MIRA INFORM REPORT

Report Date :

22.05.2007

IDENTIFICATION DETAILS

Name :	SUPREME TREVES PRIVATE LIMITED
Registered Office :	Centre Point, 8^th Floor, 18^th Road, Chembur, Mumbai – 400071, Maharashtra
Country :	India
Financials (as on) :	31.03.2004
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. 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, 5^th Floor, 18^th Road, Chembur, Mumbai – 400071, Maharashtra, India
Tel. No.:	91-22-25284184
Fax No.:	91-22-25281992
Head Office :	Centre Point, 7^th Floor, 18^th 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 :	Ø Automobile Insulation components Ø Floor Covering of Carpet Ø 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 :

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

Ø 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 :	Kalyaniwalla 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		31.03.2004	31.03.2003	31.03.2002
SHAREHOLDERS FUNDS
1] Share Capital		222.321	222.321	222.321
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		2.463	0.000	0.000
4] (Accumulated Losses)		0.000	(46.781)	(57.895)
NETWORTH		224.784	175.540	164.426
LOAN FUNDS
1] Secured Loans		111.516	136.052	79.896
2] Unsecured Loans		6.592	8.066	75.589
TOTAL BORROWING		118.108	144.118	155.485
DEFERRED TAX LIABILITIES		23.270	28.864	0.000
TOTAL		366.162	348.522	319.911
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		265.212	283.369	297.397
Capital work-in-progress		22.120	1.568	0.480
INVESTMENT		0.060	0.060	0.010
DEFERREX TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	29.045	26.429	20.021
	Sundry Debtors	69.407	79.071	42.141
	Cash & Bank Balances	10.778	5.804	6.317
	Other Current Assets	0.000	0.000	0.000
	Loans & Advances	15.606	6.391	26.145
Total Current Assets		124.836	117.695	94.624
Less : CURRENT LIABILITIES & PROVISIONS
	Current Liabilities	31.069	55.142	73.896
	Provisions	15.646	0.000	0.000
Total Current Liabilities		46.715	55.142	73.896
Net Current Assets
MISCELLANEOUS EXPENSES		0.649	0.972	1.297
TOTAL		366.162	348.522	319.911

PROFIT & LOSS ACCOUNT

PARTICULARS	31.03.2004	31.03.2003	31.03.2002
Sales Turnover [including other income]	428.537	372.427	221.629
Profit/(Loss) Before Tax	55.436	43.690	15.849
Provision for Taxation	1.331	15.066	1.427
Profit/(Loss) After Tax	56.767	28.624	14.422
Import Value	21.649	5.248	2.621
Expenditures :	373.100	328.737	205.780

KEY RATIOS

PARTICULARS		31.03.2004	31.03.2003	31.03.2002
PAT / Total Income	(%)	13.24	7.685	6.50
Net Profit Margin (PBT/Sales)	(%)	12.93	11.731	7.15
Return on Total Assets (PBT/Total Assets}	(%)	14.21	10.849	4.04
Return on Investment (ROI) (PBT/Networth)		0.24	0.248	0.09
Debt Equity Ratio (Total Liability/Networth)		0.73	1.135	1.82
Current Ratio (Current Asset/Current Liability)		2.67	2.134	1.28

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:

Land, Computers

Office Premises

Office Equipments

Factory Building

Furniture And Fixtures

Vehicles

Plant And Machinery

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. 40.45
UK Pound	1	Rs. 80.30
Euro	1	Rs. 54.37

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