MIRA
INFORM REPORT
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Report Date : |
29.11.2008 |
IDENTIFICATION DETAILS
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Name : |
VISEN INDUSTRIES LIMITED |
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Formerly Known As : |
VISEN CHEMICALS PRIVATE LIMITED |
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Registered Office : |
Premier House, 6th Floor, 38, |
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Country : |
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Financials (as on) : |
31.03.2007 |
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Date of Incorporation : |
03.09.1985 |
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Com. Reg. No.: |
11-037350 |
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CIN No.: [Company
Identification No.] |
U24100MH1985PLC037350 |
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TAN No.: [Tax Deduction
& Collection Account No.] |
MUMV10076D |
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PAN No.: [Permanent
Account No.] |
AAACV1768K |
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Legal Form : |
A Closely Held Public Limited Liability Company |
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Line of Business : |
Manufacturer of Polymer Emulsion, Textile Finishing Agent and Acrylic Co-Polymers. |
RATING & COMMENTS
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MIRA’s Rating : |
A |
RATING
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STATUS |
PROPOSED
CREDIT LINE |
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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 |
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Maximum Credit Limit : |
USD 2000000 |
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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. Directors are reported as experienced, respectable and resourceful businessmen. Their trade relations are fair. Financial position is satisfactory. Payments are usually correct and as per commitments. The company can be considered good for normal business dealings. |
LOCATIONS
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Registered Office : |
Premier House, 6th Floor, 38, |
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Tel. No.: |
91-22-55040232/ 33/ 34/ 35/ 36/ 66443333 |
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Fax No.: |
91-22-66443344 |
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E-Mail : |
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Website : |
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Corporate Office : |
A/102, Virwani Industrial Estate, W. E. Highway, Goregaon (E), Mumbai – 400063, Maharashtra |
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Tel. No.: |
91-22-28746534 |
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Fax No.: |
91-22-28747824 |
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E-Mail : |
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Website : |
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Factory : |
Plot No. 68, 69, 88, B- Nanji Industrial Estate, Village Kharadpada, Silvassa, Dadra and Nagar Haveli-396230 |
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Tel. No.: |
91-260-2651154/ 55/ 56 |
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Telefax No.: |
91-260-2650463 |
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Branches : |
Ř
12/104, Aditya Commerical Complex, Preet Vihar
Community Centre, Delhi-110092, Ř
127, 2nd Floor, Room No. 3, Ř
C/o. Lyengar Engineers, 34/44, 9th
Cross, Swimming Pool Extn., Malleshwaram, Ř
39/5634, |
DIRECTORS
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Name : |
Mr. Vijay S. Nair |
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Designation : |
Chairman and Managing Director |
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Address : |
E/7-9, Jain Taramani CHS Limited, Bangur Nagar, Goregaon (West), Mumbai-400090 |
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Date of Birth/ Age : |
28.11.1955 |
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Qualification : |
B.Com. |
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Experience : |
30 years |
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Date of Appointment : |
03.09.1985 |
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Name : |
Mr. T. P. Ramachandran |
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Designation : |
Director Technical |
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Address : |
B-1202/Runwal Heights, L.B.S. Marg, Mulund (West), Mumbai-400080 |
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Date of Birth/ Age : |
15.05.1941 |
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Date of Appointment : |
28.08.2000 |
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Name : |
Ms. Geeta V. Nair |
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Designation : |
Director |
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Address : |
E/7-9, Jain Taramani CHS Limited, Bangur Nagar, Goregaon (West), Mumbai-400090 |
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Name : |
Mr. Arun Mehta |
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Designation : |
Independent Director |
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Address : |
E/7-13, Jain Taramani CHS Limited, Bangur Nagar, Goregaon (West), Mumbai-400090 |
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Date of Birth : |
06.04.1960 |
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Qualification : |
B.E. |
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Date of Appointment : |
01.04.2003 |
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Email : |
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Name : |
Mr. Dilip P. Patil |
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Designation : |
Nominee Director |
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Address : |
Industrial Development Bank of |
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Name : |
Mr. Sreekant V. Albel |
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Designation : |
Director |
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Address : |
Flat No. 21, Building – 17, MHB Colony, Bandra Reclaimation,
Bandra (West), Mumbai – 400050, |
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Date of Birth : |
02.12.1945 |
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Qualification : |
B.Com, ACA |
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Date of Appointment : |
21.04.2005 |
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Name : |
Mr. Ashok Rao |
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Designation : |
Director |
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Address : |
619-620, Tulsiani Chambers, Nariman Point, Mumbai –
400021, |
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Date of Birth : |
13.11.1945 |
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Qualification : |
B.Com. (Hons.), FCA, ACMA (Lond.) |
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Date of Appointment : |
27.05.2005 |
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Name : |
Mr. Sharadchandra D. Abhyankar |
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Designation : |
Director |
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Address : |
303, Marvel Residency |
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Date of Birth : |
09.10.1965 |
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Qualification : |
B.A, LLB, FCS, DBM |
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Date of Appointment : |
04.07.2005 |
KEY EXECUTIVES
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Name : |
Mr. A.K. Jhunjhunwala |
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Designation : |
Finance Controller and Company Secretary |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
(As on 10.08.2007)
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Names of Shareholders |
No. of Shares |
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Arun Mehta |
70424 |
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Vijay S. Nair |
7557428 |
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Bhadrayan Nair |
223600 |
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Cherry Nair |
7316 |
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Geeta V .Nair |
1696620 |
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Kamlakshi Amma |
220912 |
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Anish Nair |
88800 |
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Maya Nair |
4000 |
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Ruchirag Investments Private Limited |
206480 |
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Rajesh Nair |
8000 |
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Rajeshwari Nair |
368240 |
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Rajkumari Mehta |
75200 |
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Ruchi Nair |
71316 |
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Surprabha |
196000 |
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Thankappan Nair |
255232 |
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Visen Marketing Private Limited |
1429600 |
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Sunitomo Corporation ( |
230000 |
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Total |
12709168 |
(As on 30.09.2007)
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Category |
Percentage |
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Directors or relatives of directors |
100.00 |
BUSINESS DETAILS
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Line of Business : |
Manufacturer of Polymer Emulsion, Textile Finishing Agent and Acrylic Co-Polymers |
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Products : |
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GENERAL INFORMATION
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Bankers : |
Goregaon, Mumbai,
Andheri Corporate Banking Branch, 52/60,
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Banking Relations
: |
Satisfactory |
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Auditors : |
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Name : |
Deloitte Haskins and Sells Chartered Accountant |
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Address : |
12, |
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Associates : |
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Subsidiaries : |
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CAPITAL STRUCTURE
Authorised Capital :
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No. of Shares |
Type |
Value |
Amount |
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25000000 |
Equity Shares |
Rs.10/- each |
Rs.250.000 millions |
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Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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12709168 |
Equity Shares |
Rs.10/- each |
Rs.127.092 millions |
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FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
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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 |
127.092 |
31.198 |
88.911 |
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2) Share Application Money Pending Allotment |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
358.686 |
337.647 |
180.193 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH
|
485.778 |
368.845 |
269.104 |
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LOAN FUNDS |
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1] Secured Loans |
282.075 |
168.457 |
120.040 |
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2] Unsecured Loans |
0.000 |
0.000 |
0.000 |
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TOTAL BORROWING
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282.075 |
168.457 |
120.040 |
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DEFERRED TAX LIABILITIES |
12.993 |
11.300 |
9.661 |
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TOTAL
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780.846 |
548.602 |
398.805 |
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APPLICATION OF FUNDS
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FIXED ASSETS [Net Block]
|
231.102 |
187.460 |
110.232 |
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Capital work-in-progress
|
204.500 |
91.339 |
6.805 |
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INVESTMENT
|
0.571 |
0.572 |
10.678 |
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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
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298.238 |
215.173 |
206.095 |
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Sundry Debtors
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305.064 |
316.240 |
293.930 |
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Cash & Bank Balances
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0.596 |
4.771 |
0.596 |
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Loans & Advances
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236.844 |
193.088 |
40.194 |
Total Current Assets
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840.742 |
729.272 |
540.815 |
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Less :
CURRENT LIABILITIES & PROVISIONS
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Current Liabilities
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493.984 |
459.678 |
269.725 |
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Provisions
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2.085 |
0.363 |
0.000 |
Total Current Liabilities
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496.069 |
460.041 |
269.725 |
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Net Current Assets
|
344.673 |
269.231 |
271.090 |
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MISCELLANEOUS EXPENSES
|
0.000 |
0.000 |
0.000 |
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TOTAL
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780.846 |
548.602 |
398.805 |
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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 |
1848.861 |
1857.412 |
1412.492 |
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Other Income |
15.134 |
24.371 |
1.616 |
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Total Income |
1863.995 |
1881.783 |
1414.108 |
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Profit/(Loss) Before Tax |
92.906 |
72.597 |
118.473 |
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Provision for Taxation |
70.933 |
6.755 |
11.117 |
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Profit/(Loss) After Tax |
21.973 |
65.842 |
107.356 |
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Export Value |
NA |
NA |
7.393 |
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Imports : |
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Capital Goods |
NA |
NA |
0.446 |
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Others |
NA |
NA |
871.429 |
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Total Imports |
NA |
NA |
871.875 |
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Expenditures : |
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Cost of Goods Sold |
296.605 |
414.565 |
164.566 |
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Manufacturing Expenses |
1423.683 |
1361.042 |
1102.445 |
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Salaries, Wages, Bonus, etc. |
(0.102) |
1.284 |
0.880 |
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Interest |
47.208 |
29.609 |
23.330 |
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Depreciation & Amortization |
17.894 |
11.994 |
10.504 |
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Increase/(Decrease) in Finished Goods |
1.235 |
(9.307) |
(6.090) |
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Less, transferred to incidental expenditure
during construction period |
(15.434) |
0.000 |
0.000 |
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Total
Expenditure |
1771.089 |
1809.186 |
1295.635 |
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KEY RATIOS
|
PARTICULARS |
|
31.03.2007 |
31.03.2006 |
31.03.2005 |
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PAT / Total Income |
(%) |
1.18
|
3.50 |
7.59 |
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Net Profit Margin (PBT/Sales) |
(%) |
5.03
|
3.91 |
8.39 |
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Return on Total Assets (PBT/Total Assets} |
(%) |
8.67
|
7.92 |
18.20 |
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Return on Investment (ROI) (PBT/Networth) |
|
0.19
|
0.20 |
0.44 |
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Debt Equity Ratio (Total Liability/Networth) |
|
1.60
|
1.70 |
1.45 |
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Current Ratio (Current Asset/Current Liability) |
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1.69
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1.59 |
2.01 |
LOCAL AGENCY FURTHER INFORMATION
Note:
The Registered
Office of the company has been shifted from K-30, MIDC Industrial Area,
Tarapur, Thane – 401506,
Fixed Assets:-
- Office
- Factory Buildings
- Plant and Machinery
- Furniture and Fixtures
- Vehicles
- Computers
- Tankers and Forklift
AS
PER WESITE
Subject is an
ISO 9001 - 2000 certified
polymer emulsion manufacturing company promoted by Mr. Vijay Nair in 1985, with
an annual production capacity of 500 MT.
In just about 20 years company has become one of the fastest
growing emulsion manufacturing company in India with an annual turnover
exceeding USD 50 million, a production base of 50,000 MT spread across 3 manufacturing
units.
Subject is setting up a state of the art global scale plant at Hamriyah Free
Zone - Sharjah, U.A.E., scheduled to commence its commercial production during
4th Quarter of year 2007.
Company manufactures water based emulsions with brand names visicryl, visimer, visitex & visicol
which are of high consistent quality.
All company emulsions usage results into excellent product properties and
sustainable solutions. Company is a one stop company for all manufacturers as
they have emulsions to cater to every process need.
Subject has a long history of association with associated
paint companies due to its prime principle - unconditional customer
satisfaction. company believes in becoming a market leader by servicing long
term goals of each associate along with its strategically spread
marketing/agent/importers network all
over India, Africa, Middle East and few other countries.
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 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.49.84 |
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|
1 |
Rs.76.81 |
|
Euro |
1 |
Rs.64.38 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
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HISTORY |
1~10 |
7 |
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PAID-UP CAPITAL |
1~10 |
7 |
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OPERATING SCALE |
1~10 |
7 |
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FINANCIAL CONDITION |
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|
--BUSINESS SCALE |
1~10 |
7 |
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--PROFITABILIRY |
1~10 |
7 |
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--LIQUIDITY |
1~10 |
7 |
|
--LEVERAGE |
1~10 |
7 |
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--RESERVES |
1~10 |
7 |
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--CREDIT LINES |
1~10 |
7 |
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--MARGINS |
-5~5 |
-- |
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DEMERIT POINTS |
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--BANK CHARGES |
YES/NO |
YES |
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--LITIGATION |
YES/NO |
NO |
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--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
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MERIT POINTS |
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--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
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--EXPORT ACTIVITIES |
YES/NO |
YES |
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--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
63 |
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 |
|