MIRA INFORM REPORT
|
Report Date : |
16.11.2006 |
IDENTIFICATION DETAILS
|
Name : |
DUJODWALA RESINS AND
TERPENES LIMITED |
|
|
|
|
Registered Office : |
812/813, Tulsiani Chambers,
312, Nariman Point, Mumbai - 400 021, Maharashtra, India |
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Country : |
India
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|
Financials (as on) : |
31.03.2004 |
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Date of Incorporation : |
17.11.1976 |
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Com. Reg. No.: |
11-19323 |
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CIN No.: [Company Identification No.] |
U99999MH1976PTC019323 |
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|
|
|
TAN No.: [Tax Deduction & Collection Account No.] |
MUMM16127G
/ MUMD11068B |
|
|
|
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PAN No.: [Permanent Account No.] |
AAACD1850A |
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|
Legal Form : |
Closely
Held Public Limited Liability Company |
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|
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|
Line of Business : |
Manufacturers of Rosins, Resins
and Camphor and also engaged as Processors, Refiners, Importers, Exporters,
Distributors, Traders of a dealers is a Synthetic Product. |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba |
RATING
|
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is
considered normal. Capable to meet normal commitments. |
Satisfactory |
|
Maximum Credit Limit : |
USD 950000 |
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|
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|
Status : |
Satisfactory |
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Payment Behaviour : |
Slow but Correct |
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Litigation : |
Clear |
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Comments : |
Subject is a well
established company having satisfactory track. Directors are reported as
experienced, respectable and resourceful businessmen. Their trade relations are
fair. General financial position is satisfactory. Payments are usually
correct and as per commitments. The company can be considered normal for
business dealings at usual trade terms and conditions. |
LOCATIONS
|
Registered Office : |
812/813, Tulsiani Chambers,
312, Nariman Point, Mumbai - 400 021, Maharashtra, India |
|
Tel. No.: |
91-22-22841281/82/83/84 |
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Fax No.: |
91-22-22824089/2854614 |
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E-Mail : |
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|
Website : |
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|
Area : |
2000
sq.ft |
|
Location : |
Owned
|
|
|
|
|
Factory : |
·
Industrial Complex,
Bari Brahamana, Jammu – 181 133, India Tel.
91-191-2220246 Fax.
91-191-2322240 ·
Atkargaon, Takai Adoshi
Road, Off Khopoli Pen Road, Tal.: Khalapur, Khopoli, Dist. Raigad – 410 203,
Maharashtra, India Tel.
No.: 91-2142-262893/262894/263401/263402 ·
Also located at Delhi,
Kolkata, Bangalore, Chennai and Hyderabad. |
|
Area : |
525000
sq. ft |
|
Location : |
Leased
|
|
|
|
|
Branches : |
Located at:- ·
New Delhi ·
Chennai, Tamilnadu ·
Kolkata, West Bengal ·
Bangalore, Karnataka ·
Ahmedabad, Gujarat ·
Secunderabad, Andhra
Pradesh ·
Faridabad, Haryana ·
Madurai, Tamilnadu |
DIRECTORS
|
Name : |
Mr. Ramgopal M. Dujodwala |
|
Designation : |
Director |
|
Address |
87,Sindhu Building, Flat
No.6, Marine Lines, Mumbai - 400 002, Maharashtra |
|
Age |
83 Years |
|
Date of Joining |
04.10.1984 |
|
|
|
|
Name : |
Mr. Kamal R. Dujowala |
|
Designation : |
Director |
|
Address |
48, Jaldar Sham, 51, Nepean
Sea Road, Mumbai - 400 036, Maharashtra |
|
Age |
54 Years |
|
Qualification |
B. Sc. |
|
Experience |
30 Years |
|
|
|
|
Name : |
Mr. Ramavatar O. Kanodia |
|
Designation : |
Director |
|
Address |
401, Prakash Appartment,
Ranisati Marg, Malad (East), Mumbai - 400 099, Maharashtra |
|
Age |
70 Years |
|
Qualification |
B.A. |
|
Experience |
35 Years |
|
|
|
|
Name : |
Mr. Omprakash R. Dujodwala |
|
Designation : |
Director |
|
Address |
172, Rambha Building,67,
Nepean Sea Road, Mumbai - 400 036, Maharashtra |
|
Age |
56 Years |
|
Qualification |
B.A. |
|
Experience |
30 Years |
|
|
|
|
Name : |
Mr. Ashok P. Motwani |
|
Designation : |
Director |
|
Address |
F/24, Kundan Garden, Opposite
Lido Cinema, Santracruz (West), Mumbai-400 057, Maharashtra |
|
Date of Joining |
09/11/1997 |
MAJOR SHAREHOLDERS
|
Names of Shareholders |
|
No. of Shares |
|
|
|
|
|
Promoters |
|
25400000 |
|
IDBI |
|
4900000 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturers of Rosins,
Resins and Camphor and also engaged as Processors, Refiners, Importers,
Exporters, Distributors, Traders of a dealers is a Synthetic Product. |
|
|
|
|
Products : |
·
Rosins ·
Resins ·
Camphor ·
Synthetic Product |
PRODUCTION STATUS
|
Particulars |
|
Unit |
Installed Capacity |
Actual Production |
|
|
|
|
|
|
|
Rosin, Imposture &
Derivatives |
|
TPA |
12000 |
9659 |
GENERAL INFORMATION
|
No. of Employees : |
Around
320 |
|
|
|
|
Bankers : |
·
The Jammu and Kashmir
Bank Limited Fort,
Mumbai, Maharashtra ·
The Jammu and Kashmir
Bank Limited Jammu,
Jammu & Kashmir |
|
|
|
|
Facilities : |
The
company enjoys Credit Limit facility of Rs. 250 millions from it’s bankers. |
|
|
|
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Banking Relations : |
Satisfactory
|
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|
|
Auditors : |
Sunderlal Desai and Kanodia Chartered Accountants 903, Arcadia, NCPA, Nariman
Point, Mumbai – 400 021, Maharashtra, India |
|
Tel. No.: |
91-22-22832801 |
CAPITAL STRUCTURE
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
32,50,000 |
Equity Shares |
Rs.10/- |
Rs. 32.500 millions |
Issued, Subscribed
& Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
30, 30,000 |
Equity Shares |
Rs.10/- |
Rs. 30.300 millions |
FINANCIAL
DATA
[all figures are in Rupees Millions]
ABRIDGED
BALANCE SHEET
|
SOURCES OF FUNDS |
31.03.2004 |
31.03.2003 |
31.03.2002 |
|
SHAREHOLDERS
FUNDS |
|
|
|
|
1]
Share Capital |
30.300 |
30.300 |
30.300 |
|
2]
Reserves & Surplus |
214.445 |
216.591 |
234.413 |
NETWORTH
|
244.745 |
246.891 |
264.713 |
|
|
|
|
|
|
LOAN
FUNDS |
|
|
|
|
1]
Secured Loans |
163.129 |
157.951 |
149.658 |
|
2]
Unsecured Loans |
0.000 |
0.000 |
0.000 |
TOTAL BORROWING
|
163.129 |
157.951 |
149.658 |
|
DEFERRED TAX LIABILITIES |
22.557 |
21.638 |
0.000 |
|
|
|
|
|
TOTAL
|
430.431 |
426.480 |
414.371 |
|
|
|
|
|
|
APPLICATION
OF FUNDS |
|
|
|
|
|
|
|
|
|
FIXED
ASSETS [Net Block] |
97.903 |
100.606 |
105.930 |
|
Capital
work-in-progress |
-- |
-- |
-- |
|
|
|
|
|
|
INVESTMENTS |
11.449 |
11.449 |
11.449 |
|
|
|
|
|
|
CURRENT
ASSETS, LOANS & ADVANCES |
|
|
|
|
|
173.189 |
162.338 |
|
|
Sundry
Debtors |
206.728 |
213.287 |
|
|
Cash
& Bank Balances |
10.743 |
5.808 |
381.861 |
|
Loans
& Advances |
20.009 |
31.396 |
|
|
Total Current Assets |
410.669 |
412.829 |
381.861 |
|
Less:
CURRENT LIABILITIES & PROVISIONS |
|
|
|
|
Current
Liabilities |
85.728 |
93.695 |
84.869 |
Provisions
|
3.862 |
4.709 |
0.000 |
Total Current Liabilities
|
89.590 |
98.404 |
84.869 |
Net
Current Assets
|
321.079 |
314.425 |
296.992 |
|
|
|
|
|
TOTAL
|
430.431 |
426.480 |
414.371 |
PROFIT & LOSS ACCOUNT
|
PARTICULARS |
31.03.2004 |
31.03.2003 |
31.03.2002 |
|
Sales
Turnover [including other income] |
478.055 |
465.165 |
418.695 |
|
|
|
|
|
|
Profit/(Loss)
Before Tax |
3.207 |
8.733 |
8.238 |
|
Provision
for Taxation |
1.333 |
1.786 |
0.700 |
|
Profit/(Loss)
After Tax |
1.874 |
6.947 |
7.538 |
|
|
|
|
|
Export Value
|
58.273 |
46.969 |
NA |
|
|
|
|
|
Import Value
|
157.447 |
116.215 |
NA |
|
|
|
|
|
Total
Expenditure
|
471.603 |
420.910 |
410.457 |
KEY RATIOS
|
PARTICULARS |
|
31.03.2004 |
31.03.2003 |
31.03.2002 |
PAT / Total Income
|
(%)
|
0.39
|
1.49 |
1.80 |
|
|
|
|
|
|
Net Profit Margin
(PBT/Sales) |
(%) |
0.67
|
1.87 |
1.96 |
|
|
|
|
|
|
Return on Total Assets
(PBT/Total Assets} |
(%) |
0.61
|
1.66 |
1.65 |
|
|
|
|
|
|
Return on Investment (ROI)
(PBT/Networth) |
|
0.01
|
0.03 |
0.03 |
|
|
|
|
|
|
Debt Equity Ratio
(Total Liability/Networth) |
|
2.12
|
2.12 |
1.88 |
|
|
|
|
|
|
Current Ratio
(Current Asset/Current
Liability) |
|
4.58
|
4.19 |
4.49 |
LOCAL AGENCY FURTHER INFORMATION
Profile
When
one talks of the Indian Rosin Industry, one cannot but talk of the House of Dujodwala,
the oldest and the largest primary producers of Rosin in the private sector in
India. From small beginnings with a small scale unit in 1949 for manufacturing
Rosin and Turpentine, the Dujodwalas have today emerged as the dominant players
in the field of Rosins and Rosin Derivatives, Terpene Chemicals, Synthetic
Resin, Alkyl Phenolic Resin, Pure Phenolic Resin, Foundry Resin, Ester gum,
Ketonic Resin, Polyester Resin and Camphor.
With
investments of over Rs. 200 million in fixed assets, mostly out of owned funds,
and with an established product range and economic size of operations, the
traditionally conservative House of Dujodwalas is now all set to embrace the
new culture of privatization and integration with global economy, that is now
sweeping India. In this context, the House of Dujodwalas, driven by an
ambitious younger generation, is drawing up plans for across-the-board
investments in forward integration and downstream projects.
PEOPLE BEHIND THE GROUP:
The House of Dujodwalas owes its existence
and sustained growth to the seventy-year young Mr. Ramgopal M. Dujodwala, A
pioneer in the field of Rosin and Terpene Chemicals. His vision and innovation
backed by a missionary zeal, has led to all-round steady growth with solid
foundations in production and marketing of the Groups' products.
GROUP'S STRENGTH
A)
Product Strength:
i
) Leaders in the field of Organic & Inorganic Chemicals like Rosin, Terpene
Chemicals and Camphor.
ii
) Successful diversification into Synthetic Resins like Phenolic, Polyester and
Foundry Resin.
B)
Organisational and Managerial Strengths:
i
) Dujodwala family has over 40 years experience in the Resin, Terpenes and its
Derivatives Industry.
ii )
They are supported by professional Board of Directors drawn from experienced
and eminent personalities in business and industry in India.
iii )
The Managerial team is comprised of highly qualified professionals in the
respective disciplines.
C)
Marketing and Infrastructural Strengths:
i
) Well - oiled marketing network spread all over India.
ii )
Offices in prime localities of important metros and towns in India.
iii )
Computerised and automated systems and communications network.
D)
Goodwill:
The
House of Dujodwala carries enormous goodwill of its business associates and
customers. The Group's commitment to business ethics and professional integrity
has enabled it to forge long term association with suppliers and customers.
Products
|
. NO. |
PRODUCTS |
USES |
|
1. |
GUM ROSIN |
Paper, Paint, Lobhan &
Ink |
|
2. |
TURPENTINE OIL |
Paint, Rubber and Terpene
chemicals |
|
3. |
PINE OIL |
Preparation of household
cleaners, coal washeries, for recovery of copper lead, Zinc in forth floatation
process, paper industry, and textile industry. |
|
4. |
TERPINEOL |
Soaps, toiletry, industrial
perfumes and Natural disinfactant. |
|
5. |
DIPENTINE |
Paints, varnishes and
enamels, shoe polishes, leather dressing and industrial cleaners, Rubber insecticides
and lubricating additives. |
|
6. |
CAMPHOR |
Pharmaceuticals, pooja,
insect repellents, air purifier, air freshner, pain relieving medicines,
confectionery, cough syrups. |
|
7. |
CAMPHOR OIL |
Dant Manjan, hair oils and masking
agent for bad odours. |
|
8. |
SODIUM ACETATE |
Textile dyes intermediates,
textile dying and eletroplating. |
|
9. |
ROSIN MODIFIED MALEIC RESIN |
Glossy varnish lacquers,
enamel, printing ink, flexographic ink. |
|
10. |
ROSIN MODIFIED PHENOLIC RESIN |
Oil varnish, enamel, baking
varnish, electric insulating enamel and offset ink. |
|
11. |
ESTER GUM |
Chewing gum, bubble gum,
confectionries, beverages and general purpose adhesives, tyres, tubes and
other industrial products. |
|
12. |
PAPER SIZING CHEMICAL |
Sizing of paper, paper
board. |
|
13. |
TERPENE PHENOLIC RESIN |
Rubber industry, adhesive
tapes, surgical tapes, plywood planks cello Phones, printing ink and surface
coating. |
|
14. |
PINE TAR |
Soaps, Rubber, etc. |
|
15. |
LONGIFOLENE |
Perfumery chemicals,
cosmetic products, soaps detergents, deodorents, and fabric products. |
|
16. |
TERPENE RESIN |
Rubber, adhesive and tyres. |
|
17. |
ALKYL PHENOLIC RESIN |
Rubber industry, adhesive for
leather, shoe industry and tyre industry. |
|
18. |
POLYESTER RESIN |
Fiberglass industry |
|
19. |
PHENOLIC RESIN |
Paper coating, rubber
industry, foundries and electrical switches. |
|
20. |
KETONIC RESIN |
Ball point inks, flexographic
inks, and gravure printing ink. |
|
21. |
POLYAMIDE RESINS |
Surface coating inks &
hot melt adhesives. |
|
22. |
FOUNDRY RESIN |
Foundry sand moulding and
core making. |
Awards
Mr. R. M. Dujodwala (Chairman - Dujodwala Resins & Turpentines Limited) receiving Rajiv Gandhi Excellence Award.
Mr. R. M. Dujodwala (Chairman - Dujodwala Resins & Turpentines Limited) receiving Award from Mother Teresa.
Udyog Rattan Award from Institute of Economic Studies in respect of help to economic development in country.
The company’s fixed assets of
important value include Leasehold Land, Factory Building, Plant &
Machinery, Office Premises, Godown and Computer.
It’s products range include
:-
v
Gum Rosin
v
Turpentine Oil
v
Pine Oil
v
Terpineol
v
Dipentine
v
Camphor
v
Camphor Oil
v
Sodium Acetate
v
Rosin Modified Maleic
Resin
v
Rosin Modified Phenolic
Resin
v
Ester Gum
v
Paper Sizing Chemicals
v
Terpene Phenolic Resin
v
Pine Tar
v
Longifolene
v
Terpene Resin
v
Alkyl Phenolic Resin
v
Polyester Resin
v
Phenolic Resin
v
Ketonic Resin
v
Polyamide Resins
v
Foundry Resin
OFFICES NETWORK
SALES
& TECHNICAL SERVICES PROVIDED AT FOLLOWING PLACES
|
NEW DELHI |
CHENNAI |
|
CALCUTTA |
BANGALORE |
|
SECUNDERABAD (HYDERABAD) |
FARIDABAD (HARYANA) |
|
MADURAI |
PONDICHERY |
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. 45.17 |
|
UK
Pound |
1 |
Rs. 85.24 |
|
Euro |
1 |
Rs. 57.89 |
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
|
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 |
Unfavourable &
favourable factors carry similar weight in credit consideration. Capability to
overcome financial difficulties seems comparatively below average/normal. |
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 |