x

MIRA INFORM REPORT

Report Date :

16.02.2012

Tel. No.:

91 2522 271139

IDENTIFICATION DETAILS

Name :	SEFAR FILTRATION (INDIA) PRIVATE LIMITED
Registered Office :	A4/ 11-16, Prerana Complex, Anjur Mankoli Road, Village Val, Bhiwandi, Thane (West) – 421 302, Maharashtra
Country :	India
Financials (as on) :	31.03.2011
Date of Incorporation :	05.07.2005
Com. Reg. No.:	11-154490
Capital Investment / Paid-up Capital :	Rs.49.000 millions
CIN No.: [Company Identification No.]	U18101MH2005FTC154490
TAN No.: [Tax Deduction & Collection Account No.]	MUMS49216G
PAN No.: [Permanent Account No.]	AAJCS0880J
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer of Monofilament Precision Fabrics.
No. of Employees :	50 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

Ba (45)

RATING		STATUS	PROPOSED CREDIT LINE
41-55	Ba	Overall operation is considered normal. Capable to meet normal commitments.	Satisfactory

Maximum Credit Limit :	USD 295000
Status :	Satisfactory
Payment Behaviour :	Usually Correct
Litigation :	Clear
Comments :	Subject is a subsidiary of Sefar AG, Switzerland having satisfactory track. Trade relations are reported as fair. Business is active. Payments are reported to be usually correct and as per commitments. The company can be considered normal 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.

INFORMATION DECLINED BY

Name :	Ms. Poonam
Designation :	P.A. of Director
Name :	Mr. Ganesan
Designation :	Accounts Manager
Contact No.:	91-2522-294034/ 649847/ 649846
Date :	15.02.2012

LOCATIONS

Registered Office/ Factory :	A4/ 11-16, Prerana Complex, Anjur Mankoli Road, Village Val, Bhiwandi, Thane (West) – 421 302, Maharashtra, India
Tel. No.:	91-2522-649847/ 659846/ 271139/ 271140/ 271141/ 294034
Fax No.:	91-2522-271131
E-Mail :	Info.in@sefar.com r.krishnan@sefar.co.in
Website :	www.sefar.com
Area :	5000 sq fts
Location :	Owned

DIRECTORS

As on 27.09.2011

Name :

Mr. Werner Merz

Designation :

Director

Address:

Schoenhaldenstrasse 82, Maennedorf Switzerland 8708

Date of Birth/Age :

04.08.1952

Date of Appointment :

05.07.2005

DIN No.:

00293466

Name :

Mr. Dilip Dwarkadas Udeshi

Designation :

Director

Address:

501, Shanti Apartment, 98, Walkeshwar Road, Mumbai – 400 006, Maharashtra, India

Date of Birth/Age :

28.01.1936

Date of Appointment :

05.07.2005

DIN No.:

00051479

Other Directorship :

S.No.	CIN	Name of the Company	Current designation of the director	Date of appointment at current designation	Original date of appointment	Date of cessation	Company Status	Defaulting status
1	U67120MH1984PTC033147	Baltic Consultancy and Services Private Limited	Director	30-06-88	30-06-88	-	Active	NO
2	U74899RJ1987PLC029106	Secure Meters Limited	Director	28-03-95	28-03-95	-	Active	NO
3	U74140GJ2000PTC038483	Chadabhoy and Jassoobhoy Consultants Private Limited	Director	04-08-00	04-08-00	-	Active	NO
4	U67120MH1982PTC028713	Serendib Investments Private Limited	Director	18-08-00	18-08-00	-	Active	NO
5	U24245GA1991PTC001118	Advanced Oral Care Products Private Limited	Director	18-06-04	18-06-04	-	Amalgamated	NO
6	U18101MH2005FTC154490	Sefar Filtration (India) Private Limited	Director	05-07-05	05-07-05	-	Active	NO
7	L35999TN1962PLC004792	Sundaram -Clayton Limited	Director	22-08-05	22-08-05	26-06-09	Active	NO

Name :

Mr. Krishnan Ramanathan

Designation :

Director

Address:

C2/701, Harasiddh Park, Off Pokharan Road, No.2, Pawar Nagar, Thane (West), Thane - 400 610, Maharashtra, India

Date of Birth/Age :

25.04.1959

Date of Appointment :

20.09.2007

DIN No.:

00072925

Other Directorship :

S.No.	CIN	Name of the Company	Current designation of the director	Date of appointment at current designation	Original date of appointment	Company Status	Defaulting status
1	U18101MH2005FTC154490	Sefar Filtration (India) Private Limited	Director	20-09-07	05-07-05	Active	NO

Name :

Mr. Sng Leong Heng

Designation :

Director

Address:

94 Cashew Road, #14-04 Singapore 2367

Date of Birth/Age :

27.05.1958

Date of Appointment :

20.09.2007

DIN No.:

01743092

Name :

Mr. Jamalullah Bin M Raja Mohamed

Designation :

Director

Address:

Apt Blk 49, Dorset Road, #09-112, Singapore, 210049, Singapore

Date of Birth/Age :

01.10.1960

Date of Appointment :

12.08.2008

DIN No.:

01907662

Other Directorship :

S.No.	CIN	Name of the Company	Current designation of the director	Date of appointment at current designation	Original date of appointment	Company Status	Defaulting status
1	U18101MH2005FTC154490	Sefar Filtration (India) Private Limited	Director	12-08-08	19-02-08	Active	NO

KEY EXECUTIVES

Name :	Ms. Poonam
Designation :	P.A. of Director
Name :	Mr. Ganesan
Designation :	Accounts Manager
Name :	Janak C. Pandya
Designation :	Company Secretary
Address :	9, Shree Mangal Co-Operative Housing Society, Nanepada Road, Mulund (East), Mumbai – 400 081, Maharashtra, India
Tel. No.:	91-22-21633077
E-Mail :	janak@janakpandya.com dimpal@janakpandya.com

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 27.09.2011

Names of Shareholders	No. of Shares
Sefar AG, Switzerland	4899000
Sefar Finanz AG, Switzerland	1000
Total	4900000

As on 27.09.2011

Equity Share Breakup	Percentage of Holding
Category
Foreign holdings [Foreign institutional investors, Foreign Companies, Foreign Financial Institutions, Non-resident Indian or Overseas corporate bodies or others]	100.00

BUSINESS DETAILS

Line of Business :

Manufacturer of Monofilament Precision Fabrics.

PRODUCTION STATUS (AS ON 31.03.2011)

Particulars	Unit	Licensed Capacity	Installed Capacity
Filter Clothes and Articles of Filter Clothes	Sq. Mtrs	150000	150000

Particulars	Unit	Actual Production
Filter Clothes	Sq. Mtrs	181350

GENERAL INFORMATION

No. of Employees :	50 (Approximately)
Bankers :	Not Available

Banking Relations :	--
Auditors :
Name :	Rahul Gautam Divan and Associates Chartered Accountants
Address :	C/o MIDSNELL, 134 Mittal Tower ‘C’, Nariman Point, Mumbai – 400 021, Maharashtra, India
Tel. No.:	91-22-66324991/ 66324992
Fax No.:	91-22-22875374
E-Mail :	rdivan@vsnl.com
Income-tax PAN of auditor or auditor's firm :	AADFR9025P
Holding Company:	Sefar AG, Switzerland
Fellow Subsidiaries :	Sefar Fyltis
Group Company :	v Sefar Filtration Solutions (Suzhou) v Sefar Singapore Pte. Limited v Sefar Tenyl Tecidos Tecnicos Limited v Sefar Fabrication (M) SDN BHD

CAPITAL STRUCTURE

As on 31.03.2011

Authorised Capital :

No. of Shares	Type	Value	Amount
5000000	Equity Shares	Rs.10/- each	Rs.50.000 millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
4900000	Equity Shares	Rs.10/- each	Rs.49.000 millions

(Of the above 489900 shares are held by Sefar AG, Switzerland, the Holding Company)

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS		31.03.2011	31.03.2010	31.03.2009
SHAREHOLDERS FUNDS
1] Share Capital		49.000	49.000	19.000
2] Share Application Money		0.000	0.000	20.000
3] Reserves & Surplus		24.736	4.857	0.000
4] (Accumulated Losses)		0.000	0.000	(3.529)
NETWORTH		73.736	53.857	35.471
LOAN FUNDS
1] Secured Loans		0.000	0.000	0.000
2] Unsecured Loans		0.000	0.000	0.000
TOTAL BORROWING		0.000	0.000	0.000
DEFERRED TAX LIABILITIES		0.320	0.149	0.410
TOTAL		74.056	54.006	35.881
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		11.449	9.237	8.538
Capital work-in-progress		0.000	0.000	1.180
INVESTMENT		0.000	0.000	0.000
DEFERRED TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	33.690	15.758	13.294
	Sundry Debtors	51.593	30.794	24.946
	Cash & Bank Balances	11.664	16.199	4.166
	Other Current Assets	0.000	0.000	0.000
	Loans & Advances	16.052	7.531	5.786
Total Current Assets		112.999	70.282	48.192
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	34.889	20.271	20.253
	Other Current Liabilities	5.258	2.000	0.917
	Provisions	10.245	3.262	0.918
Total Current Liabilities		50.392	25.533	22.088
Net Current Assets		62.607	44.749	26.104
MISCELLANEOUS EXPENSES		0.000	0.020	0.059
TOTAL		74.056	54.006	35.881

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2011	31.03.2010	31.03.2009
	SALES
		Income	167.714	95.109	64.915
		Other Income	1.743	3.013	5.898
		TOTAL (A)	169.457	98.122	70.813
Less	EXPENSES
		Office Expenses	137.411	85.734	72.218
		Administrative Expenses
		Advertising Expenses
		TOTAL (B)	137.411	85.734	72.218
Less	PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		32.046	12.388	(1.405)
Less	FINANCIAL EXPENSES (D)		0.348	0.281	0.296
	PROFIT/ (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		31.698	12.107	(1.701)
Less/ Add	DEPRECIATION/ AMORTISATION (F)		1.641	1.448	0.823
	PROFIT/ (LOSS) BEFORE TAX (E-F) (G)		30.057	10.659	(2.524)
Less	TAX (H)		10.332	2.273	0.192
	PROFIT/ (LOSS) AFTER TAX (G-H) (I)		19.725	8.385	(2.716)
	EARNINGS IN FOREIGN CURRENCY
		Export of Finished Goods on FOB Basis	6.076	7.978	1.142
		Commission	1.279	0.091	1.811
	TOTAL EARNINGS		7.355	8.069	2.953
	IMPORTS
		Raw Materials and Utilities	102.353	53.739	47.979
		Capital Goods	1.166	0.000	0.000
	TOTAL IMPORTS		103.519	53.739	47.979
	Earnings/ (Loss) Per Share (Rs.)
	- Basic		4.03	1.71	(1.43)
	- Diluted		4.03	2.15	(1.43)

KEY RATIOS

PARTICULARS		31.03.2011	31.03.2010	31.03.2009
PAT / Total Income	(%)	11.64	8.55	(3.84)
Net Profit Margin (PBT/Sales)	(%)	17.92	11.21	(3.89)
Return on Total Assets (PBT/Total Assets}	(%)	24.15	13.40	(4.45)
Return on Investment (ROI) (PBT/Networth)		0.41	0.20	(0.07)
Debt Equity Ratio (Total Liability/Networth)		0.68	0.47	0.62
Current Ratio (Current Asset/Current Liability)		2.24	2.75	2.18

LOCAL AGENCY FURTHER INFORMATION

Sundry Creditors Details:

Particulars	31.03.2011 (Rs. In Millions)	31.03.2010 (Rs. In Millions)	31.03.2009 (Rs. In Millions)
Sundry Creditors - Expenses	9.102	6.337	3.046
Sundry Creditors - Holding Company	23.674	11.746	15.809
Sundry Creditors - Group Company	2.113	2.188	1.398
Total	34.889	20.271	20.253

Note:

The registered office of the company has been shifted from 304, Hamilton B, Hiranandani Estate, Thane – 400 607, Maharashtra to the present address w.e.f. 11.06.2009.

OPERATIONS:

The Company has substantial growth this year. Having successfully achieved the Sales Target for this year, their sales turnover has increased by over 76.33% from Rs.95.109 millions to Rs.167.714 millions as compared to last year. The overall Income has increased by 72.70% from Rs.98.122 millions to Rs.169.457 millions.

Over the period, the Company has further improved the customer base which will help company for a better performance in coming years.

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 20.000 millions the last fiscal year. In March 2011, in the milling segment, 3 distributors were also established which is expected to strengthen the sales in this segment.

Also the company has done well in the new segment of Acoustic fabric (INR 26 Mm); especially the mobile phone business has been very encouraging.

The company has strengthened the development at one of the key customers with a special PEEK Fabric for a critical application and executed orders worth INR 47.000 millions in the last fiscal.

For expanding business, the Sales network within India after establishing the residential office at Vishakapatnam, the setting up of the regional office at New Delhi was initiated.

FIXED ASSETS:

Tangible Assets

v Plant and Machinery

v Computers

v Furniture and Fixtures-Office

v Furniture and Fixtures-Factory

v Office Equipments

v Motor Cycle

v Motor Car

v Lab Equipments

v Leasehold Improvements-Factory

Intangible Asset

v Software

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.49.25
UK Pound	1	Rs.77.45
Euro	1	Rs.64.89

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	5
--LIQUIDITY	1~10	5
--LEVERAGE	1~10	5
--RESERVES	1~10	5
--CREDIT LINES	1~10	5
--MARGINS	-5~5	-
DEMERIT POINTS
--BANK CHARGES	YES/NO	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		45

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.