MIRA
INFORM REPORT
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Report Date : |
14.11.2008 |
IDENTIFICATION
DETAILS
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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) : |
31.03.2007 |
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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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IEC No.: |
0389034711 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
MUML02128A |
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PAN No.: [Permanent
Account No.] |
AAACL0121A |
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Legal Form : |
Private limited liability company |
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Line of Business : |
Manufacturer, Exporter and Importer 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 90730 |
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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. 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. |
INFORMATION PARTED
BY
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Name : |
Mr. Varun Khandelwal |
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Designation : |
Director |
LOCATIONS
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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/ 28743457/ 28759382 |
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Fax No.: |
91-22-28743716 / 28743916 |
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E-Mail : |
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Website : |
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Area : |
2000 sq ft |
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Location : |
Owned |
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Factories : |
Located at
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Area : |
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Location : |
Rented |
DIRECTORS
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Name : |
Mr. Prakash Khandelwal |
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Designation : |
Retired Director |
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Address : |
Hem Nivas, 87, S V road, Kandivali (West), Mumbai – 400 067,
Maharashtra, India. |
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Date of Birth : |
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 : |
Retired Director |
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Address : |
Hem Nivas, 87, S V road, Kandivali (West), Mumbai – 400 067,
Maharashtra, India. |
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Date of Birth : |
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 |
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Age : |
32 Years |
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Qualification : |
M.B.A. |
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Name : |
Mr. Praveen Khandelwal |
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Designation : |
Director |
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Address : |
Hem Nivas, 87, S V road, Kandivali (West), Mumbai – 400 067,
Maharashtra, India. |
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Date of Birth : |
10.03.1955 |
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Qualification : |
B.Com |
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Date of Appointment : |
12.02.1988 |
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 : |
10.03.1955 |
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Date of Appointment : |
12.02.1988 |
MAJOR SHAREHOLDERS
/ SHAREHOLDING PATTERN
As on 29.09.2005
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Names of Shareholders |
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No. of Shares |
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Mr. Praveen Loknath KhandelwaL |
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300600 |
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Mr. Prakash Loknath Khandelwal |
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114000 |
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Mr. Hemraj LoknathKhandelwal |
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59900 |
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Total |
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474500 |
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Equity Share
Break-up (as on 29.09.2007) |
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Percentage of
Holding |
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Directors or relatives of directors |
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100 |
BUSINESS DETAILS
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Line of Business : |
Manufacturer, Exporter and Importer of Printers Consumables |
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Products : |
· Computer Ribbons · Typewriter Ribbons · Electronic Typewriter Ribbons · Thermal transfer Ribbons · Correction Tapes · Ribbon Cassettes · Pan Cakes |
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Exports : |
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Countries : |
South Africa |
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Imports : |
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Countries : |
Germany, Korea |
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Terms : |
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Selling : |
L/C and T/T |
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Purchasing : |
L/C |
GENERAL
INFORMATION
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Customers : |
Wholesalers and Retailers |
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No. of Employees : |
55 |
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Bankers : |
Bank of Baroda Address: BFS, BR,
Mathru Ashish Building, S V Road Kandivali (West), Mumbai – 400 067,
Maharashtra, India. |
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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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Address : |
3, Suresh Sadan, Daulat Nagar, Road No. 4, Borivali (East), Mumbai –
400 066, Maharashtra, India. |
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Associates/Subsidiaries : |
Nil |
CAPITAL STRUCTURE
Authorised Capital :
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No. of Shares |
Type |
Value |
Amount |
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3000000 |
Equity shares |
Rs.10/- each |
Rs.30.000 millions |
Issued, Subscribed & Paid-up Capital :
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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
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SOURCES OF FUNDS |
31.03.2007 |
31.03.2006 |
31.03.2005 |
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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 |
11.471 |
11.739 |
11.501 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
18.146 |
18.414 |
18.176 |
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LOAN FUNDS |
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1] Secured Loans |
15.616 |
10.327 |
4.257 |
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2] Unsecured Loans |
1.519 |
0.000 |
0.000 |
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TOTAL BORROWING |
17.135 |
10.327 |
4.257 |
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DEFERRED TAX LIABILITIES |
1.734 |
1.905 |
2.062 |
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TOTAL |
37.015 |
30.646 |
24.495 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
14.956 |
14.739 |
13.854 |
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Capital work-in-progress |
0.000 |
0.000 |
0.000 |
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INVESTMENT |
0.134 |
0.134 |
0.134 |
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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 |
17.070
|
12.171 |
8.095
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Sundry Debtors |
5.569
|
4.208 |
3.144
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Cash & Bank Balances |
1.636
|
1.435 |
2.555
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Other Current Assets |
0.000
|
0.000 |
0.000
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Loans & Advances |
5.087
|
5.014 |
3.404
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Total
Current Assets |
29.362
|
22.828 |
17.198 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
4.537
|
4.255 |
4.471 |
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Provisions |
2.900
|
2.800 |
2.220 |
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Total
Current Liabilities |
7.437
|
7.055 |
6.691 |
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Net Current Assets |
21.925
|
15.773 |
10.507 |
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MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
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TOTAL |
37.015 |
30.646 |
24.495 |
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PROFIT & LOSS ACCOUNT
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PARTICULARS |
31.03.2007 |
31.03.2006 |
31.03.2005 |
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Sales Turnover (including other income) |
50.073 |
31.811 |
32.091 |
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Total Income |
50.073 |
31.811 |
32.091 |
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Profit/(Loss) Before Tax |
0.224 |
1.027 |
1.086 |
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Provision for Taxation |
-- |
-- |
0.418 |
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Profit/(Loss) After Tax |
0.224 |
1.027 |
0.668 |
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Expenditures : |
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Interest |
14.004 |
0.619 |
0.481 |
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Depreciation & Amortization |
1.280 |
1.052 |
0.944 |
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Other Expenditure |
34.565 |
29.113 |
29.580 |
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Total Expenditure |
49.849 |
30.784 |
31.005 |
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KEY RATIOS
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PARTICULARS |
|
31.03.2007 |
31.03.2006 |
31.03.2005 |
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PAT / Total Income |
(%) |
0.45 |
3.23 |
2.08 |
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Net Profit Margin (PBT/Sales) |
(%) |
0.45 |
3.23 |
3.38 |
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Return on Total Assets (PBT/Total Assets} |
(%) |
0.50 |
2.72 |
3.48 |
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Return on Investment (ROI) (PBT/Networth) |
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0.01 |
0.06 |
0.06 |
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Debt Equity Ratio (Total Liability/Networth) |
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1.35
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0.94 |
0.60
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Current Ratio (Current Asset/Current Liability) |
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3.95
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3.24 |
2.57
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LOCAL AGENCY
FURTHER INFORMATION
FORM 8:-
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This form is for |
Creation of charge |
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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, India. E-Mail: intmum@bankofbaroda.com |
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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 |
TRADE REFERENCES:
- TATA
- CROMA
- Godrej
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.
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 .
PRESS RELEASE
Lipap Systems Set to
Go the Laser Way
By Shivangi Thakore, Harsh Nadkarni
Mumbai, Sep 17, 2005
Mumbai-based
Lipap Systems, a manufacturer of printer consumables, is all set to launch
laser toner cartridges in October. The company manufactures inkjet printer
consumables under its brand name Pica and this is the first time that it is
venturing into laser cartridges.
Speaking about the same, Praveen Khandelwal,
director of Lipap Systems, said, "The laser cartridges will be launched
with HP and Samsung models, while talks are in process with other companies
also. These new laser cartridge cost would vary from Rs.0.003 million for
black-and-white cartridges to Rs 0.013 million for color cartridges."
"The cartridges will be rebuilt from
used laser toner cartridges. While manufacturing the laser cartridges, old and
worn-out parts of the old cartridges like OPC drum are changed and a fresh new
toner is filled so that the cartridge prints like a new one," he added.
Khandelwal claims that the recycled laser
toners will save up to 30 to 40 percent cost over price of a new cartridge to
the end-users. The ink for the cartridge will be imported from German company
OCP GmbH. The cartridges could be used for printers like Citizen, Epson,
Fujitsu, IBM, Tally, Okidata, Panasonic, Printronics, Seikosha, and Star.
For the laser cartridges, the company plans
to target users all over India. Apart from Mumbai, tt has a branch office in
Jaipur and intends to open one in Delhi in six to eight months' time.
"Laser cartridges are improvements over
impact cartridge printers. The examples of impact printers are dot-matrix
printers where an impact is made on ink carrier to make impression on paper.
Such printers are hardly in use nowadays and are only used for billing purposes
in offices," Khandelwal said.
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.48.79 |
|
UK Pound |
1 |
Rs.75.41 |
|
Euro |
1 |
Rs.61.48 |
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 |
|