MIRA
INFORM REPORT
|
Report Date : |
13.08.2008 |
IDENTIFICATION
DETAILS
|
Name : |
RUSHIL DÉCOR PRIVATE LIMITED |
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|
|
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Registered Office : |
1, Krinkal Apartment, Opp. Mahalaxmi Mandir, Near Mahalaxmi
Char Rasta Paldi, Ahmedabad - 380 007, Gujarat |
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Country : |
India |
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|
Financials (as on) : |
31.03.2007 |
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Date of Incorporation : |
24.05.1993 |
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Com. Reg. No.: |
04-19532 |
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CIN No.: [Company
Identification No.] |
U25209GJ1993PLC019532 |
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|
|
|
TAN No.: [Tax
Deduction & Collection Account No.] |
AHMR00851E |
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|
|
|
Legal Form : |
Private Limited Liability Company |
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|
Line of Business : |
Manufacturing of decorative laminated sheets, hard boards,
electric grade insulation boards, etc. |
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 |
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Maximum Credit Limit : |
USD 780000 |
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Status : |
Good |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
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Comments : |
Subject is a well – established company having satisfactory track. Directors are reported as experienced, respectable and resourceful businessmen. Their 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. As per 6th April, 2006 press in Times of India,
Subject, Mica Rushil Private Limited and Rushil Décor Private Limited are
proposed to be amalgamated. |
LOCATIONS
|
Registered Office : |
1, Krinkal Apartment, Opp. Mahalaxmi Mandir, Near
Mahalaxmi Char Rasta Paldi, Ahmedabad - 380 007, Gujarat, India |
|
Tel. No.: |
91-79-26634346 / 26640970 / 26635732 / 266222323 |
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Mobile No.: |
91-9825247150 |
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Fax No.: |
91-79-26640969 |
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E-Mail : |
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Website : |
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Area : |
138.75 |
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Location : |
Owned |
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Administrative
Office : |
A - 701, Fairdeal House, Navrangpura, Ahmedabad – 380 009, Gujarat |
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Tel. No.: |
91 – 79 – 26563874 |
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Area : |
3976 Sq. ft |
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|
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Corporate Office 1 : |
2, Chauranghee Road, Kolkata - 700013, West Bengal, India |
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Corporate Office 2 : |
S No. 125, Near Kalyanpura Patia, Village Itla, Gandhinagar Mansa
Road, Taluka Kalol, Gandhinagar – 380 007, Gujarat, India |
|
Tel. No.: |
91-79-26634346 |
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|
|
|
Factory : |
608, GIDC, Mansa, District Gandhinagar, Gujarat |
|
Tel. No.: |
91-2763-270395 |
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Fax No.: |
91-2763-270695 |
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|
|
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Branches : |
Located at · Above Sabari Hotel, Santacruz (West), Mumbai – 400 054, Maharashtra · C/o. Sood Plywood House, B-XX1-11, Near Bharat Nagar Chowk, Ludhiyana, Punjab Tel. No. : 91-161-2421613 Fax No. : 91-161-2431784 |
DIRECTORS
|
Name : |
Mr. Krupesh Ghanshyambhai Thakkar |
|
Designation : |
Managing Director |
|
Address : |
4, Pushpadhanva Bunglows, Premchand Nagar Road, Satellite, Ahmedabad - 380 015, Gujarat, India |
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Date of Birth/Age : |
21.10.1970 |
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Qualification : |
B.Com. |
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Date of Appointment : |
24.05.1993 |
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|
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Name : |
Mr. Ashok Harikisnbhai Thakkar |
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Designation : |
Director |
|
Address : |
7, Anand Society, Vibhag – II, Near Jaymala Bus-Stand, Isanpur,
Ahmedabad – 380 050, Gujarat, India |
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Date of Birth/Age : |
20.02.1961 |
|
Date of Appointment : |
30.09.2001 |
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Name : |
Mr. Ambalal Dahyabhai Thakkar |
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Designation : |
Director |
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Address : |
4, Pushpadhanva Bungalows, Premchand Nagar Road, Satellite, Ahmedabad - 380 015, Gujarat, India |
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Date of Birth/Age : |
01.08.1921 |
|
Experience : |
48 Years |
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|
|
|
Name : |
Mr. Ghanshyambhai D Thakkar |
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Designation : |
Chairman |
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Date of Birth/Age : |
18.11.1943 |
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Date of Appointment : |
08.03.2007 |
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|
|
|
Name : |
Mr. Dilipkumar Hemraj Jain |
|
Designation : |
Director |
|
Address : |
27-7-58, 1st Floor, Sivalayam Street, Governorpet,
Vijayawada Krishna – 520 002, Andhra Pradesh, India |
|
Date of Birth/Age : |
15.07.1968 |
|
Date of Appointment : |
20.10.2007 |
KEY EXECUTIVES
|
Name : |
B Patel and Company |
|
Designation : |
Company Secretary |
|
Address : |
4 First Floor, Bhagwati Chambers, Swastik Char Rasta,
Navrangpura, Ahmedabad – 380 009, Gujarat, India |
|
Mobile No. : |
91-9825310515 |
|
Email : |
MAJOR SHAREHOLDERS
/ SHAREHOLDING PATTERN
(As on 24.09.2005)
|
Names of Equity Shareholders |
No. of Shares |
|
Ambalal Dahyabhai
Thakkar |
8000 |
|
Ambalal Dahyabhai
Thakkar HUF |
500 |
|
Ghanshyambhai D Thakkar |
55500 |
|
Ghanshyambhai D Thakkar HUF |
5500 |
|
Dinuben G Thakkar |
55000 |
|
Krupesh
Ghanshyambhai Thakkar |
2900 |
|
Krupesh
Ghanshyambhai Thakkar HUF |
35000 |
|
Krupa S Thakkar |
17500 |
|
Saraswatiben N Thakkar |
15000 |
|
Rushil K Thakkar |
100 |
|
Names of Preference Shareholders |
No. of Shares |
|
Alkaben Ghanshyambhai Thakkar |
150 |
|
Alpaben Ghanshyambhai Thakkar |
150 |
|
Ashokbhai H Thakkar |
150 |
|
Ashokbhai H Thakkar HUF |
150 |
|
Rasilaben S Parikh |
150 |
|
Godawariben M Thakkar |
150 |
|
Harshaben A Thakkar |
150 |
|
Raja A Thakkar |
150 |
|
Sushma U Thakkar |
150 |
|
Umesh H Thakkar |
150 |
Equity shares Breakup (percentage of total equity)
(As on 30.09.2007)
|
Category |
Percentage |
|
Directors or relatives of Director |
87.44 |
|
Other top fifty (50) shareholders |
12.56 |
|
Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturing of decorative laminated sheets, hard boards,
electric grade insulation boards, etc. |
|
|
|
|
Products : |
· Decorative laminated sheets · Non standard sizes · Hard Board ·
Electric Grade Insulation board |
|
|
|
|
Brand Names : |
Vir Laminates" and "Rushil Décor Premium
Laminates". |
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Exports : |
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Countries : |
· Australia · Singapore · Dubai ·
Kenya |
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|
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Imports : |
|
|
Products : |
Raw materials |
|
Countries : |
· Europe · USA ·
Japan |
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Terms : |
|
|
Purchasing : |
L/C and DA (60 to 180 days) terms |
PRODUCTION STATUS
|
Particulars |
Unit |
Installed
Capacity |
|
Decorative laminated sheets |
Nos. |
650000 |
|
Non standard sizes |
Kgs. |
NA |
|
Hard Board |
Nos. |
30000 |
|
Electric Grade Insulation board |
Nos. |
(25000) |
|
|
|
|
GENERAL
INFORMATION
|
Suppliers : |
· Technosel Décor, Germany · Schattdecor GmbH, Germany · Arjo Wings, France · ICC Chemicals, USA · Chiyoda Garware Corporation Limited, Japan · N. V. Chiyoda Europe, The Netherlands · Garware Printing Company, Japan · Ballarpur Industries Limited · Pam Papers Private Limited · Adani Exports Limited · C J Shah & Company · Hazel Mercantile Limited · Mody Enterprises · Overseas Polymers Private Limited ·
N V Chiyoda Europa |
|
|
|
|
Customers : |
· Anmol International, Dubai · Priyanka Enterprises · P S Mehta · Jay Durga Traders Bhatinda · Kela Brothers · Rocky International · Supreme Agencies ·
Shital Wood Ply |
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|
|
|
No. of Employees : |
40 and 250 Group Employees |
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|
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Bankers : |
·
Bank of Baroda Kalol Branch, Kalol – 382 721, Gujarat,
India ·
The Ahmedabad Merchantile Co-operative Bank Limited, Ahmedabad,
Gujarat, India ·
Karur Vysya Bank Limited ·
Axis Bank Limited Trisul, Opp. Samartheshwar Temple, Law Garden, Ellisbridge, Ahmedabad
– 380 006, Gujarat, India |
|
|
|
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Banking Relations
: |
Satisfactory |
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|
|
|
Auditors : |
|
|
Name : |
D. R. Thakkar & Company Chartered Accountants |
|
Address : |
B – 102, Adhunik Apartment, 58, Pritamnagar Society, Ellisbridge, Ahmedabad – 380 006, Gujarat, India |
|
Tel. No.: |
91-79-26441029/26461979 Resi. 91-79-26754852 |
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|
|
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Associates/Subsidiaries : |
· Rushil International · Mico Rushil Limited ·
Vertax Laminates Private Limited ·
Decoply Agency |
CAPITAL STRUCTURE
(As on 30.09.2007)
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
7995000 |
Equity Shares |
Rs.10/- each |
Rs.79.950 millions |
|
5000 |
Preference Shares |
Rs.10/- each |
Rs.0.050 millions |
|
|
|
|
|
|
|
Total |
|
Rs.80.000
millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
7956250 |
Equity Shares |
Rs.10/- each |
Rs.79.563
millions |
|
5000 |
Preference Shares |
Rs.10/- each |
Rs.0.050 millions |
|
|
|
|
|
|
|
Total |
|
Rs.79.613 millions |
FINANCIAL DATA
[all figures are in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2007 |
31.03.2006 |
31.03.2005 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
79.613 |
8.700 |
2.000 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
76.768 |
67.990 |
11.708 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
|
NETWORTH |
156.381 |
76.690 |
13.708 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
194.532 |
112.917 |
34.893 |
|
|
2] Unsecured Loans |
73.208 |
147.140 |
58.438 |
|
|
TOTAL BORROWING |
267.740 |
260.057 |
93.331 |
|
|
DEFERRED TAX LIABILITIES |
24.152 |
20.116 |
5.126 |
|
|
|
|
|
|
|
|
TOTAL |
448.273 |
356.863 |
112.165 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
203.053 |
125.982 |
22.308 |
|
|
Capital work-in-progress |
0.219 |
38.816 |
0.000 |
|
|
|
|
|
|
|
|
INVESTMENT |
0.075 |
0.075 |
0.064 |
|
|
DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
254.016
|
215.632 |
55.489 |
|
|
Sundry Debtors |
111.541
|
104.633 |
44.065 |
|
|
Cash & Bank Balances |
12.595
|
10.795 |
0.915 |
|
|
Other Current Assets |
0.000
|
0.000 |
0.000 |
|
|
Loans & Advances |
69.031
|
91.803 |
21.121 |
|
Total
Current Assets |
447.183
|
422.863 |
121.590 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Current Liabilities |
191.979
|
218.005 |
28.740 |
|
|
Provisions |
14.397
|
12.882 |
3.057 |
|
Total
Current Liabilities |
206.376
|
230.887 |
31.797 |
|
|
Net Current Assets |
240.807
|
191.976 |
89.793 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
4.119 |
0.014 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
448.273 |
356.863 |
112.165 |
|
PROFIT & LOSS
ACCOUNT
|
PARTICULARS |
31.03.2007 |
31.03.2006 |
31.03.2005 |
|
|
Sales Turnover |
696.081 |
653.889 |
181.835 |
|
|
Other Income |
46.991 |
63.113 |
10.874 |
|
|
Total Income |
743.072 |
717.002 |
192.709 |
|
|
|
|
|
|
|
|
Profit/(Loss) Before Tax |
40.875 |
26.885 |
2.261 |
|
|
Provision for Taxation |
15.070 |
8.554 |
0.677 |
|
|
Profit/(Loss) After Tax |
25.805 |
18.331 |
1.584 |
|
|
|
|
|
|
|
|
Imports : |
|
|
|
|
|
|
Raw Materials |
172.242 |
191.187 |
31.307 |
|
|
Stores & Spares |
3.991 |
18.856 |
0.000 |
|
Total Imports |
176.233 |
210.043 |
31.307 |
|
|
|
|
|
|
|
|
Expenditures : |
|
|
|
|
|
|
Financial charges |
26.752 |
28.929 |
6.484 |
|
|
Manufacturing Expenses |
78.423 |
50.791 |
21.612 |
|
|
Employee Costs |
14.119 |
7.747 |
1.986 |
|
|
Raw Material Consumed |
557.366 |
536.950 |
156.964 |
|
|
Administrative Expenses |
58.898 |
56.580 |
12.689 |
|
|
Directors Remuneration |
6.000 |
3.600 |
0.780 |
|
|
Increase/(Decrease) in Finished Goods |
(47.575) |
(1.676) |
(11.382) |
|
|
Depreciation & Amortization |
8.214 |
7.196 |
1.315 |
|
Total Expenditure |
702.197 |
690.117 |
190.448 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2007 |
31.03.2006 |
31.03.2005 |
|
PAT / Total Income |
(%) |
3.47
|
2.56 |
0.82 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
5.87
|
4.11 |
1.24 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
6.29
|
4.90 |
1.57 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.26
|
0.35 |
0.16 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
3.03
|
6.40 |
9.13 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
2.17
|
1.83 |
3.82 |
LOCAL AGENCY
FURTHER INFORMATION
Form No. 8
|
Corporate
identity number of the company |
U25209GJ1993PLC019532 |
|
Name of the
company |
RUSHIL DÉCOR PRIVATE LIMITED |
|
Address of the
registered office or of the principal place of business in India of the company |
1, Krinkal Apartment, Opp. Mahalaxmi Mandir, Near Mahalaxmi
Char Rasta, Paldi, Ahmedabad - 380 007, Gujarat, India |
|
This form is for |
Creation of
Charge |
|
Type of charge |
Immovable
property |
|
Particular of
charge holder |
Axis Bank Limited Trisul, Opp. Samartheshwar
Temple, Law Garden, Ellisbridge, Ahmedabad – 380 006, Gujarat, India |
|
Nature of
instrument creating charge |
Memorandum of
Entry |
|
Date of
instrument Creating the charge |
07.10.2006 |
|
Amount secured by
the charge |
Rs.74.000
millions |
|
Brief of the
principal terms an conditions and extent and operation of the charge |
·
Rate of
Interest Cash Credit and Term Loan – BPLR – 2% i.e. 11% at present with monthly
rest ·
Terms of
repayment In 48 equal monthly installments starting from April, 2007 ·
Margin Stock – 25%, Book Debts – 30% for L/C facility cash margin to be
collected up front and kept in TDR with Ban’s lien noted thereon ·
Extent and
operation of the charge To cover the facility of Rs.74.000 millions |
|
Particulars of
the property charged |
Equitable
Mortgage by Deposit of Title deed in respect of all that piece and parcel of
N.A. freehold land bearing flat No. 1 and 2 on the Ground Floor, adm. About
80 Sq. yards in the Scheme known as “ Krinkal Apartment” on sub plot No.5 in Mahalaxmi
Co-op. housing Society Limited situated on the Final Plot No. 229 of TPS 3/6,
Sit. At and being at Mouje Paldi, Tal. City, Dist. Ahmedabad. All that piece
and parcel of NA freehold property bearing sub plot no. 608 adm. 3976 sq.
mtrs. In Mansa Industrial Est |
Fixed Assets:
· Land
· Factory Building
· Plant and Machinery
· Computer and Accessories
· Motor Car
· Vehicle
· Furniture and Fixture
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.42.40 |
|
UK Pound |
1 |
Rs.80.54 |
|
Euro |
1 |
Rs.62.96 |
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 |
7 |
|
--PROFITABILIRY |
1~10 |
5 |
|
--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 |
NO |
|
--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. |
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 |
|