MIRA
INFORM REPORT
|
Report Date : |
27.07.2011 |
IDENTIFICATION DETAILS
|
Name : |
SUPREME-TREVES PRIVATE LIMITED |
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|
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Registered
Office : |
Plot No. 110, 5th Floor, |
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Country : |
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Financials (as
on) : |
31.03.2010 |
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Date of
Incorporation : |
05.11.1996 |
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Com. Reg. No.: |
11-103764 |
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Capital
Investment / Paid-up Capital : |
Rs.222.322 millions |
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CIN No.: [Company Identification
No.] |
U34200MH1996PTC103764 |
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|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
MUMS34841C |
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Legal Form : |
Private Limited Liability Company |
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Line of Business
: |
Manufacturers of Automobile Insulation Components |
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|
No. of Employees
: |
200 Approximately |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (46) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Maximum Credit Limit : |
USD 1700000 |
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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 joint venture between Supreme Nonwovens Private Limited, It 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 normal for 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.
ECGC Country Risk Classification List – April 1, 2010
|
Country Name |
Previous Rating (31.12.2009) |
Current Rating (01.04.2010) |
|
|
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
LOCATIONS
|
Registered Office : |
Plot No. 110, 5th Floor, |
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Tel. No.: |
Not Available |
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E-Mail : |
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Website : |
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Factory : |
No. 92-93,Near Dalwada Sub-station, |
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Tel. No.: |
91-260-2220998 / 2220943 |
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Fax No.: |
91-260-2220706 / 2220614 |
DIRECTORS
As on 30.09.2010
|
Name : |
Mr. Mohan Mahadev Kavrie |
|
Designation : |
Managing Director |
|
Address : |
E-25, Matru Krupa, Nandadeep Everest Colony, Sahakar
Nagar, Road No. 4, Chembur, Mumbai – 400 071, |
|
Date of Birth/Age : |
24.09.1948 |
|
Qualification : |
B. Tech (IIT), M. S. ( |
|
Date of Appointment : |
05.11.1996 |
|
DIN No. : |
00243269 |
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|
|
|
Name : |
Mr. Guillaume Francoiz Treves |
|
Designation : |
Director |
|
Address : |
10, Rue Vavin, |
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Date of Birth/Age : |
03.07.1949 |
|
Date of Appointment : |
12.12.1996 |
|
DIN No. : |
02189609 |
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|
Name : |
Mr. Bernard Francois Rene Babo |
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Designation : |
Director |
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Address : |
9, |
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Date of Birth/Age : |
16.06.1953 |
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Date of Appointment : |
12.12.1996 |
|
DIN No. : |
02189617 |
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|
|
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Name : |
Mr. Prakash Gopalkrishna Pai |
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Designation : |
Director |
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Address : |
301, Macromol Apts, |
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Date of Birth/Age : |
19.03.1946 |
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Date of Appointment : |
01.11.1999 |
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DIN No. : |
01747653 |
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Name : |
Mr. Bernard Roger Edouard Treves |
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Designation : |
Director |
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Address : |
40, Rue Lauriston, |
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Date of Birth/Age : |
21.05.1948 |
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Date of Appointment : |
01.11.1999 |
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DIN No. : |
02189636 |
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|
|
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Name : |
Mr. Amit Mohan Kavrie |
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Designation : |
Director |
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Address : |
E-25, Matru Krupa, Nandadeep Everest Colony, Sahakar Nagar,
Road No. 4, Chembur, Mumbai – 400 071, |
|
Date of Birth/Age : |
21.08.1977 |
|
Date of Appointment : |
04.03.2005 |
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DIN No. : |
00153017 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 30.09.2010
|
Names of Shareholders |
|
No. of Shares |
|
Supreme Nonwovens Private Limited, |
|
11116092 |
|
Etablisse Ments |
|
11116092 |
|
Total |
|
22232184 |
As on 30.09.2010
|
Equity Share Breakup |
|
Percentage of Holding |
|
Category |
|
|
|
Foreign holdings [Foreign institutional investors, Foreign Companies, Foreign Financial Institutions, Non-resident Indian or Overseas corporate bodies or others] |
|
50.00 |
|
Bodies
corporate |
|
50.00 |
|
Total |
|
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturers of Automobile Insulation Components |
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|
|
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Products : |
·
Automobile Insulation Components ·
Floor covering of Carpet ·
Felt |
PRODUCTION STATUS AS ON 31.03.2010
|
Particulars |
Unit |
Licensed
Capacity |
Installed
Capacity (@) (#)
|
Actual
Production |
|
Automobile Interior Trim Parts |
Nos. |
NA |
2040000 |
NA |
|
Felts |
MT |
NA |
12300 |
NA |
|
Needle Punched Nonwoven Felts |
MT |
NA |
900 |
NA |
|
Automobile Interior Trim Parts |
MT |
NA |
6000 |
NA |
|
Other Textile / Textile products |
MT |
NA |
4000 |
NA |
|
Other Textile Floor Covering |
MT |
NA |
5000 |
NA |
|
Mfg. of Parts and Accessories |
Nos. |
NA |
500000 |
NA |
@ Registered Capacity is registered with the
Ministry of Industry, Secretariat for Industrial Approvals.
# Installed Capacity is certified by the Whole
Time Director of the company and accepted by the auditors, as this is a
technical matter.
GENERAL INFORMATION
|
No. of Employees : |
200 Approximately |
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Bankers : |
·
The Shamrao Vithal Co-Operative Bank Limited
(Lead Bank) 913, ·
The Saraswat Co-Operative Bank Limited CST Branch, A K Naik Marg, CST, Mumbai –
400 001, |
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Facilities : |
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Banking
Relations : |
-- |
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Auditors : |
|
|
Name : |
Kalyaniwalla and Mistry Chartered Accountant |
|
Address : |
Kalpataru Heritage, |
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Tel. No.: |
91-22-61587200 |
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Fax No.: |
91-22-22673964 |
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|
|
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Associates : |
CERA Technologies Private Limited |
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|
|
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Related Parties : |
·
Supreme Nonwovens Private Limited, ·
Etablisse Ments ·
Supreme Nonwovens Industries Private Limited ·
Supreme Poly Fibers Private Limited ·
CERA, France ·
·
M.A.T.T. France |
CAPITAL STRUCTURE
As on 31.03.2010
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
24000000 |
Equity Shares |
Rs.10/- each |
Rs.240.000 millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
22232184 |
Equity Shares |
Rs.10/- each |
Rs.222.322
millions |
(Of the above 9616092 shares issued for a consideration
other than cash)
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 |
|
|
|
|
|
1] Share Capital |
222.322 |
222.322 |
222.322 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
197.600 |
140.721 |
110.787 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
|
NETWORTH |
419.922 |
363.043 |
333.109 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
462.555 |
398.263 |
340.441 |
|
|
2] Unsecured Loans |
0.000 |
0.000 |
0.000 |
|
|
TOTAL BORROWING |
462.555 |
398.263 |
340.441 |
|
|
DEFERRED TAX LIABILITIES |
55.494 |
58.560 |
51.035 |
|
|
|
|
|
|
|
|
TOTAL |
937.971 |
819.866 |
724.585 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
657.427 |
624.448 |
545.712 |
|
|
Capital work-in-progress |
166.621 |
83.659 |
70.662 |
|
|
|
|
|
|
|
|
INVESTMENT |
2.410 |
2.410 |
2.410 |
|
|
DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
86.285
|
52.891 |
48.850 |
|
|
Sundry Debtors |
259.193
|
165.088 |
162.475 |
|
|
Cash & Bank Balances |
28.143
|
21.188 |
24.345 |
|
|
Other Current Assets |
0.000
|
0.000 |
0.000 |
|
|
Loans & Advances |
94.939
|
83.430 |
53.791 |
|
Total
Current Assets |
468.560
|
322.597 |
289.461 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
297.261
|
188.452 |
153.639 |
|
|
Other Current Liabilities |
56.260
|
22.056 |
23.556 |
|
|
Provisions |
3.526
|
2.740 |
6.465 |
|
Total
Current Liabilities |
357.047
|
213.248 |
183.660 |
|
|
Net Current Assets |
111.513
|
109.349 |
105.801 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
937.971 |
819.866 |
724.585 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
|
|
SALES |
|
|
|
|
|
|
|
Sales |
1061.472 |
784.080 |
873.676 |
|
|
|
Other Income |
15.400 |
27.847 |
4.881 |
|
|
|
TOTAL (A) |
1076.872 |
811.927 |
878.557 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Office Expenses |
|
|
|
|
|
|
Administrative Expenses |
|
|
|
|
|
|
Advertising Expenses |
|
|
|
|
|
|
TOTAL (B) |
972.912 |
725.649 |
764.800 |
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
103.960 |
86.278 |
113.757 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
49.757 |
47.740 |
41.198 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) (G) |
54.203 |
38.538 |
72.559 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
(2.676) |
8.605 |
29.142 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-H) (I) |
56.879 |
29.933 |
43.417 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
Sales |
6.150 |
9.991 |
NA |
|
|
|
Reimbursement of Cost/Expenses |
4.804 |
3.946 |
NA |
|
|
|
|
-- |
0.942 |
NA |
|
|
TOTAL EARNINGS |
10.954 |
14.879 |
NA |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw Materials |
12.723 |
19.615 |
23.628 |
|
|
|
Stores & Spares |
16.149 |
5.358 |
6.813 |
|
|
|
Capital Goods |
4.403 |
5.890 |
-- |
|
|
TOTAL IMPORTS |
33.275 |
30.863 |
30.441 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
2.56 |
1.35 |
1.95 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
PAT / Total Income |
(%) |
5.28
|
3.69 |
4.94 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
5.11
|
4.92 |
8.31 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
4.81
|
4.07 |
8.69 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.13
|
0.11 |
0.22 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
1.95
|
1.68 |
1.57 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.31
|
1.51 |
1.58 |
LOCAL AGENCY FURTHER INFORMATION
NOTE
The Registered Office of the company has been
shifted from Centre Point, 7th Floor, 18th Road, Chembur,
Mumbai – 400 071, Maharashtra, India to the present address w.e.f. 29.11.2010
PROGRESS
The year had been quite satisfactory considering
the growth in the automobile industry. The company has crossed a turnover of
1000 millions for the first time in its history.
As mentioned in the previous report the
company is still in the process of setting up of manufacturing facilities as Bidadi
in Karnataka and Sanand in Gujarat and likely to commence production in the
next financial year at the instance of its customers. This will further add to
the business and profitability of the company in the ensuing years.
After the decision of M/s. Tata Motor Limited
(TML), one of the largest customers of the company to shift its facility from
Singur to Sanand the company, during the year, in order to comply with the
accounting standards had to write off from its capital-work-progress amount of
Rs.18.100 millions being expenditure incurred on
Negotiation with TML has been finalized to
partly compensate this loss and facilitation agreement has been executed. The
project at Sanand is expected to start in the next financial year.
FORM 8
|
Corporate identity number of the company |
U34200MH1996PTC103764 |
|
Name of the company |
SUPREME-TREVES PRIVATE LIMITED |
|
Address of the registered office or of the principal place of business in |
Plot No. 110, 5th Floor, |
|
This form is for |
Modification of charge |
|
Charge identification (ID) number of the charge to be modified |
10202519 |
|
Type of charge |
Immovable property |
|
Particular of charge holder |
The Shamrao Vithal Co-Operative Bank Limited (Lead Bank) 913, |
|
Nature of instrument creating charge |
Joint Supplemental Recording Letter Evidencing Deposit of Title Deeds |
|
Date of instrument Creating the charge |
07.07.2011 |
|
Amount secured by the charge |
Rs.37.944 millions |
|
Brief of the principal terms an conditions and extent and operation of
the charge |
Rate of Interest As may be decided by the Banks, from time to time. Terms of Repayment As may be decided by the Banks, from time to time. Margin As may be decided by the Banks, from time to time. Extent and Operation of the charge To secure due repayment of credit facilities aggregating Rs.37.944
millions (SVC Bank: Rs.12.372 millions and Saraswat Bank: Rs.25.572
millions), together with interest, cost, charges, expenses thereof, granted
by the Banks to the Company. Others Total Facilities: SVC Bank: Rs.12.372 millions (Fresh Term Loan) Saraswat Bank: Rs.25.572 millions (Fresh TL of Rs.12.372 millions) ---------------------------- Total (Both Banks):Rs.37.944 millions |
|
Short particulars of the property or asset(s) charged (including
complete address and location of the property) |
·
Immoveable Property being Factory Land and
Building at Plot No.A-14, SIPCOT Industrial Growth Centre, Orgadam, Tamilnadu
admes. 5.18 acres or thereabouts, together with Factory building constructed/ ·
to be constructed thereon or any part thereof and
the plant and machinery installed or be be installed thereon. |
|
Particulars of the present modification |
By the present modification, SVC Bank has been handed over the
leadership of the Consortium. The total facilities granted by the Banks have
been enhanced from Rs.13.200 millions to Rs.37.944 millions, being SVC Bank
(Fresh TL: Rs.12.372 millions) and Saraswat Bank (Rs.25.572 millions ie.
enhanced from Rs.13.200 millions). Therefore the overall charge stands modified to Rs.37.944 millions |
CONTINGENT LIABILITIES NOT PROVIDED FOR
· Guarantees issued by the Company’s Bankers counter-guaranteed by the Company Rs.0.617 million.
· Disputed Income Tax Demand Rs.3.167 millions.
FIXED ASSETS
Intangible Assets
·
Goodwill
·
Computer Software
Tangible Assets
·
·
·
Office Premises
·
Residential Premises
·
Plant and Machinery
·
Electrical Installation
·
Office Equipments
·
Computers
·
Furniture and Fixtures
·
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.44.29 |
|
|
1 |
Rs.72.37 |
|
Euro |
1 |
Rs.64.17 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
5 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
6 |
|
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 |
NO |
|
--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.