MIRA
INFORM REPORT
|
Report Date : |
21.06.2011 |
IDENTIFICATION DETAILS
|
Name : |
RUSHIL DÉCOR LIMITED |
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Formerly Known As : |
RUSHIL DÉCOR PRIVATE LIMITED |
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Registered Office : |
S. No. 125, Near |
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Country : |
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Financials (as on) : |
31.03.2010 |
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Date of Incorporation : |
24.05.1993 |
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Com. Reg. No.: |
04-019532 |
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Capital Investment / Paid-up Capital : |
Rs.87.562 Millions |
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CIN No.: [Company
Identification No.] |
U25209GJ1993PLC019532 |
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IEC No.: |
0893008401 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
AHMR01041F |
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PAN No.: [Permanent
Account No.] |
AABCR3005N |
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Legal Form : |
A Closely held Public Limited Liability Company. |
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Line of Business : |
Manufacturer and Exporter of Decorative Laminated Sheets, Hard Boards,
Electric Grade, Insulation Board etc. |
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No. of Employees: |
200 (In office) |
RATING & COMMENTS
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MIRA’s Rating : |
Ba (44) |
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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 872936 |
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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 an established company having satisfactory track. Trade
relations are reported as fair. Business is active. Payments are reported to be
usually correct and as per commitments. The company can be considered normal for business dealings at usual
trade terms and conditions. |
NOTES :
Any query related to this report can be made
on e-mail : infodept@mirainform.com
while quoting report number, name and date.
INFORMATION PARTED BY
|
Name : |
Mr. Vipul Vora |
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Designation : |
Finance Manager |
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Contact No.: |
91-9909002323 |
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Date : |
20.06.2011 |
LOCATIONS
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Registered Office : |
S. No. 125, Near |
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Tel. No.: |
91-79-26634346 |
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Mobile No.: |
91-9909002323 (Mr. Vipul Vora) |
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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 : |
20000 sq. ft |
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Location : |
Owned |
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Corporate Office 1 : |
2, |
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Corporate Office 2 : |
1, Krinkal Apartment, Opp. Mahalaxmi Mandir, Near
Mahalaxmi Char Rasta Paldi, Ahmedabad - 380 007, |
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Tel. No.: |
91-79-26640970/ 26651346/ 26622323 |
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Fax No. : |
91-79-26640969 |
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Factory 1 : |
608, GIDC, Mansa, District Gandhinagar, |
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Tel. No.: |
91-2763-270395 |
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Fax No.: |
91-2763-270695 |
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Location : |
Owned |
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Factory 2 : |
Near Dolakua, Taluka Kalol, District Gandhinagar, |
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Tel. No.: |
91-2763-271695 |
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Factory 2 : |
Village Navalgad, Taluka Thangatro, Dr. Surendra Nagar, |
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Tel. No.: |
91-2754-293100 |
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Branches : |
Located at ·
Above Sabari Hotel, Santacruz (West), Mumbai –
400 054, ·
C/o. Sood Plywood House, B-XX1-11, Near Bharat
Nagar Chowk, Ludhiyana, Tel. No. : 91-161-2421613 Fax No. : 91-161-2431784 |
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Branch 1 : |
2102/4, Cholamandi Pahad Ganj, Ground Floor, |
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Tel No.: |
91-11-23582318 |
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Email : |
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Area : |
990 sq ft |
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Location : |
Rented |
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Branch 2 : |
Jain Polywood Company S.C.O. 145-146, Sector 8- C, Madhya Marg, |
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Tel No.: |
91-172-2637775 |
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Email : |
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Area : |
2480 sq ft |
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Location : |
Rented |
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Branch 3 : |
The Laminate 1059, A, Uniyara Rao Ka Rasta, Chand Pole Bazar, Jaipur – 302001 |
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Tel No.: |
91- 9828507117 |
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Email : |
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Area : |
1500 sq ft |
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Location : |
Rented |
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Branch 4 : |
Vipul Nirman Private Limited L G 27-28-29, |
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Tel No.: |
91-731-2529050 |
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Email : |
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Area : |
1800 |
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Location : |
Rented |
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Branch 5 : |
Standard Marketing 102/11, Shivaji Marg, |
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Tel No.: |
91-522-3210420 |
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Email : |
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Area : |
2500 sq ft |
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Location : |
Rented |
DIRECTORS
AS ON 13.09.2010
|
Name : |
Mr. Krupesh
Ghanshyambhai Thakkar |
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Designation : |
Managing Director |
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Address : |
4, Pushpadhanva Bunglows, |
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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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Name : |
Mr. Ghanshyambhai D Thakkar |
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Designation : |
Chairman |
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Address: |
4, Pushpadhanva Bunglows, |
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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. Harshadbhai N Doshi |
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Designation : |
Director |
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Address : |
Navneet Bunglow, Near Bank of India Society, \commerce College,
Navrangpura, Ahmedabad- 380009, Gujarat, India |
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Date of Birth/ Age : |
31.10.1942 |
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Date of Appointment : |
01.12.2007 |
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Name : |
Mr. Narendra Jain Kabdi |
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Designation : |
Director |
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Address : |
27-7-58, 1st Floor, |
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Date of Birth/ Age : |
22.11.1957 |
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Date of Appointment : |
29.09.2009 |
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Name : |
Mr. Prasad Shankar Bhagat |
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Designation : |
Independent and Non Executive Director |
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Address : |
B-9, Goyal Plaza, Jadges Bunglow Road, Ahmedabad – 380015, Gujarat,
India |
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Date of Birth/Age : |
11.10.1974 |
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Date of Appointment : |
13.10.2007 |
KEY EXECUTIVES
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Name : |
B Patel and Company |
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Designation : |
Company Secretary |
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Address : |
4 First Floor, Bhagwati Chambers, Swastik Char Rasta,
Navrangpura, Ahmedabad – 380 009, |
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Name : |
Mr. Vipul Vora |
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Designation : |
General Manager in Finance |
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Name : |
Mrs. Krupa |
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Designation : |
Chief Executive Officer |
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Name : |
Mr. Hasmukh K Modi |
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Designation : |
Company Secretary |
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Address : |
D /13, Sanskruti Complex, Near |
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Date of Birth/Age : |
11.10.1974 |
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Date of Appointment : |
13.10.2007 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 13.09.2010
|
Names of Shareholders (Equity Shares) |
|
No. of Shares |
|
Rohinidevi Dilipkumar |
|
119850 |
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Jaswankumar Narendrakumar |
|
156299 |
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Amitkumar Narendrakumar |
|
119849 |
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Vinodkumar Narendrakumar |
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119850 |
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Kabdi Narendrakumar Hemraj |
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163974 |
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Dilipkumar Hermraji |
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200424 |
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Umridevi Narendrakumar |
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119850 |
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Ambalal D Thakkar |
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2024 |
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Krupeshbhai G Thakkar |
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1376817 |
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Dinuben G Thakkar |
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237675 |
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Ghanshyambhai Thakkar |
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1915089 |
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Ghanshyambhai Thakkar HUF |
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385382 |
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Krupeshbhaiu Thakkar HUF |
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1389693 |
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Krupeshbhaiu Thakkar |
|
395180 |
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Saraswatiben N Thakkar |
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208524 |
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Krupesh Thakkar and Ghanshyambhai Thakkar Rep. Rushil International,
Partnership Firm |
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1845770 |
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Total |
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8756250 |
AS ON 13.09.2010
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Category |
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Percentage |
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Directors or relatives of directors |
|
100.00 |
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Total
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|
100.00 |
BUSINESS DETAILS
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Line of Business : |
Manufacturer and Exporter of Decorative Laminated Sheets, Hard Boards,
Electric Grade, Insulation Board etc. |
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Products : |
Products
Description |
ITC
Code |
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Decorative Laminated Sheets |
44081010 |
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Brand Names : |
Vir Laminate |
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Exports : |
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Products : |
Decorative Laminated Sheets |
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Countries : |
·
USA ·
Saudi Arabia |
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Imports : |
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Products : |
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Countries : |
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Terms : |
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Selling : |
L/C / Cash / Credit |
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Purchasing : |
L/C / Cash / Credit |
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PRODUCTION STATUS AS ON 31.03.2010
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Particulars |
Unit |
Production
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Decorative laminated sheets |
Nos. |
2343958 |
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Particle Board |
Nos. |
79266 |
GENERAL INFORMATION
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No. of Employees : |
200 (In office) |
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Bankers : |
Bank of Baroda, Kalol Branch, Kalol - 382721,Gujarat, India |
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Facilities: |
1. Secured
by way of First and exclusive charge on movable plant and machineries
acquired through term loan and extension of charge on Fixed assets/current
assets of the company and collateral
securities provided by way of legal mortgage on Immovable properties
of the company, director's and their relatives and FDR's put In lieu of
properties on which equitable mortgage could not be created, and personal
guarantee of Ghanshyambhal A. 2. Secured
by way of exclusive charge on plant and machineries at Navalgadh Unit
acquired through term loan and further secured by way of collateral |
securities of 39 acres of land and building at Navalgadh, FDR worth Rs 30
lakh and extenstion of charge on current assets of the company, and personal
guarantee of Ghanshyambhal A. Thakkar and Krupeshbhai G. Thakkar 3. Secured
by way of Hypothecation of stock and bookdebts of Navalgadh Unit further
secured by collateral secunties of 39 acres of land and building at
Navalgadh, FDR worth Rs, 30 lakh and extension of charge over fixed assets of
the project. And personal guarantee of
Ghanshyambhal A, Thakkar and Krupeshbhai G. Thakkar 4. Secured
by way of hypothecation of current assets and extension of charge on Fixed
Assets of the company, and further colletrally secured by way of I equitable
mortgage of company's land and building and director's and | their relatives
immovable properties. FDR's put In lieu of properties on which, equitable
mortgage could not be created. And personal guarantee of Ghanshyambhal A.
Thakkar, Krupeshbhai G. Thakkar and Saraswatiben N, Thakkar 5.
Secured by lien on vehicles
purchased under hire purchase agreements. 6. Secured against pledge of Life Insurance policies of directors.
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Banking
Relations : |
-- |
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Auditors : |
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Name : |
D. R. Thakkar and Company Chartered Accountants |
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Address : |
B – 102, Adhunik Apartment, 58, Pritamnagar Society,
Ellisbridge, Ahmedabad – 380 006, |
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Tel. No.: |
91-79-26441029/26461979 Resi. 91-79-26754852 |
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Pan No.: |
AAKPT1549H |
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Associates
Company: |
·
Rushil International ·
Vertex Laminate Private Limited ·
Decoply Agency ·
Shri Krupa Decorative Veneer Private Limited ·
Shri Krupa Eco Products Private Limited ·
Ghanshyam Sales Agency |
CAPITAL STRUCTURE
AS ON 31.03.2010
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
20000000 |
Equity Share |
Rs.10/- each |
Rs.200.000 Millions |
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Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
8756250 |
Equity Share |
Rs.10/- each |
Rs.87.562
Millions |
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01. The company has issued 800000 equity share of Rs.10/- each, during the financial year 2008-09
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE SHEET
|
SOURCES OF FUNDS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
87.562 |
87.562 |
79.562 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
130.672 |
126.263 |
86.922 |
|
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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|
NETWORTH |
218.234 |
213.825 |
166.484 |
|
|
LOAN FUNDS |
|
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|
1] Secured Loans |
464.950 |
350.327 |
241.532 |
|
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2] Unsecured Loans |
122.178 |
101.239 |
85.692 |
|
|
TOTAL BORROWING |
587.128 |
451.566 |
327.224 |
|
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DEFERRED TAX LIABILITIES |
46.372 |
28.965 |
27.051 |
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TOTAL |
851.734 |
694.356 |
520.759 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
411.080 |
197.311 |
208.316 |
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Capital work-in-progress |
12.388 |
42.435 |
1.349 |
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INVESTMENT |
0.083 |
0.080 |
0.080 |
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DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
|
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|
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CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
308.851
|
285.655
|
308.099 |
|
|
Sundry Debtors |
292.103
|
320.265
|
198.089 |
|
|
Cash & Bank Balances |
37.191
|
40.191
|
22.774 |
|
|
Other Current Assets |
0.000
|
0.000
|
0.000 |
|
|
Loans & Advances |
123.587
|
129.773
|
63.588 |
|
Total
Current Assets |
761.732
|
775.884
|
592.550 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
283.140
|
277.220
|
259.442 |
|
|
Other Current Liabilities |
17.053
|
14.329
|
17.917 |
|
|
Provisions |
36.722
|
33.232
|
15.338 |
|
Total
Current Liabilities |
336.915
|
324.781
|
292.697 |
|
|
Net Current Assets |
424.817
|
451.103
|
299.853 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
3.366 |
3.427 |
11.161 |
|
|
|
|
|
|
|
|
TOTAL |
851.734 |
694.356 |
520.759 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
|
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SALES |
|
|
|
|
|
|
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Income |
954.623 |
876.708 |
727.659 |
|
|
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Other Income |
62.441 |
79.322 |
48.187 |
|
|
|
TOTAL (A) |
1017.064 |
956.030 |
775.846 |
|
|
|
|
|
|
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Less |
EXPENSES |
|
|
|
|
|
|
|
Cost of Goods Sold |
640.696 |
644.893 |
519.735 |
|
|
|
Manufacturing Expenses |
106.811 |
89.222 |
80.009 |
|
|
|
Employee Costs |
24.677 |
22.119 |
22.371 |
|
|
|
Administrative, Selling, Distribution and
Other Expenses |
108.555 |
88.460 |
72.057 |
|
|
|
Directors Remuneration |
4.273 |
4.284 |
4.100 |
|
|
|
TOTAL (B) |
885.012 |
848.978 |
698.272 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
132.052 |
107.052 |
77.574 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
47.035 |
49.629 |
37.263 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
85.017 |
57.423 |
40.311 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
17.565 |
12.047 |
11.745 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) (G) |
67.452 |
45.376 |
28.566 |
|
|
|
|
|
|
|
|
|
Less |
TAX (I) |
32.310 |
17.547 |
8.400 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-I) (J) |
35.142 |
27.829 |
20.166 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
43.825 |
39.485 |
29.380 |
|
|
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
|
|
Interim Dividend |
8.756 |
8.756 |
0.000 |
|
|
|
Tax on Interim Dividend |
1.488 |
1.488 |
0.000 |
|
|
|
Proposed Dividend |
17.512 |
8.756 |
7.956 |
|
|
|
Tax on Proposed Dividend |
2.976 |
1.488 |
1.352 |
|
|
|
Transfer to General Reserve |
3.000 |
3.000 |
0.000 |
|
|
|
Capital Remuneration |
0.000 |
0.000 |
0.050 |
|
|
|
Gratuity Provision |
0.000 |
0.000 |
0.703 |
|
|
BALANCE CARRIED
TO THE B/S |
45.535 |
43.825 |
39.485 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
Export Earnings |
562.632 |
352.209 |
1.316 |
|
|
TOTAL EARNINGS |
562.632 |
352.209 |
1.316 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw Materials |
123.661 |
137.703 |
91.222 |
|
|
|
Capital Goods |
42.057 |
34.085 |
Nil |
|
|
TOTAL IMPORTS |
165.718 |
171.788 |
91.222 |
|
|
|
|
|
|
|
|
|
|
Earnings Per Share
(Rs.) |
4.01 |
3.31 |
2.53 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
PAT / Total Income |
(%) |
3.46 |
2.91 |
2.60 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
7.07 |
5.17 |
3.92 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
5.75 |
4.66 |
3.57 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.31 |
0.21 |
0.17 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
4.23 |
1.52 |
1.76 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
2.26 |
2.39 |
2.02 |
LOCAL AGENCY FURTHER INFORMATION
DETAILS OF SUNDRY
CREDITORS
(Rs.
In Millions)
|
Particulars |
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
Sundry Creditors for Goods and Others |
267.909 |
277.166 |
259.442 |
|
Sundry Creditors for Capital Goods |
15.231 |
0.054 |
0.000 |
NOTE:
The registered office of the company has been shifted from 1 Krinkal Apartment, Opposite Mahalaxmi
Mandir, Near Mahalaxmi Char Rasta,
Paldi, Ahmedabad,
REVIEW OF BUSINESS OPERATION
Turnover of the Company grew up by
7.88%. Gross Turnover of the Company for the year was Rs. 991.054 Millions
against Rs 918.629 Millions of the previous year.
Profit before tax increased by 48
65% from Rs. 45.376 Millions to Rs. 67.452 Millions.
The Company has strived to maintain
its consistent track record of growth during the financial year 2009-10 Fiscal
year 2009-10 in general was average for the Indian economy. Impact of universal
worries was even more remote with the passage of time. For some extent,
however, crisis in some of the European countries was felt across the domestic
markets as well as impacted to export business
NEW PROJECT:
Company has purchased 13 acres of
leasehold land at Amble Industrial Area, Taluka and District Chikmagalur. State
Karnataka. Company is in process to set-up a Medium Density Fiber Board
manufacturing Unit with installed capacity of 90,000 M3 per annum.
Company has already placed an order for plant and machinery and is planning to
start commercial production by July, 2011.
FORM 8:
|
This form is for |
Modification of
charge |
|
Charge
identification number of the modified |
10090484 |
|
Corporate
identity number of the company |
U25209GJ1993PLC019532 |
|
Name of the
company |
RUSHIL DÉCOR LIMITED |
|
Address of the
registered office or of the principal place of business in |
S. No. 125, Near |
|
Type of charge |
Immovable property
|
|
Particular of
charge holder |
Karol Branch-382721, E-Mail: kalol@bankofbaroda.com
|
|
Nature of
description of the instrument creating or modifying the charge |
Rectification
deed for instrument of extension relating to deposit of title deeds executed
on 02.03.2009 under serial no. 1569 |
|
Date of
instrument Creating the charge |
07.03.2009 |
|
Amount secured by
the charge |
Rs.511.800
Millions |
|
Brief particulars
of the principal terms an conditions and extent and operation of the charge |
Rate of Interest i)
For
Term Loan – 1.50% over BPLR i. e. 14% p. a. presently ii)
For
Cash Credit (Hypothecation of goods/ book debts) – 1.50% over BPLR i.e. 14%
p. a. presently iii)
Packing
credit / FBP/ FBD (Sub limit) – As per RBI directives, Bank’s guidelines
issued from time to time iv)
Letter
of credit (Import/ Inland)- As per bank’s schedule of charge. Terms of Repayment Term loans are repayable
in monthly installments, while cash credit limit is for a period of 12 months
which may be renewed by the banks then after Margin v)
For
Term Loan – Nil vi)
For
Cash Credit (Hypothecation of goods/ book debts) – 25% on stock and 35% on
Book debts vii)
Packing
credit / FBP/ FBD (Sub limit) – 15% on stock viii)
Letter
of credit (Import/ Inland)- 10 % in the shape of un encumbered duly
discharged FDRs/ CDRs.. Extent and Operation of the charge In consideration
of the various facilities granted by bank to the company, company has
mortgage and charge in favour of bank various immovable properties of the
company |
|
Short particulars
of the property charged |
(i) Flat no.1,
Krinkal Apartment Paldi, Ahmedabad (ii) Flat No.2, Krinkal Apartment Paldi,
Ahmedabad (iii) Plot No.608 situated at Mansa GIDC at Mouje- Bapunagar,
Taluka Vijapur, (iv) Block no. 125 situated at Mouje- Itla, Taluka Kalol (v)
Block No. 155, 156, 167, 168 and 169 situated at Mouje- Dholakuva, Taluka
Mansa, District, Gandhinagar. |
|
Date of latest
modification prior to the present modification |
02.03.2009 |
|
Particulars of
the present modification |
There is no
change in the amount secured or property charged in favour of bank. Actually,
company has executed an instrument of extension on 02.03.2009 relating to
deposit of title deeds, which was registered before the sub registered of
Ahmedabad under serial no.1569 dated 02.03.2009. |
|
Corporate identity number of the company |
U25209GJ1993PLC019532 |
|
Name of the company |
RUSHIL DÉCOR LIMITED |
|
Address of the registered office or of the
principal place of business in |
S. No. 125, Near |
|
This form is for |
Modification of charge |
|
Type of charge |
Book Debts Movable Property Others |
|
Particular of charge holder |
Bank of Baroda |
|
Nature of instrument creating charge |
Supplemental Composite Agreement of Hypothecation
of Goods, Book-debts, Movable Machinery and Vehicles |
|
Date of instrument Creating the charge |
12.03.2010 |
|
Amount secured by the charge |
Rs.978.000 Millions |
|
Brief of the principal terms an conditions
and extent and operation of the charge |
Extent and Operation of the charge In consideration of the various facilities
granted to the Company, the borrower hypothecates to and charge in favour of
bank, (i) All the stocks of raw material, semi
finished and finished goods, both present and future. (ii) All the present and future book
debts, outstanding monies, receivables, claims etc. (iii) Movable machinery/vehicles, crafts
etc. |
|
Short particulars of the property charged |
The whole of the borrower's movable and
immovable plant and machinery, goods and assets, both present and future,
situated at Company's plants. The whole of the borrower's stock of raw
material, work in progress, semi finished goods and finished goods, packing
materials, consumable stores and spares etc. situated at Company's plants.
All the present and future book debts, outstanding monies, receivables,
claims, bills, contracts etc. of the Company situated at Company's plants. |
|
Date of instrument modifying the charge |
21/02/2009 |
|
Particulars of the present modification |
Total fund and non fund based facilities
enhanced from Rs. 511.800 Millions to Rs. 978.000 Millions. Further, the
charge created on the hypothecated premises under the principal hypothecation
agreements dated 4.02.2008 and 21.02.2009 shall extend and shall also be a
continuing security to secure the total limit of Rs. 978.000 Millions. |
Fixed Assets:
· Land
·
· Plant and Machinery
· Computer and Accessories
· Motor Car
· Vehicle
· Furniture and Fixture
Website Details Attached :
MILESTONE
1992 Rushil décor Limited (1st laminate
manufacturing facility) established by Mr. Ghanshyam Thakkar and his son Mr.
Krupesh Thakkar
Annual turnover of Rs.25.000 Millions in the first year
1993 100% increase in sales
compared to the previous year
1994 Company's first export to
1997 Rushil
International established for export business
1998 Group's sales graph on the
upswing by export & domestic sales
1999 Rushil décor
Limited (2nd laminate manufacturing facility) established
2003 Rushil décor Limited (3rd
laminate manufacturing facility) established.
Production capacity of 3, 00,000 sheet per
month.
Company's export reached to 34 countries.
2004 Laxmi Pandit & Samir Khan as brand ambassadors.
2005 Erection of short cycle laminates plant (1st prelam manufacturing facility).
Production of 'Vir prelam' boards started.
Shridevi as a brand ambassador for Vir laminates.
2006 4th laminate manufacturing facility) established.
Production capacity reaches 4, 00,000 sheets per month.
2007 Merger of all four companies under single umbrella i.e. Rushil Decor Ltd.
2008 Encouraged the laminate manufacturers to come together for mutual interest of the laminate industry.
Rushil group has played a vital role in establishment of indian Laminate Manufacturer`s Association (ILMA)
2009 Rushil Decor Ltd. has ventured into Particle Board manufacturing by establishing Plant at Navalgadh -
Dhrangadhra,
Dist: Surendranagar;
using cotton
stalk as a raw material and having a capacity of 100 cubic meter per day.
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 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.44.99 |
|
|
1 |
Rs.72.59 |
|
Euro |
1 |
Rs.64.01 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
5 |
|
PAID-UP CAPITAL |
1~10 |
4 |
|
OPERATING SCALE |
1~10 |
5 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
5 |
|
--PROFITABILIRY |
1~10 |
5 |
|
--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 |
|
--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 |
|
44 |
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 |
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 |
|
- |
NB |
New Business |
- |
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.