MIRA INFORM REPORT

Report No. :	313542
Report Date :	01.04.2015

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) :	31.03.2014
Date of Incorporation :	30.01.2003
Com. Reg. No.:	21-095726
Capital Investment / Paid-up Capital :	Rs.4.125 Million
CIN No.: [Company Identification No.]	U29196WB2003PTC095726
IEC No.:	Not Available
TAN No.: [Tax Deduction & Collection Account No.]	Not Available
PAN No.: [Permanent Account No.]	Not Available
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 (26)

RATING		STATUS	PROPOSED CREDIT LINE
26-40	B	Capability to overcome financial difficulties seems comparatively below average.	Small

Maximum Credit Limit :	USD 93000
Status :	Moderate
Payment Behaviour :	Slow
Litigation :	Exist
Comments :	Subject is an established company having moderate track record. The rating is constrained on account of company’s weak operational risk profile marked by sharp dip in on top line growth during 2014 and losses incurred from its operational activities. However, trade relations are fair. Business is active. Payments are reported to be slow. The company can be considered for business dealing 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 – December 31, 2014

Country Name	Previous Rating (30.09.2014)	Current Rating (31.12.2014)
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	Not Available
Rating	Not Available
Rating Explanation	Not Available
Date	Not Available

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 PARTED BY

Name :	Mr. Krishna Pant Baig
Designation :	Director
Contact No.:	91-98302888501
Date :	28.03.2015

LOCATIONS

Registered Office/Factory :	Beraberi, Shikherbagan, Sir Ramesh Mitra Road, P.S-Airport, P.O.R. - Gopalpur, Kolkata – 700136, West Bengal, India
Tel. No.:	91-33-65354933
Mobile No.:	91-98302888501 (Mr. Krishna Pant Baig)
Fax No.:	91-33-65354933
E-Mail :	sblweish@redifmail.com
Website :	http://www.subtleweighelectric.com
Locality :	Industrial

DIRECTORS

As on : 31.03.2014

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

Qualification :

Graduate

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

Qualification :

Graduate

Date of Appointment :

30.01.2003

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	SUBTLEWEIGH ELECTRIC (INDIA) PRIVATE LIMITED	Director	30/01/2003	30/01/2003	-	Active	NO
2	U33129WB2005PTC100980	POWERPLUS TECHNOLOGY (INDIA) PRIVATE LIMITED	Director	04/01/2005	04/01/2005	06/04/2009	Active	NO

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on : 31.03.2014

Names of Shareholders	No. of Shares	%age
Atharva Steels India Private Limited, West Bengal, India	16500	4.00
Krishna Pant Baig	101000	24.48
Mirza Jawed Baig	295000	71.52
Total	412500	100.00

Equity Share Break up (Percentage of Total Equity)

Category	Percentage
Bodies corporate	4.00
Directors or relatives of Directors	96.00
Total	100.00

BUSINESS DETAILS

Line of Business :	Manufacturer, Exporter and Importer of Industrial Automation Equipments.
Products :	Not Available
Brand Names :	Not Available
Agencies Held :	Not Available
Exports :
Products :	Industrial Automation Equipments
Imports :	Not Available
Terms :
Selling :	Cash, Credit and Cheque
Purchasing :	Cash, Credit and Cheque

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 :

Manufacturers and Wholesalers

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

No. of Employees :

150 (Approximately)

Bankers :

Banker Name	Central Bank of India
Branch Address	Belghoria Branch, 102, Fedder Road, Belghoria, Kolkata-700056, West Bengal, India
Person Name (With Designation)	Not Divulged
Contact Number	Not Divulged
Name of Account Holder	Not Divulged
Account Number	Not Divulged
Account Since (Date/Year of Account Opening)	Not Divulged
Average Balance Maintained (If Possible)	Not Divulged
Credit Facilities Enjoyed (If any)	Not Divulged
Account Operation	Not Divulged
Remarks (If any)	Not Divulged

• HDFC Bank

Facilities :

(Rs. In Million)

SECURED LOAN	As on 31.03.2014	As on 31.03.2013
LONG TERM BORROWING
HDFC Bank Car Loan	0.000	0.033
SHORT TERM BORROWING
HDFC Bank Car Loan	0.033	0.221
Working Capital Loan from Central Bank of India	51.750	31.117
Total	51.783	31.371

Note : Bank Cash Credit obtained against equitable mortgage of factory land, Building and Sheds and Lien of Term Deposit.

Auditors :
Name :	K Jana and Associates Chartered Accountant
Address :	South End Conclave, Suit No. 005, Ground Floor, 1582, Rajganda main Road, Kasba – 700107, Kolkata, West Bengal, India
Tel. No.:	91-33-40663086
Mobile No.:	91-9830288801
E-Mail :	kanaassociates_2001@yahoo.co.in kmal.jana@gmail.com
PAN No.:	AAHFK8220F
Memberships :	Not Available
Collaborators :	Not Available
Sister Concern :	Not Available

CAPITAL STRUCTURE

As on : 30.09.2014

Authorised Capital :

No. of Shares	Type	Value	Amount
500000	Equity Shares	Rs.10/- each	Rs. 5.000 Million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
412500	Equity Shares	Rs.10/- each	Rs. 4.125 Million

FINANCIAL DATA

[all figures are in Rupees Million]

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	4.125	4.125	4.125
(b) Reserves & Surplus	28.351	46.469	72.397
(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)	32.476	50.594	76.522
(3) Non-Current Liabilities
(a) long-term borrowings	14.929	15.638	10.226
(b) Deferred tax liabilities (Net)	1.366	1.439	1.061
(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)	16.295	17.077	11.287
(4) Current Liabilities
(a) Short term borrowings	51.783	31.338	34.008
(b) Trade payables	67.535	50.181	73.739
(c) Other current liabilities	9.691	26.496	16.049
(d) Short-term provisions	8.362	8.362	10.595
Total Current Liabilities (4)	137.371	116.377	134.391
TOTAL	186.142	184.048	222.200
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	40.887	45.674	47.868
(ii) Intangible Assets	0.210	0.000	0.000
(iii) Capital work-in-progress	0.000	0.000	2.127
(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	0.000	0.000	0.000
(e) Other Non-current assets	0.000	0.000	0.000
Total Non-Current Assets	41.097	45.674	49.995
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	57.065	34.803	56.498
(c) Trade receivables	47.058	64.597	80.995
(d) Cash and cash equivalents	24.660	27.051	23.044
(e) Short-term loans and advances	11.694	10.063	9.727
(f) Other current assets	4.568	1.860	1.941
Total Current Assets	145.045	138.374	172.205
TOTAL	186.142	184.048	222.200

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2014	31.03.2013	31.03.2012
	SALES
		TOTAL	129.800	154.155	149.348
			Due to Loss in Production
Less	EXPENSES
		TOTAL	NA	NA	NA
	PROFIT BEFORE TAX		NA	NA	NA
Less	TAX		NA	NA	NA
	PROFIT AFTER TAX		(18.191)	(25.418)	(15.798)
	Earnings Per Share (Rs.)		(44.10)	(61.62)	(38.30)

Expected Sales (2014-15) : Rs. 165.000 Million

The above information has been parted by Mr. Krishna Pant Baig. (Director)

KEY RATIOS

PARTICULARS		31.03.2014	31.03.2013	31.03.2012
Net Profit Margin (PAT/Sales)	(%)	(14.01)	(16.49)	(10.58)
Operating Profit Margin (PBDIT / Sales)	(%)	100.00	100.00	100.00
Return on Total Assets (PBT/Total Assets}	(%)	69.73	83.76	67.86
Return on Investment (ROI) (PBT/Networth)		4.00	3.05	1.95
Debt Equity Ratio (Total Debt /Networth)		2.05	0.93	0.58
Current Ratio (Current Asset/Current Liability)		1.06	1.19	1.28

FINANCIAL ANALYSIS

[all figures are in Rupees Million]

DEBT EQUITY RATIO

Particular	31.03.2012	31.03.2013	31.03.2014
	(Rs. In Million)	(Rs. In Million)	(Rs. In Million)
Share Capital	4.125	4.125	4.125
Reserves & Surplus	72.397	46.469	28.351
Net worth	76.522	50.594	32.476
long-term borrowings	10.226	15.638	14.929
Short term borrowings	34.008	31.338	51.783
Total borrowings	44.234	46.976	66.712
Debt/Equity ratio	0.578	0.928	2.054

YEAR-ON-YEAR GROWTH

Year on Year Growth	31.03.2012	31.03.2013	31.03.2014
	(Rs. In Million)	(Rs. In Million)	(Rs. In Million)
Sales	149.348	154.155	129.800
		3.219	(15.799)

NET PROFIT MARGIN

Net Profit Margin	31.03.2012	31.03.2013	31.03.2014
	(Rs. In Million)	(Rs. In Million)	(Rs. In Million)
Sales	149.348	154.155	129.800
Profit	(15.798)	(25.418)	(18.191)
	(10.58%)	(16.49%)	(14.01%)

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	Yes
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%	Yes
14]	Estimation for coming financial year	Yes
15]	Capital in the business	Yes
16]	Details of sister concerns	No
17]	Major suppliers	No
18]	Major customers	No
19]	Payments terms	Yes
20]	Export / Import details (if applicable)	Yes
21]	Market information	----------------------
22]	Litigations that the firm / promoter involved in	Yes
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	Yes
33]	Voter ID No of Proprietor/Partner/Director, if available	No
34]	External Agency Rating, if available	No

LITIGATION DETAILS

CALCUTTA HIGH COURT

CASE STATUS INFORMATION SYSTEM

CASE Status : PENDING

STATUS of COMPANY PETITIONS (CP) 684

IN THE MATTER OF : BHOOMI MINERALS LTD –

OF : SUBTLEWEIGH ELECTRIC

Pet’s Adv. : ARINDAM MAITRA

Res’s :

Court No. : 23 Last Listed On : Monday, March 02,2015

Category : NO CATEGORY MENTIONED

CONNECTED APPLICATION (S)	CONNECTED MATTER (S)
No Connected Application.	No Connected cases.

Case Updated on : Friday 27, 2015

CORPORATE INFORMATION

Founded in Kolkata, India; in 2003, Subtleweigh Electric (India) Private Limited is a Weighing and Automation enterprise from standalone industrial components to enterprise wide integrated systems our resilient solutions have proven themselves across a wide range of industries and in some of the most demanding manufacturing environment. The company has earned an enviable reputation of having installed and commissioned hundreds of challenging projects for reputed clients in the subcontinent through its state of art manufacturing unit of Kolkata, India; that ensures adherence to quality. The company has large workshop for systems construction, software development, prototyping and integrated testing. Acclaimed as the best performing system integrator house of ABB, a world leader in power and automation technologies, we are in a strategic alliance with Bongshin Loadcell Co.Ltd, Korea and SAET, Italy to expand the use of their Static and Dynamic Weighing Systems respectively in industrial automation applications. We are the preferred destination for Power, Industrial Weighing and Automation Solutions.

UNSECURED LOAN

(Rs. In Million)

Particulars	As on 31.03.2014	As on 31.03.2013
LONG TERM BORROWING
Body Corporate : Jai Ambe Cassettes Private Limited	1.324	1.216
Neha Cassettes Private Limited	2.648	2.432
Warner Multimedia Limited	0.662	0.608
Integrated Data Systems Limited	2.648	2.432
J.M.D. Sounds Limited	7.458	6.809
Nirnidhi Consultants Private Limited	0.189	1.108
From Director	0.000	1.000
Total	14.929	15.605

INDEX OF CHARGES

S.No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	90370884	20/12/2013 *	72,500,000.00	CENTRAL BANK OF INDIA	Belghoria Branch,, 102, Feddor Road, Belghoria, K  olkata, West Bengal - 700056, INDIA	B96464805
2	90383236	11/01/1996	1,000,000.00	STATE BANK OF INDIA	JALAMBILI BRANCH, BANGALORE, Karnataka, INDIA	-

* Date of charge modification

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 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.62.67
UK Pound	1	Rs.92.46
Euro	1	Rs.66.33

INFORMATION DETAILS

Information Gathered by :	SNJ
Analysis Done by :	KRN
Report Prepared by :	RNK

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	3
PAID-UP CAPITAL	1~10	4
OPERATING SCALE	1~10	4
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	3
--PROFITABILITY	1~10	--
--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	YES
--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
DEFAULTER
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		26

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.