MIRA
INFORM REPORT
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Report Date : |
29.06.2007 |
IDENTIFICATION DETAILS
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Name : |
SUPREME INDUSTRIES LIMITED |
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Registered Office : |
612, Raheja Chambers Nariman point, Mumbai;400021, |
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Country : |
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Financials (as on) : |
30.06.2006 |
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Date of Incorporation : |
17.02.1942 |
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Com. Reg. No.: |
11-003554 |
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CIN No.: [Company
Identification No.] |
L35920MH1942PLC003554 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
MUMT01228D |
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Legal Form : |
Public Limited Liability Company. The shares of the company are listed on the Stock Exchanges. |
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Line of Business : |
Manufacturers of PVC Pipes & Fittings, Material Handling Crates and Plastic Moulded Chairs. |
RATING & COMMENTS
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MIRA’s Rating : |
A |
RATING
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STATUS |
PROPOSED
CREDIT LINE |
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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 |
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Maximum Credit Limit : |
USD 8000000 |
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Status : |
Good |
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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 of Supreme Group, controlled and managed by Taparia’s. The company’s shares are listed on the Stock Exchanges. Available information indicates high financial responsibility of the company. Financial position of the company is good. 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 : |
612, Raheja Chambers, Nariman Point, Mumbai 400 021. |
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Tel. No.: |
91-22-2285 1656 |
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Fax No.: |
91-22-2285 1657 |
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E-Mail : |
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Website : |
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Corporate Office : |
1101, 1161 & 1162, Solitaire Corporate Park, 167, Guru Hargovindji Marg, Mumbai 400 093 |
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Tel. No.: |
91-22-4043 0000 |
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Fax No.: |
91-22-4043 0099 |
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E-Mail : |
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Factory 1 : |
1. Daman ( 2. Derabassi ( 3. 4. Guwahati ( 5. Halol ( 6. Hosur ( Tamil Nadu ) 7. Jalgaon ( 8. Kanhe ( 9. 10. Khopoli ( 11. Khushkheda ( Rajasthan ) 12. Malanpur 1 ( Madhya Pradesh ) 13. Malanpur 2 ( Madhya Pradesh ) 14. Nandesari ( 15. Noida ( Uttar Pradesh ) 16. 17. Silvassa ( |
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Office: |
Located at:
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DIRECTORS
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Name : |
B L Taparia |
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Designation : |
Chairman |
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Name : |
M P Taparia |
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Designation : |
Managing Director |
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Name : |
S. Taparia, |
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Designation : |
Executive Director |
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Name : |
V K Taparia, |
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Designation : |
Executive Director |
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Name : |
B V Bhargava |
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Designation : |
Director |
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Address : |
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Date of Birth/Age : |
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Qualification : |
M. Com., L.L.B |
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Experience : |
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Date of Appointment : |
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Name : |
E B Desai |
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Designation : |
Director |
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Address : |
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Date of Birth/Age : |
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Qualification : |
B A., L.L B. (Hons) |
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Experience : |
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Date of Appointment : |
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Name : |
H |
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Designation : |
Director |
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Name : |
N |
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Designation : |
Director |
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Name : |
5 R Taparia |
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Designation : |
Director |
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Name : |
Y P Trivedi |
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Designation : |
Director |
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Date of Birth/Age : |
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Qualification : |
B Com L. L. B. |
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Date of Appointment : |
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KEY EXECUTIVES
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Name : |
O P Roongta |
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Designation : |
Sr. Vice - President (Finance)and Secretary |
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Name : |
J M Totla |
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Designation : |
Sr. VICE - PRESIDENT (OPERATIONS) |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
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Names of Shareholders |
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No. of Shares |
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Promoters |
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6212639 |
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Non Residents Individuals / OCB |
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579960 |
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Companies |
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1 864646 |
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Fll's / Fl's / Mutual Fund / Bank |
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11514 |
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Individuals |
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5142078 |
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Total |
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13810837 |
BUSINESS DETAILS
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Line of Business : |
Manufacturers of PVC Pipes & Fittings, Material Handling Crates and Plastic Moulded Chairs. |
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Products : |
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Exports : |
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Countries : |
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Imports : |
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Countries : |
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Terms : |
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Selling : |
Advance Payment or Credit (60 days) |
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Purchasing : |
Credit (30/60 days) or Cash |
PRODUCTION STATUS
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Particulars |
Unit |
Licensed
Capacity |
Installed
Capacity |
Actual
Production |
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Injection Moulded Products |
MT |
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54900 |
35146.307 |
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Extruded Products |
MT |
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100172 |
80433.294 |
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Machinery & Moulds |
Nos |
-- |
N.A |
35 |
GENERAL INFORMATION
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No. of Employees : |
2500 |
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Bankers : |
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Facilities : |
1. Working Capital Loans from Banks (A) are secured against
hypothecation and/or pledge of stocks and Book Debts, second subservient charge on certain fixed assets of the Company and
personally guaranteed by three Directors, which is counter guaranteed by the Company. 2. Term Loans are secured / to be secured on par! passu basis by
mortgage of: (a) Immovable properties of the company, situated at various
locations, both present & future, subject to the exclsuion of properties at Andheri, Jalgaon, Malanpur & Kolkata:
(b) movable properties such as plant, machineries & moulds of the
Company, both present and future, (excluding current assets charged to bankers for working capital) and second /
subservient charge on current assets of the Company. (c) These loans are personally guaranteed by three Directors which is
counter guaranteed by the Company.
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Banking
Relations : |
Good |
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Auditors : |
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Name : |
Chhogmal and Company Chartered Accountants |
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Associates/Subsidiaries : |
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CAPITAL STRUCTURE
Authorised Capital :
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No. of Shares |
Type |
Value |
Amount |
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3,00,00,000 |
Equity Shares |
Rs.10/- each |
Rs.300.000 Millions |
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1,12,00,000 |
Preference Shares |
Rs.10/- each |
Rs.112.000 Millions |
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3,38,00,000 |
Unclassified Shares |
Rs.10/- each |
Rs.338.000 Millions |
Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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1,33,90,837 |
Equity Shares |
Rs.10/- each |
Rs.133.908 |
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4,20,000 |
Equity Shares |
Rs.10/- each |
Rs.4.200 Millions |
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
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SOURCES OF FUNDS |
30.06.2006 |
30.05.2005 |
30.06.2004 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
138.108 |
133.908 |
133.908 |
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2] Share Application Money |
0.000 |
8.400 |
8.400 |
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3] Reserves & Surplus |
1866.200 |
1977.222 |
1882.140 |
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NETWORTH |
2004.308 |
2119.530 |
2024.448 |
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LOAN FUNDS |
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1] Secured Loans |
1687.926 |
2008.970 |
1640.311 |
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2] Unsecured Loans |
686.942 |
456.384 |
404.290 |
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TOTAL BORROWING |
2374.868 |
2465.354 |
2044.601 |
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DEFERRED TAX LIABILITIES |
428.320 |
0.000 |
0.000 |
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TOTAL |
4807.496 |
4584.884 |
4069.049 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
3592.550 |
3012.209 |
2853.950 |
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Capital work-in-progress |
0.000 |
25.597 |
65.577 |
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INVESTMENT |
339.723 |
347.834 |
347.834 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
982.692
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746.235
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561.005 |
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Sundry Debtors |
1118.291
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899.605
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801.850 |
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Cash & Bank Balances |
77.079
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75.162
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95.680 |
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Loans & Advances |
423.463
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579.180
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485.428 |
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Total
Current Assets |
2601.525
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2300.182
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1943.963 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
1512.398
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1075.363
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1120.652 |
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Provisions |
213.904
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25.575
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21.623 |
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Total
Current Liabilities |
1726.302
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1100.938
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1142.275 |
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Net Current Assets |
875.223
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1199.244
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801.688 |
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TOTAL |
4807.496 |
4584.884 |
4069.049 |
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PROFIT & LOSS
ACCOUNT
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PARTICULARS |
30.06.2006 |
30.06.2005 |
30.06.2004 |
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Sales Turnover |
9820.639 |
8241.301 |
7986.933 |
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Other Income |
46.662 |
0.000 |
0.000 |
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Total Income |
9867.301 |
8241.301 |
7986.933 |
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Profit/(Loss) Before Tax |
336.311 |
257.034 |
220.898 |
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Provision for Taxation |
(103.700) |
20.500 |
11.009 |
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Profit/(Loss) After Tax |
399.582 |
236.534 |
209.889 |
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Earnings in Foreign Currency : |
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Other Earnings |
841.992 |
654.218 |
738.871 |
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Total Earnings |
841.992 |
654.218 |
738.871 |
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Imports : |
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Raw Material and Consumed |
1778.573 |
991.409 |
0.000 |
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Stores & Spares |
2.714 |
10.813 |
0.000 |
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Capital Goods |
190.925 |
107.663 |
0.000 |
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Others |
0.000 |
0.000 |
1016.651 |
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Total Imports |
1972.212 |
1109.885 |
1016.651 |
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Expenditures : |
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Cost of Materials |
6518.495 |
0.000 |
0.000 |
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Manufacturing Expenses |
2329.481 |
0.000 |
0.000 |
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Interest |
269.604 |
0.000 |
0.000 |
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Depreciation & Amortization |
413.410 |
0.000 |
0.000 |
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Other Expenditure |
0.000 |
7984.267 |
7766.035 |
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Total Expenditure |
9530.99 |
7984.267 |
7766.035 |
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QUARTERLY RESULTS
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PARTICULARS |
30.06.2006 |
31.12.2006 |
31.03.2007 |
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Type |
1st
Qtr |
2nd
Qtr |
3rd
Qtr |
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Sales
Turnover |
2284.800 |
2668.200 |
3025.100 |
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Other
Income |
9.900 |
34.700 |
30.100 |
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Total
Income |
2374.700 |
2702.900 |
3055.200 |
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Total
Expenditure |
2071.500 |
239.2.900 |
2706.300 |
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Operating
Profit |
303.200 |
310.000 |
348.900 |
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Interest |
63.900 |
78.600 |
90.200 |
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Gross
Profit |
239.300 |
231.400 |
258.700 |
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Depreciation |
101.500 |
105.200 |
79.300 |
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Tax |
39.500 |
30.500 |
56.000 |
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Reported
PAT |
98.300 |
95.700 |
123.400 |
200609:
Gross Sales Includes Plastic Products Rs 2503.333 million Others Rs 127.191
million Expenditure Includes Raw Material Consumed Rs 1751.820 million
(Increase) / Decrease in Stock in Trade Rs (245.809) million Employee's Cost Rs
89.166 million Other Expenditure Rs 476.306 million Tax Includes Corporate Tax
Rs 37.50 million Fringe Benefit Tax Rs 2.00 million EPS is Basic Status of
Investor Complaints for the quarter ended September 30, 2006 Complaints Pending
at the beginning of the quarter Nil Complaints Received during the quarter 08
Complaints disposed off during the quarter 08 Complaints unresolved at the end
of the quarter Nil 1. The Company processed 28,677 MT of polymers during the
first quarter of the current year a compared to 25,830 MT in the previous year
recording a growth of 11.02%. 2. Exceptional Income of Rs 82.474 million is
profit on transfer of leasehold rights in a plot of land situated at IT Park,
200612:
Gross Sales Includes Plastic Products Rs 2965.983 million Others Rs 94.108
million Expenditure Includes Raw Material Consumed Rs 1848.280 million
(Increase) / Decrease in Stock in Trade Rs (19.762) million Employee's Cost Rs
93.269 million Other Expenditure Rs 471.183 million Tax Includes Corporate Tax
Rs 27.50 million Fringe Benefit Tax Rs 3.00 million EPS is Basic Status of
Investor Complaints for the quarter ended December 31, 2006 Complaints Pending
at the beginning of the quarter Nil Complaints Received during the quarter 15
Complaints disposed off during the quarter 15 Complaints unresolved at the end
of the quarter Nil 1. The Company processed 59,526 MT of polymers during the
first half of the current year a compared to 52,511 MT in the corresponding
period of the previous year recording a growth of 13.36%. 2. Pursuant to the
approval by shareholders of the Company at the annual general meeting held on
October 05, 2006, the Bonus Shares Allotment committee of the Directors of the
Company has allotted 1,38,10,837 equity shares of Rs 10 each at bonus shares in
the ratio of 1(One) equity share for every 1(One) existing equity share of Rs
10 each held by the shareholders on the Record Date viz November 14, 2006. 3.
Board of Directors has considered the payment of Interim dividend for the
financial year 2006-07 @25% i.e. Rs 2.50 per share of Rs 10/- each and will be
paid to the shareholders on the shares held as on the record date i.e.
200703:
Gross Sales Includes Plastic Products Rs 2848.793 million Others Rs 176.266
million Expenditure Includes Raw Material Consumed Rs 2060.270 million
(Increase) / Decrease in Stock in Trade Rs (48.204) million Employee's Cost Rs
96.732 million Other Expenditure Rs 597.431 million Tax Includes Corporate Tax
Rs 52.50 million Fringe Benefit Tax Rs 3.50 million EPS is Basic Status of
Investor Complaints for the quarter ended March 31, 2007 Complaints Pending at
the beginning of the quarter Nil Complaints Received during the quarter 18
Complaints disposed off during the quarter 18 Complaints unresolved at the end
of the quarter Nil 1. The Company processed 93647 MT of polymers during the
first nine months of the current year a compared to 83618 MT in the
corresponding period of the previous year recording a growth of 12%. 2.
Exceptional income of Rs 21.30 million is additional consideration received on
transfer of leasehold rights in a plot of land situated at IT Park salt
KEY RATIOS
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PARTICULARS |
30.06.2006 |
30.06.2005 |
30.06.2004 |
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Debt-Equity
Ratio |
1.19 |
1.11 |
1.17 |
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Long
Term Debt-Equity Ratio |
0.90 |
1.02 |
1.10 |
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Current
Ratio |
1.11 |
1.61 |
1.53 |
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TURNOVER
RATIOS |
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Fixed
Assets |
1.76 |
1.58 |
1.59 |
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Inventory |
13.08 |
14.25 |
17.92 |
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Debtors |
11.21 |
10.95 |
11.18 |
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Interest
Cover Ratio |
2.19 |
1.98 |
1.84 |
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Operating
Profit Margin(%) |
9.03 |
9.79 |
10.03 |
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Profit
Before Interest And Tax Margin(%) |
5.36 |
5.57 |
5.48 |
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Cash
Profit Margin(%) |
5.96 |
6.76 |
6.86 |
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Adjusted
Net Profit Margin(%) |
2.28 |
2.54 |
2.31 |
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Return
On Capital Employed(%) |
13.62 |
12.06 |
12.01 |
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Return
On Net Worth(%) |
12.76 |
11.67 |
11.09 |
STOCK PRICES
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Face Value |
Rs.10.00 |
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High |
Rs.208.00 |
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Low |
Rs.204.05 |
LOCAL AGENCY FURTHER INFORMATION
Exceptional income of Rs. 169.308 Millions stated above in financial results consists of profit on sale of 6,10,137 equity shares of the company in the market held by the trusts of which the company is the sole beneficiary.
The equity share capital and securities premium account of the company during the year has increased by Rs.4.200 Millions and Rs.79.800 Millions respectively consequent upon exercise of the option attached to warrants allotted to promoters in the earlier year.
In accordance with Accounting Standard 22 issued by The Institute of Chartered Accountants of India, the Company has for the first time recognized the deferred tax assets / liabilities in the books of the accounts. The accumulated deferred tax liability as at the beginning of the year amounting to Rs.427.520 Millions has been charged off against the balance in General Reserve and the liability for the current year has been charged to the profit before tax for the year as stated in the financial results.
SUPREME PETROCHEM LIMITED (SPL)
Supreme Petrochem Ltd., a company jointly promoted by the
Company and R Raheja Group has drawn up a plan to enhance its compounding
capacities, to set up a new unit for manufacture of EPS, a project for minor
port and a SEZ earmarked facility to promote export of plastic processed goods.
All these projects are under implementation. SPL has taken a majority stake in
Shin ho Petrochemical (
SUBSIDIARY COMPANY
With a view to expand its business in gulf countries, the Company has promoted The Supreme Industries Overseas (FZE), a wholly owned subsidiary of the Company, incorporated in SAIF Free Zone, UAE by investing a sum of AED 150,000 (equivalent to Rs1.888 Millions). Statement required pursuant to provisions of section 212 of the Companies Act, 1956 is provided in the Annual Report.
The company has initiated plans for development of its properties at Andheri in Mumbai and evaluating proposals
for Salt lake in Kolkatta To pursue these projects, the company has incurred a capital expenditure of Rs. 1 76.300
Millions during the year.
As part of its strategy to focus on changing needs of market segments, the Company has plans for capital expenditure of over Rs. 1 200.000 Millions during 2006-07. These investments are expected to further improve the financial performance of the Company in the coming years. The requirement of additional funds for financing its capital projects will be met by internal resources and borrowings.
The gross working capital comprising of receivables and
inventories as at
The increasing credit demand from the industry and increase
in administrative rate by Reserve Bank of
regular intervals has put the interest rate under pressure.
The Company has restructured its debt profile to reduce the incidence of interest on operational performance. In
spite of increasing rate of interest on borrowed funds, close monitoring of working capital has resulted into reduction of interest and financing charges in terms of percent to total income at 2.73% for the year as compared to previous financial year at 3.04%.
2. INDUSTRY STRUCTURE AND DEVELOPMENT
The Company is engaged in processing and manufacturing of plastic products, components and other end-user
industry products, and is market leader in various products.
The Company is preferred partner to user industries with commitment to supply high quality customised products
and integrated services.
They expect that the pace of growth may continue and per
capita consumption of plastics will improve.
Government of
such initiatives. Introduction of Value Added Tax (VAT) by most of the states is expected to not only boost State
revenues but will also have positive impact on manufacturing activities. It is expected that the remaining
states will also follow VAT system very soon. Central Sales Tax (CST), which is a big hindrance in integrating the tax system in the country, is expected to be abolished in phases over a period of 2 to 3 years. Government has de-reserved 180 items from Small Scale reservation list and has expressed it's intention to de-reserve the list of remaining 326 items in near future. Plastics products still constitute major chunk of residual items in the reserved category.
De-reservation thereof is expected to boost consumption of plastics and trigger export growth of plastics products.
This will create further growth opportunities for the company's business.
The company has taken initiatives to boost its export. Expansion of capacity of cross laminated products, plastics
piping system, flexible packaging film and opening up
Fixed assets:
- Buildings
- Plant, Machinery and Electrical Installations
- Moulds and Dies
- Furniture, Fixture and Office Equipments
- Vehicles
- Sundry Equipments
As per Web:
Milestones :
Founded in 1942, Supreme is an acknowledged leader of
Handling volumes of over 100,000 tonnes of polymers annually, effectively makes them the country's largest plastics processors.
Not surprisingly, they also offer the widest and most
comprehensive range of plastic products in
Their 20 advanced plants are powered by technology from world leaders, and complement their extensive facilities for R & D and new product development.
In fact, Supreme is credited with pioneering several
products in
They are seeking to perform strongly internationally as well. Exports remain a focal area of their operations, even as they add newer markets to their list worldwide.
2005 will see The Supreme Group turnover touch a projected Rs. 23,000 million (USD 500 million).
Products:
- Moulded Furniture
- Moulds
- Storage and Material Handling Crates
- Petrochemicals
- Cross Laminated Films and Products
- Food Service ware
- Packaging Films
- Industrial and engineering Moulded Products
- Calendered Rigid PVC Films
- Protective Packaging Products
- Plastics Piping Systems
From Strength to
Strength
From modest beginnings, as a small single product company in
the 1950s, to a Rs. 2,0000.000 Millions multi-unit conglomerate with
This unrelenting growth has come through diverse efforts: consolidation and expansion, enhancement of capacities, addition of fresh products and variants, establishment of newer plants, and occasionally, even acquisition of under-performing but high potential units and brands.
Understandably, the integration route has been successfully explored by the Group.
For instance, in a major backward integration move, Supreme
Petrochem Ltd.-- and with it, one of
Similarly, diversification and horizontal integration have been fuelled by strategic collaborations with technology leaders. Two prime examples of this are introduction of multi-layer films and calendered film products in the country .
The Group has made substantial complementary investments in R & D. This has not only helped in a thorough and superior assimilation of cutting edge technologies, but also contributed to a collateral development of newer and improved products on a continuing basis.
So, while Supreme SWR systems were
A client-friendly approach, a readiness to customize and an eagerness to provide all technical support have played no mean role in propelling Supreme to leadership.
An open mind and receptivity to new ideas and needs remain
hallmarks of the Group's interface with all customers-- in
|
Particulars: |
Half Year ended 31.12.2006 |
|
Sales : |
|
|
a) Plastics Products |
5469.316 |
|
(b) Others |
221.299 |
|
|
5690.615 |
|
Less : Excise Duty: |
737.554 |
|
Net Sales |
4953.061 |
|
2 Other Income |
42.133 |
|
Total Income |
4995.194 |
|
3 Goods Consumption |
|
|
a Raw Material Consumed |
3600.100 |
|
b ( Increase ) / Decrease in stock in trade |
(265.571) |
|
4 Employees' Cost |
184.435 |
|
5 Other Expenditure |
947.489 |
|
6 Total Expenditure before Interest ( 3+4+5 ) |
4464.453 |
|
7 Operating Profit (1+2-6) |
530.741 |
|
8 Interest |
142.500 |
|
9 Profit before Depreciation & Tax ( 7-8 ) |
388.241 |
|
10 Depreciation |
206.657 |
|
11 Profit Before Tax (9-10) |
181.584 |
|
12 Exceptional Income |
82.474 |
|
13 Provision for Taxation |
|
|
Corporate Tax |
65.000 |
|
Deferred Tax |
0.000 |
|
Fringe Benefit Tax |
5.000 |
|
14 Net Profit ( 11+12-13 ) |
194.058 |
|
15 Paid Up Equity Share Capital Face Value
Rs. 10/- ) |
276.217 |
|
16 Reserves Excluding Revaluation Reserve |
|
|
17 Earning per Share - Basic (Rs.) Diluted (Rs.) |
0.703 0.703 |
|
18. Cash earning per Share: -Basic(Rs.)
-Diluted (Rs.) |
1.451 1.451 |
|
19 Aggregate of Non-Promoters Shareholding - No. of Shares - % of Shareholding |
15196796 55.20% |
The Company processed 59,526 MT of polymers during the first nine months
of the current year as compared to 52,511 MT in the corrosponding period of the
previous year recording a growth of 13.36%
Pursuant to the approval by share holders of the Company at the annual
general meeting held on 5th October, 2006 the Bonous shares
Allotment Commitments of the Direcctors of the Company has allotted 1,38,10,837
equity shares of Rs. 10/- each as bonous shares in the ratio of 1 (one) equity
Shares for Every 1(One) existing shares of rs. 10 each held by the shareholders
on the Dare viz. 14.11.2006.
Board of Director has considered the payment of interim dividend for the
financial year 2006-07 @25%
i.e. Rs.2.50 per shares of Rs.10/- each and will be paid to the
shareholders on the records date i.e. 29th January 2007
The Company is engaged mainly in processing of plastic polymers and as
such is the only reportable segment as per Accounting Standard on Segment
Reporting (AS-17) issued by ICAI.The geographical segmentation is not relevant
as export turnover is not significant in respect to total turnover.
Provision for Dffered Tax will be ascertained and accounted for at all
the end of the year.
Investor complaints during the quarter; Opening balance: NIL, Received
during the quarter : 15, Pending as on
The figures for the previous quarter/year have been regrouped/rearranged
wherever necessary.
Press Release
The Supreme
Industries Limited has reported gross turnover and other income of Rs. 4071.300
Millions including Rs. 167.100 Millions of polymer trading) in the first 6
months ended 31 st December 2004 of the current year as against Rs. 4297.300
Millions (including Rs. 352.900 Millions of polymer trading) during the
corresponding period of last year.
Operating profit
for the first half of current year is lower at Rs. 256.300 Millions as against
Rs. 325.200 Millions in last year and the Net Profit is Rs. 51.200 Millions as
against Rs. 113.600 Millions in the corresponding period of previous year .
The first half of
the current year has witnessed steep volatility in polymer prices. The whole of
the plastic processing industry has passed through a bad phase due to such
volatility, which has led to degrowth in consumption of plastics in the Indian
economy inspite of GDP growth in excess of 7%. The overall consumption of
majority of commodity plastics in the last 9 months (April 2004 to December
2004) was either negative or flat. The prices have since then stabilized and
outlook remains positive for the first half of the calendar year .
Supreme is
increasing its capacities in more value added products and to increase its
export capabilities which would minimize the effects of such volatility in
polymer prices. The Company has planned capex of Rs. 650.000 Millions during
the current year, Major capex has been committed for such value added products
and to augment the capacity for export markets .
The second half of
the current year looks promising and the Company expects to achieve it's
financials in line with the previous year.
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.40.75 |
|
|
1 |
Rs.81.63 |
|
Euro |
1 |
Rs.54.79 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
8 |
|
PAID-UP CAPITAL |
1~10 |
8 |
|
OPERATING SCALE |
1~10 |
8 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
7 |
|
--PROFITABILIRY |
1~10 |
8 |
|
--LIQUIDITY |
1~10 |
7 |
|
--LEVERAGE |
1~10 |
8 |
|
--RESERVES |
1~10 |
7 |
|
--CREDIT LINES |
1~10 |
8 |
|
--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 |
YES |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
69 |
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 |
|