MIRA INFORM REPORT

Report Date :

24.12.2014

IDENTIFICATION DETAILS

Name :	SUBHADRA COMMERCIAL PRIVATE LIMITED
Registered Office :	G T Road, Old Court More, Durgapur – 713213, West Bengal
Country :	India
Financials (as on) :	31.03.2014
Date of Incorporation :	21.05.2001
Com. Reg. No.:	21-093207
Capital Investment / Paid-up Capital :	Rs. 6.458 Millions
CIN No.: [Company Identification No.]	U51900WB2001PTC093207
IEC No.:	Not Available
TAN No.: [Tax Deduction & Collection Account No.]	CALS14385A
PAN No.: [Permanent Account No.]	AAHCS0079D
Legal Form :	Private Limited Liability Company
Line of Business :	Trader, Importer of Supplier of Manganese, Coal, Coke, Cement Clinker, etc.
No. of Employees :	Information declined by the management

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

Status :	Satisfactory
Payment Behaviour :	Usually correct
Litigation :	Clear
Comments :	Subject is an established company having satisfactory track record. Rating reflects sound financial risk profile marked by improvement in performance of the company and decent liquidity position. Trade relations are reported to be fair. Business is active. Payment terms are reported to be usually correct. The company can be considered for business dealing 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, 2014

Country Name	Previous Rating (30.06.2014)	Current Rating (30.09.2014)
India	A1	A1

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

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 31-03-2014.

INFORMATION DENIED BY

Name :	Mr. Shankar Chandra Nag
Designation :	Whole-time Director
Contact No.:	91-9434027372
Date :	20.12.2014

LOCATIONS

Registered Office :	G T Road, Old Court More, Durgapur – 713213, West Bengal, India
Tel. No. :	91-343-2585058/ 2583980
Mobile No. :	91-9434027372 (Mr. Shankar Chandra Nag)
Fax No. :	91-343-2585058/ 2583980
E-Mail :	sepl.dgp@gmail.com
Warehouse:	Kata Road, Durgapur, West Bengal, India

DIRECTORS

As on 29.09.2014

Name :

Mr. Shankar Chandra Nag

Designation :

Whole-time director

Address :

3/3, Udayshankar Bithi City Center, Burdwan, Durgapur – 713216, West Bengal, India

Date of Birth/Age :

01.02.1957

Date of Appointment :

26.05.2001

DIN No. :

01277873

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	U51900WB2001PTC093207	SUBHADRA COMMERCIAL PRIVATE LIMITED	Whole-time director	26-05-01	26-05-01	-	Active	NO
2	U28129WB2003PTC096803	BAGALAMUKHI STEEL PRODUCTS PRIVATE LIMITED	Director	19-08-03	19-08-03	-	Active	NO
3	U27109WB2005PTC101114	DULWANI ALLOYS AND STEEL INDUSTRIES PRIVATE LIMITED	Director	13-01-05	13-01-05	-	Active	NO
4	U01403WB2012PTC179255	BANKURA AGRO FARMING PRIVATE LIMITED	Director	02-04-12	02-04-12	-	Active	NO

Name :

Mr. Sukamal Biswas

Designation :

Whole-time director

Address :

1/2, Surya Sen Pally, Benachity, Burdwan, Durgapur – 713213, West Bengal, India

Date of Birth/Age :

30.01.1961

Date of Appointment :

26.05.2001

DIN No. :

00137314

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	U51900WB2001PTC093207	SUBHADRA COMMERCIAL PRIVATE LIMITED	Whole-time director	26-05-01	26-05-01	-	Active	NO
2	U28129WB2003PTC096803	BAGALAMUKHI STEEL PRODUCTS PRIVATE LIMITED	Director	19-08-03	19-08-03	-	Active	NO
3	U27109WB2005PTC101114	DULWANI ALLOYS AND STEEL INDUSTRIES PRIVATE LIMITED	Director	13-01-05	13-01-05	-	Active	NO
4	U27310WB2010PTC147691	SILVER LINE FERRO PROJECTS PRIVATE LIMITED	Director	13-05-10	13-05-10	-	Strike off	NO
5	U01403WB2012PTC179255	BANKURA AGRO FARMING PRIVATE LIMITED	Director	02-04-12	02-04-12	-	Active	NO

Name :

Madam Anima Biswas

Designation :

Whole-time director

Address :

1/2, Surya Sen Pally, Benachity, Burdwan, Durgapur – 713213, West Bengal, India

Date of Birth/Age :

01.01.1977

Date of Appointment :

01.07.2008

DIN No. :

02153606

Name :

Madam Suman Nag

Designation :

Director

Address :

3/3, Udayshankar Bithi City Center, Burdwan, Durgapur – 713216, West Bengal, India

Date of Birth/Age :

15.09.1985

Date of Appointment :

30.09.2011

DIN No. :

02832421

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	U27310WB2010PTC147691	SILVER LINE FERRO PROJECTS PRIVATE LIMITED	Director	13-05-10	13-05-10	-	Strike off	NO
2	U51900WB2001PTC093207	SUBHADRA COMMERCIAL PRIVATE LIMITED	Director	30-09-11	09-08-10	-	Active	NO
3	U27109WB2005PTC101114	DULWANI ALLOYS NAD STEEL INDUSTRIES PRIVATE LIMITED	Director	01-06-13	09-11-10	-	Active	NO
4	U01403WB2012PTC179255	BANKURA AGRO FARMING PRIVATE LIMITED	Director	02-04-12	02-04-12	-	Active	NO
5	U28129WB2003PTC096803	BAGALAMUKHI STEEL PRODUCTS PRIVATE LIMITED	Whole-time director	23-08-13	16-04-13	-	Active	NO

MAJOR SHAREHOLDERS

As on 29.09.2014

Names of Shareholders	No. of Shares
Shankar Chandra Nag	105000
Sukamal Biswas	84350
Raj Kumar Biswas	12000
Anima Biswas	51500
Dev Kumar Biswas	46000
Ratan Nag	39800
Ramen Dutta	32000
Samir Dey	54000
Narayan Chandra Nag	5000
Dibakar Chatterjee	5000
Bishwajit Dharchowdhury	5000
Nitya Gopal Das	22680
Sailen Chakraborty	5000
Urmila Biswas	8000
Gopa Nag	30000
Gita Nag	43900
Mira Nag	1000
Anjana Biswas	2000
Suman Nag	38600
Biswajit Biswas	37500
Tirthankar Majumder	17500
Total	645830

As on 29.09.2014

Equity Share Break up (Percentage of Total Equity)

Category	Percentage
Directors or relatives of Directors	86.61
Other top fifty shareholders	13.39
Total	100.00

BUSINESS DETAILS

Line of Business :	Trader, Importer of Supplier of Manganese, Coal, Coke, Cement Clinker, etc.
Products :	Not Divulged
Brand Names :	Not Available
Agencies Held :	Not Available
Exports :	Not Divulged
Imports :	Not Divulged
Terms :	Not Divulged

PRODUCTION STATUS = NOT AVAILABLE

GENERAL INFORMATION

Suppliers :

Reference :	Not Divulged
Name of the Person :	Not Divulged
Contact No.:	Not Divulged
Since How Long Known :	Not Divulged
Experience :	Not Divulged
Maximum Limit Dealt :	Not Divulged

Customers :

Manufacturer

· Modern India Concast Limited

· Cosmic Ferro Alloys Limited

No. of Employees :

Information declined by the management

Bankers :

· State Bank of India

· Indusind Bank Limited

· Indian Overseas Bank, Durgapur Branch, Nachan Road, Benachity, Durgapur - 713213, West Bengal, India

· HDFC Bank Limited, HDFC Bank Housesenapati Bapat Marg, Lower Parel (West), Mumbai - 400013, Maharashtra, India

Facilities :

SECURED LOANS

Particulars	31.03.2014 (Rs. In Millions)	31.03.2013 (Rs. In Millions)
LONG TERM BORROWINGS
Loan against Vehicle	0.561	0.912
Working Capital Loans from Banks	0.000	0.017
TOTAL	0.561	0.929

Banking Relations :	---
Auditors :
Name :	Sunando Banerjee and Company Chartered Accountants
Address :	1B, Akrur Dutta Lane, Kolkata – 700012, West Bengal, India
Mobile No. :	91-9330405764
E-Mail :	banerjeesunando@hotmail.com
Income-tax PAN of auditor or auditor's firm :	AEBPB1187J
Memberships :	Not Available
Collaborators :	Not Available
Related Parties :	· B.N. Enterprise · S.S. Enterprise · Dulwani Alloys and Steel Industries Private Limited

CAPITAL STRUCTURE

As on 29.09.2014

Authorised Capital :

No. of Shares	Type	Value	Amount
2,000,000	Equity Shares	Rs.10/- each	Rs. 20.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
645,830	Equity Shares	Rs.10/- each	Rs. 6.458 Millions

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS	31.03.2014	31.03.2013	31.03.2012
I. EQUITY AND LIABILITIES
(1)Shareholders' Funds
(a) Share Capital	6.458	6.223	5.348
(b) Reserves & Surplus	19.914	12.469	38.247
(c) Money received against share warrants	0.000	0.000	0.000
(2) Share Application money pending allotment	0.000	0.000	0.500
Total Shareholders’ Funds (1) + (2)	26.372	18.692	44.095
(3) Non-Current Liabilities
(a) long-term borrowings	0.561	0.912	0.000
(b) Deferred tax liabilities (Net)	0.000	0.000	0.000
(c) Other long term liabilities	0.000	0.000	0.000
(d) long-term provisions	0.000	0.000	0.000
Total Non-current Liabilities (3)	0.561	0.912	0.000
(4) Current Liabilities
(a) Short term borrowings	0.000	0.017	2.029
(b) Trade payables	139.523	117.563	75.543
(c) Other current liabilities	9.746	0.530	3.553
(d) Short-term provisions	1.977	0.131	5.587
Total Current Liabilities (4)	151.246	118.241	86.712
TOTAL	178.179	137.845	130.807
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	6.313	6.716	4.904
(ii) Intangible Assets	0.000	0.000	0.000
(iii) Capital work-in-progress	0.000	0.000	0.000
(iv) Intangible assets under development	0.000	0.000	0.000
(b) Non-current Investments	9.100	2.600	8.250
(c) Deferred tax assets (net)	0.092	0.016	0.197
(d) Long-term Loan and Advances	0.000	0.000	0.000
(e) Other Non-current assets	0.000	0.000	0.000
Total Non-Current Assets	15.505	9.332	13.351
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	15.599	7.488	4.099
(c) Trade receivables	128.713	99.758	104.587
(d) Cash and cash equivalents	10.919	18.190	2.492
(e) Short-term loans and advances	7.443	0.000	0.000
(f) Other current assets	0.000	3.077	6.278
Total Current Assets	162.674	128.513	117.456
TOTAL	178.179	137.845	130.807

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2014	31.03.2013	31.03.2012
	SALES
		Income		287.653	276.420
		Other Income		0.682	0.245
		TOTAL (A)	265.111	288.335	276.665
Less	EXPENSES
		Cost of Sale		261.160	257.722
		Selling and Marketing Expenses		47.245	6.365
		Administrative Expenses		2.482	2.357
		Employees benefits expense		0.000	0.000
		Other expenses		1.432	0.543
		TOTAL (B)	255.439	312.319	266.987
			(Including Financial Expenses)
	PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)			(23.984)	9.678
Less	FINANCIAL EXPENSES (D)			1.226	0.184
	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		9.672	(25.210)	9.494
Less/ Add	DEPRECIATION/ AMORTISATION (F)		0.461	0.386	0.166
	PROFIT/ (LOSS) BEFORE TAX (E-F) (G)		9.211	(25.596)	9.328
Less	TAX (H)		1.767	0.182	2.757
	PROFIT/ (LOSS) AFTER TAX (G-H) (I)		7.444	(25.778)	6.571
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		3.410	29.188	22.617
	BALANCE CARRIED TO THE B/S		10.854	3.410	29.188
	IMPORTS
		Trading Goods	NA	58.409	5.553
	TOTAL IMPORTS		NA	58.409	5.553
	Earnings / (Loss) Per Share (Rs.)		11.53	(41.00)	12.00

KEY RATIOS

PARTICULARS		31.03.2014	31.03.2013	31.03.2012
Net Profit Margin (PAT/Sales)	(%)	NA	(8.96)	2.38
Operating Profit Margin (PBIDT/Sales)	(%)	NA	(8.34)	3.50
Return on Total Assets (PBT/Total Assets}	(%)	5.45	(18.93)	7.62
Return on Investment (ROI) (PBT/Networth)		0.35	(1.37)	0.21
Debt Equity Ratio (Total Debt /Networth)		0.02	0.05	0.05
Current Ratio (Current Asset/Current Liability)		1.08	1.09	1.35

FINANCIAL ANALYSIS

[all figures are in Rupees Millions]

DEBT EQUITY RATIO

Particular	31.03.2012	31.03.2013	31.03.2014
	(Rs. In Millions)	(Rs. In Millions)	(Rs. In Millions)
Share Capital	5.348	6.223	6.458
Reserves & Surplus	38.247	12.469	19.914
Net worth	43.595	18.692	26.372
long-term borrowings	0.000	0.912	0.561
Short term borrowings	2.029	0.017	0.000
Total borrowings	2.029	0.929	0.561
Debt/Equity ratio	0.047	0.050	0.021

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	No
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	Yes
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

OPERATION OF THE COMPANY

Following up companies commitment made last Year over all income has increased substantially despite Fall in turnover during the year by approximately Rs. 22.800 millions compared to previous year.

This fall in turnover was mainly due to overall slowdown in the lron and steel industries. As we know that the industrial growth during the year was very poor and in spite of that your company was able to keep the companies turnover at o comfortable zone. The company have earned a profit after tax of Rs. 7.444 Millions as compared to a net loss of Rs. 25.700 million after adjustment of bad debt written off -for Rs. 30.300 millions thereby showing a trading profit after tax of Rs. 4.500 Millions in the previous year. The management is trying to improve the situation and have a hawk look into the improvement in demand from the Iron and steel industries. Till the date of reporting the company have achieved a turnover of Rs. 93.000 Millions (up to June 2014) as compared to Rs. 3630.000 millions in the same period of the previous year. Thus company is recording a average growth of 156% in the year 2014-15

FINANCE

The company’s management of finance ensures smooth operation in the company.

INDEX OF CHARGES

S.No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge Holder	Address
1	10493783	31/03/2014	2,472,000.00	KARUR VYSYA BANK LIMITED	188/181 NACHAN ROAD , BHIRINGI MORE, BENACHITY ,  DURGAPUR, DURGAPUR, WEST BENGAL - 713213, INDIA
2	10388756	27/11/2012	35,000,000.00	HDFC BANK LIMITED	HDFC BANK HOUSESENAPATI BAPAT MARG, LOWER PAREL W  , MUMBAI, MAHARASHTRA - 400013, INDIA

* Date of charge modification

FIXED ASSETS

· Land

· Motor Car

· Computers

· Telephone

· Hitachi-Split A.C.

· Mahindra Generator

· Videocon LCD

· Office Equipment

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. 63.17
UK Pound	1	Rs. 98.85
Euro	1	Rs. 77.41

INFORMATION DETAILS

Information Gathered by :	NYA
Analysis Done by :	SUM
Report Prepared by :	ASH

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	5
PAID-UP CAPITAL	1~10	5
OPERATING SCALE	1~10	5
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	6
--PROFITABILIRY	1~10	6
--LIQUIDITY	1~10	5
--LEVERAGE	1~10	5
--RESERVES	1~10	5
--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	NO
--AFFILIATION	YES/NO	YES
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
DEFAULTER
--RBI	YES/NO	NO
--EPF	YES/NO	NO
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.