MIRA
INFORM REPORT
|
Report Date : |
14.10.2008 |
IDENTIFICATION
DETAILS
|
Name : |
CHIRIPAL INDUSTRIES LIMITED |
|
|
|
|
Formerly Known As : |
CHIRIPAL PETROCHEMICALS LIMITED |
|
|
|
|
Registered Office : |
Survey No.199, 200/1 and 200/2 Saijpur Gopalpur Pirana Road, Piplej,
Ahmedabad – 382405, Gujarat |
|
|
|
|
Country : |
India |
|
|
|
|
Financials (as on) : |
31.03.2007 |
|
|
|
|
Date of Incorporation : |
27.04.1988 |
|
|
|
|
Com. Reg. No.: |
010634 |
|
|
|
|
CIN No.: [Company
Identification No.] |
U17110GJ1988PLC010634 |
|
|
|
|
TAN No.: [Tax
Deduction & Collection Account No.] |
AHMC00373C |
|
|
|
|
PAN No.: [Permanent
Account No.] |
AAACC8513B |
|
|
|
|
Legal Form : |
A Public Limited Liability Company. The Company’s Shares are Listed on
the Stock Exchanges |
|
|
|
|
Line of Business : |
Manufacturer of Yarns. |
RATING &
COMMENTS
|
MIRA’s Rating : |
A |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
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 |
|
Maximum Credit Limit : |
USD 5500000 |
|
|
|
|
Status : |
Good |
|
|
|
|
Payment Behaviour : |
Regular |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Subject is a well –established and reputed company and a part of
Chiripal Group. Trade relations are fair. Business is active. Payments are reported
as usually made as per commitments. The company can be considered good for normal business. |
LOCATIONS
|
Registered Office/ Factory : |
Survey No.199, 200/1 and 200/2 Saijpur Gopalpur Pirana Road, Piplej, Ahmedabad
– 382405, Gujarat, India |
|
Tel. No.: |
91-79-25710231 |
|
Mobile No.: |
91-9825400725/ 9879105165 |
|
Fax No.: |
91-79-25711755 |
|
E-Mail : |
|
|
Website : |
|
|
|
|
|
Corporate Office : |
1st Floor, Bombay Shopping Centre, Race Course Road, Vadodara
– 390005, Gujarat, India |
|
|
|
|
Factory : |
Saijpur-Gopalpur, Pirana road, Piplej, Ahmedabad - 382405,
Gujarat, India |
|
Tel. No.: |
91-79-25714568/ 1655/ 0886 |
|
Fax No.: |
91-79-25714569 |
|
Email : |
|
|
|
|
|
Mumbai Office : |
109-110, Peninsula Center, Dr. S. S. Rao Road, Lower
Parel, Mumbai - 400012. |
|
Tel. No.: |
91 - 22 - 56604123 |
|
Fax No.: |
91 - 22 - 56604124 |
|
Email : |
DIRECTORS
|
Name : |
Mr. Vedprakash Chiripal |
|
Designation : |
Chairman |
|
|
|
|
Name : |
Mr. Jaiprakash Chiripal |
|
Designation : |
Whole Time Director |
|
|
|
|
Name : |
Mr. Rajesh Bindal |
|
Designation : |
Executive Director |
|
|
|
|
Name : |
Mr. Jyotiprasad Chiripal |
|
Designation : |
Director |
|
|
|
|
Name : |
Mr. Ambalal C. Patel |
|
Designation : |
Director |
|
|
|
|
Name : |
Mr. Jawaharlal Goel |
|
Designation : |
Director |
|
|
|
|
Name : |
Mr. Samar Mohapatra |
|
Designation : |
Director |
|
|
|
|
Name : |
Mrs. Nita Chowdhary |
|
Designation : |
Director |
KEY EXECUTIVES
|
Name : |
Mr. Sandip Mistry |
|
Designation : |
Company Secretary |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer of Yarns. |
|
|
|
|
Products : |
|
GENERAL
INFORMATION
|
Bankers : |
Not Available |
|
Banking
Relations : |
- |
|
|
|
|
Auditors : |
|
|
Name : |
Nahta Jain and Associates Chartered Accountant |
|
|
|
|
Group Companies : |
|
CAPITAL STRUCTURE
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
50000000 |
Equity Shares |
Rs.10/- each |
Rs.500.000 Millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
20733300 |
Equity Shares |
Rs.10/- each |
Rs.207.333
Millions |
|
|
|
|
|
FINANCIAL DATA
[all figures are in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2007 |
31.03.2006 |
31.03.2005 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
207.300 |
138.200 |
96.200 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
898.000 |
763.700 |
323.800 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
|
NETWORTH |
1105.300 |
901.900 |
420.000 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
1348.800 |
1022.700 |
528.600 |
|
|
2] Unsecured Loans |
553.300 |
580.300 |
323.600 |
|
|
TOTAL BORROWING |
1902.100 |
1603.000 |
852.200 |
|
|
DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
3007.400 |
2504.900 |
1272.200 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
2219.900 |
1707.600 |
818.600 |
|
|
Capital work-in-progress |
10.600 |
36.800 |
172.500 |
|
|
|
|
|
|
|
|
INVESTMENT |
136.600 |
117.300 |
91.800 |
|
|
DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
523.300
|
319.700 |
232.400 |
|
|
Sundry Debtors |
618.000
|
527.800 |
226.000 |
|
|
Cash & Bank Balances |
78.600
|
89.100 |
70.700 |
|
|
Other Current Assets |
0.000
|
0.000 |
0.000 |
|
|
Loans & Advances |
276.100
|
202.900 |
130.900 |
|
Total
Current Assets |
1496.000
|
1139.500 |
660.000 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Current Liabilities |
863.500
|
501.900 |
480.200 |
|
|
Provisions |
0.000
|
0.000 |
0.000 |
|
Total
Current Liabilities |
863.500
|
501.900 |
480.200 |
|
|
Net Current Assets |
632.500
|
637.600 |
179.800 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
7.800 |
5.600 |
9.500 |
|
|
|
|
|
|
|
|
TOTAL |
3007.400 |
2504.900 |
1272.200 |
|
PROFIT & LOSS
ACCOUNT
|
PARTICULARS |
31.03.2007 |
31.03.2006 |
31.03.2005 |
|
|
Sales Turnover |
3818.700 |
3431.900 |
1604.200 |
|
|
Other Income |
19.700 |
20.300 |
37.500 |
|
|
Total Income |
3838.400 |
3452.200 |
1641.700 |
|
|
|
|
|
|
|
|
Profit/(Loss) Before Tax |
263.300 |
279.200 |
109.700 |
|
|
Provision for Taxation |
59.800 |
66.300 |
47.800 |
|
|
Profit/(Loss) After Tax |
203.500 |
212.900 |
61.900 |
|
|
|
|
|
|
|
|
Expenditures : |
|
|
|
|
|
|
Raw Material |
2511.000 |
2364.800 |
949.300 |
|
|
Manufacturing Expenses |
636.900 |
520.900 |
422.500 |
|
|
Employees Cost |
137.400 |
88.000 |
68.100 |
|
|
Selling and Administrative Expenses |
151.200 |
118.100 |
60.300 |
|
|
Miscellaneous Expenses |
2.800 |
1.900 |
2.000 |
|
|
Interests and Financial Charges |
165.100 |
96.100 |
35.500 |
|
|
Depreciation & Amortization |
130.800 |
97.900 |
51.200 |
|
|
Increase/(Decrease) in Finished Goods |
(160.100) |
(114.700) |
(56.900) |
|
Total Expenditure |
3575.100 |
3173.000 |
1532.000 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2007 |
31.03.2006 |
31.03.2005 |
|
|
|
|
|
|
|
Debt-Equity Ratio |
|
1.75
|
1.86 |
1.72
|
|
Long Term Debt-Equity Shares |
|
1.77
|
2.04 |
2.03
|
|
Current Ratio |
|
1.83
|
1.75 |
1.45
|
|
TURNOVER RATIOS |
|
|
|
|
|
Fixed Assets |
|
1.80
|
2.42 |
1.96
|
|
Inventory |
|
9.06
|
12.43 |
10.61
|
|
Debtors |
|
6.67
|
9.11 |
9.00
|
|
Interests Cover Ratio |
|
2.59
|
3.91 |
4.09
|
|
Operating Profit Margin (%) |
|
14.64
|
13.79 |
12.24
|
|
Profit Before Interests and Tax Margin (%) |
|
11.22
|
10.94 |
9.05
|
|
Cash Profit Margin (%) |
|
8.75
|
9.06 |
7.05
|
|
Adjusted Net Profit Margin (%) |
|
5.33
|
6.20 |
3.86
|
|
Return On Capital Employed (%) |
|
15.58
|
19.95 |
14.77
|
|
Return On Net Worth (%) |
|
21.08
|
36.10 |
20.11
|
LOCAL AGENCY
FURTHER INFORMATION
Website
Details:
Profile:
Subject offers
integrated range of products ranging from POY - 50-250 denier and FDY - 50-150
denier. Their vast experience of operating to discreet customers worldwide in
meeting their requirements is beneficial to both the customer and the
manufacturer. The experience of providing timely delivery at cutting edge price
adds value to manufacturers products and adds competitive edge.
Chiripal Petrochemicals has envisioned new approach underlining the provision
of high value added services utilizing today's cutting edge technology,
strengthening marketing capabilities, and expanding the scope and services. The
reputation for safely delivering quality projects on time and on budget is well
recognized among their clients.
Driven by the goal of 'no accidents and
no damage to the environment', they aim for a healthy and productive environment free from
accident, injury or illness. Rigorous quality control checks by experienced
personnel ensure flawless quality. Success demands the highest standards of
responsibility. By ensuring their core values of technological empowerment,
innovation and sustainability, they will develop value for their shareholders,
the employees and the communities in which we operate. The commitment to social
responsibility is evident in the workplace opportunities they provide, their
focus on making that workplace healthy and safe.
Manufacturing
Facility
The state-of-the-art manufacturing facility has latest
imported machinery and technology for manufacturing yarns which include the ones
from TMT - Japan, Torey - Japan, Tejin - Korea, Shanghai Jewel - China. The
manufacture both standard industry items and unique materials for specialized
applications. All are known for superior quality and performance and are backed
by responsive sales and technical support for problem solving and assistance.
The manufacturing facilities are geared to producing thousand of items a day to
exacting specifications. The determining factor of their phenomenal growth is
their quest for constant development. Consistent to their philosophy they
intend to increase the current production capacities for manufacturing POY and
FDY.
Group Profile:
Established in the year 1972, Chiripal Group of Companies has established a strong
position as one of the leading integrated textile house manufacturing fibre to
fabrics under one roof in the country.
- The Group,
which had started with a few power looms in 1972, has evolved into one of
the most respected and leading integrated textile house of the country.
- The manufacturing
facilities at Chiripal Industries
Ltd. (Processing Unit) & Vishal Fabrics Pvt. Ltd., located at
Ahmedabad, are capable of handling a wide range of fabrics irrespective of
the count, construction or blend. This flexibility and complexity is one
of the key strengths. Various divisions like the Knitting, Polar Fleece,
and Flocking cater to needs of varied customer groups and applications
globally.
- The Group has
integrated facilities at Chiripal
Industries Ltd. (Petrochemical Unit), also located at Ahmedabad, to
manufacture partially oriented yarn (POY), ensuring the supply of raw
materials, required for the manufacturing various polyester fabrics,
in the desired quantity, quality and time.
- The group
laid foundations of a new unit - An ultra-modern 100% cotton & blended
bottomwear fabrics and the most modern & versatile denim manufacturing
project called Nandan Exim Limited in 2003. Nandan Exim Limited aims to
become a leading player in the industry, both, in India and overseas, by
manufacturing greige fabrics, khakhis and denims in one of the most
sophisticated weaving plants.
- The Group has
always focused on delivering the best of its products and services by
rigorous R&D, defined processes, stringent quality policies and
state-of-the-art technologies. These are backed by dedicated, experienced
and competent experts to ensure that the products / services delivered to
the customers are the best.
- With clear
focus and growth plans on the anvil, the Group is gearing itself to take
on the challenges.
Milestones:
Nandan Exim Limited Receives
an award by SRTEPC for 124% growth in exports.
Shri Shankarsinh Vaghela, Honorable Union Cabinet Minister
to Present SRTEPC- Certificate of Merit to M/s Nandan Exim Limited, For
phenomenal Growth in Exports.
Nandan Exim Limited has registered a phenomenal growth of
124% in exports of synthetic Fabrics from Rs.149.000 Millions to 335.000
Millions during the year 2006-07. Shri Shankarsinh Vaghela, hon’ble Union
Minister of textile will present a Certificate of Merit to Nandan Exim Limited.
To felicitate this achievements in an Award presentation ceremony to be
organized by the Synthetic & Rayon Textiles Export Promotion Council on
15th January, 2008 in Mumbai. The Company will also showcase its exotic and
trendy range of textiles in the fashion show to be organized during the Award
ceremony. Nandan Exim ltd is the part of Rs.10000.000 Millions Chiripal Group
having a state of the art unit in Ahmedabad to produce 40 million meters of
Denim and Bottom-weight fabrics for Garment manufacturers and exports in India
and across the globe. The group has formed lasting business relations with the
sourcing vendors of Reliance Retail, Pantaloons, Shoppers Stop, Wills
Lifestyle, Westside and many more by supplying fabrics to them. On the export
front, the company has made significant inroads into high volume markets viz.
Dubai, Bangladesh, Srilanka, Egypt and Syria and premium markets such as US,
UK, Germany, France, Brazil and Argentina. The company has chalked out a well
planned strategy to expand the product basket innovatively and export
value-added textiles to double the exports from the current leval.
2007
Acquired all the assets of M/s Arunoday Mills Limited under
SARFAESI Act from IDBI Bank.
2006
Company amalgamated with Chiripal Petrochemicals Limited and
the name of amalgamated entity changed to Company
2005
Nandan Exim Limited enters the Capital Market with an IPO of
Rs.120.000 Millions
Nandan Exim Limited Entered in to Denims manufacturing.
Cotton Hosiery Plant began its operations at Company.
Captive Power Plant installed at Company.
2004
The new Chiripal Group Corporate mark launched.
Production of 100% cotton and blended cotton fabrics started
at Nandan Exim Limited.
Plant for manufacturing paper tube began at Company.
Plant for manufacturing process chemicals and binders
established at Company.
Warp Knitted fabrics division became operative at Company.
Foundation for wider width plant laid for Chiripal Textile
Mills Limited - Captive Power Plant installed at Chiripal Textile Mills Limited
Production of POY / FDY began at Company.
2001
Flocked Fabrics Division established at Company.
Company.has started Polar Fleece manufacturing.
Manufacturing of texturised yarn started at Company.
2000
Polyester knitted fabrics division established at Company.
1995
Nova Petrochemicals Limited. started manufacture of
Polyester Partially Oriented Yarn (POY).
1994
Nandan Exim Limited incorporated as Nandan Exim Private
Limited
Nandan Exim Limited began trading activities.
1993
Establishment of a joint venture company Nova Petrochemicals
Limited
1988
Export Division established and export activities initiated.
1985
Company established at Piplej, Ahmedabad.
Consolidation of processing division at Company, from 1985
to 1998.
1976
The first venture Chiripal Textile Mills Limited, established
at Narol, Ahmedabad.
Processing facilities consolidation at Chiripal Textile
Mills Limited, from 1976 to 2000.
1972
Chiripal Group's foundation laid with a few power looms.
Textiles:
Chiripal Group of Companies has established a strong
position as one of the leading integrated
textile house in the country. The manufacturing facilities at
Company and Vishal Fabrics Private Limited, located at Ahmedabad, are capable
of handling a wide range of fabrics irrespective of the count, construction or
blend. This flexibility and complexity is one of the key strengths. Various
divisions like the Knits division, Polar Fleece division, Flock Printing plant
and Cotton Hosiery division cater to needs of varied customer groups and
applications.
The group laid foundations of a new unit - An ultra-modern 100% cotton &
blended bottomwear fabrics and the most modern & versatile
denim-manufacturing project called Nandan Exim Limited in 2003. Nandan Exim
Limited aims to become a leading player in the industry, both, in India and
internationally, by manufacturing grey fabrics, khakhis and denims in one of
the most sophisticated weaving plants.
Leveraging high production capacity has enabled the Group to compete
successfully in local market and continues to be a key driving force for its
expansion. The Group has established scalable production facilities that
incorporate advanced technological standards.
Enduring an operational philosophy that accentuate stringent quality control,
attention to details, and persistence, the Group has distinguished itself as a
leader of textile industry.
Petrochemicals
The Chiripal Group also produces a number of Petrochemical products
through a joint venture company - Nova Petrochemicals Limited and group
company.
These units manufacture a range of petrochemical products like partially
oriented, micro-filament, draw twisted and texturised yarns. This ensures the
supply of raw materials, required for the manufacturing various fabrics, in the
desired quantity, quality and time.
Innovation and leading technologies are at the core of their business.
Remaining customer focused and listening to their needs is the key to their
success. The phenomenal growth in the petrochemicals sector is based on their
ability to identify the changing needs of our customers.
The paradigm solutions are based on in-depth analysis and insightful industry
knowledge.
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] 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.48.14 |
|
UK Pound |
1 |
Rs.82.73 |
|
Euro |
1 |
Rs.65.63 |
SCORE & RATING
EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
7 |
|
PAID-UP CAPITAL |
1~10 |
7 |
|
OPERATING SCALE |
1~10 |
7 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
8 |
|
--PROFITABILIRY |
1~10 |
6 |
|
--LIQUIDITY |
1~10 |
7 |
|
--LEVERAGE |
1~10 |
7 |
|
--RESERVES |
1~10 |
7 |
|
--CREDIT LINES |
1~10 |
7 |
|
--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 |
YES |
|
--LISTED |
YES/NO |
YES |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
63 |
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 |
|