MIRA
INFORM REPORT
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Report Date : |
04.05.2011 |
IDENTIFICATION DETAILS
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Name : |
ALP PLASTICS PRIVATE LIMITED |
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Registered Office : |
Anbros House, 25/ 31, East Patel Nagar, |
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Country : |
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Financials (as on) : |
31.03.2009 |
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Date of Incorporation : |
24.11.2004 |
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Com. Reg. No.: |
55-130759 |
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CIN No.: [Company
Identification No.] |
U25202DL2004PTC130759 |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
Manufacturer of PVC Profile Products. |
RATING & COMMENTS
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MIRA’s Rating : |
B (27) |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
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Status : |
Moderate |
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Payment Behaviour : |
Slow |
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Litigation : |
Clear |
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Comments : |
Subject is an established company having moderate track. There appears
to be some accumulated losses recorded by the company. However trade
relations are fair. Business is active. Payments are reported to slow. The company can be considered for business dealings with some caution.
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NOTES :
Any query related to this report can be made
on e-mail : infodept@mirainform.com
while quoting report number, name and date.
ECGC Country Risk Classification List – April 1, 2010
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Country Name |
Previous Rating (31.12.2009) |
Current Rating (01.04.2010) |
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A1 |
A1 |
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Risk Category |
ECGC
Classification |
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Insignificant |
A1 |
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Low |
A2 |
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Moderate |
B1 |
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High |
B2 |
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Very High |
C1 |
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Restricted |
C2 |
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Off-credit |
D |
INFORMATION PARTED BY (GENERAL DETAILS)
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Name : |
Mr. Ashutosh |
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Designation : |
Purchase Department |
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Contact No.: |
91-9311610543 (Mr. Ashutosh) |
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Date : |
03.05.2011 |
LOCATIONS
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Registered Office : |
Anbros House, 25/ 31, East Patel Nagar, |
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Tel. No.: |
91-124-4731600 |
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Mobile No.: |
91-9311610543 (Mr. Ashutosh) |
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Fax No.: |
91-124-4006809 |
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E-Mail : |
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Website : |
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Location : |
Owned |
DIRECTORS
As on 29.09.2006
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Name : |
Mr. Iqbal Singh Anand |
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Designation : |
Director |
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Address : |
G 8 B, Pushpanjali Farms, Bijwasan, |
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Date of Birth/Age : |
05.02.1949 |
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Qualification : |
Post Graduates |
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Date of Appointment : |
24.11.2004 |
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Name : |
Mr. Gagandeep Singh Anand |
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Designation : |
Director |
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Address : |
H 5/ 2, |
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Date of Birth/Age : |
30.04.1979 |
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Date of Appointment : |
24.11.2004 |
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Name : |
Ms. Jaswinder Kaur Anand |
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Designation : |
Director |
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Address : |
H 5/2, |
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Date of Birth/Age : |
22.01.1958 |
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Date of Appointment : |
31.03.2010 |
KEY EXECUTIVES
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Name : |
Mr. Ashutosh |
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Designation : |
Purchase Department |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 29.09.2006
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Names of Shareholders (Equity Shares) |
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No. of Shares |
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Iqbal Singh Anand |
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99990 |
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Gagandeep Singh Anand |
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10 |
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Total |
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100000 |
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Names of Shareholders (Preference Shares) |
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No. of Shares |
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Anand Nishikawa Company Limited, |
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49908 |
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Total |
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49908 |
As on 29.09.2006
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Category |
Percentage |
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Directors or relatives of Directors |
100.00 |
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Total |
100.00 |
BUSINESS DETAILS
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Line of Business : |
Manufacturer of PVC Profile Products. |
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Products : |
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Terms : |
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Selling : |
Cash and Credit |
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Purchasing : |
Cash and Credit |
PRODUCTION STATUS (As on 31.03.2009)
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Particulars |
Unit |
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Actual
Production |
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PVC Profile |
Pcs./ Sets |
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372636 |
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GENERAL INFORMATION
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Customers : |
Retailers |
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No. of Employees : |
81 (Approximately) |
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Bankers : |
Syndicate Bank, 4, Bahadur Shah Zafar Marg, I.P Estate, |
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Facilities : |
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Banking
Relations : |
- |
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Auditors : |
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Name : |
B.S Sawhney and Associates Chartered Associates |
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Address : |
F - 249 (G.F), New Rajender Nagar, |
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Tel. No.: |
91-11-28742588/ 28743598/ 45082854 |
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Fax No.: |
91-11-28743887 |
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E-Mail : |
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Group Companies : |
Anand Nishikawa Company Limited |
CAPITAL STRUCTURE
As on 31.03.2009
Authorised Capital :
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No. of Shares |
Type |
Value |
Amount |
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1500000 |
Equity Shares |
Rs.10/- each |
Rs.15.000 millions |
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Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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160010 |
Equity Shares |
Rs.10/- each |
Rs.1.600
millions |
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1000000 |
Preference Shares |
Rs.10/- each |
Rs.10.000 millions |
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Total |
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Rs.11.600 millions |
FINANCIAL DATA
[all figures are in
Rupees Millions]
ABRIDGED BALANCE
SHEET
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SOURCES OF FUNDS |
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31.03.2009 |
31.03.2008 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
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11.600 |
11.600 |
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2] Share Application Money |
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0.000 |
0.000 |
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3] Reserves & Surplus |
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0.000 |
0.000 |
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4] (Accumulated Losses) |
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(12.186) |
(3.823) |
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NETWORTH |
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(0.586) |
7.777 |
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LOAN FUNDS |
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1] Secured Loans |
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23.950 |
33.058 |
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2] Unsecured Loans |
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54.380 |
22.500 |
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TOTAL BORROWING |
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78.330 |
55.558 |
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DEFERRED TAX LIABILITIES |
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0.000 |
0.000 |
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TOTAL |
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77.744 |
63.335 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
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51.489 |
44.491 |
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Capital work-in-progress |
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0.000 |
0.000 |
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INVESTMENT |
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0.000 |
0.000 |
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DEFERREX TAX ASSETS |
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6.075 |
1.796 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
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20.115 |
12.448 |
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Sundry Debtors |
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7.818 |
8.609 |
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Cash & Bank Balances |
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0.656 |
0.649 |
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Other Current Assets |
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0.000 |
0.000 |
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Loans & Advances |
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5.277 |
4.908 |
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Total
Current Assets |
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33.866 |
26.614 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Sundry Creditors |
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11.646 |
6.626 |
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Other Current Liabilities |
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1.997 |
2.903 |
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Provisions |
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0.043 |
0.037 |
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Total
Current Liabilities |
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13.686 |
9.566 |
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Net Current Assets |
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20.180 |
17.048 |
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MISCELLANEOUS EXPENSES |
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0.000 |
0.000 |
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TOTAL |
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77.744 |
63.335 |
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PROFIT & LOSS
ACCOUNT
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PARTICULARS |
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31.03.2009 |
31.03.2008 |
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SALES |
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Income |
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26.857 |
30.408 |
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Other Income |
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0.368 |
2.631 |
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TOTAL (A) |
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27.225 |
33.039 |
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Less |
EXPENSES |
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Material Consumed Cost |
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12.072 |
14.650 |
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Manufacturing Expenses |
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10.481 |
7.057 |
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Administrative Expenses |
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1.510 |
1.344 |
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Personnel Cost |
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3.936 |
3.779 |
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Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
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(0.291) |
14.614 |
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Less |
FINANCIAL
EXPENSES (D) |
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3.986 |
4.683 |
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PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
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(4.277) |
9.931 |
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Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
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8.322 |
6.295 |
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PROFIT BEFORE
TAX (E-F) (G) |
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(12.599) |
(3.636) |
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Less |
TAX (H) |
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(4.236) |
(1.146) |
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PROFIT AFTER TAX
(G-H) (I) |
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(8.363) |
(2.490) |
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Earnings Per
Share (Rs.) |
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(7.21) |
(2.16) |
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KEY RATIOS
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PARTICULARS |
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31.03.2009 |
31.03.2008 |
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PAT / Total Income |
(%) |
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(30.72) |
(7.54) |
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Net Profit Margin (PBT/Sales) |
(%) |
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(46.28) |
(11.96) |
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Return on Total Assets (PBT/Total Assets} |
(%) |
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(14.76) |
(5.11) |
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Return on Investment (ROI) (PBT/Networth) |
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21.50 |
(0.47) |
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Debt Equity Ratio (Total Liability/Networth) |
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157.02 |
8.37 |
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Current Ratio (Current Asset/Current Liability) |
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2.47 |
2.78 |
LOCAL AGENCY FURTHER INFORMATION
Operational
Review:
During the year, the revenue of the company registered a decrease of 8
percent as compared to previous year. This was due to economic recession which resulted
in the decrease of the sale. The income for the year amount to Rs.30.408
millions as compared to the previous year of Rs.26.857 millions. The company
loss after tax increased from Rs.2.409 millions to Rs.8.363 millions.
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Corporate
identity number of the company |
U25202DL2004PTC130759 |
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Name of the
company |
ALP PLASTICS PRIVATE LIMITED |
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Address of the
registered office or of the principal place of business in |
Anbros House, 25/ 31, East Patel Nagar, E-Mail: isa@anbros.com |
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This form is for |
Modification of
charge |
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Charge
identification number of the modified |
80019797 |
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Type of charge |
Book Debts Movable Property |
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Particular of charge
holder |
Syndicate Bank, 4, Bahadur Shah Zafar Marg, I.P Estate, E-Mail: mallyashenoyca@rediffmail.com |
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Nature of description
of the instrument creating or modifying the charge |
Re-Phasement
Agreement. |
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Date of
instrument Creating the charge |
29/06/2009 |
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Amount secured by
the charge |
Rs.11.500
millions |
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Brief particulars
of the principal terms an conditions and extent and operation of the charge |
Rate of Interest:
Rate of interest on TL of Rs.9.200 millions w.e.f. 29.06.2009. will be at
14.50% i.e. 1.50% over and above the Syndicate Bank PLR payable on monthly rests from time to
time. Terms of
Repayment: Term Loan of Rs.9.200 millions. As per Agreement
dated 29.06.2009. The outstanding loan liability will be repaid within 8
months commencing from June, 30th June 2009. First such installment of
Rs1.150 millions will be due on or before the last day of each month
commencing from 30.06.09. And the last and final installment being the
balance outstanding in the WCDL Loan A/C will be due on or before 31.01.2010.
Margin: As per
Agreement. Extent and
Operation of the charge: This agreement is to operate as continuing security
for the ultimate balance or aggregate balances with interest thereon to
become payable upon the said account or accounts. The hypothecated
assets is to secure WCDL limit of Rs.11.500 millions granted to the company. |
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Short particulars
of the property charged |
Charge on
following securities 1. Hypothecation
of stocks of rubber and rubber products etc. to be stored at borrowers
premises at 235, udyog Vihar Phase-I Gurgoan. 2. Book-debts and
receivables both present and future of the company. (As per original charge.) |
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Particulars of
the present modification |
By this
modification of charge, the aggregate limit stands remains the same at Rs.11.500
millions. The company has approached the bank to re-phase the schedule of
terms loans in view of financial stringency the borrower has been put in for
which the bank has agreed subject to
the borrower agreeing for certain
variation of the terms and conditions of the original sanction. |
FIXED ASSETS:
·
Electrical Installation
·
Furniture and Fixtures
·
Mould
·
Office Equipments
·
Plant and Machinery
·
Tools and Die
WEBSITE DETAILS:
PROFILE:
ALP Plastics is the 5th production unit of ALP Group situated at Gurgaon. This plant has three state of art extrusion lines which capable to produce 5.5 million meter extrusion per annum. The total covered area of the plant is 1500 sq ft. The product range of ALP Plastics include:
- Windsheilds
- Roof rails
- show moldings
- body side moldings
- waist seal
With or without Aluminium Foil in PVC and TPFwith /without Chrome with/without Metal in PVC, TPE, TPR, TEO
MARKETING:
The company's products are marketed in
International sales are handled by ALP Overseas Private Limited, an independent company exclusively involved in international trade.
ALP Overseas Private Limited, exports the complete range of products manufactured by the Anand Nishikawa Company Limited, specially, for the Automotive Replacement Markets and the Building Industries abroad. Exports are to USA, South America, Middle East, Africa and South East Asia.
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
|
Indian Rupees |
|
US Dollar |
1 |
Rs.44.34 |
|
|
1 |
Rs.70.70 |
|
Euro |
1 |
Rs.65.75 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
3 |
|
PAID-UP CAPITAL |
1~10 |
3 |
|
OPERATING SCALE |
1~10 |
3 |
|
FINANCIAL CONDITION |
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|
--BUSINESS SCALE |
1~10 |
3 |
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--PROFITABILIRY |
1~10 |
3 |
|
--LIQUIDITY |
1~10 |
3 |
|
--LEVERAGE |
1~10 |
3 |
|
--RESERVES |
1~10 |
3 |
|
--CREDIT LINES |
1~10 |
3 |
|
--MARGINS |
-5~5 |
- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
NO |
|
--LITIGATION |
YES/NO |
NO |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
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--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 |
|
27 |
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 |
- |
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.