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MIRA
INFORM REPORT
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Report Date : |
05.09.2007 |
IDENTIFICATION DETAILS
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Name : |
ALPHA FLOCK ( |
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Registered Office : |
3, Sughanda Apartments, |
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Country : |
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Financials (as on) : |
31.03.2007 |
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Date of Incorporation : |
17.06.1987 |
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Com. Reg. No.: |
11 -129572 |
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CIN No.: [Company
Identification No.] |
U74999PN1987PTC129572 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
PNEA00351B |
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Legal Form : |
Private Limited Liability Company. |
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Line of Business : |
Manufacturer of all types of precision cut and electronically treated
flock fibres in various colours, also nylon and viscos. |
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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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 experience 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 : |
3, Sughanda Apartments, 1226/5, |
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Tel. No.: |
91-20-66200200 |
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Fax No.: |
90-20-66200500 |
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E-Mail : |
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Website : |
www.flockalpha.com |
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Area : |
900 sq.fts Approximately |
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Location : |
Owned |
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Administrative
Office: |
1st Floor, |
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E-Mail: |
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Area: |
10000 sq.fts |
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Location: |
Rented |
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Factory : |
Plot No.C-24, Jejuri Industrial Area, |
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Area : |
8000 sq.mtrs. |
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Location : |
Owned |
DIRECTORS
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Name : |
Dr. A S Ramadan |
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Designation : |
Director |
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Name : |
Mr. Richard E Eisenbeiss |
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Designation : |
Director |
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Name : |
Mr. Heimut Esch |
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Designation : |
Directors |
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Name : |
Mr. Vinayak V Divekar |
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Designation : |
Director |
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Name : |
Mr. Narsimhan Srinivasan |
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Designation : |
Director |
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Name : |
Mr. Ashok B Patil |
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Designation : |
Director |
BUSINESS DETAILS
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Line of Business : |
Manufacturer of all types of precision cut and electronically treated
flock fibres in various colours, also nylon and viscos. |
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Products : |
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Exports : |
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Products : |
All Products |
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Countries : |
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Imports : |
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Products : |
Raw Material |
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Countries : |
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Terms : |
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Selling : |
L/C, Credit |
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Purchasing : |
L/C, Remittance |
GENERAL INFORMATION
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No. of Employees : |
35 |
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Bankers : |
Bank of |
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Banking Relations
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Satisfactory |
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Auditors : |
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Name : |
Anil Deshpande and Company Chartered Accountants |
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Associates/Subsidiaries : |
Air Control ( Address: 1st Floor, Activity: Purchasing, Installing, Commissioning, Maintenance of marine
products. |
CAPITAL STRUCTURE
Authorised Capital :
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No. of Shares |
Type |
Value |
Amount |
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1750000 |
Equity Shares |
Rs.10/- each |
Rs.17.500 millions |
Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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1750000 |
Equity Shares |
Rs.10/- each |
Rs.17.500
millions |
FINANCIAL DATA
[all figures are
in Rupees Millions]
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Particulars |
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31.03.2007 |
31.03.2006 |
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Sales Turnover |
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40.000 |
30.000 |
Expected Sales (2007-08) : Rs. 50.000 millions
LOCAL AGENCY FURTHER INFORMATION
Fixed assets:
- Plant and Machinery
- Furniture and Fixtures
- Motor Car
Website Detail:
Subject was established in year 1987 to manufacture Precision Cut electrostatically treated dyed flock fibers in different varieties of fibbers such as Nylon-66, Nylon-6,Viscose (Rayon), Acrylic and Polyester.The unit was set up in the industrially developed zone of Pune which is just 150 KM from Mumbai ( Bombay ) city.Mumbai offers excellent infrastructure for the exportation of product which has one of the world's largest sea port.
The company having a modern factory setup covering land area of 8000 sq. mtr. including production plant, laboratory, ware house and offices.
The entire manufacturing plant and machinery was imported
from Esch Electrostatic GmbH, Germany.Initially manufacturing capacity of the
plant was only 450 MT per annum,which is now increased to 2000 MT per
annum.Their factory is well equipped with Quality Control and Testing
Laboratory,Research and Development Department.
Flocking or fibercoating is the application of fine particles to adhesive coated surfaces. The majority of flocking done worldwide uses finely cut natural or synthetic fibers. A flocked finish imparts a decorative and/or functional characteristic to the surface. The variety of materials that are applied to numerous surfaces through different flocking methods create a wide range of end products. The flocking process is used on items ranging from retail consumer goods to products with high technology military applications.
Today they see flock in every day applications from fine upholstery
to durable carpeting; from fashion fabrics to childrens shoes; from christmas
ribbon to engineered automotive parts. The applications are practically
endless.
Quality Assurance:
Flock Cutting
Precision Cutting
Their
company has installed very sophisticated precision flock cutting machines
manufactured by BERGERS MACHINENBAU GmbH,
Flock Grinding
To manufacture Ground Flock they have installed two state of
art flock grinding mills equipped with built in sieving arrangement and the
pneumatic material conveying arrangement. The raw material used for
manufacturing the Ground Flock is staple fiber supplied by reputed fiber
industries and do not contain any contamination or impurities. The random cut
lengths from 0.3 mm upto 1.0 mm is in regular production in different titters.
Dyeing
Their company has installed very sophisticated flock dyeing
facilities to ensure excellent washing fastness and Light fastness, against the
ultra-violet radiation. They are very particular while selecting their
dyestuffs, such as Acid dyes, Metal Complex Dyes, Reactive Dyes and Sulfur
Dyes. They have short listed their dyes suppliers to the internationally repute
companies like Clarient, BASF,Ciba Geigy and Color-Chem.They have already
developed 2000 + color shades; they also accept the color matching as per the
customers requirements.
Drying
and Sieving
Alpha
Flock (
Packaging
a) They pack their Flock in strong 5 ply paper sacks or in woven polypropylene bags. These bags are having inside polyethylene film lining which is sealed and made airtight.
b) In some cases they also offer corrugated paper box for
the packaging of flock particularly for the Flock fibers having longer cut
lengths.
Product:
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A] Nylon
(Polyamide) - 66 & 6 |
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B] Polyster Flock
C] Acrylic Flock
D] Viscose (Rayon) Flock
Ground
Flock A]
Nylon - 66 and 6 and Viscose Flock
Precision Cut
Flock The product range covers flock for the various flocking applications. The
company firmly believes in strict product quality control, reasonably lower
prices and speedy delivery to their customers. Besides the standard products,
company has always accepted the challenges of product development to the
customers requirement. |
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Laboratory
They are having very sophisticated laboratory facilities and
the latest testing equipments which helps company to maintain their high
standard of product quality and for the continues development of product.They assured
their Flock with washing fastness minimum 4 to 5 as per ISO and light fastness
minimum 6 and fastness to ultra-violet radiation as required by the
customer.Each and every batch according to ISO specifications and industry
standards to maintain their quality.
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
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
Rs.40.91 |
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1 |
Rs.82.57 |
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Euro |
1 |
Rs.55.72 |
SCORE & RATING EXPLANATIONS
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SCORE FACTORS |
RANGE |
POINTS |
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HISTORY |
1~10 |
5 |
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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 |
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--MARGINS |
-5~5 |
-- |
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DEMERIT POINTS |
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--BANK CHARGES |
YES/NO |
NO |
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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 |
YES |
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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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45 |
This score serves as a reference to assess SC’s credit risk and
to set the amount of credit to be extended. It is calculated from a composite
of weighted scores obtained from each of the major sections of this report. The
assessed factors and their relative weights (as indicated through %) are as
follows:
Financial
condition (40%) Ownership
background (20%) Payment
record (10%)
Credit history
(10%) Market trend
(10%) Operational
size (10%)
RATING EXPLANATIONS
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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 |
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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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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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26-40 |
B |
Unfavourable & favourable factors carry similar weight in credit consideration.
Capability to overcome financial difficulties seems comparatively below
average. |
Small |
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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 |
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<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
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NR |
In view of the lack of information, we have no basis upon which to
recommend credit dealings |
No Rating |
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