MIRA
INFORM REPORT
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Report Date : |
22.12.2008 |
IDENTIFICATION
DETAILS
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Name : |
SUPRABHA INDUSTRIES LIMITED |
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Formerly Known As : |
SUPRABHA ENGINEERING INDUSTRIES LIMITED |
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Registered Office : |
Continental Chambers, 15A, Hemanta Basu Sarani, Kolkata – 700 001,
West Bengal |
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Country : |
India |
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Financials (as on) : |
31.03.2008 |
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Date of Incorporation : |
01.10.1986 |
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Com. Reg. No.: |
21-41353 |
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CIN No.: [Company
Identification No.] |
U29130WB1986PLC041353 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
CALS00990D |
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Legal Form : |
A Closely Held Public Limited Liability Company |
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Line of Business : |
Manufacturer of Sheet Metal Components for Automobiles. |
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 130000 |
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Status : |
Satisfactory |
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Payment Behaviour : |
Slow but correct |
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Litigation : |
Clear |
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Comments : |
Subject is a well established company which undertakes job work for
Tata Motors Limited. Trade relations are fair. Financial position is
satisfactory. Payments are reported as slow but correct. The company can be
considered normal for business dealings at usual trade terms and conditions. |
LOCATIONS
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Registered Office : |
Continental Chambers, 15A, Hemanta Basu Sarani, Kolkata – 700 001,
West Bengal, India |
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Tel. No.: |
91-33-22430385 |
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Fax No.: |
91-33-22430485 |
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E-Mail : |
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Website : |
DIRECTORS
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Name : |
Mr. Devendra Kumar Mantri |
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Designation : |
Director |
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Address : |
3A, Ronaldshay Road, Alipore, Kolkata – 700 027, West Bengal, India |
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Date of Birth/Age : |
11.10.1956 |
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Date of Appointment : |
01.10.1986 |
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Name : |
Mr. Krishna Kumar Bhatter |
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Designation : |
Director |
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Address : |
11/ C, Burdwan Road, Kolkata – 700 027, West Bengal, India |
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Date of Birth/Age : |
07.09.1955 |
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Date of Appointment : |
01.10.1986 |
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Name : |
Mr. Girdhari Lal Sharma |
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Designation : |
Director |
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Address : |
371/ 21, G.T. Road, Belur, Howrah, West Bengal, India |
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Date of Birth/Age : |
27.08.1947 |
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Date of Appointment : |
04.01.1988 |
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Name : |
Mr. Balkrishnan Toshniwal |
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Designation : |
Director |
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Address : |
FD – 11, Sector – 3, Salt Lake, Kolkata – 700 091, West Bengal, India |
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Date of Birth/Age : |
08.08.1940 |
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Date of Appointment : |
25.09.1997 |
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Name : |
Ms. Tanuja Mantri |
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Designation : |
Director |
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Address : |
3A, Ronaldshay Road, Alipore, Kolkata – 700 027, West Bengal, India |
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Date of Birth/Age : |
23.11.1959 |
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Date of Appointment : |
21.08.2000 |
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Name : |
Mr. Shashankdhar Mantri |
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Designation : |
Director |
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Address : |
3A, Ronaldshay Road, Alipore, Kolkata – 700 027, West Bengal, India |
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Date of Birth/Age : |
20.12.1985 |
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Date of Appointment : |
24.08.2005 |
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Name : |
Mr. Babu Lal Goel |
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Designation : |
Director |
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Address : |
3/ 92, Vishal Khand, Gomti Nagar, Luncknow – 226 010, Uttar Pradesh,
India |
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Date of Birth/Age : |
27.07.1943 |
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Date of Appointment : |
13.06.2008 |
MAJOR SHAREHOLDERS
/ SHAREHOLDING PATTERN
As on 01.07.2008
|
Names of Shareholders |
No. of Shares |
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Devendra Kumar Mantri |
627387 |
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Krishna Kumar Bhatter |
10 |
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Shyam Sunder Mundhara |
10 |
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Toshniwal Balkrishnan |
10 |
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Pradip Saraogi |
10 |
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Tanuja Mantri |
109583 |
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Mantri Corporate Holdings Private Limited |
123000 |
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Govind Promoters Private Limited |
123000 |
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Shashannkdhar Mantri |
15990 |
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Total |
999000 |
As on 01.07.2008
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Equity Share Breakup |
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Percentage of Holding |
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Category |
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Bodies
corporate |
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24.62 |
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Directors
or relatives of directors |
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75.37 |
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Other
top fifty shareholders |
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0.01 |
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Total |
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100.00 |
BUSINESS DETAILS
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Line of Business : |
Manufacturer of Sheet Metal Components for Automobiles. |
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Products : |
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GENERAL
INFORMATION
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Bankers : |
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Facilities : |
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Banking
Relations : |
--- |
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Auditors : |
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Name : |
Patni and Company Chartered Accountants |
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Address : |
9, India Exchange Place, 4th Floor, Room No.7, Kolkata –
700 001, West Bengal, India |
CAPITAL STRUCTURE
Authorised Capital :
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No. of Shares |
Type |
Value |
Amount |
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1500000 |
Equity Shares |
Rs.10/- each |
Rs.15.000 millions |
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Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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999000 |
Equity Shares |
Rs.10/- each |
Rs.9.990
millions |
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Out of above 186400 shares have been allotted as fully paid up, pursuant
to a contract without payment being received in cash.
FINANCIAL DATA
[all figures are in Rupees Millions]
ABRIDGED BALANCE
SHEET
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SOURCES OF FUNDS |
31.03.2008 |
31.03.2007 |
31.03.2006 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
9.990 |
9.990 |
9.990 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
15.923 |
13.692 |
10.722 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
25.913 |
23.682 |
20.712 |
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LOAN FUNDS |
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1] Secured Loans |
32.675 |
32.446 |
8.900 |
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2] Unsecured Loans |
5.000 |
0.000 |
0.000 |
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TOTAL BORROWING |
37.675 |
32.446 |
8.900 |
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DEFERRED TAX LIABILITIES |
1.470 |
1.485 |
1.013 |
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TOTAL |
65.059 |
57.613 |
30.625 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
41.304 |
42.310 |
20.666 |
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Capital work-in-progress |
0.000 |
0.000 |
0.000 |
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INVESTMENT |
2.095 |
0.050 |
0.050 |
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DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
30.297
|
19.564 |
17.973 |
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Sundry Debtors |
5.933
|
7.070 |
6.232 |
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Cash & Bank Balances |
0.138
|
0.240 |
0.089 |
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Other Current Assets |
0.000
|
0.000 |
0.000 |
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Loans & Advances |
13.929
|
11.934 |
4.314 |
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Total
Current Assets |
50.297
|
38.808 |
28.608 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
27.608
|
22.837 |
18.302 |
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Provisions |
1.104
|
0.756 |
0.397 |
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Total
Current Liabilities |
28.712
|
23.593 |
18.699 |
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Net Current Assets |
21.585
|
15.215 |
9.909 |
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MISCELLANEOUS EXPENSES |
0.074 |
0.038 |
0.000 |
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TOTAL |
65.058 |
57.613 |
30.625 |
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PROFIT & LOSS
ACCOUNT
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PARTICULARS |
31.03.2008 |
31.03.2007 |
31.03.2006 |
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Sales Turnover |
203.541 |
171.352 |
102.167 |
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Other Income |
0.030 |
0.463 |
0.480 |
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Total Income |
203.571 |
171.815 |
102.647 |
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Profit/(Loss) Before Tax |
3.320 |
4.195 |
1.854 |
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Provision for Taxation |
1.090 |
1.224 |
0.471 |
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Profit/(Loss) After Tax |
2.230 |
2.971 |
1.383 |
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Expenditures : |
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Raw Material Consumed |
160.423 |
122.504 |
75.343 |
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Consumption of stores and spares parts |
15.894 |
16.637 |
9.815 |
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Increase/(Decrease) in Finished Goods |
(8.404) |
3.073 |
(1.825) |
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Salaries, Wages, Bonus, etc. |
4.820 |
3.686 |
2.901 |
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Managerial Remuneration |
0.307 |
0.137 |
0.000 |
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Payment to Auditors |
0.029 |
0.039 |
0.043 |
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Interest |
3.476 |
1.748 |
0.568 |
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Insurance Expenses |
0.266 |
0.133 |
0.395 |
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Power & Fuel |
4.702 |
4.317 |
2.423 |
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Depreciation & Amortization |
5.150 |
2.521 |
1.819 |
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Other Expenditure |
13.588 |
12.825 |
9.311 |
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32.338 |
167.62 |
17.46 |
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Total Expenditure |
200.251 |
167.620 |
100.793 |
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KEY RATIOS
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PARTICULARS |
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31.03.2008 |
31.03.2007 |
31.03.2006 |
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PAT / Total Income |
(%) |
1.10
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1.73 |
1.35 |
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Net Profit Margin (PBT/Sales) |
(%) |
1.63
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2.45 |
1.81 |
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Return on Total Assets (PBT/Total Assets} |
(%) |
3.54
|
5.17 |
3.76 |
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Return on Investment (ROI) (PBT/Networth) |
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0.13
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0.18 |
0.09 |
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Debt Equity Ratio (Total Liability/Networth) |
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2.56
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2.37 |
1.33 |
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Current Ratio (Current Asset/Current Liability) |
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1.75
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1.64 |
1.53 |
LOCAL AGENCY
FURTHER INFORMATION
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This form is for |
Modification of
charge |
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Charge
identification number of the modified
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80044081 |
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Corporate
identity number of the company |
U29130WB1986PLC041353 |
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Name of the
company |
SUPRABHA INDUSTRIES LIMITED |
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Address of the
registered office or of the principal place of business in India of the company |
Continental Chambers, 15A, Hemanta Basu Sarani, Kolkata – 700 001,
West Bengal, India |
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Type of charge |
Book Debts Movable Property Floating Charge Others (Plant and
Machineries) |
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Particular of
charge holder |
State bank of India, Commercial Branch, N.S. Road, 8, N.S. Road,
Kolkata – 700 001, West Bengal, India E-Mail: sbi.04125@sbi.co.in |
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Nature of
description of the instrument creating or modifying the charge |
Supplemental
Agreement of Loan-cum-Hypothecation |
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Date of
instrument Creating the charge |
09.04.2008 |
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Amount secured by
the charge |
Rs.25.000
millions |
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Brief particulars
of the principal terms an conditions and extent and operation of the charge |
Rate of Interest:
For Cash Credit @ 13.25% p.a. with monthly rests. Terms of
Repayment: The borrowings are repayable on demand. There is no Term
Loan in the Credit Facility and as such no terms of repayment are stated. The
loan is for cash Credit only which is repayable on demand according to
Banking norms. Margin: 25% of
Raw Material 25% of Stock
–in-process 25% of Finished
Goods 25% of
Receivables (cover 90 days) 25% of Letters of
Credit and 25% of Bank
Guarantee Extent and
Operation of the charge: First Charge on the whole of the hypothecated
assets. |
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Short particulars
of the property charged |
Hypothecation of raw
materials, stock-in-process, finished goods, receivables and other current
assets of the company, both present and future. Hypothecation of
Plant and Machinery installed at Plot No.D-2, UPSIDC Industrial area,
Chinhat, Lucknow – 226 019 as on 31.03.2007 as per list. 1)
Pledge of
2000 Associated Cement Company Limited (ACC) 2)
Pledge of
900 Equity Shares of Reliance Industries Limited (RIL) 3)
Recurring
Deposit A/c of Rs.0.010 million p.m. for a period of 36 months. |
|
Particulars of
the present modification |
By this
modification, the Overall Limit is enhanced by Rs.8.800 millions from
Rs.16.200 millions to Rs.25.000 millions. All other terms and conditions
continue to remain as before in full force and effect. |
REVIEW:
During the year, the company succeeded in
achieving its so far highest turnover of Rs.236.542 millions against Rs.199.451
millions in the previous year, reflecting a growth of 18.60%. This is the 7th
consecutive year, when the company scaled a new peak of higher turnover and
maintains its position as leading ancillary unit of Tata Motors Limited for
catering their requirements. In spite of stiff competition, heavy burden of
interest and depreciation in addition to usual cost escalation, the company
succeeded in deriving the profit of Rs.2.231 millions after depreciation and
tax during the year review as compared to Rs.2.970 millions in the previous
year.
FIXED ASSETS:
- Leasehold Land
- Buildings
- Plant and Machinery
- Tube Well
- Electric Installations
- Office Equipments
- Dies, Jigs and Fixtures
- Tools and Instruments
- Furniture and Fixture
- Weighing Scale
- Motor Vehicles
- Data Processing Machine
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] 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.47.28 |
|
UK Pound |
1 |
Rs.73.43 |
|
Euro |
1 |
Rs.68.22 |
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. |
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 |
|