MIRA INFORM REPORT

Report Date :

16.09.2013

IDENTIFICATION DETAILS

Name :	DUJODWALA PAPER CHEMICALS LIMITED
Registered Office :	Atkargaon Takai-Adoshi Road, Khalapur, Khopoli, Raigad – 410203, Maharashtra
Country :	India
Financials (as on) :	31.03.2012
Date of Incorporation :	10.06.1987
Com. Reg. No.:	11-043709
Capital Investment / Paid-up Capital :	Rs.61.686 Millions
CIN No.: [Company Identification No.]	L24130MH1987PLC43709
TAN No.: [Tax Deduction & Collection Account No.]	MUMD11066G MUMM16128A MUMD09821A
PAN No.: [Permanent Account No.]	AAACD1848A
Legal Form :	A Public Limited Liability Company. The Company’s Shares are Listed on the Stock Exchanges.
Line of Business :	Subject is engaged in the manufacturing and selling of Rosin and Rosin Size, Synthetic Resins and other Terpene Chemicals and its products.
No. of Employees :	Not Available

RATING & COMMENTS

MIRA’s Rating :

Ba (49)

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

Maximum Credit Limit :	USD 1200000
Status :	Satisfactory
Payment Behaviour :	Usually correct
Litigation :	Exists
Comments :	Subject is an established company having satisfactory track record. External borrowing of the company has increased over previous year. However, overall financial of the company appears to be decent. Trade relation are fair. Business is active. Payment terms are usually correct. The company can be considered for business dealing at usual trade terms and condition.

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 – March 31^st, 2013

Country Name	Previous Rating (31.12.2012)	Current Rating (31.03.2013)
India	A1	A1

Risk Category	ECGC Classification
Insignificant	A1
Low	A2
Moderate	B1
High	B2
Very High	C1
Restricted	C2
Off-credit	D

INDIAN ECONOMIC OVERVIEW

We are living in a world where volatility and uncertainty have become the New Normal. We saw a change of government in countries like Tunisia, Egypt, Libya and Vietnam. Once powerful countries in Europe are now fighting for bankruptcy. We have taken growth in the developing part of the world for granted but economic growth in China and India has begun to slow. Companies that were synonymous with their product categories just a few years ago are now no longer in existence. Kodak, the inventor of the digital camera had to wind up its operations, HMV, the British entertainment retailing company and Borders, once the second largest bookstore have shut down due to their inability to evolve their business models with the changing time. Readers’ Digest, Thomson Register are no more !

There is another megatrend happening. The World order is changing as economic power shifts from West to East. According to McKinsey study, it took Britain more than 100 years to double its economic output per person during its industrial revolution and the US later took more than 50 years to do the same. More than a century later, China and India have doubled their GDP per capital in 12 and 18 years respectively. By 2020, emerging Asia will become the world’s largest consuming block, overtaking North America.

The years after the outbreak of the global financial crisis, the world economy continues to remain fragile. The Indian economy demonstrated remarkable resilience in the initial years of the contagion but finally lost ground last year. GDP growth slowed down. Currency has been weakening. There is a marked deceleration in agriculture, industry and services. Dampening sentiment led to a cut-back in investment as well as private consumption expenditure.  Inflation remained at high levels fuelled by the pressure from the food and fuel sectors. The large fiscal and current account deficit s continued to cause grave concern. It is imperative that India regains its growth trajectory of 8-9 % sooner than later. This is crucially important given the need to create gainful livelihood opportunities for the millions living in poverty as also the large contingent of young people joining the job market every year.

RBI DEFAULTERS’ LIST STATUS

Subject’s name is not enlisted as a defaulter in the publicly available RBI Defaulters’ list.

EPF (Employee Provident Fund) DEFAULTERS’ LIST STATUS

Subject’s name is not enlisted as a defaulter in the publicly available EPF (Employee Provident Fund) Defaulters’ list as of 31-03-2012.

LOCATIONS

Registered Office / Factory :	Atkargaon Takai-Adoshi Road, Khalapur, Khopoli, Raigad – 410203, Maharashtra, India
Tel. No.:	91-2192-329253
Fax No.:	Not Available
E-Mail :	resins@dcpl.net
Website :	www.dpcl.net
Corporate Office :	907, Raheja Centre, 214, Nariman Point, Mumbai – 400021, Maharashtra, India
Tel. No.:	91-22-67522780/67522781/67522782/67522783
Fax No.:	91-22-67522784
Regional Office 1 :	117, Indraprakash Building, 21, Narakhambha Road, New Delhi – 110001, India
Tel. No.:	91-11-30483226
Fax No.:	91-11-30483222
Regional Office 2 :	Everest House, 15^th Floor, Room No. 15 A (2), 46 C, Chowringhee Road, Kolkata – 700071, West Bengal, India
Tel. No.:	91-33-30588821
Fax No.:	91-33-30588825
Regional Office 3 :	No. 27, First Cross Street, Sripuram Colony, St. Thomas Mount, Chennai – 600016, Tamilnadu, India
Tel. No.:	91-44-22313053
Fax No.:	91-44-22313053
Regional Office 4 :	# 47, 9^th Cross Road, Opposite to Sri Satyanarayan Kalyan Mantap, J. C. Nagar, Kurubarahalli, Bangalore– 560086, Karnataka, India

DIRECTORS

As on 29.09.2012

Name :

Mr. Omprakash Ramgopal Dujodwala

Designation :

Whole-time director

Address :

201, Rambha Building, 66, Nepeansea Road, Mumbai – 400036, Maharashtra, India

Date of Birth/Age :

22.09.1948

Date of Appointment :

11.07.2005

PAN No.:

AABPD4439R

DIN No. :

00388848

Name :

Mr. Vineet Omprakash Dujodwala

Designation :

Whole-time director

Address :

201, Rambha Building, 66, Nepeansea Road, Mumbai – 400036, Maharashtra, India

Date of Birth/Age :

27.10.1975

Date of Appointment :

31.01.2003

PAN No. :

AABPD1593Q

DIN No. :

00389249

Name :

Mr. Rajendra Mankumar Agarwal

Designation :

Director

Address :

505, Belscot Tower, Lokhandwala Complex Link Road, Andheri (West), Mumbai – 400058, Maharashtra, India

Date of Birth/Age :

15.04.1956

Date of Appointment :

29.10.2005

DIN No. :

00351166

Other Directorship :

S.No.	CIN/LLPIN	Name of the Company/ LLP	Current designation of the Director/ Designated Partner	Date of appointment at current designation	Original date of appointment	Date of cessation	Company/ LLP Status	Defaulting status
1	U45200MH2002PTC136338	MUKUND ENTERPRISES PRIVATE LIMITED	Director	27-06-02	27-06-02	-	Active	NO
2	L24130MH1987PLC043709	DUJODWALA PAPER CHEMICALS LIMITED	Director	29-10-05	29-10-05	-	Active	NO

Name :

Mr. Ashish Agarwal

Designation :

Director

Address :

Jatan, Todar Mal Marg, Civil Lines, Ajmer – 305001, Rajasthan, India

Date of Birth/Age :

09.12.1974

Date of Appointment :

30.09.2010

DIN No. :

00697868

Other Directorship :

S.No.	CIN/LLPIN	Name of the Company/ LLP	Current designation of the Director/ Designated Partner	Date of appointment at current designation	Original date of appointment	Date of cessation	Company/ LLP Status	Defaulting status
1	U45201RJ1985PTC003411	JATAN CONSTRUCTIONS PRIVATE LIMITED	Whole-time director	28-09-96	28-09-96	-	Active	NO
2	U14101RJ1997PTC013179	JATAN MARBLE AND GRANITES PRIVATE LIMITED	Director	29-01-97	29-01-97	01-05-07	Active	NO
3	L24130MH1987PLC043709	DUJODWALA PAPER CHEMICALS LIMITED	Director	30-09-10	31-08-09	-	Active	NO
4	U45201RJ2011PTC036295	JATAN INFRAPROJECTS PRIVATE LIMITED	Director	27-08-11	27-08-11	-	Active	NO

Name :

Mr. Prashant Agarwal

Designation :

Director

Address :

Jatan Todar Mal Marg, Civil Lines, Ajmer – 305001, Rajasthan, India

Date of Birth/Age :

19.10.1970

Date of Appointment :

30.10.2009

DIN No. :

00697891

Other Directorship :

S.No.	CIN/LLPIN	Name of the Company/ LLP	Current designation of the Director/ Designated Partner	Date of appointment at current designation	Original date of appointment	Date of cessation	Company/ LLP Status	Defaulting status
1	U45201RJ1985PTC003411	JATAN CONSTRUCTIONS PRIVATE LIMITED	Whole-time director	28-09-96	28-09-96	-	Active	NO
2	U14101RJ1997PTC013179	JATAN MARBLE AND GRANITES PRIVATE LIMITED	Director	28-01-97	28-01-97	01-05-07	Active	NO
3	L24130MH1987PLC043709	DUJODWALA PAPER CHEMICALS LIMITED	Director	30-10-09	30-10-09	-	Active	NO

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 30.06.2013

Category of Shareholder	No. of Shares	Percentage of Holding
(A) Shareholding of Promoter and Promoter Group
(1) Indian
Individuals / Hindu Undivided Family	2013140	32.64
Bodies Corporate	871000	14.12
Sub Total	2884140	46.76
(2) Foreign
Total shareholding of Promoter and Promoter Group (A)	2884140	46.76
(B) Public Shareholding
(1) Institutions
Mutual Funds / UTI	3200	0.05
Sub Total	3200	0.05
(2) Non-Institutions
Bodies Corporate	207070	3.36
Individuals
Individual shareholders holding nominal share capital up to Rs. 0.100 million	2209709	35.82
Individual shareholders holding nominal share capital in excess of Rs. 0.100 million	807913	13.10
Any Others (Specify)	56538	0.92
Clearing Members	4228	0.07
NRIs/OCBs	52310	0.85
Sub Total	3281230	53.19
Total Public shareholding (B)	3284430	53.24
Total (A)+(B)	6168570	100.00
(C) Shares held by Custodians and against which Depository Receipts have been issued
(1) Promoter and Promoter Group	0	0.00
(2) Public	0	0.00
Sub Total	0	0.00
Total (A)+(B)+(C)	6168570	100.00

BUSINESS DETAILS

Line of Business :

Subject is engaged in the manufacturing and selling of Rosin and Rosin Size, Synthetic Resins and other Terpene Chemicals and its products.

Products :

Item Code No. (ITC Code)	Product Description
39073010	Epoxy Resin

GENERAL INFORMATION

No. of Employees :

Not Available

Bankers :

• UCO Bank, MID Corporate Churchgate Reclamation Branch, Mafatlal Centre, 1^st Floor, Nariman Point, Mumbai – 400021, Maharashtra, India
• State Bank of India

Facilities :

SECURED LOANS	31.03.2012 (Rs. in Millions)	31.03.2011 (Rs. in Millions)
LONG TERM BORROWINGS
Term Loan - From Bank*
SBI Bank	15.589	28.789
UCO Bank	146.230	0.000
Vehicle Loans**	1.384	3.796
	0	0
SHORT TERM BORROWINGS	0	0
Working Capital Loan From Bank (Secured by hypothecation of stocks, Book Debts and other moveable assets and second charge over the fixed assets and further secured by personal guarantee of two Directors)	478.572	333.071
Total	641.775	365.656

Note:

*Loan is secured against equitable mortgage and hypothecation charge on certain fixed assets of the company. Further loan is secured by second charge on certain fixed assets charge to other lender and also exclusive charge on company's office premises. The loan is also personally guaranteed by two directors.

** Secured by hypothecation of vehicles and further secured by personal guarantee of two directors.

Banking Relations :	--
Auditors :
Name :	A. P Sanzgiri and Company Chartered Accountants
Address :	21/167 Anand Nagar, Om CHS, Off Nehru Road, Vakola Santacruz (East), Mumbai – 400055, Maharashtra, India
PAN No. :	AADFA5503F
Enterprises which are owned, or have significant influence of or are partners with Key management personnel and their relatives :	Blue Orange Entertainment Private Limited CIN No.: U92141RJ2005PTC020925

CAPITAL STRUCTURE

As on 31.03.2012

Authorised Capital :

No. of Shares	Type	Value	Amount
6200000	Equity Shares	Rs.10/- each	Rs. 62.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
6168570	Equity Shares	Rs.10/- each	Rs. 61.686 Millions

Details of Shares held by Shareholders holding more than 5% of the aggregate Shares in the Company

Particulars	% Holding	Nos.of Shares
Blue Orange Entertainment Private Limited	14.12%	871000
Vijayalaxmi Dujodwala	10.59%	653360
Omprakash Dujodwala	10.36%	638790
Vineet Dujodwala	10.21%	629990

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS	31.03.2012	31.03.2011
I. EQUITY AND LIABILITIES
(1)Shareholders' Funds
(a) Share Capital	61.686	61.686
(b) Reserves & Surplus	238.335	242.922
(c) Money received against share warrants	0.000	0.000
(2) Share Application money pending allotment	0.000	0.000
Total Shareholders’ Funds (1) + (2)	300.021	304.608
(3) Non-Current Liabilities
(a) long-term borrowings	397.785	113.299
(b) Deferred tax liabilities (Net)	32.005	33.250
(c) Other long term liabilities	0.000	0.000
(d) long-term provisions	0.000	0.000
Total Non-current Liabilities (3)	429.790	146.549
(4) Current Liabilities
(a) Short term borrowings	478.572	333.071
(b) Trade payables	487.555	450.940
(c) Other current liabilities	33.273	31.434
(d) Short-term provisions	27.390	14.747
Total Current Liabilities (4)	1026.790	830.192
TOTAL	1756.601	1281.349
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	199.834	220.089
(ii) Intangible Assets	0.000	0.000
(iii) Capital work-in-progress	76.657	0.000
(iv) Intangible assets under development	0.000	0.000
(b) Non-current Investments	0.030	0.030
(c) Deferred tax assets (net)	0.000	0.000
(d) Long-term Loan and Advances	187.038	3.370
(e) Other Non-current assets	0.000	0.000
Total Non-Current Assets	463.559	223.489
(2) Current assets
(a) Current investments	0.000	0.000
(b) Inventories	707.740	594.632
(c) Trade receivables	540.144	413.766
(d) Cash and cash equivalents	15.656	17.831
(e) Short-term loans and advances	29.502	31.631
(f) Other current assets	0.000	0.000
Total Current Assets	1293.042	1057.860
TOTAL	1756.601	1281.349

SOURCES OF FUNDS		31.03.2010
SHAREHOLDERS FUNDS
1] Share Capital		58.606
2] Share Application Money		0.000
3] Reserves & Surplus		227.860
4] (Accumulated Losses)		0.000
NETWORTH		286.466
LOAN FUNDS
1] Secured Loans		340.197
2] Unsecured Loans		66.504
TOTAL BORROWING		406.701
DEFERRED TAX LIABILITIES		31.523
TOTAL		724.690
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		235.096
Capital work-in-progress		0.000
INVESTMENT		0.030
DEFERRED TAX ASSETS		0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	403.416
	Sundry Debtors	331.518
	Cash & Bank Balances	19.897
	Other Current Assets	0.000
	Loans & Advances	33.980
Total Current Assets		788.811
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	278.593
	Other Current Liabilities	4.180
	Provisions	16.474
Total Current Liabilities		299.247
Net Current Assets		489.564
MISCELLANEOUS EXPENSES		0.000
TOTAL		724.690

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2012	31.03.2011	31.03.2010
	SALES
		Income	1618.855	1360.104	1296.042
		Other Income	2.683	2.342	1.924
		TOTAL (A)	1621.538	1362.446	1297.966
Less	EXPENSES
		Cost of materials consumed	1048.426	828.949
		Purchases of stock-in-trade	530.739	544.042
		Employee benefit expense	17.565	18.558
		Other expenses	46.522	64.609	1225.121
		Changes in inventories of finished goods, work-in-progress and stock-in-trade	(157.531)	(181.852)
		TOTAL (B)	1485.721	1274.306	1225.121
	PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		135.817	88.140	72.845
Less	FINANCIAL EXPENSES (D)		85.102	43.773	41.061
	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		50.715	44.367	31.784
Less/ Add	DEPRECIATION/ AMORTISATION (F)		20.290	20.637	19.090
	PROFIT/ (LOSS) BEFORE TAX (E-F) (G)		30.425	23.730	12.694
Less	TAX (H)		11.657	11.446	2.269
	PROFIT/ (LOSS) AFTER TAX (G-H) (I)		18.768	12.284	10.425
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		182.123	169.839	159.414
Less	Sales Tax Deferment		23.355	0.000	0.000
	BALANCE CARRIED TO THE B/S		177.536	182.123	169.839
	EARNINGS IN FOREIGN CURRENCY
		Export Earnings	46.715	45.986	81.436
	TOTAL EARNINGS		46.715	45.986	81.436
	IMPORTS
		Raw Materials	31.415	37.567	46.642
	TOTAL IMPORTS		31.415	37.567	46.642
	Earnings / (Loss) Per Share (Rs.)		3.04	2.06	1.78

QUARTERLY RESULTS

PARTICULARS	30.06.2012	30.09.2012	31.12.2012	31.03.2013
Type	1^st Quarter	2^nd Quarter	3^rd Quarter	4^th Quarter
Net Sales	372.500	584.200	527.700	443.400
Total Expenditure	335.900	560.400	499.800	405.300
PBIDT (Excl OI)	36.500	23.800	27.900	38.100
Other Income	0.600	00.200	0.300	1.100
Operating Profit	37.100	23.900	28.200	39.200
Interest	20.100	14.600	19.700	21.700
Exceptional Items	0.000	0.000	0.000	0.000
PBDT	17.000	9.300	8.500	17.500
Depreciation	04.900	5.100	5.100	4.800
Profit Before Tax	12.100	4.200	3.400	12.700
Tax	3.900	1.500	0.900	5.800
Provisions and contingencies	0.000	0.000	0.000	0.000
Profit After Tax	8.200	2.700	2.500	6.900
Extraordinary Items	0.000	0.000	0.000	0.000
Prior Period Expenses	0.000	0.000	0.000	0.000
Other Adjustments	0.000	0.000	0.000	0.000
Net Profit	8.200	2.700	2.500	6.900

KEY RATIOS

PARTICULARS		31.03.2012	31.03.2011	31.03.2010
PAT / Total Income	(%)	1.16	0.90	0.80
Net Profit Margin (PBT/Sales)	(%)	1.88	1.74	0.97
Return on Total Assets (PBT/Total Assets}	(%)	1.81	1.85	0.01
Return on Investment (ROI) (PBT/Networth)		0.10	0.08	0.04
Debt Equity Ratio (Total Debt/Networth)		2.92	1.47	1.42
Current Ratio (Current Asset/Current Liability)		1.26	1.27	2.63

LOCAL AGENCY FURTHER INFORMATION

Sr. No.	Check List by Info Agents	Available in Report (Yes / No)
1]	Year of Establishment	Yes
2]	Locality of the firm	Yes
3]	Constitutions of the firm	Yes
4]	Premises details	No
5]	Type of Business	Yes
6]	Line of Business	Yes
7]	Promoter's background	Yes
8]	No. of employees	No
9]	Name of person contacted	No
10]	Designation of contact person	No
11]	Turnover of firm for last three years	Yes
12]	Profitability for last three years	Yes
13]	Reasons for variation <> 20%	-----
14]	Estimation for coming financial year	No
15]	Capital in the business	Yes
16]	Details of sister concerns	Yes
17]	Major suppliers	No
18]	Major customers	No
19]	Payments terms	No
20]	Export / Import details (if applicable)	No
21]	Market information	-----
22]	Litigations that the firm / promoter involved in	Yes
23]	Banking Details	Yes
24]	Banking facility details	Yes
25]	Conduct of the banking account	-----
26]	Buyer visit details	-----
27]	Financials, if provided	Yes
28]	Incorporation details, if applicable	Yes
29]	Last accounts filed at ROC	Yes
30]	Major Shareholders, if available	No
31]	Date of Birth of Proprietor/Partner/Director, if available	Yes
32]	PAN of Proprietor/Partner/Director, if available	Yes
33]	Voter ID No of Proprietor/Partner/Director, if available	No
34]	External Agency Rating, if available	Yes

LITIGATION DETAILS
Bench:- Bombay
Stamp No:-	CPL/447/2012	Failing Date:-	18/09/2012	Reg. No.:-	CP/140/2013	Reg. Date:-	27/02/2013
Petitioner:-	SBI GLOBAL FACTORS LIMITED		Respondent:-	DUJODWALA PAPER CHEMICALS LIMITED
Petn.Adv:-	PKA ADVOCATES		Resp.Adv.:-	LEGASIS PARTNERS
District:-	MUMBAI
Bench:-	Single		Category:-	COMPANY PETITION U/SEC 433,434,439 COMPANIES ACT
Status:-	Pre-Admission
Next Date:-	26/09/2013		Stage:-	COMPANY PETITIONS FOR ADMISSION
Coram:-	HON'BLE SHRI JUSTICE N.M. JAMDAR
Last Date:-	30/08/2013		Stage:-	COMPANY PETITIONS FOR ADMISSION
Last Coram:-	HON'BLE SHRI JUSTICE N.M. JAMDAR
Act:-	Companies Act & Rules 1956

LITIGATION DETAILS
Bench:- Bombay
Stamp No:-	CPL/419/2012	Failing Date:-	31/08/2012	Reg. No.:-	CP/547/2012	Reg. Date:-	17/12/2012
Petitioner:-	NUTRON PHARMACEUTICALS PRIVATE LIMITED		Respondent:-	DUJODWALA PAPER CHEMICALS LIMITED
Petn.Adv:-	M/S. MARKAND GANDHI AND COMPANY		Resp.Adv.:-	LEGASIS PARTNERS
District:-	MUMBAI
Bench:-	Single
Status:-	Pre-Admission
Next Date:-	20/09/2013		Stage:-	COMPANY PETITIONS FOR ADMISSION
Coram:-	HON'BLE SHRI JUSTICE N.M. JAMDAR
Last Date:-	10/07/2013		Stage:-	COMPANY PETITIONS FOR ADMISSION
Last Coram:-	HON'BLE SHRI JUSTICE N.M. JAMDAR
Act:-	Companies Act & Rules 1956

LITIGATION DETAILS
Bench:- Bombay
Stamp No:-	CPL/92/2013	Failing Date:-	12/02/2013	Reg. No.:-	CP/170/2013	Reg. Date:-	08/03/2013
Petitioner:-	M/S. A.H. CHEMICALS PRIVATE LIMITED		Respondent:-	DUJODWALA PAPER CHEMICALS LIMITED
Petn.Adv:-	M M PATEL AND COMPANY		Resp.Adv.:-	LEGASIS PARTNERS
District:-	OUTSIDE MAHARASHTRA
Bench:-	Single		Category:-	COMPANY PETITION U/SEC 433,434,439 COMPANIES ACT
Status:-	Pre-Admission
Next Date:-	26/09/2013		Stage:-	COMPANY PETITIONS FOR ADMISSION
Coram:-	HON'BLE SHRI JUSTICE N.M. JAMDAR
Last Date:-	19/07/2013		Stage:-	COMPANY PETITIONS FOR ADMISSION
Last Coram:-	HON'BLE SHRI JUSTICE N.M. JAMDAR
Act:-	Companies Act & Rules 1956

LITIGATION DETAILS
Bench:- Bombay
Stamp No:-	CPL/261/2013	Failing Date:-	25/04/2013	Reg. No.:-	CP/325/2013	Reg. Date:-	24/06/2013
Petitioner:-	M/S. POLYCHEM ASIA COMPANY LIMITED		Respondent:-	DUJODWALA PAPER CHEMICALS LIMITED
Petn.Adv:-	M/S. Dhruve Liladhar and Company
District:-	OUTSIDE MAHARASHTRA
Bench:-	Single		Category:-	COMPANY PETITION U/SEC 433,434,439 COMPANIES ACT
Status:-	Pre-Admission
Next Date:-	26/09/2013		Stage:-	COMPANY PETITIONS FOR ADMISSION
Coram:-	HON'BLE SHRI JUSTICE N.M. JAMDAR
Last Date:-	05/09/2013		Stage:-	COMPANY PETITIONS FOR ADMISSION
Last Coram:-	HON'BLE SHRI JUSTICE N.M. JAMDAR
Act:-	Companies Act & Rules 1956
Under Section:-	433(E) AND 434AND 439

LITIGATION DETAILS
Bench:- Bombay
Stamp No:-	CPL/261/2013	Failing Date:-	25/04/2013	Reg. No.:-	CP/325/2013	Reg. Date:-	24/06/2013
Petitioner:-	M/S. POLYCHEM ASIA COMPANY LIMITED		Respondent:-	DUJODWALA PAPER CHEMICALS LIMITED
Petn.Adv:-	M/S. Dhruve Liladhar and Company
District:-	OUTSIDE MAHARASHTRA
Bench:-	Single		Category:-	COMPANY PETITION U/SEC 433,434,439 COMPANIES ACT
Status:-	Pre-Admission
Next Date:-	26/09/2013		Stage:-	COMPANY PETITIONS FOR ADMISSION
Coram:-	HON'BLE SHRI JUSTICE N.M. JAMDAR
Last Date:-	05/09/2013		Stage:-	COMPANY PETITIONS FOR ADMISSION
Last Coram:-	HON'BLE SHRI JUSTICE N.M. JAMDAR
Act:-	Companies Act & Rules 1956
Under Section:-	433(E) AND 434AND 439

LITIGATION DETAILS
Bench:- Bombay
Stamp No:-	CPL/420/2012	Failing Date:-	31/08/2012	Reg. No.:-	CP/546/2012	Reg. Date:-	17/12/2012
Petitioner:-	M/S. Hindustan Speciality Chemicals		Respondent:-	DUJODWALA PAPER CHEMICALS LIMITED
Petn.Adv:-	M/S. MARKAND GANDHI AND COMPANY		Resp.Adv.:-	LEGASIS PARTNERS
District:-	MUMBAI
Bench:-	Single		Category:-	COMPANY PETITION U/SEC 433,434,439 COMPANIES ACT
Status:-	Pre-Admission
Next Date:-	20/09/2013		Stage:-	COMPANY PETITIONS FOR ADMISSION
Coram:-	HON'BLE SHRI JUSTICE N.M. JAMDAR
Last Date:-	10/07/2013		Stage:-	COMPANY PETITIONS FOR ADMISSION
Last Coram:-	HON'BLE SHRI JUSTICE N.M. JAMDAR
Act:-	Companies Act & Rules 1956
Under Section:-	433 and 434

LITIGATION DETAILS
Bench:- Bombay
Stamp No:-	CPL/395/2012	Failing Date:-	10/08/2012	Reg. No.:-	CP/406/2012	Reg. Date:-	04/09/2012
Petitioner:-	M/S. JIANGSU GUOTAI INTERNATIONAL GROP WINSUN IMPORT AND EXPORT COMPANY LIMITED		Respondent:-	DUJODWALA PAPER CHEMICALS LIMITED
Petn.Adv:-	M/S. DHRUVE LILADHAR AND COMPANY		Resp.Adv.:-	LEGASIS PARTNERS
District:-	OUTSIDE MAHARASHTRA
Bench:-	Single
Status:-	Pre-Admission
Next Date:-	26/09/2013		Stage:-	COMPANY PETITIONS FOR ADMISSION
Coram:-	HON'BLE SHRI JUSTICE N.M. JAMDAR
Last Date:-	05/09/2013		Stage:-	COMPANY PETITIONS FOR ADMISSION
Last Coram:-	HON'BLE SHRI JUSTICE N.M. JAMDAR
Act:-	Companies Act & Rules 1956
Under Section:-	433 439

UNSECURED LOANS

Unsecured Loans	31.03.2012 (Rs. in Millions)	31.03.2011 (Rs. In Millions)
LONG TERM BORROWINGS
From Corporate	234.582	80.714
Total	234.582	80.714

MANAGEMENT DISCUSSION AND ANALYSIS :-

Overview:

The company is engaged in the manufacturing and selling of Rosin and Rosin Size, Synthetic Resins and other Terpene Chemicals and its products at its unit located at Atkargaon, Taluka Khalapur, Khopoli, District Raigad, Maharashtra, Indai

INDUSTRIAL STRUCTURE AND DEVELOPMENTS

There was a huge volatility in the price of critical raw-materials alongwith a recessionary trend in the Western part of the World to save all slow down in the growth of economic programme.

The same had a huge impact on the purchasing price of critical Raw Material which eventually effected the profitability.

In order to mitigate the impact created by the volatility in the prices, the Company made a concerted effort for shifting to alternate technologies in manufacturing.

OUTLOOK

The Company is continuously implementing means to innovate, reduce cost, be environment friendly.

The Company has a positive outlook towards the future with the industries being catered to showing good signs of growth

CONTINGENT LIABILITIES:

(Rs. in millions)

PARTICULARS	31.03.2012	31.03.2011
Bills Receivable Discounted	0.990	6.078
Bank Guarantees given	3.594	4.315
Letter of Credit	18.974	131.369
Claims against the Company not acknowledged as debts in respect to Income Tax and excise duty	6.790	9.386

INDEX OF CHARGES

S.No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	10306085	31/10/2012 *	923,900,000.00	STATE BANK OF INDIA	BACKBAY RECLAMATION BRANCH RAHEJA CHAMBERS, FREE  PRESS JOURNAL MARG, NARIMAN POINT, MUMBAI, MAHARASHTRA - 400021, INDIA	B64144462
2	10306830	20/10/2011 *	322,900,000.00	UCO BANK	MID CORPORATE CHURCHGATE RECLAMATION BRANCH, MAFATLAL CENTRE, 1ST FLOOR, NARIMAN POINT, MUMBAI, MAHARASHTRA - 400021, INDIA	B25228727
3	10306529	16/08/2011	20,000,000.00	UCO BANK	MID CORPORATE CHURCHGATE RECLAMATION BRANCH, MAFATLAL CENTRE, 1ST FLOOR, NARIMAN POINT, MUMBAI, MAHARASHTRA - 400021, INDIA	B20652137
4	10087967	29/05/2008 *	487,500,000.00	STATE BANK OF INDIA	BACKBAY RECLAMATION BRANCH, RAHEJA CHAMBER, NARIMAN POINT, MUMBAI, MAHARASHTRA - 400021, INDIA	A39351762
5	10095720	06/02/2008	352,500,000.00	STATE BANK OF INDIA	BACKBAY RECLAMATION BRANCH, RAHEJA CHAMBER, NARIMAN POINT, MUMBAI, MAHARASHTRA - 400021, INDIA	A34894634
6	80032189	25/05/2007 *	352,500,000.00	STATE BANK OF INDIA	BACKBAY RECLAMATION BRANCH, RAHEJA CHAMBER, NARIMAN POINT, MUMBAI, MAHARASHTRA - 400021, INDIA	A16740086
7	90212429	29/05/2008 *	487,500,000.00	STATE BANK OF INDIA	BACKBAY RECLAMATION BRANCH, RAHEJA CHAMBER, NARIMAN POINT, MUMBAI, MAHARASHTRA - 400021, INDIA	A39351523
8	90235589	13/06/2005 *	47,000,000.00	STATE BANK OF INDIA	BACKBAY RECLAMATION BRANCH, RAHEJA CHAMBER, NARIMAN POINT, MUMBAI, MAHARASHTRA - 400021, INDIA	-
9	90210823	07/06/1991	9,000,000.00	THE STATE INDUSTRAIL AND INVESTMENT CORPOARTION OF  MAHARASTR	'NIRMAL' 1ST FLOOR;, RAHEJA CHAMBERS; NARIMAN POINMT, BOMBAY, MAHARASHTRA - 400021, INDIA	-

* Date of charge modification

FIXED ASSETS

• Land
• Factory Building
• Plant and Machinery
• Furniture and Fixtures
• Office/ Residence Premises
• Vehicle
• Office Equipment

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 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 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.63.79
UK Pound	1	Rs.100.70
Euro	1	Rs.84.67

INFORMATION DETAILS

Report Prepared by :

NTH

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	6
--PROFITABILIRY	1~10	5
--LIQUIDITY	1~10	5
--LEVERAGE	1~10	5
--RESERVES	1~10	5
--CREDIT LINES	1~10	6
--MARGINS	-5~5	--
DEMERIT POINTS
--BANK CHARGES	YES/NO	YES
--LITIGATION	YES/NO	YES
--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	YES
--OTHER MERIT FACTORS	YES/NO	YES
DEFAULTER
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		49

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.