MIRA
INFORM REPORT
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Report Date : |
16.03.2011 |
IDENTIFICATION DETAILS
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Name : |
ROTOMAC INDUSTRIES PRIVATE LIMITED |
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Registered
Office : |
D-4, Panki Industrial Estate, Site 1, Kanpur-208022, Uttar Pradesh |
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Country : |
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Financials (as
on) : |
31.03.2010 |
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Date of
Incorporation : |
12.08.1988 |
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Com. Reg. No.: |
20-009933 |
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CIN No.: [Company Identification
No.] |
U29111UP1988PTC009933 |
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TAN No.: [Tax Deduction & Collection
Account No.] |
KNPR01578D |
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PAN No.: [Permanent Account No.] |
AAACR6626C |
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Legal Form : |
Private Limited Liability Company. |
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Line of Business
: |
Manufactures of progressive cavity pumps. |
RATING & COMMENTS
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MIRA’s Rating : |
Ba (45) |
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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 48000 |
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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. 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) |
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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 : |
D-4, Panki Industrial Estate, Site 1, Kanpur-208022, |
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Tel. No.: |
91-512-2691704 / 705 |
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Fax No.: |
91-512-2691706 |
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E-Mail : |
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Website : |
DIRECTORS
As on 30.09.2010
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Name : |
Mr. Rameshwar Prasad Gupta |
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Designation : |
Managing Director |
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Address : |
7/188, Swaroop Nagar, Kanpur-208002, |
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Date of Birth/Age : |
04.09.1935 |
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Date of Appointment : |
12.08.1988 |
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DIN No.: |
00394221 |
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Name : |
Mr. Atul Gupta |
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Designation : |
Managing Director |
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Address : |
7/188, Swaroop Nagar, Kanpur-208002, |
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Date of Birth/Age : |
23.12.1963 |
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Date of Appointment : |
12.08.1988 |
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DIN No.: |
00394113 |
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Name : |
Mrs. Kusum Gupta |
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Designation : |
Director |
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Address : |
7/188, Swaroop Nagar, Kanpur-208002, |
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Date of Birth/Age : |
14.11.1939 |
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Date of Appointment : |
12.08.1988 |
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DIN No.: |
00394056 |
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Name : |
Mrs. Anu Gupta |
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Designation : |
Whole Time Director |
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Address : |
7/188, Swaroop Nagar, Kanpur-208002, |
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Date of Birth/Age : |
25.09.1965 |
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Date of Appointment : |
18.04.1998 |
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DIN No.: |
00394145 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 30.09.2010
|
Names of Shareholders |
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No. of Shares |
|
Rameshwar Prasad Gupta |
|
81000 |
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Atul Gupta |
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20000 |
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Kusum Gupta |
|
34400 |
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Anu Gupta |
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15000 |
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Archana Gupta |
|
3400 |
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Rameshwar Prasad Gupta HUF, |
|
10000 |
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Anupama Sethi |
|
1200 |
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Abhai Gupta |
|
5000 |
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Total |
|
170000 |
Equity Share Breakup (Percentage of Total Equity)
As on 30.09.2010
|
Category |
Percentage |
|
Directors or relatives of Directors |
100.00 |
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Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufactures of progressive cavity pumps. |
GENERAL INFORMATION
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Bankers : |
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Facilities : |
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Banking
Relations : |
-- |
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Auditors : |
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Name : |
A Kay Mehra and Company Chartered Accountant |
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Address : |
120/128, Lajpat Nagar, Kanpur-208005, |
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Tel. No.: |
91-512-2240909 |
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Mobile No.: |
91-9336115713 |
CAPITAL STRUCTURE
As on 31.03.2010
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
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|
250000 |
Equity Shares |
Rs. 10/- each |
Rs. 2.500 Millions |
|
250000 |
Unclassified Shares |
Rs. 10/- each |
Rs. 2.500 Millions |
|
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Total |
|
Rs. 5.000
Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
170000 |
Equity Shares |
Rs. 10/-
each |
Rs. 1.700
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 |
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|
|
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1] Share Capital |
1.700 |
1.700 |
1.700 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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|
3] Reserves & Surplus |
10.286 |
8.170 |
6.617 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
11.986 |
9.870 |
8.317 |
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LOAN FUNDS |
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|
1] Secured Loans |
14.392 |
10.064 |
8.781 |
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2] Unsecured Loans |
5.326 |
2.896 |
2.699 |
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TOTAL BORROWING |
19.718 |
12.960 |
11.480 |
|
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DEFERRED TAX LIABILITIES |
0.000 |
0.956 |
0.131 |
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TOTAL |
31.704 |
23.786 |
19.928 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
15.265 |
15.858 |
15.433 |
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Capital work-in-progress |
0.000 |
0.000 |
0.000 |
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INVESTMENT |
3.500 |
0.000 |
0.000 |
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DEFERREX TAX ASSETS |
1.161 |
0.000 |
0.000 |
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CURRENT ASSETS, LOANS & ADVANCES |
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|
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Inventories |
11.846
|
10.304 |
9.758 |
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Sundry Debtors |
4.368
|
7.222 |
5.054 |
|
|
Cash & Bank Balances |
0.321
|
0.889 |
0.667 |
|
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Other Current Assets |
0.000
|
0.000 |
0.000 |
|
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Loans & Advances |
4.830
|
3.068 |
2.527 |
|
Total
Current Assets |
21.365
|
21.483 |
18.006 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
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|
Sundry Creditors |
3.970
|
6.170 |
7.063 |
|
|
Other Current Liabilities |
2.215
|
2.759 |
3.426 |
|
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Provisions |
3.402
|
4.626 |
3.022 |
|
Total
Current Liabilities |
9.587
|
13.555 |
13.511 |
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Net Current Assets |
11.778
|
7.928 |
4.495 |
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MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
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TOTAL |
31.704 |
23.786 |
19.928 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
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SALES |
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|
44.640 |
51.743 |
53.491 |
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Other Income |
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TOTAL (A) |
44.640 |
51.743 |
53.491 |
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Less |
EXPENSES |
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Office Expenses |
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Administrative Expenses |
|
44.609 |
48.473 |
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Advertising Expenses |
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TOTAL (B) |
40.771 |
44.609 |
48.473 |
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Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
3.869 |
7.134 |
5.018 |
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Less |
FINANCIAL
EXPENSES (D) |
0.756 |
0.834 |
1.124 |
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PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
3.113 |
6.300 |
3.894 |
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Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
2.939 |
3.203 |
1.941 |
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PROFIT BEFORE
TAX (E-F) (G) |
0.174 |
3.097 |
1.953 |
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Less |
TAX (H) |
0.173 |
1.545 |
0.904 |
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PROFIT AFTER TAX
(G-H) (I) |
[0.001] |
1.552 |
1.049 |
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Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
-- |
-- |
0.015 |
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Add |
Excess Provision
for Gratuity, Investment Allowance Reserve, Bonus ands DT Written back |
2.117 |
0.000 |
0.064 |
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Less |
APPROPRIATIONS |
|
|
|
|
|
|
|
Transfer to General Reserve |
0.000 |
1.500 |
1.100 |
|
|
BALANCE CARRIED TO
THE B/S |
2.116 |
0.052 |
0.028 |
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|
Earnings Per
Share (Rs.) |
[0.01] |
-- |
-- |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
PAT / Total Income |
(%) |
0.00
|
2.99 |
1.96 |
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|
Return on Total Assets (PBT/Total Assets} |
(%) |
0.48
|
8.29 |
5.84 |
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Return on Investment (ROI) (PBT/Networth) |
|
0.01
|
0.31 |
0.23 |
|
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|
Debt Equity Ratio (Total Liability/Networth) |
|
2.44
|
2.69 |
3.00 |
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|
Current Ratio (Current Asset/Current Liability) |
|
2.23
|
1.58 |
1.33 |
LOCAL AGENCY FURTHER INFORMATION
Operations:
The turnover of the company during the year declined from Rs. 51.743
Millions to Rs. 44.640 Millions due to general industrial slowdown. The Net
Profit during the year sharply declined to Rs. 0.174 Million in the current
year as against Rs. 3.097 Millions in the preceeding year. With the industrial
recession settling down, the Management expects the company to turn out
improved performance in the current year.
Bankers Charges
Report as per Registry
|
This form is for |
Modification of
charge |
|
Charge
identification number of the modified |
90269448 |
|
Corporate
identity number of the company |
U29111UP1988PTC009933 |
|
Name of the
company |
ROTOMAC INDUSTRIES PRIVATE LIMITED |
|
Address of the
registered office or of the principal place of business in |
D-4, Panki Industrial Estate, Site 1, Kanpur-208022, |
|
Type of charge |
Movable Property |
|
Particular of
charge holder |
Bank of |
|
Nature of
description of the instrument creating or modifying the charge |
i)
Supplemental
Agreement of Hypothecation of Stocks (L-481) ii)
General
Counter Guarantee and indemnity covering several guarantee (LG-12) iii)
Supplemental
Deed of hypothecation (L-500) |
|
Date of
instrument Creating the charge |
13.10.2007 |
|
Amount secured by
the charge |
Rs 5.000 Millions |
|
Brief particulars
of the principal terms an conditions and extent and operation of the charge |
Rate of Interest i)
On
Cash Credit - @ 0.25% below BPLR with a minimum of 13.00% p.a with monthly rests or at such other rate(s) as
may be notified by the bank to the borrower form time to time ii)
On
Bank Guarantee- @ 3.25% over BPLR with a minimum of 16.50% p.a. with monthly
rests or at such other rate(s) as may be notified by the Bank to the borrower
form time to time Terms of
Repayment Cash Credit-
Repayable on demand Margin 25% Extent and
Operation of the charge The company’s
properties as mentioned hereunder are hypothecated to secure following credit
facilities granted by the bank to the borrower:
Total : Rs. 5.000 Millions |
|
Short particulars
of the property charged |
Hypothecation of all
tangible movable assets of the borrower in particular all stocks of raw
materials. E.g. steel bars, sheets, rods, stocks in process, semi-finished goods, finished
goods e.g. single screw helical pumps, electri motors dies and moulds etc.
situated at the borrower’s premises godsons and wherever else and / or in
transit. |
|
Date of latest
modification prior to the present modification |
01.06.2005 |
|
Particulars of
the present modification |
Cash credit (Stocks)
Limit has been enhanced from Rs. 2.500 Millions to Rs 4.500 Millions and Bank
Guarantee limit has been enhanced from Rs. 0.300 Million to Rs. 0.500
Million. Therefore, total amount of charge secured against hypothecation of
stocks etc. has been enhanced from Rs. 2.800 Million to Rs. 5.000 Millions |
Fixed Assets:
·
·
Building
·
Plant and Machinery
·
Electric Installation
·
Computer
·
Quality Control Equipments
·
Air Conditioner
·
Office Equipments
·
Furniture and Fixtures
·
Dye Moulds, Pattern, Jigs and Fixtures
·
Car
·
Motor Cycle and Scooter
As per website
Company Profile:
ROTOMAC Pumps was established in the year 1967 by
it's founder Mr.Ram Ratan Gupta.
Mr.Ram Ratan Gupta, a coal mine owner, was fascinated by the battery of
progressive cavity pumps deployed in his mines. He was intrigued by the
complex profile of the rotor and the stator, at the same time he was also
frustrated by the recurring problems he had to face in importing these spares
as there were no manufacturers in
"I
can produce these rotor and stators" he said to himself
ingenuinely, and soon he perfected his own method of generating the complex
profile of the rotor and stator. News of this technological breakthrough
reached the mining community who turned to him to source these critical spares.
The transition from the vital components to complete pumps was a logical
step and thus ROTOMAC was born.
MANUFACTURING BASE
ROTOMAC Pumps factory is situated in the industrial
city of Kanpur, in the state of U.P. (INDIA), about 440 Km (275 miles)
south-east of New Delhi and takes 5 Hours by Rail or 40 minutes by Air.
The factory is built on 5,000 sq.mtr. land area, having total cover area of
3000 m2 having all infra-structural facilities such as air, water,
150 KVA electric power connection and 130 KVA diesel generating sets for
uninterrupted power supply.
MACHINE SHOP
State of the art modern machine shop houses CNC SPM's for Rotor
machining, Milling centres, Centre lathes, Radial drilling machines, vertical
boring machines, horizontal boring machines, shapers, long thread milling
machines etc.
They have the in-house polymer plant for manufacturing of stators and
have machines like Open roll mixing mill, Hydraulic presses, Extruders, Steam
Boilers, Autoclaves etc.
They also have the in-house hard chrome plating plant for surface
treatment of the rotors and shafts.
PATTERN SHOP and TOOL ROOM
They have the own tool room to manufacture the complex steel cores for
the stators, jigs and fixtures for better productivity levels and pattern shop
for making of wooden or aluminum patterns required for casting purpose.
RESEARCH, DESIGN and DEVELOPMENT
They have a team of qualified design engineers headed by a design
manager who is overall responsible for continuous improvement in design
modifications to upgrade the efficiency of the pumps. Prototypes are
tested under simulated conditions and finally improved and accepted to go
on production line.
They maintain the leadership by constantly upgrading the technology as
well as expanding the product range. The latest acquisition of AUTOCAD-2000
workstation ensures all drawing and designing parameters virtually free from
errors.
POLICY
TO ACHIEV TOTAL CUSTOMER SATISFACTION BY CONSISTENTLY PRODUCING AND SUPPLYING
DEFECT FREE PRODUCTS ON TIME AND EVERY TIME THROUGH THE UNITED EFFORTS OF ALL
EMPLOYEES AND CONTINUAL IMPROVEMENT OF THE QUALITY SYSTEM.
OBJECTIVES
·
To implement ISO:9001:2000 standard by July
2003.
·
To minimise number of defects per piece indicated
by customers’ inspection authority.
·
To minimise delivery date variance.
·
To achive zero defect in fabrication, machining,
hard chrome plating and rubber moulding of components by December 2003.
·
To improve processes and methods to increase
productivity upto 10% by December 2003.
·
To enter export market by December 2003.
·
To minimise the delay in after sales service.
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.45.27 |
|
|
1 |
Rs.72.95 |
|
Euro |
1 |
Rs.63.08 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
6 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
5 |
|
--PROFITABILIRY |
1~10 |
3 |
|
--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 |
|
45 |
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.