MIRA
INFORM REPORT
|
Report Date : |
28.02.2007 |
IDENTIFICATION
DETAILS
|
Name : |
ALPHA PACKAGING LIMITED |
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Registered Office : |
1, Nirman Industrial Estate, Chincholi Road, Malad [West], Mumbai –
400064 |
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Country : |
India |
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Financials (as on) : |
31.03.2006 |
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Date of Incorporation : |
14.09.1988 |
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Com. Reg. No.: |
11-11241 |
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CIN No.: [Company
Identification No.] |
U25209GJ1988PLC011241 |
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Legal Form : |
A closely held public limited liability company. |
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Line of Business : |
To carry on the business of manufacturing, processing, producing,
making, designing, fabricating, moulding, assembling, extruding, weaving, refining,
drawing, blowing, stiching, laminating, coating, sealing, handling, buying,
selling, importing, exporting or generally dealing in all the kinds, classes
types and qualities of plastic polymers, plastic materials and plastic
articles including polymer sun films. LDPE/HDPE/polypropylene/P.V.C. blown
films, sheets, bags, strapping, multilayer or monolair plastic films, HMHDPE
films, plastic extruded or blown packing materials, HDPE and other plastic
woven fabrics manufactured from plastics and plastic polymers. |
RATING &
COMMENTS
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MIRA’s Rating : |
Ba |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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Maximum Credit Limit : |
USD 700000 |
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Status : |
Satisfactory |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
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Comments : |
Subject is a
well-established and reputed company having satisfactory track. Directors are
reported as experienced and respectable businessmen. Trade relations are
reported as fair. Business is active. Payments are usually correct and as per
commitments. The company can be considered normal for business dealings at usual trade terms and conditions. |
LOCATIONS
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Registered Office / Factory : |
1, Nirman Industrial Estate, Chincholi Road, Malad [West], Mumbai –
400064, India |
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E-Mail : |
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Factory : |
1, Jash Market, Ring Road, Surat – 395002, Gujarat, India |
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Tel No. : |
91-261-2638100 |
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Fax No. : |
91-261-2623545 / 2623546 / 2633217 |
DIRECTORS
|
Name : |
Mr. Kamal Agarwal |
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Designation : |
Director |
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Address : |
25, Maitry House, Near Sarjan Society, Parle Point, Surat – 395007,
Gujarat, India |
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Date of Birth/Age : |
10.11.1961 |
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Date of Appointment : |
15.09.2006 |
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Other Directorship : |
Prathmesh Polymers Private Limited U24134MH2005PTC151721 Alpha Plastomer Private Limited U25209GJ1989PTC011890 |
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Name : |
Mr. Kanhaiyalal Sohanlal Agarwal |
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Designation : |
Director |
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Address : |
1, Jash Yarn and Textile Market, Ring Road, Surat – 395002, Gujarat,
India |
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Name : |
Mrs. Shantidevi Kanhaiyalal Agarwal |
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Designation : |
Director |
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Address : |
1, Jash Yarn and Textile Market, Ring Road, Surat – 395002, Gujarat,
India |
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Name : |
Ms. Sarita Shyamsunder Agarwal |
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Designation : |
Director |
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Address : |
1, Jash Yarn and Textile Market, Ring Road, Surat – 395002, Gujarat,
India |
MAJOR SHAREHOLDERS
|
Names of Shareholders |
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No. of Shares |
|
Mr. Kanhaiyalal Sohanlal Agarwal |
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10 |
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Mr. Kamal Agarwal |
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10 |
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Ms. Sarita Shyamsunder Agarwal |
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10 |
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Mrs. Shantidevi Kanhaiyalal Agarwal |
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10 |
BUSINESS DETAILS
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Line of Business : |
To carry on the business of manufacturing, processing, producing, making,
designing, fabricating, moulding, assembling, extruding, weaving, refining,
drawing, blowing, stiching, laminating, coating, sealing, handling, buying,
selling, importing, exporting or generally dealing in all the kinds, classes
types and qualities of plastic polymers, plastic materials and plastic
articles including polymer sun films. LDPE/HDPE/polypropylene/P.V.C. blown
films, sheets, bags, strapping, multilayer or monolair plastic films, HMHDPE
films, plastic extruded or blown packing materials, HDPE and other plastic
woven fabrics manufactured from plastics and plastic polymers. |
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Products : |
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GENERAL
INFORMATION
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Bankers : |
ICICI Bank Limited Landmark Race Cource Circle, Alkapuri, Baroda – 390015, Gujarat, India
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Facilities : |
-- |
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Banking
Relations : |
Satisfactory |
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Auditors : |
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Name : |
SNK and Company Chartered Accountants |
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Address : |
SNK House, 31-A, Adarsh Society, Adarsh Society, Athwalines, Surat –
395001, Gujarat, India |
CAPITAL STRUCTURE
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
5000000 |
Equity Shares |
Rs. 10/- each |
Rs. 50.000 Millions |
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Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
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4916200 |
Equity Shares |
Rs. 10/- each |
Rs. 49.162
Millions |
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FINANCIAL DATA
[all figures are in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
|
31.03.2006 |
31.03.2005 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
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49.162 |
49.162 |
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2] Share Application Money |
|
0.000 |
0.000 |
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3] Reserves & Surplus |
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126.615 |
126.051 |
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4] (Accumulated Losses) |
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0.000 |
0.000 |
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NETWORTH |
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175.777 |
175.213 |
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LOAN FUNDS |
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1] Secured Loans |
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54.829 |
75.815 |
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2] Unsecured Loans |
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7.724 |
3.295 |
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TOTAL BORROWING |
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62.553 |
79.110 |
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DEFERRED TAX LIABILITIES |
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3.713 |
5.521 |
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TOTAL |
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242.043 |
259.844 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
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34.152 |
31.724 |
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Capital work-in-progress |
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INVESTMENT |
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0.268 |
0.268 |
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DEFERREX TAX ASSETS |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
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1.942 |
2.434 |
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Sundry Debtors |
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80.903 |
165.541 |
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Cash & Bank Balances |
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42.097 |
47.359 |
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Other Current Assets |
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17.030 |
15.418 |
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Loans & Advances |
|
70.545 |
3.790 |
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Total
Current Assets |
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212.517 |
234.542 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
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1.100 |
0.415 |
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Provisions |
|
4.339 |
6.275 |
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Total
Current Liabilities |
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5.439 |
6.690 |
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Net Current Assets |
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207.078 |
227.852 |
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MISCELLANEOUS EXPENSES |
|
0.545 |
0.000 |
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TOTAL |
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242.043 |
259.844 |
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PROFIT & LOSS
ACCOUNT
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PARTICULARS |
|
31.03.2006 |
31.03.2005 |
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Sales Turnover |
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68.582 |
97.218 |
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Other Income |
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3.653 |
4.636 |
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Total Income |
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72.235 |
101.854 |
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Profit/(Loss) Before Tax |
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2.474 |
6.853 |
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Provision for Taxation |
|
0.163 |
2.736 |
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Profit/(Loss) After Tax |
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2.311 |
4.117 |
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Expenditures : |
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Raw Material Consumed |
|
35.506 |
51.097 |
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Consumption of stores and spares parts |
|
0.367 |
0.466 |
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Increase/(Decrease) in Finished Goods |
|
0.655 |
1.019 |
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Salaries, Wages, Bonus, etc. |
|
1.208 |
1.169 |
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Managerial Remuneration |
|
0.870 |
0.580 |
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Payment to Auditors |
|
0.170 |
0.198 |
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Interest |
|
0.018 |
0.000 |
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Insurance Expenses |
|
0.113 |
0.123 |
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Power & Fuel |
|
6.094 |
5.029 |
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Depreciation & Amortization |
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5.220 |
10.170 |
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Other Expenditure |
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19.540 |
25.149 |
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Total Expenditure |
|
69.761 |
95.000 |
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KEY RATIOS
|
PARTICULARS |
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31.03.2006 |
31.03.2005 |
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PAT / Total Income |
(%) |
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3.20 |
4.04 |
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Net Profit Margin (PBT/Sales) |
(%) |
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3.42 |
6.73 |
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Return on Total Assets (PBT/Total Assets} |
(%) |
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1.00 |
2.57 |
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Return on Investment (ROI) (PBT/Networth) |
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0.01 |
0.04 |
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Debt Equity Ratio (Total Liability/Networth) |
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0.39 |
0.49 |
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Current Ratio (Current Asset/Current Liability) |
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39.07 |
35.06 |
LOCAL AGENCY
FURTHER INFORMATION
Bankers Charges
Report as per Registry
|
Name of the company |
ALPHA PACKAGING LIMITED |
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Presented By |
ALPHA PACKAGING
LIMITED |
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1) Date and description of instrument creating the change |
Deed of
hypothecation dated the 25.08.2004 executed by Alpha Packaging Limited in favour
of ICICI Bank Limited |
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2) Amount secured by the charge/amount owing on the securities of charge |
Working capital
facilities not exceeding overall limits of Rs. 37.000 Millions agreed to be
lent and advanced / lent and advanced to Alpha Packaging Limited |
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3) Short particular of the property charged. If the property acquired is subject to charge, date of the acquired of the property should be given |
Exclusive first
charge in Bank’s favour by way of hypothecation the whole of the company’s
stocks of raw materials, work in progress finished goods, consumable stores
and spares an such other movables including book debts outstanding monies,
receivable both present and future. Exclusive first charge
in bank’s favour by way of hypothecation of the entire movable fixed assets
of the company. |
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4) Gist of the terms and conditions and extent and operation of the charge. |
Bank Guarantee
Rs. 37.000 Millions Cash Margin : Financial
Guarantee 25 % Performance
Guarantee 25 % Guarantees
covering disputed liabilities 100 % |
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5) Name and Address and description of the person entitled to the charge. |
ICICI Bank
Limited JMC House Opposite parimal
Garden Ambawadi Ahmedabad |
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6) Date and brief description of instrument modifying the charge |
-- |
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7) Particulars of modifications specifying the terms and conditions or the extent of operations of the charge in which modification is made and the details of the modification. |
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This form is for |
Creation of
charge |
|
Corporate
identity number of the company |
U25209GJ1988PLC011241 |
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Name of the
company |
ALPHA PACKAGING LIMITED |
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Address of the
registered office or of the principal place of business in India of the company |
Surat, Gujarat,
India |
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Type of charge |
Book Debts Movable Property |
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Particular of
charge holder |
ICICI Bank Limited Landmarkrace Cource Circle, Alkapuri, Baroda – 390015, Gujarat, India |
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Nature of
description of the instrument creating or modifying the charge |
Deed of
hypothecation |
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Date of
instrument Creating the charge |
01.09.2006 |
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Amount secured by
the charge |
Rs. 50.000
Millions |
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Brief particulars
of the principal terms an conditions and extent and operation of the charge |
Rate of interest The aggregate of
The applicable margin and 6 month Libor and other details as per annexure. Terms of
repayment The borrower may
prepay in whole or in part [if in part, minimum amount of USD 0.5 million or
entire outstanding facility] upon 15 business day’s prior written notice to
the lender along with the prepayment of 1 % of the amount to be prepaid.
Prepayment shall be subject to the extent applicable regulatory guidelines.
Prepayments shall be made at the end of an interest period only. Margin 1.25 % p.a. Extent and
operation of the charge Exclusive charge
on all the movable fixed assets being financed by the facility located at D 1
Industrial Estate, Bandakhedi, Roorkee, Haridwar, Uttaracanchal, Indai First pari passu
charge in favour of the lender by way
of hypothecation of the firm’s entire stocks of raw materials semi finished
and finished goods, consumable stores and spares and such other movable
including book-dents, bills. |
|
Short particulars
of the property charged |
The whole of the
Borrower’s stocks of raw materials, good – in – progress, semi finished and
finished goods, consumable stores and spares and such other movables,
including book debts, bills, whether documentary or clean, both present and
future, whether in the possession of under the control of the borrower. |
CMT REPORT
(Corruption, Money Laundering & Terrorism]
The Public Notice information has been collected from various sources
including but not limited to: The Courts, India Prisons Service,
Interpol, etc.
1] INFORMATION ON
DESIGNATED PARTY
No records exist designating subject or any of its beneficial owners, controlling
shareholders or senior officers as terrorist or terrorist organization or whom
notice had been received that all financial transactions involving their assets
have been blocked or convicted, found guilty or against whom a judgement or
order had been entered in a proceedings for violating money-laundering,
anti-corruption or bribery or international economic or anti-terrorism sanction
laws or whose assets were seized, blocked, frozen or ordered forfeited for
violation of money laundering or international anti-terrorism laws.
2] Court Declaration :
No records exist to suggest that subject is
or was the subject of any formal or informal allegations, prosecutions or other
official proceeding for making any prohibited payments or other improper payments
to government officials for engaging in prohibited transactions or with
designated parties.
3] Asset Declaration :
No records exist to suggest that the property or assets of the subject
are derived from criminal conduct or a prohibited transaction.
4] Record on Financial
Crime :
Charges or conviction
registered against subject: None
5] Records on Violation of
Anti-Corruption Laws :
Charges or
investigation registered against subject: None
6] Records on Int’l Anti-Money
Laundering Laws/Standards :
Charges or
investigation registered against subject: None
7] Criminal Records
No
available information exist that suggest that subject or any of its principals have
been formally charged or convicted by a competent governmental authority for
any financial crime or under any formal investigation by a competent government
authority for any violation of anti-corruption laws or international anti-money
laundering laws or standard.
8] Affiliation with
Government :
No record
exists to suggest that any director or indirect owners, controlling
shareholders, director, officer or employee of the company is a government
official or a family member or close business associate of a Government
official.
9] Compensation Package :
Our market
survey revealed that the amount of compensation sought by the subject is fair
and reasonable and comparable to compensation paid to others for similar
services.
10] Press Report :
No press reports / filings exists on
the subject.
CORPORATE
GOVERNANCE
MIRA INFORM as part of its Due Diligence do provide comments on
Corporate Governance to identify management and governance. These factors often
have been predictive and in some cases have created vulnerabilities to credit
deterioration.
Our Governance Assessment focuses principally on the interactions
between a company’s management, its Board of Directors, Shareholders and other
financial stakeholders.
CONTRAVENTION
Subject is not known to have contravened any existing local laws,
regulations or policies that prohibit, restrict or otherwise affect the terms
and conditions that could be included in the agreement with the subject.
FOREIGN EXCHANGE
RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.44.28 |
|
UK Pound |
1 |
Rs.86.62 |
|
Euro |
1 |
Rs.58.32 |
SCORE & RATING
EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
5 |
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OPERATING SCALE |
1~10 |
5 |
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FINANCIAL CONDITION |
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|
--BUSINESS SCALE |
1~10 |
6 |
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--PROFITABILIRY |
1~10 |
4 |
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--LIQUIDITY |
1~10 |
5 |
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--LEVERAGE |
1~10 |
5 |
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--RESERVES |
1~10 |
5 |
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--CREDIT LINES |
1~10 |
5 |
|
--MARGINS |
-5~5 |
- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
NO |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
YES |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
46 |
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 |
Unfavourable & favourable factors carry similar weight in credit
consideration. Capability to overcome financial difficulties seems
comparatively below average/normal. |
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 |
|
NR |
In view of the lack of information, we have no basis upon which to
recommend credit dealings |
No Rating |
|
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