MIRA
INFORM REPORT
|
Report Date : |
19.07.2008 |
IDENTIFICATION
DETAILS
|
Name : |
LEO CHEMO PLAST 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) : |
31.03.2007 |
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Date of Incorporation : |
21.11.1994 |
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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 : |
Importer of Chemical Products. |
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 |
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Maximum Credit Limit : |
USD 485000 |
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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. 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. |
INFORMATION PARTED
BY
|
Name : |
Miss Ratna |
|
Designation : |
Executive |
|
Date : |
18.07.2008 |
LOCATIONS
|
Registered Office : |
B-126, Ghatkopar
Industrial Estate, L.B.S.Marg, Ghatkopar (West), Mumbai – 400 086, Maharashtra,
India |
|
Tel. No.: |
91-22-40279000,
25008040/ 7941/ 7242, 67969270/ 9271/ 9272 |
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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 |
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Branch Office : |
At Vadodara |
DIRECTORS
|
Name |
Mr. Hitesh Chandulal Mehta |
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Designation |
Director |
|
Address |
B-126, Ghatkopar Industrial Estate, L.B.S.Marg, Ghatkopar
(West), Mumbai – 400 086,
Maharashtra, India |
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Date of Birth |
14.08.1958 |
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Date of
Appointment |
21.11.1994 |
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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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Address |
B-126, Ghatkopar Industrial Estate, L.B.S.Marg, Ghatkopar
(West), Mumbai – 400 086,
Maharashtra, India |
|
Date of Birth |
16.01.1967 |
|
Date of
Appointment |
21.11.1994 |
KEY EXECUTIVES
|
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
/ SHAREHOLDING PATTERN
|
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 |
|
Mrs. Jasumati C.
Mehta |
1,000 |
|
Ms. Drushti H.
Mehta |
1,000 |
|
Ms. Sachi H.
Mehta |
1,000 |
|
Mr. Zeel S. Mehta |
1,000 |
|
Mr. Dhyey S.
Mehta |
1,000 |
|
Mrs. Beena H.
Mehta |
1,000 |
|
Mrs. Rupal S.
Mehta |
1,000 |
|
Total |
10,00,000 |
BUSINESS DETAILS
|
Line of Business : |
Importer of Chemical Products. |
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Products : |
v 1-4 Butane Diol v 1-6 Hexane Diol v 2 Ethyl Hexanoic Acid v 2 Ethyl Hexyl Acrylate (2EHA) v 2-Hydroxyethyl Methacrylate v Acetonitrile v Acrylamide v Acrylic Acid v Adipic Acid v Allyl Alcohol v Allyl Chloride v Amino Ethyl Ethanolamine v Beta Naphthol v Bisphenol-A v Butylc Cellosolve v Butyl Di Glycol v Cekanoic C8 Acid v Cyanuric Chloride v Dimethyl Formamide v Di Ethanolamine v Di Phenyl Methane Di Isocyanate
(MDI-Isocyanate) v Dicyandiamide v Diethylene Triamine v Dioctyl Phthalate v Ethylene Glycol Butyl Ether – Butyl Glycol
Ether v Epichloro Hydrine v Ethyl Aceto Acetate v Ethyl Acrylate v Ethylene Diamine v Furfuryl Alcohol v Formic Acid 99-100% v Hexylene Glycol v Hydrazine Hydrate v Hydroquinone v Iodine v Isobutanol v Iso Butyric Acid v Iso Propyl Alcohol v Isophthalic Acid v Asophorone v Iso Propylamine v J-Acid v Methacrylamide v Methacrylic Acid v Methane Sulphonic Acid v Methane Sulphonyl Chloride v Methyl Acetoacetate v Methyl Acrylate v Methyl Iso Butyl Ketone v Methyl Propyl Ketone v Methylene Chloride v Mono Ethanolamine v Morpholine v N-Butyric Acid v N-Propanol v N-Butyraldehyde v N-Butyl Methacrylate v Neo Pentyl Glycol v Paraformaldehyde 91% v Paraformaldehyde 96% v Paraformaldehyde 97% (Powder) v Pentaerythritol v Perchloro Ethylene v Poly Vinyl Alcohol GH 17R v Propionic Acid v Propionic Anhydride v Propylene Glycol v Resorcinol v Sodium Borohydride v Sodium Metal v Tertiary Butanol v Tertiary Butylamine v Tetra Hydro Furan v Tobias Acid v Toluene Di Isocyanate v Triethylamine v Triethylene Tetramine |
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Imports from : |
Japan, U.S.A,
Singapore, Korea, Hong Kong, Italy, Germany, Taiwan, South Africa, Europe,
Far East, Japan against D/A terms. |
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Terms : |
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Selling : |
L/C, Credit (60
days) |
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Purchasing : |
L/C, Credit
(60/90/180 days) |
GENERAL
INFORMATION
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Customers : |
Wholesalers,
Retailers, End users, OEM’s and Manufacturers |
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No. of Employees : |
40 (In office) |
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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 · ICICI Bank · Citi Bank, Back Bay Reclamation - Mumbai |
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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 |
31.03.2007 |
31.03.2006 |
31.03.2005 |
|
SHAREHOLDERS
FUNDS |
|
|
|
|
1] Share Capital |
10.000 |
10.000 |
10.000 |
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2] Reserves &
Surplus |
86.823 |
67.822 |
53.244 |
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NETWORTH |
96.823 |
77.822 |
63.244 |
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LOAN FUNDS |
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1] Secured Loans |
41.786 |
31.713 |
38.089 |
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2] Unsecured
Loans |
77.456 |
0.000 |
0.000 |
|
TOTAL BORROWING |
119.242 |
31.713 |
38.089 |
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TOTAL
|
216.065 |
109.535 |
101.333 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net
Block] |
8.475 |
6.990 |
5.035 |
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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 |
103.066 |
59.441 |
109.252 |
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Sundry Debtors |
239.761 |
211.221 |
171.194 |
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Cash & Bank
Balances |
25.298 |
13.638 |
16.234 |
|
Other Current
Assets |
30.246 |
20.418 |
20.832 |
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Total Current Assets |
398.371 |
304.718 |
317.512 |
|
Less : CURRENT
LIABILITIES & PROVISIONS |
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|
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Current Liabilities |
161.487 |
182.903 |
221.414 |
Provisions
|
29.494 |
19.470 |
0.000 |
Total Current Liabilities
|
190.981 |
202.373 |
221.414 |
|
Net Current Assets |
207.390 |
102.345 |
96.098 |
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MISCELLANEOUS
EXPENSES |
0.000 |
0.000 |
0.000 |
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TOTAL
|
216.065 |
109.535 |
101.333 |
PROFIT & LOSS
ACCOUNT
|
PARTICULARS |
31.03.2007 |
31.03.2006 |
31.03.2005 |
|
Sales Turnover |
821.201 |
828.333 |
726.546 |
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Other Income |
2.901 |
1.409 |
0.000 |
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Total Income |
824.102 |
829.742 |
726.546 |
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Profit Before Tax |
29.145 |
22.406 |
32.016 |
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Provision for
Taxation |
10.145 |
7.735 |
11.735 |
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Profit After Tax |
19.000 |
14.671 |
20.281 |
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Expenditures : |
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Cost of Goods Sold |
723.821 |
741.686 |
NA |
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Administrative Expenses |
36.043 |
24.085 |
NA |
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Selling Expenses |
30.440 |
34.304 |
NA |
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Financial Expenses |
3.476 |
6.374 |
NA |
|
Depreciation & Amortization |
1.177 |
0.887 |
NA |
|
Total
Expenditures |
794.957 |
807.336 |
694.531 |
KEY RATIOS
|
PARTICULARS |
|
31.03.2007 |
31.03.2006 |
31.03.2005 |
|
PAT / Total Income |
(%) |
2.31 |
1.77 |
2.79 |
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Net Profit Margin (PBT/Sales) |
(%) |
3.55 |
2.70 |
4.41 |
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Return on Total Assets (PBT/Total Assets} |
(%) |
7.16 |
7.19 |
9.93 |
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Return on Investment (ROI) (PBT/Networth) |
|
0.30 |
0.29 |
0.51 |
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Debt Equity Ratio (Total Liability/Networth) |
|
3.20 |
3.01 |
4.10 |
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Current Ratio (Current Asset/Current Liability) |
|
2.09 |
1.51 |
1.43 |
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 and 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 and 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.
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.42.78 |
|
UK Pound |
1 |
Rs.85.51 |
|
Euro |
1 |
Rs.67.90 |
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
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/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 |
|
NR |
In view of the lack of information, we have no basis upon which to
recommend credit dealings |
No Rating |
|