MIRA INFORM REPORT
|
Report Date : |
18.02.2014 |
IDENTIFICATION DETAILS
|
Name : |
THE SUPREME INDUSTRIES LIMITED |
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Formerly Known
As : |
SUPREME INDUSTRIES LIMITED |
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Registered
Office : |
612, Raheja Chambers, Nariman Point, Mumbai – 400 021, |
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Country : |
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Financials (as
on) : |
30.06.2013 |
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Date of
Incorporation : |
17.02.1942 |
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Com. Reg. No.: |
11-003554 |
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Capital Investment
/ Paid-up Capital : |
Rs.254.054
millions |
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CIN No.: [Company Identification
No.] |
L35920MH1942PLC003554 |
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|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
MUMT01228D |
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PAN No.: [Permanent Account No.] |
AAACT1344F |
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Legal Form : |
Public Limited Liability Company. The Company’s Shares are Listed on the Stock Exchanges. |
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Line of Business
: |
Subject is engaged mainly in production of plastic products. |
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No. of Employees
: |
Not Divulged |
RATING & COMMENTS
|
MIRA’s Rating : |
A (67) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
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 |
|
Maximum Credit Limit : |
USD 32100000 |
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Status : |
Good |
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Payment Behaviour : |
Regular |
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Litigation : |
Exist |
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Comments : |
Subject is a well-established and a reputed company having a fine
track record. The financial position of the company is sound and healthy. Directors
are well-experienced and knowledgeable businessmen. The performance
capability of the company is good. Trade relations are reported as trustworthy. Business is active.
Payment terms are regular and as per commitment. The company can be considered good 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 – December 1, 2013
|
Country Name |
Previous Rating (30.09.2013) |
Current Rating (01.12.2013) |
|
India |
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
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Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
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Restricted |
C2 |
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Off-credit |
D |
INDIAN ECONOMIC OVERVIEW
The worst is over for India’s economy with gross domestic product likely
to expand 5 %to 5.5 % this year and more than 6 % in 2015, according to Moody’s
Analytics. Concerns over the rupee and current account deficit are under
control, said the agency. Ratings firm Crisil has forecast 6 % growth for
2014/15 up from the estimated 4.8 % for 2013/14. Total economic growth,
infrastructure bottlenecks and lack of transparency and consistency in foreign
direct investment policies seem to have taken a toll on India’s attractiveness
as an investment destination, says an Ernst & Young survey. Projects
with FDI component fell 16.4 % across the globe in 2012 from the previous
year. The drop in India was steeper at 21 %. State run carrier Air India
is doling out free tickets to its 24000 employees, even as it expects to incur
a loss of Rs 39000 mn this financial year and has a debt of Rs 350000 mn.
550000 number of jobs generated across India in 2013, a fall of 0.4 % as
compared to with a year earlier. The National Capital Region has a
one-fourth share in total jobs created, according to a study by industry lobby
group Assochem, Banks, real estate, automobile and telecommunications sectors
are showing a rise of job creation. $ 805 mn investments by venture capital firms
in India during 2013, registering a drop of about 18 % over the previous year.
The Information Technology and IT-Enabled Services Industry retained its
status as the favourable venture capital investors in 2013. Pakistan has
temporarily banned gold imports for the second time in six months, as it tries
to stem smuggling into India. India’s import duty on gold is 10 % and curbs on
purchases have dried up legal imports into what used to be the world’s biggest
bullion buyers. The World Gold Council puts the amount smuggled into India at
upto 200 tonnes in 2013. The Reserve Bank of India has proposed that unclaimed
bank deposits estimated to be about Rs 35000 mn be used for education and
awareness among depositors. According to the plan, deposits that have not
been claimed for at least 10 years will be transferred to the scheme.
EXTERNAL AGENCY RATING
|
Rating Agency Name |
CRISIL |
|
Rating |
Long Term Rating: AA- |
|
Rating Explanation |
High credit quality and low credit risk. |
|
Date |
January 06, 2014 |
|
Rating Agency Name |
CRISIL |
|
Rating |
Short Term Rating: A1+ |
|
Rating Explanation |
Very strong degree of safety and lowest credit risk. |
|
Date |
January 06, 2014 |
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.
INFORMATION PARTED BY (PARTIAL DETAILS)
|
Name : |
Mr. Manish Lakhani |
|
Designation : |
Accounts Manager |
|
Contact No.: |
91-22-40430000 |
|
Date : |
15.02.2014 |
LOCATIONS
|
Registered Office : |
612, Raheja Chambers, Nariman Point, Mumbai – 400 021, |
|
Tel. No.: |
91-22-22851656/ 22820072/ 22851159-60 |
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Fax No.: |
91-22-22851657 |
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E-Mail : |
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Website : |
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Area : |
3000 sq. ft. |
|
Location : |
Owned |
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Corporate Office : |
1161 and 1162, Solitaire Corporate Park, 167, Guru Hargovindji Marg,
Andheri Ghatkopar Link Road, Andheri (East), Mumbai – 400 093, Maharashtra,
India |
|
Tel. No.: |
91-22-40430000/ 67710000/ 30840000 |
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Fax No.: |
91-22-40430099/ 67710099 |
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E-Mail : |
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Factory : |
Located at: ·
Derabassi (Punjab) ·
Durgapur (West Bengal) ·
Gadegaon (Maharashtra) ·
Guwahati (Assam) ·
Halol - Unit I (Gujarat) ·
Halol - Unit II (Gujarat) ·
Halol - Unit III (Gujarat) ·
Halol - Unit IV (Gujarat) ·
Hosur Unit I (Tamilnadu) ·
Hosur Unit II (Tamilnadu) ·
Jalgaon - Unit I (Maharashtra) ·
Jalgaon - Unit II (Maharashtra) ·
Kanhe (Maharashtra) ·
Kanpur (Uttar Pradesh) ·
Khopoli (Maharashtra) ·
Khushkheda (Rajasthan) ·
Malanpur - Unit I (Madhya Pradesh) ·
Malanpur - Unit II (Madhya Pradesh) ·
Noida (Uttar Pradesh) ·
Puducherry (Union Territory) ·
Silvassa (Union Territory) ·
Sriperumbudur (Tamilnadu) · Urse (Maharashtra) |
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Branch Office : |
Located at: · Ahmedabad · Bangalore · Chennai · Cochin · Hyderabad · Indore · Kanpur · Kolkata · Mumbai · New Delhi · Pune |
DIRECTORS
AS ON 30.06.2013
|
Name : |
Mr. B.L. Taparia |
|
Designation : |
Chairman |
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Date of Birth/Age : |
25.11.1934 |
|
Qualification : |
B.Com |
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Date of Appointment : |
15.06.1977 |
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|
|
|
Name : |
Mr. M.P. Taparia |
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Designation : |
Managing Director |
|
Date of Birth/Age : |
22.10.1937 |
|
Qualification : |
B.A. |
|
Expertise in specific functional area : |
Industrialist
having rich Business experience |
|
Date of Appointment : |
02.08.1966 |
|
Chairman / Director of other companies : |
·
Supreme Petrochem Limited ·
Supreme Capital Management Limited ·
The West Coast Papers Mills Limited ·
Kabra Extrusion Technik Limited ·
Jovial Investment and Trading Co. Private Limited
·
Polysterene Producers Association (India) |
|
|
|
|
Name : |
Mr. S.J. Taparia |
|
Designation : |
Executive Director |
|
Date of Birth/Age : |
07.08.1945 |
|
Qualification : |
B.E. |
|
Expertise in specific functional area : |
Industrialist having
rich Business experience |
|
Date of Appointment : |
15.06.1977 |
|
Chairman / Director of other companies : |
·
Supreme Petrochem Limited ·
Supreme Capital Management Limited ·
Oricon Enterprises Limited ·
Boon Investment & Trading Co. Private Limited ·
Bharat Business Channel Limited |
|
|
|
|
Name : |
Mr. V.K. Taparia, |
|
Designation : |
Executive Director |
|
Date of Birth/Age : |
26.10.1955 |
|
Qualification : |
B. Com. |
|
Expertise in specific functional area : |
Industrialist
having rich Business experience |
|
Date of Appointment : |
29.10.1984 |
|
Chairman / Director of other companies : |
·
Venktesh Investment & Trading Co. Private
Limited ·
World Presidents’ Organization |
|
|
|
|
Name : |
Mr. B.V. Bhargava |
|
Designation : |
Director |
|
Date of Birth/Age : |
16.04.1936 |
|
Qualification : |
M. Com., L.L.B |
|
Expertise in specific functional area : |
Overall guidance in
forming Business Policies |
|
Date of Appointment : |
25.09.1996 |
|
|
|
|
Name : |
Mr. H.S. Parikh |
|
Designation : |
Director |
|
Date of Birth/Age : |
16.03.1927 |
|
Qualification : |
Chartered
Accountant |
|
Expertise in specific functional area : |
Practicing
Chartered Accountant |
|
Date of Appointment : |
29.06.1982 |
|
Chairman / Director of other companies : |
·
Elecon Engineering Co. Limited ·
Simplex Castings Limited ·
Eimco Elecon (I) Limited |
|
|
|
|
Name : |
Mr. N.N. Khandwala |
|
Designation : |
Director |
|
|
|
|
Name : |
Mr. S.R. Taparia |
|
Designation : |
Director |
|
Date of Birth/Age : |
24.10.1928 |
|
Qualification : |
B.A. (Hons.), L.L.B. |
|
Expertise in specific functional area : |
Overall guidance in
forming Business Policies and Corporate Social Responsibility Work |
|
Date of Appointment : |
10.09.1966 |
|
|
|
|
Name : |
Mr. Y.P. Trivedi |
|
Designation : |
Director |
|
Date of Birth/Age : |
06.01.1929 |
|
Qualification : |
B Com L. L. B. |
|
Expertise in specific functional area : |
Legal and Tax Expert |
|
Date of Appointment : |
30.08.2003 |
|
Chairman / Director of other companies : |
·
Reliance Industries Limited ·
Zodiac Clothing Co. Limited ·
Seksaria Biswan Sugar Factory Limited ·
Emami Limited ·
New Consolidated Construction Limited ·
Sai Services Station Limited ·
Trivedi Consultants Private Limited |
KEY EXECUTIVES
|
Name : |
O.P. Roongta |
|
Designation : |
Senior Vice-President
(Finance) and Secretary |
|
|
|
|
Name : |
Mr. P.V. Prabhu |
|
Designation : |
Finance Manager |
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|
|
|
Name : |
Mr. Manish Lakhani |
|
Designation : |
Accounts Manager |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 31.12.2013
|
Category of Shareholders |
No. of Shares |
Percentage of Holding |
|
(A) Shareholding of Promoter and Promoter Group |
|
|
|
|
|
|
|
|
3310590 |
2.61 |
|
|
59802155 |
47.08 |
|
|
17260 |
0.01 |
|
|
17260 |
0.01 |
|
|
63130005 |
49.70 |
|
|
|
|
|
Total shareholding of Promoter and Promoter Group (A) |
63130005 |
49.70 |
|
(B) Public Shareholding |
|
|
|
|
|
|
|
|
7891396 |
6.21 |
|
|
37296 |
0.03 |
|
|
23965840 |
18.87 |
|
|
500 |
0.00 |
|
|
500 |
0.00 |
|
|
31895032 |
25.11 |
|
|
|
|
|
|
6656463 |
5.24 |
|
|
|
|
|
|
19342160 |
15.23 |
|
|
5319778 |
4.19 |
|
|
683432 |
0.54 |
|
|
30573 |
0.02 |
|
|
606820 |
0.48 |
|
|
39370 |
0.03 |
|
|
6669 |
0.01 |
|
|
32001833 |
25.19 |
|
Total Public shareholding (B) |
63896865 |
50.30 |
|
Total (A)+(B) |
127026870 |
100.00 |
|
(C) Shares held by Custodians and against which Depository Receipts
have been issued |
0 |
0.00 |
|
|
0 |
0.00 |
|
|
0 |
0.00 |
|
|
0 |
0.00 |
|
Total (A)+(B)+(C) |
127026870 |
0.00 |
BUSINESS DETAILS
|
Line of Business : |
Subject is engaged mainly in production of plastic products. |
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Products : |
· Moulded Furniture · Material Handling Products · Petrochemicals · XF Films and Products (SILPAULIN) · Performance Films · Industrial Moulded Products · Protective Packaging Products · Plastic Piping System |
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Terms : |
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Selling : |
Credit |
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Purchasing : |
Credit |
PRODUCTION STATUS (AS ON 30.06.2011):
|
Particulars |
Unit |
Installed
Capacity * |
Actual
Production |
|
Injection Moulded Products |
MT |
102050 |
69284.619 |
|
Extruded Products |
MT |
228107 |
152858.733 |
|
Machinery and Moulds |
Nos. |
NA |
28 |
Notes:-
(1) * As certified
by the Management and accepted by the auditors being a technical matter.
(2) Production
includes production achieved on labour job basis from outsiders.
GENERAL INFORMATION
|
No. of Employees : |
Not Divulged |
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Bankers : |
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Facilities : |
Notes: LONG TERM BORROWINGS Term
Loans from banks and financial institutions are secured on first pari passu
charge basis as under: a)
Immovable
properties of the company, situated at certain locations of the company. b)
Movable
properties of the company viz. plant, machineries and moulds, both present
and future, situated at all the locations of the company. SHORT TERM BORROWINGS Working
Capital Loans from Banks mentioned as above are secured against: First
pari passu charge by way of hypothecation of stocks and Book Debts, both
present and future Second
/ subservient charge on all movable properties of the company viz. plant,
machineries and moulds, both present and future, situated at all the
locations of the company. Second
/ subservient charge on all immovable properties of the company, situated at
certain locations of the company. |
|
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|
Banking
Relations : |
-- |
|
|
|
|
Financial Institution : |
GE
Money Financial Services Private Limited, 401-402, 4th Floor, Aggarwal
Millenium Tower, E 123, Netaji Subhash Place, Pitampura, Delhi – 110 034,
India |
|
|
|
|
Auditors : |
|
|
Name : |
Chhogmal and Company Chartered Accountants |
|
Address : |
Mumbai, |
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|
|
Subsidiary Company : |
The Supreme
Industries Overseas FZE |
|
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|
Associates : |
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CAPITAL STRUCTURE
AS ON 30.06.2013
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
150000000 |
Equity Shares |
Rs.2/- each |
Rs.300.000 millions |
|
11200000 |
Preference Shares |
Rs.10/- each |
Rs.112.000 millions |
|
33800000 |
Unclassified Shares |
Rs.10/- each |
Rs.338.000 millions |
|
|
Total |
|
Rs.750.000
millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
127026870 |
Equity Shares |
Rs.2/- each |
Rs.254.054
millions |
|
|
|
|
|
The company bought back and
extinguished 2211300 numbers of Equity Shares of Rs.10 each during the year
2008-09
The details of Shareholders holding more than 5% shares:
|
Name of the Shareholders |
As at 30.06.2013 |
|
|
No. of Equity Shares |
% of Holding |
|
|
Boon Investment and
Trading Company Private Limited |
20206592 |
15.91% |
|
Jovial Investment and
Trading Company Private Limited |
19847082 |
15.62% |
|
Venkatesh Investment and
Trading Company Private Limited |
19693081 |
15.50% |
|
HDFC Mutual Fund |
9589848 |
7.55% |
|
Nalanda India Fund Limited |
8176502 |
6.44% |
|
HDFC Mutual Fund* |
-- |
-- |
*Shares held less than 5% as on 30th June, 2013
The reconciliation of the number of equity shares outstanding
is set out below:
|
|
As at 30.06.2013 |
|
|
Numbers |
Amount (Rs. in millions) |
|
|
Equity Shares at the
beginning of the year |
127026870 |
254.054 |
|
Equity Shares at the end of the year |
127026870 |
254.054 |
Terms/rights attached
to Equity shares:
The company has only one class of issued Equity Shares having a par value of Rs.2 per share. Each Shareholder is eligible for one vote per share held.
The Dividend proposed by the Board of Directors is subject to the approval of the shareholders in the ensuing Annual General Meeting, except in case of Interim Dividend. In the event of liquidation, the equity shareholders are eligible to receive the remaining assets of the company after distribution of all preferential amounts, in proportion to their shareholding.
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
30.06.2013 |
30.06.2012 |
30.06.2011 |
|
I.
EQUITY AND LIABILITIES |
|
|
|
|
(1) Shareholders' Funds |
|
|
|
|
(a) Share Capital |
254.054 |
254.054 |
254.054 |
|
(b) Reserves & Surplus |
7770.961 |
6160.559 |
4641.648 |
|
(c) Money received against share warrants |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
(2) Share Application money pending allotment |
0.000 |
0.000 |
0.000 |
|
Total
Shareholders’ Funds (1) + (2) |
8025.015 |
6414.613 |
4895.702 |
|
|
|
|
|
|
(3)
Non-Current Liabilities |
|
|
|
|
(a) Long-term borrowings |
2317.628 |
1048.760 |
2078.394 |
|
(b) Deferred tax liabilities (Net) |
906.518 |
832.583 |
795.380 |
|
(c)
Other long term liabilities |
11.635 |
13.243 |
28.629 |
|
(d)
Long-term provisions |
118.304 |
108.930 |
89.666 |
|
Total
Non-current Liabilities (3) |
3354.085 |
2003.516 |
2992.069 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a)
Short term borrowings |
1771.093 |
1488.464 |
2394.111 |
|
(b)
Trade payables |
3459.210 |
2171.284 |
1606.656 |
|
(c)
Other current liabilities |
1869.979 |
1888.610 |
2158.866 |
|
(d)
Short-term provisions |
1077.944 |
799.679 |
625.512 |
|
Total
Current Liabilities (4) |
8178.226 |
6348.037 |
6785.145 |
|
|
|
|
|
|
TOTAL |
19557.326 |
14766.166 |
14672.916 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a) Fixed Assets |
|
|
|
|
(i)
Tangible assets |
10199.841 |
7388.158 |
7409.787 |
|
(ii)
Intangible Assets |
77.566 |
5.638 |
6.706 |
|
(iii)
Capital work-in-progress |
330.456 |
338.096 |
261.706 |
|
(iv) Intangible assets under development |
0.000 |
0.000 |
0.000 |
|
(b) Non-current
Investments |
336.412 |
336.412 |
336.449 |
|
(c) Deferred tax assets
(net) |
0.000 |
0.000 |
0.000 |
|
(d) Long-term Loan
and Advances |
475.176 |
614.701 |
368.046 |
|
(e)
Other Non-current assets |
1.921 |
2.182 |
2.562 |
|
Total
Non-Current Assets |
11421.372 |
8685.187 |
8385.256 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a)
Current investments |
0.000 |
0.000 |
0.000 |
|
(b)
Inventories |
4668.037 |
3140.128 |
3454.050 |
|
(c)
Trade receivables |
2039.185 |
1716.794 |
1530.123 |
|
(d)
Cash and cash equivalents |
227.553 |
138.650 |
139.533 |
|
(e)
Short-term loans and advances |
1184.061 |
1057.257 |
1141.491 |
|
(f)
Other current assets |
17.118 |
28.150 |
22.463 |
|
Total
Current Assets |
8135.954 |
6080.979 |
6287.660 |
|
|
|
|
|
|
TOTAL |
19557.326 |
14766.166 |
14672.916 |
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
30.06.2013 |
30.06.2012 |
30.06.2011 |
|
|
|
SALES |
|
|
|
|
|
|
|
Revenue from
operations |
34030.743 |
29275.550 |
24689.825 |
|
|
|
Other Income |
38.918 |
109.151 |
96.981 |
|
|
|
TOTAL (A) |
34069.661 |
29384.701 |
24786.806 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Cost of materials
consumed |
22410.556 |
18448.649 |
15760.182 |
|
|
|
Purchases of
Traded Goods |
1226.535 |
1034.112 |
858.211 |
|
|
|
Changes in
inventories of finished goods, work-in-progress and traded goods |
(628.706) |
131.674 |
(197.009) |
|
|
|
Employee benefits
expenses |
1269.918 |
1120.520 |
964.288 |
|
|
|
Other expenses |
4397.376 |
3821.592 |
3730.211 |
|
|
|
TOTAL (B) |
28675.679 |
24556.547 |
21115.883 |
|
|
|
|
|
|
|
|
Less |
PROFIT/
(LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
5393.982 |
4828.154 |
3670.923 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
523.461 |
547.967 |
425.019 |
|
|
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
4870.521 |
4280.187 |
3245.904 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
817.088 |
724.628 |
618.862 |
|
|
|
|
|
|
|
|
|
|
PROFIT/ (LOSS)
BEFORE TAX (E-F) (G) |
4053.433 |
3555.559 |
2627.042 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
1329.935 |
1150.400 |
877.342 |
|
|
|
|
|
|
|
|
|
|
PROFIT/ (LOSS)
AFTER TAX (G-H) (I) |
2723.498 |
2405.159 |
1749.700 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN FOREIGN
CURRENCY |
|
|
|
|
|
|
|
Export (On FOB Basis) |
765.383 |
680.284 |
617.125 |
|
|
TOTAL EARNINGS |
765.383 |
680.284 |
617.125 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw Materials & Components |
7277.530 |
4930.099 |
5135.708 |
|
|
|
Stores & Spares |
26.463 |
20.594 |
4.951 |
|
|
|
Capital Goods |
1261.400 |
460.403 |
639.779 |
|
|
TOTAL IMPORTS |
8565.393 |
5411.096 |
5780.438 |
|
|
|
|
|
|
|
|
|
|
Earnings/ (Loss)
Per Share (Rs.) |
21.44 |
18.93 |
13.77 |
|
KEY RATIOS
|
PARTICULARS |
|
30.06.2013 |
30.06.2012 |
30.06.2011 |
|
PAT / Total Income |
(%) |
7.99
|
8.19
|
7.06
|
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
11.91
|
12.15
|
10.64
|
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
21.46
|
25.23
|
18.66
|
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.51
|
0.55
|
0.54
|
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt/Networth) |
|
0.51
|
0.40
|
0.91
|
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
0.99
|
0.96
|
0.93
|
FINANCIAL ANALYSIS
[all figures are
in Rupees Millions]
DEBT EQUITY RATIO
|
Particular |
30.06.2011 |
30.06.2012 |
30.06.2013 |
|
|
(INR in Mlns.) |
(INR in Mlns.) |
(INR in Mlns.) |
|
Share Capital |
254.054 |
254.054 |
254.054 |
|
Reserves & Surplus |
4641.648 |
6160.559 |
7770.961 |
|
Net worth |
4895.702 |
6414.613 |
8025.015 |
|
|
|
|
|
|
long-term borrowings |
2078.394 |
1048.760 |
2317.628 |
|
Short term borrowings |
2394.111 |
1488.464 |
1771.093 |
|
Total borrowings |
4472.505 |
2537.224 |
4088.721 |
|
Debt/Equity ratio |
0.914 |
0.396 |
0.509 |
YEAR-ON-YEAR GROWTH
|
Year on Year Growth |
30.06.2011 |
30.06.2012 |
30.06.2013 |
|
|
(INR in Mlns) |
(INR in Mlns) |
(INR in Mlns) |
|
Revenue from operations |
24689.825 |
29275.550 |
34030.743 |
|
|
|
18.573 |
16.243 |
NET PROFIT MARGIN
|
Net Profit Margin |
30.06.2011 |
30.06.2012 |
30.06.2013 |
|
|
(INR in Mlns.) |
(INR in Mlns.) |
(INR in Mlns.) |
|
Revenue from operations |
24689.825 |
29275.550 |
34030.743 |
|
Profit |
1749.700 |
2405.159 |
2723.498 |
|
|
7.09% |
8.22% |
8.00% |
LOCAL AGENCY FURTHER INFORMATION
|
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 |
Yes |
|
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 |
Yes |
|
10) Designation of contact person |
Yes |
|
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 |
Yes
|
|
20) Export / Import details (if
applicable) |
No |
|
21) Market information |
-- |
|
22) Litigations that the firm / promoter
involved in |
Yes |
|
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 |
LITIGATION
DETAILS:
|
Case Details |
|
|
Bench:-Bombay |
|
|
|
Lodging No.:- |
CEXAL/39/2012 |
Filing Date:- |
28/03/2012 |
|
|
|
|
Petitioner:- |
Commissioner of Central Excise and Service
Tax, Large Tax Payer Unit – Mumbai |
Respondent:- |
The Supreme Industries Limited |
|
|
|
Petn.Adv.:- |
Pradeep S. Jetly |
|
|
|
District:- |
MUMBAI |
|
|
|
Bench:- |
SINGLE |
|
|
|
|
|
Status:- |
Admitted(Unready) |
Category:- |
CENTRAL EXCISE APPEAL (CEXA) |
|
|
|
Last Date:- |
03/05/2012 |
Stage:- |
FOR REJECTION [ORIGINAL SIDE MATTERS] |
|
|
|
Last Coram:- |
HON'BLE SHRI JUSTICE J.P. DEVADHAR |
|
|
|
|
HON'BLE SHRI JUSTICE M.S. SANKLECHA |
|
|
|
Act :- |
Central Excise and Salt Act |
INDEX OF CHARGES:
|
S. No. |
Charge ID |
Date of Charge
Creation/Modification |
Charge amount secured |
Charge Holder |
Address |
Service Request Number
(SRN) |
|
1 |
10453658 |
27/09/2013 |
1,200,000,000.00 |
BNP PARIBAS |
EAST TOWERS (SOOD
TOWERS), 8TH FLOOR, 25, BARAKHAMBA ROAD, NEW DELHI, DELHI - 110001, INDIA |
B86964384 |
|
2 |
10408520 |
06/03/2013 |
800,000,000.00 |
STATE BANK OF INDIA |
CORPORATE ACCOUNTS GROUP
BRANCH, NEVILLE HOUSE, 3RD FLOOR, MUMBAI, MAHARASHTRA - 400001, INDIA |
B69786663 |
|
3 |
10375236 |
07/09/2012 |
1,140,000,000.00 |
STANDARD CHARTERED BANK |
NARAIN MANZIL, 23, BARAKHAMBA
ROAD, NEW DELHI, |
B57577355 |
|
4 |
10294799 |
29/10/2012 * |
451,600,000.00 |
STATE BANK OF INDIA |
CORPORATE ACCOUNTS GROUP
BRANCH, NEVILLE HOUSE, 3RD FLOOR, MUMBAI, MAHARASHTRA - 400001, INDIA |
B62771910 |
|
5 |
10267540 |
22/03/2012 * |
500,000,000.00 |
GE MONEY FINANCIAL
SERVICES PRIVATE LIMITED |
401-402, 4TH FLOOR,
AGGARWAL MILLENIUM TOWER, E 123, NETAJI SUBHASH PLACE, PITAMPURA DELHI,
DELHI, DELHI - 110034, INDIA |
B39333679 |
|
6 |
10239003 |
30/06/2011 * |
470,000,000.00 |
STANDARD CHARTERED BANK |
NARAIN MANZIL, 23,
BARAKHAMBA ROAD, NEW DELHI, DELHI - 110001, INDIA |
B16601668 |
|
7 |
10194519 |
09/12/2009 |
600,000,000.00 |
YES BANK LIMITED |
NEHRU CENTRE, 9TH FLOOR,
DISCOVERY OF INDIA, DR. A. B. ROAD, WORLI, MUMBAI, MAHARASHTRA -
400018, INDIA |
A76551795 |
|
8 |
10088486 |
26/02/2008 |
400,000,000.00 |
GE CAPITAL SERVICES INDIA |
AIFCS BUILDING, IST
FLOOR, 1, RAFI MARG, NEW DELHI, DELHI - 110001, INDIA |
A32790008 |
|
9 |
10047909 |
19/05/2010 * |
400,000,000.00 |
GE CAPITAL SERVICES INDIA |
INDUSTRIAL FINANCE
BRANCH, EXCELSIOR BUILDING, 2ND FLOOR, VALLANCE STREET, MUMBAI, MAHARASHTRA
- 400001, INDIA |
A86332509 |
|
10 |
90237612 |
05/04/2004 |
60,000,000.00 |
BANK OF BARODA |
NARIMAN POINT, BOMBAY,
MAHARASHTRA - 400021, INDIA |
- |
|
11 |
90237551 |
25/04/2003 |
390,000.00 |
H D F C BANK LIMITED |
R G THADANI MARG LANE,
BOMBAY, MAHARASHTRA, INDIA |
- |
|
12 |
90237511 |
25/09/2002 |
100,000,000.00 |
BANK OF INDIA |
70/80 M G ROAD FORT,
BOMBAY, MAHARASHTRA - 400023, INDIA |
- |
|
13 |
80046700 |
14/08/2001 |
35,300,000.00 |
INDUSTRIAL DEVELOPMENT
BANK OF INDIA |
IDBI TOWER, WTC COMPLEX,
COLABA, MUMBAI, MAHARASHTRA - 400005, INDIA |
- |
|
14 |
90234694 |
17/09/2004 * |
456,000,000.00 |
UTI BANK LIMITED |
SIR P M ROAD, BOMBAY,
MAHARASHTRA - 400001, INDIA |
- |
|
15 |
90237232 |
09/11/1997 |
63,000,000.00 |
STATE BANK OF INDIA |
G N VIDYA MARG, BOMBAY,
MAHARASHTRA - 400023, INDIA |
- |
|
16 |
90234334 |
09/10/2013 * |
5,000,000,000.00 |
CENTRAL BANK OF INDIA |
CORPORATE FINANCE BRANCH,
MUMBAI MAIN OFFICE BLDG, 1ST FLOOR, M. G. ROAD, FORT, MUMBAI, MAHARASHTRA -
400023, INDIA |
B87675369 |
|
17 |
90237211 |
12/03/2001 * |
3,025,000.00 |
CENTRAL BANK OF INDIA |
M G ROAD FORT, BOMBAY,
MAHARASHTRA - 400001, INDIA |
- |
|
18 |
90237121 |
21/05/1996 * |
425,000,000.00 |
STATE BANK OF INDIA |
CHARANJIT RAI MARG,
BOMBAY, MAHARASHTRA - 400001, INDIA |
- |
|
19 |
90234064 |
21/05/1996 * |
425,000,000.00 |
STATE BANK OF INDIA |
CHARANJIT RAI MARG,
BOMBAY, MAHARASHTRA - 400001, INDIA |
- |
|
20 |
90234055 |
02/11/1994 |
425,000,000.00 |
STATE BANK OF INDIA |
G N VAIDYA MARG, BOMBAY,
MAHARASHTRA - 400023, INDIA |
- |
|
21 |
90236974 |
28/10/1992 |
2,500,000.00 |
CENTRAL BANK OF INDIA |
M G ROAD FORT, BOMBAY,
MAHARASHTRA - 400023, INDIA |
- |
|
22 |
90236970 |
26/03/1996 * |
1,500,000.00 |
CORPORATION BANK |
INDUSTRIAL FINANCE
BRANCH, BOMBAY, MAHARASHTRA - 400001, INDIA |
- |
|
23 |
90236949 |
08/03/1992 |
13,075,000.00 |
CENTRAL BANK OF INDIA |
M G ROAD, BOMBAY,
MAHARASHTRA - 400023, INDIA |
- |
|
24 |
90236948 |
12/08/1993 * |
1,500,000.00 |
CORPORATION BANK |
INDUSTRIAL FINANCE
BRANCH, 104 BOMBAY SAMACHAR MARG FORT, BOMBAY, MAHARASHTRA - 400001, INDIA |
- |
|
25 |
90233765 |
17/08/1991 |
239,201,200.00 |
STATE BANK OF INDIA |
G N VAIDYA MARG, BOMBAY,
MAHARASHTRA - 400023, INDIA |
- |
|
26 |
90236916 |
09/11/1992 * |
35,000,000.00 |
STATE BANK OF INDIA |
G N VAIDYA MARG, BOMBAY,
MAHARASHTRA - 400023, INDIA |
- |
|
27 |
90235440 |
29/03/1990 |
312,500.00 |
U P FINANCIAL CORPORATION |
14/80 CIVIL LINES,
KANPUR, UTTAR PRADESH, INDIA |
- |
|
28 |
90235439 |
27/03/1990 |
312,500.00 |
U P FINANCIAL CORPORATION |
14/80 CIVIL LINES,
KANPUR, UTTAR PRADESH, INDIA |
- |
|
29 |
90233554 |
17/02/1989 |
100,000.00 |
UNION BANK OF INDIA |
NARIMAN POINT, BOMBAY,
MAHARASHTRA - 400021, INDIA |
- |
|
30 |
90236835 |
17/02/1989 |
100,000.00 |
UNION BANK OF INDIA |
239 BACKBAY RECLAMATION,
BOMBAY, MAHARASHTRA - 400021, INDIA |
- |
|
31 |
90233529 |
30/08/1988 |
375,000.00 |
UNION BANK OF INDIA |
NARIMAN POINT, BOMBAY,
MAHARASHTRA - 400021, INDIA |
- |
|
32 |
90233491 |
19/02/1988 |
1,000,000.00 |
UNION BANK OF INDIA |
239 BACKBAY RECLAMATION NARIMAN
POINT, BOMBAY, MAHARASHTRA - 400021, INDIA |
- |
|
33 |
90236780 |
20/08/1987 |
3,500,000.00 |
UNION BANK OF INDIA |
239 BACKBAY RECLAMATION
NARIMAN POINT, BOMBAY, MAHARASHTRA - 400021, INDIA |
- |
|
34 |
90237826 |
20/08/1987 * |
7,400,000.00 |
LIFE INSURANCE
CORPORATION OF INDIA |
JEEVAN BIMA MARG, BOMBAY,
MAHARASHTRA - 400021, INDIA |
- |
|
35 |
90236684 |
18/02/1984 |
1,050,000.00 |
THE SARASWAT CO OPERATIVE
BANK LIMITED |
KESHAV NAYAK ROAD,
BOMBAY, MAHARASHTRA - 400001, INDIA |
- |
|
36 |
90233168 |
31/03/1983 * |
943,000.00 |
UNION BANK OF INDIA |
239 BACKBAY RECLAMATION,
BOMBAY, MAHARASHTRA - 400021, INDIA |
- |
|
37 |
90233114 |
20/04/1981 |
996,632.00 |
UNION BANK OF INDIA |
66/80 B S MARG FORT,
BOMBAY, MAHARASHTRA - 400023, INDIA |
- |
|
38 |
90233104 |
20/02/1981 |
375,000.00 |
UNITED BANK OF INDIA |
239 BACKBAY RECLAMATION,
BOMBAY, MAHARASHTRA - 400020, INDIA |
- |
|
39 |
80058337 |
21/06/1979 |
1,369,000.00 |
CENTRAL BANK OF INDIA |
LOAN DEPARTMENT, 1ST FLOOR,
CENTRAL BANK BUILDING, M.G. ROAD, MUMBAI, MAHARASHTRA - 400023, INDIA |
- |
|
40 |
90232980 |
05/01/1975 |
300,000.00 |
CENTRAL BANK |
M G ROAD, BOMBAY,
MAHARASHTRA - 400001, INDIA |
- |
|
41 |
90232902 |
21/03/1959 |
350,000.00 |
THE BANK OF INDIA LIMITED |
FORT, BOMBAY,
MAHARASHTRA, INDIA |
- |
* Date of charge modification
|
Unsecured Loans |
30.06.2013 (Rs.
in Millions) |
30.06.2012 (Rs.
in Millions) |
|
LONG TERM BORROWINGS |
|
|
|
Fixed Deposits |
16.083 |
37.769 |
|
Deferred payment
liabilities (Under Sales Tax Deferral
Scheme) |
21.897 |
23.627 |
|
Long term maturities of
finance lease obligations |
0.588 |
0.904 |
|
SHORT TERM BORROWINGS |
|
|
|
Rupee Loans from Banks |
209.804 |
0.000 |
|
Foreign Currency Loans -
Buyer's Credit |
1203.515 |
894.509 |
|
Total
|
956.809 |
1500.454 |
SUPREME PETROCHEM
LIMITED (SPL)
SPL - jointly
promoted by the Company and the R Raheja Group - has reported revenues and net profits
of Rs.29681.800 millions and Rs.728.200 millions respectively for the year
ended June 30, 2013. Its Board of Directors has recommended a dividend of
Rs.2.50 per equity share of Rs.10 each.
The first phase of
debottlenecking of the Polystyrene (PS) plant to increase the proportion of
value added grades by 40,000 TPA with the overall PS installed capacity of
2,72,000 TPA was completed in August 2012 while the gas based Captive Power
Plant of 4000 KVA was commissioned in September 2012.
SUBSIDIARY COMPANY
The Supreme
Industries Overseas FZE, Sharjah, UAE, a wholly owned subsidiary, has completed
seventh year of operation recording net profit of AED 73,342/- equivalent to
Rs.1.192 millions during the year 2012-13.
Principal activity
of this enterprise is to promote globally Plastics piping Systems manufactured
by the Company.
During the year
2012-13 export of Plastics piping division has continued to grow scaling US$
4.51 million in-spite of dull business climate in the overseas market.
Recessionary
trends in Europe during the whole of last year, depreciation of U$ during the
last quarter, political disturbances in upper Gulf has dampened the growth.
In the year
2012-13 company managed to secure projects in Sri-Lanka while added new customer
to its fold. Currently products are exported to fifteen prime countries
covering GCC, Africa, Australia, UK, Germany and Indian sub-continent.
Company has
secured product licenses to sale product in overseas market and initiated a
process to obtain valuable product certification through internationally
recognized certifying bodies. This reflects company’s commitment towards the
supply of quality products while improving the brand image.
During the year
2013-14 company is projecting to achieve export over of US$ 6.0 Million by
increasing the client base as well expanding the geographical reach. Company
has decided to exhibit the products in various international exhibitions to
spread the brand name and in turn improve the export volume.
MANAGEMENT DISCUSSION
AND ANALYSIS
OVERVIEW
The World economy
continues to remain in a low growth mode. One can see some silver lining in the
prospects of US economy. Chinese and Indian Economy are also going through a
lower GDP growth phase. Government has recently taken several measures to kick
start the investment process in their country. Government is also seized with
the issues to remove constraints from export initiative The Company believe
that some positive signals may emerge in near term from both the investment and
export direction.
In such a bleak
economic climate encompassing the Developed Countries and emerging markets, it
was expected that the commodity prices may fall with the lead given by crude
oil prices. However, the same has not happened. Crude prices continue to hover
above 100 USD per barrel. Plastics prices have seen some rebound trend since
May this year. The prices have further pulled up due to steep depreciation of
INR to USD parity since beginning of May. It is forecasted that country’s economy
may grow sub 6% GDP in the year 2013-14 also.
INDUSTRY STRUCTURE
AND DEVELOPMENT
The Company is
engaged in the plastics products manufacturing business. In the given overview
of the world and Indian economy, the growth in consumption of Plastics has been
reasonably better with consumption having reached double of GDP growth in the
year 2012-13. Overall consumption of plastics raw material in the country grew
by around 12% in the year 2012-13. This shows resilience of plastics raw
material. Plastics are making inroads in more and more applications. With this
innovative wonder material, several new frontiers will be available to exploit
in the years to come. The total plastics consumption in the year 2012-13 was
8.8 Million tons. It is expected that in the current year the same may reach
around 10 million tons by maintaining similar consumption growth trend as
observed in 2012-13.
Apart from
consumption by the local convertors, the imports of plastics products have seen
dramatic jump in the year 2012-13 compared to 2011-12. Imports of Plastics
products have grown by around 20% and now close to 1 Million tons of products
are being imported in the country.
Plastic Convertors
in their country are both in organized and Un-Organized sector. The overall
consumption of Plastics however is growing at a faster pace with the players in
the organized sector due to their capability to offer more value and varieties
of quality products which can service part of the market which is being
hijacked due to an influx of imported products.
A new plant for
producing Polymers set up by HPCL - Mittal Energy Limited has commenced
production at Bhatinda, Punjab. It is expected that within next 3 to 4 years,
an additional capacity of 3 million tons of Polymers will be available in their
country on commencement of production at several new plants.
Implementation of
Goods and Service Tax (GST) continues to be delayed. As on today, best scenario
seems to be that it may be in place by 1st April 2015. This delay will
definitely harm the growth potential of their economy. Central and State
Governments continue to allocate large sums of money into JNNURM scheme to
improve the potential of water supply and sewerage facilities. More monies are
invested by the Governments to give boost to agriculture. These initiatives
will continue to boost consumption of Plastics in the Country.
PRODUCT GROUPS
The product groups
of the Company have been recast as follows:
|
Group |
Products |
|
Plastics Piping System |
uPVC Pipes, Injection
Moulded fittings and handmade fittings, Polypropylene Random Co-polymer pipes
and fittings, HDPE Pipe Systems, CPVC Pipes Systems, LLDPE Tube and
Inspection Chambers and manholes. |
|
Consumer products |
Furniture |
|
Industrial Products |
Industrial products,
Material handling System and Pallets |
|
Packaging Products |
Flexible packaging film
products, Protective Packaging Products, Cross Laminated Film products |
|
Composite Products |
LPG Gas Cylinders,
Composite Pipes and Composite Pallets. |
PRODUCT GROUP WISE
SHARE IN TURNOVER FOR THE LAST TWO YEARS (% OF VALUE)
The net turnover
(including other income) of the Company was Rs.34069.700 millions (including
Rs.1138.000 millions by way of trading in other related products and Rs.160.000
millions from sale of premises) as against Rs.29384.700 millions (including
Rs.880.300 millions by way of trading in other related products and Rs.691.600
millions from sales of premises) of the previous year.
The Company during
the year processed 2,81,452 tons of Polymers as against 2,45,700 tons of
Polymers in the previous year, reflecting a growth of 14.55% in Polymer
consumption.
The Company
exported goods worth US $ 14.32 million as against US $ 13.49 million
(excluding discontinued business of PP Mats) in the previous year registering a
growth of 6.15%.
Profit before
interest, depreciation and exceptional items and taxes during the year have
gone up by Rs.565.800 millions from Rs.4828.200 millions to Rs.5394.000
millions during the year.
NEW INITIATIVES
Composite LPG
Cylinder
Their cylinders
were approved by EN and ISO Standards produced at their supplier’s place before
shipment of the plant. However, it is mandatory to test once again for EN and ISO
Standards on the cylinders produced at their site.
Their samples,
produced at their plant, have been submitted for testing. All the tests should
be completed by Oct’2013 as some of the tests are of long duration.
The Company has
received some encouraging enquiries for exports. It hopes to start production
in Jan / March
2014 against those
orders.
Company is
equipped to make six different sizes of Cylinders ranging from 5 to 14 kg. of
LPG.
Composite Pipes
Installation of
Company’s small size plant was completed in the month of Feb’2013. Company
encountered some technical problems during trial run which has led to some
difference of opinion with its technology provider NBL Corporation of Japan.
Discussions are going on to resolve the issues. In view of this, start of
production at this plant at Halol will be delayed.
Composite Pallets
Company has
entered into a Technical tie-up with LOMOLD of South Africa to manufacture
lightweight but heavy duty Plastic Pallets reinforced with Glass Fibers. LOMOLD
has the patent for the technology and process for the same.
All the necessary
equipments to produce these products at Gadegaon are likely to be at their site
in January / March 2014 quarter. Commercial production to commence in the last
quarter of this year. This will be good addition to their existing range of
products. Light weight pallets have a capacity of carrying heavy weight at much
lower weight. This will be the unique feature of these pallets.
The Company
intends to introduce other products from these equipments including some auto
parts. Company expects to utilize this capacity at optimal level in the year
2014-15
FINANCE
The Total
Borrowing level as on 30.06.2013 is Rs.4698.500 millions as compared to
Rs.3511.000 millions as on 30.06.2012. The year saw a volatile Rupee vis a vis
Dollar and fluctuating crude prices which forced the Company to keep higher
inventory levels throughout the year. This has resulted in increase in average
borrowing levels for most part of the year. Company continued its planned
capital expenditure and most of the committed capex is now on the ground. The
Company has incurred capex of Rs.3743.500 millions during the year, including
commitments made in previous year, mainly on the following segments.
a) To set up new
Manufacturing Unit to produce Cross Laminated Film and Products at Halol
(Gujarat), this has commenced production between October, 2012 to April, 2013
progressively.
b) To set up
production of Plastic Piping system facility at its existing location at
Malanpur (M.P.) which has commenced commercial production from April, 2013
c) To set up new
manufacturing facility of Protective packaging Products at Hosur (Tamilnadu)
which became operational during 1st quarter of the year.
d) To set up a state
of the art facility to manufacture Composite Cylinders and Composite pipe at
Halol (Gujarat). Trials have already commenced and awaiting statutory approval
of the product for commercial launch.
e) To manufacture
new product range of Bath Fittings. It is scheduled to commence production
during the first quarter of current year.
f) To add several
new varieties of products in Plastic Piping System and increase production
capacity at Gadegaon (Maharashtra).
g) To augment
additional capacities and Product Range and to install automation and balancing
equipments at all its existing sites and product groups.
The Company has
repaid Term Loan installments and fixed deposits aggregating Rs.974.400
millions and also availed fresh foreign currency (fully hedged) and Rupee Term
Loans aggregating to Rs.1882.000 millions during the year to meet its ongoing
Capex Plan.
Company has
discontinued offering immovable properties as security for any fresh term loans
which has been well accepted by the lenders.
Company has
realized Rs.160.000 millions from sale of its commercial premises and further
negotiated sale worth Rs.376.200 millions against which an advance of Rs.42.500
millions has been received. The balance consideration is likely to be received
during first quarter / half year of the current year.
The Interest and
Financial Cost for operations in absolute terms have come down to Rs.523.500
millions during financial year 2012-13 from Rs.548.000 millions during
financial year 2011-12, despite increase in average borrowing levels as
mentioned earlier, principally due to judicious mix of total borrowings between
commercial papers, Buyers’ credit and availing of Rupee and Foreign Currency
Loans at competitive rates. Company continued its policy to keep all its foreign
exchange exposures fully hedged.
The Company enjoys
excellent relationship with all its Bankers, Lenders and Suppliers which
enables the Company to negotiate best possible terms on all its borrowings. The
outstanding Interest bearing liabilities as on 30-06-2013 bears Interest rate
of 9.31 % p.a. vis-àvis 9.50% p.a. as on 30-06-2012. Company’s focus shall
remain to closely monitor and reduce its borrowing level and also to bring down
total interest cost below 1% of the total turnover in the coming year/s.
During the year
2013-14, the Company envisages total Capex of Rs.2500.000 millions including
existing commitments, mainly on the followings.
a) To put up a
Plastic Piping System plant at Kharagpur in West Bengal
b) To put up
Protective Packaging System unit at Kharagpur Complex
c) To replace some
capacity of Moulding Machines with energy efficient machines including
additional new products in furniture business.
d) To increase
Pipe production capacity at Gadegaon and introducing several new varieties of
fittings at Jalgaon and Malanpur.
e) Investment in
Automation in several of its existing units
f) To buy office
premises at Delhi, Ernakulam, Hyderabad, Kolkata, Chennai and Indore. This will
consolidate the office activities at one location in these cities wherein mix
of several ownerships and rented premises subsisting today, in some cities.
g) Investment in
equipments for Composite Pallets.
In view of
Company’s potential to continuously generate healthy cash flows from its
operations together with better management of Working Capital, the Company is
reasonably confident to fund its capex plan for 2013-14, from Internal Accruals
and Suppliers’ Credit. Moreover the sale proceeds from “Supreme Chambers” will
provide additional comfort to meet its future Capex requirements
The financial
parameters of the Company continued to strengthen on y-o-y over a period of
last five years from 2008-09 to 2012-13. As on the close of the year, the Debt
Equity Ratio of the Company is 0.58 times. The Interest Cover is 10.3 times and
Net Worth is 8012.100 millions, as compared to 1.46 times, 4.53 times, and
Rs.2853.100 millions respectively as on 30th June, 2009 which
reflects substantial improvement in the key financials of the Company.
Due to the
excellent performance of the Company backed by strong financial parameters,
achieved year after year, CRISIL has improved long term Rating of the Company
from AA-/Stable to AA-/Positive which signifies high degree of safety and
reaffirmed Short Term Debt programme Rating A1+ which signifies very strong
degree of safety backed by sustained improvement in Company’s business risk
profile, increase in contribution from value added products, improved
profitability and prudent Working Capital management.
CONTINGENT LIABILITIES:
|
Particulars |
30.06.2013 (Rs.
in millions) |
30.06.2012 (Rs.
in millions) |
|
Bills/Cheques
discounted |
86.446 |
140.791 |
|
Bank Guarantees
issued by Bankers |
183.687 |
118.260 |
|
Claim against
the company including Show-cause-cum-demand Notices in relation to Central
Excise and Service Tax not acknowledged as Debts |
105.171 |
100.629 |
|
Disputed Income
Tax Demands |
225.548 |
192.513 |
|
Disputed Sales
Tax / Entry Tax Demands |
55.247 |
58.151 |
|
Other claims
against the company not acknowledged as debts |
16.235 |
15.290 |
|
Future
obligation of exports towards imported capital goods at concessional rate of
duty under EPCG Scheme. |
634.246 |
677.941 |
UNAUDITED
FINANCIAL RESULTS FOR THE QUARTER/ HALF YEAR ENDED 31ST DECEMBER,
2013 (STANDALONE RESULTS)
(Rs.
in millions)
|
|
|
2nd Quarter Ended
31.12.2013 (Reviewed) |
1st Quarter Ended
30.09.2013 (Reviewed) |
Half Year Ended 31.12.2013 (Reviewed) |
|
|
Particulars |
|
|
|
|
|
|
|
|
|
|
1 |
Net Sales (Net of
Excise Duty) |
|
|
|
|
a |
Plastic Business |
9234.769 |
6959.788 |
16194.557 |
|
b |
Construction Business |
385.030 |
0.000 |
385.030 |
|
|
|
9619.799 |
6959.788 |
16579.587 |
|
2 |
Other Operating
Income |
125.417 |
91.365 |
216.782 |
|
|
Total Income |
9745.216 |
7051.153 |
16796.369 |
|
3 |
Goods Consumption |
|
|
|
|
a |
Raw Material Consumed |
6036.127 |
5779.963 |
11818.090 |
|
b |
Cost of goods traded |
428.380 |
266.445 |
694.825 |
|
c |
Cost of Premises Sold |
144.573 |
0.000 |
144.573 |
|
d |
(Increase)/ Decrease in stock in trade |
(98.467) |
(1473.804) |
(1572.271) |
|
|
|
6512.613 |
4572.604 |
11085.217 |
|
4 |
Employees' Cost Benefit Expenses |
336.720 |
320.945 |
657.665 |
|
5 |
Power and Fuel Expenses |
344.161 |
349.125 |
693.286 |
|
6 |
Other Expenditure |
1094.199 |
887.535 |
1981.734 |
|
7 |
Total Expenditure
before Finance (3+4+5+6) |
8287.693 |
6130.209 |
14417.902 |
|
8 |
Operating Profit
(1+2-7) |
1457.523 |
920.944 |
2378.467 |
|
9 |
Other Income |
79.536 |
10.582 |
90.118 |
|
10 |
Profit before
Interest, Depreciation and Tax (8+9) |
1537.059 |
931.526 |
2468.585 |
|
11 |
Finance Costs |
226.432 |
166.796 |
393.228 |
|
12 |
Profit before
Depreciation and Tax (10-11) |
1310.627 |
764.730 |
2075.357 |
|
13 |
Depreciation, Amortisation and Impairment |
246.934 |
237.248 |
484.182 |
|
14 |
Profit Before Tax
(12-13) |
1063.693 |
527.482 |
1591.175 |
|
15 |
Provision for
Taxation |
|
|
|
|
|
Corporate Tax |
326.000 |
175.700 |
501.700 |
|
|
Deferred Tax |
0.000 |
0.000 |
0.000 |
|
16 |
Net Profit after
Tax (14-15) |
737.693 |
351.785 |
1089.475 |
|
17 |
Share of Profit/
(Loss) in Associate |
-- |
-- |
-- |
|
18 |
Consolidated Net
Profit after Tax (16+17) |
-- |
-- |
-- |
|
19 |
Paid Up Equity
Share Capital (Face Value Rs.2/-) |
254.054 |
254.054 |
254.054 |
|
20 |
Reserves Excluding
Revaluation Reserve |
-- |
-- |
-- |
|
21 |
Earning per
Share-Basic and Diluted (Rs.) |
5.81 |
2.77 |
8.58 |
|
22 |
Cash earning per
Share-Basic and Diluted (Rs.) |
7.75 |
4.64 |
12.39 |
|
|
|
|
|
|
|
|
Part II A. Particulars of
Shareholding |
|
|
|
|
1 |
Public Shareholding |
|
|
|
|
|
- No. of Shares |
63896865 |
63969525 |
63896865 |
|
|
-% of Shareholding |
50.31% |
50.36% |
50.31% |
|
2 |
Promoters and Promoter group Shareholding |
|
|
|
|
a |
Pledged / Encumbered |
|
|
|
|
|
-Number of Shares |
Nil |
Nil |
Nil |
|
|
- Percentage of Shares (as a % of the total shareholding of
promoter and promoter group) |
Nil |
Nil |
Nil |
|
|
- Percentage of Shares (as a % of the total Share capital
of the Company) |
Nil |
Nil |
Nil |
|
b |
Non-encumbered |
|
|
|
|
|
- Number of Shares |
63130005 |
63027345 |
63130005 |
|
|
- Percentage of Shares (as a % of the total shareholding of
promoter and promoter group) |
100.00% |
100.00% |
100.00% |
|
|
- Percentage of Shares (as a % of the total Share capital
of the Company) |
49.69% |
49.64% |
49.69% |
STATEMENT OF
ASSETS AND LIABILITIES AS PER CLAUSE 41 (V) (H) OF THE LISTING AGREEMENT
(Rs. in millions)
|
SOURCES OF FUNDS |
31.12.2013 (Reviewed) |
|
I.
EQUITY AND LIABILITIES |
|
|
(1) Shareholders' Funds |
|
|
(a) Share Capital |
254.054 |
|
(b) Reserves and Surplus |
8563.206 |
|
Sub Total - Shareholders’
Funds |
8817.260 |
|
|
|
|
(3)
Non-Current Liabilities |
|
|
(a) Long-term borrowings |
3109.341 |
|
(b) Deferred tax liabilities (Net) |
906.518 |
|
(c)
Other long term liabilities |
10.973 |
|
(d)
Long-term provisions |
126.201 |
|
Sub
Total - Non-current Liabilities |
4153.033 |
|
|
|
|
(4) Current Liabilities |
|
|
(a)
Short term borrowings |
4256.213 |
|
(b)
Trade payables |
2774.297 |
|
(c)
Other current liabilities |
1208.467 |
|
(d)
Short-term provisions |
678.789 |
|
Sub
Total - Current Liabilities |
8917.766 |
|
|
|
|
TOTAL |
21888.059 |
|
|
|
|
II.
ASSETS |
|
|
(1) Non-current assets |
|
|
(a)
Fixed Assets |
10886.106 |
|
(b) Non-current
Investments |
336.412 |
|
(c) Long-term Loan and
Advances |
531.856 |
|
(d) Other
Non-current assets |
1.689 |
|
Sub
Total - Non-Current Assets |
11756.063 |
|
|
|
|
(2) Current assets |
|
|
(a)
Inventories |
6559.276 |
|
(b)
Trade receivables |
2425.788 |
|
(c)
Cash and cash equivalents |
113.782 |
|
(d)
Short-term loans and advances |
1011.298 |
|
(e)
Other current assets |
21.852 |
|
Sub
Total - Current Assets |
10131.996 |
|
|
|
|
TOTAL |
21888.059 |
Fixed assets:
Tangible Assets
· Freehold Land
· Leasehold Land
· Buildings
· Plant, Machinery and Electrical Installations
· Moulds and Dies
· Furniture, Fixture and Office Equipments
· Vehicles (Owned and Under Finance Lease)
· Sundry Equipments
Intangible Assets
· Computer Software and License Fees
· Technical License / Know How
· Right to Use
WEBSITE DETAILS:
PROFILE:
Founded in 1942, Supreme is an acknowledged leader of
Handling volumes of over 200,000 tonnes of polymers annually, effectively makes
them the country’s largest plastics processors.
They also offer the widest and most comprehensive range of plastic products in
Their 19 advanced plants are powered by technology from world leaders,
and complement their extensive facilities for R and D and new product
development.
In fact, Supreme is credited with pioneering several products in India like
Cross- Laminated Films, HMHD Films, Multilayer Films and SWR Piping Systems to
name a few.
2014-15 will see The Supreme Group turnover touch a projected Rs. 50,000
million (USD 1100 million).
THEIR GROUP:
By the year 2014 – 15, The Suprme group will cross the Rs.100,000
million mark. Strategic technological alliances with world leaders reflect
their commitment to producing with unmatched uncompromising quality.
Their Products have been received very well even nternationally from the most
demanding customers in
AWARDS:
Export Award
to fittings for pipes and hoses (of Plastics) from The Plastic Export Promotion
Council, Mumbai for the year 2006 – 2007
Export Award to fittings for pipes and hoses (of Plastics) from The Plastic Export Promotion Council, Mumbai for the year 2007 – 2008
Export Award to fittings for pipes and hoses (of Plastics) from The Plastic Export Promotion Council, Mumbai for the year 2008 – 2009
Export Award to fittings for pipes and hoses (of Plastics) from The Plastic Export Promotion Council, Mumbai for the year 2009 – 2010
Export Award to fittings for pipes and hoses (of Plastics) from The Plastic Export Promotion Council, Mumbai for the year 2010 – 2011
Export Award to Plastic Pipes – Conduit Fittings and Accessories from The Plastic Export Promotion Council, Mumbai for the year 2002 – 2003
Export Award for Tarapulin from The Plastic Export Promotion Council, Mumbai for the year 2009 - 2010
Export Award to PVC Rigid Sheet / Films from The Plastic Export Promotion Council, Mumbai for the year 2001 – 2002
Export Award for Tarapulin from The Plastic Export Promotion Council, Mumbai for the year 2010 - 2011
Khushkhera unit bagged "The ACMA Award" for "Excellence in Quality and Productivity" in Silver category
Industrial
Products Division signed a Technical Collaboration Agreement with Kumi Kasai
Company Limited of
Khushkhera plant participated in the competition jointly conducted by CII and Maruti for Kaizen and got 1st Prize.
Talegaon plant has been honored with a Trophy towards 'Excellence in Quality' for the year 2010-11
Kheshkhera unit won Overall Manufacturing Excellence Award from Maruti Suzuki I Limited. During 2010-11
Khushkhera unit won Quality System Rating Award for 2010-11 From Maruti Suzuki I Limited.
Khushkhera unit won first prize in 7th Quality Circle Competition held by ACMA. Also won Gold Award from Quality Circle Forum of India.
Best Kaizen Award for Sept 2010 From Whirlpool Cluster for Pondy Unit.
Obtained
recognition for ‘Manufacturing Excellence’ from Maruti Suzuki I. Limited. This
award was received by their Executive Director Shri SJ Taparia at MSIL
conference held in
Khushkhera plant Obtained Vendor Performance Award for 2009-10, for Manufacturing Excellence from Maruti Suzuki I. Limited.
Talegaon Unit won Piaggio Quality Merit Award - Nov.10
Noida Plant
became the first Plant in Plastic Category and IIIrd Plant in the country to
get certified for EN 16001-2009 (Energy Management System) It got this honor on
7th Jan 2010 after clearing certification audit by BSI.
Energy Conservation Award and certificate from Govt. of India in Plastic Category won by Noida plant
Added TCL
Business which is one more NANO theme of Tata Group – Tata Chemical Limited. Talegaon
Unit and got Special Mention Award
Khushkhera plant got certification for BSEn 16001-2009 – Energy Management system. It became Second Plant in Plastic Category and IV Plant in the country to have this honor.
Khushkhera plant Won Award for incoming Quality Improvement from Maruti During Vendor Conference for 2008-09
Quality
Circle Competition held at
Khushkhera unit won Bronze award for Excellence in Quality and Productivity in Plastic Category for 2009-20 from ACMA
Pondy Unit won Best Delivery Performance Award 2008, from Whirlpool of India Limited.
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 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 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.61.95 |
|
|
1 |
Rs.104.02 |
|
Euro |
1 |
Rs.84.95 |
INFORMATION DETAILS
|
Information Gathered
by : |
PRT |
|
|
|
|
Report Prepared
by : |
SMN |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
7 |
|
PAID-UP CAPITAL |
1~10 |
7 |
|
OPERATING SCALE |
1~10 |
7 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
8 |
|
--PROFITABILIRY |
1~10 |
8 |
|
--LIQUIDITY |
1~10 |
8 |
|
--LEVERAGE |
1~10 |
7 |
|
--RESERVES |
1~10 |
8 |
|
--CREDIT LINES |
1~10 |
7 |
|
--MARGINS |
-5~5 |
- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
YES |
|
--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 |
Yes |
|
--OTHER MERIT FACTORS |
YES/NO |
yes |
|
DEFAULTERS |
|
|
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
TOTAL |
|
67 |
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.