MIRA INFORM REPORT

Report Date :

18.02.2012

IDENTIFICATION DETAILS

Name :	ESSEN MULTIPACK LIMITED
Formerly Known As :	ESSEN MULTIPACK PRIVATE LIMITED
Registered Office :	Plot No. 5, Survey No. 209, Veraval (Shapar), Tal-Kotda, Sangani, Rajkot - 360 024, Gujarat
Country :	India
Financials (as on) :	31.03.2011
Date of Incorporation :	27.05.1994
Com. Reg. No.:	04-22139
Capital Investment / Paid-up Capital :	Rs.5.790 Millions
CIN No.: [Company Identification No.]	U25209GJ1994PLC022139
TAN No.: [Tax Deduction & Collection Account No.]	RKTE00041G
PAN No.: [Permanent Account No.]	AAACE4676P
Legal Form :	A closely held Public Limited Liability Company
Line of Business :	Manufacturer of Co-Extruded Multilayer Films and Sheets.
No. of Employees :	65 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

Ba (49)

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

Maximum Credit Limit :	USD 440000
Status :	Satisfactory
Payment Behaviour :	Usually Correct
Litigation :	Clear
Comments :	Subject is an established company 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 PARTED BY

Name :	Mr. Paresh Rawal
Designation :	Commercial Manager
Contact No.:	91-9825074474
Date :	17.02.2012

LOCATIONS

Registered Office / Factory :	Plot No. 5, Survey No. 209, Veraval (Shapar), Tal-Kotda, Sangani, Rajkot – 360 002, Gujarat, India
Tel. No.:	91-2827-252018 / 252019 / 252610
Mobile No.:	91-9825074474 [Mr. Paresh Rawal]
Fax No.:	91-2827-252610
E-Mail :	mnmanvarca@rediffmail.com essen@essenpoly.com
Website :	http://www.essenpoly.com
Area:	15000 sq. ft.
Location :	Owned

DIRECTORS

AS ON 25.07.2011

Name :	Mr. Jawahar Chunilal Pandya
Designation :	Managing Director
Address :	Shree Gayatri Krupa, 4, Parnakuti Society, Nana Mava Road, Rajkot – 360005, Gujarat, India
Date of Birth/Age :	07.05.1961
Date of Appointment :	27.05.1994
DIN No.:	00029544

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	U17119GJ1988PTC011700	ESSEN POLYMERS PRIVATE LIMITED	Director	29/12/1988	29/12/1988	-	Active	NO
2	U25209GJ1994PLC022139	ESSEN MULTIPACK LIMITED	Managing director	1/4/2010	27/05/1994	-	Active	NO
3	U25200GJ1996PTC029111	KANKAI PAACKAGING PRIVATE LIMITED	Director	1/11/2000	1/11/2000	5/2/2011	Active	NO
4	U24224GJ2002PTC041119	ESSEN SPECIALITY FILMS PRIVATE LIMITED	Director	14/08/2002	14/08/2002	31/03/2009	Active	NO

Name :	Mr. Atulbhai Chunilal Pandya
Designation :	Whole-time Director
Address :	Shree Gayatri Krupa, 4, Parnakuti Society, Nana Mava Road, Rajkot – 360005, Gujarat, India
Date of Birth/Age :	06.02.1969
Date of Appointment :	15.05.1999
DIN No.:	00029663
Name :	Mr. Vishnukumar Dilsukhrai Vyas
Designation :	Director
Address :	Shantiniketan Complex, Krishnanagar Main Road, Flat No. 201, Rajkot 360001, Gujarat, India
Date of Birth/Age :	12.09.1960
Date of Appointment :	01.03.2005
DIN No.:	01186761
Name :	Mr. Vishal Pandya
Designation :	Whole-time Director
Address :	Shree Gayatri Krupa, 4, Parnakuti Society, Rajkot – 360 005, Gujarat, India
Date of Birth/Age :	07.06.1986
Date of Appointment :	02.09.2008
DIN No.:	02454844

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	U25209GJ1994PLC022139	ESSEN MULTIPACK LIMITED	Whole-time director	1/4/2010	2/9/2008	Active	NO
2	U17119GJ1988PTC011700	ESSEN POLYMERS PRIVATE LIMITED	Director	1/4/2009	1/4/2009	Active	NO

Name :	Mr. Pranav Girishbhai Trivedi
Designation :	Director
Address :	Om Somnath Society – 1, ST No.2, Near Rozary School, 150 ft. Ring Road, Rajkot - 360005, Gujarat, India
Date of Birth/Age :	06.12.1977
Date of Appointment :	15.05.2010
DIN No.:	03130319
Name :	Mr. Awin Mohanlal Manvar
Designation :	Director
Address :	Parth, 7- Nutan Nagar, Amin Marg, Rajkot - 360001, Gujarat, India
Date of Birth/Age :	25.11.1985
Date of Appointment :	15.05.2010
DIN No.:	03130336

KEY EXECUTIVES

Name :	Mr. Paresh Rawal
Designation :	Commercial Manager

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 25.07.2011

Names of Shareholders	No. of Shares
Jawahar Chunilal Pandya	42100
Jerambhai Popatbhai Patel	7900
Savitaben Patel	7500
Piyush Patel	7500
Nimesh Patel	7500
Rajendra I Sanghvi	5000
Induben Sanghavi	4475
Gitaben R Sanghavi	5000
Harshidaben Pandya	45133
Chunilal Pandya	30000
Ranjabben Pandya	30000
Girish Pandya	57200
Atul Pandya	51359
Gitaben Pandya	45000
Meeta A Pandya	45000
Jawahar Pandya HUF	30600
Atul Pandya HUF	62000
Girish Pandya HUF	55733
Vishal Pandya	40000
Total	579000

AS ON 25.07.2011

Equity Shares Break Up	Percentage
Directors or relatives of Directors	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :	Manufacturer of Co-Extruded Multilayer Films and Sheets.
Exports :
Countries :	· Middle East · Singapore · Europe
Imports :
Products :	Polyethylene Granules
Countries :	· Belgium · Middle East
Terms :
Selling :	Cash and Credit
Purchasing :	L/C, Cash, Credit

PRODUCTION STATUS (AS ON 31.03.2011)

Particulars	Unit	Installed Capacity	Actual Production
Mono and Multilayer Flexible Packaging Film and Sheets	M.T.	3600.000 [On the basis of double shift]	--
Multilayer co-ex film	M.T.	--	2751.153
Waste	M.T.	--	111.830

GENERAL INFORMATION

Suppliers :

Qatar Petrochemical Company

Customers :

Wholesalers and Retailers

· Universal Products

No. of Employees :

65 (Approximately)

Bankers :

• Punjab National Bank, Jubilee Branch, Jawahar Road, Rajkot – 360002, Gujarat, India
• Axis Bank Limited, Titan, Near K K V Circle, Kalawad Road, Rajkot – 360 005, Gujarat, India
• HDFC Bank Limited

Facilities :

Secured Loan	Rs. In Millions 31.03.2011	Rs. In Millions 31.03.2010
II. Working Capital
From Axis Bank Limited (Secured against hypothecation of Goods and Books debts and Exclusive charge over the land, building and plant and machineries of the company)	14.306	11.409
I . Vehicle Loans
From HDFC Bank Limited (Secured against hypothecation of car)	0.000	0.220
Total	14.306	11.629
Unsecured Loan	Rs. In Millions 31.03.2011	Rs. In Millions 31.03.2010
From Directors	0.736	0.522
From Promoters / Relatives	4.190	4.152
Total	4.926	4.674

Banking Relations :	--
Auditors :
Name :	M. N. Manvar and Company Chartered Accountants
Address :	504, Star Plaza, Phulchhab Chowk, Near Circuit House, Rajkot – 360 005, Gujarat, India
Tel. No.:	91-2827-6627070 / 2455750
Pan No.:	ABSPM6534E
Associates/Subsidiaries :	Essen Polymers Private Limited, Rajkot, Gujarat, India Line of Business: Manufacturer of Polyethylene Films

CAPITAL STRUCTURE

AS ON 31.03.2011

Authorised Capital :

No. of Shares	Type	Value	Amount
1250000	Equity Shares	Rs.10/- each	Rs. 12.500 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
579000	Equity Shares	Rs.10/- each	Rs. 5.790 Millions

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		5.790	5.790	5.790
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		106.094	84.320	56.127
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		111.884	90.110	61.917
LOAN FUNDS
1] Secured Loans		14.306	11.629	8.943
2] Unsecured Loans		4.926	4.674	3.426
TOTAL BORROWING		19.232	16.303	12.369
DEFERRED TAX LIABILITIES		2.565	0.719	0.452
TOTAL		133.681	107.132	74.738
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		41.365	29.585	12.218
Capital work-in-progress		0.000	0.000	0.000
INVESTMENT		31.086	37.074	1.020
DEFERREX TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	35.348	37.775	24.272
	Sundry Debtors	43.735	21.160	30.644
	Cash & Bank Balances	2.274	6.085	0.090
	Other Current Assets	0.000	0.000	0.000
	Loans & Advances	20.356	36.021	42.193
Total Current Assets		101.713	101.041	97.199
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	22.062	12.554	14.391
	Other Current Liabilities	4.178	27.102	3.766
	Provisions	14.243	20.912	17.542
Total Current Liabilities		40.483	60.568	35.699
Net Current Assets		61.230	40.473	61.500
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		133.681	107.132	74.738

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2011	31.03.2010	31.03.2009
	SALES
		Income	340.509	300.495	250.495
		Other Income	1.348	0.643	0.907
		TOTAL (A)	341.857	301.138	251.402
Less	EXPENSES
		Raw Material Consumed	253.585	217.468	185.396
		Purchased of Finished Goods	0.000	4.983	1.814
		Manufacturing and Other Expenses	44.044	35.449	31.802
		Loss on sale of assets	0.016	0.275	0.642
		Increase/(Decrease) in Finished Goods	3.140	(7.267)	(0.822)
		TOTAL (B)	300.785	250.908	218.832
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		41.072	50.230	32.570
Less	FINANCIAL EXPENSES (D)		0.273	0.430	3.008
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		40.799	49.800	29.562
Less/ Add	DEPRECIATION/ AMORTISATION (F)		3.250	0.791	1.902
	PROFIT BEFORE TAX (E-F) (G)		37.549	49.009	27.660
Less	TAX (H)		12.388	17.429	10.214
	PROFIT AFTER TAX (G-H) (I)		25.161	31.580	17.446
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		71.600	46.607	38.735
Less	APPROPRIATIONS
		Transfer to General Reserve	3.200	3.200	2.800
		Dividend	2.895	2.895	5.790
		Tax on Dividend	0.492	0.492	0.984
	BALANCE CARRIED TO THE B/S		90.174	71.600	46.607
	EXPORT VALUE		3.955	2.324	1.387
	Earnings Per Share (Rs.)		43.46	163.63	90.40

Expected Sales (2011-2012) : Rs. 350.000 Millions

The above information has been parted by Mr. Paresh Rawal [Commercial Manager]

KEY RATIOS

PARTICULARS		31.03.2011	31.03.2010	31.03.2009
PAT / Total Income	(%)	7.36	10.49	6.94
Net Profit Margin (PBT/Sales)	(%)	11.03	16.31	11.04
Return on Total Assets (PBT/Total Assets}	(%)	26.24	37.52	25.28
Return on Investment (ROI) (PBT/Networth)		33.56	0.54	0.45
Debt Equity Ratio (Total Liability/Networth)		0.56	0.85	0.78
Current Ratio (Current Asset/Current Liability)		2.51	1.67	2.72

LOCAL AGENCY FURTHER INFORMATION

Check List by Info Agents	Available in Report (Yes / No)
1. Year of Establishment	Yes
2. Locality of the firm	Yes
3. Constructions of the firm	Yes
4. Premises details	Yes
5. Type of Business	Yes
6. Line of Business	Yes
7. Promoter’s background	------
8. No. of Employees	Yes
9. Name of person contacted	Yes
10. Designation of contact person	Yes
11. Turnover of firm for last three years	Yes
12. Profitability for last three years	Yes
13. Reasons for variation <> 20%	Yes
14. Estimation for coming financial year	Yes
15. Capital in the business	Yes
16. Details of sister concerns	Yes
17. Major suppliers	Yes
18. Major customers	Yes
19. Payments terms	Yes
20. Export / Import details	Yes
21. Market information	------
22. Litigations that the firm / promoter involved	------
23. Banking Details	Yes
24. Banking facility details	Yes
25. Conduct of the banking account	------
26. Buyer visit details	------
27. Financials, if provided	No
28. Incorporation details, if applicable	------
29. Last accounts filed at ROC	------
30. Major Shareholders, if available	------

DETAILS OF SUNDRY CREDITORS

(Rs. In Millions)

Particulars	31.03.2011	31.03.2010	31.03.2009
Sundry Creditors
For Goods	19.400	9.386	12.001
For Expenses	2.662	3.168	2.354
For Capital Goods	0.000	0.000	0.036
Total	22.062	12.554	14.391

OPERATIONS AND FUTURE OUTLOOK

The total sales and other income during the year rose to Rs. 341.858 Millions as against Rs. 301.138 Millions in the previous year. Further, the company has achieved export sales Rs.3.954 Millions as against Rs. 2.374 Millions in the previous year.

The operation for the year resulted in cash profit of Rs.40.800 Millions as against Rs.49.798 Millions in the previous year.

FINANCE

With the help of Shareholders and Axis Bank Limited, Banker of the Company, the overall financial position of the Company remained satisfactory.

FORM 8

Corporate identity number of the company	U25209GJ1994PLC022139
Name of the company	ESSEN MULTIPACK LIMITED
Address of the registered office or of the principal place of business in India of the company	Plot No. 5, Survey No. 209, Veraval (Shapar), Tal-Kotda, Sangani, Rajkot - 360 002, Gujarat, India
This form is for	Modification of Charge
Charge identification number of the modified	10133917
Type of charge	Book Debts Movable Property Floating Charge Others – Plant and Machinery
Particular of charge holder	Axis Bank Limited, Titan, Near K K V Circle, Kalawad Road, Rajkot – 360 005, Gujarat, India
Nature of instrument creating charge	Amendment Deed In Hypothecation Agreement.
Date of instrument Creating the charge	07.02.2011
Amount secured by the charge	Rs. 30.900 Millions
Brief of the principal terms an conditions and extent and operation of the charge	Rate of Interest As prescribed by the Bank Terms of Repayment As prescribed by the bank Margin As prescribed by the bank Extent and Operation of the charge Charge will operate as first and exclusive charge in favour of Bank till due repayment of loan, interest, or any other charge due on it Others Following facilities given by bank Cash Credit : Rs. 30.000 Millions Forward Cover : Rs 0.900 Million (Limit Equivalent to Rs. 18.000 Millions) LC backed BD : Rs. 10.000 Millions [LC Backed BD not cover in present charge] Total : Rs. 40.900 Millions
Short particulars of the property charged	Hypothecation of Plant and Machinery, other movable assets and entire current assets (present and future ) of the company
Date of instrument modifying the charge	02.12.2009
Particulars of the present modification	The charge is modified to further secure by plant and machinery of the company along with past hypothecated properties and modifications. There is no change in amount of charge of Rs.30.900 millions.

TRADE REFERENCES

· Universal Products

· Qatar Petrochemical Company

FIXED ASSETS

· Land

· Factory Building

· Plant and Machinery

· Technical Know how Fees

· Material Handling Equipment

· Laboratory Equipment

· Electric Installation

· Office Equipment

· Air Conditioner

· Furniture and Fixture

· Vehicles

· Computers

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. 49.21
UK Pound	1	Rs. 77.75
Euro	1	Rs. 64.58

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	6
--PROFITABILIRY	1~10	6
--LIQUIDITY	1~10	6
--LEVERAGE	1~10	5
--RESERVES	1~10	6
--CREDIT LINES	1~10	5
--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	YES
--AFFILIATION	YES/NO	YES
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
TOTAL		49

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.