MIRA
INFORM REPORT
|
Report Date : |
27.09.2011 |
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-400086, |
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Country : |
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Financials (as
on) : |
31.03.2010 |
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Date of Incorporation : |
21.11.1994 |
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Com. Reg. No.: |
11-83143 |
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Capital Investment / Paid-up Capital : |
Rs. 10.000 millions |
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CIN No.: [Company
Identification No.] |
U24110MH1994PTC083143 |
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TAN No.: [Tax
Deduction and 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. |
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No. of Employees : |
28 (In office 20 and In branch 8) (Approximately) |
RATING & COMMENTS
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MIRA’s Rating : |
Ba (48) |
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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 590000 |
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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 an established company having satisfactory track. Trade
relations are reported as fair. Business is active. Payments are reported to be
usually correct and as per commitments. The company can be considered normal for business dealings at usual
trade terms and conditions. |
NOTES :
Any query related to this report can be made
on e-mail : infodept@mirainform.com
while quoting report number, name and date.
INFORMATION DECLINED BY
|
Name : |
Mr. Chirag K |
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Designation : |
Accountant |
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Contact No.: |
91-22-25008040 |
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Date : |
26.09.2011 |
LOCATIONS
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Registered Office : |
B-126, Ghatkopar
Industrial Estate, L.B.S. Marg, Ghatkopar (West), Mumbai-400086, |
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Tel. No.: |
91-22-25008040 /
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 : |
1700 sq. ft. |
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Location : |
Owned |
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Warehouse : |
A-11, Sadguru
Complex No. 1, Rehnal Village, Taluka – Bhiwandi, District Thane – 421305,
Maharashtra, India |
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Branch Office 1 : |
Vyapar Bhavan, Mumbai,
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Area : |
10,000 sq. ft. |
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Location : |
Owned |
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Branch Office 2: |
Also Located At: ·
Vadodara |
DIRECTORS
As on 30.09.2010
|
Name |
Mr. Hitesh 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, |
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Date of Birth |
14.08.1958 |
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Date of
Appointment |
21.11.1994 |
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Din No.: |
00228649 |
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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, |
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Date of Birth |
16.01.1967 |
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Date of
Appointment |
21.11.1994 |
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Din No.: |
00228773 |
KEY EXECUTIVES
|
Name : |
Mr. Chirag K |
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Designation : |
Accountant |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 30.09.2010
|
Names of Shareholders |
|
No. of Shares |
|
Sudhir C. Mehta |
|
496000 |
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Hitesh C. Mehta |
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496000 |
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Chandulal J.
Mehta |
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2000 |
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Drushti H. Mehta |
|
1000 |
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Sachi H. Mehta |
|
1000 |
|
Zeel S. Mehta |
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1000 |
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Dhyey S. Mehta |
|
1000 |
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Beena H. Mehta |
|
1000 |
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Rupal S. Mehta |
|
1000 |
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Total |
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1000000 |
As on 30.09.2010
|
Category |
|
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 of Chemical Products. |
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Products : |
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GENERAL INFORMATION
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No. of Employees : |
28 (In office 20 and In branch 8) (Approximately) |
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Bankers : |
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Facilities : |
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Banking
Relations : |
-- |
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Auditors : |
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Name : |
Rasiklal Shah and Associates Chartered Accountants |
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Address : |
412 Vypar Bhavan, |
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Tel. No.: |
91-22-23485314 |
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Fax No.: |
91-22-23485313 |
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Associates : |
Leo Petrochemicals, Mumbai, |
CAPITAL STRUCTURE
As on 30.09.2010
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
1000000 |
Equity Shares |
Rs. 10/- each |
Rs. 10.000 millions |
Issued, Subscribed
and Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
1000000 |
Equity Shares |
Rs. 10/- each |
Rs. 10.000 millions |
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
|
SHAREHOLDERS FUNDS |
|
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|
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|
1] Share Capital |
10.000 |
10.000 |
10.000 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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|
3] Reserves & Surplus |
137.782 |
115.399 |
113.201 |
|
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
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NETWORTH |
147.782 |
125.399 |
123.201 |
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LOAN FUNDS |
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|
1] Secured Loans |
104.238 |
31.851 |
84.328 |
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2] Unsecured Loans |
99.513 |
78.032 |
71.746 |
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TOTAL BORROWING |
203.751 |
109.883 |
156.074 |
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DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
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TOTAL |
351.533 |
235.282 |
279.275 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
15.464 |
12.050 |
8.941 |
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Capital work-in-progress |
0.000 |
0.000 |
0.000 |
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INVESTMENT |
0.125 |
0.125 |
0.125 |
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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 |
195.787
|
87.950
|
152.677 |
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Sundry Debtors |
439.938
|
312.554
|
296.553 |
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Cash & Bank Balances |
14.094
|
22.823
|
34.614 |
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Other Current Assets |
43.110
|
31.418
|
43.320 |
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Loans & Advances |
0.000
|
0.000
|
0.000 |
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Total
Current Assets |
692.929
|
454.745
|
527.164 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Sundry Creditors |
319.850
|
206.103
|
213.730 |
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Other Current Liabilities |
0.000
|
0.000
|
0.000 |
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Provisions |
37.135
|
25.535
|
43.225 |
|
Total
Current Liabilities |
356.985
|
231.638
|
256.955 |
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Net Current Assets |
335.944
|
223.107
|
270.209 |
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MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
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TOTAL |
351.533 |
235.282 |
279.275 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
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SALES |
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Sales Turnover |
1359.356 |
1252.119 |
1183.423 |
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Profit on |
0.000 |
0.000 |
0.018 |
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Other Income |
15.855 |
3.388 |
3.093 |
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|
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TOTAL (A) |
1375.211 |
1255.507 |
1186.534 |
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Less |
EXPENSES |
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|
|
|
|
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|
Cost of Goods
Sold |
1234.685 |
1108.414 |
1058.030 |
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Administrative Expenses |
50.581 |
84.938 |
30.525 |
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Selling Expenses |
43.787 |
41.507 |
48.259 |
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TOTAL (B) |
1329.053 |
1234.859 |
1136.814 |
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Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
46.158 |
20.648 |
49.720 |
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Less |
FINANCIAL
EXPENSES (D) |
10.297 |
14.765 |
8.415 |
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PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
35.861 |
5.883 |
41.305 |
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Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
1.878 |
1.863 |
1.197 |
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PROFIT BEFORE
TAX (E-F) (G) |
33.983 |
4.020 |
40.108 |
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Less |
TAX (H) |
11.600 |
1.805 |
13.730 |
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PROFIT AFTER TAX
(G-H) (I) |
22.383 |
2.215 |
26.378 |
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Less |
PROVISION FOR
EARLIER YEAR WRITTEN OFF |
0.000 |
0.017 |
0.000 |
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PROFIT FOR THE
YEAR |
22.383 |
2.198 |
26.378 |
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Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
115.398 |
113.200 |
86.822 |
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BALANCE CARRIED
TO THE B/S |
137.781 |
115.398 |
113.200 |
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|
Earnings Per
Share (Rs.) |
22.38 |
2.22 |
-- |
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KEY RATIOS
|
PARTICULARS |
|
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
PAT / Total Income |
(%) |
1.63
|
0.18 |
2.22 |
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|
Net Profit Margin (PBT/Sales) |
(%) |
2.50
|
0.32 |
3.39 |
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|
Return on Total Assets (PBT/Total Assets} |
(%) |
4.80
|
0.86 |
7.48 |
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Return on Investment (ROI) (PBT/Networth) |
|
0.23
|
0.03 |
0.33 |
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|
Debt Equity Ratio (Total Liability/Networth) |
|
3.79
|
2.72 |
3.35 |
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|
Current Ratio (Current Asset/Current Liability) |
|
1.94
|
1.96 |
2.05 |
LOCAL AGENCY FURTHER INFORMATION
Details of Sundry Creditors:
|
Particulars |
31.03.2010 (Rs. in millions) |
31.03.2009 (Rs. in millions) |
31.03.2008 (Rs. in millions) |
|
Sundry Creditors |
319.850
|
206.103
|
213.730 |
Bankers Charges
Report as per Registry
|
Corporate
identity number of the company |
U24110MH1994PTC083143 |
|
Name of the
company |
LEO CHEMO PLAST PRIVATE LIMITED |
|
Address of the
registered office or of the principal place of business in |
B-126, Ghatkopar
Industrial Estate, L.B.S. Marg, Ghatkopar (West), Mumbai – 400 086, |
|
This form is for |
Modification of
charge |
|
Charge
identification number of the modified |
10085519 |
|
Type of charge |
Book Debts Movable Property Floating Charge |
|
Particular of
charge holder |
Citi Bank, Trent Hose, 2nd Floor, G Block, Plot
No C60, Bandra Kurla Complex, Bandra (East), Mumbai-400 051, |
|
Email |
|
|
Nature of
description of the instrument creating or modifying the charge |
Deed of
Modification |
|
Date of
instrument Creating the charge |
03.06.2010 |
|
Amount secured by
the charge |
Rs.70.000
Millions |
|
Brief particulars
of the principal terms an conditions and extent and operation of the charge |
Rate of Interest Interest to be
charged at such rate as may be determined by the Citi bank N.A. from time to
time Terms of
Repayment On Demand Margin As may be
stipulated by bank from time to time Extent and
Operation of the charge The Borrower hypothecates
to and in favour of the Bank on the current assets more particularly by way
of first charge (on pari passu basis with ICICI Bank Limited and Citibank
N.A.) as security for the repayment of Rs.170.000 Millions, together with all
interest, liquidated damages, premia on prepayment or on redemption, costs,
charges and other expenses payable by the Company to the Citibank N.A. |
|
Short particulars
of the property charged |
Hypothecation of
first pari passu charge on the current assets of the Company both present and
future. |
|
Date of latest
modification prior to the present modification |
18.11.2008 |
|
Particulars of
the present modification |
Citibank N.A. has
now increased the credit facilities from Rs.150.000 millions to Rs.107.000
millions |
CMT REPORT (Corruption, Money Laundering & Terrorism]
The Public Notice information has been collected from various sources
including but not limited to: The Courts,
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.49.62 |
|
|
1 |
Rs.76.68 |
|
Euro |
1 |
Rs.66.47 |
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 |
5 |
|
--PROFITABILIRY |
1~10 |
5 |
|
--LIQUIDITY |
1~10 |
5 |
|
--LEVERAGE |
1~10 |
5 |
|
--RESERVES |
1~10 |
6 |
|
--CREDIT LINES |
1~10 |
5 |
|
--MARGINS |
-5~5 |
- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
NO |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
NO |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
48 |
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 |
- |
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.