MIRA INFORM REPORT

Report Date :

28.06.2013

IDENTIFICATION DETAILS

Name :	ESS DEE ALUMINIUM LIMITED (w.e.f. 14.06.2006) atlanta vinyl private limited amalgamated with ESS DEE ALUMINIUM LIMITED

Formerly Known As :	ESS DEE ALUMINIUM PRIVATE LIMITED

Registered Office :	1, Sagore Dutta Ghat Road, Kamarhati, Kolkata – 700 058, West Bengal

Country :	India

Financials (as on) :	31.03.2012

Date of Incorporation :	10.02.2004

Com. Reg. No.:	21-170941

Capital Investment / Paid-up Capital :	Rs. 320.478 Millions

CIN No.: [Company Identification No.]	L27203WB2004PLC170941

TAN No.: [Tax Deduction & Collection Account No.]	MUME05284G

PAN No.: [Permanent Account No.]	AABCE3113G

Legal Form :	A Public Limited Liability Company. The Company’s Shares are Listed on the Stock Exchanges.

Line of Business :	Manufacturer of Aluminum Foil based high-end packaging solutions for pharmaceuticals and FMCG Industry.

No. of Employees :	Not Available [We tried to confirm the number of employees but no one is ready to part any information from the company management]

RATING & COMMENTS

MIRA’s Rating :

Ba (53)

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

Maximum Credit Limit :	USD 27000000

Status :	Good

Payment Behaviour :	Regular

Litigation :	Clear

Comments :	Subject is a well established and a reputed company having good track record. Liquidity position of the company appears to be good. In the current year there appears sharp dip in the profitability. However, general financial position of the company appears to be good. Trade relations are reported to be fair. Business is active. Payments are reported to be regular and as per commitment. The company can be considered for normal business dealing at usual trade terms and condition.

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	CARE
Rating	Long term borrowing: A-
Rating Explanation	Adequate degree of safety and low credit risk.
Date	10 October, 2012

Rating Agency Name	CARE
Rating	Short term borrowing: A2+
Rating Explanation	Strong degree of safety and low credit risk.
Date	10 October, 2012

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.

LOCATIONS

Registered Office / Factory 1 :	1, Sagore Dutta Ghat Road, Kamarhati, Kolkata – 700 058, West Bengal, India
Tel. No.:	91-33-25822289
Fax No.:	91-33-25831578
E-Mail :	flexart@duttagroup.net essdee@duttagroup.net mayya@essdee.in investorservice@essdee.in exports@essdee.in haresh.v@essdee.in
Website :	http://www.essdee.in

Mumbai Office (Corporate Office) / Head Office :	Ess Dee House, Akurli Road, Kandivali (East), Mumbai – 400 101, Maharashtra, India
Tel. No.:	91-22-66908200
Fax No.:	91-22-66908396
E-Mail :	info@essdee.in

Factory 2 :	Plot No. 124-133, Panchal Udyog Nagar, Bhimpore, Daman - 396210, Daman and Diu, India

Factory 3 :	No. 57/5/2, Bhenslor, Village Dunetha, Nani Daman – 396 210, Daman and Diu, India

Factory 4 :	Plot No. 161, Kundaim Industrial Estate, Kundlam, Goa – 403 115, India

Factory 5 :	P-32, Taratalla Road, Kolkata – 700 088, West Bengal, India

Factory 6 :	Village and P.O. Hoera, P.S. Mogra, District Hooghly, West Bengal, India

DIRECTORS

As on 31.03.2012

Name :	Mr. Sudip Dutta
Designation :	Chairman
Address :	Flat No. 506, Challenger Tower – 2, Thakur Village, Kandivali (East), Mumbai – 400 101, Maharashtra, India
Date of Birth/Age :	04.05.1972
Qualification :	H.S.C.
Experience in specific function area:	Management of all business divisions, growth and diversification initiatives and providing vision and strategy
Date of Appointment :	10.02.2004
Directorships held in other Indian public limited companies as on 31.03.2012	Flex Art Foil Limited (formerly Flex Art Foil Private Limited)

Name :	Mr. Bijoy Kumar Pansari
Designation :	CEO and Managing Director
Date of Birth/Age :	06.01.1949
Experience in specific function area:	Mr. Bijoy Kumar Pansari is a Chartered Accountant and Law Graduate by qualification.
Qualification :	C.A., LLB
Experience :	40 Years
Date of Appointment :	03.12.2011
Directorships held in other Indian public limited companies as on 31.03.2012	Flex Art Foil Limited (formerly Flex Art Foil Private Limited)

Name :	Mr. Gautam Mukherjee
Designation :	Independent Director

Name :	Mr. Dilip Phatarphekar
Designation :	Independent Director

Name :	Mr. Ramdas Baxi
Designation :	Independent Director

Name :	Mr. Madan Mohan Jain
Designation :	Independent Director
Date of Birth/ Age :	01.03.1944
Qualification :	B.Sc
Experience in specific function area:	Petroleum exploration HR Management and Estimation of Budget
Date of Appointment :	14.01.2010
Directorships held in other Indian public limited companies as on 31.03.2012	Panama Petrochem Limited

KEY EXECUTIVES

Name :	Mr. Haresh Vala
Designation :	Company Secretary

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 31.03.2013

Category of Shareholders	No. of Shares	Percentage of Holding
(A) Shareholding of Promoter and Promoter Group
(1) Indian
Individuals / Hindu Undivided Family	19068867	59.50
Sub Total	19068867	59.50
(2) Foreign
Total shareholding of Promoter and Promoter Group (A)	19068867	59.50
(B) Public Shareholding
(1) Institutions
Financial Institutions / Banks	605331	1.89
Insurance Companies	1092730	3.41
Foreign Institutional Investors	6913236	21.57
Sub Total	8611297	26.87
(2) Non-Institutions
Bodies Corporate	1272162	3.97
Individuals
Individual shareholders holding nominal share capital up to Rs 0.100 Millions	1101745	3.44
Individual shareholders holding nominal share capital in excess of Rs 0.100 Millions	1688329	5.27
Any Others (Specify)	305411	0.95
Clearing Members	61759	0.19
Non Resident Indians	192142	0.60
Trusts	20815	0.06
Employees	28446	0.09
Directors & their Relatives & Friends	2249	0.01
Sub Total	4367647	13.63
Total Public shareholding (B)	12978944	40.50
Total (A)+(B)	32047811	100.00
(C) Shares held by Custodians and against which Depository Receipts have been issued	0	0.00
(1) Promoter and Promoter Group	0	0.00
(2) Public	0	0.00
Sub Total	0	0.00
Total (A)+(B)+(C)	32047811	0.00

BUSINESS DETAILS

Line of Business :

Manufacturer of Aluminum Foil based high-end packaging solutions for pharmaceuticals and FMCG Industry.

Products :

Production Description

ITC Code No.

Bristle Aluminium / PVC Rigid Film

76.07 / 39.20

Strip Pack Foil
Lid Foils for Blister Packs
PVC Blister Films
Poly Vinyledene Chloride (PVDC)
Coated PVC-based Thermoforming Solutions

PRODUCTION STATUS (As on 31.03.2011)

Particulars	Unit	Installed Capacity	Actual Production
Aluminium Foil	Mts	37000	22938018
PVC Film	Mts	4200	2998128

GENERAL INFORMATION

Customers :

Aditya Dispomed Products Private Limited
Ajanta Pharma Limited
Akums Drugs and Pharmaceuticals
Alembic Limited
Anglo French Drugs and Indstries
Ankur Drugs and Pharma Limited
Apex Laboratories Private Limited
Astrazeneca Pharma India Limit
Aurobindo Pharma Limited
Aventis Pharma Limited
Bharat Heavy Electricals
Biocon Limited
Blue Cross Laboratories Limited
Cadbury India Limited
Cadila Healthcare Limited
Cadila Pharmaceuticals Limited
Centaur Pharmaceuticals Private Limited
Cipla Limited
Dr Reddys Laboratories Limited
East African (India) Overseas
Elder Pharmaceuticals Limited
Essel Propack Limited
Fdc Limited
Fourrts India Lab Limited
Glaxo Smithkline Limited

No. of Employees :

Not Available [We tried to confirm the number of employees but no one is ready to part any information from the company management]

Bankers :

State Bank of India
Axis Bank Limited
ICICI Bank Limited
Standard Chartered Bank
Kotak Mahindra Bank Limited
Barclays Bank
IDBI Bank Limited
The Shamrao Vithal Co-operative Bank Limited

Facilities :

Secured Loan	As on 31.03.2012 Rs. in Millions	As on 31.03.2011 Rs. in Millions
Long Term Borrowings
From Others
CY 400 (PY 400) 9.30% Redeemable Non Convertible Debentures of Rs. 1.000 Millions each	400.000	400.000
CY 400 (PY 400) 9.65% Redeemable Non Convertible Debentures of Rs. 1.000 Millions each	400.000	400.00
Vehicles	10.359	7.594
Short Term Borrowings.
Loan from Banks - repayable on demand *	2437.977	1083.434
Total	3248.336	1891.028

Terms of Repayment

Sr	Particulars	Nature of Loan	EMI Amt in Millions	Mode of Repayment	Type of Int	Nature of Security
1	9.30% Redeemable Non convertible debentures.	Normal Capital Expenditure and General Corporate Purposes.	400.000	Bullet on 29.07.2013	Fixed	First Charge on Land at Mehsana and Fixed Assets Situated at Bhimpore Daman to the extent of Rs.1000.000 Millions
2	9.65% Redeemable Non convertible debentures.	Normal Capital Expenditure and General Corporate Purposes.	100.000	4 Annual Installments From 29.07.2014	Fixed	First Charge on Land at Mehsana and Fixed Assets Situated at Bhimpore Daman to the extent of Rs.1000.000 Millions
3	Kotak Mahindra Prime	Vehicle Loan	0.931	36 EMI	Fixed	Respective Vehicle under Loan
4	Kotak Mahindra Prime	Vehicle Loan	1.929	36 EMI	Fixed	Respective Vehicle under Loan
5	Kotak Mahindra Prime	Vehicle Loan	1.304	36 EMI	Fixed	Respective Vehicle under Loan
6	Kotak Mahindra Prime	Vehicle Loan	0.708	36 EMI	Fixed	Respective Vehicle under Loan
7	Kotak Mahindra Prime	Vehicle Loan	0.956	36 EMI	Fixed	Respective Vehicle under Loan
8	Kotak Mahindra Prime	Vehicle Loan	9.423	11 EMI	Fixed	Respective Vehicle under Loan
9	Kotak Mahindra Prime	Vehicle Loan	1.001	36 EMI	Fixed	Respective Vehicle under Loan
10	Kotak Mahindra Prime	Vehicle Loan	0.511	35 EMI	Fixed	Respective Vehicle under Loan
11	Kotak Mahindra Prime	Vehicle Loan	11.271	35 EMI	Fixed	Respective Vehicle under Loan
12	HDFC Bank Limited	Vehicle Loan	0.534	36 EMI	Fixed	Respective Vehicle under Loan

* Note : Cash Credit and Other facilities from the companies bankers are secured by pari pasu first charges on the entire fixed assets other than NCD's and current assets comprising of stock of raw material consumables stores and spares in the factory godown or in transit and book debts / receivables of the Company.


Banking Relations :	--

Statutory Auditors :
Name :	M. P. Chitale and Company Chartered Accountants
Address :	Hamam House, Ambalal Doshi Marg, Fort, Mumbai - 400 001, Maharashtra, India
Tel. No.:	91-22-22651186 / 22653023 / 24
Fax No.:	91-22-22655334
E-Mail :	Ashi01@mpchitale.com

Solicitors & Advocates :
Name :	Kanga and Company
Address :	Readymoney Mansion, 43, Veera Nariman Road, Mumbai - 400001, Maharashtra, India

Subsidiaries :	Flex Art Foil Private Limited Ess Dee Aluminium PTE Limited

CAPITAL STRUCTURE

As on 31.03.2012

Authorised Capital :

No. of Shares	Type	Value	Amount

35000000	Equity Shares	Rs. 10/- each	Rs. 350.000 Millions
800000000	Equity Shares	Rs. 1/- each	Rs. 800.000 Millions
25640000	Preference Shares	Rs. 100/- each	Rs. 2564.000 Millions

	Total		Rs. 3714.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount

32047811	Equity Shares	Rs.10/- each	Rs. 320.478 Millions

Reconciliation of number of equity shares outstanding at the beginning and at the end of the year.

Particulars	No. of Shares
Shares outstanding as at the beginning of the year	3,20,47,811
Add
Shares allotted during the year as fully paid up pursuant to a contract without payment being received in cash	--
Shares allotted for cash pursuant to qualified institutional placement	--
Shares outstanding as at the end of the year	3,20,47,811

Shares in the Company held by each shareholder holding more than 5% shares.

Sr. Name of the Share Holder	Number of Shares held in the Company	Percentage of Shares held
Mr. Sudip B Dutta	18755913	58.52%
M/s Ironwood Investment Holding	2170105	6.77%

Aggregate number of Equity Shares

Particulars	2010-11	2009-10	2008-09	2007-08	2006-07
Allotment of shares as fully paid up pursuant to contracts without payments being received in cash	25,59,046	--	--	--	-
Allotment of fully paid up bonus shares	--	--	--	--	95,58,182

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS	31.03.2012	31.03.2011
I. EQUITY AND LIABILITIES
(1)Shareholders' Funds
(a) Share Capital	320.478	320.478
(b) Reserves & Surplus	6542.213	6014.362
(c) Money received against share warrants	0.000	0.000
	0
(2) Share Application money pending allotment	0.000	0.000
Total Shareholders’ Funds (1) + (2)	6862.691	6334.840

(3) Non-Current Liabilities
(a) long-term borrowings	810.359	807.594
(b) Deferred tax liabilities (Net)	0.000	0.000
(c) Other long term liabilities	210.262	210.262
(d) long-term provisions	1328.390	973.757
Total Non-current Liabilities (3)	2349.011	1991.613

(4) Current Liabilities
(a) Short term borrowings	2437.977	1083.434
(b) Trade payables	1175.217	1347.872
(c) Other current liabilities	210.418	207.587
(d) Short-term provisions	287.113	392.348
Total Current Liabilities (4)	4110.725	3031.241

TOTAL	13322.427	11357.694

II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	4641.163	2458.235
(ii) Intangible Assets	1.527	1.695
(iii) Capital work-in-progress	888.751	2460.786
(iv) Intangible assets under development	0.000	0.000
(b) Non-current Investments	130.571	40.154
(c) Deferred tax assets (net)	609.789	710.857
(d) Long-term Loan and Advances	204.481	115.259
(e) Other Non-current assets	0.000	0.000
Total Non-Current Assets	6476.282	5786.986

(2) Current assets
(a) Current investments	742.881	586.074
(b) Inventories	548.823	348.769
(c) Trade receivables	4343.997	3612.347
(d) Cash and cash equivalents	254.722	187.750
(e) Short-term loans and advances	312.316	308.565
(f) Other current assets	643.406	527.203
Total Current Assets	6846.145	5570.708

TOTAL	13322.427	11357.694

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS		31.03.2010
SHAREHOLDERS FUNDS
1] Share Capital		278.248
2] Share Application Money		1513.079
3] Reserves & Surplus		2734.184
4] (Accumulated Losses)		0.000
NETWORTH		4525.511
LOAN FUNDS
1] Secured Loans		1519.616
2] Unsecured Loans		0.000
TOTAL BORROWING		1519.616
DEFERRED TAX LIABILITIES		0.000
DEFERRED SALES TAX LIABILITY		210.262

TOTAL		6255.389

APPLICATION OF FUNDS

FIXED ASSETS [Net Block]		2519.478
Capital work-in-progress		1088.038

INVESTMENT		40.154
DEFERREX TAX ASSETS		750.391

CURRENT ASSETS, LOANS & ADVANCES
	Inventories	349.717
	Sundry Debtors	3181.854
	Cash & Bank Balances	149.107
	Other Current Assets	0.000
	Loans & Advances	772.729
Total Current Assets		4453.407
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	1325.633
	Other Current Liabilities	0.000
	Provisions	1270.446
Total Current Liabilities		2596.079
Net Current Assets		1857.328

MISCELLANEOUS EXPENSES		0.000

TOTAL		6255.389

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2012	31.03.2011	31.03.2010
	SALES
		Income	6337.360	6465.580	5393.149
		Other Income	235.272	155.568	139.344
		Reversal of Impairment	0.000	103.226	16.214
		TOTAL (A)	6572.632	6724.374	5548.707

Less	EXPENSES
		Cost of materials consumed	4058.184	4205.297
		Changes in inventories of finished goods & work in progress	(30.686)	(10.562)	4000.032
		Manufacturing Expenses	327.754	266.164
		Employee benefit expenses	265.858	228.342
		Other Expenses	379.888	248.368
		TOTAL (B)	5000.998	4937.609	4000.032

Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		1571.634	1786.765	1548.675

Less	FINANCIAL EXPENSES (D)		338.243	185.485	166.236

	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		1233.391	1601.280	1382.439

Less/ Add	DEPRECIATION/ AMORTISATION (F)		339.037	194.357	166.564

	PROFIT BEFORE TAX (E-F) (G)		894.354	1406.923	1215.875

Less	TAX (H)		292.010	331.324	(603.392)

	PROFIT AFTER TAX (G-H) (I)		602.344	1075.599	1819.267

	Loss after tax of FY 2008-09 of IFL		0.000	0.000	(1488.166)

	Balance of Profit & Loss account of IFL (net of adjustment as per BIFR order date 02.08.2008)		0.000	0.000	(1352.790)

Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		858.393	17.535	1213.960

Less	APPROPRIATIONS
		Transfer to General Reserve	60.000	90.000	100.000
		Debenture Redemption Reserve	220.000	70.000	0.000
		Proposed Dividend	64.096	64.096	64.096
		Dividend Distribution Tax	10.398	10.645	10.640
	BALANCE CARRIED TO THE B/S		1106.243	858.393	17.535

	EARNINGS IN FOREIGN CURRENCY
		FOB Value of Exports	419.606	401.498	339.191
	TOTAL EARNINGS		419.606	401.498	339.191

	IMPORTS
		Raw Materials	1286.750	1823.570	1682.167
		Capital Goods	0.000	0.000	1.051
	TOTAL IMPORTS		1286.750	1823.570	1683.218

	Earnings Per Share (Rs.)		18.80	34.03	11.90

QUARTERLY RESULTS

PARTICULARS	30.06.2012	30.09.2012	31.12.2012
Type	1^st Quarter	2^nd Quarter	3^rd Quarter
Net Sales	1449.800	1739.600	1757.300
Total Expenditure	1188.900	1394.400	1375.900
PBIDT (Excl OI)	260.900	345.200	381.400
Other Income	35.700	46.400	37.100
Operating Profit	296.600	391.700	418.500
Interest	96.500	106.300	96.900
Exceptional Items	0.000	0.000	0.000
PBDT	200.100	285.400	321.600
Depreciation	84.600	86.000	85.000
Profit Before Tax	115.500	199.400	236.600
Tax	35.400	46.500	66.000
Provisions and contingencies	0.000	0.000	0.000
Profit After Tax	80.100	152.900	170.600
Extraordinary Items	0.000	0.000	0.000
Prior Period Expenses	0.000	0.000	0.000
Other Adjustments	0.000	0.000	0.000
Net Profit	80.100	152.900	170.600

KEY RATIOS

PARTICULARS		31.03.2012	31.03.2011	31.03.2010
PAT / Total Income	(%)	9.16	16.00	32.79

Net Profit Margin (PBT/Sales)	(%)	14.11	21.76	22.54

Return on Total Assets (PBT/Total Assets}	(%)	7.65	17.27	17.44

Return on Investment (ROI) (PBT/Networth)		0.13	0.22	0.27

Debt Equity Ratio (Total Liability/Networth)		0.47	0.30	0.91

Current Ratio (Current Asset/Current Liability)		1.67	1.84	1.72

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	No
5]	Type of Business	Yes
6]	Line of Business	Yes
7]	Promoter's background	Yes
8]	No. of employees	No
9]	Name of person contacted	No
10]	Designation of contact person	No
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	Yes
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	No
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

Note:

The registered office of the company has been shifted from Plot No.124 to 133, Panchal Udyog Nagar, Bhimpore, Daman – 396 210, Daman and Diu, India to present address

PERFORMANCE REVIEW

The financial year 2011-12 turned out to be a difficult year to some extent as the total income for the year tumbled by 2.25% to Rs. 6572.632 Millions as compared to last year's total income of Rs. 6724.374 Millions. Profit before Tax also dwindled by 36.43% to Rs. 894.354 Millions in the current year compared to Rs. 1406.923 Millions in the previous year.

OPERATIONS

The Company operates in a single segment i.e. Advanced Packaging Solutions.

The Company's installed foil rolling capacity is currently at 37,000 MTPA. The PVC unit at Goa supplements the Company to provide the complete packaging solutions.

MANAGEMENT DISCUSSION AND ANALYSIS

INDUSTRY STRUCTURE AND DEVELOPMENT, OUTLOOK

Aluminium Foil Packaging Industry

Subject caters to packaging needs within the pharmaceutical, food and FMCG segments.

Technological advancements have redefined the functionality of packaging from beyond its traditional need of product protection. Rapid replacement of rigid containers with flexible packaging along with the growing applications of converted flexible packaging in end-use sectors, including food and beverages, snacks, baked products, health and beauty and pharmaceuticals are helping polish up the market's prospects.

The USD 23 billion Indian packaging industry is expected to get a significant boost with the Ministry of Commerce and Industry giving an in-principle approval to take up the 10 proposals submitted by the Indian Institute of Packaging to enhance industry standards, which when implemented shall see a huge upswing in the industry demand.

The inertness, non-permeability and non-reactive nature of metals, especially aluminium, has made them an important component in the global packaging market. Aluminium is used for packaging in wide array industries which include food, beverages, healthcare, personal care, paint and industrial chemicals. Besides protecting and preserving, packaging is also an essential tool to differentiate the product in order to attract customers.

Aluminium foil is used extensively by the pharmaceutical industry and the food industry for packaging as aluminium foil is known for its ability to protect the products from exposure to light, oxygen, moisture, odours, flavours and specifically bacteria. Long life packs for dairy products and drinks use aluminium foil and as it eliminate the need for refrigeration during their storage. Aluminium foil is also used to pack products that are extremely sensitive to oxygen or moisture such as tobacco. With its excellent barrier and sealing properties, aluminium foil creates the highest quality aseptic packaging material for many FMCG Products.

The global packaging industry witnessed the defining influence of technological innovation and development, a key reason for the industry's robust growth over the last few decades.

Pharmaceuticals:

As compared to the previous year the domestic pharmaceutical market grew 21.9 per cent to record sales of Rs.53690.000 Millions (USD 1.01 billion) in March 2012, according to an analysis by the All India Organisation of Chemists and Druggists (AIOCD). Further, India's pharmaceutical sector is gaining its position as a global leader. Further, the pharma market in India is expected to touch USD 74 billion in sales by 2020 from the current USD 11 billion, according to a Price water house coopers report. The Ministry of Commerce has proposed an ambitious Strategy Plan to double pharmaceutical exports from USD 10.4 billion in 2009-10 to USD 25 billion by 2013-14. The Government has also planned a 'Pharma India' brand promotion action plan, spanning over a three-year period, to give an impetus to generic exports.

Key factors that affect the pharmaceutical packaging segment include being constantly challenged with evolving trends such as the increased use of disposable medical products, an ageing population, rising cost of raw materials, transportation and energy, cost pressures on suppliers, influence of regulations, outsourcing/ contract packaging, child resistant/senior-friendly and tamperevident packaging. Countries continue to invest in healthcare development and a corresponding strong demand is expected for healthcare packaging, allowing for a robust market growth. Furthermore, innovations driven by consumer preferences and environmental concerns will create new and exciting opportunities in the healthcare packaging market. Innovation has become a necessity in the fight against counterfeiting, to encourage patient compliance, to ensure drug integrity and balancing childresistance and accessibility for the elderly

Food and FMCG:

The food processing industry in India stands at USD 135 billion and is projected to grow with a compound annual growth rate (CAGR) of 10 per cent to reach USD 200 billion by 2015. In addition to the demand side, there are changes happening on the supply side as well with the growth in organised retail, increasing foreign direct investment in food processing and introduction of new products. Products meant for human consumption e.g. health care and food industries need to be designed with a certain specific criteria for quality, unlike the products for different industrial applications. In the case of food products, packaging materials must fulfil the additional requirements related to the health, safety and compatibility of the products to be packed, over and above the quality parameters pertaining to the physico-mechanical behaviour.

OPERATIONS

The Company operates in the single segment i.e. Advanced Packaging Solutions. The Company’s foil rolling capacity is 37,000 MTPA.

The Company has established presence in Bengaluru to cater to increasing trends towards lower dosages for small batch sizes of the pharmaceutical products. The unit shall also cater to large multinationals setting up base in the Southern part of the country.

The Company has restarted operations at its Hoera unit by utilizing higher capacity of its caster plants.

CONTINGENT LIABILITIES

Rs. In Millions

Particulars	31.03.2012	31.03.2011
Contingent Liability
a) Claims against the Company not acknowledged as debt	-	-
b) Guarantees given for bank loans taken by its subsidiary Flex Art Foil Private Limited.	264.000	264.000
c) Other money for which the Company is contingent liable	45.649	43.023
Total	309.649	307.023

AUDITED FINANCIAL RESULTS FOR THE QUARTER AND YEAR ENDED 31ST MARCH 2013

(Rs. IN Millions)

No.	Particulars	Quarter ended		Year Ended
		31.03.2013	31.12.2012	31.03.2013
		Unaudited	Unaudited	Audited
1	Income from operations	1932.147	1757.276	6878.814
	a) Net Sales / Income from Operations
2	Expenses
	a) Cost of Materials Consumed	1043.510	1060.074	4732.222
	b) Changes in Inventories of Finished Goods, Work in Progress	335.258	141.465	27.984
	c) Employees Benefit Expenses	81.774	71.938	301.954
	d) Depreciation and amortisation expenses	84.535	85.032	340.124
	e) Other Expenses	78.731	100.412	436.248
	Total	1623.808	1458.921	5838.532

3	Profit from operations before other income, interest and exceptional items(1-2)	308.339	296.355	1040.282
4	Other Income	278.018	37.124	397.234
5	Profit before Interest and Exceptional Items (3+4)	586.357	333.479	1437.516
6	Finance Cost	95.270	96.900	394.951
7	Profit after Interest but before Exceptional Items (5-6)	491.087	236.579	1042.565
8	Exceptional items	-	-	-
9	Profit (+)/ Loss (-) from Ordinary Activities before tax (7+8)	491.087	236.579	1042.565
10	Tax expenses
	a) Current	95.612	52.270	202.612
	b) Deferred	54.329	13.675	95.173
	c) Adjustment of Earlier Years (Net)	(19.362)	-	(19.362)
11	Net Profit (+)/ Loss (-) from ordinary activates after tax (9-10)	360.508	170.634	764.142
12	Extraordinary Item (net of tax expense)	-	-
13	Net Profit(+)/ Loss(-) for the period (11-12)	360.508	170.634	764.142
14	Paid up Equity Share Capital (Face Value Rs 10 per share)	320.478	320.478	320.478
15	Reserves (excluding Revaluation Reserves)	800.000	800.000	800.000
16	Reserves (Excluding Revaluation Reserves as per balance sheet of previous accounting year)
17	Earnings per Share (Not annualized) In Rs
	Basic and Diluted EPS ( Before and After Extra ordinary items)	11.25	5.32	23.84
18	Debt Equity Ratio	-	-	0.26
19	Debt Service Coverage Ratio	-	-	1.57
20	Interest Service Coverage Ratio	-	-	3.64

A	PARTICULARS OF SHAREHOLDING
1	Public Shareholding
	- Number of Shares	12978944	12978944	12978944
	- Percentage of Shareholding	40.50	40.50	40.50
2	Promoters & Promoter Group Shareholding
	a) Pledged/Encumbered
	- Number of shares	435000	435000	435000
	- Percentage of shares (as a % of the total shareholding of promoter and promoter group)	2.28	2.28	2.28
	- Percentage of shares (as a% of the total share capital of the Co.)	1.36	1.36	1.36
	b) Non-encumbered
	- Number of shares	18633867	18633867	18633867
	- Percentage of shares (as a % of the total shareholding of promoter and promoter group)	97.72	97.72	97.72
	Percentage of shares (as a% of the total share capital of the Co.)	58.14	58.14	58.14

B	INVESTOR COMPLAINTS	3 Months ended 31.03.2013 Nil 4 4 Nil
	Pending at the beginning of the quarter
	Received during the quarter
	Disposed of during the quarter
	Remaining unresolved at the end of the quarter

CONSOLIDATED AUDITED FINANCIAL RESULTS FOR THE QUARTER AND YEAR ENDED 31ST MARCH 2013

(Rs. IN Millions)

No.	Particulars	Quarter ended		Year Ended
		31.03.2013	31.12.2012	31.03.2013
		Unaudited	Unaudited	Audited
1	Income from operations	1988.456	1844.811	7189.220
	a) Net Sales / Income from Operations
2	Expenses
	a) Cost of Materials Consumed	977.005	1071.493	4756.472
	b) Changes in Inventories of Finished Goods, Work in Progress	378.356	142.672	29.218
	c) Employees Benefit Expenses	147.959	103.193	473.809
	d) Depreciation and amortisation expenses	90.141	90.643	361.304
	e) Other Expenses	91.177	113.612	486.828
	Total	1684.638	1521.613	6107.631

3	Profit from operations before other income, interest and exceptional items(1-2)	303.818	323.198	1081.589
4	Other Income	279.965	38.789	405.833
5	Profit before Interest and Exceptional Items (3+4)	583.783	361.987	1487.422
6	Finance Cost	109.858	111.440	445.214
7	Profit after Interest but before Exceptional Items (5-6)	473.925	250.547	1042.208
8	Exceptional items	-	-
9	Profit (+)/ Loss (-) from Ordinary Activities before tax (7+8)	473.925	250.547	1042.208
10	Tax expenses
	a) Current	101.727	58.715	224.172
	b) Deferred	56.895	15.432	103.073
	c) Adjustment of Earlier Years (Net)	(19.362)	-	(19.362)
11	Net Profit (+)/ Loss (-) from ordinary activates after tax (9-10)	334.665	176.400	734.325
12	Extraordinary Item (net of tax expense)	-	-
13	Net Profit(+)/ Loss(-) for the period (11-12)	334.665	176.400	734.325
14	Paid up Equity Share Capital (Face Value Rs 10 per share)	320.478	320.478	320.478
15	Reserves (excluding Revaluation Reserves)	800.000	800.000	800.000
16	Reserves (Excluding Revaluation Reserves as per balance sheet of previous accounting year)			7840.291
17	Earnings per Share (Not annualized) In Rs
	Basic and Diluted EPS ( Before and After Extra ordinary items)	10.44	5.50	22.91
18	Debt Equity Ratio	-	-	0.26
19	Debt Service Coverage Ratio	-	-	1.50
20	Interest Service Coverage Ratio	-	-	3.34

A	PARTICULARS OF SHAREHOLDING
1	Public Shareholding
	- Number of Shares	12978944	12978944	12978944
	- Percentage of Shareholding	40.50	40.50	40.50
2	Promoters & Promoter Group Shareholding
	a) Pledged/Encumbered
	- Number of shares	435000	435000	435000
	- Percentage of shares (as a % of the total shareholding of promoter and promoter group)	2.28	2.28	2.28
	- Percentage of shares (as a% of the total share capital of the Co.)	1.36	1.36	1.36
	b) Non-encumbered
	- Number of shares	18633867	18633867	18633867
	- Percentage of shares (as a % of the total shareholding of promoter and promoter group)	97.72	97.72	97.72
	Percentage of shares (as a% of the total share capital of the Co.)	58.14	58.14	58.14

B	INVESTOR COMPLAINTS	3 Months ended 31.03.2013 Nil 4 4 Nil
	Pending at the beginning of the quarter
	Received during the quarter
	Disposed of during the quarter
	Remaining unresolved at the end of the quarter

Notes

1. The above results were reviewed by the Audit Committee and approved by the Board of Directors at its meetings held on 28^th May, 2013.

2. The company has consolidated the financial results of its subsidiaries Flex Art Foil Private Limited and Ess Dee Aluminium PTE Limited in accordance with Accounting Standard 21. The company has consolidated the financial results of its subsidiaries Flex Art Foil Private Limited and Ess Dee Aluminium PTE Limited in accordance with Accounting Standard 21. The consolidated financial results include the unaudited result of Ess Dee Aluminium Pte Limited whose audit is in process. The total assets of this subsidiary considered in the consolidated results are Rs. 155.821 Millions (i.e 1.08% of the total assets of the Group) and the revenue is Rs. 2.145 Millions (i.e. 0.03% of the total revenue of the Group).

3. ^{Statement
of Assets and Liabilities}

^{(Rs.
in Millions)}

Sr.	Particulars	As at 31.03.2013	As at 31.03.2013
		Audited	Audited
		Standalone	Consolidated
A	EQUITY AND LIABILITIES
1	Shareholders' Fund
	a) Share Capital	320.478	3,20.478
	b) Reserves and Surplus	7231.366	7930.050
	Sub-total - Shareholders' funds	7551.844	7953.528
2	Non-current liabilities
	a) Long-term borrowings	1447.718	1575.120
	b) Deferred tax liabilities (Net)	178.322	200.859
	c) Other long-term liabilities	210.262	210.262
	d) Long-term provisions	519.316	519.316
	Sub-total - Non-current liabilities	2355.618	2505.557
3	Current liabilities
	a) Short-term borrowings	1470.041	1753.397
	b) Trade payables	1378.565	911.169
	c) Other current liabilities	690.505	751.524
	d) Short-term provisions	297.344	303.611
	Sub-total - Current liabilities	3836.455	3719.701
	TOTAL - EQUITY AND LIABILITIES	13743.917	14475.786

B	ASSETS
1	Non-current assets
	a) Fixed assets	6376.089	6871.109
	b) Non-current investments	130.571	0.207
	c) Deferred tax assets (Net)	0.000	0.000
	d) Long-term loans and advances	262.391	178.980
	e) Other non-current assets	0.000	5.613
	Sub-total - Non-current assets	6769.051	7055.909
2	Current assets
	a) Current investments	0.000	0.000
	b) Inventories	911.902	1215.918
	c) Trade receivables	4994.629	4934.798
	d) Cash and Bank Balances	112.204	141.080
	e) Short-term loans and advances	490.264	507.868
	f) Other current assets	465.867	620.213
	Sub-total - Current assets	6974.866	7419.877
	TOTAL - ASSETS	13743.917	14475.786

4. The Board of Directors has recommended a dividend of Rs. 2 (Two) per equity share for the financial year 201213 subject to the approval of the shareholders in the Annual General Meeting of the Company.

5. Pursuant to the order of Hon'ble BIFR in the matter of rehabilitation of erstwhile India Foils Limited, the CBDT has vide its order dated January 21"^L 2013 granted relief to the company under section 115JB of the Income Tax Act, 1961. Accordingly the company has reversed the tax provisions of Rs. 712.300 Millions and deferred tax of Rs. 692.938 Millions for the financial years 2009-10, 2010-11 and 2011-12.

6. The main business of the Company and its subsidiary companies is advanced packaging solutions. All other activities of the company revolve around the main business. As such there are no separate reportable segments for the company in accordance with AS-l7.

7. Information as required under Clause 29 of the Listing Agreement for Debt Securities is computed as under :

Debt Equity Ratio: Term Debt / Equity and Free Reserves

Debt Service Coverage Ratio: Earnings before Interest and Tax / (Interest + Principal Repayment)

Interest Service Coverage Ratio: Earnings before Interest and Tax / Interest Expenses

8. The figures for the quarter ended 31^st March, 2013 and for the corresponding quarter ended 31^st March, 2012 are the balancing figures between the audited figures in respect of full financial year and the published year to date figures up to the third quarter of the respective financial year.

9. Previous year figures have been re-grouped and re-classified, wherever necessary.

10. The results can be viewed on the Company's website: www.essdee.in or BSE website: www.bseindia.com or NSE website: www.nseindia.com.

AS PER WEBSITE DETAILS

RECENT MILESTONES

1991- Pouching Unit in Maharashtra

1998- First self-owned printing unit in Vasai, Thane, Maharashtra

2000-01 Printing units in Goa and Daman

2003- Foray in PVC film manufacturing in Goa

2004- Backward integration in to aluminium foil manufacturing in Daman

2005- Printing Unit in Baddi, Himachal Pradesh

2006- Amalgamation of group companies and conversion into Public Limited Company Equity shares of subject. listed on Bombay Stock Exchange and National Stock Exchange in December. PVdC coater in Goa, flexible packaging unit in Daman, second mill in Daman

2007- Second printing unit in Baddi, Himachal Pradesh, R and D centre in Daman

2008- Third mill in Daman, majority stake in Division India Foils

2008-09 Acquisition of Division India Foils

2009- Printing unit in Sikkim

2010- Merger of India Foils with ESS DEE Aluminium

Oct 2011 Launch of House Foil product

Dec 2011 Opening of a Wholly Owned Subsidiary in the Republic of Singapore

PRESS RELEASES:

IRONWOOD INVEST SELLS 20.93 LK SHARES OF ESS DEE ALUMINIUM

On September 21, 2012 Hypnos Fund Limited bought 1,200,000 shares of ESS DEE Aluminium at Rs 135 on the NSE.

However, Ironwood Investment Holdings sold 1,659,235 shares at Rs 135 on the NSE and sold 434,000 shares at Rs 135 on the BSE.

Yesterday the share ended at Rs 143.20, up Rs 8.35, or 6.19%. It has touched an intraday high of Rs 144.50 and an intraday low of Rs 134.35. It was traded with volumes of 517,832 shares.

The company's trailing 12-month (TTM) EPS was at Rs 33.56 per share. (Jun, 2012). The stock's price-to-earnings (P/E) ratio was 4.27. The latest book value of the company is Rs 214.14 per share. At current value, the price-to-book value of the company was 0.67. The dividend yield of the company was 1.4%.

Ess Dee, CPT spar over Taratala plot

Calcutta, July 15: Mumbai-based Ess Dee Aluminium has locked horns with the Calcutta Port Trust (CPT) over its proposal to revive a worn-out unit on a five-acre plot at Taratala.

The company, owned by Bengali entrepreneur Sudeep Dutta, has sought the state government’s help to open the plant that once belonged to India Foils. It has written to the industry department for assistance to get back the CPT land.

India Foils had three units in Bengal — Kamarhati in North 24 Parganas, Hoera in Hooghly and Taratala in Calcutta. The aluminium-foil maker had fallen into hard times and was referred to the BIFR before being taken over by Ess Dee in 2008.

Since then, Dutta has been instrumental in opening two of the closed units at a cumulative investment of nearly Rs. 3500.000 Millions over two years. The Kamarhati and Hoera units now employ over 1,500 people.

The company wants to revive the Taratala unit but its effort has hit legal and bureaucratic hurdles.

According to Ess Dee, the CPT has refused to renew the lease even after it agreed to pay off the old dues. The port owed Rs. 70.000 Millions as on March 31, 2011.

The new owner plans to use the five acres to make aluminium foils for fast moving consumer goods. Reviving the unit will require an investment of around Rs 2000.000 Millions, and the plant can employ around 300 people.

“I have proved my credential by reviving these two units. Ess Dee has 11 units across the country. I took over India Foils both for business reason as well as with an urge to do something for my state,” Dutta, who is the chairman of Ess Dee, said.

Bengal industries minister Partha Chatterjee has promised help. “Let them come and meet me. I am confident that a way out can be found,” he said.

However, the task of securing the plot from the CPT will be far from easy. A CPT official said the port was in the process of retendering the land, and Ess Dee could not expect any leeway in this matter because it was never a lessee.

The past lease for the plot was with India Foils, and it had expired in 2002. At present, the plot is under the CPT even though the plant and machinery of the company are lying inside.

FIXED ASSETS

Tangible Assets

Factory Freehold Land
Factory Land
Factory Building
Plant and Machinery
Computers/IT Equipment
Furniture and Fixtures
Vehicle

Intangible Assets

Computer 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 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. 60.59
UK Pound	1	Rs. 92.92
Euro	1	Rs. 78.94

INFORMATION DETAILS

Report Prepared by :

VNT

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	6
PAID-UP CAPITAL	1~10	6
OPERATING SCALE	1~10	5
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	7
--PROFITABILIRY	1~10	6
--LIQUIDITY	1~10	6
--LEVERAGE	1~10	6
--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	NO
--AFFILIATION	YES/NO	YES
--LISTED	YES/NO	YES
--OTHER MERIT FACTORS	YES/NO	YES
DEFAULTER
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		53

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.

MIRA INFORM REPORT

349.717

3181.854

149.107

0.000

772.729

0.000

1270.446

1857.328

9.16

32.79

14.11

22.54

7.65

17.44

0.13

0.27

0.47

0.91

1.67

1.72

Unit