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Monday, June 8, 2009

India Glycols Ltd:-Is it a buy/sell/hold?

scripscan:India Glycols Ltd

Story:INDIA GLYCOLS (IGL) is Delhi-based company which manufactures industrial chemicals - particularly derivatives of ethylene oxide and mono ethylene glycol (MEG) - from molasses. The company is aggressively expanding its manufacturing capacity and diversifying its product portfolio.IGL has over 1.2 lakh tonne per annum (tpa) capacity of ethylene glycol and 73,000 tpa of ethylene oxide derivatives. It is the only company globally to produce these chemicals entirely from molasses. It has also set up capacities for potable alcohol, industrial gases and guar gum derivatives. These are intermediate industrial chemicals that find usage in various industries, particularly textiles.IGL has established itself as a producer of specialty grade ethoxylates and focuses on the export market. Last year, it derived nearly 20% of its revenues from exports. It has set up a subsidiary in Singapore to assist in its exports. The company has set up production facilities in Kashipur (Uttarakhand) and Gorakhpur (Uttar Pradesh). Recently, it acquired Shakumbari sugar mill in Saharanpur for Rs 47 crore, which has 3,200 tpd crushing capacity with 40 kilo litres per day (klpd) distillery for making ethanol from molasses or sugar juice.The company has set up a state-of-the-art R&D centre to develop innovative products for special customer requirements. Recently, it diversified into the field of herbal extraction through a 100% export-oriented unit (EOU) at Dehradun, Uttarakhand. The unit will feed the growing international market for high-value nutraceutical herbal extracts used as pharmaceuticals, food and food supplements. The company''s main raw material - molasses - is a waste product generated by sugar mills. IGL has created huge storage for the feedstock, which can be procured in large quantities during the crushing season. Besides, it has set up an additional distillery in Gorakhpur to improve availability of feedstock.In Noida, IGL has built nearly 2,70,000 sq ft of commercial space and plans to lease out 200,000 sq ft of the same. The average monthly rental is likely to be around Rs 75 per sq ft, which will generate revenues of around Rs 1.5 crore every month.The full benefits of the expansion in the current year will be available to the company only in FY10. Hence, the scrip appears attractive for long-term investors.

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