Key Metrics of Alliance Polysacks Private Limited
About Alliance Polysacks Private Limited
Company details
Company summary
Entity details
Compliance
Industry classification
Financials, ratios and risk analysis
Revenue, EBITDA, net profit, net worth, debt and assets for every filing year, 15+ ratios, the financial health score, shareholding, charges and peer comparison are part of the premium plan.
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Due dates follow the Companies Act: AGM within six months of the year end, AOC-4 within 30 days and MGT-7 within 60 days of the AGM. A filing made but not yet uploaded here shows as pending.
Vendor checks & payment capacity
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Credit ratings
Rating history
Rating actions
| Date | Agency | Action | Long term | Short term | Outlook | Rated amount | Rationale |
|---|---|---|---|---|---|---|---|
| 28 Apr 2026 | ICRA | Reaffirmed | BBB- | A3 | Positive | ₹150 Cr | View |
Credit strengths (ICRA, Apr 2026)
+ Extensive experience of promoters and track record in the industry
APPL’s promoter, Mr. Sanjay Jain, has over two decades of experience in the industry.
+ Diversification in business profile with incorporation of US JV
In FY2024, APPL incorporated a 50:50 JV in the US with the Kobawala Group to manufacture PP bags, with an annual production capacity of 12 crore bags and revenue potential of $30 million.
Credit challenges
− Moderate operating profitability, vulnerability to volatility in raw material prices
Polypropylene (PP) granules, a crude-derived input, constitute the key raw material for PP bags, exposing the company to price volatility and inventory loss risk in periods of sharp adverse movements in crude prices.
− Working capital-intensive operations
APPL’s working capital intensity improved in FY2025, with NWC/OI at 22% as of March 2025 over 32% in March 2024, driven by rightsizing of inventory levels.
Could lead to an upgrade
ICRA may upgrade APPL’s ratings if it sustains improvement in its scale of operations, profit margins along with prudent working capital management aiding
Could lead to a downgrade
Pressure on APPL’s ratings could arise in case of a significant decline in revenue and profitability, or any major debt-funded capital expenditure or deterioration in the working capital cycle adversely impacts its
Agency-reported financials (ICRA, 28 Apr 2026)
| Metric | FY2024 | FY2025 |
|---|---|---|
| Operating income (Rs. Crore) | ₹297 Cr | ₹302 Cr |
| PAT (Rs. Crore) | ₹5.90 Cr | ₹10.10 Cr |
| OPBDIT/OI (%) | 7.9% | 8.3% |
| PAT/OI (%) | 2.0% | 3.4% |
| Total outside liabilities/Tangible net worth (times) | 1.40× | 1.00× |
| Total debt/OPBDIT (times) | 3.70× | 2.70× |
| Interest coverage (times) | 2.80× | 4.20× |
| Revenue growth (YoY) | — | 1.7% |
| EBITDA (margin × income) | ₹23.44 Cr | ₹25.05 Cr |
| Implied total debt (debt/EBITDA × EBITDA) | ₹86.73 Cr | ₹67.64 Cr |
| Implied interest cost (EBITDA ÷ coverage) | ₹8.37 Cr | ₹5.96 Cr |
Borrowings & rated debt
Facility mix
Rated facilities
| Facility | Type | Previous | Current | Change | Rating | Action | Agency |
|---|---|---|---|---|---|---|---|
| Long-term Fund-based – Cash credit | Working capital & bank lines | ₹66.0 Cr | ₹66.0 Cr | 0.0% | BBB- (Positive) | Reaffirmed | ICRA |
| to Long-term Fund-based – Term Loan | Term loans | ₹33.3 Cr | ₹17.0 Cr | −48.9% | BBB- (Positive) | Reaffirmed | ICRA |
| to Short-term Non-fund Based | Non-fund based limits | ₹36.0 Cr | ₹36.0 Cr | 0.0% | A3 | Reaffirmed | ICRA |
| Long-term/Short-term – Unallocated | Working capital & bank lines | ₹14.8 Cr | ₹31.0 Cr | 110.2% | BBB- / A3 (Positive) | Reaffirmed | ICRA |
Credit assessment · Manufacturing
Rating Methodology – Manufacturing Companies (Mar 2025) · Standalone accounts · FY 2024-25
Ratios, pillar scores and the indicative rating are part of Premium.
Rating status
| Default | No default on record |
| Issuer cooperation | Cooperating |
| Credit enhancement | None – standalone rating |
| Next action stable or better (model) | 77% |
| Information on file | 33% · missing: Audited financial statements (last 18 months), Annual results history (3+ years), Debt obligations and repayment schedule, Capex / investment plans, Auditor details, Shareholding pattern |
Indicative assessment from public data using the published methodology factors; not a credit rating.
Borrowing & funding lifecycle
- Credit outlook model: 76% chance the next rating action is stable or better
- Current rating BBB- (investment grade)
- Interest coverage 4.2×
- Working-capital limits 36% utilised on average
- ₹31 cr of rated limits not yet tied to a lender
Rated limits by facility
Timeline
From the report
While the improvement is expected to have sustained in FY2026, as evident from the low utilisation of sanctioned working capital limits and steady liquidity position, the company’s operations remain structurally working-capital intensive, exposing cash flows to adverse movements in inventory levels and receivables during periods of demand or price volatility.
From the report
Liquidity position: Adequate APPL’s liquidity position is expected to remain Adequate, driven by steady cash flows from operations and supported by sufficient headroom in its working capital facilities, eviden t from average utilisation of around 36% (against drawing power) during the 12-month period ended February 2026.
Lender names, bank charges and audited borrowings are part of Premium.
Built from MCA charges, ICRA/CARE rating reports and audited accounts. The borrowing view is an estimate, not a lender's credit decision.
Registered office and contact
Directors and key people
Directors are read from the MGT-7 annual return and AOC-4 signatories.
Charges (secured borrowings)
0 registered charges. Lenders, amounts and dates are part of the premium plan.
Statutory auditors
Auditors are read from the AOC-4 auditor's report section.
Business activities and related parties
Principal business activities and related-party transactions are read from MGT-7 and AOC-4 filings.
Filings
No filings on record yet.