MIRA
INFORM REPORT
|
Report Date : |
09.07.2011 |
IDENTIFICATION DETAILS
|
Name : |
SUPERNOVA ENGINEERS LIMITED |
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Formerly Known
As : |
SUPERNOVA ENGINEERS PRIVATE LIMITED |
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Registered Office : |
B-91, |
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Country : |
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Financials (as on) : |
31.03.2010 |
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Date of Incorporation : |
02.02.1987 |
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Com. Reg. No.: |
04-9346 |
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Capital
Investment / Paid-up Capital : |
Rs.36.000 millions |
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CIN No.: [Company
Identification No.] |
U31100GJ1987PLC009346 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
AHNS00113B |
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PAN No.: [Permanent
Account No.] |
AACCS6758G |
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Legal Form : |
A Closely Held Public Limited Liability Company |
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Line of Business : |
Manufacturer and Exporter of Diesel Generators Sets |
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No. of Employees
: |
100 (Except 200 contract workers.) Approximately |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (46) |
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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 900000 |
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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 an established company having satisfactory track. Trade
relations are reported as fair. Business is active. Payments are reported to
be usually correct and as per commitments. The company can be considered for normal business dealings at usual
trade terms and conditions. |
NOTES :
Any query related to this report can be made
on e-mail : infodept@mirainform.com
while quoting report number, name and date.
INFORMATION DECLINED BY
|
Name : |
Mr. Loknath |
|
Designation : |
Accountant Executive |
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Date : |
07.07.2011 |
LOCATIONS
|
Registered Office : |
B-91, |
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Tel. No.: |
91-79-26401450 / 26401676 / 26407792 |
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Mobile No.: |
91-9377148996 (Mr. Himesh Parikh) |
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Fax No.: |
91-79-26400004 / 26408982 / 26400633 |
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E-Mail : |
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Website : |
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Area : |
4000 sq.ft (Owned) |
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Marketing Office : |
3rd Floor, Gopal Palace – ‘A’ Wing, |
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Tel. No.: |
91-79-32422163/ 32422166/ 26766824 |
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Fax No.: |
91-79-26766825 |
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E-Mail : |
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Factory 1 : |
Rajpur 1470/1, Village, Rajpur, Taluka, Kadi, District |
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Tel. No.: |
91-2764-324852/ 856 |
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Fax No.: |
91-2764-278469 |
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Area : |
10000 sq.mtr (Owned) |
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Factory 2 : |
Silvasa Survey No. 263/2/1, Plot No. 1, Village Sayli, Silvassa ( D and NH_ |
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Tel. No.: |
91-260-2996630/ 32 |
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Fax No.: |
91-260-2996631 |
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Area : |
40000 sq.ft (Owned) |
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Wind Mill Plant
: |
Near Porbunder, Kuchidi, (They have one wind mill which is of 600 mega wait, they use this
power in the own factory.) |
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Branches : |
Located at:- ·
Mumbai ·
Ahmedabad ·
Chennai ·
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DIRECTORS
As on 21.09.2010
|
Name : |
Mr. Samir Vasudev Mistry |
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Designation : |
Managing Director |
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Address : |
14, Pushpadhanvan Bungalows, Opposite Taxsheela Flats, Vastrapur,
Ahmedabad-380015, |
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Date of Birth/Age : |
15.11.1961 |
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Qualification : |
Diploma in Electric Engineering |
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Date of Appointment : |
02.02.1987 |
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DIN : |
01376697 |
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Name : |
Mr. Unmesh Vasudev Mistry |
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Designation : |
Whole Time Director |
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Address : |
14, Pushpadhanvan Bungalows, Opposite Taxsheela Flats, Vastrapur, Ahmedabad-380015,
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Date of Birth/Age : |
10.11.1965 |
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Qualification : |
B.Com |
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Date of Appointment : |
02.02.1987 |
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DIN : |
01637552 |
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Name : |
Mr. Vasudev Keshavlal Mistry |
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Designation : |
Whole Time Director |
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Address : |
14, Pushpadhanvan Bungalows, Opposite Taxsheela Flats, Vastrapur,
Ahmedabad-380015, |
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Date of Birth/Age : |
03.10.1939 |
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Qualification : |
Diploma |
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Date of Appointment : |
30.09.2003 |
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DIN : |
01376968 |
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Name : |
Mr. Ketan Rameshchandra Thakkar |
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Designation : |
Director |
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Address : |
16/B, Vrujraj, Sarovdaya Co operative Housing society, Jawahar Chowk,
Maninagar, Ahmedabad-380008, |
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Date of Birth/Age : |
01.10.1972 |
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Date of Appointment : |
24.06.2005 |
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DIN : |
01643097 |
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Name : |
Mrs. Shital Nilay Parikh |
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Designation : |
Director |
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Address : |
11, Aakar Apartment, Jawahar Colony, Jawahar Chowk, Maninagar,
Ahmedabad-380008, |
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Date of Birth/Age : |
16.11.1972 |
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Date of Appointment : |
24.06.2005 |
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DIN : |
01650009 |
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Name : |
Mr. Akta Pareshbhai Bagadia |
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Designation : |
Director |
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Address : |
C-162, Gagan Vihar Flat, Khanpur Darwaja Same , Ahmedabad-380001, |
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Date of Birth/Age : |
10.06.1980 |
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Date of Appointment : |
24.06.2005 |
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DIN : |
01528192 |
KEY EXECUTIVES
|
Name : |
Mr. Loknath |
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Designation : |
Accountant Executive |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 21.09.2010
|
Names of Shareholders |
|
No. of Shares |
|
Samir Vasudev Mistry |
|
654750 |
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Unmesh Vasudev Mistry |
|
669900 |
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Nitin C Thakkar |
|
150000 |
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Vasudev Keshavlal Mistry |
|
235600 |
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Surekhaben Mistry |
|
211100 |
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Trupti Mistry |
|
387150 |
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Hita Mistry |
|
228000 |
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Samir Vasudev Mistry HUF |
|
400600 |
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Unmesh Vasudev HUF |
|
17100 |
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Vasudev Keshavlal Mistry HUF |
|
180800 |
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Supernova Systems Private Limited, |
|
465000 |
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Total |
|
3600000 |
As on 21.09.2010
|
Equity Share Breakup |
|
Percentage of Holding |
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Category |
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Bodies
corporate |
|
12.92 |
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Directors
or relatives of directors |
|
82.91 |
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Other
top fifty shareholders |
|
4.17 |
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Total |
|
100.00 |
BUSINESS DETAILS
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Line of Business : |
Manufacturer and Exporter of Diesel Generators Sets |
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Products : |
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PRODUCTION STATUS AS ON 31.03.2010
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Particulars |
Actual
Production |
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D.G. Sets |
7849 |
GENERAL INFORMATION
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Customers : |
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No. of Employees : |
100 (Except 200 contract workers.) Approximately |
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Bankers : |
·
Development Credit Bank Limited, “Prerna Arcade”,
Ground Floor, Opposite Doctor House, Near Parimal Garden, C G Road,
Ahmedabad, - 380006 Gujarat, India ·
Bank of India, Ahmedabad Corporate Banking
Branch, 2nd Floor, Bank of India Building, Bhadra,
Ahmedabad-380001, Gujarat, India. |
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Facilities : |
Note: The above loan are secured by equitable mortgage of following
properties / hypothecation of the plant and machinery at factory premises/
furniture and accessories at the office premises on pari passu basis with
Development Credit bank limited and bank of India
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Banking
Relations : |
-- |
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Auditors : |
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Name : |
Talati and Talati Chartered Accountant |
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Address : |
Ambica Chambers, Near Old High Court, Navrangpura, Ahmedabad-380009, |
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Tel. No.: |
91-79-27544571 / 72 |
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Fax No.: |
91-79-27542233 / 30084575 |
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Associates/Subsidiaries : |
·
Supernova Systems Private Limited Address: B-91, Line of Business: Manufacturer and Exporter of Diesel Generators Sets ·
Nixyhova Motors Private Limited, Ahmedabad, Near
Grand Bhagwati ·
Autonova Motors Private Limited, Ahmedabad, Bear
Grand Bhavan |
CAPITAL STRUCTURE
As on 31.03.2010
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
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|
5,250,000 |
Equity Shares |
Rs.10/- each |
Rs.52.500 Millions |
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Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
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|
3,600,000 |
Equity Shares |
Rs.10/- each |
Rs.36.000
Millions |
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Note:
Of the above equity shares
600000 shares out of the issued and subscribed
share capital were allotted as preferential allotment issue as per provision of
section 81 (1A) and other provision of the company act 1956 and in the terms of
articles of association of company.
1010000 shares out of the issued and
subscribed share capital were allotted as Right Issue as per Provision of
Section 81 (i) and other provision of the company act 1956 and in the terms of
Articles of Association of company, in proportion of three new equity shares
for every four existing equity share of the company held on record rate.
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
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1] Share Capital |
36.000 |
32.000 |
30.000 |
|
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
190.403 |
140.838 |
104.920 |
|
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
226.403 |
172.838 |
134.920 |
|
|
LOAN FUNDS |
|
|
|
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|
1] Secured Loans |
108.515 |
51.967 |
57.998 |
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2] Unsecured Loans |
0.000 |
0.000 |
0.000 |
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TOTAL BORROWING |
108.515 |
51.967 |
57.998 |
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DEFERRED TAX LIABILITIES |
14.844 |
6.874 |
5.977 |
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TOTAL |
349.762 |
231.679 |
198.895 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
198.714 |
139.433 |
118.868 |
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Capital work-in-progress |
0.000 |
0.000 |
1.523 |
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|
|
|
|
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INVESTMENT |
0.166 |
0.166 |
0.165 |
|
|
DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
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CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
181.234
|
159.533
|
102.055
|
|
|
Sundry Debtors |
212.830
|
366.203
|
337.757
|
|
|
Cash & Bank Balances |
321.097
|
254.496
|
192.608
|
|
|
Other Current Assets |
0.000
|
0.000
|
0.000 |
|
|
Loans & Advances |
131.898
|
104.806
|
92.966
|
|
Total
Current Assets |
847.059
|
885.038
|
725.386
|
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
490.011
|
623.209
|
568.896 |
|
|
Other Current Liabilities |
57.461
|
51.720
|
13.212
|
|
|
Provisions |
148.705
|
118.029
|
64.939
|
|
Total
Current Liabilities |
696.177
|
792.958
|
647.047
|
|
|
Net Current Assets |
150.882
|
92.080
|
78.339
|
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
349.762 |
231.679 |
198.895 |
|
PROFIT & LOSS ACCOUNT
|
|
PARTICULARS |
31.3.2010 |
31.03.2009 |
31.03.2008 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
2132.585 |
1815.167 |
1761.582 |
|
|
|
Other Income |
44.928 |
29.379 |
26.164 |
|
|
|
TOTAL (A) |
2177.513 |
1844.546 |
1787.746 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Raw material consumed |
1823.081 |
1536.038 |
1500.928 |
|
|
|
Manufacturing expenses |
111.986 |
78.339 |
88.996 |
|
|
|
Selling general and administrative expenses |
105.623 |
101.712 |
96.726 |
|
|
|
Increase / decrease in stock |
[14.121] |
0.000 |
0.000 |
|
|
|
TOTAL (B) |
2026.569 |
1716.089 |
1686.650 |
|
|
|
|
|
|
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|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
150.944 |
128.457 |
101.096 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
15.309 |
20.873 |
15.110 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
135.635 |
107.584 |
85.986 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
13.289 |
10.304 |
7.143 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) (G) |
122.346 |
97.280 |
78.843 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
41.587 |
34.258 |
27.746 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-H)
(I) |
80.759 |
63.022 |
51.097 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
121.135 |
99.520 |
94.393 |
|
|
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
|
|
Interim dividend declared and paid |
0.000 |
0.000 |
19.900 |
|
|
|
Proposed dividend declared |
33.611 |
30.005 |
15.000 |
|
|
|
Corporate dividend tax |
5.582 |
5.099 |
5.931 |
|
|
|
Transfer to general reserves |
8.076 |
6.302 |
5.139 |
|
|
BALANCE CARRIED
TO THE B/S |
154.625 |
121.135 |
99.520 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
FOB Value of Export |
37.279 |
43.574 |
NA |
|
|
|
TOTAL EARNINGS |
37.279 |
43.574 |
NA |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
Components & Spares |
280.297 |
214.222 |
-- |
|
|
|
Capital Goods |
13.400 |
0.000 |
-- |
|
|
|
TOTAL IMPORTS |
293.697 |
214.222 |
261.045 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
24.03 |
21.00 |
24.15 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
PAT / Total Income |
(%) |
3.71
|
3.42
|
2.86
|
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
5.74
|
5.36
|
4.48
|
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
11.70
|
9.49
|
9.34
|
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.54
|
0.56
|
0.58
|
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
3.55
|
4.89
|
5.23
|
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.22
|
1.12
|
1.12
|
LOCAL AGENCY FURTHER INFORMATION
Details of Sundry Creditors:
|
Particulars |
31.03.2010 (Rs. in millions) |
31.03.2009 (Rs. in millions) |
31.03.2008 (Rs. in millions) |
|
|
|
|
|
|
For others |
490.011 |
623.209 |
568.896 |
|
|
|
|
|
OPERATIONAL REVIEW
AND FINANCIAL RESULTS:
The year, was another
year of remarkable performance The Company's expansion and modernization
programme has given good results. The total turnover of the Company during the
year was 2306.100 millions as compared to Rs. 2113.500 millions of that of
corresponding previous year
The profit before
tax has also gone up by 25% comparing to previous year , After making
provisions of Rs. 33.400 millions for tax and Rs. 13.200 millions for
depreciation, the net profit available for appropriations Rs.80.700 millions
However due certain
changes are expected in telecom sector and due to the same the current period
of operations has witnessed low performance till date. The management has
adopted at wait and watch method till the situation improve.
CONTINGENT LIABILITIES
Contingent
Liabilities Not Provided For :
|
Particulars |
31.03.2010 (Rs. in millions) |
31.03.2009 (Rs. in millions) |
|
Bank Guarantees
Issued On Behalf Of Company |
196.010 |
260.012 |
|
Corporate
Guarantees Issued On Behalf Of Company |
15.678 |
45.170 |
Bankers Charges
Report as per Registry
|
Corporate
identity number of the company |
U31100GJ1987PLC009346 |
|
Name of the
company |
SUPERNOVA
ENGINEERS LIMITED |
|
Address of the
registered office or of the principal place of business in |
B-91, |
|
This form is for |
Creation of
charge |
|
Type of charge |
|
|
Particular of
charge holder |
Bank of India, Ahmedabad Corporate Banking Branch, 2nd
Floor, Bank of India Building, Bhadra, Ahmedabad-380001, Gujarat, India. |
|
Nature of
description of the instrument creating or modifying the charge |
Hypothecation cum
loan agreement |
|
Date of
instrument Creating the charge |
21.12.2009 |
|
Amount secured by
the charge |
Rs.20.500
millions |
|
Brief particulars
of the principal terms an conditions and extent and operation of the charge |
Rate of Interest 0.25 % below the
BPLR with min. 11.75% p.a. Terms of
Repayment 84 Emi's of Rs.
0.346 millions each commencing from 01.10.2010 Margin As Prescribed By
Bank Extent and
Operation of the charge First Charge In Favour
Of The Bank On Machinery Purchased Out Of The Loan |
|
Short particulars
of the property charged |
All plant and
machinery, stocks, book debts etc. |
Fixed Assets:
·
·
·
·
Plant and Machinery
·
Electric Installation
·
Office Equipments
·
Furniture and Fixtures
·
Computer
·
Air Condition
·
Wind Mill
·
Vehicles
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.44.32 |
|
|
1 |
Rs.70.74 |
|
Euro |
1 |
Rs.63.64 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
5 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
5 |
|
--PROFITABILIRY |
1~10 |
5 |
|
--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 |
|
46 |
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 |
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 |
|
- |
NB |
New Business |
- |
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.