MIRA INFORM REPORT

 

 

Report Date :

27.04.2012

 

IDENTIFICATION DETAILS

 

Name :

RESPONSIVE INDUSTRIES LIMITED

 

 

Registered Office :

Betegaon, Mahagaon Road, Boisar (East), Taluka Palghar, District. Thane– 401501, Maharashtra

 

 

Country :

India

 

 

Financials (as on) :

31.03.2011

 

 

Date of Incorporation :

13.07.1982

 

 

Com. Reg. No.:

11-027797

 

 

Capital Investment / Paid-up Capital :

Rs.261.650 Millions 

 

 

CIN No.:

[Company Identification No.]

L99999MH1982PLC027797

 

 

TAN No.:

[Tax Deduction & Collection Account No.]

MUMS40483C

 

 

PAN No.:

[Permanent Account No.]

AABCS5068A

 

 

Legal Form :

A Public Limited Liability Company. The company’s Shares are Listed on the Stock Exchanges.

 

 

Line of Business :

Manufacturer and Exporter of Floorings, PVC Products. 

 

 

No. of Employees :

About 1300 (Approximately)

 

 

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 13000000

 

 

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.

 

ECGC Country Risk Classification List – September 30, 2011

 

Country Name

Previous Rating

(30.06.2011)

Current Rating

(30.09.2011)

India

A1

A1

 

Risk Category

ECGC Classification

Insignificant

 

A1

Low

 

A2

Moderate

 

B1

High

 

B2

Very High

 

C1

Restricted

 

C2

Off-credit

 

D

 

 

 

 

 

 

 

 

 

 

 

 

INFORMATION PARTED BY

 

Name :

Mr. Kabra

Designation :

Tax Manager

Contact No.:

91-22-66562836

Date :

26.04.2012

 

 

LOCATIONS

 

Registered Office / Factory :

Betegaon, Mahagaon Road, Boisar (East), Taluka Palghar, District. Thane – 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

Location :

Owned

 

 

DIRECTORS

 

As on 31.03.2011

 

Name :

Mr. Ajit Agarwal

Designation :

Chairman and Whole time Director

Qualification :

Bachelor of Science Degree

Experience :

Rich and diverse experience of multiple industries, including commercial banking

 

 

Name :

Mrs. Swati Agarwal

Designation :

Whole time Director

Qualification :

Bachelor of Science Degree

Experience :

7 Years

 

 

Name :

Mr. S. S. Thakur

Designation :

Independent Non-Executive Director

Qualification :

Graduate

Experience :
  • Former Controller, Foreign Exchange, Reserve Bank of India (RBI)
  • Key role in promoting the enactment of the Foreign Exchange Regulation Act
  • (FERA), 1973
  • Former Senior Advisor, UN International Civil Service
  • Chairman, Central Depository Services (India) Limited (CDSL)
  • Former Chairman, HDFC Bank
  • Has worked in MCX Stock Exchange
  • Experience across Banking, Foreign Exchange and Capital Market related areas
  • As the Advisor to Governor at the Bank of Zambia, brought about extensive
  • reforms as part of Zambia’s Structural Adjustment Programme

 

 

Other Directorship

·         Public Director on the Bombay Stock Exchange (BSE)

·         Non-Executive Director of Reliance Capital Limited

·         Lafarge India Private Limited

·         KEC International Limited

·         Kotak Mahindra Old Mutual Life Insurance Company Limited.

·         DSP BlackRock Trustee Company Private Limited

·         MCX Stock Exchange India Limited

·         Shrenuj and Company Limited

·         Kamat Hotels (India) Limited

·         Quantum Advisors Company Private Limited

·         Quantum Information Services Private Limited

·         Urban Infrastructure Venture Capital Limited

·         LG Capital Services Limited

·         Harirani Investment and Trading Private Limited

 

 

Name :

Mr. V. K. Chopra

Designation :

Independent Non-Executive Director

Qualification :

Chartered Accountant, CAIIB

Experience :
  • Former Banker at Central Bank of India, Oriental Bank of Commerce, SIDBI
  • and Corporation Bank
  • Former SEBI Official
  • Experience in the Commercial Banking, Foreign Exchange and Capital Market and Financial Market related areas

 
  •  

Other Directorship

·         Pantaloon Retail India Limited

·         Rolta India Limited

·         Deewan Housing and Finance Limited

·         Metlife India Insurance Company Limited.- Bangalore

·         Havells India Limited.- Noida

·         Future Finance Limited

·         Religare Asset Management Company Limited

·         SIDBI Venture Capital Limited

·         Reliance Capital Pension Fund Limited

·         Jaiprakash Associates Limited.-Noida

·         Milestone Capital Advisors Limited

·         Deutsche Post Bank Home Finance Limited

 

 

Name :

Mr. Akhil Hirani

Designation :

Independent Non-Executive Director

Qualification :

BA-Psychology, LLB

Experience :
  • Solicitor, Mumbai and England and Wales
  • Attorney-at-Law, California
  • Partner in Majmudar and Co., International Lawyers
  • Ranked as a top tier law firm by Chambers and Partners, Legal 500, Practical
  • Law Company
  • Experience in M and A, joint ventures, private equity, project finance, tax
  • structuring, corporate recognitions and technology deals

 

 

Other Directorship

·         Hirani Foundation U.S. 25

·         Hirani Properties and Investments Private Limited

 

 

Name :

Mr. Michel Freedman

Designation :

Independent Non-Executive Director

Qualification :

Graduate

Experience :
  • Vast experience in the commercial flooring industry
  • Developed successful products for Armstrong, Marley Flexco Inc, LG Floors and Responsive
  • Formulated unique programs and forged partnerships
  • Helped new companies and products in USA achieve leadership position in the flooring industry
  • Introduced LG Floors to North America
  • Regional sales manager in Marley Flexco Inc.; contract specialist for Armstrong
  • Com mercial Flooring, extensively collaborating with architecture and design communities

 

 

Name :

Mr. Santosh Shinde

Designation :

Non-Executive Director

Qualification :

Bachelor’s Degree in Commerce

Experience :

15 Years 

 

 

Name :

Mr. Rajesh Pandey

Designation :

Independent Non-Executive Director

Qualification :

Bachelors degree in Chemical Engineering

Experience :
  • 16 years of experience in manufacturing
  • 12 years of experience in the field of rope manufacture

 

 

Name :

Mr. Bharat Mahalik

Designation :

Director

Qualification :

Bachelors degree in Commerce

Experience :

12 Years

 

 

Name :

Mr. Sankaran Krishnamurthy

Designation :

Independent Non-Executive Director

Qualification :

Graduate

Experience :
  • Former Dy. MD of State Bank of India
  • Former MD and CEO of SBI Life Insurance Company Limited.
  • 18 years experience in Corporate Finance and Project Appraisal
  • Experienced in SME lending
  • Pioneered ‘Entrepreneur Scheme’ and development of Ancillary units under
  • Bhopal Local Head office
  • Advised a Pune based IT company on insurance solutions

 

 

Other Directorship

·         Aptus Value Housing Finance India Ltd.

·         Sri Kaveri Medical Care (Trichy) Ltd.

 

 

Name :

Mr. Subramaniam Santhanakrishnan

Designation :

Independent Non-Executive Director

Qualification :

CAIIB, ISTD and DSM 

Experience :
  • Former Dy. MD of State Bank of India
  • Executive Chairman of Credit Information Bureau of India Limited (CIBIL)

 

 

Name :

Mr. Sanjiv Singhal

Designation :

Axiom, representing Banyan Tree Growth Capital

Qualification :
  • Management Degree from Wharton Business School (USA)
  • Master’s Degree with distinction from the University of Essex, UK
  • Bachelor’s Degree with honours from the Delhi University
  • Honoured with the Chevening Scholarship from the British Council to spend
  • 10 weeks at the London School of Economics in 2001
  • Authored the book Internet Banking: The Second Wave

Experience :
  • 3 years as an entrepreneur of an automobile components manufacturing company
  • 13 years of banking experience in Citibank and Standard Chartered Bank.
  • In Standard Chartered Bank, headed Structured Finance for SE Asia from Singapore and for India

 
  •  

Other Directorship

·         Easy Access Financial Services Limited

·         ICICI Home Finance Limited

·         Dhanlaxmi Bank Limited.

·         Sundaram Clayton Limited

·         TVS Credit Service Limited

·         Reliance Capital Trustee Company Limited

 

 

KEY EXECUTIVES

 

Name :

Mr. Dhiraj Kumar D. Neve

Designation :

Company Secretary

 

 

Name :

Mr. Kabra

Designation :

Tax Manager

 

 

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

 

As on 31.12.2011

 

Categoy 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

152,970

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

1,386,495

0.53

Foreign Institutional Investors

11,469,980

4.38

Sub Total

12,856,475

4.91

(2) Non-Institutions

 

 

Bodies Corporate

92,380,700

35.31

Individuals

 

 

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

164,833

0.06

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

174,390

0.07

Any Others (Specify)

68,292

0.03

Clearing Members

68,242

0.03

Non Resident Indians

50

--

Sub Total

92,788,215

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 and Exporter of Floorings, PVC Products. 

 

 

Exports :

 

Products :

Floorings and PVC Products

Countries :
  • Europe
  • Middle East

 

 

Imports :

 

Products :

Raw Material

Countries :
  • China
  • Korea

 

 

Terms :

 

Selling :

Cash / Credit

 

 

Purchasing :

Cash / Credit

 

 

 

GENERAL INFORMATION

 

Customers :

Wholesalers 

 

 

No. of Employees :

About 1300 (Approximately)

 

 

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

 

 

Facilities :

(Rs. In Millions)

Secured Loan

As on

31.03.2011

As on

31.03.2010

 

 

 

Working Capital Loans from Banks

580.870

368.190

Buyer Credit from Banks

87.050

0.000

Other Loans

0.000

90.000

Vehicle Loans

18.620

6.210

Total

686.540

464.400

 

 

 

Unsecured Loan

As on

31.03.2011

As on

31.03.2010

0% Nil (P.Y. 7000) Compulsorily Convertible Debentures of Rs. 100,000/- each

0.000

700.000

Total

0.000

700.000

 

 

 

Banking Relations :

--

 

 

Auditors :

 

Name :

Haribhakti and Company

Chartered Accountants

 

 

Fellow Subsidiary :

Sun Plastochem Limited

 

 

Subsidiaries :

Axiom Cordages Limited

 

 

Sister Concern  :

Exim Cottage

 

 

Holding Company

Wellknown Business Ventures Private Limited

 

 

Enterprise owned or significantly influenced by Key Management Personnel or their relatives :
  • One Source Trading Company LLP (with effect from 25th March, 2011)
  • One Source Enterprises LLP
  • AA Superior Enterprises LLP

 

 

CAPITAL STRUCTURE

 

As on 31.03.2011

 

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.261.650 Millions

 

 

 

 

 

(Of the above 157,440,000 Equity Shares of Re. 1/- each (P.Y. 15,744,000 Equity Shares of Rs.10/- each) have been alloted as Bonus Shares by capitalisation of Profit and Loss Account in F.Y. 2007-08.)

 

(Of the above 14,31,57,640 Equity Shares of Re. 1/- each (P.Y. 1,43,15,764 Equity Shares of Rs.10/- each) are held by the Holding Company Wellknown Business Ventures Private Limited)

 

FINANCIAL DATA

[all figures are in Rupees Millions]

 

ABRIDGED BALANCE SHEET

 

SOURCES OF FUNDS

 

31.03.2011

31.03.2010

31.03.2009

SHAREHOLDERS FUNDS

 

 

 

1] Share Capital

261.650

247.920

247.920

2] Share Application Money

584.720

760.220

0.000

3] Reserves & Surplus

2536.510

1332.100

979.590

4] (Accumulated Losses)

0.000

0.000

0.000

NETWORTH

3382.880

2340.240

1227.510

LOAN FUNDS

 

 

 

1] Secured Loans

686.540

464.400

15.770

2] Unsecured Loans

0.000

700.000

700.000

TOTAL BORROWING

686.540

1164.400

715.770

DEFERRED TAX LIABILITIES

103.180

122.390

78.780

Supplier’s Credit

613.620

1018.390

0.000

 

 

 

 

TOTAL

4786.220

4645.420

2022.060

 

 

 

 

APPLICATION OF FUNDS

 

 

 

 

 

 

 

FIXED ASSETS [Net Block]

1836.520

2075.250

1699.050

Capital work-in-progress

2342.930

1212.010

138.440

 

 

 

 

INVESTMENT

398.730

570.000

104.870

DEFERREX TAX ASSETS

0.000

0.000

0.000

 

 

 

 

CURRENT ASSETS, LOANS & ADVANCES

 

 

 

 

Inventories
395.320

324.950
230.570

 

Sundry Debtors
144.630

477.960
181.250

 

Cash & Bank Balances
77.180

211.380
71.750

 

Other Current Assets
0.000

0.000
0.000

 

Loans & Advances
58.090

94.520
532.150

Total Current Assets
675.220

1108.810

1015.720

Less : CURRENT LIABILITIES & PROVISIONS
 

 

 

 

Sundry Creditors
251.090

204.810

272.020

 

Other Current Liabilities
164.550

41.840

496.540

 

Provisions
51.540

74.000

167.460

Total Current Liabilities
467.180

320.650

936.020

Net Current Assets
208.040

788.160

79.700

 

 

 

 

MISCELLANEOUS EXPENSES

0.000

0.000

0.000

 

 

 

 

TOTAL

4786.220

4645.420

2022.060

 

PROFIT & LOSS ACCOUNT

 

 

PARTICULARS

31.03.2011

31.03.2010

31.03.2009

 

SALES

 

 

 

 

 

Income

7178.610

5467.710

4270.650

 

 

Other Income

88.920

75.150

94.820

 

 

TOTAL                                     (A)

7267.530

5542.860

4365.470

 

 

 

 

 

Less

EXPENSES

 

 

 

 

 

Manufacturing & Other Expenses

6009.510

4489.010

3551.690

 

 

Personnel Cost

84.230

63.780

69.440

 

 

Administrative & Other Expenses

82.000

54.640

171.910

 

 

Selling & Marketing Expenses

86.970

75.260

65.240

 

 

Increase/(Decrease) in Finished Goods

8.530

44.180

(19.210)

 

 

TOTAL                                     (B)

6271.240

4726.870

3839.070

 

 

 

 

 

Less

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

996.290

815.990

526.400

 

 

 

 

 

Less

FINANCIAL EXPENSES                         (D)

38.040

41.330

3.080

 

 

 

 

 

 

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

958.250

774.660

523.320

 

 

 

 

 

Less/ Add

DEPRECIATION/ AMORTISATION                     (F)

283.490

253.020

207.770

 

 

 

 

 

 

PROFIT BEFORE TAX (E-F)                               (G)

674.760

521.640

315.550

 

 

 

 

 

Less

TAX                                                                  (H)

122.040

140.220

49.500

 

 

 

 

 

 

PROFIT AFTER TAX (G-H)                                (I)

552.720

381.420

266.050

 

 

 

 

 

Less

: loss of Responsive polymers international limited

 

 

 

 

i) period from 01.07.2006 to 31.03.2008

0.000

0.000

1.250

 

ii) loss of Responsive polymers international ltd. upto 30.06.2006

0.000

0.000

46.240

 

 

 

 

 

Add

PREVIOUS YEARS’ BALANCE BROUGHT FORWARD

1157.720

805.210

596.650

Less / Add

Prior Period adjustment

(4.160)

0.000

19.000

 

 

 

 

 

Less

APPROPRIATIONS

 

 

 

 

 

Dividend

26.160

24.790

24.790

 

 

Tax on Dividend

4.240

4.120

4.210

 

BALANCE CARRIED TO THE B/S

1675.880

1157.720

805.210

 

 

 

 

 

 

EARNINGS IN FOREIGN CURRENCY

 

 

 

 

 

Export Earnings

4565.970

2624.300

1943.19

 

TOTAL EARNINGS

4565.970

2624.300

1943.19

 

 

 

 

 

 

IMPORTS

 

 

 

 

 

Raw Materials

2885.150

2080.610

1339.490

 

 

Stores & Spares

3.880

3.030

0.000

 

 

Capital Goods

1113.970

751.880

0.000

 

TOTAL IMPORTS

4003.000

2835.520

1339.490

 

 

 

 

 

 

Earnings Per Share (Rs.)

 

 

 

 

Basic

2.14

1.54

12.66

 

Diluted

2.09

1.45

12.66

 

 

 

Particulars

 

 

 

31.03.2012

Sales Turnover (Approximately)

 

 

8000.000

 

Expected Sales (2012-13) : Rs.8200.000 Millions

 

The above information has been parted by Mr. Kabra

 

 

 

 

QUARTERLY RESULTS

 

PARTICULARS

 

30.06.2011

30.09.2011

31.12.2011

Type

1st Quarter

2nd Quarter

3rd Quarter

Audited / UnAudited

UnAudited

UnAudited

UnAudited

Net Sales

2123.090

2248.960

2715.260

Total Expenditure

1765.810

1935.490

2469.440

PBIDT (Excl OI)

357.280

313.470

245.820

Other Income

4.400

9.440

6.760

Operating Profit

361.680

322.910

252.580

Interest

8.360

11.950

19.330

Exceptional Items

0.000

0.000

0.000

PBDT

353.320

310.960

233.250

Depreciation

125.160

130.860

130.260

Profit Before Tax

228.160

180.110

102.990

Tax

88.390

65.450

61.560

Provisions and contingencies

0.000

0.000

0.000

Profit After Tax

139.770

114.660

41.420

 

KEY RATIOS

 

PARTICULARS

 

 

31.03.2011

31.03.2010

31.03.2009

PAT / Total Income

(%)
7.61

6.88

6.09

 

 
 

 

 

Net Profit Margin

(PBT/Sales)

(%)
9.40

9.54

7.39

 

 
 

 

 

Return on Total Assets

(PBT/Total Assets}

(%)
26.86

16.38

11.62

 

 
 

 

 

Return on Investment (ROI)

(PBT/Networth)

 
0.20

0.22

0.26

 

 
 

 

 

Debt Equity Ratio

(Total Liability/Networth)

 
0.34

0.63

1.35

 

 
 

 

 

Current Ratio

(Current Asset/Current Liability)

 
1.45

3.46

1.09

 

 

 

LOCAL AGENCY FURTHER INFORMATION

 

Check List by Info Agents

Available in Report (Yes / No)

1) Year of Establishment

Yes

2) Locality of the firm

Yes

3) Constitutions of the firm

Yes

4) Premises details

No

5) Type of Business

Yes

6) Line of Business•

Yes

7) Promoter’s background

Yes

8) No. of employees

Yes

9) Name of person contacted

Yes

10) Designation of contact person

Yes

11) Turnover of firm for last three years

Yes

12) Profitability for last three years

Yes

13) Reasons for variation <> 20%

--

14) Estimation for coming financial year

Yes

15) Capital in the business

Yes

16) Details of sister concerns

Yes

17) Major suppliers

No

18) Major customers

No

19) Payments terms

Yes

20) Export / Import details (if applicable)

Yes

21) Market information

--

22) Litigations that the firm / promoter

--

23) Banking Details

Yes

24) Banking facility details

Yes

25) Conduct of the banking account

--

26) Buyer visit details

--

27) Financials, if provided

Yes

28) Incorporation details, if applicable

Yes

29) Last accounts filed at ROC

Yes

30) Major Shareholders, if available

Yes

 

 

OPERATIONS

The Company has posted a turnover of Rs.7178.610 Millions, an increase of about 31.29% as compared to Rs.5467.710 Millions in the previous financial year. The Company recorded a net profit of Rs.552.720 Millions as against Rs.381.420 Millions in the corresponding previous financial year depicting a rise of 44.91%.

 

SETTING UP OF MEGA PROJECT

During the year under consideration, the Company has set up an Expansion Project for the manufacture of PVC/CCF Leather Cloth and Vinyls Floorings at Company’s factory located at Village Betegaon, Boisar (East), Taluka - Palghar, District. - Thane and commercial production has been started.

 

 

SUB-DIVISION OF SHARES

The Company reinforced its investor-friendliness with another initiative: a sub-division of the face value of equity shares from Rs.10/- per share to Re. 1/- per share in pursuance of the resolution passed by the shareholders in the Annual general meeting held on 10th September, 2010.

 

This sub-division was carried with specific objectives: to increase the volume of floating stock, to increase affordability for smaller shareholders and stimulate a higher trading volume without increasing the Company’s equity base. In view of the above, the authorised equity share capital of the Company was altered to 42,00,00,000 equity shares of Re. 1/- each and the issued and the paid-up share capital of the Company to 26,16,45,000 equity shares of Re. 1/- each.

 

 

ALLOTMENT OF EQUITY SHARES PURSUANT TO CONVERSION OF CCDS

The Board in their meeting held on 9th August, 2010 has allotted 13,72,500 Equity Shares of Rs.10/- each at a premium of Rs.500/- per share pursuant to conversion of 0% 7000 Compulsorily Convertible Debentures (CCDs).

 

 

MANAGEMENT DISCUSSION AND ANALYSIS REPORT

 

INDUSTRY STRUCTURE AND DEVELOPMENTS

Responsive Industries Limited exclusively engages in the manufacture of PVC products widely used in both, the household and commercial arenas. During last year, the Indian plastic products sector witnessed a sturdy double-digit growth, with voluminous off-take from key user industries like packaging,  automotives and infrastructure.

 

Slowdown in the Indian manufacturing sector resulted in a meagre 7.8% fourth quarter GDP, as against 9.4% in the same three-month period of the previous fiscal. However, overall GDP for 2010-11 exhibited overall improvement – an above-average 8.5%, from 2009-10’s 8%, thanks to the appreciable quality of raw materials, construction activities and financial services performance.

 

During the year, Responsive Industries Limited’s performance was satisfactory. The Company succeeded in meeting a hefty chunk of the demand for PVC products. Despite the slowdown, the Company sees a bright future for its business.

 

PRODUCT WISE PERFORMANCE

The Company specialises and is focused towards producing excellence in PVC products. The product wise performance during the year is shown below.

(Rs. in Million)

Product

Production

(Sq. Mtr./Linear Mtr./Kg)

Sales

 

(2010-11)

Qty. (000)

(2009-10)

Qty. (000)

(2010-11)

(2009-10)

PVC Leather Cloth

40367.00

43980.47

2493.00

2353.56

PVC Flooring

13364.00

10745.52

4008.00

2673.81

PVC Sheeting

4328.00

4419.70

359.70

352.78

PVC Rigid

4328.00

4419.70

359.70

352.78

 

 

OUTLOOK

With increased capacity utilisation, strong product development, and market efforts, the Company is optimistic about its growth in the coming years.

 

FINANCIAL AND OPERATIONAL PERFORMANCE

The Company achieved net sales of Rs.7178.610 Millions for the year ended 31st March, 2011, as compared to Rs.5467.71 Million in the previous fiscal year. Further, the Company recorded a net profit after tax of Rs.552.720 Millions as compared to Rs.381.420 Millions for the previous year.

 

 

STANDALONE - UNAUDITED FINANCIAL RESULTS FOR THE QUARTER / NINE ENDED

31ST DECEMBER 2011

 

(Rs in Millions)

Particulars

Quarter

 

Nine Months Ended

 

31.12.2011

Unaudited 

31.09.2011

Unaudited 

31.12.2011

Unaudited 

Income

 

 

 

a) Net Sales / Income from Operations

2715.263

2248.957

7076.593

b) Other Operating Income

--

--

--

Total

2715.263

2248.957

7076.593

 

 

 

 

Expenditure

 

 

 

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

(37.342)

(23.441)

(103.918)

(b) Consumption of Raw Materials

2180.119

1661.222

5459.339

 

9.947

25.692

35.639

(c) Employees Cost

22.753

20.579

62.970

(d) Depreciation

130.264

130.857

386.278

(e) Other Expenditure

293.962

251.439

705.997

Total Expenditure

2599.704

2066.348

6546.305

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

115.559

182.609

530.287

Other Income

6.756

9.441

20.597

Profit/(Loss) before Interest and Exceptional items

122.316

192.051

550.885

Interest

19.331

11.946

39.635

Profit / (Loss) after interest before Exceptional items

102.984

180.105

511.250

Exceptional Items

--

--

--

Profit / (Loss) From Ordinary activities before Tax

102.984

180.105

511.250

Tax Expense(includes Deferred Tax)

6.561

65.447

215.398

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

41.423

114.658

295.852

Net Profit/(Loss) for the period

41.423

114.658

295.852

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

261.645

261.645

261.645

Reserves (Excluding Revaluation Reserves)

--

--

--

Earning Per Share

 

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

0.16

0.44

1.13

-Diluted after Exceptional Items (Rs.) Not Annualised

0.15

0.43

1.11

Average of Public Share Holding

 

 

 

- Number of Shares

105,644,690

105,644,690

105,644,690

- Percentage of shareholding

40.38%

40.38%

40.38%

Promoters and Promoter group share holding

 

 

 

a) Pledged / Encumbered

 

- Number of Shares

Nil

Nil

Nil

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

Nil

Nil

Nil

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

Nil

Nil

Nil

b) Non-encumbered

 

- Number of Shares

156,000,310

156,000,310

156,000,310

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

100%

100%

100%

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

59.62%

59.62%

59.62%

 

 

SEGMENT REPORTING

(Rs in Millions)

Sr. No.

 

Quarter ended

Nine Months ended

 

 

Particulars

31.12.2011

(Unaudited)

30.09.2011

(Unaudited)

31.12.2011

(Unaudited)

1

Segment Revenue (Net Sales / Income)

 

 

 

 

a) PVC Flooring and other PVC Products

2715.263

2248.957

7076.593

 

b) Ropes

1861.714

1716.129

5053.301

 

Total

4576.978

3965.086

12129..894

 

Less: Inter Segment Revenue

294.093

266.438

644.903

 

Net Sales / Income from Operations

4282.885

3698.648

11484.991

2

Segment Results

 

 

 

 

a) PVC Flooring and other PVC Products

102.984

180.104

511.250

 

b) Ropes

108.727

237.866

529.573

 

Total

211.711

417.970

1040.822

 

Less: Inter Segment Revenue

 

 

 

 

Total Profit before Tax

211.711

417.970

1040.822

3

Capital Employed

 

 

 

 

a) PVC Flooring and other PVC Products

3678.715

3637.292

3678.715

 

b) Ropes

1821.206

1731.352

1821.206

 

Total

5499.920

5368.644

5499.920

 

Less: Unallocable

345.452

334.157

345.452

 

Total

5154.469

5034.487

5154.469

 

 

Notes

1 The above consolidated unaudited financial results of the Company for the Quarter / Nine months ended 31st December, 2011 were Audit Committ ee and were taken on record and approved by the Board of Directors at their meeting held on 7th February, 2012

2 The auditors of the company have carried out a Limited Review of the Standalone financial results for the quarter ended 31st December, 2011 in compliance with clause 41 of the Listing Agreement. The standalone financial results have been reviewed by the Audit Committee and approved by the Board of Directors at their respective meetings held on 7th February, 2012.

3 EPS has been calculated in accordance with Accounting Standard 20 issued by ICAI.

4 The Company has availed External Commercial Borrowing (ECB) amounting to US $ 71.38 Millions for it's expansion project, which is under progress during the quarter.

5 On 27th December, 2011, BSE granted its "In-Principle" approval under clause 24A of Listing agreement for the issue of 52,67,700 equity shares of Re. 1/- each at a premium of Rs.110/- p. share to the promoters on preferential basis.

6 In terms of amended clause 41 of the Listing Agreement, details of number of investors complaints for the quarter ended 31st Dec. 2011: Beginning- 0, Received - 0, Resolved- 0, and Pending - 0.

7 Previous period figures have been regrouped, rearranged and reclassified wherever considered necessary.

By Order of the Board

 

 

 

Fixed Assets

  • Freehold Land
  • Factory Buildings
  • Plant and Machinery
  • Electric Installations
  • Computers
  • Furniture and Fixtures
  • Office Equipments
  • Weighing Scale
  • Motor Cars
  • Motor Trucks

 

 

 

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.52.57

UK Pound

1

Rs.85.02

Euro

1

Rs.69.56

 

 

INFORMATION DETAILS

 

Information Gathered by :

PJA

 

 

Report Prepared by :

NTH

 

 

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.