MIRA
INFORM REPORT
|
Report Date : |
27.07.2012 |
IDENTIFICATION DETAILS
|
Name : |
SUPREME NONWOVEN 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. 5.882 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
: |
Information denied by management |
RATING & COMMENTS
|
MIRA’s Rating : |
B (30) |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
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Maximum Credit Limit : |
USD 2675000 |
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Status : |
Moderate |
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Payment Behaviour : |
Unknown |
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Litigation : |
Clear |
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Comments : |
Subject is an established company having moderate track. The
management of the company has not filed its latest financial with the
government department. However, from the financials of 2010 the company seems
to have satisfactory track records. Trade relations are reported as fair.
Business is active. Payments are unknown. The company can be considered dealing with some caution. |
NOTES :
Any query related to this report can be made
on e-mail : infodept@mirainform.com
while quoting report number, name and date.
EXTERNAL AGENCY RATING
|
Rating Agency Name |
CRISIL |
|
Rating |
BBB+ Stable (long term) |
|
Rating Explanation |
This ratings are considered to have adequate degree of safety regarding
timely servicing of financial obligations. Such instruments carry low credit
risk. |
|
Date |
24.04.2012 |
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Rating Agency Name |
CRISIL |
|
Rating |
A2 (Short Term) |
|
Rating Explanation |
This ratings are considered to have strong degree of safety regarding
timely payment of financial obligations. Such instruments carry low risk. |
|
Date |
24.04.2012 |
RBI DEFAILTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter in
the publicly available RBI Defaulters’ list.
EPF (Employee Provident Fund) DEFAILTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter
in the publicly available EPF (Employee Provident Fund) Defaulters’ list as of
31-03-2012.
INFORMATION DENIED BY
Management Non Cooperative (91-22-25212323)
LOCATIONS
|
Registered Office : |
Plot No.110, 8th Floor, |
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Tel. No.: |
91-22-25208822 |
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Fax No.: |
91-22-25208092 |
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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, Phase 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 30.09.2011
|
Name : |
Christine Marieluise Kogler |
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Designation : |
Director |
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Address : |
Wernher – Von – Braun – STR 23, |
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Date of Birth/Age : |
06.01.1964 |
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Date of Appointment : |
14.10.2010 |
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DIN No.: |
03269542 |
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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, Nandadeep Everest Colony, Sahakar Nagar, Road no –
4, Chembur – 400071, Mumbai, |
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Date of Birth/Age : |
24.09.1948 |
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Date of Appointment : |
02.05.2000 |
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DIN No.: |
00243269 |
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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 – 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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Name : |
Mr. Harald Lothar Stini |
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Designation : |
Director |
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Address : |
Neue Plauensche Str 92, |
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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 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 30.09.2011
|
Names of Shareholders |
|
No. of Shares |
|
Mohan Mahadev Kavrie and Jaya
Mohan Kavrie |
|
14254 |
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Jaya Mohan Kavrie |
|
2001 |
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Leela Mahadev Kavrie |
|
2000 |
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Mahadev Satnamma Naik |
|
2995 |
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Supreme Nonwovens Private Limited, |
|
3750 |
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Eswegee Vilesstoff Gmbh |
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28824 |
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Amit Kavrie |
|
2500 |
|
Smita Kavrie |
|
2500 |
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TOTAL |
|
58824 |
Equity Share Break up (Percentage of Total Equity)\
As on 29.09.2010
|
Category |
Percentage |
|
Foreign holdings( Foreign institutional
investor(s), Foreign companie(s) Foreign financial institution(s),
Non-resident Indian(s) or Overseas Corporate bodies or Others |
49.00 |
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Bodies corporate |
6.38 |
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Directors or relatives of Directors |
44.62 |
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Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturing and Exporting of non – woven fabrics, non - woven interlinings
non-woven filter fabrics, etc. |
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Products : |
·
Hygiene Non Woven Fabric ·
Non Woven Carpet ·
Non Woven Fabric ·
Non Woven Filter Fabric ·
Non Woven Geotextile ·
Non Woven Interlining ·
Non Woven Shoe Lining |
PRODUCTION STATUS AS ON 31.03.2009
|
Particulars |
Unit |
Licensed
Capacity(*) |
Registered
Capacity (@) |
Installed
Capacity (#) |
Actual
Production |
|
Fabrics |
Mtrs. |
--- |
84233330 |
60688200 |
23626415 |
|
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 : |
Information Denied by management |
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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 No.: |
AAAFK7554R |
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Related Parties (As on 31.03.2009): |
i) Enterprises with substantial interest in the Company: ·
Eswegee Vlisstoff GMBH (holds 44.87% of the
equity share capital of the Company) ii) Enterprises over which the Company’s Directors wexercise
significant influence: ·
Supreme Nonwoven Private Limited ·
Supreme Treves Private Limited ·
Supreme Poly Fibers Private Limited |
CAPITAL STRUCTURE
As on 30.09.2011
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
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|
60000 |
Equity Shares |
Rs. 100/- each |
Rs. 6.000 millions |
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Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
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|
58824 |
Equity Shares |
Rs. 100/- each |
Rs. 5.882
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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|
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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 |
|
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 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
|
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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|
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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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|
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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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|
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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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|
|
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|
BALANCE CARRIED TO
THE B/S |
|
80.961 |
68.345 |
|
|
|
|
|
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IMPORTS |
|
|
|
|
|
|
|
Raw Materials |
|
134.499 |
135.247 |
|
|
|
Stores & Spares |
|
6.981 |
6.993 |
|
|
|
Capital Goods |
|
|
|
|
|
|
- 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 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
PAT / Total Income |
(%) |
NA
|
1.48 |
1.39
|
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
NA
|
5.01 |
1.67
|
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
NA
|
3.15 |
1.14
|
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
NA
|
0.07 |
0.02
|
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
1.14
|
1.19 |
1.55
|
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
2.96
|
3.57 |
2.94
|
LOCAL AGENCY FURTHER INFORMATION
SUNDRY CREDITORS
DETAILS
|
PARTICULARS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
Sundry Creditors |
NA |
Rs.123.383 millions |
Rs.101.680 millions |
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Sr. No. |
Check List by Info Agents |
Available in Report
(Yes / No) |
|
1] |
Year of Establishment |
Yes |
|
2] |
Locality of the firm |
Yes |
|
3] |
Constitutions of the firm |
Yes |
|
4] |
Premises details |
---- |
|
5] |
Type of Business |
Yes |
|
6] |
Line of Business |
Yes |
|
7] |
Promoter's background |
Yes |
|
8] |
No. of employees |
No |
|
9] |
Name of person contacted |
No |
|
10] |
Designation of contact
person |
No |
|
11] |
Turnover of firm for last
two years |
Yes |
|
12] |
Profitability for last
two years |
Yes |
|
13] |
Reasons for variation
<> 20% |
---- |
|
14] |
Estimation for coming
financial year |
No |
|
15] |
Capital in the business |
Yes |
|
16] |
Details of sister
concerns |
No |
|
17] |
Major suppliers |
No |
|
18] |
Major customers |
No |
|
19] |
Payments terms |
No |
|
20] |
Export / Import details
(if applicable) |
No |
|
21] |
Market information |
---- |
|
22] |
Litigations that the firm
/ promoter involved in |
---- |
|
23] |
Banking Details |
Yes |
|
24] |
Banking facility details |
Yes |
|
25] |
Conduct of the banking
account |
---- |
|
26] |
Buyer visit details |
---- |
|
27] |
Financials, if provided |
Yes |
|
28] |
Incorporation details, if
applicable |
Yes |
|
29] |
Last accounts filed at
ROC |
No |
|
30] |
Major Shareholders, if
available |
Yes |
|
31] |
PAN of Proprietor/Partner/Director,
if available |
No |
|
32] |
Passport No of
Proprietor/Partner/Director, if available |
No |
|
33] |
Voter ID No of
Proprietor/Partner/Director, if available |
No |
NOTE:
Registered office of the company has been
shifted from Centre Point 7th Floor
Bankers Charges
Report as per Registry
|
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, e-mail: amit.kavrie@supremegroup.co.in |
|
This form is for |
Creation of
charge |
|
Type of charge |
Book debts Movable Property
(not being pledge) |
|
Particular of
charge holder |
The Shamrao
Vithal Co-operative Bank Ltd. Add: Chembur 913
Branch, e-mail: legaldept@svcbank.com |
|
Nature of
instrument creating charge |
Joint Deed of
Hypothecation for Term Loan |
|
Date of
instrument Creating the charge |
06.01.2012 |
|
Amount secured by
the charge |
Rs. 11.613
millions |
|
Brief of the principal
terms an conditions and extent and operation of the charge |
Rate of Interest SVC (TL: 5.813
Millions): @PLR-3.25% p.a. Saraswat (TL:
0.580 Millions): @PLR-1.75% p.a. Terms of Repayment SVC: Repayable in
84 EMI of Rs.0.107 Million per month Saraswat:
Repayable in 83 Principal monthly inst. of Rs.0.069 million per month
(Moratorium of 12 months & 1st installment of Rs.0.0730) Margin As maybe decided
by the Banks, from time to time. Extent and Operation of the charge The charge shall operate
to secure due repayment of the Credit facilities aggregating Rs.11.613
millions, together with interest, costs, charges and expenses thereon,
granted by the Banks to the Company. Others Facilities
Granted ---------------------------- SVC Bank: Term
Loan of Rs.5.813 millions Saraswat Bank:
Term Loan of Rs.5.800 millions --------------------------------------------------------------- Total Facility:
Rs.11.613 millions |
|
Short particulars
of the property or asset(s) charged (including complete address and location
of the property) |
1st pari passu
charge on the fixed assets of the Borrower being the Plant & Machinery,
other assets, etc. installed at Borrower's factory at Daman (UT), Bhilad
& Vapi (Gujarat), Ranjangaon(M.S) Rudrapur
(Uttaranchal), Bawal (Haryana), Bidadi - 2nd pari passu
charge on the current assets of the Borrower being stocks of raw materials,
semi-finished & finished goods, stores & spares, etc. stored or to be
in about of the Borrower's factories premises, godowns
situated at Daman (UT), Bhilad & Vapi ( |
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.55.94 |
|
|
1 |
Rs.86.55 |
|
Euro |
1 |
Rs.67.95 |
INFORMATION DETAILS
|
Information
Gathered by : |
JML |
|
|
|
|
Report Prepared
by : |
NID |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
5 |
|
PAID-UP CAPITAL |
1~10 |
3 |
|
OPERATING SCALE |
1~10 |
3 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
3 |
|
--PROFITABILIRY |
1~10 |
3 |
|
--LIQUIDITY |
1~10 |
3 |
|
--LEVERAGE |
1~10 |
3 |
|
--RESERVES |
1~10 |
5 |
|
--CREDIT LINES |
1~10 |
2 |
|
--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 |
No |
|
--LISTED |
YES/NO |
No |
|
--OTHER MERIT FACTORS |
YES/NO |
Yes |
|
TOTAL |
|
30 |
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 |
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.