Promoter holding
64.27%
IR
Ifgl Refractories Limited - Due diligence report
A 360° intelligence report on Ifgl Refractories: trust score, financial health, credit view, compliance, directors, growth and distress sign…
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Ifgl Refractories — 360° Intelligence Report
Generated from MCA filings & public records72/100
Trust Score
Moderate
Ifgl Refractories is assessed as Moderate with a Trust Score of 72/100. Ifgl Refractories is an active public limited indian non-government company incorporated in 2007, operating in the Manufacturing sector. The company has shown revenue growth across its recent filed years. It was profitable in its latest filed year. Based on MCA filings and public records, it currently shows a high compliance risk and low financial risk profile.
Report generated on 09 Jul 2026 from the latest processed filings. Ifgl Refractories Limited snapshot & full profile →
Automated indicators derived from public MCA / GST / EPFO records - not a credit rating, not investment, legal or financial advice. Spotted an inaccuracy? Report an error.
02
Score Card
Higher is safer · rule-based & explainableTrust ScoreModerate
72/100
Overall counterparty trust - the headline number of this report.
Compliance ScoreCaution Indicated
42/100
Statutory standing - status, filings, auditor, MSME and litigation.
Financial Health ScoreLow Risk
95/100
Profitability, leverage and liquidity from filed statements.
Credit Risk ScoreLow Risk
95/100
Debt capacity, gearing and security cover for lenders.
Director Stability ScoreCaution Indicated
45/100
Board strength, DIN status, churn and network.
Growth ScoreLow Risk
75/100
Revenue, profit, asset and hiring momentum.
Distress ScoreLow Risk
90/100
Early-warning signals - higher means fewer warnings.
03
Financial Intelligence Dashboard
Consolidated · 5 filed year(s)Unlock the full 5-year financial dashboard with charts and year-wise figures.
Get full accessScores and observations on this page are already computed from the real filings - only the underlying figures are locked.
04
Credit & Compliance Intelligence
Why the scores are what they are
Credit Risk Score: 95/100 Low Risk
- Liabilities ≈ 38% EBITDA - serviceable.
- Moderate gearing (D/E 1.42).
- Working-capital cover adequate.
- Profitable - internal accruals available.
- Externally credit-rated (AA-).
Charges position: 6 open (285.00 cr) · 8 satisfied (136.78 cr).
Banking relationships (from registered charges)
| Lender | Charges | Amount |
|---|---|---|
| Others | 5 | 48.0 cr |
| State Bank Of India | 1 | 48.0 cr |
| Yes Bank Limited | 2 | 48.0 cr |
| Dbs Bank Ltd | 2 | 48.0 cr |
| Export-Import Bank Of India | 1 | 48.0 cr |
| Hdfc Bank Limited | 1 | 48.0 cr |
Compliance Score: 42/100 Caution Indicated
- Company status is Active as per MCA.
- Annual filings current (balance sheet Mar 2025).
- Flagged by authority: DSE, SEBI, BSE.
- Litigation present in 5 court forum(s).
- Delayed payments to MSME suppliers disclosed (3 disclosure(s)).
- 12 active GST registration(s).
Legal cases on record (5)
05
Director Intelligence
Stability score: 45/100| Name | DIN / PAN | Designation | Appointed | Tenure | DIN status |
|---|---|---|---|---|---|
| RAJESH AGARWAL | 01234567 | Director | 01/04/2018 | 6 yrs | Approved |
| ANITA GUPTA | 01234567 | Director | 01/04/2018 | 6 yrs | Approved |
| JAMES LEACOCK MCINTOSH | 01234567 | Director | 01/04/2018 | 6 yrs | Approved |
| MIHIR PRAKASH BAJORIA | 01234567 | Director | 01/04/2018 | 6 yrs | Approved |
| SUDHAMOY KHASNOBIS | 01234567 | Director | 01/04/2018 | 6 yrs | Approved |
| SHISHIR KUMAR BAJORIA | 01234567 | Director | 01/04/2018 | 6 yrs | Approved |
| ARASU SHANMUGAM | 01234567 | Director | 01/04/2018 | 6 yrs | Approved |
| DURAISWAMY GUNASEELA RAJAN | 01234567 | Director | 01/04/2018 | 6 yrs | Approved |
| MANSI DAMANI | 01234567 | Director | 01/04/2018 | 6 yrs | Approved |
| DEBAL KUMAR BANERJI | 01234567 | Director | 01/04/2018 | 6 yrs | Approved |
| GAURAV SWARUP | 01234567 | Director | 01/04/2018 | 6 yrs | Approved |
| Amit Agarwal | 01234567 | Director | 01/04/2018 | 6 yrs | Approved |
- 12 directors on the board.
- ARASU SHANMUGAM has DIN status "Deactivated due to non-filing of DIR-3 KYC".
- 2 director exit(s) in the last 3 years.
- Average tenure above 5 years.
Director & KMP remuneration (FY 2023)
| Name | Designation | Total remuneration |
|---|---|---|
| A K Sharma | Managing Director | 2.4 cr |
| R Mehta | Whole-time Director | 1.6 cr |
| S Iyer | CFO | 95.0 L |
Remuneration is disclosed in the latest annual return. Unlock full report
06
Ownership & Group Intelligence
As per FY 2023 annual returnPublic / other holding
35.73%
Equity shares
12,45,67,890
Equity paid-up
124.5 cr
Promoters on record
4
Ultimate holding entity
-
Subsidiaries
-
Group entities
-
Capital events
10 allotment(s) · 0 transfer(s)
Promoters hold a majority stake - exact percentages are part of the full report.
| Group entity | Relationship | % held |
|---|---|---|
| Ei Ceramics Llc | Subsidiary Company | 74.00% |
| Goricon Metallurgical Services Limited | Subsidiary Company | 74.00% |
| Hofmann Ceramic Gmbh | Subsidiary Company | 74.00% |
| Ifgl Worldwide Holdings Limited | Subsidiary Company | 74.00% |
| Mono Ceramics Inc | Subsidiary Company | 74.00% |
| Monocon International Refractories Limited | Subsidiary Company | 74.00% |
| Monocon Overseas Limited | Subsidiary Company | 74.00% |
| Sheffield Refractories Limited | Subsidiary Company | 74.00% |
| Tianjin Monocon Aluminous Refractories Company Limited | Subsidiary Company | 74.00% |
| Tianjin Monocon Refractories Company Limited | Subsidiary Company | 74.00% |
Key managerial personnel: RAJESH AGARWAL (Whole-time director) · JAMES LEACOCK MCINTOSH (Managing Director) · SHISHIR KUMAR BAJORIA (Whole-time director) · ARASU SHANMUGAM (Whole-time director)
Full shareholding pattern, group structure & capital events →
07
Risk Intelligence Center
Growth 75 · Distress 90
Growth signals & trust indicators
Steady revenue growth: +2.1x over 4 year(s).
Profit expanded 24% year-on-year.
EPFO headcount growing - hiring signal.
Operating for 18+ years.
Active EPFO - real payroll on record.
Active GST registration(s).
Distress signals & risk flags
Compliance score is weak (42/100).
6 open charge(s) registered - assets are encumbered.
MSME payment delays disclosed - latest outstanding 1.77 Lakh.
5 court case(s) on record - see the legal section for details.
08
Stakeholder Verdicts
Vendor · Banker · InvestorVendor due diligence65/100
Review suggested
Suitability as a supplier / customer counterparty.
- Check the compliance flags before onboarding.
- No distress signals on file.
- Financial filings available for verification.
Banker assessment82/100
Favourable lending indicators
Indicative lending comfort for banks, NBFCs and trade credit.
- Debt capacity assessed from filed statements.
- 6 open charge(s) of 285.00 cr already registered.
- Compliance gaps should be priced into terms.
Investor view81/100
Positive growth indicators
Growth quality and scalability through an investor lens.
- 3 growth signal(s) detected.
- Margin and return trends computable from filings.
- Management churn warrants questions.
09
MCA Filings & Events Timeline
Latest 15 events27 Aug 2025
Last AGM held
Annual general meeting
24 May 2025
Director appointed
MIHIR PRAKASH BAJORIA (Additional Director)
31 Mar 2025
Latest balance sheet
Filed with ROC
05 Dec 2024
Director appointed
Amit Agarwal (Cfo)
03 Jun 2024
Director ceased
Amit Agarwal
13 May 2024
Director ceased
ARASU SHANMUGAM
13 Mar 2024
Director appointed
ARASU SHANMUGAM (Whole-time director)
18 Jul 2023
Charge satisfied
Yes Bank Limited
07 Feb 2023
Director ceased
ANITA GUPTA
Director ceased
GAURAV SWARUP
09 Dec 2022
Charge created
Others - 25.00 cr
12 Nov 2022
Director appointed
RAJESH AGARWAL (Whole-time director)
Director appointed
MANSI DAMANI (Company Secretary)
Director ceased
RAJESH AGARWAL
12 Oct 2022
Director appointed
ANITA GUPTA (Director)
10
Key Observations
Auto-generated from the data aboveRevenue grew 0.86 over the last 4 financial year(s).
Net profit margin moved from 61% to 38%.
Debt-to-equity stands at 1.42 - manageable leverage.
Net worth is positive.
12 active director(s) / partner(s); review board churn before relying on management continuity.
12 active GST registration(s) indicate ongoing business operations.
Carries an external credit rating of AA- from Icra.
EPFO-registered employer - verifiable payroll history exists.
Promoters hold a majority stake as per the FY 2023 annual return.
Director / KMP remuneration is disclosed in the latest annual return - exact figures available in the full report.
Capital has been raised through 10 security allotment(s) - amounts available in the full report.
| Company | CIN | Location |
|---|---|---|
| Iacgroup | U34300PN2008FTC131589 | Pune, Maharashtra, India |
| Hyundai Engineering Plastics India Private Limited | U29113TN2007PTC062145 | Thiruvallur, Tamil Nadu, India |
| Sundaram Industries | U51901TN2018PTC121156 | Madurai, Tamil Nadu, India |
| Owenscorning | U21014MH2000PTC130009 | Mumbai, Maharashtra, India |
| Reliable Sponge Private Limited | U27310OR2004PTC041051 | Rourkela, Orissa, India |
| Datwyler | U25203PN2009PTC144482 | Satara, Maharashtra, India |
| Faurecia | U34300PN2004PTC019215 | Pune City, Maharashtra, India |
| Machino Polymers Limited | U25201WB1996PLC230863 | Kolkata, West Bengal, India |
12
Who Uses This Report
CA · CS · Banker · Investor · VendorChartered Accountants (CA)
Verify Ifgl Refractories before audits and certifications: compliance score 42/100, filing history, auditor history and charge records in one place - instead of pulling each MCA form separately.
Company Secretaries (CS)
Track statutory health of Ifgl Refractories: ACTIVE compliance status, annual-return recency, director DIN status, board churn and the events timeline - the inputs for secretarial audits and due-diligence certificates.
Bankers & NBFCs
Current banker verdict: Favourable lending indicators. Credit risk score 95/100, existing charge position and lender relationships - a first-pass credit memo before formal appraisal.
Investors & Analysts
Investor view: Positive growth indicators. Growth score 75/100, margin trends, ownership structure and peer set for Ifgl Refractories - screening before a deeper diligence.
Vendors & Procurement Teams
Vendor verdict: Review suggested. Trust score 72/100, distress signals and MSME payment-delay disclosures - know whether Ifgl Refractories pays its suppliers before you extend credit terms.
Lawyers & Compliance Teams
Litigation footprint (5 case(s) on record), regulatory flags, charge documents trail and director networks for Ifgl Refractories - groundwork for KYC, onboarding and disputes.
13
Frequently Asked Questions
Is Ifgl Refractories an active company?
Ifgl Refractories has MCA status “Active” with a compliance score of 42/100 (Caution Indicated).
Is Ifgl Refractories financially healthy?
Ifgl Refractories has a Financial Health Score of 95/100 (Low Risk) based on its filed financial statements.
Should I do business with Ifgl Refractories?
Its overall Trust Score is 72/100 (Moderate). Vendor verdict: Review suggested. Review the risk flags in the Risk Intelligence Center before deciding.
Who controls Ifgl Refractories?
Promoters hold a majority stake - exact percentages are in the full report. 12 active director(s) are on record.
Does Ifgl Refractories have loans or charges against its assets?
6 open charge(s) are registered against its assets, and 8 earlier charge(s) stand satisfied.
Is Ifgl Refractories up to date with its ROC filings?
Annual filings current (balance sheet Mar 2025). Overall compliance score: 42/100 (Caution Indicated).
Is it risky to lend to Ifgl Refractories?
Its Credit Risk Score is 95/100 (Low Risk). Banker verdict: Favourable lending indicators.
Disclaimer: This report is generated automatically from MCA filings and public records as available
in our system at the time of the last update. Scores, bands and verdicts are rule-based derived indicators of the
underlying data - they are opinions generated by an algorithm, not statements of fact about the company, and are
not credit ratings (within the meaning of SEBI regulations), audits, or investment, legal or financial advice.
Verify from official sources and consult a qualified professional before any business, lending or investment decision.
If you represent this company and believe any information is inaccurate or outdated,
report it here and we will review promptly.
