MIRA
INFORM REPORT
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Report Date : |
02.10.2007 |
IDENTIFICATION DETAILS
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Name : |
ALPHA CARBONLESS PAPER MANUFACTURING COMPANY PRIVATE LIMITED |
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Registered Office : |
C-101, TTC Industrial Area, Pawne MIDC, Navi Mumbai- 400
705, |
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Country : |
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Financials (as on) : |
31.03.2006 |
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Date of Incorporation : |
10.12.1993 |
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Com. Reg. No.: |
11-75554 |
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CIN No.: [Company
Identification No.] |
U21010MH1993PTC075554 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
MUMA14863C/MUMA20024E |
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PAN No.: [Permanent
Account No.] |
AAACA9768J |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
Manufacturer, Supplier and Exporter of Carbonless Paper, Thermal Sensitive Paper and Fax Paper. |
RATING & COMMENTS
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MIRA’s Rating : |
A |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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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 |
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Maximum Credit Limit : |
USD 180000 |
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Status : |
Good |
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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 fine track records. Directors are reported as experienced, respectable and resourceful industrialists. Their trade relations are fair. Payments are correct and as per commitments. The company can be considered good for normal business dealings. It can be regarded as a promising business partner in a medium to long-run. |
LOCATIONS
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Registered Office : |
C-101, TTC Industrial Area, Pawne MIDC, Navi Mumbai- 400
705, |
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Tel. No.: |
91-22-7621296 |
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Fax No.: |
91-22-7686338 |
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Head Office : |
No. 114, Building No. 2, Millenium Business Park, Sector- III, Mahape, Navi Mumbai- 400 701, Maharashtra, |
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Tel. No.: |
91-22-27781508/ 1510 |
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Fax No.: |
91-22-27781507 |
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E-Mail : |
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Website: |
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Factory 1 : |
C-101, TTC Industrial Area, Pawne MIDC, Navi Mumbai- 400
705, |
DIRECTORS
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Name : |
Mr. Kadam Vithu Ramchandra |
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Designation : |
Director |
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Address : |
2B/201, |
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Date of Birth/Age : |
17.06.1963 |
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Date of Appointment : |
10.12.1993 |
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Name : |
Mr. Kadam Vithu Laxman |
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Designation : |
Director |
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Address : |
2B/201, |
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Date of Birth/Age : |
17.06.1963 |
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Date of Appointment : |
01.11.1995 |
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Name : |
Mr. Kadam Vithu Anil |
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Designation : |
Director |
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Address : |
7/01, |
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Date of Birth/Age : |
02.07.1971 |
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Date of Appointment : |
01.11.1995 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
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Names of Shareholders (30.09.2004) |
No. of Shares |
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Mr. Kadam Vithu Ramchandra |
24980 |
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Mr. Kadam Vithu Laxman |
25538 |
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Mr. Kadam Vithu Anil |
9450 |
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Ms. Bhanushali Rajan Surekha |
1 |
31.03.2006
Directors or relatives of directors – 100%
BUSINESS DETAILS
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Line of Business : |
Manufacturer, Supplier and Exporter of Carbonless Paper, Thermal Sensitive Paper and Fax Paper. |
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Products : |
v Self Copy Paper v Thermal Paper v Chemical- Resins v Carbonless Paper |
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Exports : |
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Countries : |
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GENERAL INFORMATION
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Suppliers : |
v
Arihant Dye Stuff ( v B. I. Mehta v Ballarpur Industries Limited v BASF India Limited v Chemex Chemicals v Chemex Sales Corporation v Ciba Speciality Chemicals Plc. v Compack Industries v Corropack Industries v Delta Finochem Private Limited v Diamond Dye Chem Limited v
Erhardt+Leirner ( v
Hary Indus ( v J. M. Corporation v
J. V. Chem ( v Kiran Data Forms Private Limited v Larkad Paper Industries Private Limited v Pidilite Industries Limited v
Rutgers Kureha Solvents v Shabari Plastic Moulding Works v
Sudsarke v
Sumitomo Corporation, v Time Packaging Limited v ATE Enterprises Limited v AFL Logistics v Albro Trading Company v Bhandari Roadways v Bharti Cellular Limited v Chandra Transport v Classic Clearing and Forwarding Private Limited v Gati Limited v Girija Trading Company v Impact Logistics Private Limited v Jailaxmi Road Transport Company v Jain Machine Tools v Jalaram Traders v K. V. Rojani v Kamat Transport v Lion Roadlines v Logistics Solutions India Private Limited v Metro Electric and Hardware v
New v Nutan Raj Roadlines v On- Dot Couriers and Cargo Limited v Prakash Air Freight Private Limited v Rightfit Engineering Company v Shivam Electricals Works v Shree Balaji Raod Carriers v Shree Courier Service v Solar Oil Company v Super Electicals v Shri Madhu Roadways v Techaids v
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Customers : |
v AFL Private Limited v Akshar Computer Centre v American Express Bank Limited v Ankit Enterprises v APL Private Limited v Aramax India Private Limited v B.R.B. Trading Company v Blue Dart Express Limited v Cantronics Office Equipment Private Limited v Citi Bank- Mumbai v Citi Bank- Parel v Creative Print Solutions v Deepak Sanitary Mart v Diebold Systems Private Limited v Express Stationery Service v
HDFC Bank Limited – v HDFC Bank Limited – Saki Naka v
v ICICI Bank v Inlott Technologies Private Limited v J. M. Baxi and Company v Jyoti Paper Mart v Kanaiya Sales Corporation v Kanaiya Stationery and Printers v Khyati Sales Corporation v Kiran Data Forms Private Limited v Larkad Paper Industries Private Limited v Manipal Press Limited v New Tech Business Forms Private Limited v Orion Business Forms v Radhe Forms v Reshco Compute Prints Limited v Seshasai Business Forms Private Limited v Southern Traders v Unique Sales Corporation v Varsha Traders v Venture Infotek Global Limited v Venus Paper Mart v Wartsila India Limited |
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No. of Employees : |
150 |
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Bankers : |
v
State
Bank of |
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Banking
Relations : |
Good |
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Auditors : |
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Name : |
Thakur Naik and Deo Chartered Accountants |
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Address : |
Shanti Cottage, Thakur Blocks, 2nd Floor, |
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Associates/Subsidiaries : |
Nil |
CAPITAL STRUCTURE
Authorised Capital :
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No. of Shares |
Type |
Value |
Amount |
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75,000 |
Equity Shares |
Rs. 100/- each |
Rs. 7.500 millions |
Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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60,000 |
Equity Shares |
Rs. 100/- each |
Rs. 6.000 millions |
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
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SOURCES OF FUNDS |
31.03.2006 |
31.03.2005 |
31.03.2004 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
6.000 |
6.000 |
6.000 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
40.197 |
26.279 |
20.229 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
46.197 |
32.279 |
26.229 |
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LOAN FUNDS |
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1] Secured Loans |
53.938 |
42.565 |
38.696 |
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2] Unsecured Loans |
5.975 |
5.662 |
7.007 |
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TOTAL BORROWING |
59.913 |
48.227 |
45.703 |
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DEFERRED TAX LIABILITIES |
2.408 |
2.726 |
2.395 |
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TOTAL |
108.518 |
83.232 |
74.327 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
41.466 |
36.121 |
34.194 |
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Capital work-in-progress |
0.000 |
0.000 |
0.000 |
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INVESTMENT |
0.000 |
0.000 |
0.000 |
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DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
54.227
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32.558 |
27.819
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Sundry Debtors |
21.901
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17.814 |
15.032
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Cash & Bank Balances |
0.332
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0.219 |
0.143
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Other Current Assets |
2.170
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0.724 |
1.091
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Loans & Advances |
3.004
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2.245 |
2.383
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Total
Current Assets |
81.634
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53.560 |
46.468 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
11.147
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5.230 |
5.760
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Provisions |
3.452
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1.256 |
0.633
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Total
Current Liabilities |
14.599
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6.486 |
6.393 |
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Net Current Assets |
67.035
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47.074 |
40.075 |
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MISCELLANEOUS EXPENSES |
0.017 |
0.037 |
0.058 |
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TOTAL |
108.518 |
83.232 |
74.327 |
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PROFIT & LOSS
ACCOUNT
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PARTICULARS |
31.03.2006 |
31.03.2005 |
31.03.2004 |
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Sales Turnover Including Other Income |
247.147 |
186.916 |
162.473 |
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Total Income |
247.147 |
186.916 |
162.473 |
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Profit/(Loss) Before Tax |
21.926 |
9.863 |
13.054 |
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Provision for Taxation |
-- |
-- |
7.954 |
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Profit/(Loss) After Tax |
21.926 |
9.863 |
5.100 |
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Imports : |
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Raw Materials |
NA |
NA |
22.132 |
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Total Imports |
NA |
NA |
22.132 |
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Expenditures : |
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Interest |
5.113 |
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Depreciation |
4.240 |
3.589 |
149.419 |
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Other Expenditure |
215.869 |
138.075 |
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Total Expenditure |
225.222 |
177.053 |
149.419 |
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KEY RATIOS
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PARTICULARS |
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31.03.2006 |
31.03.2005 |
31.03.2004 |
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PAT / Total Income |
(%) |
8.87
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5.28 |
3.14
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Net Profit Margin (PBT/Sales) |
(%) |
8.87
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5.28 |
8.03
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Return on Total Assets (PBT/Total Assets} |
(%) |
17.81
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11.00 |
16.18
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Return on Investment (ROI) (PBT/Networth) |
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0.47
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0.31 |
0.49
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Debt Equity Ratio (Total Liability/Networth) |
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1.61
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1.69 |
3.07
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Current Ratio (Current Asset/Current Liability) |
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5.59
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8.25 |
7.27
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LOCAL AGENCY FURTHER INFORMATION
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Corporate identity
number (CIN) Foreign company registration number |
U21010MH1993PTC075554 |
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Name of the
Company |
ALPHA CARBONLESS PAPER MANUFCTURING COMPANY PRIVATE LIMITED |
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Address |
C-101, TTC Industrial Area, Pawne MIDC, Navi Mumbai- 400
705, |
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Type of Charge |
Immovable
Property |
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Particulars of
the charge holder |
State Bank of Wagle Industrial
Estate Branch, Thane (West), Mumbai 400604 |
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Nature or
description of the instrument |
No instrument. Recital
to be made in the title deed register for emganced facilities where mortgage
by deposit of title |
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Date of the
instrument |
17.03.2007 |
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Amount secured by
the charge |
Rs. 84.400
Millions |
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Short particulars
of the property |
All present and
future goods. Assets of the borrower including document of title to goods and
other assets such as outstanding moneys, receivable, claims, bills, other
present and future machinery |
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Particular of the
present modification |
Now by present
dt. 17.03.2007 the company created an extension of chege by way of an
equitable mortage by deposit of title deeds over the immovable to secure the
credit facility Rs. 85.400 Millions |
The Company’s Fixed Assets of important value includes are
Land,
As per website details
Introduction
Established in 1991, Alpha Carbonless Paper is manufacturer,
supplier and exporter of carbonless paper, thermal paper, thermal sensitive
paper and fax paper. Also known as self-copy paper, carbonless
paper is best suited for multipart computer stationery, bank pay-in-slips,
credit card charge slips, airway bills and a host of commercial business
documents daily used by banks, airlines, hotels, import-export houses and
others.
Alpha is also renowned for manufacture of Thermal Sensitive Paper in
Product
Their products have been appreciated by the customers due to
their wide suitability and laudable quality.
Their product range:
Carbonless
Paper :
In Reels (Rolls)
In Reams (Sheets)
EDC Rolls / Adding Machine Rolls
Blank Carbonless Computer Stationery
Thermal Paper :
In Reels (Rolls)
"ALPHA" Fax Rolls
Customised Products ie. ATM Rolls,
Airline Thermal Boarding Passes,
Thermal Lottery Tickets,
Thermal Railway Tickets etc.
Quality
Quality has been the foremost concern since the very beginning. Quality improvement
is their continuous endeavor. The entire group of their production and
marketing teams is committed to customer satisfaction. A round the clock vigil
is maintained on all their products. Their products also go through repeated
and strict quality checks for flawless quality and complete customer
satisfaction.
Infrastructure
They have a sound infrastructure consisting of a separate department to deal
with quality-related matters, a well-equipped manufacturing unit &
experienced & specialized workers. They have an assemblage of modern
gadgetry constantly kept under the vigilance of the technicians for performance
appraisal. Alongside, they have highly trained workers. The entire force has
been separated into a hierarchical pattern for better efficiency.
Clients
They have their clients spread across the world. Their customer base at home is
also fairly healthy. An impressive clientele is a result of retention of old
customers & addition of new patrons. The constant addition of new clients
has been possible because of their constant improvement in quality. They export
their products to
CMT REPORT (Corruption, Money Laundering & Terrorism]
The Public Notice information has been collected from various sources
including but not limited to: The Courts,
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
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Indian Rupees |
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US Dollar |
1 |
Rs.39.73 |
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1 |
Rs.81.37 |
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Euro |
1 |
Rs.56.63 |
SCORE & RATING EXPLANATIONS
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SCORE FACTORS |
RANGE |
POINTS |
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HISTORY |
1~10 |
7 |
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PAID-UP CAPITAL |
1~10 |
6 |
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OPERATING SCALE |
1~10 |
6 |
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FINANCIAL CONDITION |
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--BUSINESS SCALE |
1~10 |
7 |
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--PROFITABILIRY |
1~10 |
6 |
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--LIQUIDITY |
1~10 |
6 |
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--LEVERAGE |
1~10 |
7 |
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--RESERVES |
1~10 |
6 |
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--CREDIT LINES |
1~10 |
6 |
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--MARGINS |
-5~5 |
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DEMERIT POINTS |
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--BANK CHARGES |
YES/NO |
YES |
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--LITIGATION |
YES/NO |
NO |
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--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
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MERIT POINTS |
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--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
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--EXPORT ACTIVITIES |
YES/NO |
YES |
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--AFFILIATION |
YES/NO |
NO |
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--LISTED |
YES/NO |
NO |
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--OTHER MERIT FACTORS |
YES/NO |
YES |
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TOTAL |
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57 |
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
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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>86 |
Aaa |
Possesses an extremely sound financial base with the strongest
capability for timely payment of interest and principal sums |
Unlimited |
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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. |
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 |
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