MIRA INFORM REPORT

 

 

Report Date :

25.03.2011

 

IDENTIFICATION DETAILS

 

Name :

RESPONSIVE INDUSTRIES LIMITED

 

 

Registered Office :

Betegaon, Mahagaon Road, Boisar East, Taluka Palghar, Dist. Thane, Betegaon – 401501, Maharashtra

 

 

Country :

India

 

 

Financials (as on) :

31.03.2010

 

 

Date of Incorporation :

13.07.1982

 

 

Com. Reg. No.:

027797

 

 

CIN No.:

[Company Identification No.]

L99999MH1982PLC027797

 

 

TAN No.:

[Tax Deduction & Collection Account No.]

MUMS40483C

 

 

PAN No.:

[Permanent Account No.]

AABCS5068A

 

 

Legal Form :

A closely held Public Limited Liability Company, the companies shares are listed on this stock exchange.

 

 

Line of Business :

Manufacturer, Exporter and Importer of Floorings, PVC Products. 

 

 

RATING & COMMENTS

 

MIRA’s Rating :

A (62)

 

RATING

STATUS

PROPOSED CREDIT LINE

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

 

Maximum Credit Limit :

USD 9400000

 

 

Status :

Good

 

 

Payment Behaviour :

Regular

 

 

Litigation :

Clear

 

 

Comments :

Subject is a well established and a reputed company having fine track. Financial position of the company appears to be sound. Trade relations are reported as fair. Business is active. Payments are reported to be regular and as per commitments.

 

The company can be considered normal for business dealings at usual trade terms and conditions.

 

NOTES :

Any query related to this report can be made on e-mail : infodept@mirainform.com while quoting report number, name and date.

 

 

INFORMATION PARTED BY

 

Name :

Mr. Kabra

Designation :

Tax Manager

Date :

16.03.2011

 

 

LOCATIONS

 

Registered Office :

Betegaon, Mahagaon Road, Boisar East, Taluka Palghar, Dist. Thane, Betegaon – 401501, Maharashtra, India

Tel. No.:

91-22-66562890

Fax No.:

91-22-66562798 / 99

E-Mail :

responseoll@gmail.com

tax@reponsiveindustries.com

Website :

www.responsiveindustries.com

Location :

Owned

Corporate Office / Administrative Office :

Eucharistc Congress Building No.1, 5 Convent Street, Colaba, Mumbai – 400001, Maharashtra, India

Tel. No.:

91-22-66562704/27

Fax No.:

91-22-66562798/99

E-Mail :

enquiry@reponsiveindustries.com

Website :

www.responsiveindustries.com

Location :

Owned

 

 

DIRECTORS

 

Name :

Mr. Rajesh Pandey

Designation :

Director

 

 

Name :

Mr. Santosh Shinde

Designation :

Director

 

 

Name :

Ms. Swati Agarwal

Designation :

Director

 

 

Name :

Mr. Ajit Agarwal

Designation :

Chairman and Whole time Director

 

 

Name :

Mr. Athit Agarwal

Designation :

Director

 

 

Name :

Mr. S. S. Thakur

Designation :

Director

 

 

Name :

Mr. Akhil Hirani

Designation :

Director

 

 

Name :

Mr. V. K. Chopra

Designation :

Director

 

 

KEY EXECUTIVES

 

Name :

Ms. Archana Ghogare

Designation :

Personal Assistance Director

 

 

Name :

Mr. V Padmavathi

Designation :

Company Secretary

 

 

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

 

AS ON 31.12.2010

 

Names of Shareholders

No. of Shares

Percentage of Holding

 

 

 

(A) Shareholding of Promoter and Promoter Group

 

 

(1) Indian

 

 

Individuals / Hindu Undivided Family

3,562,340

1.36

Bodies Corporate

152,437,970

58.26

Sub Total

156,000,310

59.62

(2) Foreign

 

 

Total shareholding of Promoter and Promoter Group (A)

156,000,310

59.62

(B) Public Shareholding

 

 

(1) Institutions

 

 

Financial Institutions / Banks

1,400,000

0.54

Foreign Institutional Investors

11,469,980

4.38

Sub Total

12,869,980

4.92

(2) Non-Institutions

 

 

Bodies Corporate

101,915

0.04

Individuals

 

 

Individual shareholders holding nominal share capital up to Rs. 0.100 Million

79,483

0.03

Individual shareholders holding nominal share capital in excess of Rs. 0.100 Million

254,390

0.10

Any Others (Specify)

92,338,922

35.29

Clearing Members

15,960

0.01

Overseas Corporate Bodies

92,322,902

35.29

Non Resident Indians

60

-

Sub Total

92,774,710

35.46

Total Public shareholding (B)

105,644,690

40.38

Total (A)+(B)

261,645,000

100.00

 

 

BUSINESS DETAILS

 

Line of Business :

Manufacturer, Exporter and Importer of Floorings, PVC Products. 

 

 

Exports :

 

Products :

PVC Products

Countries :
  • Europe
  • Middle East

 

 

Imports :

 

Products :

Raw Material

Countries :

South Korea

 

 

Terms :

 

Selling :

L/C

 

 

Purchasing :

L/C

 

 

GENERAL INFORMATION

 

Customers :

Industries

 

 

No. of Employees :

500 [In Office : 180; In Factory : 320] Approximately

 

 

Bankers :
  • State Bank of India, Overseas Branch
  • HDFC Bank, Colaba

 

 

 

Banking Relations :

--

 

 

Auditors :

 

Name :

Haribhakti and Company

Chartered Accountant

 

 

Associates/Subsidiaries :

Exim Cottage

 

 

CAPITAL STRUCTURE

 

AS ON 10.09.2010

 

Authorised Capital :

No. of Shares

Type

Value

Amount

420000000

Equity Shares

Rs.1/- each

Rs. 420.000 Millions

 

 

 

 

 

Issued, Subscribed & Paid-up Capital :

No. of Shares

Type

Value

Amount

261645000

Equity Shares

Rs.1/- each

Rs. 261.645 Millions

 

 

 

FINANCIAL DATA

[all figures are in Rupees Millions]

 

 

ABRIDGED BALANCE SHEET

 

SOURCES OF FUNDS

 

31.03.2010

31.03.2009

31.03.2008

SHAREHOLDERS FUNDS

 

 

 

1] Share Capital

247.900

247.900

402.900

2] Share Application Money

760.200

0.000

0.000

3] Reserves & Surplus

1332.100

979.600

596.800

4] (Accumulated Losses)

0.000

0.000

0.000

NETWORTH

2340.200

1227.500

999.700

LOAN FUNDS

 

 

 

1] Secured Loans

464.400

15.800

17.400

2] Unsecured Loans

1718.400

700.000

775.400

TOTAL BORROWING

2182.800

715.800

792.800

DEFERRED TAX LIABILITIES

0.000

78.900

71.400

 

 

 

 

TOTAL

4523.000

2022.200

1863.900

 

 

 

 

APPLICATION OF FUNDS

 

 

 

 

 

 

 

FIXED ASSETS [Net Block]

2075.200

1699.000

1829.000

Capital work-in-progress

1212.000

138.500

79.300

 

 

 

 

INVESTMENT

570.000

104.900

49.900

DEFERREX TAX ASSETS

0.000

0.100

0.100

 

 

 

 

CURRENT ASSETS, LOANS & ADVANCES

 

 

 

 

Inventories
325.000
230.600

189.400

 

Sundry Debtors
478.000
181.300

159.800

 

Cash & Bank Balances
173.100
71.800

53.300

 

Other Current Assets
38.300
0.000

0.000

 

Loans & Advances
185.600
532.100

230.600

Total Current Assets
1200.000
1015.800

633.100

Less : CURRENT LIABILITIES & PROVISIONS
 

 

 

 

Current Liabilities
369.000
768.600

609.400

 

Provisions
165.200
167.500

118.100

Total Current Liabilities
534.200
936.100

727.500

Net Current Assets
665.800
79.700

(94.400)

 

 

 

 

MISCELLANEOUS EXPENSES

0.000

0.000

0.000

 

 

 

 

TOTAL

4523.000

2022.200

1863.900

 

PROFIT & LOSS ACCOUNT

 

 

 

PARTICULARS

31.03.2010

31.03.2009

31.03.2008

 

SALES

 

 

 

 

 

Income

5467.700

4270.600

3717.800

 

 

Other Income

74.900

(138.900)

(192.500)

 

 

TOTAL                                     (A)

5542.600

4131.700

3525.300

 

 

 

 

 

Less

EXPENSES

 

 

 

 

 

Raw Material Consumed

4322.300

3419.300

2619.600

 

 

Power and Fuel 

147.800

117.100

104.900

 

 

Employee Cost

63.800

69.400

59.600

 

 

Other Manufacturing Expenses

18.200

12.200

15.900

 

 

Selling and Administrative Expenses

116.000

123.200

101.200

 

 

Miscellaneous Expenses

14.400

16.700

12.700

 

 

Increase/(Decrease) in Finished Goods

44.200

(94.800)

6.400

 

 

TOTAL                                     (B)

4726.700

3663.100

2920.300

 

 

 

 

 

Less

PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B)      (C)

815.900

468.600

605.000

 

 

 

 

 

Less

FINANCIAL EXPENSES                         (D)

41.300

3.100

3.300

 

 

 

 

 

 

PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D)                                       (E)

774.600

465.500

601.700

 

 

 

 

 

Less/ Add

DEPRECIATION/ AMORTISATION                     (F)

253.000

207.800

186.000

 

 

 

 

 

 

PROFIT BEFORE TAX (E-F)                               (G)

521.600

257.700

415.700

 

 

 

 

 

Less

TAX                                                                  (I)

140.200

(8.400)

36.900

 

 

 

 

 

 

PROFIT AFTER TAX (G-I)                                  (J)

381.400

266.100

378.800

 

 

 

 

 

 

EARNINGS IN FOREIGN CURRENCY

NA

1943.190

2155.140

 

 

 

 

 

 

Earnings Per Share (Rs.)

15.38

12.13

18.04

 

Expected Sales (2010-2011) : Rs 6500.000 Millions

 

 

QUARTERLY RESULTS

 

PARTICULARS

 

30.06.2010

30.09.2010

31.12.2010

Type

1st Quarter

2nd Quarter

3rd Quarter

Audited / UnAudited

UnAudited

UnAudited

UnAudited

Net Sales

1589.260

1393.300

1921.230

Total Expenditure

1352.260

1183.380

1656.130

PBIDT (Excl OI)

237.000

209.920

265.100

Other Income

10.430

5.780

4.620

Operating Profit

247.430

215.700

269.720

Interest

7.670

11.770

9.400

Exceptional Items

0.000

0.000

0.000

PBDT

239.760

203.930

260.320

Depreciation

70.300

71.310

71.850

Profit Before Tax

169.460

132.620

188.470

Tax

31.540

20.010

36.810

Provisions and contingencies

0.000

0.000

0.000

Profit After Tax

137.920

112.610

151.660

 

KEY RATIOS

 

PARTICULARS

 

 

31.03.2010

31.03.2009

31.03.2008

PAT / Total Income

(%)

6.88
6.44

10.75

 

 

 
 

 

Net Profit Margin

(PBT/Sales)

(%)

 9.54
6.03

11.18

 

 

 
 

 

Return on Total Assets

(PBT/Total Assets}

(%)

15.93
9.49

16.88

 

 

 
 

 

Return on Investment (ROI)

(PBT/Networth)

 

0.22
0.21

0.42

 

 

 
 

 

Debt Equity Ratio

(Total Liability/Networth)

 

1.16
1.35

1.52

 

 

 
 

 

Current Ratio

(Current Asset/Current Liability)

 

2.25
1.09

0.87

 

 

LOCAL AGENCY FURTHER INFORMATION

 

TRADE REFERENCE

 

  • Reliance
  • Glexo

 

OPERATIONS

 

The total turnover of the Company during the period stood at Rs. 5467.71 Million with Profit after Tax amounting to Rs. 381.42 Million as compared to Turnover of Rs. 4270.65 Million with Profit after Tax amounting to Rs. 266.05 Million, of previous year. The Directors are confident that inspite of the slowdown of the Global Economy during the financial year 2009-10 whereby Indian Economy was also affected and witnessed a sharp slowdown in most of the sectors of the Economy, the Companys performance is satisfactory. During the current year the Company shall endeavour to perform better.

 

MEGA PROJECT STATUS

 

The Company is proposing to set up an Expansion Project for the manufacture of PVC/CCF Leather Cloth (11000 MTPA) and Vinyl Floorings (35000 MTPA) at Betegaon, Boisar (E), Tal. Palghar Dist Thane. 

 

The Government, of Maharashtra has conferred the status of Mega Project to  Companys aforesaid project. This status will enable the Company to avail various incentives from the Govt, of Maharashtra in due course of time.

 

 

 

STANDALONE - UNAUDITED FINANCIAL RESULTS FOR THE QUARTER ENDED 31.12.2010

 

Rs in Millions

Particulars

31.12.2010

Unaudited 

31.12.2010

9th Months 

Income

 

 

a) Net Sales / Income from Operations

1918.398

4853.848

b) Other Operating Income

2.827

49.939

Total

1921.225

4903.787

 

 

 

Expenditure

 

 

(a) (Increase)/decrease in Stock in Trade

(49.417)

(200.751)

(b) Consumption of Raw Materials

1550.884

3940.547

(c) Employees Cost

20.364

64.526

(d) Depreciation

71.845

213.455

(e) Other Expenditure

134.301

387.440

Total Expenditure

1727.977

4405.217

Profit / (Loss) From Operations before other Income Interest & Exceptional Items

193.248

498.570

Other Income

4.619

20.822

Profit/(Loss) before Interest and Exceptional items

197.867

519.392

Interest

9.396

28.837

Profit / (Loss) after interest before Exceptional items

188.471

490.555

Exceptional Items

--

--

Profit / (Loss) From Ordinary activities before Tax

188.471

490.555

Tax Expense(includes Deferred Tax)

36.809

88.367

Net Profit (+)/Loss (-) from Ordinary Activities after tax

151.662

402.188

Net Profit/(Loss) for the period

151.662

402.188

Paid Up Equity Share Capital ( Face Value of the share Rs.1/- each)

261.645

261.645

Reserves (Excluding Revaluation Reserves)

--

--

Earning Per Share

 

-Basic EPS before Exceptional Items (Rs.) Not Annualised

0.59

1.56

-Diluted after Exceptional Items (Rs.) Not Annualised

0.50

1.31

Average of Public Share Holding

 

 

- Number of Shares

105644690

105644690

- Percentage of shareholding

40.38 %

40.38 %

Promoters and Promoter group share holding

 

 

a) Pledged / Encumbered

 

- Number of Shares

Nil

Nil

- Percentage of share (as a % of the total shareholding of promoter and promoter group)

Nil

Nil

- Percentage of shares(as a % of the total share capital of the company)

Nil

Nil

b) Non-encumbered

 

- Number of Shares

156000310

156000310

- Percentage of Share (as a % of the total shareholding of promoter and promoter group)

100

100

-Percentage of Shares (as a % of total Share Capital of the Company)

59.62 %

59.62 %

 

Notes:

 

  • The above standalone unaudited results of the Company for the quarter / nine months ended December 31st, 2010 were recommended by the Audit Committee and taken on record and approved by the Board of Directors at their respective meetings held on 10th February, 2011.

 

  • A limited review of the financial results for the quarter ended 31st December, 2010 has been carried out by the Statutory Auditors in terms of clause 41 of the Listing Agreement.

 

  • The Board on 9th August, 2010 had converted 0% 7,000 Compulsory Convertible Debentures (CCDs) having face value of Rs.1,00,000/- each allotted on 15th April, 2009 into 13,72,500 nos. of Equity Shares of Rs.10/- each fully paid up at premium of Rs.500/- per equity share. The listing permission of these equity shares has since been received from BSE and trading permission for the same was granted on 21st October, 2010.

 

  • Pursuant to the approval of members at the 28th Annual General Meeting held on 10th September, 2010, one equity share of the face value of Rs.10/- each of the Company was sub-divided into 10 equity shares of the face value of Re.1/- each and the record date for subdivision of the equity shares was on 11th October, 2010. All the shareholders holding shares in dematerialization form were credited with the sub-divided shares on 12th October, 2010.

 

  • Earnings per share & number of shares outstanding for the quarter ended 31st December, 2009, nine months ended 31st December, 2009 and year ended 31st March 2010 have been adjusted to give the effect of sub-division of shares during the quarter ended 31st December, 2010 in accordance with Accounting Standard (AS) 20 on "Earning Per Share".

 

  • Provision for Gratuity has been made in accordance with Accounting Standard 15 issued by ICAI.

 

  • The Company has only one reportable business segment of "PVC Products" as per Accounting Standard 17 issued by ICAI.

 

  • The Equity Shares of the Company have been listed on National Stock Exchange of India Limited with effect from 29th October, 2010.

 

  • In terms of amended clause 41 of the Listing Agreement ,details of number of investors complaints for the quarter ended 31st December, 2010 : Beginning- 0, Received – 0, Resolved- 0, and Pending – 0.

 

  • Previous quarter/nine month's figures have been regrouped, rearranged and reclassified wherever considered necessary.

 

 

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.44.77

UK Pound

1

Rs.72.66

Euro

1

Rs.63.06

 

 

SCORE & RATING EXPLANATIONS

 

SCORE FACTORS

 

RANGE

POINTS

HISTORY

1~10

6

PAID-UP CAPITAL

1~10

7

OPERATING SCALE

1~10

7

FINANCIAL CONDITION

 

 

--BUSINESS SCALE

1~10

7

--PROFITABILIRY

1~10

7

--LIQUIDITY

1~10

7

--LEVERAGE

1~10

7

--RESERVES

1~10

7

--CREDIT LINES

1~10

7

--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

YES

--AFFILIATION

YES/NO

YES

--LISTED

YES/NO

YES

--OTHER MERIT FACTORS

YES/NO

YES

TOTAL

 

62

 

This score serves as a reference to assess SC’s credit risk and to set the amount of credit to be extended. It is calculated from a composite of weighted scores obtained from each of the major sections of this report. The assessed factors and their relative weights (as indicated through %) are as follows:

 

Financial condition (40%)            Ownership background (20%)                 Payment record (10%)

Credit history (10%)                    Market trend (10%)                                Operational size (10%)

 

 

RATING EXPLANATIONS

 

 

RATING

STATUS

 

 

PROPOSED CREDIT LINE

>86

Aaa

Possesses an extremely sound financial base with the strongest capability for timely payment of interest and principal sums

 

Unlimited

71-85

Aa

Possesses adequate working capital. No caution needed for credit transaction. It has above average (strong) capability for payment of interest and principal sums

 

Large

56-70

A

Financial & operational base are regarded healthy. General unfavourable factors will not cause fatal effect. Satisfactory capability for payment of interest and principal sums

 

Fairly Large

41-55

Ba

Overall operation is considered normal. Capable to meet normal commitments.

 

Satisfactory

26-40

B

Capability to overcome financial difficulties seems comparatively below average.

 

Small

11-25

Ca

Adverse factors are apparent. Repayment of interest and principal sums in default or expected to be in default upon maturity

 

Limited with full security

<10

C

Absolute credit risk exists. Caution needed to be exercised

 

 

Credit not recommended

-

NB

                                       New Business

-

 

 

 

PRIVATE & CONFIDENTIAL : This information is provided to you at your request, you having employed MIPL for such purpose. You will use the information as aid only in determining the propriety of giving credit and generally as an aid to your business and for no other purpose. You will hold the information in strict confidence, and shall not reveal it or make it known to the subject persons, firms or corporations or to any other. MIPL does not warrant the correctness of the information as you hold it free of any liability whatsoever. You will be liable to and indemnify MIPL for any loss, damage or expense, occasioned by your breach or non observance of any one, or more of these conditions

This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.