MIRA
INFORM REPORT
|
Report Date : |
26TH
June 2006 |
IDENTIFICATION
DETAILS
|
Name : |
RISHI OVERSEAS |
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Registered Office : |
184, Sukhdev Vihar, New Delhi –
110 025, India |
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Country : |
India |
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Financials (as on) : |
31.03.2005 |
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Date of Incorporation : |
03.06.1993 |
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IEC No.: |
0593022998 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
DELRO5260D |
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Legal Form : |
Partnership concern with an unlimited liability of the Partners. |
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Line of Business : |
Importers/ Indenting Agent and Trading of all kind
of Leather Chemicals. |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal.
Capable to meet normal commitments. |
Satisfactory |
|
Maximum Credit Limit : |
USD
20000 |
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Status : |
Satisfactory
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Payment Behaviour : |
Usually
correct |
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Litigation : |
Clear |
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Comments : |
Subject
is a well established and reputed concern having satisfactory track.
Financial position of the concern is satisfactory. Payments are correct and
as per commitments. The
concern can be considered good for normal business dealings at usual trade
terms. |
LOCATIONS
|
Registered Office / Corporate Office : |
184, Sukhdev Vihar, New Delhi –
110 025, India |
|
Tel. No.: |
91-11-26916587/ 26311023 |
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Fax No.: |
91-11-26846525 |
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E-Mail : |
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Website : |
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Area : |
3900sq. fts. |
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Location : |
Owned
- residential premises |
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Warehouse: |
103, DSIDC Okhla Industrial Estate, Phase – I, New
Delhi – 110 020 |
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Area : |
6000 sq. fts. |
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Location : |
Owned
- commercial premises |
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|
|
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Factory : |
Plot
No 1, 19/6, Mathura Road, Faridabad – 121006 |
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Tel. No.: |
91-129-5547227 |
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Area : |
1500
sq. ft. |
|
Location : |
Leased
– Industrial |
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|
|
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Branches : |
Flat
No. 92/1, Sweet Kudil Apartments, Lakshminaswamy Salai, |
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Tel. No.: |
91-44–24835996 |
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Fax No.: |
91-44-24880023 |
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Mobile |
098400
35450 (Mr. Sunder Ajen) |
PARTNERS
|
Name : |
Mrs. Ravinder Kaur Sethi |
|
Designation : |
Partner |
|
Address : |
184, Sukhdev Vihar, New Delhi
– 110 025, India |
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Date of Birth/Age : |
1954 |
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Qualification : |
B. Com. |
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|
|
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Name : |
Mrs. Davinder Kaur Sethi |
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Designation : |
Partner
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KEY EXECUTIVES
|
Name
: |
Mr. H.S. Sethi |
|
Designation
: |
Chief Executive |
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|
|
|
Name
: |
Rajdeep Sethi |
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Designation
: |
Business Development Executive |
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BUSINESS DETAILS
|
Line of Business : |
Importers/ Indenting Agent and Trading of all kind
of Leather Chemicals. |
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Products : |
v
Non-Woven
Synthetic Lining Fabric v
Non-Woven
Synthetic-Bonded Lining Fabric v
PU Linings /
Leathers v
Spacer
Fabrics v
Soles /
metal Eyelets / Steel Toe Caps v
Poliyou
Insole Materials v
Poron Speciality
Urethanes v
Chemicals –
release agents / adhesives / in-moul Coats / Colour Pastes v
Machines of
Gusberti, Met and Eurorigan Represented
Companies Indirect
Representation v Nonwoven / Spunbonded fabric |
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Exports to : |
Turkey |
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Imports from : |
Korea, Hong Kong, Taiwan, Spain, China and Italy |
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Terms : |
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Selling : |
Cash or Credit (30-45 days / 60 days) |
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Purchasing : |
L/C or Credit (30 days / 60 days) |
GENERAL
INFORMATION
|
Suppliers : |
Ř
Cosmos Hong Kong Limited, Hong Kong Ř
Holthaus Italia RPL, Italy Ř
Antonio Moron De Blas, Spain Ř
Yu Fong Technologies Company Limited, China Ř
Novartiplast Italia, Italy Ř
Cosmos Korea Limited, Korea Ř
Jakob Kech Chemie Ř
Gusberti S R L Ř
Swenco Limited Ř
Met S.R.L. Ř
Eurorigan S.R.L. |
|
|
|
|
Customers : |
Manufacturer and Wholesalers Ř
Liberty Shoes Limited, India Ř
M & B Footwear Private Limited, India Ř
Superhouse Leathers Limited, India Ř
Allied Exims, India Ř
Lakhani India Limited, India Ř
Bawa Skin Company, India Ř
Moja Shoes Private Limited, India Ř
Florind Shoes Limited, India Ř
APL Polymers, Delhi Ř
Althaf Shoes, Chennai Ř
A T Exports, Agra Ř
Bachi Shoes, Chennai Ř
Bata India Limited, Kolkata Ř
Bawa Group of Companies, Jalandhar Ř
BBK Leather, Chennai Ř
C Aadil Ahmed and Company Ř
Classic Enterprises, Delhi Ř
Cordwainers Ř
Coromondel
Leathers, Chennai Ř
Delta
Shoes, Chennai Ř
Drish
shoes, Chennai Ř
Faizan
Shoes, Chennai Ř
Farida
Shoes, Chennai Ř
Forward
Shoes, Chennai Ř
Habeed
Tanning, Chennai Ř
K
H Shoes, Chennai Ř
Mayur
Leather products, Jaipur Ř
Mayur
Uniquoters, Jaipur Ř
Nikhil
Footwear, Haryana Ř
P
A Footwear, Chennai Ř
Pond’s
Exports, Chennai Ř
Ram
Leathers, Chennai Ř
Rex
Shoes, Delhi Ř
Tej
International Dewas, Delhi Ř
Versatile
Enterprises, Delhi |
|
|
|
|
No. of Employees : |
Total : 30 ; Factory : 5
; Office : 25 |
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|
|
|
Bankers : |
Ř
Oriental Bank of Commerce M – 33, Greater
Kailash, Part II, Delhi – 110 048 Ř
Standard Chartered Bank Cash Credit Limit :
Rs. 12.500 millions Ř
ICICI
Bank Ř
Citi
Bank |
|
|
|
|
Facilities : |
Secured
Loan From
Standard Chartered bank From
Oriental Bank of Commerce (C C Limit) – Rs. 0.284 Millions Secured
against hypothecation of stocks and book debts From
ICICI Bank – Rs. 0.701 Millions Secured
against hypothecation of Toyota Car From
Citi Bank Loan A/C No 115074 – Rs. 0.045 millions Total
– Rs. 7.598 Millions |
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Banking Relations : |
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Auditors : |
Bajaj Ajay
& Company Chartered
Accountant C-73,
LGF, Lajpat Nagar – II, New Delhi – 110024 Tel No
: 91-11-28849800 Fax No
: 91-11-20818928 557,
Sector – 16 A, Faridabad – 121002 Tel No
: 91-129-2288336 Fax No
: 91-129-2281093 3rd
Floor, D/1, Sector 18, Opp. EBONY, Noida Mobile
91-9811428836 Email
: kgm@ndb.vsnl.net.in |
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|
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Associates/Subsidiaries : |
v
Rishi Impex, India Date of Incorporation : 02.09.1995 Address : 105, DSIDC Okhla, Phase-1, New
Delhi-110020, India IEC No : 595006868 Legal Form : Partnership concern with an unlimited liability of
the partners v
Yogi Herbals, India v
Onkar
Exim Private Limited Date of Incorporation : 16.02.2004 Address : 105, DSIDC, Okhla Phase – 1, New Delhi –
110020 IEC No :
0503085791 Incorp No. : U51909DL2004PTC124670 Legal Form : Private Limited Liability Company |
CAPITAL STRUCTURE
|
Capital
Investment : |
|
|
Owned : |
Rs.
5.971 millions |
|
Borrowed : |
-- |
|
Total : |
Rs.
5.971 millions |
FINANCIAL DATA
[all figures are in Rupees
Millions]
ABRIDGED
BALANCE SHEET
|
SOURCES OF FUNDS |
31.03.2005 |
31.03.2004 |
31.03.2003 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
5.971 |
5.376 |
5.093 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
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|
3] Reserves & Surplus |
0.000 |
0.000 |
0.000 |
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|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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|
NETWORTH |
5.971 |
5.376 |
5.093 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
7.598 |
4.088 |
1.111 |
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|
2] Unsecured Loans |
0.000 |
0.000 |
0.000 |
|
|
TOTAL BORROWING |
7.598 |
4.088 |
1.111 |
|
|
DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
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|
|
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|
|
|
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TOTAL |
13.569 |
9.464 |
6.204 |
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|
|
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APPLICATION OF FUNDS |
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|
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FIXED ASSETS [Net Block] |
1.544 |
0.827 |
0.678 |
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|
Capital work-in-progress |
0.000 |
0.000 |
0.000 |
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|
|
|
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INVESTMENT |
0.000 |
0.000 |
0.000 |
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CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
3.224
|
2.963 |
2.489 |
|
|
Sundry Debtors |
6.236
|
6.447 |
3.680 |
|
|
Cash & Bank Balances |
0.021
|
0.035 |
0.005 |
|
|
Other Current Assets |
6.090
|
0.243 |
0.180 |
|
|
Loans & Advances |
0.077
|
0.075 |
0.000 |
|
Total Current Assets |
15.648
|
9.763 |
6.354 |
|
|
Less : CURRENT LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Current Liabilities |
3.623
|
1.126 |
0.828 |
|
|
Provisions |
0.000 |
0.000 |
0.000 |
|
Total Current Liabilities |
3.623
|
1.126 |
0.828 |
|
|
Net Current Assets |
12.025
|
8.637 |
5.526 |
|
|
|
|
|
|
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MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
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|
|
|
|
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TOTAL |
13.569 |
9.464 |
6.204 |
|
PROFIT
& LOSS ACCOUNT
|
PARTICULARS |
31.03.2005 |
31.03.2004 |
31.03.2003 |
|
Sales Turnover [including other income] |
29.770 |
26.457 |
19.652 |
|
|
|
|
|
|
Profit/(Loss)
Before Tax |
0.313 |
0.426 |
0.305 |
|
Provision
for Taxation |
-- |
-- |
-- |
|
Profit/(Loss)
After Tax |
0.313 |
0.426 |
0.305 |
|
|
|
|
|
|
Total
Expenditure |
7.938 |
6.701 |
4.901 |
KEY
RATIOS
|
PARTICULARS |
|
31.03.2005 |
31.03.2004 |
31.03.2003 |
|
PAT / Total Income |
(%) |
1.05
|
1.61 |
1.55 |
|
|
|
|
|
|
|
Net
Profit Margin (PBT/Sales) |
(%) |
1.05
|
1.61 |
1.55 |
|
|
|
|
|
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|
Return
on Total Assets (PBT/Total
Assets} |
(%) |
1.82
|
4.02 |
4.33 |
|
|
|
|
|
|
|
Return
on Investment (ROI) (PBT/Networth) |
|
0.05
|
0.07 |
0.05 |
|
|
|
|
|
|
|
Debt
Equity Ratio (Total
Liability/Networth) |
|
1.87
|
0.96 |
0.38 |
|
|
|
|
|
|
|
Current
Ratio (Current
Asset/Current Liability) |
|
4.31
|
8.67 |
7.67 |
LOCAL AGENCY
FURTHER INFORMATION
Fixed
Assets
v
Air
Conditioners
v
Cars
v
Computer
v
EPABX
v
Fire
Extinguisher
v
Furniture
& Fixture
v
Generators
v
Pump
Sets
v
Office
Equipment
v
Refrigerators
v
Scooter
Rishi
Overseas, the Flagship Company of the Group, conceptualized for handling
business related to the Footwear Industry, came into existence about 13 years
ago. The beginnings were humble, but the company has steered forward at a
commendable speed, because of the proficiency of the Team Leaders in
particular, and the entire team in general.
Excellence in Fabric engineering dealing in
world-class Non-wovens, knits, Meshes, Synthetic Fur etc.
100 Year Old ISO 9001 Company dealing in Chemicals
and Polymers
This company is a manufacturer of quality components
for world-class Safety and Industrial Footwear Components.
The company specializes in the production of
Machinery and Adhesives for Friction materials.
This company is the Manufacturer of Automatic
Rotating Machines, with specialized tailor-made solutions for ‘POLYURETHANE
MODULING’.
Manufacturer of Premier Range of Machinery &
systems for varnishing.
This company is a name to reckon with, in the
world-wide Synthetic Leather Producing Industry.
The list doesn't end here. There are still many more
companies yet to come.
BRIEF
HISTORY
Rishi Overseas, the Flagship Company of the Rishi Group,
conceptualized for handling business related to the Footwear Industry, came
into existence only a decade back. The beginnings were humble, but the company
has steered forward at a commendable speed, because of the proficiency of the
Team Leaders in particular, and the entire team in general.
BACKGROUND
We are a young, professional organization, just around 13 years
old, but growing steadily. Our slogans of "Excellence through
Perseverance" and "Service before Self" have paid off by
creating a dent in the minds of our Customer Fraternity, as a reliable supplier
of Footwear Fabrics and Components. With new items being added to our basket,
we have now various other industries on our list of clients.
TEAM LEADERS
H.S. Sethi : A dual Graduate in
Science and Engineering with 35 years experience of working in a top Management
Post with an Indian Engineering Giant of world-repute.
Mrs. R.K. Sethi : A Dual Graduate
in Science and Commerce with 20 years exposure in various aspects of
International Business Management in Tehran, London and India.
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. 46.36 |
|
UK
Pound |
1 |
Rs. 84.49 |
|
Euro |
1 |
Rs. 58.38 |
SCORE &
RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
6 |
|
OPERATING SCALE |
1~10 |
6 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
6 |
|
--PROFITABILIRY |
1~10 |
6 |
|
--LIQUIDITY |
1~10 |
6 |
|
--LEVERAGE |
1~10 |
6 |
|
--RESERVES |
1~10 |
6 |
|
--CREDIT LINES |
1~10 |
6 |
|
--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 |
|
54 |
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/normal. |
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 |