MIRA
INFORM REPORT
|
Report Date : |
11.11.2006 |
IDENTIFICATION
DETAILS
|
Name : |
METRO
EXPORTERS PRIVATE LIMITED |
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Registered Office : |
5th
Floor, Shah House, Shivsagar Estate, Worli, Mumbai – 400018 |
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Country : |
India |
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Financials (as on) : |
31.03.2006 |
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Date of Incorporation : |
23.07.1964 |
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Com. Reg. No.: |
11-12975 |
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CIN No.: [Company
Identification No.] |
U99999MH1964PTC012975 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
MUMM21335G |
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PAN No.: [Permanent
Account No.] |
AABCM0349J |
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Legal Form : |
Private
limited liability company It is
Government of India Recognised Golden Trading House |
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Line of Business : |
Exporter,
Importer, Assembling or Manufacturer of Cycles, Tricycles, Motor Cycles,
Cars, Trucks, Tractors, Classis, Motors, Aeroplanes engines, Turbines, Tanks,
Ships, Bodies, Tools, Implements, Accessories, Buses, Lorries and Other
Materials and Products in India and elsewhere. |
RATING & COMMENTS
|
MIRA’s Rating : |
Aa |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
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|
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 |
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Maximum Credit Limit : |
USD
2250000 |
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Status : |
Good |
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Payment Behaviour : |
Regular
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Litigation : |
Clear |
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Comments : |
Subject
is a leading Trading House having fine track. Financial position of the
company is good. Payments are correct and as per commitments. The
company is doing well. It can
be considered good for any normal business dealings. It can
be regarded as a promising business partner in a medium to long – run |
LOCATIONS
|
Registered Office : |
5th
Floor, Shah House, Shivsagar Estate, Worli, Mumbai – 400018 |
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Tel. No.: |
91-22-24938565/64/24938548/24938549 |
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Fax No.: |
91-22-24938538/24950359 |
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E-Mail : |
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Factory
1 : |
SCO:
80-81, Sector 17-C, Chandigarh - 160017 |
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Tel.
No.: |
91-172-2721315/2715868 |
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Fax
No.: |
91-172-2721904 |
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Branches
: |
Located
at : v
Kolkata v
Chandigarh
v
Hyderabad
v
Ludhiana
v
Trivandrum
v
New
Delhi |
DIRECTORS
|
Name : |
Mr.
Chandrasi C. Udeshi |
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Designation : |
Chairman |
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Address : |
“Amoolya”,
195, Walkeshwar Road, Mumbai – 400006 |
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Date of Birth/Age : |
27.12.1930 |
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Date of Appointment : |
01.08.1993 |
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Name : |
Mr.
Yogendra P. Trivedi |
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Designation : |
Director |
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Address : |
Mistry
Manor, 62 Nepeansea Road, Mumbai – 400026 |
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Date of Birth/Age : |
06.01.1929 |
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Date of Appointment : |
13.09.1988 |
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Name : |
Ms.
Smita Pradip Bhatia |
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Designation : |
Director
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Address : |
15-B,
II Palazzo, Little Gibs Road, Malabar Hill, Mumbai – 400006 |
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Date of Birth/Age : |
01.04.1954 |
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Date of Appointment : |
01.08.1996 |
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Name : |
Mr.
Bhatia Lalji Pradip |
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Designation : |
Director
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Address : |
15-B,
II Palazzo, Little Gibs Road, Malabar Hill, Mumbai – 400006 |
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Date of Birth/Age : |
26.04.1953 |
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Date of Appointment : |
04.01.1983 |
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Name : |
Mr.
Vinay S. Suraiya |
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Designation : |
Director |
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Address : |
7,
convent Street, Kolkata – 700014, West Bengal |
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Date of Birth/Age : |
04.05.1954 |
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Date of Appointment : |
05.01.1983 |
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Name
: |
Mr.
Kuldeep Kaul |
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Designation
: |
Director |
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Address
: |
House
No. 2042, Sector No. 15C, Chandigarh – 160015 |
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Date
of Birth/Age : |
20.03.1953 |
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Date
of Appointment : |
01.10.1995 |
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Name
: |
Mr.
Jayant C. Joshi |
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Designation
: |
Director (Foreign) |
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Address
: |
88,
Robert Mugade Road, 1st Floor, P O Box – 1275, Harare, Zimbabwe |
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Date
of Birth/Age : |
11.08.1943 |
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Date
of Appointment : |
01.10.1996 |
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Name
: |
Mr.
Jai P. Bhatia |
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Designation
: |
Wholetime Director |
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Address
: |
15-B,
II Palazzo, Little Gibs Road, Malabar Hill, Mumbai – 400006 |
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Date
of Appointment : |
01.09.2003 |
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Name
: |
Mr.
Tulsidas H. Bhutta |
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Designation
: |
Company Secretary |
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Address
: |
17/2,
Shanti Niketan, R A Kidwai Marg, Mumbai – 400031 |
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Date
of Birth/Age : |
17.08.1923 |
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Date
of Appointment : |
01.08.1964 |
MAJOR SHAREHOLDERS
|
Names
of Shareholders |
No. of Shares |
|
Mr.
Chandrasi C. Udeshi |
19700 |
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Mr.
Chandrasi C. Udeshi (HUF) |
17540 |
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Mr.
Jayant C. Joshi |
11840 |
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Ms.
Smita Pradip Bhatia |
40160 |
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Mr.
Bhatia Lalji Pradip |
7300 |
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Ms.
Smita Pradip Bhatia (HUF) |
17180 |
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Mr.
Bhatia Lalji Pradip (HUF) |
8560 |
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Ms.
Bhatia Pradip Amrita |
20088 |
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M/s.
Metro Exporters (India) Private Limited |
44224 |
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Ms.
Sampat Ramdas Kumudben |
50 |
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Ms.
Kapadia Kakubhai Nalini |
1332 |
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Mr.
Kapadia Kakubhai Dilip |
160 |
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Mr.
Suraiya Vinay Kshitiz |
18000 |
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Ms.
Suraiya Vinay Urvashi |
8100 |
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M/s.
Metro Investments Private Limited |
123170 |
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Mr.
Kapadia Dilip Ruchit |
160 |
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Ms.
Kapadia Dilip Khyati |
160 |
|
Mr.
Udeshi Haridas Ranjit |
600 |
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Mr.
Khatau H Vinay |
4 |
|
Mr.
Bhutta Tulsidas Yogesh |
10 |
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M/s.
Mira Cycles Private Limited |
9000 |
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Mr.
Keshav Pradip Bhatia |
2988 |
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Ms.
Varsha Vinay Suraiya |
45720 |
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Mr.
Vinay Shivji Suraiya |
10000 |
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Mr.
Yogendra Premkrishna Trivedi |
10 |
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Mr.
Karanjgaonkar Gopalrao Chandrasekar |
10 |
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M/s.
Trumpet Limited |
308400 |
BUSINESS DETAILS
|
Line of Business : |
Exporter,
Importer, Assembling or Manufacturer of Cycles, Tricycles, Motor Cycles,
Cars, Trucks, Tractors, Classis, Motors, Aeroplanes engines, Turbines, Tanks,
Ships, Bodies, Tools, Implements, Accessories, Buses, Lorries and Other
Materials and Products in India and elsewhere. |
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|
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Products : |
v
Bicycles
and Parts of Bicycles - 87120001 v
Rice
Mill Machinery v
Diesel
Engine and Electric Locomotive Spares v
Grinding
and Milling Machinery v
Men
and Boys Shirts v
Stationery
Engines |
GENERAL
INFORMATION
|
No. of Employees : |
150 |
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Bankers : |
v
State
Bank of India, Overseas Branch v
BNP
Bank v
HDFC
Bank Limited |
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Facilities : |
-- |
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Banking Relations : |
Good |
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Auditors : |
MSM
& Associates Chartered
Accountant |
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Address: |
G – 15,
Everest, 8th Floor, Tardeo Road, Mumbai – 400034 |
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Associates/Subsidiaries : |
v
Metro Exporters (India) Private Limited v
Paks Veterinary Drugs Manufacturing Company Limited |
CAPITAL STRUCTURE
Authorised
Capital :
|
No.
of Shares |
Type |
Value |
Amount |
|
4750000 |
Equity Shares |
Rs. 10/- each |
Rs. 47.500 millions |
|
1500 |
6% Non Cumulative Preference Shares |
Rs. 1000/- each |
Rs. 1.500 millions |
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Total |
|
Rs. 49.000 Millions |
Issued,
Subscribed & Paid-up Capital :
|
No.
of Shares |
Type |
Value |
Amount |
|
714466 |
Equity Shares |
Rs. 10/- each |
Rs. 7.145 millions |
FINANCIAL DATA
[all figures are in Rupees
Millions]
ABRIDGED
BALANCE SHEET
|
SOURCES OF FUNDS |
|
31.03.2006 |
31.03.2005 |
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|
SHAREHOLDERS FUNDS |
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|
|
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1] Share Capital |
|
7.145 |
7.145 |
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2] Share Application Money |
|
0.000 |
0.000 |
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3] Reserves & Surplus |
|
567.784 |
508.412 |
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4] (Accumulated Losses) |
|
0.000 |
0.000 |
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NETWORTH |
|
574.929 |
515.557 |
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LOAN FUNDS |
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1] Secured Loans |
|
0.000 |
0.000 |
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2] Unsecured Loans |
|
0.000 |
0.000 |
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TOTAL BORROWING |
|
0.000 |
0.000 |
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DEFERRED TAX LIABILITIES |
|
0.000 |
0.000 |
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TOTAL |
|
574.929 |
515.557 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
|
21.284 |
21.721 |
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Capital work-in-progress |
|
0.000 |
0.000 |
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INVESTMENT |
|
217.382 |
83.551 |
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DEFERREX TAX ASSETS |
|
2.990 |
2.571 |
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Intangible Assts |
|
1.033 |
2.187 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
|
22.969 |
34.137 |
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Sundry Debtors |
|
430.079 |
434.210 |
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Cash & Bank Balances |
|
52.167 |
36.908 |
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Other Current Assets |
|
26.858 |
33.712 |
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Loans & Advances |
|
28.440 |
50.650 |
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Total Current Assets |
|
560.513 |
589.617 |
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Less : CURRENT LIABILITIES & PROVISIONS |
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Current Liabilities |
|
222.163 |
177.980 |
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|
Provisions |
|
6.110 |
6.110 |
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Total Current Liabilities |
|
228.273 |
184.090 |
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Net Current Assets |
|
332.240 |
405.527 |
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MISCELLANEOUS EXPENSES |
|
0.000 |
0.000 |
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|
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TOTAL |
|
574.929 |
515.557 |
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PROFIT
& LOSS ACCOUNT
|
PARTICULARS |
|
31.03.2006 |
31.03.2005 |
|
Sales Turnover [including other income] |
|
1105.713 |
1259.758 |
|
|
|
|
|
|
Profit/(Loss)
Before Tax |
|
78.280 |
44.875 |
|
Provision
for Taxation |
|
12.790 |
3.913 |
|
Profit/(Loss)
After Tax |
|
65.490 |
40.962 |
|
|
|
|
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Total
Expenditure |
|
1027.433 |
1214.883 |
KEY
RATIOS
|
PARTICULARS |
|
|
31.03.2006 |
31.03.2005 |
|
PAT / Total Income |
(%) |
|
5.92 |
3.25 |
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|
Net
Profit Margin (PBT/Sales) |
(%) |
|
7.07 |
3.56 |
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|
Return
on Total Assets (PBT/Total
Assets} |
(%) |
|
13.45 |
7.34 |
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|
Return
on Investment (ROI) (PBT/Networth) |
|
|
0.13 |
0.08 |
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|
Debt
Equity Ratio (Total
Liability/Networth) |
|
|
0.39 |
0.35 |
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|
Current
Ratio (Current
Asset/Current Liability) |
|
|
2.45 |
3.20 |
LOCAL AGENCY
FURTHER INFORMATION
profile
Subject is India's leading manufacturer and exporter of all kinds of Bicycle Parts and Components, Irrigation pump sets, Diesel engine, Hand tools, Steel, Paper, Automotive and Tractor component.
One of the prestigious names in the Indian bicycle industry, it was the first
company to be recognised as an Export Trading house by the Government of India,
in 1981.
Brands: 'Hamilton' in Bicycles & 'Unity' in Components
Metro came into the international market in Africa and Asia in 1964 with
bicycle and components as its mainline business and by the mid-70s the company
added Europe and America into its portfolio. Now it is selling products to more
than 60 countries around the world and take pride in itself be an OEM source
for several Bicycle Manufacturers around the world.
World class manufacturing standards (Associate company Hamilton Industries
Limited is an ISO 9002 certified company)
State of the art component testing, painting and R&D facility
Close association with over 150 factories engaged in production of high quality components for Metro Exports Pvt Ltd
OEM source for several global Bicycle Manufacturers (catering to many European customers in their brand)
Regular Winner of annual ALL INDIA TOP EXPORTER'S AWARD from the Engineering Export Promotion Council of India since 1987.
The company’s fixed assets of important value includes Land and Commercial Premises, Buildings, Plant and Machinery, Computers, Furniture and Fixtures and Office Equipments.
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.45.34 |
|
UK
Pound |
1 |
Rs.85.82 |
|
Euro |
1 |
Rs.58.05 |
SCORE &
RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
8 |
|
PAID-UP CAPITAL |
1~10 |
8 |
|
OPERATING SCALE |
1~10 |
8 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
8 |
|
--PROFITABILIRY |
1~10 |
8 |
|
--LIQUIDITY |
1~10 |
8 |
|
--LEVERAGE |
1~10 |
8 |
|
--RESERVES |
1~10 |
8 |
|
--CREDIT LINES |
1~10 |
8 |
|
--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 |
|
72 |
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 |
|