|
Report Date : |
12.08.2014 |
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, 200/1 and 200/2, Saijpur-Gopalpur, |
|
|
|
|
Country : |
|
|
|
|
|
Financials (as
on) : |
31.03.2013 |
|
|
|
|
Date of
Incorporation : |
27.04.1988 |
|
|
|
|
Com. Reg. No.: |
04-010634 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
Rs. 243.489
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 wide range of Textile Value Chain viz.
Partially Oriented Yarn (POY), Fully Drawn Yarn (FDY), Draw Twisted Yarn
(DTY), Texturising Yarn, Polar Fleece Fabrics, Special Coated Fabrics and processing
of fabrics, embroidery etc. |
|
|
|
|
No. of Employees
: |
Information declined by the management |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (47) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Maximum Credit Limit : |
USD 9865000 |
|
|
|
|
Status : |
Satisfactory |
|
|
|
|
Payment Behaviour : |
Usually Correct |
|
|
|
|
Litigation : |
Clear |
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|
|
|
Comments : |
Subject is an established company having satisfactory track record. General financial position of the company seems to be decent. Trade relations are fair. Business is active. Payment terms are
reported to be usually correct. The company can be considered for business dealing 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 – June 1, 2014
|
Country Name |
Previous Rating (31.03.2014) |
Current Rating (01.06.2014) |
|
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
N E W S
As per the latest IMF study, the total weigh of emerging markets in the GDP
of the world on a purchasing power parity basis has seen a sizeable shift. It
highlights how as against 51 % in 2005, the emerging economies now account for
close to 56 % of the global purchasing power GDP as per the latest survey. And
with the emerging economies growing at a faster rate than their developed
counterparts, there are every possibility that the their share goes up further
in the coming years. China may surpass the US over the next few years.
Politics and economics are very intricately connected. They tend to
influence each other in ways that could be very complex and far-reaching. The
prospects of the India’s economy have been seriously compromised due to
political corruption. High inflation, poor standard of living are to a great
extent a result of rampant corruption in the country. China on the other hand,
seems to be facing diametrically opposite challenge. American hedge fund
manager Jim Chanos has been keenly following the political and economic
development in the dragon economy and has figured out something that is quite
worrying. He is of the view that the Chinese economy could be heading toward
trouble on account of new Chinese President Xi Jingping’s very aggressive
anti-corruption drive. Chanos believes tat many things such as apartment sales,
luxury products, etc. were largely bought with dirty money. And it is now
beginning to impact consumption. This may indeed be bad news for an economy
that is struggling to transition from an investment-driven export-oriented
economy to a domestic consumption-driven economy.
A study published by Firstpost has revealed that asset classes like real
estate and equities were the biggest beneficiaries of the liberalization
policies. A firm called Ciane Analytics studied returns from assets including
equities, gold, fixed deposits, G-Secs and real estate since 1991. Real estate
outperformed every other asset classes during the 23-year period with an
annualized return of 20 % ! Equities came in second with annualized return of
15.5 % ! However, while these returns may seem mouthwatering, the fact is that
the return from equities adjusted for inflation came down to just 7.1 %.
Some brief news are as under
. R-Power to buy Jaypee’s hydro assets
. Investors await justice in NSEL case
. India seeks MFN status from Pakistan ahead of meeting
. Ukrain’s clashes with rebels hinder MH17 crash investigation
. India exploring merger of state-owned hydro PSUs
..Higher costs weigh down profit growth to slowest in 9 quarters
..Wal-Mart to expand wholesale business in India
. GMR group moves to strengthen balance sheet
. Central Bank to sell 4 % stake to Life Insurance Corporation
. Tata Chemicals plans to raise up to Rs 10000 mn.
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
31-03-2014.
INFORMATION DECLINED
MANAGEMENT NON-COOPERATIVE
[CONTACT NO.: 91-79-25714568]
LOCATIONS
|
Registered Office/ Factory : |
Survey No.199, |
|
Tel. No.: |
91-79-25710231-34/ 25714568/ 1655/ 0886 |
|
Fax No.: |
91-79-25711755/ 25714569 |
|
E-Mail : |
cs.cil@chiripalgroup.com purvee@chiripalgroup.com |
|
Website : |
|
|
|
|
|
Corporate Office : |
‘Chiripal House’, Shiv Ranjini, Cross Road, Satelite, Ahmedabad -
380015, Gujarat, India |
|
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 Office : |
21, Century Business Centre, |
|
Tel. No.: |
91-261-6627078/ 79 |
|
E-Mail : |
DIRECTORS
AS ON 29.09.2012
|
Name : |
Mr. Vedprakash Devkinandan Chiripal |
|
Designation : |
Managing director |
|
Address : |
11, Nandi Hill Society, Satellite Road, Ahmedabad – 380015, Gujarat,
India |
|
Date of Birth/Age : |
21.11.1951 |
|
Qualification : |
B.Com |
|
Date of Appointment : |
01.10.2008 |
|
PAN No.: |
AAHPC2102Q |
|
DIN No.: |
00290454 |
|
|
|
|
Name : |
Mr. Ambalal Chhitabhai Patel |
|
Designation : |
Director |
|
Address : |
14/ B, Shreyasnath Society, Vasana, Dhranidhar Derasar, Ahmedabad,
Gujarat, India |
|
Date of Birth/Age : |
01.04.1944 |
|
Qualification : |
B.E.
(Metallurgy), B.Sc. (Chemistry) |
|
Date of Appointment : |
29.09.2007 |
|
DIN No.: |
00037870 |
|
|
|
|
Name : |
Mr. Jawahar Lal |
|
Designation : |
Director |
|
Address : |
Nand Tara, 22 Oak Drive, Mandi Road, Sultanpur, Mehrauli, Delhi –
110030, India |
|
Date of Birth/Age : |
17.12.1954 |
|
Qualification : |
Under Graduate |
|
Date of Appointment : |
29.09.2008 |
|
DIN No.: |
00076462 |
|
|
|
|
Name : |
Mr. Rajesh Premchand Bindal |
|
Designation : |
Whole-time director |
|
Address : |
10, Mangalyam Society, Near Ocean Park, Nehru Nagar Road, Ahmedabad –
380015, Gujarat, India |
|
Date of Birth/Age : |
30.11.1973 |
|
Qualification : |
B.Com |
|
Date of Appointment : |
10.01.2013 |
|
PAN No.: |
ABAPB3497M |
|
DIN No.: |
00155156 |
|
|
|
|
Name : |
Mr. Jaiprakash Devkinandan Chiripal |
|
Designation : |
Whole-time director |
|
Address : |
10, Nandi Hill Society, Satellite Road, Ahmedabad – 380015, Gujarat,
India |
|
Date of Birth/Age : |
02.11.1959 |
|
Qualification : |
B.Com |
|
Date of Appointment : |
01.09.2011 |
|
PAN No.: |
AAJPA4564C |
|
DIN No.: |
00155430 |
|
|
|
|
Name : |
Mr. Jyotiprasad Devkinandan Chiripal |
|
Designation : |
Director |
|
Address : |
91, Basant Bahar Bunglows, Bopal, Ahmedabad – 380058, Gujarat, India |
|
Date of Birth/Age : |
21.08.1953 |
|
Qualification : |
B.Com |
|
Date of Appointment : |
07.08.2006 |
|
PAN No.: |
AAJPA4565D |
|
DIN No.: |
00155695 |
KEY EXECUTIVES
|
Name : |
Mr. Sandip Amratlal Mistry |
|
Designation : |
Secretary |
|
Address : |
B–87, Ghanshyam Park, Ghodasar Kansh, Ahmedabad – 380050, Gujarat,
India |
|
Date of Birth/Age : |
13.02.1964 |
|
Date of Appointment : |
20.10.2005 |
|
PAN No.: |
ACZPM2110Q |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 29.09.2012
NOTE: SHAREHOLDING DETAILS FILE ATTACHED
AS ON 29.09.2012
|
Equity Share Breakup |
Percentage of Holding |
|
Category |
|
|
Foreign holdings [Foreign institutional investors, Foreign Companies, Foreign Financial Institutions, Non-resident Indian 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 wide range of Textile Value Chain viz.
Partially Oriented Yarn (POY), Fully Drawn Yarn (FDY), Draw Twisted Yarn
(DTY), Texturising Yarn, Polar Fleece Fabrics, Special Coated Fabrics and
processing of fabrics, embroidery etc. |
PRODUCTION STATUS (AS ON 31.03.2011)
|
Particulars |
Unit |
Licensed
Capacity |
Installed
Capacity |
Actual
Production |
|
FDY |
-- |
N.A. |
28450 M.T. |
-- |
|
POY |
-- |
N.A. |
42950 M.T. |
-- |
|
Processed Yarn |
(Kgs.) |
N.A. |
25780 M.T. |
39905401 |
|
Fabrics |
(Kgs.) |
N.A. |
10000 M.T. |
1037173 |
|
Garments |
(Pcs.) |
N.A. |
NIL |
NIL |
NOTE:
The installed capacity have been taken as certified by the
management as being a technical matter.
GENERAL INFORMATION
|
No. of Employees : |
Information declined by the management |
||||||||||||||||||||||||||||||
|
|
|
||||||||||||||||||||||||||||||
|
Bankers : |
· State Bank of India, Commercial Branch, 3rd Floor, Paramsiddhi Complex, Ellisbridge, Ahmedabad - 380006, Gujarat, India State Bank of Bikaner and Jaipur, 103, Abhishree Complex,
Opposite Star Bazar, Satellite, Ahmedabad - 380015, Gujarat, India Union Bank of India, Industrial Finance Branch, C.U. Shah
Chambers, Near Gujarat Vidyapith, Ashram Road, Ahmedabad - 380014, Gujarat,
India Oriental Bank of Commerce, Neel Kamal Building, Opposite
Sales India, Ashram Road, Ahmedabad - 380009, Gujarat, India Bank of India, Ahmedabad Corporate Banking Branch, 2nd
Floor, Bank of India Building, Bhadra, Ahmedabad - 380001, Gujarat, India Bank of Baroda, Sakar Bazar, Ahmedabad - 380001, Gujarat,
India |
||||||||||||||||||||||||||||||
|
|
|
||||||||||||||||||||||||||||||
|
Facilities : |
|
|
|
|
|
Banking
Relations : |
-- |
|
|
|
|
Auditors : |
|
|
Name : |
Nahta Jain and Associates Chartered Accountants |
|
Address : |
211, New Cloth
Market, Sarangpur, Ahmedabad – 380002, Gujarat, India |
|
Income-tax
PAN of auditor or auditor's firm : |
AABFN3524D |
|
|
|
|
Subsidiary company
: |
Vishal Fabrics Private Limited [U17110GJ1985PTC008206] |
|
|
|
|
Associates : |
· Nandan Denim Limited [L51909GJ1994PLC022719] Cil Nova Petrochemicals Limited [L17111GJ2003PLC043354] Shanti Educational Initiatives Limited (Formerly known as
Chiripal Enterprises Limited) [U80101GJ1988PLC010691] Sparrow Exports Private Limited Vraj Integrated Textile Park Limited Chiripal Poly Films Limited |
CAPITAL STRUCTURE
AS ON 31.03.2013
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
50,000,000 |
Equity Shares |
Rs. 10/- each |
Rs. 500.000 Millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
24,348,916 |
Equity Shares |
Rs. 10/- each |
Rs. 243.489
Millions |
|
|
|
|
|
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
|
31.03.2013 |
31.03.2012 |
|
I.
EQUITY AND LIABILITIES |
|
|
|
|
(1)Shareholders' Funds |
|
|
|
|
(a) Share Capital |
|
243.489 |
243.489 |
|
(b) Reserves & Surplus |
|
2222.862 |
2085.907 |
|
(c) Money received against share warrants |
|
0.000 |
0.000 |
|
|
|
|
|
|
(2) Share Application money
pending allotment |
|
0.000 |
0.000 |
|
Total
Shareholders’ Funds (1) + (2) |
|
2466.351 |
2329.396 |
|
|
|
|
|
|
(3)
Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
|
1368.156 |
1807.864 |
|
(b) Deferred tax liabilities (Net) |
|
254.373 |
258.300 |
|
(c) Other long
term liabilities |
|
0.000 |
0.000 |
|
(d) long-term
provisions |
|
0.000 |
0.000 |
|
Total Non-current
Liabilities (3) |
|
1622.529 |
2066.164 |
|
|
|
|
|
|
(4)
Current Liabilities |
|
|
|
|
(a)
Short term borrowings |
|
984.567 |
944.382 |
|
(b)
Trade payables |
|
689.492 |
636.812 |
|
(c)
Other current liabilities |
|
51.900 |
50.346 |
|
(d) Short-term
provisions |
|
111.156 |
81.624 |
|
Total Current
Liabilities (4) |
|
1837.115 |
1713.164 |
|
|
|
|
|
|
TOTAL |
|
5925.995 |
6108.724 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1)
Non-current assets |
|
|
|
|
(a)
Fixed Assets |
|
|
|
|
(i)
Tangible assets |
|
2749.379 |
2976.279 |
|
(ii)
Intangible Assets |
|
2.367 |
2.938 |
|
(iii)
Capital work-in-progress |
|
15.750 |
35.696 |
|
(iv)
Intangible assets under development |
|
0.000 |
0.000 |
|
(b) Non-current Investments |
|
398.095 |
398.775 |
|
(c) Deferred tax assets (net) |
|
0.000 |
0.000 |
|
(d) Long-term Loan and Advances |
|
0.000 |
0.000 |
|
(e) Other
Non-current assets |
|
0.000 |
0.000 |
|
Total Non-Current
Assets |
|
3165.591 |
3413.688 |
|
|
|
|
|
|
(2)
Current assets |
|
|
|
|
(a)
Current investments |
|
0.000 |
0.000 |
|
(b)
Inventories |
|
1155.617 |
1087.617 |
|
(c) Trade
receivables |
|
1214.435 |
1147.663 |
|
(d) Cash
and cash equivalents |
|
95.668 |
259.184 |
|
(e)
Short-term loans and advances |
|
294.137 |
199.474 |
|
(f)
Other current assets |
|
0.547 |
1.098 |
|
Total
Current Assets |
|
2760.404 |
2695.036 |
|
|
|
|
|
|
TOTAL |
|
5925.995 |
6108.724 |
|
SOURCES OF FUNDS |
|
|
31.03.2011 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
|
|
223.198 |
|
|
2] Share Application Money |
|
|
0.000 |
|
|
3] Reserves & Surplus |
|
|
1524.191 |
|
|
4] (Accumulated Losses) |
|
|
0.000 |
|
|
NETWORTH |
|
|
1747.389 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
|
|
2435.363 |
|
|
2] Unsecured Loans |
|
|
262.794 |
|
|
TOTAL BORROWING |
|
|
2698.157 |
|
|
DEFERRED TAX LIABILITIES |
|
|
237.227 |
|
|
|
|
|
|
|
|
TOTAL |
|
|
4682.773 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
|
|
2923.054 |
|
|
Capital work-in-progress |
|
|
60.717 |
|
|
|
|
|
|
|
|
INVESTMENT |
|
|
188.966 |
|
|
DEFERRED TAX ASSETS |
|
|
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
|
|
1007.762
|
|
|
Sundry Debtors |
|
|
943.199
|
|
|
Cash & Bank Balances |
|
|
172.199
|
|
|
Other Current Assets |
|
|
0.000
|
|
|
Loans & Advances |
|
|
163.869
|
|
Total
Current Assets |
|
|
2287.029 |
|
|
Less : CURRENT LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
|
|
691.840 |
|
|
Other Current Liabilities |
|
|
42.708
|
|
|
Provisions |
|
|
44.933
|
|
Total
Current Liabilities |
|
|
779.481
|
|
|
Net Current Assets |
|
|
1507.548
|
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
|
|
2.488 |
|
|
|
|
|
|
|
|
TOTAL |
|
|
4682.773 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
|
|
SALES |
|
|
|
|
|
|
|
Revenue from operations |
6623.771 |
6239.949 |
6158.118 |
|
|
|
Other Income |
52.560 |
37.789 |
10.084 |
|
|
|
TOTAL (A) |
6676.331 |
6277.738 |
6168.202 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Cost of materials consumed |
4779.191 |
4504.352 |
4157.385 |
|
|
|
Changes in inventories
of finished goods, work-in-progress and stock-in-trade |
(53.209) |
(55.368) |
(12.073) |
|
|
|
Employee benefit expense |
250.576 |
221.080 |
216.730 |
|
|
|
Other expenses |
883.848 |
839.674 |
1107.363 |
|
|
|
TOTAL (B) |
5860.406 |
5509.738 |
5469.405 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
815.925 |
768.000 |
698.797 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
380.466 |
376.344 |
301.361 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
435.459 |
391.656 |
397.436 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
296.946 |
284.278 |
237.136 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) (G) |
138.513 |
107.378 |
160.300 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
1.558 |
12.359 |
87.758 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-H) (I) |
136.955 |
95.019 |
72.542 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
Export of goods calculated on FOB basis |
185.432 |
192.223 |
171.141 |
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw Materials |
636.506 |
233.072 |
340.963 |
|
|
|
Spare parts & Other matters |
6.890 |
9.414 |
6.815 |
|
|
|
Capital Goods |
31.005 |
53.581 |
155.136 |
|
|
TOTAL IMPORTS |
674.401 |
296.067 |
502.914 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
5.62 |
4.17 |
3.40 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
PAT / Total Income |
(%) |
2.05 |
1.51 |
1.18 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
2.09 |
1.72 |
2.60 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
2.51 |
1.89 |
3.08
|
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.06 |
0.05 |
0.09
|
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt/Networth) |
|
0.95 |
1.18 |
1.54
|
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.50 |
1.57 |
2.93
|
FINANCIAL ANALYSIS
[all figures are
in Rupees Millions]
DEBT EQUITY RATIO
|
Particular |
31.03.2012 |
31.03.2013 |
|
|
(Rs.
In Millions) |
(Rs.
In Millions) |
|
Share Capital |
243.489 |
243.489 |
|
Reserves & Surplus |
2085.907 |
2222.862 |
|
Net
worth |
2329.396 |
2466.351 |
|
|
|
|
|
long-term borrowings |
1807.864 |
1368.156 |
|
Short term borrowings |
944.382 |
984.567 |
|
Total
borrowings |
2752.246 |
2352.723 |
|
Debt/Equity ratio |
1.182 |
0.954 |
YEAR-ON-YEAR GROWTH
|
Year on Year Growth |
31.03.2011 |
31.03.2012 |
31.03.2013 |
|
|
(Rs.
In Millions) |
(Rs.
In Millions) |
(Rs.
In Millions) |
|
Sales |
6158.118 |
6239.949 |
6623.771 |
|
|
|
1.329 |
6.151 |
NET PROFIT MARGIN
|
Net Profit Margin |
31.03.2011 |
31.03.2012 |
31.03.2013 |
|
|
(Rs.
In Millions) |
(Rs.
In Millions) |
(Rs.
In Millions) |
|
Sales |
6158.118 |
6239.949 |
6623.771 |
|
Profit |
72.542 |
95.019 |
136.955 |
|
|
1.18% |
1.52% |
2.07% |
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 |
Yes |
|
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 |
Yes |
|
33] |
Voter ID No of
Proprietor/Partner/Director, if available |
No |
|
34] |
External Agency Rating,
if available |
No |
INDEX OF CHARGES
|
S.NO. |
CHARGE ID |
DATE OF CHARGE CREATION/MODIFICATION |
CHARGE AMOUNT SECURED |
CHARGE HOLDER |
ADDRESS |
SERVICE REQUEST NUMBER (SRN) |
|
1 |
10507640 |
03/07/2014 |
75,000,000.00 |
STATE BANK OF
INDIA |
MID CORPORATE
GROUP, COMMERCIAL BRANCH, "PARAMSIDDHI" COMPLEX, ELLISBRIDGE,
AHMEDABAD, GUJARAT - 380006, INDIA |
C10250306 |
|
2 |
10487642 |
03/06/2011 |
1,546,000,000.00 |
STATE BANK OF
INDIA (LEAD BANK) |
STRESSED ASSETS MANAGEMENT
BRANCH, 2ND FLOOR, PARAMSIDDHI COMPLEX,ELLISBRIDGE, AHMEDABAD, GUJARAT
- 380006, INDIA |
B91495481 |
|
3 |
10247875 |
23/10/2010 |
265,000,000.00 |
UNION BANK OF
INDIA |
INDUSTRIAL FINANCE
BRANCH, C.U. SHAH CHAMBERS, NR. GUJARAT VIDYAPITH, ASHRAM ROAD, AHMEDABAD,
GUJARAT - 380014, INDIA |
A97836670 |
|
4 |
10236238 |
11/08/2010 |
220,000,000.00 |
ORIENTAL BANK OF
COMMERCE |
NEEL KAMAL BUILDING,
SOPP. SALES INDIA, ASHRAM ROAD, AHMEDABAD, GUJARAT - 380009, INDIA |
A92604719 |
|
5 |
10208278 |
24/02/2010 |
300,000,000.00 |
BANK OF INDIA |
AHMEDABAD
CORPORATE BANKING BRANCH, 2ND FLOOR, BANK OF INDIA BUILDING, BHADRA,
AHMEDABAD, GUJARAT - 380001, INDIA |
A81553810 |
|
6 |
10181398 |
25/10/2013 * |
4,414,900,000.00 |
STATE BANK OF
INDIA |
COMMERCIAL
BRANCH, 3RD FLOOR, PARAMSIDDHI COMPLEX, ELLISBRIDGE, AHMEDABAD, GUJARAT -
380006, INDIA |
B89894737 |
|
7 |
10114286 |
15/04/2008 |
240,000,000.00 |
JAMMU &
KASHMIR BANK LIMITED |
BRANCH ANSAL
PLAZA, HUDCO PLACE, KHELGAON MARG, |
A40551517 |
|
8 |
10086283 |
04/01/2008 |
50,000,000.00 |
INDUSIND BANK
LIMITED |
2401 GEN THIMMAYYAROAD
CANTONMENT, PUNE, MAHARASHTRA - 411001, INDIA |
A31525876 |
|
9 |
10071585 |
04/10/2007 |
350,000,000.00 |
INDUSTRIAL
DEVELOPMENT BANK OF INDIA LIMITED |
IDBI COMPLEX,
OPP. MUNICIPAL STAFF QUARTERS, OFF. |
A25022914 |
|
10 |
10073773 |
14/09/2007 |
145,000,000.00 |
ALLAHABAD BANK |
S.P. NAGAR
BRANCH,, OPP.SARDAR PATEL SEVA SAMAJ BHAVAN, C.G. ROAD, AHMEDABAD, GUJARAT -
380006, INDIA |
A25315151 |
|
11 |
80005016 |
18/04/2006 |
119,000,000.00 |
UCO BANK |
ASHRAM ROAD,
AHMEDABAD, GUJARAT - 380009, INDIA |
- |
|
12 |
10002911 |
18/04/2006 |
119,000,000.00 |
UCO BANK |
ASRAM ROAD,
AHMEDABAD, GUJARAT - 380009, INDIA |
A00636191 |
|
13 |
80005033 |
06/06/2006 * |
140,000,000.00 |
INDUSTRIAL
DEVELOPMENT BANK OF INDIA |
IDBI TOWER, WTC
COMPLEX, CUFFE PARADE, MUMBAI, MAHARASHTRA - 400005, INDIA |
- |
|
14 |
80005017 |
08/06/2006 * |
435,300,000.00 |
STATE BANK OF
INDORE |
ASHRAM ROAD BRANCH,
AHMEDABAD, GUJARAT - 380009, INDIA |
- |
|
15 |
80005018 |
06/06/2006 * |
435,300,000.00 |
STATE BANK OF
INDORE |
ASHRAM ROAD
BRANCH, AHMEDABAD, GUJARAT - 380009, INDIA |
- |
|
16 |
80004941 |
12/03/2005 |
598,800,000.00 |
SBI SBH SBIN PNB
KBL |
COMML BRANCH,
AHMEDABAD, GUJARAT - 380001, INDIA |
- |
|
17 |
80005026 |
11/02/2005 |
48,000,000.00 |
STATE BANK OF
TRAVANCORE |
AMBAWADI,
AHMEDABAD, GUJARAT - 380006, INDIA |
- |
|
18 |
80005027 |
11/02/2005 |
109,800,000.00 |
STATE BANK OF
TRAVANCORE |
AMBAWADI,
ELLISBRIDGE, AHMEDABAD, GUJARAT - 380006, INDIA |
- |
|
19 |
80005031 |
11/02/2005 |
109,800,000.00 |
STATE BANK OF
TRAVANCORE |
AMBAWADI,
AHMEDABAD, GUJARAT - 380006, INDIA |
- |
|
20 |
80004936 |
10/03/2011 * |
2,655,800,000.00 |
STATE BANK OF INDIA |
COMMERCIAL
BRANCH, PARAMSIDDHI COMPLEX, OPP. V. S. HOSPITAL, ELLISBRIDGE,
AHMEDABAD, GUJARAT - 380006, INDIA |
B11446648 |
|
21 |
80004937 |
18/06/2011 * |
4,182,800,000.00 |
STATE BANK OF
INDIA |
COMMERCIAL
BRANCH, 3RD FLOOR, PARAMSIDDHI COMPLEX, ELLISBRIDGE, AHMEDABAD, GUJARAT -
380006, INDIA |
B17925975 |
|
22 |
80005025 |
21/09/2004 |
47,000,000.00 |
STATE BANK OF
INDORE |
ASHRAM ROAD
BRANCH, AHMEDABAD, GUJARAT - 380009, INDIA |
- |
|
23 |
80005022 |
23/07/2004 |
128,000,000.00 |
STATE BANK OF
INDORE |
ASHRAM ROAD
BRANCH, AHMEDABAD, GUJARAT - 380009, |
- |
|
24 |
80005019 |
06/03/2007 * |
119,000,000.00 |
UCO BANK |
UCOBHAWAN, NEAR
SANYAS ASHRAM, ASHRAM ROAD, AHMEDABAD, GUJARAT - 380009, INDIA |
- |
* Date of charge modification
UNSECURED LOANS
|
UNSECURED LOANS |
31.03.2013 (Rs.
In Millions) |
31.03.2012 (Rs.
In Millions) |
|
LONG-TERM BORROWINGS |
|
|
|
Term loans from others |
145.491 |
312.081 |
|
Deposits |
11.274 |
11.048 |
|
SHORT TERM BORROWINGS |
|
|
|
Term loans from others |
73.562 |
76.959 |
|
|
|
|
|
Total |
230.327 |
400.088 |
CORPORATE
INFORMATION:
The Company was originally incorporated as a Private Limited
Company as Chiripal Twisting and Sizing Private Limited on 27th April, 1988
under the Companies Act, 1956, in the State of Gujarat at Ahmedabad. The
Company was then converted into Public Limited Company on 23/10/2003.
Subsequently the name of Company was changed to Chiripal Petrochemicals Limited
and fresh certificate of incorporation for change of name was obtained on
07/01/2004 from the Registrar of the Companies, Gujarat Later on another group
companies namely Shanti Processors Limited And Priti Processors Private Limited
have been merged with the company. The Hon’able High Court of Gujarat had vide
its order dtd 31.03.2006 approved the amalgamation of Shanti Processors Limited
and Priti Processors Private Limited with Chiripal Petrochemicals Limited. The
effective date of amalgamation is 01.04.2005. In order to impart unique
identity due to amalgamation, the name of the Company has subsequently changed
to Chiripal Industries Limited and fresh certificate of incorporation on change
of name was obtained on 13/04/2006 from the Office of the Registrars of the
Companies, Gujarat. The registered office of the Company is at Survey No.199
and 200/1-2, Saijpur - Gopalpur, Pirana Road, Piplej, Ahmedabad-382 405
Chiripal Industries Limited (CIL) promoted by Chiripal Group is engaged in
manufacture of wide range of products along the textile value chain viz.
Partially Oriented Yarn (POY), Fully Drawn Yarn (FDY), Draw Twisted Yarn (DTY),
Texturising Yarn, Polar Fleece Fabrics, Special Coated Fabrics and processing
of fabrics, embroidery etc. at Ahmedabad in Gujarat. The Company gets
synergetic benefit of the integrated value chain of Chiripal Group.
PERFORMANCE:
During the year, the Company has achieved a turnover of Rs.
6623.800 Millions as compared to the previous year figure of Rs. 6239.900
Millions. The Net Profit during the year has achieved to Rs. 114.700 Millions.
The Directors expect to improve performance during the current year. The
overall performance of the Company remains stable due to prevailing market condition
of the textile industry as a whole.
CONTINGENT
LIABILITIES:
|
Particulars |
31.03.2013 (Rs.
In Millions) |
31.03.2012 (Rs.
In Millions) |
|
1) Corporate guarantee given in favour of Banks against
credit facilities extended |
255.000 |
255.000 |
|
2) Bank guarantee given to Commissioner of Custom, JNPT
for clearance of imported raw material 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. |
0.338 |
0.338 |
|
3) Unexpired Bank guarantees |
15.342 |
23.600 |
|
4) Unexpired Letter of Credit |
611.083 |
584.207 |
|
5) Central Excise National Calamity Contingent Duty is (NCCD)
paid under protest till balance sheet date 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. |
7.994 |
7.994 |
|
6) Appeal with CESTAT against order of Commissioner of Central
Excise, (Appeal) Ahmedabad |
26.941 |
26.941 |
|
7) Appeal with CESTAT against order of DGCEI |
52.500 |
0.000 |
|
8) Writ Petition filled with Gujarat High Court against
textile committee order |
3.463 |
0.000 |
|
9) Penalty U/s 271(1) C of Income Tax Act for A.Y.2006-07
matter is pending before CIT(Appeal) |
1.109 |
1.109 |
|
10) Demand U/s 143(3) of Income Tax Act for A.Y.2008-09
against which Rectification filled by company and matter is pending before
CIT(Appeal) |
0.975 |
0.975 |
|
11) Demand U/s 143(3) of Income Tax Act for A.Y.2010-11
matter is pending before CIT(Appeal) |
5.745 |
0.000 |
|
12) Demand order U/s 17(1) r.w.f. 16(5) of Wealth Tax Act
for A.Y.2006-07 matter is pending before CIT(Appeal) |
0.082 |
0.082 |
|
|
|
|
|
Total |
980.572 |
900.246 |
FIXED ASSETS:
· Land
Buildings
Office
building
Factory
building
Plant
and equipment
Furniture
and fixtures
Vehicles
Office
equipment
Computer
equipments
Other
equipments
Computer
software
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 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 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. 61.12 |
|
|
1 |
Rs. 102.54 |
|
Euro |
1 |
Rs. 81.87 |
INFORMATION DETAILS
|
Information Gathered
by : |
HTL |
|
|
|
|
Analysis Done by
: |
KAR |
|
|
|
|
Report Prepared
by : |
BVA |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
6 |
|
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 |
NO |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
DEFAULTERS |
|
|
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
TOTAL |
|
47 |
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.