MIRA
INFORM REPORT
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Report Date : |
16.07.2011 |
IDENTIFICATION DETAILS
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Name : |
METROPOLITAN EXIMCHEM LIMITED (w.e.f. 01.07.1998) |
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Formerly Known
As : |
METROPOLITAN FOOTWEAR INDUSTRIES PRIVATE LIMITED |
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Registered
Office : |
No.5/ 283, |
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Country : |
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Financials (as
on) : |
31.03.2010 |
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Date of Incorporation
: |
01.08.1968 |
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Com. Reg. No.: |
11-14067 |
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Paid – up
Capital : |
Rs.14.500
millions |
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CIN No.: [Company Identification
No.] |
U19202MH1968PLC014067 |
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TAN No.: [Tax Deduction &
Collection Account No.] |
MUMM21576C |
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PAN No.: [Permanent Account No.] |
AAACM9514C |
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Legal Form : |
A Closely Held Public Limited Liability Company |
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Line of Business
: |
Manufacturers and Exporter of Specialty chemicals, Intermediates for Dyes
and Pigments. |
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No. of Employees
: |
150 (Approximately) |
RATING & COMMENTS
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MIRA’s Rating : |
Ba (46) |
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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 1500000 |
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Status : |
Satisfactory |
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Payment Behaviour : |
Usually Correct |
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Litigation : |
Clear |
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Comments : |
Subject is an established company having satisfactory track. Trade
relations are reported as fair. Business is active. Payments are reported to
be usually correct and as per commitments. The company can be considered normal for business dealings at usual
trade terms and conditions. |
NOTES:
Any query related to this report can be made
on e-mail: infodept@mirainform.com
while quoting report number, name and date.
INFORMATION PARTED BY
|
Name : |
Ms. Juliet Rebellow |
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Designation : |
Accounts Manager |
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Contact No. : |
91-22-24081528 |
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Date : |
15.07.2011 |
LOCATIONS
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Registered Office : |
No.5/283, |
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Tel. No.: |
91-22-24081528/
24081529/ 24081530 |
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Fax No.: |
91-22-24077375 |
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E-Mail : |
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Website : |
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Area : |
4500 sq. ft. |
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Location : |
Owned |
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Factory : |
Lot No. B, CFC, Phase – 2, MIDC, Dombivli – 421204, Thane, |
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Tel. No.: |
91-251-2870808/ 2872358/ 2872360 |
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Fax No.: |
91-251-2870975 |
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Location : |
Owned |
DIRECTORS
AS on 17.09.2010
|
Name : |
Mr. Rajiv Nagin Sheth |
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Designation : |
Director |
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Address : |
S/145-B,
Padmalaya, Sion (West), Mumbai – 400022, |
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Date of Birth/Age : |
05.11.1964 |
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Date of Appointment : |
02.07.1993 |
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Name : |
Mrs. Roopa Rajiv Sheth |
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Designation : |
Director |
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Address : |
143-B, Padmalaya, Sion (West), Mumbai – 400022, |
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Date of Birth/Age : |
13.10.1968 |
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Date of Appointment : |
10.02.2009 |
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Name : |
Mr. Nagindas
Padamshi Sheth |
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Designation : |
Director |
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Address : |
9 – 140,
Jashwanti Niwas, Sion (West), Mumbai, |
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Date of Birth/Age : |
24.01.1933 |
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Date of Appointment : |
25.08.2001 |
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Name : |
Mr. K. Ganesh
Narayan |
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Designation : |
Director |
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Address : |
C – 701, Tridev
Apartments, Bhakti Marg, Mulund (West), Mumbai - 400080, |
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Date of Birth/Age : |
24.12.1949 |
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Date of Appointment : |
02.07.1993 |
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Date of Ceasing: |
18.02.2009 |
KEY EXECUTIVES
|
Name : |
Ms. Juliet Rebellow |
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Designation : |
Accounts Manager |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS on 17.09.2010
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Names of Shareholders |
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No. of Shares |
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Nagin P. Shah |
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27753 |
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Urmila N. Sheth |
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25121 |
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Roopa R. Sheth |
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25561 |
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Rajiv N. Sheth |
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28465 |
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Sundari G.
Narayan Jointly with Dr. G. Krishnaraj |
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12900 |
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Sundari G Narayan |
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100 |
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Sunbeam Monochem
Private Limited, |
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2000 |
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Nagin P. Shah
(HUF) |
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8500 |
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Rajiv N. Sheth
(HUF) |
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14600 |
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Total |
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145000 |
Equity Share Breakup (Percentage of Total Equity)
As on 30.09.2010
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Category |
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Percentage |
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Bodies corporate |
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1.38 |
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Directors or relatives of directors |
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73.72 |
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Other top fifty shareholders |
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8.97 |
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Others |
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15.93 |
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Total
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100.00 |
BUSINESS DETAILS
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Line of Business : |
Manufacturers and Exporter of Specialty chemicals, Intermediates for
Dyes and Pigments. |
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Products : |
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Exports : |
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Products : |
Chemicals |
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Countries : |
·
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· US ·
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Terms : |
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Selling : |
L/C, Cash and Credit |
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Purchasing : |
L/C, Cash and Credit |
GENERAL INFORMATION
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Customers : |
End Users and OEM’s |
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No. of Employees : |
150 (Approximately) |
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Bankers : |
§
Union
Bank of §
Canara
Bank, Mandvi Branch, Sujeer House, Kazi Sayyed Street, Mandvi, Mumbai –
400009, Maharashtra, India §
ABN Amro
Bank, 74, Sakhar Bhavan, Nariman Point, Mumbai – 400021, §
Indian
Overseas Bank §
HDFC
Bank Limited §
Mandvi
Co-Operative Bank Limited, Vyapar Bhavan, 1st Floor, 49, P.D.
Mello Road, Carnac Bunder, Mumbai-400009, Maharashtra, India |
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Facilities : |
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Banking Relations
: |
-- |
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Auditors : |
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Name : |
Sheth Doctor and
Associates Chartered
Accountants, |
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Address : |
24, Navjivan
Commercial Premises Co-operative Society, 11th Floor, |
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Tel. No.: |
91-22-65715917 |
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Fax No.: |
91-22-23020050 |
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E-Mail : |
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Associates/Subsidiaries : |
§
Sunbeam Monochem Private Limited A /
72, Phase 1, MIDC, Dombivili – 421204, Thane, Tel No.: 91-251-2470285 Fax No.: 91-251-2470285 (Manufacturers
and Exporter of Specialty chemicals, Intermediates for Dyes and Pigments.) §
Melog Speciality Private Limited N – 5, Additional
Ambarnath, MIDC, Ambarnath – 421501, Thane, Tel No.: 91-251-2621257 / 2621161 / 2520148 Fax No.:
91-251-2620011 (Manufacturers
and Exporter of Specialty chemicals, Intermediates for Dyes and Pigments.) ·
N.P. Sheth HUF ·
SRN Engineers and Associates Private Limited |
CAPITAL STRUCTURE
As on 31.03.2010
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
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250000 |
Equity Shares |
Rs.100/- each |
Rs.25.000
millions |
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Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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145000 |
Equity Shares (After deducting Rs. 0.500 Million paid on buy back of shares) |
Rs.100/- each |
Rs.14.500
millions |
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
14.500 |
14.500 |
15.000 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
367.908 |
368.360 |
358.491 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
382.408 |
382.860 |
373.491 |
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LOAN FUNDS |
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1] Secured Loans |
5.000 |
0.147 |
7.851 |
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2] Unsecured Loans |
15.000 |
16.100 |
10.850 |
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TOTAL BORROWING |
20.000 |
16.247 |
18.701 |
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DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
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TOTAL |
402.408 |
399.107 |
392.192 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
68.687 |
70.827 |
66.876 |
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Capital work-in-progress |
1.669 |
0.757 |
1.853 |
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INVESTMENT |
145.240 |
160.629 |
145.238 |
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DEFERREX TAX ASSETS |
3.101 |
2.023 |
1.790 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
77.037
|
65.315
|
93.981 |
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Sundry Debtors |
114.893
|
58.625
|
80.946 |
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Cash & Bank Balances |
13.618
|
29.739
|
14.071 |
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Other Current Assets |
0.000
|
0.000
|
0.000 |
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Loans & Advances |
130.998
|
119.485
|
115.524 |
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Total
Current Assets |
336.546
|
273.164
|
304.522 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Sundry Creditor |
62.871
|
16.242
|
43.091 |
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Other Current Liabilities |
5.915
|
7.880
|
6.937 |
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Provisions |
84.049
|
84.171
|
78.059 |
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Total
Current Liabilities |
152.835
|
108.293
|
128.087 |
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Net Current Assets |
183.711
|
164.871
|
176.435 |
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MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
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TOTAL |
402.408 |
399.107 |
392.192 |
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\
PROFIT & LOSS ACCOUNT
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PARTICULARS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
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SALES |
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Income |
350.730 |
372.706 |
439.403 |
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Other Income |
2.576 |
4.335 |
3.216 |
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TOTAL (A) |
353.306 |
377.041 |
442.619 |
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Less |
EXPENSES |
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Material Cost |
238.673 |
241.422 |
275.168 |
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Administrative and Selling Expenses |
16.041 |
15.457 |
0.000 |
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Operating and Other Expenses |
82.653 |
72.727 |
81.795 |
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TOTAL (B) |
337.367 |
329.606 |
356.963 |
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Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
15.939 |
47.435 |
85.656 |
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Less |
FINANCIAL
EXPENSES (D) |
1.328 |
2.998 |
1.589 |
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PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
14.611 |
44.437 |
84.067 |
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Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
16.244 |
17.127 |
14.212 |
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PROFIT BEFORE
TAX (E-F) (G) |
(1.633) |
27.310 |
69.855 |
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Less |
TAX (H) |
(1.079) |
6.922 |
22.712 |
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PROFIT AFTER TAX
(G-H) (I) |
(0.554) |
20.388 |
47.143 |
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EXCESS/ (SHORT)
PROVISION FOR EARLIER YEARS (NET) |
0.102 |
(0.519) |
0.477 |
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Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
305.860 |
293.491 |
253.371 |
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Less |
APPROPRIATIONS |
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|
Transfer to General Reserve No.1 |
-- |
3.500 |
3.500 |
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|
Transfer to General Reserve No.2 |
-- |
4.000 |
4.000 |
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|
BALANCE CARRIED
TO THE B/S |
305.408 |
305.860 |
293.491 |
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EXPORT VALUE |
162.664 |
248.356 |
298.516 |
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IMPORTS VALUE |
67.019 |
68.268 |
154.332 |
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Earnings Per
Share (Rs.) |
(3.82) |
140.61 |
-- |
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Particulars |
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|
31.03.2011 |
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Sales Turnover (Approximately) |
|
|
370.000 |
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Expected Sales (2011-2012) : Rs.400.000 Millions
The above information has been parted by Ms. Juliet
KEY RATIOS
|
PARTICULARS |
|
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
PAT / Total Income |
(%) |
(0.16)
|
5.41
|
10.65 |
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Net Profit Margin (PBT/Sales) |
(%) |
(0.47)
|
7.33
|
15.90 |
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Return on Total Assets (PBT/Total Assets} |
(%) |
(0.40)
|
7.94
|
18.81 |
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Return on Investment (ROI) (PBT/Networth) |
|
0.00
|
0.07
|
0.19 |
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Debt Equity Ratio (Total Liability/Networth) |
|
0.45
|
0.33
|
0.39 |
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Current Ratio (Current Asset/Current Liability) |
|
2.20
|
2.52
|
2.38 |
LOCAL AGENCY FURTHER INFORMATION
SUNDRY CREDITORS
DETAILS :
(Rs. in Millions)
|
Particulars |
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
Sundry Creditors |
62.871 |
16.242 |
43.091 |
|
Total |
62.871 |
16.242 |
43.091 |
TRADE REFERENCE:
§
§
Allied Industries,
§
Cheminova International,
§
Dipeeh Engineering
§
ICG Company Limited,
§
MC Cleland Engineering Private Limited,
§ Elite Thermal Engineers Private Limited, Mumbai
§ Amey Engineering, Mumbai
§ MA Engineering Corporation, Mumbai
OPERATIONS:
Due to depressed market conditions and increase in raw material prices, the Turnover of the company declined which also lead to Company incurring loss.
Bankers Charges
Report as per Registry
|
Corporate
identity number of the company |
U19202MH1968PLC014067 |
|
Name of the
company |
METROPOLITAN EXIMCHEM LIMITED |
|
Address of the
registered office or of the principal place of business in |
No.5/283, |
|
This form is for |
Modification of
Charge |
|
Charge
identification number of the charge to be modified |
10025819 |
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Type of charge |
|
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Particular of
charge holder |
Canara Bank,
Mandvi Branch, Sujeer House, Kazi Sayyed Street, Mandvi, Mumbai – 400009,
Maharashtra, India |
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Nature of
instrument creating charge |
Supplemental
Common Hypothecation Agreement |
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Date of instrument
Creating the charge |
20.05.2010 |
|
Amount secured by
the charge |
Rs. 72.500
Millions |
|
Brief of the
principal terms an conditions and extent and operation of the charge |
Rate of Interest Interest @ 9.50% or
at such other rate specified by the bank from time to time Terms of
Repayment On Demand Margin As per Agreement Extent and
Operation of the charge 100% Others The above is to
secure FLC/ DA/DP Rs. 55.000 Millions BG
Rs. 2.500 Millions PC/FDB/FBE Rs. 15.000 Millions |
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Short particulars
of the property charged |
First Charge on
all the stocks and book debts Collateral
Security of all the plant and machineries EMT of Plot No.
B, CFC, MIDC, Phase-II, Village Sagaon Area Measuring 11620 sq. mtrs. |
|
Particulars of
the present modification |
Extent of
operation of charge stand enhanced form Rs. 50.000 Millions to Rs. 72.500
Millions i.e. FLC/ DA/ DP Rs. 55.000 Millions BG Rs. 2.500 Millions PC/FDB/FBE
Rs. 15.000 Millions. Other terms and conditions remain the same. |
|
Name of the company |
METROPOLITAN FOOTWEAR INDUSTRIES PRIVATE LIMITED |
|
Presented By |
Mandvi Co-Operative Bank Limited |
|
1) Date and description of instrument creating the change |
Dated 11.09.1987 Hypothecation Agreement (stamped for Rs. 10/-) for creating charge over the chlorides (P.V.C) leather rubber etc. in favour of the bank. |
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2) Amount secured by the charge/amount owing on the securities of charge |
Rs. 1.500 Millions |
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3) Short particular of the property charged. If the property acquired is subject to charge, date of the acquired of the property should be given |
Company’s Stocks of all kinds of polyvinyl chlorides (p.v.c) leather rubber, foam rubber, chemical sandals shoes, gumboots and footwear of all types of all present and future assets of the company in nature of plant and machinery, offices/ factory equipments, Air conditioner, furniture etc. |
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4) Gist of the terms and conditions and extent and operation of the charge. |
In consideration of cash credit facility for Rs. 1.500 Millions sanctioned by the Bank to the company, the company has hypothecated their stocks. Interest: 15.5% per annum Margin: 40% Period of Advances: upto 29.02.1988 when the facility will come up for review. |
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5) Name and Address and description of the person entitled to the charge. |
Mandvi Co-Operative Bank Limited, Vyapar Bhavan, 1st Floor, 49, P.D. Mello Road, Carnac Bunder, Mumbai-400009, Maharashtra, India |
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6) Date and brief description of instrument modifying the charge |
N.A |
|
7) Particulars of modifications specifying the terms and conditions or the extent of operations of the charge in which modification is made and the details of the modification. |
N.A |
FIXED ASSETS
§
§ Plant and Machinery
§ Air Conditioners
§ Electric Installation
§ Furniture and Fixtures
§ Office Equipments
§ Motor Cars
§ Vehicles
WEBSITE DETAILS
HISTORY
Subject started its manufacturing operation in 1996, producing
sulphonated products. They have expanded rapidly, adding a number of new
products to their line, and in the process, establishing as a name to be
reckoned with in the Indian chemical manufacturing industry. Their growth has
been characterized by innovation products from their R and D department (to
dyes, they have developed and produced over 100 products comprising of
intermediates for dyes, pigments, pharma, plastics as well as cosmetics. A
strong commitment to quality, and above all unsurpassed customers service.
They began exporting their specialty products, since inception to a number of
countries around the world and is further dominated by custom synthesis. The
customers include world-leading majors.
PRESENT STATUS:
They have now two manufacturing units with 3 plants and a
combined capacity of 2000 Metric Tons per Annum. Subject build with the latest technology in 1996 enabled us to
substantially increase our production rate, enable them to develop new products
with a shorter development time, reduce costs, and to compete in the global
economy. In near future, the
manufacturing process at this plant will also be ISO 9000 certified.
In short, it will empower their transition into the 21st Century.
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.44.53 |
|
|
1 |
Rs.71.91 |
|
Euro |
1 |
Rs.62.98 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
5 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
5 |
|
--PROFITABILIRY |
1~10 |
5 |
|
--LIQUIDITY |
1~10 |
5 |
|
--LEVERAGE |
1~10 |
5 |
|
--RESERVES |
1~10 |
5 |
|
--CREDIT LINES |
1~10 |
5 |
|
--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 |
YES |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
46 |
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.