MIRA
INFORM REPORT
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Report Date : |
07.07.2007 |
IDENTIFICATION DETAILS
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Name : |
METRO AND METRO |
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Registered Office : |
5/170, Halwai Di Baghichi, |
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Country : |
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Financials (as on) : |
31.03.2007 |
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Date of Incorporation : |
1968 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
AGRM10813F |
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PAN No.: [Permanent
Account No.] |
AACFM1909J |
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Legal Form : |
Partnership concern
with an unlimited liability of the partners |
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Line of Business : |
Manufacturer, importer and exporter of PU soles, shoe
finishes, leather shoes, sandals and other shoe materials. |
RATING & COMMENTS
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MIRA’s Rating : |
Ba |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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Maximum Credit Limit : |
USD 800000 |
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Status : |
Satisfactory |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
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Comments : |
This report is
based on an interview with Mr. M. Singh, Export Executive of the concern. Subject is a well
established concern having satisfactory track. Trade relations are fair. Payments are usually correct and as per
commitments. The concern can
be considered normal for business dealings at usual trade terms and
conditions. |
LOCATIONS
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Registered Office : |
5/170, Halwai Di
Baghichi, |
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Tel. No.: |
91-562-2601678/2601679 |
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Fax No.: |
91-562-2601950/2602950 |
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E-Mail : |
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Website : |
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Area : |
45000 Sq. ft |
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Location : |
Owned |
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Corporate Office : |
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Tel. No.: |
91-11-25765758/25763782 |
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Fax No.: |
91-11-25782828 |
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Liason Office.: |
v
Ringstrasse 100, 66953 v
94-34, |
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Branches : |
38/163, |
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Tel. No.: |
91-512-2311762/2365211 |
PARTNERS
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Name : |
Mr. D. N. Kalsi |
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Designation : |
Managing Partner (Father) |
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Date of Birth/Age : |
73 Years |
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Name : |
Mr. Ajit Kalsi |
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Designation : |
Partner (Son) |
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Date of Birth/Age : |
39 Years |
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Qualification : |
Management
Graduate |
KEY EXECUTIVES
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Name : |
Mr. R. S. Yadav |
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Designation : |
General Manager |
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Name : |
Mr. R. K. Sharma |
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Designation : |
Production
Manager |
BUSINESS DETAILS
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Line of Business : |
Manufacturer, importer and exporter of PU soles, shoe
finishes, leather shoes, sandals and other shoe materials. |
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Exports : |
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Countries : |
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Imports : |
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Countries : |
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Terms : |
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Selling : |
L/C and Credit |
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Purchasing : |
Credit and CAD |
GENERAL INFORMATION
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Customers : |
Wholesalers and Manufacturers |
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No. of Employees : |
649 |
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Bankers : |
State Bank of |
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Facilities : |
-- |
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Banking
Relations : |
Satisfactory |
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Auditors : |
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Name : |
Anil Mittal Chartered Accountant Mr. Akhilesh International Auditor |
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Memberships : |
v Leather Export Promotion Council v
National Chamber of Commerce, |
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Associates/Subsidiaries : |
Nil |
CAPITAL STRUCTURE
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Capital Investment : |
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Owned : |
Rs. 200.000
millions |
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Borrowed : |
-- |
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Total : |
Rs. 200.000
millions |
FINANCIAL DATA
[all figures are
in Rupees Millions]
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Particulars |
31.03.2007 |
31.03.2006 |
31.03.2005 |
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Sales Turnover |
640.000 |
540.000 |
550.000 |
Expected Sales (2007-08) : Rs. 750.000 Millions
LOCAL AGENCY FURTHER INFORMATION
History
The concern was established in year 1968 at
Leatherfact Company was started in the year 1960, reconstituted in the year 1961 as the present name.
The concern’s
production capacity is 6000 pairs per day.
The concern is a Government Recognised Export House.
It is in trade terms
with:
> Irbaz Shoe Company
2nd
Floor, Real Chambers, 30,
> RH Design
Entwicklungs-und
Vertriebs-Gmbh Lemberger Strasse 16, D 666955,
It seeks foreign collaboration for high quality leather
footwear.
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
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
Rs.40.41 |
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1 |
Rs.81.23 |
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Euro |
1 |
Rs.55.00 |
SCORE & RATING EXPLANATIONS
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SCORE FACTORS |
RANGE |
POINTS |
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HISTORY |
1~10 |
5 |
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PAID-UP CAPITAL |
1~10 |
5 |
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OPERATING SCALE |
1~10 |
5 |
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FINANCIAL CONDITION |
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--BUSINESS SCALE |
1~10 |
5 |
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--PROFITABILIRY |
1~10 |
5 |
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--LIQUIDITY |
1~10 |
5 |
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--LEVERAGE |
1~10 |
5 |
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--RESERVES |
1~10 |
5 |
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--CREDIT LINES |
1~10 |
5 |
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--MARGINS |
-5~5 |
- |
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DEMERIT POINTS |
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--BANK CHARGES |
YES/NO |
YES |
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--LITIGATION |
YES/NO |
NO |
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--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
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MERIT POINTS |
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--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
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--EXPORT ACTIVITIES |
YES/NO |
YES |
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--AFFILIATION |
YES/NO |
NO |
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--LISTED |
YES/NO |
NO |
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--OTHER MERIT FACTORS |
YES/NO |
YES |
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TOTAL |
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45 |
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
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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>86 |
Aaa |
Possesses an extremely sound financial base with the strongest
capability for timely payment of interest and principal sums |
Unlimited |
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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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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 |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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26-40 |
B |
Unfavourable & favourable factors carry similar weight in credit
consideration. Capability to overcome financial difficulties seems
comparatively below average/normal. |
Small |
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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 |
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<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
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NR |
In view of the lack of information, we have no basis upon which to
recommend credit dealings |
No Rating |
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