MIRA INFORM REPORT
|
Report Date : |
08.10.2014 |
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 |
|
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|
Registered
Office : |
Survey No.199, 200/1 and 200/2, Saijpur-Gopalpur, Pirana Road, Piplej,
Ahmedabad – 382405, Gujarat |
|
|
|
|
Country : |
India |
|
|
|
|
Financials (as
on) : |
31.03.2013 |
|
|
|
|
Date of
Incorporation : |
27.04.1988 |
|
|
|
|
Com. Reg. No.: |
04-010634 |
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|
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Capital
Investment / Paid-up Capital : |
Rs. 243.489 Millions
|
|
|
|
|
CIN No.: [Company Identification
No.] |
U17110GJ1988PLC010634 |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
AHMC00373C |
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PAN No.: [Permanent Account No.] |
AAACC8513B |
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|
|
Legal Form : |
A Closely Held Public Limited Liability Company |
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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 |
|
Status : |
Satisfactory |
|
|
|
|
Payment Behaviour : |
Usually Correct |
|
|
|
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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 sound and
healthy. Profitability of the company is fair. Trade relations are fair. Business is active. Payment terms are
reported to be usually correct. The company can be considered 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
N E W S
Verdict Implications
: Apex court order may alter coal import dynamics. Traders go slow on talks
over coal supply contracts, uncertainty over cancellation of blocks weigh on
stocks.
Recent arrest of the
Chennai head of the Registrar of Companies, the ministry of corporate affairs
arm that ensures that companies file all the information required by the
Companies Act is the latest manifestation of a messy fight between a father and
his adopted son for the control of Rs 40000 mn business empire. The Central
Bureau of Investigation arrested Manumeethi Cholan after he accepted Rs 10
lakhs as bribe from M A M Ramaswamy, a CBI official said.
Central Bureau of Investigation
books Electrotherm for cheating Central Bank of Rs 4360 mn.
Infosys maintains
revenue guidance. COO Rao says attrition still an area of concern and it would
take a few more quarters to bring down levels to 13-15 %.
DHL to invest
Euro 100 mn in India over next 2 years. The firm has chosen India to pilot its
e-commerce business model for the Asia-Pacific region.
Blackstone may buy
stake in BlueRidge SEZ in line with the fund’s real estate strategy in India.
Kingfisher Airlines
Ltd grounded in October 2012 under the weight of heavy debt and accumulated
losses, recently approached the Delhi high court for relief in two separate
cases. The airline challenged a notice by Punjab & National Bank alleging
that It had wilfully defaulted on Rs 7700 mn of loans and sought more time to
comply with the requirements under the listing agreements with the Stock
Exchanges.
OnMobile likely to
sack another 300 employees. The lay-offs follow a spate of senior-level exits
over the past two years, starting with of its founder. The overall lay-offs
could number around 600 and are driven by the need to cut costs, says a former
employee.
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.: 91-9825800199]
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 : |
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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 : |
|
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|
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 |
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Email : |
|
|
|
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|
Marketing Office : |
21, Century Business Centre, |
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Tel. No.: |
91-261-6627078/ 79 |
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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 |
||||||||||||||||||||||||||||||
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|
||||||||||||||||||||||||||||||
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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 |
||||||||||||||||||||||||||||||
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||||||||||||||||||||||||||||||
|
Facilities : |
|
|
|
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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
CURRENT MATURITIES
OF LONG TERM DEBTS
|
Particulars |
31.03.2013 (Rs.
In Millions) |
31.03.2012 (Rs.
In Millions) |
31.03.2011 (Rs.
In Millions) |
|
Current Maturities of Long Term Debts |
|
|
|
|
|
|
|
|
|
Total |
|
|
|
|
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. 61.36 |
|
|
1 |
Rs. 98.71 |
|
Euro |
1 |
Rs. 77.47 |
INFORMATION DETAILS
|
Information
Gathered by : |
SVA |
|
|
|
|
Analysis Done by
: |
KAR |
|
|
|
|
Report Prepared
by : |
ANK |
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.