MIRA
INFORM REPORT
|
Report Date : |
17.04.2007 |
IDENTIFICATION
DETAILS
|
Name : |
METRO EXPORTERS
PRIVATE LIMITED |
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Registered Office : |
5th
Floor, Shah House, Shivsagar Estate, Worli, Maharashtra, 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 |
|
|
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 |
|
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/ Corporate 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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Website : |
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Marketing Office : |
Queen’s Diamond Building 5 M. P. Marg Opp. Charni Rd Rly Station,
Opera House Mumbai:400004 (India) |
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Tel. No.: |
91-22-2377570/ 3678802/03 |
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Fax No.: |
91-22-2377571 |
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E-Mail : |
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Marketing Office/ Factory 1 : |
S.C.O. 80-81, Sector 17-C Chandigarh-160017, India. |
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Tel. No.: |
91-172-2721315 / 2715878 |
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Fax No.: |
91-172-2721904 / 5075405 |
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E-Mail : |
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Marketing Office : |
218, Hans Bhawan Bahadur Shah Zafar Marg New Delhi-110002 India |
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Tel. No.: |
91-11-23378165 / 23379464 |
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Fax No.: |
91-11-23378092 |
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E-Mail : |
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Marketing
Offices: |
Mercantile Building Lal Bazar Street Calcutta-700001 (India) |
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Tel No: |
91-33-2251558 / 2252109/ 250793 |
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Fax No: |
91-33-267174 |
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Branches : |
Located at : Kolkata Chandigarh Hyderabad Ludhiana Trivandrum New Delhi |
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Factory: |
Hamilton
Industries Limited, 9 MIDC Enginering Zone, Kalyan- Badlapur Road,
Ambernath-421 501 (India) |
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Tel No: |
91-251-682374 /
682525 |
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Fax No: |
91-251-282390 |
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E-Mail: |
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Factory: |
Mira Cycles
Limited,Plot No:10 to 21 to 30 to 42, G.I.D.C Antalia, BilliMopra-396325
(India) |
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Tel No: |
91-2634-83972 |
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Fax No: |
91-2634-83972 |
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Factory: |
Venus Engineering
Works and Foundry Ltd., Nemom Thiruvanathapuram (India) |
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Tel No: |
91-471-490565/
491430 |
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Fax No: |
91-411-344271 |
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Factory: |
Packs
Manufacturing division 8-2-588, Road
No.8. Banjara Hills, Hyderabad-500034 (India) |
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Tel No: |
91-40-3358742 |
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Fax No: |
91-22-4938538 |
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Warehouse: |
Opposite Dhandari
Kalanrilway Station, G.T. Road, Ludhiana-141 010 (India) |
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Tel No: |
91-161-2510108 /
2510109 |
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Fax No: |
91-161-2510110 |
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E mail: |
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Warehouse: |
Mathuradas Mill
Com[pound N.M. Joshi Marg, Lower Parel, Mumbai:400 013. |
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Tel No: |
91-22-24938922 /
24938924 |
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Warehouse: |
Navrattan
Building Number 2 P.D.’mello Road, Carnac Bunder, Mumbai:400 004 |
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Warehouse: |
Plot No.10 to 21
and 30 to 42 G.I.D.C Antalia BilliMora-396325 (India) |
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Tel No: |
91-2634-83972 |
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Fax No: |
91-2634-83972 |
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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 |
|
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 |
|
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 |
|
Name : |
Mr. Kuldeep Kaul |
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Designation : |
Director |
|
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) |
|
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
|
|
Designation : |
Wholetime
Director |
|
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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|
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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 |
|
Mr. Chandrasi C.
Udeshi (HUF) |
17540 |
|
Mr. Jayant C.
Joshi |
11840 |
|
Ms. Smita Pradip
Bhatia |
40160 |
|
Mr. Bhatia Lalji
Pradip |
7300 |
|
Ms. Smita Pradip
Bhatia (HUF) |
17180 |
|
Mr. Bhatia Lalji
Pradip (HUF) |
8560 |
|
Ms. Bhatia Pradip
Amrita |
20088 |
|
M/s. Metro
Exporters (India) Private Limited |
44224 |
|
Ms. Sampat Ramdas
Kumudben |
50 |
|
Ms. Kapadia
Kakubhai Nalini |
1332 |
|
Mr. Kapadia
Kakubhai Dilip |
160 |
|
Mr. Suraiya Vinay
Kshitiz |
18000 |
|
Ms. Suraiya Vinay
Urvashi |
8100 |
|
M/s. Metro
Investments Private Limited |
123170 |
|
Mr. Kapadia Dilip
Ruchit |
160 |
|
Ms. Kapadia Dilip
Khyati |
160 |
|
Mr. Udeshi
Haridas Ranjit |
600 |
|
Mr. Khatau H
Vinay |
4 |
|
Mr. Bhutta
Tulsidas Yogesh |
10 |
|
M/s. Mira Cycles
Private Limited |
9000 |
|
Mr. Keshav Pradip
Bhatia |
2988 |
|
Ms. Varsha Vinay
Suraiya |
45720 |
|
Mr. Vinay Shivji
Suraiya |
10000 |
|
Mr. Yogendra
Premkrishna Trivedi |
10 |
|
Mr. Karanjgaonkar
Gopalrao Chandrasekar |
10 |
|
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. |
|
|
|
|
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 |
|
|
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 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
|
7.145 |
7.145 |
|
|
2] Share Application Money |
|
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
|
567.784 |
508.412 |
|
|
4] (Accumulated Losses) |
|
0.000 |
0.000 |
|
|
NETWORTH |
|
574.929 |
515.557 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
|
0.000 |
0.000 |
|
|
2] Unsecured Loans |
|
0.000 |
0.000 |
|
|
TOTAL BORROWING |
|
0.000 |
0.000 |
|
|
DEFERRED TAX LIABILITIES |
|
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
|
574.929 |
515.557 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
|
21.284 |
21.721 |
|
|
Capital work-in-progress |
|
0.000 |
0.000 |
|
|
|
|
|
|
|
|
INVESTMENT |
|
217.382 |
83.551 |
|
|
DEFERREX TAX ASSETS |
|
2.990 |
2.571 |
|
|
Intangible Assts |
|
1.033 |
2.187 |
|
|
|
|
|
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|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
|
22.969 |
34.137 |
|
|
Sundry Debtors |
|
430.079 |
434.210 |
|
|
Cash & Bank Balances |
|
52.167 |
36.908 |
|
|
Other Current Assets |
|
26.858 |
33.712 |
|
|
Loans & Advances |
|
28.440 |
50.650 |
|
Total Current Assets |
|
560.513 |
589.617 |
|
|
Less : CURRENT LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Current Liabilities |
|
222.163 |
177.980 |
|
|
Provisions |
|
6.110 |
6.110 |
|
Total Current Liabilities |
|
228.273 |
184.090 |
|
|
Net Current Assets |
|
332.240 |
405.527 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
|
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
|
574.929 |
515.557 |
|
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 |
|
|
|
|
|
|
Total Expenditure |
|
1027.433 |
1214.883 |
KEY RATIOS
|
PARTICULARS |
|
|
31.03.2006 |
31.03.2005 |
|
PAT / Total Income |
(%) |
|
5.92 |
3.25 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
|
7.07 |
3.56 |
|
|
|
|
|
|
|
Return on Total
Assets (PBT/Total Assets} |
(%) |
|
13.45 |
7.34 |
|
|
|
|
|
|
|
Return on
Investment (ROI) (PBT/Networth) |
|
|
0.13 |
0.08 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total
Liability/Networth) |
|
|
0.39 |
0.35 |
|
|
|
|
|
|
|
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.
AS PER WEB SITE:
THEIR Products and
Services
Catering to a wide range of customer requirements, we present below our complete product catalogue
.
ENGINEERING
Bicycle Components & Accessories
PHARMA
Antimicrobials & antiinfestive
CONSULTANCY
Bicycles / Bicycle Component Industry
Pharmachemicals Industry
Consumer Packaging Industry
Agro Industries Industry
Industrial Waste Water Treatment Plants Industry
Plant machinery and Know-how
TEXTILES AND GARMENT
TRACTOR PARTS
ANIMAL FEED
Rape seed extraction
Sunflower Extraction
Rice bean Extraction
Fish Meal
BAKERY AND
CONDECTIONERY
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.42.15 |
|
UK Pound |
1 |
Rs.84.38 |
|
Euro |
1 |
Rs.57.22 |
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 |
|