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Company Information

Home » Market » Company Information

Roto Pumps Ltd.

Oct 14
337.10 -0.65 ( -0.19 %)
 
VOLUME : 32923
Prev. Close 337.75
Open Price 337.75
TODAY'S LOW / HIGH
333.00
 
 
 
350.00
Bid PRICE (QTY.) 0.00 (0)
Offer PRICE (Qty.) 0.00 (0)
52 WK LOW / HIGH
96.25
 
 
 
365.00
Roto Pumps Ltd. is not traded in NSE
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Market Cap. ( ₹ ) 520.95 Cr. P/BV 5.04 Book Value ( ₹ ) 66.84
52 Week High/Low ( ₹ ) 365/96 FV/ML 2/1 P/E(X) 28.42
Bookclosure 29/09/2021 TTM EPS ( ₹ ) 11.88 Div Yield (%) 0.52
NOTES TO ACCOUNTS
You can view the entire text of Notes to accounts of the company for the latest year
Year End :2018-03 

Company Overview

Roto Pumps Limited referred to as “RPL” or “the Company” was incorporated on 31st July 1975. RPL is an enterprise listed on the BSE Ltd. The company is engaged in manufacturing of screw pumps and parts of pumps. The Company’s products include progressive cavity pumps (PCP), twin screw pumps (TSP) and retrofit parts. The Company’s products serve across section of industries including infrastructure, oli and gas, power, mining, paper and pulp which form critical part of economy

1 FIRST-TIME ADOPTION OF Ind AS:

These are the Company’s first financial statements prepared in accordance with Ind AS.The Company has adopted Indian Accounting Standards (Ind AS) notified by the Ministry of Corporate Affairs with effect from 1st April, 2017, with a transition date of 1st April, 2016. Ind AS 101 - First time adoption of Indian Accounting Standards requires that all Ind AS’s and interpretations that are issued an effective for the first Ind AS financial statements which is for the year ended 31st March, 2018 for the Company, be applied retrospectively and consistently for all financial years presented. Set out below are the Ind AS 101 optional exemptions availed as applicable and mandatory exceptions applied in the transition from previous GAAP to Ind AS.

Optional Exemptions availed:

(a) Deemed Cost

The Company has elected to continue with the carrying value for all of its property, plant and equipment and Intangible assets as recognized in the financial statement as at 31.03.2016, measured as per the previous GAAP and use that as its deemed cost as at the transition date.

(b) Investments in subsidiaries and joint ventures

The Company has elected to continue with the carrying amount of investment as recognized in the financial statement as at 31.03.2016, measured as per the previous GAAP and used that as its deemed cost as at the transition date.

(c) Foreign Currency Monetary items

In terms of Para D13AA of Ind AS 101, the Company may continue to account for foreign exchange differences relating to long term foreign currency monetary items as per previous IGAAP. The Company has elected to apply the same.

(d) Designation of previously recognized financial instruments

The Company has elected to designate investments in equity instruments (other than equity instrument in subsidiaries and joint ventures) at fair value through other comprehensive income on the basis of the facts and circumstances at the date of transition to Ind AS.

Applicable Mandatory Exceptions

(a) Estimates

An entity’s estimates in accordance with Ind AS at the date of transition to Ind AS shall be consistent with estimates made for the same date in accordance with previous GAAP (after adjustments to reflect any difference in accounting policies).

Ind AS estimates as at 1 April 2016 are consistent with the estimates as at the same date made in conformity with previous GAAP. The Company made estimates for following items in accordance with Ind AS at the date of transition as these were not required under previous GAAP:

(i) Impairment of financial assets based on expected credit loss model.

(b) Derecognition of financial assets and financial liabilities

Ind AS 101 requires a first time adopter to apply the derecognition provisions of Ind AS 109 prospectively for transactions occurring on or after the date of transition to Ind AS. However, Ind AS 101 allows the first time adopter to apply the derecognition requirement in Ind AS 109 retrospectively from the date to the entities choosing, provided that the information needed to apply Ind AS 109 to financial assets and financial liabilities to de-recognized as a result of past transactions was obtained at the time of initially accounting for those transactions. The Company has elected to apply the de-recognition provision of Ind AS 109 prospectively from the date of transition to Ind AS.

(c) Classification and measurement of financial assets

As required under Ind AS 101 the Company has assessed the classification and measurement of financial assets on the basis of the facts and circumstances that exist at the date of transition to Ind AS. Where practicable, measurement of financial assets accounted at amortized cost has been done retrospectively.

(d) Impairment of Financial Assets

Ind AS 101 requires an entity to apply the Ind AS requirements retrospectively if it is practicable without undue cost and effort to determine the credit risk that debt financial instruments where initially recognized. The company has measured impairment losses on financial assets as on the date of transition i.e. 1st April, 2016 in view of cost and effort.

Transition to Ind AS - Reconciliations

The following reconciliations provide a quantification of the effect of significant differences arising from the transition from previous GAAP to Ind AS as required under Ind AS 101:

(i) Reconciliation of Balance sheet as at 1st April, 2016 (Transition Date);

(ii) Reconciliation of Balance sheet as at 31st March, 2017;

(iii) Reconciliation of Total Comprehensive Income for the year ended 31st March, 2017;

(iv) Reconciliation of Total Equity as at 1st April, 2016 and as at 31st March, 2017;

(v) Adjustments to Cash Flow Statements as at 31st March, 2017

The presentation requirements under previous GAAP differs from Ind AS, and hence, previous GAAP information has been regrouped for ease of reconciliation with Ind AS. The re-grouped previous GAAP information is derived from the Financial Statements of the Company prepared in accordance with previous GAAP

v) Adjustment to the Cash Flow Statement as at 31st March 2017

The Ind AS adjustments are non cash adjustments. Consequently, Ind AS adoption has no impact on the net cash flow for the year ended 31st March, 2017 as compared with the previous GAAP.

Additional Notes to the Reconcilation:

A) Investment Property

Under previous GAAP, there was no requirement to present investment property separately and the same was included under non - current investments and measured at cost less provision for diminution other than temporary.

Under Ind AS, investment property is required to be presented separately in the balance sheet.

B) Derivative Contract

Under previous GAAP, in respect of derivative contracts such as forward exchange contracts, premium/discount arising at the inception of the forward exchange contract to hedge foreign currency risks, were amortized as expense or income over the life of the contract. Exchange differences on such forward exchange contracts were recognized in the Statement of Profit and Loss.

Under Ind AS, all derivative contracts are measured at fair value through profit and loss.

C) Reasurement of Defined Benefit Liabilities

Under previous GAAP, actuarial gains and losses were recognized in profit or loss.

Under Ind AS, the actuarial gains and losses form part of remeasurement of the net defined benefit liability/asset which is recognized in other comprehensive income.

Consequently, the tax effect of the same has also been recognized in other comprehensive income under Ind AS instead of profit or loss.

D) Trade Receivables

Under previous GAAP, the Company had recognized provision on trade receivables based on the expectation of the Company.

Under Ind AS the Company provides loss allowance on receivables based on the Expected Credit Loss (ECL) model which is measured following the ""simplified approach"" at an amount equal to the lifetime ECL at each reporting date.

E) Deferred Tax

Under previous GAAP, deferred tax accounting was done using the income statement approach, which focuses on differences between taxable profits and accounting profits for the period.

Under Ind AS, accounting of deferred taxes is done using the Balance sheet approach, which focuses on temporary differences between the carrying amount of an asset or liability in the balance sheet and its tax base.

F) Proposed Dividend

Under previous GAAP, dividends on equity shares recommended by the board of directors after the end of the reporting period but before the financial statements were approved for issue were recognized in the financial statements as a liability.

Under Ind AS, such dividends are recognized when declared by the members in a general meeting.

G) Government Grants

The Company had received Government grant against a capital asset in the year 1995. Under previous GAAP the same was accounted for in Capital Reserve.

Under Ind AS, the grant needs to be recognized as deferred income over the useful life of the capital asset. As the useful life of the capital asset has expired on the date of transition, the same has been written off to Retained Earnings.

H) Other Comprehensive Income

Under previous GAAP, there was no concept of other comprehensive income.

Under Ind AS specified items of income, expense, gains or losses are required to be presented in other comprehensive income.

i) The average credit period for collection is 90 days.

ii) No trade or other receivable are due from directors either severally or jointly with any other person.

iii) Trade receivable includes Rs. 59,304,059 (As at 31st March, 2017: Rs. 72,147,476,As at 1stApril, 2016: Rs. 36,017,778 ), receivable from subsidiaries incorporated out side India.

iv) Information about credit risk and market risk of trade receivables refer Note No 39

2.1 During the period from 1st April 2016 to 31st March 2017 & 31st March 2018 there is no Changes in Number of Shares oustanding at the end of the reporting period in comparison to number of Shares Oustanding at the beginning of the reporting period.

2.2 Application Money on 9,300 Equity Shares @ Rs. 10/- per Share alongwith premium @ Rs. 45/- per share aggregating to Rs. 5,11,500/- allotted on 11.11.1994 has not yet been dispatched and realised as the same was paid by an applicant through a forged stock invest which has been dishonoured by the bankers. During the Financial year 2014-2015 the Face Value of Shares is divided into Rs 2/- per Share from Rs 10/- per Share each.

i) SECURITIES PREMIUM

Securities reserve is used to record the Premium on issue of shares. This reserve is utilized in accordance with the provisions of the Act.

ii) GENERAL RESERVE

The general reserve is used from time to time to transfer profits from retained earnings for appropriations purposes. As the general reserve is created by a transfer from one component of equity to another and is not an item of other comprehensive income, items included in the general reserve will not be reclassified subsequently to profit or loss.

iii) OTHER COMREHENSIVE INCOME

These are actuarial gains/ losses on employee benefit obligations.

iv) DIVIDEND

The Company paid the dividend of Rs. 0.40 per Share in (2017-2018) and 0.20 per Share in (2016-2017) for face value of Rs. 2/- per Share

3.1 Current Year Term Loan from bank Rs. 1,43,83,885 (USD 2,22,971.40) {As at 31st March, 2017 Rs. 7,18,63,682 (USD 11,14,857.00)}, {As at 1st April, 2016 : Rs. 13,20,03,528 (USD 20,06,742.20)} includes Rs. 66,891 {As at 31st March, 2017 Rs. (4,15,293), (As at 1st April 2016 Rs. 1,07,97,733) on account of Foreign Exchange Difference against FCNR term Loan availed from Citi Bank. Out of the Total Outstanding FCNR term Loan Rs. 1,43,83,885 (USD 2,22,971.40) {As at 31st March 2017: Rs.5,74,90,946 (USD 891885.60)}, {As at 1st April, 2016 : Rs. 5,86,68,235 (USD 891885.60)} is shown in Current Liabilities for Long term Borrowings and Rs. NIL {March 2017: Rs.1,43,72,736 (USD 222971.40)}, {As at 1st April, 2016 : Rs. 7,33,35,293 (USD 1114857.00)} is shown in Long Term Borrowings for Greater Noida Project which is Secured by:-

a) Sole Charge on assets funded under FCNR Term Loan.

b) First exclusive charge on immovable property Land and Building located at Plot no 31, Ecotech -XII,Greater Noida, U.P 17.2

3.2 Terms of Repayment:

a) FCNR Term Loan from Citi bank is repayable in 16 equal quarterly instalments of USD 2,22,971.40 out of which 15 equal quarterly Instalments has been paid till March’18

b) Term Loans from others consists of vehicle loans repayable in 36 monthly equal installments.

4.1 BANK OF INDIA

The working Capital loans are secured against hypothecation of stocks and book debts on Pari Passu basis with Citi Bank & IndusInd Bank and guaranteed by the Chairman and Managing Director, Dy. Mananging Director and Marketing Director as well as collaterly secured by:

a) Equitable Mortgage of Immovable Factory Building, located at Roto House, 14 NSEZ, Noida on Pari Passu basis with IndusInd Bank.

b) Equitable Mortgage of Immovable Factory land and building located at B-14, Phase-II, Extension, Noida on Pari Passu basis with IndusInd Bank.

c) Hypothecation of plant & machinery exclusively charged to Bank of India.

Citi Bank

a) Hypothecation on the stocks and book debts of the company on Pari Passu basis with Bank of India & IndusInd Bank.

b) Equitable mortagage of Immovable property Land and Building located at Plot No :-31, Ecotech-XII, Greater Noida, U.P IndusInd Bank

a) Equitable Mortagage over the Immovable Factory Building situated at Roto House ,13 NSEZ , Noida as well as Land and Building situated at B-14, Hosiery Complex, Noida on Pari Passu basis with Bank of India.

b) Hypothecation charge on all Stock and book Debts of the company on Pari Passu basis with Bank of India & Citi Bank.

5.1 Other payable includes Rs.2,65,29,424 for Capital liability (As at 31st March, 2017: Rs.15,58,483, As at 1st April, 2016: Rs.91,39,081), and Rs.85,99,107 on account of advance from (As at 31st March , 2017 : Rs. 68,28,944, As at 1st April , 2016 : Rs.57,20,195) customers and balance on account of other expenses payable.

The amount of sales during the current financial year is inclusive of excise duty amounting to Rs 55,80,368 till 30th June 2018 and Rs 4,32,36,786 during the year 2016-2017 . However, w.e.f 1st July, 2017 on introduction of Goods and Service Tax (GST), Central Excise, Value Added Tax etc. have been subsumed into GST. In accordance with the Accounting Standard-18 Revenue Recognition and Schedule III of the Companies Act 2013, unlike Excise Duties, Levies like GST, VAT etc. are not part of Revenue therefore the sales amount is net of GST.

5.2 Commitments

a) Capital Commitments

Estimated amount of contracts remaining to be executed on capital account and not provided for Rs. 30,03,205 as at 31st March 2018 (As at 31st March 2017 : Rs Nil , As at 1st April 2016 : Rs Nil)

b) Financial Guarantee

Term Deposits with Bank of India, Janpath Branch amounting to Rs 60,32,362/- (As at 31st March 2017 : Rs.16,02,356/- , As at 1st April 2016 Rs.33,07,350) and Term Deposit with Indusind Bank ,Barakhamba Road Branch amounting to Rs 46,56,715/-(As at 31st March 2017: Rs 29,33,016/-, As at 1st April 2016 Rs 23,99,044/-) are pledged with Bank of India & IndusInd Bank as Margin on Bank Guarantees, Letter of Credit and Foreign biils purchased by them.

Term Deposits with Citi Bank, Barakhamba branch amounting to Rs 90,84,386/-is pledged as Security with Goods & Service Tax Department.

6 The Company being engaged in the business of Engineering manufacturing, the provision of Section 186 of the Companies Act, 2013 are not applicable and accordingly, disclosure of details with respect to Loan given, guarantee given,security and investment made during the financial year 2017-2018 & 2016-2017 in terms of Section 186(4) of the Act is not applicable.

7 Capital Management

The Company’s policy is to maintain a strong capital base so as to ensure that the Company is able to continue as going concern to sustain future development of the business. The capital structure of the Company is based on management’s judgement of its strategic and day-to-day needs with a focus on total equity so as to maintain investor, creditors and market conditions. The policy is also adjusted based on underlying macro-economic factors affecting business environment, financial and market conditions. Its guiding Principles are as below:-

i) Maintenance of financial strength to ensure the highest ratings;

ii) Ensure financial flexibility and diversify sources at financing;

iii) Manage Company exposure in forex to mitigate risks to earnings;

iv) Leverage optimally in order to maximum shareholders returns while maintaining strength and flexibility of the balance sheet.

The fair values of the financial assets and liabilities are defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. Methods and assumptions used to estimate the fair values are consistent with those used for the year ended 31st March, 2017.

The financial instruments are categorized into three levels based on the inputs used to arrive at fair value measurements as described below:

Level 1: Level 1 hierarchy includes financial instruments measured using quoted prices.

Level 2: The fair value of financial instruments that are not traded in an active market is determined using valuation techniques which maximize the use of observable market data and rely as little as possible on entity-specific estimates. If all significant inputs required to fair value an instrument are observable, the instrument is included in level 2. In the case of Derivative contracts, the Company has valued the same using the forward exchange rate as at the reporting date.

Level 3: If one or more of the significant inputs is not based on observable market data, the instrument is included in level 3.

b) Calculation of fair values:

i) Financial assets and liabilities measured at fair value as at Balance Sheet date:

The fair values of the derivative financial instruments has been determined using valuation techniques with market observable inputs. The models incorporate various inputs including the credit quality of counter-parties and foreign exchange forward rates.

ii) Other financial assets and liabilities:-

-Cash and cash equivalents, trade receivables, other financial assets (except derivative financial instruments), trade payables, and other financial liabilities (except derivative financial instruments) have fair values that approximate to their carrying amounts due to their short-term nature.

-Loans have fair values that approximate to their carrying amounts as it is based on the net present value of the anticipated future cash flows using rates currently available for debt on similar terms, credit risk and remaining maturities.

8 Financial Risk Management

Risk Management framework and policies

The Company’s business activities are exposed to a variety of financial risks, namely liquidity risk, market risks and credit risk. The Company’s senior management has the overall responsibility for establishing and governing the Company’s risk management framework. The Company has constituted a Risk Management Committee, which is responsible for developing and monitoring the Company’s risk management policies. The Company’s risk management policies are established to identify and analyze the risks faced by the Company, to set and monitor appropriate risk limits and controls, periodically review the changes in market conditions and reflect the changes in the policy accordingly. The key risks and mitigating actions are also placed before the Audit Committee of the Company.

The Company has exposure to the following risks arising from financial instruments:

A) Credit Risk

B) Liquidity Risk

C) Market Risk

D) Interest Rate Risk

The table below explains the sources of risk which the entity is exposed to and how the entity manages the risk and the impact in the financial statements:-

A) Credit Risk

Credit risk refers to the risk that a counter party will default on its contractual obligations resulting in financial loss to the Company. Credit Risk arises from credit exposures from customers, cash and cash equivalent with banks, security deposits and loans.

The Company’s exposure to credit risk is influenced mainly by the individual characteristics of each customer. The demographics of the customer and including the default risk of the industry, also has an influence on credit risk assessment. Credit risk is managed through credit approvals, establishing credit limits and continuously monitoring the creditworthiness of customers to which the Company grants credit terms in the normal course of business.The Company uses an allowance matrix to measure the expected credit losses of trade receivables.The loss rates are computed using a ‘roll rate’ method based on the probability of receivable progressing through successive stages of delinquency to write off.

The following table provides information about the exposure to credit risk and ECLs for trade receivables:

Other than trade and other receivables, the Company has no other financial assets that are past due but not impaired.

The derivative contracts are entered into with scheduled banks which have good credit ratings.

B) Liquidity Risk

Liquidity Risk is the risk that a company could encounter if it faces difficulty in meeting the obligations associated with financial liabilities by delivering cash and other financial asset or the risk that the Company will face difficulty in raising financial resources required to full fill its commitments.The Company’s exposure to liquidity risk is very minimal as it has a prudent liquidity risk management process in place which ensures maintaining adequate cash and marketable securities to pay its liabilities when they are due.To ensure continuity of funding, the Company manages liquidity risk by maintaining adequate reserves, banking facilities and reserve borrowing facilities , by continuously monitoring forecast and actual cash flows and matching the maturity profiles of financial assets and liabilities.

C) Market Risk

The Company operates internationally and a major portion of the business is transacted in several currencies. Consequently the company is exposed to foreign exchange risk through its sales and services in the US and elsewhere, and purchases from the overseas suppliers in various foreign currencies. The Company holds derivative financial instruments such as foreign exchange forward contract to mitigate the risk of changes in exchange rates on foreign currency exposure. The exchange rate between rupee and foreign currency has changed substantially in recent years and may fluctuate substantially in future. Consequently ,the results of the Company’s operation are adversely affected as the rupee appreciates/ depreciates against these currencies.

Foreign Currency sensitivity

The sensitivity of profit or loss to changes in the exchange rate arises mainly from foreign currency denominated financial instruments. The sensitivity to variations in respect of major currencies is given below.This analysis assumes that all other variables remain constant.

The Company, in accordance with its risk management policies and procedures, enters into foreign currency forward contracts to manage its exposure in foreign exchange rate variations. The counter party is generally a bank. These contracts are for a period between one day and one year. The above sensitivity does not include the impact of foreign currency forward contracts which largely mitigate the risk.

Forward Foreign Exchange Contracts

The Company has entered into short term Forward Exchange Contracts, being derivative instruments for hedge purposes and not intended for trading or speculation purposes, to establish the amount of currency in Indian Rupees required or available at the settlement date of certain receivables. For the fair value (Marked to Market) of foreign currency derivative contracts outstanding refer Note no. 22

D) Interest Rate Risk

Interest Rate risk can be the cash flow interest rate risk.Cash flow interest rate risk is the risk that the future cash flows of floating interest bearing instruments will fluctuate because of fluctuations in market interest rates.

Mr. Vijoy Kumar had resigned w.e.f 9th February, 2017 and Mr. Basant Seth was appointed in casual vacancy w.e.f 12th May, 2017.

9.1 Relatives of Key Managerial Personnel Mr. H. C. Gupta HUF

Mr. H. C. Gupta, Chairman & Managing Director of the Company is the Karta of H. C. Gupta HUF and the Company had taken on lease for Camp Office from H. C. Gupta HUF Upto Sept 16 and paid Rs. 27,56,000/- towards rent for the year 2016-2017.

10 Employees Benefit

a) Defined Contribution Plan

Contribution to Defined Contribution Plan, recognised are charged off for the year are as under:

b) Defined Benefit Plan

The present value of the defined benefit obligations and related current service cost were measured using the Projected unit credit method, with actuarial valuation being carried out at each Balance Sheet date.

11 CSR Expenditure

a) Gross amount required to be spent by the Company during the FY 2017-2018 is Rs 11,02,000/- (Previous Year Rs 12,00,000/-)

b) Amount spent during the period

Note:Expenses of Foreign Branch includes Capital goods (net of sales) installed and used at Foreign Branch Rs.17,23,029/-(Prev. Year Rs.13,62,917/-) and Consumption of Consumable Stores of Rs 7,26,974/- ( Prev.Year Rs 3,45,095/-)

12 Remittance in foreign currency towards Dividend for 2016-2017 to Ms. Debra Pauly, U.K. of Rs.1,52,800/- on 382000 Equity Shares (Previous Year Rs.76,400/-)

Note: Imported Consumables includes Rs.7,26,974/- (Previous Year Rs.3,45,095/-) consumption at foreign branches.

13 The Company’s operations predominantly comprises of only one segment- Pumps & Spares, therefore operationaly segment reporting does not apply.

14 The Board of Directors of the company at its meeting held on May 30, 2018, inter alia, has recommended a dividend of Rs 0.40 per equity shares on 15453805 equity Shares of Par value Rs. 2/- each.

15 Previous Year’s figures have been re-grouped/re-arranged wherever necessary to render them comparable with the current year’s figures.

16 Figures have been rounded off to the nearest rupee.