MIRA
INFORM REPORT
|
Report Date : |
02.11.2012 |
IDENTIFICATION DETAILS
|
Name : |
CHEMICAL PROCESS PIPING PRIVATE LIMITED (w.e.f.24.06.1985) |
|
|
|
|
Formerly Known
As : |
CPE PIPES PRIVATE LIMITED |
|
|
|
|
Registered
Office : |
CPE Plots BSD Marg, Govandi, Mumbai – 400088, |
|
|
|
|
Country : |
|
|
|
|
|
Financials (as
on) : |
31.03.2011 |
|
|
|
|
Date of
Incorporation : |
25.10.2004 |
|
|
|
|
Com. Reg. No.: |
11-149230 |
|
|
|
|
Capital
Investment/ Paid-up Capital: |
Rs.9.900 Millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
U25206MH2004PTC149230 |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
MUMC13766E |
|
|
|
|
PAN No.: [Permanent Account No.] |
AACCC6212D |
|
|
|
|
Legal Form : |
Private Limited Liability Company |
|
|
|
|
Line of Business
: |
Manufacturer and Exporter of Glass Fibre Reinforced Plastic Piping |
|
|
|
|
No. of
Employees: |
Information denied by management |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (51) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Maximum Credit Limit : |
USD 910000 |
|
|
|
|
Status : |
Good |
|
|
|
|
Payment Behaviour : |
Regular |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Subject is an established company having fine track. Latest financial
i.e.2011-12 are missing from the government department however from the
available financial the company seems to be performing well. General
financial position of the company is good. Trade relations are reported as
fair. Business is active. Payments are reported to be regular and as per
commitments. 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.
INDIAN ECONOMIC OVERVIEW
|
Source
: CIA |
EXTERNAL AGENCY RATING
|
Rating Agency Name |
CRISIL |
|
Rating |
A- (Long Term Rating) |
|
Rating Explanation |
Adequate degree of safety it carry low
credit risk. |
|
Date |
10.09.2012 |
|
Rating Agency Name |
CRISIL |
|
Rating |
A2+(Short Term Rating) |
|
Rating Explanation |
Strong degree of safety it carry low credit
risk. |
|
Date |
10.09.2012 |
RBI DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter
in the publicly available RBI Defaulters’ list.
EPF (Employee Provident Fund) DEFAULTERS’’ LIST STATUS
Subject’s name is not enlisted as a defaulter
in the publicly available EPF (Employee Provident Fund) Defaulters’ list as of
31-03-2012.
INFORMATION DENIED BY
|
Name : |
Mr. Vijay |
|
Designation : |
Accounts Manager |
|
Date : |
02.11.2012 |
LOCATIONS
|
Registered Office : |
CPE Plots BSD Marg, Govandi, Mumbai – 400088, |
|
Tel. No.: |
91-22- 67230600 |
|
Fax No.: |
91-22- 67230618 |
|
E-Mail : |
|
|
Website : |
|
|
|
|
|
Vadodara Factory: |
Block No.126/128, Village: |
|
Tel. No.: |
91-265-6564309 |
|
Email: |
DIRECTORS
As on 28.09.2011
|
Name : |
Mr. Bagh Singh Rajpurohit |
|
Designation : |
Chairman |
|
Address : |
B-1, |
|
Date of Birth/Age : |
01.09.1936 |
|
Date of Appointment : |
25.10.2004 |
|
Din No.: |
00793939 |
|
|
|
|
Name : |
Mr. Vijay Bagh Singh Rajpurohit |
|
Designation : |
Managing Director |
|
Address : |
Unit No.2, Building No.2, Jaswant Baug, |
|
Date of Birth/Age : |
06.08.1965 |
|
Qualification: |
Bachelor of Engineering (Environmental) |
|
Experience |
7 years |
|
Date of Appointment : |
11.07.2005 |
|
Din No.: |
00967273 |
|
|
|
|
Name : |
Mr. Subbaraman Ananthanarayanan Melarkode |
|
Designation : |
Director |
|
Address : |
B-4, Usha Vihar, G. V. S. Road No.3 Mulund West, Mumbai –
400081, |
|
Date of Birth/Age : |
15.02.1945 |
|
Date of Appointment
: |
11.07.2005 |
|
Din No.: |
00985386 |
|
|
|
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 28.09.2011
|
Names of Shareholders |
|
No. of Shares |
|
Bagh Singh Rajpurohit |
|
312405 |
|
Vijay Bagh Singh Rajpurohit |
|
338800 |
|
Aditya Rajpurohit |
|
338795 |
|
|
|
|
|
Total |
|
990000 |
Equity Share Break up (Percentage of Total Equity)
As on 28.09.2011
|
Category |
|
Percentage |
|
|
|
|
|
Directors or relatives of directors |
|
100.00 |
|
|
|
|
|
Total
|
|
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer and Exporter of Glass Fibre Reinforced Plastic Piping |
||||
|
|
|
||||
|
Products : |
|
||||
|
|
|
GENERAL INFORMATION
|
|
|
|||||||||||||||
|
No. of Employees : |
Information denied by management |
|||||||||||||||
|
|
|
|||||||||||||||
|
Bankers : |
Bank of |
|||||||||||||||
|
|
|
|||||||||||||||
|
Facilities : |
|
|
|
|
|
Banking
Relations : |
-- |
|
|
|
|
Auditors : |
|
|
Name : |
Gupta Verma and Associates Chartered Accountant |
|
Address : |
Apurva Castle, Plot No.44,301, S.T. Road, Union Park, Chembur, Mumbai
- 400071, Maharashtra, India |
|
Pan No.: |
AABFE9514A |
|
|
|
CAPITAL STRUCTURE
As on 31.03.2011
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
5000000 |
Equity Shares |
Rs.10/- each |
Rs.50.000 Millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
990000 |
Equity Shares |
Rs.10/- each |
Rs.9.900
Millions |
|
|
|
|
|
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
9.900 |
9.900 |
9.900 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
216.412 |
159.186 |
117.476 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
|
NETWORTH |
226.312 |
169.086 |
127.376 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
183.729 |
66.799 |
22.953 |
|
|
2] Unsecured Loans |
0.000 |
0.000 |
0.000 |
|
|
TOTAL BORROWING |
183.729 |
66.799 |
22.953 |
|
|
DEFERRED TAX LIABILITIES |
1.836 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
411.877 |
235.885 |
150.329 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
310.963 |
122.576 |
99.026 |
|
|
Capital work-in-progress |
29.113 |
34.474 |
0.000 |
|
|
|
|
|
|
|
|
INVESTMENT |
0.000 |
0.000 |
0.000 |
|
|
DEFERREX TAX ASSETS |
0.000 |
1.068 |
1.638 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
69.707
|
76.427 |
39.678 |
|
|
Sundry Debtors |
119.595
|
91.271 |
72.872 |
|
|
Cash & Bank Balances |
37.468
|
72.655 |
51.594 |
|
|
Other Current Assets |
0.000
|
0.000 |
0.000 |
|
|
Loans & Advances |
136.838
|
118.253 |
80.766 |
|
Total
Current Assets |
363.608
|
358.606 |
244.910 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
129.567
|
91.367 |
98.497 |
|
|
Other Current Liabilities |
28.429
|
88.783 |
26.120 |
|
|
Provisions |
133.811
|
100.689 |
70.630 |
|
Total
Current Liabilities |
291.807
|
280.839 |
195.247 |
|
|
Net Current Assets |
71.801
|
77.767 |
49.663 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.002 |
|
|
|
|
|
|
|
|
TOTAL |
411.877 |
235.885 |
150.329 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
|
|
SALES |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Other Income |
|
|
|
|
|
|
TOTAL |
737.952 |
531.763 |
525.541 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
645.783 |
448.900 |
450.871 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX |
92.169 |
82.863 |
74.670 |
|
|
|
|
|
|
|
|
|
Less |
TAX |
34.944 |
29.571 |
26.719 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX |
57.225 |
53.292 |
47.951 |
|
|
|
|
|
|
|
|
|
|
SHORT PROVISION
OF INCOME TAX FOR EARLIER YEARS |
0.000 |
0.000 |
0.062 |
|
|
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
|
|
Transfer to General Reserve |
0.000 |
9.900 |
4.950 |
|
|
|
Dividend |
.0.000 |
1.682 |
0.841 |
|
|
|
Tax on Dividend |
0.000 |
5.329 |
4.788 |
|
|
BALANCE CARRIED
TO THE B/S |
57.225 |
36.381 |
37.310 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
281.799 |
190.682 |
NA |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
90.473 |
52.141 |
NA |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
57.80 |
NA |
NA |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
PAT / Total Income |
(%) |
7.75 |
10.02 |
9.12 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
13.66 |
17.22 |
21.71 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.41 |
0.49 |
0.59 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
2.10 |
2.06 |
1.71 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.25 |
1.28 |
1.25 |
LOCAL AGENCY FURTHER INFORMATION
|
Available
in Report [Yes/No] |
|
|
Year
of Establishment |
Yes |
|
Locality
of the Firm |
Yes |
|
Constitution
of the firm |
Yes |
|
Premises
details |
No |
|
Type
of Business |
Yes |
|
Line
of Business |
Yes |
|
Promoters
background |
Yes |
|
No.
of Employees |
No |
|
Name
of Person Contacted |
Yes |
|
Designation
of contact person |
Yes |
|
Turnover
of firm for last three years |
Yes |
|
Profitability
for last three years |
Yes |
|
Reasons
for variation <> 20% |
- |
|
Estimation
for coming financial year |
No |
|
Capital
the business |
Yes |
|
Details
of sister concerns |
No |
|
Major
Suppliers |
No |
|
Major
Customers |
No |
|
Payment
Terms |
No |
|
Export
/ Import Details [If Applicable] |
No |
|
Market
Information |
- |
|
Litigations
that the firm / promoter involved in |
- |
|
Banking
Details |
Yes |
|
Banking
Facility Details |
Yes |
|
Conduct
of the banking account |
- |
|
Buyer
visit details |
- |
|
Financials,
if provided |
Yes |
|
Incorporation
details, if applicable |
Yes |
|
Last
accounts filed at ROC |
Yes |
|
Major
Shareholders, if applicable |
Yes |
|
Date of Birth of Proprietor/Partner/Director,
if available |
Yes |
|
PAN
of Proprietor/Partner/Director, if available |
No |
|
Voter
ID No of Proprietor/Partner/Director, if available |
No |
|
External Agency
Rating, if available |
Yes |
SUNDRY CREDITORS
DETAILS:
(Rs. In Millions)
|
Particulars |
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
Sundry Creditors |
129.567
|
91.367 |
98.497 |
OPERATION:
During the year the company has earned total income
of Rs. 737.952 Millions as compared to Rs.531.763 Millions
for the year 2009-10. The net profit before
tax was increased from Rs.82.862 Millions to Rs 92.169 Millions as compared to
previous year
The company has commissioned a state of
the art continues Filament winding plant
(CFW) in Vadodra, Gujarat
Barring unforeseen circumstances the directs
are hoping for better prospects in near future
FORM 8
|
Corporate
identity number of the company |
U25206MH2004PTC149230 |
|
Name of the
company |
CHEMICAL PROCESS PIPING PRIVATE LIMITED |
|
Address of the
registered office or of the principal place of business in |
CPE Plots BSD Marg, Govandi, Mumbai – 400088, Email: sales@cppiping.com |
|
This form is for |
Modification of charge |
|
Charge identification (ID) number of the charge to be
modified |
10002479 |
|
Type of charge |
· Immovable property · Book debts · Movable property (not being pledge) ·
Others |
|
Particular of
charge holder |
Bank of Corporate Financial Services Branch, Mumbai Samachar Marg, Fort,
Mumbai – 400023, Email:cfsfrt@bankofbaroda.com |
|
Nature of
instrument creating charge |
1).
Supplemental Hypothecation Agreement (SHA) dated 20.01.2011 2).
NO instrument. Memorandum of extension of equitable mortgage and creation of
fresh equitable mortgage to cover the credit facilities granted on 20.01.2011 Both
modifying a single charge. |
|
Date of instrument
Creating the charge |
20.01.2011 |
|
Amount secured by
the charge |
Rs. 474.500 Millions |
|
Brief of the
principal terms an conditions and extent and operation of the charge |
Extent and
operation of the charge Credit
facilities enhanced from Rs.280.000 Millions to Rs.474.500 Millions to secure
facilities des. in Sch.I to SHA. Security of stocks, book debts, movable
PandM, etc. des. in Sch.II to SHA and Imm. prop. viz. Block
No.126,128,129,139 and 140 at Vadalsa, Vadodara and House No.21 at Tambati,
Raigadh together with P and M etc. situated thereat, given earlier and Addl.
security of imm. prop. viz. Block Nos.138,158/AandB, 137AandB at Vadsala,
Vadodara, all properties des. in des. in 1st and 2nd Sch. to MOE, shall
extend as security. |
|
Short particulars
of the property charged (Including location of the property) |
All
present and future stock incl. RM, SIP, SFG, FG, etc. where so ever situated
and all Book Debts, etc. during the course of its business. All
present and future movable machinery, stores and spare parts, vehicles lying
at the premises, godowns of the Company or elsewhere. All
that piece and parcel of land in Block No. 126 and 128 admg. 2.17 A.G. and
0.08 A.G. respectively with buildings, structures and imm. plant and machinery
at Village Vadsala, District Vadodara. House
No. 21 admg. 804.46 sq. mtrs. bearing Survey No. 108, Village Tambati,
District Raigadh. All
that piece and parcel of land in Block No. 129 and 139 admg. 11837 sq. mtrs.
and 7689 sq. ft. respectively, with Buildings, structures and immovable plant
and machinery at Village Vadsala, Dist. Vadodara Land
bearing Block no. 138 admg. 0-37-43, Hector with Buildings, structures and
immovable plant and machinery at Village Vadsala, Dist. Vadodara Land
bearing Block no. 158/A and 158/B admg. 0-31-45 Hector Are and 0-51-30 Hector
Are, respectively with Buildings, structures and immovable plant and
machinery at Village Vadsala, Dist. Vadodara Land
bearing Block no. 137/A and 137/B admg. 0-08-50 Hector Are and 1-04-71 Hector
Are respectively with bldgs., structures and immovable plant and machinery at
Village Vadsala, Dist. Vadodara |
|
Date of last modification prior to the present modification |
08.12.2009 |
|
Particulars of the present modification |
Credit
facilities enhanced from Rs.280.000 Millions to Rs.474.500 Millions |
FIXED ASSETS:
- Plant and
Machinery
- Furniture and
Fixture
- Electrical
and Fittings
- Office
Equipments
- Air
Conditioner
- Computers
- Storage Equipments
- Motor Vehicle
- Office Site –
Container
- Software
Account
- Cranes
Forklifts and Monorails
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.53.78 |
|
|
1 |
Rs.86.77 |
|
Euro |
1 |
Rs.69.71 |
INFORMATION DETAILS
|
Information Gathered
by : |
PJA |
|
|
|
|
Report Prepared
by : |
BYI |
SCORE and 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 |
6 |
|
--LIQUIDITY |
1~10 |
6 |
|
--LEVERAGE |
1~10 |
6 |
|
--RESERVES |
1~10 |
7 |
|
--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 |
|
51 |
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 and 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.