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I G Petrochemicals Ltd

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

NSE BSE
 
SMC down arrow

446.45

-3.10 (-0.69%) Volume 280564

20-Apr-2021 EOD

Prev. Close

449.55

Open Price

460.00

Bid Price (QTY)

0.00(0)

Offer Price (QTY)

446.45(70)

 

Today’s High/Low 467.50 - 436.35

52 wk High/Low 558.50 - 115.70

Key Stats

MARKET CAP (RS CR) 1371.45
P/E 14.67
BOOK VALUE (RS) 212.2650541
DIV (%) 20
MARKET LOT 1
EPS (TTM) 30.36
PRICE/BOOK 2.0980844062546
DIV YIELD.(%) 0.45
FACE VALUE (RS) 10
DELIVERABLES (%) 47.88
4

News & Announcements

13-Apr-2021

I G Petrochemicals Ltd - IG Petrochemicals Limited - Disclosure under SEBI Takeover Regulations

08-Apr-2021

I G Petrochemicals Ltd - Format of Initial Disclosure to be made by an entity identified as a Large Corporate

07-Apr-2021

I G Petrochemicals Ltd - IG Petrochemicals Limited - Other General Purpose

31-Mar-2021

I G Petrochemicals Ltd - Closure of Trading Window

09-Feb-2021

Board of I G Petrochemicals approves Rs 600 cr greenfield expansion of Phthalic Anhydride

02-Feb-2021

IG Petrochemicals to discuss results

29-Dec-2020

I G Petrochemicals starts commercial production at its brownfield manufacturing facility

04-Nov-2020

IG Petrochemicals to declare Quarterly Result

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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Fine Organic Industries Ltd 541557 FINEORG
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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
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Hilltone Industrial Gases Ltd 40441
Himadri Speciality Chemical Ltd 500184 HSCL
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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
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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
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Shree Neelachal Laboratories Ltd 531487
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Shri Aster Silicates Ltd 533219 SHRIASTER
Shri Nicosect Ltd 526437
SI Group - India Ltd 506460 SIGROUPIND
SMZS Chemicals Ltd(wound-up) 524160 SMZSCHEM
Solar Industries India Ltd 532725 SOLARINDS
Sonal Sil Chem Ltd 524673
Southern Gas Ltd 509910
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Sree Rayalaseema Hi-Strength Hypo Ltd 532842 SRHHYPOLTD
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Sreechem Resins Ltd 514248
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
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 277834 0.90
Total Institutions 938572 3.05
Total Govt Holding 0 0.00
Total Non Promoter Corporate Holding 0 0.00
Total Promoters 21167142 68.74
Total Public & others 8411302 27.32
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 Thirtieth Annual Report together with the Audited Financial Statements for the year ended 31st March, 2019:

1. FINANCIAL RESULTS

(Rs.  in lakhs)
2018-19 2017-18
Total Revenue 131,128.07 117,489.23
Profit before interest, depreciation and tax 23,370.48 27,142.41
Finance Cost 1,143.53 1,487.96
Depreciation and 2,646.41 2,569.58
Amortization expenses
Profit before tax 18,630.54 23,084.88
Provision for tax 6,982.39 8,430.39
Profit for the year 11,648.16 14,654.49
Balance brought forward from previous year 42,366.51 30,823.94
Profit available for appropriations 50,529.68 45,478.43
Earnings per share 37.82 47.58

2. DIVIDEND

The Board of Directors have recommended a dividend of Rs.  4/- per equity share having face value of Rs.  10/- each (40%) for the year ended 31st March, 2019 aggregating to Rs.  1,484.99 lakhs (including dividend distribution tax).

3. FINANCIALS

The revenue from operations grew by 14% to Rs.  131,128.07 lakhs during the financial year 2018- 19. The total expenditures rose by 18.15% mainly on account of higher raw material prices which led to the fall in the profit before tax by 15.18% at Rs.   18,630.54 lakhs. Profit Rs.  11,648.16 lakhs is lower than the previous year on account of the volatility in oil price movements during the year. There were no material changes or commitments that have occurred between the end of the financial year and the date of this Report which affects the financial statements of the Company in respect of the reporting year.

4. OPERATIONAL REVIEW

The Orthoxylene prices remained volatile for most part of the year due to crude prices thus affecting the overall conversion cost of Phthalic Anhydride (PA).

The anti-dumping duty levied on imports of PA from Taiwan, Korea and Israel was removed during the year and this led to the intensified competition in the domestic market. As a result of this, the conversion of PA has come down because of competition on account of import from the overseas market.

The above factors contributed to the sustained pressure on margins throughout the year and eventually leading to the drop in profitability of the Company by 20.61% to Rs.   11,648.16 lakhs.

5. EXPANSION

The brownfield expansion of PA plant by 53,000

MTPA is on and is expected to get commissioned in the current year. With this, the Company shall become one of the largest producer of PA at a single location globally and will achieve substantial economies of scale. The expansion will also provide the Company with additional raw materials for the production of MA, which will improve the overall revenue and margins of the Company. The downstream expansion into specialty plasticizers is also expected to commission in the current year.

6. CONTRIBUTION TO THE EXCHEQUER

The Company has contributed Rs.  26,906.24 lakhs to the exchequer by way of income tax, customs duty, goods and service tax, etc.

7. SHARE CAPITAL & FINANCE

7.1 Share Capital

The Company's paid-up Equity Share Capital remained unchanged at Rs.  3,079.81 lakhs as at 31st March, 2019. The shareholdings of the after tax at Promoters and Persons Acting in Concert with Promoters are 68.90%.

7.2 Finance

The Company optimally utilizes its working capital facilities and continuously monitors its receivables, inventories, etc. The Company has raised external commercial borrowings of € 15.77 million from the foreign lenders and a term loan upto Rs.  75 crores to partially fund the expansion of plant. The debts (including interest) are being serviced regularly.

7.3 Credit Ratings

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

7.4 Deposits

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

7.5 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 proposes to transfer an amount of Rs.  2,000.00 lakhs to the General Reserves.

9. SUBSIDIARIES/ASSOCIATES/JOINT VENTURES

IGPL International Limited and IGPL (FZE) are the wholly owned subsidiaries of the Company.

The JV entered into between IGPL (FZE) and M/s Dubai Natural Gas Co. Ltd. for the manufacture of Maleic Anhydride has been called-off during the year due to it becoming economically unviable.

The financial statements of subsidiaries 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.

The consolidated financial statements of the Company are prepared in accordance with the applicable Ind AS together with the report of the Auditors' thereon forms part of this Annual Report. A statement containing salient features of the financial statements of the subsidiaries in Form AOC-1 is attached with this Annual Report.

10. CORPORATE SOCIAL RESPONSIBILITY (CSR) INITIATIVES

In accordance with the provisions of Section 135 of the Companies Act, 2013 (“the Act”) and the Rules framed thereunder, the CSR Committee reviews and monitors the projects and expenditures incurred by the Company which are mainly for education, old age homes, environment, etc. The Report on CSR activities containing prescribed details are annexed to the Directors' Report as “Annexure-A”.

During the year, the Company spent Rs.  136.16 lakhs towards CSR activities as against the budgeted allocation of Rs.  293.24 lakhs. The Company has initiated some projects which are under implementation.

11. ANNUAL RETURN

The Annual Return of the Company in Form MGT-7 for the year 2018-19 is available on the website of the Company and can be accessed at www.igpetro.com

12. VIGIL MECHANISM POLICY

The Company has a Vigil Mechanism Policy in place to report instances of actual or suspected unethical behavior, fraud, etc. The Audit Committee reviews the functioning of the Policy. The details of the Vigil Mechanism has been elaborated in the Corporate Governance Report and posted on the Company's website www.igpetro.com

13. TRANSFER OF SHARES TO IEPF

In compliance with the provisions of Section 124(6) of the Act read with the Investor Education and Protection Fund Authority (Accounting, Audit, Transfer and Refund) Rules, 2016 (“the IEPF Rules”) and amendments thereto, the Company had, during the financial year 2017-18, transferred 779,342 shares to IEPF Authority in respect of shares on which dividend has not been paid or claimed for seven consecutive years.

Members whose shares are so transferred can claim their dividend and shares from the IEPF authority by filing Form IEPF-5 available at www.iepf.gov.in. Member should also note that only one consolidated claim can be filed in a financial year as per the IEPF Rules. Members are advised to claim any unencashed dividends.

The Company Secretary of the Company has been designated as the Nodal Officer who can be contacted for any guidance/assistance to claim the dividend and shares from IEPF Authority.

14. DIRECTORS & KEY MANAGERIAL PERSONNEL

Upon the recommendation of the Nomination and Remuneration Committee and in accordance with the provision of the Act read with the Rules framed thereunder, Shri Nikunj Dhanuka was re-appointed as Managing Director & Chief Executive Officer of the Company for a period of three years with effect from 27th April, 2019. Shri M M Dhanuka retires by rotation and being eligible offered himself for re-appointment.

Shri Rajesh Muni, Shri P H Ravikumar and Dr. A K A Rathi were appointed as Independent Directors of the Company by the members at an Annual General Meeting held on 26th July, 2014 for a term of five years, each with effect from 26 th July, 2014. In accordance with the provisions of Section 149 of the Act, the Independent Directors shall be eligible to seek re-appointment for a second term of five years subject to the approval of the members by special resolution. The said Independent Directors have given their consent for re-appointment.

The Company has received notices under Section 160 of the Act, from a Member proposing the re-appointment of Shri Rajesh Muni, Shri P H Ravikumar and Dr. A K A Rathi as Independent Directors of the Company. Approval of the Members are being sought by special resolutions for reappointment as Independent Directors for a second term of five consecutive years.

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.

Shri R Chandrasekaran resigned as Chief Financial Officer of the Company with effect from 7th February, 2019 and Shri Pramod Bhandari is appointed as Chief Financial Officer of the Company with effect from 7th February, 2019.

14.1 Meetings

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

14.2 Board Evaluation

The Board of Directors have carried out its annual performance evaluation as well as of the Directors individually and their respective Committees as required under the Act and SEBI Listing Regulations. The details of which are disclosed 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 Shri Nikunj Dhanuka, Managing Director & CEO – 45:1 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 Shri Nikunj Dhanuka, Managing Director & CEO – (16%)@ Shri R Chandrasekaran, Chief Financial Officer N.A*Shri Sudhir R Singh, Company Secretary – 10% @ decline in commission due to lower profits.

* Since resigned during the year

c) The percentage increase in the median remuneration of employees in the

Financial Year – 9.80%

d) Number of permanent employees on the rolls of the Company – 413

e) Average percentage increase made in the salaries of employees other than the managerial personnel in the last financial year was 11.50% whereas the increase in the managerial remuneration was 8.25%. The increase in the remuneration is on account of commission paid.

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

The information under Rule 5(2) of the Rules will be provided to the members upon request in terms of the first proviso to Section 136 of the Act.

15. 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 2019, 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, 2019 and of the profit of the Company for that year; c. that proper and sufficient 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.

16. RELATED PARTY TRANSACTIONS

All transactions entered into with related parties during the year were on arm's length basis and in the ordinary course of business.

There were no material related party transactions. The necessary disclosures regarding the transactions are given in the notes to accounts. The Company has formulated a policy on dealing with the Related Party Transactions and necessary approval of the Audit Committee and Board of Directors were taken, wherever required, in accordance with the Policy.

17. INTERNAL CONTROL

The scope of Internal Audit is reviewed by the Audit Committee at regular intervals. A framework of the audit is generally defined at the beginning of the year based on the discussion with the Internal Auditor. The Internal Auditor submits its report to the Audit Committee. The Company's internal control systems commensurate with its nature of business, size and operations. 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 internal control mechanism of the Company enables it to identify, assess and mitigate the risk related to its business. Risks are being evaluated on various parameters and these parameters are being care has been taken reviewed at regular intervals.

18. AUDITORS

18.1 Statutory Auditors

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

18.2 Cost Auditors

M/s Krishna S & Associates, Cost Accountants have been appointed as the Cost Auditor to conduct an audit of the cost records of the Company for the year 2019-20. A resolution seeking Members' ratification the remuneration payable to M/s Krishna S & Associates is included in the Notice convening the Annual General Meeting.

18.3 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 & Associates, Practicing Company Secretaries (Membership No. 5533) to conduct the Secretarial Audit and their Report on the Secretarial Audit for the year 2018-19 is annexed herewith as “Annexure-B”. There are no qualifications in the said report.

19. ENERGY CONSERVATION, 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-C”.

20. 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.

21. 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 workfor 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 Internal Complaints Committee has been constituted with majority of them being female who is also the Presiding Officer. The Committee meets as and when required. No complaints pertaining to sexual harassment of women employees were received during the year.

22. ISO 9001 : (2008) AND ISO 14001 (2004)

CERTIFICATION

Your Company continued to be certified under ISO

9001:2008 for quality management systems and ISO 14001:2004 for environment management systems by Bureau Veritas.

23. 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 confidencereposed in the Company.

For and on behalf of the Board of directors confirming

M M Dhanuka
Mumbai, 22nd May, 2019 Chairman

   

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
AuditorASA & Associates LLP/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 2020
Nikunj Dhanuka Managing Director & CEO 2020
Rajesh Muni Independent Director 2020
A K A Rathi Independent Director 2020
J K Saboo Executive Director 2020
Vaijayanti Pandit Independent Director 2020
Sudhir R Singh Company Secretary 2020

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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