MIRA
INFORM REPORT
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Report Date : |
23.06.2007 |
IDENTIFICATION DETAILS
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Name : |
RUKSH
INTERNATIONAL PRIVATE LIMITED |
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Registered Office : |
50 A, |
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Country : |
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Financials (as on) : |
31.03.2006 |
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Date of Incorporation : |
26.05.1995 |
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Com. Reg. No.: |
20-18119 |
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CIN No.: [Company
Identification No.] |
U19111UP1995PTC018119 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
KNPRO01306E |
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Legal Form : |
Private Limited
Liability Company |
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Line of Business : |
Manufacturers,
Traders, Exporters and Importers of Saddlary goods and other leather
products. |
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 76000 |
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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 company having satisfactory track records. Trade relations are fair. Financial position is satisfactory. Payments are 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 : |
50 A, |
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Tel. No.: |
91-512-2460223 /
2460224 / 2460221 / 2461639 / 2464565 |
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Mobile No.: |
91-9336107655 |
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Fax No.: |
91-512-2460220 /
2463061 |
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E-Mail : |
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Website : |
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Area : |
[Office - 25000 sq.
mtrs.] [Factory – 12000 sq. mtrs.] |
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Location : |
Owned |
DIRECTORS
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Name : |
Mr. Mohammad
Iftikhar |
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Designation : |
Director |
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Address : |
D – 155, Dofence
Colony, Jajmau, |
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Qualification : |
Graduate |
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Date of Appointment : |
11.04.2004 |
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Name : |
Mr. Nadeem |
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Designation : |
Director |
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Address : |
Jajmau, |
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Qualification : |
Graduate |
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Name : |
Mr. Mohammad
Sahid |
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Designation : |
Director |
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Address : |
C – 593, Dofence
Colony, Jajmau, |
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Qualification : |
Graduate |
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Date of Appointment : |
11.04.2004 |
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Name : |
Mr. Javed Manzoor |
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Designation : |
Director |
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Address : |
Jajmau, |
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Qualification : |
Post Graduate |
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Name : |
Mr. Khalid Mohammad |
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Designation : |
Director |
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Address : |
97/154, |
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Date of Birth/Age : |
10.02.1962 |
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Date of Appointment : |
26.05.1995 |
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Name : |
Mr. Pushpraj Singh |
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Designation : |
Company Secretary |
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Mobile No.: |
91-9336113150 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
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Names of Shareholders |
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No. of Shares |
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Mr. Mohammad
Iftikhar |
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11600 |
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Mr. Khalid Mohammad |
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11600 |
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Mr. Mohammad
Sahid |
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1800 |
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Total |
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25000 |
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Category |
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Percentage of
Holding |
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Directors or relatives of directors |
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100.00 % |
BUSINESS DETAILS
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Line of Business : |
Manufacturers,
Traders, Exporters and Importers of Saddlary goods and other leather
products. |
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Exports : |
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Products : |
Saddlary Products |
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Countries : |
Europe, |
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Imports : |
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Products : |
Raw Products |
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Countries : |
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Terms : |
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Selling : |
L/C [60 days] |
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Purchasing : |
L/C [60 days] |
GENERAL INFORMATION
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Customers : |
Wholesalers and
End Users. |
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No. of Employees : |
50 |
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Bankers : |
Union Bank of The Mall, |
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Facilities : |
-- |
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Banking
Relations : |
Satisfactory |
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Auditors : |
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Name : |
J. Chandra &
Company Chartered
Accountants |
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Address : |
9/87, Arya Nagar,
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Associates/Subsidiaries : |
Ruksh
International -
Established
in 1975 Line of Business
: Saddlary goods |
CAPITAL STRUCTURE
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
500000 |
Equity Shares |
Rs. 10/- each |
Rs. 5.000 millions |
Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
|
25000 |
Equity Shares |
Rs. 100/- each |
Rs. 2.500 millions |
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
|
31.03.2006 |
31.03.2005 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
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2.500 |
2.500 |
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2] Share Application Money |
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0.000 |
0.000 |
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3] Reserves & Surplus |
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2.049 |
1.596 |
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4] (Accumulated Losses) |
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0.000 |
0.000 |
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NETWORTH |
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4.549 |
4.096 |
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LOAN FUNDS |
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1] Secured Loans |
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14.140 |
6.857 |
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2] Unsecured Loans |
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4.875 |
4.875 |
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TOTAL BORROWING |
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19.015 |
11.732 |
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DEFERRED TAX LIABILITIES |
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TOTAL |
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23.564 |
15.828 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
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4.975 |
6.259 |
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INVESTMENT |
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0.143 |
0.041 |
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DEFERREX TAX ASSETS |
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0.000 |
0.000 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
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33.043 |
22.856 |
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Sundry Debtors |
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18.741 |
12.129 |
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Cash & Bank Balances |
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0.636 |
0.622 |
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Other Current Assets |
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0.000 |
0.000 |
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Loans & Advances |
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0.872 |
1.650 |
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Total
Current Assets |
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53.292 |
37.257 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
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34.314 |
27.335 |
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Provisions |
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0.535 |
0.399 |
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Total
Current Liabilities |
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34.849 |
27.734 |
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Net Current Assets |
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18.443 |
9.523 |
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MISCELLANEOUS EXPENSES |
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0.003 |
0.005 |
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TOTAL |
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23.564 |
15.828 |
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PROFIT & LOSS
ACCOUNT
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PARTICULARS |
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31.03.2006 |
31.03.2005 |
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Sales Turnover |
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70.727 |
73.566 |
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Other Income |
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0.000 |
0.000 |
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Total Income |
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70.727 |
73.566 |
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Profit/(Loss) Before Tax |
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0.454 |
0.465 |
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Provision for Taxation |
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0.136 |
0.162 |
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Profit/(Loss) After Tax |
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0.318 |
0.303 |
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Total Expenditure |
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70.273 |
73.101 |
KEY RATIOS
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PARTICULARS |
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31.03.2006 |
31.03.2005 |
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PAT / Total Income |
(%) |
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0.44 |
0.41 |
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Net Profit Margin (PBT/Sales) |
(%) |
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0.64 |
0.63 |
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Return on Total Assets (PBT/Total Assets} |
(%) |
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0.77 |
1.06 |
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Return on Investment (ROI) (PBT/Networth) |
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0.09 |
0.11 |
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Debt Equity Ratio (Total Liability/Networth) |
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11.84 |
9.64 |
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Current Ratio (Current Asset/Current Liability) |
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1.53 |
1.34 |
LOCAL AGENCY FURTHER INFORMATION
Bankers Charges
Report as per Registry
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Name of the company |
RUKSH INTERNATIONAL PRIVATE LIMITED |
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Presented By |
UNION BANK OF |
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1) Date and description of instrument creating the change |
Composite
hypothecation deed dated 22.09.2005 Packing credit
agreement dated 22.09.2005 Letter of
Hypothecation of bills dated 22.09.2005 In terms of
sanction letter dated 01.09.2005 |
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2) Amount secured by the charge/amount owing on the securities of charge |
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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 by way
of first charge of all goods, stocks, raw materials, plant and machinery
fixture, implements, firings and other installations, furniture, vehicles,
computers and all other articles and things, both present and future, whether
installed or lying at site / factory
premises and godowns at 887/74 No. 24 Hindustan Tannery Compound Jajmau
Kanpur Hypothecation of
present and future book debts, outstanding monies, receivables, claims,
bills, contracts, securities, investments, rights and assets Hypothecation of
all tangible movable machineries, plant, machinery, fixture, fittings, other
installations, cranes, furniture and accessories lying at the company
premises / Godown. Hypothecation of
all movable properties meant for export, such as leather goods including raw
material, semi finished goods,
finished goods and any other goods lying or stored at factory at 88/74 No. 24
Hindustan Tannery Compound, Jajmau, Kanpur Equitable
mortgage of following properties already created in Bank’s favour to continue
: - 50-A, 150 ft,. wide Road, Jajmau Jointly
owned by Mohd Iftikhar and Mohd. Shahid -
Plot No. 24 part premises No. 88/74 Jajmau owned by Mohd Iftikhar and
Mohd. Shahid - Plot No. B – 6 at LTP Banthar owned by
Ruksh International - Plot No. B – 7 Banthar owned by Mohd
Iftikhar and Mohd. Shahid and Mohd. Khalid |
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4) Gist of the terms and conditions and extent and operation of the charge. |
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5) Name and Address and description of the person entitled to the charge. |
Union Bank of |
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6) Date and brief description of instrument modifying the charge |
NA |
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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. |
NA |
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Corporate
identity number of the company |
U19111UP1995PTC018119 |
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Name of the
company |
RUKSH
INTERNATIONAL PRIVATE LIMITED |
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Address of the
registered office or of the principal place of business in |
50 A, |
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This form is for |
Creation of
Charge |
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Type of charge |
Hypothecation Equitable
mortgage or mortgage of property by deposition the title deeds |
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Particular of
charge holder |
Union Bank of |
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Nature of
instrument creating charge |
Agreement for
hypothecation of raw materials raw hides, finished leather and leather goods |
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Date of
instrument Creating the charge |
17.04.2006 |
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Amount secured by
the charge |
Rs. 5.000
Millions |
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Brief of the
principal terms an conditions and extent and operation of the charge |
Hypothecation of
raw hides, finished leather and leather goods to secure packing credit loan
amount Rs. 5.000 Millions Rate Of Interest : 7 % Margin : 25 % |
TRADE TERMS
Ř
Ř
WEBSITE
DETAILS
Mr.
A. Haque who founded the House of Ruksh in 1969, 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 factory to control quality and ensure
timely delivery and exports the surplus production to shoe industries all over
the world.
Four
decades of experience in raw hide selection and buying and a tanning process
perfected over the years helps us to produce tough and supple harness leather
that is just right for our saddles, bridles & accessories.
After
creating one of the largest collections of saddles and bridles in the industry
they focussed their attention on expanding their range of accessories in
response to the growing demand of their customers.
CMT REPORT (Corruption, Money Laundering & Terrorism]
The Public Notice information has been collected from various sources including
but not limited to: The Courts,
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.40.71 |
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|
1 |
Rs.81.24 |
|
Euro |
1 |
Rs.54.63 |
SCORE & RATING EXPLANATIONS
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SCORE FACTORS |
RANGE |
POINTS |
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HISTORY |
1~10 |
6 |
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PAID-UP CAPITAL |
1~10 |
6 |
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OPERATING SCALE |
1~10 |
6 |
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FINANCIAL CONDITION |
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--BUSINESS SCALE |
1~10 |
6 |
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--PROFITABILIRY |
1~10 |
6 |
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--LIQUIDITY |
1~10 |
6 |
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--LEVERAGE |
1~10 |
6 |
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--RESERVES |
1~10 |
6 |
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--CREDIT LINES |
1~10 |
6 |
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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 |
YES |
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--LISTED |
YES/NO |
NO |
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--OTHER MERIT FACTORS |
YES/NO |
YES |
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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 |
|
NR |
In view of the lack of information, we have no basis upon which to
recommend credit dealings |
No Rating |
|