MIRA
INFORM REPORT
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Report Date : |
29.05.2007 |
IDENTIFICATION DETAILS
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Name : |
SUBHNEN VENEERS PRIVATE LIMITED-CRIF |
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Registered Office : |
101, Nisarg Apartment, |
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Country : |
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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 records. 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, |
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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, |
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E-Mail : |
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Branches : |
Located at : v
Ahmedabad v
v
v
Kolkata v
v
v
Jaipur v
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DIRECTORS
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Name : |
Mr. Popatlal Bhachubhai Nanadu |
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Designation : |
Director |
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Address : |
12, Mani Bhuvan, |
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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, |
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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, |
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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, |
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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
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Names of Shareholders |
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Percentage of
Holding |
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Directors or relatives of directors |
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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, |
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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, |
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Associates/Subsidiaries : |
v
Subhen Decor Private Limited |
CAPITAL STRUCTURE
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
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995000 |
Equity Shares |
Rs.10/- each |
Rs.9.950 millions |
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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 :
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No. of Shares |
Type |
Value |
Amount |
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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
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SOURCES OF FUNDS |
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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) |
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0.000 |
(7.220) |
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NETWORTH |
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32.376 |
24.880 |
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LOAN FUNDS |
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1] Secured Loans |
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21.454 |
19.167 |
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2] Unsecured Loans |
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1.902 |
4.359 |
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TOTAL BORROWING |
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23.356 |
23.526 |
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DEFERRED TAX LIABILITIES |
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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 |
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1.898 |
0.288 |
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INVESTMENT |
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1.069 |
1.069 |
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DEFERREX TAX ASSETS |
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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 |
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17.499 |
13.754 |
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Cash & Bank Balances |
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1.897 |
1.123 |
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Other Current Assets |
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0.000 |
0.000 |
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Loans & Advances |
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3.960 |
1.518 |
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Total
Current Assets |
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55.552 |
43.643 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
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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 |
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39.562 |
34.480 |
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MISCELLANEOUS EXPENSES |
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0.003 |
0.006 |
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TOTAL |
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55.732 |
48.406 |
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PROFIT & LOSS
ACCOUNT
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PARTICULARS |
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31.03.2006 |
31.03.2005 |
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Sales Turnover |
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119.863 |
67.825 |
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Other Income |
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0.000 |
0.000 |
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Total Income |
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119.863 |
67.825 |
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Profit/(Loss) Before Tax |
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10.497 |
3.709 |
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Provision for Taxation |
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0.000 |
0.000 |
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Profit/(Loss) After Tax |
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10.497 |
3.709 |
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Expenditures : |
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Interest |
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2.930 |
2.853 |
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Depreciation & Amortization |
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1.611 |
1.896 |
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Other Expenditure |
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104.825 |
59.367 |
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Total Expenditure |
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109.366 |
64.116 |
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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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8.75 |
5.46 |
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Net Profit Margin (PBT/Sales) |
(%) |
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8.75 |
5.46 |
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Return on Total Assets (PBT/Total Assets} |
(%) |
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15.26 |
6.59 |
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Return on Investment (ROI) (PBT/Networth) |
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0.32 |
0.14 |
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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
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Corporation identity number or foreign company registrations number of the company |
U25200MH1996PTC101695 |
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Name of the company |
SUBHNEN VENEERS PRIVATE LIMITED |
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Address |
101, Nisarg Apartment, |
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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, 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 ( |
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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
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
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
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 (
A laminate project to manufacture Decorative &
Industrial Laminates at Silvassa, Vapi about 170kms from the city of 
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,
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.40.53 |
|
|
1 |
Rs.80.41 |
|
Euro |
1 |
Rs.54.52 |
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 |
|