MIRA INFORM REPORT

Report Date :

20.07.2011

IDENTIFICATION DETAILS

Name :	PROMENS (INDIA) PRIVATE LIMITED (w.e.f. 07.05.2007)
Formerly Known As :	SAEPLAST (INDIA) PRIVATE LIMITED
Registered Office :	A/71, Corporate House, Bodakdev, Sarkhej Gandhinagar Highway, Ahmedabad – 380 054, Gujarat
Country :	India
Financials (as on) :	31.03.2009
Date of Incorporation :	08.11.1996
Com. Reg. No.:	04-31114
Capital Investment / Paid-up Capital :	Rs.15.000 Millions
CIN No.: [Company Identification No.]	U25201GJ1996PTC031114
TAN No.: [Tax Deduction & Collection Account No.]	AHMS02642D
PAN No.: [Permanent Account No.]	AACCS1023J
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer of Double wall Insulated Plastic Containers.
No. of Employees :	120 Approximately

RATING & COMMENTS

MIRA’s Rating :

B (31)

RATING		STATUS	PROPOSED CREDIT LINE
26-40	B	Capability to overcome financial difficulties seems comparatively below average.	Small

Maximum Credit Limit :	USD 160000
Status :	Moderate
Payment Behaviour :	Unknown
Litigation :	Clear
Comments :	Subject is an established company having moderate track. The management has not filed the latest financials of the company with the government departments. However, trade relations are reported as fair. Business is active. Payments are unknown. The company can be considered for business dealings with some caution.

NOTES :

Any query related to this report can be made on e-mail : infodept@mirainform.com while quoting report number, name and date.

INFORMATION PARTED BY (GENERAL DETAILS)

Name :	Mr. Rakesh
Designation :	Secretary
Date :	18.07.2011

LOCATIONS

Registered Office :	A/71, Corporate House, Bodakdev, Sarkhej Gandhinagar Highway, Ahmedabad – 380 054, Gujarat, India
Tel. No.:	91-79-26841087 / 8
Fax No.:	91-79-26841089 / 26841088
E-Mail :	sdave@promens.in saeplast@eth.net sales@promens.in skumar@promens.in
Website :	http://www.promens.com
Area :	1500 sq.ft.
Location :	Owned
Factory :	S No. 15658, Near India Gas Godown, Behind Rajpura Bus Stop, Gandhinagar Mansa Road, Mansa, Gujarat, India
Location :	Owned

DIRECTORS

Name :	Mr. Shankarprasad Jagivandas Dave
Designation :	Executive Director
Address :	8/B, Chandra Off C G Road, Ellisbridge, Ahmedabad – 380006, Gujarat, India
Date of Birth/Age :	28.12.1938
Date of Appointment :	17.08.1998
DIN No. :	00336991
Name :	Mr. Elias Gunnar
Designation :	Director
Address :	Skemmuvegur L 8, 200 Kopavogur, Ice Land
Date of Birth/Age :	17.01.1953
Date of Appointment :	04.02.1998
Name :	Mr. Gair A Gunnlaugsson
Designation :	Director
Address :	Horgshlid 28, 105, Reykjavik, Ice land
Date of Birth/Age :	30.07.1943
Date of Appointment :	31.08.2004
Name :	Mr. Joh S Sigurosson
Designation :	Director
Address :	Graenuhlid, 17, 105, Reykjavik, Ice Land
Date of Birth/Age :	16.11.1954
Date of Appointment :	31.03.2005
Name :	Mr. Swetang Shankarprasad Dave
Designation :	Managing Director
Address :	83 D B Block, Galaxy Towers, Near Grand Bhagwati Hotel, Bodakdev, Ahmedabad – 380 015, Gujarat, India
Date of Birth/Age :	31.08.1962
Date of Appointment :	08.11.1996
Date of Ceasing :	21.04.2011
DIN No. :	00336431

KEY EXECUTIVES

Name :	Mr. Rakesh M Pathak
Designation :	Company Secretary
Address :	26, Tatsat Society, Niyojan Nagar, Ambawadi, Ahmedabad – 380015, Gujarat, India
Name :	Mr. Pravesh H. Shah
Designation :	Purchase Manager

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 29.09.2007

Names of Shareholders	No. of Shares
Swetang Shankarprasad Dave	100000
Shankarprasad Jagivandas Dave	90000
Nishith S Dave	20000
Ashish S Dave	20000
Sudattbhai V Dave	40000
Minaxiben Y Joshi	25000
Gaurav G Joshi	20000
Promens H.F., Iceland	1185000
Total	1500000

AS ON 29.09.2007

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]	79.00
Directors or relatives of directors	21.00
Total	100.00

BUSINESS DETAILS

Line of Business :	Manufacturer of Double wall Insulated Plastic Containers.
Exports :
Products :	· Insulated Plastic Containers
Countries :	· Gulf Countries · African Counties
Imports :
Products :	Raw Material
Countries :	European Countries
Terms :
Selling :	L/C and Credit (30 days)
Purchasing :	L/C and Credit (30 days)

PRODUCTION STATUS AS ON 31.03.2009

Particulars	Unit	Licensed Capacity	Installed Capacity (MT of Raw Material)	Actual Production
Plastic insulated Containers of various capacitors	MT	NA	1200	566.61

GENERAL INFORMATION

Customers :

· Wholesalers

· End Users

· OEM’s

· Manufacturer

No. of Employees :

120 Approximately

Bankers :

· ICICI Bank

· IDBI Bank Limited

· Bank of Baroda

· Axis Bank Limited

Trishul 3^rd Floor, Opposite Samratheshwar Temple, Law Garden Ellisbridge, Ahmedabad – 380 006, Gujarat, India

Facilities :

Secured Loans	31.03.2009	31.03.2008
ICICI Bank Limited (Secured against Hypothecation of Indica Car)	0.000	0.015
Axis Bank (CC Account) (Secured against hypothecation of stock and first charge over the immovable properties)	(4.619)	15.008
Axis Bank (Term Loan)	1.462	3.147
Total	(3.157)	18.170

Banking Relations :	-
Auditors :
Name :	Trushit Chokshi and Associates Chartered Accountants
Address :	401, Shivam Complex, B/H Samartheswar Mahadev, Law Garden, Ahmedabad – 380 006, Gujarat, India
Holding Company :	Promens HF, Iceland
Related Parties :	· M/s. Promens Asia Limited · M/s. Promens Aalesund AS · M/s. Promens Dalvik EHF · M/s. Promens Iberia SA · M/s. Saeplast Dalvik EHF · M/s. Promens Packging GMBH · M/s. Promens Hockenheim GMBH · M/s. Promens hf.

CAPITAL STRUCTURE

AS ON 31.03.2009

Authorised Capital :

No. of Shares	Type	Value	Amount
1500000	Equity Shares	Rs.10/- each	Rs.15.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
1500000	Equity Shares	Rs.10/- each	Rs.15.000 Millions

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS		31.03.2009	31.03.2008	31.03.2007
SHAREHOLDERS FUNDS
1] Share Capital		15.000	15.000	15.000
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		23.861	19.473	15.361
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		38.861	34.473	30.361
LOAN FUNDS
1] Secured Loans		(3.157)	18.170	12.676
2] Unsecured Loans		0.000	0.000	0.000
TOTAL BORROWING		(3.157)	18.170	12.676
DEFERRED TAX LIABILITIES		0.000	0.000	0.412
TOTAL		35.704	52.643	43.449
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		15.008	17.981	20.016
Capital work-in-progress		0.000	0.201	0.142
INVESTMENT		0.195	0.195	0.507
DEFERREX TAX ASSETS		0.549	0.158	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	8.415	12.753	8.993
	Sundry Debtors	17.557	22.279	16.538
	Cash & Bank Balances	2.539	8.709	1.828
	Other Current Assets	1.883	1.032	4.021
	Loans & Advances	12.578	11.515	6.211
Total Current Assets		42.972	56.288	37.591
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	9.834	9.441	6.735
	Other Current Liabilities	4.188	1.297	0.270
	Provisions	8.998	11.443	7.804
Total Current Liabilities		23.020	22.181	14.809
Net Current Assets		19.952	34.107	22.782
MISCELLANEOUS EXPENSES		0.000	0.001	0.002
TOTAL		35.704	52.643	43.449

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2009	31.03.2008	31.03.2007
	SALES
		Income & Other Income	96.520	105.214	83.439
		TOTAL (A)	96.520	105.214	83.439
Less	EXPENSES
		Office Expenses	88.303	91.225	72.771
		Administrative Expenses
		Advertising Expenses
		TOTAL (B)	88.303	91.225	72.771
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		8.217	13.989	10.668
Less	FINANCIAL EXPENSES (D)		(1.845)	3.194	1.879
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		10.062	10.795	8.789
Less/ Add	DEPRECIATION/ AMORTISATION (F)		3.823	4.718	3.599
	PROFIT BEFORE TAX (E-F) (G)		6.239	6.077	5.190
Less	TAX (H)		2.019	1.999	0.900
	PROFIT AFTER TAX (G-H) (I)		4.220	4.078	4.290
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		19.474	15.361	11.072
Less	Prior period Expenses		0.000	0.026	0.000
Add	Prior period Income		0.168	0.060	0.000
	BALANCE CARRIED TO THE B/S		23.861	19.474	15.361
	EARNINGS IN FOREIGN CURRENCY		54.107	56.819	43.871
	IMPORTS
		Raw Materials	5.103	3.395	8.557
		Components and Spares parts	0.011	0.000	0.022
		Store Expenses	0.122	0.000	0.000
	TOTAL IMPORTS		5.236	3.395	8.579
	Earnings Per Share (Rs.)		2.81	--	--

Particulars	31.03.2011	31.03.2010
Sales Turnover (Approximately)	105.000	100.000

The above information has been parted by Mr. Rakesh

KEY RATIOS

PARTICULARS		31.03.2009	31.03.2008	31.03.2007
PAT / Total Income	(%)	4.37	3.88	5.14
Return on Total Assets (PBT/Total Assets}	(%)	10.76	8.18	9.01
Return on Investment (ROI) (PBT/Networth)		0.16	0.18	0.17
Debt Equity Ratio (Total Liability/Networth)		(0.67)	1.17	0.91
Current Ratio (Current Asset/Current Liability)		1.87	2.54	2.54

LOCAL AGENCY FURTHER INFORMATION

DETAILS OF SUNDRY CREDITORS

(Rs. In Millions)

Particulars	31.03.2009	31.03.2008	31.03.2007
Creditors For Goods	4.274	5.636	2.938
Creditors For Capital Goods	0.993	0.966	1.329
Creditors For Expenses	4.567	2.839	2.468
Total	9.834	9.441	6.735

FORM 8

Corporate identity number of the company	U25201GJ1996PTC031114
Name of the company	PROMENS [INDIA] PRIVATE LIMITED
Address of the registered office or of the principal place of business in India of the company	A/71, Corporate House, Bodakdev, Sarkhej Gandhinagar Highway, Ahmedabad – 380054, Gujarat
This form is for	Modification of charge
Type of charge	Immovable property Book debts Movable property (not being pledge)
Particular of charge holder	Axis Bank, Trishul 3^rd Floor, Opposite Samratheshwar Temple, Law Garden Ellisbridge, Ahmedabad – 380006, Gujarat, India Email :- nilesh.kumar@axisbank.com
Nature of instrument creating charge	Supplemental Deed of Hypothecation dated 12.04.2010 and Memorandum of Entry (Extension of Equitable Mortgage) dated 12.04.2010, both executed by the Company in favour of Axis Bank Limited
Date of instrument Creating the charge	12.04.2010
Amount secured by the charge	Rs.18.500 Millions
Brief of the principal terms an conditions and extent and operation of the charge	Rate of interest As per Sanction Letter UTIB/CR/AZ/07-08/703 dated 05.06.2007 read with Sanction Letter No. WZ/SC/PCD/2009-10/1794 dated 09.03.2010 together with all interest, liquidated damages, costs, charges etc. Terms of repayment As per the limits sanctioned by the Axis Bank to the borrower company vide its Sanction Letter UTIB/CR/ AZ/07-08/703 dated 05.06.2007 read with Sanction Letter No. WZ/SC/PCD/2009-10/1794 dated 09.03.2010 together with all interest, liquidated damages, costs, charges, expenses, guarantee commission and other monies payable under their Facility Agreement/Letter of Sanction/Memorandum of terms and conditions, as amended from time to time. Margin As per the Sanction Letter UTIB/CR/AZ/07-08/703 dated 05.06.2007 read with Sanction Letter No. WZ/SC/PCD/2009-10/1794 dated 09.03.2010 for respective facilities and mentioned in Facility Agreement/Letter of Sanction/Memorandum of terms and conditions, as amended from time to time. Extent and operation of the charge The Hypothecation Charge vide Supplemental Deed of Hypothecation dated 12.04.2010 and Equitable Mortgage extended vide Memorandum of Entry dated 12.04.2010 shall also operate as a security for due repayment discharge and redemption by the borrower to the bank for additional limit of Bank Guarantee to the extent of Rs. 1.000 millions thus aggregating to Rs. 18.500 millions sanctioned by the bank to the borrower vide Sanction Letter No. WZ/SC/PCD/2009-10/1794 dated 09.03.2010.
Particulars of the property charged	I) All the current assets and moveable fixed assets of the Company, both present and future) ii) All the portion of Non Agricultural land area, undivided, admeasuring 2 acres and 36 gunthas (approx.) situated on piece and parcel of freehold land bearing Survey no. 1658 [cont. in (iii) below] iii) Situate, lying and being at Mouje : Mansa in Taluka : Vijapur in the registration District and Sub District of Mehsana.
Date of instrument modifying the charge	19.01.2008
Particulars of the present modification	The Hypothecation Charge and Equitable Mortgage, both dated 23.10.2004 executed by the company in favour of the Bank for credit facilities of Rs. 9.900 millions which was lastly modified on 19.01.2008 for Rs.21.030 millions shall now also operate for and be a continuing security to secure additional bank guarantee limit of Rs. 1.000 millions thus aggregating the overall limits to Rs. 18.500 millions

FIXED ASSETS

· Land

· Building

· Indegeous Plant and Machinery

· Imported Machinery

· Mould and Jigs

· Microtik 532 400 MW Wireless Tower

· Electrification

· Furniture and Fixture

· Office Instruments

· Computers

· Computers (Software)

· Vehicles

Corporate House (F and F)

· Civil Work

· Electrification

· Furniture and Fixture

· Office Instruments

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.44.59
UK Pound	1	Rs.71.62
Euro	1	Rs.62.78

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	5
PAID-UP CAPITAL	1~10	4
OPERATING SCALE	1~10	4
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	3
--PROFITABILIRY	1~10	3
--LIQUIDITY	1~10	3
--LEVERAGE	1~10	3
--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	YES
--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	-

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.