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|
MIRA INFORM REPORT
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Report No. : |
488867 |
|
Report Date : |
30.01.2018 |
IDENTIFICATION DETAILS
|
Name : |
VISEN INDUSTRIES LIMITED |
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|
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|
Formerly Known
As : |
VISEN CHEMICALS PRIVATE LIMITED |
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Registered
Office : |
501, Stanford, Plot No. 554, Junction of S V Road and Juhu Lane, Andheri (West), Mumbai – 400058, Maharashtra |
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Tel. No.: |
91-22-66443333 |
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Country : |
India |
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Financials (as
on) : |
31.03.2016 |
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Date of
Incorporation : |
03.09.1985 |
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Com. Reg. No.: |
11-037350 |
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Capital
Investment / Paid-up Capital : |
INR 193.107 Million |
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|
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CIN No.: [Company Identification
No.] |
U24100MH1985PLC037350 |
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IEC No.: |
0389023442 |
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GST No.: |
Not Divulged |
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TAN No.: [Tax Deduction &
Collection Account No.] |
Not Available |
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PAN No.: [Permanent Account No.] |
AAACV1768K |
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Legal Form : |
A Closely Held Public Limited Liability Company |
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Line of Business
: |
Manufacturer, Trader and Exporter of Polymers Emulsions and Industrial Chemicals and also Selling of used Drums and others. (Registered Activity and also confirmed by management) |
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No. of Employees
: |
Information declined by management
|
RATING & COMMENTS
(Mira Inform has adopted New Rating mechanism w.e.f. 23rd
January 2017)
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MIRA’s Rating : |
A+ |
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Credit Rating |
Explanation |
Rating Comments |
|
A+ |
Low Risk |
Business dealings permissible with low
risk of default |
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Maximum Credit Limit : |
USD 7288600 |
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Status : |
Good |
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Payment Behaviour : |
Usually Correct |
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Litigation : |
Clear |
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Comments : |
Subject was incorporated in the year 1985. It is a manufacturer, trader and exporter of polymers emulsions and industrial chemicals and also selling of used drums and others. Management has failed to file its financials with Registrar of Companies for the FY 2017. As per the available financial record of 2016, the revenue of the company has declined by 22.93% but has maintained average profit margin 1.26%. The sound financial profile of the company is marked by healthy networth base along with comfortable debt coverage indicators. The rating takes into consideration the subject’s long track record of business operations along with extensive experience of its promoters. However, rating is constrained on account of absence of latest financials. Business is active. Payments seems to be regular. In view of aforesaid, the company can be considered 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.
ECGC Country Risk Classification List
|
Country Name |
Previous Rating (30.06.2017) |
Current Rating (30.09.2017) |
|
India |
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low Risk |
A2 |
|
Moderately Low Risk |
B1 |
|
Moderate Risk |
B2 |
|
Moderately High Risk |
C1 |
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High Risk |
C2 |
|
Very High Risk |
D |
EXTERNAL AGENCY RATING
|
Rating Agency Name |
India Rating |
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Rating |
Term loan = BBB |
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Rating Explanation |
Moderate degree of safety and moderate credit risk |
|
Date |
29.01.2018 |
|
Rating Agency Name |
India Rating |
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Rating |
Non-fund based working capital limits = A2 |
|
Rating Explanation |
Strong degree of safety and low credit risk |
|
Date |
29.01.2018 |
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
31-03-2016.
BIFR (Board for Industrial & Financial Reconstruction) LISTING
STATUS
Subject’s name is not listed as a Sick Unit in
the publicly available BIFR (Board for Industrial & Financial Reconstruction)
list as of 30.01.2018.
IBBI (Insolvency and Bankruptcy Board of India) LISTING STATUS
Subject’s name is not listed in the publicly
available IBBI (Insolvency and Bankruptcy Board of India) list as of report
date.
INFORMATION DECLINED
MANAGEMENT NON-COOPERATIVE [TEL. NO.:
91-22-66443333]
LOCATIONS
|
Registered/ Corporate/ Head Office : |
501, Stanford, Plot No.554, Junction of S V Road and Juhu
Lane, Andheri (West), Mumbai – 400058, Maharashtra, India |
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Tel. No.: |
91-22-66443333 |
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Fax No.: |
91-22-66443344 |
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E-Mail : |
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Website : |
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Factory 1: |
Plot No. 68, 69, 88, B-Nanji Industrial Estate, Village Kharadpada, Silvassa -396230, Dadra and Nagar Haveli, (U.T.), India |
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Tel. No.: |
91-260-2651154/ 55/ 56 |
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Telefax No.: |
91-260-2650463 |
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Factory 2: |
Phase 1, SIDCO Industrial Complex, Bari Brahmna, Jammu - 181133, Jammu and Kashmir, India |
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Factory 3: |
Plot No. D2, Sipcot Industrial Park, Mambakka, Sriperumbudur, Kanchipuram, Chennai – 602105, Tamilnadu, India |
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Factory 4: |
K-30, 31, 32, MIDC, Tarapur, Palghar - 401506, Maharashtra, India |
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Branch Offices: |
· 12/04, Aditya Complex, Preet Vihar Commercial Complex, Vikas Marg, Laxmi Naga, Delhi -110 092, India Tel. No.: 91-11-52420579 Fax No.: 91-11-22046432 · 7/1, Lord Sinha Road, Lords - 506, Kolkata-700 071, West Bengal, India Tel. No.: 91-33-22829483 Fax No.: 91-3322826727 ·
32/2977, A-5, 2nd Floor, Opposite Anchumuri
Bus Stop, Ponnurunni, Vyttila, Kochi, Kerala, India Tel. No.: 91-484-682019/ 2346043 · Plot No. D2; Sipcot Industrial Park Mambakka Sriperumbudur; Kanchipuram - 602105, Tamilnadu, India |
DIRECTORS
AS ON: 31.03.2017
|
Name : |
Mr. Vijayasankaran Sivaraman Nair |
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Designation : |
Managing Director |
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Address : |
E7/9, Jaitaramani Co-Operative Housing Society, Bangur Nagar, Goregaon (West), Mumbai - 400090, Maharashtra, India |
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Date of Birth/Age : |
28.11.1955 |
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Qualification : |
B.Com. |
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Date of Appointment : |
01.04.2009 |
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PAN No.: |
AABPN2385G |
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DIN No.: |
00028395 |
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Name : |
Mr. Ramachandran Theruvara Pandalonda |
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Designation : |
Whole-Time Director |
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Address : |
B-1202, Runwal Heights, L.B.S. Marg, Mulund (West), Mumbai - 400080, Maharashtra, India |
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Date of Appointment : |
01.04.2012 |
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PAN No.: |
ADWPR3710M |
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DIN No.: |
00030529 |
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Name : |
Mr. Cherry Vijay Nair |
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Designation : |
Whole-Time Director |
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Address : |
Oberoi Crest, Plot No. 474, 16th Road, Near Khar Gymkhana, Khar, Mumbai - 400052, Maharashtra, India |
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Date of Birth/Age : |
23.01.1990 |
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Qualification : |
MBA |
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Date of Appointment : |
07.08.2015 |
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PAN No.: |
ASSPN2224K |
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DIN No.: |
07211022 |
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||||||||
|
Name : |
Mr. Ashok Rao |
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Designation : |
Director |
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|
Address : |
3, Ishwar Bhavan, A Road, Churchgate, Mumbai - 400020, Maharashtra, India |
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Date of Birth/Age : |
13.11.1945 |
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Qualification : |
B.COM FCA |
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Date of Appointment : |
25.05.2005 |
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PAN No.: |
AADPR5605H |
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DIN No.: |
00091222 |
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|
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|
Name : |
Louis Zacharias |
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Designation : |
Director |
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Address : |
B-303, Pushp Vinod Pushpa Park, Near Kora Kendra, S.V. Road, Borivali (West), Mumbai – 400092, Maharashtra, India |
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|
Date of Appointment : |
30.03.2016 |
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DIN No.: |
07460285 |
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|
Name : |
Mr. Nikhil Mohta |
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Designation : |
Nominee director |
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Address : |
A/406 Oberoi Springs, Off Link Road, Near Monginis Factory, Andheri (West), Azad Nagar, Mumbai - 400053, Maharashtra, India |
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Date of Birth/Age : |
26.12.1977 |
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Date of Appointment : |
02.08.2013 |
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DIN No.: |
00932030 |
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KEY EXECUTIVES
|
Name : |
Mr. Sudarshan Gopinath Kamath |
|
Designation : |
Chief Finance Officer |
|
Address : |
6, Radha, Jaikrishna Co-Operative Housing Society, Chedda Nagar, Chembur, Mumbai - 400089, Maharashtra, India |
|
Date of Appointment : |
01.10.2014 |
|
PAN No.: |
AAGPK7431B |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 31.03.2016
|
Names of Equity Shareholders |
No. of Shares |
|
Vijay S. Nair |
7278340 |
|
Geeta V. Nair |
1573620 |
|
Visen Marketing Private Limited |
1455600 |
|
Ruchirag Investment Private Limited |
206480 |
|
Sumitomo Corporation Asia Pte Limited |
230000 |
|
S. Kodapully |
225000 |
|
Arun Methta |
70424 |
|
Badaryan Nair |
223600 |
|
Cherry Nair |
7316 |
|
Anish Nair |
86800 |
|
Maya Nair (Raji Nair) |
4000 |
|
Ragesh Nair |
8000 |
|
Rajeshwari Nair |
368240 |
|
Rajkumari Mehta |
75200 |
|
Ruchi Nair |
71316 |
|
Suprabha Nair |
196000 |
|
Thankappan Nair |
255232 |
|
First Carlyle Ventures III |
6951929 |
|
Madhava Menon Shankar Narayanan |
17380 |
|
Mahesh Parasuraman |
1738 |
|
Nikhil Mohta |
1738 |
|
Manish Gaur |
1738 |
|
Kapil Modi |
869 |
|
|
|
|
Total |
19310560 |
|
Names of Equity Shareholders (Differential Voting Rights) |
No. of Shares |
|
First Carlyle Ventures III |
100 |
|
Madhava Menon Shankar Narayanan |
1 |
|
Mahesh Parasuraman |
1 |
|
Nikhil Mohta |
1 |
|
Manish Gaur |
1 |
|
Kapil Modi |
1 |
|
|
|
|
Total |
105 |
AS ON 31.12.2016
|
Equity Share Breakup |
Percentage of Holding |
|
Category |
|
|
Promoters (Individual/Hindu Undivided Family-Indian) |
54.08 |
|
Promoters (Body corporate) |
8.60 |
|
Public/Other than promoters (Individual/Hindu Undivided Family-Indian) |
0.12 |
|
|
|
|
Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer, Trader and Exporter of Polymers Emulsions and Industrial Chemicals and also Selling of used Drums and others. (Registered Activity and also confirmed by management) |
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Products : |
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Brand Names : |
Not Available |
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Agencies Held : |
Not Available |
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Exports : |
Not Divulged |
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Imports : |
Not Divulged |
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|
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Terms : |
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||||||||||
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Selling : |
Not Divulged |
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|
||||||||||
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Purchasing : |
Not Divulged |
PRODUCTION STATUS: (NOT AVAILABLE)
GENERAL INFORMATION
|
Suppliers : |
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Customers : |
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No. of Employees
: |
Information declined by the management |
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Bankers : |
· State Bank of Patiala Commercial Branch Atlanta, Nariman Point, Mumbai - 400021, Maharashtra, India · DBS Bank Limited Fort House, 3rd Floor, 221, Dr. D. N Road, Fort, Mumbai - 400001, Maharashtra, India · IndusInd Bank Limited · Bank of India |
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Facilities : |
|
|
Auditors : |
|
|
Name : |
Deloitte Haskins and Sells LLP Chartered Accountants |
|
Address : |
12, |
|
Tel. No.: |
91-22-66679000 |
|
Fax No.: |
91-22-66679100 |
|
Income-tax
PAN of auditor or auditor's firm : |
AACFD4815A |
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|
|
|
Memberships : |
Not Available |
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|
|
|
Collaborators : |
Not Available |
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|
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|
Associate : |
Visen Overseas Private Limited |
|
|
|
|
Subsidiary company
: |
Visen Polymer FZE |
|
|
|
|
Sister concern: (Confirmed by
management) |
· Visen Marketing · Ruphiraj Investment |
CAPITAL STRUCTURE
AS ON 31.03.2016
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
37000200 |
Equity Shares |
INR 10/- each |
INR 370.000 Million |
|
200 |
Equity Shares (Differential Voting Rights) |
INR 10/- each |
INR 0.002 Million |
|
23000000 |
Preference Shares |
INR 10/- each |
INR 230.000 Million |
|
|
|
|
|
|
|
Total |
|
INR 600.002
Million |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
19310560 |
Equity Shares |
INR 10/- each |
INR 193.106
Million |
|
105 |
Equity Shares (Differential Voting Rights) |
INR 10/- each |
INR 0.001
Million |
|
|
|
|
|
|
|
Total |
|
INR 193.107 Million |
FINANCIAL DATA
[all figures are
in INR Million]
ABRIDGED
BALANCE SHEET
|
SOURCES OF FUNDS |
31.03.2016 |
31.03.2015 |
31.03.2014 |
|
I.
EQUITY
AND LIABILITIES |
|
|
|
|
(1)Shareholders' Funds |
|
|
|
|
(a) Share Capital |
193.107 |
348.600 |
348.600 |
|
(b) Reserves and Surplus |
2357.905 |
2334.966 |
2165.232 |
|
(c) Money
received against share warrants |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
(2) Share Application money pending
allotment |
0.000 |
0.000 |
0.000 |
|
Total
Shareholders’ Funds (1) + (2) |
2551.012 |
2683.566 |
2513.832 |
|
|
|
|
|
|
(3)
Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
0.000 |
178.571 |
342.371 |
|
(b) Deferred tax liabilities (Net) |
44.185 |
43.412 |
30.385 |
|
(c) Other long-term
liabilities |
0.630 |
0.530 |
0.530 |
|
(d) long-term
provisions |
0.000 |
0.000 |
0.000 |
|
Total Non-current
Liabilities (3) |
44.815 |
222.513 |
373.286 |
|
|
|
|
|
|
(4)
Current Liabilities |
|
|
|
|
(a) Short-term
borrowings |
2712.885 |
1682.866 |
1513.520 |
|
(b) Trade
payables |
1440.040 |
1502.479 |
1616.049 |
|
(c) Other current
liabilities |
319.705 |
354.771 |
259.722 |
|
(d) Short-term
provisions |
28.920 |
23.034 |
47.365 |
|
Total Current
Liabilities (4) |
4501.550 |
3563.150 |
3436.656 |
|
|
|
|
|
|
TOTAL |
7097.377 |
6469.229 |
6323.774 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1)
Non-current assets |
|
|
|
|
(a) Fixed
Assets |
|
|
|
|
(i)
Tangible assets |
612.234 |
663.772 |
693.652 |
|
(ii)
Intangible Assets |
0.000 |
0.000 |
0.000 |
|
(iii) Tangible assets
capital work-in-progress |
1084.859 |
891.154 |
521.422 |
|
(iv)
Intangible assets under development |
0.000 |
0.000 |
0.000 |
|
(b) Non-current Investments |
918.422 |
916.398 |
916.398 |
|
(c) Deferred tax assets (net) |
0.000 |
0.000 |
0.000 |
|
(d)
Long-term loans and advances |
36.640 |
31.805 |
186.386 |
|
(e) Other
Non-current assets |
0.000 |
0.000 |
0.000 |
|
Total Non-Current
Assets |
2652.155 |
2503.129 |
2317.858 |
|
|
|
|
|
|
(2)
Current assets |
|
|
|
|
(a)
Current investments |
0.000 |
0.000 |
0.000 |
|
(b)
Inventories |
991.442 |
779.580 |
1351.398 |
|
(c) Trade
receivables |
2039.156 |
2106.839 |
2097.399 |
|
(d) Cash and
bank balances |
117.962 |
9.036 |
147.184 |
|
(e)
Short-term loans and advances |
1208.798 |
1040.952 |
404.803 |
|
(f) Other
current assets |
87.864 |
29.693 |
5.132 |
|
Total Current
Assets |
4445.222 |
3966.100 |
4005.916 |
|
|
|
|
|
|
TOTAL |
7097.377 |
6469.229 |
6323.774 |
PROFIT
& LOSS ACCOUNT
|
|
PARTICULARS |
31.03.2016 |
31.03.2015 |
31.03.2014 |
|
|
SALES |
|
|
|
|
|
Total
Revenue from operations |
9053.634 |
11747.366 |
10918.014 |
|
|
Other Income |
173.994 |
52.880 |
36.899 |
|
|
TOTAL |
9227.628 |
11800.246 |
10954.913 |
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
Cost of Materials
Consumed |
3677.950 |
5337.001 |
4858.368 |
|
|
Purchases of
Stock-in-Trade |
4114.724 |
4838.665 |
4540.575 |
|
|
Changes in inventories of
finished goods, work-in-progress and Stock-in-Trade |
18.534 |
43.052 |
1.799 |
|
|
Employee benefit expense |
170.158 |
173.275 |
147.131 |
|
|
Other expenses |
865.859 |
955.560 |
797.148 |
|
|
TOTAL |
8847.225 |
11347.553 |
10345.021 |
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) BEFORE INTEREST, TAX,
DEPRECIATION AND AMORTISATION |
380.403 |
452.693 |
609.892 |
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES |
113.825 |
101.250 |
170.505 |
|
|
|
|
|
|
|
|
PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION |
266.578 |
351.443 |
439.387 |
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION |
72.795 |
68.831 |
83.581 |
|
|
|
|
|
|
|
|
PROFIT/ (LOSS)
BEFORE TAX |
193.783 |
282.612 |
355.806 |
|
|
|
|
|
|
|
Less |
TAX |
79.633 |
114.439 |
140.230 |
|
|
|
|
|
|
|
|
PROFIT/ (LOSS)
AFTER TAX |
114.150 |
168.173 |
215.576 |
|
|
|
|
|
|
|
|
EARNINGS IN FOREIGN
CURRENCY |
|
|
|
|
|
F.O.B. Value of Exports |
1029.091 |
1778.514 |
31.374 |
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
Capital Goods |
1.188 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
Earnings / (Loss) Per
Share (INR) |
|
|
|
|
|
Basic |
6.28 |
13.07 |
16.94 |
|
|
Diluted |
5.91 |
7.88 |
10.10 |
CURRENT MATURITIES OF LONG TERM DEBT DETAILS
|
Particulars |
31.03.2016 |
31.03.2015 |
31.03.2014 |
|
Current Maturities of Long term debt |
189.300 |
178.571 |
171.261 |
|
|
|
|
|
|
Net cash flows from (used in) operations |
18.821 |
881.867 |
(112.782) |
|
|
|
|
|
|
Net cash flows from (used in) operating activities |
(45.048) |
755.272 |
(238.957) |
KEY
RATIOS
EFFICIENCY RATIOS
|
PARTICULARS |
31.03.2016 |
31.03.2015 |
31.03.2014 |
|
Average Collection Days (Sundry
Debtors / Income * 365 Days) |
82.21 |
65.46 |
70.12 |
|
|
|
|
|
|
Account Receivables Turnover (Income / Sundry Debtors) |
4.44 |
5.58 |
5.21 |
|
|
|
|
|
|
Average Payment Days (Sundry Creditors / Purchases * 365 Days) |
67.45 |
53.89 |
62.76 |
|
|
|
|
|
|
Inventory Turnover (Operating Income / Inventories) |
0.38 |
0.58 |
0.45 |
|
|
|
|
|
|
Asset Turnover (Operating Income / Net Fixed Assets) |
0.22 |
0.29 |
0.50 |
LEVERAGE RATIOS
|
PARTICULARS |
31.03.2016 |
31.03.2015 |
31.03.2014 |
|
Debt Ratio ((Borrowing
+ Current Liabilities) / Total Assets) |
0.66 |
0.61 |
0.62 |
|
|
|
|
|
|
Debt Equity Ratio (Total Liability / Networth) |
1.14 |
0.76 |
0.81 |
|
|
|
|
|
|
Current Liabilities to Networth (Current Liabilities / Net Worth) |
1.76 |
1.33 |
1.37 |
|
|
|
|
|
|
Fixed Assets to Networth (Net Fixed Assets / Networth) |
0.67 |
0.58 |
0.48 |
|
|
|
|
|
|
Interest Coverage Ratio (PBIT / Financial Charges) |
3.34 |
4.47 |
3.58 |
PROFITABILITY RATIOS
|
PARTICULARS |
|
31.03.2016 |
31.03.2015 |
31.03.2014 |
|
Net Profit Margin ((PAT / Sales) * 100) |
% |
1.26 |
1.43 |
1.97 |
|
|
|
|
|
|
|
Return on Total Assets ((PAT / Total Assets) * 100) |
% |
1.61 |
2.60 |
3.41 |
|
|
|
|
|
|
|
Return on Investment (ROI) ((PAT / Networth) * 100) |
% |
4.47 |
6.27 |
8.58 |
SOLVENCY RATIOS
|
PARTICULARS |
31.03.2016 |
31.03.2015 |
31.03.2014 |
|
Current Ratio (Current
Assets / Current Liabilities) |
0.99 |
1.11 |
1.17 |
|
|
|
|
|
|
Quick Ratio ((Current Assets – Inventories) / Current
Liabilities) |
0.77 |
0.89 |
0.77 |
|
|
|
|
|
|
G-Score Ratio Financial (Networth / Total Assets) |
0.36 |
0.41 |
0.40 |
|
|
|
|
|
|
G-Score Ratio Debt (Debts / Equity Capital) |
15.03 |
5.85 |
5.82 |
|
|
|
|
|
|
G-Score Ratio Liquidity (Total Current Assets / Total Current Liabilities) |
0.99 |
1.11 |
1.17 |
Total
Liability = Short-term Debt + Long-term Debt + Current Maturities of Long-term
debts
FINANCIAL ANALYSIS
[all figures are
in INR Million]
DEBT EQUITY RATIO
|
Particulars |
31.03.2014 |
31.03.2015 |
31.03.2016 |
|
|
(INR
In Million) |
(INR
In Million) |
(INR
In Million) |
|
Share Capital |
348.600 |
348.600 |
193.107 |
|
Reserves & Surplus |
2165.232 |
2334.966 |
2357.905 |
|
Money received against share
warrants |
0.000 |
0.000 |
0.000 |
|
Share Application money
pending allotment |
0.000 |
0.000 |
0.000 |
|
Net
worth |
2513.832 |
2683.566 |
2551.012 |
|
|
|
|
|
|
Long-term borrowings |
342.371 |
178.571 |
0.000 |
|
Short term borrowings |
1513.520 |
1682.866 |
2712.885 |
|
Current maturities of
long-term debts |
171.261 |
178.571 |
189.300 |
|
Total
borrowings |
2027.152 |
2040.008 |
2902.185 |
|
Debt/Equity
ratio |
0.806 |
0.760 |
1.138 |
YEAR-ON-YEAR GROWTH
|
Year
on Year Growth |
31.03.2014 |
31.03.2015 |
31.03.2016 |
|
|
(INR
In Million) |
(INR
In Million) |
(INR
In Million) |
|
Sales |
10918.014 |
11747.366 |
9053.634 |
|
|
|
7.596 |
(22.931) |
NET PROFIT MARGIN
|
Net
Profit Margin |
31.03.2014 |
31.03.2015 |
31.03.2016 |
|
|
(INR
In Million) |
(INR
In Million) |
(INR
In Million) |
|
Sales |
10918.014 |
11747.366 |
9053.634 |
|
Profit/ (Loss) |
215.576 |
168.173 |
114.150 |
|
|
1.97
% |
1.43
% |
1.26
% |
LEGAL CASE
LOCAL AGENCY FURTHER INFORMATION
|
Sr. No. |
Check list by
info agents |
Available in
Report (Yes/No) |
|
1 |
Year of establishment |
Yes |
|
2 |
Constitution of the entity -Incorporation
details |
Yes |
|
3 |
Locality of the entity |
Yes |
|
4 |
Premises details |
No |
|
5 |
Buyer visit details |
-- |
|
6 |
Contact numbers |
Yes |
|
7 |
Name of the person contacted |
Yes |
|
8 |
Designation of contact person |
Yes |
|
9 |
Promoter’s background |
Yes |
|
10 |
Date of Birth of Proprietor / Partners /
Directors |
Yes |
|
11 |
Pan Card No. of Proprietor / Partners |
Yes |
|
12 |
Voter Id Card No. of Proprietor / Partners |
No |
|
13 |
Type of business |
Yes |
|
14 |
Line of Business |
Yes |
|
15 |
Export/import details (if applicable) |
No |
|
16 |
No. of employees |
No |
|
17 |
Details of sister concerns |
Yes |
|
18 |
Major suppliers |
No |
|
19 |
Major customers |
No |
|
20 |
Banking Details |
Yes |
|
21 |
Banking facility details |
Yes |
|
22 |
Conduct of the banking account |
Yes |
|
23 |
Financials, if provided |
Yes |
|
24 |
Capital in the business |
Yes |
|
25 |
Last accounts filed at ROC, if applicable |
No |
|
26 |
Turnover of firm for last three years |
Yes |
|
27 |
Reasons for variation <> 20% |
Yes |
|
28 |
Estimation for coming financial year |
No |
|
29 |
Profitability for last three years |
Yes |
|
30 |
Major shareholders, if available |
Yes |
|
31 |
External Agency Rating, if available |
Yes |
|
32 |
Litigations that the firm/promoter
involved in |
Yes |
|
33 |
Market information |
-- |
|
34 |
Payments terms |
Yes |
|
35 |
Negative Reporting by Auditors in the
Annual Report |
No |
INDEX OF CHARGES
|
SNO |
SRN |
CHARGE ID |
CHARGE HOLDER NAME |
DATE OF CREATION |
DATE OF MODIFICATION |
DATE OF SATISFACTION |
AMOUNT |
ADDRESS |
|
1 |
C62613476 |
10588153 |
AXIS TRUSTEE SERVICES LIMITED |
20/08/2015 |
- |
- |
4250000000.0 |
AXIS HOUSE, 2ND FLOOR, BOMBAY DYEING MILLS COMPOUND, PANDURANG BUDHKAR MARG, WORLI, MUMBAI MAHARASHTRA 400025 INDIA |
|
2 |
C09419979 |
10471354 |
AXIS BANK LIMITED |
18/12/2013 |
25/02/2014 |
- |
615000000.0 |
2ND FLOOR, AXIS HOUSE, WADIA INTERNATIONAL CENTRE,P. B. MARG, WORLI MUMBAI MAHARASHTRA 400025 INDIA |
|
3 |
C68205699 |
10049807 |
STATE BANK OF PATIALA |
06/11/2006 |
01/01/2015 |
19/10/2015 |
600000000.0 |
COMMERCIAL BRANCH II, TOWR 3, 2ND FLR, EQUINOXBUSINESS PARK (P) LTD, OFF BKC, LBS MARG, KURLA WEST MUMBAI MAHARASHTRA 400070 INDIA |
|
4 |
C66784844 |
10105070 |
STANDARD CHARTERED BANK |
16/05/2008 |
15/11/2011 |
08/10/2015 |
350000000.0 |
NARAIN MANZIL 23, BARAKHAMBA ROAD DELHI 110001 INDIA |
|
5 |
C66994708 |
90216309 |
BANK OF INDIA |
06/03/2002 |
- |
05/10/2015 |
78000000.0 |
M.D.I. BUILDING; 1ST FLOOR28; S.V. ROAD; ANDHERI MUMBAI MAHARASHTRA 400058 INDIA |
|
6 |
C66997784 |
90219804 |
BANK OF INDIA |
14/08/2001 |
06/01/2003 |
05/10/2015 |
70000000.0 |
M.D.I. BUILDING; 1ST FLOOR28; S.V. ROAD; ANDHERI MUMBAI MAHARASHTRA 400058 INDIA |
|
7 |
C66993908 |
10345321 |
BANK OF INDIA |
07/03/2012 |
26/04/2013 |
05/10/2015 |
3250000000.0 |
NEW DELHI LARGE CORPORATE BRANCH,PTI BUILDING, 4 PARLIAMENT STREETNEW DELHI 110001 INDIA |
|
8 |
C66996646 |
90219817 |
BANK OF INDIA |
18/02/2002 |
19/04/2014 |
05/10/2015 |
1300000000.0 |
ANDHERI LARGE CORPORATE BRANCH,28, S.V.ROAD M.D.I. BLDG.1ST FLR.,ANDHERI WEST MUMBAI MAHARASHTRA 400058 INDIA |
|
9 |
C64893605 |
10361515 |
ICICI BANK LIMITED |
16/05/2012 |
- |
15/09/2015 |
500000000.0 |
ICICI BANK TOWERSBANDRA KURLA COMPLEX MUMBAI MAHARASHTRA 400051 INDIA |
|
10 |
C64714694 |
10306276 |
AXIS BANK LIMITED |
19/08/2011 |
22/03/2014 |
14/09/2015 |
900000000.0 |
AXIS BANK LIMITED LAW GARDEN ELLISBRIDGE AHMEDABADGUJARAT 380006 INDIA |
OPERATIONS:
During the year the plants of the Company were working at an average capacity of 75%. The Company achieved sales turnover of INR 9230.000 million as against INR 11800.000 million in the previous year. The Net profit after tax was at INR 114.200 million as against INR168.200 million in the previous year. The fall in the crude oil prices and the general sluggishness in the economy impacted the performance of the company during the year.
COMPANY BACKGROUND
Visen Industries Limited, 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.
PROJECTS:
Chennai Plant:
The Chennai plant is expected to commence commercial production in January 2017. All the equipments are in place and the consent to operate has also been received from the Tamil Nadu Pollution Control Board.
The plant will have installed capacity to manufacture 60,000 MT per annum of Emulsion, capacity to manufacture 15,000 barrels per month initially, which can be scaled up to 30,000 barrels per month. The Chennai unit will also house a plasticizer unit, with a capacity of 24,000 MT per annum. The surplus plasticizer and barrels manufactured will be sold in the region. The plant with better productivity and higher storage capacity would cater to Just in Time requirements of our esteemed customers. The plant is also designed to be fully automated.
Sharjah Project:
The Sharjah plant has been set up with a capacity to manufacture 120,000 MT per annum of Emulsion and 300,000 Pieces per annum of HDPE Barrels. Commercial production at the plant has commenced in July 2015. Approvals from major customers are in place and capacity utilisation has touched 34% in the first two months of Quarter 3.
FIXED ASSETS:
·
Land
·
Buildings
·
Residential Building
·
Office Building
·
Plant and Equipment
·
Furniture and Fixtures
·
Vehicles
·
Office Equipment
·
Computer Equipment’s
CMT REPORT (Corruption, Money Laundering & Terrorism]
The Public Notice information has been collected from various sources
including but not limited to: The Courts,
1] INFORMATION ON
DESIGNATED PARTY
No exist designating subject or any of its beneficial owners,
controlling shareholders or senior officers as terrorist or terrorist organization
or whom notice had been received that all financial transactions involving
their assets have been blocked or convicted, found guilty or against whom a
judgement or order had been entered in a proceedings for violating
money-laundering, anti-corruption or bribery or international economic or
anti-terrorism sanction laws or whose assets were seized, blocked, frozen or
ordered forfeited for violation of money laundering or international
anti-terrorism laws.
2] Court Declaration :
No records exist to suggest that subject is
or was the subject of any formal or informal allegations, prosecutions or other
official proceeding for making any prohibited payments or other improper
payments to government officials for engaging in prohibited transactions or
with designated parties.
3] Asset Declaration :
No records exist to suggest that the property or assets of the subject
are derived from criminal conduct or a prohibited transaction.
4] Record on Financial
Crime :
Charges or conviction
registered against subject: None
5] Records on Violation of
Anti-Corruption Laws :
Charges or
investigation registered against subject: None
6] Records on Int’l
Anti-Money Laundering Laws/Standards :
Charges or
investigation registered against subject: None
7] Criminal Records
No
available information exist that suggest that subject or any of its principals
have been formally charged or convicted by a competent governmental authority
for any financial crime or under any formal investigation by a competent government
authority for any violation of anti-corruption laws or international anti-money
laundering laws or standard.
8] Affiliation with
Government :
No record
exists to suggest that any director or indirect owners, controlling
shareholders, director, officer or employee of the company is a government
official or a family member or close business associate of a Government
official.
9] Compensation Package :
Our market
survey revealed that the amount of compensation sought by the subject is fair and
reasonable and comparable to compensation paid to others for similar services.
10] Press Report :
No press reports / filings exists on
the subject.
CORPORATE GOVERNANCE
MIRA INFORM as part of its Due Diligence do provide comments on Corporate
Governance to identify management and governance. These factors often have been
predictive and in some cases have created vulnerabilities to credit
deterioration.
Our Governance Assessment focuses principally on the interactions
between a company’s management, its Board of Directors, Shareholders and other
financial stakeholders.
CONTRAVENTION
Subject is not known to have contravened any existing local laws,
regulations or policies that prohibit, restrict or otherwise affect the terms
and conditions that could be included in the agreement with the subject.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
INR |
|
US Dollar |
1 |
INR 63.55 |
|
UK Pound |
1 |
INR 89.82 |
|
Euro |
1 |
INR 78.87 |
INFORMATION DETAILS
|
Information
Gathered by : |
SAV |
|
|
|
|
Analysis Done by
: |
VAR |
|
|
|
|
Report Prepared
by : |
ARC |
SCORE FACTORS
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
YES |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
NO |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
RATING EXPLANATIONS
|
Credit Rating |
Explanation |
Rating Comments |
|
A++ |
Minimum Risk |
Business dealings permissible with minimum
risk of default |
|
A+ |
Low Risk |
Business dealings permissible with low
risk of default |
|
A |
Acceptable Risk |
Business dealings permissible with
moderate risk of default |
|
B |
Medium Risk |
Business dealings permissible on a regular
monitoring basis |
|
C |
Medium High Risk |
Business dealings permissible preferably
on secured basis |
|
D |
High Risk |
Business dealing not recommended or on
secured terms only |
|
NB |
New Business |
No recommendation can be done due to
business in infancy stage |
|
NT |
No Trace |
No recommendation can be done as the
business is not traceable |
NB is stated where there is insufficient information to facilitate rating. However, it is not to be considered as unfavourable.
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 are as follows:
·
Financial
condition covering various ratios
·
Company
background and operations size
·
Promoters
/ Management background
·
Payment
record
·
Litigation
against the subject
·
Industry
scenario / competitor analysis
·
Supplier
/ Customer / Banker review (wherever available)
This report is issued at
your request without any risk and responsibility on the part of MIRA INFORM
PRIVATE LIMITED (MIPL) or its officials.