Shares of this laminate sheets manufacturing company jumped 2 percent after receiving 3 Star Export House Certification from the Government of India. The shares have delivered more than 25 percent return to its investors in six months.
With a market capitalisation of Rs. 1,013 crores, the shares of Rushil Decor Ltd started Tuesday’s trading session positively at Rs. 376 compared to its previous close of Rs. 373.20. The shares hit a high of Rs. 384, gaining around 2 percent and are currently trading at Rs. 280 apiece.
Such a positive movement in the share price was observed after the company in an exchange filing announced that they had attained 3 Star Export House Certification from the Government of India, signalling a significant triumph in the realm of international trade.
Commenting on this Mr Rushil Thakkar, Director, of Rushil Decor Limited said, “To get 3 Star export house certification, we achieved the export target of Rs. 250 Crore. We are now targeting to achieve the Rs. 500 Crore export mark within a span of the next four years and secure 4 Star Export House status. At present more than 26 percent of the company’s revenue comes from exports. We are currently exporting to more than 51 countries across the world.”
As a 3 Star Export House, Rushil Decor now stands to benefit from a range of advantages that will streamline trade operations, which include:
• Authorisation and custom clearance for imports and exports on a self-declaration basis. • Exemption from furnishing bank guarantee for Foreign Trade Promotion Schemes. • Priority fixation of input-output forms within 60 days by the Norms Committee.
• Exemption from compulsory negotiation of documents through banks.
• Benefits of the Accredited Clients Programme, as per the guidelines of the Central Board of Excise and Customs.
• Eligible to export freely exportable items on free of cost basis for export promotion subject to an annual limit of Rs.10 lakhs or 2 percent of average annual export realisation during the preceding 3 licensing years, whichever is higher.
Coming onto the company’s financial statements, the revenue increased by 6 percent from Rs. 193 crores in the June quarter to Rs. 205 crores. On a contrasting note, the net profits decreased from Rs. 12 crores to 11 crores during the same timeframe.
Presently, the company owns 6 manufacturing facilities across Gujarat, Karnataka and Andhra Pradesh. Moreover, the company plans for expansion in laminates with a project cost of Rs. 90 crores and they also plan to augment Greenfield capex and cater to premium export markets.
Headquartered in Gujarat, Rushil Decor was incorporated in 1993. The company is primarily engaged in the manufacturing and sale of Laminate Sheets, Medium Density Fibre Board, Prelaminated Medium Density Fibre Board boards, Polyvinyl Chloride (PVC) Board and Particle Board.
Written By Vaibhav Patil
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