MIRA
INFORM REPORT
|
Report Date : |
13.12.2007 |
IDENTIFICATION
DETAILS
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Name : |
ESSEN MULTIPACK LIMITED |
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Registered Office : |
Survey No. 209, Plot No. 5, Industrial Area, Veraval
(Shapar), Rajkot - 360 002, Gujarat |
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Country : |
India |
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Financials (as on) : |
31.03.2007 |
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Date of Incorporation : |
27.05.1994 |
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Com. Reg. No.: |
22139 |
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CIN No.: [Company
Identification No.] |
U25209GJ1994PLC022139 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
RKTE00041G |
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PAN No.: [Permanent
Account No.] |
AAACE4676P |
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Legal Form : |
A closely held public limited liability company |
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Line of Business : |
Manufacturer and exporter of polyethylene film |
RATING &
COMMENTS
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MIRA’s Rating : |
Ba |
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RATING |
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 140000 |
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Status : |
Satisfactory |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
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Comments : |
Subject is a well established and reputed company. Directors are reported
as experienced and respectable businessmen. Trade relations are fair.
Business is active. Payments are usually correct and as per commitments. The company can be considered normal for business dealings at usual
trade terms and conditions. |
LOCATIONS
|
Registered Office / Factory : |
Survey No. 209, Plot No. 5, Industrial Area, Veraval
(Shapar), Rajkot - 360 002, Gujarat, India |
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Tel. No.: |
91 - 2827 - 252018 / 252019 / 252610 |
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Fax No.: |
91 - 2827 – 252610 |
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E-Mail : |
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Website : |
DIRECTORS
|
Name : |
Mr. Vishnubhai Dilsukhrai Vyas |
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Designation : |
Director |
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Address : |
Shantiniketan Complex, Krishnanagar Main Road, Flat No. 201, Rajkot
360001, Gujarat, India |
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Date of Birth/Age : |
12.09.1960 |
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Date of Appointment : |
01.03.2005 |
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Name : |
Mr. Atulbhai Chunilal Pandya |
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Designation : |
Director |
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Address : |
Shree Gayatri Krupa, 4, Parnakuti Society, Nana Mava Road, Rajkot –
360005, Gujarat, India |
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Date of Birth/Age : |
06.02.1969 |
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Date of Appointment : |
15.05.1999 |
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Name : |
Mr. Jerambhai Popatbhai Patel |
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Designation : |
Director |
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Address : |
Saharsh 2 Paras Society, Plot No. 27 A, Opposite Nirmala Convent
School, Rajkot 260005, Gujarat, India |
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Date of Birth/Age : |
03.04.1950 |
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Date of Appointment : |
27.05.1994 |
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Name : |
Mr. Sagar Dineshbhai Pandya |
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Designation : |
Director |
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Address : |
Gayatri Krupa, Dwarkadish
Society, Street No. 3, Behind Gokuldham, Rajkot 360004, Gujarat, India |
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Date of Birth/Age : |
06.11.1981 |
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Date of Appointment : |
01.03.2005 |
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Name : |
Mr. Jawahar Chunilal Pandya |
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Designation : |
Director |
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Address : |
Shree Gayatri Krupa, 4, Parnakuti Society, Nana Mava Road, Rajkot –
360005, Gujarat, India |
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Date of Birth/Age : |
07.05.1961 |
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Date of Appointment : |
27.05.1994 |
MAJOR SHAREHOLDERS
/ SHAREHOLDING PATTERN
|
Names of Shareholders |
|
No. of Shares |
|
Chunilal L Pandya |
|
30000 |
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Jawahar C. Pandya |
|
20000 |
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Harshidaben J Pandya |
|
30000 |
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Girish C Pandya |
|
30000 |
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Gitaben G Pandya |
|
30000 |
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Atul C Pandya |
|
30000 |
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Ranjanben Pandya |
|
30000 |
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Jawahar Pandya – HUF |
|
15030 |
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Girish C Pandya – HUF |
|
37000 |
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Atul C Pandya - HUF |
|
37000 |
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Meeta A Pandya – HUF |
|
10000 |
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Champaben Doshi |
|
34000 |
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Chandrakant Doshi |
|
34200 |
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Devyaniben Doshi |
|
34000 |
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Nitaben Doshi |
|
30000 |
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Rajesh Doshi |
|
30000 |
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Ritaben Doshi |
|
30000 |
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Utsav Doshi |
|
30000 |
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Khushbhoo Doshi |
|
18970 |
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Jayantilal Aghera |
|
25000 |
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Chandrikaben Aghera |
|
25000 |
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Khimjibhai Aghera |
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25000 |
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Sagunaben Aghera |
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25000 |
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Jerambhai Patel |
|
17500 |
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Savitaben Patel |
|
17500 |
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Piyush Patel |
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10000 |
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Nimesh Patel |
|
7500 |
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Rajendra Sanghvi |
|
10000 |
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Induben Sanghavi |
|
7100 |
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Gitaben Sanghavi |
|
12200 |
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Rajoo Engineers Limited |
|
50000 |
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Total |
|
772000 |
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Equity Share
Breakup |
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Percentage of
Holding |
|
Category |
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Bodies corporate |
|
6.48 |
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Directors or relatives of directors |
|
93.52 |
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Total |
|
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer and exporter of polyethylene film |
PRODUCTION STATUS
|
Particulars |
Unit |
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Installed
Capacity |
|
Mono and Multilayer Flexible Packaging Film and Shets |
MT |
|
|
1560 |
GENERAL
INFORMATION
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Bankers : |
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Banking
Relations : |
Satisfactory |
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Financial
Institutional : |
Kotak Mahindra Primus Limited |
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Auditors : |
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Name : |
M. N. Manvar and Company Chartered Accountants |
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Address : |
504, Star Plaza, Phulchhab Chowk, Near Circuit House, Rajkot – 360005,
Gujarat, India |
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Associates/Subsidiaries : |
Nil |
CAPITAL STRUCTURE
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
1,250,000 |
Equity Shares |
Rs. 10/- each |
Rs. 12.500 Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
772,000 |
Equity Shares |
Rs. 10/- each |
Rs. 7.720
Millions |
FINANCIAL DATA
[all figures are in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2007 |
31.03.2006 |
31.03.2005 |
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|
SHAREHOLDERS FUNDS |
|
|
|
|
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1] Share Capital |
7.720 |
7.720 |
7.720 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
26.551 |
17.752 |
13.997 |
|
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
34.271 |
25.472 |
21.717 |
|
|
LOAN FUNDS |
|
|
|
|
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1] Secured Loans |
13.802 |
7.451 |
14.227 |
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2] Unsecured Loans |
7.054 |
5.668 |
10.165 |
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TOTAL BORROWING |
20.856 |
13.119 |
24.392 |
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DEFERRED TAX LIABILITIES |
1.515 |
2.309 |
3.173 |
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TOTAL |
56.642 |
40.900 |
49.282 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
13.067 |
15.405 |
18.008 |
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Capital work-in-progress |
0.000 |
0.000 |
0.000 |
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INVESTMENT |
0.920 |
1.220 |
0.919 |
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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 |
16.025
|
13.680 |
8.755 |
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Sundry Debtors |
26.787
|
28.205 |
17.184 |
|
|
Cash & Bank Balances |
6.255
|
11.774 |
8.708 |
|
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Other Current Assets |
0.000
|
0.000 |
0.000 |
|
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Loans & Advances |
46.743
|
15.790 |
14.982 |
|
Total
Current Assets |
95.810
|
69.449 |
49.629 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
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|
|
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Current Liabilities |
27.315
|
40.832 |
16.224 |
|
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Provisions |
25.840
|
4.342 |
3.050 |
|
Total
Current Liabilities |
53.155
|
45.174 |
19.274 |
|
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Net Current Assets |
42.655
|
24.275 |
30.355 |
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MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
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TOTAL |
56.642 |
40.900 |
49.282 |
|
PROFIT & LOSS
ACCOUNT
|
PARTICULARS |
31.03.2007 |
31.03.2006 |
31.03.2005 |
|
|
Sales Turnover |
238.815 |
180.605 |
131.283 |
|
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Other Income |
0.779 |
0.193 |
1.155 |
|
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Total Income |
239.594 |
180.798 |
132.438 |
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Profit/(Loss) Before Tax |
32.330 |
7.188 |
1.952 |
|
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Provision for Taxation |
11.788 |
1.673 |
0.427 |
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Profit/(Loss) After Tax |
20.542 |
5.515 |
1.525 |
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Earnings in Foreign Currency : |
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Total Earnings |
NA |
NA |
0.072 |
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Expenditures : |
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Raw Material Consumed |
177.794 |
146.436 |
108.385 |
|
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Purchases made for re-sale |
3.706 |
0.000 |
0.000 |
|
|
Consumption of stores and spares parts |
0.062 |
0.049 |
0.000 |
|
|
Increase/(Decrease) in Finished Goods |
[1.120] |
0.409 |
[1.258] |
|
|
Salaries, Wages, Bonus, etc. |
2.281 |
1.119 |
0.000 |
|
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Managerial Remuneration |
0.900 |
0.900 |
0.000 |
|
|
Payment to Auditors |
0.086 |
0.068 |
0.000 |
|
|
Interest |
0.000 |
0.511 |
1.506 |
|
|
Insurance Expenses |
0.211 |
0.550 |
0.000 |
|
|
Power & Fuel |
5.002 |
4.402 |
0.000 |
|
|
Depreciation & Amortization |
3.963 |
3.737 |
3.875 |
|
|
Other Expenditure |
14.379 |
15.431 |
17.978 |
|
Total Expenditure |
207.264 |
173.612 |
130.486 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2007 |
31.03.2006 |
31.03.2005 |
|
PAT / Total Income |
(%) |
8.57
|
3.05 |
1.15 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
13.54
|
3.98 |
1.49 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
29.69
|
8.47 |
2.89 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.94
|
0.28 |
0.09 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
2.16
|
2.29 |
2.01 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.80
|
1.54 |
2.57 |
LOCAL AGENCY
FURTHER INFORMATION
Subject is also engaged in the business of trading of UV Stabilized Shade Net.
Bankers Charges
Report as per Registry
|
Name of the company |
ESSEN MULTIPACK
LIMITED |
|
Presented By |
Mr. Jawahar
Chunilal Pandya, Managing Director |
|
1) Date and description of instrument creating the change |
Deed of
Hypothecation dated 07.03.2002 |
|
2) Amount secured by the charge/amount owing on the securities of charge |
Rs. 15.000
Millions |
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3) Short particular of the property charged. If the property acquired is subject to charge, date of the acquired of the property should be given |
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|
4) Gist of the terms and conditions and extent and operation of the charge. |
Interest : 15.25
% Repayment : On
Demand Type of Charge : Hypothecation charge Operation : Till
the dues are liquidated in full. |
|
5) Name and Address and description of the person entitled to the charge. |
Punjab National
Bank Jubilee Branch Jawahar Road,
Rajkot – 360002 |
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6) Date and brief description of instrument modifying the charge |
Memorandum of
deposit of title deeds dated 24.05.2002 |
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7) Particulars of modifications specifying the terms and conditions or the extent of operations of the charge in which modification is made and the details of the modification. |
Equitable
mortgage is created by deposit of title deeds relating to the Immovable
properties being factory land situated at Plot No. 5, Survey No. 209, Village
Veraval Shapar, Kotda Sangani, Rajkot adm 4711.10 sq. mtrs. With all building
constructed or to be constructed with plant and machineries to secure the
following facilities aggregating to Rs. 31.900 Millions Fund Based Limits
: Cash credit : Rs. 15.000 Millions [Including sublimit of Rs. 5.000 Millions
for book debts] Term loan : Rs.
1.900 Millions Non-fund Based
Limit : foreign L/C : Rs. 15.000 Millions [Including sub – limit of LG for
Rs. 1.000 Million] |
Fixed Assets
- Land
- Factory Building
- Plant and Machinery
- Technical Know how Fees
- Laboratory Equipment
- Electric Installation
- Office Equipment
- Air Conditioner
- Furniture and Fixture
- Vehicles
AS PER WEBSITE
Subject is an ISO 9001:2000 certified company, manufactures
a wide variety of polyethylene films, in mono and multi layer structures.
Range of Polyethylene Film :
- Laminating Film
- Liquid Film
- Foam Film
- Stretch Film
- Agricultural Film and Greenhouse Film
- Wide Width Film
- Shrink Film and Pallet Hooding Film
- Paper-like Film
Range of HDPE Pipe :
- Polyethylene Pipe (HDPE Pipe)
- Prelubricated Polyethylene Pipe (PLB HDPE Pipe)
The company is equipped with state-of-the-art infrastructure
facilities with globally reputed film extrusion lines and an in-house ultra
modern testing facility. Together with a team of experienced plastic quality as
per customer's requirement.
Essen has a wide range of products
for its valued customers from various fields such as Packaging - Industrial,
Exports, Bulk, Food, Liquid; Printing, Labelling, Transports, Agriculture,
Dairy and so on, only sky is the limit. Herein below please find their current
range of Polyethylene Film - Shrink Film and Pallet Hooding Film, Stretch Film,
Lamination Film, Wide Width Film, PE Foam Film, Liquid Packaging Film,
Agricultural Film- Greenhouse Film, Pond / Canal Lining Film, Mulch Film,
Solraization Film, Paper-Like Film.
Also the exclsusive Range of
Polyethylene Pipe (HDPE Pipe) - HDPE Pipe and Pre lubricated HDPE Pipe.
BESIDES THESE REGULAR PRODUCTS
THEY ALSO SPECIALISE IN GIVING CUSTOMISED PRODUCTS AS PER CUSTOMER
SPECIFICATION / APPLICATION ON PROJECT BASIS.
Agricultural Film - Greenhouse cladding film,
Mulch film for excellent weed control of the crop, Pond / Canal lining film to
prevent the water seepage losses and Solarization film for natural &
chemical fumigation of soil
Wide Width Film - Suitable for FIBC liners,
food grain covers, Container Liners, lorry tarpaulins, tents, bunkers, pond
liners and reservoir linings.
pe Foam Film - Suitable for calenders,
banners, maps, envelopes etc.
Paper-Like Film - Suitable for calenders, maps,
tablemates, visiting cards, soap packaging, bottle labels and large banners
Shrink Fim and Pallet Hooding Film -
Suitable for food packaging, blister packaging, industrial packaging, and for
packaging of tinned / bottled food products for dust and moisture protection.
Stretch Film - Suitable for industrial
packaging solutions and pallet wrapping.
LaminatiOn Film - Suitable for flexible
packaging and flexible laminating of food products.
Liquid PACKAGING Film - Suitable for packaging of
milk, water, oil, liquor, juice and liquid food.
Polyethylene Pipe (HDPE Pipe) for
Irrigation - Suitable for agricultural irrigation purposes, drip irrigation,
also useful as suction and delivery pipe in mono block pump set, as column pipe
in submersible pump set. Also being used as column pipe in wells, lakes &
dams for irrigation.
Prelubricated Polyethylene Pipe (PLB HDPE Pipe) -
Suitable in the field of communication to cover underground Optical Fibre Cable
network system.
Testing equipments
1. Tensile Strength / Elongation Tester
2. Dart Impact Tester
3. Leak Detection Tester
4. MFI Tester
5. Co-efficient of Friction Tester
6. Pin Hole Detector
7. Chemical Analysis Tester
8. ESCR (Environmental Stress Crack
Resistance Tester)
9. Density Tester
10. Opacity Tester
11. Carbon Black Content Tester
12. Carbon Black Dispersion Tester
13. Gloss Meter
14. Haze Meter
Subject is an ISO 9002 certified company, manufactures a
wide variety of polyethylene films, in mono and multi layer structures. They
have wide range of machineries including rotogravure 4 color printing machine,
slitter rewinder, sheet cutting machine, core cutter, fully solid state high
frequency corona treatment unit, chilling plant, oven, power generating set.
The polyethylene films are always supplied along with test certificate as to
the customer's specifications. The polyethylene pipe (HDPE Pipe) for irrigation
is suitable for agricultural irrigation purposes, drip irrigation, also useful
as suction and delivery pipe in mono block pump set, as column pipe in
submersible pump set. Also being used as column pipe in wells, lakes & dams
for irrigation.
They have a wide range of testing equipments in their
quality control department, including Tensile Strength / Elongation Tester, Dart
Impact Tester, Leak Detection Tester, MFI Tester, Co-efficient of Friction
Tester, Pin Hole Detector, Chemical Analysis Tester, ESCR (Environmental Stress
Crack Resistance Tester), Density Tester, Opacity Tester, Carbon Black Content
Tester, Carbon Black Dispersion Tester, Gloss Meter, Haze Meter.
The polyethylene films are always supplied along with test
certificate as to the customer's specifications. The polyethylene pipe (HDPE
Pipe) for irrigation is suitable for agricultural irrigation purposes, drip
irrigation, also useful as suction and delivery pipe in mono block pump set, as
column pipe in submersible pump set. Also being used as column pipe in wells,
lakes & dams for irrigation.
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.39.35 |
|
UK Pound |
1 |
Rs.80.36 |
|
Euro |
1 |
Rs.57.62 |
SCORE & RATING
EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
6 |
|
OPERATING SCALE |
1~10 |
6 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
7 |
|
--PROFITABILIRY |
1~10 |
5 |
|
--LIQUIDITY |
1~10 |
6 |
|
--LEVERAGE |
1~10 |
6 |
|
--RESERVES |
1~10 |
6 |
|
--CREDIT LINES |
1~10 |
6 |
|
--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 |
|
TOTAL |
|
54 |
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 |
Unfavourable & favourable factors carry similar weight in credit
consideration. 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 |
|
NR |
In view of the lack of information, we have no basis upon which to
recommend credit dealings |
No Rating |
|