MIRA
INFORM REPORT
|
Report Date : |
05.03.2012 |
IDENTIFICATION DETAILS
|
Name : |
RUSHABH INVESTMENT PRIVATE LIMITED |
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Registered
Office : |
2B, City Mall, 2nd Floor, New Link Road, Andheri (West),
Mumbai – 400053, Maharashtra. |
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Country : |
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|
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Financials (as
on) : |
31.03.2011 |
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Date of
Incorporation : |
11.01.1982 |
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Com. Reg. No.: |
11-026094 |
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Capital Investment/
Paid-up Capital: |
Rs.30.020 Millions |
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|
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CIN No.: [Company Identification
No.] |
U65990MH1982PTC026094 |
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|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
MUMR17084E |
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PAN No.: [Permanent Account No.] |
AAACR2562B |
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Legal Form : |
Private Limited Liability Company |
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Line of Business
: |
The company produces gloss varnish paper, film, and foil labels. It
also manufactures induction seal liners, stickers, tags, and lids. |
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No. of
Employees: |
Not Available |
RATING & COMMENTS
|
MIRA’s Rating : |
B (31) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
Maximum Credit Limit : |
USD 712000 |
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|
Status : |
Moderate |
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Payment Behaviour : |
Slow |
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Litigation : |
Clear |
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Comments : |
Subject is an established company having moderate track record. There appears
some accumulated losses recorded by the company. However, trade relations are
reported as fair. Business is active. Payments are reported to be slow. The company can be considered for business dealings with some
cautions. |
NOTES:
Any query related to this report can be made
on e-mail: infodept@mirainform.com
while quoting report number, name and date.
ECGC Country Risk Classification List – September 30, 2011
|
Country Name |
Previous Rating (30.06.2011) |
Current Rating (30.09.2011) |
|
India |
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
LOCATIONS
|
Registered Office : |
2B, City Mall, 2nd Floor, New Link Road, Andheri (West),
Mumbai – 400053, Maharashtra. |
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Tel. No.: |
91-22 -26374670 / 61668600 / 26362729 |
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E-Mail : |
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Website : |
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Factory 1 : |
Gat No. 898,
Hissa No. 1 situated at Mouja Sanaswadi Taluka Shirur, Pune, |
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Factory 2 : |
Gat No. 753 (PART), |
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Tel. No.: |
91-2137-677777 (Mr. Jaydeep Rokade) |
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Mobile No : |
91-9049992009 (Mr. Bimal Mehta) |
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Fax No.: |
91-2137-677700 |
DIRECTORS
(As on 30.09.2011)
|
Name : |
Mr. Chhotala Shamalji Ajmera |
|
Designation : |
Director |
|
Address : |
B-6, |
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Date of Birth/Age : |
09.09.1937 |
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Date of Appointment : |
30.06.1993 |
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DIN No: |
00012146 |
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Name : |
Mr. Sanjay Chhotalal Ajmera |
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Designation : |
Director |
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Address : |
B-6, |
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Date of Birth/Age : |
20.11.1966 |
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Date of Appointment : |
30.06.1993 |
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DIN No: |
00012496 |
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Name : |
Mr. Atul Chhotala Ajmera |
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Designation : |
Director |
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Address : |
B-6, |
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Date of Birth/Age : |
06.08.1968 |
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Date of Appointment : |
25.02.2005 |
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DIN No: |
00013747 |
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|
|
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Name : |
Mr. Bimal Anantrai Mehta |
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Designation : |
Director |
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Address : |
101, Sita Kunj, 4th Lane, Hindu Colony, Dadar (East),
Mumbai – 400014, Maharashtra, India |
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Date of Birth/Age : |
09.02.1968 |
|
Date of Appointment : |
01.12.2011 |
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DIN No: |
00484560 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
(AS ON 30.09.2011)
|
Names of Shareholders |
|
No. of Shares |
|
Atul Chhotalal Ajmera |
|
270,180 |
|
Sonali Atul Ajmera |
|
360,240 |
|
Mumukshu AtulAjmera |
|
180,120 |
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Aashish Atul Ajmera |
|
180,120 |
|
Sanjay Chhotalal Ajmera |
|
375,250 |
|
Mayur Sanjay Ajmera |
|
375,250 |
|
Hetal Sanjay Ajmera |
|
270,180 |
|
Bimal Anantrai Mehta |
|
225,150 |
|
Sonal Bimal Mehta |
|
225,150 |
|
Harsh Mehta |
|
225,150 |
|
Nirman Mehta |
|
225,150 |
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Anantrai Parmanandas Mehta |
|
90,060 |
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Total |
|
30,02,000 |
(AS ON 30.09.2011)
|
Category |
|
Percentage |
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|
|
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Directors or relatives of directors |
|
100.00 |
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|
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Total
|
|
100.00 |
BUSINESS DETAILS
|
Line of Business : |
The company produces gloss varnish paper, film, and foil labels. It also
manufactures induction seal liners, stickers, tags, and lids. |
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Products : |
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GENERAL INFORMATION
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No. of Employees : |
Not Available |
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Bankers : |
Union Bank of India, Andheri (East) Branch, Mayani Manor, Sir M.V.
Road, Andheri (East), Mumbai – 400069, Maharashtra, India |
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Facilities : |
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Banking
Relations : |
-- |
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Auditors : |
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Name : |
V. Parekh and Associates Chartered Accountants |
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Address : |
37, |
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Tel No: |
91-22-22650264 / 22653555 / 22666219 |
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Fax No: |
91-22-22654370 |
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Email : |
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PAN No.: |
AAAFV0135F |
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CAPITAL STRUCTURE
(As on 30.09.2011)
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
8,000,000 |
Equity Shares |
Rs.10/- each |
Rs.80.000 Millions |
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|
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Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
3,002,000 |
Equity Shares |
Rs.10/- each |
Rs.30.020
Millions |
|
|
|
|
|
(As on 31.03.2011)
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
80,00,000 |
Equity Shares |
Rs.10/- each |
Rs.80.000 Millions |
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|
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|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
30,00,000 |
Equity Shares |
Rs.10/- each |
Rs.30.000
Millions |
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|
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FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
30.000 |
30.000 |
20.000 |
|
|
2] Share Application Money |
85.000 |
0.000 |
70.000 |
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|
3] Reserves & Surplus |
69.980 |
69.980 |
45.833 |
|
|
4] (Accumulated Losses) |
(6.821) |
(15.930) |
0.000 |
|
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NETWORTH |
178.159 |
84.050 |
135.833 |
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|
LOAN FUNDS |
|
|
|
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|
1] Secured Loans |
208.373 |
11.419 |
7.969 |
|
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2] Unsecured Loans |
476.563 |
425.037 |
395.001 |
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TOTAL BORROWING |
684.936 |
436.456 |
402.970 |
|
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DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
5.999 |
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EQUITY SHARES SUSPENSE |
0.020 |
0.020 |
0.000 |
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TOTAL |
863.115 |
520.526 |
544.802 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
239.644 |
256.129 |
231.909 |
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Capital work-in-progress |
321.292 |
0.000 |
0.000 |
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|
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INVESTMENT |
266.747 |
266.747 |
266.828 |
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DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
45.560
|
22.369 |
10.043
|
|
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Sundry Debtors |
78.514
|
59.615 |
86.362
|
|
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Cash & Bank Balances |
10.208
|
23.744 |
10.671
|
|
|
Other Current Assets |
0.000
|
0.000 |
0.000
|
|
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Loans & Advances |
99.941
|
42.297 |
27.523
|
|
Total
Current Assets |
234.223
|
148.025 |
134.599 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
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|
Sundry Creditor |
172.366
|
135.507 |
80.011 |
|
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Other Current Liabilities |
26.719
|
14.868 |
8.523 |
|
|
Provisions |
0.000
|
0.000 |
0.000 |
|
Total
Current Liabilities |
199.085
|
150.375 |
88.534
|
|
|
Net Current Assets |
35.138
|
(2.350) |
46.065
|
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MISCELLANEOUS EXPENSES |
0.294 |
0.000 |
0.000 |
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TOTAL |
863.115 |
520.526 |
544.802 |
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PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.201 |
31.03.2010 |
31.03.2009 |
|
|
|
|
263.532 |
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TOTAL
EXPENDITURE |
|
246.082 |
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PROFIT BEFORE TAX
|
NA |
18.965 |
NA |
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Less |
TAX |
|
3.232 |
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PROFIT AFTER TAX |
|
15.733 |
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|
Earnings Per
Share (Rs.) |
|
5.24 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2011 |
31.03.2010 |
31.03.2009 |
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|
Net Profit Margin (PBT/Sales) |
(%) |
NA
|
7.20 |
NA |
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|
Return on Total Assets (PBT/Total Assets} |
(%) |
NA
|
4.79 |
NA |
|
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Return on Investment (ROI) (PBT/Networth) |
|
NA
|
0.23 |
NA |
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|
Debt Equity Ratio (Total Liability/Networth) |
|
5.96
|
6.98 |
3.62 |
|
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|
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|
|
Current Ratio (Current Asset/Current Liability) |
|
1.18
|
0.98 |
1.52 |
LOCAL AGENCY FURTHER INFORMATION
Note:
The Registered office of the company has been
shifted from Building No. X-18, Flat Nol. 101/102, Shastri Nagar, Andheri
(West), Mumbai-400053,
Bankers Charges
Report as per Registry
|
Corporate identity
number of the company |
U65990MH1982PTC026094 |
|
Name of the
company |
RUSHABH INVESTMENT PRIVATE LIMITED |
|
Address of the
registered office or of the principal place of business in |
2B, Citi Mall, 2nd Floor, New |
|
This form is for |
Modification of
Charge |
|
Charge
identification number of the charge to be modified |
10203999 |
|
Type of charge |
Immovable Property |
|
Particular of
charge holder |
Union Bank of India, Andheri (East) Branch, Mayani Manor, Sir M.V.
Road, Andheri (East), Mumbai-400069, Maharashtra, India |
|
Nature of
instrument creating charge |
Extension of
Equitable Mortgage |
|
Date of
instrument Creating the charge |
25.11.2011 |
|
Amount secured by
the charge |
Rs. 470.000
Millions |
|
Brief of the
principal terms an conditions and extent and operation of the charge |
Rate of Interest As determined by
the Bank from time to time Terms of Repayment Term Loan and FCTL
in installments and other limits on demand Margin As per Sanction
terms Extent and Operation of the charge To secure various
revised credit facilities aggregating to Rs.470.000 Millions granted by the
Bank to the company as under:-
Total Rs.470.000
Millions |
|
Short particulars
of the property charged |
Extension of
Equitable Mortgage by Deposit of Title Deeds by Oral Consent in respect of Company’s
immovable property viz. All the Land and Factory being at Gat No. 898, Hissa
No. 1 admeasuring 1 Hector 81 R situated at Mouja Sanaswai Taluka Shirur
within the Jurisdiction of Gram Panchayat Sanaswadi District Pune bounded as
Follows: On or towards
East: Gat No. 756, 755, 754 and 753 On or towards
South: Gat No. 747 On or Towards
West: Gat No. 898 Part-II On or towards
North: Gat No. 899 and 897 |
|
Date of last
modification prior to the present modification |
15.12.2010 |
|
Particulars of
the present modification |
Vide this
modification charge amount enhanced from Rs.460.000 Millions to Rs.470.00
Millions by addition of Rs.10.000 Millions and secured by Extension of
Equitable Mortgage by Deposit of Title Deeds by Oral Consent in respect of Company's
Immovable Property viz All the Land and Factory being at Gat No. 898 Hissa
No.1 admeasuring 1 Hector 81 R situated at Mouja Sanaswadi Taluka Shirur
within the jurisdiction of Gram Panchayat Sanaswadi District Pune |
FIXED ASSETS:
- Land
- Building
- Plant and Machinery
- Electric Installations
- Computer
- Office equipments
- Air Conditioners
- Furniture and Fixtures
- Vehicle
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.49.35 |
|
|
1 |
Rs.78.68 |
|
Euro |
1 |
Rs.65.63 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
3 |
|
OPERATING SCALE |
1~10 |
3 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
4 |
|
--PROFITABILIRY |
1~10 |
3 |
|
--LIQUIDITY |
1~10 |
3 |
|
--LEVERAGE |
1~10 |
3 |
|
--RESERVES |
1~10 |
3 |
|
--CREDIT LINES |
1~10 |
3 |
|
--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 |
NO |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
31 |
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.