MIRA INFORM REPORT

Report No. :	304605
Report Date :	27.01.2015

IDENTIFICATION DETAILS

Name :	SUPREME POLYTUBES LIMITED (w.e.f.06.11.2009)

Formerly Known As :	SUPREME POLYTUBES PRIVATE LIMITED

Registered Office :	Bugrian Road, Dhuri – 148024, Punjab

Country :	India

Financials (as on) :	31.03.2014

Date of Incorporation :	19.12.2002

Com. Reg. No.:	16-025653

Capital Investment / Paid-up Capital :	Rs. 14.649 millions

CIN No.: [Company Identification No.]	U25209PB2002PLC025653

IEC No.:	Not Available

TAN No.: [Tax Deduction & Collection Account No.]	Not Available

PAN No.: [Permanent Account No.]	Not Available

Legal Form :	A Closely Held Public Limited Liability Company

Line of Business :	Manufacturers PVC Pipes and trades in PVC Resins.

No. of Employees :	Not Divulged

RATING & COMMENTS

MIRA’s Rating :

B (29)

RATING		STATUS	PROPOSED CREDIT LINE
26-40	B	Capability to overcome financial difficulties seems comparatively below average.	Small

Maximum Credit Limit :	USD 86000

Status :	Moderate

Payment Behaviour :	Slow

Litigation :	Clear

Comments :	Subject is an established company having moderate track. Management has reported highly leveraged gearing and low profitability margins during FY14. However, that relations seem to be fair. Business is active. Payment terms are reported as slow. In view of modest scale of its operations, the company can be considered for business dealings with great caution.

NOTES :

Any query related to this report can be made on e-mail : infodept@mirainform.com while quoting report number, name and date.

ECGC Country Risk Classification List – September 30, 2014

Country Name

Previous Rating

(30.06.2014)

Current Rating

(30.09.2014)

India

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

EXTERNAL AGENCY RATING

Rating Agency Name	CRISIL
Rating	Long term rating “B” (Suspended)
Rating Explanation	High risk of default regarding timely servicing of financial obligations
Date	November 24, 2014

Rating Agency Name	CRISIL
Rating	Short term rating “A4” (Suspended)
Rating Explanation	Minimal degree of safety and very high credit risk
Date	November 24, 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 31-03-2014.

INFORMATION DENIED BY

Name :	Mr. Sanjeev Kumar Goyal
Designation :	Director
Contact No.:	91-9876912301
Date :	21.01.2015

LOCATIONS

Registered Office/ Factory :	Bugrian Road, Dhuri – 148024, Punjab. India
Tel. No.:	Not Available
Fax No.:	Not Available
E-Mail :	harshgoyalcs@gmail.com singlaca223418@gmail.com

DIRECTORS

As on 30.09.2014

Name :

Mr. Sanjeev Kumar

Designation :

Director

Address :

H. No 278 Ward No.16b Near S.B.O.P Dhuri Distt Sangrur, India

Date of Appointment :

19.09.2002

DIN No.:

01151629

Other Directorship :

S.No.	CIN/LLPIN	Name of the Company/ LLP	Current designation of the Director/ Designated Partner	Date of appointment at current designation	Original date of appointment	Date of cessation	Company/ LLP Status	Defaulting status
1	U25209PB2002PLC025653	SUPREME POLYTUBES LIMITED	Managing director	19/12/2002	19/12/2002	-	Active	NO
2	U74999DL2013PLC260856	SUPREME IMPORT EXPORT LIMITED	Director	25/11/2013	25/11/2013	-	Active	NO

Name :

Mr. Rajiv Kumar

Designation :

Director

Address :

H. No 278 Ward No.16b Near S.B.O.P Dhuri Distt Sangrur, India

Date of Appointment :

19.02.2002

DIN No.:

01026241

Other Directorship :

S.No.	CIN/LLPIN	Name of the Company/ LLP	Current designation of the Director/ Designated Partner	Date of appointment at current designation	Original date of appointment	Date of cessation	Company/ LLP Status	Defaulting status
1	U25209PB2002PLC025653	SUPREME POLYTUBES LIMITED	Director	19/12/2002	19/12/2002	-	Active	NO
2	U74999DL2013PLC260856	SUPREME IMPORT EXPORT LIMITED	Director	30/09/2014	09/01/2014	-	Active	NO

Name :

Shelly Goyal

Designation :

Director

Address :

H. No 278 Ward No.16b Near S.B.O.P Dhuri Distt Sangrur, India

Date of Appointment :

30.09.2010

DIN No.:

02687607

Other Directorship :

S.No.	CIN/LLPIN	Name of the Company/ LLP	Current designation of the Director/ Designated Partner	Date of appointment at current designation	Original date of appointment	Date of cessation	Company/ LLP Status	Defaulting status
1	U25209PB2002PLC025653	SUPREME POLYTUBES LIMITED	Director	30/09/2010	01/10/2009	-	Active	NO

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 30.09.2014

SHAREHOLDING DETAILS FILE ATTACHED

Equity Share Break up (Percentage of Total Equity)

Category	Percentage
Directors or relatives of Directors	80.94
Other top fifty shareholders	19.06
Total	100.00

BUSINESS DETAILS

Line of Business :	Manufacturers PVC Pipes and trades in PVC Resins.

Products :	Not Available

Brand Names :	Not Available

Agencies Held :	Not Available

Exports :	Not Divulged

Imports :	Not Divulged

Terms :
Selling :	Not Divulged

Purchasing :	Not Divulged

PRODUCTION STATUS NOT AVAILABLE

GENERAL INFORMATION

Suppliers :

Reference :	Not Divulged
Name of the Person :	Not Divulged
Contact No.:	Not Divulged
Since How Long Known :	Not Divulged
Experience :	Not Divulged
Maximum Limit Dealt :	Not Divulged

Customers :

Reference :	Not Divulged
Name of the Person :	Not Divulged
Contact No.:	Not Divulged
Since How Long Known :	Not Divulged
Experience :	Not Divulged
Maximum Limit Dealt :	Not Divulged

No. of Employees :

Not Divulged

Bankers :

Banker Name :	Punjab National Bank
Branch Address :	Main Dhuri, Dhuri - 148024, Punjab, India
Facilities :	Not Divulged
Person Name :	Not Divulged
Contact No.:	Not Divulged
Report :	Not Divulged
Name of Account Holder	Not Divulged
Account Number	Not Divulged
Account Since (Date/Year of Account Opening)	Not Divulged
Average Balance Maintained (If Possible)	Not Divulged
Credit Facilities Enjoyed (If any)	Not Divulged
Account Operation	Not Divulged
Remarks (If any)	Not Divulged

Facilities :

(Rs. In Millions)

SECURED LOAN	As on 31.03.2014	As on 31.03.2013
Long Term Borrowing
Vehicle Loan under Hire Purchases Agreement from HDFC Bank Limited ( Against Hypothecation of Tempo ) (Total Installment 36 of EMI 27300.00)	0.584	0.000
		0
Short Term Borrowing
Punjab National Bank, Main Branch (C/C) Dhuri ( Against Hypothecation of Stocks & Book Debt)	93.057	60.385
Punjab National Bank, Main Branch (C/C) Dhuri (Against Fixed Deposits)	0.000	22.600
Punjab National Bank, Dubai , Buyer Credit	20.727	32.517
Total	114.368	115.502

Auditors :
Name :	J Singla and Associates Chartered Accountant
Address :	Old Anaj Madni, Near Tehsil Chowk, Dhuri – 148024, Punjab, India
Tel. No.:	91-1675-223418/91-1675-653018
Mobile No.:	91-9814801585 91-9914801585
E-Mail :	singla_ca@yahoo.co.in singlaca223418@gmail.com
PAN No.:	ATNPS0458G

Memberships :	Not Available

Collaborators :	Not Available

Associates/Subsidiaries :	Not Available

CAPITAL STRUCTURE

As on 30.09.2014

Authorised Capital :

No. of Shares	Type	Value	Amount

3000000	Equity Shares	Rs.10/- each	Rs.30.000 millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount

1464870	Equity Shares	Rs.10/- each	Rs.14.649 millions

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS	31.03.2014	31.03.2013	31.03.2012
I. EQUITY AND LIABILITIES
(1)Shareholders' Funds
(a) Share Capital	14.649	13.537	13.537
(b) Reserves & Surplus	15.302	12.136	10.542
(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)	29.951	25.673	24.079

(3) Non-Current Liabilities
(a) long-term borrowings	28.243	48.377	12.782
(b) Deferred tax liabilities (Net)	0.000	0.000	0.000
(c) Other long term liabilities	0.000	0.000	0.000
(d) long-term provisions	0.000	0.000	0.000
Total Non-current Liabilities (3)	28.243	48.377	12.782

(4) Current Liabilities
(a) Short term borrowings	113.784	115.502	79.078
(b) Trade payables	47.784	34.253	10.994
(c) Other current liabilities	3.593	7.884	11.801
(d) Short-term provisions	0.958	0.730	0.507
Total Current Liabilities (4)	166.119	158.369	102.380

TOTAL	224.313	232.419	139.241

II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	5.127	4.301	5.328
(ii) Intangible Assets	0.000	0.000	0.000
(iii) Capital work-in-progress	0.000	0.000	0.000
(iv) Intangible assets under development	0.000	0.000	0.000
(b) Non-current Investments	7.441	33.186	0.312
(c) Deferred tax assets (net)	0.081	0.053	0.006
(d) Long-term Loan and Advances	0.000	0.000	0.000
(e) Other Non-current assets	0.000	0.000	0.000
Total Non-Current Assets	12.649	37.540	5.646

(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	74.509	49.163	19.735
(c) Trade receivables	122.923	73.690	62.648
(d) Cash and cash equivalents	8.175	54.699	34.985
(e) Short-term loans and advances	6.057	17.327	16.227
(f) Other current assets	0.000	0.000	0.000
Total Current Assets	211.664	194.879	133.595

TOTAL	224.313	232.419	139.241

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2014	31.03.2013	31.03.2012
	SALES
		Income	312.316	264.927	150.237
		Other Income	1.605	1.079	1.414
		TOTAL (A)	313.921	266.006	151.651

Less	EXPENSES
		Cost of Materials Consumed	287.785	247.736	125.581
		Changes in inventories of finished goods, work-in-progress and Stock-in-Trade	(8.698)	(10.782)	1.880
		Employees benefits expense	4.124	3.767	4.252
		Other expenses	11.630	11.465	10.462
		TOTAL (B)	294.841	252.186	142.175

Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		19.080	13.820	9.476

Less	FINANCIAL EXPENSES (D)		15.159	10.764	6.956

	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		3.921	3.056	2.520

Less/ Add	DEPRECIATION/ AMORTISATION (F)		0.912	0.742	0.827

	PROFIT BEFORE TAX (E-F) (G)		3.009	2.314	1.693

Less	TAX (H)		0.930	0.683	0.371

	PROFIT AFTER TAX (G-H) (I)		2.079	1.631	1.322

	Earnings Per Share (Rs.)		1.42	1.21	0.98

KEY RATIOS

PARTICULARS		31.03.2014	31.03.2013	31.03.2012
Net Profit Margin (PAT / Sales)	(%)	0.67	0.62	0.88

Operating Profit Margin (PBDIT/Sales)	(%)	6.11	5.22	6.31

Return on Total Assets (PBT/Total Assets}	(%)	1.39	1.16	1.22

Return on Investment (ROI) (PBT/Networth)		0.10	0.09	0.07

Debt Equity Ratio (Total Debt /Networth)		4.74	6.38	3.81

Current Ratio (Current Asset/Current Liability)		1.27	1.23	1.30

FINANCIAL ANALYSIS

[all figures are in Rupees Millions]

DEBT EQUITY RATIO

Particular	31.03.2012	31.03.2013	31.03.2014
	(Rs. In Millions)	(Rs. In Millions)	(Rs. In Millions)
Share Capital	13.537	13.537	14.649
Reserves & Surplus	10.542	12.136	15.302
Net worth	24.079	25.673	29.951

long-term borrowings	12.782	48.377	28.243
Short term borrowings	79.078	115.502	113.784
Total borrowings	91.860	163.879	142.027
Debt/Equity ratio	3.815	6.383	4.742

YEAR-ON-YEAR GROWTH

Year on Year Growth	31.03.2012	31.03.2013	31.03.2014
	(Rs. In Millions)	(Rs. In Millions)	(Rs. In Millions)
Sales	150.237	264.927	312.316
		76.339	17.888

NET PROFIT MARGIN

Net Profit Margin	31.03.2012	31.03.2013	31.03.2014
	(Rs. In Millions)	(Rs. In Millions)	(Rs. In Millions)
Sales	150.237	264.927	312.316
Profit	1.322	1.631	2.079
	0.88%	0.62%	0.67%

LOCAL AGENCY FURTHER INFORMATION

Sr. No.	Check List by Info Agents	Available in Report (Yes / No)
1]	Year of Establishment	Yes
2]	Locality of the firm	Yes
3]	Constitutions of the firm	Yes
4]	Premises details	No
5]	Type of Business	Yes
6]	Line of Business	Yes
7]	Promoter's background	Yes
8]	No. of employees	No
9]	Name of person contacted	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	No
17]	Major suppliers	No
18]	Major customers	No
19]	Payments terms	No
20]	Export / Import details (if applicable)	No
21]	Market information	----------------------
22]	Litigations that the firm / promoter involved in	----------------------
23]	Banking Details	Yes
24]	Banking facility details	Yes
25]	Conduct of the banking account	----------------------
26]	Buyer visit details	----------------------
27]	Financials, if provided	Yes
28]	Incorporation details, if applicable	Yes
29]	Last accounts filed at ROC	Yes
30]	Major Shareholders, if available	Yes
31]	Date of Birth of Proprietor/Partner/Director, if available	No
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	No

UNSECURED LOAN

(Rs. In Millions)

Particular	As on 31.03.2014	As on 31.03.2013
Long Term Borrowing
From Directors and Members	27.659	48.377
Total	27.659	48.377

INDEX OF CHARGES

S.No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	10150209	20/07/2011 *	50,000,000.00	PUNJAB NATIONAL BANK	MAIN DHURI, DHURI, Punjab - 148024, INDIA	B18473868
2	10060573	29/06/2007	12,900,000.00	PUNJAB NATIONAL BANK	NEAR RAILWAY PHATAK, DHURI, Punjab - 148024, INDIA	A19374222
3	80022027	16/11/2013 *	150,000,000.00	PUNJAB NATIONAL BANK	MAIN DHURI,, DHURI, Punjab - 148024, INDIA	B91516468
4	80021894	28/12/2006 *	9,600,000.00	PUNJAB NATIONAL BANK (MAIN)	NEAR RAILWAY PHATAK, M K ROAD, DHURI, Punjab - 14 8024, INDIA	-
5	90169777	29/06/2007 *	10,000,000.00	PUNJAB NATIONAL BANK	NEAR RAILWAY PHATAK, DHURI, Punjab - 148024, INDIA	A19370196

* Date of charge modification

FIXED ASSETS

Building
Furniture and Fixture
Truck/ Tempoo
Computer
Land
Plant and Machinery
Scooter
Electricity Equipment
Car
Lab. Equipment
Motor Cycle

CMT REPORT (Corruption, Money Laundering & Terrorism]

The Public Notice information has been collected from various sources including but not limited to: The Courts, India Prisons Service, Interpol, etc.

1] INFORMATION ON DESIGNATED PARTY

No exist designating subject or any of its beneficial owners, controlling shareholders or senior officers as terrorist or terrorist organization or whom notice had been received that all financial transactions involving their assets have been blocked or convicted, found guilty or against whom a judgement or order had been entered in a proceedings for violating money-laundering, anti-corruption or bribery or international economic or anti-terrorism sanction laws or whose assets were seized, blocked, frozen or ordered forfeited for violation of money laundering or international anti-terrorism laws.

2] Court Declaration :

No records exist to suggest that subject is or was the subject of any formal or informal allegations, prosecutions or other official proceeding for making any prohibited payments or other improper payments to government officials for engaging in prohibited transactions or with designated parties.

3] Asset Declaration :

No records exist to suggest that the property or assets of the subject are derived from criminal conduct or a prohibited transaction.

4] Record on Financial Crime :

Charges or conviction registered against subject: None

5] 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.61.49
UK Pound	1	Rs.92.16
Euro	1	Rs.69.61

INFORMATION DETAILS

Information Gathered by :	PRP

Analysis Done by :	SUB

Report Prepared by :	JYTK

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	3
PAID-UP CAPITAL	1~10	4
OPERATING SCALE	1~10	3
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	4
--PROFITABILIRY	1~10	3
--LIQUIDITY	1~10	3
--LEVERAGE	1~10	3
--RESERVES	1~10	3
--CREDIT LINES	1~10	3
--MARGINS	-5~5	--
DEMERIT POINTS
--BANK CHARGES	YES/NO	YES
--LITIGATION	YES/NO	NO
--OTHER ADVERSE INFORMATION	YES/NO	NO
MERIT POINTS
--SOLE DISTRIBUTORSHIP	YES/NO	NO
--EXPORT ACTIVITIES	YES/NO	NO
--AFFILIATION	YES/NO	NO
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
DEFAULTER
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		29

This score serves as a reference to assess SC’s credit risk and to set the amount of credit to be extended. It is calculated from a composite of weighted scores obtained from each of the major sections of this report. The assessed factors and their relative weights (as indicated through %) are as follows:

Financial condition (40%) Ownership background (20%) Payment record (10%)

Credit history (10%) Market trend (10%) Operational size (10%)

RATING EXPLANATIONS

RATING		STATUS	PROPOSED CREDIT LINE
>86	Aaa	Possesses an extremely sound financial base with the strongest capability for timely payment of interest and principal sums	Unlimited
71-85	Aa	Possesses adequate working capital. No caution needed for credit transaction. It has above average (strong) capability for payment of interest and principal sums	Large
56-70	A	Financial & operational base are regarded healthy. General unfavourable factors will not cause fatal effect. Satisfactory capability for payment of interest and principal sums	Fairly Large
41-55	Ba	Overall operation is considered normal. Capable to meet normal commitments.	Satisfactory
26-40	B	Capability to overcome financial difficulties seems comparatively below average.	Small
11-25	Ca	Adverse factors are apparent. Repayment of interest and principal sums in default or expected to be in default upon maturity	Limited with full security
<10	C	Absolute credit risk exists. Caution needed to be exercised	Credit not recommended
--	NB	New Business	--

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

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

MIRA INFORM REPORT

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