|
Report Date : |
03.05.2012 |
IDENTIFICATION DETAILS
|
Name : |
RUSHIL INTERNATIONAL |
|
|
|
|
Registered
Office : |
1 Krinkal Apartment, |
|
|
|
|
Country : |
|
|
|
|
|
Financials (as
on) : |
31.03.2012 |
|
|
|
|
Date of
Incorporation : |
1992 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
Rs. 13.204 Millions |
|
|
|
|
Legal Form : |
Partnership concern with an unlimited liability of the partner |
|
|
|
|
Line of Business
: |
Exporter of High Pressure Laminate |
|
|
|
|
No. of Employees
: |
6 (Approximately) |
RATING & COMMENTS
|
MIRA’s Rating : |
B (27) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
Maximum Credit Limit : |
USD 52000 |
|
|
|
|
Status : |
Moderate |
|
|
|
|
Payment Behaviour : |
Slow |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Subject is an established partnership concern having moderate track
record. The concern has incurred a dip in the turnover in the latest year 2011-12
due to less order. However, trade relations are reported as fair. Business is
active. Payments are reported to be slow. The concern 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.
INFORMATION PARTED BY
|
Name : |
Mr. Vipul Vora |
|
Designation : |
Vice President of Finance |
|
Contact No.: |
91-79-26651346 |
|
Date : |
03.05.2012 |
LOCATIONS
|
Registered Office : |
1 Krinkal Apartment, Opposite Mahal akshmi Temple Mahalakshmi Road,
Paldi, Ahmedabad-380007, Gujarat, India |
|
Tel. No.: |
91-79-26651346 |
|
Fax No.: |
91-79-26640969 |
|
E-Mail : |
|
|
Website : |
|
|
Location : |
Owned |
PARTNERS
|
Name : |
Mr. Ghanshyambhai Thakkar |
|
Designation : |
Partner |
|
|
|
|
Name : |
Mr. Krupesh J Thakkar |
|
Designation : |
Partner |
KEY EXECUTIVES
|
Name : |
Mr. Vipul Vora |
|
Designation : |
Vice President of Finance |
BUSINESS DETAILS
|
Line of Business : |
Exporter of High Pressure Laminate |
|
|
|
|
Exports : |
|
|
Countries : |
Saudi Arabia |
|
|
|
|
Terms : |
|
|
Selling : |
L/C, Cash, Credit (30 Days / 60 Days) |
|
|
|
|
Purchasing : |
Cash, Credit (30 Days / 60 Days) |
GENERAL INFORMATION
|
Suppliers |
·
Amazon Wood Private Limited ·
Multi Shaper India Private Limited ·
Purbanchal Laminates Private Limited ·
Raj Laminates Private Limited ·
JB Prajapati Transport ·
Khandhar and Associates ·
Kinjal Associates ·
Omlaxmi Roadways ·
S. V. Foorwarders ·
S. M. Enterprise ·
Surti Pest Control Service |
||||||||||||||||||
|
|
|
||||||||||||||||||
|
Customers : |
·
Wholesalers ·
Retailers ·
End Users ·
OEM’s ·
Ashok Plywood ·
Bhakti Enterprise ·
Creative Enterprise ·
Gangar Timbers ·
Horizon Perepherial Private Limited ·
Hotel Fortune Landmark ·
Indix SRL ·
Jain Plywood Company ·
National Capital Management Private Limited ·
National Air |
||||||||||||||||||
|
|
|
||||||||||||||||||
|
No. of Employees : |
6 (Approximately) |
||||||||||||||||||
|
|
|
||||||||||||||||||
|
Bankers : |
Karur Vysya Bank, Paldi Main Branch, Ahmedabad, Gujarat, India |
||||||||||||||||||
|
|
|
||||||||||||||||||
|
Facilities : |
|
|
|
|
|
Banking
Relations : |
-- |
|
|
|
|
Auditors : |
|
|
Name : |
D R Thakkar and Company Chartered Accountant |
|
Address : |
India |
|
|
|
|
Sister Concern : |
Rushil Decors Limited |
CAPITAL STRUCTURE
AS ON 31.03.2011
|
Partners Capital Investment : |
|
|
Owned : |
Rs. 13.204 Millions |
|
Borrowed : |
-- |
|
Total : |
Rs. 13.204 Millions |
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
Particulars |
|
|
31.03.2012 |
|
Sales Turnover (Approximately)
[due to less order] |
|
|
2.700 |
|
|
|
|
|
Expected Sales (2012-2013) : Rs.80.000 Millions (plus trading amount)
|
SOURCES OF FUNDS |
|
|
31.03.2011 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
|
|
13.204 |
|
|
2] Share Application Money |
|
|
0.000 |
|
|
3] Reserves & Surplus |
|
|
0.000 |
|
|
4] (Accumulated Losses) |
|
|
0.000 |
|
|
NETWORTH |
|
|
13.204 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
|
|
0.000 |
|
|
2] Unsecured Loans |
|
|
40.145 |
|
|
TOTAL BORROWING |
|
|
40.145 |
|
|
DEFERRED TAX LIABILITIES |
|
|
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
|
|
53.349 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
|
|
1.478 |
|
|
Capital work-in-progress |
|
|
0.000 |
|
|
|
|
|
|
|
|
INVESTMENT |
|
|
27.044 |
|
|
DEFERREX TAX ASSETS |
|
|
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
|
|
1.963 |
|
|
Sundry Debtors |
|
|
16.275 |
|
|
Cash & Bank Balances |
|
|
0.128 |
|
|
Other Current Assets |
|
|
0.045 |
|
|
Loans & Advances |
|
|
11.543 |
|
Total
Current Assets |
|
|
29.954 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
|
|
0.984 |
|
|
Other Current Liabilities |
|
|
4.123 |
|
|
Provisions |
|
|
0.020 |
|
Total
Current Liabilities |
|
|
5.127 |
|
|
Net Current Assets |
|
|
24.827 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
|
|
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
|
|
53.349 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
|
|
31.03.2011 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
|
|
7.929 |
|
|
|
Other Income |
|
|
0.957 |
|
|
|
TOTAL |
|
|
8.886 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Purchase of Resale |
|
|
7.013 |
|
|
|
Administrative Expenses |
|
|
0.405 |
|
|
|
TOTAL |
|
|
7.418 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION |
|
|
1.468 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES |
|
|
0.456 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION |
|
|
1.012 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION |
|
|
0.011 |
|
|
|
|
|
|
|
|
|
|
NET PROFIT |
|
|
1.001 |
|
The above information has been parted by Mr. Vipul.
Note : Sole Proprietory and Partnership concerns are
exempted from filing their financials with the Government Authorities or
Registry.
KEY RATIOS
|
PARTICULARS |
|
|
|
31.03.2011 |
|
Debt Equity Ratio (Total Liability/Networth) |
|
|
|
3.43 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
|
|
5.84 |
LOCAL AGENCY FURTHER INFORMATION
|
Check List by Info Agents |
Available in Report (Yes / No) |
|
1. Year of Establishment |
Yes |
|
2. Locality of the firm |
Yes |
|
3. Constructions of the firm |
Yes |
|
4. Premises details |
No |
|
5. Type of Business |
Yes |
|
6. Line of Business |
Yes |
|
7. Promoter’s background |
No |
|
8. No. of Employees |
Yes |
|
9. Name of person contacted |
Yes |
|
10. Designation of contact person |
Yes |
|
11. Turnover of firm for last two years |
Yes |
|
12. Profitability for last one years |
Yes |
|
13. Reasons for variation <> 20% |
------- |
|
14. Estimation for coming financial year |
Yes |
|
15. Capital in the business |
Yes |
|
16. Details of sister concerns |
Yes |
|
17. Major suppliers |
Yes |
|
18. Major customers |
Yes |
|
19. Payments terms |
Yes |
|
20. Export / Import details |
Yes |
|
21. Market information |
------ |
|
22. Litigations that the firm / promoter involved |
------ |
|
23. Banking Details |
Yes |
|
24. Banking facility details |
Yes |
|
25. Conduct of the banking account |
------ |
|
26. Buyer visit details |
------ |
|
27. Financials, if provided |
Yes |
|
28. Incorporation details, if applicable |
Yes |
|
29. Last accounts filed at ROC |
Yes |
|
30. Major Shareholders, if available |
No |
SUNDRY CREDITORS
DETAILS
(Rs. In Millions)
|
Particulars |
31.03.2011 |
|
Sundry Creditors
for Goods |
|
|
Amazon Wood Private Limited |
0.020 |
|
Multi Shaper India Private Limited |
0.126 |
|
Purbanchal Laminates Private Limited |
0.026 |
|
Raj Laminates Private Limited |
0.485 |
|
Sundry Creditors
for Expenses |
|
|
JB Prajapati Transport |
0.002 |
|
Khandhar and Associates |
0.010 |
|
Kinjal Associates |
0.017 |
|
Omlaxmi Roadways |
0.017 |
|
S. V. Foorwarders |
0.196 |
|
S. M. Enterprise |
0.027 |
|
Surti Pest Control Service |
0.003 |
|
Sharad H. Jani |
0.055 |
|
Total |
0.984 |
FIXED ASSETS
·
Furniture
·
Computer and Accessories
·
Motor Car
·
Air Conditioner
·
Mobile Instrument
·
Camera System
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 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. 52.93 |
|
|
1 |
Rs. 85.85 |
|
Euro |
1 |
Rs. 69.94 |
INFORMATION DETAILS
|
Information
Gathered by : |
JML |
|
|
|
|
Report Prepared
by : |
DPT |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
4 |
|
PAID-UP CAPITAL |
1~10 |
3 |
|
OPERATING SCALE |
1~10 |
3 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
3 |
|
--PROFITABILIRY |
1~10 |
3 |
|
--LIQUIDITY |
1~10 |
3 |
|
--LEVERAGE |
1~10 |
3 |
|
--RESERVES |
1~10 |
3 |
|
--CREDIT LINES |
1~10 |
2 |
|
--MARGINS |
-5~5 |
-- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
NO |
|
--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 |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
27 |
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.