MIRA INFORM REPORT

 

 

Report No. :

344064

Report Date :

07.10.2015

 

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, Pirana Road, Piplej, Ahmedabad – 382405, Gujarat

Tel No.:

91-79-25710231

 

 

Country :

India

 

 

Financials (as on) :

31.03.2014

 

 

Date of Incorporation :

27.04.1988

 

 

Com. Reg. No.:

04-010634

 

 

Capital Investment / Paid-up Capital :

Rs. 243.489 Million

 

 

CIN No.:

[Company Identification No.]

U17110GJ1988PLC010634

 

 

IEC No.:

Not Available

 

 

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 :

A (60)

 

RATING

STATUS

PROPOSED CREDIT LINE

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

 

Status :

Good

 

 

Payment Behaviour :

Regular

 

 

Litigation :

Exist

 

 

Comments :

Subject was incorporated in the year 1988 engaged in the manufacturing business of yarns, knits, fabrics and garments.

 

For the financial year ended 2014, company possesses healthy operational performance and it has maintain satisfactory margins at 2.30% during the year under a review.

 

Rating takes into consideration company's established track record of business operations backed by extensive industry experience of promoters in textiles business and its healthy operating efficiencies.

 

Company possesses healthy financial profile marked by adequate net worth base along with sound debt protection metrics and favorable liquidity position.

 

However, rating strength partially offset by susceptibility of its profitability to volatile in raw material price marked by working capital intensive operations and its presence in the cyclical and fragmented textile

 

Trade relations are reported as fair. Payments are reported to be regular and as per commitment.

 

In view of aforesaid, the company can be considered good for normal 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.

 

 

EXTERNAL AGENCY RATING

 

Rating Agency Name

Not Available

Rating

Not Available

Rating Explanation

Not Available

Date

Not Available

 

 

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 31-03-2015.

 

INFORMATION DECLINED BY

 

Name :

Mr. Bothra

Designation :

Accounts Manager

Contact No.:

91-9925171520

Date :

06.10.2015

 

 

LOCATIONS

 

Registered Office/ Factory :

Survey No.199, 200/1 and 200/2 Saijpur Gopalpur Pirana Road, Piplej, Ahmedabad – 382405, Gujarat, India

Tel. No.:

91-79-25710231-34/ 25714568/ 1655/ 0886

Mobile No.:

91-9925171520 (Mr. Bothra)

Fax No.:

91-79-25711755/ 25714569

E-Mail :

purvee@chiripalgroup.com

Website :

www.chiripalgroup.com

 

 

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 :

corporate@chiripalgroup.com

 

 

Mumbai Office :

109-110, Peninsula Center, Dr. S. S. Rao Road, Lower Parel, Mumbai - 400012.
Maharashtra, India

Tel. No.:

91-22-56604123

Fax No.:

91-22-56604124

Email :

shanti.bom@chiripalgroup.com

 

 

Marketing Office :

21, Century Business Centre, Man Darwaza Ring Road, Surat – 395 002, Gujarat, India

Tel. No.:

91-261-6627078/ 79

E-Mail :

cpl.surat@chiripalgroup.com

 

 

Fabric Division:

Survey No 174, Saijpur Gopalpur Pirana Road, Piplek, Ahmedabad – 382405, Gujarat, India

Tel. No.:

91-79-25714568

 

 

DIRECTORS

 

As on 30.09.2014

 

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. 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. 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. 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 Goel

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. 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

 

 

Name :

Suruchi Sanchit Saraf

Designation :

Additional director

Address :

C-61, Century Towers, B/H. Grand Bhagwati, Bodakdev, Ahmedabad - 380054, Gujarat, India

Date of Appointment :

28.05.2015

DIN No.:

07259779

 

 

KEY EXECUTIVES

 

Name :

Mr. Diensh Jamanalal Inani

Designation :

Secretary

Address :

A-401, Neelkanth Park – 2, Ghoda Camp Road, Shahibaug, Ahmedabad – 380004, Gujarat, India

Date of Birth/Age :

09.08.1965

Date of Appointment :

09.08.1965

PAN No.:

AACPI2847M

 

 

Name :

Mr. Bothra

Designation :

Accounts Manager

 

 

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

 

As on 30.09.2014

 

NOTE: SHAREHOLDING DETAILS FILE ATTACHED

 

Equity Share Break up (Percentage of Total Equity)

 

As on 30.09.2014

 

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

36.33

Directors or relatives of Directors

51.86

Other top fifty shareholders

3.48

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.

 

 

Products :

Item Code No.

Product Description

54024600

Polyester partially oriented filament yarn

 

 

Brand Names :

Not Available

 

 

Agencies Held :

Not Available

 

 

Exports :

Not Divulged

 

 

Imports :

Not Divulged

 

 

Terms :

Not Divulged

 

PRODUCTION STATUS NOT AVAILABLE

 

 

GENERAL INFORMATION

 

Suppliers :

Reference :

Not Divulged

Name of the Person :

Not Divulged

Contact No.:

Not Divulged

Since How Long Known :

Not Divulged

Maximum Limit Dealt :

Not Divulged

Experience :

Not Divulged

Remark:

Not Divulged

 

 

Customers :

Reference :

Not Divulged

Name of the Person :

Not Divulged

Contact No.:

Not Divulged

Since How Long Known :

Not Divulged

Maximum Limit Dealt :

Not Divulged

Experience :

Not Divulged

Remark:

Not Divulged

 

 

No. of Employees :

Information declined by the management 

 

 

Bankers :

Bank Name

State Bank of India

Branch

Mid Corporate Group, Commercial Branch, "Paramsiddhi" Complex, Ellisbridge, Ahmedabad  - 380006, Gujarat, India

Person Name (With Designation)

Not Divulged

Contact Number

Not Divulged

Name of Account Holder

Not Divulged

Account Number

Not Divulged

Account Since (Date/Year of Account Opening)

Not Divulged

Average Balance Maintained (If Possible)

Not Divulged

Credit Facilities Enjoyed (If any)

Not Divulged

Account Operation

Not Divulged

Remarks (If any)

Not Divulged

 

 

Facilities :

Secured Loan

31.03.2014

(Rs. in Million)

31.03.2013

(Rs. in Million)

Long-term Borrowings

 

 

Rupee term loans from banks

897.149

1196.533

Loans taken for fixed assets

17.149

14.858

Short-term borrowings

 

 

Term loans from banks

327.902

287.889

Working capital loans from banks

802.650

608.105

Loans taken for fixed assets

19.217

15.011

Total

2064.067

2122.396

 

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

 

 

Memberships :

Not Available

 

 

Collaborators :

Not Available

 

 

Subsidiary company :
  • Vishal Fabrics Private Limited [U17110GJ1985PTC008206]

 

 

Associate:
  • Nandan Denim Limited, India [L51909GJ1994PLC022719]
  • Cil Nova Petrochemicals Limited, India [L17111GJ2003PLC043354]
  • Shanti Educational Initiatives Limited, India [U80101GJ1988PLC010691]
  • Sparrow Exports Private Limited
  • Vraj Integrated Textile Park Limited
  • Chiripal Poly Films Limited

 

 

CAPITAL STRUCTURE

 

As on 31.03.2014

 

Authorised Capital :

No. of Shares

Type

Value

Amount

 

 

 

 

50,000,000

Equity Shares

Rs. 10/- each

Rs. 500.000 Million

 

 

 

 

 

Issued, Subscribed & Paid-up Capital :

No. of Shares

Type

Value

Amount

 

 

 

 

24,348,916

Equity Shares

Rs. 10/- each

Rs. 243.489 Million

 

 

 

 

 

FINANCIAL DATA

[all figures are in Rupees Million]

 

ABRIDGED BALANCE SHEET

 

SOURCES OF FUNDS

31.03.2014

31.03.2013

31.03.2012

 

 

 

 

I.              EQUITY AND LIABILITIES

 

 

 

(1)Shareholders' Funds

 

 

 

(a) Share Capital

243.489

243.489

243.489

(b) Reserves & Surplus

2396.104

2222.862

2085.907

(c) Money received against share warrants

0.000

0.000

0.000

 

 

 

 

(2) Share Application money pending allotment

0.000

0.000

0.000

Total Shareholders’ Funds (1) + (2)

2639.593

2466.351

2329.396

 

 

 

 

(3) Non-Current Liabilities

 

 

 

(a) long-term borrowings

1031.113

1368.156

1807.864

(b) Deferred tax liabilities (Net)

235.458

254.373

258.300

(c) Other long term liabilities

0.000

0.000

0.000

(d) long-term provisions

0.000

0.000

0.000

Total Non-current Liabilities (3)

1266.571

1622.529

2066.164

 

 

 

 

(4) Current Liabilities

 

 

 

(a) Short term borrowings

1170.512

984.567

944.382

(b) Trade payables

698.840

689.492

636.812

(c) Other current liabilities

37.465

51.900

50.346

(d) Short-term provisions

107.605

111.156

81.624

Total Current Liabilities (4)

2014.422

1837.115

1713.164

 

 

 

 

TOTAL

5920.586

5925.995

6108.724

 

 

 

 

II.          ASSETS

 

 

 

(1) Non-current assets

 

 

 

(a) Fixed Assets

 

 

 

(i) Tangible assets

2511.893

2749.379

2976.279

(ii) Intangible Assets

1.797

2.368

2.938

(iii) Capital work-in-progress

25.234

15.750

35.696

(iv) Intangible assets under development

0.000

0.000

0.000

(b) Non-current Investments

342.605

398.095

398.775

(c) Deferred tax assets (net)

0.000

0.000

0.000

(d)  Long-term Loan and Advances

0.000

0.000

0.000

(e) Other Non-current assets

0.000

0.000

0.000

Total Non-Current Assets

2881.529

3165.592

3413.688

 

 

 

 

(2) Current assets

 

 

 

(a) Current investments

0.000

0.000

0.000

(b) Inventories

1199.856

1155.617

1087.617

(c) Trade receivables

1336.747

1214.435

1147.663

(d) Cash and cash equivalents

95.688

95.668

259.184

(e) Short-term loans and advances

406.476

294.136

199.474

(f) Other current assets

0.290

0.547

1.098

Total Current Assets

3039.057

2760.403

2695.036

 

 

 

 

TOTAL

5920.586

5925.995

6108.724

 

 

PROFIT & LOSS ACCOUNT

 

 

PARTICULARS

31.03.2014

31.03.2013

31.03.2012

 

SALES

 

 

 

 

Income

7527.326

6623.771

6239.949

 

Other Income

40.458

45.697

37.789

 

TOTAL (A)

7567.784

6669.468

6277.738

 

 

 

 

 

Less

EXPENSES

 

 

 

 

Cost of Materials Consumed

5558.806

4778.973

4504.352

 

Changes in inventories of finished goods, work-in-progress and Stock-in-Trade

(72.742)

(53.209)

(55.368)

 

Employees benefits expense

327.923

250.576

221.08

 

Other expenses

892.584

877.202

839.674

 

TOTAL (B)

6706.571

5853.542

5509.738

 

 

 

 

 

Less

PROFIT/ (LOSS)  BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (C)

861.213

815.926

768.000

 

 

 

 

 

Less

FINANCIAL EXPENSES (D)

375.738

380.466

376.344

 

 

 

 

 

 

PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)

485.475

435.460

391.656

 

 

 

 

 

Less/ Add

DEPRECIATION/ AMORTISATION (F)

297.214

296.946

284.278

 

 

 

 

 

 

PROFIT/ (LOSS)  BEFORE TAX (E-F)   (G)

188.261

138.514

107.378

 

 

 

 

 

Less

TAX (I)

15.020

1.558

12.359

 

 

 

 

 

 

PROFIT/ (LOSS)  AFTER TAX  (G-I)   (J)

173.241

136.956

95.019

 

 

 

 

 

 

EARNINGS IN FOREIGN CURRENCY

 

 

 

 

Export of goods calculated on FOB basis

186.758

185.432

192.223

 

TOTAL EARNINGS

186.758

185.432

192.223

 

 

 

 

 

 

IMPORTS

 

 

 

 

Raw Materials

382.335

636.506

233.072

 

Spare parts & Other matters

14.801

6.890

9.414

 

Capital Goods

14.771

31.005

53.581

 

TOTAL IMPORTS

411.907

674.401

296.067

 

 

 

 

 

 

Earnings / (Loss) Per Share (Rs.)

7.11

5.62

4.17

 

 

CURRENT MATURITIES OF LONG TERM DEBT DETAILS

 

Particulars

 

31.03.2014

31.03.2013

31.03.2012

Current Maturities of Long term debt

NA

NA

NA

Cash generated from operations

NA

NA

NA

Net cash flows from (used in) operations

95.052

263.281

59.333

 

 

KEY RATIOS

 

PARTICULARS

 

 

31.03.2014

31.03.2013

31.03.2012

Net Profit Margin

(PAT / Sales)

(%)

2.30

2.07

1.52

 

 

 

 

 

Operating Profit Margin

(PBIDT/Sales)

(%)

11.44

12.32

12.31

 

 

 

 

 

Return on Total Assets

(PBT/Total Assets}

(%)

3.39

2.51

1.89

 

 

 

 

 

Return on Investment (ROI)

(PBT/Networth)

 

0.07

0.06

0.05

 

 

 

 

 

Debt Equity Ratio

(Total Debt /Networth)

 

0.83

0.95

1.18

 

 

 

 

 

Current Ratio

(Current Asset/Current Liability)

 

1.51

1.50

1.57

 

 

FINANCIAL ANALYSIS

[all figures are in Rupees Million]

 

DEBT EQUITY RATIO

 

Particular

31.03.2012

31.03.2013

31.03.2014

 

(Rs. In Million)

(Rs. In Million)

(Rs. In Million)

Share Capital

243.489

243.489

243.489

Reserves & Surplus

2085.907

2222.862

2396.104

Money received against share warrants

0.000

0.000

0.000

 Share Application money pending allotment

0.000

0.000

0.000

Net worth

2329.396

2466.351

2639.593

 

 

 

 

long-term borrowings

1807.864

1368.156

1031.113

Short term borrowings

944.382

984.567

1170.512

Total borrowings

2752.246

2352.723

2201.625

Debt/Equity ratio

1.182

0.954

0.834

 

 

 

YEAR-ON-YEAR GROWTH

 

Year on Year Growth

31.03.2012

31.03.2013

31.03.2014

 

(Rs. In Million)

(Rs. In Million)

(Rs. In Million)

Sales

6239.949

6623.771

7527.326

 

 

6.151

13.641

 

 

NET PROFIT MARGIN

 

Net Profit Margin

31.03.2012

31.03.2013

31.03.2014

 

(Rs. In Million)

(Rs. In Million)

(Rs. In Million)

Sales

6239.949

6623.771

7527.326

Profit

95.019

136.956

173.241

 

1.52%

2.07%

2.30%

 

 

LOCAL AGENCY FURTHER INFORMATION

 

 

Sr. No.

Check list by info agents

Available in Report (Yes/No)

1

Year of establishment

Yes

2

Constitution of the entity -Incorporation details

Yes

3

Locality of the entity

Yes

4

Premises details

No

5

Buyer visit details

--

6

Contact numbers

Yes

7

Name of the person contacted

Yes

8

Designation of contact person

Yes

9

Promoter’s background

Yes

10

Date of Birth of Proprietor / Partners / Directors

Yes

11

Pan Card No. of Proprietor / Partners

Yes

12

Voter Id Card No. of Proprietor / Partners

No

13

Type of business

Yes

14

Line of Business

Yes

15

Export/import details (if applicable)

No

16

No. of employees

No

17

Details of sister concerns

Yes

18

Major suppliers

No

19

Major customers

No

20

Banking Details

Yes

21

Banking facility details

Yes

22

Conduct of the banking account

--

23

Financials, if provided

Yes

24

Capital in the business

Yes

25

Last accounts filed at ROC, if applicable

Yes

26

Turnover of firm for last three years

Yes

27

Reasons for variation <> 20%

--

28

Estimation for coming financial year

No

29

Profitability for last three years

Yes

30

Major shareholders, if available

Yes

31

External Agency Rating, if available

No

32

Litigations that the firm/promoter involved in

Yes

33

Market information

--

34

Payments terms

No

35

Negative Reporting by Auditors in the Annual Report

No

 

LITIGATION DETAILS

 

HIGH COURT OF GUJARAT

 

TAX APPEAL No. 659 of 2015

 

Status : PENDING

( Converted from : O/ST/2248/2015 )

CCIN No : 001092201500659

 

Last Listing Date:

24/09/2015

Coram

·         HONOURABLE MS.JUSTICE HARSHA DEVANI

·         HONOURABLE MR.JUSTICE A.G.URAIZEE

S.NO.

Name of the Petitioner

Advocate On Record

1

THE COMMISSIONER OF CENTRAL EXCISE AHMEDABAD-1,

MS NAYNABEN K GADHVI for: Appellant(s) 1

S.NO.

Name of the Respondant

Advocate On Record

1

M/S CHIRIPAL INDUSTRIES LTD.,

 

Presented On

: 17/08/2015

Registered On

: 19/09/2015

Bench Category

: -

District

: AHMEDABAD

Case Originated From

: THROUGH HIS/HER/THEIR ADVOCATE

Listed

: 1 times

StageName

: FOR OFFICE OBJECTION

 

Office Objection

Filing Stage
Filing Stage
Filing Stage
Filing Stage
Filing Stage
Filing Stage
Filing Stage

·         WHETHER INDEX-CUM-CHRONOLOGY OF DOCUMNETS AND EVENTS FILED

·         WHETHER PROPER & FULL COURT FEE IS PAID

·         WHETHER DULY SIGNED AND AFFIRMED AFFIDAVIT IN SUPPORT IS FILED

·         WHETHER VAKALATNAMA SIGNED BY ALL PETITIONERS/ APPELLANTS & ACCEPTEDBY ADVOCATE

·         WHETHER PAGING IS DONE

·         WHETHER COPIES ARE LEGIBLE AND WHETHER TYPED COPIES OF HAND WRITTEN ANNEXURES FILED

·         WHETHER THE ORGINAL POSITIONS OF THE PARTIES STATED

 

Classification
  • DB - OJ - TAX APPEAL - CENTRAL EXCISE ACT, 1944 - UNDER SECTION 35G

Act
  • CENTRAL EXCISE RULES, 1944

 

Office Details

 

S. No.

Filing Date

Document Name

Advocate Name

Court Fee on Document

Document Details

1

17/08/2015

VP NOT FILED IN MAIN MATTER

MS NAYNABEN K GADHVI ADVOCATE
for PETITIONER(s) http://gujarathc-casestatus.nic.in/gujarathc/images/arrow1.png1

0

MS NAYNABEN K GADHVI(2907) for P:1

2

17/08/2015

CERTIFIED COPY

MS NAYNABEN K GADHVI ADVOCATE
for PETITIONER(s) http://gujarathc-casestatus.nic.in/gujarathc/images/arrow1.png1

5

MS NAYNABEN K GADHVI(2907), for P:1

3

17/08/2015

MEMO OF PETITION/APPEAL/SUIT

MS NAYNABEN K GADHVI ADVOCATE
for PETITIONER(s) http://gujarathc-casestatus.nic.in/gujarathc/images/arrow1.png1

50

MS NAYNABEN K GADHVI(2907), for P:1

 

Court Proceedings

 

S. No.

Notified Date

CourtCode

Board Sr. No.

Stage

Action

Coram

1

24/09/2015

7

57

FOR OFFICE OBJECTION

·         HONOURABLE MS.JUSTICE HARSHA DEVANI

·         HONOURABLE MR.JUSTICE A.G.URAIZEE

Available Orders

 

S. No.

Case Details

Judge Name

Order Date

CAV

Judgement

Questions

Transferred

1

TAX APPEAL/652/2015

·         HONOURABLE MS.JUSTICE HARSHA DEVANI

·         HONOURABLE MR.JUSTICE A.G.URAIZEE

24/09/2015

N

ORDER

-

Y

 

PERFORMANCE:

 

During the year, the Company has achieved a turnover of Rs. 7527.300 Million as compared to the previous year figure of Rs. 6623.800 Million. The Net Profit during the year has achieved to Rs. 1882.000 Million. 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.

 

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

 

UNSECURED LOAN

 

PARTICULARS

31.03.2014

(Rs. in Million)

31.03.2013

(Rs. in Million)

Long-term Borrowings

 

 

Rupee term loans from others

105.162

145.491

Deposits from others

11.652

11.274

Short-term borrowings

 

 

Term loans from others

20.744

73.562

Total

137.558

230.327

 

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,, "PARAMSI
DDHI" COMPLEX, ELLISBRIDGE, AHMEDABAD, GUJARAT - 3
80006, INDIA

C10250306

2

10487642

03/06/2011

1,546,000,000.00

STATE BANK OF INDIA (LEAD BANK)

STRESSED ASSETS MANAGEMENT BRANCH, 2ND FLOOR,PARA
MSIDDHI 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, GUJAR
AT - 380014, INDIA

A97836670

4

10236238

11/08/2010

220,000,000.00

ORIENTAL BANK OF COMMERCE

NEEL KAMAL BUILDING, SOPP. SALES INDIA, ASHRAM RO
AD, AHMEDABAD, GUJARAT - 380009, INDIA

A92604719

5

10208278

24/02/2010

300,000,000.00

BANK OF INDIA

AHMEDABAD CORPORATE BANKING BRANCH, 2ND FLOOR, BA
NK OF INDIA BUILDING, BHADRA, AHMEDABAD, GUJARAT -
380001, INDIA

A81553810

6

10181398

29/07/2015 *

4,297,200,000.00

PNB INVESTMENT SERVICES LIMITED

CIRCLE OFFICE, 6TH FLOOR, GUJARAT BHAVAN,, NEAR M
.J. LIBRARY, ASHRAM ROAD, AHMEDABAD, GUJARAT - 380
006, INDIA

C61794798

7

10114286

15/04/2008

240,000,000.00

JAMMU & KASHMIR BANK LTD.

BRANCH ANSAL PLAZA,, HUDCO PLACE, KHELGAON MARG,
205-B, ANDREWS GANJ,, NEW DELHI, DELHI - 110049, I
NDIA

A40551517

8

10071585

04/10/2007

350,000,000.00

INDUSTRIAL DEVELOPMENT BANK OF INDIA LIMITED

IDBI COMPLEX, OPP. MUNICIPAL STAFF QUARTERS, OFF.
C. G. ROAD, NAVRANGPURA, AHMEDABAD, GUJARAT - 380
006, INDIA

A25022914

9

10073773

14/09/2007

145,000,000.00

ALLAHABAD BANK

S.P. NAGAR BRANCH,, OPP.SARDAR PATEL SEVA SAMAJ B
HAVAN, C.G. ROAD, AHMEDABAD, GUJARAT - 380006, IND
IA

A25315151

10

80005016

18/04/2006

119,000,000.00

UCO BANK

ASHRAM ROAD, AHMEDABAD, GUJARAT - 380009, INDIA

-

 

* Date of charge modification

 

CONTINGENT LIABILITIES:

 

(Rs. in million)

Particulars

31.03.2014

31.03.2013

 

 

 

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

25.223

15.342

4) Unexpired Letter of Credit

609.775

611.083

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.

8.850

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

52.500

8) Demand U/s 143(3) of Income Tax Act for A.Y.2008-09 against which Appeal filled by company and matter is pending before CIT(Appeal)

0.975

0.975

9) Demand U/s 143(3) of Income Tax Act for A.Y.2010-11against which Appeal filled by company and matter is pending before CIT(Appeal)

8.469

8.469

10) Demand order U/s 17(1) r.w.f. 16(5) of Wealth Tax Act for A.Y.2008-09 matter is pending before CIT(Appeal)

0.994

0.000

Total

 

989.065

978.642

 

FIXED ASSETS

 

Tangible assets

 

  • Land
  • Buildings
  • Plant and equipment
  • Furniture and fixtures
  • Office equipment
  • Computer equipments
  • Other equipments

 

Intangible assets

 

  • Computer software

 

PRESS RELEASES

 

TEXTILE GROUP CHIRIPAL TO INVEST RS 36400.000 MILLION IN GUJARAT

JANUARY 15, 2015

 

Ahmedabad based textile group Chiripal Group has planned investments of Rs 36400.000 Million in various segments of the textile industry in the next two years.


“Group company and second biggest denim fabric producer in India – Nandan Denim will invest Rs 612 crores at its Textile Park in Bidaj,” a statement from Chiripal Group said.


Among other investments, the group will invest around Rs 13060.000 Million to expand its spinning and weaving activities under Chiripal Industries Limited and Shanti Exports Private Limited.


It is also expanding polypropylene (PP) capacity and is coming up with polyester chips manufacturing, packaging film coating and converting and manufacturing of BOPET at cost of Rs 11720.000 Million.


They are also setting up a knitting plant and alongside manufacturing of terry towels will also be undertaken at an investment of around Rs 4000.000 Million at Dholi village in Dholka taluka of Ahmedabad.


A Spinning Park under the name of Dholi Integrated Spinning Park Limited at Dholi has been planned at an investment of Rs 1500.000 Million, which will house 11 spinning units and 5 weaving units.


“The investments are outcomes of Memorandums of Understanding (MoU) signed by the group with the state government at the Vibrant Gujarat Summit 2015 in Gandhinagar, the statement added. (AR)

 

 

CMT REPORT (Corruption, Money Laundering & Terrorism]

 

The Public Notice information has been collected from various sources including but not limited to: The Courts, India Prisons Service, Interpol, etc.

 

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.65.39

UK Pound

1

Rs.99.05

Euro

1

Rs.73.19

 

 

INFORMATION DETAILS

 

Information Gathered by :

SVA

 

 

Analysis Done by :

KAR

 

 

Report Prepared by :

KVT

 

 

SCORE & RATING EXPLANATIONS

 

SCORE FACTORS

 

RANGE

POINTS

HISTORY

1~10

7

PAID-UP CAPITAL

1~10

6

OPERATING SCALE

1~10

7

FINANCIAL CONDITION

 

 

--BUSINESS SCALE

1~10

7

--PROFITABILITY

1~10

6

--LIQUIDITY

1~10

7

--LEVERAGE

1~10

6

--RESERVES

1~10

7

--CREDIT LINES

1~10

7

--MARGINS

-5~5

--

DEMERIT POINTS

 

 

--BANK CHARGES

YES/NO

YES

--LITIGATION

YES/NO

YES

--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

DEFAULTER

 

 

--RBI

YES/NO

NO

--EPF

YES/NO

NO

TOTAL

 

60

 

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

 

--

 

 

PRIVATE & CONFIDENTIAL : This information is provided to you at your request, you having employed MIPL for such purpose. You will use the information as aid only in determining the propriety of giving credit and generally as an aid to your business and for no other purpose. You will hold the information in strict confidence, and shall not reveal it or make it known to the subject persons, firms or corporations or to any other. MIPL does not warrant the correctness of the information as you hold it free of any liability whatsoever. You will be liable to and indemnify MIPL for any loss, damage or expense, occasioned by your breach or non observance of any one, or more of these conditions

This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.