MIRA
INFORM REPORT
|
Report Date : |
1.09.2008 |
IDENTIFICATION
DETAILS
|
Name : |
DUJODWALA RESINS AND TERPENES
LIMITED |
|
|
|
|
Registered Office : |
812/813,Tulsiani Chambers, 312, Nariman Point , Mumbai – 400021 ,
Maharashtra |
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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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|
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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 : |
A Closely held public limited liability company |
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Line of Business : |
Manufacturer, Exporter and Importer of Rasins , Resins and Camphar and
also deal in 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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|
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 The Company has not filed its latest financials with the Government
Department and the Management declined to part the same. |
INFORMATION PARTED
BY
|
Name : |
Mr.Ravi Nair |
|
Designation : |
Finance Executive |
|
Date : |
26.08.2008 |
LOCATIONS
|
Registered Office : |
812/813,Tulsiani Chambers, 312, Nariman Point , Mumbai – 400021 ,
Maharashtra |
|
Tel. No.: |
91-22- 22824089 |
|
Fax No.: |
91-22-22841281 |
|
E-Mail : |
power@bom3.vsnl.net.in |
|
Website : |
www.dujodwala.com |
|
Area : |
1800 Sq.fts. |
|
Location : |
Owned |
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|
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|
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 |
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|
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Branches : |
Located at:-
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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 |
52 Years |
|
Qualification |
MSC |
|
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 |
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Age |
56 Years |
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Qualification |
B.A. |
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Experience |
30 Years |
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|
|
|
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 |
|
|
|
|
Name : |
Mr.Pankaj Dujodwala |
|
Designation : |
Director |
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Age |
48 Years |
|
Qualification |
MBA |
MAJOR SHAREHOLDERS
/ SHAREHOLDING PATTERN
|
Names of Shareholders |
|
No. of Shares |
|
|
|
|
|
Promoters |
|
25400000 |
|
IDBI |
|
4900000 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer, Exporter and Importer of Rasins , Resins and Camphar and
also deal in Synthetic Product. |
|
|
|
|
Products : |
· Rosins · Resins · Camphor · Synthetic Product |
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Exports : |
|
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Countries : |
v Middle East v Germany v Africa |
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Imports : |
|
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Countries : |
v Vietnam v Russia v Indonasia v Brazil v China |
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Terms : |
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Selling : |
L/C , Credit |
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Purchasing : |
L/C , Credit |
PRODUCTION STATUS
|
Particulars |
|
Unit |
Installed Capacity |
Actual Production |
|
|
|
|
|
|
|
Rosin, Imposture & Derivatives |
|
TPA |
12000 |
9659 |
GENERAL
INFORMATION
|
Customers : |
Manufacturer |
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No. of Employees : |
350 (in office-50 / in factory 300) |
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|
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Bankers : |
Fort, Mumbai, Maharashtra
Jammu & Kashmir
Back buy Reclamacticen Branch |
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Facilities : |
CC - Rs. 300.000 millions |
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Banking
Relations : |
Satisfactory |
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Auditors : |
|
|
Name : |
Sunderlal Desai and Kanodia Chartered Accountants 903, Arcadia, NCPA, Nariman Point, Mumbai – 400 021, Maharashtra, India |
|
Tel. No: |
91-22-22832801 |
|
.: |
|
|
|
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Associates/Subsidiaries : |
Nil |
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]
|
Particulars |
|
|
31.03.2008 |
|
Sales Turnover |
|
|
1000.000 |
|
|
|
|
|
ABRIDGED BALANCE SHEET
|
SOURCES OF FUNDS |
31.03.2004 |
31.03.2003 |
31.03.2005 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
30.300 |
30.300 |
30.300 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
214.445 |
216.591 |
234.413 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
|
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 |
|
|
|
|
|
|
|
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TOTAL |
43.0431 |
426.480 |
414.371 |
|
|
|
|
|
|
|
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APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
97.903 |
100.606 |
105.930 |
|
|
Capital work-in-progress |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
INVESTMENT |
11.449 |
11.449 |
11.449 |
|
|
DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
173.189
|
162.338 |
0.000 |
|
|
Sundry Debtors |
206.728
|
213.287 |
0.000 |
|
|
Cash & Bank Balances |
10.743
|
5.808 |
381.861 |
|
|
Loans & Advances |
20.009
|
31.396 |
0.000 |
|
|
Other Current Assets |
0.000
|
0.000 |
0.000 |
|
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 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
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 |
TRADE REFERENCES:
- Asian Paints
- Nerolac
- Godrej
- MRF
- Johnson and Johnson
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.43.79 |
|
UK Pound |
1 |
Rs.80.05 |
|
Euro |
1 |
Rs.64.56 |
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 |
Unfavourable & favourable factors carry similar weight in credit consideration.
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 |
|
NR |
In view of the lack of information, we have no basis upon which to
recommend credit dealings |
No Rating |
|