MIRA INFORM REPORT

 

 

Report No. :

315451

Report Date :

01.04.2015

 

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), Taluka-Kotda, Sangani, Rajkot – 360 024, Gujarat

 

 

Country :

India

 

 

Financials (as on) :

31.03.2014

 

 

Date of Incorporation :

27.05.1994

 

 

Com. Reg. No.:

04-022139

 

 

Capital Investment / Paid-up Capital :

Rs.5.790 million

 

 

CIN No.:

[Company Identification No.]

U25209GJ1994PLC022139

 

 

IEC No.:

Not Available

 

 

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 Polyethylene Film for packaging.

 

 

No. of Employees :

200 (Approximately)  

 

 

RATING & COMMENTS

 

MIRA’s Rating :

Ba  (50)

 

RATING

STATUS

PROPOSED CREDIT LINE

41-55

Ba

Overall operation is considered normal. Capable to meet normal commitments.

Satisfactory

 

Status :

Satisfactory

 

 

Payment Behaviour :

Usually Correct

 

 

Litigation :

Exist

 

 

Comments :

Subject is an established company having satisfactory track record.

 

The rating reflects company’s healthy operational risk profile marked by adequate liquidity position and decent profitability margins of the company.

 

Trade relations are fair. Business is active. Payments are reported to be usually correct.

 

The company can be considered for business dealings 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

 

NOT AVAILABLE

 

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 31-03-2014.

 

INFORMATION PARTED BY

 

Name :

Mr. Ramesh Pandya

Designation :

Accounts Manager

Contact No.:

91-2827-252019

Date :

31.03.2015

 

 

LOCATIONS

 

Registered Office/ Factory :

Plot No.5, Survey No.209, Veraval (Shapar), Taluka-Kotda, Sangani, Rajkot – 360 024, 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 01.07.2013

 

Name :

Mr. Jawahar Chunilal Pandya

Designation :

Managing Director

Address :

Shree Gayatri Krupa, 4, Parnakuti Society, Nana Mava Road, Rajkot – 360 005, Gujarat, India 

Date of Birth/Age :

07.05.1961

Date of Appointment :

01.04.2010

DIN No.:

00029544

 

 

Name :

Mr. Girishbhai Chunilal Pandya

Designation :

Director

Address :

Shree Gayatri Krupa, 4, Parnakuti Society, Nana Mava Road, Rajkot – 360 005, Gujarat, India 

Date of Birth/Age :

01.07.1964

Date of Appointment :

01.07.2013

DIN No.:

00029624

 

 

Name :

Mr. Atulbhai Chunilal Pandya

Designation :

Whole-time Director

Address :

Shree Gayatri Krupa, 4, Parnakuti Society, Nana Mava Road, Rajkot – 360 005, 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 Apartment, Block No.201, Krishnanagar Main Road, Rajkot – 360 005, 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, Nana Mava Road, Rajkot – 360 005, 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 – 360 005, 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 – 360 001, 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 :

Finance Head

 

 

Name :

Mr. Ramesh Pandya

Designation :

Accounts Manager

 

 

MAJOR SHAREHOLDERS

 

AS ON 01.07.2013

 

Names of Shareholders

 

No. of Shares

Jawahar Pandya

37100

Jerambhai Patel

7900

Savitaben Patel

7500

Piyush Patel

7500

Nimesh Patel

7500

Rajendra Sanghvi

9475

Gitaben Sanghavi

5000

Harshidaben Pandya

40133

Chunilal Pandya

25000

Ranjabben Pandya

25000

Girish Pandya

57200

Atul Pandya

51359

Gitaben Pandya

45000

Meetaben Pandya

45000

Jawahar Pandya-HUF

30600

Atul Pandya-HUF

62000

Girish Pandya-HUF

55733

Vishal Pandya

40000

Hemalben Pandya

20000

Total

579000

 

AS ON 01.07.2013

 

Equity Share Break up (Percentage of Total Equity)

Category

Percentage of Holding

Directors or relatives of Directors

100.00

 

 

BUSINESS DETAILS

 

Line of Business :

Manufacturer of Polyethylene Film for packaging.

 

 

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

·         Wide Width Film

 

 

Brand Names :

Not Available

 

 

Agencies Held :

Not Available

 

 

Exports :

Not Available

 

 

Imports :

 

Products :

Raw Materials

Countries :

Qatar

 

 

Terms :

 

Selling :

Cash and Credit (30/ 60/ 90 days)

 

 

Purchasing :

Cash and Credit (30/ 60/ 90 days)

 

PRODUCTION STATUS – NOT AVAILABLE

 

GENERAL INFORMATION

 

Suppliers :

Reference :

Not Divulged

Name of the Person :

Not Divulged

Contact No.:

Not Divulged

Since How Long Known :

Not Divulged

Experience :

Not Divulged

Maximum Limit Dealt :

Not Divulged

 

 

Customers :

End Users and OEM’s

 

Reference :

Not Divulged

Name of the Person :

Not Divulged

Contact No.:

Not Divulged

Since How Long Known :

Not Divulged

Experience :

Not Divulged

Maximum Limit Dealt :

Not Divulged

 

 

No. of Employees :

200 (Approximately)  

 

 

Bankers :

Banker Name

Axis Bank Limited

Branch Address

Titan, Near K.K.V. Circle, Kalawad Road, Rajkot – 360 005, Gujarat, India

Person Name (With Designation)

Not Divulged

Contact Number

Not Divulged

Name of Account Holder

Not Divulged

Account Number

Not Divulged

Account Since (Date/Year of Account Opening)

Not Divulged

Average Balance Maintained (If Possible)

Not Divulged

Credit Facilities Enjoyed (If any)

Cash Credit: Rs.48.000 million

Account Operation

Not Divulged

Remarks (If any)

Not Divulged

 

·         Punjab National Bank, Jubilee Branch, Jawahar Road, Rajkot – 360 002, Gujarat, India

 

 

Facilities :

SECURED LOANS

31.03.2014

(Rs. In Million)

31.03.2013

(Rs. In Million)

LONG TERM BORROWINGS

 

 

Term Loan From Bank

 

 

From Axis Bank Limited, Rajkot

26.281

0.000

Less: Current Maturities

(5.475)

0.000

i. Primarily secured against entire unencumbered fixed assets of the company and collateral secured against entire current assets of the company.

ii. Repayable in 60 equal monthly installment of Rs.0.456 million

iii. Rate of Interest is 12.25%

 

 

SHORT TERM BORROWINGS

 

 

Loans Repayable on demand

 

 

From Bank - Working Capital Finance

From Axis Bank Limited

(Secured against hypothecation of Inventories and Exclusive charge over land and building, plant and machinery of the company)

0.989

15.812

Total

21.795

15.812

 

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. :

91-281-6627070/ 2455750

PAN No.:

ABSPM6534E

 

 

Memberships :

Not Available

 

 

Collaborators :

Not Available

 

 

Associate Concern :

Essen Polymers Private Limited

 

 

CAPITAL STRUCTURE

 

AS ON 31.03.2014

 

Authorised Capital :

No. of Shares

Type

Value

Amount

1250000

Equity Shares

Rs.10/- each

Rs.12.500 million

 

 

 

 

 

Issued, Subscribed & Paid-up Capital :

No. of Shares

Type

Value

Amount

579000

Equity Shares

Rs.10/- each

Rs.5.790 million

 

 

 

 

 

 

FINANCIAL DATA

[all figures are in Rupees Million]

 

ABRIDGED BALANCE SHEET

 

SOURCES OF FUNDS

 

31.03.2014

31.03.2013

31.03.2012

I.              EQUITY AND LIABILITIES

 

 

 

(1) Shareholders' Funds

 

 

 

(a) Share Capital

5.790

5.790

5.790

(b) Reserves & Surplus

191.898

147.570

119.883

(c) Money received against share warrants

0.000

0.000

0.000

 

 

 

 

(2) Share Application money pending allotment

0.000

0.000

0.000

Total Shareholders’ Funds (1) + (2)

197.688

153.360

125.673

 

 

 

 

(3) Non-Current Liabilities

 

 

 

(a) Long-term borrowings

40.850

13.102

8.134

(b) Deferred tax liabilities (Net)

3.462

2.909

2.780

(c) Other long term liabilities

0.000

0.000

0.000

(d) Long-term provisions

0.000

0.000

0.000

Total Non-current Liabilities (3)

44.312

16.011

10.914

 

 

 

 

(4) Current Liabilities

 

 

 

(a) Short term borrowings

0.989

15.812

10.046

(b) Trade payables

22.481

41.448

22.913

(c) Other current liabilities

18.048

9.294

4.407

(d) Short-term provisions

28.888

24.090

17.184

Total Current Liabilities (4)

70.406

90.644

54.550

 

 

 

 

TOTAL

312.406

260.015

191.137

 

 

 

 

II.            ASSETS

 

 

 

(1) Non-current assets

 

 

 

(a) Fixed Assets

 

 

 

(i) Tangible assets

98.060

41.415

35.126

(ii) Intangible Assets

0.000

0.000

0.000

(iii) Capital work-in-progress

0.000

0.000

0.000

(iv) Intangible assets under development

0.000

0.000

0.000

(b) Non-current Investments

30.178

58.895

46.807

(c) Deferred tax assets (net)

0.000

0.000

0.000

(d)  Long-term Loan and Advances

1.299

1.684

1.733

(e) Other Non-current assets

0.000

0.000

0.000

Total Non-Current Assets

129.537

101.994

83.666

 

 

 

 

(2) Current assets

 

 

 

(a) Current investments

0.000

0.000

0.000

(b) Inventories

48.598

48.954

41.436

(c) Trade receivables

44.108

47.440

31.465

(d) Cash and cash equivalents

56.392

31.348

0.112

(e) Short-term loans and advances

33.701

30.206

34.458

(f) Other current assets

0.070

0.073

0.000

Total Current Assets

182.869

158.021

107.471

 

 

 

 

TOTAL

312.406

260.015

191.137

 

 

PROFIT & LOSS ACCOUNT

 

 

PARTICULARS

31.03.2014

31.03.2013

31.03.2012

 

SALES

 

 

 

 

 

Revenue from Operations

504.586

407.647

296.640

 

 

Other Income

7.478

4.023

3.217

 

 

TOTAL                                    

512.064

411.670

299.857

 

 

 

 

 

Less

EXPENSES

 

 

 

 

 

Cost of material consumed

353.889

292.261

224.896

 

 

Purchase of stock-in-trade

0.000

4.883

0.000

 

 

Changes in inventories of finished goods, work-in-progress and stock-in-progress

1.013

(4.933)

(7.252)

 

 

Employee Benefit Expenses

22.848

19.775

17.341

 

 

Other Expenses

47.279

41.657

28.904

 

 

Exceptional Items

0.003

(0.443)

(0.290)

 

 

TOTAL                                    

425.032

353.200

263.599

 

 

 

 

 

 

PROFIT/ (LOSS)  BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION

87.032

58.470

36.258

 

 

 

 

 

Less

FINANCIAL EXPENSES                                   

5.142

2.672

1.878

 

 

 

 

 

 

PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION

81.890

55.798

34.380

 

 

 

 

 

Less/ Add

DEPRECIATION/ AMORTISATION        

9.083

4.520

3.676

 

 

 

 

 

 

PROFIT/ (LOSS)  BEFORE TAX

72.807

51.278

30.704

 

 

 

 

 

Less

TAX                                                                 

21.705

16.862

10.186

 

 

 

 

 

 

PROFIT/ (LOSS)  AFTER TAX

51.102

34.416

20.518

 

 

 

 

 

Add

PREVIOUS YEARS’ BALANCE BROUGHT FORWARD

125.725

101.463

90.174

 

 

 

 

 

Less

APPROPRIATIONS

 

 

 

 

 

Proposed Dividend

5.790

5.790

5.790

 

 

Provision for Dividend Tax

0.984

0.939

0.939

 

 

Transferred to General Reserve

7.185

3.425

2.500

 

BALANCE CARRIED TO THE B/S

162.868

125.725

101.463

 

 

 

 

 

 

EARNINGS IN FOREIGN CURRENCY

 

 

 

 

 

Export of goods calculated on F.O.B. basis

28.487

12.147

NA

 

TOTAL EARNINGS

28.487

12.147

NA

 

 

 

 

 

 

IMPORTS

 

 

 

 

 

Raw Materials

192.490

135.154

MA

 

 

Capital Goods

0.000

0.506

NA

 

TOTAL IMPORTS

192.490

135.660

NA

 

 

 

 

 

 

Earnings / (Loss) Per Share (Rs.)

88.26

59.44

35.44

 

Expected Sales (2014-2015): Rs.600.000 million

 

The above information has been parted by Mr. Ramesh Pandya (Accounts Manager).

 

 

KEY RATIOS

 

PARTICULARS

 

 

31.03.2014

31.03.2013

31.03.2012

Net Profit Margin

(PAT/Sales)

(%)

10.13

8.44

6.92

 

 

 

 

 

Operating Profit Margin

(PBDIT/ Sales)

(%)

17.25

14.34

12.22

 

 

 

 

 

Return on Total Assets

(PBT/Total Assets}

(%)

25.80

25.50

21.27

 

 

 

 

 

Return on Investment (ROI)

(PBT/Networth)

 

0.37

0.33

0.24

 

 

 

 

 

Debt Equity Ratio

(Total Debt/Networth)

 

0.21

0.19

0.14

 

 

 

 

 

Current Ratio

(Current Asset/Current Liability)

 

2.60

1.74

1.97

 

 

FINANCIAL ANALYSIS

[all figures are in Rupees Million]

 

DEBT EQUITY RATIO

 

Particular

31.03.2012

31.03.2013

31.03.2014

 

(INR in Million)

(INR in Million)

(INR in Million)

Share Capital

5.790

5.790

5.790

Reserves & Surplus

119.883

147.570

191.898

Money received against share warrants

0.000

0.000

0.000

Share Application money pending allotment

0.000

0.000

0.000

Net worth

125.673

153.360

197.688

 

 

 

 

Long Term borrowings

8.134

13.102

40.850

Short Term borrowings

10.046

15.812

0.989

Total borrowings

18.180

28.914

41.839

Debt/Equity ratio

0.145

0.189

0.212

 

 

YEAR-ON-YEAR GROWTH

 

Year on Year Growth

31.03.2012

31.03.2013

31.03.2014

 

(INR in Million)

(INR in Million)

(INR in Million)

Revenue from Operations

296.640

407.647

504.586

 

 

37.421

23.780

 

 

NET PROFIT MARGIN

 

Net Profit Margin

31.03.2012

31.03.2013

31.03.2014

 

(INR in Million)

(INR in Million)

(INR in Million)

Revenue from Operations

296.640

407.647

504.586

Profit

20.518

34.416

51.102

 

6.92%

8.44%

10.13%

 

 

LOCAL AGENCY FURTHER INFORMATION

 

CURRENT MATURITIES OF LONG TERM DEBTS

 

Particulars

31.03.2014

(Rs. In Million)

31.03.2013

(Rs. In Million)

31.03.2012

(Rs. In Million)

Current Maturities of Long Term Debts

5.475

--

--

 

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

Yes

15]

Capital in the business

Yes

16]

Details of sister concerns

Yes

17]

Major suppliers

No

18]

Major customers

No

19]

Payments terms

Yes

20]

Export / Import details (if applicable)

Yes

21]

Market information

-----

22]

Litigations that the firm / promoter involved in

Yes

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

No

 

 

LITIGATION DETAILS:

 

HIGH COURT OF GUJARAT

 

TAX APPEAL No. 347 of 2012

 

Status : PENDING

( Converted from : ST/1137/2012 )

CCIN No : 001092201200347

 

 

Last Listing Date:

03/07/2012

Coram

·         HONOURABLE THE ACTING CHIEF JUSTICE MR. VIJAY MANOHAR SAHAI

·         HONOURABLE MR.JUSTICE N.V.ANJARIA

 

S.NO.

Name of the Petitioner

Advocate On Record

1

COMMISSIONER - CENTRAL EXCISE AND CUSTOMS

MS SEJAL K MANDAVIA for: Appellant(s) http://gujarathc-casestatus.nic.in/gujarathc/images/arrow1.png 1

 

S.NO.

Name of the Respondant

Advocate On Record

1

ESSEN MULTIPACK LIMITED

MR PARESH V SHETH for :Opponent(s) http://gujarathc-casestatus.nic.in/gujarathc/images/arrow1.png 1

 

 

Presented On

: 11/06/2012

Registered On

: 13/06/2012

Bench Category

: DIVISION BENCH

District

: RAJKOT

Case Originated From

: THROUGH HIS/HER/THEIR ADVOCATE

Listed

: 46 times

Stage Name

: FOR REGULAR ADMISSION (SPL.)

 

Classification

·         DB - OJ - TAX APPEAL - CENTRAL EXCISE ACT, 1944 - UNDER SECTION 35G

Act

·         CENTRAL EXCISES AND SALT ACT, 1944

 

 

Other Forums

 

S. No.

CASEDETAILS

TRIBUNAL REFERRENCE

ORDER PASSED BY

JUDGEMENT DATE

PLACE

1

A/2059/WZB/AHD/2011

CUSTOMS EXCISE AND SERVICE TAX APPELLATE TRIBUNAL, WEST ZONAL BENCH, AHMEDABAD

MEMBER (JUDICIAL) AND MEMBER (TECHNICAL)

08/06/2011

RAJKOT

 

Office Details

 

S. No.

Filing Date

Document Name

Advocate Name

Court Fee on Document

Document Details

1

11/06/2012

CERTIFIED COPY

MS SEJAL K MANDAVIA ADVOCATE
for PETITIONER(s) http://gujarathc-casestatus.nic.in/gujarathc/images/arrow1.png 1

5

MS SEJAL K MANDAVIA:1

2

11/06/2012

MEMO OF APPEAL/PETITION/SUIT

MS SEJAL K MANDAVIA ADVOCATE
for PETITIONER(s) http://gujarathc-casestatus.nic.in/gujarathc/images/arrow1.png 1

50

MS SEJAL K MANDAVIA:1

3

06/08/2012

VAKALATNAMA

MR PARESH V SHETH ADVOCATE
for RESPONDENT(s) http://gujarathc-casestatus.nic.in/gujarathc/images/arrow1.png 1

5

MR PARESH V SHETH:1

4

15/08/2012

VAKALATNAMA

MR PARESH V SHETH ADVOCATE
for RESPONDENT(s) http://gujarathc-casestatus.nic.in/gujarathc/images/arrow1.png 1

-

MR PARESH V SHETH:1

5

15/08/2012

VAKALATNAMA

MS SEJAL K MANDAVIA ADVOCATE
for PETITIONER(s) http://gujarathc-casestatus.nic.in/gujarathc/images/arrow1.png 1

-

MS SEJAL K MANDAVIA:1

 

Court Proceedings

 

S. No.

Notified Date

CourtCode

Board Sr. No.

Stage

Action

Coram

1

03/07/2012

3

-

FOR REGULAR ADMISSION (SPL.)

FIXED RULE / ADMIT

·         HONOURABLE THE ACTING CHIEF JUSTICE MR. VIJAY MANOHAR SAHAI 

·         HONOURABLE MR.JUSTICE N.V.ANJARIA

 

Available Orders

 

S. No.

Case Details

Judge Name

Order Date

CAV

Judgement

Questions

Transferred

 

1

TAX APPEAL/347/2012

·         HONOURABLE THE ACTING CHIEF JUSTICE MR. VIJAY MANOHAR SAHAI 

·         HONOURABLE MR.JUSTICE N.V.ANJARIA

03/07/2012

N

ORDER

-

Y

 

 

 

PREAMBLE:

 

The company is engaged mainly in the business of manufacture and sale of Plastic Films and Sheets as Strategic activity. The company also derives income from sale of Plastic Wastes and Scrap which form integral part of manufacturing process which is non-core and non-strategic in nature. Further, the company has commenced a Wind Mill undertaking by installing wind turbine generator at Village Mitli, District Jamnagar for power generation during the year. The company has entered into an agreement with GETCO for supply of electricity for captive consumption.

 

 

UNSECURED LOANS

 

PARTICULARS

31.03.2014

(Rs. In Million)

31.03.2013

(Rs. In Million)

LONG TERM BORROWINGS

 

 

Loans and advances from related parties

20.044

13.102

Total

20.044

13.102

 

 

INDEX OF CHARGES

 

S. No.

Charge ID

Date of Charge Creation/Modification

Charge amount secured

Charge Holder

Address

Service Request Number (SRN)

1

10133917

09/12/2013 *

48,275,000.00

AXIS BANK LIMITED

"TITAN" NEAR K.K.V. CIRCLE, KALAWAD ROAD, RAJKOT, GUJARAT - 360005, INDIA

B91698340

 

* Date of charge modification

 

 

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.62.59

UK Pound

1

Rs.92.46

Euro

1

Rs.67.51                                                      

 

 

INFORMATION DETAILS

 

Information Gathered by :

PPT

 

 

Analysis Done by :

KAR

 

 

Report Prepared by :

SMN

 

 

SCORE & RATING EXPLANATIONS

 

SCORE FACTORS

 

RANGE

POINTS

HISTORY

1~10

6

PAID-UP CAPITAL

1~10

5

OPERATING SCALE

1~10

6

FINANCIAL CONDITION

 

 

--BUSINESS SCALE

1~10

6

-- PROFITABILITY

1~10

6

--LIQUIDITY

1~10

5

--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

YES

--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

DEFAULTER

 

 

--RBI

YES/NO

NO

--EPF

YES/NO

NO

TOTAL

 

50

 

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.