MIRA
INFORM REPORT
|
Report Date : |
25.02.2011 |
IDENTIFICATION DETAILS
|
Name : |
SEFAR FILTRATION INDIA PRIVATE LIMITED |
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Registered Office : |
A4/11-16, Prerana Complex, |
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Country : |
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Financials (as on) : |
31.03.2010 |
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Date of Incorporation : |
05.07.2005 |
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Com. Reg. No.: |
154490 |
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CIN No.: [Company
Identification No.] |
U18101MH2005FTC154490 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
MUMS49216G |
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PAN No.: [Permanent
Account No.] |
AAJCS0880J |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
Manufacturer of Monofilament Precision Fabrics. |
RATING & COMMENTS
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MIRA’s Rating : |
B (28) |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
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Maximum Credit Limit : |
USD 215428 |
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Status : |
Moderate - Improving |
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Payment Behaviour : |
Slow |
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Litigation : |
Clear |
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Comments : |
Subject is a subsidiary of Sefar AG, The company can be considered for business dealings with some caution.
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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 – April 1, 2010
|
Country Name |
Previous Rating (31.12.2009) |
Current Rating (01.04.2010) |
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A1 |
A1 |
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Risk Category |
ECGC Classification |
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Insignificant |
A1 |
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Low |
A2 |
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Moderate |
B1 |
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High |
B2 |
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Very High |
C1 |
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Restricted |
C2 |
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Off-credit |
D |
INFORMATION PARTED BY
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Name : |
Mr. Krishnan |
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Designation : |
Director |
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Contact No.: |
91-9322906200 |
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Date : |
24.02.2011 |
LOCATIONS
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Registered Office/Factory : |
A4/11-16, Prerana Complex, |
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Tel. No.: |
91-2522-2271139 |
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Fax No.: |
91-2522-2271131 |
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E-Mail : |
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Website : |
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Area : |
5000sq.fts |
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Location : |
Owned |
DIRECTORS
AS ON 27.09.2010
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Name : |
Mr. Werner Merz |
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Designation : |
Director |
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Address: |
Schoenialdenstrasse 82, Maennedorf |
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Date of Birth/Age : |
04.08.1952 |
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Date of Appointment : |
05.07.2005 |
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Name : |
Mr. Dilip Udeshi |
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Designation : |
Director |
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Address: |
501, Shanti Apartment, 98, |
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Date of Birth/Age : |
28.01.1936 |
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Date of Appointment : |
05.07.2005 |
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Name : |
Mr. Krishnan Ramanathan |
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Designation : |
Managing Director |
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Address: |
C2/701, |
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Date of Birth/Age : |
25.04.1959 |
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Date of Appointment : |
14.03.2007 |
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Name : |
Mr. Sng Leong Heng |
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Designation : |
Director |
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Address: |
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Date of Birth/Age : |
27.05.1958 |
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Date of Appointment : |
20.09.2007 (Reappointed in AGM) |
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Name : |
Mr. Jamalullah Bin M Raja Mohamed |
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Designation : |
Director |
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Address: |
Apartment Blk 49, |
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Date of Birth/Age : |
01.10.1960 |
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Date of Appointment : |
19.02.2008 (Reappointed in AGM) |
KEY EXECUTIVES
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Name : |
Mr. Satish S. Kanade |
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Designation : |
General Manager |
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Mobile No. : |
91-9322906202 |
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Name : |
Mr. Sameer V. Kotwal |
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Designation : |
Sales Manager |
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Mobile No. : |
91-9322906204 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 27.09.2010
|
Names of Shareholders |
No. of Shares |
|
Sefar AG, |
489900 |
|
Sefar Finanz AG, Switzerland |
1000 |
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Total |
490900 |
AS ON 27.09.2010
Equity share breakup
(Percentage of total equity):
|
Equity Share
Breakup |
|
Percentage of
Holding |
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Category |
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Foreign holdings [Foreign institutional investors, Foreign Companies, Foreign Financial Institutions, Non-resident Indian or Overseas corporate bodies or others] |
|
100.00 |
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Total
|
100.00 |
BUSINESS DETAILS
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Line of Business : |
Manufacturer of Monofilament Precision Fabrics. |
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Imports : |
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Products : |
Raw
Material |
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Countries : |
Europe,
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Terms : |
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Selling : |
Cash,
Credit (30 days, 60 days, 90 days) |
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Purchasing : |
Cash,
Credit (30 days, 60 days, 90 days) |
PRODUCTION STATUS AS ON 31.03.2010
|
Particulars |
Unit |
Licensed
Capacity |
Installed
Capacity |
Actual
Production |
|
Filter Clothes and Articles of Filter Clothes |
Sq.mtrs |
75000 |
100000 |
110225 |
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GENERAL INFORMATION
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No. of Employees : |
50 (Approximately) |
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Bankers : |
Not Available |
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Facilities : |
- |
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Banking
Relations : |
- |
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Auditors : |
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Name : |
Rahul Gautam Divan and Associates Chartered Accountant |
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Address : |
MIDSNELL, 134 Mittal Tower, “C”, Nariman Point, Mumbai-400021, |
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Tel No.: |
91-22-66324991 |
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Fax No.: |
91-22-22875374 |
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Holding Company: |
Sefar AG |
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Fellow Subsidiaries : |
Sefar Fyltis |
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Group Company: |
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CAPITAL STRUCTURE
AS ON: 31.03.2010
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
5000000 |
Equity Shares |
Rs. 10/ each |
Rs.50.000 millions |
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Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
4900000 |
Equity Shares |
Rs. 10/ each |
Rs.49.000 millions |
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(Of the above 489900 shares (Previous year
189900 shares) are held by Sefar AG,
FINANCIAL DATA
[all figures are
in Rupees Millions]
Expected Sales (2010-2011) : Rs.150.000 Millions
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
49.000 |
19.000 |
19.000 |
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2] Share Application Money |
0.000 |
20.000 |
0.000 |
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3] Reserves & Surplus |
4.857 |
0.000 |
0.000 |
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4] (Accumulated Losses) |
0.000 |
(3.529) |
(0.813) |
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NETWORTH |
53.857 |
35.471 |
18.187 |
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LOAN FUNDS |
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1] Secured Loans |
0.000 |
0.000 |
0.000 |
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2] Unsecured Loans |
0.000 |
0.000 |
0.000 |
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TOTAL BORROWING |
0.000 |
0.000 |
0.000 |
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DEFERRED TAX LIABILITIES |
0.149 |
0.410 |
0.353 |
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TOTAL |
54.006 |
35.881 |
18.540 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
9.237 |
8.537 |
4.127 |
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Capital work-in-progress |
0.000 |
1.178 |
0.000 |
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INVESTMENT |
0.000 |
0.000 |
0.000 |
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DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
30.794
|
24.946 |
4.886
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Sundry Debtors |
15.758
|
13.294 |
17.789
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Cash & Bank Balances |
16.199
|
4.166 |
1.479
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Other Current Assets |
0.000
|
0.000 |
3.849
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Loans & Advances |
7.531
|
5.785 |
4.176
|
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Total
Current Assets |
70.282
|
48.191 |
32.179 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Sundry Creditors |
20.271
|
20.253 |
15.827
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Other Current Liabilities |
2.000
|
0.917 |
1.275
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Provisions |
3.262
|
0.918 |
0.764
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Total
Current Liabilities |
25.533
|
22.088 |
17.866
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Net Current Assets |
44.749
|
26.103 |
14.313
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MISCELLANEOUS EXPENSES |
0.020 |
0.058 |
0.099 |
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TOTAL |
54.006 |
35.881 |
18.540 |
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PROFIT & LOSS
ACCOUNT
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PARTICULARS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
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SALES |
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TOTAL INCOME (A) |
100.585 |
70.813 |
55.424 |
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Less |
EXPENSES |
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TOTAL (B) |
NA |
NA |
NA |
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Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
12.388 |
(1.405) |
2.714 |
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Less |
FINANCIAL
EXPENSES (D) |
0.281 |
0.296 |
0.142 |
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PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
12.107 |
(1.701) |
2.572 |
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Less/ Add |
DEPRECIATION/ AMORTISATION (F) |
1.448 |
0.823 |
0.404 |
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PROFIT BEFORE
TAX (E-F) (G) |
10.659 |
(2.524) |
2.168 |
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Less |
TAX (I) |
2.273 |
0.192 |
0.592 |
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PROFIT AFTER TAX
(G-I) (J) |
8.386 |
(2.716) |
1.576 |
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EARNINGS IN
FOREIGN CURRENCY |
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Export Earnings |
7.977 |
1.142 |
2.472 |
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Commission Earnings |
0.091 |
1.811 |
2.122 |
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TOTAL EARNINGS |
8.068 |
2.953 |
4.594 |
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IMPORTS |
|
|
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|
|
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Raw Materials |
53.739 |
47.979 |
26.201 |
|
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Capital Goods |
NA |
NA |
0.173 |
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TOTAL IMPORTS |
53.739 |
47.979 |
26.374 |
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Earnings Per
Share (Rs.) |
1.71 |
(1.00) |
-- |
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KEY RATIOS
|
PARTICULARS |
|
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
PAT / Total Income |
(%) |
8.34
|
(3.84) |
2.84
|
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Return on Total Assets (PBT/Total Assets} |
(%) |
13.40
|
(4.45) |
5.97
|
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Return on Investment (ROI) (PBT/Networth) |
|
0.20
|
(0.07) |
0.12
|
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Debt Equity Ratio (Total Liability/Networth) |
|
0.47
|
0.62 |
0.98
|
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Current Ratio (Current Asset/Current Liability) |
|
2.75
|
2.18 |
1.80
|
LOCAL AGENCY FURTHER INFORMATION
NOTE:
The Registered Office of the Company has been shifted from 134,
Sundry Creditors
Details:
|
Particulars
|
Rs.
In Millions 31.03.2010 |
Rs.
In Millions 31.03.2009 |
Rs.
In Millions 31.03.2008 |
|
Sundry Creditors for Expenses |
6.337 |
3.046 |
1.233 |
|
Sundry Creditors – Holding Company |
11.746 |
15.809 |
6.495 |
|
Sundry Creditors – Group Company |
2.187 |
1.398 |
8.099 |
Operation:
The Company has maintained the growth this year as well We have successfully achieved sales target for this year also their sales turnover has increased by over 46% from Rs.64.915 millions to Rs.95.109 millions The overall Income has been increased by 42% from Rs.70.813 millions to Rs.100.585 millions.
Over the period, the Company has created a large customer base which will help company for a better performance in coming years their customers are now spread throughout the length and breadth of the country.
They have successfully integrated Milling and Abrasive business into the company which was earlier being handled by Sefar AG-SWISS directly the company has done the business to the tune of INR 12 MIO In the last fiscal year. The Company IS planning to integrate printing biz in the current financial year.
Also the company has done well in the new segment of Acoustic fabric; especially the mobile phone business has been very encouraging.
The company, after 2 years of R and D activity at one of the key customers, has established quality of a special PEEK Fabric for a critical application having business potential of INR 20 Mi01 pa. In the Ill rd and lVth quarter of previous year. They have executed orders worth INR 10 Mio.
Registered office shifted to Bhiwandi. Thane the Company had
established office at Vizag and already done initial work to establish regional
office at
FIXED ASSETS:
·
Plant and Machinery
·
Computers
·
Furniture and Fixtures-Office, Factory
·
Office Equipments
·
Motor Cycle
·
Motor Car
·
Lab Equipments
CMT
REPORT (Corruption, Money Laundering & Terrorism]
The Public Notice information has been collected from various sources
including but not limited to: The Courts,
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.445.37 |
|
|
1 |
Rs.73.54 |
|
Euro |
1 |
Rs.62.39 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
3 |
|
PAID-UP CAPITAL |
1~10 |
4 |
|
OPERATING SCALE |
1~10 |
3 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
5 |
|
--PROFITABILIRY |
1~10 |
2 |
|
--LIQUIDITY |
1~10 |
4 |
|
--LEVERAGE |
1~10 |
4 |
|
--RESERVES |
1~10 |
3 |
|
--CREDIT LINES |
1~10 |
3 |
|
--MARGINS |
-5~5 |
- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
NO |
|
--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 |
|
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 |
- |
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.