MIRA
INFORM REPORT
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Report Date : |
31.07.2007 |
IDENTIFICATION DETAILS
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Name : |
E I DUPONT INDIA PRIVATE LIMITED |
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Registered Office : |
7th Floor, |
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Country : |
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Financials (as on) : |
31.03.2006 |
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Date of Incorporation : |
10.12.1998 |
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Com. Reg. No.: |
05-34086 |
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CIN No.: [Company
Identification No.] |
U24299HR1998PTC034086 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
RTKE01049G |
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PAN No.: [Permanent
Account No.] |
AAACE2462M |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
Manufacturers and Exporters of Engineering Polymers, Agrochemicals, Synthetic Monofilament Yarn Polyamide Monofilament. |
RATING & COMMENTS
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MIRA’s Rating : |
Aa |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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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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Maximum Credit Limit : |
USD 7900000 |
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Status : |
Good |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
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Comments : |
Subject is a subsidiary of E. I. Du Pont De Nemaurs & Company Inc., U.S.A. Available information indicates high financial responsibility of the company. Trade relations are fair. Financial position is good. Payments are correct and as per commitments. The company can be considered normal for business dealings at usual trade terms and conditions. |
LOCATIONS
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Registered Office : |
7th Floor, |
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Tel. No.: |
91-124-2540900/ 2540875 to 2540885 |
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Fax No.: |
91-124-2540889 to 2540892 |
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E-Mail : |
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Website : |
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Area : |
10000 sq. fts |
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Location : |
Leased (Commercial ) |
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Factory : |
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Branches : |
Located at:
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DIRECTORS
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Name : |
Mr. Henrique H Ubrig |
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Designation : |
Chairman and Managing Director |
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Address : |
A-11, Anand Niketan, |
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Date of Birth/Age : |
14.01.1949 |
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Date of Appointment : |
23.06.2004 |
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Name : |
Mr. Ricky Jack ( |
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Designation : |
Director |
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Address : |
Reserue, |
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Date of Birth/Age : |
08.01.1963 |
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Date of Appointment : |
27.08.2001 |
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Name : |
Mr. Pankaj H. Shah |
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Designation : |
Director |
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Address : |
3/33, Shanti Niketan, |
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Date of Birth/Age : |
05.05.1947 |
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Date of Appointment : |
25.05.1998 |
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Date of Ceasing: |
23.06.2004 |
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Name : |
Mr. Balvinder Pal Singh Kalsi |
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Designation : |
Director |
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Address : |
H -33/39, DLF Qutab Enclave, Phase – I, Gurgaon – 122 002, |
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Date of Birth/Age : |
22.08.1957 |
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Date of Appointment : |
14.11.2003 |
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Name : |
Mr. Shankar Krishnan |
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Designation : |
Executive Director |
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Address : |
Flat I – C, the Highlands, 4th |
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Date of Birth/Age : |
10.01.1951 |
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Date of Appointment : |
27.10.2004 |
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Name : |
Mr. Sanjeev Krishan Chaudhary |
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Designation : |
Director |
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Address : |
Garden Home – 21, Celebrity Homes, Palam Vihar, Gurgaon – 122 017, |
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Date of Birth/Age : |
19.03.1959 |
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Date of Appointment : |
14.11.2003 |
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Name : |
Mr. Ramkrishna Mudholkar |
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Designation : |
Executive Director |
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Address : |
H -37/3, DLF Phase – I, Gurgaon – 122 002, |
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Date of Birth/Age : |
10.04.1959 |
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Date of Appointment : |
27.10.2004 |
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Name : |
Mr. Jadish Kumar |
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Designation : |
Director |
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Address : |
House # N – 70, |
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Date of Birth/Age : |
16.01.1964 |
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Date of Appointment : |
14.11.2003 |
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Name : |
Mr. Vivek Bhargava |
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Designation : |
Director |
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Address : |
151, Munirka Enclave, Nelson Mandela Marg, |
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Date of Birth/Age : |
24.06.1963 |
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Date of Appointment : |
14.11.2003 |
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Name : |
Mr. Michael J. Walker |
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Designation : |
Director |
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Address : |
1122, |
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Date of Birth/Age : |
25.02.1947 |
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Date of Appointment : |
10.11.2000 |
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Date of Ceasing: |
23.06.2004 |
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Name : |
Mr. Ajeet Anant Rayakar |
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Designation : |
Director |
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Address : |
C- 4, Vrajdeep Apartment, |
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Date of Birth/Age : |
07.10.1958 |
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Date of Appointment : |
12.09.2005 |
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Name : |
Mr. Vineesh Anil Kochhar |
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Designation : |
Executive Director |
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Address : |
1610 – B, Beverly Park, Part II, |
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Date of Birth/Age : |
14.05.1968 |
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Date of Appointment : |
29.09.2006 |
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Name : |
Mr. Subbarao Kolli Venkata |
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Designation : |
Additional Director |
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Address : |
302, Trendset Parkview, 64, Shanti Nagar |
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Tel. No.: |
91-40-32944202 |
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Fax No.: |
91-40-23372898 |
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Date of Birth/Age : |
26.01.1963 |
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Date of Appointment : |
13.03.2006 |
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Name : |
Mr. Arun Kumar Agarwal |
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Designation : |
Additional Director |
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Address : |
C – 1, Centurion Complex, Juna Jakat Naka, Sama, |
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Tel. No.: |
91-265-2788244 |
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Date of Birth/Age : |
17.05.1959 |
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Date of Appointment : |
13.03.2006 |
KEY EXECUTIVES
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Name : |
Mr. Sanjay Gupta |
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Designation : |
Company Secretary |
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Address : |
A – 1147, Sushant Lok, Phase – I, Gurgaon – 122 001, |
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Date of Birth/Age : |
23.09.1965 |
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Date of Appointment : |
15.04.1996 |
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Name : |
Mr. Chitrabhanu Ghosh |
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Designation : |
Secretary |
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Address : |
B – 102, Shramdeep Apartment, B9/1B, Sector 62, Noida – 201 307, |
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Date of Birth/Age : |
08.03.1977 |
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Date of Appointment : |
21.06.2006 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
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Names of Shareholders |
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No. of Shares |
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Dupont Far East Inc. |
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20 |
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Dupont India Limited |
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55947880 |
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Liquid-Box Corporation, |
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184738 |
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E I Dupont De Nemours Inc., |
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26 |
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Total |
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56132664 |
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Category |
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Percentage of Holding |
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Foreign holdings (Foreign Institutional investor(s), foreign companie(s)
Foreign financial institution(s), Non-resident Indian(s) or Overseas
corporate bodies or Others |
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100.00 |
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Total |
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100.00 |
BUSINESS DETAILS
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Line of Business : |
Manufacturers and Exporters of Engineering Polymers, Agrochemicals, Synthetic Monofilament Yarn Polyamide Monofilament. |
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Products : |
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Brand Names : |
v "ALMIX" v "AVAUNT" v "LANNATE" v "SUPRO" v "DERLIN" v "ZYTEL" v "CENTARI" |
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Exports to : |
Domestic Markets |
PRODUCTION STATUS
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Particulars |
Unit |
Licensed
Capacity |
Installed
Capacity |
Actual
Production |
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Delrin Polyacetal Resines |
Tonnes |
4500 |
4500 |
5649225 Kgs. |
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Zytel Polyamide Resinges |
Tonnes |
4500 |
4500 |
2635025 Kgs. |
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Engineering & Industrial Products based on Poly Textra Fluoro Ethylene Teflon non stick finished |
Litres |
123000 |
126000 |
50270 |
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Synthetic Monofilaments Yarn Polyamide Monofilament – Tynex |
Kgs. |
400000 |
360000 |
484712 Litres |
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Performance Coatings Refinishes |
Litres |
240000 |
240000 |
192 |
GENERAL INFORMATION
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No. of Employees : |
Around 500 |
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Bankers : |
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Banking
Relations : |
Good |
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Auditors : |
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Name : |
Price Waterhouse Chartered Accountants |
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Address : |
PWC Centre, |
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Collaborators: |
E. I. Du Pont De Nemours and Company Inc, U.S.A |
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Associates/Subsidiaries : |
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Holding Company: |
Dupont India Limited, |
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Ultimate Holding Company: |
E I Dupont De Nemours and
Company Inc., |
CAPITAL STRUCTURE
Authorised Capital :
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No. of Shares |
Type |
Value |
Amount |
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250000000 |
Equity Shares |
Rs.10.00 each |
Rs. 2500.000 millions |
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500000 |
Preference Shares |
Rs. 100.00 each |
Rs. 50.000 millions |
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Total |
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Rs. 2550.000
millions |
Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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56132664 |
Equity Shares |
Rs 10.00 each |
Rs. 561.327 Millions |
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
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SOURCES OF FUNDS |
31.03.2006 |
31.03.2005 |
31.03.2004 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
561.327 |
561.327 |
559.479 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
1415.774 |
1286.445 |
759.098 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
1977.101 |
1847.772 |
1318.577 |
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LOAN FUNDS |
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1] Secured Loans |
0.977 |
5.304 |
10.757 |
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2] Unsecured Loans |
1267.485 |
918.256 |
521.479 |
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TOTAL BORROWING |
1268.462 |
923.560 |
532.236 |
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DEFERRED TAX LIABILITIES |
109.972 |
67.274 |
73.901 |
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TOTAL |
3355.535 |
2838.606 |
1924.714 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
776.579 |
748.155 |
740.817 |
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Capital work-in-progress |
4.406 |
14.389 |
4.190 |
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INVESTMENT |
0.000 |
0.000 |
0.000 |
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DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
2500.541
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2573.321
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1264.311
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Sundry Debtors |
1396.510
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1170.522
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1018.112
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Cash & Bank Balances |
187.208
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83.102
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435.213
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Other Current Assets |
0.000
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0.000 |
0.000
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Loans & Advances |
250.818
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292.773 |
152.431 |
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Total
Current Assets |
4335.077
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4119.718 |
2870.067 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
1733.289
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2020.562 |
1658.647
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Provisions |
27.238
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23.094 |
31.713
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Total
Current Liabilities |
1760.527
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2043.656 |
1690.36
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Net Current Assets |
2574.550
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2076.062 |
1179.707
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MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
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TOTAL |
3355.535 |
2838.606 |
1924.714 |
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PROFIT & LOSS
ACCOUNT
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PARTICULARS |
31.03.2006 |
31.03.2005 |
31.03.2004 |
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Sales Turnover |
8117.827 |
8332.935 |
6495.880 |
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Commission Income |
287.055 |
276.877 |
0.000 |
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Service Income |
52.244 |
39.447 |
0.000 |
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Other Income |
21.888 |
85.493 |
0.000 |
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Total Income |
8479.014 |
8734.752 |
6495.880 |
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Profit/(Loss) Before Tax |
245.440 |
746.583 |
757.624 |
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Provision for Taxation |
116.110 |
244.940 |
281.438 |
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Profit/(Loss) After Tax |
129.330 |
501.643 |
476.186 |
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Earnings in Foreign Currency : |
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Engineering Polymers |
0.940 |
46.046 |
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Crop Protection Products |
304.034 |
263.165 |
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Tynex Monofilaments |
113.610 |
95.696 |
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Protein Products |
3.918 |
1.920 |
651.665 |
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Cyrel |
0.000 |
1.388 |
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Packaging Products |
0.628 |
0.000 |
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Performance Coating |
0.000 |
0.199 |
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Pourer Bags |
36.959 |
49.931 |
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Total Earnings |
460.089 |
458.345 |
651.665 |
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Imports : |
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Raw Materials and Packing Materials |
2029.483 |
3115.746 |
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Stores & Spares |
16.422 |
0.000 |
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Total Imports |
2045.905 |
3115.746 |
1200.630 |
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Expenditures : |
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Cost of Materials and Services |
6326.117 |
6338.140 |
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Personnel Expenses |
489.313 |
448.979 |
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Administration, Selling and Other Expenses |
1249.456 |
1106.214 |
5622.608 |
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Financial Charges |
75.395 |
19.512 |
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Depreciation |
93.293 |
75.324 |
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Total Expenditure |
8233.574 |
7988.169 |
5622.608 |
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KEY RATIOS
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PARTICULARS |
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31.03.2006 |
31.03.2005 |
31.03.2004 |
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PAT / Total Income |
(%) |
1.53
|
5.74 |
7.33
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Net Profit Margin (PBT/Sales) |
(%) |
3.02
|
8.96 |
12.24
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Return on Total Assets (PBT/Total Assets} |
(%) |
4.80
|
15.33 |
20.96
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Return on Investment (ROI) (PBT/Networth) |
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0.12
|
0.40 |
0.57
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Debt Equity Ratio (Total Liability/Networth) |
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1.53
|
1.61 |
1.69
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Current Ratio (Current Asset/Current Liability) |
|
2.46
|
2.02 |
1.70
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LOCAL AGENCY FURTHER INFORMATION
Profile
Subject has been in
Manufacturing facilities in
- Crop Protection Products
- Engineering Polymers
- Pioneer seeds
- Teflon non-stick coating
- Tynex toothbrush bristles
Overview
Subject is a subsidiary of US-based $27 billion E.
DuPont association with
The company has production facilities in
The research and development activities of DuPont in
They also have separate R and D agreements with several
Indian research institutions. The Solae Company, a DuPont joint venture,
supports pioneering research studies in the area of protein technologies
through its association with various academic and research institutions in the
country. DuPont also draws upon the research work and scholastic guidance of
FOCUS ON
They are constantly looking to bring in new applications and innovations to solve customer needs. Some recent success stories include:
Engineering Polymers like DuPont™ Delrin®, Hytrel® and Zytel® which are used in Indian Railways and other transportation areas because of their varying properties of fatigue resistance, corrosion resistance, high strength, toughness, etc.
Industrial Polymers such as DuPont™ Elvaloy® for asphalt modification for strengthening road surfaces and used in the National Highways program (e.g. in Ahmedabad-Vadodara expressway).
Advanced Fiber Systems products like DuPont™ Kevlar® and Nomex® aramid fibers have high-tensile properties and find applications in the protection industry for personal, material and for their security and quasi-security forces. DuPont™ Kevlar has bullet-resistant properties and DuPont™ Nomex® has fire-retardant properties.
In Agricultural and Nutrition segment, they have launched revolutionary and cutting-edge products for crop protection. The Solae Company, a DuPont joint venture, offers a complete range of high-quality soy proteins isolates to the nutritional food industry. Their seeds business Pioneer Hi-Bred markets high-nutrient, pest- and disease- resistant hybrid seeds.
DuPont
DuPont Nonwovens such as Tyvek® and Sontara® go into a variety of applications in the home-care, healthcare, pharma and packaging sectors due to their sterile, stain- , liquid- and tear-resistant, UV-protection and host of other unique properties. DuPont™ Typar® geotextile offers ground stabilization solutions.
They have recently rolled out their Safety Resources business in the country that offers the DuPont safety knowledge and experience to their customers.
COMMUNITY ACTIVITIES
To DuPont, recognizing the inter-dependence of social progress, economic success and environmental excellence is the first step to achieving community sustainability. DuPont supports social and welfare activities in local communities they operate.
The company runs a worldwide program called 'DuPont Community Fund' which provides aid and support to community activities. The DuPont Community Fund was established to improve the quality of life and enhance the vitality of communities in which they operate. It is a grassroots program designed for, and implemented at, DuPont sites.
Since 1990, the DuPont Community Fund has provided support to
more than 400 projects worldwide. In
In
Subject also encourages individual employees to engage in voluntary work through a global Voluntary Employee Recognition Program, which recognizes the voluntary efforts of employees by giving grants to the agencies they volunteer with.
In
DUPONT MILESTONES IN
1802 Subject imports raw materials from
Explosives
1974 DuPont opens a liaison office in
1995 Wholly-owned
1996 Contract manufacturing of Crop Protection Products begins
1998 Savli I plant in
Lannate® crop protection product and Delrin® engineering polymer begins at Savli
2000 Savli II plant in
At Savli becomes operational
2001 DuPont subsidiary Pioneer Hi-Bred International acquires a 100% stake in the joint
Venture with Southern Petrochemical Industries Corp. (SPIC) Pioneer® seeds production
Plant set up
in Medchal, near
2002 DuPont celebrates 200 years of Science and Innovation worldwide DuPont Liquid
Packaging Systems set up at Savli
2003 DuPont
2004 DuPont Refinish blending facility set up at
Science Overview
Bringing to life its powerful philosophy of the miracles of
science™ to create a better world for all, subject touches every part of
Technology Transfer in the New Millennium
- Indian Oil Corporation (IOC) recently selected DuPont leading edge purified terephthalic acid (PTA) technology for a 530,000 tonnes plant at Panipat, Haryana, scheduled for start up in 2003.
- Indian Railways are saving millions of rupees every year thanks to Delrin® guide bushes, a DuPont product.
- Indira Gandhi canal in Rajasthan has used Typar® goeotextiles for preventing embankment erosion.
Promotion of Agriculture
In the area of Crop Protection, DuPont
The South Asian Field Experimental Station (SAFES) at Savli,
Gujarat, which became operational in 2000, offers testing facilities for new
crop protection products for
Alliances with Indian Research Institutions:
- Council of Scientific and Industrial Research (CSIR)
- Indian
- Indian Institute of Chemical Technology (IICT)
· National Chemical Laboratories (NCL)
Press
Releases
DuPont News, November 4, 2005
DuPont Employees Nurture Young Minds in
DuPont Malaysia employees recently accompanied 200 students and 50 teachers on an environmental trip to the Forest Reserve Institute Malaysia (FRIM), a local conservation park. FRIM promotes sustainable management and optimal use of forest resources by generating knowledge and technology through research and development.
The goal of the trip was to encourage the children to appreciate science and nature at an early age. After students were briefed on safety concepts, they learned how to conserve the environment by not disturbing wildlife, littering or damaging plants.
Dr. Hapiz Abdullah, country managing director, DuPont
CMT REPORT (Corruption, Money Laundering & Terrorism]
The Public Notice information has been collected from various sources
including but not limited to: The Courts,
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
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs. 40.44 |
|
|
1 |
Rs. 82.03 |
|
Euro |
1 |
Rs. 55.42 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
8 |
|
PAID-UP CAPITAL |
1~10 |
8 |
|
OPERATING SCALE |
1~10 |
8 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
8 |
|
--PROFITABILIRY |
1~10 |
8 |
|
--LIQUIDITY |
1~10 |
8 |
|
--LEVERAGE |
1~10 |
8 |
|
--RESERVES |
1~10 |
8 |
|
--CREDIT LINES |
1~10 |
8 |
|
--MARGINS |
-5~5 |
|
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
NO |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
YES |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
72 |
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
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
>86 |
Aaa |
Possesses an extremely sound financial base with the strongest
capability for timely payment of interest and principal sums |
Unlimited |
|
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 |
|
56-70 |
A |
Financial & operational base are regarded healthy. General
unfavourable factors will not cause fatal effect. Satisfactory capability for
payment of interest and principal sums |
Fairly Large |
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
26-40 |
B |
Unfavourable & favourable factors carry similar weight in credit consideration.
Capability to overcome financial difficulties seems comparatively below
average/normal. |
Small |
|
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 |
|
<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
|
NR |
In view of the lack of information, we have no basis upon which to
recommend credit dealings |
No Rating |
|