MIRA
INFORM REPORT
|
Report Date : |
16.01.2008 |
IDENTIFICATION
DETAILS
|
Name : |
CIP MACHINERIES PRIVATE LIMITED |
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Registered Office : |
1903 Phase IV, Opp Mardia Steel Unit No.3, GIDC, Vatva, Ahmedabad –
382445, Gujarat |
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Country : |
India |
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Financials (as on) : |
31.03.2006 |
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Date of Incorporation : |
04.01.1994 |
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Com. Reg. No.: |
04 -21001 |
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CIN No.: [Company
Identification No.] |
U29199GJ1994PTC021001 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
AHMC00052D |
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PAN No.: [Permanent
Account No.] |
AAACC7718E |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
Manufacturer and Exporter of Pharmaceutical Machineries for making tables,
liquids and ointment. |
RATING &
COMMENTS
|
MIRA’s Rating : |
Ba |
|
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 47028 |
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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 a well – established and reputed company having satisfactory
track. Directors are reported as experienced and respectable businessmen.
Trade relations are fair. Business is active. Payments are reported as
usually correct and as per commitments. The company can be considered for business dealings at usual trade
terms and conditions. |
LOCATIONS
|
Registered Office/ Factory : |
1903 Phase IV, Opp Mardia Steel Unit No.3, GIDC, Vatva, Ahmedabad –
382445, Gujarat, India |
|
Tel. No.: |
91-79-25835341/25898802/-3-4-5 |
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Mobile No.: |
91-9825317750/9879767767 |
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Fax No.: |
91-79-2583534125898801 |
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E-Mail : |
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Website : |
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Mumbai Office : |
T-605, Gokul Garden, Thakur Complex, Opp. Sanskruti Kandiwali (East),
Mumbai, Maharashtra, Idnia |
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Fax No.: |
91-22-26742273 |
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Mobile No.: |
91-9820404578/9820285153 |
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E-Mail : |
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ERP Division Office : |
B/1 Manali Park, Judges Bunglow Road, B/s HP Company Petrol Pump, Near
Mother Dairy Road, Bodakdev, Ahmedabad - 380015 |
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Tel No.: |
91-79-55313637 |
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Mobile No.: |
91-9824079439/9824071782 |
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Email: |
DIRECTORS
|
Name : |
Mr. Dipak Amritlal Khambhyata |
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Designation : |
Managing Director |
|
Address : |
B-101, Surya Ketu Tower, Near Sambhav Press Bodakdev, Vastrapur
Ahmedabad – 380015, Gujarat, India |
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Date of Birth/Age : |
12.08.1968 |
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Date of Appointment : |
04.01.1994 |
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Name : |
Mr. Jayesh Amritlal Khambhyata |
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Designation : |
Whole Time Director |
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Address : |
2-Parth Bunglows, Opp. Baroda Express Highway, Jashoda Nagar,
Ahmedabad, Gujarat, India |
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Date of Birth/Age : |
08.09.1964 |
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Date of Appointment : |
04.01.1994 |
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Name : |
Mrs. Vibha Dipak Khambhyata |
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Designation : |
Director |
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Address : |
B-101, Surya Ketu Tower, Near Sambhav Press Bodakdev, Vastrapur
Ahmedabad – 380015, Gujarat, India |
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Date of Birth/Age : |
19.07.1971 |
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Date of Appointment : |
29.09.1998 |
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Name : |
Mrs. Smita Jayesh Khambhyata |
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Designation : |
Director |
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Address : |
2-Parih Bunglows, Opp. Baroda Express Highway, Jashoda Nagar,
Ahmedabad, Gujarat, India |
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Date of Birth/Age : |
12.11.1967 |
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Date of Appointment : |
29.09.1998 |
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Name : |
Mr. Amrutlal Nanalal Khambhyata |
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Designation : |
Director |
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Name : |
Mrs. Smita Ankur Patel |
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Designation : |
Director |
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Name : |
Mr. Ankurbhai Patel |
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Designation : |
Additional Director |
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Address : |
A/3, AALJ-19, Homes, B/H, Shyam Vihar, Thaltej-Shilaj Road, Thaltej,
Ahmedabad – 3800054, Gujarat, India |
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Date of Birth/Age : |
24.03.1982 |
|
Date of Appointment : |
01.07.2006 |
KEY EXECUTIVES
|
Name : |
M P Mehta and Company |
|
Designation : |
Company Secretary |
MAJOR SHAREHOLDERS
/ SHAREHOLDING PATTERN
|
Names of Shareholders |
|
No. of Shares |
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|
Mr. Dipak Amritlal Khambhyata |
|
80000 |
|
Mr. Jayesh Amritlal Khambhyata |
|
91500 |
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Mrs. Vibha Dipak Khambhyata |
|
32000 |
|
Mrs. Smita Jayesh Khambhyata |
|
35000 |
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Mr. Amrutlal Nanalal Khambhyata |
|
11500 |
|
Aims Enterprises |
|
50000 |
|
Mrs. Milan Shah |
|
50000 |
|
Ashish Enterprises |
|
10000 |
|
Mr. Paresh J. Shah |
|
10000 |
|
Kohinoor Enterprises |
|
40000 |
|
Deep Industries |
|
20000 |
|
U K Engineering Work |
|
20000 |
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|
|
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Total |
|
450000 |
|
|
|
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Category |
|
Percentage |
|
|
|
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Directors or relatives of directors |
|
66.64 |
|
Other top Fifty (50) Shareholders (Other than listed above) |
|
33.36 |
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|
|
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Total |
|
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer and Exporter of Pharmaceutical Machineries for making tables,
liquids and ointment. |
|
|
|
|
Products : |
·
Mega – Roll Compactor (200/50,200/75,200/100) ·
Mega – Roll Compactor (200150,200/200) ·
Oscillating Granulator (Horizontal Types) ·
CIP Comminuting Mil (Plant and Water Jacketed) ·
Multi Mill (Standard and CGMP) ·
High Speed Sifter 20 ·
High Speed Sifter 30 ·
Heavy Duty Rotary Slugging Tableting (CIP3-12/CIP3H-12) ·
Heavy Duty Rotary Tableting (16/20/23 Stn.) ·
Double Sided Rotary Tableting
(27-D/27-B/35/41/45 stn.) ·
Magnum Press (20/27/33 stn) ·
Magnum Press I (27/35/45 stn) ·
Magnum Press II (29/35/37/45/47stn) ·
Magnum Press IV (37-45-55-61 stn) ·
Magnum Press V (45/55/69/75 stn) ·
Dust Extractor ·
CIP De-Burring and De-Dusting ·
Micro Dies and Punches ·
CIPWEKA – Multi Purpose R and D Equipments ·
R and D Roll Compactor ·
R and D Table Press ·
R and D Table Press II ·
R and D Granulator ·
R and D Comminuting Mill ·
R and D Multi Mill ·
R and D Sifter ·
R and D Colloid Mill ·
Homo Colloid Mill ·
Ultra – Labelling (Semi Automatic – CIP 40) ·
Mass Mixer (Capacity : 50/100/150/200 kgs) ·
Table Counting (Disk Type) ·
CIP Triple Roller Mill ·
Coating Machine (Size : 12/18/30/36/42/48/60/72) ·
Table Hardness Tester |
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Exports : |
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Products : |
All Products |
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Countries : |
·
US ·
Europe |
GENERAL
INFORMATION
|
Bankers : |
·
Dena Bank Amraiwadi Branch,
Ahmedabad – 380026 ·
Syndicate
Bank Maninagar Branch,
Ahmedabad – 380008 |
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Facilities : |
- |
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Banking
Relations : |
Satisfactory |
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Auditors : |
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|
Name : |
Vikram S. Mathur and Company Chartered Accountants |
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Address : |
B-306, Suyash Appartments, Opposite Gurukul, Drive in Road, Ahmedabad
– 380052, Gujarat, India |
CAPITAL STRUCTURE
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
300000 |
Equity shares |
Rs.10/- each |
Rs.3.000 Millions |
|
200000 |
Preference shares |
Rs.10/- each |
Rs.2.000 Millions |
|
|
|
|
|
|
|
Total |
|
Rs.5.000
Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
300000 |
Equity shares |
Rs.10/- each |
Rs.3.000 Millions |
|
200000 |
Preference shares |
Rs.10/- each |
Rs.2.000 Millions |
|
|
|
|
|
|
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Total |
|
Rs.5.000 Millions |
FINANCIAL DATA
[all figures are in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
|
31.03.2006 |
31.03.2005 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
|
5.000 |
4.500 |
|
|
2] Share Application Money |
|
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
|
6.757 |
5.808 |
|
|
4] (Accumulated Losses) |
|
0.000 |
0.000 |
|
|
NETWORTH |
|
11.757 |
10.308 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
|
20.952 |
19.254 |
|
|
2] Unsecured Loans |
|
9.802 |
9.618 |
|
|
TOTAL BORROWING |
|
30.754 |
28.872 |
|
|
DEFERRED TAX LIABILITIES |
|
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
|
42.511 |
39.180 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
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FIXED ASSETS [Net Block] |
|
19.260 |
14.681 |
|
|
Capital work-in-progress |
|
0.000 |
0.000 |
|
|
|
|
|
|
|
|
INVESTMENT |
|
0.000 |
0.000 |
|
|
DEFERREX TAX ASSETS |
|
0.000 |
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
|
40.843 |
28.937 |
|
|
Sundry Debtors |
|
10.593 |
7.187 |
|
|
Cash & Bank Balances |
|
2.401 |
2.330 |
|
|
Other Current Assets |
|
0.000 |
0.000 |
|
|
Loans & Advances |
|
1.964 |
7.209 |
|
Total
Current Assets |
|
55.801 |
45.663 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Current Liabilities |
|
33.313 |
20.543 |
|
|
Provisions |
|
0.691 |
1.374 |
|
Total
Current Liabilities |
|
34.004 |
21.917 |
|
|
Net Current Assets |
|
21.797 |
23.746 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
|
1.454 |
0.753 |
|
|
|
|
|
|
|
|
TOTAL |
|
42.511 |
39.180 |
|
PROFIT & LOSS
ACCOUNT
|
PARTICULARS |
|
31.03.2006 |
31.03.2005 |
|
|
Sales Turnover |
|
101.614 |
93.752 |
|
|
Other Income |
|
0.000 |
0.000 |
|
|
Total Income |
|
101.614 |
93.752 |
|
|
|
|
|
|
|
|
Profit/(Loss) Before Tax |
|
1.191 |
1.269 |
|
|
Provision for Taxation |
|
0.241 |
0.365 |
|
|
Profit/(Loss) After Tax |
|
0.950 |
0.904 |
|
|
|
|
|
|
|
|
Export Value |
|
N.A. |
N.A. |
|
|
|
|
|
|
|
|
Import Value |
|
N.A. |
N.A. |
|
|
|
|
|
|
|
|
Expenditures : |
|
|
|
|
|
|
Interest |
|
0.000 |
0.000 |
|
|
Insurance Expenses |
|
4.125 |
3.229 |
|
|
Financial Charges |
|
2.799 |
2.013 |
|
|
Depreciation & Amortization |
|
1.326 |
1.216 |
|
|
Other Expenditure |
|
92.173 |
86.025 |
|
Total Expenditure |
|
100.423 |
92.483 |
|
KEY RATIOS
|
PARTICULARS |
|
|
31.03.2006 |
31.03.2005 |
|
PAT / Total Income |
(%) |
|
0.93 |
0.96 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
|
1.17 |
1.35 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
|
1.59 |
2.10 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
|
0.10 |
0.12 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
|
5.51 |
4.93 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
|
1.64 |
2.08 |
LOCAL AGENCY FURTHER
INFORMATION
Form 8 :
|
Name of the company |
CIP MACHINERIES
PRIVATE LIMITED |
|
Presented By |
Mr. Jayeshbhai
Khambhayata (Technical Director) |
|
1) Date and description of instrument creating the change |
The Agreement is
dated of 6th September, 2005, and is a guarantee agreement. |
|
2) Amount secured by the charge/amount owing on the securities of charge |
Rs.1.840 Millions
|
|
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 |
Not Applicable |
|
4) Gist of the terms and conditions and extent and operation of the charge. |
Corporate
Guarantee to cover borrowings taken by M/s Cemach Machineries. Mrs. Smita
Khambhayata to the tune of Rs.1.840 Millions |
|
5) Name and Address and description of the person entitled to the charge. |
Syndicate Bank Maninagar Branch,
Ahmedabad – 380008 |
|
6) Date and brief description of instrument modifying the charge |
Not Applicable |
|
7) Particulars of modifications specifying the terms and conditions or the extent of operations of the charge in which modification is made and the details of the modification. |
Not Applicable |
|
Name of the company |
CIP MACHINERIES
PRIVATE LIMITED |
|
Presented By |
Mr. Dipak
Amrutlal Khambhayata Director |
|
1) Date and description of instrument creating the change |
Memorandum of Entry
dated 07.01.1999 executed by CIP MACHINERIES PRIVATE LIMITED (Company) in
favour copy enclosed. |
|
2) Amount secured by the charge/amount owing on the securities of charge |
Rs.6.962 Millions
|
|
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 |
Company Immovable
property bearing plot No.1903 Admeasuring 2100 sq. mtrs. in Vatwa Industrial
Estate, Situated lying and being at village : vinzol, Taluka dascroi, in the
Registrations District of Ahmedabad and Sud. District of Ahmedabad – 5
(Narol) |
|
4) Gist of the terms and conditions and extent and operation of the charge. |
Equitable
Mortgage of Immovable property described in column No.3, herein above is equitable
Mortgage and charged to the Bank for its Cash Credit
Hypothecation of Stocks for Rs.2.500 Millions Cash Credit
Hypothecation Book debts For Rs.1.300 Million Term Loan against
Machineries for Rs.1.601 Million Term Loan against
Land and Building for Rs.1.500 Million Deferred payment
Guarantee Rs.0.061 Million (Run down Balance) Total Agreegating to Rs.6.962
Millions |
|
5) Name and Address and description of the person entitled to the charge. |
Dena Bank Amraiwadi Branch,
Ahmedabad - 380026 |
|
6) Date and brief description of instrument modifying the charge |
Not Applicable |
|
7) Particulars of modifications specifying the terms and conditions or the extent of operations of the charge in which modification is made and the details of the modification. |
Not Applicable |
Website details :
·
Roots :
Since the humble beginning the company has profoundly grown
in the span of time and has successfully created CIP image . Mr. Amrutlal Khambhayata
chairman and managing director and Mrs. Vibha Dipak Khambhayata joint managing
director, are managing the company affairs by giving correct direction and
guidance to the team members. Today, Subject is a leading name in both Indian
and international market as its products are preferred again and again by its
clients. Pharmaceutical machineries provided by subject are of consistent
quality and are a best example of engineering excellence. subject has an entire
range of machines for making tablets, liquids and ointment to cater to the
requirements of a small pharmaceutical company to the large multinational
company. "They matter that is why theye xist" suits best for them.
·
Quality
Subject Machineries has become the first pharmaceutical
machinery manufacturing company in India to achieve the ISO-9002 standard which
has been certified by the SGS, Europe on an entire section basis. Their
products speak about the quality. Achieving this standard is a step towards the
systematic and documented work culture in this organization. In the era of
globalization where quality is must and foremost, Subject is stands out from
the rest.
·
Safety
The European commission refers to the CE Marking of products as a
"passport" which can allow a manufacturer to freely circulate their
products within the European marketplace. The marking applies only to products
regulated by the European Commissions health, safety and environmental
protection legislation (product directives) but this is estimated to include
more than 50% of the goods currently exported from the U.S. to Europe. All
other consumer products are subject to the requirements of the General Product
Safety Directive 92/59/EC, which does not require the CE-mark.
The actual CE Marking is the letters "CE" which a manufacturer
affixes to certain products for access to the European market (consisting of 18
countries and also referred to as the European Economic Area or EEA). The
letters "CE' are an abbreviation of a French phrase "Conformite
Europeene". The marking indicates that the manufacturer has conformed with
all the obligations required by the legislation. Initially, the phrase was
"CE Mark": however, "CE Marking" was legislated as its
replacement in 1993.
·
The Global Reach
With the advent of many new developments in the field over
the time, the company has not only proved to be an unchallenged import
substitute to the domestic market, but has also established itself as an
excellent brand image in several developed and developing countries across the
globe.
Cipsoft ERP can automate all the functional areas of the
organization. It comprises of the following modules.
·
Sales
·
Purchase
·
Inventory
·
Finance
·
Costing
·
Human Resources and Payroll
·
Production Planning
·
Production
·
Equipment Maintenance
·
Executive Information System
·
System Administration
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.39.27 |
|
UK Pound |
1 |
Rs.76.88 |
|
Euro |
1 |
Rs.58.40 |
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 |
YES |
|
--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. |
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 |
|