MIRA INFORM REPORT

Report Date :

03.11.2011

IDENTIFICATION DETAILS

Name :	DUTRON PLASTICS LIMITED
Registered Office :	Dutron House, Near Mithakhal, Under Bridge, Navrangpura, Ahmedabad – 380009, Gujarat
Country :	India
Financials (as on) :	31.03.2011
Date of Incorporation :	21.03.1973
Com. Reg. No.:	04-2235
Capital Investment / Paid-up Capital :	Rs.10.000 Millions
CIN No.: [Company Identification No.]	U25209GJ1973PLC002235
TAN No.: [Tax Deduction & Collection Account No.]	AHMD00521D
Legal Form :	A Closely Held Public Limited Liability Company
Line of Business :	Manufacturer and Exporter of PVC Hose Pipe and Fittings.
No. of Employees :	Approximately 240 (Office 40, Factory 200)

RATING & COMMENTS

MIRA’s Rating :

Ba (50)

RATING		STATUS	PROPOSED CREDIT LINE
41-55	Ba	Overall operation is considered normal. Capable to meet normal commitments.	Satisfactory

Maximum Credit Limit :	USD 1000000
Status :	Satisfactory
Payment Behaviour :	Regular
Litigation :	Clear
Comments :	Subject is a well 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.

INFORMATION PARTED BY

Name :	Ms. Trupti Shah
Designation :	Export Department
Contact No.:	91-79-26561669
Date :	01.11.2011

LOCATIONS

Registered/ Corporate Office :	Dutron House, Near Mithakhal, Under Bridge, Navrangpura, Ahmedabad – 380009, Gujarat, India
Tel. No.:	91-79-26561849/ 26427522/ 26561669/ 26561848
Fax No.:	91-79-26420894
E-Mail :	bba_201@yahoo.co.in sales@dutronindia.com exports@dutronindia.com info@dutronindia.com dutronad1@sancharnet.in
Website :	http://www.dutronindia.com
Location:	Owned
Factory :	At and P.O. Hariyala N.H. No. 8, Talukha Kheda District Kheda-387411, India

DIRECTORS

(AS ON 11.07.2011)

Name :

Mr. Sudip Bipinchandra Patel

Designation :

Director

Address :

8, Golden Tulip Bunglow, B/s Shreyas Foundation, Ambawadi, Ahmedabad‐380006, Gujarat, India

Date of Birth/Age :

24.06.1962

Date of Appointment :

01.04.1996

DIN No.:

00226676

Other Directorship :

S.No.	CIN	Name of the Company	Current designation of the director	Date of appointment at current designation	Original da e of appointment	Company Status	Defaulting status
1	U65910GJ1989PTC011865	JAGRUTI HOLDINGS PRIVATE LIMITED	Director	09-02-89	09-02-89	Strike off	NO
2	L25209GJ1981PLC004786	DUTRON POLYMERS LIMITED	Director	01-02-92	01-02-92	Active	NO
3	U25209GJ1981PTC004707	NIPPON POLYMERS PRIVATE LIMITED	Director	28-06-93	28-06-93	Active	NO
4	U64201GJ1994PTC023673	DUTRON TELECOM PRIVATE LIMITED	Director	25-11-94	25-11-94	Active	NO
5	U25209GJ1973PLC002235	DUTRON PLASTICS LIMITED	Director	01-04-96	01-04-96	Active	NO
6	U28992GJ1985PTC007957	COSMOFIL PLASTISACK PRIVATE LIMITED	Director	11-06-98	11-06-98	Active	NO

Name :

Mr. Rasesh Hasmukhbhai Patel

Designation :

Director

Address :

2, Golden Tulip Bunglow, B/s Shreyas Foundation, Ambawadi, Ahmedabad‐380006, Gujarat, India

Date of Birth/Age :

15.07.1967

Date of Appointment :

30.06.1993

DIN No.:

00226388

Other Directorship :

S.No.	CIN	Name of the Company	Current designation of the director	Date of appointment at current designation	Original date of appointment	Company Status	Defaulting status
1	L25209GJ1981PLC004786	DUTRON POLYMERS LIMITED	Managing director	01-04-09	01-04-93	Active	NO
2	U25209GJ1981PTC004707	NIPPON POLYMERS PRIVATE LIMITED	Director	28-06-93	28-06-93	Active	NO
3	U25209GJ1973PLC002235	DUTRON PLASTICS LIMITED	Director	30-06-93	30-06-93	Active	NO
4	U64201GJ1994PTC023673	DUTRON TELECOM PRIVATE LIMITED	Director	25-11-94	25-11-94	Active	NO

Name :

Mr. Alpesh Bipinchandra Patel

Designation :

Director

Address :

3, Golden Tulip Bunglow, B/s Shreyas Foundation, Ambawadi. Ahmedabad‐380006, Gujarat, India

Date of Birth/Age :

03.03.1968

Date of Appointment :

30.06.1993

DIN No.:

00226723

Other Directorship :

S.No.	CIN	Name of the Company	Current designation of the director	Date of appointment at current designation	Original dat of appointment	Company Status	Defaulting status
1	U25209GJ1973PLC002235	DUTRON PLASTICS LIMITED	Director	30-06-93	30-06-93	Active	NO
2	L25209GJ1981PLC004786	DUTRON POLYMERS LIMITED	Director	01-12-93	01-12-93	Active	NO
3	U25209GJ1981PTC004707	NIPPON POLYMERS PRIVATE LIMITED	Director	01-04-94	01-04-94	Active	NO
4	U64201GJ1994PTC023673	DUTRON TELECOM PRIVATE LIMITED	Director	25-11-94	25-11-94	Active	NO
5	U65910GJ1989PTC011865	JAGRUTI HOLDINGS PRIVATE LIMITED	Director	01-08-97	01-08-97	Strike off	NO

KEY EXECUTIVES

Name :	Ms. Trupti Shah
Designation :	Export Department

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

(AS ON 11.07.2011)

Names of Shareholders	No. of Shares
Hasmukhlal T. Patel	10000
Kapilaben H. Patel	10000
Rasesh H. Patel	10000
Sudipbhai B. Patel	21000
Alpesh B. Patel	21000
Jyoti Sudip Patel	5500
Trupti A. Patel	5500
Nilay Sudip Patel	2500
Bhoomi Sudip Patel (Minor)	2500
Pooja Alpesh Patel (Minor)	2500
Nisha Alpesh Patel (Minor)	2500
Rupal R. Patel	3000
Rucha R. Patel (Minor)	2000
Riaan R. Patel (Minor)	2000
Total	100000

(AS ON 11.07.2011)

Category	Percentage
Directors or relatives of directors	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :	Manufacturer and Exporter of PVC Hose Pipe and Fittings.
Exports :
Products :	PUC Hose Pipe
Countries :	· Saudi Arab · Oman · Dubai
Imports :
Products :	Raw Material
Countries :	· Korea · Japan
Terms :
Selling :	Cash and Credit
Purchasing :	Cash and Credit

GENERAL INFORMATION

Customers :

Wholesalers, Retailers and End Users

No. of Employees :

Approximately 240 (Office 40, Factory 200)

Bankers :

· Corporation Bank, Opposite Navrangpura Bust Stop, Navrangpura, Ahmedabad – 380009, Gujarat, India

· The Ahmedabad Marcantile Co-operative Bank Limited, AMCO House, Stadium Road, Navrangpura, Ahmedabad – 380009, Gujarat, India

· HDFC Bank, Mithakhali Branch, Navrangpura, Ahmedabad – 380009, Gujarat, India

Facilities :

Unsecured Loans	31.03.2011	31.03.2010
	(Rs. In Millions)
Customer Security Deposits	4.543	4.293
Total	4.543	4.293

Banking Relations :	--
Auditors :
Name :	Baheti Bahadada and Associates Chartered Accountant
Address :	201, Shaily Complex, B/H, Old Gujarat High Court, Income Tax, Ahmedabad – 380006, Gujarat, India
Associates/Subsidiaries/ Fellow Subsidiaries :	· Cosmofil Plastisack Private Limited · Dutron Polymers Limited · Dutron Telecom Private Limited · Dutron Plastics (Bharuch) · Dutron Polymers (firm) · Dura Vinyle Industries · Nippon Polymers Private Limited · Technoplast Eng. Company

CAPITAL STRUCTURE

(AS ON 11.07.2011)

Authorised Capital :

No. of Shares	Type	Value	Amount
100000	Equity Share	Rs.100/- each	Rs.10.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
100000	Equity Share	Rs.100/- each	Rs.10.000 Millions

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS		31.03.2011	31.03.2010	31.03.2009
SHAREHOLDERS FUNDS
1] Share Capital		10.000	10.000	10.000
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		247.998	210.898	171.913
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		257.998	220.898	181.913
LOAN FUNDS
1] Secured Loans		0.000	0.000	0.000
2] Unsecured Loans		4.543	4.293	4.328
TOTAL BORROWING		4.543	4.293	4.328
DEFERRED TAX LIABILITIES		0.000	0.000	0.000
TOTAL		262.541	225.191	186.241
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		100.655	100.796	79.748
Capital work-in-progress		0.000	0.000	0.000
INVESTMENT		9.132	9.133	9.133
DEFERREX TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	79.175	70.116	43.500
	Sundry Debtors	37.242	34.644	27.126
	Cash & Bank Balances	7.531	3.061	4.155
	Other Current Assets	0.000	0.000	0.000
	Loans & Advances	134.154	94.294	66.748
Total Current Assets		258.102	202.115	141.529
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditor	4.338	15.340	4.898
	Other Current Liabilities	0.000	0.000	0.000
	Provisions	101.010	71.513	39.271
Total Current Liabilities		105.348	86.853	44.169
Net Current Assets		152.754	115.262	97.360
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		262.541	225.191	186.241

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2011	31.03.2010	31.03.2009
	SALES
		Manufacturing Goods Sold	624.181	540.317	444.678
		Sale of Scrap	2.596	2.129	2.140
		Income From Job work	0.455	0.405	0.283
		Income from Dividend	0.827	0.607	0.557
		US-64 Bond Interest	0.000	0.000	0.191
		Profit on sale of Assets	0.000	1.539	0.000
		Income from Interest	3.867	3.862	2.547
		Fringe Benefit Tax	0.000	0.024	0.000
		TOTAL (A)	631.926	548.883	450.396
Less	EXPENSES
		Increase/ (Decrease) in Stock	(16.059)	(28.919)	(1.850)
		Raw Materials consumption	371.562	324.408	254.486
		Manufacturing and Other Expenses	141.218	116.030	102.502
		Administrative Expenses	13.717	13.311	10.930
		Selling Expenses	8.606	8.656	15.530
		Short Prov. For IT	0.090	0.092	0.000
		TOTAL (B)	519.134	433.578	381.598
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		112.792	115.305	68.798
Less	FINANCIAL EXPENSES (D)		0.466	0.761	0.897
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		112.326	114.544	67.901
Less/ Add	DEPRECIATION/ AMORTISATION (F)		23.951	22.667	20.068
	PROFIT BEFORE TAX (E-F) (G)		88.375	91.877	47.833
Less	TAX (H)		27.953	29.570	15.950
	PROFIT AFTER TAX (G-H) (I)		60.422	62.307	31.883
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		10.898	9.913	4.880
Less	APPROPRIATIONS
		Transfer to General Reserve	38.000	38.000	21.000
		Dividend	20.000	20.000	5.000
		Tax on Dividend	3.322	3.322	0.850
	BALANCE CARRIED TO THE B/S		9.998	10.898	9.913
	Earnings Per Share (Rs.)		604.22	623.07	318.83

KEY RATIOS

PARTICULARS		31.03.2011	31.03.2010	31.03.2009
PAT / Total Income	(%)	9.56	11.35	7.08
Net Profit Margin (PBT/Sales)	(%)	17.02	16.74	10.62
Return on Total Assets (PBT/Total Assets}	(%)	24.63	30.33	21.62
Return on Investment (ROI) (PBT/Networth)		0.34	0.42	0.26
Debt Equity Ratio (Total Liability/Networth)		0.43	0.41	0.27
Current Ratio (Current Asset/Current Liability)		2.45	2.33	3.20

LOCAL AGENCY FURTHER INFORMATION

DETAILS OF SUNDRY CREDITORS

(Rs. In Millions)

Particulars	31.03.2011	31.03.2010	31.03.2009
Sundry Creditors
For Goods and Other Services	2.984	14.312	3.779
For Expenses	1.354	1.028	1.119
Total	4.338	15.340	4.898

Check List by Info Agents	Available in Report (Yes/ No)
Year of Establishment	Yes
Locality of the firm	Yes
Constitutions of the firm	Yes
Premises details	Yes
Type of Business	Yes
Line of Business	Yes
Promoter’s Background	--
No. of Employees	Yes
Name of person Contacted	Yes
Designation of contact person	Yes
Turnover of firm for last year	Yes
Profitability for last three years	No
Reasons for Variation <> 20%`	No
Estimation for coming financial year	No
Capital in the business	Yes
Details of sister concern	No
Major Suppliers	No
Major Customers	No
Payment Terms	Yes
Export/ Import Details (If applicable)	Yes
Market Information	--
Litigations that the firm/ Promoter involved in	--
Banking Details	Yes
Banking Facility details	--
Conduct of the banking account	--
Buyer visit details	--
Financials, fi provided	No
Incorporation details, if applicable	--
Last accounts filed at ROC	--
Major Shareholders , if available	--

PERFORMANCE OF THE COMPANY

During the year ended 31.03.2011 the company made sale of Rs.624.181 Millions as against sales of Rs.540.317 Millions of Previous year.

During the current year 2011-2012 they hope to maintain the working and profitability.

FIXED ASSETS:

· Land

· Factory Building

· Office Building

· Furniture

· Plant and Machinery

· Office Equipments

· Laboratories Equipment

· Computers

· Vehicles

CMT REPORT (Corruption, Money Laundering & Terrorism]

The Public Notice information has been collected from various sources including but not limited to: The Courts, India Prisons Service, Interpol, etc.

1] INFORMATION ON DESIGNATED PARTY

No records exist designating subject or any of its beneficial owners, controlling shareholders or senior officers as terrorist or terrorist organization or whom notice had been received that all financial transactions involving their assets have been blocked or convicted, found guilty or against whom a judgement or order had been entered in a proceedings for violating money-laundering, anti-corruption or bribery or international economic or anti-terrorism sanction laws or whose assets were seized, blocked, frozen or ordered forfeited for violation of money laundering or international anti-terrorism laws.

2] Court Declaration :

No records exist to suggest that subject is or was the subject of any formal or informal allegations, prosecutions or other official proceeding for making any prohibited payments or other improper payments to government officials for engaging in prohibited transactions or with designated parties.

3] Asset Declaration :

No records exist to suggest that the property or assets of the subject are derived from criminal conduct or a prohibited transaction.

4] Record on Financial Crime :

Charges or conviction registered against subject: None

5] Records on Violation of Anti-Corruption Laws :

Charges or investigation registered against subject: None

6] Records on Int’l Anti-Money Laundering Laws/Standards :

Charges or investigation registered against subject: None

7] Criminal Records

No available information exist that suggest that subject or any of its principals have been formally charged or convicted by a competent governmental authority for any financial crime or under any formal investigation by a competent government authority for any violation of anti-corruption laws or international anti-money laundering laws or standard.

8] Affiliation with Government :

No record exists to suggest that any director or indirect owners, controlling shareholders, director, officer or employee of the company is a government official or a family member or close business associate of a Government official.

9] Compensation Package :

Our market survey revealed that the amount of compensation sought by the subject is fair and reasonable and comparable to compensation paid to others for similar services.

10] Press Report :

No press reports / filings exists on the subject.

CORPORATE GOVERNANCE

MIRA INFORM as part of its Due Diligence do provide comments on Corporate Governance to identify management and governance. These factors often have been predictive and in some cases have created vulnerabilities to credit deterioration.

Our Governance Assessment focuses principally on the interactions between a company’s management, its Board of Directors, Shareholders and other financial stakeholders.

CONTRAVENTION

Subject is not known to have contravened any existing local laws, regulations or policies that prohibit, restrict or otherwise affect the terms and conditions that could be included in the agreement with the subject.

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.49.25
UK Pound	1	Rs.78.73
Euro	1	Rs.67.65

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	6
PAID-UP CAPITAL	1~10	5
OPERATING SCALE	1~10	6
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	5
--PROFITABILIRY	1~10	5
--LIQUIDITY	1~10	6
--LEVERAGE	1~10	6
--RESERVES	1~10	6
--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	YES
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
TOTAL		50

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	-

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

This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.