel. No.: |
91-5947-269000/269500/275320 |
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Fax No.: |
91-5947-275315/269535 |
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E-Mail : |
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|
Website : |
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Location: |
Owned |
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Locality: |
Commercial |
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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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Factory 3 : |
Plot No. 2, 3, 4 and 5 Pharma City, Selaqui, Dehradun,
Uttarakhand, India |
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Factory 4 : |
Block No. 229-230, Village Valthera, Dholka, Ahmedabad -
387810, Gujarat, India |
DIRECTORS
AS ON 31.03.2015
|
Name : |
Mr. Uma Shankar Bhartia |
|
Designation : |
Managing Director |
|
Address : |
17, Friends Colony (West), New Delhi - 110065, India |
|
Date of Appointment : |
01.10.2014 |
|
DIN No.: |
00063091 |
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Name : |
Ms. Jayshree Bhartia |
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Designation : |
Director |
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Address : |
17, Friends Colony (West), New Delhi - 110065, India |
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Date of Appointment : |
28.05.1999 |
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DIN No.: |
00063018 |
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Name : |
Mr. Pradip Kumar Khaitan |
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Designation : |
Director |
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Address : |
B-103, Rai Enclave, 7/1A, Sunny Park, Kolkata - 700019, West Bengal, India |
|
Date of Appointment : |
01.10.2014 |
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DIN No.: |
00004821 |
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Name : |
Mr. Jitender Balakrishnan |
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Designation : |
Director |
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Address : |
208, Tower - 2 Casa Grande, Senapati Bapat Marg, Lower Parel, Mumbai - 400013, Maharashtra, India |
|
Date of Appointment : |
01.10.2014 |
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DIN No.: |
00028320 |
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Name : |
Mr. Ravi Jhunjhunwala |
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Designation : |
Director |
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Address : |
63, Friends Colony (East), New Delhi – 110065, India |
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Date of Appointment : |
01.10.2014 |
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DIN No.: |
00060972 |
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Name : |
Mr. Jagmohan N. Kejriwal |
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Designation : |
Director |
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Address : |
20, Silver Sands, Dariyalal Co-operative Housing Society, Juhu Tara Road, Andheri (West), Mumbai - 400049, Maharashtra, India |
|
Date of Appointment : |
01.10.2014 |
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DIN No.: |
00074012 |
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|
Name : |
Mr. Ramesh Chandra Mishra |
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Designation : |
Director |
|
Address : |
DD-14, Kalkaji Extension, Nehru Enclave, New Delhi - 110019, India |
|
Date of Appointment : |
01.10.2014 |
|
DIN No.: |
00063146 |
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|
|
|
Name : |
Mr. Moparthi Koteswara Rao |
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Designation : |
Whole-Time Director |
|
Address : |
IGL Colony, India Glycols Limited, Kashipur - 244713, Uttarakhand, India |
|
Date of Appointment : |
01.04.2013 |
|
DIN No.: |
02168280 |
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|
|
|
Name : |
Ms. Ashwini Kumar Sharma |
|
Designation : |
Nominee Director |
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Address : |
1303 Brighton, Hari Om Nagar, Behind Octroi Naka, Eastern Express Highway, Mulund (East), Mumbai - 400081, Maharashtra, India |
|
Date of Appointment : |
01.09.2015 |
|
DIN No.: |
00157371 |
KEY EXECUTIVES
|
Name : |
Mr. Lalit Kumar Sharma |
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Designation : |
Company Secretary |
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|
Name : |
Mr. Gurav |
|
Designation : |
Finance Department |
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|
Name : |
Mr. Rakesh Bhartia |
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Designation : |
Chief Executive Officer |
|
Address : |
S-5, Panchsheel Park, 1st Floor, New Delhi - 110017, India |
|
Date of Appointment : |
04.08.2014 |
|
PAN No.: |
ADGPB7715C |
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|
|
|
Name : |
Mr. Anand Singhal |
|
Designation : |
Chief Finance Officer |
|
Address : |
38, Palm Grove Apartment, Sector - 50, Noida - 201304, Uttar Pradesh, India |
|
Date of Appointment : |
22.05.2014 |
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PAN No.: |
AFLPS7624E |
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|
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|
Name : |
Mr. Kapil Bhalla |
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Designation : |
Secretary |
|
Address : |
House No. 737, Sector - 8, Panchkula, Haryana, Panchkula - 134109, Haryana, India |
|
Date of Appointment : |
24.06.2015 |
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PAN No.: |
AAUPB5474H |
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Investors’ Grievance Committee: |
· R.C Mishra, Chairman · Jagmohan N Kejriwal · U.S. Bhartia |
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Audit Committee: |
· R.C. Mishra, Chairman · Jagmohan N. Kejriwal · Pradip Kumar Khaitan · M. K. Rao |
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Stakeholders’ Relationship
Committee : |
· R.C. Misra Chairman · U.S. Bhartia Jagmohan · N. Kejriwal |
SHAREHOLDING PATTERN
AS ON 30.09.2015
|
Category of
Shareholder |
Total No. of
Shares |
% of Total 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 |
|
|
18907325 |
61.07 |
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|
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Total shareholding of
Promoter and Promoter Group (A) |
18907325 |
61.07 |
|
(B) Public Shareholding |
||
|
|
|
|
|
|
18213 |
0.06 |
|
|
18290 |
0.06 |
|
|
560565 |
1.81 |
|
|
597068 |
1.93 |
|
|
|
|
|
|
2161956 |
6.98 |
|
|
|
|
|
|
7446301 |
24.05 |
|
|
1302973 |
4.21 |
|
|
545877 |
1.76 |
|
|
524657 |
1.69 |
|
|
21220 |
0.07 |
|
|
11457107 |
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 |
|
|
0 |
0.00 |
|
|
0 |
0.00 |
|
|
0 |
0.00 |
|
Total (A)+(B)+(C) |
30961500 |
0.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer of Glycols, Ethylene Oxide Derivatives, Ethyl Alcohol (Potable),
Natural Gum and Derivatives, Nutraceuticals and Herbal Extracts and
Industrial Gases. |
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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 : |
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Countries : |
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Imports : |
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Countries : |
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Terms : |
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Selling : |
Cash and Payment |
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Purchasing : |
Cash and Payment |
PRODUCTION STATUS: NOT AVAILABLE
GENERAL INFORMATION
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Suppliers : |
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Customers : |
Wholesalers and Retailers
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No. of Employees : |
1300 (Approximately) |
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Bankers : |
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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. Rupee Term Loans includes loans from Banks of Rs. 4.619 Million and loans from others of Rs. Nil secured by hypothecation of Motor Vehicles purchased there under which is repayable on different dates. Further, Rupee Term Loans from others includes Rs. 60.875 Million secured against bank guarantee. Term Loan from bank of Rs. 465.447 Million is repayable in 8 equal quarterly installments of Rs. 51.750 Million and 1 installment of rs.51.447 Million. Term Loan from bank of Rs. 1000.000 Million is repayable in 12 equal quarterly installments commencing from April 2015. Term Loan from bank of Rs. 249.960 Million (Previous Year Rs. 249.960 Million), is repayable in 10 equal quarterly installments commencing from May 2015. Term Loan from bank of Rs. Nil is repayable in 4 equal quarterly installments. Term Loan from bank of Rs. 291.500 Million (Previous Year Rs. 291.500 Million), is repayable in 2 quarterly installments (2 installments of Rs. 145.750 Million each) commencing from May 2015. Term Loan from bank of Rs. Nil. It includes Foreign Currency Loan of Rs. Nil USD 15.00 Lacs) Term Loan from bank of Rs. 124.998 Million is repayable in 6 equal quarterly installments. Term Loan from bank of Rs. 309.375 Million is repayable in 7 equal quarterly installments. Term Loan from bank of Rs. 195.100 Million (is repayable in 54 equal monthly installments of Rs. 3.575 Million each and remaining 1 installments of Rs. 2.050 Million. Term Loan from bank of Rs. 218.557 Million is repayable in 5 equal quarterly installments of Rs. 36.458 Million and remaining 1 installments of Rs. 36.267 Million. Term Loan from bank of Rs. 187.500 Million is repayable in 2 equal quarterly installments. Term Loan from bank of Rs. 142.129 Million is repayable in 06 equal quarterly installments of Rs. 20.305 Million and remaining 1 installments of Rs. 20.299 Million. Term Loan from bank of Rs. 249.998 Million is repayable in 1 installments in April 2015. Term Loan from bank of Rs. 343.100 Million is repayable in 13 equal quarterly installments of Rs. 24.521 Million each and remaining 1 installments for Rs. 24.327 Million. Term Loan from bank of Rs. 437.498 Million is repayable in 3 equal quarterly installments commencing from April 2015. Term Loan from bank of Rs. 255.100 Million is repayable in 12 equal quarterly installments of Rs. 21.258 Million commencing from Sep. 2015. Term Loan from bank of Rs. 875.000 Million is repayable in 14 equal quarterly installments is Rs. 62.500 Million 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. |
|
Auditors : |
|
|
Name : |
Lodha and Company Chartered Accountant |
|
Address: |
12, Bhagat Singh Marg, New Delhi – 110001, India |
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Tel no: |
91-11-23710176/23710177/23364671/2414 |
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Fax no: |
91-11-23345168/23314309 |
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Email: |
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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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Subsidiary
Companies : |
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Joint Venture Enterprise : |
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Enterprises over
which Key Management Personnel have significant influence : |
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CAPITAL STRUCTURE
AS ON 31.03.2015
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
45000000 |
Equity Shares |
Rs.10/- each |
Rs.450.000 Million |
|
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|
|
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 |
31.03.2015 No’s |
|
Kashipur Holdings Limited |
10287406 |
|
Sajani Devi Bhartia |
2100249 |
RECONCILIATION OF THE
NUMBER OF SHARES OUTSTANDING AT THE BEGINNING AND AT THE END OF THE REPORTING
PERIOD
|
Particulars |
31.03.2015 No’s |
|
Shares outstanding as at the beginning of the year |
30961500 |
|
Additions during the year |
--- |
|
Deletions during the year |
--- |
|
Shares outstanding as at the end of the year |
30961500 |
In last 5 years there
was no Bonus Issue, buy back and /or issue of shares other for cash
consideration.
FINANCIAL DATA
[all figures are
in Rupees Million]
ABRIDGED
BALANCE SHEET
|
SOURCES OF FUNDS |
31.03.2015 |
31.03.2014 |
31.03.2013 |
|
I.
EQUITY
AND LIABILITIES |
|
|
|
|
(1)Shareholders' Funds |
|
|
|
|
(a) Share Capital |
309.615 |
309.615 |
309.615 |
|
(b) Reserves & Surplus |
4243.434 |
4746.138 |
5980.718 |
|
(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) |
4553.049 |
5055.753 |
6290.333 |
|
|
|
|
|
|
(3)
Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
3445.836 |
6622.204 |
6577.161 |
|
(b) Deferred tax liabilities (Net) |
487.461 |
1065.444 |
1567.923 |
|
(c) Other long term
liabilities |
1.683 |
53.454 |
49.541 |
|
(d) long-term
provisions |
51.271 |
34.903 |
30.091 |
|
Total Non-current
Liabilities (3) |
3986.251 |
7776.005 |
8224.716 |
|
|
|
|
|
|
(4)
Current Liabilities |
|
|
|
|
(a) Short
term borrowings |
13603.584 |
10524.341 |
7878.671 |
|
(b) Trade
payables |
2432.828 |
4703.510 |
4592.781 |
|
(c) Other
current liabilities |
6953.039 |
3961.457 |
2536.646 |
|
(d) Short-term
provisions |
48.779 |
64.818 |
115.765 |
|
Total Current
Liabilities (4) |
23038.230 |
19254.126 |
15123.863 |
|
|
|
|
|
|
TOTAL |
31577.530 |
32085.884 |
29638.912 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1)
Non-current assets |
|
|
|
|
(a) Fixed
Assets |
|
|
|
|
(i)
Tangible assets |
10313.845 |
11856.081 |
10879.697 |
|
(ii)
Intangible Assets |
7.683 |
22.987 |
37.653 |
|
(iii) Capital
work-in-progress |
1422.323 |
1223.228 |
1935.134 |
|
(iv)
Intangible assets under development |
0.000 |
0.000 |
0.000 |
|
(b) Non-current Investments |
819.324 |
569.452 |
569.452 |
|
(c) Deferred tax assets (net) |
0.000 |
0.000 |
0.000 |
|
(d) Long-term Loan and Advances |
585.832 |
584.679 |
635.502 |
|
(e) Other
Non-current assets |
24.078 |
22.996 |
17.552 |
|
Total Non-Current
Assets |
13173.085 |
14279.423 |
14074.990 |
|
|
|
|
|
|
(2)
Current assets |
|
|
|
|
(a) Current
investments |
0.000 |
0.980 |
1719.221 |
|
(b)
Inventories |
4735.827 |
5471.922 |
4612.113 |
|
(c) Trade
receivables |
4375.615 |
4417.568 |
2986.527 |
|
(d) Cash
and cash equivalents |
1474.132 |
1583.356 |
1216.744 |
|
(e) Short-term
loans and advances |
7772.066 |
6308.663 |
5001.685 |
|
(f) Other
current assets |
46.805 |
23.972 |
27.632 |
|
Total
Current Assets |
18404.445 |
17806.461 |
15563.922 |
|
|
|
|
|
|
TOTAL |
31577.530 |
32085.884 |
29638.912 |
PROFIT
& LOSS ACCOUNT
|
|
PARTICULARS |
31.03.2015 |
31.03.2014 |
31.03.2013 |
|
|
SALES |
|
|
|
|
|
Income |
25574.104 |
28850.004 |
33338.319 |
|
|
Other Income |
433.398 |
289.419 |
127.827 |
|
|
TOTAL |
26007.502 |
29139.423 |
33466.146 |
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
Cost of Materials
Consumed |
13890.024 |
15432.692 |
16316.202 |
|
|
Purchases of
Stock-in-Trade |
3293.43 |
5103.079 |
5617.271 |
|
|
Changes in inventories of
finished goods, work-in-progress and Stock-in-Trade |
176.951 |
(565.409) |
3.492 |
|
|
Employees benefits
expense |
856.144 |
795.156 |
812.408 |
|
|
Exceptional Items |
579.551 |
1917.262 |
0.000 |
|
|
Other expenses |
5989.295 |
5990.803 |
6915.218 |
|
|
TOTAL |
24785.395 |
28673.583 |
29664.591 |
|
|
|
|
|
|
|
Less |
PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND
AMORTISATION |
1222.107 |
465.840 |
3801.555 |
|
|
|
|
|
|
|
Less |
FINANCIAL EXPENSES |
1576.972 |
1335.320 |
1327.246 |
|
|
|
|
|
|
|
|
PROFIT / (LOSS) BEFORE
TAX, DEPRECIATION AND AMORTISATION |
(354.865) |
(869.480) |
2474.309 |
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION |
811.639 |
828.447 |
824.315 |
|
|
|
|
|
|
|
|
PROFIT/ (LOSS) BEFORE TAX |
(1166.504) |
(1697.927) |
1649.994 |
|
|
|
|
|
|
|
Less |
TAX |
(553.116) |
(502.479) |
440.620 |
|
|
|
|
|
|
|
|
PROFIT/ (LOSS) AFTER TAX |
(613.388) |
(1195.448) |
1209.374 |
|
|
|
|
|
|
|
Add |
PREVIOUS YEARS’ BALANCE BROUGHT FORWARD |
3393.147 |
4624.819 |
3752.769 |
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
Transfer to General
Reserve |
NA |
0.000 |
120.940 |
|
|
Proposed Dividend |
NA |
30.962 |
61.923 |
|
|
Interim Dividend |
NA |
0.000 |
123.846 |
|
|
Corporate Dividend
Tax |
NA |
5.262 |
30.615 |
|
|
Total |
NA |
36.224 |
337.324 |
|
|
|
|
|
|
|
|
Balance Carried to the
B/S |
2779.759 |
3393.147 |
4624.819 |
|
|
|
|
|
|
|
|
EARNINGS IN FOREIGN
CURRENCY |
|
|
|
|
|
F.O.B. Value of Exports |
9615.179 |
11078.899 |
16747.259 |
|
|
TOTAL EARNINGS |
9615.179 |
11078.899 |
16747.259 |
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
Raw Materials |
3377.860 |
2745.709 |
1807.625 |
|
|
Stores and Spares |
142.374 |
971.783 |
800.673 |
|
|
Capital Goods |
681.834 |
0.000 |
0.371 |
|
|
Traded Goods |
3293.430 |
4651.976 |
5598.877 |
|
|
TOTAL IMPORTS |
7495.498 |
8369.468 |
8207.546 |
|
|
|
|
|
|
|
|
Earnings / (Loss) Per
Share (Rs.) |
(19.81) |
(38.61) |
41.1 |
CURRENT MATURITIES
OF LONG TERM DEBT DETAILS
|
Particulars |
31.03.2015 |
31.03.2014 |
31.03.2013 |
|
Current Maturities of Long term debt |
4462.188 |
2333.838 |
1932.852 |
|
Cash generated from operations |
(1516.646) |
(1330.698) |
8177.295 |
|
Net cash flows from (used in) operations |
(1542.313) |
(1376.128) |
7688.797 |
KEY
RATIOS
|
PARTICULARS |
|
31.03.2015 |
31.03.2014 |
31.03.2013 |
|
Net Profit Margin (PAT / Sales) |
(%) |
(2.40) |
(4.14) |
3.63 |
|
|
|
|
|
|
|
Operating Profit Margin (PBIDT/Sales) |
(%) |
4.78 |
1.61 |
11.40 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
(3.98) |
(5.60) |
6.08 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
(0.26) |
(0.34) |
0.26 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt /Networth) |
|
3.74 |
3.39 |
2.30 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
0.80 |
0.92 |
1.03 |
STOCK
PRICES
|
Face Value |
Rs. 10.00/- |
|
Market Value |
Rs. 98.20/- |
QUARTERLY RESULTS
|
PARTICULARS |
|
|
30.06.2015 |
|
Unaudited |
|
|
1st Quarter |
|
Net Sales |
|
|
7079.600 |
|
Total Expenditure |
|
|
6322.300 |
|
PBIDT (Excl OI) |
|
|
757.300 |
|
Other Income |
|
|
11.000 |
|
Operating Profit |
|
|
768.300 |
|
Interest |
|
|
377.800 |
|
Exceptional Items |
|
|
(94.500) |
|
PBDT |
|
|
296.000 |
|
Depreciation |
|
|
183.800 |
|
Profit Before Tax |
|
|
112.200 |
|
Tax |
|
|
34.900 |
|
Provisions and contingencies |
|
|
NA |
|
Profit After Tax |
|
|
77.300 |
FINANCIAL ANALYSIS
[all figures are
in Rupees Million]
DEBT EQUITY RATIO
|
Particular |
31.03.2013 |
31.03.2014 |
31.03.2015 |
|
|
(Rs. In Million) |
(Rs. In Million) |
(Rs. In Million) |
|
Share Capital |
309.615 |
309.615 |
309.615 |
|
Reserves & Surplus |
5980.718 |
4746.138 |
4243.434 |
|
Money received against
share warrants |
0.000 |
0.000 |
0.000 |
|
Net worth |
6290.333 |
5055.753 |
4553.049 |
|
|
|
|
|
|
long-term borrowings |
6577.161 |
6622.204 |
3445.836 |
|
Short term borrowings |
7878.671 |
10524.341 |
13603.584 |
|
Current maturities of
long-term debts |
1932.852 |
2333.838 |
4462.188 |
|
Total borrowings |
16388.684 |
19480.383 |
21511.608 |
|
Debt/Equity ratio |
2.605 |
3.853 |
4.725 |
YEAR-ON-YEAR GROWTH
|
Year on Year Growth |
31.03.2013 |
31.03.2014 |
31.03.2015 |
|
|
(Rs. In Million) |
(Rs. In Million) |
(Rs. In Million) |
|
Sales |
33338.319 |
28850.004 |
25574.104 |
|
|
|
(13.463) |
(11.355) |
NET PROFIT MARGIN
|
Net Profit Margin |
31.03.2013 |
31.03.2014 |
31.03.2015 |
|
|
(Rs. In Million) |
(Rs. In Million) |
(Rs. In Million) |
|
Sales |
33338.319 |
28850.004 |
25574.104 |
|
Profit |
1209.374 |
(1195.448) |
(613.388) |
|
|
3.63% |
(4.14%) |
(2.40%) |
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 |
No |
|
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 |
No |
|
35 |
Negative Reporting by Auditors in the
Annual Report |
No |
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 steep fall in prices of the Chemical products and the demand for Guar Gum. The performance was further adversely affected as domestic prices of our feedstock viz. molasses and alcohol, were 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 under review has
decreased to Rs. 26010.000 Million as compared to Rs. 29140.000 Million last
year. Loss after depreciation, exceptional items and tax for the year has been
Rs. 610.000 Million as compared to loss of Rs. 1200.000 Million last year.
CHEMICALS
The Company is the largest manufacturer of Bio-Mono Ethylene Glycol (Bio-MEG) in the world made out of renewable feedstock i.e. Molasses and Ethanol. Bio-MEG has an application, apart from other products, in PET bottles, which is used for packaging of beverage products. Sales of Glycols [Monoethylene Glycol (MEG), Diethylene Glycol (DEG), Triethylene Glycol (TEG) and Heavy Glycols] have decreased from 95,342 MT in FY 2013-14 to 90,140 MT in FY 2014-15 and in Sales Value from Rs. 7580.000 Million in FY 2013-14 to Rs.7060.000 Million in FY 2014-15.
Sales under Ethylene Oxide Derivatives (EOD) business decreased to 99,034 MT in FY 2014-15 from 1,03,713 MT during previous year. However, in value terms it has increased from Rs.11060.000 Million in FY 2013-14 to Rs.11090.000 Million in FY 2014-15. EOD business has witnessed improvement due to higher prices of Ethylene and Ethylene Oxide in the world market.
During the year, the Company produced 93,029 MT of Glycols
compared to 96,275 MT last year. Ethylene Oxide Derivatives (EODs) production
has been 1,36,837 MT compared to 1,05,510 MT last year.
FINANCE
During the year under review, Company has raised Term Loans of Rs. 2390.000 Million and repaid total loans of Rs. 2860.000 Million. The Company has been regular in meeting its obligations towards payment of principal/interest to Financial Institutions/Banks. Details of the Loans, Guarantees and Investments covered under the provisions of Section 186 of the Companies Act, 2013 are given in the notes to the Financial Statements.
The Company had discontinued its fixed deposits scheme in
the financial year 2009-10 and has not accepted any fresh deposits covered
under Chapter V of the Companies Act, 2013 during the year. There are no
overdue deposits except unclaimed deposits amounting to Rs. 0.336 Million. During
the year, unclaimed deposit of Rs. 0.124 Million was transferred to IEPF.
MANAGEMENT DISCUSSION
AND ANALYSIS
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 and Herbal Extracts and Industrial Gases. Our belief in providing the desired products with the help of the best technology is reflected in our state-of-the-art integrated manufacturing facilities.
A. Chemical segments comprises: -
• Glycols (MEG, DEG, TEG and Heavy Glycols)
• Ethylene Oxide Derivatives (EODs)
• Natural Gum and Derivatives
B. Ethyl Alcohol (Potable) and Extra Neutral Alcohol
C. Others include Nutraceuticals and Herbal Extracts, Industrial Gases etc.
BIO-ETHOXYLATES
We have initiated promotion of Bio-Ethoxylates in the international market which is gaining acceptability and can be a good opportunity for better realisation in the niche market segments.
NATURAL GUMS
The performance Natural Gums Division had suffered set back during the year due to steep fall in Guargum demand, consequent upon the slump in Oil and Gas prices globally, which has forced the US market to decrease the drilling activities in the Oil and Gas sector. With the current situation in US market is expected to continue, the Company has focused on other global markets for its industrial and food grade Gaur-gum products. Inspite of the depressed market conditions for Guargum, Company has carved a niche in world market and now is known as the consistent quality manufacturer among the customers world over. The Company has started exploring the opportunities for its Guar derivatives in the field of Oil field, cosmetics and building construction applications.
FINANCIAL REVIEW
Apart from depressed global economic scenario which has resulted in reduction of commodity demand, the performance was further adversely affected as domestic prices of our feedstock viz. molasses and alcohol was higher 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 under review has been Rs. 26010.000 Million as compared to Rs. 29140.000 Million last year. Loss after depreciation, exceptional item and tax for the year has been Rs. 610.000 Million.
During the year the Gross Fixed Assets has decreased to Rs. 18110.000 Million in FY 2014-15 from Rs.19000.000 Million in FY 2013-14.
Despite the adverse economic scenario, the Company has been
regular in meeting its obligations towards timely payment of principal/interest
to Financial Institutions/ Banks/Debenture holders/Fixed Deposit holders
AWARDS AND
RECOGNITIONS
The Company has been honoured with the Silver award selected by Federation of Indian Export Organisation, set up by Ministry of Commerce, Govt. of India for being Second highest foreign exchange earners in the Chemicals, Drugs, Pharma and allied sectors – Non MSME (Micro, Small and Medium Enterprises). The Prestigious award was presented to the Company by Hon’ble President of India in November 2014.
Shri U.S. Bhartia, Chairman and Managing Director of the Company has been conferred with highly prestigious “BUSINESS LEADER OF THE YEAR – INNOVATION” CHEMTECH CEW LEADERSHIP AND EXCELLENCE AWARDS 2013”, wherein he has been recognized as “An Industrialist with Extraordinary achievements in the core sectors of Indian Economy in conceiving and implementing projects sustainable through value creation and value addition and has always strived for an all-inclusive growth”. He has been recognized as an industrialist with visionary concepts based on research and innovation. He has been awarded for his entrepreneurial endeavors, of putting India on the world map by establishing industries based on green technologies in the rural areas, utilizing local resources to produce products of global standards
UNSECURED LOAN
|
Particular |
31.03.2015 (Rs.
in Million) |
31.03.2014 (Rs.
in Million) |
|
Long-term
Borrowings |
|
|
|
Loan from related parties (Body Corporates) |
0.000 |
691.024 |
|
Short-term
borrowings |
|
|
|
Short Term Loans from Banks |
652.973 |
381.186 |
|
Total |
652.973 |
1072.210 |
INDEX
OF CHARGES
|
S.NO. |
CHARGE ID |
DATE OF CHARGE CREATION/MODIFICATION |
CHARGE AMOUNT SECURED |
CHARGE HOLDER |
ADDRESS |
SERVICE REQUEST NUMBER (SRN) |
|
1 |
10569853 |
22/06/2015 * |
7,228,800,000.00 |
STATE BANK OF INDIA |
GROUND FLOOR, GREAT EASTERN
CENTRE, NEHRU PLACE, |
C57168767 |
|
2 |
10564914 |
11/06/2015 * |
550,000,000.00 |
PUNJAB NATIONAL BANK |
LARGE CORPORATE BRANCH, TOLSTOY HOUSE, NEW DELHI - 110001, INDIA |
C56142110 |
|
3 |
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 - 110001, INDIA |
C28818227 |
|
4 |
10520333 |
15/09/2014 |
1,000,000,000.00 |
AXIS BANK LIMITED |
2ND FLOOR STATESMAN HOUSE, 148, BARAKHAMBA ROAD, NEW DELHI - 110001, INDIA |
C20970299 |
|
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 - 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 - 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 - 110019, |
C13902770 |
|
8 |
10413665 |
06/09/2013 * |
1,000,000,000.00 |
IDBI BANK LIMITED |
INDIAN RED CROSS SOCIETY BUILDING, 1, RED CROSS ROAD,POST BAG NO.-231, NEW DELHI - 110001, INDIA |
B86027661 |
|
9 |
10397729 |
07/01/2015 * |
500,000,000.00 |
STATE BANK OF TRAVANCORE |
COMMERCIAL BRANCH, TRAVANCORE HOUSE, K.G.MARG, NEW DELHI - 110001, INDIA |
C40465270 |
|
10 |
10386455 |
06/09/2013 * |
500,000,000.00 |
STATE BANK OF PATIALA |
COMMERCIAL BRANCH, CHANDRALOK BUILDING,36, JANPATH, NEW DELHI - 110001, INDIA |
B85994754 |
* Date of charge modification
UNAUDITED FINANCIAL RESULTS FOR THE QUARTER ENDED ON 30.06.2015
(Rs.
in Million)
|
PARTICULARS |
Quarter Ended |
|
31.12.2014 [Unaudited] |
|
|
1.
Income from operations |
|
|
a) Net sales/ Income from operation (net of excise duty) |
6988.200 |
|
b) Other operating income |
91.400 |
|
Total
Income from Operations (net) |
7079.600 |
|
|
|
|
2.Expenditure |
|
|
Cost of material consumed |
3300.800 |
|
Purchases of Stock-in-Trade |
1496.300 |
|
Changes in inventories of
finished goods, work-in-progress and Stock-in-Trade |
(159.500) |
|
Employees benefits expense |
208.100 |
|
Depreciation |
183.800 |
|
Power and fuel |
806.500 |
|
Other expenses |
670.100 |
|
Total expenses |
6506.100 |
|
|
|
|
Profit/ (Loss) from operations before other Income,
finance costs and exceptional Items (1-2) |
573.500 |
|
Other Income |
11.000 |
|
Profit/ (Loss) from operations before other income,
finance costs and exceptional items (3+4) |
584.500 |
|
Finance Costs |
377.800 |
|
Profit/ (Loss) from ordinary activities after finance cost
but before exceptional items (5-6) |
206.700 |
|
Exceptional items |
94.500 |
|
Profit/ (Loss) from ordinary activities before tax (7+8) |
112.200 |
|
Tax expenses |
34.900 |
|
Net Profit / (Loss) from ordinary activities after tax
(9-10) |
77.300 |
|
Extraordinary item (net of tax expense) |
0.000 |
|
Net Profit / (Loss) for the period (11-12) |
77.300 |
|
Share of profit' (loss) of associates |
|
|
Minority Interest |
|
|
Net Profit/ (Loss) after taxes, minority interest and
share of profit/(loss) of associates (13+14+15) |
|
|
Paid up equity share capital (Face Value of Rs 10/-each) |
309.6 |
|
Reserve excluding Revaluation Reserve as per Balance Sheet
of previous accounting year |
|
|
Earnings per share (before extraordinary items) of Rs.10/-
each (not annualized): |
|
|
(a) Basic |
2.50 |
|
|
|
|
A.
PARTICULARS OF SHAREHOLDING |
|
|
1.
Public Shareholding |
|
|
- Number of shares |
12054175 |
|
- Percentage of shareholding |
38.93% |
|
2.
Promoters and Promoters group Shareholding |
|
|
a) Pledged /Encumbered |
|
|
Number of shares |
---- |
|
Percentage of shares (as a % of total shareholding of the
promoter and promoter group) |
---- |
|
Percentage of shares (as a % of total share capital of the
company) |
---- |
|
|
|
|
b) Non Encumbered |
|
|
Number of shares |
18907325 |
|
Percentage of shares (as a % of total shareholding of the
promoter and promoter group) |
100.00% |
|
Percentage of shares (as a % of total share capital of the
company) |
61.07% |
|
|
PARTICULARS |
Quarter
ended 30.06.2015 |
|
B |
Investor complaints
(Nos.) |
|
|
|
Pending at the beginning of the quarter |
--- |
|
|
Received during the Quarter |
8 |
|
|
Disposed of during the quarter |
8 |
|
|
Remaining unresolved at the end of the quarter |
--- |
SEGMENTWISE
REVENUE, RESULTS AND CAPITAL EMPLOYED 30.06.2015
(Rs. In
Million)
|
Particulars |
Standalone
|
|
|
30.06.2015 (unaudited) |
|
1.
Segment Revenue |
|
|
Industrial chemicals |
6091.200 |
|
Ethyl alcohol (potable) |
697.800 |
|
Others |
199.200 |
|
Total |
6988.200 |
|
|
|
|
2.
Segment Result |
|
|
Profit before tax and interest from each
segment |
|
|
Industrial chemicals |
631.400 |
|
Ethyl alcohol (potable) |
65.300 |
|
Others |
17.100 |
|
Total |
713.800 |
|
Less : Interest |
377.800 |
|
Exceptional
Item - Foreign Exchange Gain/(Loss) |
223.800 |
|
Profit
from ordinary activities before tax |
112.200 |
|
|
|
|
3. Capital Employed (Segment Assets-Segment
Liabilities) |
|
|
Industrial chemicals |
10955.500 |
|
Ethyl alcohol (potable) |
1541.300 |
|
Others |
1498.100 |
|
Unallocated |
(9315.300) |
|
Total |
4679.600 |
Notes:
Tax expenses represent deferred tax of Rs. 34.900 Million for the quarter ended June 30, 2015.
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/loss, 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.
Exceptional item for the quarter ended June 30, 2015 represents exchange rate
differences on reinstatement of foreign currency borrowing and other monetary
assets/ liabilities.
Company has raised Export Advances of Rs. 7264.200 Million (USD 114 Million).
Out of the proceeds, long term debt of Rs. 5527.200 Million has been prepaid
and working capital loan of Rs. 1700.000 Million has been reduced.
Company has an investment of Rs. 542.800 Million in equity shares and 10%
cumulative redeemable preference share capital, has given loans amounting to
Rs. 191.500 Million (including interest accrued) and advances amounting to Rs.
833.600 Million in a subsidiary company, Shakumbari Sugar and Allied Industries
Limited (SSAIL), where the net worth as per the audited accounts for the year
ended March 31, 2013 had been fully eroded and has also been declared a sick
industrial undertaking as per the provision of Sick Industrial Companies Act,
1985. Further Company have also extended corporate guarantee of Rs. 1182.180
Million on behalf of SSAIL against outstanding loans amount of Financial
Institution and Banks. 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, which has been filed with BIFR on January 11, 2014 and
also filed TEV (Technical Evaluation Study) with IDBI (Operating Agency) on
09th February 2015, no provision at this stage is considered necessary by the
management against investments and loan and advances made in above stated
subsidiary. On this auditors have drawn attention.
Short Term loans and advances includes Rs. 1465.000 Million given to IGL Finance
Limited. (IGLFL), a 100% subsidiary of the company. IGLFL in turn had invested
funds for short term in commodity financing contracts offered by National Spot
Exchange Limited. (NSEL). NSEL has defaulted in settling the contracts on due
dates. However, considering the arrangement of merger of NSEL with Financial
Technologies (India) Limited and other measure which have so far been taken for
and pending before Govt, and other authorities, the management is confident for
recovery of dues from NSEL over a period of time. Accordingly, against the
total exposure in IGLFL 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 has been shown as good and fully recoverable. On
this auditors have drawn attention.
For the above (a) and (b), Company has received letters dated 30th Oct 2014 and
05th May 2015 from National Stock Exchange of India (NSE), wherein the Company
has been advised to reinstate its financial statement w.r.t. qualification
raised for the years FY 2012-13 by the statutory auditor on investments and
loans to SSAIL and suitably rectify the qualification raised for the year FY
2013-14 by the statutory auditor w.r.t. investment and loan to IGLFL respectively.
For the above matters, the Company has submitted reply based on legal advise.
The Company has made equity investment of Rs. 2.741 Million in its wholly owned
subsidiary IGL CHEM INTRENATIONAL PTE Limited, Singapore (IGL CHEM) and their
outstanding in its account on account of receivables of amounting to Rs. 28.240
Million. Due to losses and slowdown in business, net worth of IGL CHEM becomes
negative. In view of strategic and long term in nature of investment, no
provision against the same has been considered necessary by the management. On
this auditors have drawn attention.
Previous quarters / year figures have been regrouped / reclassified wherever
considered necessary.
The figures of the quarter ended March 31, 2015 are the balancing figures
between the audited figures in respect of the full year ended March 31, 2015
and the unaudited published figures upto the third quarter ended December 31,
2014.
The above results were reviewed by the Audit committee and have been approved
by the Board of Directors in its meeting held on August 10, 2015. The statutory
auditors of the Company have carried out a limited review of these results.
FIXED ASSETS
Tangible assets
· Freehold Land
· Leasehold Land
· Buildings
· Plant and Machinery
· Office Equipment
· Furniture and Fixtures
· Vehicles
Intangible assets
· 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 records 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. 64.95 |
|
UK Pound |
1 |
Rs. 99.73 |
|
Euro |
1 |
Rs. 71.84 |
INFORMATION DETAILS
|
Analysis Done by
: |
DIV |
|
|
|
|
Report Prepared
by : |
SANS |
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 |
|
--PROFITABILITY |
1~10 |
3 |
|
--LIQUIDITY |
1~10 |
4 |
|
--LEVERAGE |
1~10 |
5 |
|
--RESERVES |
1~10 |
5 |
|
--CREDIT LINES |
1~10 |
4 |
|
--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 |
|
41 |
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.