MIRA
INFORM REPORT
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Report Date : |
30.03.2007 |
IDENTIFICATION
DETAILS
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Name : |
DIP FLON ENGINEERING INDUSTRIAL AND COMPANY |
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Registered Office : |
B – 413, B.G. Tower, 4th Floor, Outside Delhi Gate, Shahibaug
Road, Ahmedabad – 380 001, Gujarat |
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Country : |
INDIA |
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Financials (as on) : |
31.03.2007 |
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Date of Incorporation : |
1987 |
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Legal Form : |
Subject is a Sole Proprietory Concern. |
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Line of Business : |
Manufacturer of Teflon Mould and line products, act as processors and
Fabricators of PTEF Teflon Products and Rubber Parts. |
RATING &
COMMENTS
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MIRA’s Rating : |
Ba |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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Maximum Credit Limit : |
USD 56000 |
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Status : |
Satisfactory |
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Payment Behaviour : |
Usually Correct |
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Litigation : |
Clear |
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Comments : |
Subject is a new established and progressive concern. Trde relation
are fair. Payments are usually correct and as per commitments. The concern is
doing well. It can be considered normal for business dealing at usual trade terms
and conditions. |
LOCATIONS
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Registered Office : |
B – 413, B.G. Tower, 4th Floor, Outside Delhi Gate,
Shahibaug Road, Ahmedabad – 380 001, Gujarat |
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Tel. No.: |
91-792-5624003 / 4169/ 0553 / 0554 |
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Mobile No.: |
91-9925010889 |
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Fax No.: |
91-792-5625665 |
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E-Mail : |
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Website : |
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Area : |
800 Sq. ft. |
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Location : |
Owned |
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Corporate Office : |
Plot No. C-1-803 – 804, G.I.D.C. Industrial Estate, District Mehsana
(N.G.) Chhatral – 382729, Gujarat |
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Tel. No.: |
91-2764-233970 |
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Area : |
2000 Sq. ft. |
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Location : |
Owned |
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PROPRIETOR
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Name : |
Mr. Falgun Hashmukhbhai Parikh |
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Designation : |
Proprietor |
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Date of Birth/Age : |
44 Years |
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Qualification : |
B.E. (Chem.) |
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Experience : |
20 Years |
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Name : |
Mr. Mukesh Parikh |
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Designation : |
Proprietor |
BUSINESS DETAILS
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Line of Business : |
Manufacturer of Teflon Mould and line products, act as processors and
Fabricators of PTEF Teflon Products and Rubber Parts. |
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Exports : |
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Countries : |
Egypt, USA, Italy, Jordan |
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Imports : |
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Products : |
Raw Materials (Stock 15 Tonnes
Worth Rs.3.000 Millions ) |
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Countries : |
Netherlands, USA, Japan |
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Terms : |
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Selling : |
L / C, Credit 60 Days |
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Purchasing : |
D/ A, Credit 60 Days |
PRODUCTION STATUS
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Particulars |
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Installed
Capacity |
Actual
Production |
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Manufacturers |
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140 Tonnes |
100 Tonnes |
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GENERAL
INFORMATION
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Suppliers : |
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Customers : |
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No. of Employees : |
60 |
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Bankers : |
I D B I C. G. Road, Ahmedabad, Gujarat |
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Facilities : |
Cash Credit Limit Rs.4.000 Millions |
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Banking
Relations : |
Satisfactory |
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Associates |
1. Harshdeep Engineering Chhatral, |
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Line of Business : |
Manufacturer of Teflon Mould and line products, act as processors and
Fabricators of PTEF Teflon Products and Rubber Parts. |
FINANCIAL DATA
[all figures are in Rupees Millions]
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Particulars |
31.03.2007 |
31.03.2006 |
31.03.2005 |
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Sales Turnover |
100.000 |
75.000 |
65.000 |
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Expected Sales (2007-08) : Rs.120.000 Millions
ABRIDGED BALANCE
SHEET
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SOURCES OF FUNDS |
31.03.2006 |
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SHAREHOLDERS FUNDS |
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1] Prop. Falgun H Parikh |
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14.186 |
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2] Share Application Money |
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0.000 |
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3] Reserves & Surplus |
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0.000 |
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4] (Accumulated Losses) |
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0.000 |
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NETWORTH |
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14.186 |
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LOAN FUNDS |
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1] Secured Loans |
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0.223 |
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2] Unsecured Loans |
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5.640 |
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TOTAL BORROWING |
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5.863 |
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DEFERRED TAX LIABILITIES |
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0.000 |
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TOTAL |
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20.049 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
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3.085 |
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Capital work-in-progress |
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INVESTMENT |
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2.001 |
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DEFERREX TAX ASSETS |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
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Sundry Debtors |
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Cash & Bank Balances |
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Other Current Assets |
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Loans & Advances |
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Total
Current Assets |
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24.265
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
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Provisions |
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Total
Current Liabilities |
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9.302
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Net Current Assets |
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14.963
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MISCELLANEOUS EXPENSES |
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0.000 |
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TOTAL |
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20.049 |
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PROFIT & LOSS
ACCOUNT
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PARTICULARS |
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31.03.2006 |
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Sales Turnover |
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57.369 |
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Other Income |
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0.526 |
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Total Income |
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57.895 |
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Net Profit
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11.524 |
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Expenditures : |
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Cost of Goods Sold |
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0.000 |
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Manufacturing Expenses |
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0.000 |
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Administrative Expenses |
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4.317 |
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Raw Material Consumed |
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0.000 |
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Purchases made for re-sale |
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38.714 |
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Consumption of stores and spares parts |
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0.000 |
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Increase/(Decrease) in Finished Goods |
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0.000 |
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Salaries, Wages, Bonus, etc. |
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0.568 |
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Managerial Remuneration |
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0.000 |
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Payment to Auditors |
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0.000 |
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Interest |
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0.000 |
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Insurance Expenses |
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0.000 |
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Power & Fuel |
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1.046 |
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Depreciation & Amortization |
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0.000 |
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Other Expenditure |
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0.135 |
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Total Expenditure |
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44.780 |
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KEY RATIOS
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PARTICULARS |
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31.03.2006 |
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PAT / Total Income |
(%) |
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19.90
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Net Profit Margin (PBT/Sales) |
(%) |
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20.08
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Return on Total Assets (PBT/Total Assets} |
(%) |
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42.13
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Return on Investment (ROI) (PBT/Networth) |
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0.81
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Debt Equity Ratio (Total Liability/Networth) |
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1.06
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Current Ratio (Current Asset/Current Liability) |
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1.60
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LOCAL AGENCY
FURTHER INFORMATION
Company Profile
Dip-Flon
Engineering & Co. is India's leading and most reliable processors &
fabricators of PTFE/TEFLON®
Molded & TEFLON Lined Components Like TEFLON (PFA - FEP) Lined Spool Pipes & Fittings, Lined
ball valves, Plug valves, Diaphragm valves, Flush bottom valves, Check valves,
Dip pipes, Spragers, Feed Pipes, Butterfly Valves, Spindles, Flow Tubes, TEFLON
Spares For Glass - Lined vessels and Reactors & Equipments, DFE Compressors
Spare For Imported as well as Indigenous compressors for any make .Dip-Flon Engineering & Co. is
one of the leading & most reliable processors & fabricators of PTFE/TEFLON® moulded & TEFLON lined components for chemicals,
petrochemicals, fertilizers, pharmaceuticals, Electric, Electronical,
Aeronautic, Atomic energy & several other industries, mainly for their
wear-resistance & specially for corrosion prevention applications.
DIP-FLON, equipped with most modern machineries &
HI-TECH processing equipment, backed by highly qualified team of technocrats
& technical experts, after consistent research & development efforts
supported by world best technical guidance of M/s DU PONT (USA) have perfected wide range of TEFLON® components of superior
quality with excellent result oriented performance for ensuring cost reduction
both in production & maintenance.
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 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
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
Rs.43.59 |
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UK Pound |
1 |
Rs.85.53 |
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Euro |
1 |
Rs.58.14 |
SCORE & RATING
EXPLANATIONS
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SCORE FACTORS |
RANGE |
POINTS |
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HISTORY |
1~10 |
6 |
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PAID-UP CAPITAL |
1~10 |
6 |
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OPERATING SCALE |
1~10 |
6 |
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FINANCIAL CONDITION |
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--BUSINESS SCALE |
1~10 |
6 |
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--PROFITABILIRY |
1~10 |
6 |
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--LIQUIDITY |
1~10 |
6 |
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--LEVERAGE |
1~10 |
6 |
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--RESERVES |
1~10 |
6 |
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--CREDIT LINES |
1~10 |
6 |
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--MARGINS |
-5~5 |
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DEMERIT POINTS |
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--BANK CHARGES |
YES/NO |
YES |
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--LITIGATION |
YES/NO |
NO |
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--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
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MERIT POINTS |
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--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
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--EXPORT ACTIVITIES |
YES/NO |
YES |
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--AFFILIATION |
YES/NO |
NO |
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--LISTED |
YES/NO |
NO |
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--OTHER MERIT FACTORS |
YES/NO |
YES |
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TOTAL |
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54 |
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 and their relative weights (as indicated through
%) are as follows:
Financial
condition (40%) Ownership
background (20%) Payment
record (10%)
Credit history
(10%) Market trend
(10%) Operational
size (10%)
RATING
EXPLANATIONS
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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>86 |
Aaa |
Possesses an extremely sound financial base with the strongest
capability for timely payment of interest and principal sums |
Unlimited |
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71-85 |
Aa |
Possesses adequate working capital. No caution needed for credit transaction.
It has above average (strong) capability for payment of interest and
principal sums |
Large |
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56-70 |
A |
Financial & operational base are regarded healthy. General
unfavorable factors will not cause fatal effect. Satisfactory capability for
payment of interest and principal sums |
Fairly Large |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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26-40 |
B |
Unfavorable & favorable factors carry similar weight in credit consideration.
Capability to overcome financial difficulties seems comparatively below
average/normal. |
Small |
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11-25 |
Ca |
Adverse factors are apparent. Repayment of interest and principal sums
in default or expected to be in default upon maturity |
Limited with
full security |
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<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
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NR |
In view of the lack of information, we have no basis upon which to
recommend credit dealings |
No Rating |
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