MIRA
INFORM REPORT
|
Report Date : |
03.11.2007 |
IDENTIFICATION
DETAILS
|
Name : |
LIPAP SYSTEMS PRIVATE LIMITED |
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Registered Office : |
A - 213, Virwani Industrial Estate, Western Express, Highway, Goregaon
(East), Mumbai – 400 063, Maharashtra |
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Country : |
India |
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Financials (as on) : |
31.03.2005 |
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Date of Incorporation : |
12.02.1988 |
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Com. Reg. No.: |
11 - 46204 |
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CIN No.: [Company
Identification No.] |
U32305MH1988PTC046204 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
MUML02128A |
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Legal Form : |
Private limited liability company |
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Line of Business : |
Manufacturer of printers Consumables |
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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Maximum Credit Limit : |
USD 72704 |
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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 well – established and reputed company having satisfactory
track records. Directors are reported as experienced 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
|
Registered Office : |
A - 213, Virwani Industrial Estate, Western Express, Highway, Goregaon
(East), Mumbai – 400 063, Maharashtra, India |
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Tel. No.: |
91-22-28743716 / 28743916 |
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Fax No.: |
91-22-28743916 / 28743916 |
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E-Mail : |
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Website : |
DIRECTORS
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Name : |
Mr. Prakash Khandelwal |
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Designation : |
Director |
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Date of Birth/Age : |
07.01.1960 |
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Date of Appointment : |
12.02.1988 |
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Name : |
Mr. Loknath Hemraj Khandelwal |
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Designation : |
Director |
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Address : |
Hem Nivas, 87, S V road, Kandivali (West), Mumbai – 400 067 |
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Date of Birth/Age : |
16.05.1931 |
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Date of Appointment : |
18.07.1995 |
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Name : |
Mr. Varun Khandelwal |
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Designation : |
Director |
KEY EXECUTIVES
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Name : |
Mr. Praveen Khandelwal |
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Designation : |
Chairman cum director |
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Date of Birth/Age : |
10.03.1955 |
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Date of Appointment : |
12.02.1988 |
MAJOR SHAREHOLDERS
/ SHAREHOLDING PATTERN
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Names of Shareholders |
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No. of Shares |
|
Mr. Praveen Loknath KhandelwaL |
|
300600 |
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Mr. Prakash Loknath Khandelwal |
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114000 |
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Mr. Hemraj LoknathKhandelwal |
|
59900 |
BUSINESS DETAILS
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Line of Business : |
Manufacturer of printers Consumables |
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Products : |
· Computer Ribbons · Typewriter Ribbons · Electronic Typewriter Ribbons · Thermal transfer Ribbons · Correction Tapes · Ribbon Cassettes · Pan Cakes · Refill Packs · Spool Ribbons · Thermal Transfer Ribbons |
GENERAL
INFORMATION
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Bankers : |
Bank of Baroda Address: BFS, BR,
Mathru Ashish Building, S V Road Kandivali (West), Mumbai – 400 067,
Maharashtra |
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Banking
Relations : |
Satisfactory |
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Auditors: |
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Name : |
Salgia and Company Chartered Accountants |
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Associates/Subsidiaries : |
Nil |
CAPITAL STRUCTURE
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 |
|
667500 |
Equity Shares |
Rs.10/- each |
Rs. 6.675
millions |
FINANCIAL DATA
[all figures are in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2005 |
31.03.2004 |
31.03.2003 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
6.675 |
6.675 |
6.675 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
11.501 |
11.079 |
11.401 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
18.176 |
17.754 |
18.076 |
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LOAN FUNDS |
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1] Secured Loans |
3.773 |
4.233 |
4.580 |
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2] Unsecured Loans |
0.000 |
0.000 |
0.000 |
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TOTAL BORROWING |
3.773 |
4.233 |
4.580 |
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DEFERRED TAX LIABILITIES |
2.062 |
1.984 |
0.000 |
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REVALUATION RESERVE |
0.000 |
0.000 |
4.389 |
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TOTAL |
24.011 |
23.971 |
27.045 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
13.855 |
13.293 |
14.478 |
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Capital work-in-progress |
0.000 |
0.000 |
0.000 |
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INVESTMENT |
0.134 |
0.134 |
2.690 |
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DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
8.094
|
6.851 |
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Sundry Debtors |
3.143
|
3.528 |
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Cash & Bank Balances |
2.554
|
2.066 |
11.942 |
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Other Current Assets |
0.000
|
0.000 |
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Loans & Advances |
3.405
|
2.133 |
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Total
Current Assets |
17.196
|
14.578 |
11.942 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
7.174
|
4.034 |
2.915 |
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Provisions |
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Total
Current Liabilities |
7.174
|
4.034 |
2.915 |
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Net Current Assets |
10.022
|
10.544 |
9.027 |
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MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.850 |
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TOTAL |
24.011 |
23.971 |
27.045 |
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PROFIT & LOSS
ACCOUNT
|
PARTICULARS |
|
31.03.2005 |
31.03.2004 |
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Sales Turnover (including other income) |
|
32.091 |
31.504 |
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Total Income |
|
32.091 |
31.504 |
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Profit/(Loss) Before Tax |
|
1.086 |
2.589 |
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Provision for Taxation |
|
0.418 |
0.948 |
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Profit/(Loss) After Tax |
|
0.668 |
1.641 |
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Expenditures : |
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Interest |
|
0.481 |
0.513 |
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Depreciation & Amortization |
|
0.944 |
0.767 |
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Other Expenditure |
|
31.004 |
28.914 |
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Total Expenditure |
|
32.429 |
30.194 |
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KEY RATIOS
|
PARTICULARS |
|
31.03.2005 |
31.03.2004 |
31.03.2003 |
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PAT / Total Income |
(%) |
2.08 |
5.20 |
NA |
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Net Profit Margin (PBT/Sales) |
(%) |
3.38 |
8.21 |
NA |
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Return on Total Assets (PBT/Total Assets} |
(%) |
3.49 |
9.28 |
NA |
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Return on Investment (ROI) (PBT/Networth) |
|
0.05 |
0.14 |
NA |
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Debt Equity Ratio (Total Liability/Networth) |
|
0.39
|
0.22 |
0.41 |
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Current Ratio (Current Asset/Current Liability) |
|
2.39
|
3.61 |
4.09 |
LOCAL AGENCY
FURTHER INFORMATION
FORM 8:-
|
Corporation identity number or foreign company registrations number of
the company |
U32305MH1988PTC046204 |
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Name of the company |
LIPAP SYSTEMS PRIVATE LIMITED |
|
Address |
A -213, Virwani Industrial Estate, Western Express
Highway, Goregaon (East), Mumbai – 400 063, Maharashtra |
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This Form is for |
Creation of charge |
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Type of Charges |
· Immovable property · Book debts · Movable property |
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Particular of the charge holder
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Bank of Baroda Address: BFS, BR, Mathru Ashish Building,
S V Road Kandivali (West), Mumbai – 400 067, Maharashtra |
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Nature or description of the instrument creating charge |
Supplemental composite agreement of hypothecation of goods, book
debts, movable machinery and vehicles, Supplemental Memorandum of entry
relating to extension of equitable mortgage by deposit of title deed by
constructive delivery dated -21.04.2007 |
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Date of the instrument creating charge |
21.04.2007 |
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Amount Secure by the charge |
Rs.12.700 millions |
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Brief of the principal terms and conditions and extent and operation
of the charge |
Rate
of interest: Cash credit: 5% Below prime lending rate. Terms
of repayment: On demand Margin: 25% On stock and book debts Extent
and operation of the charge: As per agreement |
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Short particulars of the property (including location of the property) |
Hypothecation of all stocks and book debts
and packing material and movable machinery and all stores and spares parts. Equitable mortgage of Flat No. A/213, area
1050 sq.fts on the 2nd Floor, Virwani Industrial Estate, Goregaon
(East), Mumbai – 400 063 Equitable mortgage of Flat No. 210, 2nd
Floor, Virwani Industrial Estate, Goregaon (East), Mumbai – 400 063 |
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Name of the
company |
LIPAP SYSTEMS PRIVATE LIMITED |
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Presented
By |
Bank of Baroda Address: BFS, BR, Mathru Ashish Building, S
V Road Kandivali (West), Mumbai – 400 067, Maharashtra |
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1) Date and
description of instrument creating the change |
Composit Hypothecation Agreement dated
12.01.2005 |
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2) Amount secured
by the charge/amount owing on the securities of charge |
Cash Credit (Stock) – Rs. 0.300 millions |
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3) Short
particular of the property charged. If the property acquired is subject to
charge, date of the acquired of the property should be given |
· All present and future goods, stock, raw material, semi finished and finished stocks as specified in agreement · All present and future book debts, outstanding, monies receivables, claims, bills, contracts engagement etc. as specified in agreement. · All tangible movable property machinery and plant and cranes, boats and crafts and the vehicles together with spares, tools and accessories and other movables, both present and future and the furniture and fittings and office equipments, etc as specified in the agreement. |
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4) Gist of the terms
and conditions and extent and operation of the charge. |
Margin security and rate of interest as
per bank rules |
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5) Name and
Address and description of the person entitled to the charge. |
Bank of Baroda Address: BFS, BR, Mathru Ashish Building,
S V Road Kandivali (West), Mumbai – 400 067, Maharashtra |
OTHER INFORMATION:
C-ZONE
No.1229 / 27, I Floor, 5th Main Road, Opp. K.E.B. Office, Ganganagar, Bangalore
- 560 032.
Tel: 91-80 - 57604357
Cell: 9886981207
MELGIRI
ENTERPRISES
No.62.B, 10th A Cross, 9th Main 1st Block, Rajajinagar, Bangalore - 560 010.
Tel No: 91-22-23522886
ANAND PRABHA
AGENCY
XC/6, Khararel Nagar, Unit III, (Behind Exhibition Ground), Bhubaneswar - 751
015.
Tel No:91-674-2403572
P. M. KUTTY
Palayam Road, Calicut - 673 001.
Tel No: 91-495- 2700701
SANGHVI SALES
CORPORATION
Bafna Complex (1st Floor), No. 35, Strotten Muthia Mudaliar Street, Chennai
- 79.
Tel No: 91-44- 25369304
C.G. BAGMAR
ENTERPRISES
Post Box No, 65, M.Circle, Bagmar, Gadag - 582 101.
Tel no: 91-22-538759 / 317770
MCCOY / MR. SUNIL
Kr. SARAF
58, S.R.C.B Road, Guwahati - 781 001.
Tel No: 91- 361 2523054 /
2546438
Fax No: 91-361 2730011
Cell: 91-9435102442
DIVYA STATIONERS
D.No. 5-3-505 Topkhana Road. Osmangunj, Hyderabad - 500 012.
Tel No:91-22-2473 3432
MR. VIJAY SINGH
B-16, Shiv Marg, Bani Park, Jaipu.
Tel No: 91-9414057522
EFFICIENT INFOCOMM
1st Flr.,Casa Granta (Opp.TVS), Desabhimani, Kaloor, Kochi - 682 017
Tel No: 91-484-2346976
MAHAVIR
ENTERPRISES
Chittoor Road, Pullepady Junction, Ernakulam, Kochi - 682 035.
Tel: 91-484-2353855
Fax: 91-484-237124
BMG TRADE (P) LTD.
19, Pollode Street, 1st Floor, Kolkata
Tel No: 91-22-2235/1681
CONTEMPORARY
EQUIPMENT & ENTRP.
"Shangrilla", 1st Floor, 119A, Muzffar Ahmed Street, Kolkata -
700 016.
Tel No:91-22-178093
LION STATIONERS
63 Radha Bazar Street, Kolkata-700 001.
Tel No:91-22421295 / 22109266
MANIK INFORMATIONS
SERVICES
685, Kerhab Chandrea, Sen Street, Kolkata-700 009.
Tel no: 91-22-23516301 / 2354
SCHOOL BOOK
COMPANY
H.O. Car Street, Mangalore - 575 001.
Tel No: 91-22-824 2496921
AALOK & CO.
N-35, Laxmi Industrial Estate, New Link Road, Andheri (West), Mumbai - 400
053.
Tel No: 91-56960604 /5696080
CONCORD
INTERNATIONAL
12, Printing House, 1st Flr, 28 D Police Court Lane, Behind Old Handloom
House, Fort, Mumbai - 400 001.
Tel No: 91-56366048 / 22617310
COMMIX AGENCIES
8,271, Dordi House, Tardia, Navasri - 396 445.
Tel: 02637 250862
Fax: 02637 243866
G.R.MARKETING
3, Surabhi Classic, Mehunpura Corner, 507, Shaniwar Peth, Pune - 411 030.
4451735 / 93811
MULTIZONE
2nd Floor, Above Calcutta Furniture, Main Road,Hinoo, Ranchi - 834 002.
Tel No: 91-2316171 / 2508600
ALLIED AGENCIES
Ullashkar, Dutta Sarani, Cachar, Silchar - 788 004.
Tel: 03842 245908
Fax: 03842 234541
DELTA AGENCIES
28,Shrenik Park Row Houses, Nr. Patel Prakash Soc., Behind Navyug College,
Rander Road, Surat - 395 003.
Tel No:91-261-2776566
SRI SAI DHARNEE
ENTERPRISES
341, New Street, Tirupathi - 517 501.
Tel No: 91-877-2226812
VX ASSOCIATES
XXX/141,Tiruvambady Road, Punkunnam (East), Trichur - 680 002.
Tel No:91-487-2386941
SAVI ENTERPRISES
69, Sitaram Super Market, Chhani Road, Chhani, Vadodara.
Tel no:91-265-5521065
NEELGAGAN
STATIONERS
26-1-53, Bowdara Road, Nr.Poorna Market, Vishakhapatnam.
Tel No: 91-22-256649
WEBSITE DETAILS:
Company Profile
Subject commenced manufacturing operations in 1991-92 at their modern plant in Mumbai (Bombay). Amongst the first products manufactured were Electronic Typewriter and Printer Ribbons. Strong focus on quality, coupled with the latest product machines from USA and Germany, enabled the company to become the preferred supplier to most OEM's in India.
From Impact to Non-impact was the next logical step. Subject has successfully
met this challenge and now offers a complete range of INK-JET Refill Kits,
compatible Cartridges and THERMAL TRANSFER RIBBONS in their brand PICA.
Subject has now forayed into the Laser segment and launched a series of
Recycled Laser Toner cartridges for all the popular models to successfully
service the diverse printing needs of its customers.
Quality – a word commonly used, has many different meanings.
To a manufacturer it may mean making a technically perfect product.
For the customer however, the only measure of quality is how well the product satisfies his needs.
Achieving the right balance is therefore, critical to a product’s success in the market place. At LIPAP, they recognize this and their products reflect their understanding. It is the reason for their longevity and continued success.
Infrastructure
Armed with over 16 years
of manufacturing experience, Lipap has been successful in setting up a
state-of-the-art manufacturing facility to deliver high quality products and
process customer orders quickly.
Machines include:
Inkjet Machines from S. M. Engineering, REM Automatic Ribbon Stuffers ,REM Ultrasonic Ribbon Welders ,IHLE Ribbon Inking Machines, Precision Film Slitters .
CMT REPORT
(Corruption, Money Laundering & Terrorism]
The Public Notice information has been collected from various sources
including but not limited to: The Courts, India Prisons Service,
Interpol, etc.
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.39.37 |
|
UK Pound |
1 |
Rs.80.82 |
|
Euro |
1 |
Rs.56.83 |
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 |
6 |
|
--PROFITABILIRY |
1~10 |
4 |
|
--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 |
Unfavourable & favourable factors carry similar weight in credit
consideration. Capability to overcome financial difficulties seems
comparatively below average/normal. |
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 |
|
NR |
In view of the lack of information, we have no basis upon which to
recommend credit dealings |
No Rating |
|