MIRA INFORM REPORT

 

 

Report No. :

349971

Report Date :

18.11.2015

 

IDENTIFICATION DETAILS

 

Name :

SOLUX GALFAB PRIVATE LIMITED

 

 

Registered Office :

10, Canning Street, Kolkata – 700001, West Bengal

Mob. No.:

91-22303230/ 2731

 

 

Country :

India

 

 

Financials (as on) :

31.03.2014

 

 

Date of Incorporation :

11.06.1997

 

 

Com. Reg. No.:

21-084611

 

 

Capital Investment / Paid-up Capital :

Rs. 27.588 Million

 

 

CIN No.:

[Company Identification No.]

U27101WB1997PTC084611

 

 

IEC No.:

Not Divulged

 

 

TAN No.:

[Tax Deduction & Collection Account No.]

CALS11178G

 

 

PAN No.:

[Permanent Account No.]

AAECS6574J

 

 

Legal Form :

Private Limited Liability Company

 

 

Line of Business :

Manufacturer of Transmission Tower in Telecom sector, Transmission, Power, Railways, defense Sector and also Civil Construction and Erection.

 

 

No. of Employees :

Not Divulged 

 

 

RATING & COMMENTS

 

MIRA’s Rating :

Ba (42)

 

RATING

STATUS

PROPOSED CREDIT LINE

41-55

Ba

Overall operation is considered normal. Capable to meet normal commitments.

Satisfactory

 

Status :

Satisfactory

 

 

Payment Behaviour :

Slow but correct

 

 

Litigation :

Clear 

 

 

Comments :

Subject was incorporated in the year 1997 having satisfactory track.

 

The company has achieved adequate revenue base, however reported low profit margin.

 

The company possesses decent net worth base marked by satisfactory liquidity position.

 

Trade relations are fair. Business is active. Payments are slow but correct.

 

The company can be considered 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 – March 31, 2015

 

Country Name

Previous Rating

(31.12.2014)

Current Rating

(31.03.2015)

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

 

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 31-03-2015.

 

 

INFORMATION DECLINED

 

MANAGEMENT NON CO-OPERATIVE

 

(TEL. NO.: 91-33-22303230)

 

 

LOCATIONS

 

Registered Office :

10, Canning Street, Kolkata – 700001, West Bengal, India

Tel. No.:

91-33-22303230/ 2731

Fax No.:

91-33-22308482

E-Mail :

info@soluxgalfab.com

Website :

http://www.soluxgalfab.com

 

 

Factory :

Diamond Harbour Road Bagirhat, Khariberia, 24 Parganas - 743503 (South), West, India

Tel. No.:

91-33-24708264

 

 

DIRECTORS

 

AS ON 29.09.2014

 

Name :

Mr. Karan Singh Baid

Designation :

Director

Address :

Baid Bhawan, 10, Canning Street, Kolkata - 700001, West Bengal, India

Date of Birth/Age :

14.07.1951

Date of Appointment :

11.06.1997

DIN No.:

00793846

 

 

Name :

Mr. Anand Singh Baid

Designation :

Director

Address :

Baid Bhawan, 10, Canning Street, Kolkata  700001, West Bengal, India

Date of Birth/Age :

11.08.1954

Date of Appointment :

11.06.1997

DIN No.:

00793576

 

 

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

 

AS ON 29.09.2014

 

NOTE: SHAREHOLDING DETAILS FILE ATTACHED

 

 

AS ON 29.09.2014

 

Equity Share Breakup

Percentage of Holding

Category

 

Bodies corporate

81.29

Directors or relatives of directors

16.89

Other

1.82

 

 

Total

 

100.00

 

 

 

 

BUSINESS DETAILS

 

Line of Business :

Manufacturer of Transmission Tower in Telecom sector, Transmission, Power, Railways, defense Sector and also Civil Construction and Erection.

 

 

Brand Names :

--

 

 

Agencies Held :

--

 

 

Exports :

Not Divulged

 

 

Imports :

Not Divulged

 

 

Terms :

 

Selling :

Not Divulged

 

 

Purchasing :

Not Divulged

 

 

PRODUCTION STATUS: NOT AVAILABLE

 

 

GENERAL INFORMATION

 

Suppliers :

Reference:

Not Divulged

Name of the Person (Designation):

Not Divulged

Contact Number:

Not Divulged

Since how long known:

Not Divulged

Maximum limit dealt:

Not Divulged

Experience:

Not Divulged

Remark

Not Divulged

 

 

Customers :

Reference:

Not Divulged

Name of the Person (Designation):

Not Divulged

Contact Number:

Not Divulged

Since how long known:

Not Divulged

Maximum limit dealt:

Not Divulged

Experience:

Not Divulged

Remark

Not Divulged

 

·         BSNL

MTNL

Nokia

Vodafone

Airtel

Defence

Essar

Excel

Idea

Indus

Quippo

TVS ICS

 

 

No. of Employees :

Not Divulged

 

 

Bankers :

Bank Name:

Not Divulged

Branch:

Not Divulged

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 A/c Opening):

Not Divulged

Average Balance Maintained (Optional):

Not Divulged

Credit Facilities Enjoyed (CC/OD/Term Loan):

Not Divulged

Account Operation:

Not Divulged

Remarks:

Not Divulged

 

·         State Bank of India

Smeccc, Kolkata, 1, Strand Road, 4th Floor, Kolkata - 700001, West Bengal, India

 

 

Facilities :

SECURED LOANS

31.03.2014

(Rs. In Million)

31.03.2013

(Rs. In Million)

LONG-TERM BORROWINGS

 

 

Demand From HDFC Bank Limited

1.010

1.014

Demand From Tata Capital Limited

0.000

0.264

Less: Current Maturities

0.516

0.743

 

 

 

SHORT TERM BORROWINGS

 

 

Cash credit from State Bank of India

55.904

53.920

 

 

 

Total

 

56.398

54.455

 

Financial Institution:

Tata Capital Limited

One Forbes, Dr V B Gandhi Marg, Fort, Mumbai - 400001, Maharashtra, India

 

 

Auditors :

 

Name :

M C Jain and Company

Chartered Accountants

Address :

33 Brabourne Road, Kolkata – 700001, West Bengal, India

Income-tax PAN of auditor or auditor's firm :

AAFFM3301F

 

 

Memberships :

--

 

 

Collaborators :

--

 

 

Associates Companies  :

·         Ajay Properties and Investment Limited

Abhay Projects Private Limited

Baid Brother Private Limited

Saurabh Developers Private Limited

Vishnupriya Trexim Private Limited

Sumukhaa Developers Private Limited

Solux Marketing Private Limited

 

 

Unincorporated Parties :

·         Baid Property

Apnnalal Sagarmal

Anand Construction Co.

 

 

CAPITAL STRUCTURE

 

AS ON 31.03.2014

 

Authorised Capital :

No. of Shares

Type

Value

Amount

 

 

 

 

3,000,000

Equity Shares

Rs. 10/- each

Rs. 30.000 Million

 

 

 

 

 

Issued, Subscribed & Paid-up Capital :

No. of Shares

Type

Value

Amount

 

 

 

 

2,758,800

Equity Shares

Rs. 10/- each

Rs. 27.588 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

27.588

19.463

19.463

(b) Reserves & Surplus

99.051

73.991

73.419

(c) Money received against share warrants

0.000

0.000

0.000

 

 

 

 

(2) Share Application money pending allotment

0.000

17.400

1.400

Total Shareholders’ Funds (1) + (2)

126.639

110.854

94.282

 

 

 

 

(3) Non-Current Liabilities

 

 

 

(a) Long-term borrowings

0.494

0.535

0.373

(b) Deferred tax liabilities (Net)

0.125

0.155

0.191

(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)

0.619

0.690

0.564

 

 

 

 

(4) Current Liabilities

 

 

 

(a) Short term borrowings

280.617

260.418

206.515

(b) Trade payables

111.363

55.033

96.326

(c) Other current liabilities

20.475

20.819

18.850

(d) Short-term provisions

0.000

0.000

0.000

Total Current Liabilities (4)

412.455

336.270

321.691

 

 

 

 

TOTAL

539.713

447.814

416.537

 

 

 

 

II.      ASSETS

 

 

 

(1) Non-current assets

 

 

 

(a) Fixed Assets

 

 

 

(i) Tangible assets

18.845

18.222

19.088

(ii) Intangible Assets

0.000

0.000

0.000

(iii) Capital work-in-progress

0.000

0.221

0.000

(iv) Intangible assets under development

0.000

0.000

0.000

(b) Non-current Investments

0.880

0.880

0.880

(c) Deferred tax assets (net)

0.000

0.000

0.000

(d)  Long-term Loan and Advances

14.179

13.937

14.608

(e) Other Non-current assets

0.000

0.000

0.000

Total Non-Current Assets

33.904

33.260

34.576

 

 

 

 

(2) Current assets

 

 

 

(a) Current investments

0.000

0.000

0.000

(b) Inventories

257.621

193.453

169.945

(c) Trade receivables

213.748

191.786

185.476

(d) Cash and cash equivalents

3.449

2.989

1.941

(e) Short-term loans and advances

30.927

25.921

24.339

(f) Other current assets

0.064

0.405

0.260

Total Current Assets

505.809

414.554

381.961

 

 

 

 

TOTAL

539.713

447.814

416.537

 

 

PROFIT & LOSS ACCOUNT

 

 

PARTICULARS

 

31.03.2014

31.03.2013

31.03.2012

 

SALES

 

 

 

 

 

Income

409.804

493.630

473.334

 

 

Other Income

0.423

3.408

0.227

 

 

TOTAL                                     (A)

410.227

497.038

473.561

 

 

 

 

 

Less

EXPENSES

 

 

 

 

 

TOTAL                                     (B)

379.465

471.813

472.838

 

 

 

 

 

 

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

30.762

25.225

(Including Financial and Depreciation Expenses)

 

 

 

 

 

Less

FINANCIAL EXPENSES                         (D)

26.834

21.675

 

 

 

 

 

 

 

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

3.928

3.550

 

 

 

 

 

 

Less/ Add

DEPRECIATION/ AMORTISATION                     (F)

2.824

2.734

 

 

 

 

 

 

 

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

1.104

0.816

0.723

 

 

 

 

 

Less

TAX                                                                  (H)

0.420

0.245

0.050

 

 

 

 

 

 

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

0.684

0.571

0.673

 

 

 

 

 

 

Earnings Per Share (Rs.)

0.24

0.29

0.35

 

 

 

 

 

CURRENT MATURITIES OF LONG TERM DEBT DETAILS

 

Particulars

 

31.03.2014

31.03.2013

31.03.2012

Current Maturities of Long term debt

0.516

0.743

0.723

 

 

 

 

Cash Generated from Operations

NA

NA

NA

 

 

 

 

Net Cash Flow from used in Operations

NA

NA

NA

 

 

KEY RATIOS

 

 

PARTICULARS

 

 

31.03.2014

31.03.2013

31.03.2012

Net Profit Margin

(PAT / Sales)

(%)

0.17

0.12

0.14

 

 

 

 

 

Operating Profit Margin

(PBDIT/Sales)

(%)

7.51

5.11

NA

 

 

 

 

 

Return on Total Assets

(PBT/Total Assets}

(%)

0.20

0.18

0.17

 

 

 

 

 

Return on Investment (ROI)

(PBT/Networth)

 

0.01

0.01

0.01

 

 

 

 

 

Debt Equity Ratio

(Total Debt/Networth)

 

2.22

2.36

2.20

 

 

 

 

 

Current Ratio

(Current Asset/Current Liability)

 

1.23

1.23

1.19

 

 

 

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

19.463

19.463

27.588

Reserves & Surplus

73.419

73.991

99.051

Money received against share warrants

0.000

0.000

0.000

Share Application money pending allotment

1.400

17.400

0.000

Net worth

94.282

110.854

126.639

 

 

 

 

Long-term borrowings

0.373

0.535

0.494

Short term borrowings

206.515

260.418

280.617

CURRENT MATURITIES OF LONG-TERM DEBTS

0.723

0.743

0.516

Total borrowings

207.611

261.696

281.627

Debt/Equity ratio

2.202

2.361

2.224

 

 

 

 

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

473.334

493.630

409.804

 

 

4.288

(16.982)

 

 

 

 

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

473.334

493.630

409.804

Profit

0.673

0.571

0.684

 

0.14%

0.12%

0.17%

 

 

 

LOCAL AGENCY FURTHER INFORMATION

 

Sr. No.

Check list by info agents

Available in Report

(Yes/No)

1

Year of establishment

Yes

2

Constitution of the entity -Incorporation details

Yes

3

Locality of the entity

Yes

4

Premises details

No

5

Buyer visit details

--

6

Contact numbers

Yes

7

Name of the person contacted

No

8

Designation of contact person

No

9

Promoter’s background

Yes

10

Date of Birth of Proprietor / Partners / Directors

Yes

11

Pan Card No. of Proprietor / Partners

No

12

Voter Id Card No. of Proprietor / Partners

No

13

Type of business

Yes

14

Line of Business

Yes

15

Export/import details (if applicable)

No

16

No. of employees

No

17

Details of sister concerns

No

18

Major suppliers

No

19

Major customers

No

20

Banking Details

Yes

21

Banking facility details

Yes

22

Conduct of the banking account

--

23

Financials, if provided

Yes

24

Capital in the business

Yes

25

Last accounts filed at ROC, if applicable

Yes

26

Turnover of firm for last three years

Yes

27

Reasons for variation <> 20%

--

28

Estimation for coming financial year

No

29

Profitability for last three years

Yes

30

Major shareholders, if available

Yes

31

External Agency Rating, if available

No

32

Litigations that the firm/promoter involved in

--

33

Market information

--

34

Payments terms

No

35

Negative Reporting by Auditors in the Annual Report

No

 

 

INDEX OF CHARGES

 

S.NO.

CHARGE ID

DATE OF CHARGE CREATION/MODIFICATION

CHARGE AMOUNT SECURED

CHARGE HOLDER

ADDRESS

SERVICE REQUEST NUMBER (SRN)

1

10332430

05/12/2011

774,306.00

TATA CAPITAL LIMITED

ONE FORBES, DR V B GANDHI MARG,FORT, MUMBAI - 400001, MAHARASHTRA, INDIA

B30767859

2

90248793

10/02/2010 *

49,800,000.00

STATE BANK OF INDIA

SMECCC, KOLKATA, 1, STRAND ROAD, 4TH FLOOR, KOLKATA - 700001, WEST BENGAL, INDIA

A79934774

3

90248052

13/07/2000

3,000,000.00

STATE BANK OF INDIA

BURRA BAZAR BRANCH, 195; M.G. ROAD, CALCUTTA - 700007, WEST BENGAL, INDIA

-

 

* Date of charge modification

 

 

UNSECURED LOANS

 

PARTICULARS

31.03.2014

(Rs. In Million)

31.03.2013

(Rs. In Million)

SHORT TERM BORROWINGS

 

 

Loan and Advance from related parties

78.147

67.854

Loans and advance from others

146.566

138.644

 

 

 

Total

 

224.713

206.498

 

 

FIXED ASSETS:

 

·         Air Condition

Building

Fax Machine

Furniture

Factory Shed

Coffee Machine

Plant and Machinery

Computer

Motor car

Cycle Van

Electric Installation

Mobile Phone

CC TV Camera

Fridge

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 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.65.98

UK Pound

1

Rs.100.11

Euro

1

Rs.70.34

 

 

INFORMATION DETAILS

 

Information Gathered by :

SVA

 

 

Analysis Done by :

AMR

 

 

Report Prepared by :

ARC

 

 

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

5

--PROFITABILIRY

1~10

3

--LIQUIDITY

1~10

5

--LEVERAGE

1~10

4

--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

 

42

 

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.