|
|
|
MIRA INFORM REPORT
|
Report No. : |
516050 |
|
Report Date : |
21.06.2018 |
IDENTIFICATION DETAILS
|
Name : |
I G PETROCHEMICALS LIMITED |
|
|
|
|
Registered
Office : |
T-10, 3rd Floor, Jairam Complex, Mala, Neugi Nagar, Panaji – 403001, Goa |
|
Tel. No.: |
91-832-2434973 |
|
|
|
|
Country : |
India |
|
|
|
|
Financials (as
on) : |
31.03.2018 |
|
|
|
|
Date of
Incorporation : |
18.10.1988 |
|
|
|
|
CIN No.: [Company Identification
No.] |
L51496GA1988PLC000915 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
INR 307.981 Million |
|
|
|
|
IEC No.: [Import-Export Code No.] |
0390001872 |
|
|
|
|
PAN No.: [Permanent Account No.] |
AAACI4115R |
|
|
|
|
GSTN : [Goods & Service Tax
Registration No.] |
27AAACI4115R1ZB |
|
|
|
|
Legal Form : |
A Public Limited Liability Company. The Company’s Shares are Listed on
the Stock Exchanges. |
|
|
|
|
Line of Business
: |
Manufacturer, Seller and Exporter of Organic Chemicals. [Registered
Activity and also Confirmed by Management] |
|
|
|
|
No. of Employees
: |
500 (Approximately) |
RATING & COMMENTS
(Mira Inform has adopted New Rating mechanism w.e.f. 23rd
January 2017)
|
MIRA’s Rating : |
A+ |
|
Credit Rating |
Explanation |
Rating Comments |
|
A+ |
Low Risk |
Business dealings permissible with low
risk of default |
|
Maximum Credit Limit : |
USD 15088600 |
|
|
|
|
Status : |
Good |
|
|
|
|
Payment Behaviour : |
Regular |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Subject was incorporated in the year 1988 and it is engaged as
manufacturer organic chemicals like polyvinyl chloride products. For the financial year 2018, the company has achieved marginal growth
in its revenue as compared to its previous year and has managed to maintained
fair profit margin during the year. Rating takes into consideration, the healthy financial risk profile
marked by strong net worth base and comfortable liquidity position. Rating continues to derive strength from its long and established
track record of its business operation backed by its comfortable working
capital cycle and long standing experience of its promoters. The company has its share price trading at around INR 519.10 on BSE as
on 21st June 2018 as against its face value of INR 10. However, these rating strengths gets partially offset by product
concentration risk and volatility in crude oil prices as the company key raw
material is crude derivative and its price is mainly driven by crude prices. Payment seems to be regular. In view of aforesaid, the company can be considered for business
dealing 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
|
Country Name |
Previous Rating (31.12.2017) |
Current Rating (01.04.2018) |
|
India |
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low Risk |
A2 |
|
Moderately Low Risk |
B1 |
|
Moderate Risk |
B2 |
|
Moderately High Risk |
C1 |
|
High Risk |
C2 |
|
Very High Risk |
D |
EXTERNAL AGENCY RATING
|
Rating Agency Name |
INDIA RATING |
|
Rating |
Long Term Rating = A+ |
|
Rating Explanation |
Adequate degree of safety and low credit risk. |
|
Date |
10.07.2017 |
|
Rating Agency Name |
INDIA RATING |
|
Rating |
Short Term Rating = A1+ |
|
Rating Explanation |
Very strong degree of safety and carry lowest credit risk. |
|
Date |
10.07.2017 |
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
31-03-2018.
BIFR (Board for Industrial & Financial Reconstruction) LISTING
STATUS
Subject’s name is not listed as a Sick Unit in
the publicly available BIFR (Board for Industrial & Financial Reconstruction)
list as of 21.06.2018.
IBBI (Insolvency and Bankruptcy Board of India) LISTING STATUS
Subject’s name is not listed in the publicly
available IBBI (Insolvency and Bankruptcy Board of India) list as of report
date.
INFORMATION PARTED BY
|
Name : |
Mr. Harshad |
|
Designation : |
Deputy Manager |
|
Contact No.: |
91-22-30286100 |
LOCATIONS
|
Registered Office : |
T-10, 3rd Floor, Jairam Complex, Mala, Neugi Nagar, Panaji – 403001, Goa, India |
|
Tel. No.: |
91-832-2434973 |
|
Fax No.: |
Not Available |
|
E-Mail : |
|
|
Website : |
|
|
|
|
|
Corporate Office : |
401-404, Raheja Centre, Free Press Journal Marg, 214 Nariman Point,
Mumbai – 400021, Maharashtra, India |
|
Tel. No.: |
91-22-30286100/ 132/ 133 |
|
Fax No.: |
91-22-22040747 |
|
Email : |
|
|
|
|
|
Executive Office : |
D-4, Jyothi Complex, 134/1, Infantry Road, Bangalore- 560001,
Karnataka, India |
|
Tel. No.: |
91-80-22868372 |
|
Fax No.: |
91-80-22868778 |
|
|
|
|
Factory : |
T-2, MIDC Industrial Area, Taloja, Raigad – 410208, Maharashtra, India
|
|
Tel. No.: |
91-22-39289100/ 146 |
|
Fax No.: |
91-22-27410192/ 39289148/ 149 |
DIRECTORS
AS ON: 31.03.2018
|
Name : |
Mr. Madan Mohan Dhanuka |
|
Designation : |
Director |
|
Address : |
131-B, Maker Tower Cuffe Parade, Mumbai-400005, Maharashtra,
India |
|
Date of Appointment : |
18.10.1988 |
|
DIN No.: |
00193456 |
|
|
|
|
Name : |
Mr. Nikunj Dhanuka |
|
Designation : |
Managing Director |
|
Address : |
141-B, Maker Tower Cuffe Parade, Mumbai-400005, Maharashtra,
India |
|
Date of Birth/Age : |
26.05.1967 |
|
Qualification : |
B.Com. |
|
Expertise : |
Possess diverse experience and extensive knowledge on the functioning of Chemical Industries, Finance and Banking. |
|
Date of Appointment : |
01.07.1998 |
|
DIN No.: |
00193499 |
|
|
|
|
Name : |
Mr. Jitendra Vishwanath Saboo |
|
Designation : |
Wholetime Director |
|
Address : |
Flat No. A 1001, Plot No. R 3/B, Sector No.14, Nerul, Navi
Mumbai-400706, Maharashtra, India |
|
Date of Appointment : |
01.07.1998 |
|
DIN No.: |
00193512 |
|
|
|
|
Name : |
Mr. Rajesh Ramniklal Muni |
|
Designation : |
Director |
|
Address : |
'A' Wing, Flat 1201, Platinum Lawns CHS Ltd G.B.Road,
Village Kasarvadavali, Thane ( W), Thane-400607, Maharashtra, India |
|
Date of Appointment : |
30.04.2002 |
|
DIN No.: |
00193527 |
|
|
|
|
Name : |
Mr. Arjun Kumar Rathi |
|
Designation : |
Director |
|
Address : |
A-8/201, La Habitat, 100 Ft Hebatpur Road, Opp Ayna
Shopping Complex Thaltej,Daskroi, Thaltej, Ahmedabad-380059, Gujarat, India |
|
Date of Appointment : |
28/07/2009 |
|
DIN No.: |
00209505 |
|
|
|
|
Name : |
Hayagreeva Ravikumar Puranam |
|
Designation : |
Director |
|
Address : |
501 Yashowan Towers, Behind Mahim Post Office T. H.
Kataria Marg, Mahim – West, Mumbai-400016, Maharashtra, India |
|
Date of Appointment : |
30.10.2012 |
|
DIN No.: |
00280010 |
|
|
|
|
Name : |
Mrs. Vaijayanti Ajit Pandit |
|
Designation : |
Director |
|
Address : |
30/9, Taj Building August Kranti Marg, Bombay-400036, Maharashtra,
India |
|
Date of Appointment : |
30.03.2015 |
|
DIN No.: |
06742237 |
KEY EXECUTIVES
|
Name : |
Mr. Chandrasekaran Rajagopal |
|
Designation : |
Chief Financial Officer (KMP) |
|
Address : |
Flat No 1, Ankit, Plot No 21 Sector No 28, Vashi, Navi
Mumbai-400703, Maharashtra, India |
|
Date of Appointment : |
10.02.2015 |
|
PAN No.: |
AGAPR4856R |
|
|
|
|
Name : |
Mr. Sudhir Ramdhani Singh |
|
Designation : |
Company Secretary |
|
Address : |
C-403, Dheeraj Diamond CHS Ltd. Chincholi Bunder Road,
Malad (W), Mumbai* 400064, Maharashtra, India |
|
Date of Appointment : |
11.07.2015 |
|
PAN No.: |
AKHPS9494F |
|
|
|
|
Name : |
Mr. Harshad |
|
Designation : |
Deputy Manager |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 31.03.2018
|
Names of Shareholders |
No. of Shares |
Percentage of Holding |
|
Promoter & Promoter Group |
22239927 |
72.22 |
|
Public |
8554923 |
27.78 |
|
|
|
|
|
Total |
30794850 |
100.00 |
Statement showing
shareholding pattern of the Promoter and Promoter Group
|
Category
of shareholder |
No.
of fully paid up equity shares held |
Shareholding
as a % of total no. of shares (calculated as per SCRR, 1957)As a % of
(A+B+C2) |
|
|
A1) Indian |
|
|
|
|
Individuals/Hindu
undivided Family |
2,60,010 |
0.84 |
|
|
MADAN MOHAN DHANUKA |
1,04,904 |
0.34 |
|
|
BINA DEVI DHANUKA |
22,073 |
0.07 |
|
|
AMISHI DHANUKA |
1,000 |
0.00 |
|
|
UMANG DHANUKA |
3,798 |
0.01 |
|
|
NEHA DHANUKA |
1,28,235 |
0.42 |
|
|
Any Other
(specify) |
2,19,79,917 |
71.38 |
|
|
BIHARIJI CONSTRUCTIONS (INDIA) LIMITED |
5,50,200 |
1.79 |
|
|
KAMRUP ENTERPRISES LIMITED |
33,21,401 |
10.79 |
|
|
VINCENT INDIA LIMITED |
48,89,927 |
15.88 |
|
|
GEMBEL TRADE ENTERPRISES LIMITED |
27,17,491 |
8.82 |
|
|
KALIMPONG PRODUCE CO. LTD. |
1,200 |
0.00 |
|
|
MYSORE PETRO CHEMICALS LIMITED |
40,75,000 |
13.23 |
|
|
SAVITA INVESTMENT COMPANY LTD |
19,33,414 |
6.28 |
|
|
SHEKHAVATI INVESTMENT CORPORATION LIMITED |
41,22,210 |
13.39 |
|
|
SHOGUN VINIMAY (P) LTD |
3,69,074 |
1.20 |
|
|
Sub Total A1 |
2,22,39,927 |
72.22 |
|
|
A2) Foreign |
0.00 |
|
|
|
A=A1+A2 |
2,22,39,927 |
72.22 |
|
Statement showing shareholding pattern of the Public shareholder
|
Category
& Name of the Shareholders |
No.
of fully paid up equity shares held |
Shareholding
% calculated as per SCRR, 1957 As a % of (A+B+C2) |
|
|
|||
|
|||
|
|||
|
B1) Institutions |
|
|
|
|
Mutual Funds/ |
54900 |
0.18 |
|
|
Foreign
Portfolio Investors |
562164 |
1.83 |
|
|
Financial
Institutions/ Banks |
14605 |
0.05 |
|
|
Any Other
(specify) |
1000 |
0.00 |
|
|
Sub Total B1 |
632669 |
2.05 |
|
|
B2) Central Government/
State Government(s)/ President of India |
0 |
0.00 |
|
|
B3)
Non-Institutions |
0 |
0.00 |
|
|
Individual share
capital upto INR 0.200 Million |
4889421 |
15.88 |
|
|
Individual share
capital in excess of INR 0.200 Million |
1316375 |
4.27 |
|
|
ANIL KUMAR GOEL |
577000 |
1.87 |
|
|
Any Other
(specify) |
1716458 |
5.57 |
|
|
Bodies Corporate |
482983 |
1.57 |
|
|
Clearing Members |
89678 |
0.29 |
|
|
Director or Director's Relatives |
7800 |
0.03 |
|
|
Non-Resident Indian (NRI) |
356455 |
1.16 |
|
|
IEPF |
779342 |
2.53 |
|
|
Trusts |
200 |
0.00 |
|
|
Sub Total B3 |
7922254 |
25.73 |
|
|
B=B1+B2+B3 |
8554923 |
27.78 |
|
BUSINESS DETAILS
|
Line of Business : |
Manufacturer, Seller and Exporter of Organic Chemicals. [Registered
Activity and also Confirmed by Management] |
|
|
|
|
Products/ Services : |
Organic Chemicals |
|
|
|
|
Brand Names : |
Not Available |
|
|
|
|
Agencies Held : |
Not Available |
|
|
|
|
Exports : |
|
|
Products : |
Finished Goods |
|
Countries : |
· Kuwait · Iraq · UAE |
|
|
|
|
Imports : |
|
|
Products : |
Raw Material |
|
Countries : |
· Germany · China · USA |
|
|
|
|
Terms : |
|
|
Selling : |
L/C, Cheque, Credit and Others [NEFT, RTGS] |
|
|
|
|
Purchasing : |
L/C, Cheque, Credit and Others [NEFT, RTGS] |
PRODUCTION STATUS: (NOT AVAILABLE)
GENERAL INFORMATION
|
Suppliers : |
|
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|
|
|
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|
Customers : |
End Users
|
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|
|
|
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|
No. of Employees : |
500 (Approximately) |
|||||||||||||||||||||||||||
|
|
|
|||||||||||||||||||||||||||
|
Bankers : [As on
31.03.2017] |
· The Lakshmi Vilas Bank Limited · Yes Bank Limited · The Cosmos Co-operative Bank Limited · Andhra Bank · Federal Bank Limited ·
Central Bank of India |
|||||||||||||||||||||||||||
|
|
|
|||||||||||||||||||||||||||
|
Facilities : |
|
|
|
|
|
Auditors 1 : [As on
31.03.2017] |
|
|
Name : |
Hariharan and Company Chartered Accountants |
|
Address : |
No. 133, 26th Cross 6th Block, Jayanagar Bangalore –
560082, Karnataka, India |
|
|
|
|
Auditors 2 : [As on
31.03.2017] |
|
|
Name : |
ASA and Associates LLP Chartered Accountants |
|
Address : |
68, Film Centre J. Dadaji Road, Tardeo Mumbai – 400 034, Maharashtra, India |
|
|
|
|
Internal Auditors : [As
on 31.03.2017] |
|
|
Name : |
Shyam Malpani and Associates Chartered Accountants |
|
Address : |
307, Chartered House 297/299, Dr. Cawasji Hormusji Street,
Near Marine Lines Church, Mumbai – 400 002, Maharashtra, India |
|
|
|
|
Memberships : |
Not Available |
|
|
|
|
Collaborators : |
Not Available |
|
|
|
|
Enterprises owned or significantly influenced by key management
personnel or their relatives : [As on
31.03.2017] |
Mysore Petro Chemicals Limited |
|
|
|
|
Wholly owned Subsidiary : [As on
31.03.2017] |
· IGPL (FZE) · IGPL International Limited |
CAPITAL STRUCTURE
AS ON: 31.03.2018
Authorised Capital : Not Available
Issued, Subscribed & Paid-up Capital : INR 307.981 Million
AS ON: 31.03.2017
Authorised Capital:
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
40000000 |
Equity Shares |
INR 10/- each |
INR 400.000 Million |
|
1000000 |
Preference Shares |
INR 100/- each |
INR 100.000 Million |
|
|
Total |
|
INR 500.000
Million |
Issued Capital:
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
30801350 |
Equity Shares |
INR 10/- each |
INR 308.014
Million |
|
|
|
|
|
Subscribed & Paid-up Capital:
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
30794850 |
Equity Shares |
INR 10/- each |
INR 307.949
Million |
|
|
Add: Amount paid
up on 6500 shares forfeited |
|
INR 0.032
Million |
|
|
|
|
|
|
|
Total |
|
INR 307.981
Million |
FINANCIAL DATA
[all figures are
in INR Million]
ABRIDGED
BALANCE SHEET
|
SOURCES OF FUNDS |
31.03.2018 |
31.03.2017 |
31.03.2016 |
|
I.
EQUITY AND LIABILITIES |
|
|
|
|
(1)Shareholders' Funds |
|
|
|
|
(a) Share Capital |
307.981 |
307.981 |
307.981 |
|
(b) Reserves & Surplus |
4973.029 |
3625.258 |
2609.647 |
|
(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) |
5281.010 |
3933.239 |
2917.628 |
|
|
|
|
|
|
(3)
Non-Current Liabilities |
|
|
|
|
(a) Long-term borrowings |
292.344 |
600.340 |
921.811 |
|
(b) Deferred tax liabilities (Net) |
371.214 |
386.422 |
0.000 |
|
(c)
Other long term liabilities |
375.000 |
0.000 |
0.000 |
|
(d)
long-term provisions |
27.863 |
19.453 |
18.205 |
|
Total
Non-current Liabilities (3) |
1066.421 |
1006.215 |
940.016 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a)
Short term borrowings |
0.251 |
24.032 |
3.106 |
|
(b)
Trade payables |
1498.299 |
1710.427 |
1542.463 |
|
(c)
Other current liabilities |
418.607 |
283.167 |
297.581 |
|
(d)
Short-term provisions |
8.482 |
16.124 |
85.786 |
|
Total
Current Liabilities (4) |
1925.639 |
2033.750 |
1928.936 |
|
|
|
|
|
|
TOTAL |
8273.070 |
6973.204 |
5786.580 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a)
Fixed Assets |
|
|
|
|
(i)
Tangible assets |
4007.866 |
3169.041 |
3221.947 |
|
(ii)
Intangible Assets |
1.399 |
1.721 |
0.389 |
|
(iii)
Capital work-in-progress |
256.860 |
112.133 |
44.140 |
|
(iv) Intangible assets under development |
5.886 |
0.000 |
0.000 |
|
(b) Non-current
Investments |
489.543 |
184.914 |
3.326 |
|
(c) Deferred tax assets
(net) |
0.000 |
0.000 |
0.000 |
|
(d) Long-term Loan
and Advances |
110.646 |
515.695 |
213.956 |
|
(e)
Other Non-current assets |
237.984 |
0.000 |
0.000 |
|
Goodwill |
20.114 |
0.000 |
0.000 |
|
Total
Non-Current Assets |
5130.298 |
3983.504 |
3483.758 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a)
Current investments |
407.386 |
0.000 |
0.000 |
|
(b)
Inventories |
943.788 |
1045.379 |
895.566 |
|
(c)
Trade receivables |
1387.711 |
1497.509 |
1088.088 |
|
(d)
Cash and cash equivalents |
211.929 |
300.554 |
168.815 |
|
(e)
Short-term loans and advances |
5.679 |
146.258 |
150.353 |
|
(f)
Other current assets |
186.279 |
0.000 |
0.000 |
|
Total
Current Assets |
3142.772 |
2989.700 |
2302.822 |
|
|
|
|
|
|
TOTAL |
8273.070 |
6973.204 |
5786.580 |
PROFIT
& LOSS ACCOUNT
|
|
PARTICULARS |
31.03.2018 |
31.03.2017 |
31.03.2016 |
|
|
|
SALES |
|
|
|
|
|
|
|
Revenue from Operations |
11708.688 |
10374.753 |
9528.383 |
|
|
|
Other Income |
40.235 |
28.143 |
35.674 |
|
|
|
TOTAL |
11748.923 |
10402.896 |
9564.057 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Cost of Materials Consumed |
6981.563 |
7331.901 |
7505.498 |
|
|
|
Purchases of Traded Goods |
249.827 |
21.806 |
0.000 |
|
|
|
Decrease / (Increase) in Inventories |
43.645 |
158.361 |
(164.677) |
|
|
|
Employees benefits expense |
557.511 |
397.372 |
297.572 |
|
|
|
Other expenses |
935.137 |
824.568 |
756.410 |
|
|
|
Excise Duty |
266.996 |
0.000 |
0.000 |
|
|
|
TOTAL |
9034.679 |
8734.008 |
8394.803 |
|
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION |
2714.244 |
1668.888 |
1169.254 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES |
148.796 |
180.456 |
226.718 |
|
|
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION |
2565.448 |
1488.432 |
942.536 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION |
256.960 |
171.870 |
175.372 |
|
|
|
|
|
|
|
|
|
|
PROFIT/ (LOSS)
BEFORE TAX |
2308.488 |
1316.562 |
767.164 |
|
|
|
|
|
|
|
|
|
Less |
TAX |
843.039 |
300.951 |
163.518 |
|
|
|
|
|
|
|
|
|
|
PROFIT/ (LOSS)
AFTER TAX |
1465.449 |
1015.611 |
603.646 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
FOB value of goods exported |
|
2140.676 |
1903.533 |
|
|
|
Interest on Loan to Subsidiary |
|
1.527 |
0.085 |
|
|
TOTAL EARNINGS |
NA |
2142.203 |
1903.618 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
|
|
528.380 |
821.169 |
|
|
|
Stores & Spares |
|
21.488 |
5.102 |
|
|
|
Catalyst |
|
45.541 |
52.877 |
|
|
|
Capital Goods |
|
68.669 |
9.301 |
|
|
TOTAL IMPORTS |
NA |
664.078 |
888.449 |
|
|
|
|
|
|
|
|
|
|
Earnings/ (Loss)
Per Share (INR) |
47.58 |
32.98 |
19.6 |
|
Expected Sales (2018-2019): INR 13000.000 Million [Due to the business
growth]
The above information has been parted by Mr. Harshad [Deputy Manager]
CURRENT MATURITIES OF LONG TERM DEBT DETAILS
|
PARTICULARS |
31.03.2018 |
31.03.2017 |
31.03.2016 |
|
Current
Maturities of Long term debt |
|
|
|
|
|
|
60.000 |
110.285 |
|
Foreign Currency Term Loan from Bank (Since Paid |
|
36.773 |
19.715 |
|
External Commercial Borrowing |
|
92.709 |
100.538 |
|
Loan Against Cars |
|
8.374 |
5.276 |
|
Total |
NA |
197.856 |
235.814 |
|
|
|
|
|
|
Cash Generated From/ (Used In) Operations |
NA |
1267.260 |
865.491 |
|
|
|
|
|
|
Net Cash Flow From / (Used In) Operating Activities |
NA |
985.040 |
694.951 |
KEY
RATIOS
EFFICIENCY RATIOS
|
PARTICULARS |
31.03.2018 |
31.03.2017 |
31.03.2016 |
|
Average Collection Days (Sundry
Debtors / Income * 365 Days) |
43.26 |
52.68 |
41.68 |
|
|
|
|
|
|
Account Receivables Turnover (Income / Sundry Debtors) |
8.44 |
6.93 |
8.76 |
|
|
|
|
|
|
Average Payment Days (Sundry Creditors / Purchases * 365 Days) |
75.63 |
84.90 |
75.01 |
|
|
|
|
|
|
Inventory Turnover (Operating Income / Inventories) |
2.88 |
1.60 |
1.31 |
|
|
|
|
|
|
Asset Turnover (Operating Income / Net Fixed Assets) |
0.64 |
0.51 |
0.36 |
LEVERAGE RATIOS
|
PARTICULARS |
31.03.2018 |
31.03.2017 |
31.03.2016 |
|
Debt Ratio ((Borrowing
+ Current Liabilities) / Total Assets) |
0.27 |
0.41 |
0.53 |
|
|
|
|
|
|
Debt Equity Ratio (Total Liability / Networth) |
0.06 |
0.21 |
0.40 |
|
|
|
|
|
|
Current Liabilities to Networth (Current Liabilities / Net Worth) |
0.36 |
0.52 |
0.66 |
|
|
|
|
|
|
Fixed Assets to Networth (Net Fixed Assets / Networth) |
0.81 |
0.83 |
1.12 |
|
|
|
|
|
|
Interest Coverage Ratio (PBIT / Financial Charges) |
18.24 |
9.25 |
5.16 |
PROFITABILITY RATIOS
|
PARTICULARS |
|
31.03.2018 |
31.03.2017 |
31.03.2016 |
|
Net Profit Margin ((PAT / Sales) * 100) |
% |
12.52 |
9.79 |
6.34 |
|
|
|
|
|
|
|
Return on Total Assets ((PAT / Total Assets) * 100) |
% |
17.71 |
14.56 |
10.43 |
|
|
|
|
|
|
|
Return on Investment (ROI) ((PAT / Networth) * 100) |
% |
27.75 |
25.82 |
20.69 |
SOLVENCY RATIOS
|
PARTICULARS |
31.03.2018 |
31.03.2017 |
31.03.2016 |
|
Current Ratio (Current
Assets / Current Liabilities) |
1.63 |
1.47 |
1.19 |
|
|
|
|
|
|
Quick Ratio ((Current Assets – Inventories) / Current
Liabilities) |
1.14 |
0.96 |
0.73 |
|
|
|
|
|
|
G-Score Ratio Financial (Networth / Total Assets) |
0.64 |
0.56 |
0.50 |
|
|
|
|
|
|
G-Score Ratio Debt (Debts / Equity Capital) |
0.95 |
2.67 |
3.77 |
|
|
|
|
|
|
G-Score Ratio Liquidity (Total Current Assets / Total Current Liabilities) |
1.63 |
1.47 |
1.19 |
Total
Liability = Short-term Debt + Long-term Debt + Current Maturities of Long-term
debts
STOCK
PRICES
|
Face Value |
INR 10.00/- |
|
|
|
|
Market Value |
INR 519.10/- |
FINANCIAL ANALYSIS
[all figures are
in INR Million]
DEBT EQUITY RATIO
|
Particular |
31.03.2016 |
31.03.2017 |
31.03.2018 |
|
|
INR
In Million |
INR
In Million |
INR
In Million |
|
Share Capital |
307.981 |
307.981 |
307.981 |
|
Reserves & Surplus |
2609.647 |
3625.258 |
4973.029 |
|
Money received against share
warrants |
0.000 |
0.000 |
0.000 |
|
Share Application money
pending allotment |
0.000 |
0.000 |
0.000 |
|
Net
worth |
2917.628 |
3933.239 |
5281.010 |
|
|
|
|
|
|
long-term borrowings |
921.811 |
600.340 |
292.344 |
|
Short term borrowings |
3.106 |
24.032 |
0.251 |
|
Total
borrowings |
924.917 |
624.372 |
292.595 |
|
Debt/Equity
ratio |
0.317 |
0.159 |
0.055 |
YEAR-ON-YEAR GROWTH
|
Year
on Year Growth |
31.03.2016 |
31.03.2017 |
31.03.2018 |
|
|
INR
In Million |
INR
In Million |
INR
In Million |
|
Sales |
9528.383 |
10374.753 |
11708.688 |
|
|
|
8.883 |
12.858 |
NET PROFIT MARGIN
|
Net
Profit Margin |
31.03.2016 |
31.03.2017 |
31.03.2018 |
|
|
INR
In Million |
INR
In Million |
INR
In Million |
|
Sales |
9528.383 |
10374.753 |
11708.688 |
|
Profit |
603.646 |
1015.611 |
1465.449 |
|
|
6.34% |
9.79% |
12.52% |
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 |
Yes |
|
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% |
Yes |
|
28 |
Estimation for coming financial year |
Yes |
|
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 |
INDEX OF CHARGES
|
SNO |
SRN |
CHARGE ID |
CHARGE HOLDER NAME |
DATE OF CREATION |
DATE OF MODIFICATION |
DATE OF SATISFACTION |
AMOUNT |
ADDRESS |
|
1 |
G86669249 |
100174174 |
CATALYST TRUSTEESHIP LIMITED |
19/04/2018 |
04/05/2018 |
- |
1282715340.0 |
GDA House, First Floor, Plot No. 85S. No. 94 & 95, Bhusari Colony (Right), KothrudPuneMa411038IN |
|
2 |
G04649406 |
100029681 |
Axis Bank Limited |
25/05/2016 |
- |
- |
10545000.0 |
CPC THANE, 1ST FLOOR, DHIRAJ BAUGLBS MARG, NEAR HARINIWAS CIRCLETHANEMH400602IN |
|
3 |
G05480306 |
100032225 |
HDFC BANK LIMITED |
07/05/2016 |
- |
- |
938000.0 |
HDFC BANK HOUSE SENAPATI BAPAT MARGLOWER PAREL WESTMUMBAIMH400013IN |
|
4 |
G05480819 |
100032227 |
HDFC BANK LIMITED |
07/05/2016 |
- |
- |
988000.0 |
HDFC BANK HOUSE SENAPATI BAPAT MARGLOWER PAREL WESTMUMBAIMH400013IN |
|
5 |
G05437082 |
100032043 |
TOYOTA FINANCIAL SERVICES INDIA LIMITED |
31/03/2016 |
- |
- |
1790000.0 |
No. 21 Centropolis, First Floor,5th Cross Langford Road, Shanti NagarBangaloreKa560025IN |
|
6 |
C80353691 |
10624416 |
Central Bank of India |
24/02/2016 |
- |
- |
320000000.0 |
CFB Ground Floor, Chander Mukhi,Nariman PointMumbaiMH400021IN |
|
7 |
G04958575 |
100030626 |
KOTAK MAHINDRA PRIME LIMITED |
20/10/2015 |
- |
- |
2785512.0 |
27BKC, C 27, G BlockBandra Kurla Complex, Bandra (E),MumbaiMa400051IN |
|
8 |
G05071139 |
100030955 |
KOTAK MAHINDRA PRIME LIMITED |
15/10/2015 |
- |
- |
2473674.0 |
27BKC, C 27, G BlockBandra Kurla Complex, Bandra (E),MumbaiMa400051IN |
|
9 |
G43085869 |
10314223 |
LAKSHMI VILAS BANK LIMITED |
07/10/2011 |
19/04/2017 |
- |
3979000000.0 |
Bharat House104. B S Marg, FortMumbaiMH410208IN |
|
10 |
G42917187 |
10309418 |
VISTRA ITCL (INDIA) LIMITED |
20/09/2011 |
19/04/2017 |
- |
753326250.0 |
IL & FS FINANCIAL CENTREPLOT NO C22 G BLOCK BANDRAKURLA COMPLEX BANDRA EASTMUMBAIMH410208IN |
UNSECURED LOANS
|
PARTICULARS |
31.03.2018 (INR
In Million) |
31.03.2017 (INR
In Million) |
|
LONG-TERM BORROWINGS |
|
|
|
From Bodies Corporate |
NA |
270.605 |
|
|
|
|
|
Total |
NA |
270.605 |
COMPANY
OVERVIEW [As on 31.03.2017]
The Company is amongst the leading manufacturers of Phthalic Anhydride (PA) globally. Its focus on the latest
technology as well as adherence to the policy of stringent quality, has made it one of the dominant petrochemical
companies in India. The plant is strategically located at MIDC, Taloja in Raigad District of Maharashtra, 50 Km
from Jawaharlal Nehru Port Trust (JNPT). This allows the Company to cater to the end user industries – largely located in the western region.
The Company further expanded its wings of opportunity by acquiring Maleic Anhydride (MA) business from Mysore Petro Chemicals Limited (MPCL). The acquisition will allow synergic benefit as both the plants of IGPL and MPCL are at the same location. IGPL is amongst the leading manufacturers of the raw material (wash water) for MPCL. Thus, IGPL continued to focus on expanding leadership by strengthening its overall market presence.
CONTINGENT LIABILITIES:
|
Particulars |
31.03.2018 (INR
In Million) |
31.03.2017 (INR
In Million) |
|
|
|
114.283 |
|
Disputed Excise and
Service tax matters |
|
|
|
Cases decided in favour of the Company which are taken further in appeal before the appellate authorities by the department (Deposits paid under protest INR 3.632 Million (Previous Year INR 3.632 Million) |
|
264.745 |
|
Other Matters for which the Company is in appeal. (Deposits paid under protest INR 79.457 Million (Previous Year INR 79.457 Million) |
|
122.227 |
|
Show Cause Notices received (Deposits paid under protest INR 50.609 Million (Previous Year INR 50.941 Million) |
|
147.277 |
|
Claim against the Company not acknowledged as Debt in respect of Electricity Duty on internal power genration |
|
2.963 |
|
Custom Duty on Raw Material under Advance Licence pending Export Obligation. (Including Cenvat Credit available INR 117.964 Million, previous year INR 114.142 Million). |
|
120.564 |
|
Electricity Duty Disputed, writ petition has been filed before the Mumbai High Court through Captive Power Producers Association and stay has been granted. The Management is confident that the matters will be in favour of the company as per legal opinion obtained/ legal precedents |
|
70.192 |
|
The Income Tax Assessments of the Company have been completed upto Assessment Year 2014-15. While completing the Income Tax Assessments, the Income tax Department had disallowed certain Claims of the Company which had resulted in reduction of Carried Forward benefits available to the company as per the Income Tax Act 1961. Due to this the additional Demand that may arise /had arisen as on date amounts to INR 520.900 Million. The Income Tax Department had set off these tax Dues against the MAT tax Paid amounting to INR 198.500 Million in earlier years , further MAT of INR 197.200 Million is available for set off and further a sum of INR 8.500 Million had been paid Under Protest, leaving a net balance payable of INR 116.700 Million (previous year INR 47.856 Million). These matters are in Appeal before the hon’ble Karnataka High Court and with other Appellate Authorities. In respect of above cases, based on the favourable decisions in similar cases/legal opinions taken by the Company/discussions with the solicitors etc, the management is confident that matters will be in favour of the company hence no provision has been made in these financial statements. Future cash outflows in respect of item b, c, e, and f above are determinable only on receipt of judgments / decisions pending at various forums/authorities. |
|
116.700 |
|
The Board at its meeting held on 3rd May, 2017 considered and recommended a dividend @30% i.e. INR 3 per share of INR 10/ each for the financial year 2016-17 (Previous Year @ 20% i.e. INR 2 per Share taken as deduction under Reserves & Surplus) subject to approval of the members of the company. |
|
|
|
Proposed equity dividend |
|
92.385 |
|
Tax on proposed dividend |
|
18.807 |
|
|
|
|
|
Total |
NA |
1070.143 |
FIXED ASSETS: [As
on 31.03.2017]
Tangible Assets
· Free hold Land
· Leasehold Land
· Buildings
· Plant and Equipment
· Office Equipments
· Furniture and Fixtures
· Vehicles
Intangible Assets
· 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 records 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
|
INR |
|
US Dollar |
1 |
INR 68.08 |
|
UK Pound |
1 |
INR 89.60 |
|
Euro |
1 |
INR 78.83 |
INFORMATION DETAILS
|
Information
Gathered by : |
AKY |
|
|
|
|
Analysis Done by
: |
NIS |
|
|
|
|
Report Prepared
by : |
IND |
SCORE FACTORS
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
NO |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
YES |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
YES |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
RATING EXPLANATIONS
|
Credit Rating |
Explanation |
Rating Comments |
|
A++ |
Minimum Risk |
Business dealings permissible with minimum
risk of default |
|
A+ |
Low Risk |
Business dealings permissible with low
risk of default |
|
A |
Acceptable Risk |
Business dealings permissible with
moderate risk of default |
|
B |
Medium Risk |
Business dealings permissible on a regular
monitoring basis |
|
C |
Medium High Risk |
Business dealings permissible preferably
on secured basis |
|
D |
High Risk |
Business dealing not recommended or on
secured terms only |
|
NB |
New Business |
No recommendation can be done due to
business in infancy stage |
|
NT |
No Trace |
No recommendation can be done as the
business is not traceable |
NB is stated where there is insufficient information to facilitate rating. However, it is not to be considered as unfavourable.
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 are as follows:
·
Financial
condition covering various ratios
·
Company
background and operations size
·
Promoters
/ Management background
·
Payment
record
·
Litigation
against the subject
·
Industry
scenario / competitor analysis
·
Supplier
/ Customer / Banker review (wherever available)
This report is issued at
your request without any risk and responsibility on the part of MIRA INFORM
PRIVATE LIMITED (MIPL) or its officials.