MIRA
INFORM REPORT
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Report No. : |
335817 |
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Report Date : |
06.08.2015 |
IDENTIFICATION DETAILS
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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) : |
30.06.2015 |
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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
Million |
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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
: |
Information declined by the management |
RATING & COMMENTS
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MIRA’s Rating : |
Aa (81) |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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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 |
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Status : |
Excellent |
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Payment Behaviour : |
Regular |
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Litigation : |
Exist |
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Comments : |
Subject is a well-established company having a fine track record. The
company operate in segments such as plastic piping systems, packaging products,
industrial components, material handling system, cross-laminated polyethylene
films and products and furniture. The rating reflects company’s healthy operational risk profile over
the years, supported by its diversified revenue profile, addition of new
products in product portfolio and strong market position across segments and
its key financial metrics reported healthy. These rating strengths are partially offset by the company’s exposure
to risks relating to volatile raw material prices and intense competition. Further, the company has good top line growth along with profitability
margin of 7.4% and strong net worth position marked by comfortable liquidity
profile during the year 2015, under a review. However, trade relation are reported as fair. Business is active.
Payment terms are reported to be regular and as per commitment. In view of strong financials backed by healthy operations, the company
can be considered good for normal 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.
EXTERNAL AGENCY RATING
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Rating Agency Name |
CRISIL |
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Rating |
Long Term Rating: AA |
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Rating Explanation |
High degree of safety and very low credit
risk. |
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Date |
March, 2015 |
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Rating Agency Name |
CRISIL |
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Rating |
Short Term Rating: A1+ |
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Rating Explanation |
Very strong degree of safety and lowest credit
risk. |
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Date |
March, 2015 |
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
31-03-2013.
INFORMATION DECLINED
Management non co-operative (91-22-40430000/22851656)
LOCATIONS
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Registered Office : |
612, Raheja Chambers, Nariman Point, Mumbai – 400 021, |
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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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Corporate Office : |
1161 and 1162, Solitaire Corporate Park, 167, Guru Hargovindji Marg,
Andheri Ghatkopar Link Road, Andheri (East), Mumbai – 400 093, Maharashtra,
India |
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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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Protective Packaging - PROTEC
and INSU and DURA – East Zone Division: |
601, Central Plaza, 2/6, Sarat Bose Road, Kolkata – 700
020, West Bengal, India |
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Tel. No.: |
91-33-24858837/ 24858839/ 24858833 |
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E-Mail : |
PROTEC: dura@supreme.co.in ajaymohta_ppd@supreme.co.in |
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Factory : |
Located at: At and Post Kanhe, Taluka Maval, Dist Pune 412106,
Maharashtra, India ·
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: At Post Tathwade, Survey No 69, Tathawade, Opposite Pawar
Flour Mills Tathawade Pune- 411033, Maharashtra, India · Ahmedabad · Bangalore · Chennai · Cochin · Hyderabad · Indore · Kanpur · Kolkata · Mumbai · New Delhi |
DIRECTORS
AS ON 17.09.2014
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Name : |
Mr. B.L. Taparia |
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Designation : |
Chairman |
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Date of Birth/Age : |
25.11.1934 |
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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 |
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Date of Birth/Age : |
22.10.1937 |
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Qualification : |
B.A. |
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Expertise
in specific functional area : |
Industrialist
having rich Business experience |
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Date of Appointment : |
02.08.1966 |
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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) |
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Name : |
Mr. S.J. Taparia |
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Designation : |
Executive Director |
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Date of Birth/Age : |
07.08.1945 |
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Qualification : |
B.E. |
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Expertise
in specific functional area : |
Industrialist
having rich Business experience |
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Date of Appointment : |
15.06.1977 |
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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 |
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Name : |
Mr. V.K. Taparia, |
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Designation : |
Executive Director |
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Date of Birth/Age : |
26.10.1955 |
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Qualification : |
B. Com. |
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Expertise
in specific functional area : |
Industrialist
having rich Business experience |
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Date of Appointment : |
29.10.1984 |
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Chairman / Director of other companies : |
·
Venktesh Investment & Trading Co. Private
Limited ·
World Presidents’ Organization |
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Name : |
Mr. B.V. Bhargava |
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Designation : |
Director |
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Date of Birth/Age : |
16.04.1936 |
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Qualification : |
M. Com., L.L.B |
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Expertise
in specific functional area : |
Overall guidance in forming Business
Policies |
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Date of Appointment : |
25.09.1996 |
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Name : |
Mr. H.S. Parikh |
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Designation : |
Director |
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Date of Birth/Age : |
16.03.1927 |
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Qualification : |
Chartered
Accountant |
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Expertise
in specific functional area : |
Practicing
Chartered Accountant |
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Date of Appointment : |
29.06.1982 |
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Chairman / Director of other companies : |
·
Elecon Engineering Co. Limited ·
Simplex Castings Limited ·
Eimco Elecon (I) Limited |
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Name : |
Mr. N.N. Khandwala |
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Designation : |
Director |
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Name : |
Mr. S.R. Taparia |
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Designation : |
Director |
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Date of Birth/Age : |
24.10.1928 |
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Qualification : |
B.A. (Hons.), L.L.B. |
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Expertise
in specific functional area : |
Overall guidance in forming Business
Policies and Corporate Social Responsibility Work |
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Date of Appointment : |
10.09.1966 |
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Name : |
Mr. Y.P. Trivedi |
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Designation : |
Director |
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Date of Birth/Age : |
06.01.1929 |
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Qualification : |
B Com L. L. B. |
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Expertise
in specific functional area : |
Legal and Tax Expert |
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Date of Appointment : |
30.08.2003 |
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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 |
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Name : |
Smt. Rashna Khan
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Designation : |
Director |
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Date of Birth/Age : |
03.09.1963 |
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Qualification : |
B.A. L.L.B, Solicitor, Mumbai and Solicitor, England & Wales |
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Expertise
in specific functional area : |
Legal |
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Date of Appointment : |
21.07.2014 |
KEY EXECUTIVES
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Name : |
O.P. Roongta |
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Designation : |
Senior Vice-President (Finance) and
Secretary |
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Name : |
Mr. P.V. Prabhu |
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Designation : |
Finance Manager |
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Name : |
Mr. Manish Lakhani |
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Designation : |
Accounts Manager |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 30.06.2015
|
Category
of Shareholder |
Total
No. of Shares |
Total
Shareholding as a % of Total No. of Shares |
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(A)
Shareholding of Promoter and Promoter Group |
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|
3235590 |
2.55 |
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|
59897155 |
47.15 |
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|
17260 |
0.01 |
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|
17260 |
0.01 |
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|
63150005 |
49.71 |
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Total
shareholding of Promoter and Promoter Group (A) |
63150005 |
49.71 |
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(B)
Public Shareholding |
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|
7769996 |
6.12 |
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|
193043 |
0.15 |
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28293834 |
22.27 |
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|
109623 |
0.09 |
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|
109123 |
0.09 |
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|
500 |
0.00 |
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|
36366496 |
28.63 |
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|
4709693 |
3.71 |
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|
17513010 |
13.79 |
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|
4652590 |
3.66 |
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|
635076 |
0.50 |
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|
36852 |
0.03 |
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|
547974 |
0.43 |
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|
39370 |
0.03 |
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|
10880 |
0.01 |
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27510369 |
21.66 |
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Total
Public shareholding (B) |
63876865 |
50.29 |
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Total
(A)+(B) |
127026870 |
100.00 |
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(C)
Shares held by Custodians and against which Depository Receipts have been
issued |
0 |
0.00 |
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|
0 |
0.00 |
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|
0 |
0.00 |
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|
0 |
0.00 |
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Total
(A)+(B)+(C) |
127026870 |
100.00 |
(1) Indian
Individuals / Hindu Undivided Family
Trusts
Shareholding of securities
(including shares, warrants, convertible securities) of persons belonging to
the category Promoter and Promoter Group
|
.No. |
Name of the
Shareholder |
Details of
Shares held |
|
|
No. of Shares
held |
As a % of grand
total (A)+(B)+(C) |
||
|
1 |
Venktesh Investmemt and
Trading Co (P) Limited |
1,96,93,081 |
15.50 |
|
2 |
Jovial Investment and Trading
Co (P) Limited |
1,99,12,082 |
15.68 |
|
3 |
Boon Investment and Trading Co
(P) Limited |
2,02,06,592 |
15.91 |
|
4 |
Suraj Packaging Private Limited
|
6,300 |
0.00 |
|
5 |
Platinum Plastic and
Industries Private Limited |
49,100 |
0.04 |
|
6 |
Balakrishna Prabhu Charitable
Trust |
17,260 |
0.01 |
|
7 |
Space Age Chemplast Private
Limited |
30,000 |
0.02 |
|
8 |
Shivratan Jeetmal Taparia |
7,03,816 |
0.55 |
|
9 |
Mahaveerprasad S Taparia |
7,49,186 |
0.59 |
|
10 |
Vijaykumar Bajranglal Taparia |
3,44,890 |
0.27 |
|
11 |
Bajranglal Surajmal Taparia |
3,67,398 |
0.29 |
|
12 |
Vivek Kumar Taparia |
2,62,230 |
0.21 |
|
13 |
Kamleshdevi M Taparia |
3,47,830 |
0.27 |
|
14 |
Kusumdevi S Taparia |
98,690 |
0.08 |
|
15 |
Priyankadevi Taparia |
1,41,500 |
0.11 |
|
16 |
Viren Vivek Taparia |
2,00,050 |
0.16 |
|
17 |
Anika Vivekkumar Taparia |
20,000 |
0.02 |
|
|
Total |
6,31,50,005 |
49.71 |
Shareholding of
securities (including shares, warrants, convertible securities) of persons
belonging to the category Public and holding more than 1% of the total number
of shares
|
l. No. |
Name of the
Shareholder |
No. of Shares
held |
Shares as % of Total
No. of Shares |
|
|
1 |
Nalanda India Fund Limited |
8176502 |
6.44 |
|
|
2 |
Cartica Capital Limited |
3518856 |
2.77 |
|
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3 |
HDFC Trustee Company Limited
A/c HDFC Mid Capoopportunities Fund |
2490100 |
1.96 |
|
|
4 |
Matthews India Fund |
1895000 |
1.49 |
|
|
5 |
JPMorgan Emerging Markets
Investment Trust PL |
1479890 |
1.17 |
|
|
|
Total |
17560348 |
13.82 |
Shareholding of
securities (including shares, warrants, convertible securities) of persons (together
with PAC) belonging to the category “Public” and holding more than 5% of the
total number of shares of the company
|
l. No. |
Name(s) of the
shareholder(s) and the Persons Acting in Concert (PAC) with them |
No. of Shares |
Shares as % of
Total No. of Shares |
|
|
1 |
Nalanda India Fund Limited |
8176502 |
6.44 |
|
|
|
Total |
8176502 |
6.44 |
BUSINESS DETAILS
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Line of Business : |
Subject is engaged mainly in production of plastic products. |
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Products : (As on 30.06.2014) |
· 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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Brand Names : |
Not Available |
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Agencies Held : |
Not Available |
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Exports : |
Not Divulged |
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Imports : |
Not Divulged |
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Terms : |
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Selling : |
Not Divulged |
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Purchasing : |
Not Divulged |
GENERAL INFORMATION
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Suppliers : |
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Customers : |
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No. of Employees : |
Information declined by the management |
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Bankers : (As on 30.06.2014) |
· Central Bank of India, Fort, Mumbai – 400 023, Maharashtra, India · Axis Bank Limited · BNP Paribas · ICICI Bank Limited · IDBI Bank Limited · State Bank of India · Standard Chartered Bank · Vijaya Bank · Bank of Baroda |
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Facilities : |
Notes: LONG
TERM BORROWINGS (As on 30.06.2014) 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 c)
In respect of external commercial borrowings of
i) USD 20 million from HSBC Bank (Mauritius) Ltd. ii) USD 2 million from
Standard Chartered bank U.K. and iii) USD 4 million from State Bank of India,
Dubai, outstanding as on 30th June2014, the company has entered into
derivative contracts to hedge each of the said loans for hedging i) currency
risk on principal as well as interest and ii) interest rate fluctuation. This
has the effect of freezing the rupee equivalent of the entire liability, as
reflected under the head of borrowings. Thus there is no impact in the profit
and Loss arising out of exchange or interest rate fluctuations for the duration
of the loan. Consequently there is no restatement of the loans taken in
foreign currency. The interest payable in Indian rupees on the derivative
contracts is duly accounted for in the statement of Profit & Loss. SHORT
TERM BORROWINGS (As on 30.06.2014) 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. |
|
Financial Institution : (As on
30.06.2014) |
GE
Money Financial Services Private Limited, 401-402, 4th Floor,
Aggarwal Millennium Tower, E 123, Netaji Subhash Place, Pitampura, Delhi –
110 034, India |
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Auditors : (As on
30.06.2014) |
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Name : |
Chhogmal and Company Chartered Accountants |
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Address : |
Mumbai, |
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Memberships : |
Not Available |
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Collaborators : |
Not Available |
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Subsidiary Company : (As on
30.06.2014) |
The Supreme
Industries Overseas FZE |
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Associates : (As on
30.06.2014) |
·
Supreme
Petrochem Limited ·
Supreme
Capital Management Limited ·
Platinum
Plastics and Industries Private Limited ·
Suraj
Packaging Private Limited ·
Venkatesh
Investment and Trading Company Private Limited ·
Jovial
Investment and Trading Company Private Limited ·
Boon
Investment and Trading Company Private Limited |
CAPITAL STRUCTURE
AS ON 17.09.2014
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
150000000 |
Equity Shares |
Rs.2/- each |
Rs.300.000 Million |
|
11200000 |
Preference Shares |
Rs.10/- each |
Rs.112.000 Million |
|
33800000 |
Unclassified Shares |
Rs.10/- each |
Rs.338.000 Million |
|
|
Total |
|
Rs.750.000
Million |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
127026870 |
Equity Shares |
Rs.2/- each |
Rs.254.054
Million |
|
|
|
|
|
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 30.06.2014 |
|
|
No.
of Equity Shares |
%
of Holding |
|
|
Boon Investment and Trading Company
Private Limited |
20206592 |
15.91% |
|
Jovial Investment and Trading Company
Private Limited |
19912082 |
15.68% |
|
Venkatesh Investment and Trading Company
Private Limited |
19693081 |
15.50% |
|
Nalanda India Fund Limited |
8176502 |
6.44% |
*Shares held less than 5% as on 30th June, 2014
The
reconciliation of the number of equity shares outstanding is set out below:
|
|
As at 30.06.2014 |
|
|
Numbers |
Amount (Rs.
in Million) |
|
|
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 Million]
ABRIDGED
BALANCE SHEET
|
SOURCES OF FUNDS |
30.06.2015 |
30.06.2014 |
30.06.2013 |
|
I.
EQUITY
AND LIABILITIES |
|
|
|
|
(1)
Shareholders' Funds |
|
|
|
|
(a) Share Capital |
254.054 |
254.054 |
254.054 |
|
(b) Reserves & Surplus |
10981.436 |
9395.260 |
7770.962 |
|
(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) |
11235.490 |
9649.314 |
8025.016 |
|
|
|
|
|
|
(3) Non-Current Liabilities |
|
|
|
|
(a) Long-term borrowings |
2329.387 |
2646.458 |
2317.628 |
|
(b) Deferred tax liabilities (Net) |
895.081 |
1167.513 |
906.518 |
|
(c) Other long term liabilities |
27.003 |
27.975 |
30.462 |
|
(d) Long-term provisions |
88.054 |
83.469 |
99.477 |
|
Total Non-current Liabilities (3) |
3339.525 |
3925.415 |
3354.085 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a) Short term borrowings |
958.560 |
1199.226 |
1771.093 |
|
(b) Trade payables |
3005.205 |
2778.955 |
3487.544 |
|
(c) Other current
liabilities |
2583.415 |
2434.844 |
1869.979 |
|
(d) Short-term provisions |
1569.281 |
1038.716 |
1049.610 |
|
Total Current Liabilities (4) |
8116.461 |
7451.741 |
8178.226 |
|
|
|
|
|
|
TOTAL |
22691.476 |
21026.470 |
19557.327 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a) Fixed Assets |
|
|
|
|
(i) Tangible assets |
11322.993 |
10820.038 |
10199.842 |
|
(ii) Intangible Assets |
0.000 |
58.992 |
77.566 |
|
(iii) Capital
work-in-progress |
0.000 |
180.794 |
330.456 |
|
(iv)
Intangible assets under development |
0.000 |
0.000 |
0.000 |
|
(b) Non-current Investments |
336.406 |
336.412 |
336.412 |
|
(c) Deferred tax assets (net) |
0.000 |
0.000 |
0.000 |
|
(d) Long-term Loan and Advances |
917.000 |
682.277 |
475.176 |
|
(e) Other Non-current assets |
2.293 |
2.129 |
1.921 |
|
Total Non-Current Assets |
12578.692 |
12080.642 |
11421.373 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a) Current investments |
0.000 |
4976.470 |
4668.037 |
|
(b) Inventories |
4646.703 |
2349.797 |
2039.185 |
|
(c) Trade receivables |
2376.293 |
242.175 |
227.553 |
|
(d) Cash and cash
equivalents |
1814.729 |
1361.406 |
1184.061 |
|
(e) Short-term loans and
advances |
1261.240 |
15.980 |
17.118 |
|
(f) Other current assets |
13.819 |
0.000 |
0.000 |
|
Total Current Assets |
10112.784 |
8945.828 |
8135.954 |
|
|
|
|
|
|
TOTAL |
22691.476 |
21026.470 |
19557.327 |
PROFIT
& LOSS ACCOUNT
|
|
PARTICULARS |
30.06.2015 |
30.06.2014 |
30.06.2013 |
|
|
|
SALES |
|
|
|
|
|
|
|
Revenue from
operations |
42546.776 |
39619.023 |
34030.743 |
|
|
|
Other Income |
67.720 |
104.413 |
38.918 |
|
|
|
TOTAL (A) |
42614.496 |
39723.436 |
34069.661 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Cost of materials
consumed |
26324.572 |
26442.187 |
22410.556 |
|
|
|
Purchases of
Traded Goods |
1691.771 |
1628.145 |
1226.535 |
|
|
|
Changes in
inventories of finished goods, work-in-progress and traded goods |
(0.912) |
(579.613) |
(628.706) |
|
|
|
Cost of Premises Sold |
373.211 |
|
|
|
|
|
Power and Fuel Expenses |
1464.026 |
|
|
|
|
|
Employee benefits
expenses |
1674.952 |
1433.544 |
1269.918 |
|
|
|
Other expenses |
4360.405 |
4808.922 |
4397.376 |
|
|
|
TOTAL (B) |
|
33733.185 |
28675.679 |
|
|
|
|
|
|
|
|
Less |
PROFIT/
(LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
6726.471 |
5990.251 |
5393.982 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
579.497 |
761.404 |
523.461 |
|
|
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
6146.974 |
5228.847 |
4870.521 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
1389.506 |
1015.395 |
817.088 |
|
|
|
|
|
|
|
|
|
|
PROFIT/ (LOSS)
BEFORE TAX (E-F) (G) |
4757.468 |
4213.452 |
4053.433 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
1600.400 |
1399.789 |
1329.935 |
|
|
|
|
|
|
|
|
|
|
PROFIT/ (LOSS)
AFTER TAX (G-H) (I) |
3157.068 |
2813.663 |
2723.498 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
Export (On FOB Basis) |
|
813.114 |
765.383 |
|
|
TOTAL EARNINGS |
NA |
813.114 |
765.383 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw Materials & Components |
|
10853.334 |
7277.530 |
|
|
|
Stores & Spares |
|
106.298 |
26.463 |
|
|
|
Capital Goods |
|
190.137 |
1261.400 |
|
|
TOTAL IMPORTS |
|
11149.769 |
8565.393 |
|
|
|
|
|
|
|
|
|
|
Earnings/ (Loss)
Per Share (Rs.) |
12.58 |
22.15 |
21.44 |
|
CURRENT MATURITIES OF LONG TERM DEBT DETAILS
|
Particulars |
30.06.2015 |
30.06.2014 |
30.06.2013 |
|
Current Maturities of Long term debt |
NA |
609.291 |
973.274 |
|
Cash generated from operations |
NA |
5166.518 |
(1166.8.24) |
|
Net cash flows from (used in) operation |
NA |
4052.546 |
35189.22 |
KEY
RATIOS
|
PARTICULARS |
|
30.06.2015 |
30.06.2014 |
30.06.2013 |
|
Net Profit Margin (PAT/Sales) |
(%) |
7.42 |
7.10 |
8.00 |
|
|
|
|
|
|
|
Operating Profit Margin (PBDIT/Sales) |
(%) |
15.81 |
15.12 |
15.85 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
21.28 |
20.54 |
21.46 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.42 |
0.44 |
0.51 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt/Networth) |
|
0.29 |
0.40 |
0.51 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.25 |
1.20 |
0.99 |
STOCK
PRICES
|
Face Value |
Rs.2.00 |
|
Market Value |
Rs.648.55 |
FINANCIAL ANALYSIS
[all figures are
in Rupees Million]
DEBT EQUITY RATIO
|
Particular |
30.06.2013 |
30.06.2014 |
30.06.2015 |
|
|
(Rs.
In Million) |
(Rs.
In Million) |
(Rs.
In Million) |
|
Share Capital |
254.054 |
254.054 |
254.054 |
|
Reserves & Surplus |
7770.962 |
9395.260 |
10981.436 |
|
Net
worth |
8025.016 |
9649.314 |
11235.490 |
|
|
|
|
|
|
long-term borrowings |
2317.628 |
2646.458 |
2329.387 |
|
Short term borrowings |
1771.093 |
1199.226 |
958.560 |
|
Current Maturities of
Long-Term Debts |
973.274 |
609.291 |
0.000 |
|
Total
borrowings |
5061.995 |
4454.975 |
3287.947 |
|
Debt/Equity
ratio |
0.631 |
0.462 |
0.293 |
YEAR-ON-YEAR GROWTH
|
Year
on Year Growth |
30.06.2013 |
30.06.2014 |
30.06.2015 |
|
|
(Rs.
In Million) |
(Rs.
In Million) |
(Rs.
In Million) |
|
Sales |
34030.743 |
39619.023 |
42546.776 |
|
|
|
16.421 |
7.390 |
NET PROFIT MARGIN
|
Net
Profit Margin |
30.06.2013 |
30.06.2014 |
30.06.2015 |
|
|
(Rs.
In Million) |
(Rs.
In Million) |
(Rs.
In Million) |
|
Sales |
34030.743 |
39619.023 |
42546.776 |
|
Profit |
2723.498 |
2813.663 |
3157.068 |
|
|
8.00% |
7.10% |
7.42% |
LOCAL AGENCY FURTHER INFORMATION
|
Sr. No. |
Check List by Info
Agents |
Available in Report (Yes / No) |
|
1] |
Year of establishment |
Yes |
|
2] |
Constitution of the entity -Incorporation
details |
Yes |
|
3] |
Locality of the entity |
Yes |
|
4] |
Premises details |
No |
|
5] |
Buyer visit details |
-- |
|
6] |
Contact numbers |
No |
|
7] |
Name of the person contacted |
No |
|
8] |
Designation of contact person |
Yes |
|
9] |
Promoter’s background |
Yes |
|
10] |
Date of Birth of Proprietor / Partners /
Directors |
Yes |
|
11] |
Pan Card No. of Proprietor / Partners |
No |
|
12] |
Voter Id Card No. of Proprietor / Partners |
No |
|
13] |
Type of business |
Yes |
|
14] |
Line of Business |
Yes |
|
15] |
Export/import details (if applicable) |
No |
|
16] |
No. of employees |
No |
|
17] |
Details of sister concerns |
|
|
18] |
Major suppliers |
No |
|
19] |
Major customers |
No |
|
20] |
Banking Details |
Yes |
|
21] |
Banking facility details |
No |
|
22] |
Conduct of the banking account |
-- |
|
23] |
Financials, if provided |
Yes |
|
24] |
Capital in the business |
Yes |
|
25] |
Last accounts filed at ROC, if applicable |
Yes |
|
26] |
Turnover of firm for last three years |
Yes |
|
27] |
Reasons for variation <> 20% |
-- |
|
28] |
Estimation for coming financial year |
No |
|
29] |
Profitability for last three years |
Yes |
|
30] |
Major shareholders, if available |
Yes |
|
31] |
External Agency Rating, if available |
Yes |
|
32] |
Litigations that the firm/promoter
involved in |
Yes |
|
33] |
Market information |
-- |
|
34] |
Payments terms |
No |
|
35] |
Negative Reporting by Auditors in the
Annual Report |
No |
LITIGATION DETAILS
|
LITIGATION DETAILS |
||||||
|
Bench:- Bombay |
||||||
|
Lodging No:- |
NMAL/1739/2012 |
Failing Date:- |
23.05.2012 |
|||
|
Main Matter |
||||||
|
Lodging No:- |
ITXAL/2015/2008 |
|
Reg. No.:- |
ITXA/6598/2010 |
|
|
|
|
||||||
|
Petitioner:- |
THE COMMISIONER OF INCOME TAX- LTI |
Respondent:- |
THE SUPREME INDUSTRIES LIMITED, MUMBAI |
|||
|
Petn.Adv:- |
SURESH KUMAR (0) |
|
||||
|
District:- |
MUMBAI |
|||||
|
|
||||||
|
Bench:- |
DIVISION |
Category: |
NOTICE OF MOTION (TAX) |
|||
|
Status:- |
Pre-Admission |
Stage:- |
|
|||
|
Last Date:- |
11.06.2012 |
|||||
|
Last Coram:- |
REGISTRAR (OS)/PROTHONOTARY AND SR. MASTER |
|||||
UNSECURED LOANS
|
UNSECURED LOANS |
30.06.2015 (Rs.
in Million) |
30.06.2014 (Rs.
in Million) |
|
|
|
|
|
Fixed Deposits |
|
0.000 |
|
Deferred payment liabilities (Under Sales Tax Deferral Scheme) |
|
20.781 |
|
Long term maturities of finance lease
obligations |
|
0.000 |
|
SHORT
TERM BORROWINGS |
|
|
|
Rupee Loans from Banks |
|
0.000 |
|
Foreign Currency Loans - Buyer's Credit |
|
1005.719 |
|
Total
|
NA |
1026.500 |
INDEX OF CHARGES:
|
S.No. |
Charge ID |
Date of Charge Creation/Modification |
Charge amount secured |
Charge Holder |
Address |
Service Request Number (SRN) |
|
1 |
10502087 |
04/06/2014 |
1,190,000,000.00 |
HSBC BANK (MAURITIUS) LIMITED |
6TH FLOOR, HSBC CENTRE, 18 CYBERCITY, EBENE, - |
C06171409 |
|
2 |
10453658 |
27/09/2013 |
1,200,000,000.00 |
BNP PARIBAS |
EAST TOWERS (SOOD TOWERS), 8TH FLOOR,, 25, BARAKH |
B86964384 |
|
3 |
10294799 |
29/10/2012 * |
451,600,000.00 |
STATE BANK OF INDIA |
Corporate Accounts Group Branch, Neville House, |
B62771910 |
|
4 |
10267540 |
22/03/2012 * |
500,000,000.00 |
GE MONEY FINANCIAL SERVICES PVT LTD |
401 402 4TH FLOORAGGARWAL MILLENIUM TOWER, E 1 2 3 |
B39333679 |
|
5 |
10194519 |
09/12/2009 |
600,000,000.00 |
YES BANK LIMITED |
NEHRU CENTRE, 9TH FLOOR, DISCOVERY OF INDIA, DR. |
A76551795 |
|
6 |
90234334 |
09/10/2013 * |
5,000,000,000.00 |
CENTRAL BANK OF INDIA |
CORPORATE FINANCE BRANCH, MUMBAI MAIN OFFICE BLDG, |
B87675369 |
* Date of charge modification
SUPREME PETROCHEM
LIMITED (SPL) (As on 30.06.2014)
The Board of
Directors of Supreme Petrochem Ltd (SPL) - promoted jointly by the Company and
the R Raheja Group has recommended a dividend of Rs. 1.50 per Equity Share of
Rs. 10 each for the year ended June 30, 2014. Net revenues and net profit for
the year were R 32642.900 Million and Rs. 305.800 Million, respectively.
SUBSIDIARY COMPANY
(As on 30.06.2014)
The Supreme
Industries Overseas (FZE), a wholly owned subsidiary of the Company incorporated
in SAIF Zone, UAE continues to support company’s plans to increases exports in
Gulf and Middle East countries. In spite of negative sentiments and slowdown in
construction activity globally, it has managed to secure growth during the
year, in exports of piping system. It has presence in more than 19 countries in
the region and customers are being well serviced by the company.
This company has
made a profit of AED 1,31,551/- equivalent to Rs 2.161 million during the year.
Company will continue to participate in various international exhibitions to
spread & improve the brand name and in turn expand the export volume.
MANAGEMENT DISCUSSION AND ANALYSIS (As on 30.06.2014)
OVERVIEW
The World economy
has started showing signs of recovery led by USA and followed by Europe and
Japan. The Indian economy went through a difficult phase of lower GDP growth in
the year 2013-14 with substantial contraction in demand for Automobiles and
consumer appliances.
The Housing
Segment also has experienced quite a low demand growth during the year. The
investment cycle was quite affected due to several land, environment and mining
Policy level issues. Overall this has resulted in lower growth of Country’s
economy compared to its potential. The country has witnessed a historical
election cycle in April and May this year. A stable Government has emerged
after this election for next five years.
The new Government
is committed to put the economy on growth path with a focus on job creation. It
is committed to give impetus to manufacturing activity which has shown a
negative trend in last year. The 2014-15 Central Budget announced by the
Government in July gave directional push to the economy with a commitment to
boost infrastructure activities and open up several job opportunities. The
focus is on affordable Housing, road connectivity and investment push and it
augurs well for the Company’s business plans for the year 2014-15 and beyond.
INDUSTRY STRUCTURE
AND DEVELOPMENT (As on 30.06.2014)
The Polymer
consumption in the Country has seen a marginal de-growth in July 2013- June 14
period. Overall consumption Nos. stay at around 11 million tons for entire
range of Plastics in the year 2013-14. It is expected that consumption of
plastics may start on growth path in the current year. The imports of Plastics
products, however, are still growing steadily. A large percentage of such
imports are coming heavily under-invoiced which affects several local
convertors by distorting their operational economy.
The Company
observes that in several segments, the share of business of organized players
are growing compared to un-organized players. There is a shift towards consumer
preference to buy quality branded goods. This offers opportunities to the
Company to grow it’s business even in newer segments requiring quality plastics
products.
PRODUCT GROUPS (As
on 30.06.2014)
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) (As on 30.06.2014)
The net turnover
(including other income) of the Company was Rs.39723.400 Million (including
Rs.1718.900 Million by way of trading in other related products and Rs.602.000
Million from sale of premises) as against Rs.34069.700 Million (including
Rs.1138.000 Million by way of trading in other related products and Rs.160.000
Million from sales of premises) of the previous year.
The Company during
the year processed 2,75,463 tons of Polymers as against 2,70,650 tons of
Polymers in the previous year, reflecting a growth of 1.78% in Polymer
consumption.
The Company
exported goods worth US $ 13.58 million as against US $ 14.32 million
(excluding discontinued business of PP Mats) in the previous year registering a
growth of 5.17%.
Profit before
interest, depreciation and exceptional items and taxes during the year have gone
up by Rs.596.300 Million from Rs.5394.000 Million to Rs.5990.300 Million during
the year.
CONTINGENT LIABILITIES:
|
Particulars |
30.06.2015 (Rs.
in Million) |
30.06.2014 (Rs.
in Million) |
|
Bills/Cheques
discounted |
|
107.240 |
|
Bank Guarantees
issued by Bankers |
|
287.313 |
|
Claim against
the company including Show-cause-cum-demand Notices in relation to Central
Excise and Service Tax not acknowledged as Debts |
|
101.976 |
|
Disputed Income
Tax Demands |
|
244.484 |
|
Disputed Sales
Tax / Entry Tax Demands |
|
110.320 |
|
Other claims
against the company not acknowledged as debts |
|
28.872 |
|
Future
obligation of exports towards imported capital goods at concessional rate of
duty under EPCG Scheme. |
NA |
535.208 |
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
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.63.81 |
|
UK Pound |
1 |
Rs.99.15 |
|
Euro |
1 |
Rs.69.31 |
INFORMATION DETAILS
|
Information Gathered
by : |
SUM |
|
|
|
|
Analysis Done by
: |
TRI |
|
|
|
|
Report Prepared
by : |
SUJ |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
9 |
|
PAID-UP CAPITAL |
1~10 |
9 |
|
OPERATING SCALE |
1~10 |
9 |
|
FINANCIAL
CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
9 |
|
--PROFITABILIRY |
1~10 |
9 |
|
--LIQUIDITY |
1~10 |
9 |
|
--LEVERAGE |
1~10 |
9 |
|
--RESERVES |
1~10 |
9 |
|
--CREDIT LINES |
1~10 |
9 |
|
--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 |
|
81 |
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.