MIRA INFORM REPORT

Report Date :

09.12.2011

IDENTIFICATION DETAILS

Name :	VIJAY TANKS AND VESSELS PRIVATE LIMITED (w.e.f. 08.09.2011)
Formerly Known As :	VIJAY TANKS AND VESSELS LIMITED
Registered Office :	B – 504, Vrindavan Apartment, Link Road, Mulund (West), Mumbai – 400080, Maharashtra
Country :	India
Financials (as on) :	31.03.2011
Date of Incorporation :	30.09.2004
Com. Reg. No.:	11-014340
Capital Investment / Paid-up Capital :	Rs.54.641 Millions
CIN No.: [Company Identification No.]	U29132MH2004PTC014340
TAN No.: [Tax Deduction & Collection Account No.]	MUMV01330A
PAN No.: [Permanent Account No.]	AAACV4048A
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer, Exporter and Importer of Pressure Vessels, Pressure Vessels, Heat Exchangers, Cryogenic Storage Systems, Tanks and Bullets Tanks and Bullets.
No. of Employees :	3400 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

Ba (50)

RATING		STATUS	PROPOSED CREDIT LINE
41-55	Ba	Overall operation is considered normal. Capable to meet normal commitments.	Satisfactory

Maximum Credit Limit :	USD 4790000
Status :	Good
Payment Behaviour :	Regular
Litigation :	Clear
Comments :	Subject is a well – established and a reputed company having fine track. Financial position of the company appears to be sound. Trade relations are reported as fair. Business is active. Payments are reported to be regular and as per commitments. The company can be considered normal for business dealings 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.

INFORMATION PARTED BY

Name :	Mr. A. B. Jayramanth
Designation :	General Manager
Contact No.:	91-9727769311
Date :	07.12.2011

LOCATIONS

Registered Office :	B – 504, Vrindavan Apartment, Link Road, Mulund (West), Mumbai – 400080, Maharashtra, India
Tel. No.:	91-22-25684419 / 25910667
Fax No.:	91-22-25684419
E-Mail :	akbari@vijaytanks.com avijay@vijaytanks.com ho@vijaytanks.com mumbai@vijaytanks.com accounts@vijaytanks.com avg@vijaytanks.com
Website :	www.vijaytanks.com
Area :	5000 Sq. ft
Location :	Owned
Head Office / Works :	National Highway No. 8, Sankarda, Baroda – 391 350, Gujarat, India
Tel. No.:	91-265-2840168/ 2840171/ 2840572
Fax No.:	91-265-2840577
E Mail:	ho@vijaytanks.com
Area :	5,50,000 Sq. ft.
Location :	Owned
Factory 1 :	Plot No. 315 to 324, 442-D and 443 E, Kandla Special Economic Zone, Gandhidham-370230, Gujarat, India
Tel No:	91-2836-227562
Fax No.:	91-2836-227562
E Mail:	kandla@vijaytanks.com
Area :	60,000 Sq. ft
Location :	Leased
Factory 2 :	Haji Adam Mansion, Homji Street, Mumbai – 400 001, Maharashtra, India
Factory 3 :	State Highway No. 20, Mithoi Lalpur, Khambhalia, Jamnagar-361305, India
E Mail:	jamnagar@vijaytanks.com
Braches :	Located at: · Delhi · Chennai · Abu Dhabi

DIRECTORS

As on 20.08.2011

Name :

Mr. Ranganathan Raghavan

Designation :

Managing director

Address :

9, Saraswati Society, Vasana Road, Baroda-390007, Gujarat, India

Date of Birth/Age :

26.10.1970

Qualification :

B.E. Mechanical

Date of Appointment :

01.04.2005

DIN No.:

00376645

Other Directorship :

CIN	Name of the Company	Current designation of the director	Date of appointment at current designation	Original date of appointment	Date of cessation	Company Status	Defaulting status
U29132MH2004PTC014340	Vijay Tanks and Vessels Private Limited	Managing director	1/04/2010	1/04/2005	-	Active	NO

Name :

Mr. V. Sunder Rajan

Designation :

Whole-time director

Address :

Tarangan Society, Near Geb School Akota, Baroda-390007, Gujarat, India

Date of Birth/Age :

14.04.1953

Qualification :

B. Sc

Date of Appointment :

30.09.2004

DIN No.:

00376765

Other Directorship :

CIN	Name of the Company	Current designation of the director	Date of appointment at current designation	Original date of appointment	Date of cessation	Company Status	Defaulting status
U29132MH2004PTC014340	Vijay Tanks and Vessels Private Limited	Whole-time director	1/04/2010	30/09/2004	-	Active	NO

Name :

Mr. Kannan Rajagopalan

Designation :

Whole-time director

Address :

3, Yogi Sagar Apartment, Urmi Society Alkapuri, Baroda-390007, Gujarat, India

Date of Birth/Age :

15.06.1954

Qualification :

B. Sc

Date of Appointment :

30.09.2004

DIN No.:

00376719

Other Directorship :

CIN	Name of the Company	Current designation of the director	Date of appointment at current designation	Original date of appointment	Date of cessation	Company Status	Defaulting status
U29132MH2004PTC014340	Vijay Tanks and Vessels Private Limited	Whole-time director	1/04/2010	30/09/2004	-	Active	NO

Name :

Ms. Shalini Raghavan

Designation :

Director

Address :

Flat 4/A, Great Eastern Royals Tardeo, Mumbai – 400034, Maharashtra, India

Date of Birth/Age :

03.03.1979

Date of Appointment :

24.06.2011

DIN No.:

03569413

Other Directorship :

CIN	Name of the Company	Current designation of the director	Date of appointment at current designation	Original date of appointment	Date of cessation	Company Status	Defaulting status
U29132MH2004PTC014340	Vijay Tanks and Vessels Private Limited	Director	20/08/2011	24/06/2011	-	Active	NO

Name :

Ms. Prema Raghavan

Designation :

Director

Address :

9, Saraswati Society, Vasana Road, Baroda-390007, Gujarat, India

Date of Birth/Age :

07.10.1946

Date of Appointment :

28.06.2005

DIN No.:

00376692

KEY EXECUTIVES

Name :	Mr. A. B. Jayramanth
Designation :	General Manager

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 20.08.2011

Names of Shareholders	No. of Shares
Prema Raghavan	650
Srinivasan R	794
Gayatri Rajan	100
Ranganathan Raghavan	430879
Padma Raghunathan	28355
Kausalya Srinivasan	28665
Rajalakshmi Raghavan	28814
Vasundara Raghavan	28157
Total	546414

Equity Share Break up (Percentage of Total Equity)

As on 20.08.2011

Category	Percentage
Directors or relatives of Directors	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :	Manufacturer, Exporter and Importer of Pressure Vessels, Heat Exchangers, Cryogenic Storage Systems, Tanks and Bullets.
Products :	· Atmospheric, Pressurised and Cryogenic Storage Systems · Shop fabricated Process Columns, Pressure Vessels and Heat · Exchangers · Dry and Wet Gasholders, Silos · Offsites and Process Piping · Fired Heaters and Stacks · Hot Tapping of Tanks and Pipelines · Drums and Barrels · Civil and Structural Works · Process Plant
Exports :
Products :	· Pressure Vessels · Heat Exchangers · Cryogenic Storage Systems · Tanks · Bullets
Countries :	· Nepal · Gulf Countries · African Countries
Terms :
Selling :	Cash/ Credit
Purchasing :	Cash/ Credit

PRODUCTION STATUS AS ON 31.03.2010

Particulars	Unit	Installed Capacity
Storage Tanks	M.T	50000
Process Equipments	M.T	20000

GENERAL INFORMATION

Customers :

End Users

· Indian Oil Corporation

· Bharat Petroleum Limited

· Hindustan Petrochemicals Limited

No. of Employees :

3400 (Approximately)

Bankers :

· IDBI Bank, IDBI Tower, WTC Complex, Cuffe Parade, Mumbai – 400005, Maharashtra, India

· The Korur Vysya Bank Limited, 13, Sidcup Towers, Race Course Circle, Alkapuri, Vadodara – 390007, Gujarat, India

· ICICI Bank

· State Bank of India

· Export – Import Bank

· Standard Chatered Bank

· Dena Bank

· HDFC Bank Limited

Facilities :

Secured Loans	As on 31.03.2011 (Rs. In Millions)	As on 31.03.2010 (Rs. In Millions)
A. Long Term
Exim Bank		28.329
The Karur Vysya Bank Limited		12.578
IDBI bank		40.625
Standard Chartered Bank		52.840
HDFC Bank		2.753
Tata Capital Limited		0.255
B. Short Term
Guaranteed by the Chairman and Managing Director of the company		--
Cash/ Packing Credit	85.602
State bank of India, Mumbai		14.645
ICICI Bank Limited, Baroda		5.636
State Bank of Indore, Mumbai		--
The Karur Vysya Bank Limited, Baroda (Secured against book debts and inventories) The whole of the current assets of the company both present and future pertaining to the factory situated at Revenue survey No. 108 (Plot No. 1 to 26) of Village, Mithoi, Taluka Lalpura, District Jamnagar and Revenue survey No. 29, 31, 37A, 38/1, 38/2 o0f Village: Sankarda, district Baroda in the State of Gujarat or at any project sites of the company now lying are spread in or about or shall hereafter from time to time have been hypothecated.		--
Standard Chartered Bank		1.572
IDBI Bank		0.055
Total	85.602	159.288

Banking Relations :	--
Auditors :
Name :	Sharp and Tannan Associates Chartered Accountants
Address :	87, Nariman Bhavan, 227, Nariman Point, Mumbai-400021, Maharashtra, India
Tel. No.:	91-22-61537500/22022224/8857
Fax No.:	91-22-22023856
E-Mail :	Mumbai.office@sharp-tannan.com
PAN.:	AAAFS1034J

CAPITAL STRUCTURE

As on 31.03.2011

Authorised Capital :

No. of Shares	Type	Value	Amount
690000	Equity Shares	Rs.100/- each	Rs.69.000 Millions
10000	Preference Shares	Rs.100/- each	Rs.1.000 Millions
	Total		Rs.70.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
546414	Equity Shares	Rs.100/- each	Rs.54.641 Millions

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS		31.03.2011	31.03.2010	31.03.2009
SHAREHOLDERS FUNDS
1] Share Capital		54.641	54.641	54.641
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		1144.896	915.107	700.217
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		1199.537	969.748	754.858
LOAN FUNDS
1] Secured Loans		85.602	159.288	179.579
2] Unsecured Loans		0.000	0.000	0.000
TOTAL BORROWING		85.602	159.288	179.579
DEFERRED TAX LIABILITIES		42.459	37.633	32.674
TOTAL		1327.598	1166.669	967.111
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		473.653	463.678	328.518
Capital work-in-progress		8.683	9.883	40.555
INVESTMENT		0.123	0.123	0.123
DEFERREX TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	241.488	94.554	435.765
	Sundry Debtors	901.788	741.875	583.054
	Cash & Bank Balances	744.463	873.248	569.887
	Other Current Assets	12.973	12.912	19.376
	Loans & Advances	351.789	376.183	560.954
Total Current Assets		2252.501	2098.772	2169.036
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	442.587	335.788	166.269
	Other Current Liabilities	767.431	851.217	1218.222
	Provisions	197.344	218.782	186.630
Total Current Liabilities		1407.362	1405.787	1571.121
Net Current Assets		845.139	692.985	597.915
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		1327.598	1166.669	967.111

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2011	31.03.2010	31.03.2009
	SALES
		Income	3502.263	3576.824	3206.247
		Other Income	NA	35.604	2.729
		TOTAL (A)	NA	3612.428	3208.976
Less	EXPENSES
		Raw Materials / Stores Consumed		1714.550	2102.886
		Human Resources Development Cost	NA	306.487	254.167
		Operating and Other Expenses		1163.882	443.642
		Admin & Selling Expenses		73.271	65.413
		TOTAL (B)	NA	3258.190	2866.108
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		382.263	354.238	342.868
Less	FINANCIAL EXPENSES (D)		53.845	9.471	7.542
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)			344.767	335.326
Less/ Add	DEPRECIATION/ AMORTISATION (F)			42.358	33.274
	PROFIT BEFORE TAX (E-F) (G)		328.418	302.409	302.052
Less	TAX (H)		75.660	64.301	51.127
	PROFIT AFTER TAX (G-H) (I)		252.758	238.108	250.925
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		65.837	50.030	21.480
Less	APPROPRIATIONS
		Transfer to General Reserve	30.000	200.000	200.000
		Proposed Interim Dividend	22.227	19.125	19.125
		Tax on Dividend		3.176	3.250
	BALANCE CARRIED TO THE B/S		266.368	65.837	50.030
	EARNINGS IN FOREIGN CURRENCY
	Export Value		849.358	1426.050	828.938
	TOTAL EARNINGS		849.358	1426.050	828.938
	IMPORTS
	Import Value		504.183	476.124	1511.992
	TOTAL IMPORTS		504.183	476.124	1511.992
	Earnings Per Share (Rs.)		462.58	435.76	459.22

Expected Sales (2011-12) : Rs.4000.000 Millions

The above information has been parted by Mr. A. B. Jayramanth.

KEY RATIOS

PARTICULARS		31.03.2011	31.03.2010	31.03.2009
PAT / Total Income	(%)	NA	6.59	7.81
Net Profit Margin (PBT/Sales)	(%)	9.38	8.45	9.42
Return on Total Assets (PBT/Total Assets}	(%)	12.05	11.80	12.09
Return on Investment (ROI) (PBT/Networth)		0.27	0.31	0.40
Debt Equity Ratio (Total Liability/Networth)		1.24	1.61	2.31
Current Ratio (Current Asset/Current Liability)		1.60	1.49	1.38

LOCAL AGENCY FURTHER INFORMATION

DETAILS OF SUNDRY CREDITORS:

(Rs. In Millions)

Particulars	31.03.2011	31.03.2010	31.03.2009
Sundry Creditors
- SSI / Micro, Small and Medium	0.313	1.035	0.373
- Others	442.274	334.753	165.896
Total	442.587