MIRA
INFORM REPORT
|
Report Date : |
03.01.2008 |
IDENTIFICATION
DETAILS
|
Name : |
RUGS INDIA UNIT OF RIVIERA HOME FURNISHINGS PRIVATE
LIMITED |
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Registered Office : |
Plot No. 183 A & B Sector 25, Part III Huda, Panipat 132103,
Haryana |
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Country : |
India |
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Financials (as on) : |
31.03.2007 |
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Date of Incorporation : |
2001 |
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IEC No.: |
0506059928 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
RTKR02552E |
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PAN No.: [Permanent
Account No.] |
AADFR6605G / AAACR4448J |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
Manufacturer of Tufted Bathmats and Bathroom Rugs with Latex
Backing |
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 1200000 |
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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. Directors are reported an experienced, respectable and having satisfactory means of their own. Their trade relations are fair. Payments are usually correct and as per commitment. The company can be considered normal for business dealings at usual trade terms & conditions. |
LOCATIONS
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Registered Office / Factory : |
Plot No. 183 A & B Sector 25, Part III Huda, Panipat 132103,
Haryana, India |
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Tel. No.: |
91-180-5001604 / 2668401 |
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Fax No.: |
91-180-2668401 |
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E-Mail : |
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Area : |
112000 sq. ft. [Owned] |
DIRECTORS
|
Name : |
Mr. Kuldeep Singla |
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Designation : |
Director |
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Address : |
A-1/83, Sector – 8, Rohini, New Delhi, India |
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Date of Birth/Age : |
01.04.1958 |
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Qualification : |
Graduate |
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Experience : |
25 Years |
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Name : |
Mr. Lalit Goel |
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Designation : |
Director |
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Address : |
A-1/83, Sector – 8, Rohini, New Delhi, India |
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Date of Birth/Age : |
21.03.1968 |
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Qualification : |
Graduate |
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Experience : |
15 Years |
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Name : |
Mr. Amit Goel |
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Designation : |
Director |
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Address : |
360, Sector – 11, Huda, Part – I, Panipat |
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Date of Birth/Age : |
11.08.1963 |
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Qualification : |
Graduate |
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Experience : |
20 Years |
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Name : |
Mr. Pradeep Kumar |
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Designation : |
Director |
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Address : |
359, Sector – 11, Huda, Part – I, Panipat |
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Date of Birth/Age : |
18.04.1959 |
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Qualification : |
Graduate |
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Experience : |
25 Years |
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Name : |
Mr. Vishesh Singla |
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Designation : |
Director |
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Address : |
A-1/83, Sector – 8, Rohini, New Delhi, India |
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Date of Birth/Age : |
20.06.1982 |
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Qualification : |
Graduate |
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Experience : |
4 Years |
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Name : |
Mrs. Rani Singla |
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Designation : |
Director |
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Address : |
A-1/83, Sector – 8, Rohini, New Delhi, India |
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Date of Birth/Age : |
01.07.1961 |
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Qualification : |
Graduate |
MAJOR SHAREHOLDERS
|
Names of Shareholders |
|
No. of Shares |
|
Kuldeep Singla |
|
3942760 |
|
Lalit Goel |
|
525701 |
|
Amit Goel |
|
525701 |
|
Pradeep Kumar |
|
187751 |
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Vishesh Singla |
|
337950 |
|
Rani Singla |
|
1351805 |
|
Sulekha Goel |
|
337951 |
|
Prem Lata |
|
300401 |
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Total |
|
7510020 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer of Tufted Bathmats and Bathroom Rugs with Latex
Backing |
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Exports : |
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Products : |
Tufted Bathmats and Bathroom Rugs with Latex Backing |
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Countries : |
USA, Australia, Japan, Europe and UK |
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Imports : |
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Products : |
Latex, Dyes and Chemicals, PP Backing |
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Countries : |
Belgium, USA and Saudi Arabia |
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Terms : |
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Selling : |
L/C and Credit [30 days] |
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Purchasing : |
Cash against documents |
PRODUCTION STATUS
|
Particulars |
Unit |
Installed
Capacity |
Actual
Production |
|
Hand Fabric home Furnishings and Coverings |
Pcs per day |
10,000 |
6,000 |
GENERAL
INFORMATION
|
Customers : |
Wholesalers |
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No. of Employees : |
575 [In Office 25 and In Factory : 550] |
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Bankers : |
Bank of India G. T. Road, Panipat |
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Facilities : |
Credit Limit Rs : 165.000 Millions |
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Banking
Relations : |
Satisfactory |
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Auditors : |
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Name : |
Pardeep Tayal and Company Chartered Accountants |
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Address : |
Indian Bank Building, G. T. Road, Panipat – 132103 |
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Tel. No.: |
91-180-2649015 |
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Fax No.: |
91-180-2646198 |
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E-Mail : |
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Associates/Subsidiaries : |
NIL |
CAPITAL STRUCTURE
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
8,500,000 |
Equity Shares |
Rs. 10/- each |
Rs. 85.000 Millions |
|
7,500,000 |
Preference Shares |
Rs. 10/- each |
Rs. 75.000 Millions |
|
|
Total |
|
Rs. 160.000
Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
7,510,020 |
Equity Shares |
Rs. 10/- each |
Rs. 75.100
Millions |
|
7,500,000 |
Preference Shares |
Rs. 10/- each |
Rs. 75.000
Millions |
|
|
Total |
|
Rs. 150.100 Millions |
FINANCIAL DATA
[all figures are in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
|
31.03.2007 |
31.03.2006 |
|
|
SHAREHOLDERS FUNDS |
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|
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1] Share Capital |
|
150.100 |
150.000 |
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2] Share Application Money |
|
0.000 |
0.000 |
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3] Reserves & Surplus |
|
143.100 |
92.800 |
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4] (Accumulated Losses) |
|
0.000 |
0.000 |
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NETWORTH |
|
293.200 |
242.800 |
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|
LOAN FUNDS |
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1] Secured Loans |
|
439.600 |
305.100 |
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2] Unsecured Loans |
|
102.200 |
71.400 |
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TOTAL BORROWING |
|
541.800 |
376.500 |
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DEFERRED TAX LIABILITIES |
|
27.400 |
0.000 |
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TOTAL |
|
862.400 |
619.300 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
|
346.400 |
238.000 |
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Capital work-in-progress |
|
10.800 |
0.000 |
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INVESTMENT |
|
1.200 |
3.600 |
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DEFERREX TAX ASSETS |
|
0.000 |
0.000 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
|
152.100 |
212.100 |
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Sundry Debtors |
|
210.300 |
111.800 |
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Cash & Bank Balances |
|
1.900 |
10.100 |
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Other Current Assets |
|
0.000 |
0.000 |
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Loans & Advances |
|
223.800 |
72.600 |
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Total
Current Assets |
|
588.100 |
406.600 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
|
63.600 |
28.900 |
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Provisions |
|
20.500 |
0.000 |
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Total
Current Liabilities |
|
84.100 |
28.900 |
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Net Current Assets |
|
504.000 |
377.700 |
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MISCELLANEOUS EXPENSES |
|
0.000 |
0.000 |
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TOTAL |
|
862.400 |
619.300 |
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PROFIT & LOSS
ACCOUNT
|
PARTICULARS |
|
31.03.2007 |
31.03.2006 |
|
|
Sales Turnover |
|
1508.500 |
1132.100 |
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Other Income |
|
96.400 |
61.400 |
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Total Income |
|
1604.900 |
1193.500 |
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Profit/(Loss) Before Tax |
|
191.100 |
93.500 |
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Provision for Taxation |
|
47.900 |
0.700 |
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Profit/(Loss) After Tax |
|
143.200 |
92.800 |
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Earnings in Foreign Currency : |
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Total Earnings |
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1508.500 |
1132.100 |
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Imports : |
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Raw Materials |
|
28.300 |
28.900 |
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Stores & Spares |
|
2.700 |
3.300 |
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Capital Goods |
|
17.600 |
10.200 |
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Total Imports |
|
48.600 |
42.400 |
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Expenditures : |
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Administrative Expenses |
|
182.000 |
67.200 |
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Manufacturing Expenses |
|
395.600 |
384.500 |
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Depreciation & Amortization |
|
19.800 |
35.200 |
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Interest |
|
32.100 |
18.700 |
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Other Expenditure |
|
142.100 |
105.500 |
KEY RATIOS
|
PARTICULARS |
|
|
31.03.2007 |
31.03.2006 |
|
PAT / Total Income |
(%) |
|
8.92 |
7.78 |
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Net Profit Margin (PBT/Sales) |
(%) |
|
12.67 |
8.26 |
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Return on Total Assets (PBT/Total Assets} |
(%) |
|
20.45 |
14.51 |
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Return on Investment (ROI) (PBT/Networth) |
|
|
0.65 |
0.39 |
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Debt Equity Ratio (Total Liability/Networth) |
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|
2.13 |
1.67 |
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Current Ratio (Current Asset/Current Liability) |
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|
6.99 |
14.07 |
LOCAL AGENCY
FURTHER INFORMATION
TRADE REFERENCE :
- Wal-Mart - USA
- Mahawk Home – USA & Supertex - Australia
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.39.45 |
|
UK Pound |
1 |
Rs.78.14 |
|
Euro |
1 |
Rs.58.04 |
SCORE & RATING
EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
5 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
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 |
|
--LEVERAGE |
1~10 |
5 |
|
--RESERVES |
1~10 |
5 |
|
--CREDIT LINES |
1~10 |
5 |
|
--MARGINS |
-5~5 |
- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
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--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 |
NO |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
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 |
|
|
>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 |
|