MIRA
INFORM REPORT
|
Report Date : |
13.08.2014 |
IDENTIFICATION DETAILS
|
Name : |
RESPONSIVE INDUSTRIES LIMITED |
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Registered
Office : |
Village Betegaon, |
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Country : |
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Financials (as
on) : |
31.03.2014 |
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Date of
Incorporation : |
13.07.1982 |
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Com. Reg. No.: |
11-027797 |
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Capital Investment
/ Paid-up Capital : |
Rs.266.910
millions |
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CIN No.: [Company Identification
No.] |
L99999MH1982PLC027797 |
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|
TAN No.: [Tax Deduction &
Collection Account No.] |
MUMS40483C PNER13984F |
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PAN No.: [Permanent Account No.] |
AABCS5068A AABCS5068A |
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Legal Form : |
Public Limited Liability Company. The Company’s Shares are Listed on the Stock Exchanges. |
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Line of Business
: |
Subject
is engaged in the production and supplying of various products like Vinyl Flooring,
Rigid PVC, Leather Cloth and Soft Sheeting’s. |
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|
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|
No. of Employees
: |
Around 1300 (Approximately) |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (54) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Status : |
Good |
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Payment Behaviour : |
Regular |
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Litigation : |
Exist |
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Comments : |
Subject is a well-established company having fine track record. The rating reflects company’s healthy financial risk profile marked by
sound liquidity position and fair profitability levels of the company. Trade relations are reported as fair. Business is active. Payments are
reported to be regular and as per commitment. The company can be considered good for normal 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.
INDIAN ECONOMIC OVERVIEW
NEWS
As per the latest IMF study, the total weigh of emerging markets in the GDP
of the world on a purchasing power parity basis has seen a sizeable shift. It
highlights how as against 51 % in 2005, the emerging economies now account for
close to 56 % of the global purchasing power GDP as per the latest survey. And
with the emerging economies growing at a faster rate than their developed
counterparts, there are every possibility that the share goes up further in the
coming years. China may surpass the US over the next few years.
Politics and economics are very intricately connected. They tend to
influence each other in ways that could be very complex and far-reaching. The
prospects of the India’s economy have been seriously compromised due to
political corruption. High inflation, poor standard of living are to a great
extent a result of rampant corruption in the country. China on the other hand,
seems to be facing diametrically opposite challenge. American hedge fund
manager Jim Chanos has been keenly following the political and economic
development in the dragon economy and has figured out something that is quite
worrying. He is of the view that the Chinese economy could be heading toward
trouble on account of new Chinese President Xi Jingping’s very aggressive
anti-corruption drive. Chanos believes that many things such as apartment
sales, luxury products, etc. were largely bought with dirty money. And it is
now beginning to impact consumption. This may indeed be bad news for an economy
that is struggling to transition from an investment-driven export-oriented
economy to a domestic consumption-driven economy.
A study published by Firstpost has revealed that asset classes like real
estate and equities were the biggest beneficiaries of the liberalization
policies. A firm called Ciane Analytics studied returns from assets
including equities, gold, fixed deposits, G-Secs and real estate since 1991.
Real estate outperformed every other asset classes during the 23-year period
with an annualized return of 20%! Equities came in second with annualized
return of 15.5%! However, while these returns may seem mouthwatering, the fact
is that the return from equities adjusted for inflation came down to just 7.1
%.
Some brief news are as under
. R-Power to buy Jaypee’s hydro assets
. Investors await justice in NSEL case
. India seeks MFN status from Pakistan ahead of meeting
. Ukrain’s clashes with rebels hinder MH17 crash investigation
. India exploring merger of state-owned hydro PSUs
..Higher costs weigh down profit growth to slowest in 9 quarters
..Wal-Mart to expand wholesale business in India
. GMR group moves to strengthen balance sheet
. Central Bank to sell 4 % stake to Life Insurance Corporation
. Tata Chemicals plans to raise up to Rs.10000 mn.
EXTERNAL AGENCY RATING
|
Rating Agency Name |
CRISIL |
|
Rating |
Long term rating : A- |
|
Rating Explanation |
Adequate degree of safety and low credit risk. |
|
Date |
28.06.2013 |
|
Rating Agency Name |
CRISIL |
|
Rating |
Short term rating : A1 |
|
Rating Explanation |
Very strong degree of safety and lowest credit risk. |
|
Date |
28.06.2013 |
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
31-03-2014.
INFORMATION DECLINED
Management non-cooperative
(Tel. No.: 91-22-66562727)
LOCATIONS
|
Registered Office/ Factory : |
Village Betegaon, Mahagaon Road, Boisar (East), Taluka Palghar,
District Thane – 401 501, Maharashtra, India |
|
Tel. No.: |
91-22-66562890/ 66562727/ 66562704/ 66562727 |
|
Mobile No.: |
91-9821999445 (Mr. Ankush) |
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Fax No.: |
91-22-66562798/ 99 |
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E-Mail : |
investor@responsiveindustries.com
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Website : |
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Location : |
Owned |
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Corporate Office : |
7th Floor, Esperanca Building, Shahid Bhagat Singh Road,
Colaba, Mumbai – 400 001, Maharashtra, India |
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Tel. No.: |
91-22-66562821 |
|
Fax No.: |
91-22-66562798/ 99 |
DIRECTORS
AS ON 31.03.2014
|
Name : |
Mr. Atit 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) |
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|
Name : |
Mrs. Swati Agarwal |
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Designation : |
Non-Executive Director |
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Qualifications : |
Bachelor’s degree in management studies |
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Name : |
Mr. Rajesh Pandey |
|
Designation : |
Director |
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Qualifications : |
Bachelor’s degree in Chemical Engineering |
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Name : |
Mr. S.S. Thakur |
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Designation : |
Independent Non-Executive Director |
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Qualifications : |
M.Com, CAIIB |
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|
|
Name : |
Mr. Vijay Kumar Chopra |
|
Designation : |
Independent Non-Executive Director |
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Qualifications : |
Chartered Accountant, CAIIB |
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|
|
Name : |
Mr. Michael Freedman* |
|
Designation : |
Independent Non-Executive Director (* Resigned
w.e.f. 30.05.2014) |
|
Qualifications : |
Graduate of New York University Stern School of Business |
KEY EXECUTIVES
|
Name : |
Ms. Alpa Ramani |
|
Designation : |
Company Secretary |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 30.06.2014
|
Category of Shareholder |
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 |
|
|
|
|
|
|
|
|
10923062 |
4.09 |
|
|
11469980 |
4.30 |
|
|
22393042 |
8.39 |
|
|
|
|
|
|
2696902 |
1.01 |
|
|
|
|
|
|
810906 |
0.30 |
|
|
79743840 |
29.88 |
|
|
174738 |
0.07 |
|
|
7499 |
0.00 |
|
|
79561603 |
29.81 |
|
|
83251648 |
31.19 |
|
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 |
(1) Indian
Individuals / Hindu Undivided Family
Individual shareholders holding nominal share
capital up to Rs.0.100 million
Shareholding of securities (including shares, warrants, convertible securities)
of persons belonging to the category Promoter and Promoter Group
|
Sl. No. |
Name of the Shareholder |
Details of Shares held |
Total shares (including underlying shares assuming full conversion of warrants
and convertible securities) as a % of diluted share capital |
|
|
No. of Shares held |
As a % of grand total |
|
||
|
1 |
Wellknown
Business Ventures Private Limited |
148425340 |
55.61 |
55.61 |
|
2 |
Axiom
Cordages Limited |
4418330 |
1.66 |
1.66 |
|
3 |
Harvest
Enterprises Limited |
3270000 |
1.23 |
1.23 |
|
4 |
Efficient
Builders LLP |
1592000 |
0.60 |
0.60 |
|
5 |
Swati
Atit Agarwal |
1300010 |
0.49 |
0.49 |
|
6 |
Saudamini
Abhishek Agarwal |
937000 |
0.35 |
0.35 |
|
7 |
Atit
O Agarwal |
773330 |
0.29 |
0.29 |
|
8 |
Abhishek
Omprakash Agarwal |
552000 |
0.21 |
0.21 |
|
|
Total |
161268010 |
60.42 |
60.42 |
Shareholding of securities (including shares, warrants, convertible securities)
of persons belonging to the category Public and holding more than 1% of the
total number of shares
|
Sl. No. |
Name of the Shareholder |
No. of Shares held |
Shares as % of Total No. of Shares |
Total shares (including underlying shares assuming full conversion of
warrants and convertible securities) as a % of diluted share capital |
|
|
1 |
Life
Insurance Corporation of India |
9600481 |
3.60 |
3.60 |
|
|
2 |
Passage
to India Master Fund Limited |
5736980 |
2.15 |
2.15 |
|
|
3 |
Sparrow
Asia Diversified Opportunities Fund |
5733000 |
2.15 |
2.15 |
|
|
4 |
Brenzett
Limited |
13954083 |
5.23 |
5.23 |
|
|
5 |
Fossebridge
Limited |
32901800 |
12.33 |
12.33 |
|
|
6 |
Xatis
International Limited |
32705720 |
12.25 |
12.25 |
|
|
|
Total |
100632064 |
37.70 |
37.70 |
Shareholding of securities (including shares, warrants, convertible
securities) of persons (together with PAC) belonging to the category “Public” and
holding more than 5% of the total number of shares of the company
|
Sl. No. |
Name(s) of the shareholder(s) and the Persons Acting in Concert (PAC)
with them |
No. of Shares |
Shares as % of Total No. of Shares |
Total shares (including underlying shares assuming full conversion of
warrants and convertible securities) as a % of diluted share capital |
|
|
1 |
Brenzett Limited |
13954083 |
5.23 |
5.23 |
|
|
2 |
Fossebridge Limited |
32901800 |
12.33 |
12.33 |
|
|
3 |
Xatis International Limited |
32705720 |
12.25 |
12.25 |
|
|
|
Total |
79561603 |
29.81 |
29.81 |
Details of Locked-in Shares
|
Sl. No. |
Name of the Shareholder |
No. of Shares |
Locked-in Shares as % of |
|
1 |
Wellknown Business Ventures LLP |
52,67,700 |
1.97 |
|
|
Total |
52,67,700 |
1.97 |
BUSINESS DETAILS
|
Line of Business : |
Subject
is engaged in the production and supplying of various products like Vinyl
Flooring, Rigid PVC, Leather Cloth and Soft Sheeting’s. |
|
|
|
|
Products : |
·
Vinyl Flooring ·
Printed Flooring ·
Leather Cloth |
GENERAL INFORMATION
|
Customers : |
·
Reliance Industries Limited ·
Ashok Leyland ·
Eicher ·
Bombardier ·
TATA ·
Marcopolo ·
Mercedes-Benz ·
Seven Hills Hospital ·
Future Group |
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No. of Employees : |
Around 1300 (Approximately) |
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Bankers : |
·
Axis Bank Limited, Trishul, 3rd Floor, Opposite
Samartheshwar Temple, Law Garden Ellisbridge, Ahmedabad – 380 006, Gujarat,
India ·
State Bank of India, Mumbai, Maharashtra, India ·
Union Bank of India, Mumbai, Maharashtra, India ·
Bank of India, London Branch ·
Canara Bank, London Branch ·
Union Bank of India, Hong Kong Branch ·
Export-Import Bank of India |
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Facilities : |
Notes: Long terms borrowings Note 1: The loans are
repayable in equal instalments aggregating to Rs.10.900 millions (PY Rs.3.870
millions) The interest rate on above
is ranging between 8.50% to 10.60% Loans against vehicles
from Banks are secured by way of hypothecation of specific vehicles acquired
under the arrangements. Note 2: This is an
External Commercial Borrowings which is secured by way of first pari passu
charge on all fixed assets of the Company and second ranking pari passu
charge on all current assets of the Company. The External Commercial
Borrowings are repayable in 24 quarterly installments commencing from December
2012. Interest rate on ECB are 6 months USD LIBOR + 456 basis points. Short terms borrowings Note 1: PCFC Loan of Rs.809.770 millions (PY Rs.793.790
millions) are secured by first ranking pari passu hypothecation charge on entire
current assets of the company both present and future. PCFC loan of Rs.471.320
millions (PY Rs.306.380 millions) are secured by hypothecation of mutual
fund/ fixed deposits with bank. Note 2: EBRD (Post
Shipment) of Rs. NIL (PY Rs.109.480 millions) are secured by hypothecation of
Investments in Mutual Funds. Note 3: Buyers Credit of
Rs.603.100 millions (PY Rs.708.580 millions) was secured by goods purchased
under Letter of credit. Note 4: Bank Overdraft
amounting to Rs.3.190 millions (PY Rs. Nil) secured by fixed deposits held
with bank. |
|
|
|
|
Banking
Relations : |
-- |
|
|
|
|
Financial Institution : |
SBICAP
Trustee Company Limited, 202, Maker Tower, 'E', Cuffe Parade, Colaba, Mumbai
– 400 005, Maharashtra, India |
|
|
|
|
Statutory Auditors |
|
|
Name : |
Haribhakti and Company Chartered Accountants |
|
Address : |
42, Free Press House, 4th Floor, 215, Nariman Point, Mumbai
– 400 021, Maharashtra, India |
|
|
|
|
Solicitors : |
Rajani Associates |
|
|
|
|
Holding Company : |
Wellknown Business Ventures Private Limited |
|
|
|
|
Subsidiary Company : |
Axiom Cordages Limited |
|
|
|
|
Fellow Subsidiary Company : |
Sun Plastochem Limited |
|
|
|
|
Investment in partnership firm: |
·
Maharashtra Holdings ·
Mangaon Holding |
|
|
|
|
Entities where Key Management Personnel have significant influence : |
·
One Source Trading Company LLP ·
One Source Enterprises LLP ·
AA Superior Enterprises LLP |
CAPITAL STRUCTURE
AS ON 31.03.2014
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 |
|
|
|
|
|
Notes:
a. Reconciliation of shares outstanding at the beginning and at the end
of the year
|
Particulars |
31.03.2014 |
|
Opening balance of shares |
266912700 |
|
Closing balance
of shares |
266912700 |
b. Shares held by Holding Company and Associate Company
|
Name of
Shareholders |
31.03.2014 |
|
Holding Company
– (Wellknown Business Ventures Private Limited) |
148425340 |
|
Subsidiary Company – (Axiom Cordages Limited) |
4418330 |
c. Details of shareholders holding more than 5% shares in the company
|
Particulars |
31.03.2014 |
|
1) Wellknown Business Ventures Private Limited |
|
|
- Number of share hold |
148425340 |
|
- % of total equity share capital |
55.61% |
|
2) Fossebridge Limited |
|
|
- Number of share hold |
32901800 |
|
- % of total equity share capital |
12.33% |
|
3) Xatis International Limited |
|
|
- Number of share hold |
32705720 |
|
- % of total equity share capital |
12.25% |
|
4) Brenzett Limited |
|
|
- Number of share hold |
14811045 |
|
- % of total equity share capital |
5.55% |
d. There are no bonus
shares, shares issued for consideration other than cash and shares bought back during
the period of five years immediately preceding the reporting date
e. Rights
/ Preferences and restrictions attached to equity shares.
Each holder of equity shares is entitled to
one vote per equity share. They are entitled to receive dividend proposed by
the Board of Directors and approved by shareholders in General Meeting, right
to receive annual report and other quarterly / half yearly / annual
publications and right to get new shares proportionately in case of issuance of
additional shares by the company.
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 |
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
I.
EQUITY AND LIABILITIES |
|
|
|
|
(1) Shareholders' Funds |
|
|
|
|
(a) Share Capital |
266.910 |
266.910 |
266.910 |
|
(b) Reserves & Surplus |
4549.540 |
4058.160 |
3574.410 |
|
(c) Money received against share warrants |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
(2) Share Application money pending allotment |
0.000 |
0.000 |
0.000 |
|
Total
Shareholders’ Funds (1) + (2) |
4816.450 |
4325.070 |
3841.320 |
|
|
|
|
|
|
(3) Non-Current
Liabilities |
|
|
|
|
(a) Long-term borrowings |
3434.480 |
3504.690 |
3550.820 |
|
(b) Deferred tax liabilities (Net) |
478.98 |
464.190 |
456.770 |
|
(c) Other long
term liabilities |
5.000 |
5.000 |
5.000 |
|
(d) Long-term
provisions |
16.190 |
12.620 |
8.090 |
|
Total Non-current
Liabilities (3) |
3934.650 |
3986.500 |
4020.680 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a)
Short term borrowings |
3303.490 |
1918.230 |
1583.590 |
|
(b)
Trade payables |
262.890 |
276.000 |
237.870 |
|
(c)
Other current liabilities |
554.240 |
409.160 |
273.450 |
|
(d) Short-term
provisions |
77.480 |
38.560 |
42.730 |
|
Total Current
Liabilities (4) |
4198.100 |
2641.950 |
2137.640 |
|
|
|
|
|
|
TOTAL |
12949.200 |
10953.520 |
9999.640 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a) Fixed Assets |
|
|
|
|
(i)
Tangible assets |
8273.170 |
7409.010 |
7193.070 |
|
(ii)
Intangible Assets |
1.830 |
1.590 |
0.000 |
|
(iii)
Capital work-in-progress |
0.000 |
0.000 |
0.000 |
|
(iv)
Intangible assets under development |
0.000 |
0.000 |
0.000 |
|
(b) Non-current Investments |
260.300 |
261.450 |
268.030 |
|
(c) Deferred tax assets (net) |
0.000 |
0.000 |
0.000 |
|
(d) Long-term Loan and Advances |
197.790 |
151.340 |
137.750 |
|
(e) Other
Non-current assets |
136.150 |
0.000 |
0.000 |
|
Total Non-Current
Assets |
8869.240 |
7823.390 |
7598.850 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a)
Current investments |
92.660 |
468.800 |
461.140 |
|
(b)
Inventories |
432.780 |
587.570 |
588.000 |
|
(c)
Trade receivables |
2133.710 |
1329.350 |
683.230 |
|
(d) Cash
and cash equivalents |
861.720 |
227.030 |
212.680 |
|
(e)
Short-term loans and advances |
238.640 |
95.180 |
99.260 |
|
(f) Other
current assets |
320.450 |
422.200 |
356.480 |
|
Total
Current Assets |
4079.960 |
3130.130 |
2400.790 |
|
|
|
|
|
|
TOTAL |
12949.200 |
10953.520 |
9999.640 |
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
|
|
SALES |
|
|
|
|
|
|
|
Revenue from Operations |
18422.960 |
15188.540 |
10706.630 |
|
|
|
Other Income |
149.090 |
26.820 |
53.540 |
|
|
|
TOTAL (A) |
18572.050 |
15215.360 |
10760.170 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Cost of Materials Consumed |
15693.280 |
12609.040 |
8673.030 |
|
|
|
Changes in inventories of work-in-progress |
(10.890) |
(4.070) |
(2.820) |
|
|
|
Employee benefit expenses |
85.090 |
89.570 |
90.520 |
|
|
|
Other expenses |
826.570 |
802.860 |
788.830 |
|
|
|
TOTAL (B) |
16594.050 |
13497.400 |
9549.560 |
|
|
|
|
|
|
|
|
Less |
PROFIT
/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
1978.000 |
1717.960 |
1210.610 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
294.280 |
278.630 |
61.490 |
|
|
|
|
|
|
|
|
|
|
PROFIT
/ (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
1683.720 |
1439.330 |
1149.120 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
1059.890 |
921.210 |
542.290 |
|
|
|
|
|
|
|
|
|
|
PROFIT / (LOSS)
BEFORE TAX (E-F) (G) |
623.830 |
518.120 |
606.830 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
115.950 |
44.700 |
117.350 |
|
|
|
|
|
|
|
|
|
|
PROFIT / (LOSS)
AFTER TAX (G-H) (I) |
507.880 |
473.420 |
489.480 |
|
|
|
|
|
|
|
|
|
|
PREVIOUS YEARS’
BALANCE BROUGHT FORWARD |
2576.520 |
2134.330 |
1675.870 |
|
|
|
|
|
|
|
|
|
|
APPROPRIATIONS |
|
|
|
|
|
|
|
Proposed Dividend - On Equity Shares |
26.690 |
26.690 |
26.690 |
|
|
|
Tax on Proposed Dividend - On Equity Shares |
4.540 |
4.540 |
4.330 |
|
|
BALANCE CARRIED
TO THE B/S |
3053.170 |
2576.520 |
2134.330 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
Export Sales - FOB |
10651.580 |
7284.570 |
5791.900 |
|
|
TOTAL EARNINGS |
10651.580 |
7284.570 |
5791.900 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw Materials |
6420.630 |
3703.59 |
2638.420 |
|
|
|
Stores and Components |
1.730 |
1.800 |
1.600 |
|
|
|
Capital Goods |
1485.510 |
874.250 |
1817.180 |
|
|
TOTAL IMPORTS |
7907.870 |
4579.640 |
4457.200 |
|
|
|
|
|
|
|
|
|
|
Earnings /
(Loss) Per Share (Rs.) |
|
|
|
|
|
|
Basic |
1.90 |
1.77 |
1.87 |
|
|
|
Diluted |
1.90 |
1.77 |
1.87 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
PAT / Total Income |
(%) |
2.73 |
3.11 |
4.55 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
3.39 |
3.41 |
5.67 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
4.92 |
4.85 |
6.24 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.13 |
0.12 |
0.16 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt /Networth) |
|
1.40 |
1.25 |
1.34 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
0.97 |
1.18 |
1.12 |
FINANCIAL ANALYSIS
[all figures are
in Rupees Millions]
DEBT EQUITY RATIO
|
Particular |
31.03.2012 |
31.03.2013 |
31.03.2014 |
|
|
(INR in Mlns.) |
(INR in Mlns.) |
(INR in Mlns.) |
|
Share Capital |
266.910 |
266.910 |
266.910 |
|
Reserves & Surplus |
3574.410 |
4058.160 |
4549.540 |
|
Share Application money pending allotment |
0.000 |
0.000 |
0.000 |
|
Net worth |
3841.320 |
4325.070 |
4816.450 |
|
|
|
|
|
|
Long-term borrowings |
3550.820 |
3504.690 |
3434.480 |
|
Short term borrowings |
1583.590 |
1918.230 |
3303.490 |
|
Total borrowings |
5134.410 |
5422.920 |
6737.970 |
|
Debt/Equity ratio |
1.337 |
1.254 |
1.399 |
YEAR-ON-YEAR GROWTH
|
Year on Year Growth |
31.03.2012 |
31.03.2013 |
31.03.2014 |
|
|
(INR in Mlns) |
(INR in Mlns) |
(INR in Mlns) |
|
Revenue from Operations |
10706.630 |
15188.540 |
18422.960 |
|
|
|
41.861 |
21.295 |
NET PROFIT MARGIN
|
Net Profit Margin |
31.03.2012 |
31.03.2013 |
31.03.2014 |
|
|
(INR in Mlns) |
(INR in Mlns) |
(INR in Mlns) |
|
Revenue from Operations |
10706.630 |
15188.540 |
18422.960 |
|
Profit |
489.480 |
473.420 |
507.880 |
|
|
4.57% |
3.12% |
2.76% |
LOCAL AGENCY FURTHER INFORMATION
Details of Current maturities of long-term debt:
|
Particulars |
31.03.2014 (Rs. in millions) |
31.03.2013 (Rs. in millions) |
31.03.2012 (Rs. in millions) |
|
Current maturities of
long-term debt |
448.390 |
324.740 |
155.090 |
|
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 |
No |
|
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 |
Yes |
|
19] |
Payments terms |
No |
|
20] |
Export / Import details (if applicable) |
No |
|
21] |
Market information |
-- |
|
22] |
Litigations that the firm / promoter involved in |
Yes |
|
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] |
PAN of Proprietor/Partner/Director, if available |
No |
|
32] |
Date
of Birth 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 |
LITIGATION DETAILS:
CASE DETAILS
|
Bench:-Bombay |
|||||||
|
Lodging No.:- |
SJL/367/2009 |
Filing Date:- |
07/09/2009 |
Reg. No.:- |
SJ/367/2009 |
Reg. Date:- |
07/09/2009 |
|
Main Matter |
|||||||
|
Lodging No.:- |
SSL/1626/2009 |
Reg. No.:- |
SS/1677/2009 |
|
Petitioner:- |
Modern Cargo Services Private Limited |
Respondent:- |
Responsive Industries Limited |
|
Petn. Adv.:- |
A.M. Vernekar |
|
|
|
District:- |
MUMBAI |
||
|
Bench:- |
SINGLE |
|
|
|
Status:- |
Pre-Admission |
Category:- |
SUMMONSES FOR JUDGMENT. |
|
Last Date:- |
15/03/2011 |
Stage:- |
SUMMONS FOR JUDGEMENT FOR HEARING [ORIGINAL
SIDE MATTERS] |
|
Last Coram:- |
HON'BLE SHRI JUSTICE S.J. KATHAWALLA |
INDEX OF CHARGES:
|
S. No. |
Charge ID |
Date of Charge
Creation/Modification |
Charge amount secured |
Charge Holder |
Address |
Service Request Number
(SRN) |
|
1 |
10436671 |
05/07/2013 |
1,700,000,000.00 |
SBICAP TRUSTEE COMPANY
LIMITED |
202, MAKER TOWER, 'E',
CUFFE PARADE, COLABA, MUMBAI, MAHARASHTRA - 400005, INDIA |
B79541462 |
|
2 |
10432597 |
24/05/2013 |
12,247,000.00 |
AXIS BANK LIMITED |
TRISHUL, 3RD FLOOR, OPPOSITE
SAMARTHESHWAR TEMPLE, LAW GARDEN ELLISBRIDGE, AHMEDABAD, GUJARAT - 380006,
INDIA |
B77702462 |
|
3 |
10354859 |
20/04/2012 |
1,700,000,000.00 |
UNION BANK OF INDIA |
UNION BANK BHAVAN, 239, VIDHAN
BHAVAN MARG, NARIMAN POINT, MUMBAI, MAHARASHTRA - 400021, INDIA |
B39377312 |
|
4 |
10290670 |
10/01/2013 * |
3,288,677,500.00 |
SBICAP TRUSTEE COMPANY
LIMITED |
202, MAKER TOWER, 'E',
CUFFE PARADE, COLABA,, MUMBAI, MAHARASHTRA - 400005, INDIA |
B65915225 |
* Date of charge modification
|
Unsecured Loans |
31.03.2014 (Rs.
in Millions) |
31.03.2013 (Rs.
in Millions) |
|
SHORT-TERM
BORROWINGS |
|
|
|
From Other Parties |
|
|
|
Supplier's
Credit in Foreign Currency |
1416.110 |
0.000 |
|
Total
|
1416.110 |
0.000 |
COMPANY
OVERVIEW
The Company, is a major
producer and supplier of various products like Vinyl Flooring, Rigid PVC,
Leather Cloth and 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 earned revenue
of Rs.18572.050 millions for the
year ended 31st March, 2014, an increase of about 22.06% as compared
to Rs.15215.360 millions in the
previous financial year.
The Company recorded a Net
Profit after Tax of Rs.507.880 millions compared to Rs.473.420 millions in the previous financial year, an increase of
about 7.28%.
MANAGEMENT DISCUSSION AND
ANALYSIS REPORT
INDUSTRY STRUCTURE AND DEVELOPMENTS
The Company, one of the
leading providers of vinyl flooring internationally and the largest Indian
producer of PVC flooring, artificial leather cloth, rigid film and soft sheeting.
They possess the largest domestic capacity in PVC flooring and artificial
leather cloth segments. Their products
portfolio includes PVC flooring, automotive upholstery solutions, FMCG and
pharmaceutical packaging and transparent sheeting. They serve multiple
industries, comprising healthcare, hospitality, transportation, IT and telecom,
retail, education, sports infrastructure and real estate which are widely used
both for household and commercial purposes. Economic growth rate for the 20 13
- 14 fiscal year was 4.7% and 4.5% for the 2012-13 fiscal year.
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 offtake from key user
industries like packaging, automotive and infrastructure sector.
Wing the year, 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.
PERFORMANCE OF COMPANY
The company is engaged only
in one segment of products i.e. PVC products. The Company produces various
types, grades and form of PVC Leather Cloth, PVC Flooring, PVC Sheeting and PVC Rigid.
The total production during
the year 2013-14 is 91,054 Sq.
Mtrs.,/L. Mtrs.,/ Kgs., in (Qty.
in ‘000) as against the total production of 97,300 Sq. Mtrs.,/ L.Mtrs.,/ Kgs., (Qty. in '000)
for the previous year 2012-13. The total sale during the year 2013-14 is
Rs.18256.000 millions as against the total sales of Rs.15049.000 millions for
the year 2012-13.
OUTLOOK
With company's increased
capacity utilization, 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.18367.700 millions
for the year ended 31st March, 2014 as compared to Rs.15167.320 millions in the previous
year. Further, the Company recorded net profit after tax of Rs.507.880 millions
as compared to Rs.473.420 millions for the previous year.
In term of geographical
markets performance of the Company is as follows.
|
Sales |
Year
Ended 31.03.2014 (Rs.
in Millions) |
Year
Ended 31.03.2013 (Rs.
in Millions) |
|
Local |
7678.140 |
7847.310 |
|
Export |
10689.560 |
7320.010 |
|
Total
|
18367.700 |
15167.320 |
FIXED ASSETS:
Tangible assets
·
Land
·
Factory Building
·
Plant and Machinery
·
Electrical Installation
·
Furniture and Fixtures
·
Office Equipments
·
Computer
·
Motor Cars
·
Motor Trucks
·
Weighing Scale
Intangible Assets
·
Software
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.61.18 |
|
|
1 |
Rs.102.56 |
|
Euro |
1 |
Rs.81.78 |
INFORMATION DETAILS
|
Information
Gathered by : |
HTL |
|
|
|
|
Analysis Done by
: |
KAR |
|
|
|
|
Report Prepared
by : |
SMN |
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 |
YES |
|
--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 |
|
DEFAULTER |
|
|
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
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 |
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.