MIRA
INFORM REPORT
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Report Date : |
19.02.2011 |
Note: The Given Address of the company has been
Verified and validation by us. Given Address is the Factory Address.
IDENTIFICATION DETAILS
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Name : |
E I DUPONT INDIA PRIVATE LIMITED |
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Registered Office : |
7th Floor, Tower C DLF, Cyber Greens, Sector – 25A, DLF City, Phase – III, Gurgaon – 122 002, Haryana |
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Country : |
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Financials (as on) : |
31.03.2008 |
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Date of Incorporation : |
10.12.1998 |
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Com. Reg. No.: |
05-034086 |
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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 : |
A (66) |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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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 |
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Maximum Credit Limit : |
USD 3300000 |
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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 and
Company Inc., The company can be considered good for normal business dealings at usual trade terms and conditions. |
NOTES :
Any query related to this report can be made
on e-mail : infodept@mirainform.com
while quoting report number, name and date.
ECGC Country Risk Classification List – April 1, 2010
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Country Name |
Previous Rating (31.12.2009) |
Current Rating (01.04.2010) |
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A1 |
A1 |
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Risk Category |
ECGC Classification |
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Insignificant |
A1 |
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Low |
A2 |
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Moderate |
B1 |
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High |
B2 |
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Very High |
C1 |
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Restricted |
C2 |
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Off-credit |
D |
INFORMATION DECLINED BY
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Name : |
Mr. Sudin |
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Designation : |
Accounts Department |
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Date : |
17.02.2011 |
LOCATIONS
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Registered Office : |
7th Floor, Tower C DLF, Cyber Greens, Sector – 25A, DLF City, Phase – III, Gurgaon – 122 002, Haryana, India |
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Tel. No.: |
91-124-4091818/ 2540900/ 2540875 to 2540885 |
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Fax No.: |
91-124-2540889 to 2540892/2540900 |
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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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Corporate Office : |
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Tel. No.: |
91-44-28472800 |
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Factory : |
Tel. No.: 91-2667-264201 Fax No.: 91-2667-264226
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Branches : |
Located at: ·
Mumbai, · Chennai, Tamilnadu ·
Ahmedabad, |
DIRECTORS
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Name : |
Mr. Balvinder Pal Singh Kalsi |
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Designation : |
Chairman and Managing 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 : |
01.12.2005 |
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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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Date of Ceasing : |
14.06.2006 |
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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. 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. Vinod M. Tiwari |
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Designation : |
Director |
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Address : |
103, Aranya, 25, Alkapuri Society, |
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Date of Birth/Age : |
01.04.1961 |
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Date of Appointment : |
29.09.2008 |
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Name : |
Ms. Pallavi Tyagi |
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Designation : |
Director |
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Address : |
House No. 4087, O Block, Sector 56, Devendra Vihar, Gurgaon – 122 002,
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Date of Birth/Age : |
04.01.1971 |
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Date of Appointment : |
29.09.2008 |
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Name : |
Mr. Vivek Bhide |
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Designation : |
Director |
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Address : |
M/21, Yashowardhan, |
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Date of Birth/Age : |
26.12.1966 |
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Date of Appointment : |
13.03.2009 |
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Name : |
Mr. Homi Cawas Bhedkar |
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Designation : |
Director |
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Address : |
C-6, |
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Date of Birth/Age : |
10.12.1948 |
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Date of Appointment : |
14.09.2007 |
KEY EXECUTIVES
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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
As on 30.09.2011
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Names of Shareholders |
No. of Shares |
Percentage of
Holding |
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Dupont Far East Inc., |
20 |
0.05 |
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Dupont India Limited, |
55947880 |
99.67 |
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Liquid-Box Corporation Inc., |
184738 |
0.32 |
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E I Dupont De Nemours and |
26 |
0.05 |
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Total |
56132664 |
100.00 |
As on 30.09.2010
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Equity Share Breakup |
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Percentage of Holding |
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Category |
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Foreign holdings [Foreign institutional investors, Foreign Companies, Foreign Financial Institutions, Non-resident Indian 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 : |
· "ALMIX" · "AVAUNT" · "LANNATE" · "SUPRO" · "DERLIN" · "ZYTEL" · "CENTARI" |
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Terms : |
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Selling : |
L/C, Cash / Credit |
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Purchasing : |
L/C, Cash / Credit ( 30 / 60 / 90 days) |
GENERAL INFORMATION
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Customers : |
550 ( In Office + In Factory) Approximately |
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No. of Employees : |
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Bankers : |
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Banking
Relations : |
- |
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Auditors : |
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Name : |
Price Waterhouse Chartered Accountants |
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Address : |
Buiding 8, 7th and 8th Floor, Tower
– B, |
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Holding Company : |
DuPoint India Limited, |
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Ultimate Holding Company: |
E. I. Du Pont De Nemours and Company Inc, U.S.A |
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Associates/Subsidiaries : |
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CAPITAL STRUCTURE
As on 31.03.2010
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 |
|
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 |
|
56132664 |
Equity Shares |
Rs10.00 each |
Rs 561.327 millions |
Of the above 55947880 Equity Shares of Rs.10/-
each are held by DuPont India Limited,
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
561.327 |
561.327 |
561.327 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
261.518 |
2298.872 |
2111.196 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
822.845 |
2860.199 |
2672.523 |
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LOAN FUNDS |
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1] Secured Loans |
0.000 |
0.000 |
0.000 |
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2] Unsecured Loans |
1006.328 |
1895.343 |
704.534 |
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TOTAL BORROWING |
1006.328 |
1895.343 |
704.534 |
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DEFERRED TAX LIABILITIES |
154.806 |
88.683 |
65.310 |
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TOTAL |
1983.979 |
4844.225 |
3442.367 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
2716.949 |
2097.751 |
694.626 |
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|
8927.731
|
7141.895 |
4754.974 |
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|
11644.68 |
9239.646 |
5449.6 |
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Capital work-in-progress |
89.524 |
298.224 |
540.909 |
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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 |
3942.841
|
2661.975 |
2000.601
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Sundry Debtors |
3847.760
|
3298.858 |
2247.076
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Cash & Bank Balances |
125.054
|
315.060 |
114.536
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Other Current Assets |
0.000 |
0.000 |
0.000
|
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Loans & Advances |
1012.076
|
866.002 |
392.761
|
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Total
Current Assets |
8927.731
|
7141.895 |
4754.974 |
|
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Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
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Sundry Creditors |
5738.374
|
4443.292 |
2421.033 |
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Other Current Liabilities |
318.954
|
194.298 |
2485.628
|
|
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Provisions |
3692.897
|
56.055 |
62.514
|
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Total
Current Liabilities |
9750.225
|
4693.645 |
2548.142
|
|
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Net Current Assets |
(822.494)
|
2448.250 |
2206.832
|
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MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
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TOTAL |
1983.979 |
4844.225 |
3442.367 |
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PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
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SALES |
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Income |
15985.000 |
13256.000 |
9980.000 |
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Other Income |
1810.000 |
1021.000 |
7520.000 |
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TOTAL (A) |
17795.000 |
14277.000 |
17500.000 |
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Less |
EXPENSES |
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TOTAL (B) |
15225.000 |
13837.000 |
16606.000 |
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PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
2570.000 |
440.000 |
894.000 |
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Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
171.000
|
112.000 |
104.000 |
|
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PROFIT BEFORE
TAX (E-F) (G) |
2399.000 |
328.000 |
790.000 |
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Less |
TAX (H) |
836.000 |
140.000 |
408.000 |
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PROFIT AFTER TAX
(G-H) (I) |
1563.000 |
188.000 |
382.000 |
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Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
2299.000 |
2111.000 |
1651.000 |
|
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|
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Less |
APPROPRIATIONS |
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|
|
|
|
|
|
Transfer to General Reserve |
156.000 |
0.000 |
0.000 |
|
|
|
Proposed Dividend |
3087.000 |
0.000 |
0.000 |
|
|
|
Dividend Tax on Proposed Dividend |
513.000 |
0.000 |
0.000 |
|
|
BALANCE CARRIED
TO THE B/S |
105.000 |
2299.000 |
2111.000 |
|
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EARNINGS IN
FOREIGN CURRENCY |
1544.051 |
1364.596 |
401.507 |
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IMPORTS |
|
|
|
|
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Raw Materials |
4181.544 |
3194.578 |
1891.250 |
|
|
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Capital Goods |
73.128 |
248.892 |
21.466 |
|
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TOTAL IMPORTS |
4254.672 |
3443.47 |
1912.716 |
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Earnings Per
Share (Rs.) |
27.84 |
3.34 |
8.19 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
PAT / Total Income |
(%) |
8.78
|
1.32 |
2.18 |
|
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|
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|
Net Profit Margin (PBT/Sales) |
(%) |
15.01
|
2.47 |
7.92 |
|
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|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
2.15
|
3.55 |
14.50 |
|
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Return on Investment (ROI) (PBT/Networth) |
|
2.92
|
3.55 |
14.50 |
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Debt Equity Ratio (Total Liability/Networth) |
|
13.07
|
2.30 |
1.22 |
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|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
0.92
|
1.52 |
1.87 |
LOCAL AGENCY FURTHER INFORMATION
REVIEW OF
PERFORMANCE / WORKING
The DuPont Crop
Protection business ended the year with a strong turnover and registered
a significant growth of about 31%(including exports) over the previous year
2008-09. The major factors that contributed to top line growth in 2009-10 were
volume increase of the existing products as well as the successful launch of
new products, Coragen® and Fertera® for stem borer and leaf folder control in
rice crop, Equation Pro® for downy mildew and late blight control in Potato,
Jawaa® for Rice BPH control, Londax® Power and Velpar®K4 for rice and sugarcane
weed management, marketing of Pantera® for grass control in soybean and
Vigro-S, a seed coat
material for the
early establishment of the crop. While top line growth was significant, so was
the bottom line.
Most significant
launch was of Rynaxypy® under two brand names “Coragen®” and Ferterra®.
Rynaxypyr® is latest R and D invention of DuPont and was launched in
They strongly
believe that the pesticide market will continue to grow in the next 5 years due
to strong economic growth drivers like increased focus on yields and better
farm income, Govt. support on produce prices, government schemes, micro-credit
and financing schemes, better realization/economics and contract farming. Even
the lead indicators like current and future productivity levels, current and
future pesticide demand, trend of produce price etc is supporting the
assumption for strong growth for crop protection business in
continued
aggressive and growth path with many new products under development to be launched
over next
3 to 4 years.
DuPont Performance
Coatings (DPC) delivered a significant improvement in its performance during the year.
Despite global recession coupled with slow down in auto industry and
depreciation of INR against USD, this business recorded an overall sales volume
growth of 17 % and revenue growth of 14%. Situation improved in second half of
the year. The Savli Expansion was completed during the year and operations
started from 1st Jan'10. More than 70% capacity utilization level was achieved
in 3 months time period.
DPC maintained the
market leader position in the Premium segment and at same time successfully
entered into Economy segment and gained significant share. Significant growth
was registered in the Bus Body segment by leveraging the Refinish 2K Economy
Technology Products. DPC gained good market share in short time. With Savli
Expansion the DPC business is expecting to enter into various new Segments
The Indian Resins
market posted growth in revenue this year as the revenue for this financial
year stood at Rs.2637.000 millions Vs Rs.22362 millions in the last financial
year, with a growth of about 13% in volume and 18% in revenue. While the
general purpose products such as Zytel® and Delrin® grew at about 16%,
specialty products such as Hytrel® grew at about 32%, due to commercialisation
of new programs. Leadership position is maintained in the market of products
such as Delrin®, Zytel® and Hytrel® during the period.
The demand from
customers engaged in Automotive Industry, which gives about 50% of the total
revenue from this business, started improving substantially from July 09
onwards and continued to remain strong. This is essentially due to steep
increase in the production of passenger cars during the period. The demand from
customers engaged in production for exports to US, Europe etc., improved
slightly, though it did not reach the pre economic crisis levels. The demand
from Railway vendors was quite strong till Dec 09 and slowed down due to delays
in tender finalisation etc. The profitability also improved substantially
during the period due to lower raw material costs and better price realisation
and favourable mix of products.
The outlook for
Revenue during the current year April 10 to Mar 2011, is about Rs.340 crores,
which will reflect a growth of 30% over the previous year. This is due to
strong demand from the Automotive Industry customers and commercialisation of
several new development programs during the period.
Filaments business
grew by 22% in this period compared to FY08-09, this is primarily due to the
increase demand in Toothbrush segment where domestic and international players
revived their focus in
Packaging and
Industrial Polymers (P and IP) contributed to the growth of business with its
specialty polymers and glass laminating films for applications covering various
segments including Construction, Consumer Goods, Cosmetic Packaging, Health
Care Packaging, Industrial Goods, Food and Beverage Packaging , Foot ware,
Personal Care Packaging, Photo Voltaic and Automotive.
P and IP witnessed
growth in markets like F and B packaging, glass inter layers for architectural,
Photo Voltaic encapsulants, adhesives for edible oil and building panels.
Asphalt modification in paving has been steady and expected to grow
significantly in coming years. Automotive and construction growth has a
positive impact on specialty polymers in compounding markets.
Customer
segmentation and commercial process hub implementation lead to superior
customer service levels during this year. The Business achieved optimized
working capital through channel strategy implementation and inventory
management projects.
Execution of
growth projects identified through Customer Innovation Sessions and product
enrichment resulted in superior revenue growth. Packaging, PV, paving and
selected industrial applications are key focus areas in coming years.
FIXED ASSETS:
- Land
- Buildings
- Plant and
Machinery
- Office
Equipments
- Computers
- Computer –
Leased
- Furniture and
Fixtures
- Lease Hold
Improvements
- Vehicles
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 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.45.18 |
|
|
1 |
Rs.73.04 |
|
Euro |
1 |
Rs.61.43 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
5 |
|
PAID-UP CAPITAL |
1~10 |
7 |
|
OPERATING SCALE |
1~10 |
8 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
8 |
|
--PROFITABILIRY |
1~10 |
8 |
|
--LIQUIDITY |
1~10 |
8 |
|
--LEVERAGE |
1~10 |
7 |
|
--RESERVES |
1~10 |
8 |
|
--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 |
|
66 |
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 |
Capability to overcome financial difficulties seems comparatively below
average. |
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 |
|
- |
NB |
New Business |
- |
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.