MIRA
INFORM REPORT
|
Report Date : |
25.11.2006 |
IDENTIFICATION
DETAILS
|
Name : |
VIRAJ PROFILES
LIMITED |
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Registered Office : |
G-76, M.I.D.C.
Tarapur Industrial Area, Boisar, District. Thane – 401506, Maharashtra |
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Country : |
India |
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Financials (as on) : |
31.03.2005 |
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Date of Incorporation : |
02.02.1996 |
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Com. Reg. No.: |
11-96835 |
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CIN No.: [Company
Identification No.] |
U40200MH1996PTC096835 |
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IEC No.: |
0300063679 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
MUMV07253B |
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Legal Form : |
Closely Held Public Limited Liability
Company |
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Line of Business : |
Manufacturer of Stainless Steel Angles
and Flat Bars “Viraj” |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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41-55 |
Ba |
Overall operation is considered normal. Capable
to meet normal commitments. |
Satisfactory |
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Maximum Credit Limit : |
USD
2225000 |
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Status : |
Satisfactory |
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Payment Behaviour : |
Usually Correct |
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Litigation : |
Clear |
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Comments : |
Viraj Profiles Limited is engaged in the business of Rolling of Angles and Flat Bars and Machinery. The company has been making tremendous progress in its turnover and profits, continuously. Financial position is good. Trade relations are reported as fair. Payments are usually correct and as per commitments. The company can be considered normal for business dealings at usual trade terms and conditions. |
LOCATIONS
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Registered Office : |
G-76, M.I.D.C.
Tarapur Industrial Area, Boisar, District. Thane – 401506, Maharashtra, India |
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Tel. No.: |
91-2525-260156-58/261519/20/21 |
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Fax No.: |
91-2525-271369 |
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E-Mail : |
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Website : |
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Corporate
Office : |
10, Imperial
Chambers, 1st Floor, Wilson Road, Ballard Estate, Mumbai – 400038,
Maharashtra, India |
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Tel.
No.: |
91-22-22613056/22614284 |
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Fax
No.: |
91-22-22612980/22659713 |
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E-Mail
: |
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Factory
1 : |
forging
& flanges division
G-34 & 35, MIDC Tarapur Industrial Area, (Engineering Zone), District Thane - 401506, Maharashtra, India Tel. No. 91-2525-271365/68/261514/18/271055 (Direct)/271495 (Direct) Fax. No.
91-2525-270431/272448/260159 (Direct) Res. Fax. No.
91-2525-26184240 E-mail. neeraj@viraj.com/val@viraj.com Mobile. No.
91-9821019181 Contact Person - Mr.
Neeraj Raja Kochhar steel
making division
G-34, MIDC Tarapur Industrial Area, (Engineering Zone), District Thane- 401506, Maharashtra Tel. No. 91-2525-271365/68/261514/18/271055 (Direct)/271495 (Direct) Fax. No. 91-2525-270431/272448/260159 (Direct) Res. Fax. No. 91-2525-26184240 E-mail. neeraj@viraj.com/val@viraj.com Mobile. No. 91-9821019181 Contact Person - Mr. Neeraj Raja Kochhar BRIGHT
BAR DIVISION /
WIRE & WIRE RODS DIVISION G-33, MIDC Tarapur Industrial Area, (Engineering Zone), District Thane- 401506, Maharashtra Tel. No. 91-2525-271365/68/261514/18/271055 (Direct)/271495 (Direct) Fax. No. 91-2525-270431/272448/260159 (Direct) Res. No. 91-22-26134335/26134366 Res. Fax. No. 91-22-22645858 E-mail. nitan@viraj.com/viel@viraj.com Mobile. No. 91-9821019179 Contact Person - Mr. Nitan Chhatwal angle
& flat bars division
G-76, MIDC, Tarapur, Industrial Area, Boisar, Dist Thane – 401 506, Maharashtra Tel.No. 91-2525-2560156 / 57/58/261519/20/21/271729 (Direct)/271365-68 Fax No. 91-2525-2571369/270431 / 272448 Res. No. 91-22-26134335/26134366 Res. Fax. No. 91-22-22645858 Email: renu@viraj.com
/ vpl@viraj.com Website: http://www.viraj.com Mobile No. 91-9821019179 Contact Person – Mrs. Renu Kochhar |
DIRECTORS
|
Name : |
Mrs. Renu N. Kochhar |
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Designation : |
Chairperson |
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Address : |
4, Vikas Park, Juhu Tara Road, JVPD Scheme, Juhu, Mumbai – 400 049 |
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Date of Birth/Age : |
10.10.1958 |
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Qualification : |
Commerce Graduate |
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Experience : |
10 Years |
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Date of Appointment : |
25.04.1997 |
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Name : |
Mr. Hitesh R. Chhatwal |
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Designation : |
Director |
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Address : |
22, Magan Villa, 6th Floor, 4th
Road, J.V.P.D. Scheme, Mumbai – 400 056 |
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Date of Birth/Age : |
04.08.1949 |
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Experience : |
5 Years |
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Date of Appointment : |
01.08.2000 |
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Name : |
Mr. Sajan T. Bijlani |
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Designation : |
Director |
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Address : |
4E,Carter Apartment, 345, Shirley Rajan
Road, Bandra (W), Mumbai – 400 050 |
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Date of Birth/Age : |
17.09.1952 |
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Experience : |
30 Years |
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Date of Appointment : |
01.08.2000 |
MAJOR SHAREHOLDERS
|
Names
of Shareholders |
|
No. of Shares |
|
Mr. Renu N. Kochhar |
|
186900 |
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VSL Wires Limited |
|
550000 |
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Bhoomika Constructions Private Limited |
|
2772800 |
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Mr. Krishani Chhatwal |
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111400 |
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Mr. Aryaman Chhatwal |
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75400 |
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Global Sino Investments Limited |
|
100000 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer of Stainless Steel Angles
and Flat Bars “Viraj” |
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Products : |
Forging
& Flanges Bright
Bar Angle
& Flat Bars Wire
& Wire Rods |
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Brand Names : |
Viraj |
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Imports from : |
U.S.A, Switzerland and Korea [Steel
angles, Flat Bars and Channels] |
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Terms : |
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Selling : |
L/C, Cash and Credit (60 days) |
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Purchasing : |
Cash and Credit (10 days) |
PRODUCTION
STATUS
|
Particulars |
Unit |
Installed Capacity |
Actual Production |
|
Rolling of Angle and Flat Bars |
MT’s |
16800.000 |
13533.274 |
GENERAL
INFORMATION
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Customers : |
Wholesalers · Ta Chen International Corporation · Montanstahl AG · Yoosung Steel Company Limited |
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No. of Employees : |
651 |
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Bankers : |
· Andhra Bank, 18 Homi Modi Street, Fort Branch, Mumbai – 400 001 · Karur Vysya Bank, Kamanwala Chambers, Ground Floor, Sir P. M. Road, Fort, Mumbai – 400 021, Maharashtra |
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Facilities : |
Andhra Bank - Credit Limit: Fund based – Rs. 396.000 millions Karur Vysya Bank - Credit Limit: Fund based: Rs. 264.000 millions |
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Banking Relations : |
Satisfactory
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Auditors : |
J.P.Sharma and Company Chartered Accountants, 702-A, Rahul Classic, Sai Baba Nagar, Borivali (West), Mumbai – 400 092, Maharashtra, India |
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Tel. No.: |
91-22-28646610 |
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E-Mail : |
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Associates : |
VSL Wires Limited, G-1/3, Tarapur Industrial Area, MIDC, District Thane – 401506, Maharashtra Line of Business: Manufacturer of Stainless Steel Wire Rod, Wires and Fine Wire. Viraj Alloys Limited, G-23, M.I.D.C., Tarapur Industrial Area, District Thane – 401506, Maharashtra Viraj Impoexpo Limited, G-33, M.I.D.C., Tarapur Industrial Area, District Thane – 401506, Maharashtra, India Line of Business: Manufacturer of Stainless Steel Bright Bars Viraj Forgings Limited G-34, M.I.D.C., Tarapur Industrial Area, District Thane – 401506, Maharashtra Line of Business: Manufacturer of S.S.Forged Flanges, Pipe Fittings and Forged Rounds |
CAPITAL STRUCTURE
Authorised
Capital :
|
No.
of Shares |
Type |
Value |
Amount |
|
5000000 |
Equity Shares |
Rs.10/-
each |
Rs. 50.000 millions |
Issued,
Subscribed & Paid-up Capital :
|
No.
of Shares |
Type |
Value |
Amount |
|
3801107 |
Equity Shares |
Rs.10/-
each |
Rs. 38.011 millions |
FINANCIAL DATA
[all figures are in Rupees
Millions]
ABRIDGED
BALANCE SHEET
|
SOURCES OF FUNDS |
31.03.2005 |
31.03.2004 |
31.03.2003 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
38.011 |
37.971 |
37.971 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
519.132 |
398.916 |
300.602 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
557.143 |
436.887 |
338.573 |
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LOAN FUNDS |
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1] Secured Loans |
289.024 |
96.610 |
9.012 |
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2] Unsecured Loans |
646.840 |
51.223 |
35.357 |
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TOTAL BORROWING |
935.864 |
147.833 |
44.369 |
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DEFERRED TAX LIABILITIES |
47.353 |
4.518 |
3.863 |
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TOTAL |
1540.360 |
589.238 |
386.805 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
947.490 |
160.752 |
0.000 |
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Capital work-in-progress |
0.000 |
41.714 |
135.068 |
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INVESTMENT |
21.230 |
21.830 |
21.830 |
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DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
446.478 |
262.062 |
165.717 |
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Sundry Debtors |
9.755 |
21.111 |
14.937 |
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Cash & Bank Balances |
48.313 |
32.382 |
17.192 |
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Other Current Assets |
0.000 |
0.000 |
0.000 |
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Loans & Advances |
349.781 |
216.211 |
184.643 |
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Total Current Assets |
854.327
|
531.766
|
382.489 |
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Less : CURRENT LIABILITIES & PROVISIONS |
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Current Liabilities & Provisions |
282.687 |
167.087 |
152.889 |
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Total Current Liabilities |
282.687
|
167.087
|
152.889 |
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Net Current Assets |
571.640
|
364.679
|
229.600 |
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MISCELLANEOUS EXPENSES |
0.000 |
0.263 |
0.307 |
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TOTAL |
1540.360 |
589.238 |
386.805 |
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PROFIT
& LOSS ACCOUNT
|
PARTICULARS |
31.03.2005 |
31.03.2004 |
31.03.2003 |
|
Sales Turnover [including other income] |
3959.142 |
2246.906 |
1423.122 |
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Profit/(Loss)
Before Tax |
196.542 |
166.919 |
178.606 |
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Provision
for Taxation |
76.683 |
46.180 |
25.000 |
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Profit/(Loss)
After Tax |
119.859 |
120.739 |
153.606 |
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Export
Value |
N.A. |
N.A. |
980.795 |
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Import
Value |
N.A. |
N.A. |
61.974 |
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Total
Expenditure |
3762.600 |
2079.987 |
1244.514 |
KEY
RATIOS
|
PARTICULARS |
|
31.03.2005 |
31.03.2004 |
31.03.2003 |
|
PAT / Total Income |
(%) |
3.03 |
5.37
|
10.79 |
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Net
Profit Margin (PBT/Sales) |
(%) |
4.96 |
7.42
|
12.55 |
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Return
on Total Assets (PBT/Total
Assets} |
(%) |
10.81 |
24.10
|
46.69 |
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Return
on Investment (ROI) (PBT/Networth) |
|
0.35 |
0.38
|
0.52 |
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Debt
Equity Ratio (Total
Liability/Networth) |
|
2.19 |
0.72
|
0.58 |
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Current
Ratio (Current
Asset/Current Liability) |
|
3.02 |
3.18
|
2.50 |
LOCAL AGENCY
FURTHER INFORMATION
History
:
Subject was originally incorporated under the name and style of "Viraj Gases Limited' on 2nd February 1996 at Mumbai in Maharashtra having Company Registration Number 11-96835. Subsequently the name was changed to the present w. e. f. 19th March 1998.
The first venture of the group was established in 1991. The company is engaged in the manufacture of stainless steel and stainless steel based engineering products. It is an export-oriented company and exporting its products to more than 60 countries all around the globe.
Amalgamation
The company had passed the resolution on dated 15th July, 2002 approving the scheme of Amalgamation of Elora Mercantile Private Limited with the company & accordingly the petition was filed with the Hon’ble High Court, Mumbai. The effective date of the amalgamation is 01.04.2002.
The company has a good reputation of its products in the world market and operating, a well-defined Quality Systems which are internationally approved for ISO 9001:2000, AD Merkblatt 2000, PED 97/23/EC, Appendixc H of B-51-97. The company is also having various prestigious approvals like shell approval, Lloyd’s approval as per shipping rules and Canadian registeration for all provinces.
Owing to the company's export performance, the Government of India has awarded the status of Government Recognised Trading House. The company is winners of "Dhatu Nayak Award" by Government of India
The company's fixed assets of important value include leasehold land, factory building, plant and machinery, furniture and fixture, rolling mill rolls, weigh bridge, lab equipment, truck and trailors, computer, motorcar and electric installation.
WEBSITE
DETAILS
With an ever increasing
export market to over 60 countries globally, Viraj is now amongst the top 3
manufacturers of Stainless Steel Flanges in the world. The Viraj Group has a
widespread network with more than 90% of exports to parts of Europe, US,
Singapore, Canada and China.
Established in 1991, Viraj
began its humble beginnings with the manufacture of Stainless Steel &
Stainless Steel based Engineering products. Since then, Viraj has gone from
strength to strength and is well known as a powerhouse in the stainless steel
industry.
Today, Viraj’s operations
span four continents and employs 5000 people with an annual turnover of $100
million. Viraj’s diverse portfolio structure includes Viraj Profiles Ltd.,
Viraj Forgings Ltd., Viraj Impo Expo Limited and VSL Wires Limited
Viraj’s deep steel industry
knowledge and an unmatched state of the art global infrastructure provide the
capacity and capability to help ensure its clients are served extraordinarily
well.
A
Snapshot Overview of Viraj’s Operations
Solid
Infrastructure consisting of a Steel Melting Shop, Casting Machine, Rolling
Mills, Pneumatic Hammer, Trimming Press and Lathe machines
Mass
infrastructure facilities like overhead cranes, hoists, forklifts, trailers to
name a few
CMT REPORT [Corruption, Money
laundering & Terrorism]
The
Public Notice information has been collected from various sources including but
not limited to: The Courts, India Prisons Service, Interpol, etc.
1] INFORMATION
ON DESIGNATED PARTY
No records exist designating subject or any of its beneficial owners,
controlling shareholders or senior officers as terrorist or terrorist
organization or whom notice had been received that all financial transactions
involving their assets have been blocked or convicted, found guilty or against
whom a judgement or order had been entered in a proceedings for violating
money-laundering, anti-corruption or bribery or international economic or
anti-terrorism sanction laws or whose assets were seized, blocked, frozen or
ordered forfeited for violation of money laundering or international
anti-terrorism laws.
2] Court
Declaration :
No records exist to suggest that subject is or was the subject of any
formal or informal allegations, prosecutions or other official proceeding for
making any prohibited payments or other improper payments to government
officials for engaging in prohibited transactions or with designated parties.
3] Asset
Declaration :
No records exist to suggest that the property or assets of the subject
are derived from criminal conduct or a prohibited transaction.
4] Record
on Financial Crime :
Charges or conviction registered
against subject: None
5] Records
on Violation of Anti-Corruption Laws :
Charges or investigation registered
against subject: None
6] Records
on Int’l Anti-Money Laundering Laws/Standards :
Charges or investigation registered
against subject: None
7] Criminal
Records
No
available information exist that suggest that subject or any of its principals
have been formally charged or convicted by a competent governmental authority
for any financial crime or under any formal investigation by a competent
government authority for any violation of anti-corruption laws or international
anti-money laundering laws or standard.
8] Affiliation
with Government :
No record
exists to suggest that any director or indirect owners, controlling
shareholders, director, officer or employee of the company is a government
official or a family member or close business associate of a Government
official.
9] Compensation
Package :
Our market
survey revealed that the amount of compensation sought by the subject is fair
and reasonable and comparable to compensation paid to others for similar
services.
10] Press Report :
No press reports / filings exists on
the subject.
CORPORATE GOVERNANCE
MIRA
INFORM as part of its Due Diligence do provide comments on Corporate Governance
to identify management and governance. These factors often have been predictive
and in some cases have created vulnerabilities to credit deterioration.
Our
Governance Assessment focuses principally on the interactions between a
company’s management, its Board of Directors, Shareholders and other financial
stakeholders.
CONTRAVENTION
Subject
is not known to have contravened any existing local laws, regulations or
policies that prohibit, restrict or otherwise affect the terms and conditions
that could be included in the agreement with the subject.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US
Dollar |
1 |
Rs.44.87 |
|
UK
Pound |
1 |
Rs.85.99 |
|
Euro |
1 |
Rs.58.15 |
SCORE &
RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
4 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
5 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
9 |
|
--PROFITABILIRY |
1~10 |
4 |
|
--LIQUIDITY |
1~10 |
5 |
|
--LEVERAGE |
1~10 |
5 |
|
--RESERVES |
1~10 |
5 |
|
--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 |
|
TOTAL |
|
47 |
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 |
Unfavourable & favourable factors
carry similar weight in credit consideration. Capability to overcome
financial difficulties seems comparatively below average/normal. |
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 |
|
NR |
In view of the lack of information, we
have no basis upon which to recommend credit dealings |
No Rating |
|