1. Summary Information
|
|
|
Country |
|
|
Company Name |
RESPONSIVE INDUSTRIES LIMITED |
Principal Name 1 |
Mr. Ajit Agarwal |
|
Status |
Good |
Principal Name 2 |
Mrs. Swati Agarwal |
|
|
|
Registration # |
11-027797 |
|
Street Address |
Village Betegaon, |
||
|
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 |
1000 (Approximately) |
Product Name 2 |
Rigid PVC |
|
Paid up capital |
Rs.
266,910,000/- |
Product Name 3 |
Soft Sheeting’s |
|
Shareholders |
Promoter
and Promoter Group - 60.42%, Public Shareholding - 39.58% |
Banking |
State Bank of |
|
Public Limited Corp. |
Yes |
Business Period |
32 Years |
|
IPO |
Yes |
International Ins. |
- |
|
Public |
Yes |
Rating |
Ba (55) |
|
Related
Company |
|||
|
Relation
|
Country
|
Company
Name |
CEO |
|
Holding Company |
-- |
Wellknown Business Ventures Private Limited |
-- |
|
Note |
- |
||
2. Summary
Financial Statement
|
Balance Sheet as of |
31.03.2013 |
(Unit: Indian Rs.) |
|
|
Assets |
Liabilities |
||
|
Current Assets |
2,225,100,000 |
Current Liabilities |
690,160,000 |
|
Inventories |
587,570,000 |
Long-term Liabilities |
5,422,920,000 |
|
Fixed Assets |
7,410,600,000 |
Other Liabilities |
515,370,000 |
|
Deferred Assets |
0,000 |
Total Liabilities |
6,628,450,000 |
|
Invest& other Assets |
730,250,000 |
Retained Earnings |
4,058,160,000 |
|
|
|
Net Worth |
4,325,070,000 |
|
Total Assets |
10,953,520,000 |
Total Liab. & Equity |
10,953,520,000 |
|
Total Assets (Previous Year) |
9,999,640,000 |
|
|
|
P/L Statement as of |
31.03.2013 |
(Unit: Indian Rs.) |
|
|
Sales |
15,188,540,000 |
Net Profit |
473,420,000 |
|
Sales(Previous yr) |
10,707,550,000 |
Net Profit(Prev.yr) |
489,470,000 |
MIRA
INFORM REPORT
|
Report Date : |
24.02.2014 |
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) : |
31.03.2013 |
|
|
|
|
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 PNER13984F |
|
|
|
|
PAN No.: [Permanent Account No.] |
AABCS5068A 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 Vinyl flooring, Rigid PVC and Soft
Sheeting’s. |
|
|
|
|
No. of Employees
: |
1000 (Approximately) |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (55) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Maximum Credit Limit : |
USD 17000000 |
|
|
|
|
Status : |
Good |
|
|
|
|
Payment Behaviour : |
Regular |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Subject is a well-established company having fine track record. There
seems slight 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 – December 1, 2013
|
Country Name |
Previous Rating (30.09.2013) |
Current Rating (01.12.2013) |
|
India |
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
The worst is over for India’s economy with gross domestic product likely
to expand 5 %to 5.5 % this year and more than 6 % in 2015, according to Moody’s
Analytics. Concerns over the rupee and current account deficit are under
control, said the agency. Ratings firm Crisil has forecast 6 % growth for
2014/15 up from the estimated 4.8 % for 2013/14. Total economic growth,
infrastructure bottlenecks and lack of transparency and consistency in foreign
direct investment policies seem to have taken a toll on India’s attractiveness
as an investment destination, says an Ernst & Young survey. Projects
with FDI component fell 16.4 % across the globe in 2012 from the previous
year. The drop in India was steeper at 21 %. State run carrier Air India
is doling out free tickets to its 24000 employees, even as it expects to incur
a loss of Rs 39000 mn this financial year and has a debt of Rs 350000 mn.
550000 number of jobs generated across India in 2013, a fall of 0.4 % as
compared to with a year earlier. The National Capital Region has a
one-fourth share in total jobs created, according to a study by industry lobby
group Assochem, Banks, real estate, automobile and telecommunications sectors
are showing a rise of job creation. $ 805 mn investments by venture capital firms
in India during 2013, registering a drop of about 18 % over the previous year.
The Information Technology and IT-Enabled Services Industry retained its
status as the favourable venture capital investors in 2013. Pakistan has
temporarily banned gold imports for the second time in six months, as it tries
to stem smuggling into India. India’s import duty on gold is 10 % and curbs on
purchases have dried up legal imports into what used to be the world’s biggest
bullion buyers. The World Gold Council puts the amount smuggled into India at
upto 200 tonnes in 2013. The Reserve Bank of India has proposed that unclaimed
bank deposits estimated to be about Rs 35000 mn be used for education and
awareness among depositors. According to the plan, deposits that have not
been claimed for at least 10 years will be transferred to the scheme.
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
31-03-2012.
INFORMATION PARTED BY
|
Name : |
Mr. Ankush Tawde |
|
Designation : |
Accounts Head |
|
Contact No.: |
91-22-66562727 |
|
Date : |
21.01.2014 |
LOCATIONS
|
Registered Office/ Factory : |
Village Betegaon, Mahagaon Road, Boisar East, Taluka Palghar, District
Thane, Betegaon – 401501, Maharashtra, India |
|
Tel. No.: |
91-22-66562890/ 66562727/ 66562704/66562727 |
|
Mobile No.: |
91-9821999445 (Mr. Ankush) |
|
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 : |
Ranted |
DIRECTORS
As on 31.03.2013
|
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 |
|
|
|
|
Name : |
Mr. Rajesh Pandey |
|
Designation : |
Independent Non-Executive Director |
|
Qualifications : |
Bachelors degree
in Chemical Engineering |
|
|
|
|
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. Ankush Tawde |
|
Designation : |
Accounts Head |
|
|
|
|
Name : |
Mr. Nitin B. Katore |
|
Designation : |
Company Secretary |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 31.12.2013
|
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 |
|
|
|
|
|
|
|
|
10974140 |
4.11 |
|
|
11469980 |
4.30 |
|
|
22444120 |
8.41 |
|
|
|
|
|
|
2657052 |
1.00 |
|
|
|
|
|
|
115881 |
0.04 |
|
|
80427637 |
30.13 |
|
|
5822 |
0.00 |
|
|
3250 |
0.00 |
|
|
80418565 |
30.13 |
|
|
83200570 |
31.17 |
|
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.
|
|
|
|
|
Exports : |
|
|
Products : |
Finished Goods |
|
Countries : |
·
Dubai ·
Romania |
|
|
|
|
Imports : |
|
|
Products : |
Raw Material |
|
Countries : |
·
Korea ·
Taiwan |
|
|
|
|
Terms : |
|
|
Selling : |
L/C and Advance |
|
|
|
|
Purchasing : |
L/C |
GENERAL INFORMATION
|
Suppliers: |
·
Indian Railway ·
BEMC Limited |
||||||||||||||||||||||||||||||||||||||||
|
|
|
||||||||||||||||||||||||||||||||||||||||
|
Customers : |
Wholesalers and Retailers ·
Reliance Industries Limited ·
Ashok Leyland ·
EICHER ·
TATA ·
Marcopolo ·
Future group
·
Seven Hills Hospital ·
Bombardier |
||||||||||||||||||||||||||||||||||||||||
|
|
|
||||||||||||||||||||||||||||||||||||||||
|
No. of Employees : |
1000 (Approximately) |
||||||||||||||||||||||||||||||||||||||||
|
|
|
||||||||||||||||||||||||||||||||||||||||
|
Bankers : |
Ø
State Bank of India, Mumbai, Maharashtra, India Ø
Union Bank of India, Mumbai, Maharashtra, 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 : |
Working Capital : Rs.1200.000 Millions
|
||||||||||||||||||||||||||||||||||||||||
|
|
|
|
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 |
|
|
|
|
Investment in partnership firm: |
Ø Maharashtra
Holdings Ø Mangaon Holding |
|
|
|
|
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 31.03.2013
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 |
|
|
|
|
|
Note:
a. Reconciliation of shares outstanding at the beginning and at the end
of the year
|
Particulars |
31.03.2013 |
|
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 |
31.03.2013 |
|
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 |
31.03.2013 |
|
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 |
14,811,045 |
|
- % of total equity share capital |
5.55% |
d) Aggregate number of bonus shares,
shares issued for consideration other than cash and shares bought back during
the period of five years immediately preceding the reporting date:
|
|
Bonus |
Other than cash |
|
2011-12 |
- |
- |
|
2010-11 |
- |
- |
|
2009-10 |
- |
- |
|
2008-09 |
- |
- |
|
2007-08 |
157440000 |
- |
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 |
|
|
31.03.2013 |
|
I.
EQUITY
AND LIABILITIES |
|
|
|
|
(1)Shareholders' Funds |
|
|
|
|
(a) Share Capital |
|
|
266.910 |
|
(b) Reserves & Surplus |
|
|
4058.160 |
|
(c) Money
received against share warrants |
|
|
0.000 |
|
|
|
|
|
|
(2) Share Application money pending allotment |
|
|
0.000 |
|
Total
Shareholders’ Funds (1) + (2) |
|
|
4325.070 |
|
|
|
|
|
|
(3)
Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
|
|
3504.690 |
|
(b) Deferred tax liabilities (Net) |
|
|
464.190 |
|
(c) Other long term liabilities |
|
|
5.000 |
|
(d) long-term provisions |
|
|
12.620 |
|
Total Non-current Liabilities (3) |
|
|
3986.500 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a) Short term
borrowings |
|
|
1918.230 |
|
(b) Trade payables |
|
|
276.000 |
|
(c) Other current
liabilities |
|
|
409.160 |
|
(d) Short-term provisions |
|
|
38.560 |
|
Total Current Liabilities (4) |
|
|
2641.950 |
|
|
|
|
|
|
TOTAL |
|
|
10953.520 |
|
|
|
|
|
|
II. ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a) Fixed Assets |
|
|
|
|
(i) Tangible assets |
|
|
7409.010 |
|
(ii) Intangible Assets |
|
|
1.590 |
|
(iii) Capital
work-in-progress |
|
|
0.000 |
|
(iv)
Intangible assets under development |
|
|
0.000 |
|
(b) Non-current Investments |
|
|
261.450 |
|
(c) Deferred tax assets (net) |
|
|
0.000 |
|
(d) Long-term Loan and Advances |
|
|
151.340 |
|
(e) Other Non-current assets |
|
|
0.000 |
|
Total Non-Current Assets |
|
|
7823.390 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a) Current investments |
|
|
468.800 |
|
(b) Inventories |
|
|
587.570 |
|
(c) Trade receivables |
|
|
1329.350 |
|
(d) Cash and cash
equivalents |
|
|
227.030 |
|
(e) Short-term loans
and advances |
|
|
95.180 |
|
(f) Other current
assets |
|
|
422.200 |
|
Total Current Assets |
|
|
3130.130 |
|
|
|
|
|
|
TOTAL |
|
|
10953.520 |
|
SOURCES OF FUNDS |
|
31.03.2012 |
31.03.2011 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
|
266.910 |
261.650 |
|
|
2] Share Application Money |
|
0.000 |
584.720 |
|
|
3] Reserves & Surplus |
|
3574.400 |
2536.490 |
|
|
4] (Accumulated Losses) |
|
0.000 |
0.000 |
|
|
NETWORTH |
|
3841.310 |
3382.860 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
|
5134.410 |
678.920 |
|
|
2] Unsecured Loans |
|
0.000 |
613.620 |
|
|
TOTAL BORROWING |
|
5134.410 |
1292.540 |
|
|
DEFERRED TAX LIABILITIES |
|
456.780 |
103.180 |
|
|
|
|
|
|
|
|
TOTAL |
|
9432.500 |
4778.580 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
|
7193.080 |
1836.520 |
|
|
Capital work-in-progress |
|
69.370 |
2342.910 |
|
|
|
|
|
|
|
|
INVESTMENT |
|
729.170 |
398.750 |
|
|
DEFERRED TAX ASSETS |
|
0.000 |
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
|
588.000
|
395.320 |
|
|
Sundry Debtors |
|
683.230
|
144.630 |
|
|
Cash & Bank Balances |
|
212.680
|
77.180 |
|
|
Other Current Assets |
|
354.450
|
0.000 |
|
|
Loans & Advances |
|
169.660
|
58.080 |
|
Total
Current Assets |
|
2008.020
|
675.210 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
|
237.870
|
110.960 |
|
|
Other Current Liabilities |
|
278.450
|
312.310 |
|
|
Provisions |
|
50.820
|
51.540 |
|
Total
Current Liabilities |
|
567.140
|
474.810 |
|
|
Net Current Assets |
|
1440.880
|
200.400 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
|
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
|
9432.500 |
4778.580 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
15188.540 |
10707.550 |
7249.550 |
|
|
|
Other Income |
26.820 |
52.610 |
17.990 |
|
|
|
TOTAL (A) |
15215.360 |
10760.160 |
7267.540 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Cost of Materials Consumed |
12609.040 |
8780.920 |
5628.430 |
|
|
|
Changes in inventories of finished goods, work-in-progress and Stock-in-Trade |
(4.070) |
(110.710) |
8.530 |
|
|
|
Employee benefit expenses |
89.570 |
90.520 |
83.370 |
|
|
|
Other expenses |
802.860 |
788.830 |
550.930 |
|
|
|
Prior period items |
0.000 |
0.000 |
4.160 |
|
|
|
TOTAL (B) |
13497.400 |
9549.560 |
6275.420 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
1717.960 |
1210.600 |
992.120 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
278.630 |
61.490 |
38.050 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
1439.330 |
1149.110 |
954.070 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
921.210 |
542.290 |
283.490 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) (G) |
518.120 |
606.820 |
670.580 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
44.700 |
117.350 |
122.040 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-H) (I) |
473.420 |
489.470 |
548.540 |
|
|
|
|
|
|
|
|
|
|
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
2134.330 |
1675.870 |
1157.720 |
|
|
|
|
|
|
|
|
|
|
APPROPRIATIONS |
|
|
|
|
|
|
|
Transfer to General Reserve |
0.000 |
0.000 |
0.000 |
|
|
|
Proposed Dividend – Equity Shares |
26.690 |
26.690 |
26.160 |
|
|
|
Corporate Dividend Tax |
4.540 |
4.320 |
4.230 |
|
|
BALANCE CARRIED
TO THE B/S |
2576.520 |
2134.330 |
1675.870 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
Export Sales - FOB |
7284.570 |
5791.900 |
4565.970 |
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw Materials |
3703.59 |
2638.420 |
2885.150 |
|
|
|
Stores & Spares |
1.800 |
1.600 |
3.880 |
|
|
|
Capital Goods |
874.250 |
1817.180 |
1113.970 |
|
|
TOTAL IMPORTS |
4579.640 |
4457.200 |
4003.000 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
|
|
|
|
|
|
Basic |
1.77 |
1.87 |
2.14 |
|
|
|
Diluted |
1.77 |
1.87 |
2.09 |
|
Expected Sales (2013-2014) : Rs.15000.000 Millions
The above information has been parted by Mr. Ankush Tawde (Account Head)
QUARTERLY RESULTS
|
Particulars |
30.06.2013 |
30.09.2013 |
|
|
1st
Quarter |
2nd
Quarter |
|
Net Sales |
4069.500 |
4539.500 |
|
Total Expenditure |
3542.600 |
4019.600 |
|
PBIDT (Excl OI) |
526.900 |
519.900 |
|
Other Income |
25.400 |
38.100 |
|
Operating Profit |
552.300 |
558.000 |
|
Interest |
74.000 |
7.4.500 |
|
Exceptional Items |
0.000 |
0.000 |
|
PBDT |
478.300 |
483.500 |
|
Depreciation |
252.700 |
265.200 |
|
Profit Before Tax |
225.500 |
218.300 |
|
Tax |
99.700 |
55.500 |
|
Provisions and contingencies |
0.000 |
0.000 |
|
Profit After Tax |
125.800 |
162.800 |
|
Extraordinary Items |
0.000 |
0.000 |
|
Prior Period Expenses |
0.000 |
0.000 |
|
Other Adjustments |
0.000 |
0.000 |
|
Net Profit |
125.800 |
162.800 |
KEY RATIOS
|
PARTICULARS |
|
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
PAT / Total Income |
(%) |
3.11
|
4.55
|
7.55 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
3.41
|
5.64
|
9.25 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
4.85
|
6.60
|
26.70 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.12
|
0.16
|
0.20 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt /Networth) |
|
1.25
|
1.34
|
0.38 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.18
|
3.54
|
1.42 |
FINANCIAL ANALYSIS
[all figures are
in Rupees Millions]
YEAR-ON-YEAR GROWTH
|
Year
on Year Growth |
31.03.2011 |
31.03.2012 |
31.03.2013 |
|
|
(Rs.
In Millions) |
(Rs.
In Millions) |
(Rs.
In Millions) |
|
Sales |
7249.550 |
10707.550 |
15188.540 |
|
|
|
47.700 |
41.849 |
NET PROFIT MARGIN
|
Net
Profit Margin |
31.03.2011 |
31.03.2012 |
31.03.2013 |
|
|
(Rs.
In Millions) |
(Rs.
In Millions) |
(Rs.
In Millions) |
|
Sales |
7249.550 |
10707.550 |
15188.540 |
|
Profit |
548.540 |
489.470 |
473.420 |
|
|
7.57% |
4.57% |
3.12% |
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 |
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 |
Yes |
|
18] |
Major customers |
Yes |
|
19] |
Payments terms |
Yes |
|
20] |
Export / Import details
(if applicable) |
Yes |
|
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 |
Yes |
|
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 |
OPERATIONS
The
Company earned revenue of Rs. 15215.360 Millions for the year ended 31s
March, 2013, an increase of about 41.40 % as compared to Rs. 10760.170 Millions
in the previous financial year.
The
year was one of the most challenging in recent times, due to rise in raw
material costs and economic uncertainty across the world. There were also
tremendous inflationary pressures in the manufacturing, environment, including
significant increases in power, manpower and interest costs. These were passed
on to customers over the period, but impacted margins of the Company through
some part of the year. However, they continue to be one of the largest
manufacturers of PVC products in the world and their marketing aimed at novel
products and novel markets has enabled us to grow in domestic and global
market.
Despite
the constraints and the challenging environment, the company earned Net Profit
after Tax of Rs. 473.420 Millions compared to Rs. 489.480 Millions in the
previous year.
COMPANY OVERVIEW
Subject
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 incase of Rigid PVC, it includes
Packaging of Pharmaceutical Products in Pharma industry.
MANAGEMENT
DISCUSSION AND ANALYSIS REPORT
INDUSTRY
STRUCTURE AND DEVELOPMENTS
The
Company, Subject is 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 slowed to
around 5.0% for the 2012-13 fiscal year compared with 6.2% in the previous
fiscal. It is to be noted that India's GDP grew by an astounding 9.3% in 201011.
Thus, the growth rate has nearly halved in just three years.
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.
During
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.
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:
PVC
Leather Cloth
The
production during the year 2012-13 is 65,359 Sq.Mtrs.,/L.Mtrs.,/Kgs.,(Qty. in
'000) as against the production of 52,005.00 Sq.Mtrs.,/L.Mtrs.,/Kgs.,(Qty. in
'000) for the previous year 2011-12. The sales made during the year 2012-13
areRs.7,677 Millions as against the sales of Rs. 4,999.00 Million for the year
2011-12.
PVC
Flooring
The
production during the year 2012-13 is 20,152 Sq.Mtrs.,/L.Mtrs.,/Kgs.,(Qty. in
'000) as against the production of 14,338.00 Sq.Mtrs.,/L.Mtrs.,/Kgs.,(Qty. in '000)
for the previous year 2011-12. The sales made during the year 2012-13 are Rs.
6,443 Millions as against the sales of Rs. 4,601.00 Million for the year
2011-12.
PVC
Sheeting
The
production during the year 2012-13 is 6,938 Sq.Mtrs.,/L.Mtrs.,/Kgs.,(Qty. in
'000) as against the production of 7,616.00 Sq.Mtrs.,/L.Mtrs.,/Kgs.,(Qty. in
'000) for the previous year
2011- 12. The sales made during the year 2012-13
are Rs.440 Millions as against the sales of
Rs. 508.00 Million for the year 2011-12.
PVC
Rigid
The
production during the year 2012-13 is 4,851 Kgs.(Qty. in '000) as against the
production of 5,356.00 Kgs.(Qty. in '000) for the previous year 2011-12. The
sales made during the year
2012- 13 are Rs. 489 Millions as against the sales
of Rs. 489.00 Million for the year 2011-12.
OUTLOOK
With
company's increased capacity utilization, strong product development, market
efforts, the company is optimistic about its growth in the coming years too.
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 OPP SAMARTHESHWAR TEMPLE, LAW G |
B77702462 |
|
3 |
10354859 |
20/04/2012 |
1,700,000,000.00 |
UNION BANK OF INDIA |
UNION BANK
BHAVAN, 239,, VIDHAN BHAVAN MARG, NARI |
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
STATEMENT OF STANDALONE
UNAUDITED RESULTS FOR THE QUARTER ENDED 30TH SEPTEMBER, 2013
(Rs.
in millions)
|
Particular |
Quarter Ended |
Period Ended |
|
|
|
30.09.2013 (Unaudited) |
30.06.2013
(Unaudited) |
30.09.2013 (Unaudited) |
|
Income from Operations |
|
|
|
|
Net Sales/Income from Operations |
4538.893 |
4069.371 |
8608.264 |
|
Other Operating Income |
56.800 |
0.094 |
0.662 |
|
Total Income from
operations (net) |
4539.461 |
4069.465 |
8608.926 |
|
|
|
|
|
|
Expenses |
|
|
|
|
(a) Consumption of raw material |
3769.555 |
3355.997 |
7125.552 |
|
(b) Purchase of stock in trade |
-- |
-- |
-- |
|
(c) Changes in inventories of finished goods, work in
progress and stock in trade |
4.776 |
3.602 |
8.378 |
|
(d) Employee benefit expenses |
23.154 |
20.299 |
43.453 |
|
(e) Depreciation and amortization expenses |
265.193 |
252.720 |
517.913 |
|
(f) Other Expenses |
222.120 |
162.655 |
384.775 |
|
Total Expenses |
4284.798 |
3795.273 |
8080.071 |
|
Profit from Operations
before Other Income, Finance costs and Exceptional item |
254.663 |
274.192 |
528.855 |
|
Other Income |
38.110 |
25.359 |
63.469 |
|
Profit/ Loss from
Ordinary Activities before Finance costs and Exceptional item |
292.773 |
299.551 |
592.324 |
|
Finance costs |
74.489 |
74.021 |
148.510 |
|
Profit/ Loss from
Ordinary Activities after Finance costs but Exceptional item |
218.284 |
225.530 |
443.814 |
|
Exceptional
item |
-- |
-- |
-- |
|
Profit/ Loss from Ordinary Activities
before tax |
218.284 |
225.530 |
443.814 |
|
Tax Expenses |
55.475 |
99.735 |
155.210 |
|
Net Profit/ Loss from Ordinary Activities
after tax |
162.809 |
125.795 |
288.604 |
|
Extraordinary
Items |
-- |
-- |
-- |
|
Net Profit for the period |
162.809 |
125.795 |
288.604 |
|
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 |
0.61 |
0.47 |
1.08 |
|
- Diluted |
0.61 |
0.47 |
1.08 |
|
Earnings per
share (after extraordinary items) (of Rs. 10/-
each) (not annualized) - Basic |
0.61 |
0.47 |
1.08 |
|
- Diluted |
0.61 |
0.47 |
1.08 |
|
|
|
|
|
|
PARTICULARS OF SHAREHOLDING |
|
|
|
|
1. Public
shareholding |
|
|
|
|
Number of
Shares |
105644690 |
105644690 |
105644690 |
|
Percentage of Shareholding |
39.58% |
39.58% |
39.58% |
|
2. Promoters
and promoter group shareholding |
|
|
|
|
a)
Pledged/Encumbered |
|
|
|
|
- Number of Shares |
Nil |
Nil |
Nil |
|
- Percentage of Shares (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 |
|
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
30.09.2013 |
|
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 |
STATEMENT OF ASSETS
AND LIABILITIES
|
SOURCES OF FUNDS |
30.09.2013 |
|
I.
EQUITY
AND LIABILITIES |
|
|
(1)Shareholders' Funds |
|
|
(a) Share Capital |
266.913 |
|
(b) Reserves & Surplus |
4346.739 |
|
(c) Money
received against share warrants |
0.000 |
|
|
|
|
(2) Share Application money pending allotment |
0.000 |
|
Total
Shareholders’ Funds (1) + (2) |
4613.652 |
|
|
|
|
(3)
Non-Current Liabilities |
|
|
(a) long-term borrowings |
3863.279 |
|
(b) Deferred tax liabilities (Net) |
445.738 |
|
(c) Other long term liabilities |
5.000 |
|
(d) long-term provisions |
15.016 |
|
Total Non-current Liabilities (3) |
4329.033 |
|
|
|
|
(4) Current Liabilities |
|
|
(a) Short term borrowings |
1647.794 |
|
(b) Trade payables |
432.810 |
|
(c) Other current
liabilities |
836.477 |
|
(d) Short-term provisions |
58.011 |
|
Total Current Liabilities (4) |
2975.092 |
|
|
|
|
TOTAL |
11917.775 |
|
|
|
|
II.
ASSETS |
|
|
(1) Non-current assets |
|
|
(a) Fixed Assets |
7496.262 |
|
(b) Non-current Investments |
261.441 |
|
(c) Deferred tax assets (net) |
0.000 |
|
(d) Long-term Loan and Advances |
153.916 |
|
(e) Other Non-current assets |
0.000 |
|
Total Non-Current Assets |
7911.619 |
|
|
|
|
(2) Current assets |
|
|
(a) Current investments |
102.148 |
|
(b) Inventories |
522.044 |
|
(c) Trade receivables |
1532.129 |
|
(d) Cash and cash
equivalents |
818.145 |
|
(e) Short-term loans and
advances |
685.485 |
|
(f) Other current assets |
346.205 |
|
Total Current Assets |
4006.156 |
|
|
|
|
TOTAL |
11917.775 |
NOTE TO RESULTS:
The auditors of the Company have carried out a Limited Review of the Standalone and Consolidated financial results for the quarter and half year ended September 30, 2013 in compliance with Clause 41 of the Listing Agreement. The Standalone and Consolidated Financial Results for the quarter and half year ended September 30, 2013 have been reviewed by the Audit committee and approved by the Board of Directors at its meeting held on October 26, 2013.
Based on the guiding principles given in Accounting Standard on Segment
Reporting (AS - 17) specified in Companies (Accounting Standards) Rules 2006,
the Company’s primary business consist of "Articles made out of Plastics /
Polymers”. As the company’s business actually falls within a single primary
business segment, the disclosure requirements of AS -17 in this regard are not
applicable.
The Consolidated results represent that of Responsive Industries Limited and
its subsidiary Axiom Cordages Limited. Responsive International Limited, a
wholly owned subsidiary of Responsive Industries Limited, has not yet commenced
its operations and hence not consolidated.
Comparative financial information has been regrouped and reclassified, wherever
necessary, to correspond to the figures of the current quarter.
The Board of Directors in its meeting held on August 27, 2013 accorded the
approval of Scheme of amalgamation of AXIOM CORDAGES LIMITED ("the Subsidiary
company") with RESPONSIVE INDUSTRIES LIMITED ("the Company")
subject to regulatory and other approvals. In this process the company has
filed an application with stock exchange for obtaining "No Objection"
and in principle approval, which is awaited.
FIXED ASSETS:
Tangible 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
Intangible Assets
Ø 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.62.16 |
|
|
1 |
Rs.103.44 |
|
Euro |
1 |
Rs.85.27 |
INFORMATION DETAILS
|
Information
Gathered by : |
HNA |
|
|
|
|
Report Prepared
by : |
KVT |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
5 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
7 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
7 |
|
--PROFITABILIRY |
1~10 |
6 |
|
--LIQUIDITY |
1~10 |
6 |
|
--LEVERAGE |
1~10 |
6 |
|
--RESERVES |
1~10 |
6 |
|
--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 |
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 |
|
55 |
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.