MIRA INFORM REPORT

 

           

Report Date :

30.05.2011

 

IDENTIFICATION DETAILS

 

Name :

METCO MARKETING (INDIA) PRIVATE LIMITED

 

 

Registered Office :

104 Neeraj Industrial Estate Off Mahakali Caves Road, Andheri East, Mumbai – 400093, Maharashtra

 

 

Country :

India

 

 

Financials (as on) :

31.03.2010

 

 

Date of Incorporation :

01.08.1991

 

 

Com. Reg. No.:

11-062771

 

 

Paid-up Capital :

Rs. 0.600 Million 

 

 

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.

 

 

No. of Employees :

Information not divulged by management

 

 

RATING & COMMENTS

 

MIRA’s Rating :

Ba (46)

 

RATING

STATUS

PROPOSED CREDIT LINE

41-55

Ba

Overall operation is considered normal. Capable to meet normal commitments.

Satisfactory

 

Maximum Credit Limit :

USD 29000

 

 

Status :

Satisfactory

 

 

Payment Behaviour :

Usually correct

 

 

Litigation :

Clear

 

 

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 DECLINED BY

 

The management non-cooperative

 

 

LOCATIONS

 

Registered Office :

104 Neeraj Industrial Estate Off Mahakali Caves Road, Andheri East, Mumbai – 400093, Maharashtra, India

Tel. No.:

91-22-56938484/26871566

Fax No.:

91-22-66938485

E-Mail :

metco@metcoindia.com

Website :

www.metcoindia.com

 

 

Branches :

Located at:

  • Delhi
  • Chennai

 

 

DIRECTORS

 

As On 30.09.2010

 

Name :

Mr. Girish Kekre

Designation :

Director

 

 

Name :

Mr. Nandan Atre

Designation :

Director

 

 

Name :

Mr. Dhawal Khemchand Shah

Designation :

Director

Address :

235-237, Raman Smruti, 12, 3rd Floor, V.P. Road, Mumbai – 400004, Maharashtra, India

Date of Birth/Age :

11.05.1974

Date of Appointment :

01.11.1997

DIN No.:

00060939

 

 

Name :

Mr. Dipen Vasantlal Parikh

Designation :

Director

Address :

Plot No. 183, Sudershan Building, Flat No. 13, Garodia Nagar, Ghatkopar, Mumbai – 400072, Maharashtra, India

Date of Birth/Age :

22.03.1966

Date of Appointment :

25.06.2003

DIN No.:

00060968

 

 

Name :

Mr. Yogesh Lalshankar Trivedi

Designation :

Director

Address :

11/A-2, Shree Punit Nagar, Plot No. 3, S.V. Road, Borivali West, Mumbai – 400092, Maharashtra, India

Date of Birth/Age :

15.06.1960

Date of Appointment :

01.06.2005

DIN No.:

00060994

 

 

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

 

As On 30.09.2010

 

Names of Shareholders

 

No. of Shares

Vijay M. Powal HUF

 

915

Ambalal M. Porwal HUF

 

915

Bhupat K. Shah HUF

 

1170

Hiraben Shah

 

3000

Total

 

6000

 

As On 30.09.2010

 

Category

Percentage

Directors or relatives of Directors

100.00

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 :
  • Indenting Agent for ferrous and non ferrous metals

 

 

 

 

GENERAL INFORMATION

 

No. of Employees :

Information not divulged by management

 

 

Bankers :
  • The Saraswat Co-operative Bank Limited, Raja Shopping Centre, New Nagardas Road, Andheri (East), Mumbai – 400069, Maharashtra, India
  • ICICI Bank
  • HDFC Bank

 

 

Facilities :

Secured Loans

31.03.2010 (Rs. In Millions)

31.03.2009 (Rs. In Millions)

From HDFC Bank Limited (Against Hypothecation of Motor Car)

0.018

0.155

From HDFC Bank Limited (Against Hypothecation of Motor Car)

0.209

0.546

From ICICI Bank Limited (Against Hypothecation of Motor Car)

0.000

0.016

From Reliance Capital (Against Hypothecation of Motor Car)

0.502

0.000

From ICICI Bank Limited

(Against Hypothecation of Motor Car)

0.680

1.234

Total

1.409

1.951

 

 

 

Banking Relations :

--

 

 

Auditors :

 

Name :

Ramesh Vora and Company

Chartered Accountant

Address :

11, Heena Apartment, 1st Floor, Plot No. 128, Opposite 1st Road, Khar West, Mumbai – 400052, Maharashtra, India

Tel. No.:

91-22-26058708/26058709

Pan No.:

AAHFR5510M

 

 

CAPITAL STRUCTURE

 

As On 31.03.2010

 

Authorised Capital :

No. of Shares

Type

Value

Amount

 

 

 

 

200000

Equity Shares

Rs. 100/- each

Rs. 20.000 Millions

 

 

 

 

 

Issued, Subscribed & Paid-up Capital :

No. of Shares

Type

Value

Amount

 

 

 

 

6000

Equity Shares

Rs. 100/- each

Rs. 0.600 Million

 

 

 

 

 

Note:

Out of the above 4000 shares have been issued as bonus shares by capitalizing General Reserves

 

 

FINANCIAL DATA

[all figures are in Rupees Millions]

 

 

ABRIDGED BALANCE SHEET

 

SOURCES OF FUNDS

 

31.03.2010

31.03.2009

31.03.2008

SHAREHOLDERS FUNDS

 

 

 

1] Share Capital

0.600

0.600

0.600

2] Share Application Money

0.000

0.000

0.000

3] Reserves & Surplus

6.780

13.792

12.931

4] (Accumulated Losses)

0.000

0.000

0.000

NETWORTH

7.380

14.392

13.531

LOAN FUNDS

 

 

 

1] Secured Loans

1.409

1.951

1.456

2] Unsecured Loans

0.000

0.000

0.000

TOTAL BORROWING

1.409

1.951

1.456

DEFERRED TAX LIABILITIES

0.000

0.000

0.000

 

 

 

 

TOTAL

8.789

16.343

14.987

 

 

 

 

APPLICATION OF FUNDS

 

 

 

 

 

 

 

FIXED ASSETS [Net Block]

4.178

4.605

3.685

Capital work-in-progress

0.000

0.000

0.000

 

 

 

 

INVESTMENT

0.364

0.364

0.365

DEFERREX TAX ASSETS

0.040

0.118

0.052

 

 

 

 

CURRENT ASSETS, LOANS & ADVANCES

 

 

 

 

Inventories
0.000

0.000

0.000

 

Sundry Debtors
3.940

1.667

4.005

 

Cash & Bank Balances
7.755

10.695

8.953

 

Other Current Assets
0.000

0.000

0.000

 

Loans & Advances
7.601

6.339

7.315

Total Current Assets
19.296

18.701

20.273

Less : CURRENT LIABILITIES & PROVISIONS
 

 

 

 

Sundry Creditors

1.662

1.769

2.022

 

Other Current Liabilities
1.502

0.499

0.000

 

Provisions
12.177

5.455

7.670

Total Current Liabilities
15.341

7.723

9.692

Net Current Assets
3.955

10.978

10.581

 

 

 

 

MISCELLANEOUS EXPENSES

0.252

0.278

0.304

 

 

 

 

TOTAL

8.789

16.343

14.987

 

 

 

 

PROFIT & LOSS ACCOUNT

 

 

PARTICULARS

31.03.2010

31.03.2009

31.03.2008

 

SALES

 

 

 

 

 

Income

 

139.980

 

 

Other Income

 

 

23.745

 

 

TOTAL                                    

66.820

38.139

163.725

 

 

 

 

 

Less

EXPENSES

 

 

 

 

 

Office Expenses

 

 

 

Administrative Expenses

 

 

 

 

 

Advertising Expenses

 

 

 

 

 

Financial Expenses

 

 

 

 

 

TOTAL                                    

62.790

34.494

152.009

 

 

 

 

 

 

PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION

4.030

3.645

11.716

 

 

 

 

 

Less/ Add

DEPRECIATION/ AMORTISATION                    

1.259

1.291

0.909

 

 

 

 

 

 

PROFIT BEFORE TAX

2.771

2.354

10.807

 

 

 

 

 

 

TAX                                                     

0.950

--

3.850

 

 

 

 

 

 

PROFIT AFTER TAX

1.743

1.309

6.678

 

 

 

 

 

 

PREVIOUS YEARS’ BALANCE BROUGHT FORWARD

8.292

8.431

2.928

 

 

 

 

 

 

APPROPRIATIONS

 

 

 

 

 

Transfer to General Reserve

1.200

1.000

1.000

 

 

Proposed Dividend

7.500

0.150

0.150

 

 

Corporate Dividend Tax

1.255

0.255

0.025

 

BALANCE CARRIED TO THE B/S

0.080

8.292

8.431

 

 

 

 

 

 

EARNINGS IN FOREIGN CURRENCY

 

 

 

 

 

Export Earnings

39.003

11.138

NA

 

 

Commission Income

26.551

25.179

NA

 

TOTAL EARNINGS

65.554

36.317

NA

 

 

 

 

 

 

Earnings Per Share (Rs.)

0.29

NA

NA

 

 

 

 

 

 

 

KEY RATIOS

 

PARTICULARS

 

 

31.03.2010

31.03.2009

31.03.2008

PAT / Total Income

(%)
2.61

3.43

4.08

 

 
 

 

 

Net Profit Margin

(PBT/Sales)

(%)
NA

NA

7.72

 

 
 

 

 

Return on Total Assets

(PBT/Total Assets}

(%)
11.80

10.10

45.11

 

 
 

 

 

Return on Investment (ROI)

(PBT/Networth)

 
0.38

0.16

0.80

 

 
 

 

 

Debt Equity Ratio

(Total Liability/Networth)

 
2.27

0.67

0.82

 

 
 

 

 

Current Ratio

(Current Asset/Current Liability)

 
1.26

2.42

2.09

 

 

LOCAL AGENCY FURTHER INFORMATION

 

The Details of sundry creditors:

Rs. In Millions

Particulars

31.03.2010

31.03.2009

31.03.2008

Sundry Creditors for Expenses

 

 

 

Micro, small and medium enterprises

--

--

--

Others

1.662

1.769

2.022

 Total

1.662

1.769

2.022

 

 

Financial Results:

During the year the company has done satisfactory business inspite of slow down in international market and Indian economy. The business of the current year is encouraging.

 

Fixed Assets:

  • Office premises
  • Office equipments
  • Furniture and fixtures
  • Computer and computer software
  • Air conditioners
  • Motor car
  • Fax machine
  • Electrical fittings
  • Digital camera
  • Xerox machine

 

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.45.21

UK Pound

1

Rs.74.30

Euro

1

Rs.64.40

 

 

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

NO

--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

-

 

PRIVATE & CONFIDENTIAL : This information is provided to you at your request, you having employed MIPL for such purpose. You will use the information as aid only in determining the propriety of giving credit and generally as an aid to your business and for no other purpose. You will hold the information in strict confidence, and shall not reveal it or make it known to the subject persons, firms or corporations or to any other. MIPL does not warrant the correctness of the information as you hold it free of any liability whatsoever. You will be liable to and indemnify MIPL for any loss, damage or expense, occasioned by your breach or non observance of any one, or more of these conditions

This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.