MIRA
INFORM REPORT
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Report Date : |
16.03.2011 |
IDENTIFICATION DETAILS
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Name : |
ROTO PUMPS LIMITED |
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Registered Office : |
Roto House Noida, Special Economic Zone, Noida – 201305, Uttar Pradesh |
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Country : |
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Financials (as on) : |
31.03.2010 |
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Date of Incorporation : |
31.07.1975 |
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Com. Reg. No.: |
20-4152 |
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CIN No.: [Company
Identification No.] |
L28991UP1975PLC004152 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
MRTR00670F |
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Legal Form : |
Public limited liability company. The company’s shares are listed on
the Stock Exchanges |
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Line of Business : |
Manufacturing of industrial pumps and spares |
RATING & COMMENTS
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MIRA’s Rating : |
Ba (49) |
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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 803020 |
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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
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Country Name |
Previous Rating (31.12.2009) |
Current Rating (01.04.2010) |
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A1 |
A1 |
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Risk Category |
ECGC
Classification |
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Insignificant |
A1 |
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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 |
LOCATIONS
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Registered
Office/ Marketing Head Office: : |
Roto House Noida, Special Economic Zone, Noida – 201305, |
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Tel. No.: |
91-120-3043901/4 |
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Fax No.: |
91-120-2562561 |
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E-Mail : |
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Website : |
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Works : |
B – 15, Phase – II, Extn Noida Roto House, NSEZ, Noida – 201305, |
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Overseas Office : |
Located At: v
v
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DIRECTORS
AS ON 31.03.2010
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Name : |
Mr. Harish Chandra Gupta |
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Designation : |
Chairman and Managing Director |
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Qualification : |
B. Sc |
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Name : |
Mr. Anurag Gupta |
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Designation : |
Managing Director |
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Date of Birth : |
03.10.1974 |
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Qualification : |
B. Com, ICWA (Inter), MBA |
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Date of Appointment : |
29.10.1999 |
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Name : |
Mr. Arvind Veer Gupta |
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Designation : |
Whole Time Director |
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Qualification : |
MBA |
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Date of Appointment : |
01.07.1995 |
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Name : |
Mr. B S Ramaswamy |
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Designation : |
Director |
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Name : |
Mrs. Asha Gupta |
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Designation : |
Director |
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Name : |
Dr. Ramesh Chandra Vaish |
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Designation : |
Director in Casual Vacancy |
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Name : |
Mr. Anand Bordia |
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Designation : |
Director in Casual Vacancy |
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Name : |
Mr. Vijoy Kumar |
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Designation : |
Additional Director |
KEY EXECUTIVES
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Name : |
Mr. V K Jain |
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Designation : |
Chief Financial Officer |
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Name : |
Mr. Ashwani K. Verma |
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Designation : |
Company Secretary |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 31.12.2010
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Names of Shareholders |
No. of Shares |
Percentage of
Holding |
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(A) Shareholding of promoter
and Promoter Group |
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1) Indian |
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a) Individuals / Hindu Undivided Family |
2137424 |
69.16 |
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2) Foreign |
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(B) Public Shareholdings |
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1) Institutions |
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a) Mutual Funds |
1500 |
0.05 |
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b) Financial Institutions/Banks |
200 |
0.01 |
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2) Non – Institution |
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a) Bodies corporate |
107451 |
3.48 |
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b) Individuals |
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i. Individual Shareholders holding nominal share capital upto Rs.0.100
Million |
668566 |
21.63 |
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ii. Individual Shareholders holding nominal share capital in excess
Rs.0.100 Million |
58150 |
1.88 |
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c) Any other |
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i) Clearing Member |
36099 |
1.17 |
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ii) NRI – Repatriable |
81271 |
2.63 |
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iii) Trust |
100 |
- |
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Total |
3090761 |
100.00 |
BUSINESS DETAILS
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Line of Business : |
Manufacturing of industrial pumps and spares |
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Products : |
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GENERAL INFORMATION
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Bankers : |
Bank of |
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Facilities : |
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Banking
Relations : |
-- |
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Auditors : |
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Name : |
A K Mehra and Company Chartered Accountant |
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Address : |
114, (Basement), |
CAPITAL STRUCTURE
AS ON 31.03.2010
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
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10000000 |
Equity Shares |
Rs.10/- each |
Rs.100.000 millions |
Issued and Subscribed Capital :
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No. of Shares |
Type |
Value |
Amount |
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3100061 |
Equity Shares |
Rs.10/- each |
Rs.31.000 millions |
Paid Up Capital :
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No. of Shares |
Type |
Value |
Amount |
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3090761 |
Equity Shares |
Rs.10/- each |
Rs.30.907 millions |
Of the above shares:
i)
60000 Shares were
allotted as fully paid up pursuant to clause 3 of articles of association of
the company, for consideration other than cash
ii)
11430 Shares were allotted
for consideration other than cash pursuant to the scheme of amalgamation
sanctioned by order of the High Court,
iii)
50 Shares were allotted
as fully paid up for consideration other than cash pursuant to the scheme of
amalgamation sanctioned by the order of High Court,
iv)
1121339 Shares were
allotted as fully paid up for cash
v)
1897942 Share were
allotted as fully paid up bonus shares by way of capitalization of General
Reserve of the company
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
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SOURCES OF FUNDS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
30.907 |
30.907 |
30.907 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
169.848 |
135.710 |
110.226 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
200.755 |
166.617 |
141.133 |
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LOAN FUNDS |
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1] Secured Loans |
161.497 |
118.353 |
62.150 |
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2] Unsecured Loans |
0.000 |
2.500 |
2.500 |
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TOTAL BORROWING |
161.497 |
120.853 |
64.650 |
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DEFERRED TAX LIABILITIES |
0.000 |
1.121 |
0.197 |
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TOTAL |
362.252 |
288.591 |
205.980 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
169.551 |
81.080 |
60.842 |
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Capital work-in-progress |
0.966 |
0.044 |
2.774 |
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INVESTMENT |
0.000 |
0.000 |
0.000 |
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DEFERREX TAX ASSETS |
0.768 |
0.000 |
0.000 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
130.760
|
128.334
|
108.833 |
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Sundry Debtors |
118.949
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91.126
|
98.148 |
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Cash & Bank Balances |
14.841
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15.728
|
6.771 |
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Other Current Assets |
0.048
|
0.099
|
0.117 |
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Loans & Advances |
39.334
|
64.546
|
31.474 |
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Total
Current Assets |
303.932
|
299.833
|
245.343 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Sundry Creditors |
43.021
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36.854
|
51.176 |
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Other Current Liabilities |
33.397
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24.674
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21.496 |
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Provisions |
36.547
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30.837
|
30.306 |
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Total
Current Liabilities |
112.965
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92.365
|
102.978 |
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Net Current Assets |
190.967
|
207.468
|
142.365 |
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MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
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TOTAL |
362.252 |
288.591 |
205.980 |
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PROFIT & LOSS
ACCOUNT
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PARTICULARS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
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SALES |
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Income |
514.470 |
521.828 |
422.712 |
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Other Income |
2.175 |
2.247 |
1.794 |
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TOTAL (A) |
516.645 |
524.075 |
424.506 |
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Less |
EXPENSES |
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Material |
184.738 |
196.248 |
147.674 |
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Employment |
118.771 |
114.619 |
100.079 |
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Operations |
125.513 |
137.112 |
111.068 |
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TOTAL (B) |
429.022 |
447.979 |
358.821 |
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Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
87.623 |
76.096 |
65.685 |
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Less |
FINANCIAL
EXPENSES (D) |
11.515 |
12.050 |
7.157 |
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PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
76.108 |
64.046 |
58.528 |
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Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
13.348 |
12.038 |
10.746 |
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PROFIT BEFORE
TAX (E-F) (G) |
62.760 |
52.008 |
47.782 |
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Less |
TAX (I) |
21.216 |
18.958 |
17.464 |
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PROFIT AFTER TAX
(G-I) (J) |
41.544 |
33.050 |
30.318 |
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Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
71.397 |
48.093 |
27.281 |
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Less |
APPROPRIATIONS |
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Transfer to General Reserve |
3.116 |
2.513 |
2.274 |
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Proposed Dividend |
6.181 |
6.181 |
6.181 |
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Tax on Dividend |
1.050 |
1.050 |
1.050 |
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BALANCE CARRIED
TO THE B/S |
102.593 |
71.397 |
48.093 |
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EARNINGS IN
FOREIGN CURRENCY |
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Export Earnings |
272.959 |
303.477 |
244.196 |
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Commission Earnings |
0.300 |
0.307 |
0.196 |
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TOTAL EARNINGS |
273.259 |
303.784 |
244.392 |
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IMPORTS |
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Raw Materials, Stores & Spares |
3.585 |
3.414 |
2.981 |
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Capital Goods |
4.651 |
5.494 |
0.016 |
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TOTAL IMPORTS |
8.236 |
8.908 |
2.997 |
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Earnings Per
Share (Rs.) |
13.44 |
10.69 |
-- |
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QUARTERLY RESULTS
|
PARTICULARS |
30.06.2010 |
30.09.2010 |
31.12.2010 |
|
Type |
1st
Quarter |
2nd
Quarter |
3rd
Quarter |
|
Sales Turnover |
123.350 |
169.240 |
155.560 |
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Total Expenditure |
104.030 |
138.550 |
126.520 |
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PBIDT (Excl
OI) |
19.320 |
30.690 |
29.040 |
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Other Income |
1.660 |
2.270 |
(1.210) |
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Operating
Profit |
20.980 |
32.960 |
27.830 |
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Interest |
2.720 |
2.860 |
3.440 |
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Exceptional
Items |
0.000 |
0.000 |
0.000 |
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PBDT |
18.260 |
30.100 |
24.390 |
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Depreciation |
3.390 |
3.540 |
4.210 |
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Profit Before
Tax |
14.860 |
26.560 |
20.180 |
|
Tax |
5.520 |
8.710 |
6.650 |
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Reported PAT |
9.340 |
17.850 |
13.530 |
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Extraordinary Items |
0.000 |
0.000 |
0.000 |
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Prior Period Expenses |
0.000 |
0.000 |
0.000 |
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Other Adjustments |
0.000 |
0.000 |
0.000 |
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Net Profit |
9.340 |
17.850 |
13.530 |
KEY RATIOS
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PARTICULARS |
|
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
PAT / Total Income |
(%) |
8.04
|
6.31
|
7.14 |
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Net Profit Margin (PBT/Sales) |
(%) |
12.19
|
9.97
|
11.30 |
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Return on Total Assets (PBT/Total Assets} |
(%) |
13.25
|
13.65
|
15.46 |
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Return on Investment (ROI) (PBT/Networth) |
|
0.31
|
0.31
|
0.34 |
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Debt Equity Ratio (Total Liability/Networth) |
|
1.37
|
0.55
|
0.73 |
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Current Ratio (Current Asset/Current Liability) |
|
2.69
|
3.25
|
2.38 |
LOCAL AGENCY FURTHER INFORMATION
Year in retrospect
The Company has achieved a total turnover of Rs.514.470 Millions
against Rs.524.075 Millions in the previous year. The decrease in turnover was
due to lower export sales of Rs.274.244 Millions as compared to Rs.304.447
Millions in the preceding year, which was mainly due to recessionary trend in
the International market. Domestic sale during the year was Rs.240.226 Millions
against Rs.217.382 Millions during the previous year. Warehouse cum Marketing
Office in
Outlook
The Company's operations are showing improvements. Indian Economy is on a growth path and investment in new projects / infrastructure development is expected to grow, which would result in increased opportunities for growth of the Company.
On the International front, economic conditions are showing
improvement. Continued acceptance of the Company's products in established
markets and the operations of Warehouse cum Marketing Offices in U. K. and
MANAGEMENT DISCUSSION
AND ANALYSIS
Overview
The Financial Statements of the Company have been prepared
in compliance with the requirement of the Companies Act, 1956 and Generally
Accepted Accounting Principles in
Financial performance
Revenue of Roto Pumps is generated principally from the sale of pumps and its spares Your Company has a rich heritage in manufacturing technology. The Company offers comprehensive range of progressive cavity (single screw and multiple screw) pumps for various applications.
Due to recessionary trends, particularly in International markets, your Company's revenue did not grow in 2009-10 and registered a turnover of Rs.516.645 Millions against Rs.524.075 Millions during the previous year.
The Company earned a profit after tax of Rs.41.544 Millions against Rs.33.050 Millions in 2008-09 and also recommended a dividend of 20% for 2009-10 (20% in 2008-09) involving total cash out flow of Rs.7.232 Millions.
Future Outlook
The Company's strength is its committed manpower and
in-house technology. Favorable trends in the Indian economy and the functioning
of operational Warehouse cum Marketing Offices in U. K. and Warehouse cum
Marketing Office in
FIXED ASSETS
v
v Factory Buildings
v Other Buildings
v Plant and Machinery
v Furniture, Fixtures and Office Equipments
v Computers
v Vehicles
v Capital Work in Progress
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 :
The market
survey revealed that the amount of compensation sought by the subject is fair
an
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.
The 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.45.27 |
|
|
1 |
Rs.72.94 |
|
Euro |
1 |
Rs.63.08 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
5 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
5 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
6 |
|
--PROFITABILIRY |
1~10 |
6 |
|
--LIQUIDITY |
1~10 |
6 |
|
--LEVERAGE |
1~10 |
5 |
|
--RESERVES |
1~10 |
6 |
|
--CREDIT LINES |
1~10 |
5 |
|
--MARGINS |
-5~5 |
-- |
|
DEMERIT POINTS |
|
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|
--BANK CHARGES |
YES/NO |
YES |
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--LITIGATION |
YES/NO |
NO |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
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--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
YES |
|
--AFFILIATION |
YES/NO |
NO |
|
--LISTED |
YES/NO |
YES |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
49 |
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.