MIRA INFORM REPORT
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Report Date : |
24.02.2007 |
IDENTIFICATION DETAILS
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Name : |
RESPONSIVE
LIMITED |
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Formerly Known As : |
KRISHNA
VINYLS LIMITED |
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Registered Office : |
Gate No. 114 & 120,
Betagaon, Mahagaon Road, Near Gaushala, Boisar (East), Taluka Palghar,
District Thane - 401 501, 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 : |
11.11.1985 |
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Com. Reg. No.: |
11-38047 |
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CIN No.: [Company Identification No.] |
U24100MH1985PLC038047 |
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Legal Form : |
A
closely held public limited liability company |
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Line of Business : |
Manufacture, Produce, Refine, Process, Formulate, Buy, Sell, Import,
Export or otherwise deal in all types of Heavy & Light Chemicals,
Chemicals Elements & Compounds. |
RATING & COMMENTS
|
MIRA’s Rating : |
C |
RATING
|
STATUS |
PROPOSED CREDIT LINE |
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|
<10 |
C |
Absolute credit risk
exists. Caution needed to be exercised |
Credit not recommended |
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Maximum Credit Limit : |
-- |
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Status : |
Sick Company |
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Payment Behaviour : |
Delayed |
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Litigation : |
Exist |
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Comments : |
The
company is Sick Unit. It’s ways and means position are difficult. Payments
are delayed. The company can be considered for any business dealings on safe
and secured trade terms and conditions.
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LOCATIONS
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Registered Office : |
Gate No. 114 & 120,
Betagaon, Mahagaon Road, Near Gaushala, Boisar (East), Taluka Palghar,
District Thane - 401 501, Maharashtra, India. |
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Tel. No.: |
91-2525-271297 / 98 /
271881/284950/284951 |
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Fax No.: |
91-2525-271882 /
271180/284252 |
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E-Mail : |
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Website : |
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Head Office : |
Eucharistic Congress Building No. 1, 5, Convent Street, Colaba,
Mumbai - 400 039, Maharashtra, India |
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Tel. No.: |
91-22-22850055 |
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Fax No.: |
91-22-22825472 |
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E-Mail : |
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Liaison Office : |
Eucharistic Congress Building No. 1, 5, Convent Street, Colaba,
Mumbai - 400 039, Maharashtra, India |
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Tel. No.: |
91-22-22850055 |
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Fax No.: |
91-22-22825472 |
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E-Mail : |
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Factory 1 : |
Gate No. 114 & 120,
Betagaon, Mahagaon Road, Near Gaushala, Boisar (East), Taluka Palghar,
District Thane - 401 501, Maharashtra, India. |
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Tel. No.: |
91-2525-271297 / 98 /
271881 |
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Fax No.: |
91-2525-271882 / 271180 |
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E-Mail : |
DIRECTORS
|
Name : |
Mr.
S K Agarwal |
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Designation : |
Managing
Director |
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Name : |
Mr.
K K Agarwal |
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Designation : |
Director
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Name : |
Ms.
Leena Thakkar |
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Designation : |
Director
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Name : |
Mr.
M S R Srinivasa |
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Designation : |
Director
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Name : |
Mr.
R K Agarwal |
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Designation : |
Director
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Name : |
Mr.
R K Agarwal |
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Designation : |
Director
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Name : |
Mr.
O P Agarwal |
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Designation : |
Director
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Name : |
Mr.
S G Agarwal |
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Designation : |
Director
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Name : |
Mr.
Ajay Khatlawala |
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Designation : |
Director
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Name : |
Mr.
S M Pathak |
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Designation : |
Director
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Name : |
Mr.
Mahesh Gandhi |
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Designation : |
Director
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Name : |
Mr.
Mohan M Jaykar |
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Designation : |
Director
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Name : |
Mr.
Anupam Srivastava |
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Designation : |
Director
– Nominee (IDBI) |
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Name : |
Mr.
Siby Antony |
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Designation : |
Director
– Nominee (IDBI) |
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Name : |
Mr.
K Madhavkumar |
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Designation : |
Director
– Nominee (UTI) |
MAJOR SHAREHOLDERS
|
Names of Shareholders |
|
No. of Shares |
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|
|
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|
Mr. Satyanarayan Agarwal |
|
140,290 |
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Mr. Omprakash Agarwal |
|
149,990 |
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Mr. Santosh Agarwal |
|
141,700 |
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Mr. Krishnakumar Agarwal |
|
141,210 |
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Mrs. Shantidevi Agarwal |
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1,41,700 |
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Mrs. Radhabai Agarwal |
|
141,700 |
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UTI |
|
1,100,000 |
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IDBI |
|
1,100,000 |
|
Krishna Filaments Limited |
|
910,200 |
|
Daewoo Corporation |
|
1,430,000 |
|
Nishita Capital Services
Limited |
|
3,87,000 |
BUSINESS DETAILS
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Line of Business : |
Manufacture, Produce, Refine, Process, Formulate, Buy, Sell, Import,
Export or otherwise deal in all types of Heavy & Light Chemicals,
Chemicals Elements & Compounds. |
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Products : |
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Imports from : |
Europe
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Terms : |
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Purchasing : |
L/C
terms |
PRODUCTION STATUS
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Particulars |
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Installed Capacity |
Actual Production |
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PVC
Films, Leather Cloth, Pvc Rolls, PVC Flooring |
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|
22,000 |
5,828.18 |
|
Di
Octyl Pthylate |
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|
3,000 |
1573.16 |
GENERAL INFORMATION
|
Suppliers: |
v A. Chemicals, v
Aquatreat Chemicals v IAryavart Chemicals Private
Limited v Jms Stretehtex Private Limited. v Kalpataru Organic Private Limited. v LalHhachem Industries Private
Limited v Machinograph Co. v MakweU PlastWsers Private Limited. v
Modem Chemicals & Plastic v
Monghwara Instruments v Neil Knitting Private Limited. v
RealHydrofitiCo. v Reliable Industries v Sharp Knives v Subray Catal Chem Private. Limited |
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No. of Employees : |
Around
600 |
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Bankers : |
h
State Bank of India,
World Trade Centre, Mumbai – 400 005, Maharashtra h
Dena Bank, Maker
Tower, Mumbai – 400 005, Maharashtra h
Karnataka Bank
Limited, Maharshi Karve Road, Mumbai – 400 021, Maharashtra h
SIAM Commercial Bank
Public Company Limited, 86, Maker Chambers VI, Mumbai – 400 021, Maharashtra h
Corporation Bank,
Earnest House, Mumbai - 400 021 |
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Facilities |
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Banking Relations : |
Unknown
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Auditors : |
Haribhakti & Company Chartered Accountants 42, Free Press House, 4th
Floor, 215, Nariman Point, Mumbai - 400 021,
Maharashtra, India |
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Tel. No.: |
91-22-22871099/56391101/22871806 |
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Fax. No.: |
91-22-22856237 |
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E-Mail.: |
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Website.: |
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Associates : |
Ř
Krishna Filaments
Limited Ř
Krishna Capital
Services Limited Ř
Krishna Organochem
Limited |
CAPITAL STRUCTURE
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
10,000,000 |
Equity Shares |
Rs. 10/- |
100.000 |
|
500,000 |
Preference Shares |
Rs. 100/- |
50.000 |
Issued, Subscribed
& Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
9,725,600 |
Equity Shares |
Rs. 10/- |
97.256 |
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Total
|
|
97.256 |
FINANCIAL
DATA
[all figures are in Rupees Millions]
ABRIDGED
BALANCE SHEET
|
SOURCES OF FUNDS |
31.03.2005 |
31.03.2004 |
31.03.2003 |
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|
SHAREHOLDERS FUNDS |
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|
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1] Share Capital |
97.300 |
97.300 |
97.300 |
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2] (Accumulated Losses) |
(1450.100) |
(1130.000) |
(823.000) |
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NETWORTH
|
(1352.800) |
(1032.700) |
(725.700) |
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LOAN FUNDS |
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|
1] Secured Loans |
828.600 |
828.000 |
838.300 |
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2] Unsecured Loans |
35.400 |
36.600 |
39.100 |
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TOTAL
BORROWING
|
864.000 |
864.600 |
877.400 |
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TOTAL
|
(488.800) |
(168.100) |
151.700 |
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APPLICATION OF FUNDS
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FIXED ASSETS [Net Block]
|
341.400 |
438.600 |
547.800 |
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Capital work-in-progress
|
0.000 |
0.000 |
0.000 |
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INVESTMENT
|
0.200 |
0.700 |
0.700 |
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CURRENT ASSETS, LOANS & ADVANCES
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Inventories
|
29.300
|
25.800
|
26.800 |
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Sundry Debtors
|
56.400
|
56.700
|
86.300 |
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Cash & Bank Balances
|
20.600
|
9.900
|
7.600 |
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Loans & Advances
|
63.800
|
52.000
|
39.100 |
Total Current Assets
|
170.100
|
144.400
|
159.800 |
|
Less : CURRENT LIABILITIES & PROVISIONS
|
|
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Current Liabilities
|
982.100
|
734.300
|
540.500 |
|
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Provisions
|
20.200
|
20.700
|
20.700 |
Total Current Liabilities
|
1002.300
|
755.000
|
561.200 |
|
Net Current
Assets
|
(832.200)
|
(610.600)
|
(401.400) |
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MISCELLANEOUS EXPENSES
|
1.800 |
3.200 |
4.600 |
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TOTAL
|
(488.800) |
(168.100) |
151.700 |
|
PROFIT & LOSS ACCOUNT
|
PARTICULARS |
31.03.2005 |
31.03.2004 |
31.03.2003 |
Sales Turnover [including other income]
|
571.300 |
404.200 |
869.100 |
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|
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|
Profit/(Loss) Before Tax
|
(320.100) |
(307.000) |
(411.400) |
Provision for Taxation
|
0.000 |
0.000 |
0.000 |
Profit/(Loss) After Tax
|
(320.100) |
(307.000) |
(411.400) |
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Export Value
|
NA |
NA |
155.478 |
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Import Value
|
NA |
NA |
6.478 |
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Total Expenditure
|
582.700 |
609.800 |
1280.481 |
KEY RATIOS
|
PARTICULARS |
31.03.2005 |
31.03.2004 |
31.03.2003 |
|
Debt Equity Ratio |
0.00 |
0.00 |
0.00 |
|
Long Term Debt Equity Ratio |
0.00 |
0.00 |
0.00 |
|
Current Ratio |
0.18 |
0.23 |
0.38 |
|
TURNOVER RATIOS |
|
|
|
|
Fixed Asset Ratio |
0.49 |
0.30 |
0.50 |
|
Inventory |
20.83 |
13.55 |
11.51 |
|
Debtors |
10.15 |
4.98 |
9.79 |
|
Interest Cover Ratio |
(0.57) |
(0.69) |
(0.63) |
|
Operating Profit Margin (%) |
(2.42) |
(6.71) |
(0.24) |
|
Profit Before Interest and
Tax Margin (%) |
(20.23) |
(35.17) |
(18.10) |
|
Cash Profit Margin (%) |
(37.96) |
(57.70) |
(28.97) |
|
Adjusted Net Profit Margin
(%) |
(55.77) |
(86.16) |
(46.82) |
|
Return on Capital Employed
(%) |
(34.05) |
566.97 |
(31.01) |
|
Return on Net Worth (%) |
(26.61) |
34.53 |
51.75 |
LOCAL AGENCY FURTHER INFORMATION
HISTORY
The
company was incorporated on 11th November, 1985 at Mumbai in
Maharashtra under the name and style “Anita Chemical Industries Private
Limited” and was changed into Krishna Daewoo Limited with effect from 10th
October, 1994. Again the company
changed its name to Krishna Vinyls Limited with effect from 28th
April, 1995.
The
company shifted its Registered Office from Eucharistic Congress Building No.
II, 5, Convent Street, Colaba, Mumbai - 400 039 to Gate No. 114 & 120,
Betegaon Village, Boisar (East), Taluka Palghar, District Thane, Maharashtra.
OPERATIONS
During
the year under consideration, in spite of various unfavorable conditions and
severe liquidity crunch, the Company has achieved a sales of Rs.543.864 Millions
compared to the sales of Rs.355.990 Millions in the previous accounting year.
The Directors are hopeful to achieve better results in the coming years, as the
market price of the major raw materials are expected to soften in the national
/ international market. The Directors are taking all measures to control the
cost and trying their best to explore the depth of market with the help of the
better product development / quality control and market exploration. The
Directors are hopeful of complete revival in the near future with the help of
the appropriate rehabilitation package to be sanctioned by Hon'ble BIFR.
|
Particulars |
31.03.2005 |
|
Contingent
Liabilities Bank
Guarantees |
0.898 |
|
Claims
against the company not acknowledged as debt Disputed Income Tax Liability |
1245.613 |
Profile
When
it comes to truly International Class PVC Products, the name Krishna Vinyls
Limited (KVL) is matchless in its category. KVL has revolutionized the Vinyl
Industry with the use of advanced technology and a high level of quality
control.
An
annual production capacity of 30,000 metric tonnes makes KVL the largest
producer of PVC products in the country and Backward Integration in raw
materials ensures uniform and consistent quality products.
Committed
to excellence and with a vision to be the leading producer of PVC products in
the world, KVL is poised for a quantum leap into the next millennium.
Products :
Vinyl
Floorings
Endura
Unique and Endura Classic are flexible homogeneous vinyl floorings
manufactured in accordance with international standards BSEN 649, ASTM, BS 476.
The Krishna Floor range excels in Spread of Flame test, Colour Fastness test,
Thermal Conductivity, Chemical Resistance and all other tests specified by the
governing standards.
Specially
designed to resist electrostatic build up, ENDURASTAT is the ideal floor
covering for areas like operation theatres, computer rooms, telephone
exchanges, electronic manufacturing units and other electric sensitive areas.
This range is available as Endura Anti Static, Endura
Static Dispersive and
Endura Conductive.
Endura
Stud is heavy duty homogeneous
flooring with anti skid properties.
EDC
Elegant Designer Collection, printed
flooring range in unique designs and color combinations.
Natural
Collection high performance heavy
duty flooring in Rock, Marble, granite and wood design.
High
grade Rigid PVC Film used for packaging in various industries. Rigid PVC Film
range contains Non toxic film for food and pharmaceutical industry, High
Impact thermoforming grade, Stationary grade
This
product finds uses in various applications that touch day to day life. Flexible
PVC sheeting range contains Opaque Sheeting, Printed Film, Clear Transparent
Film.
Commonly referred to as artificial leather, is one of
the largest selling KVL products. Leather Cloth is available as Sponge
Leather, Un-foamed Leather and Coated Leather.
Mission
Statement
''To maximise customer satisfaction by manufacturing
innovation products, to international quality standards. Through the latest
technology. While maintaining the environment as a socially responsible
corporate citizen."
When it comes to truly International Class PVC
Products, the name Responsive
LIMITED (Responsive) is
matchless in its category. Responsive
has revolutionized the Vinyl Industry with the use of advanced technology and a
high level of Quality Control.
An annual production capacity of 30,000
metric tons makes Responsive the
largest producer of PVC products in the country and Backward Integration in raw
materials ensures uniform and consistent quality products.
Committed to excellence and with a vision to be the leading producer of PVC
products in the world, Responsive
is poised for a quantum leap in to the new millennium.
The
company’s fixed assets of important value include freehold land, leasehold
land, factory building, plant & machinery, electrical installation and
furniture & fixtures.
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 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.44.28 |
|
UK
Pound |
1 |
Rs.86.64 |
|
Euro |
1 |
Rs.58.10 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
2 |
|
PAID-UP CAPITAL |
1~10 |
1 |
|
OPERATING SCALE |
1~10 |
1 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
1 |
|
--PROFITABILIRY |
1~10 |
-- |
|
--LIQUIDITY |
1~10 |
1 |
|
--LEVERAGE |
1~10 |
1 |
|
--RESERVES |
1~10 |
-- |
|
--CREDIT LINES |
1~10 |
-- |
|
--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 |
|
7 |
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
|
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 |
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 |