MIRA INFORM REPORT

Report Date :

25.04.2012

IDENTIFICATION DETAILS

Name :	SUBTLEWEIGH ELECTRIC (INDIA) PRIVATE LIMITED
Registered Office :	Beraberi, Sikherbagan, Sir Ramesh Mitra Road, P.O. R- Gopalpur, Kolkata-700136, West Bengal
Country :	India
Financials (as on) :	31.03.2011
Date of Incorporation :	30.01.2003
Com. Reg. No.:	21-095726
Capital Investment / Paid-up Capital :	Rs.4.125 Millions
CIN No.: [Company Identification No.]	U29196WB2003PTC095726
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer, Exporter and Importer of Industrial Automation Equipments.
No. of Employees :	150 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

Ba (47)

RATING		STATUS	PROPOSED CREDIT LINE
41-55	Ba	Overall operation is considered normal. Capable to meet normal commitments.	Satisfactory

Maximum Credit Limit :	USD 175000
Status :	Satisfactory
Payment Behaviour :	Usually correct
Litigation :	Clear
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 – September 30, 2011

Country Name	Previous Rating (30.06.2011)	Current Rating (30.09.2011)
India	A1	A1

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

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
Fax No.:	91-33-25735653
E-Mail :	sblweish@redifmail.com
Website :	http://www.subtleweighelectric.com

DIRECTORS

As on 26.09.2011

Name :

Mr. Mirza Jawed Baig

Designation :

Director

Address :

BL- 189, Sector -11, Salt lake, Kolkata-700091, West Bengal, India

Date of Birth/Age :

05.11.1969

Date of Appointment :

30.01.2003

DIN No.:

00465352

Name :

Mr. Krishna Pant Baig

Designation :

Director

Address :

BL- 189, Sector -11, Salt lake, Kolkata-700091, West Bengal, India

Date of Birth/Age :

29.09.1967

Date of Appointment :

30.04.2003

DIN No.:

00465260

Other Directorship :

S.No.	CIN	Name of the Company	Current designation of the director	Date of appointment at current designation	Original date of appointment	Date of cessation	Company Status	Defaulting status
1	U29196WB2003PTC095726	SUBTIEWEIGH ELECTRIC (INDIA) PRIVATE LIMITED	Director	30/01/2003	30/01/2003	-	Active	NO
2	U33129WB2005PTC100980	POWERPLUS TECHNOLOGY (INDIA) PRIVATE LIMITED	Director	4/01/2005	4/01/2005	6/04/2009	Active	NO

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 26.09.2011

Names of Shareholders	No. of Shares
Apex Goods Private Limited, West Bengal, India	6000
Atharva Steels India Private Limited, West Bengal, India	16500
Bhumi Vyapaar Private Limited, West Bengal, India	7000
Krishna Pant Baig	71000
Mirza Jawed Baig	295000
Right Choice Distributor Private Limited, West Bengal, India	7000
Twinkle Vanijya Private Limited, West Bengal, India	10000
Total	412500

Equity Share Break up (Percentage of Total Equity)

As on 26.09.2011

Category	Percentage
Bodies corporate	11.00
Directors or relatives of Directors	89.00
Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacturer, Exporter and Importer of Industrial Automation Equipments.

GENERAL INFORMATION

No. of Employees :

150 (Approximately)

Bankers :

• Central Bank of India, Belghoria Branch, 102, Fedder Road, Belghoria, Kolkata-700056, West Bengal, India
• IDBI Bank Limited
• ICICI Bank Limited

Facilities :

Secured Loans	As on 31.03.2011 (Rs. in Millions)	As on 31.03.2010 (Rs. in Millions)
A) Term Loan Central Bank of India, Belghoria Branch	10.100	15.008
B) Cash Credit Loan (Central Bank of India, Belghoria Branch	24.736	9.645
C) Car Loan with ICICI Bank (Loan secured by hypothecation of Motor Car)	0.648	1.353
D) From IDBI Bank (as a ABB Channel Partner)	0.000	1.999
Total	35.484	28.005

Notes:

1. Term Loans are secured by first charge on all the immovable and movable assets present and future ranking pari-passu in favour of C.B.I. subject to the prior charge in favour of the banks on inventories and book-debts for working capital facilities.

2. Cash credit loans are secured by hypothecation of entire current assets including stocks of raw materials, stock in process, finished goods, stores and spares, receivables, both present and future ranking pari passu in favour of C.B.I. and also secured by second charge on all the block assets.

Unsecured Loans	As on 31.03.2011 (Rs. in Millions)	As on 31.03.2010 (Rs. in Millions)
J.K. Automation	1.400	0.000
Integrated Data Systems	2.000	0.000
J.M.D Sounds Limited	2.500	0.000
Total	5.900	0.000

Banking Relations :	--
Auditors :
Name :	K Jana and Associates Chartered Accountant
Address :	94, Rajdanga Nabaplly Kasba, Kolkata-700107, West Bengal, India
Tel. No.:	91-33-40663086
Mobile No.:	91-9830288801
E-Mail :	kanaassociates_2001@yahoo.co.in kmal.jana@gmail.com
PAN.:	AAHFK8220F

CAPITAL STRUCTURE

As on 31.03.2011

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		31.03.2011	31.03.2010	31.03.2009
SHAREHOLDERS FUNDS
1] Share Capital		4.125	4.125	4.125
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		39.529	35.328	33.963
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		43.654	39.453	38.088
LOAN FUNDS
1] Secured Loans		35.484	28.005	40.369
2] Unsecured Loans		5.900	0.000	0.000
TOTAL BORROWING		41.384	28.005	40.369
DEFERRED TAX LIABILITIES		0.103	0.495	0.000
TOTAL		85.141	67.953	78.457
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		59.742	59.344	58.136
Capital work-in-progress		0.000	0.000	0.000
INVESTMENT		0.000	0.000	0.000
DEFERREX TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	33.328	26.614	17.122
	Sundry Debtors	55.007	43.233	58.320
	Cash & Bank Balances	10.009	8.194	6.734
	Other Current Assets	0.000	0.000	0.000
	Loans & Advances	9.210	8.033	14.489
Total Current Assets		107.554	86.074	96.665
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	66.189	56.997	61.194
	Other Current Liabilities	12.679	16.841	11.005
	Provisions	3.287	3.639	4.169
Total Current Liabilities		82.155	77.477	76.368
Net Current Assets		25.399	8.597	20.297
MISCELLANEOUS EXPENSES		0.000	0.012	0.024
TOTAL		85.141	67.953	78.457

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2011	31.03.2010	31.03.2009
	SALES
		Income	190.555	125.814	183.186
		Servicing and Engineering Consultancy	1.985	3.185	3.274
		Other Income	0.484	0.818	0.243
		TOTAL (A)	193.024	129.817	186.703
Less	EXPENSES
		Purchase and Raw Material Consumed	140.529	84.545	135.768
		Direct Expenses	11.872	7.288	8.203
		Administrative and other Expenses	25.092	23.613	23.929
		TOTAL (B)	177.493	115.446	167.900
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		15.531	14.371	18.803
Less	FINANCIAL EXPENSES (D)		3.472	4.498	5.572
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		12.059	9.873	13.231
Less/ Add	DEPRECIATION/ AMORTISATION (F)		6.320	6.838	7.120
	PROFIT BEFORE TAX (E-F) (G)		5.739	3.035	6.111
Less	TAX (H)		1.538	1.670	1.665
	PROFIT AFTER TAX (G-H) (I)		4.201	1.365	4.446
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		17.553	16.188	11.742
	BALANCE CARRIED TO THE B/S		21.754	17.553	16.188
	Earnings Per Share (Rs.)		10.18	3.31	--

KEY RATIOS

PARTICULARS		31.03.2011	31.03.2010	31.03.2009
PAT / Total Income	(%)	2.17	1.05	2.38
Net Profit Margin (PBT/Sales)	(%)	3.01	2.41	3.34
Return on Total Assets (PBT/Total Assets}	(%)	3.43	2.09	3.95
Return on Investment (ROI) (PBT/Networth)		0.13	0.08	0.16
Debt Equity Ratio (Total Liability/Networth)		2.83	2.67	3.06
Current Ratio (Current Asset/Current Liability)		1.31	1.11	1.27

LOCAL AGENCY FURTHER INFORMATION

Check List by Info Agents	Available in Report (Yes / No)
1) Year of Establishment	Yes
2) Locality of the firm	Yes
3) Constitutions of the firm	Yes
4) Premises details	No
5) Type of Business	Yes
6) Line of Business	Yes
7) Promoter’s background	--
8) No. of employees	Yes
9) Name of person contacted	No
10) Designation of contact person	No
11) Turnover of firm for last three years	Yes
12) Profitability for last three years	Yes
13) Reasons for variation <> 20%	--
14) Estimation for coming financial year	No
15) Capital in the business	Yes
16) Details of sister concerns	No
17) Major suppliers	No
18) Major customers	No
19) Payments terms	No
20) Export / Import details (if applicable)	No
21) Market information	--
22) Litigations that the firm / promoter	--
23) Banking Details	Yes
24) Banking facility details	Yes
25) Conduct of the banking account	--
26) Buyer visit details	--
27) Financials, if provided	Yes
28) Incorporation details, if applicable	Yes
29) Last accounts filed at ROC	Yes
30) Major Shareholders, if available	Yes

Note:

The Registered office of the company has been shifted from P 109, Lake Town, Block A, Kolkata-700089, West Bengal, India to present address w.e.f. 01.04.2008.

Bankers Charges Report as per Registry

Corporate identity number of the company	U29196WB2003PTC095726
Name of the company	SUBTIWEIGH ELECTRIC (INDIA) PRIVATE LIMITED
Address of the registered office or of the principal place of business in India of the company	Beraberi, Sikherbagan, Sir Ramesh Mitra Road, P.O. R- Gopalpur, Kolkata-700136, West Bengal, India Email : sblweigh@rediffmail.com
This form is for	Modification of charge
Charge identification number of the charge to be modified	90370884
Type of charge	Immovable Property
Particular of charge holder	Central Bank of India, Belghoria Branch, 102, Fedder Road, Belghoria, Kolkata-700056, West Bengal, India Email : bankservices.3005@yahoo.in
Nature of instrument creating charge	1) Sanction Letter 2) D. P. Note 3) Board Resolution
Date of instrument Creating the charge	23.08.2012
Amount secured by the charge	Rs.51.719 Millions
Brief of the principal terms an conditions and extent and operation of the charge	Rate of Interest As per earlier agreement Terms of Repayment As per earlier agreement Margin As per earlier agreement Extent and operation of the charge As per earlier agreement
Short particulars of the property charged	As per earlier agreement
Particulars of the present modification	By this modification, temporary Adhoc limit sanctioned of Rs.4.000 Millions. Therefore, total limit has been enhanced from Rs.47.719 Millions to Rs.51.719 Millions

Fixed Assets:

· Land

· Factory Building and Factory Shed

· 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, 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	Indian Rupees
US Dollar	1	Rs.52.79
UK Pound	1	Rs.85.17
Euro	1	Rs.69.53

INFORMATION DETAILS

Information Gathered by :	--
Report Prepared by :	CTI

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	-

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.