MIRA INFORM REPORT
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Report Date : |
16th May, 2006 |
IDENTIFICATION DETAILS
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Name : |
MICROFILT
INDIA PRIVATE LIMITED |
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Registered Office : |
107,
Vardhman Complex, L S B Marg, Vikhroli (West), Mumbai-400083, Maharashtra |
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Country : |
India |
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Financials (as on) : |
31.03.2005 |
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Date of Incorporation : |
07.02.1994 |
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CIN No.: |
U74140MH1994PTC076445 |
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Com. Reg. No.: |
11-76445 |
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TAN No.: (Tax Deduction &
Collection Account No.) |
MUMM16896F |
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PAN No.: (Permanent Account No.) |
AAACM4267C |
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Legal Form : |
A
Private Limited Liability Company |
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Line of Business : |
Trader
of Cartridges/ Membrances/ Housings/ S S Fittings |
RATING & COMMENTS
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MIRA’s Rating : |
Ba |
RATING
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STATUS |
PROPOSED CREDIT LINE |
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41-55 |
Ba |
Overall operation is
considered normal. Capable to meet normal commitments. |
Satisfactory |
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Maximum Credit Limit : |
USD 11500 |
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Status : |
Satisfactory |
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Payment Behaviour : |
Usually Correct |
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Litigation : |
Clear |
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Comments : |
Subject
is a well established company having satisfactory track. Trade relations are
fair. General financial position is satisfactory. Payments are usually
correct and as per commitments. The company can be considered good for normal
business dealings at usual trade terms and conditions |
LOCATIONS
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Registered Office/ Head
Office/ Factory : |
107,
Vardhman Complex, L S B Marg, Vikhroli (West), Mumbai-400083, Maharashtra |
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Tel. No.: |
91-22-25773021/2/3 |
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Fax No.: |
91-22-25787251 |
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E-Mail : |
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DIRECTORS
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Name : |
Mr.
Magan L Khakharia |
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Designation : |
Director |
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Address : |
15,
Jeevan, 125 Senapati Bapat Road, Matunga, Mumbai-400016, Maharashtra |
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Date of Birth/Age : |
21.12.1963 |
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Date of Appointment : |
07.02.1994 |
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Name : |
Mr.
Nilesh C Badani |
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Designation : |
Director |
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Address : |
23-24,
Vora Apartment, Vallabhbaug Lane, Ghatkoper (East), Mumbai-400077,
Maharashtra |
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Date of Appointment : |
07.02.1994 |
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Name : |
Mr.
Shoeb A. Kurawadwala |
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Designation : |
Director |
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Address : |
60
Jyoti Vidyalaya, CST Road, Santacruz (East), Mumbai-400098, Maharashtra |
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MAJOR SHAREHOLDERS
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Names of Shareholders |
No. of Shares |
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Khakharia Laxmidas Magan |
9000 |
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Badani Chimanlal Nilesh |
4000 |
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Kurawadwala Abbas Shoeb |
3000 |
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Khakarria Magan Bhavna |
1000 |
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Badani Nilesh Priti |
2000 |
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Badani Chimanlal Sanjay |
3000 |
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Badani Chimanlal Chandrika |
1000 |
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Kurawadwala Shoeb Sakina |
3000 |
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Kurawadwala Abbas Sarfraz |
1000 |
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Kurawadwala Abbas Shabir |
1000 |
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Kurawadwala Abbas Abbabali |
1000 |
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Kurawadwala Abbas Nussaina |
1000 |
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Total |
30,000 |
BUSINESS DETAILS
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Line of Business : |
Cartridges/
Membrances/ Housings/ S S Fittings |
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GENERAL INFORMATION
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Employees: |
30 |
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Bankers : |
Canara
Bank |
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Facilities : |
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Auditors : |
C
D Mehta & Associates Chartered
Accountant |
CAPITAL STRUCTURE
Authorised Capital :
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No. of Shares |
Type |
Value |
Amount |
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100,000 |
Equity
Shares |
Rs. 10 each |
Rs. 1.000 millions |
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Issued, Subscribed
& Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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30,000 |
Equity
Shares |
Rs. 10 each |
Rs. 0.300 millions |
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FINANCIAL
DATA
[all figures are in Rupees Millions]
ABRIDGED
BALANCE SHEET
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SOURCES OF FUNDS |
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31.03.2005 |
31.03.2004 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
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0.300 |
0.300 |
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2] Reserves & Surplus |
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2.618 |
1.369 |
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NETWORTH
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2.918 |
1.969 |
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LOAN FUNDS |
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1] Secured Loans |
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2.137 |
2.386 |
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2] Unsecured Loans |
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0.001 |
0.001 |
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TOTAL
BORROWING
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2.138 |
2.387 |
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TOTAL
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5.056 |
4.056 |
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APPLICATION OF FUNDS
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FIXED ASSETS [Net Block]
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1.757 |
1.540 |
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Capital work-in-progress
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INVESTMENT
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- |
- |
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CURRENT ASSETS, LOANS & ADVANCES
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Inventories
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2.788 |
3.614 |
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Sundry Debtors
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6.398 |
3.871 |
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Cash & Bank Balances
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0.187 |
0.162 |
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Loans & Advances
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1.391 |
0.549 |
Total Current Assets
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10.764 |
8.196 |
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Less : CURRENT LIABILITIES & PROVISIONS
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Current Liabilities
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6.311 |
4.790 |
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Provisions
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1.153 |
0.889 |
Total Current Liabilities
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7.464 |
5.679 |
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Net Current
Assets
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3.298 |
2.517 |
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MISCELLANEOUS EXPENSES
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- |
- |
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TOTAL
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5.056 |
4.056 |
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PROFIT & LOSS ACCOUNT
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PARTICULARS |
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31.03.2005 |
31.03.2004 |
Sales Turnover [including other income]
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32.517 |
26.273 |
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Profit/(Loss) Before Tax
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1.951 |
0.974 |
Provision for Taxation
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0.703 |
0.382 |
Profit/(Loss) After Tax
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1.248 |
0.592 |
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Export Value
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1.713 |
0.722 |
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Import Value
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4.665 |
3.957 |
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Total Expenditure
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40.143 |
31.544 |
KEY RATIOS
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PARTICULARS |
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31.03.2005 |
31.03.2004 |
PAT / Total Income
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(%)
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3.84 |
2.23 |
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Net Profit Margin
(PBT/Sales) |
(%) |
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6.99 |
4.45 |
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Return on Total Assets
(PBT/Total Assets} |
(%) |
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20.32 |
10.00 |
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Return on Investment (ROI)
(PBT/Networth) |
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0.67 |
0.49 |
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Debt Equity Ratio
(Total Liability/Networth) |
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3.29 |
4.09 |
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Current Ratio
(Current Asset/Current
Liability) |
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1.44 |
1.44 |
LOCAL AGENCY FURTHER INFORMATION
We delve deep into a
customer’s needs seeking innovations...
Depth means everything for us
at Microfilt. Delving deep into a customer’s needs opens our minds, stirs our
thoughts and channels our efforts to find a gem of a solution for specific
microfiltration needs.
Leaders are not born. They
are made. At Microfilt, leadership is a process of continuous improvisation,
innovation and perfection on-the-job"
Our Mission
·
To redefine microfiltration technology by
providing superior technical expertise and achieving high customer
satisfaction.
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To consistently develop cost-effective customized
filtration solutions that meet international standards.
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To become partners in our customer's growth by
ensuring consistent and reliable technical support.
Vision
To scale new heights as leading solution-provider in Biotech, Pharmaceuticals, Fine chemicals, Food & Beverage industry.
Our Work Culture
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Service to customers - with devotion,
accountability and quality assurance.
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Technical solutions - that's tailor made for
specific needs yet in line with changing situations.
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Filtration Solutions - that are embodied by
state-of-the-art equipment and backed by dependable service.
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People first - continuous learning through
training and customer-centric attitude.
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Quality - an eye for perfection and adherence to
strict quality assurance parameters.
Profile
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Established in 1990 by highly experienced
technocrats.
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Led by Promoter - Director Magan Khakharia, who
heads a well-knit team of professionals providing an array of customized
solutions & services.
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Our core services include a spectrum of customized
solutions in key filtration technologies - including depth filtration, surface
filtration, edge filtration and tangential flow filtration.
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Today, with over a thousand successful
installations, we have assumed leadership status in depth filtration
technology in India.
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Our clientele includes a prestigious list of
industry players from Pharmaceutical, Biotech, Fine Chemicals & Winery
sectors, among others.
Service & Support
Systems
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Well-trained team of engineers working with
customers and capable of conducting product trials at customer sites anywhere
in the country.
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Complete on-site installation and operational
support.
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Dedicated technical support team for consumables,
upgradation, trouble-shooting and emergency services.
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Deep industry know-how, technical excellence and
customer - focused approach have won us more than just customers.
·
We represent CUNO - A 3M Company, world leader in
filtration & separation for the last several years in India.
"Total Customer Focus equals Total Customer
Satisfaction. Meeting customers' needs quickly, resourcefully and consistently
- is our biggest strength"
Our Strengths
·
Strategic support from world leaders CUNO - A 3M
company for application and distribution.
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No. 1 position in Depth Filtration for the
Pharmaceutical Industry.
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No. 1 position in microfiltration solutions for
the winery sector.
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In-house system design unit equipped with latest
CAD systems, technical library, etc.
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Well-equipped application laboratory for all types
of process development and test capacity.
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All-round solutions & support - consultancy,
systems design & development, installation to maintenance &
trouble-shooting.
·
High degree of customer loyalty and client base
that spans across India, Singapore, Australia & China.
Case
Study:
Time, Talent and
Technique. Together they show us a way out of every challenge."
Time and again, we are
approached by peculiar situations by clients who need an expert solution
"this instant" and we willingly oblige. Our vast pool of industry
experience, know-how, and close interaction with customers from virtually every
industry that needs filtration has given us a unique edge in coming up with
fast, practical and value-based solutions to customer problems.
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Case Study 1 |
The Need
Replacement
of distillation process for color removal by filtration system.
The Strategy
·
After analyzing the application, it was found that
the color was due to insoluble colored impurity.
·
Trials were conducted, which successfully removed
the color with two-stage filtration system and by adding carbon prior to
filtration.
Customer Delight
The
project involved a total transition from distillation to filtration process
which helped the customer to establish a cost effective process. The
distillation process was very slow involving high capital investment and in the
wake of huge export orders, the client was looking for better, faster and more
productive solution. Filtration served to speed up the time (two hours compared
to eight hours with distillation) and productivity substantially increased
which enabled them to export in time. The client thus not only saved time, but
also a substantial amount of money and energy.
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Case Study 2 |
The Need
To
eliminate the problem of black particle in the final drug meant for export.
The Strategy
After
analyzing the problem, we found that the black particle was due to fine carbon.
We decided to trap fine carbon from the process API solution. Trials were
conducted and the fine carbon was successfully removed using the principle of
depth filtration and electrokinetic adsorption.
Customer Delight
The
black particle contamination was holding up approvals for the drug and the
client had an export order to meet. By eliminating the problem, the client
eventually met the qualitative specification of his overseas customer and the drugs
were exported. The client later established the standard not only for the drug
in question, but for the entire line of drugs.
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Case Study 3 |
The Need
To
reduce filtration cost for IV fluid filtration.
The Strategy
After
analyzing the application, we found that colloidal contamination from Dextrose
was clogging the final sterile membrane filters. The high cost of sterile
membrane filters thus added to the company's overheads. We devised a strategy
to trap this colloidal contamination in a cost-effective way by using a
combination of CUNO Zeta plus & Life
assure media. Accordingly, trials were conducted and effects of
various Zeta plus media on the membrane were studied. A suitable combination of
Zeta plus grade and Life assure media helped
reduce the cost of filtration to almost two-third of the original cost.
Customer Delight
The
clients were happy when they could achieve cost-cutting with appropriate
modification of the existing filtration system. The Zeta plus housing and other
necessary hardware was incorporated into the filtration system, thus
significantly lowering filtration cost (a major component in manufacturing
costs) and enhancing the client's profits.
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Case Study 4 |
The Need
To
avoid spillages and loss of product in the manufacturing process for human
vaccines.
The Strategy
The
primary need here was to replace an open filtration system with a closed one,
which would avoid the spillages. After analyzing the situation and successful
trials conducted with Zeta plus media, we could trap the haze. A closed module
system, designed to prevent loss of product and process the entire volume in
desired time, was thus established.
Customer Delight
The
client wanted a quick solution for the spillage issue. Within 48 hours and with
adequate trials, we could convince him about the qualitative aspect of filtrate
and also about the advantages of a closed filtration system. The client was not
only benefited with the transition but could ensure it in a manner that was
clean and also helped him meet regulatory requirements.
Testimonials:
"A challenge
overcome, a project well done is a customer for life ... won"
Our clients come in all
shapes and sizes. They hail from all parts of India, Asia and the world. No
wonder, we are obsessed with keeping our energies flowing to meet their
changing needs by coming up with innovative solutions.
Here's the list ...
Our client list includes
prominent industry-players with whom we share a longstanding relationship
that's built on Trust, Respect and Integrity:
|
Earnings
per share: Rs. 42.60 (2005)
Rs. 19.73
(2004)
Fixed
Assets:
v
Industrial Gala
v
Lab. Equipments
v
Furniture & Fixtures
v
Computer
v
Telephone
v
Refrigerator
v
Vehicle
v
Air Conditioner
v
Projector
v
Office Equipment
v
Camera
v
Fax Machine
Contact
Us:
Microfilt India
Pvt. Ltd.
|
Address |
23, Vardhaman Complex, |
|
Tel |
91-22-25773021 / 2 / 3 |
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Fax |
91-22-25787251 |
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E-mail |
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.45.30 |
|
UK
Pound |
1 |
Rs.78.45 |
|
Euro |
1 |
Rs.54.88 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
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 |
5 |
|
--CREDIT LINES |
1~10 |
5 |
|
--MARGINS |
-5~5 |
- |
|
DEMERIT POINTS |
|
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--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 |
|
TOTAL |
|
46 |
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
|
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 |
Unfavourable &
favourable factors carry similar weight in credit consideration. Capability
to overcome financial difficulties seems comparatively below average/normal. |
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 |