MIRA INFORM REPORT

Report Date :

25.02.2013

IDENTIFICATION DETAILS

Name :	SUPREME-TREVES PRIVATE LIMITED
Registered Office :	Plot No. 110, 5^th Floor, 16^th Road, Chembur, Mumbai – 400 071, Maharashtra
Country :	India
Financials (as on) :	31.03.2012
Date of Incorporation :	05.11.1996
Com. Reg. No.:	11-103764
Capital Investment / Paid-up Capital :	Rs. 222.322 millions
CIN No.: [Company Identification No.]	U34200MH1996PTC103764
TAN No.: [Tax Deduction & Collection Account No.]	MUMS34841C
PAN No.: [Permanent Account No.]	AACCS4085Q
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturers of Automobile Insulation Components.
No. of Employees :	Not Available

RATING & COMMENTS

MIRA’s Rating :

Ba (50)

RATING		STATUS	PROPOSED CREDIT LINE
41-55	Ba	Overall operation is considered normal. Capable to meet normal commitments.	Satisfactory

Maximum Credit Limit :	USD 2810000
Status :	Good
Payment Behaviour :	Regular
Litigation :	Clear
Comments :	Subject is a joint venture between Treves SA (hold 50% of Equity) and Supreme Non wovens Private Limited hold 50%) It is a well established company having good track record. Financially company performance seems to be good. Performance capacity is high. Liquidity position of the company is strong. Trade relations are reported to be fair. Business is active. Payments are reported to be regular and as per commitment. In view of strong holdings, the company can be considered for normal business dealings at usual trade terms and condition.

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 – June 30, 2012

Country Name	Previous Rating (31.03.2012)	Current Rating (30.06.2012)
India	A1	A1

Risk Category	ECGC Classification
Insignificant	A1
Low	A2
Moderate	B1
High	B2
Very High	C1
Restricted	C2
Off-credit	D

INDIAN ECONOMIC OVERVIEW

India is developing into an open-market economy, yet traces of its past autarkic policies remain. Economic liberalization, including industrial deregulation, privatization of state-owned enterprises, and reduced controls on foreign trade and investment, began in the early 1990s and has served to accelerate the country's growth, which has averaged more than 7% per year since 1997. India's diverse economy encompasses traditional village farming, modern agriculture, handicrafts, a wide range of modern industries, and a multitude of services. Slightly more than half of the work force is in agriculture, but services are the major source of economic growth, accounting for more than half of India's output, with only one-third of its labor force. India has capitalized on its large educated English-speaking population to become a major exporter of information technology services and software workers. In 2010, the Indian economy rebounded robustly from the global financial crisis - in large part because of strong domestic demand - and growth exceeded 8% year-on-year in real terms. However, India's economic growth in 2011 slowed because of persistently high inflation and interest rates and little progress on economic reforms. High international crude prices have exacerbated the government's fuel subsidy expenditures contributing to a higher fiscal deficit, and a worsening current account deficit. Little economic reform took place in 2011 largely due to corruption scandals that have slowed legislative work. India's medium-term growth outlook is positive due to a young population and corresponding low dependency ratio, healthy savings and investment rates, and increasing integration into the global economy. India has many long-term challenges that it has not yet fully addressed, including widespread poverty, inadequate physical and social infrastructure, limited non-agricultural employment opportunities, scarce access to quality basic and higher education, and accommodating rural-to-urban migration.

Source : CIA

EXTERNAL AGENCY RATING

Rating Agency Name	CRISIL
Rating	A2 (Letter of Credit)
Rating Explanation	Having strong degree of safety regarding timely payment of financial obligation it carry low credit risk.
Date	25.04.2012

RBI DEFAULTERS’ LIST STATUS

Subject’s name is not enlisted as a defaulter in the publicly available RBI Defaulters’ list.

EPF (Employee Provident Fund) DEFAULTERS’ 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.

LOCATIONS

Registered Office :	Plot No. 110, 5^th Floor, 16^th Road, Chembur, Mumbai – 400 071, Maharashtra, India
Tel. No.:	91-260-2220998
Fax No.:	Not Available
E-Mail :	rpavrey@vsnl.com robert.p@robertpavreyassociates.com

DIRECTORS

As on 29.09.2012

Name :	Mr. Mohan Mahadev Kavrie
Designation :	Managing director
Address :	E-25, Matru Krupa, Nandadeep Everest Colony, Sahakar Nagar, Road No. 4, Chembur, Mumbai – 400071, Maharashtra, India
Date of Birth/Age :	24.09.1948
Qualification :	B.Tech (IIT), M.S.(U.S.A)
Experience :	39 Years
Date of Appointment :	05.11.1996
DIN No.:	00243269
Name :	Guillaume Treves
Designation :	Director
Address :	10, Rue Vavin, Paris – 75006, France
Date of Birth/Age :	03.07.1949
Date of Appointment :	12.12.1996
DIN No.:	02189609
Name :	Mr. Prakash Gopalkrishna Pai
Designation :	Director
Address :	301, Macromol Apts, “A” Chharwada Road, G.I.D.C., Valsad, Vapi – 396195, Gujarat, India
Date of Birth/Age :	19.03.1946
Date of Appointment :	01.11.1999
DIN No.:	01747653
Name :	Bernard Roger Edouard Treves
Designation :	Director
Address :	40, Rue Lauriston, Paris – 75116, France
Date of Birth/Age :	21.05.1948
Date of Appointment :	01.11.1999
DIN No.:	02189636
Name :	Mr. Amit Mohan Kavrie
Designation :	Director
Address :	E-25, Matru Krupa, Nandadeep Everest Colony, Sahakar Nagar, Road No. 4, Chembur, Mumbai – 400071, Maharashtra, India
Date of Birth/Age :	21.08.1977
Qualification :	B.S.Textile Tech( USA), M.S.(USA)
Experience :	11 Years
Date of Appointment :	04.03.2005
DIN No.:	00153017
Name :	Sanjaya Shrikrishna Kulkarni
Designation :	Director
Date of Appointment :	18.07.2012
DIN No.:	00102575
Name :	Serge Andre Auguste Germaine
Designation :	Director
Date of Appointment :	09.03.2012
DIN No.:	05223577
Name :	Mr. Joel Coque
Designation :	Director
Date of Appointment :	09.03.2012
DIN No.:	05223583

KEY EXECUTIVES

Name :	Mr. Sanjay Birla
Designation :	Accountant

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 30.09.2010

Names of Shareholders	No. of Shares
Supreme Nonwovens Private Limited, India	11116092
Treves S.A. , Afghanistan	11116092
Total	22232184

As on 29.09.2012

Equity Share Break up (Percentage of Total Equity)

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	50.00
Bodies corporate	50.00
Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacturers of Automobile Insulation Components.

Products :

ITC Code	Product Descriptions
56029000	Felt, whether or not Impregnated, Coated, Covered or Laminated
56039400	Nonwovens, Whether or not Impregnated, Coated, Covered or Laminated
87089900	Parts and Accessories of the motor Vehicles of Headings 8701 to 8705

GENERAL INFORMATION

No. of Employees :

Not Available

Bankers :

The Saraswat Co-operative Bank Limited, SME Nariman Point Branch, Mittal Court A Wing, Mumbai - 400021, Maharashtra, India

Facilities :

Secured Loan	31.03.2012 (Rs. In Millions)	31.03.2011 (Rs. In Millions)
Term Loans from Banks	416.215	365.573
Loans repayable from banks	2.863	2.863
Loans taken for vehicles	0.013	0.731
Working Capital Loans from Banks	163.466	141.142
Total	582.557	510.309

Banking Relations :	--
Auditors :
Name :	Kalyaniwalla and Mistry Chartered Accountant
Address :	Kalpataru Heritage, 127 Mahatma Gandhi Road, Mumbai – 400 001, Maharashtra, India
Tel. No.:	91-22-61587200
Fax No.:	91-22-22673964
PAN No.:	AAAFK7554R
Enterprises with substantial interest in the Company:	· Supreme Nonwovens Private Limited (holds 50% of the equity share capital of the Company) · Treves S A (holds 50% of the equity share capital of the Company)
Enterprises over which the Company’s Directors exercise significant influence:	· Supreme Nonwoven Industries Private Limited, India CIN No.: U17120MH1984PTC033072 · Supreme Poly Fibers Private Limited · Cera, France · M.A.T.T. France, France · Treves UK, United Kingdom · Trety, Spain · Treves Slovakia, Slovakia
Associate :	· Cera Technologies Private Limited CIN No.: U34101MH2006PTC159745

CAPITAL STRUCTURE

As on 29.09.2012

Authorized 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

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS		31.03.2012	31.03.2011	31.03.2010
SHAREHOLDERS FUNDS
1] Share Capital		222.322	222.322	222.322
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		481.214	318.148	197.600
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		703.536	540.470	419.922
LOAN FUNDS
1] Secured Loans		582.557	510.309	462.555
2] Unsecured Loans		0.000	8.440	0.000
TOTAL BORROWING		582.557	518.749	462.555
DEFERRED TAX LIABILITIES		67.255	65.970	55.494
TOTAL		1353.348	1125.189	937.971
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		1128.079	936.354	657.427
Capital work-in-progress		55.563	119.968	166.621
INVESTMENT		28.962	2.410	2.410
DEFERREX TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	170.368	121.062	86.285
	Sundry Debtors	533.053	332.101	259.193
	Cash & Bank Balances	88.970	30.874	28.143
	Other Current Assets	56.580	31.735	0.000
	Loans & Advances	123.454	150.315	94.939
Total Current Assets		972.425	666.087	468.560
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	402.539	328.752	297.261
	Other Current Liabilities	350.868	265.607	56.260
	Provisions	78.274	5.271	3.526
Total Current Liabilities		831.681	599.630	357.047
Net Current Assets		140.744	66.457	111.513
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		1353.348	1125.189	937.971

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2012	31.03.2011	31.03.2010
	SALES
		Revenue from operations	3345.132	2232.531	1061.472
		Other Income	NA	NA	15.400
		TOTAL			1076.872
Less	EXPENSES
		Office Expenses	NA	NA	972.912
		Administrative Expenses
		Advertising Expenses
		TOTAL	NA	NA	972.912
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION		356.970	204.067	103.960
Less/ Add	DEPRECIATION/ AMORTISATION		82.613	62.795	49.757
	PROFIT BEFORE TAX		274.359	141.272	54.203
Less	TAX		46.285	27.212	(2.676)
	PROFIT AFTER TAX		228.074	114.060	56.879
	EARNINGS IN FOREIGN CURRENCY		28.434	22.073	10.954
	IMPORTS
		Raw Materials	NA	46.771	12.723
		Stores & Spares	NA	2.487	16.149
		Capital Goods	NA	30.233	4.403
	TOTAL IMPORTS		NA	79.491	33.275
	Earnings Per Share (Rs.)		10.26	5.13	2.56

KEY RATIOS

PARTICULARS		31.03.2012	31.03.2011	31.03.2010
PAT / Total Income	(%)	NA	NA	5.28
Net Profit Margin (PBT/Sales)	(%)	8.20	6.33	5.11
Return on Total Assets (PBT/Total Assets}	(%)	13.06	8.82	4.81
Return on Investment (ROI) (PBT/Networth)		0.39	0.26	0.13
Debt Equity Ratio (Total Debt/Networth)		0.83	0.96	1.10
Current Ratio (Current Asset/Current Liability)		1.17	1.11	1.31

LOCAL AGENCY FURTHER INFORMATION

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	No
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 three years	Yes
12]	Profitability for last three 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	Yes
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	Yes
30]	Major Shareholders, if available	Yes
31]	Date of Birth of Proprietor/Partner/Director, if available	Yes
32]	PAN of Proprietor/Partner/Director, if available	No
33]	Voter ID No of Proprietor/Partner/Director, if available	No
34]	External Agency Rating, if available	Yes

NOTE: The registered office of the company has been shifted from Centre Point, 7^th Floor, 18^th Road, Chembur, Mumbai-400071, Maharashtra, India to the present address w.e.f. 29.11.2010

UNSECURED LOAN:

(Rs. in Millions)

Particulars	31.03.2012 (Rs. in Millions)	As on 31.03.2011 (Rs. in Millions)
Loans and advances from related parties	0.000	8.440
Total	0.000	8.440

PROGRESS AND SIGNIFICANT DEVELOPMENTS

The year had been quite encouraging which is evident from the growth in the sales and profitability of the company.

As mentioned in the previous year's report the company has successfully commissioned its second manufacturing facility near Chennai at Orgadam to cater to customers like Nissan and Diamler which has added to the sales and profitability of the company.

The Company's office as mentioned in the previous report has shifted to its new office in Mumbai which enable to progress more better and more efficiently in the ensuing years.

FIXED ASSETS

Intangible Assets

· Goodwill

· Computer Software

Tangible Assets

· Leasehold Land

· Factory Building

· 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, India Prisons Service, Interpol, etc.

1] INFORMATION ON DESIGNATED PARTY

No 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] 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.54.43
UK Pound	1	Rs.83.20
Euro	1	Rs.71.91

INFORMATION DETAILS

Information Gathered by :	PLK
Report Prepared by :	MRI

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	6
--PROFITABILIRY	1~10	6
--LIQUIDITY	1~10	5
--LEVERAGE	1~10	5
--RESERVES	1~10	5
--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	NO
--AFFILIATION	YES/NO	YES
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
DEFAULTER
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		50

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	-

PRIVATE & CONFIDENTIAL : This information is provided to you at your request, you having employed MIPL for such purpose. You will use the information as aid only in determining the propriety of giving credit and generally as an aid to your business and for no other purpose. You will hold the information in strict confidence, and shall not reveal it or make it known to the subject persons, firms or corporations or to any other. MIPL does not warrant the correctness of the information as you hold it free of any liability whatsoever. You will be liable to and indemnify MIPL for any loss, damage or expense, occasioned by your breach or non observance of any one, or more of these conditions

This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.