MIRA
INFORM REPORT
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Report Date : |
07.08.2008 |
IDENTIFICATION
DETAILS
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Name : |
RUSHAS ENGINEERING COMPANY LIMITED |
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Registered Office : |
B - 6, Maharashtra Industrial Development Council, Ahmednagar –
414111, Maharashtra |
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Country : |
India |
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Financials (as on) : |
31.03.2007 |
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Date of Incorporation : |
11.09.1978 |
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Com. Reg. No.: |
11-20628 |
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CIN No.: [Company
Identification No.] |
L29199MH1978PLC020628 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
PNER07435B |
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PAN No.: [Permanent
Account No.] |
AABCR0900N |
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Legal Form : |
A Closely Held Public Limited Company |
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Line of Business : |
Manufacturer of all type of Valves
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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 44000 |
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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 : |
Mr. Mangesh of Indiamart claims that he has obtained all the
information from the company and submitted to Mr. Mahadeev, Indiamart, Noida Subject is a well established company having satisfactory track. Trade relations are fair. 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/Fcatory : |
B - 6, Maharashtra Industrial Development Council, Ahmednagar –
414111, Maharashtra |
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Tel. No.: |
91-241-2777380 |
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Mobile No.: |
91-9225320720 |
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Fax No.: |
91-241-2778211 |
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E-Mail : |
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Website : |
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Area : |
12000 Sq. ft |
DIRECTORS
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Name : |
Mr. Salvekar Satish Dattatraya |
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Designation : |
Director |
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Address : |
‘Sagar Miskin Road, Ahmednagar – 414003, Maharashtra |
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Date of Birth/Age : |
15.12.1968 |
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Date of Appointment : |
25.09.1998 |
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Name : |
Mr. Salvekar Vasudha Girish |
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Designation : |
Director |
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Address : |
‘Sagar Miskin Road, Ahmednagar – 414003, Maharashtra |
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Date of Birth/Age : |
24.04.1969 |
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Date of Appointment : |
18.02.2002 |
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Name : |
Mr. Kale Hemant Mukund |
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Designation : |
Director |
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Address : |
Guimohar Siddhi Vinayak Colony, Ahmednagar – 414003, Maharashtra |
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Date of Birth/Age : |
30.01.1952 |
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Date of Appointment : |
30.09.1995 |
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Name : |
Mr. Kulkarni Murlidhar Yashwant |
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Designation : |
Director |
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Address : |
103/7, Manoyash, Gulmohar Road, Ahmednagar – 414003, Maharashtra |
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Date of Appointment : |
18.06.2001 |
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Name : |
Mr. Satish Salvekar |
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Designation : |
Director |
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Qualification : |
C A |
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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Mrs. S V Kulkarni |
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8500 |
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Mrs. A R Salvekar |
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4250 |
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Dr. J S Deshpande |
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990 |
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Mr. G D Salvekar |
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20950 |
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Dr. R V Salvekar |
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5800 |
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Mr. R S Deshpande |
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2000 |
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Mr. V V Salvekar |
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4500 |
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Mrs. M J Deshpande |
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6900 |
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Mr. D B Kulkarni |
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7500 |
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Dr. V S Gosavi |
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3890 |
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Mr. Arun Nawathe |
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1000 |
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Mr. Arvind Nawathe |
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1000 |
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Mr. V B Kulkarni |
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10100 |
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Mr. S D Salvekar |
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19500 |
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Mrs. V G Salvekar |
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14300 |
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Mr. H M Kale |
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5960 |
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Mrs. M D Salvekar |
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61550 |
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Mrs. V S Salvekar |
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12400 |
AS ON 31.03.2007
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Equity Share
Breakup |
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Percentage of
Holding |
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Category |
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Directors or relatives of directors |
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100.00 |
BUSINESS DETAILS
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Line of Business : |
Manufacturer of all type of Valves
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Products : |
GENERAL
INFORMATION
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Customers : |
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No. of Employees : |
45 |
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Bankers : |
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Facilities : |
-- |
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Banking
Relations : |
Satisfactory |
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Auditors : |
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Name : |
R S Bora and Company Chartered Accountant |
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Address : |
3960, Takti Darwaja, Juna Mangalwar Road, Ahmednagar – 414111,
Maharashtra |
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Associates/Subsidiaries : |
Nil |
CAPITAL STRUCTURE
AS ON 31.03.2007
Authorised Capital :
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No. of Shares |
Type |
Value |
Amount |
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205000 |
Equity Shares |
Rs. 10/- Each |
Rs. 2.050
Millions |
|
45000 |
Preference Shares |
Rs. 10/- Each |
Rs. 0.450
Millions |
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Total |
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Rs.
2.500 Millions |
Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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200000 |
Equity Shares |
Rs. 10/- Each |
Rs. 2.000 Millions |
FINANCIAL DATA
[all figures are in Rupees Millions]
ABRIDGED BALANCE
SHEET
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SOURCES OF FUNDS |
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31.03.2007 |
31.03.2006 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
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2.000 |
2.000 |
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2] Share Application Money |
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0.000 |
0.267 |
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3] Reserves & Surplus |
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7.512 |
7.512 |
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4] (Accumulated Losses) |
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(0.699) |
(1.870) |
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NETWORTH |
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8.813 |
7.909 |
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LOAN FUNDS |
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1] Secured Loans |
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9.519 |
7.377 |
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2] Unsecured Loans |
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2.125 |
4.008 |
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TOTAL BORROWING |
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11.644 |
11.385 |
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DEFERRED TAX LIABILITIES |
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0.000 |
0.000 |
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TOTAL |
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20.457 |
19.294 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
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12.841 |
12.169 |
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Capital work-in-progress |
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0.000 |
0.000 |
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INVESTMENT |
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1.673 |
0.278 |
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DEFERREX TAX ASSETS |
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0.000 |
0.00 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
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4.508 |
3.989 |
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Sundry Debtors |
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11.398 |
7.079 |
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Cash & Bank Balances |
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0.045 |
0.737 |
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Other Current Assets |
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0.085 |
0.162 |
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Loans & Advances |
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0.590 |
0.485 |
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Total
Current Assets |
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16.626 |
12.452 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
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10.683 |
5.605 |
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Provisions |
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0.000 |
0.000 |
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Total
Current Liabilities |
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10.683 |
5.605 |
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Net Current Assets |
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5.943 |
6.847 |
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MISCELLANEOUS EXPENSES |
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0.000 |
0.000 |
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TOTAL |
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20.457 |
19.294 |
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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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Sales Turnover |
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59.477 |
40.338 |
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Other Income |
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0.424 |
0.176 |
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Total Income |
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59.901 |
40.514 |
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Profit/(Loss) Before Tax |
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1.170 |
1.360 |
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Provision for Taxation |
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0.000 |
0.00 |
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Profit/(Loss) After Tax |
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1.170 |
1.360 |
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Expenditures : |
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Salaries, Wages, Bonus, etc. |
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4.962 |
2.759 |
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Increase or decrease in finished goods, work
in progress |
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0.000 |
2.227 |
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Managerial Remuneration |
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0.660 |
0.660 |
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Payment to Auditors |
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0.035 |
0.032 |
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Interest |
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1.102 |
0.725 |
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Insurance Expenses |
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0.025 |
0.017 |
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Power & Fuel |
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6.816 |
3.129 |
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Depreciation & Amortization |
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0.662 |
0.397 |
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Other Expenditure |
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44.469 |
29.208 |
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Total Expenditure |
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58.731 |
39.154 |
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KEY RATIOS
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PARTICULARS |
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31.03.2007 |
31.03.2006 |
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PAT / Total Income |
(%) |
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1.95 |
3.35 |
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Net Profit Margin (PBT/Sales) |
(%) |
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1.96 |
3.37 |
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Return on Total Assets (PBT/Total Assets} |
(%) |
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3.97 |
5.52 |
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Return on Investment (ROI) (PBT/Networth) |
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0.13 |
0.17 |
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Debt Equity Ratio (Total Liability/Networth) |
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2.53 |
2.14 |
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Current Ratio (Current Asset/Current Liability) |
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1.55 |
2.22 |
LOCAL AGENCY
FURTHER INFORMATION
|
This form is for |
Creation of
charge |
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Corporate
identity number of the company |
L29199MH1978PLC020628 |
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Name of the
company |
RUSHAS ENGINEERING COMPANY LIMITED |
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Address of the
registered office or of the principal place of business in India of the company |
B - 6, Maharashtra Industrial Development Council, Ahmednagar –
414111, Maharashtra |
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Type of charge |
Book Debts Movable Property |
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Particular of
charge holder |
Ahmednagar Sahar Sahakari Bank Limited, “Sarvarth, Navi Peth, MIDC,
Ahmednagar – 414111, Maharashtra |
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Nature of
description of the instrument creating or modifying the charge |
Agreement of Hypothecation
of Book Debts Agreement of
Hypothecation of Stock |
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Date of
instrument Creating the charge |
31.12.2006 |
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Amount secured by
the charge |
Rs. 9.000
Millions |
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Brief particulars
of the principal terms an conditions and extent and operation of the charge |
Rate of Interest
– As per Agreement – 12% Terms of
Repayment – Agreement Margin –
Agreement Extent and
Operation of the charge -
Hypothecation of Current assets, personal property and Guarantee of director Others - -- |
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Short particulars
of the property charged |
Hypothecation of
Current Assets as Book Debts, Stock Personal Property
and Guarantee of Director |
Trade References
- Thermax
Limited
- Thermax Babcock
Wilcot Limited
- Crompton
Greaves Limited
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.42.00 |
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UK Pound |
1 |
Rs.82.14 |
|
Euro |
1 |
Rs.65.09 |
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 |
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 |
5 |
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--LIQUIDITY |
1~10 |
5 |
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--LEVERAGE |
1~10 |
4 |
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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 |
NO |
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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 |
|
46 |
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 |
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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 |
|
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 |
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