MIRA INFORM REPORT
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Report Date : |
02.01.2007 |
IDENTIFICATION DETAILS
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Name : |
LEO
CHEMO PLAST PRIVATE LIMITED |
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Formerly Known As : |
LEO
CHEMOPLAST PRIVATE LIMITED |
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Registered Office : |
B-126, Ghatkopar Industrial Estate, L. B. S.
Marg, Ghatkopar (West), Mumbai – 400 086, Maharashtra |
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Country : |
India |
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Financials (as on) : |
31.03.2006 |
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Date of Incorporation : |
12.11.1994 |
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Com. Reg. No.: |
11-83143 |
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CIN No.: [Company Identification No.] |
U24110MH1994PTC083143 |
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TAN No.: [Tax Deduction & Collection Account No.] |
MUML02256C |
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Legal Form : |
Private
Limited Liability Company |
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Line of Business : |
Buyers, Sellers, Dealers, Merchants, Importers,
Exporters, Stockists, factors or of packaging, transporting, distributing,
exchanging, altering, improving, mixing using or otherwise handling or
dealing in organic and inorganic chemicals, basic chemicals, heavy chemicals,
fine chemicals, acids, alkalies, petro chemicals, agro chemicals, chemical
compounds and elements of all kinds (solid, liquid and gaseous) textile dyes,
dyestuffs, intermediates, pesticides etc. in India or in any part of the
world. |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba |
RATING
|
STATUS |
PROPOSED CREDIT LINE |
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|
41-55 |
Ba |
Overall operation is
considered normal. Capable to meet normal commitments. |
Satisfactory |
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Maximum Credit Limit : |
USD 300000 |
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Status : |
Satisfactory |
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Payment Behaviour : |
Usually Correct |
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Litigation : |
Clear |
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Comments : |
Subject is a
well-established company having satisfactory track records. Directors are reported as experienced,
respectable and having satisfactory track records. Their trade relations are reported as fair. Payments are correct and as per
commitments. The company can be considered normal for business
dealings at usual trade terms and conditions. |
LOCATIONS
|
Registered Office : |
B-126, Ghatkopar Industrial Estate, L.B.S.Marg,
Ghatkopar (West), Mumbai – 400 086, Maharashtra, India |
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Tel. No.: |
91-22-25969270/9271/9272/2500
8040/8041/7242 |
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Fax No.: |
91-22-25008356 |
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E-Mail : |
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Website : |
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Area : |
1,700 sq. ft. |
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Location : |
Owned |
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Office |
A/10, Nav Durga Ashish, 4th Floor,
Ogadhbhai Lane, Ghatkopar (East), Mumbai – 400077 |
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Warehouse : |
A-11,
Sadguru Complex No. 1, Rehnal Village, Taluka – Bhiwandi, District
Thane - 421305, Maharashtra, India |
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Branches : |
Vyapar
Bhavan, Mumbai, Maharashtra |
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Area : |
10,000 sq. ft. |
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Location : |
Owned |
DIRECTORS
|
Name |
Mr. Hitesh Chandulal Mehta |
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Designation |
Director |
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Date of Birth |
14.08.1958 |
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Date of Appointment |
21.11.1994 |
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Address |
B-126, Ghatkopar Industrial Estate, L.B.S.Marg,
Ghatkopar (West), Mumbai – 400 086, Maharashtra, India |
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Mobile No. |
98200-78339 |
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Name |
Mr. Sudhir Chandulal Mehta |
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Designation |
Director |
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Date of Birth |
16.01.1967 |
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Date of Appointment |
21.11.1994 |
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Address |
B-126, Ghatkopar Industrial Estate, L.B.S.Marg,
Ghatkopar (West), Mumbai – 400 086, Maharashtra, India |
|
Name |
Mr. Nimesh S. Joshi |
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Designation |
Company Secretary |
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Address |
D-5, Pushpa Park, 56, S. V. Road, Borivali
(West), Mumbai – 400 092, Maharashtra, India |
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Tel. |
91-22-28071128 |
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Mobile |
9820647751 |
MAJOR SHAREHOLDERS
|
Names of Shareholders |
No. of
Shares |
|
Mr.
Sudhir C. Mehta |
4,96,000 |
|
Mr.
Hitesh C. Mehta |
4,96,000 |
|
Mr.
Chandulal J. Mehta |
1,000 |
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Mrs.
Jasumati C. Mehta |
1,000 |
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Ms.
Drushti H. Mehta |
1,000 |
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Ms.
Sachi H. Mehta |
1,000 |
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Mr.
Zeel S. Mehta |
1,000 |
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Mr.
Dhyey S. Mehta |
1,000 |
|
Mrs.
Beena H. Mehta |
1,000 |
|
Mrs.
Rupal S. Mehta |
1,000 |
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Total |
10,00,000 |
BUSINESS DETAILS
|
Line of Business : |
Buyers, Sellers, Dealers, Merchants, Importers,
Exporters, Stockists, factors or of packaging, transporting, distributing,
exchanging, altering, improving, mixing using or otherwise handling or
dealing in organic and inorganic chemicals, basic chemicals, heavy chemicals,
fine chemicals, acids, alkalies, petro chemicals, agro chemicals, chemical
compounds and elements of all kinds (solid, liquid and gaseous) textile dyes,
dyestuffs, intermediates, pesticides etc. in India or in any part of the
world. |
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Products : |
˜
1-4 Butane Diol ˜
1-6 Hexane Diol ˜
2 Ethyl Hexanoic Acid ˜
2 Ethyl Hexyl Acrylate (2EHA) ˜
2-Hydroxyethyl Methacrylate ˜
Acetonitrile ˜
Acrylamide ˜
Acrylic Acid ˜
Adipic Acid ˜
Allyl Alcohol ˜
Allyl Chloride ˜
Amino Ethyl Ethanolamine ˜
Beta Naphthol ˜
Bisphenol-A ˜
Butylc Cellosolve ˜
Butyl Di Glycol ˜
Cekanoic C8 Acid ˜
Cyanuric Chloride ˜
Dimethyl Formamide ˜
Di Ethanolamine ˜
Di Phenyl Methane Di Isocyanate (MDI-Isocyanate) ˜
Dicyandiamide ˜
Diethylene Triamine ˜
Dioctyl Phthalate ˜
Ethylene Glycol Butyl Ether – Butyl Glycol Ether ˜
Epichloro Hydrine ˜
Ethyl Aceto Acetate ˜
Ethyl Acrylate ˜
Ethylene Diamine ˜
Furfuryl Alcohol ˜
Formic Acid 99-100% ˜
Hexylene Glycol ˜
Hydrazine Hydrate ˜
Hydroquinone ˜
Iodine ˜
Isobutanol ˜
Iso Butyric Acid ˜
Iso Propyl Alcohol ˜
Isophthalic Acid ˜
Asophorone ˜
Iso Propylamine ˜
J-Acid ˜
Methacrylamide ˜
Methacrylic Acid ˜
Methane Sulphonic Acid ˜
Methane Sulphonyl Chloride ˜
Methyl Acetoacetate ˜
Methyl Acrylate ˜
Methyl Iso Butyl Ketone ˜
Methyl Propyl Ketone ˜
Methylene Chloride ˜
Mono Ethanolamine ˜
Morpholine ˜
N-Butyric Acid ˜
N-Propanol ˜
N-Butyraldehyde ˜
N-Butyl Methacrylate ˜
Neo Pentyl Glycol ˜
Paraformaldehyde 91% ˜
Paraformaldehyde 96% ˜
Paraformaldehyde 97% (Powder) ˜
Pentaerythritol ˜
Perchloro Ethylene ˜
Poly Vinyl Alcohol GH 17R ˜
Propionic Acid ˜
Propionic Anhydride ˜
Propylene Glycol ˜
Resorcinol ˜
Sodium Borohydride ˜
Sodium Metal ˜
Tertiary Butanol ˜
Tertiary Butylamine ˜
Tetra Hydro Furan ˜
Tobias Acid ˜
Toluene Di Isocyanate ˜
Triethylamine ˜
Triethylene Tetramine |
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Imports from : |
Japan,
U.S.A, Singapore, Korea, Hong Kong, Italy, Germany, Taiwan, South Africa,
Japan against D/A terms. |
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Terms : |
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Selling : |
Credit (60 days) |
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Purchasing : |
Credit (60/90/180 days) |
GENERAL INFORMATION
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Customers : |
End users and manufacturers. |
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No. of Employees : |
19
persons |
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Bankers : |
˜
Union Bank of India ˜
Mandvi Co-operative
Bank Limited, Vyapar Bhavan Branch, 49, P. D’mello Road, Carnac Bunder, Mumbai – 400 009, Maharashtra, India |
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Facilities : |
-- |
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Banking Relations : |
Satisfactory
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Auditors : |
Rasiklal Shah and
Associates Chartered Accountants 7/8, 1st Floor,
102/A, Middle Bungalow, Madhav Wadi, Naigaum Cross
Road, Dadar (Central Railway),
Mumbai-400 014, Maharashtra |
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Tel. No.: |
91-22-24156791/24156792 |
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Mobile No.: |
91-22-24124824 |
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Associates : |
˜
Leo Petrochemicals, Mumbai, Maharashtra, India |
CAPITAL STRUCTURE
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
10,00,000 |
Equity
Shares |
Rs. 10/- each |
Rs. 10.000 millions |
Issued, Subscribed
& Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
10,00,000 |
Equity
Shares |
Rs. 10/- each |
Rs. 10.000 millions |
FINANCIAL
DATA
[all figures are in Rupees Millions]
ABRIDGED
BALANCE SHEET
|
SOURCES OF FUNDS |
31.03.2006 |
31.03.2005 |
31.03.2004 |
|
SHAREHOLDERS
FUNDS |
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|
|
|
1]
Share Capital |
10.000 |
10.000 |
10.000 |
|
2]
Reserves & Surplus |
67.822 |
53.244 |
32.964 |
|
NETWORTH |
77.822 |
63.244 |
42.964 |
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LOAN
FUNDS |
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1]
Secured Loans |
31.713 |
38.089 |
20.794 |
|
2]
Unsecured Loans |
0.000 |
0.000 |
0.000 |
|
Total
Borrowings |
31.713 |
38.089 |
20.794 |
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GRAND
TOTAL
|
109.535 |
101.333 |
63.758 |
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APPLICATION
OF FUNDS |
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FIXED
ASSETS [Net Block] |
6.990 |
5.035 |
3.454 |
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Capital
work-in-progress |
0.000 |
0.000 |
0.000 |
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INVESTMENTS |
0.200 |
0.200 |
0.200 |
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CURRENT
ASSETS, LOANS & ADVANCES |
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Inventories |
59.441 |
109.252 |
62.792 |
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Sundry
Debtors |
211.221 |
171.194 |
133.238 |
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Cash
& Bank Balances |
13.638 |
16.234 |
6.078 |
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Other
Current Assets |
20.418 |
20.832 |
9.888 |
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Total Current Assets |
304.718 |
317.512 |
211.996 |
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Less
: |
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Current
Liabilities |
182.903 |
221.414 |
142.037 |
Provisions
|
19.470 |
0.000 |
9.855 |
Total Current Liabilities
|
202.373 |
221.414 |
151.892 |
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Net Current Assets |
102.345 |
96.098 |
60.104 |
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MISCELLANEOUS
EXPENSES |
0.000 |
0.000 |
0.000 |
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GRAND TOTAL
|
109.535 |
101.333 |
63.758 |
PROFIT & LOSS ACCOUNT
|
PARTICULARS |
31.03.2006 |
31.03.2005 |
31.03.2004 |
|
Sales
Turnover |
829.741 |
726.546 |
492.411 |
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[including
other income] |
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Profit
Before Tax |
22.405 |
32.016 |
14.791 |
|
Provision
for Taxation |
7.827 |
11.735 |
5.325 |
|
Profit
After Tax |
14.578 |
20.281 |
9.466 |
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Total Expenditures |
807.336 |
694.531 |
477.619 |
KEY RATIOS
|
PARTICULARS |
|
31.03.2006 |
31.03.2005 |
31.03.2004 |
PAT / Total Income
|
(%)
|
1.75 |
2.79 |
1.92
|
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Net Profit Margin
(PBT/Sales) |
(%) |
2.70 |
4.41 |
3.00
|
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Return on Total Assets
(PBT/Total Assets} |
(%) |
7.18 |
9.93 |
6.86
|
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Return on Investment (ROI)
(PBT/Networth) |
|
0.28 |
0.84 |
0.34
|
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Debt Equity Ratio
(Total Liability/Networth) |
|
3.00 |
4.10 |
4.01
|
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|
Current Ratio
(Current Asset/Current
Liability) |
|
1.50 |
1.43 |
1.39
|
LOCAL AGENCY FURTHER INFORMATION
Trade
References:
v
Akzo Nobel Functional Chemicals
v
Akishokai Company Limited, Japan
v
BASF Group
v
B.P. Chemical
v
Dupont
v
Dow Chemical Pacific Limited
v
Eastman Chemical
v
First International, U.S.A.
v
Ineos Oxide Limited, Germany
v
Interguisa, Spain
v
Jehsen & Jeesesen, Germany
v
S. A. Polialco, Spain
v
Sasol Middle East, South Africa
v
Shell Eastern Petroleum Pte. Limited, Singapore
v
Formol Derivados, Spain
v
Globe Chemicals GmbH, Germany
v
BASF Atiengesellschaft.
v
BAYER
v
Degussa-Huels
v
E.I.Dupont Nemours and Company
v
Exxon – Mobil
v
Lonza Chemicals
v
Lee Chang, Taiwan
v
Hanwa Corporation
v
Imperial Chemicals Corporation
v
Korea Chemicals Corporation
v
Sasol Solvents
The company is Authorised Stockist of Dupont for
Adipic Acid & Dmf.
The company is also an Authorised Distributor for
Dow for Rigid Polyurethane systems.
The company’s fixed assets of important value
include Office Premises, Furniture and Fixture, Computers, Vehicles, Photo
Copy, Xerox Machine, Office Equipment, Godown, Cellular Phone and Telephone
Instrument.
PROFILE
Subject is a growing company situated in Mumbai,
the financial capital of India. In a
short span of time the company has become a leading importer of chemicals,
carving a niche of itself in the extremely competitive chemical industry.
‘Quality Products, Timely Delivery and Excellent
after-sales Services’ have been the guiding motto for the company since its
inception.
The company strives to offer services like
High-Seas Sales to its customers for orders of large quantity as well as
sizable smaller quantities.
Leo
Chemo Plast Private Limited, is a growing company situated in Mumbai,the
financial capital of India. The company was started by two entrepreneurs Mr.
Hitesh Mehta & Mr. Sudhir Mehta having two decades of rich experience in
chemical industry.
In a short span of time the company has become
a leading importer of chemicals, carving a niche for itself in the extremely
competitive chemical industry. Today Leo Chemo is synonyms for quality and
services.
Leo
Chemo is already authorized distributor of few major Companies of International
repute in India and also has plans to enlist few more in near future. Moreover
Leo Chemo is in a position to avail extended direct technical support from the
principal companies. To meet the ever-increasing needs of the customers and to
serve them better, the company has 20,000 sq. feet warehouse and liaison
officers all across the nation.
"Quality
Products, Timely Delivery and Excellent after-sales Services" have been
the guiding motto for Leo Chemo since its inception.
Leo
Chemo strives to offer services like HIGH-SEAS SALES to its customers for
orders of large quantity as well as sizable smaller quantities. In future, Leo
Chemo plans to venture in the BULK LIQUID CARGO imports.
The
company has pleasure of working with the industry clientele serving small and
large-scale companies with same dedication and instant response has resulted in
strengthening the loyalty of customers leading to repeated orders.
The
Vision of Leo Chemo is to become ONE STOP SHOP to cater any kind of chemical
requirements.
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. 44.23 |
|
UK
Pound |
1 |
Rs. 86.91 |
|
Euro |
1 |
Rs. 58.26 |
SCORE & RATING EXPLANATIONS
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
6 |
|
OPERATING SCALE |
1~10 |
6 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
6 |
|
--PROFITABILIRY |
1~10 |
6 |
|
--LIQUIDITY |
1~10 |
6 |
|
--LEVERAGE |
1~10 |
6 |
|
--RESERVES |
1~10 |
6 |
|
--CREDIT LINES |
1~10 |
6 |
|
--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 |
|
54 |
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 |