MIRA INFORM REPORT

 

 

Report Date :

08.12.2012

 

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) :

31.03.2012

 

 

Date of Incorporation :

01.08.1991

 

 

Com. Reg. No.:

11-062771

 

 

Capital Investment/ 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 denied 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 36000

 

 

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.

 

 

INDIAN ECONOMIC OVERVIEW

 

India is developing into an open-market economy, yet traces of its past autarkic policies remain. Economic liberalization, including industrial deregulation, privatization of state-owned enterprises, and reduced controls on foreign trade and investment, began in the early 1990s and has served to accelerate the country's growth, which has averaged more than 7% per year since 1997. India's diverse economy encompasses traditional village farming, modern agriculture, handicrafts, a wide range of modern industries, and a multitude of services. Slightly more than half of the work force is in agriculture, but services are the major source of economic growth, accounting for more than half of India's output, with only one-third of its labor force. India has capitalized on its large educated English-speaking population to become a major exporter of information technology services and software workers. In 2010, the Indian economy rebounded robustly from the global financial crisis - in large part because of strong domestic demand - and growth exceeded 8% year-on-year in real terms. However, India's economic growth in 2011 slowed because of persistently high inflation and interest rates and little progress on economic reforms. High international crude prices have exacerbated the government's fuel subsidy expenditures contributing to a higher fiscal deficit, and a worsening current account deficit. Little economic reform took place in 2011 largely due to corruption scandals that have slowed legislative work. India's medium-term growth outlook is positive due to a young population and corresponding low dependency ratio, healthy savings and investment rates, and increasing integration into the global economy. India has many long-term challenges that it has not yet fully addressed, including widespread poverty, inadequate physical and social infrastructure, limited non-agricultural employment opportunities, scarce access to quality basic and higher education, and accommodating rural-to-urban migration.

Source : CIA

 

 

RBI DEFAULTERS’ LIST STATUS

 

Subject’s name is not enlisted as a defaulter in the publicly available RBI Defaulters’ list.

 

EPF (Employee Provident Fund) DEFAULTERS’’ LIST STATUS

 

Subject’s name is not enlisted as a defaulter in the publicly available EPF (Employee Provident Fund) Defaulters’ list as of 31-03-2012.

 

INFORMATION DENIED BY

 

Name :

Mr. Rajan

Designation :

Accounts Manager

Date :

07.12.2012

 

 

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

 

 

Branch :

Block 4/C, 4th Floor,Mount Chambers 758, Mount Road, Chennai – 600002, Tamilnadu, India

Tel. No.:

91-44-4203 6361

Fax No.:

91-44-4203 6362

E-Mail :

metco@metcoindia.com

 

 

DIRECTORS

 

AS ON 29.09.2012

 

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

 

 

KEY EXECUTIVES

 

Name :

Mr. Rajan

Designation :

Accounts Manager

 

 

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

 

AS ON 29.09.2012

 

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

 

 

Equity Share Break up (Percentage of Total Equity)

 

AS ON 29.09.2012

 

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.

 

 

 

 

GENERAL INFORMATION

 

No. of Employees :

Information denied 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

As on 31.03.2012

Rs. in millions

As on 31.03.2011

Rs. in millions

LONG TERM BORROWING

 

 

Term Loan

 

 

From Others

0.000

0.096

 

 

 

Total

0.000

0.096

Note:

Details of terms of repayment for long term borrowing and security provided in respect of the secured long term borrowings

 

Term Loan form Banks

As on 31.03.2012

Rs. in millions

As on 31.03.2011

Rs. in millions

HDFC Bank Limited

0.000

0.055

Term Loan from other

 

 

Reliance Capital

0.096

0.310

 

 

Term of Repayment and securities

 

The company has taken term loan of Rs. 0.590 Millions from Reliance Capital  Limited on 05.10.2009 repayable in 36 monthly installment of Rs.0.019 as on 31.03.2012 6 EMI Pending. The term loan is secured by hypothecation of motor car

 

 

 

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 31.03.2012

 

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

 

 

 

 

 

RECONCILIATION NUMBER OF SHARES AND AMOUNT OUTSTANDING 

 

Particular

As on 31.03.2012

Names of Shareholders

No. of Shares held

Amount

Equity at the beginning of the year

6000

0.600

Add/less changes during the year

-

-

Equity shares at the end of the year

6000

0.600

 

 

DETAILS OF SHARE HOLDERS HOLDING MORE THAN 5% SHARE

 

Particular

As on 31.03.2012

Names of Shareholders

No. of Shares held

% of shares held

Vijay M. Porwal HUF

915

15.25

Ambalal M. Porwal HUF

915

15.25

Bhupat K. Shah HUF

1170

19.50

Hiraben Shah

3000

50.00

 

 

FINANCIAL DATA

[all figures are in Rupees Millions]

 

ABRIDGED BALANCE SHEET

 

SOURCES OF FUNDS

 

31.03.2012

31.03.2011

31.03.2010

SHAREHOLDERS FUNDS

 

 

 

1] Share Capital

0.600

0.600

0.600

2] Share Application Money

0.000

0.000

0.000

3] Reserves & Surplus

8.277

7.062

6.780

4] (Accumulated Losses)

0.000

0.000

0.000

NETWORTH

8.877

7.662

7.380

LOAN FUNDS

 

 

 

1] Secured Loans

0.000

0.096

1.410

2] Unsecured Loans

0.000

0.000

0.000

TOTAL BORROWING

0.000

0.096

1.410

DEFERRED TAX LIABILITIES

0.000

0.000

0.000

 

 

 

 

TOTAL

8.877

7.758

8.790

 

 

 

 

APPLICATION OF FUNDS

 

 

 

 

 

 

 

FIXED ASSETS [Net Block]

2.678

3.266

4.179

Capital work-in-progress

0.000

0.000

0.000

 

 

 

 

INVESTMENT

0.365

0.365

0.365

DEFERREX TAX ASSETS

0.106

0.097

0.039

 

 

 

 

CURRENT ASSETS, LOANS & ADVANCES

 

 

 

 

Inventories
0.000

0.000

0.000

 

Sundry Debtors
3.780

1.844

3.940

 

Cash & Bank Balances
5.367

4.888

7.755

 

Other Current Assets
0.000

0.000

0.000

 

Loans & Advances
4.670

3.740

7.601

Total Current Assets
13.817

10.472

19.296

Less : CURRENT LIABILITIES & PROVISIONS
 

 

 

 

Sundry Creditors
3.480

4.036

1.662

 

Other Current Liabilities
3.215

1.011

1.502

 

Provisions
1.394

1.395

12.177

Total Current Liabilities
8.089

6.442

15.341

Net Current Assets
5.728

4.030

3.955

 

 

 

 

MISCELLANEOUS EXPENSES

0.000

0.000

0.252

 

 

 

 

TOTAL

8.877

7.758

8.790

 

 

PROFIT & LOSS ACCOUNT

 

 

PARTICULARS

31.03.2012

31.03.2011

31.03.2010

 

 

SALES

 

 

 

 

 

Income

 

 

 

 

Other Income

 

 

 

 

 

TOTAL                                    

35.779

39.506

66.820

 

 

 

 

 

Less

EXPENSES

NA

NA

NA

 

 

 

 

 

 

PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION  AND TAXATION

4.646

3.775

4.030

 

 

 

 

 

 

DEPRECIATION/ AMORTISATION                    

0.829

1.044

1.259

 

 

 

 

 

 

PROFIT BEFORE TAX

3.817

2.731

2.771

 

 

 

 

 

 

TAX                                                                 

1.200

0.950

0.950

 

 

 

 

 

 

PROFIT AFTER TAX                

2.609

1.678

1.743

 

 

 

 

 

Add

PREVIOUS YEARS’ BALANCE BROUGHT FORWARD

0.163

0.079

8.292

 

 

 

 

 

Less

APPROPRIATIONS

 

 

 

 

 

Transfer to General Reserve

0.200

0.200

1.200

 

 

Dividend

1.200

1.200

7.500

 

 

Tax on Dividend

0.195

0.195

1.255

 

BALANCE CARRIED TO THE B/S

1.177

0.162

0.080

 

 

 

 

 

 

Earnings Per Share (Rs.)

434.83

-

0.29

 

 

KEY RATIOS

 

PARTICULARS

 

 

31.03.2012

31.03.2011

31.03.2010

PAT / Total Income

(%)

7.29

4.25

2.61

 

 

 

 

 

Return on Total Assets

(PBT/Total Assets}

(%)

23.14

19.88

11.80

 

 

 

 

 

Return on Investment (ROI)

(PBT/Networth)

 

0.43

0.35

0.38

 

 

 

 

 

Debt Equity Ratio

(Total Liability/Networth)

 

0.91

10.89

2.27

 

 

 

 

 

Current Ratio

(Current Asset/Current Liability)

 

1.71

1.63

1.26

 

 

 

LOCAL AGENCY FURTHER INFORMATION

 

 

Check List by Info Agents

Available in Report [Yes/No]

Year of Establishment

Yes

Locality of the Firm

Yes

Constitution of the firm

Yes

Premises details

No

Type of Business

Yes

Line of Business

Yes

Promoters background

Yes

No. of Employees

No

Name of Person Contacted

No

Designation of contact person

No

Turnover of firm for last three years

Yes

Profitability for last three years

Yes

Reasons for variation <> 20%

-

Estimation for coming financial year

No

Capital the business

Yes

Details of sister concerns

Yes

Major Suppliers

No

Major Customers

No

Payment Terms

No

Export / Import Details [If Applicable]

No

Market Information

-

Litigations that the firm / promoter involved in

-

Banking Details

Yes

Banking Facility Details

Yes

Conduct of the banking account

-

Buyer visit details

-

Financials, if provided

Yes

Incorporation details, if applicable

Yes

Last accounts filed at ROC

Yes

Major Shareholders, if applicable

Yes

Date of Birth of Proprietor/Partner/Director, if available

Yes

PAN of Proprietor/Partner/Director, if available

No

Voter ID No of Proprietor/Partner/Director, if available

No

External Agency Rating, if available

No

 

The Details of sundry creditors:

Rs. In Millions

Particulars

31.03.2012

31.03.2011

31.03.2010

Sundry Creditors for Expenses

 

 

 

Micro, small and medium enterprises

--

--

--

Others
3.480

4.036

1.662

 Total

3.480

4.036

1.662

 

 

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.54.20

UK Pound

1

Rs.86.99

Euro

1

Rs.70.22

 

 

INFORMATION DETAILS

 

 

Information Gathered by :

PJA

 

 

Report Prepared by :

BYI

 

 

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.