1. Summary Information
|
|
|
Country |
India |
|
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/ 25714568/ 1655/ 0886 |
Business Style 1 |
Manufacturer |
|
Fax # |
91-79-25711755/ 25714569 |
Business Style 2 |
-- |
|
Homepage |
Product Name 1 |
Textiles |
|
|
# of employees |
Not Available |
Product Name 2 |
Yarns |
|
Paid up capital |
Rs.223,198,000/- |
Product Name 3 |
-- |
|
Shareholders |
Foreign holdings - 8.33% Bodies corporate - 13.79% Directors or relatives of Directors - 64.35% Other top fifty shareholders - 5.29% Others - 8.24% |
Banking |
State Bank of India, |
|
Public Limited Corp. |
-- |
Business Period |
25 Years |
|
IPO |
-- |
International Ins. |
- |
|
Public |
-- |
Rating |
Ba
(42) |
|
Related
Company |
|||
|
Relation
|
Country
|
Company
Name |
CEO |
|
Subsidiaries |
-- |
Chiripal
Lifestyle Limited |
-- |
|
Note |
- |
||
2. Summary
Financial Statement
|
Balance Sheet as of |
31.03.2011 |
(Unit: Indian Rs.) |
|
|
Assets |
Liabilities |
||
|
Current Assets |
1,279,267,000 |
Current Liabilities |
734,548,000 |
|
Inventories |
1,007,762,000 |
Long-term Liabilities |
2,698,157,000 |
|
Fixed Assets |
2,923,054,000 |
Other Liabilities |
282,160,000 |
|
Deferred Assets |
0,000 |
Total Liabilities |
3,714,865,000 |
|
Invest& other Assets |
252,171,000 |
Retained Earnings |
1,524,191,000 |
|
|
|
Net Worth |
1,747,389,000 |
|
Total Assets |
5,462,254,000 |
Total Liab. & Equity |
5,462,254,000 |
|
Total Assets (Previous Year) |
5,058,563,000 |
|
|
|
P/L Statement as of |
31.03.2011 |
(Unit: Indian Rs.) |
|
|
Sales |
6,147,385,000 |
Net Profit |
72,542,000 |
|
Sales(Previous yr) |
5,702,247,000 |
Net Profit(Prev.yr) |
161,535,000 |
MIRA
INFORM REPORT
|
Report Date : |
05.03.2013 |
IDENTIFICATION DETAILS
|
Name : |
CHIRIPAL INDUSTRIES LIMITED (w.e.f. 13.04.2006) |
|
|
|
|
Formerly Known
As : |
CHIRIPAL PETROCHEMICALS LIMITED (w.e.f. 07.01.2004) CHIRIPAL TWISTING AND SIZING LIMITED (w.e.f. 23.10.2003) CHIRIPAL TWISTING AND SIZING PRIVATE LIMITED |
|
|
|
|
Registered
Office : |
Survey No.199, |
|
|
|
|
Country : |
|
|
|
|
|
Financials (as
on) : |
31.03.2011 |
|
|
|
|
Date of
Incorporation : |
27.04.1988 |
|
|
|
|
Com. Reg. No.: |
04-010634 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
Rs.223.198 Millions |
|
|
|
|
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 Textiles and Yarns. |
|
|
|
|
No. of Employees
: |
Not Available |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (42) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Maximum Credit Limit : |
USD 7000000 |
|
|
|
|
Status : |
Satisfactory |
|
|
|
|
Payment Behaviour : |
Usually correct |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Subject is an established company having a satisfactory track record.
The latest financials are not made available with the government department. As per previous years, the company seems to be good. Trade relations
are reported to be fair. Business is active. Payment terms are usually
correct and as per commitment. The company can be considered for normal business dealings at usual
trade terms and condition. |
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 – June 30, 2012
|
Country Name |
Previous Rating (31.03.2012) |
Current Rating (30.06.2012) |
|
India |
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
INDIAN ECONOMIC OVERVIEW
India is developing into an open-market economy, yet traces
of its past autarkic policies remain. Economic liberalization, including
industrial deregulation, privatization of state-owned enterprises, and reduced
controls on foreign trade and investment, began in the early 1990s and has
served to accelerate the country's growth, which has averaged more than 7% per
year since 1997. India's diverse economy encompasses traditional village
farming, modern agriculture, handicrafts, a wide range of modern industries,
and a multitude of services. Slightly more than half of the work force is in
agriculture, but services are the major source of economic growth, accounting
for more than half of India's output, with only one-third of its labor force.
India has capitalized on its large educated English-speaking population to
become a major exporter of information technology services and software
workers. In 2010, the Indian economy rebounded robustly from the global
financial crisis - in large part because of strong domestic demand - and growth
exceeded 8% year-on-year in real terms. However, India's economic growth in
2011 slowed because of persistently high inflation and interest rates and
little progress on economic reforms. High international crude prices have
exacerbated the government's fuel subsidy expenditures contributing to a higher
fiscal deficit, and a worsening current account deficit. Little economic reform
took place in 2011 largely due to corruption scandals that have slowed
legislative work. India's medium-term growth outlook is positive due to a young
population and corresponding low dependency ratio, healthy savings and
investment rates, and increasing integration into the global economy. India has
many long-term challenges that it has not yet fully addressed, including
widespread poverty, inadequate physical and social infrastructure, limited
non-agricultural employment opportunities, scarce access to quality basic and
higher education, and accommodating rural-to-urban migration.
|
Source
: CIA |
EXTERNAL AGENCY RATING
|
Rating Agency Name |
FITCH |
|
Rating |
BBB – (Long Term Issues) |
|
Rating Explanation |
Indicate that expectations of default risk are currently low. The
capacity for payment of financial commitment is considered adequate. |
|
Date |
November 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.
LOCATIONS
|
Registered Office / Factory : |
Survey No.199, |
|
Tel. No.: |
91-79-25710231-34/ 25714568/ 1655/ 0886 |
|
Mobile No.: |
91-9099054949 (Mr. Niraj Thakkar) |
|
Fax No.: |
91-79-25711755/ 25714569 |
|
E-Mail : |
|
|
Website : |
|
|
|
|
|
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 : |
|
|
|
|
|
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: 29.09.2012
|
Name : |
Mr. Ambalal Chhitabhai 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 |
|
DIN No.: |
00037870 |
|
|
|
|
Name : |
Mrs. Arakhita Prahllad Khandual |
|
Designation : |
Nominee director |
|
Address : |
B-102, Panchdhara Plaza, Satellite Road, Ahmedabad – 380015, Gujarat,
India |
|
Date of Birth/Age : |
24.07.1953 |
|
Date of Appointment : |
29.04.2011 |
|
DIN No.: |
00055601 |
|
|
|
|
Name : |
Mr. Jawaharlal Goel |
|
Designation : |
Director |
|
Address : |
Nand Tara, |
|
Date of Birth/Age : |
17.12.1954 |
|
Date of Appointment : |
09.01.2008 |
|
DIN No.: |
00076462 |
|
|
|
|
Name : |
Mr. Rajesh Premchand Bindal |
|
Designation : |
Whole time Director |
|
Address : |
10, Mangalyam Society, Near |
|
Date of Birth/Age : |
30.11.1973 |
|
Date of Appointment : |
26.04.2006 |
|
DIN No.: |
00155156 |
|
|
|
|
Name : |
Mr. Jaiprakash Devkinandan Chiripal |
|
Designation : |
Whole Time Director |
|
Address : |
10, Nandi Hill Society, Satelite Road, Ahmedabad – 380 015, Gujarat,
India |
|
Date of Birth/Age : |
02.11.1959 |
|
Date of Appointment : |
26.04.2006 |
|
DIN No.: |
00155430 |
|
|
|
|
Name : |
Mr. Jyotiprasad Devkinandan 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 |
|
DIN No.: |
00155695 |
|
|
|
|
Name : |
Mr. Vedprakash Devkinandan Chiripal |
|
Designation : |
Managing director |
|
Address : |
11, Nandi Hill Society, Satelite Road, Ahmedabad – 380 015, Gujarat,
India |
|
Date of Birth/Age : |
21.11.1951 |
|
Date of Appointment : |
26.04.2006 |
|
DIN No.: |
00290454 |
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 |
|
PAN No.: |
ACZPM2110Q |
MAJOR SHAREHOLDERS
As on: 29.09.2012
SHAREHOLDING DETAILS FILE ATTACHED
Equity Share Break up (Percentage of Total Equity)
As on: 29.09.2012
|
Category |
Percentage |
|
Foreign holdings( Foreign institutional
investor(s), Foreign companie(s) Foreign financial institution(s), Non-resident
Indian(s) or Overseas Corporate bodies or Others |
8.33 |
|
Bodies corporate |
13.79 |
|
Directors or relatives of Directors |
64.35 |
|
Other top fifty shareholders |
5.29 |
|
Others |
8.24 |
|
Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer of Textiles and Yarns. |
||||||||||||||||
|
|
|
||||||||||||||||
|
Products : |
·
Partially Oriented Yarns ·
Fully Drawn Yarn ·
Draw Textured Yarn
|
PRODUCTION STATUS
As on 31.03.2011:-
|
Particulars |
Unit |
Licensed Capacity |
Installed Capacity |
|
FDY |
M.T |
N.A. |
28450 |
|
POY |
M.T |
N.A. |
42950 |
|
Processed Yarn |
M.T |
N.A. |
25780 |
|
Fabrics |
M.T |
N.A. |
10000 |
|
Particulars |
Unit |
Actual Production |
|
Yarn |
Kgs. |
39905401 |
|
Fabrics |
Kgs. |
1037173 |
GENERAL INFORMATION
|
No. of Employees : |
Not Available |
||||||||||||||||||
|
|
|
||||||||||||||||||
|
Bankers : |
|
||||||||||||||||||
|
|
|
||||||||||||||||||
|
Facilities : |
(Rs.
In Millions)
|
|
|
|
|
Banking
Relations : |
-- |
|
|
|
|
Auditors : |
|
|
Name : |
Nahta Jain and Associates Chartered Accountants |
|
Address : |
211, New Cloth Market, Ahmedabad – 380 002, |
|
PAN.: |
AABFN3524D |
|
|
|
|
Subsidiaries : |
·
Chiripal Lifestyle Limited CIN NO.: U18109GJ2008PLC052724 ·
Vishal Fabrics Private Limited CIN NO.: U17110GJ1985PTC008206 |
|
|
|
|
Associates : |
·
Sparrow Exports Private Limited ·
Nandan Exim Limited CIN NO.: L51909GJ1994PLC022719 ·
Shanti Educational Initiatives Limited (Formerly
known as Chiripal Enterprises Limited ·
CIL Nova Petrochemicals Limited CIN NO.: L17111GJ2003PLC043354 ·
Deepak Enterprises (Proprietor Jyotiprasad D.
Chiripal) |
CAPITAL STRUCTURE
As on: 29.09.2012
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 |
|
|
|
|
|
|
24348916 |
Equity Shares |
Rs.10/- each |
Rs.243.489
Millions |
|
|
|
|
|
As on 31.03.2011
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 |
|
|
|
|
|
|
22319800 |
Equity Shares |
Rs.10/- each |
R.223.198
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 |
223.198 |
207.833 |
207.833 |
|
|
2] Share Application Money |
0.000 |
200.500 |
200.500 |
|
|
3] Reserves & Surplus |
1524.191 |
1236.539 |
1075.005 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
|
NETWORTH |
1747.389 |
1644.872 |
1483.338 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
2435.363 |
2081.923 |
1648.400 |
|
|
2] Unsecured Loans |
262.794 |
337.482 |
378.337 |
|
|
TOTAL BORROWING |
2698.157 |
2419.405 |
2026.737 |
|
|
DEFERRED TAX LIABILITIES |
237.227 |
196.778 |
182.213 |
|
|
|
|
|
|
|
|
TOTAL |
4682.773 |
4261.055 |
3692.288 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
2923.054 |
2439.325 |
2234.178 |
|
|
Capital work-in-progress |
60.717 |
335.912 |
107.786 |
|
|
|
|
|
|
|
|
INVESTMENT |
188.966 |
119.548 |
148.635 |
|
|
DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
1007.762
|
933.774
|
923.149
|
|
|
Sundry Debtors |
943.199
|
920.171
|
750.244
|
|
|
Cash & Bank Balances |
172.199
|
130.256
|
77.446
|
|
|
Other Current Assets |
0.000
|
0.000
|
0.000
|
|
|
Loans & Advances |
163.869
|
174.335
|
254.908
|
|
Total
Current Assets |
2287.029
|
2158.536
|
2005.747
|
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditor |
691.840 |
|
779.166
|
|
|
Other Current Liabilities |
42.708
|
15.425
|
|
|
|
Provisions |
44.933
|
55.079
|
31.442
|
|
Total
Current Liabilities |
779.481
|
797.508
|
810.608
|
|
|
Net Current Assets |
1507.548
|
1361.028
|
1195.139
|
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
2.488 |
5.242 |
6.550 |
|
|
|
|
|
|
|
|
TOTAL |
4682.773 |
4261.055 |
3692.288 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
6147.385 |
5702.247 |
4784.725 |
|
|
|
Other Income |
20.817 |
51.654 |
24.403 |
|
|
|
TOTAL (A) |
6168.202 |
5753.901 |
4809.128 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Consumption Materials Changes Inventories |
4148.450 |
3802.859 |
|
|
|
|
Manufacturing Service Costs |
963.734 |
929.400 |
|
|
|
|
Employee Related Expenses |
204.590 |
170.301 |
|
|
|
|
Administrative Selling Other Expenses |
155.769 |
161.907 |
|
|
|
|
TOTAL (B) |
5472.543 |
5064.467 |
4157.856 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
695.659 |
689.434 |
651.272 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
298.222 |
249.307 |
286.173 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
397.437 |
440.127 |
365.099 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
237.136 |
201.743 |
181.522 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) (G) |
160.301 |
238.384 |
183.577 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
87.759 |
76.849 |
38.141 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-H) (I) |
72.542 |
161.535 |
145.436 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
897.673 |
736.138 |
NA |
|
|
|
|
|
|
|
|
|
|
BALANCE CARRIED TO
THE B/S |
970.215 |
897.673 |
736.138 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
Export Earnings |
171.141 |
222.808 |
208.139 |
|
|
TOTAL EARNINGS |
171.141 |
222.808 |
208.139 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw Materials |
340.963 |
385.408 |
360.288 |
|
|
|
Stores & Spares |
6.815 |
32.394 |
7.952 |
|
|
|
Capital Goods |
155.136 |
246.738 |
82.415 |
|
|
TOTAL IMPORTS |
502.914 |
664.540 |
450.655 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
3.40 |
7.77 |
7.00 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
PAT / Total Income |
(%) |
1.18
|
2.81
|
3.02
|
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
2.61
|
4.18
|
12.38
|
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
3.08
|
5.18
|
8.20
|
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.09
|
0.14
|
0.12
|
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt/Networth) |
|
1.54
|
1.47
|
1.37
|
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
2.93
|
2.71
|
2.47
|
LOCAL AGENCY FURTHER INFORMATION
|
Sr. No. |
Check List by Info
Agents |
Available in Report (Yes / No) |
|
1] |
Year of Establishment |
Yes |
|
2] |
Locality of the firm |
Yes |
|
3] |
Constitutions of the firm |
Yes |
|
4] |
Premises details |
No |
|
5] |
Type of Business |
Yes |
|
6] |
Line of Business |
Yes |
|
7] |
Promoter's background |
Yes |
|
8] |
No. of employees |
No |
|
9] |
Name of person contacted |
No |
|
10] |
Designation of contact person |
No |
|
11] |
Turnover of firm for last three years |
Yes |
|
12] |
Profitability for last three years |
Yes |
|
13] |
Reasons for variation <> 20% |
---------------------- |
|
14] |
Estimation for coming financial year |
No |
|
15] |
Capital in the business |
Yes |
|
16] |
Details of sister concerns |
Yes |
|
17] |
Major suppliers |
No |
|
18] |
Major customers |
No |
|
19] |
Payments terms |
No |
|
20] |
Export / Import details (if applicable) |
No |
|
21] |
Market information |
---------------------- |
|
22] |
Litigations that the firm / promoter involved in |
---------------------- |
|
23] |
Banking Details |
Yes |
|
24] |
Banking facility details |
Yes |
|
25] |
Conduct of the banking account |
---------------------- |
|
26] |
Buyer visit details |
---------------------- |
|
27] |
Financials, if provided |
Yes |
|
28] |
Incorporation details, if applicable |
Yes |
|
29] |
Last accounts filed at ROC |
No |
|
30] |
Major Shareholders, if available |
Yes |
|
31] |
Date of Birth of Proprietor/Partner/Director, if available |
Yes |
|
32] |
PAN of Proprietor/Partner/Director, if available |
No |
|
33] |
Voter ID No of Proprietor/Partner/Director, if available |
No |
|
34] |
External Agency Rating, if available |
Yes |
PERFORMANCE:
During the year, the Company has achieved a turnover of Rs. 6147.400 Millions as compared to the previous year figure of Rs. 5702.200 Millions achieving a rise of 7.81% over the previous year. The Net Profit during the year has achieved to Rs. 86.800 Millions. The Directors expect to improve performance during the current year. During the term 2010-11. The overall performance of the Company remains stable due to prevailing market condition and the textile industry as a whole.
UNSECURED LOAN:
|
Particulars |
As
on 31.03.2011 |
As
on 31.03.2010 |
|
Other External Commercial Borrowings |
0.000 |
25.073 |
|
Other Debt |
262.794 |
312.409 |
|
Total |
262.794 |
337.482 |
CONTINGENT LIABILITY
AS ON 31.03.2011:
a) The company has given the Corporate guarantee in favour of Banks against credit facilities extended aggregating to Rs. 255.000 Millions .(P.Y Rs. 255.000 Millions).
b) The Estimated amount of contracts remaining to be executed on capital account and not provided for Rs. 13.627 Millions (P.Y. Rs. 158.596 Millions) against which no advance have been paid (P.Y. Rs. 77.038 Millions).
c) Unexpired Letter of Credits Rs. 570.783 Millions (P.Y.Rs. 595.027 Millions net of margins).
d) The central excise National Calamity Contingent Duty is (NCCD) paid under protest till balance sheet date is Rs 8.136 Millions (P.Y. Rs 8.136 Millions) towards captive consumption of polyester partially oriented Filament Yarn and polyester fully drawn yarn for manufacture of texturised yarn, crimped Yarn, twisted yarn, M. M. knitted yarn etc. as per show cause notice received from Commissioner of Central Excise, Ahmedabad. The same has been shown under the head Loans and Advances and matter is still pending before the authorities
e) Bank guarantee given to Commissioner of Custom, JNPT for clearance of imported raw material amounting Rs. 0.338 Millions (P.Y. 0.338 Millions) during the financial year 2005-06 against which the company has provided 100% margin in form of term deposit .The matter is still pending with the authority till the date
f) Unexpired Bank guarantees Rs. 14.700 Millions (P.Y.Rs. 14.950 Millions)
g) The company has imported certain capital goods at concessional rate of custom duty under “Export promotion of capital goods scheme” .The company has pending export obligation to the extent of Rs. 725.384 Millions (P.Y Rs 750.581 Millions) to be fulfilled during the specified period. The liability towards custom duty payable thereon in respect of unfulfilled export obligation as on 31st Mar 2011 is Rs. 90.673 Millions (P.Y Rs. 85.953 Millions)
h) The company has imported certain raw material expenditure at concessional rate of custom duty under “Advance license goods scheme”. The company has pending export obligation to the extent of Rs. 10.633 Millions (P.Y Rs 12.203 Millions) to be fulfilled during the specified period. The liability towards custom duty payable in respect of unfulfilled export obligation as on 31st March 2011 is Rs. 2.649 Millions (P.Y Rs. 2.993 Millions)
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 199 200/1 and 200/2, saijpur- Gopalpur, Pirana Road, Piplej, Ahmedabad – 382405, Gujarat, India |
|
This form is for |
Modification of charge |
|
Charge identification
(ID) number of the charge to be modified |
80004937 |
|
Type of charge |
· Book debts · Movable property (not being pledge) · Floating charge · Others (Plant and machinery and Current Assets) |
|
Particular of
charge holder |
State Bank of India,
Commercial Branch, 3rd Floor, Paramsiddhi Complex, Ellisbridge, Ahmedabad -
380006, Gujarat, India |
|
Nature of
instrument creating charge |
Fourth Supplemental Joint Deed of Hypothecation in favour of SBI, SBH, SBT, PNB, KBL, IDBI Bank, UCO Bank, AB, J and K Bank, BOI, UBI and OBC |
|
Date of
instrument Creating the charge |
18.06.2011 |
|
Amount secured by
the charge |
Rs.4.183 Millions
|
|
Brief of the
principal terms an conditions and extent and operation of the charge |
Rate of Interest As per sanction
letters of respective Banks and agreed to be the parties from time to time Terms of Repayment (1) The enhanced
Working Capital of SBI, SBH, SBT, PNB,
KBL, IDBI, AB and UBI aggregating to Rs.1527.000 Millions is repayable on
demand whereas (2) Existing Term
Loans of SBI, SBH, PNB, KBL, IDBI, UCO, AB, J&K, BOI, OBC & UBI
aggregating to Rs.2655.800 Millions are repayable in such installments and
manner as may be prescribed by the respective Banks. Margin The Borrower
shall maintain margin of security at such rate as may be prescribed by the
respective Banks from time to time. Extent and Operation of the charge The charge
created on the assets described in Sr No 15 shall rank as (1) First pari
passu charge on all current assets of the Borrower to secure enhanced Working
capital of Rs.1527.000 Millions of SBI Consortium member Banks including
additional WC of Rs.105.000 Millions of UBI & Rs.78.000 Million of AB . (2) First pari
passu charge on all fixed assets and movable plant and machinery including EM
of immovable properties of the Borrower to secure existing Term Loans of
Rs.2655.800 Millions of respective Term Lenders, Others The charge
created on the assets described in Sr No 15 shall rank as (1) First pari
passu charge on all current assets of the Borrower to also secure additional
WC of Rs.18.30 Crores of UBI and AB making aggregate enhanced WC of
Rs.1527.000 Millions of SBI Consortium member Banks. (1) First pari
passu charge on all fixed assets and movable plant and machinery including EM
of immovable properties of the Borrower shall continue to secure Term Loans
of Rs.2655.800 Millions of respective Term Lenders, |
|
Short particulars
of the property or asset(s) charged (including complete address and location
of the property) |
(1)
Current
Assets : The whole of the current assets of the Borrower namely, stocks of
raw materials, stock in process, semi-finished and finished goods, stores and
spares, bills receivables and Book debts lying loose or in cases or which are
now lying or stored in or about the Borrower's factory premises at
Saijpur-Gopalpur, Ta City, Dist Ahmedabad in the State of Gujarat or wherever
else or be held by any party to the order or disposal of the Borrower or in
course of transit or on high seas howsoever and wheresoever. (2)
Fixed
Assets : All fixed assets such as plant and machineries acquired / to be
acquired and installed at factory premises at Saijpur-Gopalpur, Ta City, Dist
Ahmedabad in the State of Gujarat or wherever else or be held by any party to
the order or disposal of the Borroer or in course of transit or on high seas
howsoever and wheresoever. (3)
Immovable
properties : All of land situated in Industrial Zone bearing R S Nos (4)
(A)(i)
199 and 200 Hissa 1 and 2 adm 28883 Sq M, (B) (i) 165 adm 11938 Sq m, (ii) 166/2 adm 5463 Sq M, (iii) 174/1 adm 3743 SqM, (iv) 174/2 adm 4553 Sq M, (v) 179 adm 6171
Sq M, (vi) 168 adm 4553 Sq M (C-1) (i) 174/3 adm 3237 Sq M, (ii) 174/4 adm 1315 Sq M (iii) 176 adm
1315 Sq M and 178 adm 3845 Sq M (C-2) 175 175 adm 3136 Sq M All situate, being at Mouje Saijpur-Gopalpur, Ta City, Dist Ahmedabad
-5 (Narol) |
|
Particulars of
the present modification |
Original charge dated
01.10.04 for Rs.1073.700 Millions and modified from time to time and lastly
on 10/03/11 to Rs.3999.800 Millions by Jt Deed of Hypo for Rs.1344.000
Millions and Suppl Memo of Deposit of Title Deeds for Rs.2966.800 Millions in
favour of SBI, Consortium is now further modified and enhd by Rs.183.000
Millions making total charge of Hypo of CAs of Rs.1527.000 Millions. Charge
of TLs of Rs.2655.800 Millions and charge of EM for Rs.3999.800 Millions
remaining unchanged in favour of SBI,
SBH, SBT, PNB, KBL,IDBI, UCO, AB and J and
K, BOI, OBI and UBI. |
FIXED ASSETS:
- Land and Land
Development
- Plant and
Machinery
- Electric
Fittings
- Furniture and
Fixtures
- Computers
- Office
Equipments
- Vehicle
CMT REPORT (Corruption, Money Laundering & Terrorism]
The Public Notice information has been collected from various sources
including but not limited to: The Courts,
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.55.05 |
|
|
1 |
Rs.82.75 |
|
Euro |
1 |
Rs.71.61 |
INFORMATION DETAILS
|
Report Prepared
by : |
RAJ |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
5 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
4 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
4 |
|
--PROFITABILIRY |
1~10 |
5 |
|
--LIQUIDITY |
1~10 |
5 |
|
--LEVERAGE |
1~10 |
5 |
|
--RESERVES |
1~10 |
5 |
|
--CREDIT LINES |
1~10 |
4 |
|
--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 |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
42 |
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.