%20PRIVATE%20LIMITED-137756%2018-Apr-2011_files/image008.jpg){kind=small}
MIRA INFORM REPORT
|
Report Date : |
18.04.2011 |
Note: The correct name of the company is SUBTIWEIGH
ELECTRIC (INDIA) PRIVATE LIMITED
IDENTIFICATION DETAILS
|
Name : |
SUBTIWEIGH ELECTRIC ( |
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Registered
Office : |
Beraberi, Sikherbagan, |
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Country : |
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Financials (as
on) : |
31.03.2010 |
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Date of
Incorporation : |
30.01.2003 |
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Com. Reg. No.: |
21-095726 |
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CIN No.: [Company Identification
No.] |
U29196WB2003PTC095726 |
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Legal Form : |
Private Limited Liability Company. |
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Line of Business
: |
Manufacturer, Exporter and Importer of Industrial Automation
Equipments. |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (47) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
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|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal commitments. |
Satisfactory |
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Maximum Credit Limit : |
USD 160000 |
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Status : |
Satisfactory |
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Payment Behaviour : |
Usually correct |
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Litigation : |
Clear |
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Comments : |
Subject is an established company having satisfactory track. Trade
relations are fair. Business is active. Payments are reported to be usually
correct and as per commitments. The company can be considered normal for business dealings at usual
trade terms and conditions. |
NOTES :
Any query related to this report can be made
on e-mail : infodept@mirainform.com
while quoting report number, name and date.
ECGC Country Risk Classification List – April 1, 2010
|
Country Name |
Previous Rating (31.12.2009) |
Current Rating (01.04.2010) |
|
|
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
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Low |
A2 |
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Moderate |
B1 |
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High |
B2 |
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Very High |
C1 |
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Restricted |
C2 |
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Off-credit |
D |
INFORMATION PARTED BY
|
Name : |
Mr. Mundal |
|
Designation : |
Accountant |
|
Date : |
14.04.2011 |
LOCATIONS
|
Registered Office/ Factory: |
Beraberi, Sikherbagan, Sir Ramesh Mitra Road, P.O. R- Gopalpur,
Kolkata-700136, West Bengal, India |
|
Tel. No.: |
91-33-65354933/ 2573716/ 64502111/ 12 |
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Fax No.: |
91-33-25735653 |
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E-Mail : |
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Website : |
DIRECTORS
As on 27.09.2010
|
Name : |
Mr. Mirza Jawed Baig |
|
Designation : |
Director |
|
Address : |
BL- 189, Sector -11, Salt lake, Kolkata-700091, West Bengal, India |
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Date of Birth/Age : |
05.11.1969 |
|
Date of Appointment : |
30.01.2003 |
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Name : |
Mr. Krishna Pant Baig |
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Designation : |
Director |
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Address : |
BL- 189, Sector -11, Salt lake, Kolkata-700091, West Bengal, India |
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Date of Birth/Age : |
29.09.1967 |
|
Date of Appointment : |
30.04.2003 |
KEY EXECUTIVES
|
Name : |
Mr. Mundal |
|
Designation : |
Accountant |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 27.09.2010
|
Names of Shareholders |
|
No. of Shares |
|
Apex Goods Private Limited, West |
|
6000 |
|
Atharva Steels India Private Limited, West |
|
16500 |
|
Bhumi Vyapaar Private Limited, West |
|
7000 |
|
|
|
71000 |
|
Mirza Jawed Baig |
|
295000 |
|
Right Choice Distributor Private Limited, West |
|
7000 |
|
Twinkle Vanijya Private Limited, West |
|
10000 |
|
Total |
|
412500 |
Equity Share Breakup (Percentage of Total Equity)
As on 27.09.2010
|
Category |
Percentage |
|
Bodies corporate |
11.00 |
|
Directors or relatives of Directors |
89.00 |
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Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer, Exporter and Importer of Industrial Automation
Equipments. |
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Exports : |
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Products : |
Industrial Automation Equipment |
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Countries : |
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Imports : |
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Products : |
Ra Material |
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Countries : |
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Terms : |
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Selling : |
T.T. |
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Purchasing : |
T.T. |
GENERAL INFORMATION
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Customers : |
Industrial Steel Company |
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No. of Employees : |
Approximately 150 |
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Bankers : |
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Facilities : |
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Banking
Relations : |
-- |
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Auditors : |
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Name : |
K Jana and Associates Chartered Accountant |
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Address : |
94, Rajdanga Nabaplly Kasba, Kolkata-700107, West |
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Tel. No.: |
91-33-40663086 |
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Mobile No.: |
91-9830288801 |
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E-Mail : |
CAPITAL STRUCTURE
As pm 31.03.2010
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
500000 |
Equity Shares |
Rs. 10/- each |
Rs. 5.000 Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
412500 |
Equity Shares |
Rs. 10/-
each |
Rs. 4.125
Millions |
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
4.125 |
4.125 |
4.125 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
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|
3] Reserves & Surplus |
35.328 |
33.963 |
29.517 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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|
NETWORTH |
39.453 |
38.088 |
33.642 |
|
|
LOAN FUNDS |
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|
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|
1] Secured Loans |
28.005 |
40.369 |
47.337 |
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2] Unsecured Loans |
0.000 |
0.000 |
0.000 |
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TOTAL BORROWING |
28.005 |
40.369 |
47.337 |
|
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DEFERRED TAX LIABILITIES |
0.495 |
0.000 |
0.000 |
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TOTAL |
67.953 |
78.457 |
80.979 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
59.344 |
58.136 |
60.249 |
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Capital work-in-progress |
0.000 |
0.000 |
0.000 |
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INVESTMENT |
0.000 |
0.000 |
0.000 |
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DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
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CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
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|
Inventories |
26.614
|
17.122 |
23.926 |
|
|
Sundry Debtors |
43.233
|
58.320 |
47.044 |
|
|
Cash & Bank Balances |
8.194
|
6.734 |
6.996 |
|
|
Other Current Assets |
0.000
|
0.000 |
0.000 |
|
|
Loans & Advances |
8.033
|
14.489 |
9.643 |
|
Total
Current Assets |
86.074
|
96.665 |
87.609 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
56.997
|
61.194 |
48.220 |
|
|
Other Current Liabilities |
16.841
|
11.005 |
13.248 |
|
|
Provisions |
3.639
|
4.169 |
5.451 |
|
Total
Current Liabilities |
77.477
|
76.368 |
66.919 |
|
|
Net Current Assets |
8.597
|
20.297 |
20.690 |
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|
MISCELLANEOUS EXPENSES |
0.012 |
0.024 |
0.040 |
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|
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TOTAL |
67.953 |
78.457 |
80.979 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
|
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|
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Income |
129.817 |
183.186 |
149.172 |
|
|
|
Servicing and Engineering Consultancy |
|
3.274 |
2.202 |
|
|
|
Other Income |
|
0.243 |
1.802 |
|
|
|
TOTAL (A) |
129.817 |
186.703 |
153.176 |
|
|
|
|
|
|
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|
Less |
EXPENSES |
|
|
|
|
|
|
|
Purchase and Raw Material Consumed |
|
135.768 |
110.046 |
|
|
|
Direct Expenses |
|
8.203 |
7.660 |
|
|
|
Administrative and other Expenses |
|
23.929 |
18.484 |
|
|
|
TOTAL (B) |
126.782 |
167.900 |
136.190 |
|
|
|
(Including
Depreciation and Financial Expenses) |
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
|
18.803 |
16.986 |
|
|
|
|
|
|
|
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|
Less |
FINANCIAL
EXPENSES (D) |
|
5.572 |
5.798 |
|
|
|
|
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|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
|
13.231 |
11.188 |
|
|
|
|
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|
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|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
|
7.120 |
6.675 |
|
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|
|
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|
PROFIT BEFORE
TAX (E-F) (G) |
3.035 |
6.111 |
4.513 |
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|
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Less |
TAX (H) |
1.670 |
1.665 |
1.619 |
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|
PROFIT AFTER TAX
(G-H) (I) |
1.365 |
4.446 |
2.894 |
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Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
NA |
11.742 |
8.848 |
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|
BALANCE CARRIED
TO THE B/S |
NA |
16.188 |
11.742 |
|
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|
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|
|
Earnings Per
Share (Rs.) |
3.31 |
-- |
-- |
|
%20PRIVATE%20LIMITED-137756%2018-Apr-2011_files/image003.gif){kind=small}
%20PRIVATE%20LIMITED-137756%2018-Apr-2011_files/image004.gif){kind=small}
KEY RATIOS
|
PARTICULARS |
|
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
PAT / Total Income |
(%) |
1.05
|
2.38 |
1.89 |
|
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|
Net Profit Margin (PBT/Sales) |
(%) |
NA
|
3.34 |
3.03 |
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|
Return on Total Assets (PBT/Total Assets} |
(%) |
2.09
|
3.95 |
3.05 |
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|
Return on Investment (ROI) (PBT/Networth) |
|
0.08
|
0.16 |
0.13 |
|
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|
Debt Equity Ratio (Total Liability/Networth) |
|
2.67
|
3.06 |
3.40 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.11
|
1.27 |
1.31 |
LOCAL AGENCY FURTHER INFORMATION
Note:
The Registered office of the company has been shifted from P 109,
Note:
Subject company is system integrator of “ABB Limited”
Financials
results:
The company has achieved a turnover fo Rs. 138.878 Millions during the
year (previous year Rs. 208.149 Millions) and mad a Profit Rs. 3.035 Millions
(Previous year Rs. 6.111 Millions) before provision for taxes. The main reason for low turnover over the
previous year in only because of delay booking of orders. A good achievement
during the next fiscal year is hoped considering in hand as on 31st
March 2010 and orders under pipe line.
Business
Operation:
The business operations are in the field of Sponge Iron, Rolling Mill,
Bar Mill and Power Plant Sectors. There isa prospective business in Cement
Plant as the company is able to supply and execute order from
Bankers Charges
Report as per Registry
|
Corporate
identity number of the company |
U29196WB2003PTC095726 |
|
Name of the
company |
SUBTIWEIGH ELECTRIC ( |
|
Address of the registered
office or of the principal place of
business in |
Beraberi, Sikherbagan, Sir Ramesh Mitra Road, P.O. R- Gopalpur,
Kolkata-700136, West Bengal, India |
|
This form is for |
Modification of
charge |
|
Charge
identification number of the charge to be modified |
90370884 |
|
Type of charge |
|
|
Particular of
charge holder |
Central Bank of India, Belghoria Branch, 102, Fedder Road, Belghoria, Kolkata-700056,
West Bengal, India |
|
Nature of
instrument creating charge |
DPN Dated
29.06.2010 for Rs. 12.250 Millions.
|
|
Date of
instrument Creating the charge |
23.08.2010 |
|
Amount secured by
the charge |
Rs. 29.533
Millions |
|
Brief of the
principal terms an conditions and extent and operation of the charge |
Rate of Interest BPLR + 0.50% i.e.
@ 12.50 presently Terms of
Repayment For existing terms,
Term Loan to be repaid in 48 EMIs i.e. by September 2011. For present
terms: Reschedulement of term loan with extension of repayment period by
another one year. TL to be
reschedulement for repayment in 60 months with existing outstanding balance
to be repaid by EMIs w.e.f. April 2010 to September 2012 Margin CC
(Hypothecation) -25$% BG- 15% Cash
Margin |
|
Short particulars
of the property charged |
Primary- i)
Hypothecation of stocks/ book debts (Net Sr. Creditors) Valued Rs. 23.240 Millions
as on 31.03.2009. ii) W.D.V of
fixed assets valued Rs. 51.253 Millions as on 31.03.2009 exchanging value of
motor car and land under collateral . COOLATERAL: i)
E.M of land valued Rs. 19.800 Millions as on 23.003.2010 ii) Lien on
MNDCS- Rs. 4.000 Millions Guarantors: i)
M.S. Baig worth Rs. 6.600 Millions as on 31.03.2009 and ii) Mrs. Krishna
Pant (Baig) worth Rs. 1.800 Millions as on 31.03.2009 |
|
Particulars of
the present modification |
By this
modification the secured amount have been rescheduled to Rs. 29.533 Millions |
Fixed Assets:
·
Land
·
·
Electrical Installation
·
Furniture and Fixtures
·
Computer
·
Motor Car
·
Plant and Machinery
·
Office Equipments.
CMT REPORT (Corruption, Money Laundering & Terrorism]
The Public Notice information has been collected from various sources
including but not limited to: The Courts,
1] INFORMATION ON
DESIGNATED PARTY
No 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
|
Indian Rupees |
|
US Dollar |
1 |
Rs.44.52 |
|
|
1 |
Rs.72.71 |
|
Euro |
1 |
Rs.64.41 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
5 |
|
PAID-UP CAPITAL |
1~10 |
6 |
|
OPERATING SCALE |
1~10 |
5 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
5 |
|
--PROFITABILIRY |
1~10 |
5 |
|
--LIQUIDITY |
1~10 |
5 |
|
--LEVERAGE |
1~10 |
5 |
|
--RESERVES |
1~10 |
6 |
|
--CREDIT LINES |
1~10 |
5 |
|
--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 |
YES |
|
--AFFILIATION |
YES/NO |
NO |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
47 |
This score serves as a reference to assess
SC’s credit risk and to set the amount of credit to be extended. It is
calculated from a composite of weighted scores obtained from each of the major
sections of this report. The assessed factors and their relative weights (as
indicated through %) are as follows:
Financial
condition (40%) Ownership
background (20%) Payment
record (10%)
Credit history
(10%) Market trend (10%) Operational size
(10%)
RATING EXPLANATIONS
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
>86 |
Aaa |
Possesses an extremely sound financial base with the strongest
capability for timely payment of interest and principal sums |
Unlimited |
|
71-85 |
Aa |
Possesses adequate working capital. No caution needed for credit transaction.
It has above average (strong) capability for payment of interest and
principal sums |
Large |
|
56-70 |
A |
Financial & operational base are regarded healthy. General
unfavourable factors will not cause fatal effect. Satisfactory capability for
payment of interest and principal sums |
Fairly Large |
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively below
average. |
Small |
|
11-25 |
Ca |
Adverse factors are apparent. Repayment of interest and principal sums
in default or expected to be in default upon maturity |
Limited with
full security |
|
<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
|
- |
NB |
New Business |
- |
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or
its officials.