MIRA
INFORM REPORT
|
Report Date : |
12.05.2011 |
IDENTIFICATION DETAILS
|
Name : |
ALPHA FOAM LIMITED |
|
|
|
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Registered
Office : |
J - 172, M.I.D.C., Bhosari, Pune – 411 026, |
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Country : |
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Financials (as
on) : |
31.03.2010 |
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Date of
Incorporation : |
03.05.1999 |
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Com. Reg. No.: |
25-013559 |
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Capital
Investment / Paid-up Capital : |
Rs.25.000
millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
U30104PN1999PLC013559 |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
PNEA02474D |
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PAN No.: [Permanent Account No.] |
AACCA4196J |
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Legal Form : |
A Closely Held Public Limited Liability Company |
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Line of Business
: |
Manufacturer
and Supplier of ABS, HIPS, Polypropylene Sheets, Polyethylene Foam,
Polyurethane Foam. |
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|
|
No. of Employees
: |
Not Available |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (45) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Maximum Credit Limit : |
USD 443000 |
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|
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|
Status : |
Satisfactory |
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Payment Behaviour : |
Usually Correct |
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Litigation : |
Clear |
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Comments : |
Subject is an established company having satisfactory track. Trade
relations are reported as fair. Business is active. Payments are reported to
be usually correct and as per commitments. The company can be considered normal for business dealings at usual
trade terms and conditions. |
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
|
Country Name |
Previous Rating (31.12.2009) |
Current Rating (01.04.2010) |
|
|
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
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Restricted |
C2 |
|
Off-credit |
D |
LOCATIONS
|
Registered Office : |
J - 172, M.I.D.C., Bhosari, Pune – 411 026, |
|
Tel. No.: |
91-20-27121211, 24113641,
30683652 |
|
Fax No.: |
91-20-27128227 |
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E-Mail : |
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|
Website : |
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|
Factory : |
Gat No.310, Nanekarwadi, Chakan, Pune - 410 501, |
DIRECTORS
As on 30.09.2010
|
Name : |
Mr. Rajiv Ishwarlal Ranka |
|
Designation : |
Director |
|
Address : |
Plot No.8, Survey No.55/ 2/ 1, Near Hotel Pichola, |
|
Date of Birth/Age : |
18.11.1953 |
|
Qualification : |
B.E. Hon. – Mech. |
|
Experience : |
30 Years working experience at Senior Management Levels |
|
Date of Appointment : |
03.05.1999 |
|
DIN No.: |
00392438 |
|
|
|
|
Name : |
Mr. Sanjay Lalchand Lalwani |
|
Designation : |
Director |
|
Address : |
10, Amol Bunglow, Anandnagar Society, Mehershi Nagar, Pune – 411 037, |
|
Date of Birth/Age : |
11.01.1961 |
|
Date of Appointment : |
03.05.1999 |
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DIN No.: |
00477758 |
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|
|
|
Name : |
Ms. Surekha Rajiv Ranka |
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Designation : |
Director |
|
Address : |
S.No.8, Plot No.55/ 2/ 1, Near Hotel Pichola, |
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Date of Birth/Age : |
21.04.1955 |
|
Date of Appointment : |
15.10.2002 |
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DIN No.: |
02701628 |
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Name : |
Apurva Rajiv Ranka |
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Designation : |
Director |
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Address : |
55/ 2/ 1, |
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Date of Birth/Age : |
09.11.1980 |
|
Date of Appointment : |
15.10.2002 |
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DIN No.: |
02731655 |
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Name : |
Ms. Leela Lalchand Lalwani |
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Designation : |
Director |
|
Address : |
Sr. No.697/ 10, Amol Bunglow, Anand Nagar Society, Pune – 411 037, |
|
Date of Birth/Age : |
08.09.1939 |
|
Date of Appointment : |
22.01.2001 |
|
Date of Ceasing : |
26.06.2009 |
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DIN No.: |
02723740 |
KEY EXECUTIVES
|
Name : |
Mr. Sandeep Sharma |
|
Designation : |
Marketing Manager |
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|
|
|
Name : |
Mr. Anand Chaure |
|
Designation : |
Marketing Manager |
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|
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|
Name : |
Mr. Rana Parvinder Singh |
|
Designation : |
Assistant Sales Manager |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 30.09.2010
|
Names of Shareholders |
|
No. of Shares |
|
Rajiv Ishwarlal Ranka |
|
44950 |
|
Sanjay Lalchand Lalwani |
|
10 |
|
Kshma Rajiv Ranka |
|
10 |
|
Surekha Rajiv Ranka |
|
2455000 |
|
Kantilal Ramchandra Nahar |
|
10 |
|
Sayaji Govindrao Jadhav |
|
10 |
|
Ranka Rajiv Ishwarlal HUF |
|
10 |
|
Total |
|
2500000 |
As on 30.09.2010
|
Equity Share Breakup |
|
Percentage of Holding |
|
Category |
|
|
|
Directors
or relatives of directors |
|
99.9996 |
|
Other
top fifty shareholders |
|
0.0004 |
|
Total |
|
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer
and Supplier of ABS, HIPS, Polypropylene Sheets, Polyethylene Foam,
Polyurethane Foam. |
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Products : |
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GENERAL INFORMATION
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Bankers : |
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Facilities : |
Note: * Secured against hypothecation of current assets such as stock of raw material, components, stores and spares, finished goods, work in progress book debts etc of the company. ** Secured by first charge on movable assets, immovable properties and further secured by personal guarantees of the directors of the company. *** Secured against hypothecation of respective vehicles acquired out of Bank finance.
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Banking
Relations : |
-- |
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|
|
Auditors : |
|
|
Name : |
S. Gautam and Associates Chartered Accountants |
|
Address : |
# 25 B Wing (Rear), 1st Floor, |
CAPITAL STRUCTURE
As on 31.03.2010
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
3000000 |
Equity Shares |
Rs.10/- each |
Rs.30.000 millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
2500000 |
Equity Shares |
Rs.10/- each
|
Rs.25.000
millions |
|
|
|
|
|
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
25.000 |
25.000 |
25.000 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
85.729 |
70.111 |
63.894 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
|
NETWORTH |
110.729 |
95.111 |
88.894 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
132.218 |
92.146 |
121.252 |
|
|
2] Unsecured Loans |
65.465 |
58.328 |
56.491 |
|
|
TOTAL BORROWING |
197.683 |
150.474 |
177.743 |
|
|
DEFERRED TAX LIABILITIES |
3.942 |
0.172 |
1.737 |
|
|
|
|
|
|
|
|
TOTAL |
312.354 |
245.757 |
268.374 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
156.880 |
102.432 |
112.969 |
|
|
Capital work-in-progress |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
INVESTMENT |
0.000 |
0.000 |
0.001 |
|
|
DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
48.694
|
25.610
|
38.185 |
|
|
Sundry Debtors |
130.984
|
119.174
|
125.661 |
|
|
Cash & Bank Balances |
1.384
|
12.255
|
7.647 |
|
|
Other Current Assets |
0.000
|
0.000
|
0.000 |
|
|
Loans & Advances |
38.724
|
32.875
|
37.481 |
|
Total
Current Assets |
219.786
|
189.914
|
208.974 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
48.731
|
36.275 |
41.412 |
|
|
Other Current Liabilities |
6.134
|
3.848
|
7.115 |
|
|
Provisions |
9.447
|
6.466
|
5.043 |
|
Total
Current Liabilities |
64.312
|
46.589
|
53.570 |
|
|
Net Current Assets |
155.474
|
143.325
|
155.404 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
312.354 |
245.757 |
268.374 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
592.197 |
469.828 |
485.354 |
|
|
|
Other Income |
0.636 |
0.706 |
5.544 |
|
|
|
TOTAL (A) |
592.833 |
470.534 |
490.898 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Material Consumed |
376.778 |
323.383 |
320.007 |
|
|
|
Employee Cost |
37.762 |
31.478 |
29.273 |
|
|
|
Manufacturing Expenses |
90.332 |
55.194 |
75.132 |
|
|
|
Administrative Expenses |
7.857 |
7.112 |
6.245 |
|
|
|
Selling and Marketing Expenses |
10.529 |
2.522 |
2.990 |
|
|
|
TOTAL (B) |
523.258 |
419.689 |
433.647 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
69.575 |
50.845 |
57.251 |
|
|
|
|
|
|
|
|
|
Less |
INTEREST (INCLUDING
BANK CHARGES) (D) |
20.752 |
18.336 |
19.277 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
48.823 |
32.509 |
37.974 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
28.908 |
21.893 |
23.985 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) (G) |
19.915 |
10.616 |
13.989 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
8.849 |
5.050 |
7.997 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-H) (I) |
11.066 |
5.566 |
5.992 |
|
|
|
|
|
|
|
|
|
Less: |
Prior Year Adjustments (Net) |
(0.010) |
0.728 |
1.295 |
|
|
Less: |
Extraordinary Items |
(4.542) |
(1.379) |
0.000 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
70.111 |
63.894 |
60.418 |
|
|
|
|
|
|
|
|
|
|
BALANCE CARRIED
TO THE B/S |
85.729 |
70.111 |
65.115 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
F.O.B. Value of Exports |
6.783 |
5.001 |
NA |
|
|
TOTAL EARNINGS |
6.783 |
5.001 |
NA |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Capital Goods |
50.252 |
0.000 |
NA |
|
|
TOTAL IMPORTS |
50.252 |
0.000 |
NA |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
4.43 |
2.23 |
2.40 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
PAT / Total Income |
(%) |
1.87 |
1.18
|
1.22 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
3.36 |
2.26
|
2.88 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
5.29 |
3.63
|
4.35 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.18 |
0.11
|
0.16 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
2.37 |
2.07
|
2.60 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
3.42 |
4.08
|
3.90 |
LOCAL AGENCY FURTHER INFORMATION
FORM 8:
|
Corporate
identity number of the company |
U30104PN1999PLC013559 |
|
Name of the
company |
ALPHA FOAM LIMITED |
|
Address of the registered
office or of the principal place of
business in |
J - 172, M.I.D.C., Bhosari, Pune – 411 026, |
|
This form is for |
Modification of
charge |
|
Charge
identification number of the modified |
90094187 |
|
Type of charge |
Immovable
Property |
|
Particular of
charge holder |
State Bank of E-Mail: sbi.04523@sbi.co.in |
|
Nature of description
of the instrument creating or modifying the charge |
Deed of Further
charge |
|
Date of
instrument Creating the charge |
02/06/2009 |
|
Amount secured by
the charge |
Rs.188.200
millions |
|
Brief particulars
of the principal terms an conditions and extent and operation of the charge |
Rate of Interest:
Demand Cash Credit - 2.50% over SBAR. Effective Rate will be 14.75% p.a. at
monthly rest subject to changes from time to time as per RBI/SBI guidelines
and change in SBAR. Terms of
Repayment: As per Agreement Margin: As per
Agreement. Extent and
Operation of the charge: Details of Facilities - Demand Cash Credit 90.000
millions, TL(I) -6.500 millions, TL (II)- 25.700 millions, TL (III) - New
50.000 millions, LC 15.000 millions, BG 1.000 million. Total Rs.180.000
millions 8.200 millionss. The charge on hypothecated and mortgaged assets
continues till full repayment of Loan. |
|
Short particulars
of the property charged |
Hypothecation on
entire current assets of Company, both present and future. Collateral
Security - Hypothecation of entire plant and machinery of Company, Present
and future. Mortgage of immovable property of Company situated at all that
piece and parcel of property adm.01H 57.5 Ares assessed at Rs.5.30 out of 299
at Village Nanekarwadi alongwith construction thereon and to be const.
thereto and All that piece and parcel of prop. adm.01H 60 ares assessed at
Rs.3.16 out of Gat No.310 at Village Nanekarwadi alongwith construction
thereon and to be constructed thereto. |
|
Date of latest
modification prior to the present modification |
23/05/2009 |
|
Particulars of
the present modification |
The Mortgage on
immovable properties of Company situated at all that piece and parcel of property
adm.01H 57.5 Ares assessed at Rs.5.30 out of 299 at Village Nanekarwadi
alongwith construction thereon and to be constructed thereto and All that
piece and parcel of property adm.01H 60 ares assessed at Rs.3.16 out of Gat
No.310 at Village Nanekarwadi alongwith construction thereon and to be
constructed thereto was extended to cover the total facilities availed by the
Company. |
CONTINGENT
LIABILITIES: (As on 31.03.2010)
v
There were Contingent Liabilities for Bank Guarantees
given to customers amounting to Rs.0.148 million as on 31st March,
2010.
FIXED ASSETS:
v
Land
v
v
Plant and Machinery
v
Electrical Installation
v
Computers and Peripherals
v
Office Equipments
v
Furniture and Fixtures
v
Vehicles
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.44.69 |
|
|
1 |
Rs.73.12 |
|
Euro |
1 |
Rs.64.39 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
5 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
5 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
5 |
|
--PROFITABILIRY |
1~10 |
5 |
|
--LIQUIDITY |
1~10 |
5 |
|
--LEVERAGE |
1~10 |
5 |
|
--RESERVES |
1~10 |
5 |
|
--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 |
NO |
|
--AFFILIATION |
YES/NO |
NO |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
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
|
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.