MIRA INFORM REPORT

Report Date :

04.06.2013

IDENTIFICATION DETAILS

Name :	ESSEN MULTIPACK LIMITED (w.e.f.1999)
Formerly Known As :	ESSEN MULTIPACK PRIVATE LIMITED
Registered Office :	Plot No. 5, Survey No. 209, Veraval (Shapar), Tal-Kotda, Sangani, Rajkot - 360024, Gujarat
Country :	India
Financials (as on) :	31.03.2012
Date of Incorporation :	27.05.1994
Com. Reg. No.:	04-022139
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, Exporter and Importer of Co-Extruded Multilayer Films and Sheets.
No. of Employees :	65 (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 500000
Status :	Satisfactory
Payment Behaviour :	Usually correct
Litigation :	Clear
Comments :	Subject is an established company having a satisfactory track record. There appears some dip in the turnover and profitability of the company. However, networth of the company is good. Trade relations are reported as fair. Business is active. Payments are reported to be usually correct and as per commitment. 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.

EXTERNAL AGENCY RATING

Rating Agency Name	CRISIL SME
Rating	SE 1A
Rating Explanation	Highest performance capability. High financial strength
Date	April, 2009

RBI DEFAULTERS’ LIST STATUS

Subject’s name is not enlisted as a defaulter in the publicly available RBI Defaulters’ list.

EPF (Employee Provident Fund) DEFAULTERS’ LIST STATUS

Subject’s name is not enlisted as a defaulter in the publicly available EPF (Employee Provident Fund) Defaulters’ list as of 31-03-2012.

INFORMATION PARTED BY

Name :	Mr. Rameshbhai Pandya
Designation :	Accounts Manager
Contact No.:	91-2827-252018

LOCATIONS

Registered Office / Factory :	Plot No. 5, Survey No. 209, Veraval (Shapar), Tal-Kotda, Sangani, Rajkot – 360002, 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 25.07.2012

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 :	01.04.2010
DIN No.:	00029544
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 :	01.04.2010
DIN No.:	00029663
Name :	Mr. Vishnukumar Dilsukhrai Vyas
Designation :	Director
Address :	Shantiniketan Appartment, Block No.201, Krishnanagar Main Road, Rajkot - 360005, Gujarat, India
Date of Birth/Age :	12.09.1960
Date of Appointment :	01.03.2005
DIN No.:	01186761
Name :	Mr. Vishal Jawahar Pandya
Designation :	Whole-time Director
Address :	Shree Gayatri Krupa, 4, Parnakuti Society, Rajkot – 360005, Gujarat, India
Date of Birth/Age :	07.06.1986
Date of Appointment :	01.04.2010
DIN No.:	02454844
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. Rameshbhai Pandya
Designation :	Accounts Manager
Name :	Mr. Paresh Rawal
Designation :	Commercial Manager

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 25.07.2012

Names of Shareholders	No. of Shares
Jawahar Pandya	37100
Jerambhai Patel	7900
Savitaben Patel	7500
Piyush Patel	7500
Nimesh Patel	7500
Rajendra I Sanghvi	5000
Induben Sanghavi	4475
Gitaben R Sanghavi	5000
Harshidaben Pandya	40133
Chunilal Pandya	25000
Ranjabben Pandya	25000
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
Hemalben Pandya	20000
Total	579000

AS ON 25.07.2012

Equity Share Break up (Percentage of Total Equity)

Category	Percentage
Directors or relatives of Directors	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacturer, Exporter and Importer of Co-Extruded Multilayer Films and Sheets.

Products :

· UV Stabilized Film for Poly houses

· Pond/Canal Lining film

· Mulch film

· PE shrink and Pallet hooding film

· Vacuum Bag

· Cotton Bales Bag

· Banana Bag

· PE Foam Film

· Esstron sheet

· Wide Width film

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

No. of Employees :

65 (Approximately)

Bankers :

· Punjab National Bank, Jubilee Branch, Jawahar Road, Rajkot – 360002, Gujarat, India

Tel. No.: 91-281-2226631

· Axis Bank Limited, Titan, Near K K V Circle, Kalawad Road, Rajkot – 360005, Gujarat, India

Facilities :

Secured Loan	31.03.2012 (Rs. in Millions)	31.03.2011 (Rs. in Millions)
From Bank - Working Capital Finance Axis Bank Limited (Secured against hypothecation of Stock of Goods and Exclusive charge over land and building, plant and machinery of the company)	10.045	14.306
Total	10.045	14.306

Banking Relations :	--
Auditors :
Name :	M. N. Manvar and Company Chartered Accountants
Address :	504, Star Plaza, Phulchhab Chowk, Near Circuit House, Rajkot – 360005, Gujarat, India
Tel. No.:	91-2827-6627070 / 2455750
Pan No.:	ABSPM6534E
Associates :	· Essen Polymers Private Limited, Rajkot, Gujarat, India Line of Business: Manufacturer of Polyethylene Films · Anjney Infrastructure

CAPITAL STRUCTURE

AS ON 31.03.2012

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		31.03.2012	31.03.2011	31.03.2010
SHAREHOLDERS FUNDS
1] Share Capital		5.790	5.790	5.790
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		119.883	106.094	84.320
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		125.673	111.884	90.110
LOAN FUNDS
1] Secured Loans		10.045	14.306	11.629
2] Unsecured Loans		8.134	4.926	4.674
TOTAL BORROWING		18.179	19.232	16.303
DEFERRED TAX LIABILITIES		2.780	2.565	0.719
TOTAL		146.632	133.681	107.132
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		35.126	41.365	29.585
Capital work-in-progress		0.000	0.000	0.000
INVESTMENT		46.806	31.086	37.074
DEFERRED TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	41.436	35.348	37.775
	Sundry Debtors	31.465	43.735	21.160
	Cash & Bank Balances	0.112	2.274	6.085
	Other Current Assets	34.458	18.617	0.000
	Loans & Advances	1.734	1.739	36.021
Total Current Assets		109.205	101.713	101.041
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	22.913	22.062	12.554
	Other Current Liabilities	4.408	4.178	27.102
	Provisions	17.184	14.243	20.912
Total Current Liabilities		44.505	40.483	60.568
Net Current Assets		64.700	61.230	40.473
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		146.632	133.681	107.132

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2012	31.03.2011	31.03.2010
	SALES
		Income	296.670	309.039	300.495
		Other Income	3.218	1.771	0.643
		TOTAL (A)	299.888	310.810	301.138
Less	EXPENSES
		Cost of material consumed	224.896	224.002
		Employee Benefit Expenses	17.341	14.811	250.908
		Other Expenses	27.753	27.118
		Exceptional Items	(0.290)	0.016
		Changes in inventories of finished goods, work-in-progress and stock-in-progress	(7.252)	3.140
		TOTAL (B)	262.448	269.087	250.908
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		37.440	41.723	50.230
Less	FINANCIAL EXPENSES (D)		3.060	0.923	0.430
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		34.380	40.800	49.800
Less/ Add	DEPRECIATION/ AMORTISATION (F)		3.676	3.250	0.791
	PROFIT BEFORE TAX (E-F) (G)		30.704	37.550	49.009
Less	TAX (H)		10.185	12.389	17.429
	PROFIT AFTER TAX (G-H) (I)		20.519	25.161	31.580
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		90.174	71.600	46.607
Less	APPROPRIATIONS
		Transfer to General Reserve	2.500	3.200	3.200
		Proposed Dividend	5.790	2.895	2.895
		Provision for Dividend Tax	0.939	0.492	0.492
	BALANCE CARRIED TO THE B/S		101.464	90.174	71.600
	EARNINGS IN FOREIGN CURRENCY
		Export Sales	5.550	3.955	2.324
		Foreign exchange rate difference gain	1.499	1.627	0.783
	TOTAL EARNINGS		7.049	5.582	3.107
	Earnings Per Share (Rs.)		35.44	43.46	163.63

KEY RATIOS

PARTICULARS		31.03.2012	31.03.2011	31.03.2010
PAT / Total Income	(%)	6.84	8.10	10.49
Net Profit Margin (PBT/Sales)	(%)	10.35	12.15	16.31
Return on Total Assets (PBT/Total Assets}	(%)	21.27	26.24	37.52
Return on Investment (ROI) (PBT/Networth)		0.24	0.34	0.54
Debt Equity Ratio (Total Debt/Networth)		0.14	0.17	0.18
Current Ratio (Current Asset/Current Liability)		2.45	2.51	1.67

LOCAL AGENCY FURTHER INFORMATION

Sr. No.	Check List by Info Agents	Available in Report (Yes / No)
1]	Year of Establishment	Yes
2]	Locality of the firm	Yes
3]	Constitutions of the firm	Yes
4]	Premises details	Yes
5]	Type of Business	Yes
6]	Line of Business	Yes
7]	Promoter's background	Yes
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%	-----
14]	Estimation for coming financial year	No
15]	Capital in the business	Yes
16]	Details of sister concerns	Yes
17]	Major suppliers	No
18]	Major customers	No
19]	Payments terms	No
20]	Export / Import details (if applicable)	No
21]	Market information	-----
22]	Litigations that the firm / promoter involved in	-----
23]	Banking Details	Yes
24]	Banking facility details	Yes
25]	Conduct of the banking account	-----
26]	Buyer visit details	-----
27]	Financials, if provided	Yes
28]	Incorporation details, if applicable	Yes
29]	Last accounts filed at ROC	Yes
30]	Major Shareholders, if available	Yes
31]	Date of Birth of Proprietor/Partner/Director, if available	Yes
32]	PAN of Proprietor/Partner/Director, if available	No
33]	Voter ID No of Proprietor/Partner/Director, if available	No
34]	External Agency Rating, if available	Yes

UNSECURED LOAN

Unsecured Loan	31.03.2012 (Rs. in Millions)	31.03.2011 (Rs. in Millions)
Deposits from Directors, Relatives of Directors and Share Holders	8.134	4.926
Total	8.134	4.926

OPERATIONS AND FUTURE OUTLOOK:

The total sales and other income during the year decreased to Rs. 296.670 millions as against Rs. 309.039 millions in the previous year due to overall sluggish economy. The operation for the year resulted in cash profit of Rs.34.380 millions as against Rs.40.800 millions in the previous year

FIXED ASSETS

· Land

· Land - Industrial, Junagadh

· Land - (Staff Resi.)

· Approach Road

· Building-Factory

· Building-Staff Quarter

· Plant and Machinery

· Tools

· Technical Knowhow Fees

· Material Handling Equipment

· Laboratory Equipment

· Electric Installation

· Office Equipment

· Air Conditioners

· Furniture and Fixtures

· 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 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 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. 56.57
UK Pound	1	Rs. 86.15
Euro	1	Rs. 73.64

INFORMATION DETAILS

Information Gathered by :	PLK
Report Prepared by :	BVA

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	6
--CREDIT LINES	1~10	4
--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
DEFAULTERS
--RBI	YES/NO	NO
--EPF	YES/NO	NO
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.