MIRA INFORM REPORT

 

 

Report Date :

03.11.2011

 

IDENTIFICATION DETAILS

 

Name :

NIPPON POLYMERS PRIVATE LIMITED

 

 

Registered Office :

Dutron House, Near Mithakhali Under Bridge, Ahmedabad – 380006, Gujarat

 

 

Country :

India

 

 

Financials (as on) :

31.03.2011

 

 

Date of Incorporation :

17.10.1981

 

 

Com. Reg. No.:

04-004707

 

 

Capital Investment / Paid-up Capital :

Rs. 1.500 Millions

 

 

CIN No.:

[Company Identification No.]

U25209GJ1981PTC004707

 

 

TAN No.:

[Tax Deduction & Collection Account No.]

AHMN00572F

 

 

Legal Form :

Private Limited Liability Company

 

 

Line of Business :

Manufacturer and Exporter of PVC Braided Hose Pipe and Plastics Sheets.

 

 

No. of Employees :

240 Approximately (In Office – 40, In Factory – 200)

 

 

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 267000

 

 

Status :

Satisfactory

 

 

Payment Behaviour :

Usually Correct

 

 

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 :

01.10.2011

 

LOCATIONS

 

Registered Office :

Dutron House, Near Mithakhali Under Bridge, Ahmedabad – 380006, Gujarat, India

Tel. No.:

91-79-26561669

Fax No.:

91-79-26420894

E-Mail :

Bba_201@yahoo.co.in

exports@dutronindia.com

dutronad1@sancharnet.in

Website :

www.dutronindia.com

Location :

Owned

 

 

Factory 1 :

Plot No.6, Phase 1, GIDC Estate, Vatwa, Ahmedabad – 382445, Gujarat, India

 

DIRECTORS

 

As on 30.09.2011

 

Name :

Mr. Sudip Bipinchandra Patel

Designation :

Director

Address :

8, Golden Tulip Bunglow, B/s Shreyas Foundation, Ambawadi, Ahmedabad- 380015, Gujarat, India

Date of Birth/Age :

24.06.1962

Date of Appointment :

28.06.1993

DIN No.:

00226676

Other Directorship:

 

S.No.

CIN

Name of the Company

Current designation of the director

Date of appointment at current designation

Original date of appointment

Date of cessation

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- 380015, Gujarat, India

Date of Birth/Age :

15.07.1967

Date of Appointment :

28.06.1993

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

Date of cessation

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- 380015, Gujarat, India

Date of Birth/Age :

03.03.1968

Date of Appointment :

01.04.1994

DIN No.:

00226723

Other Directorship:

 

S.No.

CIN

Name of the Company

Current designation of the director

Date of appointment at current designation

Original date of appointment

Date of cessation

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

 

KEY EXECUTIVES

 

Name :

Ms. Trupti Shah

Designation :

Export Department

 

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

 

As on 30.09.2011

 

Names of Shareholders

No. of Shares

Percentage of Holding

Hasmukhlal Patel HUF

 

26500

Kapilaben H Patel

 

7500

Rasesh H Patel

 

10500

Sudipbhai B Patel

 

35000

Sandip B Patel

 

20000

Alpeshkumar B Patel

 

20000

Jyotiben S Patel

 

5250

Truptiben A Patel

 

5250

Nilaya S Patel

 

2500

Pooja A Patel (Minor)

 

2500

Nisha A Patel

 

2500

Boomi S Patel

 

2500

Rupal R Patel

 

10000

TOTAL

 

150000

 

Equity Share Break up (Percentage of Total Equity)

 

As on 30.09.2011

 

Category

Percentage

Directors or relatives of Directors

100.00

Total

100.00

 

BUSINESS DETAILS

 

Line of Business :

240 Approximately (In Office – 40, In Factory – 200)

 

 

Exports :

 

Products :

Pipe and Plastic Sheet

Countries :
  • Saudi Arab
  • Dubai
  • UAE
  • Oman

 

 

Imports :

 

Products :

Raw Material

Countries :
  • Korea
  • Singapore
  • Japan

 

 

Terms :

 

Selling :

Cash and Credit

 

 

Purchasing :

Cash and Credit

 

GENERAL INFORMATION

 

Customers :

Retailers and End User

 

 

No. of Employees :

240- Approximately (in Office – 40, In Factory – 200)

 

 

Bankers :

Corporation Bank

 

 

Facilities :

Unsecured Loan

As on

31.03.2011

(Rs. in

Millions)

As on

31.03.2010

(Rs. in

Millions)

From Director

2.012

1.846

Customers Security Deposits

0.900

0.915

Total

2.912

2.761

 

Banking Relations :

--

 

 

Auditors :

 

Name :

Baheti Bhadada and Associates

Chartered Accountants

Address :

201, Shaily Complex, Ashram Road, Ahmedabad – 380009, Gujarat, India

PAN.:

AAEFB4057A

 

 

Subsidiaries, Fellow Subsidiaries  and Associates  :
  • Cosmofil Plastisack Private Limited
  • Dutron Plastics Limited
  • Dutron Polymers Limited
  • Dutron Telecom Private Limited
  • Dutron Plastics (Bharuch)
  • Dutron Polymers (firm)
  • Dura Vinyle Industries
  • Technoplast Engineering Company

 

 

CAPITAL STRUCTURE

 

As on 31.03.2011

 

Authorised Capital :

No. of Shares

Type

Value

Amount

150000

Equity Shares

Rs.10/- each

Rs. 1.500 Millions

 

 

 

 

 

Issued, Subscribed & Paid-up Capital :

No. of Shares

Type

Value

Amount

150000

Equity Shares

(out of which 120000 Equity shares of Rs. 10 each issued as Bonus Shares)

Rs.10/- each

Rs. 1.500 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

1.500

1.500

1.500

2] Share Application Money

0.000

0.000

0.000

3] Reserves & Surplus

65.258

60.365

50.078

4] (Accumulated Losses)

0.000

0.000

0.000

NETWORTH

66.758

61.865

51.578

LOAN FUNDS

 

 

 

1] Secured Loans

0.000

0.000

0.000

2] Unsecured Loans

2.912

2.761

3.938

TOTAL BORROWING

2.912

2.761

3.938

DEFERRED TAX LIABILITIES

0.000

0.000

0.000

 

 

 

 

TOTAL

69.670

64.626

55.516

 

 

 

 

APPLICATION OF FUNDS

 

 

 

 

 

 

 

FIXED ASSETS [Net Block]

15.406

13.276

14.607

Capital work-in-progress

0.000

0.000

0.000

 

 

 

 

INVESTMENT

6.692

6.692

6.692

DEFERREX TAX ASSETS

0.000

0.000

0.000

 

 

 

 

CURRENT ASSETS, LOANS & ADVANCES

 

 

 

 

Inventories
27.449

23.153

18.737

 

Sundry Debtors
19.199

18.897

17.311

 

Cash & Bank Balances
4.889

2.292

0.680

 

Other Current Assets
0.000

0.000

0.000

 

Loans & Advances
17.650

17.443

5.839

Total Current Assets
69.187

61.785

42.567

Less : CURRENT LIABILITIES & PROVISIONS
 

 

 

 

Sundry Creditors
1.508

2.419

0.712

 

Other Current Liabilities
0.000

0.000

0.000

 

Provisions
19.107

14.708

7.638

Total Current Liabilities
20.615

17.128

8.350

Net Current Assets
48.572

44.657

34.217

 

 

 

 

MISCELLANEOUS EXPENSES

0.000

0.000

0.000

 

 

 

 

TOTAL

69.670

64.626

55.516

 

 

 

 

PROFIT & LOSS ACCOUNT

 

 

PARTICULARS

31.03.2011

31.03.2010

31.03.2009

 

SALES

 

 

 

 

 

Manufacturing Goods Sold

169.819

164.483

143.648

 

 

Sale of Scrap

0.663

0.677

0.404

 

 

Income from Dividend

0.663

0.488

0.399

 

 

Interest Income

0.550

0.000

0.000

 

 

Excess Provision for Tax

0.000

0.003

0.007

 

 

Sales Tax

0.000

0.256

0.000

 

 

TOTAL                                     (A)

171.695

165.907

144.458

 

 

 

 

 

Less

EXPENSES

 

 

 

 

 

Increase/Decrease in Stock

(2.271)

5.274

(0.869)

 

 

Raw Material Consumption

106.909

90.850

87.656

 

 

Manufacturing & Other Expenses

45.341

41.027

37.260

 

 

Administrative Expenses

4.512

4.328

3.688

 

 

Selling Expenses

1.567

1.368

3.224

 

 

TOTAL                                     (B)

156.058

142.847

130.959

 

 

 

 

 

Less

PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B)      (C)

15.637

23.060

13.499

 

 

 

 

 

Less

FINANCIAL EXPENSES                         (D)

0.077

0.236

1.047

 

 

 

 

 

 

PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D)                                       (E)

15.560

22.824

12.452

 

 

 

 

 

Less/ Add

DEPRECIATION/ AMORTISATION                     (F)

1.994

1.930

2.174

 

 

 

 

 

 

PROFIT BEFORE TAX (E-F)                               (G)

13.566

20.894

10.278

 

 

 

 

 

Less

TAX                                                                  (H)

4.175

7.109

3.158

 

 

 

 

 

 

PROFIT AFTER TAX (G-H)                                (I)

9.391

13.785

7.120

 

 

 

 

 

Add

PREVIOUS YEARS’ BALANCE BROUGHT FORWARD

3.365

1.578

1.213

 

 

12.756

15.363

8.333

Less

APPROPRIATIONS

 

 

 

 

 

Proposed dividend

3.000

3.000

1.500

 

 

Tax on Dividend

0.498

0.498

0.255

 

 

Transferred to General Reserve

6.000

8.500

5.000

 

BALANCE CARRIED TO THE B/S

3.258

3.365

1.578

 

 

 

 

 

 

EARNINGS IN FOREIGN CURRENCY

26.133

26.039

22.152

 

 

 

 

 

 

Earnings Per Share (Rs.)

62.60

91.90

47.46

 

 

KEY RATIOS

 

PARTICULARS

 

 

31.03.2011

31.03.2010

31.03.2009

PAT / Total Income

(%)
5.47

8.31

4.93

 

 
 

 

 

Net Profit Margin

(PBT/Sales)

(%)
7.99

12.70

7.15

 

 
 

 

 

Return on Total Assets

(PBT/Total Assets}

(%)
16.04

27.84

17.98

 

 
 

 

 

Return on Investment (ROI)

(PBT/Networth)

 
0.20

0.34

0.20

 

 
 

 

 

Debt Equity Ratio

(Total Liability/Networth)

 
0.35

0.35

0.24

 

 
 

 

 

Current Ratio

(Current Asset/Current Liability)

 
3.36

3.61

5.10

 

 

 

LOCAL AGENCY FURTHER INFORMATION

 

DETAILS OF SUNDRY CREDITORS

                                                                                                                                    (Rs In Millions)

Particular

31.03.2011

31.03.2010

31.03.2009

Sundry Creditors

 

 

 

For goods and Other Services

0.033

1.643

0.068

For Expenses

1.475

0.776

0.644

TOTAL

1.508

2.419

0.712

 

 

Check list by Info Agents

 

Available in Reports ( Yes/No)
  1. Year Of Establishment

Yes
  1. Locality of the Firm

Yes
  1. Constitutions of the Firm

Yes
  1. Premises Details

Yes
  1. Type Of Business

Yes
  1. Line of Business

Yes
  1. Promoter’s Background

--
  1. No. of Employees

Yes
  1. Name of person contacted

Yes
  1. Designation of contact person

Yes
  1. Turnover of Firm fort last three years

Yes
  1. Profitability for last three years

No
  1. Reasons For Variation<>20%

No
  1. Estimation for coming financial year

No
  1. Capital in Business

Yes
  1. Details of Sister Concern

Yes
  1. Major Suppliers

No
  1. Major Customers

No
  1. Payment Terms

Yes
  1. Export / Import Details (if Applicable)

Yes
  1. Market Information

--
  1. Litigations that the firm / Promoter involved in

--
  1. Banking Details

Yes
  1. Banking Facility Details

No
  1. Conduct of the banking account

--
  1. Buyer visit details

--
  1. Financial, if provided

No
  1. Incorporation details, if applicable

--
  1. Last Account filed at ROC

--
  1. Major shareholder , if available

--

 

DETAILS OF SUNDRY CREDITORS

 

Particular

31.03.2011

31.03.2010

31.03.2009

Sundry Creditors

 

 

 

For goods and Other Services

0.033

1.643

0.068

For Expenses

1.475

0.776

0.644

TOTAL

1.508

2.419

0.712

 

PERFORMANCE OF THE COMPANY

 

During the year ended 31.03.2011 the company made sale of Rs. 169.819 Millions as against sales of Rs. 164.483 Millions of previous year.

 

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

 

FIXED ASSETS

 

  • Land
  • Factory Building
  • Office Building
  • Furniture
  • Electric Fittings
  • Plant and Machinery
  • Factory Equipment
  • Office Equipment
  • Computers
  • Vehicle
  • Dies and Moulds

 

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.78.23

Euro

1

Rs.67.64

 

 

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

YES

--AFFILIATION

YES/NO

YES

--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

-

 

 

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.