MIRA
INFORM REPORT
|
Report Date : |
10.03.2011 |
IDENTIFICATION DETAILS
|
Name : |
DUGAR POLYMERS LIMITED |
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Registered
Office : |
12/260 Shastrinagarkhatodra, |
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Country : |
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Financials (as
on) : |
31.03.2009 |
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Date of
Incorporation : |
20.02.2003 |
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Com. Reg. No.: |
04-042041 |
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CIN No.: [Company Identification
No.] |
U17119GJ2003PLC042041 |
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|
TAN No.: [Tax Deduction &
Collection Account No.] |
SRTD01893D |
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PAN No.: [Permanent Account No.] |
AABCD7959B |
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Legal Form : |
A Closely Held Public Limited Liability Company |
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Line of Business
: |
Manufacturer of Plastic Sheets and Rods. |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (45) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Maximum Credit Limit : |
USD 175000 |
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|
Status : |
Satisfactory |
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Payment Behaviour : |
Usually Correct |
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Litigation : |
Clear |
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Comments : |
Subject is an established company having satisfactory track. Trade relations
are reported as fair. Business is active. Payments are reported to be usually
correct and as per commitments. The company can be considered
normal for 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
|
Country Name |
Previous Rating (31.12.2009) |
Current Rating (01.04.2010) |
|
|
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
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Moderate |
B1 |
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High |
B2 |
|
Very High |
C1 |
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Restricted |
C2 |
|
Off-credit |
D |
INFORMATION PARTED BY (General Details)
|
Name : |
Mr. Vijay |
|
Designation : |
Accountants |
|
Date : |
09.03.2011 |
LOCATIONS
|
Registered Office : |
12/260 Shastrinagarkhatodra, |
|
Tel. No.: |
91-260-2669336 |
|
Mobile No.: |
91-9099921200 (Mr. Rajesh Dugar) |
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Fax No.: |
91-260-2669337 |
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E-Mail : |
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Website : |
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Location : |
Owned |
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Head Office /
Factory 1: |
Survey No.: 351/1, |
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Factory 2: |
Survey No. 357/1/3, Behind Dadra Garden, Dadra Nagar Haveli, Silvassa
396230, |
DIRECTORS
AS ON 30.09.2009
|
Name : |
Mr. Rajesh Kumar Dugar |
|
Designation : |
Director |
|
Date of Birth/Age : |
23.11.1973 |
|
Qualification : |
Graduate |
|
Date of Appointment : |
20.02.2003 |
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|
|
|
Name : |
Mr. Vijay S Surana |
|
Designation : |
Director |
|
Date of Birth/Age : |
13.10.1985 |
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Qualification : |
Graduate |
|
Date of Appointment : |
20.03.2009 |
|
Date of Cessation: |
10.02.2010 |
|
|
|
|
Name : |
Ms. Renu M Dugar |
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Designation : |
Director |
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Date of Birth/Age : |
08.02.1971 |
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Qualification : |
Graduate |
|
Date of Appointment : |
20.02.2007 |
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|
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|
Name : |
Mr. Manoj K Dugar |
|
Designation : |
Director |
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Date of Birth/Age : |
25.05.1968 |
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Qualification : |
Graduate |
|
Date of Appointment : |
20.02.2003 |
KEY EXECUTIVES
|
Name : |
Mr. Vijay |
|
Designation : |
Accountants |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 30.09.2009
|
Names of Shareholders |
No. of Shares |
|
Mr. Rajesh Kumar Dugar |
147500 |
|
Ms. Renu M Dugar |
163000 |
|
Mr. Manoj K Dugar |
69450 |
|
Mr. Sushil Kumar Surana |
27920 |
|
Mrs. Pratibha Surana |
11000 |
|
Mrs. Tara Devi Dugar |
68750 |
|
Mrs. Renu R Dugar |
7500 |
|
Mr. Rajubhai Patel |
15000 |
|
Mrs. Jasodaben Patel |
7500 |
|
Mr. Manubhai Patel |
17500 |
|
Omega Knits FAb Private Limited, Kolkata |
65000 |
|
Mr. Sohan Kumar |
16000 |
|
Mr. Vinod Kumar |
10800 |
|
Mr. Prasan Kumar |
5300 |
|
Mr. Deepak Baid |
5300 |
|
Mr. Pannalal Bohara |
10600 |
|
Hotel Costarica Private Limited, Chennai, Tamilnadu |
40000 |
|
Mr. Amarchand Bohara |
15000 |
|
Mr. Punamchand Bohara |
10000 |
|
Mrs. Sushila Devi Bohara |
22500 |
|
Prayasha Extrusion Private Limited, |
5000 |
|
Plasto Tubes Industries Limited, |
15000 |
|
Mrs. Sudhaben Patel |
7500 |
|
Mrs. Subhashbhai Patel |
7500 |
|
Mr. Arvind Patel |
7500 |
|
Mr. Takurbhai Patel |
7500 |
|
Mr. Hansmukhbhai Patel |
7500 |
|
Mrs. Shantaben Patel |
7500 |
|
Mrs. Dharmista Patel |
7500 |
|
Mr. Bhogilal Patel |
7500 |
|
Mr. Suresh Mangal |
50000 |
|
Mr. Umesh Mangal |
50000 |
|
Bellona Stationery Private Limited |
25000 |
|
Mr. Pramod Kumar Dugar |
2500 |
|
Silvertoss Tieup Private Limited, Vapi |
129610 |
|
Mr. Manoj Kumar Dugar (HUF) |
1000 |
|
Mr. Pavan Goenka |
12500 |
|
Mr. Vandana Goenka |
2500 |
|
P K Goenka and Sons HUF |
10000 |
|
Total |
1098730 |
AS ON 30.09.2009
|
Equity Share
Breakup |
|
Percentage of
Holding |
|
Category |
|
|
|
Bodies corporate |
|
20.00 |
|
Directors or relatives of directors |
|
45.00 |
|
Other top fifty shareholders |
|
35.00 |
|
|
Total
|
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer of Plastic Sheets and Rods |
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Products : |
Plastic Sheet
Plastic Rods
Welding Rods Plastic Pallets Plastic Planks |
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Exports : |
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Products : |
Plastic Sheet and Rods |
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Countries : |
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Imports : |
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Products : |
Raw Materials |
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Countries : |
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Terms : |
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Selling : |
L/C, Cash, Credit (30 Days) |
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Purchasing : |
L/C, Cash, Credit (30 Days) |
GENERAL INFORMATION
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Customers : |
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No. of Employees : |
150 Approximately |
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Bankers : |
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Facilities : |
Cash Credit RS. 127.300 millions
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Banking
Relations : |
-- |
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Auditors : |
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Name 1: |
Ashwini S Agarwal and Associates Chartered Accountant |
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Address : |
6, 1st Floor, Gokul Darshan, Tokarkhada, Near Canara Bank,
Silvassa 396230, |
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Name 2: |
Chartered Accountant |
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Associates/Subsidiaries : |
Nil |
CAPITAL STRUCTURE
AS ON 31.03.2009
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
1500000 |
Equity Shares |
Rs. 10 each |
Rs.15.000 millions |
Issued, Subscribed :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
1098730 |
Equity Shares |
Rs. 10 each |
Rs.10.987
millions |
Paid-up Capital:
|
No. of Shares |
Type |
Value |
Amount |
|
48000 |
Equity Shares of Rs. 10/- each Paid up Rs.
7.50/- each |
Rs. 7.50
each |
Rs. 0.360
million |
|
1050730 |
Equity Shares |
Rs. 10 each |
Rs.10.507 millions
|
|
|
|
|
Rs.10.867 millions |
FINANCIAL DATA
[all figures are
in Rupees Millions]
|
Particulars |
|
|
31.03.2010 |
|
Sales Turnover (Approximately) |
|
|
270.000 |
Expected Sales (2010-2011) : Rs.340.000 millions
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2009 |
31.03.2008 |
31.03.2007 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
10.867 |
10.867 |
10.473 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
32.935 |
25.836 |
15.161 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
|
NETWORTH |
43.802 |
36.703 |
25.634 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
73.924 |
63.419 |
53.390 |
|
|
2] Unsecured Loans |
0.000 |
0.000 |
0.000 |
|
|
TOTAL BORROWING |
73.924 |
63.419 |
53.390 |
|
|
DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
117.726 |
100.122 |
79.024 |
|
|
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|
|
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APPLICATION OF FUNDS |
|
|
|
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|
|
|
|
|
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|
FIXED ASSETS [Net Block] |
29.798 |
16.138 |
18.436 |
|
|
Capital work-in-progress |
0.000 |
12.063 |
0.000 |
|
|
|
|
|
|
|
|
INVESTMENT |
0.000 |
1.092 |
1.093 |
|
|
DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
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CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
87.695
|
67.212 |
66.716 |
|
|
Sundry Debtors |
0.000 |
0.000 |
0.000 |
|
|
Cash & Bank Balances |
0.000 |
0.000 |
0.000 |
|
|
Other Current Assets |
0.000 |
0.000 |
0.000 |
|
|
Loans & Advances |
12.714
|
8.450 |
5.510 |
|
Total
Current Assets |
100.409
|
75.662 |
72.226 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
12.178
|
3.798 |
12.139 |
|
|
Other Current Liabilities |
0.593
|
1.395 |
1.017 |
|
|
Provisions |
0.000 |
0.000 |
0.000 |
|
Total
Current Liabilities |
12.771
|
5.193 |
13.156 |
|
|
Net Current Assets |
87.638
|
70.469 |
59.070 |
|
|
MISCELLANEOUS EXPENSES |
0.290 |
0.360 |
0.425 |
|
|
TOTAL |
117.726 |
100.122 |
79.024 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2009 |
31.03.2008 |
31.03.2007 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
205.371 |
191.299 |
140.342 |
|
|
|
Other Income |
0.439 |
1.164 |
2.024 |
|
|
|
TOTAL (A) |
205.810 |
192.463 |
142.366 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Cost of Materials |
174.645 |
164.340 |
|
|
|
|
Employees Remuneration |
1.842 |
1.617 |
|
|
|
|
Increase/(Decrease) in Finished Goods |
(6.725) |
0.285 |
136.350 |
|
|
|
Selling and Distribution Expenses |
0.355 |
0.486 |
|
|
|
|
Other Expenses |
0.070 |
0.066 |
|
|
|
|
Administrative Expenses |
13.590 |
8.760 |
|
|
|
|
TOTAL (B) |
183.777 |
175.554 |
136.350 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
22.033 |
16.909 |
6.016 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
10.514 |
7.215 |
NA |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
11.519 |
9.694 |
6.016 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
4.685 |
3.085 |
NA |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) (G) |
6.834 |
6.609 |
6.016 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
(0.265) |
1.140 |
0.555 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-H) (I) |
7.099 |
5.469 |
5.461 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
14.860 |
9.390 |
3.929 |
|
|
|
|
|
|
|
|
|
|
BALANCE CARRIED
TO THE B/S |
21.960 |
14.860 |
9.390 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
6.75 |
-- |
-- |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2009 |
31.03.2008 |
31.03.2007 |
|
PAT / Total Income |
(%) |
3.44
|
2.84 |
3.83 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
3.32
|
3.45 |
4.28 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
5.24
|
7.19 |
6.63 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.15
|
0.18 |
0.23 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
1.97
|
1.86 |
2.59 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
7.86
|
14.56 |
5.48 |
LOCAL AGENCY FURTHER INFORMATION
SUNDRY CREDITORS
DETAILS:
Rs In Millions
|
Parti8culars |
31.03.2009
|
31.03.2008 |
31.03.2007 |
|
Sundry Creditors |
12.178
|
3.798 |
12.139 |
FIXED ASSETS:
- D G Set
- Plant and
Machinery
- Tools and
Other
- Office
Equipments
- Transformer
- Air
Conditioner
- Furniture and
Fixture
- Telephone and
- Computers
- Moulders
- Bike
- Bike Pulser
- Hero Honda
Bike
- Car Maruti
8020 Honda CRV
- Tempo
- Car Swift
TRADE REFERENCE:
- Okaya Power
- Kaveri Ultra
Polymers Limited
FORM 8
|
Corporate identity
number of the company |
U17119GJ2003PLC042041 |
|
Name of the
company |
DUGAR POLYMERS LIMITED |
|
Address of the
registered office or of the principal place of business in |
12/260 Shastrinagarkhatodra, |
|
This form is for |
Modification of
charge |
|
Type of charge |
Immovable
property |
|
Particular of
charge holder |
Canara Bank, Silvassa Branch, Prathmesh Apartment, Tokar Khada,
Silvassa 396230, Dadar Email: managerahd2565@canbank.co.in
|
|
Nature of
instrument creating charge |
Mortgage
Agreement |
|
Date of
instrument Creating the charge |
29.06.2010 |
|
Amount secured by
the charge |
Rs. 127.300
millions |
|
Brief of the
principal terms an conditions and extent and operation of the charge |
Rate of interest 13.25% Terms of repayment Cash Credit on
Demand Term Loan 5 years
by Installment of Rs. 0.208 million (Exclusive of Interest) Margin 25% Stock 40% Book Debts 25% on Machinery Extent and operation of the charge The charge is
secured against the properties of the company until the loan and interest are
fully paidup. |
|
Short particulars
of the property charged (Including location of the property) |
Land Survey No.
357/1/3 at Land Survey No.
733 Industrial Plot No 26, GIDC, Icchapore Industrial Estate at All that Piece
and Parcel of Industrial Na land Bearing Survey No. 351/1 Admeasuing of 6600
sq.mtrs. Alongwith the factory building thereon and situared at village dadra
UT of Nagar Haveli. |
|
Date of
instrument modifying the charge |
02.02.2009 |
|
Particulars of the
present modification |
Loan amounts has
been increased from Rs. 110.800 millions to Rs. 127.300 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.45.02 |
|
|
1 |
Rs.72.70 |
|
Euro |
1 |
Rs.62.54 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
5 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
5 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
5 |
|
--PROFITABILIRY |
1~10 |
5 |
|
--LIQUIDITY |
1~10 |
5 |
|
--LEVERAGE |
1~10 |
5 |
|
--RESERVES |
1~10 |
5 |
|
--CREDIT LINES |
1~10 |
5 |
|
--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 |
NO |
|
--AFFILIATION |
YES/NO |
NO |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
45 |
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.