MIRA
INFORM REPORT
|
Report Date : |
01.06.2011 |
IDENTIFICATION DETAILS
|
Name : |
VIJAY TANKS AND VESSELS LIMITED |
|
|
|
|
Registered
Office : |
B – 504, Vrindavan Apartment, Link Road, Mulund (West), Mumbai –
400080, Maharashtra |
|
|
|
|
Country : |
|
|
|
|
|
Financials (as
on) : |
31.03.2010 |
|
|
|
|
Date of
Incorporation : |
30.09.2004 |
|
|
|
|
Com. Reg. No.: |
11-14340 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
Rs.54.641
Millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
U29132MH2004PLC014340 |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
MUMV01330A |
|
|
|
|
PAN No.: [Permanent Account No.] |
AAACV4048A |
|
|
|
|
Legal Form : |
A Closely Held Public Limited Liability Company. |
|
|
|
|
Line of Business
: |
Manufacturer, Exporter and Importer of Pressure Vessels, 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 3000000 |
|
|
|
|
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. Jayramanth |
|
Designation : |
General Manager |
|
Contact No.: |
91-9727769311 |
|
Date : |
31.05.2011 |
LOCATIONS
|
Registered Office : |
B – 504, Vrindavan Apartment, Link Road, Mulund (West), Mumbai –
400080, Maharashtra, India |
|
Tel. No.: |
91-22-25684419 / 25910667 |
|
Mobile No.: |
91-9227741321 (Mr. Tarun Barat) 91-9727769311 (Mr. Jayramanth) |
|
Fax No.: |
91-22-25684419 |
|
E-Mail : |
accounts@vijaytanks.com |
|
Website : |
|
|
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: |
|
|
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: |
|
|
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: |
|
|
|
|
|
Braches : |
Located at: ·
·
Chennai ·
|
DIRECTORS
(AS ON 25.09.2010)
|
Name : |
Mr. Ranganathan Raghvan |
|
Designation : |
Chairman cum Managing Director |
|
Address: |
9, Saraswati Society, |
|
Date of Birth/Age : |
26.10.1970 |
|
Qualification : |
B.E. Mechanical |
|
Experience : |
16 years |
|
Date of Appointment: |
01.04.2007 |
|
|
|
|
Name : |
Mr. V. Sundar Rajan |
|
Designation : |
Whole Time Director |
|
Director |
Tarangan Society, Near |
|
Date of Birth/Age : |
15.06.1954 |
|
Qualification : |
B. Sc |
|
Experience : |
35 years |
|
Date of Appointment: |
01.04.2007 |
|
|
|
|
Name : |
Mrs. R. Kanan |
|
Designation : |
Whole time Director |
|
Address: |
3, Yogi Sagar Apartment, Urmi Society Alkapuri, Baroda-390007, |
|
Date of Birth/Age : |
15.06.1954 |
|
Qualification : |
B. Sc |
|
Experience : |
35 years |
|
Date of Appointment: |
01.04.2007 |
|
|
|
|
Name : |
Ms. Prema Raghavan |
|
Designation : |
Director |
|
Address: |
9, Saraswati Society, |
|
Date of Birth/Age : |
07.10.1946 |
|
Date of Appointment: |
25.08.2008 |
|
|
|
|
Name : |
Mr. Sekar Swamy |
|
Designation : |
Director |
|
Address: |
12, Kshitij Appartment, 47, A L Jagamonadas Marg, |
|
Date of Birth/Age : |
28.05.1957 |
|
Date of Appointment: |
29.09.2007 |
KEY EXECUTIVES
|
Name : |
Mr. Jayramanth |
|
Designation : |
General Manager |
|
|
|
|
Name : |
Mr. Tarun Barat |
|
Designation : |
Accounts Manager |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
(AS ON 25.09.2010)
|
Names of Shareholders |
|
No. of Shares |
|
|
|
|
|
Prema Raghavan |
|
650 |
|
R Srinivasan |
|
794 |
|
Gayatri Raghunathan |
|
100 |
|
Raganthan Raghavan |
|
430879 |
|
Padma Raghunathan |
|
28355 |
|
Kausalya Srinivasan |
|
28665 |
|
Rajalakshmi Raghavan |
|
28814 |
|
Vasundara Raghavan |
|
28157 |
|
|
|
|
|
Total |
|
546414 |
(AS ON 30.09.2010)
|
Category |
|
Percentage |
|
|
|
|
|
Directors or relatives of directors |
|
100.00 |
|
|
|
|
|
Total
|
|
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer, Exporter and Importer of Pressure Vessels, 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 |
|
|
|
|
Terms : |
|
|
Selling : |
Cash and Credit |
|
|
|
|
Purchasing : |
Cash and Credit |
PRODUCTION STATUS (AS ON 31.03.2009)
|
Particulars |
Unit |
Installed Capacity |
|
|
|
|
|
Storage Tanks |
M.T |
50000 |
|
Process Equipments |
M.T |
20000 |
|
|
|
|
GENERAL INFORMATION
|
Customers : |
Wholesalers, End Users, OEM’s and Manufacturer ·
Oil and Gas o
Snamprogetti / Saudi Aramco, KSA o
Petrofac / British Gas, Tunisia o
Daelim / KOC, Kuwait ·
Refinery o
JGC/KNPC, Kuwait o
ABB/ Essar Oil, Jamnagar o
Basrah Refnery, Iraq ·
LNG o
IHI /Petronet LNG, Dahej o
Bechtel/ConocoPhilips, Egypt o
Tecnimont / Shell, Hazira ·
Fertiliser o
Snamprogetti/Omifco, Oman o
Fertil, UAE o
SNC Lavalin/Burrup Fertilise, Australia ·
Power o
BHEL/Gecol, Libya o
Bechtel/Enron, Dabhol o
Nuclear Power Corp., India ·
Petrochemical o
Toyo /IOC, Panipat o
Flour/Reliance, Hazira o
Praxair / HPL, Haldia ·
Marketing Terminals o
Aker Kvaerner / Elf Gas, Mangalore o
ENOC, UAE o
SCOT, Syria ·
Metals and Mining o
Foster Wheeler/Inco, New Caledonia o
Midrex/ Shadeed Iron and Steel, Oman o
Kobe Steel/Qasco, Qatar ·
Chemical o
Trust Chemicals, Egypt o
Technip/ Chemplast Sanmar, Karaikal o
Chiyoda / PRC, India |
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
|
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
No. of Employees : |
3400 (Approximately) |
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
|
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
Bankers : |
v Dena Bank v Export-import
Bank of India v HDFC Bank
Limited v The Kaur Vysya
Bank Limited v Standard
Chartered Bank v ICICI Bank,
Vadodara Main Branch v State Bank of India, Fort Branch, Mumbai, Maharashtra, India v IDBI Bank
Limited, IDBI Tower, WTC Complex,
Cuffe Parade, Mumbai – 400005, Maharashtra, India |
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
|
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
Facilities : |
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
|
|
|
Banking
Relations : |
-- |
|
|
|
|
Auditors : |
|
|
Name : |
Sharp Tenean and Associates Chartered Accountants |
|
Address: |
87, Nariman Bhavan, 227, Nariman Point, Mumbai-400021, |
|
Tel. No. : |
91-22-61537500/22022224/8857 |
|
Fax No. : |
91-22-22023856 |
|
Email : |
CAPITAL STRUCTURE
(AS ON 31.03.2010)
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
690000 |
Equity shares |
Rs.100/- each |
Rs.69.000 Millions |
|
10000 |
Redeemable Cumulative preference Shares |
Rs.100/- each |
Rs.1.000 Million |
|
|
|
|
|
|
|
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 |
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
54.641 |
54.641 |
54.641 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
915.107 |
700.217 |
472.754 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
|
NETWORTH |
969.748 |
754.858 |
527.395 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
159.288 |
179.579 |
177.183 |
|
|
2] Unsecured Loans |
0.000 |
0.000 |
0.000 |
|
|
TOTAL BORROWING |
159.288 |
179.579 |
177.183 |
|
|
DEFERRED TAX LIABILITIES |
37.633 |
32.674 |
26.939 |
|
|
|
|
|
|
|
|
TOTAL |
1166.669 |
967.111 |
731.517 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
463.678 |
328.518 |
257.183 |
|
|
Capital work-in-progress |
9.883 |
40.555 |
17.361 |
|
|
|
|
|
|
|
|
INVESTMENT |
0.123 |
0.123 |
0.123 |
|
|
DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
94.554
|
435.765 |
123.006 |
|
|
Sundry Debtors |
740.329
|
583.054 |
231.177 |
|
|
Cash & Bank Balances |
873.248
|
569.887 |
414.912 |
|
|
Other Current Assets |
12.912
|
19.376 |
5.392 |
|
|
Loans & Advances |
376.183
|
560.954 |
388.107 |
|
Total
Current Assets |
2097.226
|
2169.036 |
1162.594 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
199.278
|
166.269 |
114.792 |
|
|
Other Current Liabilities |
986.181
|
1218.222 |
489.560 |
|
|
Provisions |
218.782
|
186.630 |
101.392 |
|
Total
Current Liabilities |
1404.241
|
1571.121 |
705.744 |
|
|
Net Current Assets |
692.985
|
597.915 |
456.850 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
1166.669 |
967.111 |
731.517 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
3576.824 |
3206.247 |
2686.590 |
|
|
|
Other Income |
35.604 |
2.729 |
4.088 |
|
|
|
TOTAL (A) |
3612.428 |
3208.976 |
2690.678 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Raw Materials / Stores Consumed |
1714.550 |
2102.886 |
1971.971 |
|
|
|
Human Resources Development Cost |
306.487 |
254.167 |
254.810 |
|
|
|
Operating and Other Expenses |
1163.882 |
443.642 |
271.418 |
|
|
|
Admin & Selling Expenses |
73.271 |
65.413 |
54.627 |
|
|
|
TOTAL (B) |
3258.190 |
2866.108 |
2552.826 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
354.238 |
342.868 |
137.852 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
9.471 |
7.542 |
5.346 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
344.767 |
335.326 |
132.506 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
42.358 |
33.274 |
33.283 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) (G) |
302.409 |
302.052 |
99.223 |
|
|
|
|
|
|
|
|
|
Less |
TAX (I) |
64.301 |
51.127 |
(1.187) |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-I) (J) |
238.108 |
250.925 |
100.410 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
50.030 |
21.480 |
33.855 |
|
|
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
|
|
Transfer to General Reserve |
200.000 |
200.000 |
100.000 |
|
|
|
Proposed Interim Dividend |
19.125 |
19.125 |
10.928 |
|
|
|
Tax on Dividend |
3.176 |
3.250 |
1.857 |
|
|
BALANCE CARRIED
TO THE B/S |
65.837 |
50.030 |
21.480 |
|
|
|
|
|
|
|
|
|
|
Export Value |
1426.050 |
828.938 |
676.286 |
|
|
|
|
|
|
|
|
|
|
Import Value |
476.124 |
1511.992 |
360.250 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
435.76 |
459.22 |
183.76 |
|
|
Particulars |
|
|
31.03.2011 |
|
Sales Turnover |
|
|
3500.000 |
The above information has been parted by Mr. Jayramanth.
KEY RATIOS
|
PARTICULARS |
|
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
PAT / Total Income |
(%) |
6.59
|
7.81 |
2.72 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
8.45
|
9.42 |
3.69 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
11.80
|
12.09 |
6.98 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.31
|
0.40 |
0.18 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
1.61
|
2.31 |
1.67 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.49
|
1.38 |
1.64 |
LOCAL AGENCY FURTHER INFORMATION
SUNDRY CREDITORS DETAIL:
|
Particulars |
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
|
(Rs. In
Millions) |
||
|
Sundry Creditors |
|
|
|
|
- SSI
/ Micro, Small and Medium |
1.035 |
0.373 |
0.861 |
|
-
Others |
198.243 |
165.896 |
113.931 |
|
|
|
|
|
|
Total |
199.278 |
166.269 |
114.792 |
FINANCIAL
REVIEW
Turnover has risen by 11.56% to Rs.3576.800 Millions and EBIDTA has shown a marginal increase of
3.32% to Rs.354.200
Millions while PAT has marginally declined by 5.11% to Rs.238.100
Millions. This marginal reduction in PAT may be viewed in the
backdrop of the enhanced depreciation due to the strong capital investments
undertaken by the Company and the migration to a lower tax subsidy for
our export operations at the Kandla Plant. Earnings per share
moved down to Rs.435.76 as compared to T 459.22 in the previous year.
The financial results reflect a process of consolidation
pursued by the Company amidst a major growth cycle. While sales almost doubled
between FY2005-06 and FY2007-08 along-with a surge in order backlog, the focus
within the Company shifted towards maintaining the efficient delivery systems
while servicing an expanded workload. This approach has helped us successfully
leverage this growth cycle in terms of confidence generated in the market and
has prepared the ground for them to pursue projects with a larger ticket size
which they hope will translate into their next phase of growth.
The Order Backlog as on 31/03/10 stands at Rs.2405.600 Millions with an Order
Backlog / Sates ratio of 0.78. Bids worth Rs.12540.000 Millions have been currently filed for award
decisions during the first half of FY2010-11
which provide the promise of continued strong momentum in their order book.
The key financial ratios reflect their continued thrust to
maintain margins and enhance the liquidity in their operations, two issues that
operate in balance to provide them with the ability to deliver their projects
on time and on budget. The Company's efforts to broad-base the opportunity
pipeline by developing its Manufacturing Division and Export Markets are
progressing well and we will be able to realize the full extent of the current
strategic direction taken by the Company in the corning years.
CONTINGENT
LIABILITIES
Guarantees given by Banks for Contracts Rs.1172.300 Millions.
Irrevocable Letter of Credit discounted by Bank Nil.
Gujarat Value Added Tax Assessment is completed till the
financial year 2005-06. Assessment
for financial year 2001 -02 is
pending, the liability if any, is not ascertainable.
Loans and Advances under Current Assets includes amount of Rs.0.759 Million paid as Custom duty
under protest. No provision is made for the same.
The Sales Tax Assessment under the Uttar Pradesh Sales Tax
Act relating to the Projects undertaken has been completed up to 1998-99 resulting in a refund of Rs.3.445 Millions part of which already
received in July 06. Balance
amount is subject to adjustment of liability for the Assessment Year 2001 -02 which is not ascertainable.
FORM 8
|
Corporate
identity number of the company |
U29132MH2004PLC014340 |
||||||
|
Name of the
company |
VIJAY TANKS AND VESSELS LIMITED |
||||||
|
Address of the
registered office or of the principal place of business in |
B – 504, Vrindavan Apartment, |
||||||
|
This form is for |
Modification of
Charge |
||||||
|
Type of charge |
Book debts |
||||||
|
Particular of
charge holder |
|
||||||
|
Nature of
instrument creating charge |
Certificate for
reduction of Liability. |
||||||
|
Date of
instrument Creating the charge |
28.10.2010 |
||||||
|
Amount secured by
the charge |
Rs.320.000 Millions |
||||||
|
Brief of the
principal terms an conditions and extent and operation of the charge |
Rate of Interest As stipulated in
sanction letter dated 31.07.2009 and 07.08.2009 Terms of
Repayment Not
applicable. Facility is Non-funded. Margin NIL Extent and
Operation of the charge First Exclusive
charge on the current assets / assets created out of IDBI's funds pertaining
to the Borrowers Mangalore Refinery and Petrochemicals Ltd., (MRPL's) Phase
III Refinery Project Others LC / BC limit of Rs.80.000
millions, Bank Guarantee Limit Rs.230.000 millions and Loan Equivalent Risk
(LER) Rs.10.000 millions |
||||||
|
Particulars of
the property charged |
First Exclusive
charge on the current assets / assets created out of IDBI's funds pertaining
to the Borrowers Mangalore Refinery and Petrochemicals Limited, (MRPL's)
Phase III Refinery Project. |
||||||
|
Particulars of
the present modification |
Aggregate
sanction limit for MRPL Refinery Project reduced from Rs.520.000 millions to
Rs.320.000 millions by retaining LC /
BC limit of Rs.80.000 millions, Bank Guarantee limit of Rs.230.000 millions
and LER of Rs.10.000 millions. |
Bankers Charges
Report as per Registry
|
Name of the company |
VIJAY TANKS AND VESSELS LIMITED |
|
Presented By |
Mr. A V Jayaraman |
|
1) Date and description of instrument creating the change |
Unattested Deed
of Hypothecation dated 25.01.2006 executed by Vijay Tanks and Vessels Limited
(therein and hereinafter referred to as “the company”) in favour of Export –
Import Bank of India (“Exim Bank”), a certified true copy whereof is attached
hereto. |
|
2) Amount secured by the charge/amount owing on the securities of charge |
Non-funded
facility upto KWD 4910 (equity Rs.0.750 Million) together with guarantees commission,
interest, charges, expenses and all other monies payable by the company to
Exim Bank under the Agreement of Indemnitys dated 25.01.2006 made between the
company and Exim Bank. |
|
3) Short particular of the property charged. If the property acquired is subject to charge, date of the acquired of the property should be given |
The whole of the
Borrower’s current assets pertaining to the project, both present and future,
briefly described in Schedule III to the Deed of hypothecation, including
receivables and stocks of raw materials, semi-finished and finished goods. |
|
4) Gist of the terms and conditions and extent and operation of the charge. |
(a) The charge
created by the aforesaid Deed of Hypothecation shall operate as a continuing
security by way of an exclusives charge over the company’s current assets
including receivables moneys that may be paid by Exim Bank on behalf
facility, together with payment of guarantee commission, interest, compound
interest, additional interest by way of liquidated damages (in case of
default), costs (legal costs on a full indemnity basis), charges, expenses
and all other monies payable by the company to Exim Bank under the said
Agreement of indemnity. b) The said
charge shall rank as an exclusive first charge in favour of Exim bank |
|
5) Name and Address and description of the person entitled to the charge. |
Export-import Bank of |
Fixed Assets:-
v Land
v Factory Shed
v
v Plant and
Machinery
v Electrical
Installation
v Furniture and
Fixtures
v Office Equipments
v Vehicles
v Computer
WEBSITE DETAILS:
PROFILE:
• Founded in 1956 by R. Ramanujan, who
embodied the pioneering spirit of courage and inspiration that has built the
Indian Engineering and Construction industry
• Amongst the worlds
leading Storage Tank and Process Equipment fabrication companies
• Over 5000 projects
delivered across the Indian subcontinent, Middle East, Africa and Australia
• 350 engineers and 3000
crew deployed across VTV fabrication plants and project sites
• A global operation with two distinct
Niche Equipment Verticals (Storage Tanks and Process Equipment) and Delivery
Platforms (Projects and Manufacturing)
• Pioneered the indigenous design and
construction of Floating Roof Tanks, Cryogenic Storage Tanks, Spheres and
Mounded Storage Bullets in India
• Designed and built 70% of India’s
crude oil storage capacity, including one of the world’s Largest storage
terminals at RIL-Jamnagar
• Built India’s first LNG storage Tanks
and the only Indian company providing in-house EPC delivery of Cryogenic
Storage Systems
• Patented the “VARAHASPHERE” process
for the construction of spherical tanks in a manner that reduces cost and
delivery cycles while enhancing quality and safety
• Executed the largest ever single
piece shipment from Kandla Port – 4 Nos. 500 MT each Bullets for a project in
New Caledonia
• Pioneered the Field
Fabrication of Large Columns and Reactors in India
• Drafted the first
Indian Standard Code for the design and construction of Storage Tanks
• Process equipment focus on CDU/VDU
Columns, Coke Drums, Reactors and other high end fabricated equipment
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 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.45.03 |
|
|
1 |
Rs.74.43 |
|
Euro |
1 |
Rs.64.75 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
4 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
6 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
6 |
|
--PROFITABILIRY |
1~10 |
6 |
|
--LIQUIDITY |
1~10 |
6 |
|
--LEVERAGE |
1~10 |
5 |
|
--RESERVES |
1~10 |
6 |
|
--CREDIT LINES |
1~10 |
6 |
|
--MARGINS |
-5~5 |
--- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
Yes |
|
--LITIGATION |
YES/NO |
No |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
No |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
No |
|
--EXPORT ACTIVITIES |
YES/NO |
NO |
|
--AFFILIATION |
YES/NO |
No |
|
--LISTED |
YES/NO |
No |
|
--OTHER MERIT FACTORS |
YES/NO |
Yes |
|
TOTAL |
|
50 |
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.