MIRA INFORM REPORT
|
Report
Date : |
24.01.2007 |
IDENTIFICATION
DETAILS
|
Name : |
RESPONSIVE POLYMERS LIMITED |
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Formerly
Known As : |
SINHAL HOLDINGS LIMITED |
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Registered
Office : |
Village Betegaon, Boisar (East), Mahagaon Road, Taluka
Palghar, District Thane-401 501, Maharashtra |
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Country
: |
India |
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Financials
(as on) : |
30.06.3006 |
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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. Company’s
shares are listed on the Stock Exchanges. |
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Line
of Business : |
Manufacturers of PVC Resin, Stabiliser, Pigment, Plasticizers,
Media, etc. |
RATING & COMMENTS
|
MIRA’s
Rating : |
Ba |
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered
normal. Capable to meet normal commitments. |
Satisfactory |
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Maximum
Credit Limit : |
USD
650000 |
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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 and doing well. Trade relations are 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
|
Registered
Office / Factory : |
Village Betegaon, Boisar (East), Mahagaon Road, Taluka
Palghar, District Thane-401 501, 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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Website
: |
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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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Branches
: |
Eucharistc Congress Building No. 1, 5 Convent
Street, Colaba, Mumbai - 400 039, India |
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Tel.
No.: |
91-22-5656 2711 / 5656 2773 / 5656 2828 |
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Fax
No.: |
91-22-5656 2799 / 5656 2852 |
DIRECTORS
|
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 : |
Mr. Rajesh Pandey |
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Designation
: |
Director |
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Name : |
Mr. Ashok Jha |
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Designation
: |
Director |
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Name : |
Mr. Ramesh M Mistry |
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Designation
: |
Independent Non-Executive 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 |
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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 |
BUSINESS DETAILS
|
Line
of Business : |
Manufacturers of PVC Resin, Stabiliser, Pigment,
Plasticizers, Media, etc. |
MAJOR SHAREHOLDERS
|
Names
of Shareholders |
No. of Shares |
Percentage of Holding |
|
Promoters
|
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
: |
Singrodia Goyal & Company Chartered Accountants A-201,
Rajeshri Accord, Telly Cross Lane, Off. S. N. Road, Andheri (East),
Mumbai-400069 |
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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
|
SOURCES OF FUNDS |
30.06.3006 [15 Months] |
31.03.2005 [12 Months] |
31.03.2004 [12 Months] |
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|
SHAREHOLDERS
FUNDS |
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|
1] Share
Capital |
2.480 |
2.480 |
2.480 |
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2] Share
Application Money |
0.000 |
0.000 |
0.000 |
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3]
Reserves & Surplus |
161.246 |
0.490 |
0.000 |
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4]
(Accumulated Losses) |
0.000 |
0.000 |
(0.130) |
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NETWORTH
|
163.726 |
2.970 |
2.350 |
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|
LOAN
FUNDS |
|
|
|
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|
1]
Secured Loans |
5.731 |
0.000 |
0.000 |
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2]
Unsecured Loans |
0.000 |
0.000 |
0.000 |
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TOTAL
BORROWING
|
5.731 |
0.000 |
0.000 |
|
|
DEFERRED
TAX LIABILITIES |
14.564 |
0.000 |
0.000 |
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TOTAL
|
184.021 |
2.970 |
2.350 |
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APPLICATION OF FUNDS
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FIXED ASSETS [Net Block]
|
1828.945 |
0.000 |
0.000 |
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Capital work-in-progress
|
0.493 |
0.000 |
0.000 |
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INVESTMENT
|
15.234 |
2.692 |
2.042 |
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DEFERREX TAX ASSETS
|
0.000 |
0.000 |
0.000 |
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CURRENT ASSETS, LOANS & ADVANCES
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Inventories
|
109.414 |
0.000 |
0.000 |
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Sundry Debtors
|
111.639 |
0.000 |
0.000 |
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Cash & Bank Balances
|
19.316 |
0.586 |
0.414 |
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Other Current Assets
|
0.000 |
0.000 |
0.000 |
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Loans & Advances
|
61.914 |
1.322 |
1.322 |
Total Current Assets
|
302.283 |
1.908 |
1.736 |
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Less : CURRENT LIABILITIES & PROVISIONS
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Current Liabilities
|
1958.251 |
1.394 |
1.364 |
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Provisions
|
4.683 |
0.236 |
0.064 |
Total Current Liabilities
|
1962.934 |
1.630 |
1.428 |
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Net
Current Assets
|
[1660.651] |
0.278 |
0.308 |
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MISCELLANEOUS EXPENSES
|
0.000 |
0.000 |
0.000 |
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TOTAL
|
184.021 |
2.970 |
2.350 |
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PROFIT & LOSS ACCOUNT
|
PARTICULARS |
30.06.3006 [15 Months] |
31.03.2005 [12 Months] |
31.03.2004 [12 Months] |
Sales Turnover [including other income]
|
647.400 |
0.837 |
0.440 |
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|
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Profit/(Loss) Before Tax
|
179.939 |
0.793 |
(0.744) |
Provision for Taxation
|
19.014 |
0.032 |
0.014 |
Profit/(Loss) After Tax
|
160.925 |
0.761 |
(0.758) |
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Export Value
|
455.285 |
NA |
NA |
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Import Value
|
248.770 |
NA |
NA |
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Expenditure
|
467.461 |
0.044 |
1.185 |
QUARTERLY RESULTS
|
PARTICULARS |
|
|
30.09.2006 1st Floor |
|
Sales Turnover |
|
|
731.600 |
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Other Income |
|
|
02.300 |
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Total Income |
|
|
733.900 |
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Total Expenditure |
|
|
533.500 |
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Operating Profit |
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|
200.400 |
|
Interest |
|
|
00.500 |
|
Gross Profit |
|
|
199.900 |
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Depreciation |
|
|
45.100 |
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Tax |
|
|
04.800 |
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Reported PAT |
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|
135.000 |
200609
Quarter 1 –
Status of Investor Complaints for the quarter
ended September 30, 2006 Complaints Pending at the beginning of the quarter Nil
Complaints Received during the quarter Nil Complaints disposed off during the
quarter Nil Complaints unresolved at the end of the quarter Nil 1. The above
financial results were reviewed by the Audit Committee and has been approved
and taken on record by the Board of Directors in their meeting held on October
30, 2006. These results are subject to Limited Review by the Statutory Auditors
of the Company. 2(i) The Previous year ending of the Company for a period of 15
Months ended on June 30, 2006 and hence this is the first quarter of the
Current year (ii) Since manufacturing activities started only from April 01,
2006 and was reflected in only in last quarter of the previous period of 15
months, figures of the current quarter are not comparable to those of the
previous quarter. 3. Provision for Tax and Deferred Tax provided for the
quarter ended September 30, 2006 has been provided proportionately to the
estimated full years tax liability after taking effect of available tax
incentives. 4. The Company's operations fall under a single Segment namely PVC
Products. 5. These Accounts have been prepared in accordance with the
Accounting Standards Issued by ICAI. 6. The Figures are re-grouped, re-arranged
and re-casted wherever necessary.
KEY
RATIOS
|
PARTICULARS |
|
30.06.3006 [15 Months] |
31.03.2005 [12 Months] |
31.03.2004 [12 Months] |
PAT / Total Income
|
(%)
|
24.86 |
90.91
|
(172.27) |
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Net Profit Margin
(PBT/Sales) |
(%) |
27.79 |
94.74
|
(169.09) |
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Return on Total Assets
(PBT/Total
Assets} |
(%) |
8.44 |
41.56
|
(42.85) |
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Return on Investment (ROI)
(PBT/Networth) |
|
1.10 |
0.26
|
(0.31) |
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Debt Equity Ratio
(Total
Liability/Networth) |
|
12.02 |
0.54
|
0.60 |
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Current Ratio
(Current
Asset/Current Liability) |
|
0.15 |
1.17
|
1.21 |
STOCK PRICES
|
Face
Value |
Rs. 10.00 |
|
High |
Rs.
(0.01) |
|
Low |
Rs.
(0.01) |
LOCAL AGENCY FURTHER INFORMATION
FIXED ASSETS
- Land
- Factory Building
- Plant & Machinery
- Electric Installations
- Computers
- Furniture & Fixtures
- Office Equipments
- Weighing Scale
- Motor Car
- Motor Truck
OPERATIONS
During
the period, the Company has acquired a manufacturing unit located at Tarapur
manufacturing PVC Products for a lump sum consideration along with all assets
and liabilities with effect from 1st April 2006. The said
consideration will be settled against issue of redeemable non-convertible
preference shares of the Company.
Further,
the Company has during the last quarter acquired the assets of a sick unit
located at Tarapur with effect from 1st April 2006.. The part
consideration for the same has been paid by the Company in cash whereas the
Company shall be issuing redeemable non-convertible preference shares for the
balance amount. The total turnover of the Company during the period stood at
Rs.633.540 Millions alongwith Profit after Tax amounting to Rs. 160.925
Millions, which is not comparable with the figures of previous year, this being
the first year of operations in a new business activity segment.
DIRECTORS
In
accordance with the Section 255 & 256 of the Companies Act, 1956 read with
the Article of Articles of Association of the Company Mr. Santosh Shinde liable
to retires by rotations at ensuing Annual General Meeting and being eligible
for re-appointment.
During
the year under review Mr. Rajesh Pandey and Mr. Ashok Jha were appointed as
Additional Directors of the Company by the Board of Directors at their meeting
held 21st November, 2005. According to the Provision of the Section 260 of
Companies Act, 1956, read with the Article of Association of the Company, Mr.
Rajesh Pandey and Mr. Ashok Jha hold office of Directors up to the date of the
ensuing Annual General Meeting of the Company. The Notice have been received
from members as required by Section 257 of the Companies Act, 1956, signifying
their intention to propose the appointment of Mr. Rajesh Pandey and Mr. Ashok
Jha as the Directors of the Company liable to retire by rotation.
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
As Per Website
They consider their brand to be intensely human. Something that
is integrated with values and qualities. They consider their brand to be as
staunch as the cornerstone of virtues. Today Responsive Polymers Limited has
evolved from being just a product to a brand that reinstates its strength in
30,000 metric tones of International class PVC products. They pride their
selves in revolutionizing the Vinyl industry with continuous innovation and
support from state-of-the-art technology to deliver a superior range of
products that have helped them earn confidence in their consumers.
With a futuristic plant and research facilities
near Mumbai (formerly Bombay), India's commercial capital, Responsive Polymers
Limited is fast spreading its wings across the globe.
They take confidence in delivering and
maintaining the standard of the most innovative products in the polymer
industry, to meet the needs of their consumers. And their inspiration lies in
the unchartered territories of a bright and responsible future.
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.44.24 |
|
UK Pound |
1 |
Rs.86.95 |
|
Euro |
1 |
Rs.57.33 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP
CAPITAL |
1~10 |
6 |
|
OPERATING
SCALE |
1~10 |
6 |
|
FINANCIAL
CONDITION |
|
|
|
--BUSINESS
SCALE |
1~10 |
6 |
|
--PROFITABILIRY |
1~10 |
6 |
|
--LIQUIDITY |
1~10 |
6 |
|
--LEVERAGE |
1~10 |
6 |
|
--RESERVES |
1~10 |
6 |
|
--CREDIT
LINES |
1~10 |
6 |
|
--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 |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER
MERIT FACTORS |
YES/NO |
YES |
|
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
|
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 |
|
NR |
In view of the lack of information, we have no basis upon
which to recommend credit dealings |
No Rating |
|