MIRA
INFORM REPORT
|
Report Date : |
13.06.2011 |
IDENTIFICATION DETAILS
|
Name : |
DUKE PLASTO TECHNIQUE PRIVATE LIMITED |
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Registered
Office : |
National Highway No.14, Opposite Hotel Green Wood, Badarpura, Palanpur
-385510, |
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Country : |
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Financials (as
on) : |
31.03.2010 |
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Date of
Incorporation : |
28.04.2008 |
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Com. Reg. No.: |
04-053715 |
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Capital
Investment / Paid-up Capital : |
Rs.34.500 millions. |
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CIN No.: [Company Identification
No.] |
U25209GJ2008PTC053715 |
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|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
AHMD04729E |
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Legal Form : |
Private Limited Liability Company. |
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Line of Business
: |
Manufacturer of PVC Pipes. |
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No. of Employees
: |
400 Approximately (In Factory-360, In Office-40) |
RATING & COMMENTS
|
MIRA’s Rating : |
B (29) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
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Maximum Credit Limit : |
USD 190000 |
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Status : |
Moderate |
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Payment Behaviour : |
Slow but correct |
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Litigation : |
Clear |
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Comments : |
Subject is an established company having moderate track. Profitability
of the company appears to be low. However, trade relations are reported as
fair. Business is active. Payments are reports to be slow but correct. The company can be considered for business dealings with some
cautions. |
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
|
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 |
|
Insignificant |
A1 |
|
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
|
Name : |
Ms. Bohra |
|
Designation : |
Key Executive |
|
Date : |
07.06.2011 |
LOCATIONS
|
Registered
Office / Factory: |
National Highway No.14, Opposite Hotel Green Wood, Badarpura, Palanpur
-385510, |
|
Tel. No.: |
91-2742-280155 / 280156 |
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Fax No.: |
91-2742-280101 |
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E-Mail : |
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Website : |
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Location : |
Owned |
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Corporate Office : |
401, 4th Floor, |
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Tel. No.: |
91-79-26405782 |
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Fax No.: |
91-79-26403428 |
DIRECTORS
(As on 20.09.2010)
|
Name : |
Mr. Rameshkumar Parsotambhai Patel |
|
Designation : |
Director |
|
Address : |
At Jodanpur, Post Chadotar, Taluka Palanpur, Banaskantha,
Palanpur-385510, |
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Date of Birth/Age : |
14.09.1968 |
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Date of Appointment : |
28.04.2008 |
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DIN No. : |
00029463 |
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Name : |
Mr. Prabhudas Parsotambhai Patel |
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Designation : |
Director |
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Address : |
At Jodanpur, Post Chadotar, Taluka Palanpur, Banaskantha,
Palanpur-385510, |
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Date of Birth/Age : |
31.10.1967 |
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Date of Appointment : |
28.04.2008 |
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DIN No. : |
00029540 |
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Name : |
Mr. Dineshkumar Kanjibhai Patel |
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Designation : |
Director |
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Address : |
At Jodanpur, Post Chadotar, Taluka Palanpur, Banaskantha,
Palanpur-385510, |
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Date of Birth/Age : |
01.06.1972 |
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Date of Appointment : |
28.04.2008 |
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DIN No. : |
01769491 |
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Name : |
Mr. Shantilal Nathalal Patel |
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Designation : |
Director |
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Address : |
At Jodanpur, Post Chadotar, Taluka Palanpur, Banaskantha,
Palanpur-385510, |
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Date of Birth/Age : |
01.06.1967 |
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Date of Appointment : |
28.04.2008 |
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DIN No. : |
01770292 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
(As on 20.09.2010)
|
Names of Shareholders |
|
No. of Shares |
|
Shantilal Patel |
|
414000 |
|
Dineshkumar Patel |
|
414000 |
|
Rameshbhai Patel |
|
759000 |
|
Prabhudas Patel |
|
759000 |
|
Meenaben Patel |
|
414000 |
|
Bharatkumar Patel |
|
345000 |
|
Amrutlal Patel |
|
345000 |
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Total |
|
3450000 |
(As on 20.09.2010)
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Equity Share Breakup |
|
Percentage of Holding |
|
Category |
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|
Directors
or relatives of directors |
|
100.00 |
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Total |
|
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer of PVC Pipes. |
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Products : |
Submersible
Pumps
Domestic Pumps
High Performance Submersible Pumps
Openwell Submersible Pumps
Rex (Multistage Booster
System) Lord (Contrifigal Monoblock
Pumps) Duke Atoot Pipe PVC Pipes
|
PRODUCTION STATUS AS ON (31.03.2010)
Particulars of
Installed Capacity :
|
Particulars |
March 31st, 2010 |
|
|
(As certified by a Director, not verified by Auditor, being a
technical matter) |
UOM |
Qty |
|
Pipes |
Ave Nos. |
1500000 (7500
MT) |
|
Pumps |
Ave Nos. |
60000 |
Particulars of Finished Goods :
|
Particulars |
Production Qty
(in nos.) |
|
Pipes |
1088394 |
|
Pump Set |
20299 |
GENERAL INFORMATION
|
No. of Employees : |
400 Approximately (In Factory-360, In Office-40) |
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Bankers : |
Bank of Char Rasta Brach, Char Rasta, Palanpur – 385002, |
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Facilities : |
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Banking
Relations : |
- |
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Auditors : |
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Name : |
Manubhai and Company Chartered Accountant |
|
Address : |
2nd Floor 'B' Wing Premium House, Near Gandhigram Railway
Station, Navrangpura, Ahmedabad-380009, |
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Tel. No.: |
91-79-26580956 / 26580966 / 26582484 / 26585064 |
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Fax No.: |
91-79-26583573 |
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E-Mail : |
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|
Web site : |
CAPITAL STRUCTURE
Authorised Capital : (As on 31.03.2010)
|
No. of Shares |
Type |
Value |
Amount |
|
4000000 |
Equity Share |
Rs.10/- Each |
Rs.40.000 millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
3450000 |
Equity Share |
Rs.10/- Each |
Rs.34.500
millions. |
NOTE
Out of which 1000000 equity shares were
allotted to partners of Duke Plasto Technique in lieu of balance in their capital
account as on the date of registration of company on conversion of partnership
firm into company under provisions part IX of the companies Act, 1956
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
|
31.03.2010 |
31.03.2009 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
|
34.500 |
30.000 |
|
|
2] Share Application Money |
|
0.000 |
0.000 |
|
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3] Reserves & Surplus |
|
14.123 |
1.000 |
|
|
4] (Accumulated Losses) |
|
0.000 |
(2.185) |
|
|
NETWORTH |
|
48.623 |
28.815 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
|
145.851 |
127.923 |
|
|
2] Unsecured Loans |
|
49.095 |
48.063 |
|
|
3] Deferred Payment Credit |
|
0.630 |
1.306 |
|
|
TOTAL BORROWING |
|
195.576 |
177.292 |
|
|
DEFERRED TAX LIABILITIES |
|
7.700 |
5.345 |
|
|
|
|
|
|
|
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TOTAL |
|
251.899 |
211.452 |
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|
|
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|
|
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APPLICATION OF FUNDS |
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|
|
|
|
|
|
|
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FIXED ASSETS [Net Block] |
|
83.942 |
70.991 |
|
|
Capital work-in-progress |
|
0.000 |
0.000 |
|
|
|
|
|
|
|
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INVESTMENT |
|
0.010 |
0.000 |
|
|
DEFERREX TAX ASSETS |
|
0.000 |
0.000 |
|
|
|
|
|
|
|
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CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
|
126.235 |
117.122 |
|
|
Sundry Debtors |
|
220.917 |
103.351 |
|
|
Cash & Bank Balances |
|
0.476 |
2.026 |
|
|
Other Current Assets |
|
0.000 |
0.000 |
|
|
Loans & Advances |
|
15.979 |
12.287 |
|
Total
Current Assets |
|
363.607 |
234.786 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
|
181.069 |
85.153 |
|
|
Other Current Liabilities |
|
2.126 |
0.708 |
|
|
Provisions |
|
12.465 |
8.464 |
|
Total
Current Liabilities |
|
195.660 |
94.325 |
|
|
Net Current Assets |
|
167.947 |
140.461 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
|
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
|
251.899 |
211.452 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
|
31.03.2010 |
31.03.2009 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
|
897.276 |
455.243 |
|
|
|
Other Income |
|
3.117 |
3.823 |
|
|
|
TOTAL (A) |
|
900.393 |
459.066 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
(Increase)/decrease in stock |
|
27.083 |
(22.794) |
|
|
|
Purchase of Trading Goods |
|
28.464 |
23.988 |
|
|
|
Raw Material Consumed |
|
662.684 |
349.086 |
|
|
|
Manufacturing & Other Expenses |
|
135.540 |
83.074 |
|
|
|
TOTAL (B) |
|
853.771 |
433.354 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
|
46.622 |
25.712 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
|
17.436 |
18.155 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
|
29.186 |
7.557 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
|
5.507 |
3.538 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) (G) |
|
23.679 |
4.019 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
|
8.370 |
6.204 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-H) (I) |
|
15.309 |
(2.185) |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
|
(2.185) |
0.000 |
|
|
|
|
|
|
|
|
|
|
BALANCE CARRIED TO
THE B/S |
|
13.124 |
(2.185) |
|
|
|
|
|
|
|
|
|
|
FOB value of
export |
|
9.557 |
2.117 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
|
4.79 |
(1.58) |
|
KEY RATIOS
|
PARTICULARS |
|
|
31.03.2010 |
31.03.2009 |
|
PAT / Total Income |
(%) |
|
1.70 |
(0.48) |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
|
2.64 |
0.88 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
|
5.29 |
1.31 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
|
0.49 |
0.14 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
|
8.05 |
9.43 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
|
1.86 |
2.49 |
LOCAL AGENCY FURTHER INFORMATION
Operations
The company has achieved income of Rs.900.393 millions during the year
and earned net profit of Rs.23.680 millions, After Provision of Income tax of Rs.8.371
millions, company have Net Profit of Rs.13.123 millions. The company is
confident to achieve higher income in the coming years. The directors do not
recommend dividend for the year to strengthen the position of the company.
Fixed Assets
·
·
·
Plant and Machineries
·
Office and Lab Equipments
·
Mobile Phone
·
Vehicle
·
Computer
·
Furniture and & Fixtures
Bankers Charges
Report as per Registry
|
This form is for |
Modification of
charge |
|
Charge identification
number of the modified |
10114557 |
|
Corporate
identity number of the company |
U25209GJ2008PTC053715 |
|
Name of the
company |
DUKE PLASTO
TECHNIQUE PRIVATE LIMITED |
|
Address of the
registered office or of the principal place of business in |
National Highway No.14, Opposite Hotel Green Wood, Badarpura, Palanpur
- 385510, |
|
Type of charge |
·
Immovable
Property ·
Book
Debts ·
Movable
Property (not being pledge) |
|
Particular of
charge holder |
Bank of Email ID: cpalan@bankofbaroda.com
|
|
Nature of
description of the instrument creating or modifying the charge |
(1) Supplemental
composite Agreement of Hypothecation of Goods, Book Debts, Movable Machinery
and Vehicles dated 07.05.2009. (2) Instrument
relating to extension of mortgage by constructive deposit/delivery of title
deeds and creation of fresh mortgage by actual deposit of title deeds dated
07.05.2009. |
|
Date of
instrument Creating the charge |
07.05.2009 |
|
Amount secured by
the charge |
Rs.150.600
millions |
|
Brief particulars
of the principal terms an conditions and extent and operation of the charge |
Rate of Interest (1) For T/l
(Existing) @ BPLR 12.50 % p.a. at present (as per credit rating.) (2) For T/l
(Fresh) @ BPLR 12.50 % p.a. at present (as per credit rating.) Terms of
Repayment (1) Term Loan
(Existing) of Rs.19.600 millions - 20 Quterly installed each of Rs.1.250
millions -1st installed to commence three months after date of 1st
disbursement. Interest to be paid as and when charged. (2) Term Loan
(Fresh) of Rs.11.000 millions - 20 Quterly installed each of Rs.0.550
millions -1st instal. to commence one months after date of 1st disbursement.
Interest to be paid as and when charged. Margin (1) Term Loan
(Existing) of Rs.19.600 millions (i) Building/structure 30% (ii)
Plant/Machinery 30% (iii) Other Fixed Assets 30% (2) Term Loan
(Fresh) of Rs.11.000 millions- Plant/Machinery 25% Extent and
Operation of the charge The charge
created under the supplemental composite Agreement of Hypothecation of Goods,
Book Debts, Movable Machinery and Vehicles dated 07-05-2009 are now also
secured under the Mortgage dated 07-05-2009 in favour of Bank of Baroda and
shall rank as pari passu first charge to the total limit aggregating to
Rs.150.600 millions |
|
Short particulars
of the property charged |
(1) Stock of Raw
Materials, Stocks in process, finished goods, consumable spares and packing
materials all the book debts in respect of supplies made to various govt.
dept or Limited Company etc. from time to time. (2) Immovable Property
at Rev. Survey No. 89/2 Paiki N. A. Land for Industrial Purpose situated at
in the sim of Badarpura (Khodla), Tal. Palanpur, Dist. Banaskantha together
with all buildings and structures thereon and all plant and machinery
attached to the earth belonging to the company |
|
Particulars of
the present modification |
1. Hypothecation of Stocks and Book Debts
extended to enhanced limit of Rs.120.000 millions. 2. The Mortgage of Immovable Properties as
described hereinabove has been extended as security to term Loan – I of
Rs.19.600 millions and fresh Term Loan of Rs.11.000 millions. The charge on the
properties are enhanced from total limit of Rs.145.000 millions to Rs.150.600
millions. |
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.44.72 |
|
|
1 |
Rs.72.93 |
|
Euro |
1 |
Rs.64.72 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
3 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
3 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
3 |
|
--PROFITABILIRY |
1~10 |
4 |
|
--LIQUIDITY |
1~10 |
3 |
|
--LEVERAGE |
1~10 |
3 |
|
--RESERVES |
1~10 |
3 |
|
--CREDIT LINES |
1~10 |
2 |
|
--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 |
NO |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
29 |
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.