1. Summary Information
|
|
|
Country |
India |
|
Company Name |
VISEN INDUSTRIES LIMITED |
Principal Name 1 |
Mr. Vijayasankaran Sivaraman Nair |
|
Status |
Satisfactory |
Principal Name 2 |
Mr. Ramachandran Theruvara Pandalonda |
|
|
|
Registration # |
11-037350 |
|
Street Address |
501, Stanford, Plot No.554, Junction of S V Road, and Juhu Lane,
Andheri (West), Mumbai-400058, Maharashtra, India |
||
|
Established Date |
03.09.1985 |
SIC Code |
-- |
|
Telephone# |
91-22-66443333 |
Business Style 1 |
Manufacturer |
|
Fax # |
91-22-66443344 |
Business Style 2 |
No |
|
Homepage |
Product Name 1 |
Polymer Emulsion |
|
|
# of employees |
Not Available |
Product Name 2 |
Textile Finishing Agent |
|
Paid up capital |
Rs.
348,600,000/- |
Product Name 3 |
Acrylic Co-Polymers |
|
Shareholders |
Foreign holdings – 1.78% Bodies corporate – 12.82% Directors or relatives of Directors – 76.97% Other top fifty shareholders – 8.43% |
Banking |
State Bank of
Patiala |
|
Public Limited Corp. |
No |
Business Period |
28 Years |
|
IPO |
No |
International Ins. |
- |
|
Public Enterprise |
No |
Rating |
Ba (48) |
|
Related
Company |
|||
|
Relation
|
Country
|
Company
Name |
CEO |
|
Associates
|
India
|
Visen Marketing
Private Limited |
-- |
|
Note |
- |
||
2. Summary
Financial Statement
|
Balance Sheet as of |
31.03.2012 |
(Unit: Indian Rs.) |
|
|
Assets |
Liabilities |
||
|
Current Assets |
2,758,553,000 |
Current Liabilities |
1,133,382,000 |
|
Inventories |
982,883,000 |
Long-term Liabilities |
1,792,971,000 |
|
Fixed Assets |
749,664,000 |
Other Liabilities |
25,111,000 |
|
Deferred Assets |
0,000 |
Total Liabilities |
2,951,464,000 |
|
Invest& other Assets |
555,562,000 |
Retained Earnings |
1,746,598,000 |
|
|
|
Net Worth |
2,095,198,000 |
|
Total Assets |
5,046,662,000 |
Total Liab. & Equity |
5,046,662,000 |
|
Total Assets (Previous Year) |
3,160,489,000 |
|
|
|
P/L Statement as of |
31.03.2012 |
(Unit: Indian Rs.) |
|
|
Sales |
6,280,806,000 |
Net Profit |
45,179,000 |
|
Sales(Previous yr) |
5,049,455,000 |
Net Profit(Prev.yr) |
202,209,000 |
|
Report Date : |
01.03.2013 |
IDENTIFICATION DETAILS
|
Name : |
VISEN INDUSTRIES LIMITED |
|
|
|
|
Formerly Known
As : |
VISEN CHEMICALS PRIVATE LIMITED |
|
|
|
|
Registered
Office : |
501, Stanford, Plot No.554, Junction of S V Road, and Juhu Lane, Andheri (West), Mumbai-400058, Maharashtra |
|
|
|
|
Country : |
|
|
|
|
|
Financials (as
on) : |
31.03.2012 |
|
|
|
|
Date of
Incorporation : |
03.09.1985 |
|
|
|
|
Com. Reg. No.: |
11-037350 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
Rs. 348.600 Millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
U24100MH1985PLC037350 |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
MUMV10076D |
|
|
|
|
PAN No.: [Permanent Account No.] |
AAACV1768K |
|
|
|
|
Legal Form : |
A Closely Held Public Limited Liability Company |
|
|
|
|
Line of Business
: |
Manufacturer of Polymer Emulsion, Textile Finishing Agent and Acrylic Co-Polymers. |
|
|
|
|
No. of Employees
: |
Not Available |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (48) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Maximum Credit Limit : |
USD 8380000 |
|
|
|
|
Status : |
Satisfactory |
|
|
|
|
Payment Behaviour : |
Usually Correct |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Subject is an established company having a satisfactory track record.
There appears drastic fall in profitability during the current year. However, general financial position of the company seems to be good. Performance
capability appears to be high. Trade relations are reported to be fair. Business is active. Payments
are reported to be usually correct and as per commitment. The company can be considered for normal business dealings at usual
trade terms and condition. |
NOTES :
Any query related to this report can be made
on e-mail : infodept@mirainform.com
while quoting report number, name and date.
ECGC Country Risk Classification List – June 30, 2012
|
Country Name |
Previous Rating (31.03.2012) |
Current Rating (30.06.2012) |
|
India |
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
INDIAN ECONOMIC OVERVIEW
India is developing into an open-market economy, yet traces
of its past autarkic policies remain. Economic liberalization, including industrial
deregulation, privatization of state-owned enterprises, and reduced controls on
foreign trade and investment, began in the early 1990s and has served to
accelerate the country's growth, which has averaged more than 7% per year since
1997. India's diverse economy encompasses traditional village farming, modern
agriculture, handicrafts, a wide range of modern industries, and a multitude of
services. Slightly more than half of the work force is in agriculture, but
services are the major source of economic growth, accounting for more than half
of India's output, with only one-third of its labor force. India has
capitalized on its large educated English-speaking population to become a major
exporter of information technology services and software workers. In 2010, the
Indian economy rebounded robustly from the global financial crisis - in large
part because of strong domestic demand - and growth exceeded 8% year-on-year in
real terms. However, India's economic growth in 2011 slowed because of persistently
high inflation and interest rates and little progress on economic reforms. High
international crude prices have exacerbated the government's fuel subsidy
expenditures contributing to a higher fiscal deficit, and a worsening current
account deficit. Little economic reform took place in 2011 largely due to
corruption scandals that have slowed legislative work. India's medium-term
growth outlook is positive due to a young population and corresponding low
dependency ratio, healthy savings and investment rates, and increasing
integration into the global economy. India has many long-term challenges that
it has not yet fully addressed, including widespread poverty, inadequate
physical and social infrastructure, limited non-agricultural employment
opportunities, scarce access to quality basic and higher education, and
accommodating rural-to-urban migration.
|
Source
: CIA |
EXTERNAL AGENCY RATING
|
Rating Agency Name |
FITCH |
|
Rating |
A (Long Term Rating) |
|
Rating Explanation |
Having low credit risk. The capacity for payment of financial
commitments is considered strong |
|
Date |
February 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.
LOCATIONS
|
Registered Office / Corporate Head Office : |
501, Stanford, Plot No.554, Junction of S V Road, and Juhu
Lane, Andheri (West), Mumbai-400058, Maharashtra, India |
|
|
Tel. No.: |
91-22-66443333 |
|
|
Fax No.: |
91-22-66443344 |
|
|
E-Mail : |
|
|
|
Website : |
|
|
|
|
|
|
|
Factory : |
Plot No. 68, 69, 88, B-Nanji Industrial Estate, Village Kharadpada, Silvassa, Dadra and Nagar Haveli-396230 |
|
|
Tel. No.: |
91-260-2651154/ 55/ 56 |
|
|
Telefax No.: |
91-260-2650463 |
|
DIRECTORS
AS ON 09.09.2011
|
Name : |
Mr. Vijayasankaran Sivaraman Nair |
|
Designation : |
Chairman and Managing Director |
|
Address : |
E/7-9, Jain Taramani CHS Limited, Bangur Nagar, Goregaon (West), Mumbai-400090 |
|
Date of Birth/Age : |
28.11.1955 |
|
Qualification : |
B.Com. |
|
Date of Appointment : |
03.09.1985 |
|
PAN No: |
AABPN2385G |
|
DIN No.: |
00028395 |
Other Directorship:
|
S.No. |
CIN/LLPIN |
Name
of the Company/ LLP |
Current
designation of the Director/ Designated Partner |
Date
of appointment at current designation |
Original
date of appointment |
Company/
LLP Status |
Defaulting
status |
|
1 |
U24100MH1985PLC037350 |
VISEN
INDUSTRIES LIMITED |
Managing
director |
01/04/2010 |
03/09/1985 |
Active |
NO |
|
2 |
U90990MH2005GAP154351 |
SMALL
AND MEDIUM SCALE EMULSION MANUFACTURERS ASSOCIATION |
Director |
29/06/2005 |
29/06/2005 |
Active |
NO |
|
Name : |
Mr. Ramachandran Theruvara Pandalonda |
|
Designation : |
Whole Time Director |
|
Address : |
B-1202/Runwal Heights, L.B.S. Marg, Mulund (West), Mumbai-400080 |
|
Date of Birth/Age : |
15.05.1941 |
|
Date of Appointment : |
28.08.2000 |
|
PAN No: |
ADWPR3710M |
|
DIN No.: |
00030529 |
Other Directorship:
|
S.No. |
CIN/LLPIN |
Name
of the Company/ LLP |
Current
designation of the Director/ Designated Partner |
Date
of appointment at current designation |
Original
date of appointment |
Company/
LLP Status |
Defaulting
status |
|
1 |
U24100MH1985PLC037350 |
VISEN
INDUSTRIES LIMITED |
Whole-time
director |
01/04/2009 |
28/08/2000 |
Active |
NO |
|
Name : |
Mr. Sharadchandra Damodar Abhyankar |
|
Designation : |
Director |
|
Address : |
303, Marvel Residency |
|
Date of Birth/Age : |
09.10.1965 |
|
Qualification : |
B.A, LLB, FCS, DBM |
|
Date of Appointment : |
04.07.2005 |
|
DIN No.: |
00108866 |
Other Directorship:
|
S.No. |
CIN/LLPIN |
Name
of the Company/ LLP |
Current
designation of the Director/ Designated Partner |
Date
of appointment at current designation |
Original
date of appointment |
Date
of cessation |
Company/
LLP Status |
Defaulting
status |
|
1 |
U65991MH1992PLC069414 |
BARODA
PIONEER ASSET MANAGEMENT COMPANY LIMITED |
Director |
31/07/1996 |
31/07/1996 |
10/10/2007 |
Active |
NO |
|
2 |
U72900MH2001GAP133190 |
OPTIMUM
BUSINESS SOLUTIONS LIMITED |
Director |
29/08/2001 |
29/08/2001 |
- |
Strike
off |
NO |
|
3 |
U24239MH1948PLC006626 |
SHREE
DHOOTAPAPESHWAR LIMITED |
Director |
24/08/2004 |
24/08/2004 |
- |
Active |
NO |
|
4 |
U24100MH1985PLC037350 |
VISEN
INDUSTRIES LIMITED |
Director |
04/07/2005 |
04/07/2005 |
- |
Active |
NO |
|
5 |
L45200MH1993PLC071970 |
ASHOKA
BUILDCON LIMITED |
Director |
11/07/2008 |
03/10/2007 |
- |
Active |
NO |
|
6 |
U72900MH2007PTC176737 |
S
& A INTERNET SERVICES PRIVATE LIMITED |
Director |
13/12/2007 |
13/12/2007 |
27/11/2009 |
Active |
NO |
|
7 |
U74140DL2004PTC125077 |
ASSOCIATED
VAT RECOVERY CONSULTANTS PRIVATE LIMITED |
Director |
30/09/2008 |
21/01/2008 |
15/03/2010 |
Active |
NO |
|
8 |
U93090MH2008PTC188053 |
VATIT
CONSULTANTS PRIVATE LIMITED |
Director |
11/06/2009 |
19/11/2008 |
- |
Active |
NO |
|
9 |
L67190MH1993PLC113638 |
ABM
KNOWLEDGEWARE LIMITED |
Director |
25/08/2011 |
28/10/2010 |
- |
Active |
NO |
|
Name : |
Mr. Ashok Rao |
|
Designation : |
Director |
|
Address : |
619-620, Tulsiani Chambers, Nariman Point, Mumbai –
400021, |
|
Date of Birth/Age : |
13.11.1945 |
|
Qualification : |
B.Com. (Hons.), FCA, ACMA (Lond.) |
|
Date of Appointment : |
27.05.2005 |
|
DIN No.: |
00091222 |
Other Directorship:
|
S.No. |
CIN/LLPIN |
Name of the
Company/ LLP |
Current
designation of the Director/ Designated Partner |
Date of
appointment at current designation |
Original date of
appointment |
Date of
cessation |
Company/ LLP
Status |
Defaulting
status |
|
1 |
U91999MH2004GAP148413 |
FEDERATION OF
CHURCHGATE RESIDENTS |
Director |
06/09/2004 |
06/09/2004 |
- |
Active |
NO |
|
2 |
U24100MH1985PLC037350 |
VISEN INDUSTRIES
LIMITED |
Director |
25/05/2005 |
25/05/2005 |
- |
Active |
NO |
|
3 |
U74140PN2007PTC134136 |
SARV DEMURRAGE
CONSULTANTS PRIVATE LIMITED |
Director |
20/11/2007 |
20/11/2007 |
31/03/2008 |
Active |
|
|
4 |
U74999MH1922PLC000973 |
BOMBAY GYMKHANA
LIMITED |
Director |
25/09/2008 |
25/09/2008 |
29/09/2011 |
Active |
NO |
|
5 |
U92412MH2010NPL202673 |
GAUTAM THAKKAR
MEMORIAL BADMINTON ASSOCIATION |
Director |
04/03/2011 |
04/03/2011 |
24/10/2011 |
Active |
NO |
|
Name : |
Mr. Shankar Narayanan Madhava Menon |
|
Designation : |
Nomiee Director |
|
Address : |
11th Floor, Brindaban-III, Poonam Nagar, Off Mahakali Cave,
Andheri (East), Mumbai-400093, Maharashtra, India |
|
Date of Birth/Age : |
08.08.1962 |
|
Date of Appointment : |
11.06.2011 |
|
DIN No.: |
00219212 |
Other Directorship:
|
S.No. |
CIN/LLPIN |
Name
of the Company/ LLP |
Current
designation of the Director/ Designated Partner |
Date
of appointment at current designation |
Original
date of appointment |
Date
of cessation |
Company/
LLP Status |
Defaulting
status |
|
1 |
U74140MH2000PTC167855 |
CARLYLE
INDIA ADVISORS PRIVATE LIMITED |
Managing
director |
22/12/2004 |
22/12/2004 |
- |
Active |
NO |
|
2 |
U72400TN2004PTC054226 |
NEWGEN
KNOWLEDGE WORKS PRIVATE LIMITED |
Director |
03/01/2005 |
03/01/2005 |
30/05/2011 |
Active |
NO |
|
3 |
U72900MH2003PTC234753 |
LEARNING
MATE SOLUTIONS PRIVATE LIMITED |
Director |
03/01/2005 |
03/01/2005 |
05/06/2009 |
Active |
NO |
|
4 |
U80302KA2000PTC026760 |
QUEST
GLOBAL MANUFACTURING PRIVATE LIMITED |
Director |
03/01/2005 |
03/01/2005 |
24/10/2007 |
Active |
NO |
|
5 |
U72200KA1998PTC023481 |
QUALITY
ENGINEERING AND SOFTWARE TECHNOLOGIES PRIVATE LIMITED |
Director |
03/01/2005 |
03/01/2005 |
24/10/2007 |
Active |
NO |
|
6 |
U52599TN1991PTC020361 |
FINANCIAL
SOFTWARE AND SYSTEMS PRIVATE LIMITED |
Director |
03/01/2005 |
03/01/2005 |
24/10/2008 |
Active |
NO |
|
7 |
U33209TN1996PTC035162 |
NEWGEN
IMAGING SYSTEMS PRIVATE LIMITED |
Director |
05/01/2005 |
05/01/2005 |
- |
Amalgamated |
NO |
|
8 |
L85110GJ1994PLC022543 |
CLARIS
LIFESCIENCES LIMITED |
Nominee
director |
29/05/2006 |
13/03/2006 |
03/07/2009 |
Active |
NO |
|
9 |
L72300TN1998PLC041033 |
ALLSEC
TECHNOLOGIES LIMITED |
Director |
27/07/2007 |
25/01/2007 |
13/10/2011 |
Active |
NO |
|
10 |
U72900GJ1999PTC037038 |
ELITECORE
TECHNOLOGIES PRIVATE LIMITED |
Nominee
director |
21/09/2007 |
11/06/2007 |
- |
Active |
NO |
|
11 |
L11200MH2005PLC154793 |
GOL
OFFSHORE LIMITED |
Director |
10/07/2008 |
18/10/2007 |
29/04/2009 |
Active |
NO |
|
12 |
U65922TN2000PLC044655 |
REPCO
HOME FINANCE LIMITED |
Nominee
director |
28/12/2007 |
28/12/2007 |
- |
Active |
NO |
|
13 |
U72200TN2006PTC061754 |
GPSL
INDIA PRIVATE LIMITED |
Additional
director |
07/01/2009 |
07/01/2009 |
19/03/2011 |
Active |
NO |
|
14 |
U24100MH1985PLC037350 |
VISEN
INDUSTRIES LIMITED |
Nominee
director |
09/09/2011 |
11/06/2011 |
- |
Active |
NO |
|
15 |
U45202KA2008PTC047156 |
VALUE
AND BUDGET HOUSING CORPORATION PRIVATE LIMITED |
Nominee
director |
06/09/2011 |
09/08/2011 |
20/11/2012 |
Active |
NO |
|
16 |
U72200GJ2006PTC047857 |
CYBEROAM
TECHNOLOGIES PRIVATE LIMITED |
Nominee
director |
29/10/2012 |
04/09/2012 |
- |
Active |
NO |
|
17 |
U15209AP1998PTC030500 |
TIRUMALA
MILK PRODUCTS PRIVATE LIMITED |
Nominee
director |
11/09/2012 |
11/09/2012 |
- |
Active |
NO |
|
18 |
L72200AP1991PLC013134 |
INFOTECH
ENTERPRISES LIMITED |
Additional
director |
17/01/2013 |
17/01/2013 |
- |
Active |
NO |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 09.09.2011
|
Names of Equity Shareholders |
No. of Shares |
|
Arun Mehta |
70424 |
|
Vijay Nair |
7557428 |
|
Bardarayan Nair |
223600 |
|
Cherry Nair |
7316 |
|
Geeta Nair |
1698620 |
|
Kamalakshi Amma |
220912 |
|
Anish Nair |
86800 |
|
Maya Nair |
4000 |
|
Ruchirag Investment Private Limited, India |
206480 |
|
Ragesh Nair |
8000 |
|
Rajeshwari Nair |
368240 |
|
Rajkumari Mehta |
75200 |
|
Ruch Nair |
71316 |
|
Suprabha Nair |
196000 |
|
Thankappan Nair |
255232 |
|
Visen Marketing Private Limited, India |
1455600 |
|
Sumitomo Corporation (Asia) PTe Limited, Singapore |
230000 |
|
R Kodapully |
225000 |
|
First Carlyle Ventures III (Foreign Venture Capital Investor) |
100 |
|
Shankarnarayanan Menon |
1 |
|
Mahesh Parasuraman |
1 |
|
Nikhil Mohta |
1 |
|
Manish Gaur |
1 |
|
Kapil Modi |
1 |
|
TOTAL
|
12960273 |
AS ON 09.09.2011
|
Names of Preference Shareholders |
No. of Shares |
|
First Carlyle Ventures III, Mauritius |
22448980 |
|
Madhava Menon |
56123 |
|
Mahesh Parasuraman |
5613 |
|
Nikhil Mohta |
5613 |
|
Manish Gaur |
5613 |
|
Kapil Modi |
2807 |
|
TOTAL
|
22524749 |
AS ON 09.09.2011
|
Equity Shares
Break Up |
Percentage of
Holding |
|
Foreign holdings( Foreign institutional
investor(s), Foreign companie(s) Foreign financial institution(s), Non-resident
Indian(s) or Overseas Corporate bodies or Others |
1.78 |
|
Bodies corporate |
12.82 |
|
Directors or relatives of Directors |
76.97 |
|
Other top fifty shareholders |
8.43 |
|
TOTAL |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer of Polymer Emulsion, Textile Finishing Agent and Acrylic Co-Polymers |
||||||||||||||||
|
|
|
||||||||||||||||
|
Products : |
|
PRODUCTION STATUS (AS ON : 31.03.2011)
|
Particulars |
Unit |
Installed
Capacity |
Actual
Production |
|
Polymeremulsions |
MTS |
110,000.00 |
74893.74 |
|
Industrial Chemicals |
MTS |
NA |
4001.22 |
GENERAL INFORMATION
|
No. of Employees : |
Not Available |
|||||||||||||||
|
|
|
|||||||||||||||
|
Bankers : |
· State Bank of Patiala, Atlanta 1st Floor, Jamnalal, Bajaj Marg, Nariman Point, Mumbai-400021, Maharashtra, India · ICICI Bank Limited, ICICI Bank Towers, Bandra Kurla Complex, Mumbai-400051, Maharashtra, India |
|||||||||||||||
|
|
|
|||||||||||||||
|
Facilities : |
|
|
|
|
|
Banking
Relations : |
-- |
|
|
|
|
Auditors : |
|
|
Name : |
Deloitte Haskins and Sells Chartered Accountant |
|
Address : |
12, |
|
Tel. No.: |
91-22-66679000 |
|
Fax No.: |
91-22-66679100 |
|
PAN No.: |
AACFD4815A |
|
|
|
|
Associates : |
Visen Marketing
Private Limited |
|
|
|
|
Subsidiaries : |
Visen Polymer FZE |
|
|
|
|
Related Parties : |
·
Ruchirag Investment Private Limited ·
Visen Industries Lanka (Private) Limited |
CAPITAL STRUCTURE
AS ON 09.09.2011
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
37000200 |
Equity Shares |
Rs.10/- each |
Rs. 370.002 Millions |
|
23000000 |
Preference Shares |
Rs.10/- each |
Rs. 230.000 Millions |
|
|
TOTAL |
|
Rs. 600.002
Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
12960273 |
Equity Shares |
Rs.10/- each |
Rs. 129.603
Millions |
|
22524749 |
Preference Shares |
Rs.10/- each |
Rs. 225.247 Millions |
|
|
TOTAL |
|
Rs. 354.850 Millions |
AS ON 31.03.2012
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
37000200 |
Equity Shares |
Rs.10/- each |
Rs. 370.002 Millions |
|
230000000 |
Preference Shares |
Rs.10/- each |
Rs. 230.000 Millions |
|
|
TOTAL |
|
Rs. 600.002
Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
12335273 |
Equity Shares |
Rs.10/- each |
Rs. 123.353 Millions |
|
22524749 |
Preference Shares |
Rs.10/- each |
Rs. 225.247 Millions |
|
|
TOTAL |
|
Rs. 348.600 Millions |
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
348.600 |
129.602 |
129.342 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.380 |
|
|
3] Reserves & Surplus |
1746.598 |
921.807 |
714.397 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
|
NETWORTH |
2095.198 |
1051.409 |
844.119 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
1792.971 |
1105.687 |
761.192 |
|
|
2] Unsecured Loans |
0.000 |
0.000 |
4.174 |
|
|
TOTAL BORROWING |
1792.971 |
1105.687 |
765.366 |
|
|
DEFERRED TAX LIABILITIES |
19.836 |
22.698 |
25.264 |
|
|
|
|
|
|
|
|
TOTAL |
3908.005 |
2179.794 |
1634.749 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
749.664 |
690.141 |
744.691 |
|
|
Capital work-in-progress |
77.731 |
142.485 |
117.352 |
|
|
|
|
|
|
|
|
INVESTMENT |
477.831 |
411.154 |
411.067 |
|
|
DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
982.883
|
876.974 |
483.671 |
|
|
Sundry Debtors |
1264.273
|
647.504 |
627.656 |
|
|
Cash & Bank Balances |
474.385
|
4.187 |
4.256 |
|
|
Other Current Assets |
12.587
|
1.700 |
0.000 |
|
|
Loans & Advances |
1007.308
|
386.344 |
186.100 |
|
Total
Current Assets |
3741.436
|
1916.709 |
1301.683 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
1087.264
|
810.088 |
910.021 |
|
|
Other Current Liabilities |
46.118
|
157.370 |
6.242 |
|
|
Provisions |
5.275
|
13.237 |
23.781 |
|
Total
Current Liabilities |
1138.657
|
980.695 |
940.044 |
|
|
Net Current Assets |
2602.779
|
936.014 |
361.639 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
3908.005 |
2179.794 |
1634.749 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
6280.806 |
5049.455 |
4015.273 |
|
|
|
Other Income |
17.175 |
43.489 |
122.487 |
|
|
|
TOTAL (A) |
6297.981 |
5092.944 |
4137.760 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Cost of materials consumed |
3915.483 |
2817.789 |
3206.065 |
|
|
|
Purchases of stock-in-trade |
1419.521 |
1125.936 |
205.048 |
|
|
|
Employee benefit expense |
93.860 |
82.891 |
57.994 |
|
|
|
Other expenses |
579.523 |
610.067 |
141.002 |
|
|
|
Changes in
inventories of finished goods, work-in-progress and stock-in-trade |
(51.741) |
(34.703) |
0.000 |
|
|
|
TOTAL (B) |
5956.646 |
4601.980 |
3610.109 |
|
|
|
|
|
|
|
|
Less |
PROFIT
/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
341.335 |
490.964 |
527.651 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
211.389 |
118.086 |
126.385 |
|
|
|
|
|
|
|
|
|
|
PROFIT
/ (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
129.946 |
372.878 |
401.266 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
78.653 |
78.134 |
76.976 |
|
|
|
|
|
|
|
|
|
|
PROFIT / (LOSS) BEFORE
TAX (E-F) (G) |
51.293 |
294.744 |
324.290 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
6.114 |
92.535 |
53.333 |
|
|
|
|
|
|
|
|
|
|
PROFIT / (LOSS)
AFTER TAX (G-H) (I) |
45.179 |
202.209 |
270.957 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
785.006 |
582.797 |
311.840 |
|
|
|
|
|
|
|
|
|
|
BALANCE CARRIED
TO THE B/S |
830.185 |
785.006 |
582.797 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
Export Earnings |
781.834 |
698.218 |
628.451 |
|
|
TOTAL EARNINGS |
781.834 |
698.218 |
628.451 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw Materials |
2901.242 |
2348.148 |
1481.508 |
|
|
|
Trading Goods |
0.000 |
1003.586 |
875.748 |
|
|
TOTAL IMPORTS |
2901.242 |
3351.734 |
2357.256 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
3.16 |
15.63 |
20.95 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
PAT / Total Income |
(%) |
0.72
|
3.97 |
6.55 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
0.82
|
5.84 |
8.08 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
1.14
|
11.31 |
15.85 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.02
|
0.28 |
0.38 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt /Networth) |
|
0.86
|
1.05 |
0.91 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
3.29
|
1.95 |
1.38 |
LOCAL AGENCY FURTHER INFORMATION
|
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 |
No |
|
5] |
Type of Business |
Yes |
|
6] |
Line of Business |
Yes |
|
7] |
Promoter's background |
Yes |
|
8] |
No. of employees |
No |
|
9] |
Name of person contacted |
No |
|
10] |
Designation of contact
person |
No |
|
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 |
No |
|
15] |
Capital in the business |
Yes |
|
16] |
Details of sister
concerns |
Yes |
|
17] |
Major suppliers |
No |
|
18] |
Major customers |
No |
|
19] |
Payments terms |
No |
|
20] |
Export / Import details
(if applicable) |
Yes |
|
21] |
Market information |
----- |
|
22] |
Litigations that the firm
/ promoter involved in |
----- |
|
23] |
Banking Details |
Yes |
|
24] |
Banking facility details |
Yes |
|
25] |
Conduct of the banking
account |
----- |
|
26] |
Buyer visit details |
----- |
|
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 |
NOTE
Registered office has been shifted from Premier House, 6th Floor,
38, Central Road, MIDC, Andheri (East), Mumbai-400 093, Maharashtra, India to
the present address w.e.f. 01.04.2012.
COMPANY BACKGROUND
Subject a leading
manufacturer of polymer emulsions, centers its efforts on delivering premium products
to paint, textile, adhesive and construction industries. With a clear vision of
becoming the largest supplier of water based polymer emulsions, the company has
been making a persistent effort in improving its products, manufacturing sales
and marketing, and supply / logistic activities.
OPERATIONS
During the year, all the plants have been working smoothly on 3 shift
basis. The overall capacity utilization was more than 80%.
The water and air
pollution norms are adhered for environmental safety and related approvals are
in place. During the year, adequate training had been imparted to the
employees.
Relations with the vendors were cordial and during the year there has
been smooth flow of raw materials.
During the year
company obtained the external credit rating done and has received stable and A-
rating for Fund based limits and A1 for the non-funded limits.
As a corporate
initiative towards Employee welfare, Employee group Insurance protection
(Medical and Accident coverage) has been provided to the employees of the
company and scope of such insurance coverage will be expanded in coming years.
CHENNAI PROJECT
During the year,
ECB loan from Standard Chartered bank and DBS bank has been sanctioned and
disbursed for the project. The rationale for setting up the plant in Chennai is
that all major paint sellers are situated in Chennai(Asian paints, Nippon,
Berger, Nerolac Paints in Hosur) and others are in the process of setting up
new plants in Chennai.(Berger paints , Shalimar paints ).
The market size of
paint industry is showing growth trend which is in the range of 15-20% .It is
expected that the growth trend will continue in future. The proposed plant will
facilitate faster delivery of the raw material requirements of these paint
industry and at competitive prices (reduction in freight cost as we will supply
it locally). Company is in the process of obtaining necessary administrative
approvals and other primary work is completed.
Company intend to have the plant to be ready latest by last quarter of
next calendar year 2013.
UAE PROJECT
Company has been sanctioned foreign Currency loan and necessary
formalities are being complied with to get the disbursement of the same.
The External
pipeline work is getting completed. Company is making all the efforts to
complete other pending works to start commercial production by 2nd quarter of
next financial year.
FORM 8
|
Corporate
identity number of the company |
U24100MH1985PLC037350 |
|
Name of the
company |
VISEN INDUSTRIES
LIMITED |
|
Address of the
registered office or of the principal place of business in |
501, Stanford, Plot No.554, Junction of S V Road, and Juhu Lane, Andheri (West), Mumbai-400058, Maharashtra, India |
|
This form is for |
Creation of
charge |
|
Type of charge |
·
Book
debts ·
Movable
property (not being pledge) ·
Others |
|
Particular of
charge holder |
ICICI Bank Limited, ICICI Bank Towers, Bandra Kurla
Complex, Mumbai-400051, Maharashtra, India |
|
Nature of
instrument creating charge |
Hypothecation
agreement Dated 16th May 2012 for -Pari-passu first
charge on entire current assets of the company {present and future) including
book debts -Pari-passu first
charge on entire movable fixed assets of the plant at Silvassa Plot 68,69 and
88 B, present and future |
|
Date of
instrument Creating the charge |
16.05.2012 |
|
Amount secured by
the charge |
Rs. 500.000
Millions |
|
Brief of the
principal terms an conditions and extent and operation of the charge |
Rate of interest The interest on Cash
Credit would be sum of I-Base and "spread" per annum, subject to
minimum rate of I-Base + 2.50 % p.a., plus applicable interest tax or other
statutory levy, I base+ 2.50% Terms of repayment Shall be repaid
on demand such amount as may be outstanding Margin 25% on book debts
and 25% on inventory Extent and operation of the charge Pari passu first
charge is on entire current assets of the company (present and future)
including book debts and pari passu first charge on entire movable fixed
assets(present and future) of the plant at plot no. 68, 69 and 88 B,B Nanji
Industrial Estate, Silvassa and entire movable fixed assets. |
|
Short particulars
of the property charged (Including location of the property) |
pari-passu first
charge on entire current assets of the company {present and future) including
book debts -Pari-passu first
charge on entire movable fixed assets of the plant at Silvassa Plot 68,69 and
88 B |
FIXED ASSETS
·
Leasehold
Land
·
Freehold
Land
·
Office
·
Factory
Buildings
·
Plant
and Machinery
·
Furniture
and Fixtures
·
Vehicles
·
Computers
·
Tankers
and Forklift
WEBSITE DETAILS
NEW
PRESS RELEASE
June 22, 2011
Mumbai, India – An affiliate of
global alternative asset manager The Carlyle Group has invested US$25 million
in Visen Industries Limited, a large manufacturer of water-based polymer
emulsions in India. Funds from the affiliate, First Carlyle Ventures III (FCV
III), will be used by Visen to expand its manufacturing capacities in India and
abroad. Visen is well established in the Indian polymer emulsions market. It
manufactures the entire range of water-based polymer emulsions including
acrylates, versatates and poly vinyl acetate, catering to customers across
industries encompassing paints, textiles, adhesives and construction. It has
long standing relationships with industry players including Asian Paints,
Berger Paints, Kansai Nerolac and Jotun Paints. Visen also caters to export
demand from customers in the Middle East and Africa. As part of its growth
strategy, Visen is strengthening and growing its business in India while
expanding its presence in international markets. The investment will come from
FCV III, a part of the Carlyle Asia Growth Partners IV (CAGP IV), a US$1.04
billion sector-agnostic fund. CAGP IV invests in high growth companies in key
Asian markets such as India, China and Korea, while FCV III focuses on
investments into India. With aggregate assets of more than US$2 billion under
management, CAGP brings significant support and value-add to portfolio
companies through its vast international business network, deep local insight
from its native investment team, experience in a broad range of industries,
expertise in business management and strengths in global M&A and capital
markets initiatives. This has allowed CAGP’s portfolio companies to accelerate
capacity and market share expansions. Wayne Tsou, Managing Director and Head of
Carlyle Asia Growth Capital, said, “Visen’s business is a play on the strong
consumption led demand growth across paints, textiles, adhesives and
construction in India and other emerging markets. Visen has a clear track
record of growth and a well defined strategic roadmap for future expansion.”
Vijay Nair, Managing Director of Visen, said, “Visen is a trusted partner
delivering consistent high quality products to its customers across paints,
textiles, adhesives and construction industries. We are very happy to be
associated with The Carlyle Group and hope to leverage their relationships as
we continue to build Visen into a global player in the polymer emulsion
industry.” Shankar Narayanan, Managing Director and Head of Carlyle Growth
Capital in India, said, “Visen is led by a visionary entrepreneur of
extraordinary ability and leadership. We are excited to be their partner in
their journey to build Visen into a global emulsion player. Growing disposable
incomes and increasing urbanization are fuelling the end consumption demand for
paints, textiles, adhesives and construction, which leads to growth opportunity
for high quality players such as Visen.” Alpen Capital acted as the sole
financial advisor to the Company for the transaction.
NEWS
|
Entity |
Person |
Competent |
Regulatory Charges |
Regulatory Actions Date of Order |
Further Developments |
|
Visen Industries Limited |
|
CBEC |
Defaulted in payment of customs / Excise
Duties |
Notice issued under section 142 of customs
Act 1962 17.07.2009 |
|
|
Visen Industries Limited |
Geeta V Nair Viajy S Nair |
CBEC |
Defaulted in payment of customs / Excise
Duties |
Notice issued under section 142 of customs
Act 1962 24.02.2004 |
Paid the outstanding dues to government |
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. 54.48 |
|
|
1 |
Rs. 82.71 |
|
Euro |
1 |
Rs. 72.27 |
INFORMATION DETAILS
|
Report Prepared
by : |
DPT |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
5 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
5 |
|
--PROFITABILIRY |
1~10 |
5 |
|
--LIQUIDITY |
1~10 |
5 |
|
--LEVERAGE |
1~10 |
6 |
|
--RESERVES |
1~10 |
6 |
|
--CREDIT LINES |
1~10 |
5 |
|
--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 |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
DEFAULTER |
|
|
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
TOTAL |
|
48 |
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.