MIRA
INFORM REPORT
|
Report Date : |
17.03.2011 |
IDENTIFICATION DETAILS
|
Name : |
ROCKWELL INDUSTRIES LIMITED (w.e.f.04.10.1995) |
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Formerly Known As : |
ROCKWELL DEVICES PRIVATE LIMITED |
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Registered Office : |
6-3-883/2/A, |
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Country : |
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Financials (as on) : |
31.03.2010 |
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Date of Incorporation : |
28.07.1986 |
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Com. Reg. No.: |
01-6638 |
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CIN No.: [Company
Identification No.] |
U29150AP1986PLC006638 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
HYDR00068F |
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PAN No.: [Permanent
Account No.] |
AABCR0725M |
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Legal Form : |
A Closely Held Pubic Limited Liability Company |
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Line of Business : |
Manufacturer of Commercial Refrigeration Appliances. |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (46) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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Maximum Credit Limit : |
USD 420000 |
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Status : |
Satisfactory |
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Payment Behaviour : |
Usually Correct |
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Litigation : |
Clear |
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Comments : |
Subject is an established company having satisfactory track. Trade
relations are reported as fair. Business is active. Payments are reported to
be usually correct and as per commitments. The company can be considered normal for business dealings at usual
trade terms and conditions. |
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 – April 1, 2010
|
Country Name |
Previous Rating (31.12.2009) |
Current Rating (01.04.2010) |
|
|
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
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Moderate |
B1 |
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High |
B2 |
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Very High |
C1 |
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Restricted |
C2 |
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Off-credit |
D |
INFORMATION DECLINED BY
|
Name : |
Mr. Sandeep |
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Designation : |
Accounts Department |
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Date : |
16.03.2011 |
LOCATIONS
|
Registered Office : |
6-3-883/2/A, |
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Tel. No.: |
91-40-23414830/23414831 |
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Fax No.: |
91-40-23414829 |
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E-Mail : |
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Website : |
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Factory : |
Survey No. 849, Adj. to Industrial Estate, Medchal Ranga Reddy District, |
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Tel. No.: |
91-8418-222926 |
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Fax No.: |
91-8418-225742 |
DIRECTORS
As on 30.09.2010
|
Name : |
Mr. Ashok Kumar Gupta |
|
Designation : |
Managing Director |
|
Address : |
302, Emedrald House, |
|
Date of Birth/Age : |
08.02.1956 |
|
Date of Appointment : |
28.07.1986 |
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|
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|
Name : |
Dr. A L Anantha Narayana |
|
Designation : |
Director |
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Address : |
B – 171, Sanikpuri, Secunderabad, |
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Date of Birth/Age : |
25.04.1946 |
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Date of Appointment : |
25.06.1996 |
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|
Name : |
Mrs. Geeta Gupta |
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Designation : |
Director |
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Address : |
406, Ashok |
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Date of Birth/Age : |
05.05.1957 |
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Date of Appointment : |
28.07.1986 |
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Name : |
Mr. Rameshwar Prasad Modi |
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Designation : |
Director |
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Address : |
Flat No. 702, emerald
House, |
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Date of Birth/Age : |
23.02.1945 |
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Date of Appointment : |
28.03.2007 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 30.09.2010
|
Names of Shareholders |
|
No. of Shares |
|
Mrs. Geetha Gupta |
|
449485 |
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Mr. Ashok K. Gupta |
|
155005 |
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Mr. Prateek Gupta |
|
55000 |
|
Mr. Ashish Gupta |
|
167500 |
|
Mr. Manish Gupta |
|
113000 |
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Mr. Gopal Gupta |
|
5010 |
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Mr. Pradeep Kumar |
|
5000 |
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Mrs. Monika Gupta |
|
1800 |
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Ms. Rashmi Gupta |
|
1800 |
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Ms. Charu Gupta |
|
1700 |
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Ms. Hanee Gupta |
|
1500 |
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|
1000 |
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Ms. Rinki Gupta |
|
1500 |
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Mr. Rahul Varsheney |
|
1800 |
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Mr. Amol Varsheney |
|
1200 |
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Ms. Dipti Varsheney |
|
1700 |
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Ms. Preeti Varsheney |
|
1800 |
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Mr. T S Samuel Raj |
|
1500 |
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Mr. INS Srinivas |
|
1500 |
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Mr. Manoj Srivastav |
|
1800 |
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Mr. Sonu Varsheney |
|
1700 |
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Mr. Monu Varsheney |
|
1500 |
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Ms. Mony Gupta |
|
1000 |
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Ms. Himani Gupta |
|
1000 |
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Ms. Guria Gupta |
|
1000 |
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Mr. Sachin Gupta |
|
1500 |
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Mr. Nitin Gupta |
|
1000 |
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Mr. Chandan Gupta |
|
1000 |
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Mr. Nandan Gupta |
|
1000 |
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Mr. Chapla Gupta |
|
1000 |
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Ms. Shivani Gupta |
|
1000 |
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Mr. Rishi Gupta |
|
1700 |
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Mr. Rohit Gupta |
|
500 |
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Mr. Deepak Gupta |
|
500 |
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Ms. Jyoti Gupta |
|
500 |
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Mr. Divyanshu Gupta |
|
500 |
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Ms. Khushboo Gupta |
|
1000 |
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Ms. Surbhi Gupta |
|
500 |
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Mr. Richard Curtis |
|
1500 |
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Mr. N. Ananeyulu |
|
1500 |
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Mr. H M Shankar |
|
1500 |
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Ms. Shruti Parikh |
|
1500 |
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Ms. Sneha Parikh |
|
1000 |
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Mr. M V Subba Rao |
|
1500 |
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Mr. R S Subramanian |
|
1500 |
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Mrs. Satya Kameshwari |
|
1500 |
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Total |
|
1000000 |
As on 30.09.2010
|
Category |
|
Percentage |
|
Directors or
relatives of Directors |
|
98.62 |
|
Other top fifty shareholders |
|
1.38 |
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Total |
|
100.00 |
BUSINESS DETAILS
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Line of Business : |
Manufacturer of Commercial Refrigeration Appliances. |
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Products : |
v
HT Freezer v
GT Freezer v
Chest Cooler v
Eutectic Cooler v
Eutectic Freezer v
Water Coolers v
Visi Coolers
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GENERAL INFORMATION
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No. of Employees : |
200 (Approximately) |
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Bankers : |
v
Industrial Development of Bank of v
Indian Overseas Bank, 1st Floor,
Kasuva Complex, v
HDFC Bank, v
ICICI Bank |
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Facilities : |
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Banking
Relations : |
- |
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Auditors : |
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|
Name : |
R Kankaria and Uttam Singhi Chartered Accountant |
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Address : |
6-3-1090/C-4, Raj |
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Tel. No.: |
91-40-23308988 |
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Mobile No.: |
91-9248212121 |
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Fax No.: |
91-40-23399033 |
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E-Mail : |
CAPITAL STRUCTURE
As on 30.09.2010
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
1990000 |
Equity Shares |
Rs.10/- each |
Rs.19.900 millions |
|
10000 |
Preference Shares |
Rs.10/- each |
Rs.0.100 million |
|
|
Total |
|
Rs.20.000
millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
1000000 |
Equity Shares |
Rs.10/- each |
Rs.10.000
millions |
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
10.000 |
10.000 |
10.000 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
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|
3] Reserves & Surplus |
95.676 |
63.187 |
45.251 |
|
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
105.676 |
73.187 |
55.251 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
42.523 |
33.603 |
19.328 |
|
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2] Unsecured Loans |
40.108 |
34.993 |
21.271 |
|
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TOTAL BORROWING |
82.631 |
68.596 |
40.599 |
|
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DEFERRED TAX LIABILITIES |
3.156 |
3.081 |
3.397 |
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|
|
|
|
|
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TOTAL |
191.463 |
144.864 |
99.247 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
33.718 |
29.035 |
28.634 |
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Capital work-in-progress |
0.000 |
0.000 |
0.000 |
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INVESTMENT |
2.613 |
0.676 |
0.732 |
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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 |
38.162
|
34.639
|
39.650 |
|
|
Sundry Debtors |
139.160
|
122.377
|
71.799 |
|
|
Cash & Bank Balances |
6.037
|
1.944
|
5.140 |
|
|
Other Current Assets |
0.152
|
0.006
|
0.000 |
|
|
Loans & Advances |
18.743
|
13.924
|
6.577 |
|
Total
Current Assets |
202.254
|
172.890
|
123.166 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
30.171
|
34.419 |
41.024 |
|
|
Other Current Liabilities |
13.706
|
12.605
|
12.262 |
|
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Provisions |
3.245
|
10.713
|
0.000 |
|
Total
Current Liabilities |
47.122
|
57.737
|
53.286 |
|
|
Net Current Assets |
155.132
|
115.153
|
69.880 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
191.463 |
144.864 |
99.247 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
325.729 |
227.141 |
159.135 |
|
|
|
Other Income |
1.129 |
0.387 |
1.611 |
|
|
|
TOTAL (A) |
326.858 |
227.528 |
160.746 |
|
|
|
|
|
|
|
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Less |
EXPENSES |
|
|
|
|
|
|
|
Trading Purchase |
10.352 |
5.350 |
4.362 |
|
|
|
Manufacturing Expense |
189.076 |
137.075 |
99.931 |
|
|
|
Sales Tax |
20.423 |
13.588 |
8.010 |
|
|
|
Payments and Benefits to Employees |
23.024 |
14.095 |
10.522 |
|
|
|
Other Expenses |
30.539 |
18.424 |
17.381 |
|
|
|
Increase/ Decrease in Stock |
(0.904) |
1.763 |
4.249 |
|
|
|
TOTAL (B) |
272.510 |
190.295 |
144.455 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
54.348 |
37.233 |
16.291 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
2.320 |
4.720 |
2.351 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
52.028 |
32.513 |
13.940 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
3.770 |
3.979 |
3.992 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) (G) |
48.258 |
28.534 |
9.948 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
15.770 |
10.598 |
3.621 |
|
|
|
|
|
|
|
|
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|
PROFIT AFTER TAX
(G-H) (I) |
32.488 |
17.936 |
6.327 |
|
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|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
27.493 |
9.556 |
3.22* |
|
|
|
|
|
|
|
|
|
|
BALANCE CARRIED
TO THE B/S |
59.981 |
27.493 |
9.556 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
26.203 |
20.698 |
22.006 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
32.49 |
17.94 |
- |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
PAT / Total Income |
(%) |
9.94
|
7.88
|
3.94 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
14.76
|
12.56
|
6.25 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
20.45
|
14.09
|
6.52 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.46
|
0.39
|
0.18 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
1.23
|
0.79
|
0.96 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
4.29
|
2.99
|
2.31 |
LOCAL AGENCY FURTHER INFORMATION
Details of Sundry Creditors:
|
Particulars |
31.03.2010 (Rs. in millions) |
31.03.2009 (Rs. in millions) |
31.03.2008 (Rs. in millions) |
|
Sundry Creditors
for Raw Materials |
28.718 |
34.299 |
41.024 |
|
Sundry Creditors
for Others |
1.453 |
0.120 |
0.000 |
Future Prospects:
The company has produced 21252 machines compared to 14475 machines
during the previous year and is expecting an encouraging results during the current
year. Company is expecting to run the plant at optimum capacity level during
the current financial year.
Bankers Charges
Report as per Registry
|
Corporate
identity number of the company |
L29150AP1986PLC006638 |
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|
Name of the
company |
ROCKWELL
INDUSTRIES LIMITED |
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|
Address of the
registered office or of the principal place of business in |
6-3-883/2/A, 3rd Floor, |
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|
This form is for |
Modification of
charge |
||||||||||||
|
Charge
identification number of the modified |
10052653 |
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Type of charge |
|
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|
Particular of
charge holder |
Indian Overseas
Bank, 1st Floor, Kasuva Complex, E-Mail: rprodbr@hyddrc01.iobnet.in |
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|
Nature of
description of the instrument creating or modifying the charge |
Letter of hypothecation |
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Date of
instrument Creating the charge |
12.04.2010 |
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|
Amount secured by
the charge |
Rs.81.500
Millions |
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|
Brief particulars
of the principal terms an conditions and extent and operation of the charge |
Rate of Interest No changes in
terms and conditions Terms of
Repayment No changes in terms
and conditions Margin As mentioned in
the agreement Extent and
Operation of the charge As mentioned in
the agreement |
||||||||||||
|
Short particulars
of the property charged |
Prime: first
charge on entire current assets of the company. Collateral: first
charge on the entire block assets of the company at S. No. 849, adjacent to
Industrial Estate, Medchal, RR District Valued At Rs.32.305 millions. |
||||||||||||
|
Particulars of
the present modification |
Existing limits are
enhanced from Rs.56.500 millions to Rs.81.500 millions
|
Fixed Assets:
- Land
- Buildings
(Factory)
- Plant and
Machinery
- Furniture and
Fixtures
- Electrical
Installations
- Air
Conditions
- Office
Equipment
- Computers
- Testing Equipments
- Cylinders
- Pagers
- Vehicles
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.45.18 |
|
|
1 |
Rs.72.58 |
|
Euro |
1 |
Rs.63.13 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
5 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
5 |
|
--PROFITABILIRY |
1~10 |
5 |
|
--LIQUIDITY |
1~10 |
5 |
|
--LEVERAGE |
1~10 |
5 |
|
--RESERVES |
1~10 |
5 |
|
--CREDIT LINES |
1~10 |
5 |
|
--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 |
|
46 |
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.