MIRA
INFORM REPORT
|
Report Date : |
04.04.2007 |
IDENTIFICATION
DETAILS
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Name : |
SUBHNEN VENEERS PRIVATE LIMITED |
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Registered Office : |
101, Nisarg Apartment, Besant Road, Vile Parle (West), Mumbai-400056,
Maharashtra |
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Country : |
India |
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Financials (as on) : |
31.03.2006 |
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Date of Incorporation : |
07.08.1996 |
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Com. Reg. No.: |
11-101695 |
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CIN No.: [Company
Identification No.] |
U25200MH1996PTC101695 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
MUMS39542G |
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PAN No.: [Permanent
Account No.] |
AAECS1431J |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
Manufacturers of Plywood and Veneer Sheets. |
RATING &
COMMENTS
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MIRA’s Rating : |
Ba |
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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 120000 |
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Status : |
Satisfactory |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
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Comments : |
Subject is a well-established and reputed company having satisfactory
track. Directors are reported as experienced and respectable businessmen. Trade
relations are reported as 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
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Registered Office : |
101, Nisarg Apartment, Besant Road, Vile Parle (West), Mumbai-400056,
Maharashtra, India |
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Tel. No.: |
91-22-26187810/ 12/ 13/ 27 |
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Fax No.: |
91-22-26187828 |
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E-Mail : |
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Factory 1 : |
Unit No.2, Boston House, Ground Floor, Suren Road, Chakala, Anhderi
(East), Mumbai-400093, Maharashtra, India |
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E-Mail : |
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Branches : |
Located at : v Ahmedabad v Baroda v Bangalore v Kolkata v Hyderabad v Indore v Jaipur v Lucknow |
DIRECTORS
|
Name : |
Mr. Popatlal Bhachubhai Nanadu |
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Designation : |
Director |
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Address : |
12, Mani Bhuvan, Prathna Samaj Road, Vile Parle (East), Mumbai-400057,
Maharashtra, India |
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Date of Birth/Age : |
10.02.1944 |
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Date of Appointment : |
07.08.1996 |
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Name : |
Mr. Dhiraj Popatlal Nandu |
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Designation : |
Director |
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Address : |
52, Chandra Prabha Nehru Road, Mumbai-400057, Maharashtra, India |
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Date of Birth/Age : |
19.10.1966 |
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Date of Appointment : |
07.08.1996 |
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Name : |
Mr. Subhash Laljibhai Shah |
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Designation : |
Director |
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Address : |
403, Prime Avenue, S V Road, Vile Parle West, Mumbai-400056,
Maharashtra, India |
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Date of Birth/Age : |
01.06.1970 |
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Date of Appointment : |
15.07.1997 |
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Name : |
Mr. Laljibhai Khirabhai Shah |
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Designation : |
Additional Director |
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Address : |
Prime Avenue, Flat No.403, B Wing, S V Road, Near Nanavati Hospital, Vile
Parle (West), Mumbai-400056, Maharashtra, India |
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Date of Birth/Age : |
21.05.1952 |
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Date of Appointment : |
01.01.2007 |
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Other Directorships : |
v Gurukul
Enterprises Private Limited v Vaman
International Private Limited v Euro Ceramics
Limited v Subhnen Décor
Private Limited v Euro Solo Energy
Systems Limited |
MAJOR SHAREHOLDERS
/ SHAREHOLDING PATTERN
|
Names of Shareholders |
|
Percentage of
Holding |
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Directors or relatives of directors |
|
100.00 |
BUSINESS DETAILS
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Line of Business : |
Manufacturers of Plywood and Veneer Sheets. |
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Products : |
v Decorative
Plywood v Commercial
Plywood v Decorative
Veneer |
GENERAL
INFORMATION
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No. of Employees : |
About 75 |
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Bankers : |
Cosmos Co-operative Bank Limited, Vile Parle Branch, Vile Parle,
Mumbai-400057, Maharashtra, India |
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Banking
Relations : |
Satisfactory |
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Auditors : |
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Name : |
Vardhan & Raja Chartered Accountants |
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Address : |
14, Olympus, 1st Floor, 179, Perin Nariman Street, Fort,
Mumbai-400001, Maharashtra, India |
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Associates/Subsidiaries : |
v Subhen Decor
Private Limited |
CAPITAL STRUCTURE
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
995000 |
Equity Shares |
Rs.10/- each |
Rs.9.950 millions |
|
2000500 |
Preference Shares |
Rs.10/- each |
Rs.20.050 millions |
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Total |
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Rs.30.000
millions |
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Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
793050 |
Equity Shares |
Rs.10/- each |
Rs.7.930
millions |
|
1810000 |
Equity Shares |
Rs.10/- each |
Rs.18.100
millions |
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Total |
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Rs.26.030 millions |
FINANCIAL DATA
[all figures are in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
|
31.03.2006 |
31.03.2005 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
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26.030 |
26.030 |
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2] Share Application Money |
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0.000 |
0.000 |
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3] Reserves & Surplus |
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6.346 |
6.070 |
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4] (Accumulated Losses) |
|
0.000 |
(7.220) |
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NETWORTH |
|
32.376 |
24.880 |
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LOAN FUNDS |
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1] Secured Loans |
|
21.454 |
19.167 |
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2] Unsecured Loans |
|
1.902 |
4.359 |
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TOTAL BORROWING |
|
23.356 |
23.526 |
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DEFERRED TAX LIABILITIES |
|
0.000 |
0.000 |
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TOTAL |
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55.732 |
48.406 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
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13.200 |
12.563 |
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Capital work-in-progress |
|
1.898 |
0.288 |
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INVESTMENT |
|
1.069 |
1.069 |
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DEFERREX TAX ASSETS |
|
0.000 |
0.000 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
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32.196 |
27.248 |
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Sundry Debtors |
|
17.499 |
13.754 |
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Cash & Bank Balances |
|
1.897 |
1.123 |
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Other Current Assets |
|
0.000 |
0.000 |
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Loans & Advances |
|
3.960 |
1.518 |
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Total
Current Assets |
|
55.552 |
43.643 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
|
12.562 |
8.143 |
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Provisions |
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3.428 |
1.020 |
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Total
Current Liabilities |
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15.990 |
9.163 |
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Net Current Assets |
|
39.562 |
34.480 |
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MISCELLANEOUS EXPENSES |
|
0.003 |
0.006 |
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TOTAL |
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55.732 |
48.406 |
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KEY RATIOS
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PARTICULARS |
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31.03.2006 |
31.03.2005 |
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PAT / Total Income |
(%) |
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NA |
NA |
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Net Profit Margin (PBT/Sales) |
(%) |
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NA |
NA |
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Return on Total Assets (PBT/Total Assets} |
(%) |
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NA |
NA |
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Return on Investment (ROI) (PBT/Networth) |
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NA |
NA |
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Debt Equity Ratio (Total Liability/Networth) |
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|
1.21 |
1.31 |
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Current Ratio (Current Asset/Current Liability) |
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3.47 |
4.76 |
LOCAL AGENCY
FURTHER INFORMATION
Form 8 Particular for creation or modification of charges
|
Corporation identity number or foreign company registrations number of the company |
U25200MH1996PTC101695 |
|
Name of the company |
SUBHNEN VENEERS PRIVATE LIMITED |
|
Address |
101, Nisarg Apartment, Besant Road, Vile Parle (West), Mumbai-400056,
Maharashtra, India |
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This Form is for |
Creation of Charge |
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Type of Charges |
Simple mortgage |
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Particular of the charge holder |
The Cosmos Co-operative Bank Limited Vile Parle Branch, Vile Parle, Mumbai-400057, Maharashtra E-Mail : vijay.vaidya@cosmosbank.in |
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Nature or description of the instrument creating charge |
Deed of mortgage for creation of additional charge |
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Date of the instrument creating charge |
05.05.2006 |
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Amount Secure by the charge |
Rs.60.000 millions |
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Brief of the principal terms and conditions and extent and operation of the charge |
Cash credit facility : Rs.40.000 millions, LC facility : Rs.10 millions, BG facility : Rs.10 millions. The property mentioned in column No.13C is a security fro the above said facilities granted to Euro Merchandise (India) Limited. |
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Particulars of the Property charged |
All the piece and parcel of the land lying and being at Village Dadra of union Territory of Dadra and Nagar Haveli, Silvassa bearing its S No. 256/6 admeasuring about 6000 Sq. mt. and the said property together with the structures presently standing thereon and being constructed hereinafter and more particularly described in the schedule II attached herewith. |
Website Details :
Manufacturing Facilities
Uro Veneer is manufactured with the latest machines in 6000 sq mts plant at
Silvassa. Subhnen has made substantial investment to help consumer choose from a
wide variety of species in huge quantities for large projects.
At any given point of time over 3000 sheets of each variety are available
ex-stock. Their modern plant produces the plywood substrate with single face on
both sides without joints.
Captive plywood manufacturing ensures an even and calibrated decorative surface
for the Uro Veneer.
URO VENEER offers an impactible luster due to their technique of fine sanding.
They use a double-headed sander. This first sands all particles evenly and the
second fine tunes all figures and flowers deep down in the Veneer. The sanded
Veneers then passes through very controlled set of nylon brushes for cleaning,
ensuring a superb finish and evenness.
Quality Control
They source their species from leading manufacturers of
Europe with great care and attention given to every detail. Purchased from the
sources that grow species themselves gives them a better choice of fresh
textures and colors.
They are very particular about the thickness of the species with the minimum
requirement of the skin being 0.5mm.
In the case of Burl Veneer where figures are very prominent the thickness is
kept at 0.8mm. Even the single leaf is of greater width so that the veneer has
minimum joints. The extra thickness allows further processing without any
surface damage to the Veneer. Veneers with species of 0.2 to 0.3mm thickness
available in the market are far too thin for any working.
Subhnen's eye for detailed selection of the raw material has
given Uro Veneer the design, finish and exclusivity for their customers.
Their top quality European machinery executes micro level trimming of their
Veneers to achieve accurate clipping of sides of Veneers and good balanced face
for final processing. Their extremely qualified and skilled work force works
painstakingly, on the species to create accurate patterns and exclusive designs
with quality checks at every stage of manufacturing. It is this rare skilled
work force whose hands of precise artistry mould their products into
astonishing range for customers who wish to create exquisite furniture.
Subhnen Decor Private Limited
Manufacturing Facilities
Uro Veneer is manufactured with the latest machines in 6000 sq mts plant at
Silvassa. Subhnen has made substantial investment to help consumer choose from
a wide variety of species in huge quantities for large projects.
At any given point of time over 3000 sheets of each variety are available
ex-stock. Their modern plant produces the plywood substrate with single face on
both sides without joints.
Captive plywood manufacturing ensures an even and calibrated decorative surface
for the Uro Veneer.
Uro Veneer offers an impactible luster due to their technique of fine sanding.
They use a double-headed sander. This first sands all particles evenly and the
second fine tunes all figures and flowers deep down in the Veneer. The sanded
Veneers then passes through very controlled set of nylon brushes for cleaning,
ensuring a superb finish and evenness.
Quality Control
At Subhnen Décor their entire force strives to follow
stringent quality checks at every stage of production to ensure minimum
rejection.
Each batch of finished goods is checked for surface abaration, delamination,
chipping, blister, scratch resistance etc to conform to international standards.
In their quality control lab the products are subjected to numerous test to
ensure that they retain their luster for a long long time.
URO prelam panels are truly approved for serving consumers as they are
economical, elegant and eco-friendly superior in quality confirming to ISI
specifications & are available in wide varieties of designs, textures &
finishes.
SUBHNEN DECOR PRIVATE LIMITED
Subhnen group made a humble beginning and today is an established house in the
decorative and building material products.
SUBHNEN'S forays into Pre-laminated Boards took shape in Silvassa in December
1997. The SUBHNEN plant at Silvassa is one of the India's most advanced
Pre-laminated manufacturing plant using MF polymerization in short cycle
for any internationally competitive product. At Subhnen
Décor each batch of finished goods are checked for surface abrasion,
delimitation, chipping, blister, scratch resistance etc. To conform to
International and Indian Standard
SETTING HIGH STANDARDS
v URO
PRELAM Boards have multiple uses has following advantage in comparison to other
competing products.
v Only
Imported Mother Boards made of wood fibers and chips used for lamination.
v Uses
best quality imported design paper with no colour / design variation.
v Design
Paper is impregnated in special melamine resin manufactured in house.
v Pre-laminated
Boards are manufactured using short cycle technology.
v All
care is taken to avoid the presence of metallic particle which can damage the
costly Cutting tools.
v URO
PRELAM Boards are manufactured in complete accordance with Indian Standards.
SUBHNEN VENEERS PRIVATE LIMITED
Subhnen is one source enterprise involved in manufacturing and supply of
Plywood, MDF, Particle Boards, Laminates, Veneers, Glass and Aluminum Sections.
Subhnen Group in its quest for product development is
committed to continuous up gradation of existing product and introduction of
more and more innovative products to its valued customers (Architects,
Builders, Interior Designer, Carpenters and end users.)
Subhnen Group is poised for a quantum leap, with
diversification into manufacturing of Decorative Veneers. The group has setup
fully automatic manufacturing Plant at Silvassa near Vapi for manufacturing
Decorative Veneer.
Subhnen Group has always strived to give nothing but the
best to its customers. These Decorative Veneers are superior quality with
aesthetic appeal and will give value for money. Subhnen Group are also
manufacturer of special item like Border Patties for all the skirting needs,
ready made Veneer Door Skin for the doors and Artistic Marquetery.
Uro Veneer is available in most of the major cities in India
and has its exclusive distribution network in major cities throughout India.
This helps in providing a better facility and availability to all their
customers. URO has been exclusively used in major hotels, offices, hospitals
and other projects across the India.
In such a short span of 5 years, URO VENEER has gained a name
and reputation for its service and quality to its loyal customers across the
country.
COVERING EVERY ASPECT OF INTERIORS:-
v Manufacturing
Pre-laminated Particle & MDF Boards, Decorative Wood Veneer, Door Skins,
Inlays, Border Patties and Marquetery.
v Import
and Trading of Plywood, Block Boards, Logs, Wooden Mouldings, Particle Boards,
MDF, Laminates and other panel products.
v Import
and Trading of Ceramic Tiles, Sanitary Ware, Bathroom Fittings, Door Locks
& Drawer Slides.
v Import
& Trading of Glass & Mirrors.
v Import
& Trading of Aluminium Composite Panels.
v Import
& Trading of Artificial Flowers.
v Import
& Trading of different types of Furniture.
CONTINUING TOWARDS BRIGHT FUTURE:-
A verified ceramic tile project being set up in the Village
Bhachau (Kutch) (Gujarat State). In the first phase commercial production is
scheduled to begin by June 2003.
A laminate project to manufacture Decorative &
Industrial Laminates at Silvassa, Vapi about 170kms from the city of Mumbai,
India. The commercial production is scheduled to begin by December 2003. 
Door Skins
Subhnen Veneers Private Limited the name millions of interior designers and carpenters
have trusted for veneers, now introduces the best of creative Doorskins, which
reflect a taste for aristocratic lifestyle
WHY SUBHNEN VENEER DOORSKINS?
Being committed to quality, Subhnen Veneer Doorskins are
manufactured from exclusive veneers, that are paired and inlayed on with utmost
precision, creating a variety of designs, that compliments the royal taste.
Moreover, they are made durable and long-lasting with a special hydraulic hot
press process on a 4mm ply at 110 deg. C with a pressure of 15kg per sq. cm.
BENEFITS OF DOORSKINS:
v Ready
to use
v Hassle
free
v Cost
effective, being ready made
v Combination
of exclusive veneers on a single Door skin
v No
wastage of material
v Environment
friendly
v Variety
and novelty- wide range of innovative designs, to choose from
DOORSKINS CAN ALSO BE USED FOR:
v Conference
tables
v Office
tables
v Wardrobes
v Hotel
lobbies
v Foyers
v Entrances
v Wall
& furniture paneling
v Leaving
the rest up to the creativity
STANDARD SIZE : 7ft X 3ft.
STANDARD THICKNESS : 4mm ply
Besides the designs depicted in this catalogue, they have
many more designs and in case of bulk orders, they can also create customized
door skins. 
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.42.90 |
|
UK Pound |
1 |
Rs.84.69 |
|
Euro |
1 |
Rs.57.21 |
SCORE & RATING
EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
5 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
5 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
6 |
|
--PROFITABILIRY |
1~10 |
4 |
|
--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 |
|
45 |
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/normal. |
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 |
|