MIRA INFORM REPORT

 

 

Report Date :

04.09.2007

 

IDENTIFICATION DETAILS

 

Name :

DUFLON POLYMERS (PRIVATE) LIMITED

 

 

Registered Office :

C-101, MIDC, Mahad, District Raigad – 402 301, Maharashtra

 

 

Country :

India

 

 

Financials (as on) :

31.03.2006

 

 

Date of Incorporation :

26.09.1988

 

 

Com. Reg. No.:

11-48964

 

 

CIN No.:

[Company Identification No.]

U25209MH1988PTC048964

 

 

TAN No.:

[Tax Deduction & Collection Account No.]

MUMD09915D

 

 

PAN No.:

[Permanent Account No.]

AACDI6689G

 

 

Legal Form :

Private Limited Liability Company.

 

 

Line of Business :

Manufacturer of Products from PTFE (Teflon).

 

 

RATING & COMMENTS

 

MIRA’s Rating :

A

 

RATING

STATUS

PROPOSED CREDIT LINE

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

 

Maximum Credit Limit :

USD 1300000

 

 

Status :

Good

 

 

Payment Behaviour :

Regular

 

 

Litigation :

Clear

 

 

Comments :

Subject is a well established company having fine track. Trade relations are fair. Financial position is satisfactory. Payments are correct and as per commitments.

 

The Company can be Considered good for any normal business dealings at usual trade terms and conditions.

 

 

LOCATIONS

 

Registered Office /

Factory  :

C-101, MIDC, Mahad, District Raigad – 402 301, Maharashtra, India

Tel. No.:

91-2145-232280 / 232901 / 26114589

Fax No.:

91-2145-233326 / 26131836

E-Mail :

duflon@bom3.vsnl.net.in

Website :

http://www.duflon.com

 

 

Corporate Office :

301/302, Shree Krishna Niwas, Shradhanand Road Extension, Vile Parle (East), Mumbai – 400 057, Maharashtra

Tel. No.:

91-22-26114589 / 26133227

Fax No.:

91-22-26131836

E-Mail :

duflon@bom4.vsnl.net.in

ayaz@duflon.com  

amsco@rediffmail.com

 

 

Marketing Office:

P.O.Box 1683, Slough, Berkshire, UK, SL 1 2FD

Tel. No.:

00 44 (0) 1753 553 634

Mobile No. :

00 44 (0) 7866 471 313

Fax No.:

00 44 (0) 1753 523 597

E-Mail :

sales@duflon.co.uk

 

 

Branch Office :

13041-C, Murphy Road, Stafford, Texas - 77477

Tel. No.:

91-281-261 7841

Fax No.:

91-281-261 7931

E-Mail :

frankfutral22@msn.com

frank@duflon.com

 

 

DIRECTORS

 

Name :

Mr. Shailesh H. Mehta

Designation :

Managing Director

Address :

406-B, Taati Apartments, Irla Bridge, 101, S.V Road, Andheri(W), Mumbai – 400 058.

Date of Appointment :

26.09.1988

 

 

Name :

Mrs. Shweta S. Mehta

Designation :

Director

Address :

406-B, Taati Apartments, Irla Bridge, 101, S.V Road, Andheri(W), Mumbai – 400 058.

Date of Appointment :

26.09.1988

 

 

Name :

Mr. Rajendra C. Bhatt

Designation :

Director

Address :

406-B, Taati Apartments, Irla Bridge, 101, S.V Road, Andheri(W), Mumbai – 400 058.

Date of Appointment :

20.12.1990

 

 

Name :

Mr. Krishyakant K. Dharia

Designation :

Director

Address :

406-B, Taati Apartments, Irla Bridge, 101, S.V Road, Andheri(W), Mumbai – 400 058.

Date of Appointment :

22.02.1997

 

 

Name :

Mr. Rohit H. Bhagatwala

Designation :

Director

Address :

406-B, Taati Apartments, Irla Bridge, 101, S.V Road, Andheri(W), Mumbai – 400 058.

 

 

Name :

Mr. Keshavji Dedhia

Designation :

Director

Address :

406-B, Taati Apartments, Irla Bridge, 101, S.V Road, Andheri(W), Mumbai – 400 058.

 

 

Name :

Mr.  Vijay M. Paradkar

Designation :

Director

Address :

406-B, Taati Apartments, Irla Bridge, 101, S.V Road, Andheri(W), Mumbai – 400 058.

 

 

Name :

Mr. Nidhi Banga

Designation :

Director

Address :

406-B, Taati Apartments, Irla Bridge, 101, S.V Road, Andheri(W), Mumbai – 400 058.

 

 

Name :

Ms. Rupa A. Rawat

Designation :

Director

Address :

406-B, Taati Apartments, Irla Bridge, 101, S.V Road, Andheri(W), Mumbai – 400 058.

 

 

Name :

Mr. A. Bokil

Designation :

Director

Address :

406-B, Taati Apartments, Irla Bridge, 101, S.V Road, Andheri(W), Mumbai – 400 058.

 

 

Name :

Mr. Anand More

Designation :

Nominee Director

Address :

406-B, Taati Apartments, Irla Bridge, 101, S.V Road, Andheri(W), Mumbai – 400 058.

 

 

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

 

Names of Shareholders

 

No. of Shares

Shailesh H. Mehta

 

112500

Shweta S. Mehta

 

46500

Saumil S. Mehta Joint with Shweta S. Mehta

 

10500

Jay S. Mehta

 

9900

Mehta Family Trust No. 1

 

9950

Himmatlal Mehta

 

27500

Veena H. Mehata

 

22500

Shailesh H. Mehta – HUF

 

20000

Mehta Family Trust No. 3

 

9900

Saumil S. Mehta Trust

 

9950

Rajendra C. Bhatt

 

81500

Total

 

360700

 

 

 

Equity Share Breakup

 

Percentage of Holding

Category

 

 

Directors of relatives of directors

 

99.99

Other top fifty shareholders

 

0.01

Total

 

100.00

 

 

BUSINESS DETAILS

 

Line of Business :

Manufacturer of Products from PTFE (Teflon).

 

 

Products :

Component 

 

 

GENERAL INFORMATION

 

No. of Employees :

250

 

 

Bankers :

State Bank of India

Shyam Kamal Trade Center, Vile Parle (East) Branch, Mumbai 400 057, Maharashtra, India

 

ICICI Bank Limited

Land Mark Race Cource Circle, Alkapuri, Baroda – 390015, Gujarat, India

 

 

Facilities :

--

 

 

 

Banking Relations :

Satisfactory

 

 

Auditors :

 

Name :

A. M. Solanki & Associates

Chartered Accountants

Address :

302, Rajgruh, 3rd Floor, Subhash Road, Vile Parle (East), Mumbai – 400 057, Maharashtra, India

Tel. No.:

91-22-28229883 / 26152431

 

 

Associates/Subsidiaries :

Duflon International Limited

--Engaged in investment and commission activities.

 

 

CAPITAL STRUCTURE

 

Authorised Capital :

No. of Shares

Type

Value

Amount

5000000

Equity Shares

Rs. 10/- each

Rs. 50.000 Millions

 

Issued, Subscribed & Paid-up Capital :

No. of Shares

Type

Value

Amount

4859715

Equity Shares

Rs. 10/- each

Rs. 48.597 Millions

 

 

FINANCIAL DATA

[all figures are in Rupees Millions]

 

 

ABRIDGED BALANCE SHEET

 

SOURCES OF FUNDS

 

31.03.2006

31.03.2005

31.03.2004

SHAREHOLDERS FUNDS

 

 

 

1] Share Capital

48.597

44.990

44.990

2] Share Application Money

1.800

2.225

1.800

3] Reserves & Surplus

284.260

203.075

129.452

4] (Accumulated Losses)

0.000

0.000

0.000

NETWORTH

334.657

250.290

176.242

LOAN FUNDS

 

 

 

1] Secured Loans

186.743

114.146

96.579

2] Unsecured Loans

21.154

15.844

15.087

TOTAL BORROWING

207.897

129.990

111.666

DEFERRED TAX LIABILITIES

0.000

0.000

0.000

 

 

 

 

TOTAL

542.554

380.280

287.908

 

 

 

 

APPLICATION OF FUNDS

 

 

 

 

 

 

 

FIXED ASSETS [Net Block]

189.752

123.718

94.160

Capital work-in-progress

119.710

93.438

77.188

 

 

 

 

CURRENT ASSETS, LOANS & ADVANCES

 

 

 

 

Inventories
59.772

50.395

18.931

 

Sundry Debtors
265.849

180.185

133.170

 

Cash & Bank Balances
4.548

6.721

3.633

 

Other Current Assets
0.000

0.000

0.000

 

Loans & Advances
18.469

12.636

9.153

Total Current Assets
348.638

249.937

164.887

Less : CURRENT LIABILITIES & PROVISIONS
 

 

 

 

Current Liabilities
102.572

80.626

37.600

 

Provisions
12.986

6.211

10.762

Total Current Liabilities
115.558

86.837

48.362

Net Current Assets
233.080

163.101

116.525

 

 

 

 

MISCELLANEOUS EXPENSES

0.012

0.023

0.035

 

 

 

 

TOTAL

542.554

380.280

287.908

 

PROFIT & LOSS ACCOUNT

 

PARTICULARS

 

31.03.2006

31.03.2005

31.03.2004

Sales Turnover [including other income]

378.840

284.539

199.466

 

 

 

 

Profit/(Loss) Before Tax

N.A.

73.622

55.051

Provision for Taxation

N.A.

0.000

0.595

Profit/(Loss) After Tax

83.945

73.622

54.456

 

 

 

 

Export Value

N.A.

252.229

174.183

 

 

 

 

Import Value

N.A.

88.262

42.214

 

 

 

 

Total Expenditure

294.894

210.916

144.415

 

 

KEY RATIOS

 

PARTICULARS

 

 

31.03.2006

31.03.2005

31.03.2004

PAT / Total Income

(%)
22.16

19.36

18.91

 

 
 

 

 

Net Profit Margin

(PBT/Sales)

(%)
22.16

25.87

25.60

 

 
 

 

 

Return on Total Assets

(PBT/Total Assets}

(%)
12.76

15.70

16.29

 

 
 

 

 

Return on Investment (ROI)

(PBT/Networth)

 
0.25

0.29

0.31

 

 
 

 

 

Debt Equity Ratio

(Total Liability/Networth)

 
0.97

0.87

0.91

 

 
 

 

 

Current Ratio

(Current Asset/Current Liability)

 
3.02

28.79

3.40

 

 

LOCAL AGENCY FURTHER INFORMATION

 

FIXED ASSETS

 

  • Leas hold Land
  • Building
  • Plant & Machinery
  • Indigenous Mould
  • Office Equipment
  • Furniture & Fixture
  • Vehicles

 

 

Bankers Charges Report as per Registry

 

 

Name of the company

DUFLON POLYMERS PRIVTE LIMITED

Presented By

State Bank of India

Vile Parle (East) Branch, Mumbai 400 057, Maharashtra

Date and Description of the Instrument charge

Agmt.of.loan for overall limits(Form C-1)

Agmt. Of Hypothecation of goods and assets (Form C-2)

Letter regarding grant of overall limit (Form C-5)

All dated 03.06.1994 creating a single charge.

Amount secured by the charge/amount owing on the securities of charge

Rs. 9.900/- (Rs. Nine Point Nine Hundred Millions only)

Short particular of the property charged. If the property acquired is subject to charge, date of the acquired of the property should be given

A first charge by way of the borrowers entire goods movables and other assets present and future including documents of title to the goods, outstanding moneys receivables by way of cash       assistance and/or cash incentives under the cash incentives scheme or any other scheme, Claims including claims by way of refund of customs/excise under the duty drawback credit scheme or any other scheme bills, anteess, engagements, securities, investments, and rights uncalled capital and the present and future machinery

 

Gist of the terms and conditions and extent and operation of the charge.

As determined by the Bank from time to time

Name and Address and description of the person entitled to the charge.

State Bank of India

Shyam Kamal Trade Center,

Vile Parle (East) Branch, Mumbai 400 057, Maharashtra

Date and brief description of instrument modifying the charge

Supplement  Agreement of hypothecation of goods and increase in the overall limit(Form C.2-A)

Letter regarding grant of individual limit (Form C.5)

Agreement for increase in the overall limit

(Form C.A-1)

all dated 27.11.2002.modifying a single charge.

 Particulars of modifications specifying the terms and conditions or the extent of operations of the charge in which modification is made and the details of the modification.

30/06/1994 – original charge Rs. 9.900 Millions.

25/03/1996 – Original Charge Rs. 13.000 Millions.

18/03/1998 – Original Charge Rs. 22.000 Millions.

07/06/2000 – Original Charge Rs. 32.500 Millions.

03/08/2000 – Additional security given on immovable properties by way of deposit of title deeds of Flat B/406, Talati apartment, Andheri(w), Mumbai 400 058.

24.01.2002 – Limit increased to Rs. 46.000 Millions

(Regd. On 27.02.2002 Doc. No. 72)

 

now vide above documents the Banks has increased the aggregant to credit facilities from Rs. 46.000/- to 68.500/- as under

 

Nature of facility                                 Limit

                                                   (Rs. in Million)

 

Doc(stock & Book debts)          50.000

Sub Limit against B/Ds             (12.500)

EPC(within C.C)                       (23.000)

EBD/EBN (within C.C)              (17.500)

Export Bills under                     (17.500)

collection (within C.C)

Do purchase (cheques)           ( 1.000)

Letter of credit                          15.000

Bank guarantee                         3.500

                                          -------------------

                                               68.500

                                          -------------------

 

1.75% above  SBAR minimum at 12.75% p.a. Monthly Rests.

Margin as  mentioned previously shall continue

 

The security of stocks, goods, books, debts, etc. provided earlier have been extended to secure the enhanced limits.

 

 

 

 

Name of the company

DUFLON POLYMERS PRIVTE LIMITED

Presented By

State Bank of India

Vile Parle (East) Branch, Mumbai 400 057, Maharashtra

Date and Description of the Instrument charge

Memorandum of entry dated 07/08/1997, equited created by M/s.Duflon Polymers Private Limited

In favour of the State Bank of India .

Amount secured by the charge/amount owing on the securities of charge

Rs. 13.000/- (Rupees Thirteen Millions only)

(working Capital Fiancés)

Short particular of the property charged. If the property acquired is subject to charge, date of the acquired of the property should be given

The company created a second charge in favour of State Bank of India by way of equitable mortgage by Memorandum of entry SICOM holder of 1st mortgage and charge on :

 

All that piece and parcel of land bearing plot no.C-101,in the Mahad Industrial Area of MIDC within the Village limits of Khaire,Taluka and registration sub District Mahad,Dist.and Registration Dist: Rigid in the state of Maharashtra, adms.4680 sq. mtrs. Or thereabout together with the buildings and structures constructed / to be constructed threron.

 

Plant, engine , boilers, motors, spares, electric and other installation, fixtures, Vehicles, equipments, tools, utensils, appliances, Fixtures, Fittings, vehicles, accessories, stores relating to plant and machinery and other articles both relating to present and future.

 

Goodwill of the business ,uncalled capital, DGTD registration and all its other registrations and licenses, and

 

All other properties and assets of the company by way of charge including stocks or rawmatirials, goods in process, stores not relating to plant and machinery or any spare parts thereof and book debts and other outstanding right to the company to create prior hypothecation / or charge in favour of its Bankers over the stocks of material , finished goods and semi finished goods. Goods in process stores not relating to the plant and machinery and book debt for availed overdraft/cash credit or other facilities granted by company’s Bankers for its working capital recruitment In the ordinary course.

Gist of the terms and conditions and extent and operation of the charge.

The company has availed working capital Assistance from State Bank of India to the tune of Rs. 13.000 Millions out of which Rs. 8.000 millions is found based and Rs. 5.000 million is non fund based.

The company agreed to pay interest prevailing from time to time Bank as and when accrued and payable as per the Rules and Policies of State Bank of India.

 

SICOM and MSFC have 1st mortgage and charge over companies Fixed Assets at Mahad and the charge is pari passu company created 2nd charge over its fixed assets at Mahad in favour of State Bank of India by creating an equitable mortgage deposit of Title deeds of its Fixed assets at Mahad and the document executed for the same is Memorandum of entry.

 

The Bank charge shall always be ranking second in the point of security and subsequent to the mortgage charge created in favour of SICOM/MSFC.

Name and Address and description of the person entitled to the charge.

State Bank of India

Shyam Kamal Trade Center,

Vile Parle (East) Branch, Mumbai 400 057, Maharashtra

Date and brief description of instrument modifying the charge

No Instrument Memorandum of entry (MOE) Modifying by deposit of Title deeds on 17.12.2002

 Particulars of modifications specifying the terms and conditions or the extent of operations of the charge in which modification is made and the details of the modification.

07.08.1997 – Original charge for Rs. 13.000 Millions.

08.06.2001 – The second charge created on Immovable property of the company situated at Mahad Industrial Area of MIDC. Dist. Raigad. Admeasuring 4680 sq. mtrs. Given earlier as security has been extended to secure the enhanced credit facilities from Rs. 13.000 Millions to Rs. 32.500 millions.

(Regd.on 05.07.221 D.No. 63)

 

08.02.2002- The second charge created on Immovable property of the companies situated at Mahad Industrial Area of MIDC. Dist.Raigad. admeasuring 4680 sq, mtrs. Given earlier as security has been extended to secure the enhanced credit limit upto Rs.46.000 Millions.

(Regd.on 06.03.2202 D.No.73)

 

Now vide the above referred MOE, the second charge created on immovable properties of the company situated at Mahad Industrial Area MIDC, Dist. Raiged, admeasuring 4680 sq. mtrs. Given earlier as security has been extended to secure the additional credit facilities of Rs.22.500/- granted by the Bank thus the total amount secured by the mortgage stands Rs. 68.500/-

 

The title Deeds including additional Title Deeds are deposited with the SICOM, acting for itself and as an agent of SBI.( The details of Title Deeds and description of property charge are particularly described in First and Second of MOE respectively.

 

 

Name of the company

DUFLON POLYMERS PRIVTE LIMITED

Presented By

State Bank of India

Vile Parle (East) Branch, Mumbai 400 057, Maharashtra

Date and Description of the Instrument charge

Agmt. of  loan for overall limits(Form C-1)

Agmt. Of Hypothecation of goods and assets (Form C-2)

Letter regarding grant of overall limit (Form C-5)

All dated 03.06.1994 and executed for the creation of a signal charge.

Amount secured by the charge/amount owing on the securities of charge

Rs. 9.900/- (Rs. Nine Point Nine Hundred Millions Only)

Short particular of the property charged. If the property acquired is subject to charge, date of the acquired of the property should be given

A first charge by way of the borrowers entire goods movables and other assets present and future including documents of title to the goods, outstanding moneys receivables by way of cash       assistance and/or cash incentives under the cash incentives scheme or any other scheme, Claims including claims by way of refund of customs/excise under the duty drawback credit scheme or any other scheme bills, anteess, engagements, securities, investments, and rights uncalled capital and the present and future machinery.

Gist of the terms and conditions and extent and operation of the charge.

R.O.I. :

As would be determined by bank from time to time.

Name and Address and description of the person entitled to the charge.

State Bank of India

Shyam Kamal Trade Center,

Vile Parle (East) Branch, Mumbai 400 057, Maharashtra

Date and brief description of instrument modifying the charge

No Instrument . Memorandum for recording Extension of Mortgage by Deposit of Title Deeds covering of Equitable Mortgage on additional properties for existing limits and enhanced limits and additional facilities as on 03.01.2006.

 Particulars of modifications specifying the terms and conditions or the extent of operations of the charge in which modification is made and the details of the modification.

properties hereinabove referred to under schedule are as under follows:

Old Property:

All that pieces or parcel of land known as plot No. c-101 situated in the Mahad Industrial Area of MIDC within the village limits of khaire T, Bhaiwadi Taluka and registration District Raiged containing by admeasurements 4680.sq. mts or thereabout together with the buildings and structures standing thereon and bounded as follows: The original charge wa created on 3.6.1994 for Rs. 9.900 Millions 1stly modified on 25.1.1996for Rs.13.000 Millions. 2ndly modified on 18.3.1998for rs. 22.000 Millions. 3rdly modified on 7.6.2000for Rs. 32.500 Millions. 4thly modified on 3.8.2001 by giving an additional security.5thly modified on 24.1.2002 for Rs. 46.000 6tly modified on 27.11.2002for Rs.68.500 Millions 7thly modified on 29.6.2004 for Rs. 78.800 Millions 8thly modified on 29.10.2004 for Rs.191.500/-  9thlt modified on 27.1.2005 by giving an additional collateral security by way of equitable mortgage by deposit of title deeds over the immovable property. 10thly modified on 23.11.2005 for rs. 246.500/- Now by the present modified dt. 3.1.2006 the company creates a charge by way of recording existence of mortgage by deposited of title deeds over the on 27.1.2005 to secure its credit facilities of Rs. 246.500/- together with all interest ,discount, commission, costs, charges by the Borrower to the Bank the details of the immovable

 

On or towards the North : By Nalla

On or towards the South: By Estate Road

On or towards the East : By Plot Nos. c-98/1, C-98

                                       /2, c-99, and c-100

On or towards the West : By plot No. c-102.

 

 

All that pieces or parcel of land known as plot No. c-98/2 situated in the Mahad Industrial Area of MIDC within the village limits of khaire T, Bhaiwadi Taluka and registration District Raiged containing by admeasurements 1500 sq. mts or thereabout together with the buildings and structures standing thereon and bounded as follows:

 

On or towards the North : By plot No. c-98/1.

On towards the South: By plot No. c-99

 On or towards the East : By  Road

On or towards the West : By part of plot No.c-101.

 

All that pieces or parcel of land known as plot No. c-100situated in the Mahad Industrial Area of MIDC within the village limits of khaire T, Bhaiwadi Taluka and registration District Raiged containing by admeasurements 2100sq. mts or thereabout together with the buildings and structures standing thereon and bounded as follows:

 

On or towards the North : By plot No. c-99

On towards the South: By Road

 On or towards the East : By  Road

On or towards the West : By part of plot No.c-101.

 

All that pieces or parcel of land known as plot No. c-102ituated in the Mahad Industrial Area of MIDC within the village limits of khaire T, Bhaiwadi Taluka and registration District Raiged containing by admeasurements 3800 sq. mts or thereabout together with the buildings and structures standing thereon and bounded as follows:

 

On or towards the North : By Nalla

On towards the South: By Road

 On or towards the East : By  plot No. c-101

On or towards the West : By part of plot No.c-103

List of machinery mortgage is attached

 

 

Name of the company

DUFLON POLYMERS PRIVTE LIMITED

Presented By

State Bank of India

Vile Parle (East) Branch, Mumbai 400 057, Maharashtra

Date and Description of the Instrument charge

Agmt.of.loan for overall limits(Form C-1)

Agmt. Of Hypothecation of goods and assets (Form C-2)

Letter regarding grant of overall limit (Form C-5)

All dated 03.06.1994 and executed for the creation of a signal charge.

Amount secured by the charge/amount owing on the securities of charge

Rs. 9.900/- (Rs. Nine Point Nine Hundred Millions Only)

Short particular of the property charged. If the property acquired is subject to charge, date of the acquired of the property should be given

A first charge by way of the borrowers entire goods movables and other assets present and future including documents of title to the goods, outstanding moneys receivables by way of cash       assistance and/or cash incentives under the cash incentives scheme or any other scheme, Claims including claims by way of refund of customs/excise under the duty drawback credit scheme or any other scheme bills, anteess, engagements, securities, investments, and rights uncalled capital and the present and future machinery.

Gist of the terms and conditions and extent and operation of the charge.

R.O.I. :

As would be determined by bank from time to time.

Name and Address and description of the person entitled to the charge.

State Bank of India

Shyam Kamal Trade Center,

Vile Parle (East) Branch, Mumbai 400 057, Maharashtra

Date and brief description of instrument modifying the charge

No Instrument . Memorandum for recording Extension of Mortgage by Deposit of Title Deeds covering of Equitable Mortgage on additional properties for existing limits and enhanced limits and additional facilities as on 03.01.2006.

Particulars of modifications specifying the terms and conditions or the extent of operations of the charge in which modification is made and the details of the modification.

The original charge wa created on 3.6.1994 for Rs. 9.900 Millions 1stly modified on 25.1.1996for Rs.13.000 Millions. 2ndly modified on 18.3.1998for rs. 22.000 Millions. 3rdly modified on 7.6.2000for Rs. 32.500 Millions. 4thly modified on 3.8.2001 by giving an additional security.5thly modified on 24.1.2002 for Rs. 46.000 6tly modified on 27.11.2002for Rs.68.500 Millions 7thly modified on 29.6.2004 for Rs. 78.800 Millions 8thly modified on 29.10.2004 for Rs.191.500/-  9thlt modified on 27.1.2005 by giving an additional collateral security by way of equitable mortgage by deposit of title deeds over the immovable property. 10thly modified on 23.11.2005 for rs. 246.500/- Now by the present modified dt. 3.1.2006 the company creates a charge by way of recording existence of mortgage by deposited of title deeds over the on 27.1.2005 to secure its credit facilities of Rs. 246.500/- together with all interest ,discount, commission, costs, charges by the Borrower to the Bank the details of the immovable

 

On or towards the North : By Nalla

On or towards the South: By Estate Road

On or towards the East : By Plot Nos. c-98/1, C-98

                                       /2, c-99, and c-100

On or towards the West : By plot No. c-102.

 

 

All that pieces or parcel of land known as plot No. c-98/2 situated in the Mahad Industrial Area of MIDC within the village limits of khaire T, Bhaiwadi Taluka and registration District Raiged containing by admeasurements 1500 sq. mts or thereabout together with the buildings and structures standing thereon and bounded as follows:

 

On or towards the North : By  Nalla

On towards the South: By  Estate Road

 On or towards the East : By  plot No. c-98/1, c-98/2, c-99 and c-100

On or towards the West : By part of plot No.c-102.

 

 

 

Name of the company

DUFLON POLYMERS PRIVTE LIMITED

Presented By

State Bank of India

Vile Parle (East) Branch, Mumbai 400 057, Maharashtra

Date and Description of the Instrument charge

Agmt.of.loan for overall limits(Form C-1)

Agmt. Of Hypothecation of goods and assets (Form C-2)

Letter regarding grant of overall limit (Form C-5)

All dated 03.06.1994 and executed for the creation of a signal charge.

Amount secured by the charge/amount owing on the securities of charge

Rs. 9.900/- (Rs. Nine Point Nine Hundred Millions Only)

Short particular of the property charged. If the property acquired is subject to charge, date of the acquired of the property should be given

A first charge by way of the borrowers entire goods movables and other assets present and future including documents of title to the goods, outstanding moneys receivables by way of cash       assistance and/or cash incentives under the cash incentives scheme or any other scheme, Claims including claims by way of refund of customs/excise under the duty drawback credit scheme or any other scheme bills, anteess, engagements, securities, investments, and rights uncalled capital and the present and future machinery.

Gist of the terms and conditions and extent and operation of the charge.

R.O.I. :

As would be determined by bank from time to time.

Name and Address and description of the person entitled to the charge.

State Bank of India

Shyam Kamal Trade Center,

Vile Parle (East) Branch, Mumbai 400 057, Maharashtra

Date and brief description of instrument modifying the charge

Supplement  Agreement of Loan for increase in the overall limit(Form C-1.A)

 Supplement Agreement of hypothecation of goods and increase in the overall limit(Form C.2-A)

Letter regarding grant of individual limit (Form C.5)

Agreement for increase in the overall limit

(Form C.A-1)

all dated 29.6.2004.modifying a single charge

Particulars of modifications specifying the terms and conditions or the extent of operations of the charge in which modification is made and the details of the modification.

30/06/1994 – original charge Rs. 9.900 Millions.

25/03/1996 – Original Charge Rs. 13.000 Millions.

18/03/1998 – Original Charge Rs. 22.000 Millions.

07/06/2000 – Original Charge Rs. 32.500 Millions.

03/08/2000 – Additional security given on immovable properties by way of deposit of title deeds of Flat B/406, Talati apartment, Andheri(w), Mumbai 400 058.

24.01.2002 – Limit increased to Rs. 46.000 Millions

(Regd. On 27.02.2002 Doc. No. 72)

 

now vide above documents the Banks has increased the aggregant to credit facilities from Rs.  68.500/- to Rs. 78.800 Millions as under :

 

Nature of facility

Rs.in millions

Doc(stock & Book debts)

50.000

Sub Limit against B/Ds

12.500

EPC(within C.C) 

23.000

EBD/EBN (within C.C)

17.500

Export Bills under                     (17.500)

collection (within C.C)

17.500

Do purchase (cheques)          

01.000

Letter of credit                         

15.000

Bank guarantee                        

035.000

     Stand by Line of credit by way of fund based /Non fund based

103.000

      Total

78.800

Export credit packing 7.35% (upto 90 days)

Margin :

Raw material

Imported  20%

Indiginous 25%

Stock in process 30%

Packing Matirial 30%

Bookdebts/Receivables 40% (over period 90 days)

Letter of credit 25%

Bank Gurantee 25%

 

 

 

Name of the company

DUFLON POLYMERS PRIVTE LIMITED

Presented By

State Bank of India

Vile Parle (East) Branch, Mumbai 400 057, Maharashtra

Date and Description of the Instrument charge

Agmt.of.loan for overall limits(Form C-1)

Agmt. Of Hypothecation of goods and assets (Form C-2)

Letter regarding grant of overall limit (Form C-5)

All dated 03.06.1994 and executed for the creation of a signal charge.

Amount secured by the charge/amount owing on the securities of charge

Rs. 9.900/- (Rs. Nine Point Nine Hundred Millions Only)

Short particular of the property charged. If the property acquired is subject to charge, date of the acquired of the property should be given

A first charge by way of the borrowers entire goods movables and other assets present and future including documents of title to the goods, outstanding moneys receivables by way of cash       assistance and/or cash incentives under the cash incentives scheme or any other scheme, Claims including claims by way of refund of customs/excise under the duty drawback credit scheme or any other scheme bills, anteess, engagements, securities, investments, and rights uncalled capital and the present and future machinery.

Gist of the terms and conditions and extent and operation of the charge.

R.O.I. :

As would be determined by bank from time to time.

Name and Address and description of the person entitled to the charge.

State Bank of India

Shyam Kamal Trade Center,

Vile Parle (East) Branch, Mumbai 400 057, Maharashtra

Date and brief description of instrument modifying the charge

Supplement  Agreement of Loan for increase in the overall limit(Form C-1.A)

 Supplement Agreement of hypothecation of goods and increase in the overall limit(Form C.2-A)

Letter regarding grant of individual limit (Form C.5)

Agreement for increase in the overall limit

(Form C.A-1)

all dated 29.6.2004.modifying a single charge

Particulars of modifications specifying the terms and conditions or the extent of operations of the charge in which modification is made and the details of the modification.

The original charge wa created on 3.6.1994 for Rs. 9.900 Millions 1stly modified on 25.1.1996for Rs.13.000 Millions. 2ndly modified on 18.3.1998for rs. 22.000 Millions. 3rdly modified on 7.6.2000for Rs. 32.500 Millions. 4thly modified on 3.8.2001 by giving an additional security.5thly modified on 24.1.2002 for Rs. 46.000 6tly modified on 27.11.2002for Rs.68.500 Millions 7thly modified on 29.6.2004 for Rs. 78.800 Millions 8thly modified on 29.10.2004 for Rs.191.500/-  9thlt modified on 27.1.2005 by giving an additional collateral security by way of equitable mortgage by deposit of title deeds over the immovable property. 10thly modified on 23.11.2005 for rs. 246.500/- Now by the present modified dt. 3.1.2006 the company creates a charge by way of recording existence of mortgage by deposited of title deeds over the on 27.1.2005 to secure its credit facilities of Rs.191.500/- to Rs. 246.500/- The limits are as follows:

Facility

Existing

Proposed

Rate of Interest

Fund Based

6.00

1.50

11.75%

Demand cash credit

(2.50)

(1.00)

-

Submit for Book debts

(3.00)

8.50

As per RBI/SBI directives

EPC/EBD/EBP

(3.00)

8.50

 

DD Purchase

(0.10)

(0.10)

 

Total Fewc

6.00

10.00

12.75%

Term Loan 1

6.00

6.00

12.75%

Term Loan 2

3.60

3.60

 

Total FB

15.60

90.60

 

Non fund Based (NFB)

 

 

 

Letter of credit

2.00

3.50

 

Bank Grantee

0.35

0.35

 

Total NFB

2.35

3.85

 

Stand by Line of credit under

SBI Exporter Gold card

1.20

1.20

12.75%

Total(FB+NFB)

19.15

24.65

 

Margin :

Raw material

Imported  20%

Indiginous 25%

Stock in process 30%

Packing Matirial 30%

Bookdebts/Receivables 40% (over period 90 days)

Letter of credit 25%

Bank Guarantee 25%

Export packing credit 25%

 

 

 

 

Term Loan I :

 

The Term Loan of Rs. 6.00 Millions will be repaid in 60 monthly instalments with a moratorium period of 12 month with effect from sept. 2005 as under

 

Year

No of months

Instalments

Total

2005-06

7

0.05

0.35

2006-07

12

0.05

0.60

2007-08

12

0.06

0.72

2008-09

12

0.12

1.44

2009-10

12

0.15

1.80

2010-11

4

1

0.22

0.21

0.88

0.21

Total

60

 

6.00

 

Term Loan II

 

Year

No of Quarter

Instalments

Total

2004-05

3

0.24

0.72

2005-06

4

0.24

0.96

2006-07

1

3

0.24

0.28

0.24

0.84

2007-08

3

0.28

0.84

Total

14

 

3.60

 

 

This form is for

Creation of charge

Corporate identity number of the company

U25209MH1988PTC048964

Name of the company

DUFLON POLYMERS (PRIVATE) LIMITED

Address of the registered office or of the principal place of  business in India of the company

C-101, MIDC, Mahad, District Raigad – 402 301, Maharashtra, India

Type of charge

Movable Property

Particular of charge holder

ICICI Bank Limited

Land Mark Race Cource Circle, Alkapuri, Baroda – 390015, Gujarat, India

hanif.usman@icicibank.com

Nature of description of the instrument creating or modifying the charge

“Deed of Hypothecation executed by Duflon Polymers Private Limited in favour of ICICI Bank Limited”

Date of instrument Creating the charge

04.12.2006

Amount secured by the charge

Rs. 80.000 Millions

Brief particulars of the principal terms an conditions and extent and operation of the charge

Rate of Interest :

6 month LIBOR + 1.25 % p.a.

 

Term of Repayment :

The company undertakes to repay the principal amounts of the facility in eight equal semi annual installment, the first such installment being due on end of 18 months form the average drawdown date of the facility. The final maturity date for the facility will be years from the average drawdown date.

 

Margin : 1.25 %

 

Extent and operation of the charge :

The facility together with all interest, liquidated damages, front end fee, premia on prepayment, costs, charges, expenses and other monies whatsoever stipulated in or payable under this agreement shall be secured by a first paripassu charge on all the movables assets of the company situated at Mahad and Santej. 

 

As per website

Subject is a 100% EOU (Export-Oriented Unit) Indian company specialising in PTFE (polytetraflouroethylene) / PFA Lined Pipes and Fittings (ranging from 1" to 8"), components for Valves and Pumps, Dip Tubes, Expansion Joints, etc. that is offered as per ASTM standards. It is also a leading Fluoropolymers processor, exporter and manufacturer of PTFE/PFA/FEP products. Being the owner of one of the largest PTFE processing plants in South Asia, DuFlon ensures that all operations of the processing plant are based on state-of-the-science technology. Their range of products are used in various industries including Chemicals, Petrochemicals, Food-Processing , Beverages, Alcohols and Acids, Pharmaceuticals, SF6 Gas Circuit Breaker Nozzle heads, Fertilizers, etc.

They aim to provide their customers with high-performance PTFE/PFA/FEP processed products and customised solutions. Not only that, they also strive to provide efficient services to their customers for problems relating to corrosion prevention, chemical resistance, high temperature services, electrical resistance, mechanical frictions etc., in multifarious engineering areas.

Company History

DuFlon was incorporated in the year 1988 with the primary objective of implementing hi-tech engineered polymers processing. Years of experience, have made DuFlon the ultimate specialists in manufacturing PTFE/PFA moulding and lining products that meet the strictest standards of precision. It has successfully implemented a US $ 3 million, state-of-the art PTFE processing project at Mahad Industrial Area (Plant-I and Plant-II), Dist. Raigad, Maharashtra, India.

DuFlon’s highly dedicated Human Resources pool of over 200 employees are committed to developing high quality PTFE products and solutions. The entire DuFlon family has made it possible to offer “Total PTFE Solutions" right here in India to diverse industry groups in India and abroad. Duflon has positioned itself as the "Supplier of Choice" for a number of large and medium corporations across the globe. Today, the company is the sole supplier of Nozzles, the most critical component of SF6 Gas Circuit Breakers in India.

DuFlon is actively seeking to establish itself in newer global markets by leveraging its relative strategic advantages in the areas of Quality Management, Cost Competitiveness and its Technology Capabilities.

 

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 records 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.40.91

UK Pound

1

Rs.82.57

Euro

1

Rs.55.72

 

 

SCORE & RATING EXPLANATIONS

 

SCORE FACTORS

 

RANGE

POINTS

HISTORY

1~10

7

PAID-UP CAPITAL

1~10

7

OPERATING SCALE

1~10

7

FINANCIAL CONDITION

 

 

--BUSINESS SCALE

1~10

7

--PROFITABILIRY

1~10

7

--LIQUIDITY

1~10

7

--LEVERAGE

1~10

7

--RESERVES

1~10

7

--CREDIT LINES

1~10

7

--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

 

63

 

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

 

 

 

PRIVATE & CONFIDENTIAL : This information is provided to you at your request, you having employed MIPL for such purpose. You will use the information as aid only in determining the propriety of giving credit and generally as an aid to your business and for no other purpose. You will hold the information in strict confidence, and shall not reveal it or make it known to the subject persons, firms or corporations or to any other. MIPL does not warrant the correctness of the information as you hold it free of any liability whatsoever. You will be liable to and indemnify MIPL for any loss, damage or expense, occasioned by your breach or non observance of any one, or more of these conditions