1. Summary Information
|
Country |
|
||
|
Company Name |
METRO CASH AND
CARRY INDIA PRIVATE LIMITED |
Principal Name 1 |
Mr. Sylweriusz Faruga Jan |
|
Status |
Moderate |
Principal Name 2 |
Mr. Rajnarayan Ramakrishnan |
|
Registration # |
08-28483 |
||
|
Street Address |
Survey No. 26/3,
Industrial Suburbs, A Block, Subramanyanagar, Ward No.9, |
||
|
Established Date |
18.01.2001 |
SIC Code |
-- |
|
Telephone# |
91-80-22192000 |
Business Style 1 |
Wholesale Trading |
|
Fax # |
91-80-22192200 |
Business Style 2 |
-- |
|
Homepage |
Product Name 1 |
Agro/ Aquaculture
Products |
|
|
# of employees |
1150 (Approximately) |
Product Name 2 |
Cold Storage/
Rooms |
|
Paid up capital |
Rs.
8,206,313,850 /- |
Product Name 3 |
Non-Food Products |
|
Shareholders |
Foreign holdings100% |
Banking |
Royal Bank of |
|
Public Limited Corp. |
NO |
Business Period |
9 years |
|
IPO |
NO |
International Ins. |
- |
|
Public |
NO |
Rating |
B
(26) |
|
Related
Company |
|||
|
Relation
|
Country
|
Company
Name |
CEO |
|
Holding
Company |
|
Metro Cash and Carry International GmbH |
-- |
|
Note |
- |
||
2. Summary
Financial Statement
|
Balance Sheet as of |
31.03.2010 |
(Unit: Indian Rs.) |
|
|
Assets |
Liabilities |
||
|
Current Assets |
772,190,000 |
Current Liabilities |
1,322,300,000 |
|
Inventories |
462,200,000 |
Long-term Liabilities |
1,581,350,000 |
|
Fixed Assets |
6,985,580,000 |
Other Liabilities |
0,000 |
|
Deferred Assets |
0,000 |
Total Liabilities |
2,903,650,000 |
|
Invest& other Assets |
1,630,510,000 |
Retained Earnings |
4,720,510,000 |
|
|
|
Net Worth |
6,946,830,000 |
|
Total Assets |
9,850,480,000 |
Total Liab. & Equity |
9,850,480,000 |
|
Total Assets (Previous Year) |
10,861,480,000 |
|
|
|
P/L Statement as of |
31.03.2010 |
(Unit: Indian Rs.) |
|
|
Sales |
9,771,720,000 |
Net Profit |
(1,098,240,000) |
|
Sales(Previous yr) |
7,609,470,000 |
Net Profit(Prev.yr) |
(1,345,490,000) |
MIRA
INFORM REPORT
|
Report Date : |
08.04.2011 |
IDENTIFICATION DETAILS
|
Name : |
METRO CASH AND CARRY INDIA PRIVATE LIMITED |
|
|
|
|
Registered
Office : |
Survey No. 26/3,
Industrial Suburbs, ‘A’ Block, Subramanyanagar, Ward No. 9, |
|
|
|
|
Country : |
|
|
|
|
|
Financials (as
on) : |
31.12.2009 |
|
|
|
|
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
: |
Wholesale Trading
for Food Products and Non-Food Products. |
RATING & COMMENTS
|
MIRA’s Rating : |
B (26) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
Maximum Credit Limit : |
USD 28000000 |
|
|
|
|
Status : |
Moderate |
|
|
|
|
Payment Behaviour : |
Slow |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Subject is an
established company having moderate track. There appears to be huge accumulated
losses recorded by the company. However trade relations are reported as fair.
Business is active. Payments are reported to be slow. The company can
be considered for business dealings with some caution. |
NOTES :
Any query related to this report can be made
on e-mail : infodept@mirainform.com
while quoting report number, name and date.
ECGC Country Risk Classification List – April 1, 2010
|
Country Name |
Previous Rating (31.12.2009) |
Current Rating (01.04.2010) |
|
|
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
LOCATIONS
|
Registered Office : |
Survey No. 26/3,
Industrial Suburbs, ‘A’ Block, Subramanyanagar, Ward No. 9, |
|
Tel. No.: |
91-80-22192000/
25353827/ 25092237/ 22192307 / 22192308 |
|
Fax No.: |
91-80-22192200/
25092236/ 22192199 |
|
E-Mail : |
|
|
Website : |
|
|
Area : |
2000 sq. ft. |
|
Location : |
Rented |
|
|
|
|
Branch Office : |
Located at : v v v Kolkata v Mumbai |
DIRECTORS
As on 18.06.2010
|
Name: |
Mr. Sylweriusz Faruga Jan |
|
Designation: |
Managing Director |
|
Address : |
B-7, Survey No.43, Epdilon, |
|
Date of Birth/Age : |
06.01.1968 |
|
Date of Appointment : |
01.09.2009 |
|
|
|
|
Name: |
Mr. Rajnarayan Ramakrishnan |
|
Designation: |
Whole time Director |
|
Address: |
3 B, Sheethal Haven, Peringavu, Trichur – 680 018, |
|
Date of Birth/Age : |
03.11.1960 |
|
Date of Appointment: |
17.02.2009 |
|
|
|
|
Name: |
Mr. Van Peski Frederik |
|
Designation: |
Whole time Director |
|
Address: |
No.117, 3rd Main, 7th Cross RMV, 2nd
Stage, |
|
Date of
Birth/Age : |
12.08.1961 |
|
Date of
Appointment: |
31.03.2008 |
|
|
|
|
Name: |
Mr. Booth John Alec |
|
Designation: |
Whole time Director |
|
Address: |
284, Phase II, Palm Meadows, Ramagondanahalli, |
|
Date of
Birth/Age : |
30.09.1964 |
|
Date of
Appointment: |
31.03.2008 |
|
|
|
|
Name: |
Mr. Jeroen Antonius |
|
Designation: |
Whole Time Director |
|
Address : |
No.178, Third Cross, Rajmahal Vilas, Second Stage, |
|
Date of Birth/Age : |
15.03.1963 |
|
Date of
Appointment: |
22.10.2007 |
|
|
|
|
Name: |
Mr. Ajay Singh |
|
Designation: |
Whole Time Director |
|
Address: |
22/7, Sagarvihar Colony, Ward No.24, |
|
Date of Birth/Age : |
20.06.1968 |
|
Date of
Appointment: |
28.11.2008 |
|
|
|
|
Name: |
Mr. Martin Dlouhy |
|
Designation: |
Managing Director |
|
Address: |
No.15, |
|
Date of
Birth/Age : |
18.12.1968 |
|
Date of
Appointment: |
04.07.2007 |
|
Date of
Ceasing : |
31.08.2009 |
KEY EXECUTIVES
|
Name: |
Mr. Mukesh Dugar |
|
Designation: |
Secretary |
|
Address: |
A3/ 402, White House Apartment, 6 Main, 15 Cross, R T Nagar, |
|
Date of
Birth/Age : |
28.04.1968 |
|
Date of
Appointment: |
04.09.2003 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 18.06.2010
|
Names of Shareholders |
|
No. of Shares |
|
Metro Cash and
Carry International |
|
820631384 |
|
Metro
International Beteil Gungs |
|
1 |
|
Total |
|
820631385 |
As on 18.06.2010
|
Equity Share Breakup |
|
Percentage of Holding |
|
Category |
|
|
|
Foreign holdings [Foreign institutional investors, Foreign Companies, Foreign Financial Institutions, Non-resident Indian or Overseas corporate bodies or others] |
|
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Wholesale Trading
for Food Products and Non-Food Products. |
|
|
|
|
Products : |
·
Agro/ Aquaculture Products ·
Cold Storage/ Rooms |
|
|
|
|
Brand Names : |
METRO |
|
|
|
|
Imports : |
|
|
Products : |
Food Products and
Non-Food Products |
|
Countries : |
|
|
|
|
|
Terms : |
|
|
Selling : |
Cash and Credit 30 days |
|
|
|
|
Purchasing : |
L/C, Cash and Credit 30 days |
GENERAL INFORMATION
|
Customers : |
End Users and OEM’s |
||||||||||||||||||
|
|
|
||||||||||||||||||
|
No. of Employees : |
1150 (Approximately) |
||||||||||||||||||
|
|
|
||||||||||||||||||
|
Bankers : |
|
||||||||||||||||||
|
|
|
||||||||||||||||||
|
Facilities : |
Cash Credit – 5 Millions Euro (Royal Bank of
* Secured by a corporate guarantee issued by Metro AG (the
ultimate holding company) |
|
|
|
|
Banking
Relations : |
-- |
|
|
|
|
Auditors : |
|
|
Name : |
BSR and
Associates Chartered
Accountants |
|
Address : |
Maruthi Info Tech
Centre, 11-12/1, |
|
|
|
|
Holding Company : |
Metro Cash and Carry International |
|
|
|
|
Ultimate Holding Company : |
Metro AG |
|
|
|
|
Partnership firm in which control exists : |
METRO Cash and Carry Wines - Company holds 99.99% share |
|
|
|
|
Subsidiaries : |
|
CAPITAL STRUCTURE
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
1000000000 |
Equity Shares |
Rs.10/- each |
Rs.10000.000 millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
820631385 |
Equity shares |
Rs.10/- each |
Rs.8206.313 millions |
|
|
|
|
|
NOTE:
(Of the above 820631384 Equity Shares are held
by METRO Cash and Carry International GmbH, the holding company. The ultimate holding company is Metro AG,
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.12.2009 |
31.12.2008 |
31.12.2007 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
8206.310 |
8206.310 |
4707.950 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
4720.510 |
4720.510 |
1222.150 |
|
|
4] (Accumulated Losses) |
(5979.990) |
(4881.750) |
(3536.260) |
|
|
NETWORTH |
6946.830 |
8045.070 |
2393.840 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
0.000 |
0.000 |
0.000 |
|
|
2] Unsecured Loans |
1581.350 |
1473.900 |
2434.860 |
|
|
TOTAL BORROWING |
1581.350 |
1473.900 |
2434.860 |
|
|
DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
8528.180 |
9518.970 |
4828.700 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
6985.580 |
7016.460 |
2571.820 |
|
|
Capital work-in-progress |
1630.510 |
975.830 |
1597.650 |
|
|
|
|
|
|
|
|
INVESTMENT |
0.000 |
0.000 |
0.000 |
|
|
DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
462.200
|
748.070 |
684.220 |
|
|
Sundry Debtors |
12.650
|
20.940 |
18.850 |
|
|
Cash & Bank Balances |
541.150
|
1846.790 |
985.570 |
|
|
Other Current Assets |
0.000
|
0.000 |
55.370 |
|
|
Loans & Advances |
218.390
|
253.390 |
107.840 |
|
Total
Current Assets |
1234.390
|
2869.190 |
1851.850 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
899.390
|
939.700 |
884.310 |
|
|
Other Current Liabilities |
377.690
|
357.380 |
203.950 |
|
|
Provisions |
45.220
|
45.430 |
104.360 |
|
Total
Current Liabilities |
1322.300
|
1342.510 |
1192.620 |
|
|
Net Current Assets |
(87.910)
|
1526.680 |
659.230 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
8528.180 |
9518.970 |
4828.700 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.12.2009 |
31.12.2008 |
31.12.2007 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
9771.720 |
7609.470 |
5852.510 |
|
|
|
Other Income |
59.030 |
157.000 |
43.960 |
|
|
|
TOTAL |
9830.750 |
7766.470 |
5896.470 |
|
|
|
|
|
|
|
|
Less |
|
|
|
|
|
|
|
|
Office Expenses |
10711.160 |
8937.340 |
6893.970 |
|
|
|
Administrative Expenses |
|
|
|
|
|
|
Advertising Expenses |
|
|
|
|
|
|
TOTAL |
10711.160 |
8937.340 |
6893.970 |
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION |
(880.410) |
(1170.870) |
(997.500) |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION |
215.380 |
156.300 |
109.040 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX |
(1095.790) |
(1327.170) |
(1106.540) |
|
|
|
|
|
|
|
|
|
Less |
TAX |
2.450 |
18.320 |
12.070 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
|
(1098.240) |
(1345.490) |
(1118.610) |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
Capital Discounts in respect of fixed assets
|
1.590 |
1.710 |
1.970 |
|
|
|
Trade Discounts |
1.600 |
2.060 |
1.750 |
|
|
|
Others |
0.710 |
0.000 |
3.250 |
|
|
TOTAL EARNINGS |
3.900 |
3.770 |
6.970 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Capital Goods |
4.550 |
75.930 |
156.680 |
|
|
|
Traded Goods (other than goods in transit) |
25.010 |
30.310 |
202.610 |
|
|
TOTAL IMPORTS |
29.560 |
106.240 |
359.290 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
(1.34) |
(2.14) |
2.91 |
|
KEY RATIOS
|
PARTICULARS |
|
31.12.2009 |
31.12.2008 |
31.12.2007 |
|
PAT / Total Income |
(%) |
(11.17)
|
(17.32) |
(18.97) |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
(11.21)
|
(17.44) |
(18.91) |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
(13.33)
|
(13.43) |
(25.01) |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
(0.16)
|
(0.16) |
(0.46) |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
0.42
|
0.35 |
1.52 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
0.93
|
2.14 |
1.55 |
LOCAL AGENCY FURTHER INFORMATION
BACKGROUND
The Company was incorporated
on 18th January, 2001 as a private limited company under the
Companies Act, 1956. The Company operates wholesale centers across various
cities in
OPERATIONAL
PERFORMANCE
During the year
under consideration, the financial performance of the Company has improved a
lot. The Company has developed a new business concept called “Genesis” which
will be the basis going forward for expansion.
FIXED ASSETS:
v
v
v Buildings / Electrical Installations
v Plant and Machinery
v Computers
v Software
v Furniture and Fittings
v Office Equipments
v Vehicles
v Computer Software
WEBSITE DETAILS:
PROFILE:
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.
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
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs. 44.22 |
|
|
1 |
Rs. 71.97 |
|
Euro |
1 |
Rs. 63.23 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
5 |
|
PAID-UP CAPITAL |
1~10 |
3 |
|
OPERATING SCALE |
1~10 |
3 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
3 |
|
--PROFITABILIRY |
1~10 |
- |
|
--LIQUIDITY |
1~10 |
3 |
|
--LEVERAGE |
1~10 |
3 |
|
--RESERVES |
1~10 |
3 |
|
--CREDIT LINES |
1~10 |
3 |
|
--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 |
|
26 |
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 |
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 |
|
- |
NB |
New Business |
- |
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or
its officials.