MIRA
INFORM REPORT
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Report Date : |
03.03.2008 |
IDENTIFICATION
DETAILS
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Name : |
DUTRON POLYMERS LIMITED |
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Registered Office : |
Dutron House, Near Mithakhali Underbridge, Navrangpura, Ahmedabad –
380009, Gujarat |
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Country : |
India |
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Financials (as on) : |
31.03.2007 |
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Date of Incorporation : |
17.11.1981 |
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Com. Reg. No.: |
004786 |
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CIN No.: [Company
Identification No.] |
L25209GJ1981PLC004786 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
AHMD00520C |
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Legal Form : |
Subject is a public limited liability company. The company’s shares are listed on the Stock Exchanges. |
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Line of Business : |
Manufacturing of pipes and fittings |
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 490256 |
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Status : |
Satisfactory |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
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Comments : |
Subject is a well – established and reputed company satisfactory
track. Trade relations are fair. Business is active. Payments are reported as
usually 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 : |
Dutron House, Near Mithakhali Underbridge, Navrangpura, Ahmedabad – 380009,
Gujarat |
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Tel. No.: |
91-79-26561849 / 26427522 |
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Fax No.: |
91-79-26420894 |
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E-Mail : |
Dutronad1@sancharnet.in |
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Factory 1 : |
Block No. 642, At & P.O.Village Hariyala, National Highway No. 8, Taluka – Kheda, Dist. Kheda, Gujarat |
DIRECTORS
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Name : |
Mr. Bipinchandra T. Patel |
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Designation : |
Chairman |
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Name : |
Mr. Sudip B. Patel |
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Designation : |
Chairman |
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Name : |
Mr. Rasesh H. Patel |
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Designation : |
Managing Director |
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Name : |
Mr. Alpesh B. Patel |
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Designation : |
Whole Time Director |
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Name : |
Mr. Chandubhai T. Shah |
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Designation : |
Independent Director |
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Name : |
Mr. Kaushik N. Patel |
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Designation : |
Independent Director |
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Name : |
Mr. Ashwin V. Kothari |
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Designation : |
Independent Director |
SHAREHOLDING PATTERN
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Names of Shareholders |
No. of Shares |
Percentage of
Holding |
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Indian Promoters |
467200 |
15.57 |
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Persons Acting in concert |
1315500 |
43.85 |
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Private Corporate Bodies |
7750 |
0.26 |
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NRIs/OCB’s/Foreign Others |
179000 |
5.97 |
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General Public |
1030550 |
34.35 |
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Total |
3000000 |
100.00 |
BUSINESS DETAILS
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Line of Business : |
Manufacturing of pipes and fittings |
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Products : |
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PRODUCTION STATUS
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Particulars |
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Installed
Capacity |
Actual
Production |
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Plastic Products |
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8970000 Kgs |
4135905 Kgs |
GENERAL
INFORMATION
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No. of Employees : |
About 125 |
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Bankers : |
v Corporation Bank, Opp. Navrangpura Bus Stop, Navrangpura, Ahmedabad – 380009, Gujarat v The Ahmedabad Marcantile Co-operative Bank Limited, Amco House, Stadium Road, Navrangpura, Ahmedabad – 380009, Gujarat v HDFC Bank Limited, Near Mithakhali Six Roads, Navrangpura, Ahmedabad – 380009, Gujarat |
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Facilities : |
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Banking
Relations : |
Satisfactory |
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Auditors : |
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Name : |
Baheti Bhadada and Associates Chartered Accountants |
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Address : |
201, Shaily Complex, Old Gujarat High Court Road, Near Dr. Amrish Parikh Hospital, Ashram Road, Ahmedabad – 380009, Gujarat |
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Associates |
v Dutron Plastics Limited v Technoplast Engineering Company v Nippon Polymers Private Limited v Dutron Telecom Private Limited |
CAPITAL STRUCTURE
Authorised Capital :
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No. of Shares |
Type |
Value |
Amount |
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6000000 |
Equity Shares |
Rs.10/-Each |
Rs.60.000 Millions |
Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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6000000 |
Equity Shares (Out of which 300000 Equity Shares of Rs. 10/- Each issued as Bonus
Shares and 30,00,000 equity shares of Rs. 10/- Each at premium of Rs.10/-
Each) |
Rs.10/- Each |
Rs.60.000 Millions |
FINANCIAL DATA
[all figures are in Rupees Millions]
ABRIDGED BALANCE
SHEET
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SOURCES OF FUNDS |
31.03.2007 |
31.03.2006 |
31.03.2005 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
60.000 |
30.000 |
30.000 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
62.564 |
32.220 |
30.400 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
122.564 |
62.220 |
60.400 |
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LOAN FUNDS |
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1] Secured Loans |
0.000 |
3.943 |
7.900 |
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2] Unsecured Loans |
30.748 |
86.695 |
102.300 |
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TOTAL BORROWING |
30.748 |
90.638 |
110.200 |
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DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
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TOTAL |
153.312 |
152.858 |
170.600 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
44.472 |
47.602 |
42.800 |
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Capital work-in-progress |
0.000 |
0.000 |
0.000 |
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INVESTMENT |
0.010 |
0.010 |
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 |
35.782
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30.689 |
23.500 |
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Sundry Debtors |
68.555
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75.414 |
99.700 |
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Cash & Bank Balances |
3.063
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0.476 |
1.300 |
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Other Current Assets |
0.000
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0.000 |
0.000 |
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Loans & Advances |
23.490
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15.218 |
16.300 |
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Total
Current Assets |
130.890
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121.797 |
140.800 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
23.582
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16.553 |
2.600 |
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Provisions |
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10.400 |
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Total
Current Liabilities |
23.582
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16.553 |
13.000 |
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Net Current Assets |
107.309
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105.246 |
127.800 |
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MISCELLANEOUS EXPENSES |
1.521 |
0.000 |
0.000 |
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TOTAL |
153.312 |
152.858 |
170.600 |
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PROFIT & LOSS
ACCOUNT
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PARTICULARS |
31.03.2007 |
31.03.2006 |
31.03.2005 |
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Sales Turnover |
274.557 |
275.797 |
433.600 |
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Other Income |
4.946 |
12.305 |
1.600 |
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Total Income |
279.503 |
288.102 |
435.200 |
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Profit/(Loss) Before Tax |
7.435 |
8.164 |
12.600 |
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Provision for Taxation |
2.844 |
2.951 |
4.400 |
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Profit/(Loss) After Tax |
4.591 |
5.213 |
8.200 |
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Imports Value |
21.286 |
16.904 |
N.A. |
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Expenditures : |
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Miscellaneous Expenses |
0.000 |
0.000 |
0.200 |
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Manufacturing Expenses |
60.882 |
68.759 |
7.700 |
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Administrative Expenses |
3.449 |
4.090 |
14.500 |
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Raw Material Consumed |
188.894 |
188.585 |
295.700 |
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Selling Expenses |
4.856 |
5.053 |
0.000 |
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Financial Charges |
7.730 |
7.783 |
0.000 |
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Increase/(Decrease) in Finished Goods |
(1.409) |
(9.118) |
0.000 |
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Loss on sale of Assets (Vehicle) |
0.124 |
0.000 |
0.000 |
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Excise Duty |
0.000 |
0.000 |
59.200 |
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Power & Fuel Cost |
0.000 |
0.000 |
14.900 |
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Employee Cost |
0.000 |
0.000 |
6.500 |
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Depreciation |
5.785 |
5.701 |
5.800 |
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Total Expenditure |
271.720 |
279.971 |
404.500 |
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QUARTERLY RESULTS
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PARTICULARS |
30.06.2007 |
30.09.2007 |
31.12.2007 |
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Type |
1st Quarter |
2nd Quarter |
3rd Quarter |
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Sales Turnover |
56.300 |
51.700 |
90.400 |
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Other Income |
0.200 |
0.200 |
0.300 |
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Total Income |
56.500 |
51.900 |
90.700 |
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Total
Expenditure |
52.900 |
47.900 |
84.500 |
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Operating Profit |
3.600 |
4.000 |
6.200 |
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Interest |
0.600 |
0.600 |
1.100 |
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Gross Profit |
3.000 |
3.400 |
5.100 |
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Depreciation |
1.400 |
2.000 |
1.700 |
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Tax |
0.000 |
0.000 |
0.000 |
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Reported PAT |
1.600 |
1.400 |
3.400 |
KEY RATIOS
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PARTICULARS |
31.03.2007 |
31.03.2006 |
31.03.2005 |
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Debt- Equity Ratio |
0.67 |
1.70 |
1.45 |
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Long-Term Debt-Equity Ratio |
0.65 |
1.60 |
1.35 |
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Current Ratio |
5.73 |
6.34 |
5.09 |
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TURNOVER RATIO |
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Fixed Assets |
2.46 |
2.59 |
4.39 |
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Inventory |
8.31 |
10.22 |
16.12 |
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Debtors |
3.84 |
3.16 |
6.19 |
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Interest Cover Ratio |
1.96 |
2.04 |
2.43 |
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Operating Profit Margin (%) |
7.53 |
7.80 |
6.27 |
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Profit Before Interest and Tax Margin (%) |
5.47 |
5.74 |
4.94 |
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Cash Profit Margin (%) |
3.73 |
3.94 |
3.23 |
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Adjusted Net Profit Margin (%) |
1.66 |
1.88 |
1.89 |
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Return On Capital Employed (%) |
10.06 |
9.97 |
15.59 |
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Return on Net Worth (%) |
5.10 |
8.80 |
14.62 |
LOCAL AGENCY
FURTHER INFORMATION
History
Subject was incorporated on 17th November, 1981 at Ahmedabad in Gujarat having Company Registration Number 4786.
The company was incorporated as a private limited company. It became a public limited company with effect from 15th July, 1993.
The company is a part of the Dutron Group of Companies promoted by the late Mr. H. T. Patel.
Performance of the
company
The company has almost maintained its sales with marginal 3 % reduction in total income compared to previous year. Accordingly, net profit after tax has reduced by 11.9 % to Rs.4.591 Millions reduced demand of plastic pipes from institutional sectors during the year under review has caused stagnant sales.
Contingent
Liabilities
The company have a contigent liabilities of Rs.1.000 Million on A/c of sales
Tax. It has deposited Rs.1.000 Million with Sales Tax department underprotest
and same has been accounted with other depositors under the head of loans and
advanced. The company has not received any final demand notice and amount of
liability has not been determinded by the Sales Tax Department Hence Company
has not created any provision for that.
Fixed Assets
- Land A
- Land B
- Factory Building – A
- Factory Building – B
- Furniture
- Electric Fitting – A
- Electric Fitting – B
- Plant And Machinery -A
- Plant And Machinery – B
- Factory Equipments
- Technicals Know – how
- Office Equipments
- Lab Equipments
- Computer
- Vehicles
- Dies And moulds – A
- Dies And Moulds - B
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
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Indian Rupees |
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US Dollar |
1 |
Rs.40.26 |
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UK Pound |
1 |
Rs.79.98 |
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Euro |
1 |
Rs.61.20 |
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 |
7 |
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--PROFITABILIRY |
1~10 |
5 |
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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 |
YES |
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--LISTED |
YES/NO |
YES |
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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
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. |
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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