MIRA
INFORM REPORT
|
Report Date : |
13.07.2013 |
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, |
|
|
|
|
Country : |
India |
|
|
|
|
Financials (as
on) : |
31.03.2012 |
|
|
|
|
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 and Exporter of Pressure Vessels, Heat Exchangers, Cryogenic
Storage Systems, etc. |
|
|
|
|
No. of Employees
: |
3500 (Approximately) |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (54) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Maximum Credit Limit : |
USD 5450000 |
|
|
|
|
Status : |
Good |
|
|
|
|
Payment Behaviour : |
Regular |
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|
|
|
Litigation : |
Clear |
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|
|
|
Comments : |
Subject is a well established company having a good track record.
There appears slight dip in profitability during 2012. However, general financial strength is good. Trade relations are
reported to be fair. Business is active. Payments are reported to be regular
and as per commitments. The company can be considered for normal 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.
EXTERNAL AGENCY RATING
|
Rating Agency Name |
CARE |
|
Rating |
Long term rating : A |
|
Rating Explanation |
Having adequate degree of safety regarding timely
servicing of financial obligation it carry low credit risk. |
|
Date |
December 2012 |
RBI DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter
in the publicly available RBI Defaulters’ list.
EPF (Employee Provident Fund) DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter
in the publicly available EPF (Employee Provident Fund) Defaulters’ list as of
31-03-2012.
INFORMATION PARTED BY
|
Name : |
Mr. Rajesh Nair |
|
Designation : |
Finance Head |
|
Contact No.: |
91-9727769325 |
|
Date : |
02.01.2013 |
LOCATIONS
|
Registered Office : |
B – 504, Vrindavan Apartment, |
|
Tel. No.: |
91-22-25684419 / 25910667 |
|
Mobile No.: |
91-9727769325 [Mr. Rajesh] |
|
Fax No.: |
91-22-25684419 |
|
E-Mail : |
accounts@vijaytanks.com |
|
Website : |
|
|
Area : |
5000 Sq. ft |
|
Location : |
Owned |
|
|
|
|
Head Office / Works 1 : |
National Highway No. 8, Sankarda, Vadodara – 391350, Gujarat, India |
|
Tel. No.: |
91-265-2840168/ 2840171/ 2840572 |
|
Fax No.: |
91-265-2840577/ 2841305 |
|
E Mail: |
|
|
Area : |
5,50,000 Sq. ft. |
|
Location : |
Owned |
|
|
|
|
Kandla Export Works 2 : |
Plot No. 315 to 324, 442-D and 443 E, Kandla Special Economic Zone,
Gandhidham-370230, |
|
Tel No: |
91-2836-227562 |
|
Fax No.: |
91-2836-227562 |
|
E Mail: |
|
|
Area : |
60,000 Sq. ft |
|
Location : |
Leased |
|
|
|
|
Works 3 : |
State Highway No. 20, Mithoi Lalpur, Khambhalia, Jamnagar - 361305,
Gujarat, India |
|
E Mail: |
|
|
|
|
|
Overseas Office : |
Post Box No. 94439, Abu Dhabi - UAE |
|
Tel. No.: |
971 - (0) 2 - 6454961 |
|
Fax No.: |
971 - (0) 2 - 6454962 |
|
E-Mail : |
|
|
|
|
|
Branch Office : |
Located at: ·
New Delhi ·
Chennai |
DIRECTORS
AS ON 20.09.2012
|
Name : |
Mr. Ranganathan Raghavan |
|
Designation : |
Chairman and Managing director |
|
Address : |
9, Saraswati Society, Vasana Road, Baroda - 390007, Gujarat, India |
|
Date of Birth/Age : |
26.10.1970 |
|
Qualification : |
B.E. Mechanical |
|
Experience : |
18 Years |
|
Date of Appointment : |
01.04.2010 |
|
PAN No.: |
ABQPR2549J |
|
DIN No.: |
00376645 |
|
|
|
|
Name : |
Mr. Sunderrajan Veeraraghavan |
|
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 : |
01.04.2010 |
|
DIN No.: |
00376765 |
|
|
|
|
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 : |
01.04.2010 |
|
DIN No.: |
00376719 |
KEY EXECUTIVES
|
Name : |
Mr. Rajesh Nair |
|
Designation : |
Finance Head |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 20.09.2012
|
Names of Shareholders |
No. of Shares |
|
Prema Raghavan |
650 |
|
Gayatri Rajan |
100 |
|
Ranganathan Raghavan |
431673 |
|
Padma Raghunathan |
28355 |
|
Kausalya Srinivasan |
28665 |
|
Rajalakshmi Raghavan |
28814 |
|
Vasundara Raghavan |
28157 |
|
|
|
|
Total |
546414 |
AS ON 20.09.2012
|
Equity Share Breakup |
|
Percentage of Holding |
|
Category |
|
|
|
Directors
or relatives of directors |
|
100.00 |
|
Total |
|
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer and Exporter of Pressure Vessels, Heat Exchangers,
Cryogenic Storage Systems, etc. |
|
|
|
|
Exports : |
|
|
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 |
|
Countries : |
Ø UAE Ø Iraq Ø Sri Lanka Ø Germany |
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|
|
|
Imports : |
|
|
Products : |
Raw Materials |
|
Countries : |
Ø
UK Ø
France Ø
Japan Ø
Germany |
|
|
|
|
Terms : |
|
|
Selling : |
Cash and Credit |
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|
|
|
Purchasing : |
Cash and Credit |
PRODUCTION STATUS AS ON (31.03.2011)
|
Particulars |
Unit |
Installed
Capacity |
|
Storage Tanks |
M.T |
50000 |
|
Process Equipments |
M.T |
20000 |
GENERAL INFORMATION
|
Suppliers : |
Ø Shah Brothers Ø Chaudhary
Hammers |
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Customers : |
End Users Ø Indian Oil Corporation Ø Bharat
Petroleum Limited |
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No. of Employees : |
3500 (Approximately) |
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|||||||||||||||||||||
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Bankers : |
Ø IDBI Bank, IDBI Tower, WTC Complex, Cuffe Parade, Mumbai – 400005, Maharashtra, India Tel No.: 91-22-22189111/ 66553355 Ø The Karur Vysya Bank Limited, 13, Sioup Tower, Race Course Circle, Alkapuri, Vadodara – 390007, Gujarat, India Ø ICICI Bank Limited Ø State Bank of India Ø State Bank of Indore Ø State Bank of Saurashtra Ø EXIM Bank Ø Standard Chartered Bank, 90, M.G. Road, Fort, Mumbai – 400001, Maharashtra, India Ø Dena Bank Ø HDFC
Bank Limited Ø Standard Chartered Bank, Abhijeet II
Ground Floor, Near Mithakali Six Roads, Ahmedabad – 380006, Gujarat, India |
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Facilities : |
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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 : |
|
|
Income-tax
PAN of auditor or auditor's firm : |
AAAFS1034J |
CAPITAL STRUCTURE
AS ON 31.03.2012
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
690,000 |
Equity Shares |
Rs. 100/- each |
Rs. 69.000 Millions |
|
10,000 |
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 |
|
|
|
|
|
|
546,414 |
Equity Shares |
Rs. 100/- each |
Rs. 54.641
Millions |
|
|
|
|
|
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
|
31.03.2012 |
31.03.2011 |
|
I.
EQUITY AND LIABILITIES |
|
|
|
|
(1)Shareholders' Funds |
|
|
|
|
(a) Share Capital |
|
54.641 |
54.641 |
|
(b) Reserves & Surplus |
|
1309.223 |
1144.896 |
|
(c) Money received against share warrants |
|
0.000 |
0.000 |
|
|
|
|
|
|
(2) Share Application money
pending allotment |
|
0.000 |
0.000 |
|
Total
Shareholders’ Funds (1) + (2) |
|
1363.864 |
1199.537 |
|
|
|
|
|
|
(3)
Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
|
3.128 |
42.287 |
|
(b) Deferred tax liabilities (Net) |
|
43.371 |
42.459 |
|
(c) Other long
term liabilities |
|
0.000 |
0.000 |
|
(d) long-term
provisions |
|
2.998 |
1.817 |
|
Total Non-current
Liabilities (3) |
|
49.497 |
86.563 |
|
|
|
|
|
|
(4)
Current Liabilities |
|
|
|
|
(a)
Short term borrowings |
|
9.409 |
0.000 |
|
(b) Trade
payables |
|
189.643 |
506.711 |
|
(c)
Other current liabilities |
|
691.209 |
838.846 |
|
(d) Short-term
provisions |
|
55.646 |
50.803 |
|
Total Current
Liabilities (4) |
|
945.907 |
1396.360 |
|
|
|
|
|
|
TOTAL |
|
2359.268 |
2682.460 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1)
Non-current assets |
|
|
|
|
(a)
Fixed Assets |
|
|
|
|
(i)
Tangible assets |
|
449.624 |
460.590 |
|
(ii)
Intangible Assets |
|
11.063 |
13.063 |
|
(iii)
Capital work-in-progress |
|
3.613 |
6.141 |
|
(iv)
Intangible assets under development |
|
0.000 |
0.000 |
|
(b) Non-current Investments |
|
0.122 |
0.123 |
|
(c) Deferred tax assets (net) |
|
0.000 |
0.000 |
|
(d) Long-term Loan and Advances |
|
22.620 |
26.739 |
|
(e) Other Non-current
assets |
|
4.004 |
5.720 |
|
Total Non-Current
Assets |
|
491.046 |
512.376 |
|
|
|
|
|
|
(2)
Current assets |
|
|
|
|
(a)
Current investments |
|
0.000 |
0.000 |
|
(b)
Inventories |
|
115.823 |
241.488 |
|
(c)
Trade receivables |
|
773.179 |
901.788 |
|
(d) Cash
and cash equivalents |
|
655.073 |
744.463 |
|
(e)
Short-term loans and advances |
|
168.287 |
157.991 |
|
(f)
Other current assets |
|
155.860 |
124.354 |
|
Total
Current Assets |
|
1868.222 |
2170.084 |
|
|
|
|
|
|
TOTAL |
|
2359.268 |
2682.460 |
|
SOURCES OF FUNDS |
|
|
31.03.2010 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
|
|
54.641 |
|
|
2] Share Application Money |
|
|
0.000 |
|
|
3] Reserves & Surplus |
|
|
915.107 |
|
|
4] (Accumulated Losses) |
|
|
0.000 |
|
|
NETWORTH |
|
|
969.748 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
|
|
159.288 |
|
|
2] Unsecured Loans |
|
|
0.000 |
|
|
TOTAL BORROWING |
|
|
159.288 |
|
|
DEFERRED TAX LIABILITIES |
|
|
37.633 |
|
|
|
|
|
|
|
|
TOTAL |
|
|
1166.669 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
|
|
463.678 |
|
|
Capital work-in-progress |
|
|
9.883 |
|
|
|
|
|
|
|
|
INVESTMENT |
|
|
0.123 |
|
|
DEFERRED TAX ASSETS |
|
|
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
|
|
94.554
|
|
|
Sundry Debtors |
|
|
741.875
|
|
|
Cash & Bank Balances |
|
|
873.248
|
|
|
Other Current Assets |
|
|
12.912
|
|
|
Loans & Advances |
|
|
376.183
|
|
Total
Current Assets |
|
|
2098.772
|
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
|
|
335.788
|
|
|
Other Current Liabilities |
|
|
851.217
|
|
|
Provisions |
|
|
218.782
|
|
Total
Current Liabilities |
|
|
1405.787
|
|
|
Net Current Assets |
|
|
692.985
|
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
|
|
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
|
|
1166.669 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
3575.703 |
3502.263 |
3576.824 |
|
|
|
Other Income |
31.936 |
32.829 |
35.604 |
|
|
|
TOTAL |
3607.639 |
3535.092 |
3612.428 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Manufacturing, Construction and Operating Expenses |
2831.260 |
2728.818 |
|
|
|
|
Employee benefit Expenses |
361.928 |
373.817 |
|
|
|
|
Sales, Administrative and Other Expenses |
52.183 |
48.501 |
|
|
|
|
TOTAL |
3245.371 |
3151.136 |
3258.190 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION |
362.268 |
383.956 |
354.238 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES |
6.250 |
9.990 |
9.471 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION |
356.018 |
373.966 |
344.767 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION |
58.941 |
45.548 |
42.358 |
|
|
|
|
|
|
|
|
|
|
EXCEPTIONAL
ITEMS |
0.000 |
0.822 |
(0.772) |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX |
297.077 |
329.240 |
301.637 |
|
|
|
|
|
|
|
|
|
Less |
TAX |
109.897 |
76.482 |
63.529 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
|
187.180 |
252.758 |
238.108 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS YEARS’ BALANCE
BROUGHT FORWARD |
266.368 |
65.837 |
50.030 |
|
|
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
|
|
Transfer to General Reserve |
30.135 |
30.000 |
200.000 |
|
|
|
SEZ Re-investment Allowance Reserve |
28.205 |
0.000 |
0.000 |
|
|
|
Dividend |
19.125 |
19.125 |
19.125 |
|
|
|
Tax on Dividend |
3.102 |
3.102 |
3.176 |
|
|
BALANCE CARRIED
TO THE B/S |
372.981 |
266.368 |
65.837 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
Export Earnings |
733.677 |
380.903 |
1426.050 |
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
342.56 |
462.58 |
43.576 |
|
|
Particulars |
|
|
31.03.2013 |
|
Sales Turnover (Approximately) |
|
|
3650.000 |
|
|
|
|
|
Expected Sales (2013-2014): Rs. 3600.000 Millions
The above information has been parted by Mr. Rajesh Nair (Finance Head)
KEY RATIOS
|
PARTICULARS |
|
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
PAT / Total Income |
(%) |
5.19
|
7.15 |
6.59
|
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
8.31
|
9.40 |
8.43
|
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
12.61
|
12.30 |
11.77
|
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.22
|
0.27 |
0.31
|
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt/Networth) |
|
0.01
|
0.04 |
0.16
|
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.98
|
1.55 |
1.49
|
LOCAL AGENCY FURTHER INFORMATION
SUNDRY CREDITORS
DETAILS:
|
Particulars |
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
|
(Rs. In Millions) |
||
|
|
|
|
|
|
Trade payable |
189.643
|
506.711 |
335.788
|
|
|
|
|
|
|
Sr. No. |
Check List by Info Agents |
Available in
Report (Yes / No) |
|
1] |
Year of Establishment |
Yes |
|
2] |
Locality of the firm |
Yes |
|
3] |
Constitutions of the firm |
Yes |
|
4] |
Premises details |
Yes |
|
5] |
Type of Business |
Yes |
|
6] |
Line of Business |
Yes |
|
7] |
Promoter's background |
Yes |
|
8] |
No. of employees |
Yes |
|
9] |
Name of person contacted |
Yes |
|
10] |
Designation of contact
person |
Yes |
|
11] |
Turnover of firm for last
three years |
Yes |
|
12] |
Profitability for last
three years |
Yes |
|
13] |
Reasons for variation
<> 20% |
-- |
|
14] |
Estimation for coming financial
year |
Yes |
|
15] |
Capital in the business |
Yes |
|
16] |
Details of sister
concerns |
No |
|
17] |
Major suppliers |
Yes |
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18] |
Major customers |
Yes |
|
19] |
Payments terms |
Yes |
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20] |
Export / Import details
(if applicable) |
Yes |
|
21] |
Market information |
-- |
|
22] |
Litigations that the firm
/ promoter involved in |
-- |
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23] |
Banking Details |
Yes |
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24] |
Banking facility details |
Yes |
|
25] |
Conduct of the banking
account |
-- |
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26] |
Buyer visit details |
-- |
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27] |
Financials, if provided |
Yes |
|
28] |
Incorporation details, if
applicable |
Yes |
|
29] |
Last accounts filed at
ROC |
Yes |
|
30] |
Major Shareholders, if
available |
Yes |
|
31] |
Date of Birth of
Proprietor/Partner/Director, if available |
Yes |
|
32] |
PAN of
Proprietor/Partner/Director, if available |
Yes |
|
33] |
Voter ID No of
Proprietor/Partner/Director, if available |
No |
|
34] |
External Agency Rating,
if available |
Yes |
CORPORATE INFORMATION
Subject was
incorporated under the Companies Act, 1956 on August 1, 1969. To comply with
regulatory requirements, the Company was converted from a ‘Private Limited’
Company to a ‘deemed Public’ Company in 1989. The status was reverted back to
Private Limited Company during the year. On September 8, 2011 the Company’s
name was changed to Vijay Tanks and Vessels Private Limited.
The Company is
principally engaged in executing number of turnkey projects involving
construction / manufacturing of large Storage tanks of different configuration,
Pressure Vessels, Process Columns etc for the Refinery, Petrochemical, Power,
Paper etc. These Projects are delivered across the Indian subcontinent, the
Middle East, Africa and Australia.
The Company has
shop floor fabrication facility at Vadodara, Central Stores and Maintenance
facility at Jamnagar. It also has SEZ units located at Kandla and Dahej.
FINANCIAL REVIEW
The financial
performance for the year has remained stable despite tightening market conditions
with a marginal 2.10% increase in Sales to Rs. 3575.700 Millions, a decrease of
5.33% in EBIDTA to Rs. 361.900 Millions with PAT decreasing 25.94% to Rs.
187.200 Millions. Earnings per share moved down to Rs. 3425.600 as compared to
Rs. 4625.800 in the previous year.
The Order Backlog
as on 31.03.12 stood at Rs. 6047.300 translating into a healthy Order Backlog /
Sales ratio of 1 .69. Additional orders worth Rs. 736.000 Millions have been
booked during the current year till date and their bid list includes a range of
significant opportunities that are being actively pursued.
Returns generated
remain reasonable across metrics. With a fresh range of projects coming into
the market this year, they look forward with confidence to building on their strong
market positions.
MANAGEMENT
DISCUSSION AND ANALYSIS
COMPANY OVERVIEW
VTV is amongst the
first generation of indigenously founded engineering and construction companies
in India. The Company was built amidst the confluence of two powering influences
- the buccaneering spirit of its Founder Sri. R. Ramanujan and the technical
excellence of his son Sri. R. V. Raghavan. VTV brings to bear a great legacy of
engineering skill and metal-working excellence in providing services for
delivering Oil and Gas Storage Terminals and Heavy Process Equipment. Their
credentials include benchmark engagements that rank them amongst the leading
engineering and construction companies in the world in their sphere of
operation.
INDUSTRY STRUCTURE
AND DEVELOPMENTS
Forward movement
on a range of large capital investment projects in the domestic Refinery,
Petrochemical, Fertiliser and LNG sectors provide a strong impetus towards a
revival in sentiment. However, given the recessionary overhang from the
trailing few years and the slowdown in the domestic power sector due to
feedstock bottlenecks, the overall competitive environment is expected to
remain intense until initial order booking targets are fulfilled.
In the
international market, opportunities are accessed amidst strong geo-political
alignments and an increasing risk profile. However, the momentum of investments
in the Middle East and Australia and the untapped demand that remains in Africa
provide a wide landscape upon which they can develop their international business.
PERFORMANCE REVIEW
AND PROSPECTS FOR THE COMING YEAR
Their operational
performance during the year remained strong and the volume of fresh orders
booked during the year provide them with a good degree of revenue visibility.
With large investments planned in the domestic LNG, Refinery, Petrochemicals
and Fertiliser sectors, they look forward to the future with a great degree of
optimism.
Projects Division
Work on the 2 Nos.
LNG Tanks at the Petronet LNG Kochi Import Terminal have been completed.
Balance of Plant work by others is still underway and the facility is expected
to be commissioned during the current financial year. With major expansion
plans currently being unveiled by Petronet LNG, their creditable performance on
this project puts them in a strong position to merit further opportunities in
the near future.
Progress on the
Cryogenic Ethylene Storage and Handling System at Opal’s Dahej Petrochemical
Facility has moved smoothly with the significant milestone of roof air raising
being achieved for both the Tanks. Construction work on associated facilities
is also progressing well and they are currently moving into the peak phase of
construction work. Opal and EIL have expressed their appreciation for the
project management, quality and safety practices deployed by them on this
project.
Construction
progress on the 6 Nos. Spheres at the BCPL Assam Gas Cracker Project are moving
forward well. For the 3 Nos. spheres at MRPL, while delivery of prefabricated
material was completed a long time ago, delays in site handover followed by
difficulties in civil works progress due to the rocky sub-soil and lack of
access has delayed project progress. With these issues now behind them progress
on this project has gathered momentum.
Their scope of
engagement on Gulf Petrochem’s Pipavav Project has been extended to cover the
entire terminal facility on a turnkey basis. Regulatory approvals are now in
place and construction work is expected to commence shortly on this ` 309 Crore
Project.
Manufacturing Division
Both the Sankarda
and Kandla Shops had a busy year with a good mix of orders. With investment
momentum returning to the market, they will strive to secure work that supports
the development of their Shops in line with the broad strategic directions laid
out by them.
Sankarda Works
The Company
successfully delivered 9 Nos. Columns to the BCPL Assam Gas Cracker project.
This project was being monitored directly by the PMO (Prime Ministers Office)
and their creditable performance on the same was acknowledged by BCPL and EIL.
Additional orders from Reliance, GAIL and BCPL are also under execution.
Another major win
for the Sankarda Shop was the contract award for the design and supply of the
Crude and Vacuum Columns for the new Unit being installed at the BPCL Mahul
Refinery. Given the logistical constraints at the refinery, the Columns will be
prefabricated at the Sankarda Shop and assembled in a fabrication yard within
the refinery premises. This further strengthens their position as one of the
leading suppliers of Crude and Vacuum Columns in the country.
They are in the
final stages of completion of 4 units of Air Cooled Condensers in partnership
with Jord International for a project in Morocco. A follow on order for Air
Cooled Heat Exchangers for a project is Russia is under currently finalisation.
They are working to develop this partnership to service the large domestic
demand for heat and mass transfer equipment which would increase their
engagement with their existing clients.
Kandla Works
An order from
Green Energy (Norway) for a Steam Separator to be delivered to a project in
Africa was recently completed. Orders have also recently been secured from ABB
(Italy) for delivery of pressure vessels to a Power Plant in Iraq. They have
also secured 3 contracts from Arabian CBandI for prefabrication of Spheres and
Spheroids for their projects in Saudi Arabia. Bidding activity for this
facility is progressing well and they look forward to further momentum in order
booking during the current year.
BANKERS CHARGES
REPORT AS PER REGISTRY
|
Corporate
identity number of the company |
U29132MH2004PTC014340 |
|
Name of the
company |
VIJAY TANKS AND
VESSELS PRIVATE LIMITED |
|
Address of the
registered office or of the principal place of business in |
B-504, Vrindavan Apartment, Link Road, Mulund West, Mumbai - 400080,
Maharashtra, India Email: tarun@vijaytanks.com |
|
This form is for |
Creation of
charge |
|
Type of charge |
Book debts Floating charge Others (Stocks) |
|
Particular of
charge holder |
Standard
Chartered Bank, Abhijeet II Ground Floor, Near Mithakali Six Roads, Ahmedabad
– 380006, Gujarat, India Email: shivan.umashankar@sc.com |
|
Nature of
description of the instrument creating or modifying the charge |
Unattested
Memorandum of Hypothecation |
|
Date of
instrument Creating the charge |
10.08.2012 |
|
Amount secured by
the charge |
Rs. 285.000
Millions |
|
Brief particulars
of the principal terms an conditions and extent and operation of the charge |
Rate of Interest As agreed by and
with the Bank from time to time Terms of Repayment As agreed by and
with the Bank from time to time Margin As agreed by and
with the Bank from time to time Extent and Operation of the charge The Bank holds
First exclusive charge on stock and Book Debts (both present and future)
pertaining to BPCL Mahul Refinery Project |
|
Short particulars
of the property charged |
All present and
future book debts, outstandings moneys receivable, claims and bills which are now due and owing or which may at
any time during the continuance of this security become due and owing to the
Borrower in the course of its business by any person, firm, company or body
corporate or by the Government Department or office or any Municipal or Local
or Public or Semi Government body or authority or anybody corporate or
undertaking or project whatever in the public sector arising out of or
generated in relation to the CDU-4 project (Expansion project) of BPCL for
its Mahul refinery All present and
future stock in trade consisting of raw materials, finished goods, goods in
process of manufacturing and other merchandise whatsoever, being movable
properties in relation to or procured for fulfillment of the CDU-4 project
(Expansion project) of BPCL for its Mahul refinery as more specifically
described in the Schedule of the Unattested Memorandum of Hypothecation |
Fixed Assets
Ø Land
Ø Factory Shed
Ø Office Building
Ø Plant and Machinery
Ø Electrical Installation
Ø Furniture and Fixtures
Ø Office Equipments
Ø Vehicles
Ø Computer
CMT REPORT (Corruption, Money Laundering & Terrorism]
The Public Notice information has been collected from various sources
including but not limited to: The Courts,
1] INFORMATION ON
DESIGNATED PARTY
No exist designating subject or any of its beneficial owners,
controlling shareholders or senior officers as terrorist or terrorist
organization or whom notice had been received that all financial transactions
involving their assets have been blocked or convicted, found guilty or against
whom a judgement or order had been entered in a proceedings for violating
money-laundering, anti-corruption or bribery or international economic or
anti-terrorism sanction laws or whose assets were seized, blocked, frozen or
ordered forfeited for violation of money laundering or international
anti-terrorism laws.
2] Court Declaration :
No exist to suggest that subject is or was
the subject of any formal or informal allegations, prosecutions or other
official proceeding for making any prohibited payments or other improper
payments to government officials for engaging in prohibited transactions or
with designated parties.
3] Asset Declaration :
No records exist to suggest that the property or assets of the subject are
derived from criminal conduct or a prohibited transaction.
4] Record on Financial
Crime :
Charges or conviction
registered against subject: None
5] Records on Violation of
Anti-Corruption Laws :
Charges or
investigation registered against subject: None
6] Records on Int’l
Anti-Money Laundering Laws/Standards :
Charges or
investigation registered against subject: None
7] Criminal Records
No
available information exist that suggest that subject or any of its principals
have been formally charged or convicted by a competent governmental authority
for any financial crime or under any formal investigation by a competent
government authority for any violation of anti-corruption laws or international
anti-money laundering laws or standard.
8] Affiliation with
Government :
No record
exists to suggest that any director or indirect owners, controlling
shareholders, director, officer or employee of the company is a government
official or a family member or close business associate of a Government
official.
9] Compensation Package :
Our market
survey revealed that the amount of compensation sought by the subject is fair
and reasonable and comparable to compensation paid to others for similar
services.
10] Press Report :
No press reports / filings exists on
the subject.
CORPORATE GOVERNANCE
MIRA INFORM as part of its Due Diligence do provide comments on
Corporate Governance to identify management and governance. These factors often
have been predictive and in some cases have created vulnerabilities to credit
deterioration.
Our Governance Assessment focuses principally on the interactions
between a company’s management, its Board of Directors, Shareholders and other
financial stakeholders.
CONTRAVENTION
Subject is not known to have contravened any existing local laws,
regulations or policies that prohibit, restrict or otherwise affect the terms
and conditions that could be included in the agreement with the subject.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs. 59.90 |
|
|
1 |
Rs. 90.88 |
|
Euro |
1 |
Rs. 78.32 |
INFORMATION DETAILS
|
Information
Gathered by : |
SVA |
|
|
|
|
Report Prepared
by : |
BVA |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
6 |
|
OPERATING SCALE |
1~10 |
5 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
5 |
|
--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 |
YES |
|
--LITIGATION |
YES/NO |
NO |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
YES |
|
--AFFILIATION |
YES/NO |
NO |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
DEFAULTERS |
|
|
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
TOTAL |
|
52 |
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.