MIRA INFORM REPORT

 

 

Report Date :

27.06.2007

 

IDENTIFICATION DETAILS

 

Name :

SUPREME TREVES PRIVATE LIMITED

 

 

Registered Office :

Centre Point, 8th Floor, 18th Road, Chembur, Mumbai – 400071, Maharashtra

 

 

Country :

India

 

 

Financials (as on) :

31.03.2006

 

 

Date of Incorporation :

05.11.1996

 

 

Com. Reg. No.:

11-103764

 

 

CIN No.:

[Company Identification No.]

U34200MH1996PTC103764

 

 

TAN No.:

[Tax Deduction & Collection Account No.]

MUMS34841C

 

 

Legal Form :

Private Limited Liability Company

 

 

Line of Business :

Manufacturers of Automobile Insulation Components

 

 

RATING & COMMENTS

 

MIRA’s Rating :

Ba

 

RATING

STATUS

PROPOSED CREDIT LINE

41-55

Ba

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

Satisfactory

 

Maximum Credit Limit :

USD 890000

 

 

Status :

Satisfactory

 

 

Payment Behaviour :

Usually Correct

 

 

Litigation :

Clear

 

 

Comments :

Subject is an Indo-French Joint Venture having satisfactory track records.  Directors are reported as experienced, respectable and having satisfactory means of their own.  Payments are usually correct and as per commitments.

 

The company is expected to wipe out previous losses in a short term.

 

The Company can be considered normal for business dealings at usual trade terms and conditions.

 

 

LOCATIONS

 

Registered Office :

Centre Point, 5th Floor, 18th Road, Chembur, Mumbai – 400071, Maharashtra, India

Tel. No.:

91-22-25284184

Fax No.:

91-22-25281992

 

 

Head Office :

Centre Point, 7th Floor, 18th Road, Chembur, Mumbai – 400071, Maharashtra, India

Tel. No.:

91-22-2528 2487 / 4519 / 4520

Fax No.:

91-22-2528 1992

E-Mail :

Supreme_treves@vsnl.com

Web Site :

http://www.supremegroup.co.in

 

 

Factory  :

No. 92-93,Near Dalwada Sub-station, Kadaiya Village, Airport Road, Daman – 396 210, Union Territory, India

Tel. No.:

91-260-2220998 / 2220943

Fax No.:

91-260-2220706 / 2220614

 

 

DIRECTORS

 

Name :

Mr. Mohan Mahadev Kavrie

Designation :

Managing Director

Address :

E-25, Matru Krupa, Everest Colony, Chembur, Mumbai – 400071

Date of Birth/Age :

24.09.1948

Qualification :

B. Tech (IIT), M. S. (U.S.A.)

Date of Appointment :

05.11.1996

 

 

Name :

Mr. Guillaume Francoiz Treves

Designation :

Chairman

Address :

21, Rue De Vieux, Colombie’s, Paris – 75006, France

Date of Birth/Age :

03.07.1949

Date of Appointment :

12.12.1996

 

 

Name :

Mr. Beryard Gaston Babo

Designation :

Director

Address :

9, BIS Route De, Mausaize, Laboissiere Ecole – 78125, France

Date of Birth/Age :

16.06.1953

Date of Appointment :

12.12.1996

 

 

Name :

Mr. Prakash G. Pai

Designation :

Director

Address :

301, Macro Mal Apts, “A” Charwada Road, G.I.D.C., Vapi – 396 195

Date of Birth/Age :

19.03.1946

Date of Appointment :

01.11.1999

 

 

Name :

Mr.  Bernard Treves

Designation :

Director

Address :

40, Rue Lavriston, Paris – 75116, France

Date of Birth/Age :

21.05.1948

Date of Appointment :

01.11.1999

 

 

Name :

Mr. Esmail E. Dhariwala

Designation :

Director

Address :

Maskati Bldg., 37, Altamount Road, Mumbai – 400026

Date of Birth/Age :

22.11.1941

Date of Appointment :

10.03.2000

 

 

KEY EXECUTIVES

 

Name :

Mr. S. Bhayani

Designation :

Key Executive (Factory)

 

 

Name :

Mr. U. D. Desai

Designation :

Key Executive (Factory)

 

 

Name :

Mr. M H Nayak

Designation :

Key Executive (Head Office)

 

 

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

 

Names of Shareholders

 

No. of Shares

Supreme Nonwovens Private Limited

 

11116092

Establishments Treves S.A. (France)

 

11116092

 

 

BUSINESS DETAILS

 

Line of Business :

Manufacturers of Automobile Insulation Components

 

 

Products :

Ř       Automobile Insulation components

Ř       Floor Covering of Carpet

Ř       Felt

 

PRODUCTION STATUS

 

Particulars

Unit

Registered Capacity

Installed Capacity

Actual Production

Automobile Interior

Trim Part

NOS

1000000

1000000

 

Felts

MT

NOS

Mtrs

6300

6300

144799

197680

8623

Automative  Insulation

Parts

NOS

Mtrs

Sets

 

 

860260

121740

1360

Floor Covering and

Carpets

NOS

Mtrs

Sets

 

 

678048

133721

126477

 

 

 

 

 

 

 

GENERAL INFORMATION

 

Suppliers :

·         Tusker Industrial Products

·         Krishna Adhesives and Coatings Private Limited

·         Jindan Wooltex Industries Private Limited

·         Uttam Polyrubs India Private Limited

·         Shreeji Polypack

 

 

No. of Employees :

200

 

 

Bankers :

Ř       The Saraswat Co-operative Bank Limited, C & I Branch, A.K. Naik Marg, Mumbai – 400001

Ř       The Shamrao Vithal Co-operative Bank Limited

 

 

Facilities :

Secured Loans

31.03.2004

(Rs. in Millions)

From Bank

93.097

(Term loans are secured by an equitable mortgage of land & building & hypothecations of plant & machinery. Present & future & personally guaranteed by two of the director)

 

From a Company

17.686

(Secured by hypothecations of specialized tools procured from the loan)

 

Interest Accured & Due

0.731

Total

111.516

Uncured Loans

 

From Companies

5.807

Interest Accured & Due

0.784

Total

6.591

 

 

 

Banking Relations :

Satisfactory

 

 

Auditors :

 

Name :

Kalyaniwala and Mistry,

Chartered Accountants

Address :

Kalpataru Heritage, 124, M.G. Road, Mumbai – 400023

Tel. No.:

91-22-22348020

 

 

 

CAPITAL STRUCTURE

 

Authorised Capital :

No. of Shares

Type

Value

Amount

24000000

Equity Shares

Rs. 10/- Each

Rs. 240.000 millions

 

Issued, Subscribed & Paid-up Capital :

No. of Shares

Type

Value

Amount

22232184

Equity Shares

Rs. 10/- Each

Rs.222.321 millions

 

FINANCIAL DATA

[all figures are in Rupees Millions]

 

ABRIDGED BALANCE SHEET

 

SOURCES OF FUNDS

 

31.03.2006

31.03.2004

31.03.2003

SHAREHOLDERS FUNDS

 

 

 

1] Share Capital

222.321

222.321

222.321

2] Share Application Money

0.000

0.000

0.000

3] Reserves & Surplus

10.470

2.463

0.000

4] (Accumulated Losses)

0.000

0.000

(46.781)

NETWORTH

232.791

224.784

175.540

LOAN FUNDS

 

 

 

1] Secured Loans

136.362

111.516

136.052

2] Unsecured Loans

3.855

6.592

8.066

TOTAL BORROWING

140.217

118.108

144.118

DEFERRED TAX LIABILITIES

37.714

23.270

28.864

 

 

 

 

TOTAL

410.722

366.162

348.522

 

 

 

 

APPLICATION OF FUNDS

 

 

 

 

 

 

 

FIXED ASSETS [Net Block]

266.031

265.212

283.369

Capital work-in-progress

33.805

22.120

1.568

 

 

 

 

INVESTMENT

0.060

0.060

0.060

DEFERREX TAX ASSETS

0.000

0.000

0.000

 

 

 

 

CURRENT ASSETS, LOANS & ADVANCES

 

 

 

 

Inventories
35.676
29.045
26.429

 

Sundry Debtors
97.851
69.407
79.071

 

Cash & Bank Balances
29.036
10.778
5.804

 

Other Current Assets
0.000
0.000
0.000

 

Loans & Advances
32.503
15.606
6.391

Total Current Assets
195.066
124.836
117.695

Less : CURRENT LIABILITIES & PROVISIONS
 
 

 

 

Current Liabilities
84.562
31.069
55.142

 

Provisions
0.000
15.646
0.000

Total Current Liabilities
84.562
46.715
55.142

Net Current Assets
110.504
78.121

62.553

 

 

 

 

MISCELLANEOUS EXPENSES

0.322

0.649

0.972

 

 

 

 

TOTAL

410.724

366.162

348.522

 

PROFIT & LOSS ACCOUNT

 

PARTICULARS

 

31.03.2006

31.03.2005

31.03.2004

Total Income

541.066

428.537

372.427

 

 

 

 

Profit/(Loss) Before Tax

67.214

55.436

43.690

Provision for Taxation

19.615

1.331

15.066

Profit/(Loss) After Tax

47.599

56.767

28.624

 

 

 

 

Total Imports

NA

21.649

5.248

 

 

 

 

Expenditures :

 

 

 

 

Interest

11.060

13.817

 

Depreciation & Amortization

28.962

28.294

328.737

 

Other Expenditure

433.830

330.989

 

Total Expenditure

473.852

373.100

328.737

 

 

KEY RATIOS

 

PARTICULARS

 

 

31.03.2006

31.03.2004

31.03.2003

PAT / Total Income

(%)

8.80

13.24
7.685

 

 

 

 
 

Net Profit Margin

(PBT/Sales)

(%)

12.42

12.93
11.731

 

 

 

 
 

Return on Total Assets

(PBT/Total Assets}

(%)

14.58

14.21
10.849

 

 

 

 
 

Return on Investment (ROI)

(PBT/Networth)

 

0.29

0.24
0.248

 

 

 

 
 

Debt Equity Ratio

(Total Liability/Networth)

 

0.96

0.73
1.135

 

 

 

 
 

Current Ratio

(Current Asset/Current Liability)

 

2.31

2.67
2.134

 

 

 

LOCAL AGENCY FURTHER INFORMATION

 

Pursuant to a changes in the method of accounting for taxes on income. The company has recognized a deferred tax liability for the year under review in accordance with the accounting standard 22 on accounting for taxes on income which become applicable with effect from the current financial year. Company Secretary the profit carried forward to the balance sheet is lower by Rs. 28.864 millions.

 

Fixed Assets:

 

v      Land, Computers

v      Office Premises

v      Office Equipments

v      Factory Building

v      Furniture And Fixtures

v      Vehicles

v      Plant And Machinery

v      Electrical Installation

 

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. 40.95

UK Pound

1

Rs. 81.80

Euro

1

Rs. 55.09

 

 

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

 

 

 

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