MIRA INFORM REPORT
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Report Date : |
03.11.2006 |
IDENTIFICATION DETAILS
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Name : |
RESPONSIVE
POLYMERS LIMITED |
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Formerly Known As : |
SINHAL
HOLDINGS LIMITED |
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Registered Office : |
Betegaon,
Mahagaon Road, Boisar East, Taluka Palghar, District Thane – 401501,
Maharashtra, India |
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Country : |
India
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Financials (as on) : |
31.03.2005 |
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Date of Incorporation : |
13.07.1982 |
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Com. Reg. No.: |
11-27797 |
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CIN No.: [Company Identification No.] |
L99999MH1982PLC027797 |
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TAN No.: [Tax Deduction & Collection Account No.] |
MUMR14137E |
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PAN No.: [Permanent Account No.] |
AABCR9477N |
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Legal Form : |
A
Public Limited Liability company. |
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Line of Business : |
Manufacturers
of PVC Resin, Stabiliser, Pigment, Plasticizers, Media, etc. |
RATING & COMMENTS
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MIRA’s Rating : |
Ba |
RATING
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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 10000 |
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Status : |
Good |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
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Comments : |
Subject
is a well-established company having fine track. Directors are reported as
experienced, respectable and having satisfactory mean of their own. Their
trade relations are reported as fair. Financial position is satisfactory.
Payments are usually correct and as per commitments. The
company can be considered good for normal business dealings at usual trade
terms and conditions. |
LOCATIONS
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Registered Office : |
Betegaon,
Mahagaon Road, Boisar East, Taluka Palghar, District Thane – 401501, Maharashtra,
India |
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Tel. No.: |
91-22-22850055/66562727 |
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Fax No.: |
91-22-22885773 |
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Other Office : |
D/603, Building No. 10, Alica Nagar, Kandiv, Mumbai,
Maharashtra, India |
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Tel. No.: |
91-22-22850055 |
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Fax No.: |
91-22-22885773 |
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Factory: |
Betegaon,
Mahagaon Road, Boisar East, Taluka Palghar, District Thane – 401501,
Maharashtra, India |
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Tel. No.: |
91-22-22850055/66562727 |
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Fax No.: |
91-22-22885773 |
DIRECTORS
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Name : |
Mr.
Ashok Jha |
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Designation : |
Director |
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Name : |
Mr.
Lunkaran Kayal |
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Designation : |
Director |
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Name : |
Mr.
R. K. Pandey |
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Designation : |
Director |
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Name : |
Mr.
Santosh B Shinde |
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Designation : |
Director
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Address : |
Building
No. 5, Flat No. 19, S V Nagar, Navghar Road, Boisar (West), Palghar, Thane,
Maharashtra |
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Date of Birth/Age : |
12.04.1972 |
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Date of Appointment : |
01.10.1999 |
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Name : |
Ms.
Shinde S Vaishali |
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Designation : |
Director
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Address : |
Building
No. 5, Flat No. 19, S V Nagar, Navghar Road, Boisar (West), Palghar, Thane,
Maharashtra |
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Date of Birth/Age : |
07.02.1981 |
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Date of Appointment : |
14.03.2001 |
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Name : |
Mr.
Ramesh M Mistry |
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Designation : |
Director
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Address : |
3/1,
S V Nagar, Dhodi Pooja, Boisar, Taluka Palghar, Thane |
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Date of Birth/Age : |
25.08.1963 |
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Date of Appointment : |
14.03.2001 |
BUSINESS DETAILS
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Line of Business : |
Manufacturers
of PVC Resin, Stabiliser, Pigment, Plasticizers, Media, etc. |
MAJOR SHAREHOLDERS
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Names of Shareholders |
No. of Shares |
Percentage of Holding |
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Promoters
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152925 |
61.66 |
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Bodies
Corporate |
70675 |
28.50 |
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Indian
Public |
24400 |
9.84 |
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Total |
248000 |
100.00 |
GENERAL INFORMATION
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No. of Employees : |
150 |
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Bankers : |
ICICI
Bank Limited |
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Facilities : |
-- |
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Banking Relations : |
Satisfactory |
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Auditors : |
B. K. Kedia & Company Chartered Accountants |
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Address: |
B – 311, Yashwant Shooping
Center, Certer Road No. 7, Borivali (East), Mumbai - 400066 |
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Tel No.: |
91-22-26838220/26840378/26831645/28634654 |
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Fax No.: |
91-22-26837388/28634654 |
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E-Mail : |
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Associates/Subsidiaries
: |
Ř
Axiom Impex
International Limited Ř
Sintex Exports Limited
(Formerly, Axiom Impex Limited) Ř
Fairpoint Industries
Limited (Formerly, Responsive Industries Limited) Ř
Sun Plastochem Limited Ř
Earnest Exports
Limited Ř
Responsive Industries |
CAPITAL STRUCTURE
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
250000 |
Equity
Shares |
Rs. 10/-
Each |
Rs. 2.500 millions |
Issued, Subscribed
& Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
248000 |
Equity
Shares |
Rs. 10/-
Each |
Rs. 2.480 millions |
FINANCIAL
DATA
[all figures are in Rupees Millions]
ABRIDGED
BALANCE SHEET
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SOURCES OF FUNDS |
31.03.2005 |
31.03.2004 |
31.03.2003 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
2.480 |
2.480 |
0.633 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
0.490 |
0.000 |
134.914 |
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4] (Accumulated Losses) |
0.000 |
(0.130) |
0.000 |
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NETWORTH
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2.970 |
2.350 |
135.547 |
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LOAN FUNDS |
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1] Secured Loans |
0.000 |
0.000 |
-- |
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2] Unsecured Loans |
0.000 |
0.000 |
-- |
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TOTAL
BORROWING
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0.000 |
0.000 |
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DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.510 |
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TOTAL
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2.970 |
2.350 |
136.057 |
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APPLICATION OF FUNDS
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FIXED ASSETS [Net Block]
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0.000 |
0.000 |
10.292 |
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Capital work-in-progress
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0.000 |
0.000 |
0.000 |
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INVESTMENT
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2.692 |
2.042 |
0.000 |
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DEFERREX TAX ASSETS
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0.000 |
0.000 |
0.000 |
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CURRENT ASSETS, LOANS & ADVANCES
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Inventories
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0.000 |
0.000 |
47.539 |
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Sundry Debtors
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0.000 |
0.000 |
27.530 |
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Cash & Bank Balances
|
0.586 |
0.414 |
4.225 |
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Other Current Assets
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0.000 |
0.000 |
-- |
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Loans & Advances
|
1.322 |
1.322 |
139.002 |
Total Current Assets
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1.908 |
1.736 |
218.296 |
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Less : CURRENT LIABILITIES & PROVISIONS
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Current Liabilities
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1.394 |
1.364 |
92.578 |
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Provisions
|
0.236 |
0.064 |
-- |
Total Current Liabilities
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1.630 |
1.428 |
92.578 |
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Net Current
Assets
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0.278 |
0.308 |
125.718 |
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MISCELLANEOUS EXPENSES
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0.000 |
0.000 |
0.047 |
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TOTAL
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2.970 |
2.350 |
136.057 |
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PROFIT & LOSS ACCOUNT
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PARTICULARS |
31.03.2005 |
31.03.2004 |
31.03.2003 |
Sales Turnover [including other income]
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0.837 |
0.440 |
327.245 |
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Profit/(Loss) Before Tax
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0.793 |
(0.744) |
2.829 |
Provision for Taxation
|
0.032 |
0.014 |
0.785 |
Profit/(Loss) After Tax
|
0.761 |
(0.758) |
2.044 |
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Export Value
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NA |
NA |
160.795 |
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Import Value
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NA |
NA |
77.505 |
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Expenditure
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0.044 |
1.185 |
324.414 |
KEY RATIOS
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PARTICULARS |
|
31.03.2005 |
31.03.2004 |
31.03.2003 |
PAT / Total Income
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(%)
|
90.91
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(172.27) |
0.62 |
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Net Profit Margin
(PBT/Sales) |
(%) |
94.74
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(169.09) |
0.86 |
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Return on Total Assets
(PBT/Total Assets} |
(%) |
41.56
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(42.85) |
1.24 |
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Return on Investment (ROI)
(PBT/Networth) |
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0.26
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(0.31) |
0.02 |
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Debt Equity Ratio
(Total Liability/Networth) |
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0.54
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0.60 |
1.68 |
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Current Ratio
(Current Asset/Current
Liability) |
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1.17
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1.21 |
2.36 |
LOCAL AGENCY FURTHER INFORMATION
The
Company’s valuable Fixed Assets includes Factory Building, Plant and Machinery,
Computer, Furniture and Fixtures, Motor Car, Motor Truck.
Operation
The
directors have recommended a dividend Rs. 0.50 per equity shares on 2,48,000
equity share of Rs. 10/- Each aggregating to Rs. 0.124 Millions for the
financial year ended 31.03.2005 which if approved at the ensuing Annual General
Meeting will be paid to all those equity shareholders whose names appear in the
Register of Members as 24.09.2005
Trade References
Xatis International
Sterling House, 107, Sterling
Road,
London – NZZ 5BN
Fossebridge Limited
Roxburghe House, 273/287
Regent Street,
London – W1B 2HA
Brenzett Limited
8 Hinde Street,
London – W1U 3BE
CMT REPORT [Corruption, Money
laundering & Terrorism]
The
Public Notice information has been collected from various sources including but
not limited to: The Courts, India Prisons Service, Interpol, etc.
1] INFORMATION ON DESIGNATED PARTY
No records exist designating subject or any of its
beneficial owners, controlling shareholders or senior officers as terrorist or
terrorist organization or whom notice had been received that all financial
transactions involving their assets have been blocked or convicted, found
guilty or against whom a judgement or order had been entered in a proceedings
for violating money-laundering, anti-corruption or bribery or international
economic or anti-terrorism sanction laws or whose assets were seized, blocked,
frozen or ordered forfeited for violation of money laundering or international
anti-terrorism laws.
2] Court Declaration :
No records exist to suggest that subject is or was
the subject of any formal or informal allegations, prosecutions or other
official proceeding for making any prohibited payments or other improper
payments to government officials for engaging in prohibited transactions or
with designated parties.
3] Asset Declaration :
No records exist to suggest that the property or
assets of the subject are derived from criminal conduct or a prohibited
transaction.
4] Record on Financial Crime :
Charges or conviction registered
against subject: None
5] Records on Violation of Anti-Corruption Laws :
Charges or investigation registered
against subject: None
6] Records on Int’l Anti-Money Laundering Laws/Standards :
Charges or investigation registered
against subject: None
7] Criminal Records
No available information exist that suggest that
subject or any of its principals have been formally charged or convicted by a
competent governmental authority for any financial crime or under any formal
investigation by a competent government authority for any violation of
anti-corruption laws or international anti-money laundering laws or standard.
8] Affiliation with Government :
No record exists to suggest that any director or
indirect owners, controlling shareholders, director, officer or employee of the
company is a government official or a family member or close business associate
of a Government official.
9] Compensation Package :
Our market survey revealed that the amount of
compensation sought by the subject is fair and reasonable and comparable to
compensation paid to others for similar services.
10] Press Report :
No press reports /
filings exists on the subject.
CORPORATE GOVERNANCE
MIRA
INFORM as part of its Due Diligence do provide comments on Corporate Governance
to identify management and governance. These factors often have been predictive
and in some cases have created vulnerabilities to credit deterioration.
Our
Governance Assessment focuses principally on the interactions between a
company’s management, its Board of Directors, Shareholders and other financial
stakeholders.
CONTRAVENTION
Subject
is not known to have contravened any existing local laws, regulations or
policies that prohibit, restrict or otherwise affect the terms and conditions
that could be included in the agreement with the subject.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US
Dollar |
1 |
Rs.45.16 |
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UK
Pound |
1 |
Rs.85.99 |
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Euro |
1 |
Rs.57.92 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
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PAID-UP
CAPITAL |
1~10 |
6 |
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OPERATING
SCALE |
1~10 |
6 |
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FINANCIAL
CONDITION |
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|
--BUSINESS
SCALE |
1~10 |
6 |
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--PROFITABILIRY |
1~10 |
6 |
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--LIQUIDITY |
1~10 |
6 |
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--LEVERAGE |
1~10 |
6 |
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--RESERVES |
1~10 |
6 |
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--CREDIT
LINES |
1~10 |
6 |
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--MARGINS |
-5~5 |
-- |
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DEMERIT
POINTS |
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--BANK
CHARGES |
YES/NO |
YES |
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--LITIGATION |
YES/NO |
NO |
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--OTHER
ADVERSE INFORMATION |
YES/NO |
NO |
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MERIT
POINTS |
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--SOLE
DISTRIBUTORSHIP |
YES/NO |
NO |
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--EXPORT
ACTIVITIES |
YES/NO |
NO |
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--AFFILIATION |
YES/NO |
YES |
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--LISTED |
YES/NO |
NO |
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--OTHER
MERIT FACTORS |
YES/NO |
YES |
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TOTAL |
|
54 |
This score serves as a reference to assess SC’s credit risk and to set
the amount of credit to be extended. It is calculated from a composite of
weighted scores obtained from each of the major sections of this report. The
assessed factors and their relative weights (as indicated through %) are as
follows:
Financial condition (40%) Ownership background (20%) Payment record (10%)
Credit history (10%) Market trend (10%) Operational size
(10%)
RATING EXPLANATIONS
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RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
>86 |
Aaa |
Possesses
an extremely sound financial base with the strongest capability for timely
payment of interest and principal sums |
Unlimited |
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71-85 |
Aa |
Possesses
adequate working capital. No caution needed for credit transaction. It has
above average (strong) capability for payment of interest and principal sums |
Large |
|
56-70 |
A |
Financial
& operational base are regarded healthy. General unfavourable factors
will not cause fatal effect. Satisfactory capability for payment of interest
and principal sums |
Fairly Large |
|
41-55 |
Ba |
Overall
operation is considered normal. Capable to meet normal commitments. |
Satisfactory |
|
26-40 |
B |
Unfavourable
& favourable factors carry similar weight in credit consideration.
Capability to overcome financial difficulties seems comparatively below
average/normal. |
Small |
|
11-25 |
Ca |
Adverse
factors are apparent. Repayment of interest and principal sums in default or
expected to be in default upon maturity |
Limited with full
security |
|
<10 |
C |
Absolute
credit risk exists. Caution needed to be exercised |
Credit not recommended |
|
NR |
In
view of the lack of information, we have no basis upon which to recommend
credit dealings |
No Rating |
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