1. Summary Information
|
|
|
Country |
|
|
Company Name |
CHIRIPAL INDUSTRIES LIMITED |
Principal Name 1 |
Mr. Vedprakash Chiripal |
|
Status |
Satisfactory |
Principal Name 2 |
Mr. Jaiprakash Chiripal |
|
|
|
Registration # |
04-10634 |
|
Street Address |
Survey No.199, |
||
|
Established Date |
27.04.1988 |
SIC Code |
-- |
|
Telephone# |
91-79-25710231-34 |
Business Style 1 |
Manufacturer of Yarns |
|
Fax # |
91-79-25711755 |
Business Style 2 |
-- |
|
Homepage |
Product Name 1 |
Partially Oriented Yarns |
|
|
# of employees |
200 |
Product Name 2 |
Fully Drawn Yarn |
|
Paid up capital |
Rs.207,833,000 |
Product Name 3 |
Draw Textured Yarn |
|
Shareholders |
Directors or relatives of directors 85.43% Other top fifty shareholders 14.57% |
Banking |
|
|
Public Limited Corp. |
-- |
Business Period |
22 Years |
|
IPO |
-- |
International Ins. |
- |
|
Public |
-- |
Rating |
Ba ( 45) |
|
Related
Company |
|||
|
Relation
|
Country
|
Company
Name |
|
|
Subsidiaries |
|
Chiripal
Lifestyle Limited |
|
|
Note |
- |
||
2. Summary
Financial Statement
|
Balance Sheet as of |
31.03.2009 |
(Unit: Indian Rs.) |
|
|
Assets |
Liabilities |
||
|
Current Assets |
1,082,598,000 |
Current Liabilities |
810,608,000 |
|
Inventories |
923,149,000 |
Long-term Liabilities |
2,026,737,000 |
|
Fixed Assets |
2,234,178,000 |
Other Liabilities |
182,213,000 |
|
Deferred Assets |
-- |
Total Liabilities |
3,019,558,000 |
|
Invest& other Assets |
262,971,000 |
Retained Earnings |
1,075,005,000 |
|
|
|
Net Worth |
1,483,338,000 |
|
Total Assets |
4,502,896,000 |
Total Liab. & Equity |
4,502,896,000 |
|
Total Assets (Previous Year) |
4,260,451,000 |
|
|
|
P/L Statement as of |
31.03.2009 |
(Unit: Indian Rs.) |
|
|
Sales |
4,784,725,000 |
Net Profit |
145,436,000 |
|
Sales(Previous yr) |
4,615,369,000 |
Net Profit(Prev.yr) |
45,873,000 |
MIRA
INFORM REPORT
|
Report Date : |
05.01.2011 |
IDENTIFICATION DETAILS
|
Name : |
CHIRIPAL INDUSTRIES LIMITED |
|
|
|
|
Formerly Known As : |
CHIRIPAL PETROCHEMICALS LIMITED |
|
|
|
|
Registered Office : |
Survey No.199, |
|
|
|
|
Country : |
|
|
|
|
|
Financials (as on) : |
31.03.2009 |
|
|
|
|
Date of Incorporation : |
27.04.1988 |
|
|
|
|
Com. Reg. No.: |
04-10634 |
|
|
|
|
CIN No.: [Company
Identification No.] |
U17110GJ1988PLC010634 |
|
|
|
|
TAN No.: [Tax
Deduction & Collection Account No.] |
AHMC00373C |
|
|
|
|
PAN No.: [Permanent
Account No.] |
AAACC8513B |
|
|
|
|
Legal Form : |
A Closely Held Public Limited Liability Company. |
|
|
|
|
Line of Business : |
Manufacturer of Yarns. |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba ( 45) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Maximum Credit Limit : |
USD 5900000 |
|
|
|
|
Status : |
Satisfactory |
|
|
|
|
Payment Behaviour : |
Slow |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
In all four attempts were made to contact management and updated the
report but no concerned persona was available. Subject is an established company having mediocre business and has
started showing better results in view of expressed IPO. Trade relations are
fair. Payments are reported as slow but correct. However, the company can be
considered normal for business dealings at usual trade terms and conditions. |
NOTES :
Any query related to this report can be made
on e-mail: infodept@mirainform.com
while quoting report number, name and date.
ECGC Country Risk Classification List – April 1, 2010
|
Country Name |
Previous Rating (31.12.2009) |
Current Rating (01.04.2010) |
|
|
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
INFORMATION DECLINED BY
Management non co-operative.
LOCATIONS
|
Registered Office / Factory : |
Survey No.199, |
|
Tel. No.: |
91-79-25710231-34/ 25714568/ 1655/ 0886 |
|
Fax No.: |
91-79-25711755/ 25714569 |
|
E-Mail : |
|
|
Website : |
|
|
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|
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Corporate Office 1 : |
1st Floor, Bombay Shopping Centre, Race Course Road,
Vadodara – 390005, Gujarat, India |
|
|
|
|
Corporate Office 2 : |
Chiripal House, Shiv Ranjini, |
|
Tel. No.: |
91-79-27634660/2/3 |
|
Fax No.: |
91-79-26768656 |
|
Email : |
|
|
|
|
|
Factory : |
Saijpur-Gopalpur, |
|
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 : |
|
|
|
|
|
Marketing : |
21, Century Business Centre, |
|
Tel. No.: |
91-261-6627078 |
|
E-Mail : |
DIRECTORS
As on : 30.09.2008
|
Name : |
Mr. Vedprakash Chiripal |
|
Designation : |
Chairman cum Managing Director |
|
Address : |
10, Nandi Hill Society, |
|
Date of Birth/Age : |
21.11.1951 |
|
Date of Appointment : |
26.04.2006 |
|
|
|
|
Name : |
Mr. Jaiprakash Chiripal |
|
Designation : |
Whole Time Director |
|
Address : |
11, Nandi Hill Society, |
|
Date of Birth/Age : |
02.11.1959 |
|
Date of Appointment : |
26.04.2006 |
|
|
|
|
Name : |
Mr. Jyotiprasad Chiripal |
|
Designation : |
Director |
|
Address : |
91, Basant Bahar Bunglows, Bopal, Ahmedabad – 380 058, |
|
Date of Birth/Age : |
21.08.1953 |
|
Date of Appointment : |
07.08.2006 |
|
|
|
|
Name : |
Mr. Rajesh Bindal |
|
Designation : |
Executive Director |
|
Address : |
10, Mangalyam Society, Near |
|
Date of Birth/Age : |
30.11.1973 |
|
Date of Appointment : |
26.04.2006 |
|
|
|
|
Name : |
Mr. Ambalal C. Patel |
|
Designation : |
Director |
|
Address : |
14/ B, Shreyasnath Society, Vasana, Dhranidhar Derasar, Ahmedabad, |
|
Date of Birth/Age : |
01.04.1944 |
|
Date of Appointment : |
22.12.2006 |
|
|
|
|
Name : |
Mr. Jawaharlal Goel |
|
Designation : |
Director |
|
Address : |
Nand Tara, |
|
Date of Birth/Age : |
17.12.1954 |
|
Date of Appointment : |
09.01.2008 |
|
|
|
|
Name : |
Mr. Somar Mohapatra |
|
Designation : |
Director |
|
Address : |
C – 15, DGS Co-operative Housing Society, Plot No.6, Sector – 22,
Dwarka, |
|
Date of Birth/Age : |
06.06.1956 |
|
Date of Appointment : |
18.08.2007 |
|
|
|
|
Name : |
Mrs. Nita Chowdhary |
|
Designation : |
Director |
|
Address : |
Flat No.12, Pooja Apartments, Opposite Samrapan Flates, Gulbai Tekra,
Off |
|
Date of Birth/Age : |
06.06.1956 |
|
Date of Appointment : |
18.08.2007 |
|
|
|
|
Name : |
Mr. Yogesh Thaker |
|
Designation : |
Director |
|
Date of Birth/Age : |
19.08.1953 |
|
Date of Ceasing : |
09.02.2008 |
KEY EXECUTIVES
|
Name : |
Mr. Sandip Mistry |
|
Designation : |
Company Secretary |
|
Address : |
B – 87, |
|
Date of Birth/Age : |
13.02.1964 |
|
Date of Appointment : |
20.10.2005 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 30.09.2008
|
Names of Shareholders |
|
No. of Shares |
|
Vedprakash Chiripal |
|
2418750 |
|
Jaiprakash Chiripal |
|
2312000 |
|
Jyotiprasad Chiripal |
|
2618250 |
|
Brij Mohan D. Chiripal |
|
2038750 |
|
Rajesh P. Bindal |
|
452250 |
|
Urmiladevi J. Agrawal |
|
118750 |
|
Manjudevi J. Agrawal |
|
18750 |
|
Nishi J. Agrawal |
|
68750 |
|
Nidhi J. Agrawal |
|
618750 |
|
Vansh J. Agrawal |
|
225000 |
|
Deepak J. Chiripal |
|
77075 |
|
Savitridevi V. Chiripal |
|
18750 |
|
Kavita Chiripal |
|
236250 |
|
Babita Agrawal |
|
25000 |
Equity Share breakup (Percentage of Total Equity)
As on 29.09.2008
|
Category |
|
Percentage of Holding |
|
Directors
or relatives of directors |
|
85.43 |
|
Other
top fifty shareholders |
|
14.57 |
|
Total |
|
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer of Yarns. |
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|
|
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Products : |
·
Partially Oriented Yarns ·
Fully Drawn Yarn ·
Draw Textured Yarn
|
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|
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Imports : |
|
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Products : |
Raw Material |
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Countries : |
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Terms : |
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Selling : |
Credit depends |
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Purchasing : |
L/C |
PRODUCTION STATUS
As on 31.03.2009 :-
|
Particulars |
Unit |
|
Installed
Capacity |
|
FDY |
M.T |
|
10950 M.T. |
|
POY |
M.T |
|
21900 M.T. |
|
Processed Yarn |
M.T |
|
9125 M.T. |
|
Fabrics |
M.T |
|
10000 M.T. |
|
Garments |
M.T |
|
23.5 Laks Pcs. |
|
Particulars |
Actual
Production |
|
Yarn (Kgs.) |
35587999 |
|
Fabrics (Kgs.) Fabrics (MtRs.) |
4185393 16766169 |
|
Garments (Pcs.) |
53217 |
GENERAL INFORMATION
|
Customers : |
Wholesalers and Retailers |
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No. of Employees : |
200 |
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Bankers : |
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Facilities : |
Secured Loans :
Notes:
Unsecured Loans :
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Banking
Relations : |
Satisfactory |
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Auditors : |
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|
Name 1 : |
Nahta Jain and Associates Chartered Accountant |
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Address : |
211, New Cloth Market, Ahmedabad – 380 002, |
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Group Companies : |
· Chiripal Industries Limited (Processing Unit) · Nandan Exim Limited · Vishal Fabrics Private Limited · Nova Petrochemicals Limited · Vraj Integrated Textile Park Limited |
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|
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Subsidiaries : |
·
Chiripal
Lifestyle Limited CIN NO.: U18109GJ2008PLC052724 ·
Vishal
Fabrics Private Limited CIN NO. U17110GJ1985PTC008206 ·
Vraj
Integrated Textile Park Limited |
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|
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|
Associates : |
·
Sparrow
Exports Private Limited ·
Nandan Exim
Limited ·
Nova
Petrochemicals Limited ·
Chiripal Enterprises
Limited ·
Deepak
Enterprises (Proprietor Jyotiprasad D. Chiripal) |
CAPITAL STRUCTURE
As on 29.09.2009
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 |
|
20783300 |
Equity Shares |
Rs.10/- each |
Rs.207.833
Millions |
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2009 |
31.03.2008 |
31.03.2007 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
207.833 |
207.833 |
207.333 |
|
|
2] Share Application Money |
200.500 |
200.500 |
4.000 |
|
|
3] Reserves & Surplus |
1075.005 |
929.568 |
880.196 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
|
NETWORTH |
1483.338 |
1337.901 |
1091.529 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
1648.400 |
1544.100 |
1348.775 |
|
|
2] Unsecured Loans |
378.337 |
452.152 |
553.296 |
|
|
TOTAL BORROWING |
2026.737 |
1996.252 |
1902.071 |
|
|
DEFERRED TAX LIABILITIES |
182.213 |
166.507 |
142.494 |
|
|
|
|
|
|
|
|
TOTAL |
3692.288 |
3500.660 |
3136.094 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
2234.178 |
2218.111 |
2202.052 |
|
|
Capital work-in-progress |
107.786 |
44.661 |
10.589 |
|
|
|
|
|
|
|
|
INVESTMENT |
148.635 |
148.635 |
136.635 |
|
|
DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
923.149
|
886.349
|
523.313
|
|
|
Sundry Debtors |
750.244
|
693.046
|
618.016
|
|
|
Cash & Bank Balances |
77.446
|
111.703
|
78.584
|
|
|
Other Current Assets |
0.000
|
0.000
|
0.000
|
|
|
Loans & Advances |
254.908
|
148.979
|
276.147
|
|
Total
Current Assets |
2005.747
|
1840.077
|
1496.060 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Current Liabilities |
779.166
|
737.228
|
710.205
|
|
|
Provisions |
31.442
|
22.563
|
6.875
|
|
Total
Current Liabilities |
810.608
|
759.791
|
717.080
|
|
|
Net Current Assets |
1195.139
|
1080.286
|
778.980
|
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
6.550 |
8.967 |
7.838 |
|
|
|
|
|
|
|
|
TOTAL |
3692.288 |
3500.660 |
3136.094 |
|
PROFIT & LOSS
ACCOUNT
|
PARTICULARS |
31.03.2009 |
31.03.2008 |
31.03.2007 |
|
|
Sales Turnover |
4784.725 |
4615.369 |
3818.710 |
|
|
Other Income |
24.403 |
19.796 |
17.770 |
|
|
Total Income |
4809.128 |
4635.165 |
3836.480 |
|
|
|
|
|
|
|
|
Profit/(Loss) Before Tax |
183.577 |
120.278 |
263.094 |
|
|
Provision for Taxation |
38.141 |
74.405 |
59.930 |
|
|
Profit/(Loss) After Tax |
145.436 |
45.873 |
203.164 |
|
|
|
|
|
|
|
|
Earnings in Foreign Currency : |
|
|
|
|
|
|
Export Earnings |
208.139 |
104.415 |
128.449 |
|
Total Earnings |
208.139 |
104.415 |
128.449 |
|
|
|
|
|
|
|
|
Imports : |
|
|
|
|
|
|
Raw Materials |
360.288 |
110.860 |
795.530 |
|
|
Stores & Spares |
7.952 |
17.121 |
28.443 |
|
|
Capital Goods |
82.415 |
60.604 |
253.026 |
|
Total Imports |
450.655 |
188.585 |
1076.999 |
|
|
|
|
|
|
|
|
Expenditures : |
|
|
|
|
|
|
Material Cost |
2972.038 |
3013.344 |
2357.513 |
|
|
Manufacturing Expenses |
835.643 |
733.215 |
630.236 |
|
|
Payments to Employees |
176.442 |
172.849 |
137.354 |
|
|
Administrative Expenses |
62.002 |
62.957 |
65.135 |
|
|
Selling and Distribution Expenses |
107.612 |
89.206 |
85.969 |
|
|
Financial Charges |
286.173 |
271.242 |
163.610 |
|
|
Depreciation & Amortization |
181.522 |
167.954 |
130.762 |
|
|
Preliminary Expenses W/off |
4.119 |
4.120 |
2.807 |
|
Total Expenditure |
4625.551 |
4514.887 |
3573.386 |
|
|
|
|
|
|
|
|
Basic and Diluted Earnings Per Share (Rs.) |
7.00 |
2.21 |
11.76 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2009 |
31.03.2008 |
31.03.2007 |
|
PAT / Total Income |
(%) |
3.02
|
0.99
|
5.30 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
12.38
|
2.61
|
6.89 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
8.20
|
2.83
|
6.84 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.12
|
0.09
|
0.24 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
1.91
|
2.06
|
2.40 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
2.47
|
2.42
|
2.09 |
LOCAL AGENCY FURTHER INFORMATION
DETAILS OF SUNDRY
CREDITORS
(Rs.
In Millions)
|
Particulars |
31.03.2009 |
31.03.2008 |
|
Sundry Creditors |
696.090 |
662.836 |
|
Creditors for Capital Goods |
52.938 |
48.463 |
|
Total |
749.028 |
711.299 |
TRADE REFERENCES:
·
Reliance Industries Limited
·
JBF Industries Limited
Performance:
During the year, the Company has achieved a
turnover of Rs 4784.700 Millions as compared to the previous year figure of Rs
4615.400 Millions and the Net Profit for the year was to Rs 145.400 Millions as
compared to Rs 45900 Millions.
EXPANSION PROJECT:
The Company is implementing the expansion
project of Rs. 2348.170 Millions which will be finance through Term Loan,
internal cash accruals and equity paid up propose IPO of the Company. Further,
the Company has received final
observation of DRHP filed with the SEBI on 25th February 2009, which is valid
for 12 months. Further, the Company is in the process of finalizing the various
issues relating to the propose IPO and expect to file updated RHP with SEBI for
the opening of the propose issue. Further, the expansion project is under full
swing of implementation and related information is disclosed in the Audited
Accounts under consideration. The Directors expects to implement the project as
the schedule has decided.
INSURANCE
The Assets of the Company including Plant and Machinery, Building, Stock
etc. have been adequately insured during the year and the same is sufficient to
take care of any unforeseen situations.
Bankers Charges
Report as per Registry
|
Corporate
identity number of the company |
U17110GJ1988PLC010634 |
|
Name of the
company |
CHIRIPAL INDUSTRIES LIMITED |
|
Address of the
registered office or of the principal place of business in |
Survey No.199, |
|
This form is for |
Modification of
Charge |
|
Charge
identification number of the modified |
80004937 |
|
Type of charge |
Immovable Property |
|
Particular of
charge holder |
State Bank of |
|
Nature of
instrument creating charge |
Supplemental
Memorandum of Deposit of Title Deed |
|
Date of
instrument Creating the charge |
31.08.2009 |
|
Amount secured by
the charge |
Rs. 2966.050
Millions |
|
Brief of the
principal terms an conditions and extent and operation of the charge |
Rate of Interest As per Letter of
Sanction and agreed to between the Parties form time to time Terms of
Repayment As per Letter of
Sanction and agreed to between the Parties form time to time Margin As per Letter of
Sanction and agreed to between the Parties form time to time Extent and
Operation of the charge The Charge
extends to the Immovable Properties as Described in the Second Schedule of
the Agreement to secure the due repayment and discharge by the borrower to
the said Banks. By way of First Charge on pari passu basis to securer
respective TL of Rs.1720.800 Millions as described in Part A of Third
Schedule of agreement. By way of
Second Charge on Pari Passu basis to secure respective WC Limits of
Rs.1245.250 Millions granted by SBI Consortium as Described in Part B of
third Schedule of Agreement. |
|
Short particulars
of the property charged |
|
|
Date of
instrument modifying the charge |
06.05.2008 |
|
Particulars of
the present modification |
on amalgmation of
shanti processors Limited and priti processors Private Limited the credit
facility and the property secured are now charged to the company, increasing
the term loan from Rs. 598.800 Millions to Rs. 1720.800 Millions and second
charge on working capital for Rs.
1245.250 Milions increasing the total limit to RS 2966.050 Millions |
|
This form is for |
Creation of
charge |
|
Corporate identity
number of the company |
U17110GJ1988PLC010634 |
|
Name of the
company |
CHIRIPAL INDUSTRIES LIMITED |
|
Address of the
registered office or of the principal place of business in |
Survey No.199, |
|
Type of charge |
Movable Property |
|
Particular of
charge holder |
Jammu and Kashmir Bank Limited, Branch Ansal Plaza, HUDCO Place,
Khelgaon Marg, 205-B, Andrews Ganj, New Delhi – 110 049, India E-Mail: rsaraf@jkmail.com |
|
Nature of
description of the instrument creating or modifying the charge |
Deed of
Hypothecation dated 15.04.2008 |
|
Date of
instrument Creating the charge |
15.04.2008 |
|
Amount secured by
the charge |
Rs.240.000
millions |
|
Brief particulars
of the principal terms an conditions and extent and operation of the charge |
Rate of Interest:
PLR – 13% p.a. with monthly rests. Terms of Repayment:
Repayment in 32 equal quarterly installments of Rs.7.500 millions each is
beginning from September 2009 i.e. after two years of moratorium. Margin: 33%
(approximately) i.e. Rs.120.000 millions.
|
FIXED ASSETS:
- Land and Land
Development
- Plant and
Machinery
- Electric
Fittings
- Furniture and
Fixtures
- Computers
- Office
Equipments
- Vehicle
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 they 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 -
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 Limited (Processing Unit)
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 Knitting, Polar Fleece, and Flocking cater to needs of
varied customer groups and applications globally.
·
The Group has integrated facilities at Chiripal Industries Limited (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 and blended bottom wear fabrics and the most
modern and versatile denim manufacturing project called Nandan Exim Limited in
2003. Nandan Exim Limited aims to become a leading player in the industry,
both, in
·
The Group has always focused on
delivering the best of its products and services by rigorous RandD, 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 and 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 limited 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
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 and
blended bottom wear fabrics and the most modern and versatile
denim-manufacturing project called Nandan Exim Limited in 2003. Nandan Exim
Limited aims to become a leading player in the industry, both, in
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 the customers.
The paradigm solutions are based on in-depth analysis and insightful industry
knowledge.
Processing Unit:
Subject (Processing Unit)
consists of different divisions namely Process Division, Woven Fabrics
Division, Knitting Division, Polar Fleece Division, Flock Division, Cotton
Hosiery Division Embroidery Division and Chemical Division. More than 2000
employees work at the manufacturing facility in Saijpur--Gopalpur,
They manufacture knitted fabrics, polar fleece fabrics, flocked fabrics used in
a variety of applications in Automobile Industry, Shoe/Leather Industry,
Household, Medical Industry, Apparel Industry, etc.
The products manufactured are as follows :
Woven Fabrics
With highly modern technology and modernized facilities alongwith long-term
experience they have attained an identity for itself in the woven fabric
market. Due to the years of experience and understanding of the processing and
treatment of various fabrics, they can provide best quality of finished
products. They offer huge production capabilities of dyeing, printing and
processing of all kinds of fabrics with superior quality as per the customer’s
requirements. They are ready to provide the best of services to the valued
customers any time round the clock.
Circular Knitted Fabrics
Circular knitting, Double jersey and Terry fabrics.
Polar Fleece Fabrics
Spun polar fleece, Micro polar fleece and Drop needle polar fleece in 140 to
350 GSM range.
Types of Flock Fabrics offered include :
Plain, Embossed, Printed, Flock on flock, etc.
Cotton Hosiery
cotton fabrics like : Cotton Single Jersey, Cotton Lycra, Cotton waffle Knit,
Pique Fabric, 1/1 Rib Fabric, Interlock Fabric, Cotton Viscose Fabric, Cotton
Polyester Fabric, Viscose lycra fabric, Cotton Polar Fabric, etc.
Chemical Division
The division manufactures and markets synthetic adhesives and acrylic based
emulsions for the paint and textile industry in commitment to world-class
standards. The products for textile applications are marketed with CHIRITEX
brand. It has applications like finishing of fabrics of various types, bonding
for flock powder on various fabrics, various effects like pearl and novel, etc.
The products for specific applications in the paint industry are offered under
brand name CHIRIBOND. They are for fast drying, durability, resistance
to washing, scrubbing, high gloss, and water vapour permeability. There are
different products for external as well as internal applications and coatings
with finishes like high sheen and matt.
In addition, they adopt a stringent quality control system, to assure that all
products meet exacting specifications. By listening to customers and
understanding their needs and requirements, Subject (Processing Unit)
consistently provides its customers with the highest quality fabrics available.
In the bid to provide customers most efficient, and advanced products they have
strengthened the production facility by introducing captive power plant.
Serving customers worldwide, Subject (Processing Unit's) success is based on
meeting customer needs with specially designed, high-quality products. Through
extensive research and market development, new products are continually being
commercialized.
Recognizing the need to prove adherence to international standards, Subject
(Processing Unit) received OEKO TEX Standards 100 for environment friendly
processes. At Subject (Processing Unit) environment is at the core of the
operations. They believe in preserving the miracles of Mother Nature for future
generations to come. They lay strong emphasis on recycling, promotion of waste
minimization and natural resource conservation. They have indigenously
developed equipments and processes that reduce or completely eliminate
pollution. They have installed well -equipped effluent treatment plant for
proper treatment and disposal of waste material.
They believe the success has come, at least in part, from putting the values at
the heart of everything they do. By genuinely living the values, they have
achieved growth. The responsible conduct and public service ethos strengthen
the relationships with public sector customers.
Embroidary
Division
CIL offers a wide range of Embroidered Fabrics, Laces, Trims, Pallas, Dress
Materials,Guipure Lace, Net, All Over, Motifs and Collars in
CMT REPORT (Corruption, Money Laundering and Terrorism]
The Public Notice information has been collected from various sources
including but not limited to: The Courts,
1] INFORMATION ON
DESIGNATED PARTY
No 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.44.64 |
|
|
1 |
Rs.69.32 |
|
Euro |
1 |
Rs.59.79 |
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 |
5 |
|
--PROFITABILIRY |
1~10 |
5 |
|
--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 |
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 |
|
- |
NB |
New Business
|
- |
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.