MIRA
INFORM REPORT
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Report Date : |
08.02.2007 |
IDENTIFICATION
DETAILS
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Name : |
ROTAM
INDIA LIMITED |
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Registered Office : |
Floral
Deck Plaza, 512, ‘C’ Wing, Road No. 23, M.I.D.C. Central Road, Andheri
[East], Mumbai – 400093, Maharashtra |
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Country : |
India |
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Financials (as on) : |
31.03.2002 |
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Date of Incorporation : |
27.05.1992 |
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Com. Reg. No.: |
11-66957 |
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CIN No.: [Company
Identification No.] |
U24210MH1992PLC066957 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
MUMR08012E |
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Legal Form : |
Closely
Held Public Limited Liability Company |
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Line of Business : |
Manufacturers
of Chloropyriphos, Chlorpyriphos [Technical] and Cypermethrin Tech. |
RATING & COMMENTS
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MIRA’s Rating : |
C |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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<10 |
C |
Absolute credit risk exists. Caution
needed to be exercised |
Credit not recommended |
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Maximum Credit Limit : |
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Status : |
Undetermined
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Payment Behaviour : |
Unknown
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Litigation : |
Clear |
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Comments : |
In
absence of latest financials and business details, it would be prudent to
deal with the company on safe and secured trade terms and conditions. |
LOCATIONS
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Registered Office : |
Floral
Deck Plaza, 512, ‘C’ Wing, Road No. 23, M.I.D.C. Central Road, Andheri
[East], Mumbai – 400093, Maharashtra, India |
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Tel. No.: |
91-22-28312122/28302296/28246081 |
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Fax No.: |
91-22-28312123 |
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E-Mail : |
rotamind@bom5.vsnl.net.in |
DIRECTORS
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Name : |
Dr.
Mukund H. Bhatt |
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Designation : |
Director
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Address : |
7/F
Cheung Tar Centre, Cheung Lee Street No. 18, Chaiwan, Hong Kong |
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Date of Birth/Age : |
28.09.1951 |
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Date of Appointment : |
27.05.1992 |
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Name : |
Mr.
Mark Lu |
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Designation : |
Director
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Address : |
7/F
Cheung Tar Centre, Cheung Lee Street No. 18, Chaiwan, Hong Kong |
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Date of Birth/Age : |
27.03.1958 |
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Date of Appointment : |
07.06.1996 |
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Name : |
Mr.
Rajiv M. Pandit |
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Designation : |
Director
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Address : |
F –
508, Mittal Park, 44 J. R. Mahatre Road, Juhu, Vile Parle [West], Mumbai –
400049, Maharashtra, India |
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Date of Birth/Age : |
21.09.1963 |
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Date of Appointment : |
05.06.1996 |
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Name : |
Mr.
Harish J. Trivedi |
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Designation : |
Director
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Address : |
Plot
No. 60/61, A – Wing, 401 Dhru Apartment, Opposite Gagandeep, Gulmohar Road,
JVPD, Vile Parle [West], Mumbai – 400049, Maharashtra, India |
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Date of Birth/Age : |
17.06.1951 |
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Date of Appointment : |
04.06.1996 |
MAJOR SHAREHOLDERS
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Names
of Shareholders |
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No. of Shares |
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Dr.
Mukund H. Bhatt |
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191700 |
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Rotam
Limited |
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230000 |
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Mr.
Harish J. Trivedi |
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110002 |
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Mr.
Rajiv M. Pandit |
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153998 |
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Mrs.
Kiran H. Trivedi |
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50000 |
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Smt.
Kiran Madhusudan Pandit |
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30000 |
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Mr.
Varang H. Trivedi |
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1000 |
BUSINESS DETAILS
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Line of Business : |
Manufacturers
of Chloropyriphos, Chlorpyriphos [Technical] and Cypermethrin Tech. |
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Products : |
Cypermethrin
Technical Endosulfan
Technical 2, 4
Dichloro Phenoxy Acetic Acid |
GENERAL
INFORMATION
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Bankers : |
Development
Credit Bank Limited Credit
Administration Department, Killedar
Estate, Building – 1, 1st Floor, 165/172, S. V. Road, Jogeshwari
[West], Mumbai – 400102, Maharashtra Development Credit Bank Limited 154 S V Road East, Dongri, Br. Credit Administration Departments, Jogeshwari [West], Mumbai – 400102, Maharashtra |
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Banking Relations : |
Unknown
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Auditors : |
Natural
Vepari & Company Chartered
Accountants, Oricon
House, 4th Floor, 12, K. Dubash Marg, Mumbai – 400023,
Maharashtra, India |
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Tel. No.: |
91-22-22315851 |
CAPITAL STRUCTURE
Authorised
Capital :
|
No.
of Shares |
Type |
Value |
Amount |
|
250000 |
Equity
Shares |
Rs. 10/- each |
Rs. 2.500 millions |
Issued,
Subscribed & Paid-up Capital :
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No.
of Shares |
Type |
Value |
Amount |
|
183350 |
Equity
Shares |
Rs. 10/- each |
Rs. 1.833 millions |
FINANCIAL DATA
[all figures are in Rupees
Millions]
Unfortunately,
no latest financials could be available from any sources.
We
contacted Mr. Shivram, Mr. Harish Trivedi and Mr. Bipin Surti, who assured to
up-date old business and financial details several times but never provided.
We
waited and pursued with Registry for almost 3months to give you better
financials but no subsequent financials are filed by the company.
Development
Credit Bank on whom we are empanelled declined company’s financials. [Perhaps,
they do not have the same].
ABRIDGED
BALANCE SHEET
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SOURCES OF FUNDS |
31.03.2002 |
31.03.2001 |
31.03.2000 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
1.833 |
1.833 |
1.833 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
17.498 |
14.954 |
12.994 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
19.331 |
16.787 |
14.827 |
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LOAN FUNDS |
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1] Secured Loans |
5.381 |
7.780 |
31.917 |
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2] Unsecured Loans |
0.000 |
0.000 |
0.000 |
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TOTAL BORROWING |
5.381 |
7.780 |
31.917 |
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DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
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TOTAL |
24.712 |
24.567 |
46.743 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
7.376 |
9.327 |
6.515 |
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Capital work-in-progress |
0.000 |
0.000 |
0.000 |
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INVESTMENT |
2.500 |
2.500 |
0.000 |
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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 |
2.129 |
3.201 |
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Sundry Debtors |
28.863 |
27.611 |
60.357 |
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Cash & Bank Balances |
2.740 |
10.398 |
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Other Current Assets |
0.000 |
0.000 |
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Loans & Advances |
13.557 |
11.724 |
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Total Current Assets |
47.289 |
52.934 |
60.357 |
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Less : CURRENT LIABILITIES & PROVISIONS |
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Current Liabilities & Provisions |
32.466 |
40.210 |
20.147 |
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Total Current Liabilities |
32.466 |
40.210 |
20.147 |
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Net Current Assets |
14.823 |
12.724 |
40.210 |
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MISCELLANEOUS EXPENSES |
0.013 |
0.016 |
0.019 |
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TOTAL |
24.712 |
24.567 |
46.744 |
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PROFIT
& LOSS ACCOUNT
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PARTICULARS |
31.03.2002 |
31.03.2001 |
31.03.200 |
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Sales Turnover [including other income] |
185.808 |
177.842 |
121.758 |
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Profit/(Loss)
Before Tax |
4.589 |
3.263 |
7.336 |
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Provision
for Taxation |
2.000 |
0.400 |
0.399 |
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Profit/(Loss)
After Tax |
2.589 |
2.863 |
6.937 |
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Export
Value |
166.865 |
159.485 |
N.A. |
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Import
Value |
2.443 |
N.A. |
N.A. |
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Total
Expenditure |
181.219 |
174.578 |
114.422 |
KEY
RATIOS
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PARTICULARS |
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31.03.2002 |
31.03.2001 |
31.03.2000 |
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PAT / Total Income |
(%) |
1.39
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1.60 |
5.69 |
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Net
Profit Margin (PBT/Sales) |
(%) |
2.46
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1.83 |
6.02 |
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Return
on Total Assets (PBT/Total
Assets} |
(%) |
8.39
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5.24 |
10.97 |
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Return
on Investment (ROI) (PBT/Networth) |
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0.23
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0.19 |
0.49 |
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Debt
Equity Ratio (Total
Liability/Networth) |
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1.95
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2.85 |
3.51 |
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Current
Ratio (Current
Asset/Current Liability) |
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1.45
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1.31 |
2.99 |
LOCAL AGENCY
FURTHER INFORMATION
During
the year under report, the company has made a profit of Rs. 2.589 millions the
company has made a turnover of Rs. 185.808 millions as compared with the
turnover of previous year of Rs. 177.842 millions.
Fixed
Assets
Office
Premises, Computers, Furniture & Fixtures, Office Equipment, Xerox Machine,
Motor Car, etc.
Form 8
Particular for creation or modification of charges
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Corporation identity number or foreign company registrations number of the company |
U24210MH1992PLC066957 |
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Name of the company |
ROTAM
INDIA LIMITED |
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Address |
Floral
Deck Plaza, 512, ‘C’ Wing, Road No. 23, M.I.D.C. Central Road, Andheri
[East], Mumbai – 400093, Maharashtra |
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This Form is for |
Modification
of charge |
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Type of Charges |
Hypothecation |
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Particular of the charge holder |
Development Credit Bank Limited 154 S V Road East, Dongri, Br. Credit Administration Departments, Jogeshwari [West], Mumbai – 400102, Maharashtra E-mail : vijaykurankar@dcbl.com |
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Amount Secure by the charge |
Rs. 15.000 millions |
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Description of the property charge whether it is a charge on |
Book debts and others If others, specify Moneys receivables, claims and bills |
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Modification charge Charge identification number of the charge to be modified |
90163673 |
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Brief description of the instrument modifying the charge |
Supplemental Deed of hypothecation [I] Additional Limit dt. 23.05.2006 |
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Date of instrument modifying the charge |
23.05.2006 |
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Particulars of the Property charged |
Hypothecation and charge to the bank by way of charge all the book debts outstandings, money receivable, claims and bills which are now due and owing or which may at any time hereafter during the continuance of this security become due and owing to the borrower in the course of its business by any person, company or by the Government or any local or public body or authority |
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Particulars of the present modification |
In the present modification cash credit limit is increased from Rs. 5.000 millions to Rs. 6.500 millions and total limit is increased from 65 millions to Rs. 66.500 millions is as under : [Rupees in Millions]
Margin : @25% Interest / Comm. : 1% below BPLR with min of 13% p.a. Repayment : On demand / for a period of 1 month Other terms and conditions remain unchanged |
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Name of the company |
ROTAM INDIA LIMITED |
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Presented By |
Development Credit Bank Limited,
Credit Administration Department, Bandra [West], Mumbai - 400050 |
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1) Date and description of instrument creating the change |
Deed of hypothecation dated 20.04.2005 |
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2) Amount secured by the charge/amount owing on the securities of charge |
Rs. 5.265 millions [Adhoc LC] |
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3) Short particular of the property charged. If the property acquired is subject to charge, date of the acquired of the property should be given |
Hypothecation of the whole of the moveable properties of the borrower including its moveable plant and machinery, machinery spares, tools and accessories, furniture and fixture, stocks in trade, finished goods, goods in progress, raw materials, book debts, and other moveables, both present and future whether installed or not and whether now lying loose or in cases or which are now lying or stored in or about all the borrowers factories, premises and godowns or wherever else the same may be or be held by any party to the order of disposition of the borrower or in the course of transit or on high seas or on order, or delivery, howsoever and where so ever in the possession of the borrower and either by way of substitution or addition, actionable claims, amounts due and receivable under any contract or otherwise |
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4) Gist of the terms and conditions and extent and operation of the charge. |
Interest / Commission : As per Bank’s Rule Margin : 10% Repayment : On Demand / 90-120 days from the date of shipment |
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5) Name and Address and description of the person entitled to the charge. |
Development Credit Bank Limited, Credit Administration Department, Hill View Apartment, Building No. 2, Ground Floor, Opposite Mehboob Studio Hill Road, Bandra [West], Mumbai – 400050 |
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6) Date and brief description of instrument modifying the charge |
N.A. |
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7) Particulars of modifications specifying the terms and conditions or the extent of operations of the charge in which modification is made and the details of the modification. |
N.A. |
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 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.44.17 |
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UK
Pound |
1 |
Rs.86.10 |
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Euro |
1 |
Rs.57.26 |
RATING EXPLANATIONS
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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|
>86 |
Aaa |
Possesses an extremely sound financial
base with the strongest capability for timely payment of interest and
principal sums |
Unlimited |
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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 |
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26-40 |
B |
Unfavourable & favourable factors
carry similar weight in credit consideration. Capability to overcome
financial difficulties seems comparatively below average/normal. |
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 |
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<10 |
C |
Absolute credit risk exists. Caution
needed to be exercised |
Credit not recommended |
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NR |
In view of the lack of information, we
have no basis upon which to recommend credit dealings |
No Rating |
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