MIRA
INFORM REPORT
|
Report Date : |
25.08.2007 |
IDENTIFICATION DETAILS
|
Name : |
METRO CASH AND CARRY INDIA PRIVATE LIMITED |
|
|
|
|
Registered Office : |
No. 26/3, Industrial
Suburbs, ‘A’ Block, Subramanyanagar, Ward No. 9, |
|
|
|
|
Country : |
|
|
|
|
|
Financials (as on) : |
31.12.2006 |
|
|
|
|
Date of Incorporation : |
18.01.2001 |
|
|
|
|
Com. Reg. No.: |
08-28483 |
|
|
|
|
CIN No.: [Company
Identification No.] |
U51909KA2001PTC028483 |
|
|
|
|
TAN No.: [Tax
Deduction & Collection Account No.] |
BLRM05339F |
|
|
|
|
PAN No.: [Permanent
Account No.] |
AACCM4684P |
|
|
|
|
Legal Form : |
Private Limited
Liability Company |
|
|
|
|
Line of Business : |
Marketers,
importers, exporters and traders of all types of agro / aquaculture products,
cold storage/rooms, creating competitive markets & consultancy for
farmers, suppliers and producers, etc. |
RATING & COMMENTS
|
MIRA’s Rating : |
B |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Unfavourable & favourable factors carry similar weight in credit
consideration. Capability to overcome financial difficulties seems
comparatively below average. |
Small |
|
Maximum Credit Limit : |
USD 4200000 |
|
|
|
|
Status : |
Moderate |
|
|
|
|
Payment Behaviour : |
Slow and delayed |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Subject is a
subsidiary of Metro Asia Holding GmbH, Directors are
reported as experienced, respectable and having satisfactory means of their
own. Their trade relations are fair. The company has huge accumulated losses.
Payments are reported as Slow and Delayed. The company can
be considered normal for business dealings at usual trade terms and
conditions, it view of strong promoters. |
LOCATIONS
|
Registered Office : |
No. 26/3,
Industrial Suburbs, ‘A’ Block, Subramanyanagar, Ward No. 9, |
|
Tel. No.: |
91- 80-22192000/25353827/25092237 |
|
Fax No.: |
91-80-22192200/25092236 |
|
E-Mail : |
metroindia@metro.co.in
|
|
Website : |
|
|
Area : |
2000 sq. ft. |
|
Location : |
Rented |
|
|
|
|
Branches : |
v
No.
26/3, Industrial Suburbs, ‘A’ Block, Subrahmanyanagar, Ward No. 9, v
No.
18/1, 18/2, |
DIRECTORS
|
Name : |
Mr. Bahadur Harsh |
|
Designation : |
Managing Director |
|
Address : |
212 A, Amayand Regency 8, |
|
Date of Birth/Age : |
01.04.1955 |
|
Date of Appointment : |
18.01.2001 |
|
|
|
|
Name : |
Mr. Boysen Erk |
|
Designation : |
Whole Time Director |
|
Address : |
250, 5th Cross, Rajmahal Vilas II Block, |
|
Date of Birth/Age : |
19.11.1953 |
|
Date of Appointment : |
28.05.2002 |
|
|
|
|
Name : |
Mr. Michael Leonard Keelan |
|
Designation : |
Whole Time Director |
|
Address : |
5/10 & 5/11 Crescent Villa No. 5, |
|
Date of Birth/Age : |
22.03.1951 |
|
Date of Appointment : |
28.05.2002 |
|
|
|
|
Name : |
Mr. Jan J. M. Casar |
|
Designation : |
Director |
|
Address : |
10th Floor, Vayudooth Chambers, 15-16, M. G. Road,
|
|
Date of Appointment: |
|
|
|
|
|
Name : |
Mr. Garga Manoj Kumar |
|
Designation : |
Whole Time Director |
|
Address : |
905, |
|
Date of Birth/Age : |
11.11.1959 |
|
Date of Appointment : |
28.05.2002 |
|
|
|
|
Name: |
Mr. Casander Jan |
|
Designation: |
Whole Time Director |
|
Address: |
202 Brigade Orchid, |
|
Date of
Birth/Age : |
20.11.1951 |
|
Date of
Appointment: |
28.05.2002 |
|
|
|
|
Name: |
Mr. Schmit Erik |
|
Designation: |
Whole Time Director |
|
Address: |
103/ 1st Floor, Four Seasons Apartments, |
|
Date of
Birth/Age : |
26.08.1969 |
|
Date of
Appointment: |
06.06.2005 |
|
|
|
|
Name: |
Mr. Dugar Mukesh |
|
Designation: |
Secretary |
|
Address: |
8/ 204, Shriram White House, 15 cross, 6 main, R T Nagar, II Block, Bangalore
– 560 030, Karnataka |
|
Date of
Birth/Age : |
28.04.1968 |
|
Date of
Appointment: |
04.09.2003 |
|
|
|
|
Name: |
Mr. Amburathu John Idicula |
|
Designation: |
Whole-time Director |
|
Address: |
222, Third Cross, Kormangla First Block, |
|
Tel. No.: |
91-80-22192021 |
|
Fax No.: |
91-80-22192020 |
|
E-Mail: |
|
|
PAN No.: |
AADPI9701P |
|
Date of
Birth/Age : |
08.12.1953 |
|
Date of Appointment: |
22.01.2007 |
|
|
|
|
Name: |
Mr. Andreas Oerter |
|
Designation: |
Whole-Time Director |
|
Address: |
Villa 260/13, Phase I, Adarsh Palm Meadows, Ramagondanahalli, Airport
– |
|
Date of Birth/Age
: |
24.06.1966 |
|
Date of
Appointment: |
01.05.2006 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
|
Names of Shareholders |
|
No. of Shares |
|
Metro Cash &
Carry |
|
268256669 |
|
Metro Cash &
Carry International Gmbh |
|
1 |
|
Category |
|
Percentage
of Holding |
|
Foreign holdings (Foreign institutional investor(s), Foreign
companie(s), Foreign financial institution(s), Non-resident Indian(s) or Overseas
corporate bodies or Others |
|
100.00 |
|
Total |
|
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Marketers,
importers, exporters and traders of all types of agro / aquaculture products,
cold storage/rooms, creating competitive markets & consultancy for
farmers, suppliers and producers, etc. |
|
|
|
|
Products : |
Ř
Agro
/ Aquaculture Products Ř
Cold
Storage/ Rooms |
|
|
|
|
|
·
Dried
Fruits and Nuts ·
Dairy,
Frozen and Bakery ·
Fresh
Fish and Sea Foods ·
Meat ·
General
Grocery ·
Confectionery ·
Beverages,
Wines and Spirits ·
Detergents
and Cleaning Materials ·
Health
and Beauty ·
Tobacco |
GENERAL INFORMATION
|
No. of Employees : |
10 |
|
|
|
|
Bankers : |
Not Available |
|
|
|
|
Facilities : |
- |
|
|
|
|
Banking Relations
: |
Unknown |
|
|
|
|
Auditors : |
|
|
Name : |
Price Waterhouse
and Coopers Chartered
Accountants, |
|
Address : |
47/6, |
|
Tel. No.: |
91-80-5587231 |
|
|
|
|
Holding
Company : |
Metro Asia Holding
|
CAPITAL STRUCTURE
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
1000000000 |
Equity Shares |
Rs.10.00 each |
Rs. 10000.000 millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
348580520 |
Equity shares |
Rs.10.00 each |
Rs. 3485.805 millions |
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
|
|
31.03.2006 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
|
|
3485.810 |
|
|
2] Share Application Money |
|
|
0.000 |
|
|
3] Reserves & Surplus |
|
|
0.000 |
|
|
4] (Accumulated Losses) |
|
|
(2417.650) |
|
|
NETWORTH |
|
|
1068.160 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
|
|
0.000 |
|
|
2] Unsecured Loans |
|
|
1147.570 |
|
|
TOTAL BORROWING |
|
|
1147.570 |
|
|
DEFERRED TAX LIABILITIES |
|
|
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
|
|
2215.730 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
|
|
1910.680 |
|
|
Capital work-in-progress |
|
|
512.130 |
|
|
|
|
|
|
|
|
INVESTMENT |
|
|
2.500 |
|
|
DEFERREX TAX ASSETS |
|
|
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
|
|
519.350 |
|
|
Sundry Debtors |
|
|
20.650 |
|
|
Cash & Bank Balances |
|
|
137.810 |
|
|
Other Current Assets |
|
|
29.050 |
|
|
Loans & Advances |
|
|
110.010 |
|
Total
Current Assets |
|
|
816.870 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Current Liabilities |
|
|
962.300 |
|
|
Provisions |
|
|
64.150 |
|
Total
Current Liabilities |
|
|
1026.450 |
|
|
Net Current Assets |
|
|
(209.580) |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
|
|
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
|
|
2215.730 |
|
KEY RATIOS
|
PARTICULARS |
|
|
|
31.03.2006 |
|
Debt Equity Ratio (Total Liability/Networth) |
|
|
|
2.04 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
|
|
0.80 |
LOCAL AGENCY FURTHER INFORMATION
HISTORY
Subject was
incorporated on
The company was
incorporated with an Authorized Capital of Rs. 5.00 millions and increased the
same many times. Currently the Authorized Capital of the company is Rs. 600.00
millions.
The company recently
opened two super bazaar at Yeshwantpur and
About Company
The company is
based on Business-to-Business (B2B) concept and focuses on meeting all the
needs and requirements of business customers. In a “Cash and Carry” operation
customers do their own order picking, normally pay in cash and carry the
merchandise away.
As is well known
the B2B concept is distinct from B2C (Business to Consumer) format as the first
one is a transaction between two businesses (a modern format of wholesale
trading) whereas the other is a transaction between a business enterprise and a
consumer (one who does not shop to carry on any commercial activity).
Transactions between two business can be where the purchaser is purchasing for
trading/reselling or for processing/conversion into other products which will
sell (e.g. Vegetables and meat, etc purchased by restaurants), or for use while
conducting their commercial activity (e.g. Stationery, etc. used by an office,
coffee/beverages, etc for canteen). The company deal with business customers
and the business model does not allow for access to the
The target groups
of the company’s concept are businesses and companies like caterers, hotels,
restaurants, retailers and commercial customers, as well as service providers,
small office and institutions like hospitals and canteens.
Operational
Performance:
The year 2003
was a memorable one, with the inauguration of two state of the art Cash &
Carry complexes (“Distribution Centres”) both at
Challenges/
Resistance To Company’s Operations:
The
establishment of cash & Carry complexes created some resistances from the
certain quarters of the trade associations in
Fixed assets:
Plant
And Machinery
Office
Equipments
Vehicles
Computers
Building
Furniture
And Fittings
Software
As per Website:
Concept
Here the advantages over traditional wholesale operations are the better
price / performance rate, the wide scope of the food and nonfood assortments,
assurance as to maintenance of quality and weighment, assured regular
availability of the merchandise and the longer business hours per week.
METRO Cash & Carry's Distribution Centres create a
new supply chain infrastructure for food and general merchandise products for
"business to business" transactions. In effect, these Distribution
Centres bring together, under one roof, small medium and large sized producers,
farmers, agricultural cooperatives and manufacturers on one hand with the
dispersed community of hotels, restaurants, caterers, traders, retailers and
small to medium business enterprises on the other.
The
Benefits of Cash & Carry
The direct contact between the producer and
business customers provided by METRO's investment in what is essentially
distribution infrastructure makes the supply chain much more efficient. This brings
benefits to both, producers / suppliers and business customers, as well as to
the economy as a whole. Some of these advantages are
v For Small Retailers / Traders
v Special benefits to Food
Producers
Customers
The target groups
of the METRO Cash & Carry concept are businesses and companies like caterers,
hotels, restaurants, retailers, and commercial customers, as well as service
providers, small offices and institutions like hospitals and canteens.
Their
strength lies in their close contact and co-operation with our customers.
METRO sends to all its customers, a "METRO Mail" every 2 weeks
to keep them informed of special offers. Their "Customer Consultant"
visit customer's premises regularly to learn more about their needs. A
special customer service team is also available at each centre to handle issues
such as product complaints, service and repairs
Assortment
Dried Fruits and Nuts
Cashew nuts (Kaju), Almonds (Badam), Pistachios (Pista), Raisins (Kismis)
etc.
Dairy, Frozen & Bakery
Cheese, Butter, Eggs, Milk, Yogurt, Chilled Ready Meals, Drinks, Ice Cream,
Frozen Vegetables & Fruits, Bread and Bakery Products
Fresh Fish & Sea Foods
Whole Fresh Fish & Fish Cuts - Pomfret, Seer, Mackerel, Sardines, Rohu,
Catla etc., Crab, Lobster and other Sea Food (some live fish also)
Meat
Fresh Poultry, Pork, Sheep, Lamb, Goat, Goat Kid. Other meats and Meat Products
- Sausages, Ham, Bacon etc.
General Grocery
Canned Goods - Fruit, Vegetables, Meats & Meat Products, Pet Foods
Edible Grocery - Oils, Cereals, Coffee, Tea, Biscuits, Spices,
Seasonings, Sugar, Sauces, Pickles, Noodles,
Soups etc.
Confectionary
Sweets, Candies (hard boiled - lollipops, orange candy etc.), Chocolates,
Crisps (mixture, farsan), Snacks & Nibbles
Beverages, Wines & Spirits*
Beer, Wines, Spirits, Water, Soft drinks, Juices
.
Detergents & Cleaning Materials
Laundry Detergents (Washing powders, Bars etc.), Cleaning agents (Cleaning
bars, powders etc.), Household Products, Paper Goods (Paper Plates, Tissues,
Cups etc.)
Health & Beauty
Cosmetics, Perfumes, Personal Care, Oral, Hair, OTC Medicines (Disprin etc.)
Tobacco
Cigarettes, Cigarette Accessories, Cigars etc
* Availability of alcohol
based products is dependent on the local legal requirements.
Note: Fresh fruits and vegetables and other
agri products are currently not being sold due to the restriction contained in
the relevant laws. The same would be available as soon as they have the
necessary approvals.
Office equipment
Office Supplies & Machines, Computers & Accessories, Cash Registers,
Phones, Fax Machines etc.
Media / Accessories
Portable Audio, Music Systems, TV Sets, Entertainment Accessories, Cameras,
Car Radio, etc.
Home Electrics / Improvement
Refrigerator, Washing Machines, Microwaves, Mixer Grinders, Toasters, Lamps
& Bulbs, Hand Tools, Power Tools, etc.
Household
Household Requirements, Kitchen Articles, Crockery, Cutlery, Tableware,
Glassware, Pots and Pans etc.
Home Decoration /
Seasonal
Gifts, Artificial Flowers, Furniture, Aluminium Ladders, Arts & Crafts,
Candles, etc.
Home Textiles / Ladieswear / Menswear / Childrenwear
Bed Linen, Towels, Table Linen, Curtains, Carpets, Shoes, Apparel - Men's,
Apparel - Ladies & Kids etc.
Sports / Toys /
Luggage / Shoes / Leather Goods
Sports Clothing, Swimwear, Toys & Gifts, Sports Shoes, Bikes &
Accessories, etc.
Advantages:
Best prices.
With
huge purchasing power & efficient operations, they make sure to provide you
quality products at the best prices.
Warehouse
With their computerized
goods management system, you are assured about availability of the products, in
quantities you need. Meaning you need not tie up your money in stock that does
not sell quickly.
Everything under One roof
About 17,000 different Food & Nonfood items to meet all your different
needs under one roof. This will save your time as compared to purchasing from a
variety of sources.
Extended business hours
To make sure that you are always served, they are open 7 days a week, from 6
a.m. to
Quality guaranteed
The strict internal procedures and modern storage technology including cold
storage ensures that you get the best quality.
Free parking
Hassle free parking space for around 450 two wheelers & 270
four wheelers, to make sure that you are freed of parking problems.
Customer Service
They do not just make a sale. That's why our Customer Service Team is available
to you for resolving your queries, and problems, if any.
In touch always
Information on the latest merchandise and promotion at the METRO Cash & Carry Distribution Centres will be updated to you every two weeks by the METRO Mail.
Manage the stocks more productively
Their detailed invoice makes it easy for you to monitor your purchases. All your purchase information is available from a single document, enabling you to manage your stocks better.
Great value for money
Their wide range of private label products provides you guaranteed high quality
products at lower prices, which gives you more profits.
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 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. 41.18 |
|
|
1 |
Rs. 82.41 |
|
Euro |
1 |
Rs. 55.85 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
5 |
|
PAID-UP CAPITAL |
1~10 |
4 |
|
OPERATING SCALE |
1~10 |
3 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
3 |
|
--PROFITABILIRY |
1~10 |
3 |
|
--LIQUIDITY |
1~10 |
4 |
|
--LEVERAGE |
1~10 |
4 |
|
--RESERVES |
1~10 |
4 |
|
--CREDIT LINES |
1~10 |
7 |
|
--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 |
YES |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
37 |
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 |
|