1. Summary Information
|
Country |
India |
||
|
Company Name |
RESPONSIVE INDUSTRIES LIMITED |
Principal Name 1 |
Mr. Ajit Agarwal |
|
Status |
Satisfactory |
Principal Name 2 |
Mrs. Swati Agarwal |
|
Registration # |
11-027797 |
||
|
Street Address |
Village Betegaon, Mahagaon Road, Boisar East, Taluka Palghar, District
Thane, Betegaon – 401501, Maharashtra |
||
|
Established Date |
13.07.1982 |
SIC Code |
-- |
|
Telephone# |
91-22-66562890 |
Business Style 1 |
Manufacturer |
|
Fax # |
91-22-66562798 |
Business Style 2 |
Exporter |
|
Homepage |
Product Name 1 |
Vinyl flooring |
|
|
# of employees |
1300 (Approximately) |
Product Name 2 |
Rigid PVC |
|
Paid up capital |
Rs.
266,910,000/- |
Product Name 3 |
Leather Cloth and Soft Sheeting’s |
|
Shareholders |
Promoter
and Promoter Group - 60.42%, Public Shareholding - 39.58% |
Banking |
State Bank of India |
|
Public Limited Corp. |
Yes |
Business Period |
31 Years |
|
IPO |
Yes |
International Ins. |
- |
|
Public |
Yes |
Rating |
Ba (48) |
|
Related
Company |
|||
|
Relation
|
Country
|
Company
Name |
CEO |
|
Holding Company |
-- |
Wellknown Business Ventures Private Limited |
-- |
|
Note |
- |
||
2. Summary
Financial Statement
|
Balance Sheet as of |
31.03.2012 |
(Unit: Indian Rs.) |
|
|
Assets |
Liabilities |
||
|
Current Assets |
1,420,020,000 |
Current Liabilities |
516,320,000 |
|
Inventories |
588,000,000 |
Long-term Liabilities |
5,134,410,000 |
|
Fixed Assets |
7,193,080,000 |
Other Liabilities |
507,600,000 |
|
Deferred Assets |
0,000 |
Total Liabilities |
6,158,330,000 |
|
Invest& other Assets |
798,540,000 |
Retained Earnings |
3,574,400,000 |
|
|
|
Net Worth |
3,841,310,000 |
|
Total Assets |
9,999,640,000 |
Total Liab. & Equity |
9,999,640,000 |
|
Total Assets (Previous Year) |
5,253,390,000 |
|
|
|
P/L Statement as of |
31.03.2012 |
(Unit: Indian Rs.) |
|
|
Sales |
10,707,550,000 |
Net Profit |
489,470,000 |
|
Sales(Previous yr) |
7,249,550,000 |
Net Profit(Prev.yr) |
548,540,000 |
MIRA INFORM REPORT
|
Report Date : |
02.02.2013 |
IDENTIFICATION DETAILS
|
Name : |
RESPONSIVE INDUSTRIES LIMITED |
|
|
|
|
Registered
Office : |
Village Betegaon, Mahagaon Road, Boisar East, Taluka Palghar, District
Thane, Betegaon – 401501, Maharashtra |
|
|
|
|
Country : |
India |
|
|
|
|
Financials (as
on) : |
31.03.2012 |
|
|
|
|
Date of
Incorporation : |
13.07.1982 |
|
|
|
|
Com. Reg. No.: |
11-027797 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
Rs. 266.910
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 various products like Vinyl flooring,
Rigid PVC, Leather Cloth and Soft Sheeting’s.
|
|
|
|
|
No. of Employees
: |
1300 (Approximately) |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (48) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Maximum Credit Limit : |
USD 15400000 |
|
|
|
|
Status : |
Satisfactory |
|
|
|
|
Payment Behaviour : |
Slow but correct |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Subject is a well established company having fine track record. There appears
some dip in the profitability of the company. However, financial position of
the company is good. Trade relations are reported as fair. Business is
active. Payments are reported to be regular and as per commitments. The company can be considered good for normal business dealings at
usual trade terms and condition. |
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 – June 30, 2012
|
Country Name |
Previous Rating (31.03.2012) |
Current Rating (30.06.2012) |
|
|
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
INDIAN ECONOMIC OVERVIEW
|
Source
: CIA |
EXTERNAL AGENCY RATING
|
Rating Agency Name |
CARE |
|
Rating |
Grade 4/5 |
|
Rating Explanation |
This grade indicates that the company
fundamentals are very good. |
|
Date |
August 22, 2012 |
RBI DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter
in the publicly available RBI Defaulters’ list.
EPF (Employee Provident Fund) DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter in
the publicly available EPF (Employee Provident Fund) Defaulters’ list as of
31-03-2012.
INFORMATION DECLINED
MANAGEMENT NON CO-OPERATIVE
LOCATIONS
|
Registered Office/ Factory : |
Village Betegaon, Mahagaon Road, Boisar East, Taluka Palghar, District
Thane, Betegaon – 401501, Maharashtra, India |
|
Tel. No.: |
91-22-66562890/ 66562727/ 66562704 |
|
Fax No.: |
91-22-66562798/ 99 |
|
E-Mail : |
|
|
Website : |
|
|
Location : |
Owned |
|
|
|
|
Corporate/ Administrative Office : |
|
|
Tel. No.: |
91-22-66562821 |
|
Fax No.: |
91-22-66562798/ 99 |
|
E-Mail : |
|
|
Location : |
Owned |
DIRECTORS
AS ON 31.03.2012
|
Name : |
Mr. Ajit Agarwal |
|
Designation : |
Chairman and Whole time Director |
|
Qualifications : |
Bachelor of
Science Degree in International Marketing from Bentley University Master of
Business Administration in finance from McCallum Graduate School of Business
(Bentley University) |
|
|
|
|
Name : |
Mrs. Swati Agarwal |
|
Designation : |
Non-Executive Director |
|
Qualifications : |
Bachelor’s
degree in management studies |
|
Experience : |
8 years of
industry experience |
|
|
|
|
Name : |
Mr. Rajesh Pandey |
|
Designation : |
Independent Non-Executive Director |
|
Qualifications : |
Bachelors degree
in Chemical Engineering |
|
Experience : |
16 years of
experience in Manufacturing 13 years of
experience in the field of rope manufacturing |
|
|
|
|
Name : |
Mr. Shobha Singh Thakur |
|
Designation : |
Independent Non-Executive Director |
|
Qualifications : |
M.Com, CAIIB |
|
|
|
|
Name : |
Mr. Vijay Kumar Chopra |
|
Designation : |
Independent Non-Executive Director |
|
Qualifications : |
Chartered Accountant, CAIIB |
|
|
|
|
Name : |
Mr. Michael Freedman |
|
Designation : |
Independent Non-Executive Director |
|
Qualifications : |
Graduate of New
York University Stern School of Business |
KEY EXECUTIVES
|
Name : |
Mr. Nitin B. Katore |
|
Designation : |
Company Secretary |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 31.12.2012
|
Category of Shareholders |
No. of Shares |
Percentage of
Holding |
|
|
|
|
|
(A) Shareholding of Promoter and Promoter Group |
|
|
|
|
|
|
|
|
3562340 |
1.33 |
|
|
157705670 |
59.09 |
|
|
161268010 |
60.42 |
|
|
|
|
|
Total shareholding of Promoter and Promoter Group (A) |
161268010 |
60.42 |
|
(B) Public Shareholding |
|
|
|
|
|
|
|
|
6474140 |
2.43 |
|
|
11469980 |
4.30 |
|
|
17944120 |
6.72 |
|
|
|
|
|
|
2643872 |
0.99 |
|
|
|
|
|
|
166181 |
0.06 |
|
|
84890517 |
31.80 |
|
|
1417617 |
0.53 |
|
|
3742 |
0.00 |
|
|
83469158 |
31.27 |
|
|
87700570 |
32.86 |
|
Total Public shareholding (B) |
105644690 |
39.58 |
|
Total (A)+(B) |
266912700 |
100.00 |
|
(C) Shares held by Custodians and against which Depository Receipts
have been issued |
0 |
0.00 |
|
|
0 |
0.00 |
|
|
0 |
0.00 |
|
|
0 |
0.00 |
|
Total (A)+(B)+(C) |
266912700 |
0.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer and Exporter of various products like Vinyl flooring,
Rigid PVC, Leather Cloth and Soft Sheeting’s.
|
GENERAL INFORMATION
|
No. of Employees : |
1300 (Approximately) |
||||||||||||||||||||||||||||||
|
|
|
||||||||||||||||||||||||||||||
|
Bankers : |
Ø
State Bank of India Ø
ING Vysya Bank Limited Ø
Bank of Maharashtra Ø
Union Bank of India Ø
Bank of India, London Branch Ø
Canara Bank, London Branch Ø
Union Bank of India, Hong Kong Branch Ø Export-Import
Bank of India |
||||||||||||||||||||||||||||||
|
|
|
||||||||||||||||||||||||||||||
|
Facilities : |
|
||||||||||||||||||||||||||||||
|
|
|
|
Banking
Relations : |
-- |
|
|
|
|
Statutory Auditors |
|
|
Name : |
Haribhakti and Company Chartered Accountants |
|
Address : |
42, Free Press House, 4th Floor, 215, Nariman Point, Mumbai – 400021,
Maharashtra, India |
|
|
|
|
Solicitors : |
Rajani Associates |
|
|
|
|
Holding Company : |
Wellknown Business Ventures Private Limited |
|
|
|
|
Fellow Subsidiary Company : |
Sun Plastochem Limited |
|
|
|
|
Subsidiary Company : |
Axiom Cordages Limited |
|
|
|
|
Entities where Key Management Personnel have significant influence : |
Ø One Source
Trading Company LLP Ø One Source
Enterprises LLP Ø AA Superior
Enterprises LLP |
CAPITAL STRUCTURE
AS ON 31.03.2012
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
420000000 |
Equity Shares |
Re. 1/- each |
Rs. 420.000 Millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
266912700 |
Equity Shares |
Re. 1/- each |
Rs. 266.910 Millions
|
|
|
|
|
|
a. Reconciliation of shares outstanding at the beginning and at the end
of the year
|
Particulars |
31.03.2012 |
|
Opening balance |
261,645,000 |
|
Add: Issue of shares under sub-division |
-- |
|
Add: Issue of shares
against conversion of Compulsorily convertible debentures |
-- |
|
Add: Issue of
shares to Holding Company against Share Application Money received |
5,267,700 |
|
Closing balance
of shares |
266,912,700 |
b. Shares held by holding company and associate company
|
Name of
Shareholders |
31.03.2012 |
|
Holding Company
- [Wellknown Business Ventures Private Limited] |
148,425,340 |
|
Subsidiary Company - [Axiom Cordages Limited] |
4,418,330 |
c. Details of shareholders holding more than 5% shares in the company
|
Particulars |
31.03.2012 |
|
1) Wellknown Business Ventures Private Limited |
|
|
- Number of share hold |
148,425,340 |
|
- % of total equity share capital |
55.61% |
|
2) Fossebridge Limited |
|
|
- Number of share hold |
32,901,800 |
|
- % of total equity share capital |
12.33% |
|
3) Xatis International Limited |
|
|
- Number of share hold |
32,705,720 |
|
- % of total equity share capital |
12.25% |
|
4) Brenzett Limited |
|
|
- Number of share hold |
24,215,382 |
|
- % of total equity share capital |
9.07% |
Note: The Company has only one class of equity
shares having a par value of ` 1 per share. Each holder of equity share is entitled
to one vote per share. The company declares dividend in Indian rupees. The
dividend proposed by Board of Directors is subject to the approval of the
shareholders in ensuing Annual General Meeting.
In the event of
liquidation of the Company, the holders of equity shares will be entitled to
receive remaining assets of the company, after the distribution of all
preferential amounts. The distribution will be in proportion to the number of
equity shares held by the shareholders.
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
266.910 |
261.650 |
247.900 |
|
|
2] Share Application Money |
0.000 |
584.720 |
760.200 |
|
|
3] Reserves & Surplus |
3574.400 |
2536.490 |
1332.100 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
|
NETWORTH |
3841.310 |
3382.860 |
2340.200 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
5134.410 |
678.920 |
464.400 |
|
|
2] Unsecured Loans |
0.000 |
613.620 |
1718.400 |
|
|
TOTAL BORROWING |
5134.410 |
1292.540 |
2182.800 |
|
|
DEFERRED TAX LIABILITIES |
456.780 |
103.180 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
9432.500 |
4778.580 |
4523.000 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
7193.080 |
1836.520 |
2075.200 |
|
|
Capital work-in-progress |
69.370 |
2342.910 |
1212.000 |
|
|
|
|
|
|
|
|
INVESTMENT |
729.170 |
398.750 |
570.000 |
|
|
DEFERRED TAX ASSETS |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
588.000
|
395.320 |
325.000
|
|
|
Sundry Debtors |
683.230
|
144.630 |
478.000
|
|
|
Cash & Bank Balances |
212.680
|
77.180 |
173.100
|
|
|
Other Current Assets |
354.450
|
0.000 |
38.300
|
|
|
Loans & Advances |
169.660
|
58.080 |
185.600
|
|
Total
Current Assets |
2008.020
|
675.210 |
1200.000
|
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
237.870
|
|
|
|
|
Other Current Liabilities |
278.450
|
312.310 |
369.000
|
|
|
Provisions |
50.820
|
51.540 |
165.200
|
|
Total
Current Liabilities |
567.140
|
474.810 |
534.200
|
|
|
Net Current Assets |
1440.880
|
200.400 |
665.800
|
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
9432.500 |
4778.580 |
4523.000 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
|
|
SALES |
|
|
|
|
|
|
|
Revenue from operations |
10707.550 |
7249.550 |
5467.700 |
|
|
|
Other Income |
52.610 |
17.990 |
74.900 |
|
|
|
TOTAL (A) |
10760.160 |
7267.540 |
5542.600 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Cost of Materials Consumed |
8780.920 |
5628.430 |
-- |
|
|
|
Changes in inventories
of finished goods, work-in-progress and Stock-in-Trade |
(110.710) |
8.530 |
44.200 |
|
|
|
Employee benefit expenses |
90.520 |
83.370 |
-- |
|
|
|
Other expenses |
788.830 |
550.930 |
-- |
|
|
|
Prior period items |
0.000 |
4.160 |
-- |
|
|
|
Raw Material Consumed |
-- |
-- |
4322.300 |
|
|
|
Power and Fuel |
-- |
-- |
147.800 |
|
|
|
Employee Cost |
-- |
-- |
63.800 |
|
|
|
Other Manufacturing Expenses |
-- |
-- |
18.200 |
|
|
|
Selling and Administrative Expenses |
-- |
-- |
116.000 |
|
|
|
Miscellaneous Expenses |
-- |
-- |
14.400 |
|
|
|
TOTAL (B) |
9549.560 |
6275.420 |
4726.700 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
1210.600 |
992.120 |
815.900 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
61.490 |
38.050 |
41.300 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
1149.110 |
954.070 |
774.600 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
542.290 |
283.490 |
253.000 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) (G) |
606.820 |
670.580 |
521.600 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
117.350 |
122.040 |
140.200 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-H) (I) |
489.470 |
548.540 |
381.400 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS YEARS’
BALANCE BROUGHT FORWARD |
1675.870 |
1157.720 |
805.210 |
|
|
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
|
|
Dividend |
26.690 |
26.160 |
24.780 |
|
|
|
Tax on Dividend |
4.320 |
4.230 |
4.110 |
|
|
BALANCE CARRIED
TO THE B/S |
2134.330 |
1675.870 |
1157.720 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
Export Sales - FOB |
5791.900 |
4565.970 |
2624.300 |
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw Materials |
2638.420 |
2885.150 |
2080.160 |
|
|
|
Stores & Spares |
1.600 |
3.880 |
3.030 |
|
|
|
Capital Goods |
1817.180 |
1113.970 |
751.880 |
|
|
TOTAL IMPORTS |
4457.200 |
4003.000 |
2835.070 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
|
|
|
|
|
|
Basic
|
1.87 |
2.14 |
15.38 |
|
|
|
Diluted
|
1.87 |
2.09 |
14.50 |
|
QUARTERLY RESULTS
|
PARTICULARS |
30.06.2012 |
30.09.2012 |
31.12.2012 |
|
Type |
1st Quarter |
2nd Quarter |
3rd Quarter |
|
Sales Turnover |
3424.200 |
3794.600 |
3855.700 |
|
Total Expenditure |
2961.000 |
3280.500 |
3366.600 |
|
PBIDT (Excl OI) |
463.100 |
514.100 |
489.200 |
|
Other Income |
7.100 |
7.800 |
10.400 |
|
Operating Profit |
470.300 |
521.900 |
499.600 |
|
Interest |
72.300 |
65.200 |
70.200 |
|
Exceptional Items |
0.000 |
0.000 |
0.000 |
|
PBDT |
398.000 |
456.700 |
429.300 |
|
Depreciation |
223.200 |
225.600 |
225.800 |
|
Profit Before Tax |
174.800 |
231.100 |
203.600 |
|
Tax |
21.200 |
36.600 |
92.100 |
|
Provisions and Contingencies |
0.000 |
0.000 |
0.000 |
|
Reported PAT |
153.700 |
194.400 |
111.400 |
|
Extraordinary Items |
0.000 |
0.000 |
0.000 |
|
Prior Period Expenses |
0.000 |
0.000 |
0.000 |
|
Other Adjustments |
0.000 |
0.000 |
0.000 |
|
Net Profit |
153.700 |
194.400 |
111.400 |
KEY RATIOS
|
PARTICULARS |
|
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
PAT / Total Income |
(%) |
4.55
|
7.55 |
6.88 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
5.64
|
9.25 |
9.54 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
6.60
|
26.70 |
15.93 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.16
|
0.20 |
0.22 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt/Networth) |
|
1.34
|
0.38 |
0.93 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
3.54
|
1.42 |
2.25 |
LOCAL AGENCY FURTHER INFORMATION
|
Sr. No. |
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 |
No |
|
10] |
Designation of contact
person |
No |
|
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 |
No |
|
15] |
Capital in the business |
Yes |
|
16] |
Details of sister
concerns |
Yes |
|
17] |
Major suppliers |
No |
|
18] |
Major customers |
No |
|
19] |
Payments terms |
No |
|
20] |
Export / Import details
(if applicable) |
No |
|
21] |
Market information |
-- |
|
22] |
Litigations that the firm
/ promoter involved in |
-- |
|
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 |
|
31] |
Date of Birth of Proprietor/Partner/Director,
if available |
No |
|
32] |
PAN of
Proprietor/Partner/Director, if available |
No |
|
33] |
Voter ID No of
Proprietor/Partner/Director, if available |
No |
|
34] |
External Agency Rating,
if available |
Yes |
UNSECURED LOANS
|
Unsecured Loans |
31.03.2012 |
31.03.2011 |
|
|
(Rs. In Millions) |
|
|
Supplier's Credit in Foreign Currency |
0.000 |
613.620 |
|
Total |
0.000 |
613.620 |
COMPANY OVERVIEW
Responsive Industries
Limited (‘RIL’ or ‘the Company’), is a major producer and supplier of various
products like Vinyl flooring, Rigid PVC, Leather Cloth & Soft Sheeting’s.
Applications for Vinyl Flooring include Printing Flooring and Other Flooring
and in case of Rigid PVC, it includes Packaging of Pharmaceutical Products in
Pharma industry.
OPERATIONS
The Company has
posted a turnover of Rs. 10760.160 Millions, an increase of about 48 % as
compared to Rs. 7267.530 Millions in the previous financial year. The Company
recorded a net profit of Rs. 489.470 Millions as against Rs. 548.550 Millions
in the corresponding previous financial year depicting a decline of 10.77%.
MANAGEMENT
DISCUSSION AND ANALYSIS REPORT
INDUSTRY STRUCTURE
AND DEVELOPMENTS
The Company is engaged
in manufacturing of PVC products, which are widely used both for household and
commercial purposes. Confirming fears of a slowdown, India’s economy grew by
just 5.3 percent in the fourth quarter ending March this year, mainly due to
poor performance of the manufacturing sector, as against 6.9 percent in the
same three months period of the previous fiscal.
The Indian economy
has been adversely affected due to the impact of global financial meltdown,
moderating consumption demand and depreciating currency. During the financial
year downfall recorded in the manufacturing sector. Indian plastic product
sector witnessed strong double-digit growth, with strong off take from key user
industries like packaging, automotive and infrastructure sector.
During the year
under review, the Company’s performance was satisfactory and the Company was
able to meet the demand of PVC product satisfactorily. Despite the slowdown,
the Company is seeing bright future for its business and will strive for better
performance in coming years.
PRODUCT WISE
PERFORMANCE:
The Company is
engaged only in one segment of products i.e. PVC products. The product wise
performance during the year is shown below:
1. PVC Leather
Cloth
The production
during the year 2011-12 is 52,005.00 (Qty. in ‘000) as against the production
of 40367.00 (Qty. in ‘000) for the previous year 2010-11. The sales during the
year 2011-12 is Rs. 4999.000 Millions as against the sales of Rs. 2493.000
Millions for the year 2010-11.
2. PVC Flooring
The production
during the year 2011-12 is 14,338.00 (Qty. in ‘000) as against the production
of 13364.00 (Qty. in ‘000) for the previous year 2010-11. The sales during the
year 2011-12 is Rs. 4601.000 Millions as against the sales of Rs. 4008.520
Millions for the year 2010-11.
3. PVC Sheeting
The production
during the year 2011-12 is 7616.00 (Qty. in ‘000) as against the production of
5622.00 (Qty. in ‘000) for the previous year 2010-11. The sales during the year
2011-12 is Rs. 508.000 Millions as against the sales of Rs. 219.100 Millions
for the year 2010-11.
4. PVC Rigid
The production
during the year 2011-12 is 5356.00 (Qty. in ‘000) as against the production of
4328.00 (Qty. in ‘000) for the previous year 2010-11. The sales during the year
2011-12 is Rs. 489.000 Millions as against the sales of Rs. 359.700 Millions
for the year 2010-11.
OUTLOOK
With Company’s
increased capacity utilisation, strong product development, market efforts, the
Company is optimistic about its growth in the coming years too.
FINANCIAL AND
OPERATIONAL PERFORMANCE
The Company
achieved Net Sales of Rs. 10705.970 Millions for the year ended 31st March 2012
as compared to Rs. 7178.610 Millions in the previous year. Further, the Company
recorded net profit after tax of Rs. 489.470 Millions as compared to Rs.
548.550 Millions for the previous year.
STATEMENT OF
STANDALONE UNAUDITED RESULTS FOR THE PERIOD ENDED 31ST DECEMBER,
2012
(Rs.
in millions)
|
Particular |
Quarter Ended |
Period Ended |
|
|
|
31.12.2012 (Unaudited) |
30.09.2012 (Unaudited) |
31.12.2012 (Unaudited) |
|
Income from Operations |
|
|
|
|
Net Sales/Income from Operations |
3848.648 |
3791.182 |
11053.658 |
|
Other Operating Income |
7.067 |
3.453 |
20.847 |
|
Total Income from
operations (net) |
3855.715 |
3794.635 |
11074.505 |
|
|
|
|
|
|
Expenses |
|
|
|
|
(a) Consumption of raw material |
3103.768 |
3102.517 |
8893.786 |
|
(b) Purchase of stock in trade |
-- |
-- |
-- |
|
(c) Changes in inventories of finished goods, work in progress
and stock in trade |
63.308 |
5.436 |
70.391 |
|
(d) Employee benefit expenses |
18.861 |
22.604 |
63.454 |
|
(e) Depreciation and amortization expenses |
225.776 |
225.632 |
674.556 |
|
(f) Other Expenses |
180.617 |
149.949 |
580.447 |
|
Total Expenses |
3592.330 |
3506.138 |
10282.634 |
|
Profit from Operations
before Other Income, Finance costs and Exceptional item |
263.385 |
288.497 |
791.871 |
|
Other Income |
10.383 |
7.807 |
25.301 |
|
Profit/ Loss from Ordinary
Activities before Finance costs and Exceptional item |
273.768 |
296.304 |
817.172 |
|
Finance costs |
70.219 |
65.230 |
207.726 |
|
Profit/ Loss from
Ordinary Activities after Finance costs but Exceptional item |
203.549 |
231.074 |
609.446 |
|
Exceptional
item |
-- |
-- |
-- |
|
Profit/ Loss from Ordinary Activities
before tax |
203.549 |
231.074 |
609.446 |
|
Tax Expenses |
92.138 |
36.630 |
149.929 |
|
Net Profit/ Loss from Ordinary Activities
after tax |
111.411 |
194.444 |
459.517 |
|
Extraordinary
Items |
-- |
-- |
-- |
|
Net Profit for the period |
111.411 |
194.444 |
459.517 |
|
Paid- up
Equity Share Capital (Face value
of the share – Rs. 10) |
266.913 |
266.913 |
266.913 |
|
Reserves
excluding revaluation reserves as per balance sheet of Previous Accounting
Year |
-- |
-- |
-- |
|
Earnings per
share (before extraordinary items) (of Rs. 10/-
each) (not annualized) -
Basic |
0.42 |
0.73 |
1.72 |
|
- Diluted |
0.42 |
0.73 |
1.72 |
|
Earnings per
share (after extraordinary items) (of Rs. 10/-
each) (not annualized) - Basic |
0.42 |
0.73 |
1.72 |
|
- Diluted |
0.42 |
0.73 |
1.72 |
|
|
|
|
|
|
PARTICULARS OF SHAREHOLDING |
|
|
|
|
1. Public
shareholding |
|
|
|
|
Number of
Shares |
105,644,690 |
105,644,690 |
105,644,690 |
|
Percentage of Shareholding |
39.58% |
39.58% |
39.58% |
|
2. Promoters
and promoter group shareholding |
|
|
|
|
a)
Pledged/Encumbered |
|
|
|
|
- Number of Shares |
Nil |
|
Nil |
|
- Percentage of Shares (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 |
|
Non - encumbered |
|
|
|
|
- Number of Shares |
161,268,010 |
161,268,010 |
161,268,010 |
|
- Percentage
of Shares (as a % of
the total shareholding of promoter and promoter
group) |
100% |
100% |
100% |
|
- Percentage
of Shares (as a % of
the total share capital of the company) |
60.42% |
60.42% |
60.42% |
|
|
Particulars |
Quarter Ended
30.09.2012 |
|
B |
Investor
complaints |
|
|
|
Pending at the beginning of the quarter |
Nil |
|
|
Received during the quarter |
Nil |
|
|
Disposed of during the quarter |
Nil |
|
|
Remaining unresolved at the end of the quarter |
Nil |
Notes to
Results:
- The group is primarily engaged in
the business of manufacturing and sale of PVC products and Ropes. The
group has identified primary business segments namely PVC products and
Ropes, which in the context of Accounting Standard 17 on "Segment
Reporting" constitute reportable segments.
- The auditors of the Company have
carried out a Limited Review of the Standalone and Consolidated financial
results for the quarter and period ended 31st December, 2012 in
compliance with Clause 41 of the Listing Agreement. Consolidated Financial
Results for the quarter and period ended 31st December, 2011
were not subject to Limited Review by the auditors of the Company. The
Standalone and Consolidated Financial Results for the quarter and period
ended December 31, 2012 have been reviewed by the Audit committee and
approved by the Board of Directors at its meeting held on 18th
January, 2013.
- Comparative financial information has been regrouped
and reclassified, wherever necessary, to
correspond to the figures of the current quarter.
FIXED ASSETS:
Ø Land
Ø Factory Building
Ø Plant and
Machinery
Ø Electrical
Installation
Ø Furniture and
Fixtures
Ø Office equipments
Ø Computer
Ø Motor Cars
Ø Motor Trucks
Ø Weighing Scale
CMT REPORT (Corruption, Money Laundering & Terrorism]
The Public Notice information has been collected from various sources
including but not limited to: The Courts,
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 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. 53.32 |
|
|
1 |
Rs. 84.60 |
|
Euro |
1 |
Rs. 72.63 |
INFORMATION DETAILS
|
Information
Gathered by : |
PJA |
|
|
|
|
Report Prepared
by : |
BVA |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
5 |
|
PAID-UP CAPITAL |
1~10 |
6 |
|
OPERATING SCALE |
1~10 |
6 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
6 |
|
--PROFITABILIRY |
1~10 |
5 |
|
--LIQUIDITY |
1~10 |
5 |
|
--LEVERAGE |
1~10 |
5 |
|
--RESERVES |
1~10 |
5 |
|
--CREDIT LINES |
1~10 |
5 |
|
--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 |
YES |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
48 |
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 |
- |
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.