MIRA
INFORM REPORT
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Report Date : |
20.11.2007 |
IDENTIFICATION
DETAILS
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Name : |
ROOTS COOLING SYSTEEMS PRIVATE LIMITED |
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Registered Office : |
C-66/1, Okhla Industrial Area, Phase- II, New Delhi- 110 020 |
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Country : |
India |
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Financials (as on) : |
31.03.2006 |
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Date of Incorporation : |
06.12.1994 |
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Com. Reg. No.: |
55-63230 |
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CIN No.: [Company
Identification No.] |
U74899DL1994PTC063230 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
DELR10198G |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
Manufacture of the 'ROOTSdek' machines and GRAVENT Natural Ventilation
Systems. |
RATING &
COMMENTS
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MIRA’s Rating : |
Ba |
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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 71000 |
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Status : |
Good |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
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Comments : |
Subject is a well established and reputed company having satisfactory
track records. Trade relations are fair. Payments are usually correct and as
per commitments. The company can be considered good for normal business dealings at
usual trade terms and conditions. |
LOCATIONS
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Registered Office : |
C-66/1, Okhla Industrial Area, Phase- II, New Delhi- 110 020 India |
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Tel. No.: |
91-11-26285043, 26386351,26386762/63 |
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Fax No.: |
91-11-51612567, 26225747 |
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E-Mail : |
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Website : |
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Factory 1 : |
B – 53, Hosiery Complex, Phase 2, Noida – 201305, Uttar Pradesh, India
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Tel. No.: |
91-120-4036100 |
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Fax No.: |
91-120-4319089 |
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E-Mail : |
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Factory 2 : |
B-68, Sector-2, Noida- 201301, Uttar Pradesh |
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Factory 3 : |
G-1, Sector-6, Noida-201301, Uttar Pradesh |
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Regional Office : |
Anand Niwas 281, Sadhu Vaswani Nagar Aundh, Pune-411007 |
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Tel. No.: |
DIRECTORS
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Name : |
Mr. Rajeev Kumar Saxena |
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Designation : |
Director |
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Address : |
B – 20, 2nd Floor, Kailash Colony, New Delhi – 110048,
India |
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Date of Appointment : |
28.11.1994 |
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Name : |
Mr. Anoop Kumar Saxena |
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Designation : |
Director |
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Address : |
B – 20, 2nd Floor, Kailash Colony, New Delhi – 110048,
India |
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Date of Appointment : |
28.11.1994 |
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Name : |
Mr. B. L. Saxena |
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Designation : |
Director |
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Address : |
B – 20, 2nd Floor, Kailash Colony, New Delhi – 110048,
India |
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Date of Birth/Age : |
22.01.1925 |
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Date of Appointment : |
06.12.1994 |
MAJOR SHAREHOLDERS
/ SHAREHOLDING PATTERN
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Names of Shareholders |
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No. of Shares |
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B. L. Saxena |
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79407 |
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Anoop Kumar Saxena |
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116000 |
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Rajeev Kumar Saxena |
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115000 |
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Smita Saxena |
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60000 |
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Monica Saxena |
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60000 |
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Nidhesh Saxena |
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55000 |
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Giare Engineering Private Limited |
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20000 |
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Raf Steel Private Limited |
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10000 |
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Sai Ganesh Exports Private Limited |
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10000 |
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Plus Industries Limited |
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10000 |
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Sahri Kahri Investments Private Limited |
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10000 |
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Pratha Finvest Private Limited |
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10000 |
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Oversky Computers Private Limited |
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10000 |
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Omnipresent Credit Private Limited |
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10000 |
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Total |
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575407 |
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Equity Share
Breakup |
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Category |
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Percentage of Holding |
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Bodies corporate |
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34.00 |
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Directors or relatives of directors |
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66.00 |
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Total |
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100.00 |
BUSINESS DETAILS
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Line of Business : |
Manufacture of the 'ROOTSdek' machines and GRAVENT Natural Ventilation
Systems. |
GENERAL
INFORMATION
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No. of Employees : |
About 60 |
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Bankers : |
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Banking
Relations : |
Satisfactory |
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Auditors : |
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Name : |
T. R. Sood and Company Chartered Accountants |
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Address : |
609, Shkuntala Building, 59, Nehru Place, New Delhi – 110019, India |
CAPITAL STRUCTURE
Authorised Capital :
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No. of Shares |
Type |
Value |
Amount |
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1000000 |
Equity Shares |
Rs. 10/- each |
Rs. 10.000 Millions |
Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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575407 |
Equity Shares |
Rs. 10/- each |
Rs. 5.754 Millions |
FINANCIAL DATA
[all figures are in Rupees Millions]
ABRIDGED BALANCE
SHEET
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SOURCES OF FUNDS |
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31.03.2006 |
31.03.2005 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
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5.754 |
5.754 |
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2] Share Application Money |
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0.500 |
0.500 |
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3] Reserves & Surplus |
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11.549 |
9.991 |
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4] (Accumulated Losses) |
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0.000 |
0.000 |
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NETWORTH |
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17.803 |
16.245 |
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LOAN FUNDS |
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1] Secured Loans |
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22.568 |
15.622 |
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2] Unsecured Loans |
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8.894 |
5.773 |
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TOTAL BORROWING |
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31.462 |
21.395 |
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DEFERRED TAX LIABILITIES |
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0.000 |
0.074 |
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TOTAL |
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49.265 |
37.714 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
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13.560 |
10.318 |
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Capital work-in-progress |
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8.461 |
0.263 |
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INVESTMENT |
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0.060 |
0.060 |
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DEFERREX TAX ASSETS |
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0.002 |
0.000 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
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6.223
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10.757 |
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Sundry Debtors |
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83.609
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43.938 |
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Cash & Bank Balances |
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0.429
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0.657 |
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Other Current Assets |
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0.000
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0.000 |
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Loans & Advances |
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7.486
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7.732 |
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Total
Current Assets |
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97.747 |
63.084 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
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69.295 |
34.576 |
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Provisions |
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1.270 |
1.435 |
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Total
Current Liabilities |
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70.565 |
36.011 |
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Net Current Assets |
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27.182 |
27.073 |
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MISCELLANEOUS EXPENSES |
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0.000 |
0.000 |
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TOTAL |
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49.265 |
37.714 |
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PROFIT & LOSS
ACCOUNT
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PARTICULARS |
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31.03.2006 |
31.03.2005 |
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Sales Turnover |
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50.000 |
40.000 |
KEY RATIOS
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PARTICULARS |
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31.03.2006 |
31.03.2005 |
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Debt Equity Ratio (Total Liability/Networth) |
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5.73 |
3.53 |
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Current Ratio (Current Asset/Current Liability) |
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1.39 |
1.75 |
LOCAL AGENCY
FURTHER INFORMATION
Bankers Charges
Report as per Registry
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Name of the company |
ROOTS COOLING
SYSTEMS PRIVATE LIMITED |
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Presented By |
Bank of Baroda, SSI Branch, Sector – 18,
Noida |
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1) Date and description of instrument creating the change |
Hypothecation
agreement dated 08.09.2005 |
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2) Amount secured by the charge/amount owing on the securities of charge |
Rs. 4.500 Millions
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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
whole of the borrower’s stocks, both present and future and including but without
prejudice to the generally of the foregoing words, all stocks of raw
materials, work in process, semi finished goods and finished goods packing
materials and stores etc. whatsoever and wheresoever situate and in transit
whether now belonging to or that may be held by way party anywhere to the
order and disposition of the borrower. All the present
and future book debts, outstanding, monies receivables, claims, bills,
contracts engagements and securities which are now due and owing or which may
at anytime hereafter during the continuance of this security become due and
owing to the borrow in the course of its business by any person, film company
or body corporate or by the Government Department or office or any Municipal
or local or public or any Semi Government body or authority whatsoever
including those relating to the assets leased out and given on hire purchase
basis. All the tangible
movable machinery and plant and cranes, boats and crafts and the vehicles of
the borrower together with spares, tools and accessories and other movables,
both present and future and the furniture, fixture and fittings and which are
now lying stores in or about or shall be bought into or be stored or be in or
upon or about the borrower’s premises and goodwns or wherever else the same
may be or be held by any party to the order or disposition of the borrower
relating or pertaining to the borrower’s work at Noida or at any place in
India. |
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4) Gist of the terms and conditions and extent and operation of the charge. |
The above said
are hypothecated to secure Adhoc cash Credit limit of Rs. 450 Millions
granted by Bank to the Company Interest to be
charged at the rate of 1.50 percent over BPLR with minimum of 12 % p.a. with
monthly rests Margin 25 % |
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5) Name and Address and description of the person entitled to the charge. |
Bank of Baroda,
SSI Branch, Sector – 18, Noida |
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6) Date and brief description of instrument modifying the charge |
Equitable
Mortgage by deposit of title deeds dated 08.09.2005 |
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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. |
The above said
adhoc Cash Credit limit of Rs. 450 Millions shall now also be collaterally
secured by Equitable Mortgage by deposit of title deeds in respect of factory
land an building situated at V – 53, Noida Phase – 2, Noida together with
buildings and structures thereon, fixed plant and machineries fixtures and
fittings, constructed, erected or installed thereon. Other terms and
conditions remained the same. |
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This form is for |
Modification of
charge |
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Charge
identification number of the charge to be modified |
10000682 |
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Corporate identity
number of the company |
U74899DL1994PTC063230 |
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Name of the
company |
ROOTS COOLING SYSTEMS PRIVATE LIMITED |
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Address of the
registered office or of the principal place of business in India of the company |
C-66/1, Okhla Industrial Area, Phase- II, New Delhi- 110 020, India |
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Type of charge |
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Particular of
charge holder |
ICICI Bank Limited, Landmark Race Course Circle, Alkapuri, Baroda – 390015,
Gujarat, India |
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Nature of
description of the instrument creating or modifying the charge |
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Date of
instrument Creating the charge |
25.04.2007 |
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Amount secured by
the charge |
Rs. 46.700
Millions |
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Brief particulars
of the principal terms an conditions and extent and operation of the charge |
Rate of Interest Interest : 3 % p.a.
below sum of the IBAR and the cash credit risk premium on each day that the
loan remains outstanding, plus applicable interest tax or other statutory
levy, if any. Margin 25 % against all
components of inventory and book debts [cover period for book debts 120 days] Extent operation
of the charge Exclusive first
charge by way of hypothecation of the borrower’s entire stocks of raw
materials, work in progress, finished goods, consumable stores and spares and
such another movables, including book debts, outstanding monies, receivables
both present and future. First charge on
the movables fixed assets of the company Equitable
mortgage of factory land and building situated at B – 53,, Hoseiry Complex,
Phase II, Noida Others The above is to
secure the cash credit of Rs. 25 Millions, WCDL Rs. 20 Millions, Bank
Guarantee 21.7 Millions Letter of credit Rs. 8 .000 Millions |
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Short particulars
of the property charged |
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Particulars of
the present modification |
One way
interchangeability from Cash Credit to Letter of credit by Rs. 9.000 Millions
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AS PER WEBSITE
The Company's many faceted
activities include the manufacture of the 'ROOTSdek' machines and GRAVENT
Natural Ventilation Systems using state of art technology and with most modern
facilities available in the country. They today offer consultancy, design and
manufacture of customized equipment on a turnkey basis.
Equipment
manufactured by them characterize saving in energy consumption along with
reduced maintenance & space requirements. Hence their machines are first
choice for new & retrofit applications.
Leading industry consultants
recommend their machines as original equipment (OE). They have a very high
repeat order factor and have executed very prestigious projects all over the
country. They have also introduced new technologies besides revolutionary
cellulose papesr pad type air washer such as 'ROOTSdek' machines, Natural
Gravity ventilation systems, strip lightning for factory building etc. which
are all engineered to outperform any conventional systems.
Their Company has
successfully executed projects for evaporative cooling applications such as
generator rooms, industrial cooling for shop floors, spot cooling of hot spots,
commercial agriculture etc.
Their company has
maintained and consolidated its position as the leading cooling and ventilation
company of India.
ROOTS DEK
Roots-dek machines
are prefabricated compact units available in upto 2,00,000 Cmh capacities. The
revolutionary cellulose based media provides high efficiencies due to high
surface area-to-volume ratio and extremely hydrophilic surface. These units are
currently in use in a variety of evaporative cooling applications such as
generator rooms, gas turbine intakes, industrial cooling of hot spots and hot
zones, comfort cooling, commercial agriculture…to name a few. The saving in
Energy Consumption along with reduced maintenance and space requirement make
evaporative units the first choice for new and retrofit applications.
GRAVENT VENTILATOR
The best way to
exhaust from an industrial building is to let in fresh cool air at the working
level, which absorbs heat from the process and rises into the roof space due to
reduction in its specific gravity. If an opening is kept in the roof this hot
air will exhaust through it, drawing in fresh air through the low level inlets.
This simple arrangement will however, let in rain and is also subject to back
draught to outside wind. The GRAVENT VENTILATOR has an effective weathering
arrangement, which at the same time, offers the least resistance to flow of
air. It has ZERO energy consumption and NIL maintenance.
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 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
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Indian Rupees |
|
US Dollar |
1 |
Rs.39.29 |
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UK Pound |
1 |
Rs.80.72 |
|
Euro |
1 |
Rs.57.67 |
SCORE & RATING
EXPLANATIONS
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SCORE FACTORS |
RANGE |
POINTS |
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HISTORY |
1~10 |
6 |
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PAID-UP CAPITAL |
1~10 |
6 |
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OPERATING SCALE |
1~10 |
6 |
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FINANCIAL CONDITION |
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--BUSINESS SCALE |
1~10 |
6 |
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--PROFITABILIRY |
1~10 |
6 |
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--LIQUIDITY |
1~10 |
6 |
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--LEVERAGE |
1~10 |
6 |
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--RESERVES |
1~10 |
6 |
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--CREDIT LINES |
1~10 |
6 |
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--MARGINS |
-5~5 |
- |
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DEMERIT POINTS |
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--BANK CHARGES |
YES/NO |
YES |
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--LITIGATION |
YES/NO |
NO |
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--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
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MERIT POINTS |
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--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
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--EXPORT ACTIVITIES |
YES/NO |
NO |
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--AFFILIATION |
YES/NO |
NO |
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--LISTED |
YES/NO |
NO |
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--OTHER MERIT FACTORS |
YES/NO |
YES |
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TOTAL |
|
54 |
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 |
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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 |
|
26-40 |
B |
Unfavourable & favourable factors carry similar weight in credit
consideration. 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 |
|
NR |
In view of the lack of information, we have no basis upon which to
recommend credit dealings |
No Rating |
|