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I G Petrochemicals Ltd

BSE Code : 500199 | NSE Symbol : IGPL | ISIN:INE204A01010| SECTOR : Chemicals |

NSE BSE
 
SMC down arrow

767.20

-0.95 (-0.12%) Volume 280564

07-Dec-2021 10:14:51

Prev. Close

768.15

Open Price

778.60

Bid Price (QTY)

767.20(17)

Offer Price (QTY)

767.75(10)

 

Today’s High/Low 787.00 - 765.00

52 wk High/Low 1,018.60 - 355.35

Key Stats

MARKET CAP (RS CR) 2369.66
P/E 8.41
BOOK VALUE (RS) 296.5267082
DIV (%) 75
MARKET LOT 1
EPS (TTM) 91.46
PRICE/BOOK 2.59504448914933
DIV YIELD.(%) 0.97
FACE VALUE (RS) 10
DELIVERABLES (%) 49.94
4

News & Announcements

26-Nov-2021

I G Petrochemicals Ltd - IG Petrochemicals Limited - Loss of Share Certificates

25-Nov-2021

I G Petrochemicals Ltd - IG Petrochemicals Limited - Loss of Share Certificates

24-Nov-2021

I G Petrochemicals Ltd - IG Petrochemicals Limited - Loss of Share Certificates

22-Nov-2021

I G Petrochemicals Ltd - IG Petrochemicals Limited - Analysts/Institutional Investor Meet/Con. Call Updates

23-Oct-2021

IG Petrochemicals to declare Quarterly Result

30-Jul-2021

IG Petrochemicals to convene board meeting

23-Jun-2021

IG Petrochemicals to convene AGM

25-May-2021

Board of IG Petrochemicals recommends Final Dividend

Corporate Actions

Bonus
Splits
Dividends
Rights
Capital Structure
Book Closure
Board Meeting
AGM
EGM
 

Financials

Income Statement

Standalone
Consolidated
 

Peers Comparsion

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Clariant (India) Ltd(merged) 500373 CLARIANT
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Clarisis Organics Ltd 524806
Claro India Ltd 524366
Clean Science & Technology Ltd 543318 CLEAN
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DIC India Ltd 500089 DICIND
Diviya Chemicals Ltd 506810
Doctors Biotech India Ltd 512079
Dujodwala Paper Chemicals Ltd 524276
Eiko Lifesciences Ltd 540204
Elantas Beck India Ltd 500123 DRBECK
Ellenbarrie Industrial Gases Ltd 590087
Emmessar Biotech & Nutrition Ltd 524768
EPIC Enzymes Pharma & Industrial Chemicals Ltd 524374
Evexia Lifecare Ltd 524444
Excel Industries Ltd 500650 EXCELINDUS
Fairchem Organics Ltd 543252 FAIRCHEMOR
Ficom Organics Ltd(merged) 506443 FICOMORGAN
Fine Organic Industries Ltd 541557 FINEORG
Fineotex Chemical Ltd 533333 FCL
Fischer Chemic Ltd 524743
Foseco India Ltd 500150 FOSECOIND
Futuristic Offshore Services and Chemical Ltd 500154 GANESHANHY
Gagan Gases Ltd 524624
Galaxy Oleo-Chem (India) Ltd 40207
Ganesh Benzoplast Ltd 500153 GANESHBE
GBL Industries Ltd 539009
GHCL Ltd 500171 GHCL
Glory Chemicals Ltd 531532
Goa Carbon Ltd 509567 GOACARBON
GOCL Corporation Ltd 506480 GOCLCORP
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Goiex Michio Sudo Ltd 507978
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Goodearth Industries Ltd 526929
Goodearth Organic (India) Ltd [Wound-up] 524300
Govind Poy Oxygen Ltd 509586
GP Petroleums Ltd 532543 GULFPETRO
Grauer & Weil (India) Ltd 505710 GRAUWEIL
Gresoil (India) Ltd 530483
Gujarat Carbon & Industries Ltd 506457
Gujarat Fluorochemicals Ltd 542812 FLUOROCHEM
Gujarat Indo-Lube Ltd 523552
Gujarat Oiland Industries Ltd (Wound Up) 507866
Gujarat Organics Ltd 501368
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Gujchem Distillers India Ltd 506640
Gulf Oil India Ltd - Merged 511026 GULFOIL
Gulf Oil Lubricants India Ltd 538567 GULFOILLUB
Gulshan Polyols Ltd 532457 GULPOLY
Gulshan Sugars & Chemicals Ltd(merged) 524184
Haryana Leather Chemicals Ltd 524080
Hemo Organic Ltd 524590
Hico Products Ltd 506461
Hilltone Industrial Gases Ltd 40441
Himadri Speciality Chemical Ltd 500184 HSCL
Hindcon Chemicals Ltd 535053 HINDCON
Hindustan Industrial Chemicals Ltd 524679 HINDINDCHM
Hindustan Organic Chemicals Ltd 500449 HOCL
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Hubergroup India Pvt Ltd 523886 MICRO
IBP Co. Ltd(merged) 500198 IBP
Iccon Oil & Specialities Ltd 523766
India Carbon Ltd 40012
India Gelatine & Chemicals Ltd 531253
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Kanva Hydro Chem Ltd 524685
Karnataka Chemical Industries Corp Ltd 530105
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Kesar Petroproducts Ltd 524174
Kilburn Chemicals Ltd 524699
Kings India Chemicals Corporation Ltd 524214
Kobo Biotech Ltd 531541
Kothari Polymers Ltd 40360
Krishna Plastochem Ltd (Wound Up) 524254
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Link Pharma Chem Ltd 524748
Lords Chemicals Ltd 530039
M.P. Carbide & Chemicals Ltd 506925
Madras Petrochem Ltd 500261
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Maharashtra Explosives Ltd (Wound-up) 506871
Maharashtra Polybutenes Ltd 524232
Mangalam Organics Ltd 514418 MANORG
Mark Omega Organic Industries Ltd 524681
Maruti Industrial Carbohydrates Ltd 524814
Maruti Organics Ltd 524402 MARUTIORNG
Master Chemicals Ltd 506867
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MTZ Industries Ltd 500275 METAZINC
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Nacro Chemicals Ltd 524350
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National Oxygen Ltd 507813 NOL
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Oswali Chemicals Ltd 506916
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Paintex Chemicals (Bombay) Ltd 524178
Paschim Petrochem Ltd 531005
Pentasia Chemicals Ltd (Merged) 507739
Pentokey Organy (India) Ltd 524210
Phillips Carbon Black Ltd 506590 PHILIPCARB
Pidilite Industries Ltd 500331 PIDILITIND
Pinky Chemicals Ltd 524671
Plastiblends India Ltd 523648 PLASTIBLEN
POCL Enterprises Ltd 539195
Poddar Pigments Ltd 524570 PODDARMENT
Polyolefins Industries Ltd (Merged) 506610
Pondy Oxides & Chemicals Ltd 532626 PONDYOXIDE
Premier Explosives Ltd 526247 PREMEXPLN
Privi Speciality Chemicals Ltd 530117 PRIVISCL
Prolife Industries Ltd 538392 PROLIFE
Protchem Industries (India) Ltd 524117
Punjab Chemicals & Crop Protection Ltd 506618 PUNJABCHEM
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Refex Industries Ltd 532884 REFEX
Refnol Resins & Chemicals Ltd 530815
Rencal Chemicals (India) Ltd 524510
Resonance Specialities Ltd 524218
Revati Organics Ltd 524504
Rhodia Specialty Chemicals India Ltd(Merged) 506230 ALBRMORARJ
Ritesh International Ltd 519097
Rock Hard Petro Chemical Industries Ltd 524194
Rossari Biotech Ltd 543213 ROSSARI
Rukmani Metals & Gaseous Ltd 40695
S H Kelkar & Company Ltd 539450 SHK
S K R Chemicals Ltd 530371
Salvigor Laboratories Ltd (Merged) 524268
Sanderson Industries Ltd 507728 SANDERIND
Sanginita Chemicals Ltd 538408 SANGINITA
Sarang Chemicals Ltd 532031
Searsole Chemicals Ltd (Wound-up) 506644
Seya Industries Ltd 524324 SEYAIND
Shaba Chemicals Ltd 524546
Shaper Chemicals Ltd (Wound-up) 524566
Shayona Petrochem Ltd 531538
Shentracon Chemicals Ltd 530757
Shree Benzophen Industries Ltd 531389
Shree Neelachal Laboratories Ltd 531487
Shri Ambuja Petro Chemicals Ltd 506742
Shri Aster Silicates Ltd 533219 SHRIASTER
Shri Nicosect Ltd 526437
SI Group - India Ltd 506460 SIGROUPIND
Sigachi Industries Ltd 543389 SIGACHI
SMZS Chemicals Ltd(wound-up) 524160 SMZSCHEM
Solar Industries India Ltd 532725 SOLARINDS
Sonal Sil Chem Ltd 524673
Southern Gas Ltd 509910
Speciality Petrolubes Ltd 523525
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Sree Rayalaseema Petrochemicals Ltd (Merged) 524618
Sreechem Resins Ltd 514248
SRF Ltd 503806 SRF
SRHHL Industries Ltd (Merged) 524410 SRHHLINDST
Sterling Biotech Ltd 512299 STERLINBIO
Sudev Chemicals Ltd 40666
Sun Star Chemicals Ltd 524536 SUNSTRCHEM
Sunshield Chemicals Ltd 530845
Sunstar Lubricants Ltd 524452 SUNSTARLUB
Superior Air Products Ltd (Merged) 526469
Swarnajyothi Agrotech & Power Ltd 590090
Tamil Nadu Industrial Explosives Ltd 524028
Tamil Nadu Petro Products Ltd 500777 TNPETRO
Tanfac Industries Ltd 506854 TANFACIND
Tata Chemicals Ltd 500770 TATACHEM
Tatva Chintan Pharma Chem Ltd 543321 TATVA
TCM Ltd 524156
TECIL Chemical & Hydro Power Ltd 506680 TECILCHEM
Tetrahedron Ltd 40308
Thirani Chemicals Ltd (Merged) 524125
Thirumalai Chemicals Ltd 500412 TIRUMALCHM
Tide Water Oil Co (I) Ltd 590005 TIDEWATER
Tirupati Inks Ltd 533258
Transpek Industry Ltd 506687 TRANSPEK
Tria Fine Chem Ltd 524721
Tribology India Ltd 40171
Trigon Zinco Ltd 530287
Tulasee Bio-Ethanol Ltd 524514
Tyche Industries Ltd 532384
U P Lime Chem Ltd 524677
Unique Oils India Ltd 523250
Urvi Chemicals & Allied Industries Ltd 501371
Vadilal Chemicals Ltd 40485
Vadivarhe Speciality Chemicals Ltd 538429 VSCL
Valiant Organics Ltd 540145 VALIANTORG
Vasundhara Rasayans Ltd 538634
VBC Industries Ltd 524310
Vibros Organics Ltd 530487
Vijayshree Chemicals (India) Ltd 524312
Vikas Wsp Ltd 519307 VIKASWSP
Vinati Organics Ltd 524200 VINATIORGA
Vishnu Chemicals Ltd 516072 VISHNU
Vision Organics Ltd 532383 VISIONLTD
Yasho Industries Ltd 541167

Share Holding

Category No. of shares Percentage
Total Foreign 1239859 4.03
Total Institutions 609076 1.98
Total Govt Holding 0 0.00
Total Non Promoter Corporate Holding 542245 1.76
Total Promoters 21167142 68.74
Total Public & others 7236528 23.50
Total 30794850 100
  • Total Foreign
  • Total Institutions
  • Total Govt Holding
  • Total Non Promoter Corporate Holding
  • Total Promoters
  • Total Public & others

About I G Petrochemicals Ltd

I G Petrochemicals (IGPL) was incorporated in Oct.'88. The company was promoted by Mysore Petrochemicals (MPCL) together with its associate companies in technical and financial collaboration with Lurgi, Germany. It is lead by S S Dhanuka, the Chairman. IGPL came out with a public issue of 1.06 cr equity shares at par aggregating Rs 10.61 cr in Sep'91. The proceeds of the issue were utilised to part-finance a Rs 61.85-cr 100% EOU for the manufacture of phthalic anhydride with a licensed capacity of 45,000 tpa. The plant is located at Taloja in Maharashtra This is the largest plant for phthalic anhydride in India and compares favourably with international plant sizes of 35,000 tpa. Phthalic anhydride is one of the important industrial chemical which finds application in the manufacture of plasticisers for PVC cables, leather cloth, PVC footwear, etc. It is also used for manufacturing alkyd resins in the paint industry and the production of certain varieties of dyes and pigments. The first phase of expansion of Phthalic Anhydride plant in the existing plant at Taloja from 45000 to 60000 tpa was completed and the second phase of expansion i.e installation of new Phthalic Anhydride plant of 45000 tpa capacity was completed and trial run production was commenced. The company was awarded the ISO 9002 Certificate by Bureau Veritas Quality International (Holding) S.A. London, in the year 1999-2000. Due to fall in price of Pthalic Anhydride in the international market the company incurred a heavy loss in 2001-02 and hence the networth has been eroded and the company has become a Sick unit.

I G Petrochemicals Ltd Chairman Speech

Dear Fellow Shareholders,

I am delighted to share my thoughts on the performance of your company during FY 2018-19. Amid external challenges, we reported satisfactory outcome, built on strong fundamentals and optimised business operations.

The first half of the year witnessed a notable recovery of investment and private consumption in the country. On the structural reforms front, the implementation of Goods and Services Tax (GST) and Insolvency & Bankruptcy Code (IBC) continued to evolve during the year. However, the economic growth moderated in the second half owing to fluctuating crude oil prices, depreciating currency and liquidity concerns amid a global slowdown. With sluggish growth in the agriculture and manufacturing sectors, the country grew at 6.8% in the FY 2018-19. Despite the headwinds, India remained one of the fastest growing economies in the world. The country's long-term growth potential stands undisputed backed by a host of reforms undertaken recently, which have laid down a strong foundation for the economy. I am optimistic that the new Government will provide further impetus to the growth story of the country.

Industry scenario

The global PA market spans across five regions namely Asia Pacific, North America, Europe, Latin America and the Middle East & Africa. Asia Pacific region is the major producer of PA, followed by Europe and North America. The PA market is expected to reach US$ 9.61 billion globally, by the end of 2020. Asia Pacific is likely to emerge as the fastest growing as well as the largest PA market by the end of 2023. The year 2018 was marked by volatile crude oil prices which inflated the raw material prices for PA as well. However, with crude prices stabilising in 2019, the PA industry is expected to recover margins. The market size of domestic PA industry stands strongly at 3,75,000 MTPA in 2018 and is expected to grow faster by 7-8% annually. We expect demand to get a thrust from the growing end-user industries like construction, automobile, electronics, paints & coatings among others. The new Government's rising focus on structural reforms, infrastructure and housing development will further fuel the demand for PA.

Performance review

In terms of financial performance, the Company delivered a healthy performance in FY 2018-19 on the back of sustained efforts to improve operational efficiencies. The Company's revenue increased by 14% during the year to 1,311 crores. EBITDA and PAT stood at 234 crores and 116 crores, respectively. Volatile crude oil prices and geopolitical issues in global market led to a significant rise in the prices of raw material. As a result, the overall EBITDA Margins and profitability of the Company were impacted to some extent. However, with recent stability in crude oil prices and a sharp decline in PX prices (a co-product of OX), we expect the margins to improve going ahead. Our Directors have recommended a dividend of 40% i.e. 4 per equity share of 10 each.

Expanding and Evolving

Our sustainable growth in FY 2018-19 was supported by some key strategic decisions taken two years back, with continuous focus on innovation. We initiated capacity expansion, anticipating rising PA demand in the industry. The brownfield expansion of PA4 is in final stage and is expected to come on stream by the end of 2019. Further, we plan to introduce advance plasticizers by FY 2020 in order to diversify our existing product mix. The PA4 expansion will result in additional wash water, which will be used to generate MA capacity for the Company. Higher MA capacity will further support our strong position in the industry. Overall, our holistic strategies will lead to greater visibility across geographies and better value for the customers.

Looking ahead

We made considerable progress in building a firm base to support our focus on achieving a sustainable growth. The year ahead will certainly be more exciting, as we reach towards the completion of our expansion initiatives and derive the desired benefits.

Before I conclude, I appreciate all our employees, who have played a great role in the Company's growth. I thank our Directors for their invaluable inputs and motivation, which has been instrumental to our growth journey. I also extend my gratitude to our customers, bankers, suppliers, Government authorities and the growing fraternity of shareholders for their continuous trust and support in our vision.

Yours sincerely, Nikunj Dhanuka,

Managing Director & CEO

   

   

I G Petrochemicals Ltd Company History

I G Petrochemicals (IGPL) was incorporated in Oct.'88. The company was promoted by Mysore Petrochemicals (MPCL) together with its associate companies in technical and financial collaboration with Lurgi, Germany. It is lead by S S Dhanuka, the Chairman. IGPL came out with a public issue of 1.06 cr equity shares at par aggregating Rs 10.61 cr in Sep'91. The proceeds of the issue were utilised to part-finance a Rs 61.85-cr 100% EOU for the manufacture of phthalic anhydride with a licensed capacity of 45,000 tpa. The plant is located at Taloja in Maharashtra This is the largest plant for phthalic anhydride in India and compares favourably with international plant sizes of 35,000 tpa. Phthalic anhydride is one of the important industrial chemical which finds application in the manufacture of plasticisers for PVC cables, leather cloth, PVC footwear, etc. It is also used for manufacturing alkyd resins in the paint industry and the production of certain varieties of dyes and pigments. The first phase of expansion of Phthalic Anhydride plant in the existing plant at Taloja from 45000 to 60000 tpa was completed and the second phase of expansion i.e installation of new Phthalic Anhydride plant of 45000 tpa capacity was completed and trial run production was commenced. The company was awarded the ISO 9002 Certificate by Bureau Veritas Quality International (Holding) S.A. London, in the year 1999-2000. Due to fall in price of Pthalic Anhydride in the international market the company incurred a heavy loss in 2001-02 and hence the networth has been eroded and the company has become a Sick unit.

I G Petrochemicals Ltd Directors Reports

To the Members,

On behalf of the Board of Directors of your Company, it gives me pleasure in presenting the Thirty Second Annual Report together with the Audited Financial Statements for the year ended 31st March, 2021:

1. Financials

(Rs. in lakhs)

2020-21 2019-20
Total Revenue 112,835.52 106,511.19
Profit before interest, depreciation and tax 30,333.11 7,822.53
Finance Cost 1,455.70 1,595.43
Depreciation and 3,410.37 2,990.01
Amortization expenses
Profit before tax 25,467.04 3,237.09
Provision for tax 6,453.73 1,103.24
Profit for the year 18,951.67 2,104.40
Balance brought forward from previous year 51,113.93 50,529.68
Profit available for Appropriations 18,951.67 2,104.40
Earnings per share 61.54 6.83

2. Dividend

The Board of Directors have recommended a dividend of Rs. 7.50/- per equity share having face value of Rs. 10/- each (75%) for the year ended 31st March, 2021 aggregating to Rs. 2,309.61 lakhs.

3. Operating & financial performance

During the year under review, the Phthalic Anhydride market (both domestic and international) recovered sharply from its low during the previous years. The Company generated a total revenue of Rs. 1,12,835.52 lakhs as compared to Rs. 1,06,511.19 lakhs in the year 2019-20, marginal increase by 6%. The increase in sales is attributed to the commencement of commercial production for its new plant in December 2020. EBITDA increased by almost three fold from Rs. 7,822.53 lakhs in 2019-20 to Rs. 30,333.11 lakhs in 2020-21. As compared to the overall increase in the sales and profitability, the finance cost, on the contrary, decreased from Rs. 1,595.43 lakhs to Rs. 1,455.70 lakhs on account of the prudent management of its borrowings and the early repayment of term loan. The tax expenses for the year stood at Rs. 6,453.73 lakhs vis--vis Rs. 1,103.24 lakhs in the previous year. After taking into account the above, the Company recorded a substantial increase in profit after tax by eight fold from Rs. 2,104.40 lakhs in 2019-20 to Rs. 18,951.67 lakhs.

The Directors confirmthat no material changes or commitments have occurred between the end of the financial year and the date of this report, which may affect the financial statements of the Company.

4. Covid-19 pandemic

During the year, the operations at Plant remained almost unaffected baring mandatory closure by the government on account of Covid-19 during April/May 2020 for few days. The Company has been able to maintain its momentum in the production with all necessary safety measures despite the threat of the pandemic disease not being subsided. For the overall protection of the employees, work from home were initiated to the extent possible. A separate task force was formed and SOP was put in place for implementation. The Company had put in place adequate infrastructure and safety guidelines to sustain and grow its operations thereby negating any adverse effect of the pandemic on all stakeholders vis--vis the business of the Company.

5. Expansion

During the year under review, the Company successfully commissioned the expansion of its plant by 53,000 MTPA including MA and BA plants. Your Company is now one of the largest producer of PAN at a single location.

Due to the augmentation of the end user industries viz. plasticizers, PVC, UPR, etc. the PAN industry witnessed a strong recovery in demand in the second half of the year.

The downstream product i.e. Advance Plasticizer with a capacity of 8,400 MTPA is expected to come on stream by June, 2021 at the total cost of Rs. 3,000 lakhs.

The Company has also initiated a Greenfield Expansion of Phthalic Anhydride & its Derivatives up to 80,000 MTPA. The total cost of the project is estimated to be Rs. 60,000 lakhs.

6. Contribution to the Exchequer

The Company has contributed Rs. 26,433.99 lakhs to the exchequer by way of income tax, customs duty, goods and service tax, etc.

7. Share Capital & Finance

a. Share Capital

The Company's paid-up Equity Share Capital remained unchanged at Rs. 3,079.81 lakhs as at 31st March, 2021. The shareholdings of the Promoters and Persons Acting in Concert with Promoters are 68.74%.

b. Finance

The borrowings of the Company comprises of external commercial borrowings, rupee term loan and working capital facilities. During the year, the Company repaid the entire term loan of Cosmos Bank. The debts (including interest) are being serviced regularly.

c. Credit Rating

The Credit Ratings of the Company are "IND A+" (long term) and "IND A1+" (short term) issued by India Ratings & Research.

d. Deposits

During the year, the Company has not accepted or invited any deposits from the public.

e. Particulars of Loans, Guarantees or Investments

Details of Loans, Guarantees or Investments covered under the provisions of Section 186 of the Companies Act, 2013 are given in the notes to the Financial Statements.

8. Transfer to General Reserves

The Company do not propose to transfer any amount to the General Reserves.

9. Subsidiaries/Associates/Joint Ventures

The Company's wholly owned subsidiary i.e. IGPL International Ltd. is yet to commence its operations and the present activities relates to investments. The consolidated financial statements of the Company are prepared in accordance with the applicable provisions of the Act and the Ind AS. The audited consolidated financial statements together with the Auditors' report thereon forms part of this Annual Report. In accordance with the provision of Section 129 of the Act, a statement containing salient features of the financial statements of the subsidiary in Form AOC-1 is attached with this Annual Report.

The financial statements of the wholly owned subsidiary are placed on the website of the Company and available for inspection by the members of the Company. A copy of the audited accounts shall be made available to the member upon request.

10. Corporate Social Responsibility (CSR) initiatives

During the year, the Ministry of Corporate Affairs introduced major amendments in the provisions relating to the CSR viz. manner of spending, introduction of the concept of ‘ongoing project', transfer of unspent amount to Funds specified under Schedule VII or to a bank account (in the case of ongoing project), as the case may be, monitoring of implementation of the Project by the Board of Directors of the Company, registration of the entity undertaking the CSR projects with MCA, etc.

The CSR Committee proposes and plans the allocation of its budget in accordance with the CSR Policy as approved by the Board of Directors of the Company. The CSR Policy of the Company dwells upon betterment of the underprivileged community, catering to issue of fundamental importance, sustainable development, etc. The CSR obligation of the Company for the year 2020-21 was Rs. 299.49 lakhs against which the Company has spent Rs. 302.24 lakhs (including the transfer of Rs. 99.47 lakhs to a special bank account opened by the Company as provided under Section 135(6) of the Companies Act, 2013) towards the various CSR activities as more specifically outlined in "Annexure-I". During the previous years, the Company had through Saraswati Shishu Mandir Trust undertaken to construct a school, an ‘ongoing' project as considered and approved by the Board of Directors of the Company. The said amount of Rs. 99.47 lakhs so transferred to a special bank account shall be utilized solely towards the above referred ongoing project.

The Report on CSR activities containing prescribed details are annexed to the Directors' Report as "Annexure-A".

11. Annual Return

Pursuant to the provisions of Sections 92(3) and 134(3)(a) of the Act, the Annual Return of the Company as at 31st March, 2021 is uploaded on the Company's website www.igpetro.com/corporate-announcement/

12. Vigil Mechanism Policy

The Vigil Mechanism Policy of the Company deals with the instances of actual or suspected unethical behavior, fraud, etc. which is being reviewed by the Audit Committee. The details of the Vigil Mechanism has been elaborated in the Corporate Governance Report and posted on the Company's website www.igpetro.com/corporate-governance/

13. Transfer of shares to IEPF Authority

There will be no shares due for transfer to the IEPF Authority during the year 2021-22. Members whose shares have been transferred to the IEPF can claim their shares and dividend from the IEPF Authority by filing an online web based Form IEPF-5 available at www.mca.gov.in. The application for the claiming of shares along with the supporting documents are required to be submitted in an online mode only as required under the Investor Education and Protection Fund Authority (Accounting, Audit, Transfer and Refund) Rules, 2016. Members may contact the Company for further guidance.

14. Directors & Key Managerial Personnel

Shri M M Dhanuka retires by rotation and being eligible offered himself for re-appointment.

Shri J K Saboo was re-appointed as Executive Director of the Company for a period of one year effective 1st April, 2021 as per the terms, conditions and remuneration more particularly set out in the Notice. The Directors proposes to reappoint him.

All Independent Directors of the Company have furnished declarations under Section 149(7) of the Act confirming that they meet the criteria of independence laid down in Section 149(6) of the Act and SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015.

In the opinion of the Board of Directors of the Company, all Independent Directors possess high integrity, expertise and experience including the proficiency and responsibilities.

Pursuant to the provisions of Section 203 of the Act, the Key Managerial Personnel of the Company as on 31st March, 2021 are: Shri Nikunj Dhanuka, Managing Director & CEO, Shri Pramod Bhandari, Chief Financial Officer and Shri Sudhir R Singh, Company Secretary.

14.1.Meetings

During the year, four meetings of the Board of Directors and six Audit Committee meetings were held as more particularly disclosed in the attached Report on Corporate Governance.

14.2.Board Evaluation

The annual evaluation of the performance of the Board of Directors, Committee and of the Directors individually has been made as more particularly specified in the Corporate

Governance Report.

14.3.Remuneration Policy

The details of the Remuneration Policy forms part of the Corporate Governance Report. The information relating to remuneration as required pursuant to Section 197 of the Act, read with Rule 5(1) of the Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014 ("the Rules") are given below: a. Ratio of the remuneration of each Director to the median remuneration of the employees of the Company for the financial year 2020-21

Shri Nikunj Dhanuka, Managing Director & CEO – 44:1 Shri J K Saboo, Executive Director – 7:1 b. The percentage increase in the remuneration of Managing Director,

Chief Financial Officer and Company Secretary for the financial year - Nil c. The percentage increase in the median remuneration of employees in the financial year Nil d. Number of permanent employees on to discharge their respective duties the rolls of the Company – 380 e. Average percentage increase made in the salaries of employees other than the managerial personnel in the last financial year and the managerial remuneration – Nil Since no increment was given in the financial year 2020-21, the data pertaining to the percentage increase in the remuneration of KMP, median remuneration of employees and average percentage increase in salaries of employees other than the managerial personnel are not applicable.

It is hereby affirmed that the remuneration paid during the year is as per the Remuneration Policy of the Company.

15. Particulars of Employees

The disclosures pertaining to remuneration and other details under Section 197(12) of the Act read with the Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014 are given above.

In accordance with the provisions of Sections 197(12) and 136(1) of the Act read with the Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014, the list pertaining to the names and other particulars of employees drawing remuneration in excess of the limits set out in the aforesaid Rules, is kept open for inspection during working hours at the registered office of the Company and the report and accounts as set out therein are being sent to all the members of the Company. The said information will be provided to the members upon receipt of the request.

16. Directors' Responsibility Statement

To the best of our knowledge and belief and according to the information and explanation obtained by us, in terms of Section 134(3) (c) of the Companies Act, 2013, we state:

a. that in the preparation of the annual financial statements for the year ended 31st March, 2021, all the applicable accounting standards have been followed and no material departures have been made from the same;

b. that appropriate accounting policies have been selected and applied consistently and have made judgments and estimates that are reasonable and prudent, so as to give a true and fair view of the state of affairs of the Company at the end of the financial year ended 31st March, 2021 and of the profit of the Company for that year;

c. that proper and sufficient care for the maintenance of adequate accounting records in accordance with the provisions of the Companies Act, 2013 for safeguarding the assets of the Company and for preventing/ detecting fraud and other irregularities;

d. that the annual financial statements have been prepared on a going concern basis;

e. that proper internal financial controls were in place and that the financial controls were adequate and were operating effectively;

f. that systems to ensure compliance with the provisions of all applicable laws were in place and were adequate and operating effectively.

17. Related Party transactions

The transactions with related parties were on arm's length basis and in the ordinary course of business and necessary approvals were obtained, wherever required.

There were no material related party transactions. The necessary disclosures regarding the transactions are given in the notes to accounts.

18. Internal Control

The Audit Committee defines the framework for the audit based on the areas identified in discussion with the Internal Auditors. The Internal Audit function is designed to cover all the major areas of operations. The Internal Auditor participates in all meetings of and reports directly to the Audit Committee.

The Internal Audit strives to evaluate the efficacy and adequacy of internal control system and processes, accounting policies and procedures, compliance with laws and regulations concerning the operations of the Company.

The Company's internal financial control systems commensurate with its nature of business, size and operations.

19. Risk Management

The internal control mechanism of the Company enables it to identify, assess and mitigate the risk related to its business. Risks are evaluated on various parameters, which are reviewed, as and when needed.

The risk management framework enables the management to identify and analyze the risks faced by the Company and implements risk management practices thereby ensuring that all activities are conducted in accordance with the principles as outlined by it. It also helps in setting appropriate risk limits and controls and hasbeentaken to monitor the risks and adherence to limits. The Company's risk management practices aims to limit the business risk through its operations and finance activities.

The Board of Directors reviews the risk assessment and management program.

20. Auditors

20.1.Statutory Auditors

M/s Uday & Co. and M/s SMMP & Associates are the Statutory Auditors of the Company appointed by the members of the Company at the annual general meetings.

20.2.Cost Auditor

The cost accounts and records are required to be maintained under Section 148(1) of the Act. In terms of the provisions of Section 148 of the Act read with the Companies (Cost Records and Audit) Rules, 2014, the Board of Directors of the Company has appointed M/s Krishna S & Associates, Cost Accountants as the Cost Auditor to conduct an audit of the cost records of the Company for the year 2021-22.

A resolution seeking members' ratification for the remuneration payable to M/s Krishna S & Associates is included in the Notice convening the AGM.

20.3.Secretarial Auditor

Pursuant to the provisions of Section 204 of the Act and the Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014, the Company has appointed M/s Makarand M Joshi & Co., Practicing Company Secretaries to conduct the Secretarial Audit and their Report on the Secretarial Audit for the year 2020-21 is annexed herewith as "Annexure-II".

21. Material changes and commitment affecting financial position of the Company

There are no material changes and commitments, affecting the financial position of the Company, which has occurred between the end of the financial year and the date of the Board's Report.

22. Energy Reservation, Technology Absorption and Foreign Exchange earnings and outgo

The information on conservation of energy, technology absorption and foreign exchange earnings and outgo stipulated under Section 134(3)(m) of the Act read with Rule 8 of the Companies (Accounts) Rules, 2014 is annexed herewith as "Annexure-III".

23. Business Responsibility Report

Pursuant to the Regulation 34 of the SEBI Listing Regulations, Business Responsibility Report for the year ended 31st March, 2021 is provided separately and annexed to the Directors' Report as "Annexure-IV".

24. Corporate Governance

The Company has complied with the requirements of Corporate Governance and a report on the same along with the Auditors' Certificate compliance is attached with and forms part of this report.

A report on Management Discussion and Analysis forms an integral part of this report.

25. Prevention of sexual harassment

The Company is an equal opportunity provider and has zero tolerance in any form or manner towards the sexual harassment of women at work place. In accordance with the Sexual Harassment of Women at Work Place (Prevention, Prohibition and Redressal) Act, 2013, the Company has formulated a policy on prevention, prohibition and redressal of sexual harassment of women at work place.

The Company has constituted Internal Complaints Committee which meets as and when required. No complaints pertaining to sexual harassment of women employees were received during the year.

26. ISO 9001 : 2015 and ISO 14001 : 2015 certification

Your Company is certified under ISO 9001:2015 for quality management systems and ISO 14001:2015 for environment management systems by Bureau Veritas.

27. Acknowledgements

Your Directors convey their sincere appreciation to the business partners for their unstinted support and contribution and thank the customers, members, dealers, employees, bankers and all stakeholders for their co-operation and confidence reposed in the Company.

For and on behalf of the Board of Directors
M M Dhanuka
Chairman
Mumbai, 24th May, 2021 DIN: 00193456

   

I G Petrochemicals Ltd Company Background

M M DhanukaNikunj Dhanuka
Incorporation Year1988
Registered OfficeT-10 3rd Floor Jairam Complex,Mala Neugi Nagar
Panaji,Goa-403001
Telephone91-832-2434973,Managing Director
Fax
Company SecretarySudhir R Singh
AuditorSMMP & Associates/Uday & Co
Face Value10
Market Lot1
ListingBSE,MSEI ,NSE,
RegistrarBigshare Services Pvt Ltd
1st Flr Bharat Tin W,Makwana Road Marol ,Andheri (East) ,Mumbai - 400059

I G Petrochemicals Ltd Company Management

Director NameDirector DesignationYear
M M Dhanuka Chairman 2021
Nikunj Dhanuka Managing Director & CEO 2021
Rajesh Muni Independent Director 2021
A K A Rathi Independent Director 2021
J K Saboo Executive Director 2021
Vaijayanti Pandit Independent Director 2021
Sudhir R Singh Company Secretary 2021

I G Petrochemicals Ltd Listing Information

Listing Information
BSESMALLCA
BSEALLCAP
BSEMETERIA

I G Petrochemicals Ltd Finished Product

Product NameUnit Installed
Capacity
Production
Quantity
Sales
Quantity
Sales
Value
Organic Chemicals NA 0001051.5839
Other Operating Revenue NA 0006.9963
Others NA 0000
Power NA 0000
Traded Goods NA 0000
Finished goods NA 0000
Phthalic Anhydride MT 0000
Phthalic anhydride Traded GoodNA 0000
Phthalate Plasticizers MT 0000

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