MIRA
INFORM REPORT
|
Report Date : |
05.06.2008 |
IDENTIFICATION
DETAILS
|
Name : |
SUPREME NONWOVEN INDUSTRIES PRIVATE LIMITED |
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Formerly Known As : |
BHILAD TEXTILES INDUSTRIES PRIVATE LIMITED |
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Registered Office : |
Centre Point, 7th Floor, 18th Road, Chembur,
Mumbai 400 071, Maharashtra |
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Country : |
India |
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Financials (as on) : |
31.03.2007 |
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Date of Incorporation : |
04.06.1984 |
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Com. Reg. No.: |
11-33072 |
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CIN No.: [Company
Identification No.] |
U17120MH1984PTC033072 |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
Manufacturer, Dealers, Importers and Exporters of
Non-Woven Items such as Interlining, Disposable Fabrics and Fabrics for
Industrial Applications. |
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 871000 |
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Status : |
Satisfactory |
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Payment Behaviour : |
Usually Correct |
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Litigation : |
Clear |
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Comments : |
Subject is a well established and reputed company having satisfactory
track. Trade relations are fair. Financial position is good. Payments are
reported as usually correct and as per commitments. The company is doing well. Efforts are made for latest Profit and Loss Account and may be
supplemented. The company can be considered good for normal business dealings at
usual trade terms and conditions. Nothing adverse reported. |
LOCATIONS
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Registered Office : |
Centre Point, 7th Floor, 18th Road, Chembur,
Mumbai 400071, Maharashtra, India |
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Tel. No.: |
91-22-25284519/ 25284520 |
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E-Mail : |
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Website : |
http://www.supremegroup.co.in (group website) |
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Factory : |
National Highway, No. 8, Bhilad – 396105, District Bulsar,
Gujarat, India |
DIRECTORS
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Name : |
Mr. Badruddin Ebrahim Dhariwala |
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Designation : |
Director |
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Address : |
15, Jhamb House, Forjett Street, Mumbai – 400 036, Maharashtra, India |
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Date of Birth/Age : |
15.02.1944 |
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Date of Appointment : |
14.01.1987 |
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Date of Ceasing : |
28.02.2005 |
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Name : |
Mr. Mahadev Santanna Naik |
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Designation : |
Director |
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Address : |
E –25, Matru Kripa, Nandadeep, Everest Colony, Chembur, Mumbai – 400 071, Maharashtra, India |
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Date of Birth/Age : |
20.06.1917 |
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Date of Appointment : |
14.01.1987 |
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Name : |
Mr. Ebrahim Esmail Dhariwala |
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Designation : |
Director |
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Address : |
Maskati Building, 37, Altamount Road, Mumbai – 400 036, Maharashtra, India |
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Date of Birth/Age : |
22.05.1970 |
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Date of Appointment : |
22.10.1992 |
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Date of Ceasing : |
28.02.2005 |
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Name : |
Mr. Esmail Ebrahim Dhariwala |
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Designation : |
Director |
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Address : |
Maskati Building, 37, Altamount Road, Mumbai – 400 036, Maharashtra, India |
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Date of Birth/Age : |
22.11.1941 |
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Date of Appointment : |
02.05.2000 |
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Date of Ceasing : |
28.02.2005 |
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Name : |
Mr. Mohan Mahadev Kavrie |
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Designation : |
Director |
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Address : |
E –25, Matru Kripa, Nandadeep, Everest Colony, Chembur, Mumbai – 400 071, Maharashtra, India |
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Date of Birth/Age : |
24.09.1948 |
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Date of Appointment : |
02.05.2000 |
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Name : |
Mr. Harald Lothar Stini |
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Designation : |
Director |
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Address : |
Friednsstrase, 13, Rimbach 64668, Germany |
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Date of Birth/Age : |
29.03.1958 |
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Date of Appointment : |
26.06.2006 |
KEY EXECUTIVES
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Name : |
Mr. Mahesh Kumar N. Soni |
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Designation : |
Company Secretary |
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Address : |
Mumbai, Maharashtra, India |
MAJOR SHAREHOLDERS
/ SHAREHOLDING PATTERN
(As on 29.07.2005)
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Names of Shareholders |
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No. of Shares |
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Mr. Mohan Mahadev Kavrie |
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7754 |
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Mrs. Jaya Mohan Kavrie |
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1001 |
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Mrs. Leela Mahadev Naik |
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1000 |
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Mr. Mahadev Santanna Naik |
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1495 |
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Supreme Nonwoven Private Limited |
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3750 |
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Mr. Yahya Ebrahim Dhariwala |
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1875 |
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Mr. Esmail Ebrahim Dhariwala |
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1876 |
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Mr. Mohsin Ebrahim Dhariwala |
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1875 |
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Mr. Badruddin Ebrahim Dhariwala |
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1675 |
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Mr. Badruddin Ebrahim Dhariwala |
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200 |
(As on 30.09.2007)
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Names of Shareholders |
Percentage |
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Foreign Holdings (Foreign Institutional Investor(s), Foreign Companie(s), Foreign Financial Institution(s), Non-Resident Indian(s), or Overseas Corporate Bodies or Others) |
40.08 |
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Directors or Relative of Directors |
59.92 |
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Total |
100.00 |
BUSINESS DETAILS
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Line of Business : |
Manufacturer, Dealers, Importers and Exporters of
Non-Woven Items such as Interlining, Disposable Fabrics and Fabrics for
Industrial Applications. |
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Products : |
Non-Woven Fabrics |
GENERAL INFORMATION
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No. of Employees : |
About 200 |
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Bankers : |
· Syndicate Bank · Shamrao Vithal Co-Operative Bank Limited Natasha Plaza, Plot No. 913, D K Sandhu Marg, Chembur (East), Mumbai 400471, Maharashtra, India · The
Saraswat Co-Operative Bank Limited, CST Branch, A.K. Naik Marg, CST, Mumbai – 400001,
Maharashtra |
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Facilities : |
Subject enjoys mortgage facility of Rs. 18.000 millions from Shamrao Vithal
Bank Co-Operative Bank Limited, Chembur Branch, and dated 24.02.2007. |
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Banking
Relations : |
Satisfactory |
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Auditors : |
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Name : |
Sohan S. Jain and Company Chartered Accountants |
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Address : |
310, Varma Chambers, 11 Homji Street, Horniman Circle,
Fort, Mumbai 400 001, Maharashtra, India |
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Group Companies : |
· Supreme Nonwoven
Private Limited · Supreme-Treves
Private Limited · Bhilad Textile
Industries Private Limited · Dhariwal
Nonwovens · Everest
Industries |
CAPITAL STRUCTURE
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
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45000 |
Equity Shares |
Rs. 100/- each |
Rs. 4.500 millions |
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Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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25035 |
Equity Shares |
Rs. 100/-
each |
Rs. 2.503
millions |
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FINANCIAL DATA
[all figures are in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2007 |
31.03.2006 |
31.03.2005 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
2.503 |
1.500 |
1.500 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
215.171 |
81.653 |
73.768 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
217.674 |
83.153 |
75.268 |
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LOAN FUNDS |
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1] Secured Loans |
87.670 |
63.564 |
70.186 |
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2] Unsecured Loans |
0.000 |
0.000 |
0.000 |
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TOTAL BORROWING |
87.670 |
63.564 |
70.186 |
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DEFERRED TAX LIABILITIES |
2.977 |
3.874 |
4.980 |
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TOTAL |
308.321 |
150.591 |
150.434 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
60.095 |
51.537 |
58.216 |
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Capital work-in-progress |
0.000 |
0.000 |
0.000 |
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INVESTMENT |
41.741 |
41.294 |
41.294 |
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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 |
18.020
|
16.313 |
14.880 |
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Sundry Debtors |
23.468
|
23.628 |
22.454 |
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Cash & Bank Balances |
3.071
|
3.777 |
3.563 |
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Other Current Assets |
0.000
|
0.000 |
0.000 |
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Loans & Advances |
184.317
|
37.409 |
36.507 |
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Total
Current Assets |
228.876
|
81.127 |
77.404 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
17.966
|
17.267 |
23.280 |
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Provisions |
4.425
|
6.100 |
3.200 |
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Total
Current Liabilities |
22.391
|
23.367 |
26.480 |
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Net Current Assets |
206.485
|
57.760 |
50.924 |
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MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
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TOTAL |
308.321 |
150.591 |
150.434 |
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PROFIT & LOSS
ACCOUNT
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PARTICULARS |
|
31.03.2007
|
31.03.2006 |
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Sales Turnover |
|
129.054 |
144.812 |
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Other Income |
|
0.000 |
0.000 |
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Total Income |
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129.054 |
144.812 |
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Profit/(Loss) Before Tax |
|
10.059 |
14.979 |
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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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10.059 |
14.979 |
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Expenditures : |
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Interests |
|
6.516 |
8.191 |
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Depreciation |
|
6.183 |
6.066 |
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Other Expenditure |
|
106.296 |
115.576 |
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Total Expenditure |
|
118.995 |
129.833 |
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KEY RATIOS
|
PARTICULARS |
|
31.03.2007
|
31.03.2006 |
31.03.2005 |
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PAT / Total Income |
(%) |
7.79
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10.34 |
NA |
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Net Profit Margin (PBT/Sales) |
(%) |
7.79
|
10.34 |
NA |
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Return on Total Assets (PBT/Total Assets} |
(%) |
3.48
|
11.29 |
NA |
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Return on Investment (ROI) (PBT/Networth) |
|
0.05
|
0.18 |
NA |
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Debt Equity Ratio (Total Liability/Networth) |
|
1.52
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2.09 |
2.35 |
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Current Ratio (Current Asset/Current Liability) |
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10.22
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3.47 |
2.92 |
LOCAL AGENCY
FURTHER INFORMATION
FORM 8
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Name of the company |
BHILAD TEXTILES INDUSTRIES PRIVATE LIMITED |
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Presented By |
The Saraswat Co-Operative Bank Limited CST Branch, A.K. Naik Marg, CST, Mumbai – 400 001, Maharashtra |
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1) Date and description of instrument creating the change |
Agreement of hypothecation of movable property dated 10.10.2005 |
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2) Amount secured by the charge/amount owing on the securities of charge |
Rs. 2.000 millions |
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3) Short particular of the property charged. If the property acquired is subject to charge, date of the acquired of the property should be given |
Hypothecation of all the stock, tangible movable property (both present and future) belonging to the borrower and lying and being at the borrower place of business. Further hypothecation of book debts, outstanding monies, receivables, claims and bills. |
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4) Gist of the terms and conditions and extent and operation of the charge. |
Rate of Interest: 2% over normal rate i.e. @ 13.5% p.a. or such percentage as the bank may from time to time fix. This is adhoc cash credit facility for 3 months. |
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5) Name and Address and description of the person entitled to the charge. |
The Saraswat Co-Operative Bank Limited CST Branch, A.K. Naik Marg, CST, Mumbai – 400 001, Maharashtra |
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6) Date and brief description of instrument modifying the charge |
NA |
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7) Particulars of modifications specifying the terms and conditions or the extent of operations of the charge in which modification is made and the details of the modification. |
NA |
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This form is for |
Creation of charge |
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Corporation identity number (CIN) or foreign company registrations number of the company |
U17120MH1984PTC033072 |
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Name of the company |
BHILAD TEXTILES INDUSTRIES PRIVATE LIMITED |
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Address |
Centre Point, 7th Floor, 18th Road, Chembur,
Mumbai 400 071, Maharashtra |
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Type of Charges |
Immovable property |
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Whether consortium finance is involved |
No |
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Whether joint charge involved |
No |
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Number of charge holder(s) |
1 |
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Particular of the charge holder |
Shamrao Vithal Co-Operative Bank Limited, Natasha Plaza, Plot No. 913, D K Sandhu Marg, Chembur (East), Mumbai 400 471, Maharashtra, India |
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Nature or description of the instrument creating or modifying the charge |
No instrument was executed. However, the equitable mortgage has been created by way of deposit of title deeds. |
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Date of the instrument creating charge |
24.02.2007 |
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Whether charge created or modified outside India |
No |
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Amount Secure by the charge |
Rs. 18.000 millions |
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Brief particulars of the principal terms and conditions and extent and operation of the charge |
Rate of Interest: as may be decided, from time to time by the bank Terms of repayment: as may be decided, from time to time, by the bank Margin: as may be decided by Extent and operation of the charge: to secure the due repayment of Term Loan of Rs. 18.000 millions, granted by the bank to the company. |
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Short particulars of the Property charged |
All that piece and parcel of the land being the land bearing 24% undivided share in all that piece and parcel of land bearing Plot No. 110, Subarban NO. 111, “Singhvi Apartment”, situated at 16th Road, Chembur, Mumbai 400 071, Maharashtra, India, having area admeasuring 1247 sq. yards equalent to 1042.61 sq. meters alongwith a Dilapidated Tenanted Building known as Singhvi Apartment having constructed area admeasuring about 11206 sq. ft. (b. u .a), belonging to the company, more particularly. |
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Whether any of the property or interest therein under reference is not registered in the name of the company |
No |
Fixed assets
· Land
· Building
· Residence premises
· Plant & machinery
· Computer
· Vehicle
· Furniture and fixture.
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.42.63 |
|
UK Pound |
1 |
Rs.83.40 |
|
Euro |
1 |
Rs.65.80 |
SCORE & RATING
EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
6 |
|
OPERATING SCALE |
1~10 |
6 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
6 |
|
--PROFITABILIRY |
1~10 |
6 |
|
--LIQUIDITY |
1~10 |
6 |
|
--LEVERAGE |
1~10 |
6 |
|
--RESERVES |
1~10 |
6 |
|
--CREDIT LINES |
1~10 |
6 |
|
--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 |
NO |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
54 |
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. |
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 |
|