MIRA
INFORM REPORT
|
Report Date : |
16.01.2008 |
IDENTIFICATION
DETAILS
|
Name : |
METCO MARKETING INDIA PRIVATE LIMITED |
|
|
|
|
Registered Office : |
104, Niraj Industrial Estate, Off Mahakali Caves Road, Andheri (East),
Mumbai - 400 093, Maharashtra |
|
|
|
|
Country : |
India |
|
|
|
|
Financials (as on) : |
31.03.2007 |
|
|
|
|
Date of Incorporation : |
01.08.1991 |
|
|
|
|
Com. Reg. No.: |
11-62771 |
|
|
|
|
CIN No.: [Company
Identification No.] |
U51900MH1991PTC062771 |
|
|
|
|
TAN No.: [Tax
Deduction & Collection Account No.] |
MUMM07054F |
|
|
|
|
Legal Form : |
Private Limited Liability Company |
|
|
|
|
Line of Business : |
Indenting agents of ferrous and non ferrous metals, alloys and scraps,
iron, steel, dyes, chemicals, dyestuff, etc. |
RATING &
COMMENTS
|
MIRA’s Rating : |
A |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
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 |
|
Maximum Credit Limit : |
USD 28000 |
|
|
|
|
Status : |
Good |
|
|
|
|
Payment Behaviour : |
Regular |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Subject is a well
established and reputed company having satisfactory track. Directors are
reported as experienced and respectable businessmen. Trade relations are fair.
Business is active. Payments are usually correct and as per commitments. The
company can be considered normal for business dealings at usual trade terms
and conditions. |
LOCATIONS
|
Registered /
Corporate Office : |
104, Niraj Industrial Estate, Off Mahakali Caves Road, Andheri (East),
Mumbai - 400 093, Maharashtra, India |
|
Tel. No.: |
91-22-56938484/ 26871566 |
|
Fax No.: |
91-22-56938485/ 26872604/ 09 |
|
E-Mail : |
|
|
Website : |
|
|
Location : |
Owned |
|
|
|
|
Branches : |
Located at: C-79, Malviya Nagar, 2nd Floor, New Delhi – 110017, India Tel. No. 91-11-26681948/26672536 Fax. No. 91-11-26672537 E-mail. metco.delhi@vsnl.com Block 4/C, Mount Chambers, 4th Floor, 758, Mount Road,
Chennai - 600002, Tamilnadu, India Tel. No. 91-44-28522475/ 28522476 Fax. No. 91-44-28524570 E-mail. metco@md3.vsnl.net.in SCO 11-12, Sector 15 II Market, Gurgaon – 122 001, Haryana, India Tel. No. 91-124-5033445/ 5033448 Fax. No. 91-124-5033449 |
DIRECTORS
|
Name |
Mr. Girish P. Kekre |
|
Designation |
Director |
|
Address |
303, Harmony Building, Film City Road,
Goregaon (East), Mumbai - 400 063 |
|
Date of
Appointment |
01.01.1995 |
|
|
|
|
Name |
Mr. Nandan P. Atre |
|
Designation |
Director |
|
Address |
2/B, Vishal Co-operative Housing Society,
Film City Road, Goregaon (East), Mumbai - 400 063 |
|
Date of
Appointment |
01.08.1991 |
|
|
|
|
Name |
Mr. Dhawal Khemchand Shah |
|
Designation |
Director |
|
Address |
235 / 37, Raman Smruti, 12, 3rd
Floor, V. P. Road, Mumbai - 400 004, Maharashtra, India |
|
Date of Birth |
11.05.1974 |
|
Date of
Appointment |
01.11.1997 |
|
|
|
|
Name |
Mr. Sharad C. Agarwal |
|
Designation |
Director |
|
Address |
107, 1st Floor, Sunset II, Wing
B, Raheja Vihar, Powai, Mumbai - 400 072 |
|
Resigned on |
15.07.2002 |
|
|
|
|
Name |
Mr. Dipen Vasantlal Parikh |
|
Designation |
Director |
|
Address |
Plot No. 183, Sudershan Building, Flat No.
13, Garodia Nagar, Ghatkopar, Mumbai – 400 072, Maharashtra, India |
|
Date of Birth/Age |
22.03.1966 |
|
Date of Appointment |
25.06.2003 |
|
|
|
|
Name |
Mr. Yogesh Lalshankar Trivedi |
|
Designation |
Independent Director |
|
Address |
11/ A – 2, Shree Punit Nagar, Plot No. 3, S V Road, Borivali (West),
Mumbai – 400 092, Maharashtra, India |
|
Date of Birth/Age |
15.06.1960 |
|
Date of Appointment |
01.06.2005 |
MAJOR SHAREHOLDERS
/ SHAREHOLDING PATTERN
|
Names of Shareholders |
|
No. of Shares |
|
Vijay M. Porwal (HUF) |
|
915 |
|
Ambalal M. Porwal (HUF) |
|
915 |
|
Bhupat K. Shah (HUF) |
|
1170 |
|
Mrs. Hiraben S. Shah |
|
3000 |
|
Total |
|
6000 |
|
Names of Shareholders |
|
% of Holdings |
|
Other Top Fifty (50) Sharreholders |
|
50.00 |
|
Others |
|
50.00 |
|
Total |
|
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Indenting agents of ferrous and non ferrous metals, alloys and scraps,
iron, steel, dyes, chemicals, dyestuff, etc. |
|
|
|
|
Products : |
* Ferrous and Non
Ferrous Metals * Alloys and
Scraps * Iron * Steel * Dyes * Chemicals * Dyestuff |
GENERAL
INFORMATION
|
Suppliers : |
Its' major suppliers are as under : §
Mahanagar Telephone Nigam Limited, Mumbai §
Mahanagar Telephone Nigam Limited, Delhi §
J. V. Travels Private Limited §
RPG Ricoh India Limited §
MNM Commodity Systems Private Limited §
Semaphore Technologies Limited §
Ni-Met Resources Inc |
|
|
|
|
Customers : |
Some of its major customers are as under : Ř Ferro Intertrade
Limited Ř Victoria Alloys
(UK) Limited Ř CAN Metals Ř PWT Australia
Pty. Limited Ř Sunberg Limited Ř Nico Extrusions
Private Limited Ř Union Steels
Pte. Limited Ř Hills
Commodities Limited |
|
|
|
|
No. of Employees : |
Around 20 |
|
|
|
|
Bankers : |
Ř Indian Overseas
Bank, Chennai, Tamilnadu Ř The Hongkong
& Shanghai Banking Corporation Limited, Mumbai Ř Oriental Bank of
Commerce, Kalbadevi, Mumbai Ř Syndicate Bank,
Mumbai Ř State Bank of
India, Mumbai Ř Punjab National
Bank, Delhi Ř HDFC Bank
Limited, Sakinaka, Andheri, Mumbai Facility : Rs. 0.338 million dated 31.10.2000 against hypothecation of car Ř The Saraswat
Co-operative Bank Limited, New Nagardas Road, Andheri (East), Mumbai |
|
|
|
|
Banking
Relations : |
Satisfactory |
|
|
|
|
Auditors : |
|
|
Name : |
Ramesh Vora and Company Chartered Accountants |
|
Address : |
3, Federation House, 24/ 30, Anandilal Marg, Mumbai – 400 002,
Maharashtra, India |
CAPITAL STRUCTURE
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
15000 |
Equity Shares |
Rs.100/- each |
Rs. 1.500
millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
6000 |
Equity Shares |
Rs.100/- each |
Rs. 0.600
million |
FINANCIAL DATA
[all figures are in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
|
31.03.2007 |
31.03.2006 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
|
0.600 |
0.600 |
|
|
2] Share Application Money |
|
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
|
6.428 |
4.256 |
|
|
4] (Accumulated Losses) |
|
0.000 |
0.000 |
|
|
NETWORTH |
|
7.028 |
4.856 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
|
0.428 |
0.494 |
|
|
2] Unsecured Loans |
|
0.000 |
0.014 |
|
|
TOTAL BORROWING |
|
0.428 |
0.508 |
|
|
DEFERRED TAX LIABILITIES |
|
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
|
7.456 |
5.364 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
|
2.964 |
2.915 |
|
|
Capital work-in-progress |
|
0.000 |
0.000 |
|
|
|
|
|
|
|
|
INVESTMENT |
|
0.365 |
0.286 |
|
|
DEFERREX TAX ASSETS |
|
0.011 |
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
|
0.000 |
0.000 |
|
|
Sundry Debtors |
|
3.072 |
1.797 |
|
|
Cash & Bank Balances |
|
2.183 |
2.525 |
|
|
Other Current Assets |
|
0.000 |
0.000 |
|
|
Loans & Advances |
|
3.633 |
2.082 |
|
Total
Current Assets |
|
8.888 |
6.404 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Current Liabilities |
|
1.464 |
2.641 |
|
|
Provisions |
|
3.430 |
1.727 |
|
Total
Current Liabilities |
|
4.894 |
4.368 |
|
|
Net Current Assets |
|
3.994 |
2.036 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
|
0.122 |
0.127 |
|
|
|
|
|
|
|
|
TOTAL |
|
7.456 |
5.364 |
|
PROFIT & LOSS
ACCOUNT
|
PARTICULARS |
|
31.03.2007 |
31.03.2006 |
|
|
Sales Turnover |
|
20.774 |
15.948 |
|
|
Other Income |
|
0.000 |
0.000 |
|
|
Total Income |
|
20.774 |
15.948 |
|
|
|
|
|
|
|
|
Profit/(Loss) Before Tax |
|
3.952 |
2.371 |
|
|
Provision for Taxation |
|
0.000 |
0.000 |
|
|
Profit/(Loss) After Tax |
|
3.952 |
2.371 |
|
|
|
|
|
|
|
|
Expenditures : |
|
|
|
|
|
|
Interest |
|
0.090 |
0.083 |
|
|
Depreciation & Amortization |
|
0.824 |
0.741 |
|
|
Other Expenditure |
|
15.908 |
12.752 |
|
Total Expenditure |
|
16.822 |
13.576 |
|
KEY RATIOS
|
PARTICULARS |
|
|
31.03.2007 |
31.03.2006 |
|
PAT / Total Income |
(%) |
|
19.02 |
14.86 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
|
19.02 |
14.86 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
|
32.31 |
24.68 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
|
0.56 |
0.49 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
|
1.75 |
2.00 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
|
1.81 |
1.46 |
LOCAL AGENCY
FURTHER INFORMATION
The company's fixed assets of important value include office premises,
office equipments, computer, motor car, furniture & fixtures and air conditioner.
As Per Web:
Profile
Acknowledged as one of the topmost Indenting house in the country,
subject has a definite competitive edge. Operating in the field of Base Metals,
Minor Metals, Ferro Alloys, Ferrous and Non-Ferrous Scraps, Ashes, Drosses and
Concentrates, METCO has earned an enviable reputation in the following
industries :
*
Steel & Alloy Steel
*
Copper & Brass Semis
*
Aluminium
*
Heavy Engineering Industries
*
Automobiles
In an effort to make METCO a global name, in the last 5
years, we have made significant progress in establishing consumer markets
in China, Taiwan, Korea and Malaysia. They are selling large tonnages of Copper
and Aluminium scraps to processors and consumers in these countries, affiliated
to various industries viz., foils manufacturing, extrusions, die-casting, etc..
They have also been highly successful in supplying HR coils into China, thus
proving our international spread.
METCO has proved to be the crucial link in fostering
increased trade with leading manufacturers and traders of global repute. METCO
pursues a business philosophy based on quality contacts and information.
The highly talented and experienced personnel of
METCO are led by a well-knit team of eight traders, spread over the country,
offering a perfect mix of technically sound and commercially knowledgeable
entities. METCO ensures that it can offer more than one alternative for every
requirement. Meticulous planning, timely communication and clear-cut execution
are some of the company's key features.
METCO lays special emphasis on getting everything
right - the right buyer, the right supplier, the right price and the right
payment terms. All operations are based on four simple beliefs : service,
speed, quality and reliability.
Services
> Agency Representation
for Metals
Ferro alloys, Ferrous and non- Ferrous
scrap, Steel and Stainless Steel Scrap.
> Buying agents
for Stainless Steel, Flats & Long Products
They have a strategic advantage to source these products from Indian producers as they cater to the Indian Steel producers, their vital raw materials and the synergy of raw materials.
> Hedging & Risk Management Services
> Silica Fumes for High Performance Concrete.
> Exporter of Various Steel and Stainless Steel Products.
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.39.27 |
|
UK Pound |
1 |
Rs.77.33 |
|
Euro |
1 |
Rs.57.51 |
SCORE & RATING
EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
7 |
|
PAID-UP CAPITAL |
1~10 |
7 |
|
OPERATING SCALE |
1~10 |
7 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
8 |
|
--PROFITABILIRY |
1~10 |
6 |
|
--LIQUIDITY |
1~10 |
7 |
|
--LEVERAGE |
1~10 |
7 |
|
--RESERVES |
1~10 |
7 |
|
--CREDIT LINES |
1~10 |
7 |
|
--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 |
NO |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
63 |
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 |
|