MIRA
INFORM REPORT
|
Report Date : |
25.07.2008 |
IDENTIFICATION
DETAILS
|
Name : |
IGP ENGINEERS PRIVATE LIMITED |
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Registered Office : |
Old No.
134, New No. 252, Angappa Naicken Street, Parrys, Chennai 600 001,
Tamilnadu |
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Country : |
India |
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Financials (as on) : |
31.03.2007 |
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Date of Incorporation : |
21.06.1979 |
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Com. Reg. No.: |
18 - 7868 |
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CIN No.: [Company
Identification No.] |
U27200TN1979PTC007868 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
CHE100104G |
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PAN No.: [Permanent
Account No.] |
AAAC10920Q |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
Manufacturer of Metallic and Non Metallic Industrial Gaskets and
Gasket Components. |
RATING &
COMMENTS
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MIRAs Rating : |
Aa |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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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 |
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Maximum Credit Limit : |
USD 1685895 |
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Status : |
Good |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
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Comments : |
Subject is a well
established company having fine track records. Financial position is good.
Payments are correct and as per commitments. The company can be
considered good for any normal business dealings. It can be regarded as a
promising business partner in a medium to long run. Mr. Y. Hariharan
(9840078243) update the report. |
LOCATIONS
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Registered Office : |
# 79
(Old 29/9), Valmiki Street, Thiruvanmiyur, Chennai 600041, Tamilnadu,
India |
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Tel. No.: |
91-44-24420608 |
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Mobile No : |
91-9840078243 |
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Fax No.: |
91-44-24405152 |
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E-Mail : |
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Website : |
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Area : |
3000
sq. ft. |
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Location : |
Rented
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Corporate
Office : |
New No.252,
Old No.134, Angappa Naicken Street Chennai 600001, Tamilnadu, India |
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Tel. No.: |
91-44-25341547/
25340655/ 24420608 |
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Fax No.: |
91-44-25340655/
24405152 |
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Email : |
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Website : |
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Factory : |
No.
277/2, Old Mahabalipuram Road, Kottivakkam Chennai 600041, Tamilnadu, India
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Tel. No.: |
91-44-24483508 |
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Fax No.: |
91-44-24483663 |
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E-Mail : |
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Area : |
127154
sq. ft. |
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Location : |
Owned
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Factory : |
No. 85,
Old Mahabalipuram Road, Sholinganallur, Chennai 600119, Tamilnadu, India |
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Tel. No.: |
91-44-24501224 |
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Fax No.: |
91-44-24501731 |
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E-Mail : |
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Area : |
8400
sq. ft. |
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Location : |
Rented
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Factory : |
No.
2/127, Elim Nagar, Perungudi, Chennai 600096, Tamilnadu, India |
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Tel. No.: |
91-44-2496043 |
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Fax No.: |
91-44-24962356 |
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E-Mail : |
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Area : |
18000
sq. ft. |
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Location : |
Rented
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DIRECTORS
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Name : |
Mr. V.
Krishnaswamy |
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Designation : |
Chairman and
Managing Director |
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Address : |
3 South Bank
II, Street, Mandavelipakkam, Chennai 600028 |
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Date of Birth/Age : |
15.09.1928 |
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Qualification : |
S. S. L. C. |
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Experience : |
59 Years |
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Date of Appointment : |
01.04.1994 |
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Name : |
Mr. Achutha
Krishnamurti |
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Designation : |
Director |
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Address : |
No. 9, 13th
Cross street, Indira Nagar, Adyar, Chennai 600020 |
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Date of Birth/Age : |
02.11.1937 |
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Qualification : |
L.M.E. |
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Experience : |
52 Years |
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Date of Appointment : |
01.04.1994 |
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Name : |
Mr. V.
Balasubramanian |
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Designation : |
Joint Managing
Director |
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Address : |
17 A, Third Seaward
Road, Valmiki Street, Thiruvanmiyur, Chennai 600041 |
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Date of Birth/Age : |
10.07.1947 |
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Qualification : |
B. Sc. |
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Experience : |
35 Years |
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Date of Appointment : |
01.04.1994 |
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Name : |
Mr. K.
Shyamsunder |
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Designation : |
Joint Managing
Director |
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Address : |
New no. 5, Old
No. 3, South Bank, II Street, Mandavelipakkam, Chennai 600028, India |
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Date of Birth/Age : |
24.10.1952 |
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Qualification : |
B.E. |
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Experience : |
33 years |
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Date of Appointment : |
01.04.1994 |
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Name : |
Mr. G. Ganean |
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Designation : |
Director |
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Address : |
No. 11, 13th
Cross Street, Indira Nagar, Adyar, Chennai 600020, India |
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Date of Birth/Age : |
27.12.1936 |
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Qualification : |
L.M.E. |
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Experience : |
46 years |
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Date of Appointment : |
01.04.1994 |
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Name : |
Mr. V. Lakshmana |
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Designation : |
Director |
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Address : |
New No. 25, Old
No. 11-A, Sarangapani Street, T Nagar, Chennai 600017 |
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Date of
Birth/Age : |
08.07.1939 |
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Qualification
: |
S. S. L. C. |
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Experience : |
47 years |
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Date of
Appointment : |
21.06.1979 |
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Name : |
Mrs. Sulochana
Krishnswamy |
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Designation : |
Director |
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Address : |
Old No. 3, New 5,
South Bank II, Street, Mandavelipakkam, Chennai 600028 |
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Date of
Birth/Age : |
11.11.1931 |
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Qualification
: |
Diploma in
Account |
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Experience : |
54 years |
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Date of
Appointment : |
01.02.1991 |
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Name : |
Mr. N. Srinivasan
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Designation : |
Director |
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Address : |
New No. 290, Old No.
263, T T K Road, Alwarpet, Chennai 600018 |
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Date of
Birth/Age : |
24.09.1963 |
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Qualification
: |
B. Com. |
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Experience : |
22 years |
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Date of
Appointment : |
01.02.1991 |
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Name : |
Mr. G Umamagesh |
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Designation : |
Director |
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Address : |
No. 11, 13th
Cross Street, Indira Nagar, Adyar, Chennai 600020 |
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Date of
Birth/Age : |
21.09.1965 |
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Qualification
: |
B. E.
(Mechanical) |
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Experience : |
18 years |
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Date of
Appointment : |
01.04.1994 |
KEY EXECUTIVE
|
Name : |
Mr. R Sucharithra |
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Designation : |
Company Secretary |
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Address : |
28 / 59
Vivekananda Street, Gandhinagar, Sligramam, Chennai 600093, Tamilnadu,
India |
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Name : |
Mr. M V V Prasada
Reddy |
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Designation : |
Company Secretary |
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Address : |
12, Sardambal
Street, Gokulam Colony, T. Nagar 600 017 |
MAJOR SHAREHOLDERS
/ SHAREHOLDING PATTERN
(As on 30.09.2005)
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Names of Shareholders |
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No. of Shares |
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Mr. V.
Krishnaswamy |
|
6390 |
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Mrs. Saraswathi
Narayanswamy |
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6390 |
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Mr. V. Lakshmana |
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2108 |
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Mr. Ganean |
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4215 |
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Mr. R. Natraj |
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1051 |
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Mrs. Shobana
Jagdeesh |
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528 |
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Mrs. R. Sumathi |
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528 |
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Ms. Pathakudi
Tading Company Private Limited |
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75 |
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Ms. Karaikal
Marketing Private Limited |
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75 |
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Total |
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21360 |
Equity share breakup (Percentage of total equity)
(As on 31.03.2007)
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Category |
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Percentage |
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Directors or Relatives or Directors |
|
99.00 |
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Bodies corporate |
|
1.00 |
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Total |
|
100.00 |
BUSINESS DETAILS
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Line of Business : |
Manufacturer of
Metallic and Non-Metallic Industrial Gaskets and Gasket Components. |
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Brand Names : |
Spirager |
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Exports : |
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Countries : |
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Terms : |
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Selling : |
L/C |
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Purchasing : |
L/C |
GENERAL
INFORMATION
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Suppliers : |
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Customers : |
End Users |
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No. of Employees : |
456 |
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Bankers : |
MID Corporate
Branch, 328 Tambu Chety Street, 3rd Floor, Parrys, Chennai
600001, Tamilnadu, India |
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Banking Relations : |
Good |
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Auditors : |
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Name : |
D. Rangaswamy and
Company Chartered
Accountants |
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Address : |
RC Towers, 2nd
Floor, Josier Street, Nunganabakkam, Chennai 600034 |
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Tel. No.: |
91-44-28215168 |
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Name : |
K.Anathachari Chartered
Accountant |
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Address : |
82, Josier Street,
RC Tower, 2 Floor, Nungambakkam, Chennai 600034, Tamilnadu, India |
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Associates/Subsidiaries : |
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Small Scale Industrial Undertakings : |
v Alpha Gama
Technocrats v Control
Scientific Works Private Limited v Dancal (India)
Private Limited v Fluorocarbon
Processing Industries v M. K. Industries v M.S.N.
Engineering Enterprises v Shri kamalambiga
Engineers Private Limited v Titanic Products
Private Limited v Roohanialloy
Casting v Insap Engineers
Private Limited |
CAPITAL STRUCTURE
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
150000 |
Equity Shares |
Rs. 100/- each |
Rs. 15.000 millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
106800 |
Equity Shares |
Rs. 100/-
each |
Rs. 10.680
million |
FINANCIAL DATA
[all figures are in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2007 |
31.03.2006 |
31.03.2005 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
10.680 |
2.136 |
2.136 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
326.499 |
239.846 |
178.673 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
337.179 |
241.982 |
180.809 |
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LOAN FUNDS |
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1] Secured Loans |
239.769 |
160.957 |
136.003 |
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2] Unsecured Loans |
23.994 |
22.394 |
22.194 |
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TOTAL BORROWING |
263.763 |
183.351 |
158.197 |
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DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.205 |
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TOTAL |
600.942 |
425.333 |
339.211 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
48.336 |
27.364 |
12.843 |
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Capital work-in-progress |
0.000 |
0.000 |
0.000 |
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INVESTMENT |
0.000 |
0.000 |
0.000 |
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DEFERREX TAX ASSETS |
2.189 |
0.787 |
0.000 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
358.318
|
270.884
|
0.000 |
|
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Sundry Debtors |
350.927
|
283.976
|
483.028 |
|
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Cash & Bank Balances |
23.736
|
13.616
|
0.000 |
|
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Other Current Assets |
0.000
|
0.000
|
0.000 |
|
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Loans & Advances |
26.921
|
14.787
|
0.000 |
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Total
Current Assets |
759.902
|
583.263
|
483.028 |
|
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Less : CURRENT
LIABILITIES & PROVISIONS |
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|
|
|
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|
Current Liabilities |
202.049
|
180.390
|
156.660 |
|
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Provisions |
7.436
|
5.691
|
0.000 |
|
Total
Current Liabilities |
209.485
|
186.081
|
156.660 |
|
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Net Current Assets |
550.417
|
397.182
|
326.368 |
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MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
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TOTAL |
600.942 |
425.333 |
339.211 |
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PROFIT & LOSS
ACCOUNT
|
PARTICULARS |
31.03.2007 |
31.03.2006 |
31.03.2005 |
|
|
Sales Turnover |
1386.664 |
1066.880 |
835.269 |
|
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Other Income |
61.038 |
32.898 |
47.657 |
|
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Total
Income |
1447.702 |
1099.778 |
882.926 |
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Profit/(Loss)
Before Tax |
150.570 |
101.118 |
77.940 |
|
|
Provision for Taxation |
52.259 |
35.074 |
29.761 |
|
|
Profit/(Loss)
After Tax |
98.311 |
66.044 |
48.179 |
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Exports : |
|
|
|
|
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FOB Value |
917.152 |
679.484 |
679.484 |
|
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Total |
917.152 |
679.484 |
679.484 |
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Imports : |
|
|
|
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|
CIF Value |
186.504 |
100.336 |
84.154 |
|
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Total |
186.504 |
100.336 |
84.154 |
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Expenditures: |
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Financial Charges |
18.500 |
11.438 |
11.730 |
|
|
Depreciation |
3.468 |
2.736 |
2.473 |
|
|
(Increase) /
Decrease in Stock |
1.335 |
(27.394) |
7.999 |
|
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Other Expenditure |
1273.829 |
1011.880 |
782.784 |
|
Total Expenditure |
1297.132 |
998.660 |
804.986 |
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KEY RATIOS
|
PARTICULARS |
|
31.03.2007 |
31.03.2006 |
31.03.2005 |
|
PAT / Total Income |
(%) |
6.79
|
6.00
|
5.46 |
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|
Net Profit Margin (PBT/Sales) |
(%) |
10.86
|
9.48
|
9.33 |
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Return on Total Assets (PBT/Total Assets} |
(%) |
10.40
|
9.19
|
8.83 |
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Return on Investment (ROI) (PBT/Networth) |
|
0.45
|
0.42
|
0.43 |
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Debt Equity Ratio (Total Liability/Networth) |
|
0.62
|
0.77
|
0.87 |
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|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
3.63
|
3.13
|
3.08 |
LOCAL AGENCY
FURTHER INFORMATION
Form 8:
|
Name of the
company |
IGP ENGINEERS
PRIVATE LIMITED |
|
Presented By |
V.lakshmanan,
Director |
|
1) Date and description of instrument creating the change |
Original deed of hypothecation
Dt. 01.08.1979 |
|
2) Amount secured by the charge/amount owing on the securities of charge |
Rs. 4.300
millions |
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3) Short particular of the property charged. If the property acquired is subject to charge, date of the acquired of the property should be given |
Hypothecation of
stock of raw material , all Plant and Machinery, Book Debts and Equitable
Mortgage of Factory Land and Building |
|
4) Gist of the terms and conditions and extent and operation of the charge. |
The company hypothecated
its current assets, plant and machinery and book debts and UCO Bank, New No.
328, Old No. 169, Thambu Chetty Street, Chennai 600001, fir obtaining
credit facilities towards working capital. The company has also extended the
equitable mortgage of factory land and building situated at No. 277 / 2, old
Mahabalipuiram Road, Kottivakkam, Chennai 600041, for the above said credit
facilities. |
|
5) Name and Address and description of the person entitled to the charge. |
UCO Bank New No. 328, Old No.
169, Thambu Chetty Street, Chennai = 600001 |
|
6) Date and brief description of instrument modifying the charge |
1.Supplementary
deed of hypothecation dated 12.01.2004,
increasing overall limits Rs. 119.000 millions to Rs. 186.057 millions 2. Agreement of
hypothecation of plant and machinery as additional security 3. Agreement of
extension of charge by way of hypothecation over current assets to secure non
fund based facilities 4. Agreement of
hypothecation and book debts to secure demand cash credit 5. Agreement of
hypothecation of goods to secure a demand cash credit 6. Agreement Re:
Inland / foreign bills purchased and advances against bills in course of
collection 7. Agreement of
permanent / omnibus counter guarantee 8. Agreement relating
to term loan 9. Agreement for
packing credit advance. All agreement are
dt.12.01.2004 |
|
7) Particulars of modifications specifying the terms and conditions or the extent of operations of the charge in which modification is made and the details of the modification. |
The overall
credit limit have been increased from Rs. 119.000 millions to Rs. 186.057
millions comprising of Term Loan Rs. 2.057 millions, Term Loan (New) Rs.
2.500 millions, Cash Credit (Stock) and packing credit (fully interchangeable)
Rs. 36.500 millions, Bills purchased (Inland / Foreign) Rs. 40.000
millions, letter of credit (Inland / Foreign) Rs. 70.000 millions Bank
Guarantee Rs. 35.000 millions |
Form 8
|
Corporate identity
number (CIN) Foreign company registration number |
U27200TN1979PTC007868 |
|
Name of the
Company |
IGP ENGINEERS
PRIVATE LIMITED |
|
Address |
252 / 134,
Angappa Naicken St. Chennai 600001, Tamilnadu, India |
|
This form is for |
Modification of
Charge |
|
Type of Charge |
Immovable
Property Book Debts Movable Property
(not being pledge) and Floating Charge |
|
Particulars of
the charge holder |
UCO Bank MID Corporate
Branch, 328, Thambu Chetty Street, 3 floor, Parrys, Chennai 600001,
Tamilnadu E Mail: bo.ibbchn@ucobank.co.in |
|
Amount secured by
the charge |
Rs. 315.000
millions |
|
Brief of the
principal terms and conditions |
For Cash credit /
term loan ROI @ BPLR 2% i.e. 10% p.a. For packing
credit up to 180 days @BPLR - 4.25% i.e.7.75% For Foreign Bills
Purchases, up to 90 days @BPLR 4.25% i.e. 7.75% and for 91-180 days For PCFC + LIBOR
+ (Plus) 0.75% on monthly rest Margin: For Cash Credit /
packing credit / PCFC : 25% on stock
and book debts For Bills
purchase (BP) : 10% on documentary
bills, both inland and foreign and nil on cheque purchase Term Loan : 25% |
|
Date of latest
modification prior to present modification |
15.11.2004 |
As Per
Website Details
They are the market leaders for industrial gaskets in India, well known under the brand name of Spiraget.
Their manufacturing facility is ISO 9001:2000 certified, and on par with world class players in manufacturing process as well as technology.
Their gaskets are used worldwide.
Millions of their gaskets are successfully being used in a wide variety of countries around the world.
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 records exist designating subject or any of its beneficial owners,
controlling shareholders or senior officers as terrorist or terrorist
organization or whom notice had been received that all financial transactions
involving their assets have been blocked or convicted, found guilty or against
whom a judgement or order had been entered in a proceedings for violating
money-laundering, anti-corruption or bribery or international economic or
anti-terrorism sanction laws or whose assets were seized, blocked, frozen or
ordered forfeited for violation of money laundering or international
anti-terrorism laws.
2] Court Declaration :
No records exist to suggest that subject is
or was the subject of any formal or informal allegations, prosecutions or other
official proceeding for making any prohibited payments or other improper
payments to government officials for engaging in prohibited transactions or
with designated parties.
3] Asset Declaration :
No records exist to suggest that the property or assets of the subject
are derived from criminal conduct or a prohibited transaction.
4] Record on Financial
Crime :
Charges or conviction
registered against subject: None
5] Records on Violation of
Anti-Corruption Laws :
Charges or
investigation registered against subject: None
6] Records on Intl 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 companys 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. 41.96 |
|
UK Pound |
1 |
Rs. 83.78 |
|
Euro |
1 |
Rs. 65.82 |
SCORE & RATING
EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
8 |
|
PAID-UP CAPITAL |
1~10 |
8 |
|
OPERATING SCALE |
1~10 |
8 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
8 |
|
--PROFITABILIRY |
1~10 |
8 |
|
--LIQUIDITY |
1~10 |
8 |
|
--LEVERAGE |
1~10 |
8 |
|
--RESERVES |
1~10 |
8 |
|
--CREDIT LINES |
1~10 |
8 |
|
--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 |
YES |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
72 |
This score serves as a reference to assess SCs 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 |
Unfavourable & favourable factors carry similar weight in credit
consideration. 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 |
|
NR |
In view of the lack of information, we have no basis upon which to
recommend credit dealings |
No Rating |
|