MIRA INFORM REPORT

Report No. :	488133
Report Date :	24.01.2018

IDENTIFICATION DETAILS

Name :	SUPREME PETROCHEM LIMITED
Registered Office :	Solitaire Corporation Park, Building No. 11, 5^th 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.:	0392048094
TAN No.: [Tax Deduction & Collection Account No.]	Not Available
PAN No.: [Permanent Account No.]	AAACS7249C
GSTIN :	Not Divulged
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. 23^rd January 2017)

MIRA’s Rating :

A+

Credit Rating	Explanation	Rating Comments
A+	Low Risk	Business dealings permissible with low risk of default

Maximum Credit Limit :	USD 17000000
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 reported as 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.

ECGC Country Risk Classification List

Country Name	Previous Rating (30.06.2017)	Current Rating (30.09.2017)
India	A1	A1

Risk Category	ECGC Classification
Insignificant	A1
Low Risk	A2
Moderately Low Risk	B1
Moderate Risk	B2
Moderately High Risk	C1
High Risk	C2
Very High Risk	D

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 24.01.2018

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

MANAGEMENT NON-COOPERATIVE (Tel. No.: 91-22-67091900/ 67091977)

LOCATIONS

Registered / Corporate Office :	Solitaire Corporation Park, Building No. 11, 5^th 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 0.020 Million	13985168	14.49
Individual share capital in excess of INR 0.020 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

Facilities :

--

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
Audited / Unaudited	Unaudited	Unaudited
	1^st Quarter	2^nd Quarter
Net Sales	784.028	7074.580
Total Expenditure	765.428	6459.800
PBIDT (Excl OI)	18.600	614.780
Other Income	3.180	13.300
Operating Profit	21.780	628.080
Interest	1.177	13.900
Exceptional Items	NA	NA
PBDT	20.603	614.090
Depreciation	5.130	52.360
Profit Before Tax	15.473	561.730
Tax	5.165	194.950
Provisions and contingencies	NA	NA
Profit After Tax	10.308	366.780
Extraordinary Items	NA	NA
Prior Period Expenses	NA	NA
Other Adjustments	NA	NA
Net Profit	10.308	366.780

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 400.00/- 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	No
8	Designation of contact person	No
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

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	30.09.2017 (Quarter Ended)	30.06.2017 (Quarter Ended)	30.09.2017 (Half Year Ended)
1			Income from Operations
			Sales/Income from Operations (Gross)	7036.966	7722.784	14759.750
			b) Other Operating Income	37.611	117.493	155.104
	Total Income from Operations (Net)			7074.577	7840.277	19414.854
		Other income		13.298	31.801	45.099
	Total Revenue			7087.875	7872.078	14959.953
2	Expenses
	a)		Cost of Materials consumed	4469.497	3997.836	8467.333
	b)		Purchase of Stock-in-trade	1818.873	1803.235	3622.108
	c)		Excise duty on sales	0.000	775.118	775.118
	d)		Changes in inventories of finished goods, work-in-progress and stock-in-trade	(320.399)	608.944	288.545
	e)		Employee benefit expenses	84.277	99.699	183.976
	f)		Finance Costs	13.993	11.772	25.765
	g)		Depreciation and amortization expense	52.362	51.297	103.659
	h)		Other expenses	407.538	369.448	776.986
	Total Expenses			6526.141	7717.349	14243.490
3	Profit before Tax			561.734	154.729	716.463
4	Tax Expense			194.950	3.125	12.075
5	Net Profit for the period after tax			366.784	103.084	469.868
	Total Comprehensive Income			366.784	103.084	469.868
	Earnings / (Loss) Per Share (INR)			3.79	1.07	4.85

STATEMENT OF ASSETS AND LIABILITIES

(INR in Million)

SOURCES OF FUNDS	30.09.2017
	(Unaudited)
ASSETS
Non-Current Assets
(a) Property, Plant and Equipment	3281.419
(b) Capital Work-in-progress	159.683
(c) Intangible assets	12.269
(d) Financial Assets
(i) Loans	8.515
(ii) Other Financial Assets	36.731
(e) Other Non-Current Assets	64.140
Total Non- Current Assets	3562.757
Current Assets
(a) Inventories	375.158
(b) Financial Assets
(i) Current Investment	375.158
(ii) Trade Receivables	2888.890
(iii) Cash and cash equivalents	247.576
(iv) Bank Balance other than (iii) above	51.541
(v) Loans	8.527
(vi) Other Financial Assets	29.182
(c) Current Tax Assets	23.963
(d) Other Current Assets	697.108
Total Current Assets	7228.757
TOTAL ASSETS
(B) EQUITY AND LIABILITIES
1 EQUITY
(a) Equity Share Capital	965.020
(b) Other Equity	4919.331
Total Equity	5884.351
2. Non-current Liabilities
(a) Provisions	29.692
(b) Other Non-current liabilities	26.819
(c) Deferred tax Liabilities	490.769
Total Non-current Liabilities	547.280
2.Current Liabilities
(a) Financial Liabilities
(i) Trade payables	3995.804
(ii) Other Financial Liabilities	154.635
(b) Other Current Liabilities	136.864
(c) Provisions	18.444
(d) Current tax Liabilities	54.136
Total Current Liabilities	4359.883
TOTAL EQUITY AND LIABILITIES	10791.514

NOTES:

1 The Board of Directors have declared an Interim Dividend of Re 1/- per equity share of the Company. 

2 Prices of Styrene Monomer (SM), the main raw material for the Company's products, were very volatile during the quarter under report. SM prices which had stablised by mid June 2017 started increasing from early August 2017 and increased by 25% in a short span of about a month. Before it could settle at this level SM prices dropped by approx. 15%. These sharp movements affected the demand of the products during the quarter. Implementation of GST w.e.f. July 1, 2017 also slowed down the demand for your Company's Products during the initial weeks. 

3 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 Rs.1,092 lakhs. The Company has till date received interim claim of Rs.718 lakhs. 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. 

4 In accordance with the requirements of Ind AS 18, Revenue for the quarter ended September 30, 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		Six Months ended
	30.09.2017	30.06.2017	30.09.2017
Sales	7036.966	7722.784	14759.750
Excise Duty on Sale	0.000	775.118	775.118
Sales excluding excise duty	7036.966	6947.666	13984.632

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 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 63.89
UK Pound	1	INR 88.60
Euro	1	INR 78.12

INFORMATION DETAILS

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.