MIRA
INFORM REPORT
|
Report Date : |
16.10.2008 |
IDENTIFICATION
DETAILS
|
Name : |
SUPREME NON WOVENS PRIVATE LIMITED |
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Registered Office : |
Centre Point, 7th Floor 18th Road, Chembur, Mumbai
- 400020, Maharashtra |
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Country : |
India |
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Financials (as on) : |
31.03.2007 |
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Date of Incorporation : |
05.09.1981 |
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Com. Reg. No.: |
11-25149 |
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CIN No.: [Company
Identification No.] |
U51900MH1981PTC025149 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
MUMS38033C |
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PAN No.: [Permanent
Account No.] |
AAACS5921R |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
Manufacturing of Non-Woven Fabrics for use in Automobile, Pollution Control, Garment and Shoe Industry. |
RATING &
COMMENTS
|
MIRA’s Rating : |
A |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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|
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 |
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Maximum Credit Limit : |
USD 1190000 |
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Status : |
Good |
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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. Directors are
reported as experience 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
|
Registered Office : |
Centre Point, 7th Floor 18th Road, Chembur,
Mumbai - 400020, Maharashtra, India |
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Tel. No.: |
91-22-25284519 / 25284520 |
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Fax No.: |
91-22-25281992 |
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E-mail: |
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Website : |
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Location: |
Owned |
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Factory : |
· National Highway No. 8, Bhilad – 396 105, District Bulsar, Gujarat · 92/93, Kadaiya Village, Next to Dalwada Sub-Station Airport
Road, Daman – 396 210 |
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Corporate Office: |
6-3-1149/3, Top Floor, Tulasi Plaza, B. S. Muktha, Begumpet, Hyderabad, Andhra Pradesh, India |
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Tel. No.: |
91-40-23418071 |
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Fax No.: |
91-40-23418071 |
DIRECTORS
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Name : |
Mr. Mohan Mahadev Kavrie |
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Designation : |
Director |
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Address : |
E/25, Matru Krupa, Everest Colony, Chembur, Mumbai – 400071,
Maharashtra, India |
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Date of Birth/Age : |
24.01.1948 |
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Date of Appointment : |
01.09.1986 |
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Name : |
Mr. Amit Mohan Kavrie |
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Designation : |
Director |
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Address : |
E/25, Matru Krupa, Everest Colony, Chembur, Mumbai - 400071,
Maharashtra, India |
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Date of Birth/Age : |
21.08.1977 |
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Date of Appointment : |
31.12.2003 |
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Name : |
Mr. Esmail Ebrahim Dhariwal |
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Designation : |
Director |
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Address : |
37, Tata Mansion Alta Mount Road, Mumbai - 400026, Maharashtra, India |
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Date of Birth/Age : |
22.11.1941 |
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Date of Appointment : |
01.09.1986 |
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Name : |
Mr. Badruddin Ebrahim Dhariwal |
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Designation : |
Director |
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Address : |
15, Jhamb House, Forjett Street, Mumbai - 400036, Maharashtra, India |
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Date of Birth/Age : |
15.02.1944 |
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Date of Appointment : |
03.08.1996 |
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Name : |
Mr. Mohsin Ebrahim Dhariwal |
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Designation : |
Director |
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Address : |
15, Jhamb House, Forjett Street, Mumbai - 400036, Maharashtra, India |
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Date of Birth/Age : |
03.07.1949 |
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Date of Appointment : |
01.09.1986 |
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Name : |
Mr. Mahadev Satnamma Naik |
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Designation : |
Director |
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Address : |
E-25, Matru Kripa, Nandadeep Everest Colony, Sahakar Nagar, Road No.
4, Chembur 400071, Maharashtra, India |
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Date of Birth/Age : |
06.02.1917 |
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Date of Appointment : |
10.07.2006 |
MAJOR SHAREHOLDERS
[As on 29.07.2005]
|
Names of Shareholders |
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No. of Shares |
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Mohan Mahadev Kavrie |
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6500 |
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Jaya Mohan Kavrie |
|
1000 |
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Leela Mahadev Naik |
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1000 |
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Naik Santanna Mahadev |
|
1500 |
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Amit Mohan Kavrie |
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2500 |
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Smita Mohan Kavrie |
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2500 |
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Bhilad Textile Industrial Private Limited |
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9166 |
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Total |
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24166 |
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Equity Share
Break-up [As on 31.03.2007] |
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Percentage
of Holding |
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Directors or relatives of the Directors |
|
100.00 |
BUSINESS DETAILS
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Line of Business : |
Manufacturing of Non-Woven Fabrics for use in Automobile, Pollution Control, Garment and Shoe Industry. |
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Products : |
· Needle Loom Felts · Carpets and other Textile Floor Coverings of Felt · Head Roof Liners |
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Terms : |
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Purchasing : |
L/C |
PRODUCTION STATUS
|
Particulars |
Unit |
Licensed
Capacity |
Installed
Capacity |
Actual
Production |
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Nonwoven Fabrics |
Mtrs. |
0.000 |
0.15 per day |
0.000 |
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Head Roof-Liners |
Nos. |
0.000 |
0.02 per day |
0.000 |
GENERAL
INFORMATION
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No. of Employees : |
About 20 |
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Bankers : |
v
The Shamrao
Vithal Co-op Bank Limited Natasha Plaza, Plot No:913, D.K. Sandhu Marg, Chembur (East), Mumbai -
400071, Maharashtra, India v
The Saraswat
Co-operative Bank Limited CST Branch, A K Naik Marg, C.S.T Mumbai - 400 001, Maharashtra, India |
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Facilities : |
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Banking
Relations : |
Satisfactory |
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Auditors : |
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Name : |
Sohan S. Jain and Company Chartered Accountant |
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Address : |
310, Varma Chambers, 11 Homji Street, Horniman Circle, Fort, Mumbai
400001; Maharashtra, India |
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Tel No: |
91-22-22060788/22019270 |
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Fax No: |
91-22-22091374 |
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E-Mail: |
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Associates: |
· Bhilad Textile Industries Private Limited · Dhariwal Nonwovens · Supreme Treves |
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CAPITAL STRUCTURE
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
200000 |
Equity Shares |
Rs.100/- each |
Rs.20.000 Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
24166 |
Equity Shares |
Rs.100/-
each |
Rs.2.416
Millions |
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 |
2.417 |
2.417 |
2.416 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
295.303 |
224.092 |
167.148 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
297.720 |
226.509 |
169.564 |
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LOAN FUNDS |
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1] Secured Loans |
427.753 |
361.810 |
181.837 |
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2] Unsecured Loans |
185.108 |
41.049 |
43.598 |
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TOTAL BORROWING |
612.861 |
402.859 |
225.435 |
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DEFERRED TAX LIABILITIES |
37.204 |
27.661 |
40.878 |
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TOTAL |
947.785 |
657.029 |
435.877 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
625.707 |
354.613 |
205.019 |
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Capital work-in-progress |
8.680 |
51.300 |
2.644 |
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INVESTMENT |
138.971 |
128.520 |
128.470 |
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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 |
108.898
|
74.897
|
43.497 |
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Sundry Debtors |
100.400
|
82.676
|
51.073 |
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Cash & Bank Balances |
5.697
|
8.916
|
6.113 |
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Other Current Assets |
0.000
|
0.000
|
0.000 |
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Loans & Advances |
111.151
|
57.218
|
56.255 |
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Total
Current Assets |
326.146
|
223.707 |
156.938 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
139.404
|
87.611
|
47.994 |
|
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Provisions |
12.315
|
13.500
|
9.200 |
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Total
Current Liabilities |
151.719
|
101.111 |
57.194 |
|
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Net Current Assets |
174.427
|
122.596
|
99.744 |
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MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
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TOTAL |
947.785 |
657.029 |
435.877 |
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PROFIT & LOSS
ACCOUNT
|
PARTICULARS |
31.03.2007 |
31.03.2006 |
31.03.2005 |
|
|
Sales Turnover |
595.980 |
458.527 |
280.524 |
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Other income |
0.000 |
0.000 |
0.000 |
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Total Income |
595.980 |
458.527 |
280.524 |
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Profit/(Loss) Before Tax |
97.240 |
65.078 |
52.389 |
|
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Provision for Taxation |
0.000 |
0.000 |
-- |
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Profit/(Loss) After Tax |
97.240 |
65.078 |
52.389 |
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Expenditures : |
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Interest
& Financial charges
|
39.398 |
36.549 |
16.772 |
|
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Depreciation
|
23.608 |
18.711 |
7.390 |
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Other
|
435.734 |
338.189 |
203.973 |
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Total Expenditure |
498.740 |
393.449 |
228.135 |
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KEY RATIOS
|
PARTICULARS |
|
31.03.2007 |
31.03.2006 |
31.03.2005 |
|
PAT / Total Income |
(%) |
16.32
|
14.19
|
18.68 |
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Net Profit Margin (PBT/Sales) |
(%) |
16.32
|
14.19
|
18.68 |
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Return on Total Assets (PBT/Total Assets} |
(%) |
10.22
|
8.58
|
10.63 |
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Return on Investment (ROI) (PBT/Networth) |
|
0.32
|
0.29
|
0.31 |
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Debt Equity Ratio (Total Liability/Networth) |
|
2.56
|
2.22
|
1.66 |
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Current Ratio (Current Asset/Current Liability) |
|
2.15
|
2.21
|
2.74 |
LOCAL AGENCY
FURTHER INFORMATION
Fixed Assets:
v Land
v Buildings
v Residential Premises
v Plant and machinery
v Electrical Installation
v Office Equipments
v Computer
v Furniture and Fixture
v Vehicles
v Technical know-how
Form 8 :-
|
Name of the company |
SUPREME NONWOVEN PRIVATE LIMITED |
|
Presented By |
The Saraswat
Co-operative Bank Limited CST Branch Mumbai |
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1) Date and description of instrument creating the change |
Agreement of
Hypothecation of movable property dated 26 September 2005 |
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2) Amount secured by the charge/amount owing on the securities of
charge |
Rs.2.500 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 stocks tangible movable property (both present and future) belonging
to the borrower and lying and being at the Borrowers place of Business or
wherever else the same may be kept Hypothecation of
all book debt, Outstanding, monies receivable, claims bills |
|
4) Gist of the terms and conditions and extent and operation of the
charge. |
Rate of Interest:
2% over present rate i.e; @13% 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, C.S.T Mumbai 400 001 |
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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 |
|
Corporate
identity number of the company |
U51900MH1981PTC025149 |
|
Name of the
company |
SUPREME NONWOVENS PRIVATE LIMITED |
|
Address of the
registered office or of the principal place of business in India of the company |
Centre Point 7th
floor 18th Road, Chembur, Mumbai;400020, Maharashtra, India |
|
Type of charge |
Immovable
Property |
|
Particular of
charge holder |
The Shamrao
vithal Co-op Bank Limited Natasha Plaza,
Plot No:913, D.K. Sandhu Marg, Chembur (East), Mumbai;400071, Maharashtra,
India |
|
Nature of
description of the instrument creating or modifying the charge |
No instrument was
executed however the equitable has been created by way of deposit of title
deeds |
|
Date of
instrument Creating the charge |
24.02.2007 |
|
Amount secured by
the charge |
Rs.21.000
Millions |
|
Brief particulars
of the principal terms an conditions and extent and operation of the charge |
Rate of Interest: As may decided,
from time to time by the Bank. Terms of
repayment As may decided,
from time to time by the Bank. Margin: As may decided,
from time to time by the Bank. Extent and operation
of the Charge: To secure the due
repayment of various credit facilities o Rs. 21.000 Millions together with
all interest, costs, charges and expenses thereon, granted by the Bank to the
Company. |
|
Short particulars
of the property charged |
All that the
immovable property belonging to the Company as per the Annexure attached
herewith |
|
This form is for |
Creation of
Charge |
|
Corporate
identity number of the company |
U51900MH1981PTC025149 |
|
Name of the
company |
SUPREME NONWOVENS PRIVATE LIMITED |
|
Address of the
registered office or of the principal place of business in India of the company |
Centre Point 7th
floor 18th Road, Chembur, Mumbai;400020, Maharashtra, India |
|
Type of charge |
Book Debts Movable Property Floating Charge |
|
Particular of
charge holder |
The Saraswat
Co-operative Bank Limited CST Branch, A K
Naik Marg, C.S.T Mumbai 400 001, Maharashtra, India |
|
Nature of
description of the instrument creating or modifying the charge |
Agreement of
hypothecation of movable property |
|
Date of
instrument Creating the charge |
21.05.2007 |
|
Amount secured by
the charge |
Rs. 5.000
Millions |
|
Brief particulars
of the principal terms an conditions and extent and operation of the charge |
Rate of Interest: Rate of interest
13.50% p.a. or at such rate as may be determined by the bank from time to
time. Terms of
repayment On Demand or by
21.08.2007 if not demanded earlier. Margin: As may be
determined by the Bank from time to time. Extent and
operation of the Charge: This is adhoc
cash credit facility. |
|
Short particulars
of the property charged |
Hypothecation of
all the stocks, book debts, tangible movable property lying, being at borrowers
place of business at Bhilad and Demand or anywhere else the same may be.
Hypothecation of Book debts, outstandings, monies, receivables, claims and
bills. |
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. 48.43 |
|
UK Pound |
1 |
Rs. 84.54 |
|
Euro |
1 |
Rs. 65.91 |
SCORE & RATING
EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
7 |
|
PAID-UP CAPITAL |
1~10 |
7 |
|
OPERATING SCALE |
1~10 |
7 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
8 |
|
--PROFITABILIRY |
1~10 |
6 |
|
--LIQUIDITY |
1~10 |
9 |
|
--LEVERAGE |
1~10 |
9 |
|
--RESERVES |
1~10 |
8 |
|
--CREDIT LINES |
1~10 |
8 |
|
--MARGINS |
-5~5 |
-- |
|
DEMERIT POINTS |
|
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--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 |
|
69 |
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 |
|