MIRA
INFORM REPORT
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Report Date : |
10.07.2008 |
IDENTIFICATION
DETAILS
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Name : |
VIJAY TANKS AND VESSELS LIMITED |
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Registered Office : |
B – 504, Vrindavan Apartment, Link Road, Mulund (West), Mumbai – 400
080, Maharashtra |
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Country : |
India |
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Financials (as on) : |
31.03.2007 |
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Date of Incorporation : |
30.09.2004 |
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Com. Reg. No.: |
14340 |
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CIN No.: [Company
Identification No.] |
U29132MH2004PLC014340 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
MUMV01330A |
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PAN No.: [Permanent
Account No.] |
AAACV4048A |
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Legal Form : |
A Public Limited liability Company. The Company’s Shares are not
Listed on the Stock Exchanges. |
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Line of Business : |
Manufacturer, Exporter and Importer of Pressure Vessels, Tanks and
Bullets. |
RATING &
COMMENTS
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MIRA’s Rating : |
Ba |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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Maximum Credit Limit : |
USD 2205500 |
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Status : |
Satisfactory |
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Payment Behaviour : |
Usually Correct |
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Litigation : |
Clear |
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Comments : |
Subject is a well established company having satisfactory track. Trade
relations are fair. Financial position is good. Payments are usually correct
and as per commitments. The company can be considered normal for business dealings at usual
trade terms and conditions. |
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INFORMATION PARTED
BY
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Name : |
Mr. Baiju |
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Designation : |
Admin. Manager |
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Contact No.: |
91-9227548313 |
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Date : |
30.06.2008 |
LOCATIONS
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Registered Office : |
B – 504, Vrindavan Apartment, Link Road, Mulund (West), Mumbai – 400
080, Maharashtra, India |
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E-Mail : |
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Website : |
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Main Office / Works : |
National Highway No. 8, Sankarda, Baroda – 391 350, Gujarat, India |
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Tel. No.: |
91-265-2840168/ 2840171/ 2840572 |
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Fax No.: |
91-265-2840577 |
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Area : |
5,50,000 Sq. ft. |
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Location : |
Owned |
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Factory : |
Gandhidham,India |
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Area : |
60,000 Sq. ft |
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Location : |
Leased |
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Factory : |
Haji Adam Mansion, Homji Street, Mumbai – 400 001, Maharashtra, India |
DIRECTORS
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Name : |
Mr. V. Sundar Rajan |
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Designation : |
Marketing Director |
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Date of Birth/Age : |
54 Years |
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Qualification : |
B.Sc |
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Name : |
Mrs. R. Kanan |
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Designation : |
Director |
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Date of Birth/Age : |
54 Years |
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Qualification : |
B.Sc |
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Name : |
Mr. R. Raghvan |
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Designation : |
Managing Director |
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Date of Birth/Age : |
38 Years |
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Qualification : |
B.E. Mechanical |
BUSINESS DETAILS
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Line of Business : |
Manufacturer, Exporter and Importer of Pressure Vessels, Tanks and
Bullets. |
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Products : |
v
Atmospheric, Pressurised and Cryogenic Storage
Systems v
Shop fabricated Process Columns, Pressure Vessels and
Heat v
Exchangers v
Dry and Wet Gasholders, Silos v
Offsites and Process Piping v
Fired Heaters and Stacks v
Hot Tapping of Tanks and Pipelines v
Drums and Barrels v
Civil and Structural Works v
Process Plant |
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Exports : |
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Products : |
v Pressure Vessels v Tanks v Bullets. |
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Countries : |
v Australia v African
Countries v Gulf Countries |
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Imports : |
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Products : |
v Steel Plates |
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Countries : |
v Belzium v Romania |
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Terms : |
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Selling : |
L/C |
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Purchasing : |
L/C |
GENERAL
INFORMATION
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Customers : |
v Wholesalers |
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No. of Employees : |
Total : 6355 (Office : 355, Factory : 6000) |
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Bankers : |
v Dena Bank Mumbai v State Bank of
India Mumbai |
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Auditors : |
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Name : |
Sharp Tenean and Associates Chartered Accountants |
CAPITAL STRUCTURE
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
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70,00,000 |
Equity shares |
Rs. 10/- each |
Rs. 70.000 millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
54,64,100 |
Equity shares |
Rs. 10/- each |
Rs. 54.641 millions |
FINANCIAL DATA
[all figures are in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2007 |
31.03.2006 |
31.03.2005 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
54.600 |
54.600 |
54.600 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
386.500 |
344.600 |
334.500 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
441.100 |
399.200 |
389.100 |
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LOAN FUNDS |
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1] Secured Loans |
75.000 |
203.700 |
215.500 |
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2] Unsecured Loans |
2.100 |
13.700 |
16.900 |
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TOTAL BORROWING |
77.100 |
217.400 |
232.400 |
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DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
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TOTAL |
518.200 |
616.600 |
621.500 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
222.400 |
201.800 |
204.000 |
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Capital work-in-progress |
6.300 |
7.900 |
0.700 |
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INVESTMENT |
0.100 |
0.100 |
0.100 |
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DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
186.200
|
49.400 |
38.900 |
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Sundry Debtors |
292.300
|
270.900 |
270.500 |
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Cash & Bank Balances |
35.000
|
18.600 |
30.800 |
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Other Current Assets |
0.000
|
0.000 |
0.000 |
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Loans & Advances |
286.500
|
355.900 |
405.400 |
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Total
Current Assets |
800.000
|
694.800 |
745.600 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
460.800
|
238.000 |
297.000 |
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Provisions |
49.800
|
50.000 |
31.900 |
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Total
Current Liabilities |
510.600
|
288.000 |
328.900 |
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Net Current Assets |
289.400
|
406.800 |
416.700 |
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MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
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TOTAL |
518.200 |
616.600 |
621.500 |
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PROFIT & LOSS
ACCOUNT
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PARTICULARS |
31.03.2007 |
31.03.2006 |
31.03.2005 |
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Sales Turnover |
2155.200 |
1599.500 |
1581.900 |
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Other Income |
46.100 |
4.300 |
6.300 |
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Total Income |
2201.300 |
1603.800 |
1588.200 |
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Profit/(Loss) Before Tax |
50.400 |
16.700 |
15.400 |
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Provision for Taxation |
6.800 |
6.000 |
11.500 |
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Profit/(Loss) After Tax |
43.600 |
10.700 |
3.900 |
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Expenditures : |
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Manufacturing Expenses |
116.200 |
118.400 |
135.200 |
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Administrative Expenses |
66.000 |
84.300 |
100.600 |
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Raw Material Consumed |
1706.700 |
1172.200 |
1704.100 |
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Salaries, Wages, Bonus, etc. |
129.200 |
138.300 |
163.600 |
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Interest |
35.500 |
35.900 |
51.200 |
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Power & Fuel |
19.200 |
20.400 |
28.400 |
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Depreciation & Amortization |
19.000 |
14.500 |
14.900 |
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Other Expenditure |
59.100 |
3.100 |
(625.200) |
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Total Expenditure |
2150.900 |
1587.100 |
1572.800 |
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KEY RATIOS
|
PARTICULARS |
31.03.2007 |
31.03.2006 |
31.03.2005 |
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Debt-Equity Ratio |
0.36 |
0.59 |
0.47 |
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Long Term Debt-Equity Ratio |
0.15 |
0.25 |
0.25 |
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Current Ratio |
1.54 |
1.65 |
1.72 |
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TURNOVER RATIOS |
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Fixed Assets |
5.30 |
4.14 |
4.12 |
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Inventory |
18.30 |
36.23 |
31.08 |
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Debtors |
7.65 |
5.91 |
6.43 |
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Interest Cover Ratio |
1.24 |
1.53 |
1.22 |
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Operating Profit Margin(%) |
2.92 |
4.34 |
4.88 |
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Profit Before Interest And Tax Margin(%) |
2.04 |
3.43 |
3.94 |
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Cash Profit Margin(%) |
1.2 |
1.67 |
1.13 |
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Adjusted Net Profit Margin(%) |
0.32 |
0.76 |
0.18 |
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Return On Capital Employed(%) |
7.91 |
9.04 |
11.38 |
|
Return On Net Worth(%) |
1.69 |
3.19 |
0.77 |
LOCAL AGENCY
FURTHER INFORMATION
Trade References
v
Indian Oil Corporation
v
Bharat Petroleum
v
HPCL
v
Reliance Refinery
v
S R Oil
As Per Website
Details
History
Subject was founded in 1956 with a mission to develop an Indian engineering & construction company that would participate in the pioneering challenge of building India's oil & gas infrastructure.
Subject is operations have since grown to span the Indian subcontinent, the Middle East and Africa. This strong international profile, successfully developed within challenging and often hostile business territories, has honed VTV into a resilient organization and helped it find a place amongst the most respected tank building companies in the world.
Over the decades, subject has repeatedly developed new technologies and benchmarked new performance standards, objectives that energise and direct our goals for the present and the future.
Subject is evolution into an EPC contractor has been developed by the continual investment of resources in developing a multidisciplinary in-house engineering and construction skill, that helps the company deliver substantial value to its client by staying in direct control over all the critical elements that combine to help deliver the most complicated projects on time and at a competitive cost.
Subject is management, human resource and financial strengths are honed by decades of diverse International experience with a focus on the highest standards of quality, a deep sense of economy and total customer satisfaction. This focus continues to fuel Subject is evolution as a diversified engineering company of world-class standards.
The pages of this site will convey, in a general way, the range and depth of companies capabilities. Please request for a copy of the Company's Pre qualification Document to get a more comprehensive view of the Company's domestic & international track record, infrastructure and operations.
1956 : Founded as Vijay Industries for the
manufacture of underground petroleum storage tanks.
1960: Revamping
work of the furnace at Standard-Vacuum's Bombay Refinery. Opens floodgates for
mechanical construction assignments at Refinery
1963: Tank-farm
project for Gujarat Refinery, India's first indigenous refinery 170 cone and
floating roof tanks 20,000 MT. of steel fabrication 4 crude oil floating roof
tanks of 56 m. diameter x 12.2 m. height.
1964: First
fully equipped pressure vessel factory in Bombay. Designed and manufactured the
earliest LPG bullets in India.
1965: Designed
and fabricated first 5 m. diameter x 52 m. height crude distillation column for
Esso Refinery in Bombay.
1967: Development
of in-house manufacturing capabilities for Welding Rectifiers to insulate the
company from import constraints.
1968: First
Indian company to design and construct Highpressure LPG storage spheres for
Esso's Bombay Refinery.
1969: Reconstituted
into the limited liability company 'Vijay Tanks & Vessels Limited'. Second
pressure vessel factory in Southern India.
1970: Licensee
arrangement with Graver Tank manufacturing Co. (U.S.A.) for floating roof and
cryogenic tank technology.
1971: First
Indian company to design and construct cryogenic storage systems for LOX/LIN
service for Hindustan Steel Limited
1972: In-house
development of the SAW process for tank construction.
1973: Designed
and Constructed Asia's largest Crude Oil Storage Terminal at Vadinar 13 nos.
90,000 cu.m. 79.5 m. diameter x 18.1 m. height Double Deck floating roof tanks.
1974: Foray
into the international arena with a tank-farm project for Kuwait Oil
Company.Crude and vacuum heaters for Gujarat Refinery's 3 million tonne
expansion unit.
1975: First
Indian export of nine LPG storage bullets to Iraq.Turnkey tankfarm projects for
Kenya Pipeline Company at Nairobi Terminal & Embakasi Airport.
1976: Developed
the Indian Standard Code for tank design and construction as a lead member of
the Government of India appointed technical committee US $3.5 million Aviation
Fuel Storage & Handling Facility at Kuwait Airport for KAFCO.
1978: Turnkey
project for a Pilot Distillation Plant for Gujarat Refinery.
1979: US
$17 million tank-farm project by JGC, Japan, for the Mina Al Ahmadi Refinery
Modernisation Project, Kuwait
1981: EPC
contract for a refrigerated Ammonia Import Terminal at Tuticorin.
1983: US
$4.5 million Fuel Oil Storage & Handling Facility at Abukamash, Libya.
1986: EPC
contract for a Cryogenic Ethylene Storage Terminal at IPCL, Nagothane,
involving India's first 9 % Ni Tanks.
1987: Introduced
the concept of tank construction by hydraulic jacking into India.
1989: Turnkey
project for two coke chambers at the operating Gauhati Refinery. Subject is
innovative construction designs on this project, vetted by the Indian Institute
of Technology, have since become an Indian Industry standard.
1992: Embarked
on a special project for the development of the 'Varaha Sphere', to enable the
progressive construction of a sphere top downwards.
1993: Commissioned
the US $33 million project for Brega Petroleum, Libya, for an Oil and Gas
Storage and Handling Facility at Sebha. Relocation of the pressure vessel
factories to Baroda and Jamnagar.
1994: US
$7.9 million EPC contract for Brega's fuel oil storage & handling terminal
at Tobruk, Libya.
1995: Built
the world's first hydraulically lifted spherical tank using VTV's patented
construction process.
1998: Built
India's largest crude oil storage terminal consisting of 12 nos. 92 m. diameter
x 20 m. height Double Deck floating roof tanks.
1999: US
$15 million project for India's largest LPG mounded storage and handling
terminal.
2000: 15
nos. sphere farm at the Essar / ABB Oil Refinery, consisting of vessels upto 73
mm. thick.
2001: Secured
the contract for the construction of 2 Nos. 160,000 Cu.M. Lng storage tanks at
Dahej, India from Ishikawajima -Harima Heavy Industries Company Limited.
Bio Data
Founded as Vijay Industries in 1956,incorporated as limited
company in the name of Vijay Tanks and Vessels Limited during the year 1969.The
company has been engaged in manufacture of underground petroleum storage
tanks.
Subject has a central equipment workshop and maintenance facility at its main
works in Vadodara for the in-house manufacture and maintenance of critical
equipment.One of the subjects key strategic advantages has been its ability to
deploy a large equipment infrastructure to suit the most demanding project
schedules.
Press Release
"Major Equipment Orders for IOC Panipat Refinery
Expansion Project: VTV has secured US$ 14 Million worth of
orders for critical equipment for IOC's Panipat Refinery Project. These include
field construction contracts for the Crude and Vacuum Distillation Columns,
Coker Drums and Coker Fractionators. EPC Contracts have also been secured for
the Paraxylene Columns, Adsorbent Chambers, Stainless Steel Storage Silos and
Product Storage Tanks. Inclusion of this diversified range of sophisticated
clad & low alloy steel equipment reinforces VTV's credentials as an
end-to-end supplier for the wide range of storage and process equipment."
"Export Order for SS Columns for Fertil, Abu Dhabi: VTV's
Kandla Export Facility has secured its first major export order involving an SS
Column for Fertil, Abu Dhabi. This inaugural order heralds the start of a new
phase of growth in VTV's efforts to tap the growing international demand for
sourcing of high quality manufactured equipments from the Indian subcontinent."
"KOC Tankage Project in Kuwait:VTV
has received an LOI for a Storage Tank Terminal being developed by KOC in
Kuwait. This project involves the erection of 4,000 Mt of Steel. VTV's
international marketing thrust has yielded significant results with a slew of
export orders and augurs well for the growth of the Company in the domestic and
international markets."
"International collaboration with Zeta (U.K.) for
separators for the offshore sector: VTV supplied an
ASME 'U' stamp clad steel 2-Phase separator for British Gas (India) Ltd's
offshore project. VTV has partnered with Zeta pdm (U.K.), a renowned
international high-end process engineering firm, to providesingle point turnkey
services for the design & supply of separator systems forthe most diverse
offshore platform applications."
"Shop Orders for the Shell Hazira LNG Project: VTV has secured an order for the supply of shop fabricated
pressure vessels from Shell Hazira LNG Limited. VTV's focus on development of
its ASME 'U' Stamp Accredited Manufacturing Plant at Vadodara (India) has
received substantial interest from discerning Domestic and International
clients."
"Prestigious shop export orders secured :
VTV has secured orders for CS/SS shop fabricated equipment from Snamprogetti
(Milan) for the OMIFCO Project & from Bechtel (Houston) for the Egypt LNG Project.
VTV's presence in the key vendor list of such internationalmajors for
specialist shop and field equipment provide a significant thrust forboth our
Manufacturing and International Projects Groups "
Major developments in the Pipeline Division : VTV
recently secured the EPC yard piping contract for IOC - Gujarat Refinery's LAB
Project. This Project marks a significant development for VTV's pipeline
division and underlines the company's strong turnkey credentials to address
growing demands in this business segment.."
Business Standard March 2002
"Business Standard March 2002 magazine our rating is
in the list of Indian Companies and we feel honoured :
Business Standard, India's leading financial daily, recently released its
survey results of the top 500 unlisted companies in India. VTV was ranked at
#274 in terms of sales and was amongst the top 20 unlisted companies in India
in the Engineering Construction Sector."
" An article published in Business India Magazine in
its November2000 issue by Shekar Shesan : Success, says Anand Raghavan , is a telephone
call from a client saying, " Hey, you have done a great job!" The
29-year-old director of the rs. 109-crore Vijay Tanks And Vessels Ltd. (VTV) is
serious about his commitment to the company his grandfather R.Ramanujan founded
44 years ago. "The VTVculture is to strive to satisfy the customer,"
he says. "There are many things I'm prepared to forego if they conflict
with the company's needs."
" ASME "U" Stamp : VTV
has received accreditation from the American Society of Mechanical Engineers
(ASME) for use of the "U" code symbol stamp."
" LNG Tank Contract at Dahei. :
VTV has received the contract for detailed engineering,
procurement (partial) & Construction of 2 nos."
CMT REPORT
(Corruption, Money Laundering & Terrorism]
The Public Notice information has been collected from various sources
including but not limited to: The Courts, India Prisons Service,
Interpol, etc.
1] INFORMATION ON
DESIGNATED PARTY
No records 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 records 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. 43.13 |
|
UK Pound |
1 |
Rs. 85.02 |
|
Euro |
1 |
Rs. 67.77 |
SCORE & RATING
EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
6 |
|
OPERATING SCALE |
1~10 |
6 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
6 |
|
--PROFITABILIRY |
1~10 |
6 |
|
--LIQUIDITY |
1~10 |
6 |
|
--LEVERAGE |
1~10 |
6 |
|
--RESERVES |
1~10 |
6 |
|
--CREDIT LINES |
1~10 |
6 |
|
--MARGINS |
-5~5 |
-- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
NO |
|
--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 |
NO |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
54 |
This score serves as a reference to assess SC’s credit risk
and to set the amount of credit to be extended. It is calculated from a
composite of weighted scores obtained from each of the major sections of this
report. The assessed factors and their relative weights (as indicated through
%) are as follows:
Financial
condition (40%) Ownership
background (20%) Payment
record (10%)
Credit history
(10%) Market trend
(10%) Operational
size (10%)
RATING
EXPLANATIONS
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
>86 |
Aaa |
Possesses an extremely sound financial base with the strongest
capability for timely payment of interest and principal sums |
Unlimited |
|
71-85 |
Aa |
Possesses adequate working capital. No caution needed for credit transaction.
It has above average (strong) capability for payment of interest and
principal sums |
Large |
|
56-70 |
A |
Financial & operational base are regarded healthy. General
unfavourable factors will not cause fatal effect. Satisfactory capability for
payment of interest and principal sums |
Fairly Large |
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
26-40 |
B |
Unfavourable & favourable factors carry similar weight in credit consideration.
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 |
|
NR |
In view of the lack of information, we have no basis upon which to
recommend credit dealings |
No Rating |
|