MIRA
INFORM REPORT
|
Report Date : |
16.09.2014 |
IDENTIFICATION DETAILS
|
Name : |
RESPONSIVE INDUSTRIES LIMITED |
|
|
|
|
Registered Office
: |
Village Betegaon, |
|
|
|
|
Country : |
|
|
|
|
|
Financials (as
on) : |
31.03.2014 |
|
|
|
|
Date of
Incorporation : |
13.07.1982 |
|
|
|
|
Com. Reg. No.: |
11-027797 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
Rs. 266.913 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
: |
Producer and supplier of various
Products like Vinyl flooring,
Rigid PVC, Leather Cloth
& Soft Shews. 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. |
|
|
|
|
No. of Employees
: |
1300 (Approximately) |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (53) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal commitments. |
Satisfactory |
|
Maximum Credit Limit : |
USD 19000000 |
|
|
|
|
Status : |
Good |
|
|
|
|
Payment Behaviour : |
Regular |
|
|
|
|
Litigation : |
Exist |
|
|
|
|
Comments : |
Subject is an established company having good track record. Fundamentals of the company is decent. Financial position of the
company is strong and healthy. Trade relation reported to be fair. Business is active. Payment terms
are reported to be regular and as per commitment. The company can be considered normal for business dealing at usual
trade terms and conditions. |
NOTES :
Any query related to this report can be made
on e-mail : infodept@mirainform.com
while quoting report number, name and date.
ECGC Country Risk Classification List – June 1, 2014
|
Country Name |
Previous Rating (31.03.2014) |
Current Rating (01.06.2014) |
|
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
N E W S
Verdict Implications
: Apex court order may alter coal import dynamics. Traders go slow on talks over
coal supply contracts, uncertainty over cancellation of blocks weigh on stocks.
Recent arrest of the
Chennai head of the Registrar of Companies, the ministry of corporate affairs arm
that ensures that companies file all the information required by the Companies
Act is the latest manifestation of a messy fight between a father and his
adopted son for the control of Rs 40000 mn business empire. The Central Bureau
of Investigation arrested Manumeethi Cholan after he accepted Rs 10 lakhs as
bribe from M A M Ramaswamy, a CBI official said.
Central Bureau of
Investigation books Electrotherm for cheating Central Bank of Rs 4360 mn.
Infosys maintains
revenue guidance. COO Rao says attrition still an area of concern and it would
take a few more quarters to bring down levels to 13-15 %.
DHL to invest
Euro 100 mn in India over next 2 years. The firm has chosen India to pilot its
e-commerce business model for the Asia-Pacific region.
Blackstone may buy
stake in BlueRidge SEZ in line with the fund’s real estate strategy in India.
Kingfisher Airlines
Ltd grounded in October 2012 under the weight of heavy debt and accumulated
losses, recently approached the Delhi high court for relief in two separate
cases. The airline challenged a notice by Punjab & National Bank alleging
that It had wilfully defaulted on Rs 7700 mn of loans and sought more time to
comply with the requirements under the listing agreements with the Stock
Exchanges.
OnMobile likely to
sack another 300 employees. The lay-offs follow a spate of senior-level exits
over the past two years, starting with of its founder. The overall lay-offs
could number around 600 and are driven by the need to cut costs, says a former
employee.
EXTERNAL AGENCY RATING
|
Rating Agency Name |
CRISIL |
|
Rating |
Long term rating : A- |
|
Rating Explanation |
Adequate degree of safety and low credit risk. |
|
Date |
August 19, 2014 |
|
Rating Agency Name |
CRISIL |
|
Rating |
Short term rating : A1 |
|
Rating Explanation |
Very strong degree of safety and lowest credit risk. |
|
Date |
August 19, 2014 |
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 DENIED BY
|
Name : |
Ms. Shreya |
|
Designation : |
Accountant |
|
Contact No.: |
91-22-66562727 |
|
Date : |
12.09.2014 |
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 : |
7th Floor, Esperanca Building, Shahid Bhagat Singh Road,
Colaba, Mumbai – 400001, Maharashtra, India |
|
Tel. No.: |
91-22-66562821 |
|
Fax No.: |
91-22-66562798/ 99 |
|
E-Mail : |
|
|
Website: |
DIRECTORS
AS ON 31.03.2014
|
Name : |
Mr. Atit Agarwal |
|
Designation : |
Chairman and Whole Time Director |
|
|
|
|
Name : |
Mrs. Swati Agarwal |
|
Designation : |
Non-Executive Director |
|
|
|
|
Name : |
Mr. Rajesh Pandey |
|
Designation : |
Director |
|
|
|
|
Name : |
Mr. S. S. Thakur |
|
Designation : |
Independent Non – Executive Director |
|
|
|
|
Name : |
V.K. Chopra |
|
Designation : |
Independent Non – Executive Director |
|
|
|
|
Name : |
Mr. Michael Freedman |
|
Designation : |
Independent Non – Executive Director |
KEY EXECUTIVES
|
Name : |
Ms. Alpa Ramani |
|
Designation : |
Company Secretary |
|
|
|
|
Name : |
Ms. Shreya |
|
Designation : |
Accountant |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 30.06.2014
|
Category of
Shareholder |
Total No. of Shares |
Total Shareholding as
a % of Total No. of Shares |
|
|
|
As a % of (A+B) |
|
(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 |
BUSINESS DETAILS
|
Line of Business : |
Producer and supplier of
various Products like Vinyl
flooring, Rigid PVC,
Leather Cloth & Soft Shews. 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. |
GENERAL INFORMATION
|
No. of Employees : |
1300 (Approximately) |
||||||||||||||||||||||||||||||||||||
|
|
|
||||||||||||||||||||||||||||||||||||
|
Bankers : |
· Union Bank of India, Mumbai · Bank of India, London Branch · Canara Bank, London Branch · Union Bank of India, Hong Kong Branch · Export-Import Bank of India |
||||||||||||||||||||||||||||||||||||
|
|
|
||||||||||||||||||||||||||||||||||||
|
Facilities : |
Note : Long Term
Borrowing: Note 1: The loans are repayable in equal installments aggregating to Rs.10.900 million (PY Rs.3.870 million) The interest rate on above is ranging between8.50% 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 a 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 LlBOR + 456 basis points. Short Term
Borrowing Note 1: PCFC Loan of Rs. 809.770 million (PY Rs. 793.790 million) 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 million (PY Rs. 306.380 million) are secured by hypothecation of mutual funds / fixed deposits with bank. Note2: EBRD (Post Shipment) of Rs. NI (PY Rs. 109.480 million) are secured by hypothecation of Investments in Mutual Funds. Note3: Buyer’s Credit of Rs. 603.100 million (PY Rs. 708.580 million) was secured by goods purchased under Letter of credit. Note4: Bank Overdraft amounting to Rs. 3.190 Millions (PY Rs. Nil) secured by fixed deposits held with bank. |
|
|
|
|
Banking
Relations : |
-- |
|
|
|
|
Auditors : |
|
|
Name : |
Haribhakti and Company Chartered Accountants |
|
Address : |
42, Free Press House, 4th Floor, 2 1 5, Narirnan 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: |
·
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 |
Rs.1/- each |
Rs.420.000 Millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
266912700 |
Equity Shares |
Rs.1/- each |
Rs.266.913 Millions |
|
|
|
|
|
Reconciliation of shares
outstanding at the beginning and at the end of the year
(Rs. in Millions)
|
Opening
balance of shares |
|
|
Closing
balance of shares |
266.913 |
|
|
266.913 |
Shares held by
Holding Company and Associate Company
(Rs. in Millions)
|
Holding Company - Wellknown Business Ventures Private Limited] |
148.425 |
|
Subsidiary Company - [Axiom Cordages Limited] |
4.418 |
Details of
shareholders holding more than 5% sham in the company
(Rs. in Millions)
|
Wellknown Business Ventures
Private Limited |
|
|
Number
of share hold |
148.425 |
|
%
of total equity share capital |
55.61% |
|
Fossebridge Limited |
|
|
Number
of share hold |
32.902 |
|
%
of total equity share capital |
12.33% |
|
Xatis
International Limited |
|
|
Number
of share hold |
32.706 |
|
%
of total equity share capital |
12.25% |
|
Brenzett Limited |
|
|
Number
of share hold |
14.811 |
|
%
of total equity share capital |
5.55% |
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
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) |
478.980 |
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 |
|
|
|
|
|
Income |
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 |
|
|
Purchases of
Stock-in-Trade |
0.000 |
0.000 |
0.000 |
|
|
Changes in inventories of
finished goods, work-in-progress and Stock-in-Trade |
(10.890) |
(4.070) |
(2.820) |
|
|
Employees benefits
expense |
85.090 |
89.570 |
90.520 |
|
|
Other expenses |
826.570 |
802.860 |
788.840 |
|
|
TOTAL (B) |
16594.050 |
13497.400 |
9549.570 |
|
|
|
|
|
|
|
Less |
PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND
AMORTISATION (C) |
1978.000 |
1717.960 |
1210.600 |
|
|
|
|
|
|
|
Less |
FINANCIAL EXPENSES (D) |
294.280 |
278.630 |
61.490 |
|
|
|
|
|
|
|
|
PROFIT / (LOSS) BEFORE
TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
1683.720 |
1439.330 |
1149.110 |
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
1059.890 |
921.210 |
542.290 |
|
|
|
|
|
|
|
|
PROFIT/ (LOSS) BEFORE TAX (E-F) (G) |
623.830 |
518.120 |
606.820 |
|
|
|
|
|
|
|
Less |
TAX (H) |
115.950 |
44.700 |
117.340 |
|
|
|
|
|
|
|
|
PROFIT/ (LOSS) AFTER TAX
(G-H) (I) |
507.880 |
473.420 |
489.480 |
|
|
|
|
|
|
|
Add |
PREVIOUS YEARS’ BALANCE
BROUGHT FORWARD (J) |
2576.520 |
2134.330 |
1675.870 |
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
Proposed Dividend –
Equity Shares |
26.690 |
26.690 |
26.690 |
|
|
Corporate Dividend Tax |
4.540 |
4.540 |
4.330 |
|
|
Total (K) |
31.230 |
31.230 |
31.020 |
|
|
|
|
|
|
|
|
Balance Carried to the
B/S (I+J-K) |
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 |
3703.590 |
2638.420 |
|
|
Components and Stores
parts |
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.) |
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 |
|
|
(Rs. In Millions) |
(Rs. In Millions) |
(Rs. In Millions) |
|
Share Capital |
266.910 |
266.910 |
266.910 |
|
Reserves & Surplus |
3574.410 |
4058.160 |
4549.540 |
|
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 |
|
|
(Rs. In Millions) |
(Rs. In Millions) |
(Rs. In Millions) |
|
Sales |
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 |
|
|
(Rs. In Millions) |
(Rs. In Millions) |
(Rs. In Millions) |
|
Sales |
10706.630 |
15188.540 |
18422.960 |
|
Profit |
489.480 |
473.420 |
507.880 |
|
|
4.57% |
3.12% |
2.76% |
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 |
No |
|
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 |
No |
|
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 |
No |
|
31] |
Date of Birth
of Proprietor/Partner/Director, if available |
No |
|
32] |
PAN of
Proprietor/Partner/Director, if available |
No |
|
33] |
Voter ID No
of Proprietor/Partner/Director, if available |
No |
|
34] |
External
Agency Rating, if available |
No |
LITIGATION DETAILS
Case
Derails
Bench:
- Bombay
|
Lodging
No.:- SSL/1626/2009 Filing Date 10/06/2009
Reg. No.:- SS/1677/2009 Reg. Date:- 06/07/2009 |
|
|
Petitioner:
- MODERN CARGO SERVICES PVT. LTD. |
Respondent :- RESPONSIVE INDUSTRIES LTD. |
|
Petn.Adv.
:- A.M. VERNEKAR (0) |
Resp. Adv.:- INDIAL LAW (0) |
|
District : - MUMBAI |
|
|
Bench
: - SINGLE |
Category
:- MONETARY SUITS |
|
Status
: - Transferred |
Remark
:- TRANSFERRED TO CITY
CIVIL COURT |
|
Transfer
Date : - 01/10/2012 |
|
OPERATIONS
The Company earned revenue of Rs. 18,572.050 Million for the year ended 31" March, 2014, an increase of about 22.06 % as compared to Rs. 1 5215.360 Million in the previous financial year.
The Company recorded a Net Profit after Tax of Rs.507.880 Million compared to Rs. 473.420 Million in the previous financial year, an increase of about 7.28%.
MANAGEMENT DISCUSSION
AND ANALYSIS REPORT
INDUSTRY STRUCTURE
AND DEVELOPMENTS
The Company, Responsive Industries Limited (RIL) 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 2013 - 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.
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.
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. 18,256 Millions as against the total sales of Rs. 15,049 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 &
OPERATIONAL PERFORMANCE
The company achieved Net Sales of Rs. 18367.700 millions for the year ended 31" 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.
COMPANY OVERVIEW
Responsive Industries and Limited ('RIL'
or 'the Company'), is a major producer and supplier of various
Products like Vinyl flooring,
Rigid PVC, Leather Cloth & Soft
Shews. 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.
STATEMENT OF
STANDALONE UNAUDITED RESULTS FOR THE QUARTER ENDED 30TH JUNE, 2014
|
Particular |
Quarter
Ended 30.06.2014 |
|
|
|
|
Income from Operations |
|
|
Net Sales/Income from Operations |
3390.466 |
|
Other Operating Income |
76.170 |
|
Total Income from
operations (net) |
3466.636 |
|
|
|
|
Expenses |
|
|
(a) Consumption of raw material |
2790.834 |
|
(b) Purchase of stock in trade |
-- |
|
(c) Changes in inventories of finished goods, work in
progress and stock in trade |
27.869 |
|
(d) Employee benefit expenses |
23.048 |
|
(e) Depreciation and amortization expenses |
307.930 |
|
(f) Other Expenses |
165.348 |
|
Total Expenses |
3315.028 |
|
Profit from Operations
before Other Income, Finance costs and Exceptional item |
151.608 |
|
Other Income |
70.247 |
|
Profit/ Loss from Ordinary
Activities before Finance costs and Exceptional item |
221.856 |
|
Finance costs |
63.695 |
|
Profit/ Loss from
Ordinary Activities after Finance costs but Exceptional item |
158.160 |
|
Exceptional
item |
-- |
|
Profit/ Loss from Ordinary Activities before
tax |
158.160 |
|
Tax Expenses |
31.014 |
|
Net Profit/ Loss from Ordinary Activities
after tax |
127.146 |
|
Extraordinary
Items |
-- |
|
Net Profit for the period |
127.146 |
|
Paid- up
Equity Share Capital (Face value
of the share – Rs. 1/- each) |
266.913 |
|
Reserves
excluding revaluation reserves as per balance sheet of Previous Accounting
Year |
-- |
|
Earnings per
share (before extraordinary items) (of Rs. 1/-
each) (not annualized) |
|
|
-
Basic |
0.48 |
|
- Diluted |
0.48 |
|
Earnings per
share (after extraordinary items) (of Rs. 1/-
each) (not annualized) |
|
|
- Basic |
0.48 |
|
- Diluted |
0.48 |
|
|
|
|
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 Shareholding (as a % of the Total Shareholding
of promoter and promoter group) |
Nil |
|
- Percentage of Shareholding (as a % of the Total Share
Capital of the Company) |
Nil |
|
|
|
|
Non - encumbered |
|
|
- Number of
Shares |
161268010 |
|
- 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 30.06.2014 |
|
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 |
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 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
|
PARTICULAR |
31.03.2014 (Rs.
in Millions) |
31.03.2013 (Rs.
in Millions) |
|
SHORT TERM BORROWINGS |
|
|
|
From Others Parties
|
|
|
|
Suppliers Credit in foreign Currency |
1416.110 |
0.000 |
|
Total |
1416.110 |
0.000 |
FIXED ASSETS
·
Land
·
Factory Building
·
Plant and equipment
·
Electrical Installation
·
Furniture and Fixtures
·
Office Equipments
·
Computer
·
Motor Cars
·
Motor Trucks
·
Weighing Scale
CMT REPORT (Corruption, Money Laundering & Terrorism]
The Public Notice information has been collected from various sources
including but not limited to: The Courts,
1] INFORMATION ON
DESIGNATED PARTY
No exist designating subject or any of its beneficial owners,
controlling shareholders or senior officers as terrorist or terrorist
organization or whom notice had been received that all financial transactions
involving their assets have been blocked or convicted, found guilty or against
whom a judgement or order had been entered in a proceedings for violating
money-laundering, anti-corruption or bribery or international economic or
anti-terrorism sanction laws or whose assets were seized, blocked, frozen or
ordered forfeited for violation of money laundering or international
anti-terrorism laws.
2] Court Declaration :
No exist to suggest that subject is or was
the subject of any formal or informal allegations, prosecutions or other
official proceeding for making any prohibited payments or other improper
payments to government officials for engaging in prohibited transactions or
with designated parties.
3] Asset Declaration :
No records exist to suggest that the property or assets of the subject
are derived from criminal conduct or a prohibited transaction.
4] Record on Financial
Crime :
Charges or conviction
registered against subject: None
5] Records on Violation of
Anti-Corruption Laws :
Charges or
investigation registered against subject: None
6] Records on Int’l
Anti-Money Laundering Laws/Standards :
Charges or
investigation registered against subject: None
7] Criminal Records
No
available information exist that suggest that subject or any of its principals
have been formally charged or convicted by a competent governmental authority
for any financial crime or under any formal investigation by a competent
government authority for any violation of anti-corruption laws or international
anti-money laundering laws or standard.
8] Affiliation with
Government :
No record
exists to suggest that any director or indirect owners, controlling
shareholders, director, officer or employee of the company is a government
official or a family member or close business associate of a Government
official.
9] Compensation Package :
Our market
survey revealed that the amount of compensation sought by the subject is fair
and reasonable and comparable to compensation paid to others for similar
services.
10] Press Report :
No press reports / filings exists on
the subject.
CORPORATE GOVERNANCE
MIRA INFORM as part of its Due Diligence do provide comments on Corporate
Governance to identify management and governance. These factors often have been
predictive and in some cases have created vulnerabilities to credit
deterioration.
Our Governance Assessment focuses principally on the interactions
between a company’s management, its Board of Directors, Shareholders and other
financial stakeholders.
CONTRAVENTION
Subject is not known to have contravened any existing local laws,
regulations or policies that prohibit, restrict or otherwise affect the terms
and conditions that could be included in the agreement with the subject.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs. 60.99 |
|
|
1 |
Rs. 99.09 |
|
Euro |
1 |
Rs. 79.03 |
INFORMATION DETAILS
|
Information Gathered
by : |
NYA |
|
|
|
|
Analysis Done by
: |
SUM |
|
|
|
|
Report Prepared
by : |
TRU |
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 |
5 |
|
--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 |
|
53 |
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.