MIRA
INFORM REPORT
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Report Date : |
15.12.2007 |
IDENTIFICATION
DETAILS
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Name : |
RUKSH
INTERNATIONAL |
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Registered
Office : |
88/74 No. 24
Hindustan Tanery Compound, Jajmau, Kanpur-208010, Uttar Pradesh |
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Country |
India |
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Financials (as
on): |
31.03.2007 |
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Date of
Incorporation : |
1975 |
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TAN No.: [Tax Deduction
& Collection Account No.] |
KNPR00184C |
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Legal Form : |
Partnership
concern with an unlimited liability of the partners. |
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Line of
Business : |
Manufacturer and
Exporter of Saddlery goods |
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 34000 |
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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
concern having satisfactory track. Partners are reported as experienced,
respectable and having satisfactory means of their own. Their trade relations
are reported as fair. Payments are usually correct and as per commitments.
The concern can be considered normal for business dealings at usual trade
terms and conditions. |
LOCATIONS
|
Registered
Office/Factory : |
88/74 No. 24
Hindustan Tanery Compound, Jajmau, Kanpur-208010, Uttar Pradesh, India |
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Tel. No.: |
91-512-2460223 |
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Fax No.: |
91-512-2640220 |
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Mobile No. ; |
91-9336107655 |
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E-Mail : |
logistic@ruksh.com , iftekhar@ruksh.com khalid@ruksh.com . nadeem@ruksh.com moin@ruksh.com , info@ruksh.com |
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Website : |
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Area : |
25000 Sq.fts. |
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Location : |
Owned |
PARTNERS
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Name : |
Mr. Mohamad Sahid |
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Designation : |
Partner |
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Date of
Birth/Age : |
45 Years |
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Name : |
Mr. Mohamad
Iftikhar |
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Designation : |
Partner |
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Date of
Birth/Age : |
50 Years |
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Qualification
: |
Graduate |
KEY EXECUTIVES
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Name : |
Mr. Arvind |
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Designation : |
Accountant |
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Name : |
Mr. Tanvir |
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Designation : |
Logistics Manager |
BUSINESS DETAILS
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Line of
Business : |
Manufacturer and Exporter
of Saddlery goods |
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Exports to : |
Ø
Europe Ø
USA Ø
Australia Ø
France |
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Imports |
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Products : |
Ø
Machinery Ø
Raw Material |
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Countries : |
Ø
Korea Ø
China |
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Terms : |
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Selling : |
L/C, Credit [30
days] and Cash |
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Purchasing : |
L/C, Credit [30
days] |
GENERAL
INFORMATION
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Customers : |
Wholesalers |
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No. of
Employees : |
35 |
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Bankers : |
Union Bank of
India, The Mall, Kanpur |
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Facilities : |
C/C Rs. 7.000
Millions |
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Banking Relations : |
Satisfactory |
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Auditors : |
J. Chandera and
Company Chartered
Accountants Swroop Nagar,
Kanpur |
CAPITAL STRUCTURE
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Capital Investment : |
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Owned : |
Rs. 8.500 Millions |
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Borrowed : |
--- |
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Total : |
Rs. 8.500 Millions |
FINANCIAL DATA
[all figures are in Rupees Millions]
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Particulars |
31.03.2007 |
31.03.2006 |
31.03.2005 |
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Sales Turnover |
290.000 |
240.000 |
250.000 |
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Profit/Loss for the year |
NA |
100% |
100% |
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Import Value |
NA |
NA |
13.500 |
Expected Sales (2007-08) : Rs. 300.000 Millions
LOCAL AGENCY
FURTHER INFORMATION
TRADE REFERENCES:
Ø
Dechtalon, France
Ø
Ukol, France
Ø
STC, Australia
AS PER WEBSITE DETAILS:
Mr. A. Haque, father
of current owners who founded the House of Ruksh in 1968, had a vast experience
in leather, from selection of raw hides to tanning of hides and skins. It is
his legacy that the present generation is striving to carry forward.
They have now been
tanning leather since the last three generations. Each generation being
enriched by the experience of the last one. This third generation is making
leather for its own Saddlery & Footwear Factories to control quality and
ensure timely delivery and exports the surplus production to Shoe &
Furniture Industries all over the world.
Four decades of
experience in raw hide selection and buying and a tanning process perfected
over the years helps them to produce tough and supple harness leather that is
just right for their equestrian & leather products.
After creating one
of the largest collections of saddles and bridles in the industry they focused
their attention on expanding their range of accessories in response to the
growing demand of their valued customers. The most recent addition to their
range of products is a fabulous collection of Horse Rugs for winter and summer
both.
The natural course
of expansion and diversification lead them to plan and set up a brand new joint
venture, a Footwear Factory, with an European company in 2005.
Because they believe that if you have the own source for leather more
than half the battle is won. The other half is acquisition of technology which
is an on going process in the House of Ruksh.
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. 39.35 |
|
UK Pound |
1 |
Rs. 80.36 |
|
Euro |
1 |
Rs. 57.62 |
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 |
5 |
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--PROFITABILIRY |
1~10 |
5 |
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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 |
|
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>86 |
Aaa |
Possesses an extremely sound financial base with the strongest capability
for timely payment of interest and principal sums |
Unlimited |
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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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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 |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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26-40 |
B |
Unfavourable & favourable factors carry similar weight in credit
consideration. Capability to overcome financial difficulties seems
comparatively below average. |
Small |
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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 |
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<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
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NR |
In view of the lack of information, we have no basis upon which to
recommend credit dealings |
No Rating |
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