MSME (Udyam registered) Ministry of MSME
- Category
- Small (2024-25)
- Udyam number
- UDYAM-MH-18-0021748
Lipap Systems Private Limited - education in Mumbai, Maharashtra, India. FY 2026 financials & compliance.
Revenue · FY 2025
₹11.89 Cr
▲ 13% YoY
Net loss · FY 2025
₹1.09 Cr
Net margin -9.2%
EBITDA · FY 2025
₹11.38 Lakh
EBITDA margin 1%
Authorised capital
₹3 Cr
Registered with MCA
Paid-up capital
₹66.75 Lakh
Issued & subscribed
Open charges
₹4.23 Cr
Satisfied ₹12.6 Cr
Company age
38 yrs
Est. 1988
Employees · EPFO
23
Provident fund records
About Lipap Systems Private Limited
Data last updated:
Lipap Systems Private Limited is a private limited company based in Mumbai, Maharashtra, India. It operates in the office and school supplies segment of the education sector. It was incorporated on 12 February 1988 and has been in existence for over 38 years.
The company is registered with the Registrar of Companies (ROC), Mumbai, under CIN U32305MH1988PTC046204. Its GSTIN is 27AAACL0121A1ZH (Maharashtra).
The company has an authorised share capital of ₹3 Cr and a paid-up capital of ₹66.75 Lakh. It was formerly known as General Ribbons Pvt Ltd. It is led by directors Varun Praveen Khandelwal and Praveen Loknath Khandelwal.
Its last annual general meeting (AGM) was held on 30 September 2025, and its latest financial statements are for the year ended 31 March 2025. The registered office is at A – 213 Virwani Indl. Estate Western Express Highway Goregaon (E), Mumbai, Maharashtra, India – 400063.
As per the financials filed for FY 2025, the company reported a revenue of ₹11.89 Cr, a growth of 13% compared to the previous year. For the same year it recorded a net loss of ₹1.09 Cr (net margin -9.2%) and EBITDA of ₹11.38 Lakh (EBITDA margin 1%). Revenue has grown at a compounded annual rate (CAGR) of 21% over three years and 15% over five years.
The company has about 23 employees on its provident fund (EPFO) records.
The company is associated with 1 brand: Accutrac. As per MCA filings, the company has open charges of ₹4.23 Cr and satisfied charges of ₹12.6 Cr on record. Court records list 4 cases involving the company, including 4 filed by the company.
Lipap Systems Private Limited is registered as a small enterprise under the Udyam registration framework (Reg. No. UDYAM-MH-18-0021748). The current compliance status is marked as compliant by the Registrar of Companies. For more details, the company can be reached via its website lipap.com.
Company details
CIN U32305MH1988PTC046204
Registration Number 046204
Incorporation Date 12 February 1988
ROC Mumbai
Listing Status Unlisted
Company Status Active
Date of Last AGM 30 September 2025
Date of Balance Sheet 31 March 2025
Compliance Status Active Compliant
MSME Classification Small
Udyam Registration UDYAM-MH-18-0021748
Recognitions & Rankings of Lipap Systems
Contact details
Lipap Systems Private Limited's registered office is in Mumbai, Maharashtra. Its website is lipap.com. Its e-mail address and telephone number are in the company report.
- Email
- Telephone
- Website
- Registered AddressA – 213 Virwani Indl. Estate Western Express Highway Goregaon (E), Mumbai, Maharashtra, India – 400063
- IndustryEducation, Office & School Supplies
To see the full contact details of Lipap Systems Private Limited, buy the company report.
Comprehensive company report
Lipap Systems Private Limited - one report that includes everything
- Company details, directors and signatories
- Historical financials and ratios
- Shareholding pattern and group structure
- Charges with holder and property details
- Legal cases, compliance and MCA filings
₹799 ₹999 20% off excluding 18% GST
Secure checkout · GST invoice included
Business activity
The main business activity of Lipap Systems is manufacturing. In detail, this covers computer, electronic, communication and scientific measuring & control equipment.
| Main activity group code | Main activity | Business activity code | Business activity | Share of turnover |
|---|---|---|---|---|
| C | Manufacturing | C9 | Computer, electronic, Communication and scientific measuring & control equipment |
To see the full business activity and turnover split of Lipap Systems Private Limited, buy the company report.
Financials of Lipap Systems Private Limited
FY 2025 filings availableLipap Systems Private Limited reported revenue of ₹11.89 Cr (up 13% YoY) for FY 2025.
Revenue · FY 2025
₹11.89 Cr ▲ 13%
Net loss · FY 2025
₹1.09 Cr margin -9.2%
EBITDA · FY 2025
₹11.38 Lakh margin 1%
Compounded Annual Growth Rate (CAGR)
Revenue CAGR growth
1 year
▲ 13%
3 years · compounded
▲ 21%
5 years · compounded
▲ 15%
EBITDA CAGR growth
1 year
▼ 53%
3 years · compounded
▲ 71%
5 years · compounded
▼ 10%
Revenue has grown at a compounded annual rate (CAGR) of 15% over five years, including 13% growth in the latest year. EBITDA fell 53% in the latest year. Three- and five-year figures are compounded annual growth rates (CAGR): the steady yearly rate that links the first and the last year. All are worked out from the filed statements.
Financial Statement Summary
| Metrics | FY 2024-25 | FY 2023-24 | FY 2022-23 | FY 2021-22 | FY 2020-21 |
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| Total Expenses | |||||
| EBITDA | ₹11.38 Lakh | ||||
| Profit Before Tax | |||||
| Tax Expense | |||||
| Net Profit (PAT) | -₹1.09 Cr | ||||
| Balance Sheet | |||||
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Financial Ratios
| Metrics | FY 2024-25 | FY 2023-24 | FY 2022-23 | FY 2021-22 | FY 2020-21 |
|---|---|---|---|---|---|
| Profitability | |||||
| EBITDA Margin | 1% | ||||
| Net Profit Margin | -9.2% | ||||
| Return on Equity (ROE) | |||||
| Return on Capital Employed (ROCE) | |||||
| Return on Assets (ROA) | |||||
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To see the full financial statements and ratios of Lipap Systems Private Limited, buy the company report.
Board of directors of Lipap Systems Private Limited
Lipap Systems has 2 current directors and 4 former directors. Current directors are listed first, with their designation and appointment date.
Current Directors
| Name | Designation | Appointment Date | Tenure | Status |
|---|---|---|---|---|
| Varun Praveen Khandelwal | Director | 09 Sep 2022 | 4 Years 1 Months | Current |
| Praveen Loknath Khandelwal Also directs: Inatia Natural Products Private Limited | Director | 14 Aug 2002 | 24 Years 2 Months | Current |
Auditor
Lipap Systems Private Limited is audited by SALGIA & CO. for the financial year 2023.
| Auditor firm | Financial year | Firm registration number |
|---|---|---|
| SALGIA & CO. | FY 2023 | 108991W |
Shareholding
The shareholding of Lipap Systems Private Limited is on record for 5 financial years, the latest being FY 2023, split between promoters, domestic institutions, foreign institutions, public shareholders and others.
| Shareholder category | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 |
|---|---|---|---|---|---|
| Promoters | |||||
| Domestic institutional investors (DII) | |||||
| Foreign institutional investors (FII) | |||||
| Public | |||||
| Others |
To see the full shareholding pattern of Lipap Systems Private Limited, buy the company report.
Charges & borrowings
Open charges
₹4.23 Cr
Satisfied charges
₹12.6 Cr
Breakdown by lending institutions
Latest charge details
| Date | Charge ID | Lender | Amount | Status | Modified or satisfied on |
|---|---|---|---|---|---|
| 02 Mar 2024 | 100899107 | Hdfc Bank Limited | ₹19.93 Lakh | Open | |
| 04 Jan 2024 | 100854194 | Others | ₹4.03 Cr | Open | |
| 30 Jan 2021 | 100416295 | Others | ₹1.39 Cr | Satisfied | |
| 27 Jan 2021 | 100416299 | Others | ₹1.73 Cr | Satisfied | |
| 09 Jan 2018 | 100161587 | Others | ₹1.53 Cr | Satisfied |
To see the full charge records of Lipap Systems Private Limited, buy the company report.
Total charge records: 15 View all charges
Legal cases
Lipap Systems Private Limited has 4 court cases on record: 4 filed by Lipap Systems. All cases are disposed.
Total cases
4
Filed by the company
4
Disposed
4
Cases by court
| Court | Cases | Against the company | Pending |
|---|---|---|---|
| High courts | 3 | 0 | 0 |
| District courts | 1 | 0 | 0 |
Cases on record (4 of 4)
| Court | Type of case | Party | Status |
|---|---|---|---|
| High Court, HARYANA | Appeal | Filed by the company against Modi Business Machines Ltd. | Disposed |
| District court, Mumbai City Civil Court, Maharashtra | Civil suit | Filed by the company against an individual | Disposed |
| Bombay High Court | Court case (SS) | Filed by the company against an individual | Disposed |
| Bombay High Court | Court case (SJ) | Filed by the company against an individual | Disposed |
To see the full case history of Lipap Systems Private Limited, buy the company report.
Case records are compiled from court listings and may lag the court's own records. A case filed against a company is not a finding against it.
MSME payment delays
Lipap Systems Private Limited has 7 MSME Form 1 returns on record between 2019 and 2022, listing 296 overdue payments to 16 micro and small suppliers. Companies must report dues to micro and small suppliers that stay unpaid for more than 45 days in a half-yearly MSME Form 1 return.
Suppliers with reported dues (5 of 16)
| Supplier | Amount due | Due since | Reported on |
|---|---|---|---|
| an individual supplier | |||
| an individual supplier | |||
| S M I Coated Products Private Limited | |||
| an individual supplier | |||
| Procam Flexoprints Private Limited |
To see the full MSME payment records of Lipap Systems Private Limited, buy the company report.
Individuals and sole proprietors among the suppliers are not named.
Employees & EPFO
Lipap Systems Private Limited has a workforce of 23 employees on its EPFO records as of Apr 07, 2024, across 1 active EPFO establishment.
Employee count
23
Active EPFO establishments
1
Employee growth
-4.17%
GST
Lipap Systems has 1 GST registration: 1 active.
Total GSTINs
1
Active
1
| GSTIN | State | Status | Registered on |
|---|---|---|---|
| 27AAACL0121A1ZH | Maharashtra | Active | 01 Jul 2017 |
To see the full GST registrations and return filing status of Lipap Systems Private Limited, buy the company report.
Recent activity
Lipap Systems Private Limited has 6 board changes on record since 2002: 2 appointments and 4 cessations. The latest: Varun Praveen Khandelwal ceased to be Additional Director on 30 Sep 2022.
AGM
Lipap Systems Private Limited last Annual general meeting of members was held on 30 Sep 2025 as per latest MCA records.
Filing
Lipap Systems Private Limited has filed its annual Financial statements for the year ended 31 Mar 2025 with Roc Mumbai.
Charges
A charge with Hdfc Bank Limited amounted to Rs. 0.20 Cr with Charge ID 100899107 was registered on 02 Mar 2024.
Charges
A charge registered on 30 Jan 2021 via Charge ID 100416295 with Others was fully satisfied on 22 Jan 2024.
Charges
A charge registered on 27 Jan 2021 via Charge ID 100416299 with Others was fully satisfied on 22 Jan 2024.
Charges
A charge with Others amounted to Rs. 4.03 Cr with Charge ID 100854194 was registered on 04 Jan 2024.
Ceased
Varun Praveen Khandelwal ceased to be Additional Director.
Appointed
Varun Praveen Khandelwal was appointed as Director.
Charges
A charge with Others amounted to Rs. 1.39 Cr with Charge ID 100416295 was registered on 30 Jan 2021.
Charges
A charge with Others amounted to Rs. 1.73 Cr with Charge ID 100416299 was registered on 27 Jan 2021.
Charges
A charge registered on 09 Jan 2018 via Charge ID 100161587 with Others was fully satisfied on 30 Dec 2020.
Charges
A charge registered on 28 Nov 2017 via Charge ID 100161583 with Others was fully satisfied on 30 Dec 2020.
28 earlier events are in the company report.
Frequently asked questions
Lipap Systems is an active private limited company based in Mumbai, Maharashtra, India. The company works in office and school supplies, within the education industry. It was incorporated on 12 February 1988 (38+ years old) and is registered under CIN U32305MH1988PTC046204.
Lipap Systems has 2 current directors:
- Varun Praveen Khandelwal - Director
- Praveen Loknath Khandelwal - Director
The latest financial statements of Lipap Systems on record with the MCA are for the year ended 31 March 2025. Its last annual general meeting was held on 30 September 2025. Year-wise statements from 2015 are in the company report.
The GSTIN of Lipap Systems is 27AAACL0121A1ZH, registered in Maharashtra.
The CIN (Corporate Identification Number) of Lipap Systems is U32305MH1988PTC046204. It is issued by the Ministry of Corporate Affairs under the Companies Act, 2013, and uniquely identifies the company in India.
Lipap Systems has 4 court cases on record: 4 filed by the company. Most are in the high courts.
Lipap Systems was incorporated on 12 February 1988, making it 38+ years old. It is registered with the Registrar of Companies, Mumbai.
Varun Praveen Khandelwal ceased to be Additional Director on 30 Sep 2022. Varun Praveen Khandelwal was appointed as Director on 09 Sep 2022. Nisha Praveen Khandelwal ceased to be Additional Director on 28 Sep 2018. Lipap Systems has 6 board changes on record in total.
Yes, Lipap Systems is registered as a small enterprise under Udyam registration (number: UDYAM-MH-18-0021748).
Lipap Systems has 7 MSME Form 1 returns on record between 2019 and 2022, listing 296 overdue payments to 16 micro and small suppliers. The latest return was filed on 21 Apr 2022.
Lipap Systems can be reached through the website lipap.com. Its registered office is in Mumbai, Maharashtra, India.