MIRA
INFORM REPORT
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Report Date : |
29.10.2011 |
IDENTIFICATION DETAILS
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Name : |
SUPREME NONWOVEN INDUSTRIES PRIVATE LIMITED w.e.f 02.01.2008 |
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Formerly Known
As : |
BHILAD TEXTILE INDUSTRIES PRIVATE LIMITED |
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Registered
Office : |
Plot No.110, 8th Floor, |
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Country : |
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Financials (as
on) : |
31.03.2010 |
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Date of
Incorporation : |
04.06.1984 |
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Com. Reg. No.: |
11-033072 |
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Capital
Investment / Paid-up Capital : |
Rs. 5.442 Millions |
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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
: |
Manufacturing and Exporting of non –woven fabrics, non-woven
interlinings non-woven filter fabrics, etc. |
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No. of Employees
: |
Not Available |
RATING & COMMENTS
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MIRA’s Rating : |
Ba (51) |
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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 2675000 |
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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 company having good track. Financial
position of the company appears to be sound. Trade relations are reported as fair.
Business is active. Payments are reported to be regular and as per
commitments. Company can be considered normal for business dealings at usual trade
terms and conditions. Profit and Loss account of company for the current year is not
available. |
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 – September 30, 2011
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Country Name |
Previous Rating (30.06.2011) |
Current Rating (30.09.2011) |
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A1 |
A1 |
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Risk Category |
ECGC
Classification |
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Insignificant |
A1 |
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Low |
A2 |
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Moderate |
B1 |
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High |
B2 |
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Very High |
C1 |
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Restricted |
C2 |
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Off-credit |
D |
LOCATIONS
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Registered Office : |
Plot No.110, 8th Floor, |
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Tel. No.: |
91-22-25284520 / 25282487 |
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Fax No.: |
91-22-25281992 |
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E-Mail : |
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Factory 1 : |
National Highway No.8, Bhilad, Dist. Valsad - 396105, |
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Tel. No.: |
91-260-2784169/4669 |
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Fax No.: |
91-260-2784170 |
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Factory 2 : |
Next to Dalwada Substation, |
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Tel. No.: |
91-260-2221706 / 2220943 / 2220998
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Fax No.: |
91-260-2220706 |
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Factory 3 : |
Plot No. 83, Pfase I, GIDC, Vapi – 396195, |
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Tel. No.: |
91-260-2420441 / 3948420 |
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Fax No.: |
91-260-2401332 |
DIRECTORS
As on 29.09.2010
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Name : |
Mr. Mohan Mahadev Kavrie |
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Designation : |
Whole Time Director |
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Address : |
E/25, Matru Krupa, Everest Colony, Chembur – 400071, Mumbai, |
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Date of Birth/Age : |
24.01.1948 |
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Date of Appointment : |
02.05.2000 |
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DIN No.: |
00243269 |
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Other
Directorship:
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Name : |
Mr. Amit Mohan Kavrie |
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Designation : |
Whole Time Director |
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Address : |
E/25, Matru Krupa, Everest Colony, Chembur – 400071, Mumbai, |
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Date of Birth/Age : |
21.08.1977 |
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Date of Appointment : |
10.07.2006 |
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DIN No.: |
00153017 |
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Other
Directorship:
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Name : |
Mr. Lothar Harald Stini |
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Designation : |
Director |
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Address : |
Friedensstrabe, 13, |
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Date of Birth/Age : |
29.03.1958 |
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Date of Appointment : |
26.06.2006 |
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DIN No.: |
02864818 |
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MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 29.09.2010
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Names of Shareholders |
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No. of Shares |
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Mohan Mahadev Kavrie |
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9254 |
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Mohan Mahadev Kavrie and Jaya
Mohan Kavrie |
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5000 |
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Jaya Mohan Kavrie |
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2001 |
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Leela Madhav Naik |
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2000 |
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Mahadev Santanna Naik |
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2995 |
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Supreme Nowovenes Private Limited, |
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3750 |
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Eswegee Vliesstoff Gmbh |
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24420 |
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Amit Kavrie |
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2500 |
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Smita Kavrie |
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2500 |
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TOTAL |
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54420 |
Equity Share Break up (Percentage of Total Equity)\
As on 29.09.2010
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Category |
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 |
44.87 |
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Bodies corporate |
06.89 |
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Directors or relatives of Directors |
48.24 |
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Total |
100.00 |
BUSINESS DETAILS
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Line of Business : |
Manufacturing and Exporting of non –woven fabrics, non-woven
interlinings non-woven filter fabrics, etc |
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Products : |
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PRODUCTION STATUS AS ON 31.03.2009
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Particulars |
Unit |
Licensed
Capacity(*) |
Registered
Capacity (@) |
Installed
Capacity (#) |
Actual
Production |
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Fabrics |
Mtrs. |
--- |
84233330 |
60688200 |
23626415 |
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Automobile Parts (Roofliner) |
Nos. |
-- |
3160000 |
1920000 |
369333 |
* All the products manufactured by the company have been delicensed under the New Industrial Policy, 1991 by Virtue of the Government of India’s Notification No 477 (E) of 25th July 1991.
@ 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
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No. of Employees : |
Not Available |
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Bankers : |
The Shamrao Vitthal Co-operative Bank Limited, Chembur 913 Branch,
Natasha Plaza, D.K. Sandhu Marg, Chembur, Mumbai – 400071, Maharashtra, India
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Facilities : |
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Banking
Relations : |
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Auditors : |
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Name : |
Kalyaniwala and Mistry Chartered Accountants |
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Address : |
Kalpataru Heritage, 127, |
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PAN.: |
AAAFK7554R |
CAPITAL STRUCTURE
As on 29.09.2010
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
60000 |
Equity Shares |
Rs.100/- each |
Rs. 6.000 Millions |
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Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
|
54420 |
Equity Shares |
Rs.100/-
each |
Rs. 5.442
Millions |
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FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
5.442 |
5.442 |
4.818 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
663.360 |
608.235 |
476.642 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
668.802 |
613.677 |
481.460 |
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LOAN FUNDS |
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1] Secured Loans |
558.727 |
583.625 |
579.980 |
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2] Unsecured Loans |
2.028 |
2.342 |
8.678 |
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TOTAL BORROWING |
560.755 |
585.967 |
588.658 |
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DEFERRED TAX LIABILITIES |
68.484 |
70.501 |
41.637 |
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TOTAL |
1298.041 |
1270.145 |
1111.755 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
867.834 |
836.209 |
742.697 |
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Capital work-in-progress |
35.608 |
68.835 |
57.633 |
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INVESTMENT |
1.068 |
1.069 |
1.069 |
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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 |
184.938
|
174.901 |
170.755
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Sundry Debtors |
276.339
|
202.141 |
168.333
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Cash & Bank Balances |
20.913
|
20.728 |
30.243
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Other Current Assets |
0.000
|
0.000 |
0.000
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Loans & Advances |
111.669
|
107.638 |
100.352
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Total
Current Assets |
593.859
|
505.408 |
469.683 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Sundry Creditors |
|
123.383 |
101.680 |
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Other Current Liabilities |
170.301
|
14.445 |
54.845 |
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Provisions |
30.027
|
3.548 |
2.802 |
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Total
Current Liabilities |
200.328
|
141.376 |
159.327 |
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Net Current Assets |
393.531
|
364.032 |
310.356 |
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MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
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TOTAL |
1298.041 |
1270.145 |
1111.755 |
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\
PROFIT & LOSS
ACCOUNT
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PARTICULARS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
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SALES |
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Income |
|
844.811 |
822.882 |
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Other Income |
|
7.027 |
4.503 |
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TOTAL (A) |
|
851.838 |
827.385 |
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Less |
EXPENSES |
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Material Cost |
|
481.315 |
475.540 |
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Employee Cost |
|
85.256 |
70.418 |
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Manufacturing, Administration and Selling Expenses |
|
138.738 |
163.551 |
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Revaluation Reserve |
|
(5.460) |
(5.576) |
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(Decrease)/Increase in Inventory |
|
2.194 |
(2.897) |
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TOTAL (B) |
|
702.043 |
701.036 |
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Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
|
149.795 |
126.349 |
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Less |
FINANCIAL /
INTEREST EXPENSES (D) |
|
54.169 |
63.057 |
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PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
|
95.626 |
63.292 |
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Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
|
53.335 |
49.468 |
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PROFIT BEFORE
TAX (E-F) (G) |
|
42.291 |
13.824 |
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Less |
TAX (H) |
|
29.675 |
2.330 |
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PROFIT AFTER TAX
(G-H) (I) |
|
12.616 |
11.494 |
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Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
|
68.345 |
56.851 |
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BALANCE CARRIED
TO THE B/S |
|
80.961 |
68.345 |
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IMPORTS |
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Raw Materials |
|
134.499 |
135.247 |
|
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Stores & Spares |
|
6.981 |
6.993 |
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Capital Goods |
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|
- Plant and Machinery (Including WIP) |
|
48.931 |
69.573 |
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TOTAL IMPORTS |
|
190.411 |
211.813 |
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Earnings Per
Share (Rs.) |
|
233.58 |
275.75 |
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KEY RATIOS
|
PARTICULARS |
|
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
PAT / Total Income |
(%) |
NA
|
1.48 |
1.39
|
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Net Profit Margin (PBT/Sales) |
(%) |
NA
|
5.01 |
1.67
|
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|
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Return on Total Assets (PBT/Total Assets} |
(%) |
NA
|
3.15 |
1.14
|
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Return on Investment (ROI) (PBT/Networth) |
|
NA
|
0.07 |
0.02
|
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|
Debt Equity Ratio (Total Liability/Networth) |
|
1.14
|
1.19 |
1.55
|
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|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
2.96
|
3.57 |
2.94
|
LOCAL AGENCY FURTHER INFORMATION
Notes:
The registered address of the company changed from Centre
Point, 7th Floor,
FORM 8:
|
Corporate
identity number of the company |
U17120MH1984PTC033072 |
|
Name of the
company |
SUPREME NONWOVEN
INDUSTRIES PRIVATE LIMITED |
|
Address of the
registered office or of the principal place of business in |
Plot No.110, 8th Floor, Email : amit.kavrie@supremegroup.co.in |
|
This form is for |
Modification
of charge |
|
Charge
identification (ID) number of the charge to be modified |
10100660 |
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Type of charge |
|
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Particular of
charge holder |
The Shamrao Vitthal Co-operative Bank Limited, Chembur 913 Branch, Natasha
Plaza, D.K. Sandhu Marg, Chembur, Mumbai – 400071, Maharashtra, India Email : sawantsos@svcbank.com |
|
Nature of
instrument creating charge |
Second
Supplemental Joint Deed of Hypothecation for Working Capital |
|
Date of
instrument Creating the charge |
05.04.2011 |
|
Amount secured by
the charge |
Rs. 288.000
Millions |
|
Brief of the
principal terms an conditions and extent and operation of the charge |
Rate of Interest
: As may be decided
by the bank, from time to time. Terms of
Repayment : As may be decided
by the bank, from time to time. Margin: As may be decided
by the bank, from time to time. Extent and
Operation of the charge: The charge shall
operate to secure due repayment of the Credit facilities aggregating
Rs.288.000 millions together with interest, costs, charges and expenses
thereon, granted by the Banks to the Company. Others: Facilities
Granted ---------------------------- SVC Bank - Rs. 60.500
millions ( being CC- Rs. 45.000 millions, BG - Rs. 5.500 millions (enhancement by Rs. 5.500 millions) and L/C
- Rs. 10.000 millions) SC Bank: Rs.
145.000 millions( being CC - Rs. 70.000 millions , L/C - Rs. 25.000 millions,
WCDL (fresh) - Rs. 50.000 millions) Saraswat Bank:
Rs. 82.500 millions (being CC - Rs. 65.000 millions, B/G - Rs. 1.500 millions
and L/C - Rs. 16.000 millions) ------------------------------------------------------------------- Total Facility:
Rs 288.000 millions |
|
Short particulars
of the property or asset(s) charged (including complete address and location
of the property) |
Pari Passu charge
on all the current assets including stocks of raw materials, semi-finished
and finished goods, stores and spares, etc. Pari Passu second
charge on Plant and Machinery and
other moveable fixed assets |
|
Date of
instrument modifying the charge |
10.08.2009 |
|
Particulars of
the present modification |
By this
modification, the charge shall hold good to secure additional credit facilities
of Rs. 55.000 millions Hence aggregate credit facilities are Rs.288.000
millions ,being SVC Bank -
Rs.60.500 millions (CC- Rs.45.000 millions, BG - Rs.5.500 millions
(enhancement by Rs.5.000 millions ) and
L/C - Rs.10.000 millions) SC Bank: Rs.145.000
millions (CC - Rs.70.000 millions , L/C - Rs.25.000 millions, WCDL (fresh) -
Rs.50.000 millions) Saraswat Bank:
Rs.82.500 millions (CC - Rs.65.000 millions , B/G - Rs.1.500 millions
and L/C - Rs.16.000 millions) The charge shall
stand modified at Rs.288.000 millions |
Fixed Assets:
- Goodwill
- Technical Know-how
- Land
- Leasehold
- 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. 48.82 |
|
|
1 |
Rs. 78.57 |
|
Euro |
1 |
Rs. 69.29 |
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 |
6 |
|
--PROFITABILIRY |
1~10 |
6 |
|
--LIQUIDITY |
1~10 |
6 |
|
--LEVERAGE |
1~10 |
5 |
|
--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 |
YES |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
51 |
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.