STANPACKS (INDIA) Share price

Stanpacks (India) Limited was originally incorporated as aPrivate Limited Company on 20th December 1991. It waslater converted into a Public Limited Company on 4th August1994 vide a Special Resolution passed at the Annual GeneralMeeting of the Company.The Company is presently engaged in the manufacture ofFilling a discharging machinery which are used for bulkpacking of free flowing materials like granulespowdersetc. The Company has an existing collaborationarrangement with M/S.Bagfilla Overseas Ltd. for supply oftechnical know-how manufacturing specifications andassembling instructions on a continuous basis formanufacture of these Filling a Discharging machines.Stanpacks (India) Ltd. gets components of these machinesfabricated on job work basis and assembles and sells thecompleted units. One of these machines has already beenexported to Malaysia. The Company is also engaged in themanufacture of HDPE Jumbo Bags by conversion of HDPE fabricprocured from outside and Jute Bags. The Jute bagsmanufactured by the Company have been awarded the- India Star Award 1994 by the Indian Institute OfPackaging and- World Star For Packaging 1994 by World PackagingOrganisation.TAKE-OVER OF EXISTlNG UNITSAs a part of the proposed project for setting up anintegrated unit for manufacture of Paper/HDPE/Hessian basedpacking materials the Company has with effect from 1.10.94acquired the manufacturing facilities of a group concernPolycoat Packaging Industries on a going concern basis. Thefirm has been takenover for a total consideration of Rs.8.15 lacs which is the payment for the Land (Rs.1.66 lacs)and fair value of Plant & Machinery (estimated at Rs.6.49lacs with a residual life of minimum 7 years as per thevaluation report submitted by Shri. R.N.SubramanianChartered Engineer) acquired from the concern.Stanpacks (India) Ltd. has entered into an agreement datedthe 1st Dec.94 with another group concern StandardPackagings for taking over the entire assets of the firmwith effect from 1st April 95 for a total consideration ofRs.86.84 lacs.This consists of payment for factory Land atNellore and Sholavaram (Rs.22.29 lacs) Factory Building(Rs.14.00 lacs) Plant a Machinery (estimated at Rs.46.00lacs with a minimum residual life ranging between 4 to 5years as per the valuation report submitted byShri.R.N.Subramanian Chartered Engineer) miscellaneousFixed Assets including Electrical Equipment Furniture etc.(Rs.4.45 lacs) And nominal value for patents (Rs.0.10 lac).The Company has also entered into another agreement datedthe 15th Dec.94 with another group concern Standard PaperIndustries Corporation for taking over the entire assets ofthe firm with effect from 1st April 95 for a totalconsideration of (Rs.7.58 lacs). This consists of paymentfor Land(Rs.4.06 lacs) Plant a Machinery includingmiscellaneous Fixed Aseets (estimated at Rs. 3.02 lacs asper valuation report submitted by Shri.R.N.SubramanianChartered Engineer) and Furniture (Rs.0.50 Lacs).In further continuance of the agreement for acquisition ofthe business of the three group concerns Stanpacks (India)Ltd. has also entered into an agreement dated the 1st Dec.94 with the five Promoter Directors restraining them fromcarrying on any business either directly or indirectly inany form whatsoever relating to manufacture of packingmaterials and paper products for a period of 10 years witheffect from 1.04.95. In compensation Stanpacks (India)Ltd. has paid the Promoter Directors a sum of Rs.20.00 lacson the 14th Dec. 94.