MIRA
INFORM REPORT
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Report Date : |
26.03.2008 |
IDENTIFICATION
DETAILS
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Name : |
INGECO GEARS PRIVATE LIMITED |
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Registered Office : |
Plot No. 38-43, Gopi Industrial Estate, Sarkhej - Bavla Highway,
Changodar, Ahmedabad 380004, Gujarat |
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Country : |
India |
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Financials (as on) : |
31.03.2007 |
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Date of Incorporation : |
09.04.1999 |
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Com. Reg. No.: |
04-35748 |
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CIN No.: [Company
Identification No.] |
U72505GJ1999PTC035748 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
AHMI00847A |
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PAN No.: [Permanent
Account No.] |
AAACI6977P |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
Manufacturer of various types of Speed Reducers |
RATING &
COMMENTS
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MIRA’s Rating : |
Ba |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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Maximum Credit Limit : |
USD 19000 |
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Status : |
Satisfactory |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
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Comments : |
Subject is a well established and reputed company having satisfactory
track. Trade relations are fair. Business is active. Payments are reported as usually correct
and as per commitments. The company can be considered normal for business dealings at usual trade terms and conditions. |
LOCATIONS
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Registered Office/Factory : |
Plot No. 38-43, Gopi Industrial Estate, Sarkhej - Bavla Highway,
Changodar, Ahmedabad 380004, Gujarat, India |
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E-Mail : |
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Website : |
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Branch 1 : |
Bangalore Mr. K.S. Sabbir M/s. Transmission Centre, G - 89/14, Sri Narasi Maharaja Road, Above :
City Cinema, Bangalore 560002,
Karnataka, India |
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Tel. No.: |
91-80-2270474 |
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Branch 2: |
Mumbai |
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Tel. No.: |
91-22-8077467 |
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Fax No.: |
91-22-8079965 |
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Branch 3: |
Kolhapur Mr. H.B. Bandi B-2, ' Yamuna Nivas', Shanta Durga Colony, Pachgain, Kolhapur 416 013,
Maharashtra, India |
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Tel. No.: |
91-231-637914 |
DIRECTORS
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Name : |
Mr. Hardik Tarun Shah |
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Designation : |
Director |
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Address : |
Haridwar and Dhaval Co-operative Housing Society, Part II, Near Vijay
Char Rasta, Ahmedabad 380009, Gujarat, India
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Date of Birth/Age : |
04.08.1978 |
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Date of Appointment : |
01.09.2005 |
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Name : |
Mr. Tarunkumar Anandlal Shah |
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Designation : |
Director |
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Address : |
8, Dhaval Society, Vibhag 2, Near Vijay Char Rasta, Navrangpura,
Ahmedabad 380009, Gujarat, India |
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Date of Birth/Age : |
03.01.1951 |
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Date of Appointment : |
09.04.1999 |
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Name : |
Mr. Vrajesh K. Shah |
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Designation : |
Director |
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Address : |
26, Satyam Bungalows, Near Shabri Bungalows, Sarkari Vasahat Road,
Ahmedabad 380054, Gujarat, India |
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Date of Birth/Age : |
21.03.1961 |
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Date of Appointment : |
09.04.1999 |
MAJOR SHAREHOLDERS
/ SHAREHOLDING PATTERN
As on 31.03.2007
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Names of Shareholders |
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No. of Shares |
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Tarunkumar Anandlal Shah |
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48500 |
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Vrajesh K. Shah |
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30010 |
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Hardik Tarun Shah |
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21490 |
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Total |
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100000 |
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Equity Share
Break-up [As on 31.03.2007] |
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Percentage of
Holding |
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Directors or relatives of the Directors |
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100.00 |
BUSINESS DETAILS
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Line of Business : |
Manufacturer of various types of Speed Reducers |
GENERAL
INFORMATION
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Bankers : |
Ř Bank of India Navrangpura Branch, Swastik Char Rasta, C. G. Road, Navrangpura,
Ahmedabad 380009, Gujarat, India Ř ICICI Bank Ř HDFC Bank |
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Banking
Relations : |
Satisfactory |
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Auditors : |
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Name : |
Mukesh R. Chokshi and Company Chartered Accountants |
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Address : |
401/A, Harekrishna Complex, Opposite Kothawala Flats, Near Pritam
Nagar, Paldi, Ashramroad, Ahmedabad 380006, Gujarat, India |
CAPITAL STRUCTURE
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
250000 |
Equity Shares |
Rs. 10/- each |
Rs. 2.500 Millions |
Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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100000 |
Equity Shares |
Rs. 10/- each |
Rs. 1.000 Millions |
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FINANCIAL DATA
[all figures are in Rupees Millions]
ABRIDGED BALANCE
SHEET
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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 |
1.000 |
1.000 |
0.100 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
3.963 |
0.787 |
0.000 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
[0.031] |
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NETWORTH |
4.963 |
1.787 |
0.069 |
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LOAN FUNDS |
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1] Secured Loans |
1.399 |
0.742 |
0.000 |
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2] Unsecured Loans |
6.087 |
5.717 |
1.525 |
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TOTAL BORROWING |
7.486 |
6.459 |
1.525 |
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DEFERRED TAX LIABILITIES |
0.016 |
0.000 |
0.000 |
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TOTAL |
12.465 |
8.246 |
1.594 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
5.403 |
3.899 |
1.580 |
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Capital work-in-progress |
7.447 |
1.607 |
0.000 |
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INVESTMENT |
1.892 |
2.448 |
0.000 |
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DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
1.488
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1.170 |
0.000 |
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Sundry Debtors |
6.094
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5.864 |
0.000 |
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Cash & Bank Balances |
0.530
|
0.202 |
0.014 |
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Other Current Assets |
0.000
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0.000 |
0.000 |
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Loans & Advances |
0.562
|
0.257 |
0.000 |
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Total
Current Assets |
8.674
|
7.493 |
0.014 |
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Less : CURRENT LIABILITIES & PROVISIONS |
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Current Liabilities |
10.646
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7.121 |
0.000 |
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Provisions |
0.305
|
0.080 |
0.000 |
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Total
Current Liabilities |
10.951
|
7.201 |
0.000 |
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Net Current Assets |
[2.277]
|
0.292 |
0.014 |
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MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
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TOTAL |
12.465 |
8.246 |
1.594 |
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PROFIT & LOSS
ACCOUNT
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PARTICULARS |
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31.03.2007 |
31.03.2006 |
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Total Income |
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32.175 |
11.379 |
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Profit/(Loss) Before Tax |
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4.612 |
1.184 |
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Provision for Taxation |
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1.437 |
0.365 |
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Profit/(Loss) After Tax |
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3.175 |
0.819 |
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Earnings in Foreign Currency : |
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4.901 |
1.430 |
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Expenditures : |
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Depreciation & Amortization |
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0.456 |
0.201 |
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Other Expenditure |
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27.107 |
9.994 |
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Total Expenditure |
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27.563 |
10.195 |
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KEY RATIOS
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PARTICULARS |
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31.03.2007 |
31.03.2006 |
31.03.2005 |
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PAT / Total
Income |
(%) |
9.86
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7.19 |
NA |
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Net Profit Margin (PBT/Sales) |
(%) |
14.33
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10.40 |
NA |
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Return on Total Assets (PBT/Total Assets} |
(%) |
32.76
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10.39 |
NA |
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Return on Investment (ROI) (PBT/Networth) |
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0.92
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0.66 |
NA |
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Debt Equity Ratio (Total Liability/Networth) |
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3.71
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7.64 |
0.000 |
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Current Ratio (Current Asset/Current Liability) |
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0.79
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1.04 |
22.10 |
LOCAL AGENCY
FURTHER INFORMATION
Note:
The situation of the registered office of the company was changed from
Solid Ice Factory Compound, Near Dariakhan Gumkmat, Tavdipura, Ahmedabad
380004, Gujarat, India to Plot No. 38-43, Gopi Industrial Estate, Sarkhej -
Bavla Highway, Changodar, Ahmedabad 382213, Gujarat, India
Form 8
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This Form is for |
Creation of charge |
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Charge
identification number of the charge to be modified |
NA |
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Corporate
identity number of the company |
U72505GJ1999PTC035748 |
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Name of the
company |
INGECO GEARS PRIVATE LIMITED |
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Address of the
registered office or of the principal place of business in India of the company |
Plot No. 38-43, Gopi Industrial Estate, Sarkhej - Bavla Highway,
Changodar, Ahmedabad 380004, Gujarat, India |
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Type of charge |
Ř
Book Debts Ř
Movable
Property |
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Particular of
charge holder |
Bank of India Navrangpura
Branch, Swastik Char Rasta, C. G. Road, Navrangpura, Ahmedabad 380009,
Gujarat, India |
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Nature of
description of the instrument creating or modifying the charge |
Hypothecation cum
loan agreement plant and machinery, stocks and book debts executed by the
company in favour of Bank of India to secure the aggregate fund based and non
fund based limits of Rs. 20.000 Millions. |
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Date of
instrument Creating the charge |
03.11.2007 |
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Amount secured by
the charge |
Rs. 20.000
Millions |
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Brief particulars
of the principal terms an conditions and extent and operation of the charge |
[a] Rate of
interest Cash Credit –
0.25% below BPLR minimum 13.00% p.a. on monthly rest basis or such other
rates as may be prescribed by the bank from time to time. EPC – Up to 180
days 8.75% p.a. 181 days to 270 days 13.50% p.a. FBP/FBN – Up to
90 days 8.75% p.a. 91 days to 6 months 13.00% p.a. [b] Terms of
repayment Term Loan – in 60
monthly installments of Rs. 0.267 Millions each commencing after 12 months of
the first disbursements. Cash credit
stocks/book debts – on demand/annual review EPC/FBP – DA – 90
days – on demand/Annual Review [c] Margin Term Loan –
48.39% Cash Credit –
Stocks 25%, Book Debts 40% EPC – 25% FBP/FBN – 25% [d] Extent and
operation of the charge First exclusive
hypothecation charge on all tangible movable properties, assets like plant
and machinery, stocks and materials and book debts and other movable assets
to secure the fund based and non fund based aggregate facilities of Rs.
20.000 Millions alongwith the interest, additional interest, penal int,
costs, charges, commission, liquidated damages or such other amount payable
to the bank of whatsoever nature. [e] Others Term Loan – Rs.
16.000 Millions CC STK/BK DT – Rs.
4.000 Millions EPC/FBP – Rs.
[2.000] Millions Total - Rs. 20.000 Millions |
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Short particulars
of the property charged |
All plant and
machinery both present and future whether installed or not and whether lying
loose or in case situate at factory 38-43, Gop Industrial Estate, Changodar
District and/or where ever else. All stocks of raw
material of alloy steel, semi finished or finished goods gear boxes and
stores and spares both present and future lying at factory premises/godowns
at 38-43, Gopi Industrial Estate, Changodar and/or where ever else. All the present
and future book debts, receivables, money outstanding and claims a |
AS PER WEBSITE
DETAILS:
PROFILE
'INGECO',
Industrial Gear Corporation - a ISO:9001:2000 certified company is well
accepted leading manufacturers of various types of Speed Reducers Since last 25
yrs 'INGECO' was started in the year 1976 with sole aim of providing
quality products in Transmission Sector Initially, the standard sprocket &
gears were the main products and supplying largely to the major Power Plants
& O.E.M's.
Further,
with their own development and technical knowhow, "INGECO" has
designed and commenced manufacturing various types of Reduction Gear Box (Speed
Reducers).
Today,
their products are known under the brand name 'INGECO' in India and
aboard. The manufacturing plant is based in Ahmedabad with modern technology.
INGECO'
Design and Supply.
- Worm Reduction Gear Box (Horizontal
Foot Mounting)
- Shaft Mounted Speed Reducer (SMSR)
- Helical Reducer with Built in Thrust
Housing (IPH Series)
- Heavy Duty Vertical Mixture (IVM
Series)
- Air Clutch & Roto Seal
- Differential Gear Assembly (Cross Bar
with Bevel) Heat Treated Bevel
- High Precision Gear
- Sprockets & Conveyors
- Straight & Spiral Bevel
- Worms & Worms Wheels
- Cap : Up to 12 Ft. Diameter and 20
Module
They
warrant to their customers that all products of 'INGECO' will be free
from defects in material & workmanship at the time of despatch to their
customers for period of one year from the date of despatch their sole
responsibility here under shall be to furnish replacement for such defective
product or parts without charges, F.O.R. their Factory.
Their
Established Customers are :
- Power Generation
- Road Building Equpments And Machinery
Manufacturer
- Plastic Processing M/c, Manufacturer
- Textile Machinery Manufacturer
- Cement, Paper & Oil Industry
- Chemical
& Dyes Plant.
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 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. 40.12 |
|
UK Pound |
1 |
Rs. 79.95 |
|
Euro |
1 |
Rs. 62.41 |
SCORE & RATING
EXPLANATIONS
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SCORE FACTORS |
RANGE |
POINTS |
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HISTORY |
1~10 |
5 |
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PAID-UP CAPITAL |
1~10 |
5 |
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OPERATING SCALE |
1~10 |
5 |
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FINANCIAL CONDITION |
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--BUSINESS SCALE |
1~10 |
6 |
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--PROFITABILIRY |
1~10 |
4 |
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--LIQUIDITY |
1~10 |
5 |
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--LEVERAGE |
1~10 |
5 |
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--RESERVES |
1~10 |
5 |
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--CREDIT LINES |
1~10 |
5 |
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--MARGINS |
-5~5 |
-- |
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DEMERIT POINTS |
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--BANK CHARGES |
YES/NO |
YES |
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--LITIGATION |
YES/NO |
NO |
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--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
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MERIT POINTS |
|
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--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
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--EXPORT ACTIVITIES |
YES/NO |
YES |
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--AFFILIATION |
YES/NO |
NO |
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--LISTED |
YES/NO |
NO |
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--OTHER MERIT FACTORS |
YES/NO |
YES |
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TOTAL |
|
45 |
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 |
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 |
|