MIRA INFORM REPORT

 

 

Report Date :

07.06.2013

 

IDENTIFICATION DETAILS

 

Name :

SUBTIEWEIGH 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) :

31.03.2012

 

 

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 :

B (31)

 

RATING

STATUS

PROPOSED CREDIT LINE

26-40

B

Capability to overcome financial difficulties seems comparatively below average.

Small

 

Maximum Credit Limit :

USD 300000

 

 

Status :

Moderate

 

 

Payment Behaviour :

Slow But Correct

 

 

Litigation :

Clear

 

 

Comments :

Subject is an established company having a moderate track record. There appears sharp dip in the turnover during 2012 and the company has incurred loss. However, trade relations are fair. Business is active. Payments are reported to be slow but correct.

 

The company can be considered for business dealings with some caution. 

 

NOTES :

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

 

 

ECGC Country Risk Classification List – March 31st, 2013

 

Country Name

Previous Rating

(31.12.2012)

Current Rating

(31.03.2013)

India

A1

A1

 

Risk Category

ECGC Classification

Insignificant

 

A1

Low

 

A2

Moderate

 

B1

High

 

B2

Very High

 

C1

Restricted

 

C2

Off-credit

 

D

 

 

EXTERNAL AGENCY RATING

 

Rating Agency Name

CRISIL

Rating

SE 3B

Rating Explanation

Moderate performance capability and moderate financial strength.

Date

October 2012

 

 

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 31-03-2012.

 

 

INFORMATION PARTED BY

 

Name :

Mr. A Matra

Designation :

Sales Manager

Contact No.:

91-9830322382

Date :

29.05.2013

 

 

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

Mobile No :

91-9830322382 (Mr. A Matra)

Fax No.:

91-33-25735653

E-Mail :

sblweish@redifmail.com

Website :

http://www.subtleweighelectric.com

 

 

DIRECTORS

 

AS ON 28.09.2012

 

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

PAN No.:

AILPB3356K

DIN No.:

00465260

 

Other Directorship:

 

S.No.

CIN/LLPIN

Name of the Company/ LLP

Current designation of the Director/ Designated Partner

Date of appointment at current designation

Original date of appointment

Date of cessation

Company/ LLP Status

Defaulting status

1

U29196WB2003PTC095726

SUBTIEWEIGH ELECTRIC (INDIA) PRIVATE LIMITED

Director

30-01-03

30-01-03

-

Active

NO

2

U33129WB2005PTC100980

POWERPLUS TECHNOLOGY (INDIA) PRIVATE LIMITED

Director

04-01-05

04-01-05

06-04-09

Active

NO

 

 

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

PAN No.:

AELPB1091D

DIN No.:

00465352

 

 

KEY EXECUTIVES

 

Name :

Mr. A Matra

Designation :

Sales Manager

 

 

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

 

AS ON 28.09.2012

 

Names of Shareholders

No. of Shares

Apex Goods Private Limited, India

6000

Atharva Steels India Private Limited, India

16500

Bhumi Vyapaar Private Limited, India

7000

Krishna Pant Baig

71000

Mirza Jawed Baig

295000

Right Choice Distributor Private Limited, India

7000

Twinkle Vanijya Private Limited, India

10000

TOTAL

412500

 

AS ON 28.09.2012

 

Equity Shares Break Up

Percentage of Holding

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
  • HDFC Bank
  • Bank of India

 

 

Facilities :

Secured Loan

 

Rs. In Millions

31.03.2012

Rs. In Millions

31.03.2011

Long Term Borrowings

 

 

HDFC Bank Car Loan*

0.254

0.261

Term Loan From Central Bank of India

0.000

3.938

Short Term Borrowings

 

 

ICICI Bank Car Loan

0.000

0.194

HDFC Bank Car Loan

0.380

0.193

Working Capital Loans from Central Bank of India*

29.690

24.736

Term Loan from Central Bank of India

3.938

6.162

 

 

 

TOTAL

34.262

35.484

 

NOTE

 

LONG TERM BORROWINGS

 

*Against hypothecation of Moot Car

 

SHORT TERM BORROWINGS

 

*Bank cash credit obtained against equitable mortgage of factory land, all other movable plant and machinery also secured by hypothecation of all book debts, Raw Materials and stores.

 

 

 

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 31.03.2012

 

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

 

31.03.2012

31.03.2011

31.03.2010

SHAREHOLDERS FUNDS

 

 

 

1] Share Capital

4.125

4.125

4.125

2] Share Application Money

0.000

0.000

0.000

3] Reserves & Surplus

72.397

39.529

35.328

4] (Accumulated Losses)

0.000

0.000

0.000

NETWORTH

76.522

43.654

39.453

LOAN FUNDS

 

 

 

1] Secured Loans

34.262

35.484

28.005

2] Unsecured Loans

9.000

5.900

0.000

TOTAL BORROWING

43.262

41.384

28.005

DEFERRED TAX LIABILITIES

1.061

0.103

0.495

 

 

 

 

TOTAL

120.845

85.141

67.953

 

 

 

 

APPLICATION OF FUNDS

 

 

 

 

 

 

 

FIXED ASSETS [Net Block]

47.868

59.717

59.344

Capital work-in-progress

2.127

0.025

0.000

 

 

 

 

INVESTMENT

0.000

0.000

0.000

DEFERREX TAX ASSETS

0.000

0.000

0.000

 

 

 

 

CURRENT ASSETS, LOANS & ADVANCES

 

 

 

 

Inventories

56.497
33.328
26.614

 

Sundry Debtors

80.995
55.007
43.233

 

Cash & Bank Balances

23.044
10.009
8.194

 

Other Current Assets

1.969
0.960
0.000

 

Loans & Advances

9.700
8.275
8.033

Total Current Assets

172.205

107.579

86.074

Less : CURRENT LIABILITIES & PROVISIONS

 

 

 

 

Sundry Creditors

73.739
61.119
56.997

 

Other Current Liabilities

17.021
17.774
16.841

 

Provisions

10.595
3.287
3.639

Total Current Liabilities

101.355

82.180

77.477

Net Current Assets

70.850
25.399
8.597

 

 

 

 

MISCELLANEOUS EXPENSES

0.000

0.000

0.012

 

 

 

 

TOTAL

120.845

85.141

67.953

 

PROFIT & LOSS ACCOUNT

 

 

PARTICULARS

31.03.2012

31.03.2011

31.03.2010

 

 

SALES

 

 

 

 

 

Income

149.348

190.555

125.814

 

 

Servicing and Engineering Consultancy

NA

1.985

3.185

 

 

Other Income

NA

0.484

0.818

 

 

TOTAL                                     (A)

NA

193.024

129.817

 

 

 

 

 

Less

EXPENSES

 

 

 

 

 

Purchase and Raw Material Consumed

NA

140.529

84.545

 

 

Direct Expenses

 

11.872

7.288

 

 

Administrative and other Expenses

 

25.092

23.613

 

 

TOTAL                                     (B)

 

177.493

115.446

 

 

 

 

 

Less

PROFIT / (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B)      (C)

NA

15.531

14.371

 

 

 

 

 

Less

FINANCIAL EXPENSES                         (D)

 

3.472

4.498

 

 

 

 

 

 

PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D)                               (E)

NA

12.059

9.873

 

 

 

 

 

Less/ Add

DEPRECIATION/ AMORTISATION                     (F)

NA

6.320

6.838

 

 

 

 

 

 

PROFIT / (LOSS) BEFORE TAX (E-F)                 (G)

(15.798)

5.739

3.035

 

 

 

 

 

Less

TAX                                                                  (H)

NA

1.538

1.670

 

 

 

 

 

 

PROFIT / (LOSS) AFTER TAX (G-H)                  (I)

NA

4.201

1.365

 

 

 

 

 

Add

PREVIOUS YEARS’ BALANCE BROUGHT FORWARD

NA

17.553

16.188

 

 

 

 

 

 

BALANCE CARRIED TO THE B/S

NA

21.754

17.553

 

 

 

 

 

 

Earnings Per Share (Rs.)

--

10.18

3.31

 

 

KEY RATIOS

 

PARTICULARS

 

 

31.03.2012

31.03.2011

31.03.2010

PAT / Total Income

(%)

NA
2.17
1.05

 

 

 
 
 

Net Profit Margin

(PBT/Sales)

(%)

(10.58)
3.01
2.41

 

 

 

 

 

Return on Total Assets

(PBT/Total Assets}

(%)

(7.18)

3.43

2.09

 

 

 

 

 

Return on Investment (ROI)

(PBT/Networth)

 

(0.21)

0.13

0.08

 

 

 

 

 

Debt Equity Ratio

(Total Debt /Networth)

 

0.57

0.95

0.71

 

 

 

 

 

Current Ratio

(Current Asset/Current Liability)

 

1.70

1.31

1.11

 

 

LOCAL AGENCY FURTHER INFORMATION

 

Sr. No.

Check List by Info Agents

Available in Report (Yes / No)

1]

Year of Establishment

Yes

2]

Locality of the firm

Yes

3]

Constitutions of the firm

Yes

4]

Premises details

No

5]

Type of Business

Yes

6]

Line of Business

Yes

7]

Promoter's background

Yes

8]

No. of employees

Yes

9]

Name of person contacted

Yes

10]

Designation of contact person

Yes

11]

Turnover of firm for last three years

Yes

12]

Profitability for last three years

Yes

13]

Reasons for variation <> 20%

-----

14]

Estimation for coming financial year

No

15]

Capital in the business

Yes

16]

Details of sister concerns

No

17]

Major suppliers

No

18]

Major customers

No

19]

Payments terms

No

20]

Export / Import details (if applicable)

No

21]

Market information

-----

22]

Litigations that the firm / promoter involved in

-----

23]

Banking Details

Yes

24]

Banking facility details

Yes

25]

Conduct of the banking account

-----

26]

Buyer visit details

-----

27]

Financials, if provided

Yes

28]

Incorporation details, if applicable

Yes

29]

Last accounts filed at ROC

Yes

30]

Major Shareholders, if available

Yes

31]

Date of Birth of Proprietor/Partner/Director, if available

Yes

32]

PAN of Proprietor/Partner/Director, if available

No

33]

Voter ID No of Proprietor/Partner/Director, if available

No

34]

External Agency Rating, if available

No

 

 

Unsecured Loan

 

Rs. In Millions

31.03.2012

Rs. In Millions

31.03.2011

Long Term Borrowings

 

 

Body Corporate

 

 

Jai Ambe Cassettes Private Limited

1.000

0.000

Neha Casstles Private Limited

2.000

0.000

Warner Multimedia Limited

0.500

0.000

Intergrated Data Systems

2.000

2.000

J M D Sounds Limited

3.500

2.500

Others

 

 

J K Automation*

0.000

1.400

 

 

 

TOTAL

9.000

5.900

 

NOTE

 

LONG TERM BORROWINGS

 

* J K Automation is a concern whereby one of the Director is proprietor.

 

 

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.

 

FINANCIAL RESULTS

 

The company has achieved a turnover of Rs. 149.348 Millions during the year (Previous Year Rs. 216.693 Millions). During the year the company could not achieve targeted turnover resulting which there is a Loss of Rs. 15.798 Millions (Previous year Profit Rs. 5.739 Millions) before provision for taxes. To strengthen the financial situation the company sold out part of Land Property during the year. There is a capital gain of Rs. 54.518 Millions 

 

 

BUSINESS OPERATION

 

Their business operations is to provide complete industrial automation solutions in the field of Process Automation and Plant Electricals in Steel, Cement and Power sectors. The company has further strengthened Weighing and Batching Systems in large scale which has shown very good prospect. It is pleasure to inform that the company has been able to export Automation and Weighing Systems in the international market.

 

FORM 8

 

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 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 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. 56.86

UK Pound

1

Rs. 87.64

Euro

1

Rs. 74.51

 

 

INFORMATION DETAILS

 

Information Gathered by :

HTL

 

 

Report Prepared by :

DPT


 

SCORE & RATING EXPLANATIONS

 

SCORE FACTORS

 

RANGE

POINTS

HISTORY

1~10

3

PAID-UP CAPITAL

1~10

4

OPERATING SCALE

1~10

5

FINANCIAL CONDITION

 

 

--BUSINESS SCALE

1~10

5

--PROFITABILIRY

1~10

2

--LIQUIDITY

1~10

3

--LEVERAGE

1~10

3

--RESERVES

1~10

3

--CREDIT LINES

1~10

3

--MARGINS

-5~5

--

DEMERIT POINTS

 

 

--BANK CHARGES

YES/NO

YES

--LITIGATION

YES/NO

NO

--OTHER ADVERSE INFORMATION

YES/NO

NO

MERIT POINTS

 

 

--SOLE DISTRIBUTORSHIP

YES/NO

NO

--EXPORT ACTIVITIES

YES/NO

NO

--AFFILIATION

YES/NO

NO

--LISTED

YES/NO

NO

--OTHER MERIT FACTORS

YES/NO

YES

DEFAULTER

 

 

--RBI

YES/NO

NO

--EPF

YES/NO

NO

TOTAL

 

31

 

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.