MIRA
INFORM REPORT
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Report Date : |
01.08.2008 |
IDENTIFICATION
DETAILS
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Name : |
LILA POLYMERS
PRIVATE LIMITED |
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Registered Office : |
123, Mittal
Tower, 12th Floor, C Wing, 210, Nariman Point, Mumbai – 400 021,
Maharashtra |
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Country : |
India |
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Financials (as on) : |
31.03.2007 |
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Date of Incorporation : |
24.12.2002 |
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Com. Reg. No.: |
11-138388 |
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CIN No.: [Company
Identification No.] |
U24134MH2002PTC138388 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
MUML04277A |
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Legal Form : |
Private Limited
Liability Company. |
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Line of Business : |
Importer and Exporter
of Polymers, Chemicals, Petrochemicals, Plastics Items and related products. |
RATING &
COMMENTS
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MIRA’s Rating : |
Ba |
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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 47320 |
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Status : |
Good |
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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. 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. |
INFORMATION PARTED
BY
|
Name : |
Mr. Methew |
|
Designation : |
Account Manager |
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Date : |
29.07.2008 |
LOCATIONS
|
Registered Office/Corporate Office : |
123, Mittal
Tower, 12th Floor, C Wing, 210, Nariman Point, Mumbai – 400 021,
Maharashtra, India |
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Tel. No.: |
91-22-56306541/
42/ 43/4083111 |
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Mobile No.: |
91-22-56306544/40831122 |
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E-Mail : |
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Web Site : |
DIRECTORS
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Name : |
Mr. Jagdish
Ranjit Tanna |
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Designation : |
Executive
Director |
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Address : |
11/ Neel Sagar, Agkhan
Road, Worli Sea Face, Mumbai-400018, Maharashtra, India |
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Date of Birth/Age : |
11.04.1969 |
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Qualification: |
Graduation |
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Date of Appointment : |
24.12.2002 |
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Name : |
Ms. Reshma
Jagdish Tanna |
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Designation : |
Director |
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Address : |
11/ Neel Sagar,
Agkhan Road, Worli Sea Face, Mumbai-400018, Maharashtra, India |
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Date of Birth/Age : |
27.11.1970 |
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Qualification: |
Graduation |
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Date of Appointment : |
24.12.2002 |
KEY EXECUTIVES
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Name : |
Ms. Tarana Doshi |
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Designation : |
Products in-charge |
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Email: |
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Name : |
Ms. Ashvitha S. Suvarna |
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Designation : |
in-charge of logistics |
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Email: |
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Name : |
Ms. Ragini Tanksali |
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Designation : |
Accounts and MIS
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Email: |
MAJOR SHAREHOLDERS
/ SHAREHOLDING PATTERN
As On 24.09.2005
|
Names of Shareholders |
|
No. of Shares |
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Mr. Jagdish
Ranjit Tanna |
|
65000 |
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Ms. Reshma
Jagdish Tanna |
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35000 |
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Total: |
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100000 |
Equity Share Break Up As On 29.07.2007
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Particulars |
Percentage |
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Directors or Relatives of Directors |
100.00 |
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Total: |
100.00 |
BUSINESS DETAILS
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Line of Business : |
Importer and Exporter
of Polymers, Chemicals, Petrochemicals, Plastics Items and related products. |
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Products : |
Polymers ·
Polyethylene
Low Density Polyethylene
(LDPE) Linear Low Density
Polyethylene (LLDPE) High Density Polyethylene
(HDPE) Raffia Grade1 HMHDPE ·
Polypropylene
Polypropylene (PP) ·
Polyethylene
Terephthalate (PET) Bottle Grade Fiber Grade ·
Polyvinyl
Chloride Polyvinyl Chloride (PVC) ·
Styrenes
General Purpose Polystyrene
(GPPS) High Impact Polystyrene (HIPS) Acrylonitrile Butadiene
Styrene (ABS) Other Products Carbon Black HDPE PIPES Chemicals ·
Alcohols
Methanol ·
Anhydrides
Phthalic Anhydride ·
Chloralkali
Chemicals Caustic Soda ·
Fibre
Intermediates Caprolactam (CPL) Triethylene Glycol (TEG) Monoethylene Glycol (MEG) Diethylene Glycol (DEG) ·
Others
Phosphoric acid (Food Grade and Technical Grade) Paraffin Wax (Fully refined and Semi refined) Hydrogen Peroxide Titanium Dioxide (Anatase and Rutile) ·
General
Commodities Finished Products PP Ropes Baler Twines ·
Metal
Products Iron and Steel High Melting Scrap 1 (HMS 1) High Melting Scrap 2 (HMS 2) Steel
billets |
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Exports : |
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Products : |
·
Polymers ·
Chemicals ·
Plastic based finished products ·
PP/HDPE bags ·
Rice, Wheat, Sugar, Coarse grains ·
Pepper, Ginger, Turmeric, Chillies, Spice seeds of all
kinds ·
Tea, Coffee, Cocoa ·
Edible nuts & Processed foods, ·
wheat flour and crude drugs ·
Groundnuts, Sesame seed ·
Soya Bean meal ·
Rape seed meal ·
Groundnut extraction ·
Wheat bran ·
Rice bran |
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Countries : |
Europe, South Africa, Singapore, USA, Thailand |
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Imports : |
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Products : |
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Countries : |
China, Thailand and Korea |
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Terms : |
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Selling : |
L/C, Advance Payments |
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Purchasing : |
L/C, Site Documents |
GENERAL
INFORMATION
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Suppliers : |
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Customers : |
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No. of Employees : |
10 (In Office) |
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Bankers : |
Mandvi Branch, Sujeer House,
74/76, Kazi sayed Street, Mumbai- 400003, Maharashtra,
India |
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Facilities : |
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Banking
Relations : |
Satisfactory |
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Auditors : |
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Name : |
Jatin G Solanki
and Associates Chartered
Accountants |
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Address : |
Plot no.2/59,
Gokul, R B Mehta Marg, Ghatkopar (East), Mumbai – 400 077, Maharashtra, India
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Tel. No.: |
91-22-25107981 |
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Associates Offices: |
·
Singapore ·
Indonesia ·
Bangladesh ·
Korea |
CAPITAL STRUCTURE
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
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|
100000 |
Equity Shares |
Rs. 10/- each |
Rs.1.000 million |
Issued,
Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
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|
100000 |
Equity Shares |
Rs. 10/- each |
Rs. 1.000 million |
FINANCIAL DATA
[all figures are in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2007 |
31.03.2006 |
31.03.2005 |
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SHAREHOLDERS FUNDS |
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|
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1] Share Capital |
1.000 |
1.000 |
1.000 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
8.464 |
6.218 |
3.517 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
9.464 |
7.218 |
4.517 |
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LOAN FUNDS |
|
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1] Secured Loans |
1.876 |
0.000 |
0.000 |
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2] Unsecured Loans |
5.795 |
5.367 |
5.000 |
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TOTAL BORROWING |
7.671 |
5.367 |
5.000 |
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DEFERRED TAX LIABILITIES |
0.073 |
0.172 |
0.053 |
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TOTAL |
17.208 |
12.757 |
9.570 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
1.782 |
2.190 |
2.123 |
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Capital work-in-progress |
0.000 |
0.000 |
0.000 |
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INVESTMENT |
0.000 |
3.016 |
0.770 |
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DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
0.000
|
0.000 |
0.000 |
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Sundry Debtors |
4.532
|
10.085 |
0.019 |
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Cash & Bank Balances |
16.484
|
0.889 |
2.303 |
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Other Current Assets |
0.022
|
0.018 |
0.000 |
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Loans & Advances |
7.409
|
8.281 |
5.450 |
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Total
Current Assets |
28.447
|
19.273 |
7.772 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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|
|
|
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Current Liabilities |
13.027
|
11.729 |
1.104 |
|
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Provisions |
0.000
|
0.000 |
0.000 |
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Total
Current Liabilities |
13.027
|
11.729 |
1.104 |
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Net Current Assets |
15.420
|
7.544 |
6.668 |
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MISCELLANEOUS EXPENSES |
0.006 |
0.007 |
0.009 |
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TOTAL |
17.208 |
12.757 |
9.570 |
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KEY RATIOS
|
PARTICULARS |
|
31.03.2007 |
31.03.2006 |
31.03.2005 |
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Debt Equity Ratio (Total Liability/Networth) |
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2.19
|
2.39 |
1.36 |
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Current Ratio (Current Asset/Current Liability) |
|
2.18
|
1.64 |
7.04 |
LOCAL AGENCY
FURTHER INFORMATION
Trade References:
- Lalle Dry
Fruits, USA
- LMF Delro
Chemicals, Africa
- Pankti
International, Singapore
Bankers Charges
Report as per Registry
Name of the Company:
Lila Polymers Private Limited
Presented by: Canara
Bank, Mandvi Branch, Mumbai – 400 003, Maharashtra
|
1. Date and description of the instrument creating or evidencing the charge |
Common hypothecation agreement dated 07.02.2005 |
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2. Amount secured by the charge /amount owing on security of the charge |
Rs. 15.000 millions |
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3. Short Particular of the property charged. If the property acquired is subject to change date of acquisition of property should be given |
Hypothecation by way of first charge on all present and future. a] stocks of goods such as raw materials, goods in process, finished and manufactured goods, stocks in trade, stores, spares, components, machinery, vehicles, furniture and fixtures and all other movable goods and properties of the Company lying at the Company’s factories, godown or wherever else or in transit or in the course of delivery to the company: and b] all books debts, outstanding monies, bills receivable, claims, bills, contracts, securities, investments, cash, gold, silver, Jewellery, rights and assets, movable and other properties of the Company. More particularly described in schedule 2 to common hypothecation agreement. |
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4. Gist of the terms and conditions and extent and operation of the charge. |
The above assets are given as security to secured the following facilities granted by the Bank: Nature of Facility Limit (Rs. in millions) Cash Credit 2.500 FLC DA/ DP 5.000 FLC DA (back to back) 5.000 PC/ FDB/ FBE 2.500 S/ L – FDB/ FBE (1.500) ------------- Total 15.000 ------------- Interest on C.C @ 3.4% above ongoing PLR with minimum of 11.05% p.a. with monthly rest, Interest on PC/ FDB/ FBE @ 88% p.a. Margin : 25% |
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5. Names, address and description of the persons entitled to charge |
Canara Bank Mandvi Branch, Sujeer House, 74/ 76, Kazi Sayed Street, Mumbai 400 003, Maharashtra, India |
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6. Date and brief description of instrument modifying the charge |
NA |
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7. Particular of modification specifying the terms and conditions or the extent or operation of the charge in which modification is made and the details of modification |
NA |
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This form is for |
Modification of
charge |
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Charge
identification number of the modified
|
90243793 |
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Corporate
identity number of the company |
U24134MH2002PTC138388 |
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Name of the
company |
LILA POLUMERS
PRIVATE LIMITED |
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Address of the
registered office or of the principal place of business in India of the company |
123 Mittal Tower,
C 12th Floor, Nariman Point, Mumbai-400021, Maharashtra, India |
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Type of charge |
Book debts Movable property Others |
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Particular of
charge holder |
Canara Bank Mandvi Branch,
Sujeer house, 74/76 Kazi Sayed Street, Mumbai-400003, Maharashtra, India Email: mcity0210@canbank.co.in |
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Nature of description
of the instrument creating or modifying the charge |
Supplemental
common hypothecation agreement (SCHA) dated 14.02.2007 |
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Date of
instrument Creating the charge |
14.02.2007 |
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Amount secured by
the charge |
Rs. 32.500
millions |
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Brief particulars
of the principal terms an conditions and extent and operation of the charge |
Rate of Interest: Interest @15%p.a
or As per sanction letter or as specified by Bank from time to time Terms of
Repayment: On demand or as specified
by bank from time to time Margin: 50% on B/Ds, L/C
(Rs. 20.000 millions) 15%, L/C (Rs. 10.000 millions) 20% Extent and
Operation of the charge: The Credit
facilities increased from Rs. 15.000 millions to Rs. 32.500 millions.
Security by way of hypothecation of stocks, book debts etc. given earlier
shall continue to secure the enhanced limit. |
|
Short particulars
of the property charged |
Hypothecation by
way of 1st charge on all present and future: 1.
stocks of
goods such as raw materials, goods in process, finished and manufactured
goods, stock in trade, stores, spares, components, machinery, vehicles,
furniture and fixtures and all other movable goods and properties of the
company lying at the company’s factories, godown or wherever else or in transit
or in the course of delivery to the company and 2.
all book
debts, O/S monies, bills receivables, claims, Etc. |
|
Particulars of
the present modification |
Now vide this
modification the various credit facilities granted by the Bank increased from
Rs. 15.000 millions to Rs. 32.500 millions in Annexure I to SCHA. Further the
security by way of hypothecation of stocks, book debts etc. given earlier
shall continue to secure the enhanced limit. |
Fixed Assets:
- Office Equipments
- Furniture and Fixtures
- Motor Car
- Air Conditioners
- Computers
- Telephone Systems
WEBSITE DETAILS ATTACHED:
Subject was established in 1945 by Shri Liladhar Mulji
Vishram (Grandfather of Executive Director - Mr. Jagdish Tanna) as a commodity
/ merchant trading business specializing in agricultural produce. The business
offered services out of Mumbai, Cochin and Calicut and grew into a diversified
business group. However, their greatest
wealth has been the accumulated business knowledge of global trade - an
experience spanning three generations in business, the inculcated ethics and
the business acumen which have seen them survive and prosper through many
challenges.
They continue to grow, improve, and
innovate - offering customers timely advice and intelligent choices leveraging
their vast information network and domain experience.
Subject is a dependable partner and a reliable source of
market intelligence, superior service, and enduring trust. A dedicated
Indenting House for commodities trade they possess rich domain experience and
intimate knowledge of International and Local commodities markets. They fulfill
their Import/Export needs, provide consulting and marketing services, enable
forward integration, and create distribution channels and trading networks for
business.
Operating globally, subject connects Buyers with Sellers
leveraging a strong network of relationships and information sources. They
create a distinct advantage for their customers with timely advice, and
guidance on market selection / market entry timing. They specialize in Polymers and Chemicals, metal
products and exports of finished plastic products - helping you procure, raw
materials, capital / industrial goods, machinery, industrial plants (more products) Above all,
are their specialty creating business
value and lasting relationships with their Clients.
Their focused approach and dedicated service has earned respect from an
increasing clientele. In 2003 subject was the leading performer in the
industry, trading 200,000 tons of Polymers worth USD 122 million.
Vision
They strive to constantly innovate - taking the vision of their forefathers
further each day, creating great business value for their customers and lasting
relationships with high quality services.
Subject combines domain expertise and best business practices - with knowledge
management and high ethical standards. They have set an industry benchmark in
service quality and value creation for their customers who have patronized them
with their trust and loyalty.
People
Mr.JagdishTanna
Executive Director - the third generation in business, has been at the
helm of affairs since last 14 years. A Commerce Graduate with a Diploma in
Marketing and Business Management, he has vast knowledge of International and
Domestic Import-Export business, country trade practices / laws.
Leveraging the cultivated knowledge base, rich domain expertise, and strong business
acumen, Mr. Tanna has developed a business practice with innovation and
professional services with a Global business perspective. The results are
evident. The organization has achieved the leading industry position in
Polymers trade and developed other business horizons such as Chemicals,
Petrochemicals, Metals, etc.
Ms.Tarana Doshi
In-charge of Chemicals, Steel Scrap, textile raw materials, PET chips,
Caprolactum , ABS Resins, PS, and new product development - she handles some of
the most promising initiatives on the business horizon of subject.
She brings international expertise in finance, trade and country business
practices with existing corporate knowledge base to deliver innovative products
and service with high value proposition deals-a professional identity which clients
associate with subject
Ms. Tarana is a Commerce Graduate from Mumbai and also has a B.S. in
Finance from Purdue Univ. - Indiana. She has previously
worked as a financial analyst with Credit Suisse First Boston, New York.
Ms. Ashvitha S. Suvarna
In-charge of logistics - she coordinates all logistics transactions at
Lila Polymers, providing a vital services link through liaison with Clients and
other participants in the order fulfillment process.
Her industry experience lends her knowledge and skills to proactively
anticipate and troubleshoot bottlenecks / logistical delays, ensuring timely
order delivery and facilitation of associated formalities.
She previously worked at Reliance Industries Ltd. (Polymer Exports
Division) and is a Commerce Graduate.
Services
Subject’s services are all about being innovative and
customer focused - creating choices and alternative offerings, adding value
with their domain expertise, leveraging their connections and business network,
and above all standing by their commitments
Consulting
and Advisory Services
-
Market forecasts, market selection, market entry timing,
brand promotion
Logistics
-
Fulfillment process based on transaction structure, monitoring
shipments, documentation facilitation
Sourcing / Vending
-
identifying buyers, agents, negotiating and structuring
transactions
Market
Development
- appointing distributors, channel development, sales
network bb
Activities
Subject is the largest companies in Korea such as Samsung
Corporation, Hyosung Corporation, Daelim Corporation. Also Thai Petrochemicals,
Thailand, Marubeni Plastics, Singapore and many other in U.S.A., Europe and the
Middle East. They are extremely active in indenting Polymers from these giants
to over two hundred satisfied actual users and trader importers of high repute.
Their client list reads heavy weights like Reliance, Mafatlal, Garware, Bajaj
Plastics, Sintex - Kalol, Tulsyan NEC Ltd., Gilt Pack Ltd., and many highly
reputed buyers.
Physical Import of Pulses from all over the world
- Indenting agent for Foreign Principals and foreign buyers of Indian
Products
- International Marketing consultant to foreign companies in the
field of Agriculture Produce and Polymers
- Local supplier of Imported Pulses to over three hundred customers
in various States including Millers, Wholesalers and Semi-Government
organisations
- Through their Trust "Liladhar Mulji Vishram Charitable
Trust" they are engaged in their own humble way in repaying their
debt to the Society by providing medical relief, cow-welfare, educational
help, contribution for religious purpose, specially helping the children,
women and the old-aged.
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.42.49 |
|
UK Pound |
1 |
Rs.84.21 |
|
Euro |
1 |
Rs.66.33 |
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 |
NO |
|
--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 |
|
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
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 |
|