MIRA
INFORM REPORT
|
Report Date : |
22.01.2014 |
IDENTIFICATION DETAILS
|
Name : |
RESPONSIVE INDUSTRIES LIMITED |
|
|
|
|
Registered
Office : |
Village Betegaon, |
|
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Country : |
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|
|
|
Financials (as
on) : |
31.03.2013 |
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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 |
|
|
|
|
CIN No.: [Company Identification
No.] |
L99999MH1982PLC027797 |
|
|
|
|
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 : |
A Public Limited Liability Company. The Company’s Shares are Listed on
the Stock Exchanges. |
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Line of Business
: |
Manufacturer and Exporter of various products like Vinyl flooring,
Rigid PVC, Leather Cloth and Soft Sheeting’s.
|
|
|
|
|
No. of Employees
: |
800 (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 |
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|
Status : |
Good |
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|
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
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Comments : |
Subject is a well-established company having fine track record. There
appears 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.
INDIAN ECONOMIC OVERVIEW
India’s current
account deficit narrowed in the quarter ended September as government measures
to curb imports, especially gold, kicked in. The current account deficit,
the excess of a country’s imports of goods and services over exports, narrowed
to $ 5.2 billion from $ 21 billion in the year ago period, according to
provisional Reserve Bank of India data. Finance Minister P. Chidambaram said
the CAD for the year will be less than $ 60 billion or 3 per cent of GDP and
the latest data suggests the government may achieve the target.
India was ranked 94th
among the world’s most corrupt nations list. Denmark and New Zealand topped as
the cleanest while Somalia emerged as the most corrupt.
India’s services
sector activity witnessed a moderate improvement in November over the previous month,
even while indicating the fifth successive monthly contraction, according the
HSBC survey.
$53 million
estimated losses suffered by India due to phishing attacks during the third
quarter, according to a study by RSA. India ranks fourth in the list of nations
hit by phishing attacks. The US remained at the top of the charts. Phishing is
the process of acquiring information such as user names, passwords and credit
card details by sending e-mails disguised as official mails.
Rs.4080 million
worth of mobile-phone-based transactions by July 2013 compared to Rs.260
million in September, 2012, according to Deloitte report. The number of
transactions has shot up from 94000 to 701000.
India aims to earn
Rs.400000 million from the bandwidth auction set for January. The merger and
acquisition guidelines, cleared by a group of ministers, will be out before the
auction begins so that players can make informed decisions on the auctions.
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 : |
Ms. Sonal Dodiya |
|
Designation : |
Accounts Executives |
|
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 |
|
Fax No.: |
91-22-66562798/ 99 |
|
E-Mail : |
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|
Website : |
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|
Location : |
Owned |
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|
|
|
Corporate/ Administrative Office : |
|
|
Tel. No.: |
91-22-66562821 |
|
Fax No.: |
91-22-66562798/ 99 |
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E-Mail : |
|
|
Location : |
Owned |
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 : |
Ms. Sonal Dodiya |
|
Designation : |
Accounts Executives |
|
|
|
|
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 |
SHAREHOLDING OF SECURITIES (INCLUDING SHARES, WARRANTS,
CONVERTIBLE SECURITIES) OF PERSONS BELONGING TO THE CATEGORY PROMOTER AND
PROMOTER GROUP
|
Sl No. |
Name of the Shareholder |
No. of Shares held |
As a % |
Total shares (including underlying shares
assuming full conversion of warrants and convertible securities) as a % of
diluted share capital |
|
|
|
|
|
|
|
1 |
Wellknown Business Ventures Private Limited |
14,84,25,340 |
55.61 |
55.61 |
|
2 |
Axiom Cordages Limited |
44,18,330 |
1.66 |
1.66 |
|
3 |
Harvest Enterprises Limited |
32,70,000 |
1.23 |
1.23 |
|
4 |
Efficient Builders Limited |
15,92,000 |
0.60 |
0.60 |
|
5 |
Swati Atit Agarwal |
13,00,010 |
0.49 |
0.49 |
|
6 |
Saudamini Abhishek Agarwal |
9,37,000 |
0.35 |
0.35 |
|
7 |
Atit O Agarwal |
7,73,330 |
0.29 |
0.29 |
|
8 |
Abhishek Omprakash Agarwal |
5,52,000 |
0.21 |
0.21 |
|
|
Total |
16,12,68,010 |
60.42 |
60.42 |
(*) The term encumbrance has the same meaning as assigned to it in regulation 28(3) of the SAST Regulations, 2011.
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 |
9606846 |
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 |
14811045 |
5.55 |
5.55 |
|
|
5 |
Fossebridge Limited |
32901800 |
12.33 |
12.33 |
|
|
6 |
Xatis International Limited |
32705720 |
12.25 |
12.25 |
|
|
|
Total |
101495391 |
38.03 |
38.03 |
|
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 |
14811045 |
5.55 |
5.55 |
|
|
2 |
Fossebridge Limited |
32901800 |
12.33 |
12.33 |
|
|
3 |
Xatis International Limited |
32705720 |
12.25 |
12.25 |
|
|
|
Total |
80418565 |
30.13 |
30.13 |
|
DETAILS OF LOCKED-IN SHARES
|
Sl. No. |
Name of the
Shareholder |
No. of Shares |
Locked-in Shares
as % of |
|
1 |
Wellknown Business Ventures Private Limited |
52,67,700 |
1.97 |
|
|
Total |
52,67,700 |
1.97 |
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 |
|
|
|
|
Terms : |
|
|
Selling : |
Cash and Credit |
|
|
|
|
Purchasing : |
Cash and Credit |
GENERAL INFORMATION
|
Customers : |
Wholesalers and Retailers ·
Reliance Industries Limited ·
Ashok Leyland ·
EICHER ·
TATA ·
Marcopolo ·
Future group
·
Seven Hills Hospital ·
Bombardier |
|||||||||||||||||||||||||||||||||
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|
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|
No. of Employees : |
800 (Approximately) |
|||||||||||||||||||||||||||||||||
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|
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|
Bankers : |
Ř
State Bank of India, Mumbai, Maharashtra, India Ř
Union Bank of India, Mumbai, Maharashtra, India Ř
Bank of India, London Branch Ř
Canara Bank, London Branch Ř
Union Bank of India, Hong Kong Branch Ř Export-Import
Bank of India |
|||||||||||||||||||||||||||||||||
|
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|
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|
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 |
|
|
|
|
Investment in partnership firm: |
Ř Maharashtra
Holdings Ř Mangaon Holding |
|
|
|
|
Entities where Key Management Personnel have significant influence : |
Ř One Source
Trading Company LLP Ř One Source
Enterprises LLP Ř 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 |
31.03.2012 |
31.03.2011 |
|
I.
EQUITY
AND LIABILITIES |
|
|
|
|
(1)Shareholders' Funds |
|
|
|
|
(a) Share Capital |
266.910 |
266.910 |
261.650 |
|
(b) Reserves & Surplus |
4058.160 |
3574.41 |
2536.490 |
|
(c) Money
received against share warrants |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
(2) Share Application money pending allotment |
0.000 |
0.000 |
584.720 |
|
Total
Shareholders’ Funds (1) + (2) |
4325.070 |
3841.320 |
3382.860 |
|
|
|
|
|
|
(3)
Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
3504.690 |
3550.820 |
11.000 |
|
(b) Deferred tax liabilities (Net) |
464.190 |
456.770 |
103.180 |
|
(c) Other long term liabilities |
5.000 |
5.000 |
5.000 |
|
(d) long-term provisions |
12.620 |
8.090 |
5.210 |
|
Total Non-current Liabilities (3) |
3986.500 |
4020.680 |
124.390 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a) Short term
borrowings |
1918.230 |
1583.590 |
1281.540 |
|
(b) Trade payables |
276.000 |
237.870 |
110.960 |
|
(c) Other current
liabilities |
409.160 |
273.450 |
307.310 |
|
(d) Short-term provisions |
38.560 |
42.730 |
46.330 |
|
Total Current Liabilities (4) |
2641.950 |
2137.640 |
1746.140 |
|
|
|
|
|
|
TOTAL |
10953.520 |
9999.640 |
5253.390 |
|
|
|
|
|
|
II. ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a) Fixed Assets |
|
|
|
|
(i) Tangible assets |
7409.010 |
7193.070 |
1836.520 |
|
(ii) Intangible Assets |
1.590 |
0.000 |
2342.910 |
|
(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 |
261.450 |
268.030 |
390.990 |
|
(c) Deferred tax assets (net) |
0.000 |
0.000 |
0.000 |
|
(d) Long-term Loan and Advances |
151.340 |
137.750 |
11.380 |
|
(e) Other Non-current assets |
0.000 |
0.000 |
0.000 |
|
Total Non-Current Assets |
7823.390 |
7598.850 |
4581.800 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a) Current investments |
468.800 |
461.140 |
7.760 |
|
(b) Inventories |
587.570 |
588.000 |
395.320 |
|
(c) Trade receivables |
1329.350 |
683.230 |
144.630 |
|
(d) Cash and cash
equivalents |
227.030 |
212.680 |
77.180 |
|
(e) Short-term loans
and advances |
95.180 |
99.260 |
46.700 |
|
(f) Other current
assets |
422.200 |
356.480 |
0.000 |
|
Total Current Assets |
3130.130 |
2400.790 |
671.590 |
|
|
|
|
|
|
TOTAL |
10953.520 |
9999.640 |
5253.390 |
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
15188.540 |
10706.630 |
7249.550 |
|
|
|
Other Income |
26.820 |
53.540 |
17.990 |
|
|
|
TOTAL (A) |
15215.360 |
10760.170 |
7267.540 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Cost of Materials Consumed |
12609.040 |
8673.030 |
5628.430 |
|
|
|
Changes in inventories of finished goods, work-in-progress and Stock-in-Trade |
(4.070) |
(2.820) |
8.530 |
|
|
|
Employee benefit expenses |
89.570 |
90.520 |
83.370 |
|
|
|
Other expenses |
802.860 |
788.840 |
550.930 |
|
|
|
Prior period items |
0.000 |
0.000 |
4.160 |
|
|
|
TOTAL (B) |
13497.400 |
9549.570 |
6275.420 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
1717.960 |
12106.000 |
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 |
117.340 |
122.040 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-H) (I) |
473.420 |
489.480 |
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 |
4.330 |
4.240 |
|
|
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 |
|
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
|
5.67 |
9.25 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
4.85
|
6.24 |
13.79 |
|
|
|
|
|
|
|
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
|
1.12 |
0.38 |
LOCAL AGENCY FURTHER INFORMATION
CURRENT MATURITIES
OF LONG-TERM DEBT DETAILS:
|
Particulars |
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
|
(Rs. In Millions) |
||
|
Current maturities of long-term debt |
324.740 |
155.090 |
7.620
|
|
|
|
|
|
|
Total |
324.740 |
155.090 |
7.620
|
|
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 |
No |
|
15] |
Capital in the business |
Yes |
|
16] |
Details of sister
concerns |
Yes |
|
17] |
Major suppliers |
No |
|
18] |
Major customers |
Yes |
|
19] |
Payments terms |
Yes |
|
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 |
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.
STATEMENT OF
STANDALONE UNAUDITED RESULTS FOR THE QUARTER ENDED 30th JUNE 2013
(Rs.
in millions)
|
Particular |
Quarter Ended |
|
|
30.06.2013
(Unaudited) |
|
Income from Operations |
|
|
Net Sales/Income from Operations |
4069.371 |
|
Other Operating Income |
0.094 |
|
Total Income from
operations (net) |
4069.465 |
|
|
|
|
Expenses |
|
|
(a) Consumption of raw material |
3355.997 |
|
(b) Purchase of stock in trade |
-- |
|
(c) Changes in inventories of finished goods, work in
progress and stock in trade |
3.602 |
|
(d) Employee benefit expenses |
20.299 |
|
(e) Depreciation and amortization expenses |
252.720 |
|
(f) Other Expenses |
162.655 |
|
Total Expenses |
3795.273 |
|
Profit from Operations
before Other Income, Finance costs and Exceptional item |
274.192 |
|
Other Income |
25.359 |
|
Profit/ Loss from
Ordinary Activities before Finance costs and Exceptional item |
299.551 |
|
Finance costs |
74.021 |
|
Profit/ Loss from
Ordinary Activities after Finance costs but Exceptional item |
225.530 |
|
Exceptional
item |
-- |
|
Profit/ Loss from Ordinary Activities
before tax |
225.530 |
|
Tax Expenses |
99.735 |
|
Net Profit/ Loss from Ordinary Activities
after tax |
125.795 |
|
Extraordinary
Items |
-- |
|
Net Profit for the period |
125.795 |
|
Paid- up
Equity Share Capital (Face value
of the share – Rs. 10) |
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 |
0.47 |
|
- Diluted |
0.47 |
|
Earnings per share
(after extraordinary items) (of Rs. 10/-
each) (not annualized) - Basic |
0.47 |
|
- Diluted |
0.47 |
|
|
|
|
PARTICULARS OF SHAREHOLDING |
|
|
1. Public
shareholding |
|
|
Number of
Shares |
105644690 |
|
Percentage of Shareholding |
39.58% |
|
2. Promoters
and promoter group shareholding |
|
|
a)
Pledged/Encumbered |
|
|
- Number of Shares |
Nil |
|
- Percentage of Shares (as a % of the Total Shareholding
of promoter and promoter group) |
Nil |
|
- Percentage of Shares (as a % of the Total Share Capital
of the Company) |
|
|
|
Nil |
|
Non - encumbered |
|
|
- Number of
Shares |
161,268,010 |
|
- Percentage
of Shares (as a % of
the total shareholding of promoter and promoter
group) |
100% |
|
- Percentage
of Shares (as a % of
the total share capital of the company) |
60.42% |
|
|
Particulars |
Quarter Ended
30.06.2013 |
|
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 |
Results:-
The auditors of the Company
have carried out a Limited Review of the Standalone and Consolidated financial
results for the quarter ended 30th June, 2013 in compliance with
Clause 41 of the Listing Agreement. The Standalone and Consolidated Financial
Results for the quarter ended June 30, 2013 have been reviewed by the Audit
committee and approved by the Board of Directors at its meeting held on 10th
August, 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 segment viz;"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 figures of the quarter ended 31st March, 2013 are the balancing figures between the audited figures in respect of the full financial year and the published year to date figures upto the third quarter which were subjected to the limited review by the statutory auditors.
FIXED ASSETS:
Tangible assets
Ř Land
Ř Factory Building
Ř Plant and
Machinery
Ř Electrical
Installation
Ř Furniture and
Fixtures
Ř Office equipments
Ř Computer
Ř Motor Cars
Ř Motor Trucks
Ř Weighing Scale
Intangible Assets
Ř 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.61.54 |
|
|
1 |
Rs.101.08 |
|
Euro |
1 |
Rs.83.38 |
INFORMATION DETAILS
|
Information
Gathered by : |
PLK |
|
|
|
|
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.