MIRA INFORM REPORT

 

 

Report No. :

494992

Report Date :

28.02.2018

 

 

 

 

IDENTIFICATION DETAILS

 

Name :

SUPREME PETROCHEM LIMITED

 

 

Registered Office :

Solitaire Corporation Park, Building No. 11, 5th Floor, 167, Guru Hargovinji Marg, Chakala, Andheri (East), Mumbai – 400093, Maharashtra

Tel. No.:

91-22-67091900 / 67091977 / 1915 / 1917

 

 

Country :

India

 

 

Financials (as on) :

31.03.2017

 

 

Date of Incorporation :

14.12.1989

 

 

Com. Reg. No.:

11-054633

 

 

Capital Investment / Paid-up Capital :

INR 965.020 Million

 

 

CIN No.:

[Company Identification No.]

L23200MH1989PLC054633

 

 

IEC No.:

[Import-Export Code No.]

0392048094

 

 

TAN No.:

[Tax Deduction & Collection Account No.]

Not Available

 

 

PAN No.:

[Permanent Account No.]

AAACS7249C 

 

 

GSTN :

[Goods & Service Tax Registration No.]

27AAACS7249C1ZF

 

 

Legal Form :

A Public Limited Liability Company. The Company’s Shares are Listed on the Stock Exchanges.

 

 

Line of Business :

The company is engaged in the business of Styrenics and Manufacturer Polystyrene (PS), Expandable Polystyrene (EPS), Masterbatches and Compounds of Styrenics and other Polymers, Extruded Polystyrene Insulation Board (XPS). (Registered activity)

 

 

No. of Employees :

353 (Approximately)  

 

 

RATING & COMMENTS

(Mira Inform has adopted New Rating mechanism w.e.f. 23rd January 2017)

 

MIRA’s Rating :

A+

 

Credit Rating

Explanation

Rating Comments

A+

Low Risk

Business dealings permissible with low risk of default

 

Status :

Excellent

 

 

Payment Behaviour :

Regular

 

 

Litigation :

Exist

 

 

Comments :

Supreme Petrochem Limited (SPL) is engaged in manufacturing of polystyrene (PS), Expendable Polystyrene (EPS), Specialty Polymers and Compounds and Extruded Polystyrene (XPS).

 

The company was incorporated in the 1989 and is based in Mumbai, Maharashtra. It is an established company having excellent track record.

 

The rating reflects company’s healthy operational profile characterized by the decent revenue base and fair profit margin achieved 5.61% (approx.) during FY 2017. 

 

The strong financial profile of the company is backed by its decent net worth along with debt free balance sheet profile and long established track record of business operations.

 

Fundamental of the company are strong and healthy.

 

Trade relations are reported as fair. Business is active. Payment terms are seems to be regular and as per commitments.

 

In view of aforesaid, 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

 

Rating Agency Name

India Rating

Rating

Long Term Rating = A+

Rating Explanation

Adequate degree of safety and low credit risk

Date

02.01.2018

 

Rating Agency Name

India Rating

Rating

Short-Term Rating = A1

Rating Explanation

Very strong degree of safety and carry lowest credit risk.

Date

02.01.2018

 

 

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 31-03-2016.

 

 

BIFR (Board for Industrial & Financial Reconstruction) LISTING STATUS

 

Subject’s name is not listed as a Sick Unit in the publicly available BIFR (Board for Industrial & Financial Reconstruction) list as of 28.02.2018

 

 

IBBI (Insolvency and Bankruptcy Board of India) LISTING STATUS

 

Subject’s name is not listed in the publicly available IBBI (Insolvency and Bankruptcy Board of India) list as of report date.

 

 

INFORMATION DENIED BY

 

Name :

Ms. Anupama

Designation :

Office Executive

Contact No.:

91-22-67091900

Date :

28.02.2018

 

 

LOCATIONS

 

Registered / Corporate Office :

Solitaire Corporation Park, Building No. 11, 5th Floor, 167, Guru Hargovinji Marg, Chakala, Andheri (East), Mumbai – 400093, Maharashtra, India

Tel. No.:

91-22-67091900 / 67091977 / 1915 / 1917

Fax No.:

91-22-40055681 / 67091925

E-Mail :

ravi_kuddyady@spl.co.in

sl_mondkar@spl.co.in

marketing@spl.co.in

r_rangarajan@spl.co.in

sara_dsouza@spl.co.in

corporate@spl.co.in

investorhelpline@spl.co.in

Website :

http://www.supremepetrochem.com

 

 

Branch Office:

No. 314/C, 1 Floor, Contoor Road, Opposite, Co-Operative Training Institute, Padmanabhanagar, Bangalore – 560070, Karnataka, India

 

 

Administrative Office :

404, Raheja Chambers, Nariman Point, Mumbai - 400021, Maharashtra, India

 

 

Factory 1 :

1020, Wakan Roha Road, Village Amdoshi/ Wangani, Post: Patansai, Taluka Roha, District Raigad – 402106, Maharashtra, India

Tel. No.:

91-2194-222540-2548

Fax No.:

91-2194-222337/ 2537/ 2617

E-Mail :

splw@bom7.vsnl.net.in

 

 

Factory 2 :

Ammulavoyil Village, Andarkuppam Post, Manali New Town, Chennai – 600103, Tamilnadu, India

 

 

Marketing Offices :

Located at:

 

  • Nagothane, Dist Raigad, Maharashtra, Mumbai, India
  • Manali New Township, Chennai, Tamilnadu, India
  • Delhi

 

 

 

DIRECTORS

 

As on 31.03.2017

 

 

Name :

Mr. Rajan Beharilal Raheja

Designation :

Director

Date of Birth/Age :

17.06.1954

Qualification :

B. Com

Experience of specific functional area :

He is the Promoter of R. Raheja Group. He started his business career over 40 years ago. His business range includes batteries, cable television, ceramic tiles, cement, construction and petrochemicals. He is also on the Board of many other well known Companies.

 

Over the years Shri Raheja has also been dedicating himself to various educational and charitable Trusts.

Date of Appointment :

14.12.1989

DIN No.:

00037480

 

 

Name :

Mr. Bajranglal Surajmal Taparia

Designation :

Director

Address :

Flat No. 3103, 31st Floor, Vivarea Tower, "B" Wing, Sane Guruji Marg, Mahalaxmi, Mumbai – 400011, Maharashtra, India

Date of Birth/Age :

22.11.1993

Qualification :

B. A.

Experience of specific functional area :

He is Chairman of The Supreme Industries Limited. Started his business career over 57 years ago. Has long experience in managing businesses. Also associated with Philanthropic activities.

Date of Appointment :

22.11.1993

 

 

Name :

Mr. Shivratan Jeetmal Taparia

Designation :

Director

Address :

71, Girikunj, 6th Road, Marine Lines, Mumbai-400020, Maharashtra, India

Qualification :

B. E. (Mechanical)

Experience :

Expertise and rich experience in technical, operational and marketing aspects of industrial products. Actively involved in industry forum.

Date of Appointment :

22.11.1993

DIN No.:

00112513

 

 

Name :

Mr. Mahavirprasad Surajmal Taparia

Designation :

Director

Address :

Girikunj, 71, Marine Drive F, Churchgate, Mumbai-400020, Maharashtra, India

Date of Birth/Age :

26.02.1945

Qualification :

B E (Mechanical)

Experience :

Former Chairman of IOC. Attended advanced Management Programme from Ashridge Management College in England and IIM in Ahmedabad. Also served as the Executive Director of Oil Co-ordination Committee. One of the foremost authorities on the Oil, Gas and Petrochemical Sector and is associated with many national and international companies. Inducted into the Hall of Fame at Chemtech Pharma Bio Award Function in April 2005.

Date of Appointment :

14.12.1989

DIN No.:

00943629

 

 

Name :

Mr. Ramanathan Kannan

Designation :

Director

Address :

21, Parthasarathypuram, North Usman Road, T. Nagar, Chennai-600017, Tamil Nadu, India

Date of Birth/Age :

23.09.1947

Qualification :

M. Tech. Chemical Engineering and Chartered Financial Analyst.

Experience :

He was formerly General Manager of ICICI Limited, in charge of the Oil & Gas division and thereafter Director of The Institute of Financial Management and Research, Chennai. He is currently a faculty Member of the Institute and is considered an expert in the Oil, Gas and Petrochemical Industry.

Date of Appointment :

17.05.2005

DIN No.:

00380328

 

 

Name :

Mr. Nihalchand Chunilal Chauhan

Designation :

Director

Date of Birth/Age :

20.11.1935

Qualification :

B. Com. (Hons.) L.L.B., CAIIB

Experience :

He is respected and well known personality in Banking and Financial circles, has over 55 years’ experience in domestic and International Banking. His rich and varied experience includes long stints with State Bank of India and Arab Monetary Fund, Abudhabi.

Date of Appointment :

27.04.2006

DIN No.:

00021782

 

 

Name :

Ms. Ameeta Aziz Parpia

Designation :

Director

Address :

Blooming Heights, 5th Floor, Flat No. 9, Auxillium Convent Road, Bandra, Mumbai-400050, Maharashtra, India

Qualification :

B.A., LLB.

Experience :

Senior Solicitor and Advocate with long experience in legal field.

Date of Appointment :

24.04.2013

DIN No.:

02654277

 

 

Name :

Dr. Swaminathan Sivram

Designation :

Director

Address :

Apartment No. 10, Gulmohar Glory-5, Gulmohar Park, ITI Road, Aundh, Pune-411007, Maharashtra, India

Date of Birth/Age :

70 Years

Qualification :

M. Sc. (Chemistry) from IIT, Kanpur and PhD and DSc (h.c.) from Purdue University, W. Lafayette, Indiana USA

Experience of specific functional area :

Dr. Sivaram is presently a CSIR Bhatnagar Fellow at the National Chemical Laboratory (NCL), Pune, India.

 

Prior to this, he served as the eighth Director of NCL (2002-10).

 

Dr. Sivaram is a highly decorated scientist with numerous awards to his credits. He is a recipient of the Vishwakarma Medal (INSA), Silver Medal of the Chemical Research Society of India, Millennium Medal of the Indian Science Congress Association, Distinguished Alumnus Award of IIT, Kanpur, Professor S.R. Palit Memorial Award of the Indian Association for Cultivation of Science, K.G. Naik Gold Medal of M.S. University, Baroda, FICCI Award in Physical Sciences, Om Prakash Bhasin Award, Goyal prize in Applied Sciences and the Distinguished Material Scientist of the Year Award, 2011 bestowed by Materials Research Society of India The President of India conferred the coveted civilian honor, Padma Shri, on Dr. Sivaram in 2006.

 

He has mentored the Ph.D. thesis of 36 students and published over 210 papers in peer reviewed scientific journals. He is cited as an inventor in 49 granted European and US as well as 52 Indian patents.

Date of Appointment :

23.09.2014

DIN No.:

00009900

 

 

Name :

Mr. Madras Seshamani Ramachandran

Designation :

Director

Address :

C-23, Green Park Main, Second Floor, Hauz Khas Enclave, New Delhi-110016, India

Date of Appointment :

26.07.2005

DIN No.:

00943629

 

 

KEY EXECUTIVES

 

Name :

Mr. Nageswaran Gopal

Designation :

Manager

Address :

603/604, Building-14, Indradarshan, Oshiwara, Mumbai-400053, Maharashtra, India

Date of Appointment :

01.09.2009

PAN No.:

AAKPG8934H

 

 

Name :

Mr. Ravi Vasant Kuddyady

Designation :

Company Secretary

Address :

D/5, 301, Krishna Kaveri, Yamuna Nagar, Opposite Link Road, Andheri (West), Mumbai-400053, Maharashtra, India

Date of Appointment :

01.09.1992

PAN No.:

AADPK1685N

 

 

Name :

Mr. Rakesh Nayyar

Designation :

Chief Finance Officer

Address :

A-602, Deepali St. Cyril Road, Bandra (West), Mumbai-400050, Maharashtra, India

Date of Appointment :

18.07.2014

PAN No.:

AAAPN2539B

 

 

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

 

As on December, 2017

 

Category of shareholder

No. of fully paid up equity shares held

Shareholding as a % of total no. of shares

Promoter and Promoter Group

58712000

60.84

Public

37789958

39.16

Grand Total

96501958

100.00

 

 

 

STATEMENT SHOWING SHAREHOLDING PATTERN OF THE PROMOTER AND PROMOTER GROUP

 

Category of shareholder

No. of fully paid up equity shares held

Shareholding as a % of total no. of shares

A1) Indian

0.00

Any Other (specify)

58712000

60.84

THE SUPREME INDUSTRIES LIMITED

28936400

29.99

R RAHEJA INVESTMENTS PRIVATE LIMITED

28936400

29.99

JOVIAL INVESTMENT AND TRADING COMPANY PRIVATE LIMITED

279733

0.29

VENKTESH INVESTMENT AND TRADING COMPANY PRIVATE LIMITED

279733

0.29

BOON INVESTMENT AND TRADING COMPANY PRIVATE LIMITED

279734

0.29

Sub Total A1

58712000

60.84

A2) Foreign

0.00

A=A1+A2

58712000

60.84

 

 

STATEMENT SHOWING SHAREHOLDING PATTERN OF THE PUBLIC SHAREHOLDER

 

Category of shareholder

No. of fully paid up equity shares held

Shareholding as a % of total no. of shares

B1) Institutions

0

0.00

Mutual Funds/

643348

0.67

Foreign Portfolio Investors

471927

0.49

Financial Institutions/ Banks

249380

0.26

Any Other (specify)

17067

0.02

FOREIGN CORPORATE BODIES

16867

0.02

FOREIGN NATIONALS

200

0.00

Sub Total B1

1381722

1.43

B2) Central Government/ State Government(s)/ President of India

0

0.00

B3) Non-Institutions

0

0.00

Individual share capital upto INR 0.200 Million

13985168

14.49

Individual share capital in excess of INR 0.200 Million

17030204

17.65

NBFCs registered with RBI

31245

0.03

Any Other (specify)

5361619

5.56

Trusts

147910

0.15

NRI

1079029

1.12

Clearing Members

64784

0.07

NRI – Non- Repat

113318

0.12

Bodies Corporate

3956578

4.10

Sub Total B3

36408236

37.73

B=B1+B2+B3

37789958

39.16

 

 

BUSINESS DETAILS

 

Line of Business :

The company is engaged in the business of Styrenics and Manufacturer Polystyrene (PS), Expandable Polystyrene (EPS), Masterbatches and Compounds of Styrenics and other Polymers, Extruded Polystyrene Insulation Board (XPS). (Registered activity)

 

 

Products :

Item Code No.

Product Description

201

Manufacture and Trading of Petrochemical

 

 

Brand Names :

Not Divulged

 

 

Agencies Held :

Not Divulged

 

 

Exports :

Not Divulged

 

 

Imports :

Not Divulged

 

 

Terms :

Not Divulged

 

PRODUCTION STATUS NOT AVAILABLE

 

 

GENERAL INFORMATION

 

Suppliers :

Reference :

Not Divulged

Name of the Person :

--

Contact No.:

--

Since How Long Known :

--

Maximum Limit Dealt :

--

Experience :

--

Remark:

--

 

 

Customers :

Reference :

Not Divulged

Name of the Person :

--

Contact No.:

--

Since How Long Known :

--

Maximum Limit Dealt :

--

Experience :

--

Remark:

--

 

 

No. of Employees :

353 (Approximately)  

 

 

Bankers :

Bank Name

State Bank of India

Branch

Nariman Point, Mumbai – 400021, Maharashtra, India

Person Name (With Designation)

--

Contact Number

--

Name of Account Holder

--

Account Number

--

Account Since (Date/Year of Account Opening)

--

Average Balance Maintained (If Possible)

--

Credit Facilities Enjoyed (If any)

--

Account Operation

--

Remarks (If any)

--

 

  • Axis Bank Limited
  • Central Bank of India
  • ICICI Bank Limited
  • IDBI Bank Limited
  • Kotak Mahindra Bank Limited
  • Societe General Bank
  • The Hong Kong and Shanghai Banking Corporation Limited
  • The Karur Vysya Bank Limited

 

Auditors :

 

Name :

G. M. Kapadia and Company

Chartered Accountants

Tel No.:

91-22-66116611

Fax No.:

91-22-6116600

 

 

Memberships :

Not Available

 

 

Collaborators :

Not Available

 

 

Promoters :

  • The Supreme Industries Limited
  • R. Raheja Investments Private Limited

 

 

CAPITAL STRUCTURE

 

As on 31.03.2017

 

Authorised Capital :

No. of Shares

Type

Value

Amount

 

 

 

 

125000000

Equity Shares

INR 10/- each

INR 1250.000 Million

25000000

Redeemable Cumulative Preference Shares

INR 10/- each

INR 250.000 Million

 

 

 

 

 

Total

 

INR 1500.000 Million

 

Issued, Subscribed & Paid-up Capital :

No. of Shares

Type

Value

Amount

 

 

 

 

96501958

Equity Shares

INR 10/- each

INR 965.020 Million

 

 

 

 

 

In the financial year 2013-2014, the company bought back and extinguished 1537907 equity shares which has reduced the paid-up share capital of the company from INR 983.765 Million to INR 968.386 Million.

 

 

The details of shareholders holding more than 5% Shares:

 

Name of the Shareholders

As at 31.03.2017

 

No. of Shares

% held

The Supreme Industries Limited

28936400

29.99

R. Raheja Investments Private limited

28936400

29.99

 

 

The reconciliation of the number of shares outstanding is set out below:

 

Particulars

As at 31.03.2017

 

No. of Shares

Equity Shares at the beginning of the year

96501958

Equity Shares at the end of the year

96501958

 

 

The company has only one class of shares referred to as equity shares having a par value INR 10/- per share. Each holder of equity shares is entitled to one vote per share. The Company declares and pays dividends in Indian Rupees. The dividend proposed by the Board of Directors is subject to the approval of the shareholders in the ensuing Annual General Meeting, except in the case of interim dividend. The holders of equity shares will be entitled to receive remaining assets of the Company, after distribution of all preferential amounts in the event of liquidation of the Company. The distribution will be in proportion to the number of equity shares held by the shareholders.

 

 

 

 

FINANCIAL DATA

[all figures are in INR Million]

 

ABRIDGED BALANCE SHEET

 

SOURCES OF FUNDS

31.03.2017

(12 months)

31.03.2016

(9 months)

30.06.2015

(12 months)

 

 

 

 

I.              EQUITY AND LIABILITIES

 

 

 

(1)Shareholders' Funds

 

 

 

(a) Share Capital

965.020

965.020

965.020

(b) Reserves & Surplus

4855.983

3182.259

2798.623

(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)

5821.003

4147.279

3763.643

 

 

 

 

(3) Non-Current Liabilities

 

 

 

(a) long-term borrowings

0.000

0.000

0.000

(b) Deferred tax liabilities (Net)

478.694

479.636

484.840

(c) Other long term liabilities

26.325

18.967

14.687

(d) long-term provisions

26.690

19.867

14.947

Total Non-current Liabilities (3)

531.709

518.470

514.474

 

 

 

 

(4) Current Liabilities

 

 

 

(a) Short term borrowings

0.000

0.000

0.000

(b) Trade payables

4318.218

4127.420

3930.087

(c) Other current liabilities

608.712

571.090

308.506

(d) Short-term provisions

17.444

15.421

297.436

Total Current Liabilities (4)

4944.374

4713.931

4536.029

 

 

 

 

TOTAL

11297.086

9379.680

8814.146

 

 

 

 

II.          ASSETS

 

 

 

(1) Non-current assets

 

 

 

(a) Fixed Assets

 

 

 

(i) Tangible assets

3353.799

3313.242

3434.664

(ii) Intangible Assets

14.033

14.636

16.674

(iii) Capital work-in-progress

126.758

102.838

42.733

(iv) Intangible assets under development

0.000

0.000

0.000

(b) Non-current Investments

0.000

0.000

0.000

(c) Deferred tax assets (net)

0.000

0.000

0.000

(d)  Long-term Loan and Advances

9.306

15.365

69.783

(e) Other Non-current assets

78.546

81.149

161.915

Total Non-Current Assets

3582.442

3527.230

3725.769

 

 

 

 

(2) Current assets

 

 

 

(a) Current investments

0.000

0.000

0.000

(b) Inventories

3058.572

1814.442

1879.969

(c) Trade receivables

3073.889

2811.617

2389.635

(d) Cash and cash equivalents

977.870

709.178

324.985

(e) Short-term loans and advances

5.042

26.900

436.472

(f) Other current assets

599.271

490.313

57.316

Total Current Assets

7714.644

5852.450

5088.377

 

 

 

 

TOTAL

11297.086

9379.680

8814.146

 

 

PROFIT & LOSS ACCOUNT

 

 

PARTICULARS

31.03.2017

(12 months)

31.03.2016

(9 months)

30.06.2015

(12 months)

 

SALES

 

 

 

 

Revenue from operations

31963.024

23317.589

26391.089

 

Other Operating Revenues

199.950

214.889

134.287

 

Other Income

74.919

34.683

31.916

 

TOTAL

32237.893

23567.161

26557.292

 

 

 

 

 

Less

EXPENSES

 

 

 

 

Cost of Materials Consumed

18296.142

12867.649

16878.786

 

Purchases of Stock-in-Trade

6725.635

4914.413

6983.349

 

Changes in inventories of finished goods, work-in-progress and Stock-in-Trade

(886.834)

282.356

(359.668)

 

Excise duty on safe of goods

2976.800

2851.953

0.000

 

Employees benefits expense

353.068

262.452

319.26

 

Other expenses

1725.402

1316.247

1770.214

 

TOTAL

29190.213

22495.070

25591.941

 

 

 

 

 

 

PROFIT/ (LOSS)  BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION

3047.680

1072.091

965.351

 

 

 

 

 

Less

FINANCIAL EXPENSES

47.015

53.064

166.002

 

 

 

 

 

 

PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION

3000.665

1019.027

799.349

 

 

 

 

 

Less/ Add

DEPRECIATION/ AMORTISATION

222.183

170.523

236.419

 

 

 

 

 

 

PROFIT/ (LOSS)  BEFORE TAX

2778.482

848.504

562.930

 

 

 

 

 

Less

TAX

984.361

278.039

205.918

 

 

 

 

 

 

PROFIT/ (LOSS)  AFTER TAX 

1794.121

570.465

357.012

 

 

 

 

 

 

EARNINGS IN FOREIGN CURRENCY

 

 

 

 

F.O.B. Value of Exports

6032.592

4724.785

5014.809

 

TOTAL EARNINGS

6032.592

4724.785

5014.809

 

 

 

 

 

 

IMPORTS

 

 

 

 

Raw Materials

 0.000

16139.936

21776.411

 

Components and Stores parts

23433.484

11.350

17.548

 

Capital Goods

 0.000

5.446

4.240

 

TOTAL IMPORTS

23433.484

16156.732

21798.199

 

 

 

 

 

 

Earnings / (Loss) Per Share (INR)

18.59

5.91

3.70

 

 

CURRENT MATURITIES OF LONG TERM DEBT DETAILS

 

Particulars

 

31.03.2017

(12 months)

31.03.2016

(9 months)

30.06.2015

(12 months)

Current Maturities of Long term debt

NA

NA

NA

Cash generated from operations

(1202.207)

364.286

896.738

Net cash flow from operating activity

686.372

837.523

798.344

 

 

QUARTERLY RESULTS

 

Particulars

30.06.2017

30.09.2017

31.12.2017

Audited / Unaudited

Unaudited

Unaudited

Unaudited

 

1st Quarter

2nd Quarter

3rd Quarter

Net Sales

784.028

7074.580

7250.200

Total Expenditure

765.428

6459.800

6771.950

PBIDT (Excl OI)

18.600

614.780

478.250

Other Income

3.180

13.300

5.730

Operating Profit

21.780

628.080

483.980

Interest

1.177

13.900

3.980

Exceptional Items

NA

NA

NA

PBDT

20.603

614.090

480.000

Depreciation

5.130

52.360

52.330

Profit Before Tax

15.473

561.730

427.670

Tax

5.165

194.950

147.890

Provisions and contingencies

NA

NA

NA

Profit After Tax

10.308

366.780

279.780

Extraordinary Items

NA

NA

NA

Prior Period Expenses

NA

NA

NA

Other Adjustments

NA

NA

NA

Net Profit

10.308

366.780

279.780

 

 

KEY RATIOS

 

EFFICIENCY RATIOS

 

PARTICULARS

 

31.03.2017

(12 months)

31.03.2016

(9 months)

30.06.2015

(12 months)

Average Collection Days

(Sundry Debtors / Income * 365 Days)

35.10

44.01

33.05

 

 

 

 

Account Receivables Turnover

(Income / Sundry Debtors)

10.40

8.29

11.04

 

 

 

 

Average Payment Days

(Sundry Creditors / Purchases * 365 Days)

62.99

84.72

60.12

 

 

 

 

Inventory Turnover

(Operating Income / Inventories)

1.00

0.59

0.51

 

 

 

 

Asset Turnover

(Operating Income / Net Fixed Assets)

0.87

0.31

0.28

 

 

LEVERAGE RATIOS

 

PARTICULARS

 

31.03.2017

(12 months)

31.03.2016

(9 months)

30.06.2015

(12 months)

Debt Ratio

((Borrowing + Current Liabilities) / Total Assets)

0.44

0.50

0.51

 

 

 

 

Debt Equity Ratio

(Total Liability / Networth)

0.00

0.00

0.00

 

 

 

 

Current Liabilities to Networth

(Current Liabilities / Net Worth)

0.85

1.14

1.21

 

 

 

 

Fixed Assets to Networth

(Net Fixed Assets / Networth)

0.60

0.83

0.93

 

 

 

 

Interest Coverage Ratio

(PBIT / Financial Charges)

64.82

20.20

5.82

 

 

PROFITABILITY RATIOS

 

PARTICULARS

 

 

31.03.2017

(12 months)

31.03.2016

(9 months)

30.06.2015

(12 months)

Net Profit Margin

((PAT / Sales) * 100)

%

5.61

2.45

1.35

 

 

 

 

 

Return on Total Assets

((PAT / Total Assets) * 100)

%

15.88

6.08

4.05

 

 

 

 

 

Return on Investment (ROI)

((PAT / Networth) * 100)

%

30.82

13.76

9.49

 

 

SOLVENCY RATIOS

 

PARTICULARS

 

31.03.2017

(12 months)

31.03.2016

(9 months)

31.06.2015

(12 months)

Current Ratio

(Current Assets / Current Liabilities)

1.56

1.24

1.12

 

 

 

 

Quick Ratio

((Current Assets – Inventories) / Current Liabilities)

0.94

0.86

0.71

 

 

 

 

G-Score Ratio Financial

(Networth / Total Assets)

0.52

0.44

0.43

 

 

 

 

G-Score Ratio Debt

(Debts / Equity Capital)

0.00

0.00

0.00

 

 

 

 

G-Score Ratio Liquidity

(Total Current Assets / Total Current Liabilities)

1.56

1.24

1.12

Total Liability = Short-term Debt + Long-term Debt + Current Maturities of Long-term debts

 

 

STOCK PRICES

 

Face Value

INR 10.00/- each

Market Value

INR 362.00/- each

 

 

FINANCIAL ANALYSIS

[all figures are INR Million]

 

DEBT EQUITY RATIO

 

Particular

30.06.2015

(9 months)

31.03.2016

(12 months)

31.03.2017

(12 months)

 

INR In Million

INR In Million

INR In Million

Share Capital

965.020

965.020

965.020

Reserves & Surplus

2798.623

3182.259

4855.983

Net worth

3763.643

4147.279

5821.003

 

 

 

 

Long Term borrowings

0.000

0.000

0.000

Short Term borrowings

0.000

0.000

0.000

Total borrowings

0.000

0.000

0.000

Debt/Equity ratio

0.000

0.000

0.000

 

 

 

YEAR-ON-YEAR GROWTH

 

Year on Year Growth

30.06.2015

(9 months)

31.03.2016

(12 months)

31.03.2017

(12 months)

 

INR In Million

INR In Million

INR In Million

Sales

26391.089

23317.589

31963.024

 

 

(11.646)

37.077

 

 

 

NET PROFIT MARGIN

 

Net Profit Margin

30.06.2015

(9 months)

31.03.2016

(12 months)

31.03.2017

(12 months)

 

INR In Million

INR In Million

INR In Million

Sales

26391.089

23317.589

31963.024

Profit

357.012

570.465

1794.121

 

1.35%

2.45%

5.61%

 

 

 

LEGAL CASE

 

Bench:- Bombay

Lodging No:-

ITXAL/667/2017

Failing Date:-

02.03.2017

 

Reg. No.:-

 

ITXAL/1374/2017

 

Reg. Date:-

 

21.09.2017

 

Petitioner:-

PR. COMMISSIONER OF INCOME TAX, CENTRAL

Respondent:-

M/S. SUPREME PETROCHEM LIMITED

Petn.Adv:-

PADMA DIVAKAR (I3287)

 

District:-

MUMBAI

Bench:-

DIVISION

Category:

TAX APPEALS

Status:-

Pre-Admission

Stage:-

FOR REJECTION [ORIGINAL SIDE MATTERS]

Last Date:-

04.10.2017

Last Coram:-

ACCORDING TO SITTING LIST

Act:-

Income Tax Act, 1961

Under Section:-

260 A

 

 

 

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

Yes

7

Name of the person contacted

Yes

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

Yes

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

Yes

17

Details of sister concerns

Yes

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

 

NOTE : The Registered Office of the company has been shifted from 612, Raheja Chambers, Nariman Point, Mumbai – 400021, Maharashtra, India to the present address w.e.f. 30.09.2014.

 

REVIEW OF OPERATIONS

 

The price of Styrene Monomer (SM) the main raw material for the Company’s products was generally stable in the first half of the year  resulting in volume growth in all the Company’s products. However, the tight availability of SM during the latter half of the year due to declaration of force majeure in two large plants in USA and bunching of turnarounds of plants in Europe and Asia lead to volatility in SM price and had an adverse impact on all styrene’s products. This was further compounded by demonetization with consequent cash crunch in the unorganized sector dampening business sentiment. These events culminated in a modest sales volume growth for the Company during the year.

 

The domestic Polystyrene (PS) industry witnessed a fall in demand during the year due to the reasons mentioned earlier even though the industry had shown a healthy growth up to October 2016. Export volumes were flat for the year due to geo political issues in some export markets and low net back.

 

The domestic Expandable Polystyrene (EPS) market grew by 10.70% during the year compared to the previous year. This growth was largely due to demand from fish box market, grapes packaging for exports and insulation for cold storages.

 

The Specialty Polymer and Compounds (SPC) business is showing steady growth with introduction of new grades like black and coloured master batches which are receiving encouraging feedback from customers. SPC business grew at 44% during the year.

 

Extruded Polystyrene Insulation Board (XPS) grew by 35% during the year, with the Company supplying XPS to several prestigious educational, hospitality, medical and SEZ projects.

 

Styrene Methyl Methacrylate (SMMA)

 

The modified PS line with the ability to swing between PS and SMMA was ready for commercial production after necessary trial runs on February 3, 2017. Seed marketing has commenced and positive feedback has been received from the market. The Company is the first one to manufacture this in India. It is an economical alternate to certain applications of PMMA, Polycarbonate and clear ABS.

 

Status of Insurance Claim - Chennai Plant

 

The settlement of the loss/damage to the assets at the EPS plant in Tamil Nadu due to floods in December, 2015 is in progress. The Company had filed an initial claim of INR 109.200 Million. The Company has till date received interim claim of

 

INR 71.800 Million. The Company has adequate insurance cover on reinstatement basis for fixed assets and on cost basis for raw materials and stores and on market price basis for finished goods, the management of the Company does not expect any financial loss on account of the same. The Company is also insured for “Loss of Profit” during the period the plant operations were shut.

 

UNAUDITED FINANCIAL RESULTS FOR THE QUARTER AND HALF YEAR ENDED SEPTEMBER, 2017

 

(INR in Million)

 

 

Particulars

31.12.2017

(Quarter Ended)

30.09.2017

(Quarter Ended)

31.12.2017

(Nine Months Ended)

1

 

Income from Operations

 

 

 

 

 

Sales/Income from Operations (Gross)

7208.013

7036.966

21967.763

 

 

b) Other Operating Income

42.186

37.611

197.290

 

Total Income from Operations (Net)

7250.199

7074.577

22165.053

 

 

Other income

5.732

13.298

50.831

 

Total Revenue

7255.931

7087.875

22215.884

 

 

 

 

 

2

Expenses              

 

 

 

 

a)

Cost of Materials consumed

4070.446

4469.497

12537.779

 

b)

Purchase of Stock-in-trade

2071.492

1818.873

5693.600

 

c)

Excise duty on sales

0.000

0.000

775.118

 

d)

Changes in inventories of finished goods, work-in-progress and stock-in-trade

139.642

(320.399)

428.187

 

e)

Employee benefit expenses

122.444

84.277

306.420

 

f)

Finance Costs

3.975

13.993

29.740

 

g)

Depreciation and amortization expense

52.335

52.362

155.994

 

h)

Other expenses

367.930

407.538

1144.916

 

Total Expenses

6828.264

6526.141

21071.754

 

 

 

 

 

3

Profit before Tax

427.667

561.734

1144.130

4

Tax Expense

147.890

194.950

394.485

5

Net Profit for the period after tax

279.777

366.784

749.645

 

 

 

 

 

 

Total Comprehensive Income

279.777

366.784

749.645

 

 

 

 

 

 

Earnings / (Loss) Per Share (INR)

2.90

3.79

7.77

 

 

NOTES:

 

1. In accordance with the requirements of Ind AS 18, Revenue for the quarter ended December 31, 2017 is net of Goods and Services Tax (GST). Revenue for earlier periods, however, is inclusive of excise duty. The figures of revenue for the period upto June 30, 2017 are not strictly relatable to those thereafter. The following additional information is being provided to make it comparable: 

 

 

Quarter ended

30.12.2017

Quarter ended

30.09.2017

Nine months ended

30.12.2017

Sales 

7208.013

7036.966

21967.763

Excise Duty on Sale

0.000

0.000

775.118

Sales excluding excise duty

7208.013

7036.966

21192.645

 

2 The settlement of the loss/damage to the assets at the EPS plant in Tamil Nadu due to floods in December 2015 is in progress. The Company had filed an initial claim of INR 109.200 Million. The Company has till date received interim claim of INR 71.800 Million. Since the Company has adequate insurance cover on reinstatement basis for fixed assets and on cost basis for raw materials and stores and on market price basis for finished goods, the management does not expect any financial loss on account of the same. The Company is also insured for “Loss of Profit” during the period the plant operations were shut. 

 

3. The Company operates in single segment namely 'Styrenics and allied products'. 

 

4. Figures of the previous year / quarter are regrouped wherever necessary.

 

5. The results for the quarter/Nine Months ended December 31, 2017 were subjected to a Limited Review by the Statutory Auditors. The statement of unaudited results was reviewed by the Audit Committee and approved by the Board of Directors in the meeting held on January 29, 2018. 

 

 

INDEX OF CHARGES:

 

SNo

SRN

Charge Id

Charge Holder Name

Date of Creation

Date of Modification

Date of Satisfaction

Amount

Address

1

Z00103627

80022213

UTI BANK LIMITED

23/02/2006

-

-

200000000.0

FORTP M ROADMUMBAIMH400001IN

2

Z00017133

80006091

STATE BANK OF INDIA

28/11/2005

-

-

320000000.0

NARIMAN POINTMUMBAIMH400021IN

3

Y10332851

90230060

ICICI BANK LIMITED

21/06/2005

09/06/2006

-

493080000.0

LANDMARKRACE COURCE CIRCLEALKAPURIBARODAGJ390015IN

4

Y10406221

90283294

ANDHRA BANK

09/08/2004

06/09/2005

-

65000000.0

MOUNT ROAD95; ANNA SALAICHENNAITN600002IN

5

Y10332735

90229944

ING VYSYA BANK LTD.

10/03/2004

-

-

200000000.0

OPERA HOUSEMUMBAIMHIN

6

Y10404510

90281583

BANK OF INDIA

27/08/2003

-

-

50250000.0

CHENNAI CORPORATE BANKING BRANCHTARAPORE TOWERS; ANNA SALAICALCUTTAWB600002IN

7

Y10335317

90232526

STATE BANK OF INDIA

25/11/1999

-

-

1486500000.0

COMMERCIAL BRANCHJUSTICE G.N. VAIDYA MARGMUMBAIMH400023IN

8

Y10332251

90229460

IDBI BANK LTD.

06/05/1999

-

-

150000000.0

IDBI TOWERCOLOBAMUMBAIMH40005IN

9

Z00103625

80022212

STATE BANK OF INDIA

25/11/1998

10/01/2006

-

4100000000.0

COMMERCIAL BRANCHVAIDYA MARGMUMBAIMH400023IN

10

C52783404

90229410

State Bank of India

25/11/1998

24/04/2015

-

9650000000.0

CORPORATE ACCOUNT GROUP BRANCHNEVILLE HOUSE, 23, J N HEREDIA MARGMUMBAIMH400001IN

 

 

CONTINGENT LIABILITIES:

 

(INR in million)

Particulars

31.03.2017

(INR In Million)

30.03.2016

(INR In Million)

(a) Claims against the company not acknowledged as debt; (matters pending in court/ arbitration. No cash outflow is expected in future.)

 

 

Disputed Excise/ Service Tax demand

183.197

180.231

Disputed Sales Tax demand.

1.213

1.213

Disputed Income Tax liability (matters under appeal)

2.303

58.108

 

 

 

(b) Other bank guarantees

40.332

34.964

 

 

 

(c) Other money for which the Company is contingently liable

 

 

Letter of Credit opened by Bankers and outstanding at the year end.

1110.488

1930.750

Bills discounted but not matured

31.854

370.836

 

 

FIXED ASSETS

 

·         Land (Freehold)

·         Buildings

·         Plant and Machinery

·         Office Equipment’s

·         Computers

·         Air conditioners

·         Vehicles

·         Furniture and Fixtures

·         Computer Software

 

 

 

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 records exist designating subject or any of its beneficial owners, controlling shareholders or senior officers as terrorist or terrorist organization or whom notice had been received that all financial transactions involving their assets have been blocked or convicted, found guilty or against whom a judgement or order had been entered in a proceedings for violating money-laundering, anti-corruption or bribery or international economic or anti-terrorism sanction laws or whose assets were seized, blocked, frozen or ordered forfeited for violation of money laundering or international anti-terrorism laws.

 

2]         Court Declaration :

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

 

3]         Asset Declaration :

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

 

4]         Record on Financial Crime :

            Charges or conviction registered against subject:                                                           None

 

5]         Records on Violation of Anti-Corruption Laws :

            Charges or investigation registered against subject:                                                        None

 

6]         Records on Int’l Anti-Money Laundering Laws/Standards :

            Charges or investigation registered against subject:                                                        None

 

7]         Criminal Records

No available information exist that suggest that subject or any of its principals have been formally charged or convicted by a competent governmental authority for any financial crime or under any formal investigation by a competent government authority for any violation of anti-corruption laws or international anti-money laundering laws or standard.

 

8]         Affiliation with Government :

No record exists to suggest that any director or indirect owners, controlling shareholders, director, officer or employee of the company is a government official or a family member or close business associate of a Government official.

 

9]         Compensation Package :

Our market survey revealed that the amount of compensation sought by the subject is fair and reasonable and comparable to compensation paid to others for similar services.

 

10]        Press Report :

            No press reports / filings exists on the subject.

 

CORPORATE GOVERNANCE

 

MIRA INFORM as part of its Due Diligence do provide comments on Corporate Governance to identify management and governance. These factors often have been predictive and in some cases have created vulnerabilities to credit deterioration.

 

Our Governance Assessment focuses principally on the interactions between a company’s management, its Board of Directors, Shareholders and other financial stakeholders.

 

 

CONTRAVENTION

 

Subject is not known to have contravened any existing local laws, regulations or policies that prohibit, restrict or otherwise affect the terms and conditions that could be included in the agreement with the subject.

 

 

 

FOREIGN EXCHANGE RATES

 

Currency

 
Unit

INR

US Dollar

1

INR 64.82

UK Pound

1

INR 90.40

Euro

1

INR 79.76

 

 

INFORMATION DETAILS

 

Information Gathered by :

PON

 

 

Analysis Done by :

DIV

 

 

Report Prepared by :

KJL

 

SCORE FACTORS

 

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

 

RATING EXPLANATIONS

 

Credit Rating

Explanation

Rating Comments

A++

Minimum Risk

Business dealings permissible with minimum risk of default

A+

Low Risk

Business dealings permissible with low risk of default

A

Acceptable Risk

Business dealings permissible with moderate risk of default

B

Medium Risk

Business dealings permissible on a regular monitoring basis

C

Medium High Risk

Business dealings permissible preferably on secured basis

D

High Risk

Business dealing not recommended or on secured terms only

NB

New Business

No recommendation can be done due to business in infancy stage

NT

No Trace

No recommendation can be done as the business is not traceable

 

NB is stated where there is insufficient information to facilitate rating. However, it is not to be considered as unfavourable.

 

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 are as follows:

 

·         Financial condition covering various ratios

·         Company background and operations size

·         Promoters / Management background

·         Payment record

·         Litigation against the subject

·         Industry scenario / competitor analysis

·         Supplier / Customer / Banker review (wherever available)

 

 

 

 

 

 

 

 

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.