MIRA
INFORM REPORT
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Report Date : |
10.07.2008 |
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) : |
31.03.2007 |
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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 : |
A Closely held Public Limited Liability Company. |
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Line of Business : |
Manufacturer of Stainless Steel Angles and Flat Bars
“Viraj” |
RATING &
COMMENTS
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MIRA’s Rating : |
A |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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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 |
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Maximum Credit Limit : |
USD 8800000 |
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Status : |
Good |
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Payment Behaviour : |
Regular |
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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.: |
91-2525-260156-58/261519/20/21/261517 |
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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, (Engineering Zone), Boisar, Dist Thane – 401 506, Maharashtra Tel.No. 91-2525-2560156 / 57/58/261519/20/21/271729 / 271365 (Direct)/271365-68 Fax No. 91-2525-271369/270431 / 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
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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, Maharashtra |
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Date of Birth/Age : |
04.08.1975 |
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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 |
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Name : |
Mr. Neeraj Raja Kochhar |
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Designation : |
Director |
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Address : |
4, Vikas Park Juhu Tara Road, Juhu, Mumbai – 400 049, Maharashtra |
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Date of Birth/Age : |
19.09.1958 |
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Date of Appointment : |
01.11.2006 |
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Directorship in other companies |
a) CIN of Company: L99999MH1990PLC057164 Name of the company: Viraj Alloys Limited Designation: Director b) CIN of Company: U51909MH1995PTC085624 Name of the company: Viraj ImpoExpo Limited Designation: Director c) CIN of Company : U45200MH2004PTC093238 Name of the company: Bhoomika Constructions Private Limited Designation : Director |
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Name : |
Mr. Nitan ChhatwaL |
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Designation : |
Director |
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Address : |
A - 201-202, Silver Beach Apartment, A B Nair Road, Juhu, Mumbai - 400 049, Maharashtra |
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Date of Birth/Age : |
28.06.1968 |
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Date of Appointment : |
01.11.2006 |
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Directorship in other companies |
Name of the company: Viraj Alloys Limited Designation: Director
Name of the company: Viraj ImpoExpo Limited Designation: Director
Name of the Company: Bhoomika Constructions Private Limited Designation:
Director |
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Name : |
Mrs. Smita Chhatwal |
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Designation : |
Director |
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Address : |
A – 201-202, Silver Beach Apartments, A B Nair Road, Juhu, Mumbai – 400 049, Maharashtra |
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Date of Birth/Age : |
04.09.1967 |
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Date of Appointment : |
01.11.2006 |
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Directorship in other companies |
a. CIN of Company: U51909MH1995PTC085624 Name of the company: Viraj ImpoExpo Limited Designation : Director b. CIN of the Company: U45200MH2004PTC093238 Name of the company: Bhoomika Constructions Private Limited Designation : Director |
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Name: |
Mr. Rahul Suri |
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Designation: |
Managing Director |
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Name: |
Mr. Ram Suri |
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Designation: |
Director |
KEY EXECUTIVES
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Name : |
Mrs. Renu N. Kochhar |
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Designation : |
Chairman |
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Address : |
4, Vikas Park, Juhu Tara Road, JVPD Scheme, Juhu, Mumbai – 400 049, Maharashtra |
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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 : |
Harshita Modani |
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Designation : |
Secretary |
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Address : |
Flat No. 9, Building No.4, Ameya Park Colony, Navapur Road, Boisar – 401 506, Maharashtra |
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Date of Birth/Age : |
19.05.1980 |
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Date of Appointment : |
01.07.2006 |
MAJOR SHAREHOLDERS
/ SHAREHOLDING PATTERN
AS ON 31.03.2006
|
Names of Shareholders |
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No. of Shares |
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Mr. Nitan R Chhatwal |
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303 |
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Mr. Neeraj Raja Kochhar |
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6603 |
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Mrs. Renu N Kochhar |
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560703 |
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Mrs. Smita N Chhatwal |
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303 |
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Mr. Hitesh R Chhatwal |
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303 |
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Mr. Rahul Suri |
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303 |
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Mrs. Pooja Kochhar |
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303 |
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VSL Wires Limited |
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1655700 |
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Bhoomika Constructions Private Limited |
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8318400 |
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Aryaman Chhatwal |
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226200 |
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Krishani Chhatwal |
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334200 |
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Global Sino Investment Limited |
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300000 |
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Total |
11403321 |
AS ON 31.03.2007
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Sr.
No. |
Category |
Percentage |
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1 |
Directors or relatives of Directors |
9.76 |
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2. |
Bodies Corporate |
86.23 |
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3. |
Foreign holdings( Foreign Institutional investor(s), Foreign companies (s), Foreign financial institution(s), Non resident Indian(s) or Overseas Corporate bodies or Others |
4.01 |
BUSINESS DETAILS
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Line of Business : |
Manufacturer of Stainless Steel Angles and Flat Bars
“Viraj” |
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Products : |
Forging and Flanges Bright Bar Angle and Flat
Bars Wire and Wire
Rods |
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Brand Names : |
“VIRAJ” |
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Imports : |
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Countries : |
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 : |
L/C, Cash and Credit (10 days) |
PRODUCTION STATUS
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Particulars |
|
Unit |
Installed
Capacity |
Actual
Production |
|
Rolling of Angle and Flat Bars |
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MT’s |
16800.000 |
13533.274 |
GENERAL
INFORMATION
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Customers : |
Wholesalers End Users
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No. of Employees : |
8000 |
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Bankers : |
Email ID: forttbr@mummsco.iobnet.co.in |
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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 : |
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Name : |
J.P.Sharma and Company Chartered Accountants, Address: 702-A, Rahul Classic, Sai Baba Nagar, Borivali (West), Mumbai – 400 092, Maharashtra, India Tel No.¨91-22-28646610 E-Mail: ips8@rediffmail.com Ravindra Chaturvedi and Company Chartered Accountants Address: 215, Laxmi Plaza, Laxmi industrial Estate, New Link Roads, Andheri (West), Mumbai – 400 053, Maharashtra Price Waterhouse Chartered Accountant Address: 252, Veer Sawarkar Marg, Shivaji Park, Dadar, Mumbai – 400028, Maharashtra |
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Associates/Subsidiaries : |
Line of Business: Manufacturer of Stainless Steel Wire Rod, Wires and Fine Wire.
Line of Business: Manufacturer of Stainless Steel Bright Bars
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 |
|
750000000 |
Equity Shares |
Rs. 1/- each |
Rs. 750.000
Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
578331000 |
Equity Shares |
Rs. 1/- each |
Rs. 578.331 Millions |
FINANCIAL DATA
[all figures are in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2007 |
31.03.2006 |
31.03.2005 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
578.331 |
228.066 |
38.011 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
1183.924 |
431.851 |
519.132 |
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NETWORTH |
1762.255 |
659.917 |
557.143 |
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LOAN FUNDS |
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1] Secured Loans |
6520.055 |
2014.760 |
289.023 |
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2] Unsecured Loans |
26.189 |
730.043 |
646.839 |
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TOTAL BORROWING |
6546.244 |
2744.803 |
935.862 |
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DEFERRED TAX LIABILITIES |
29.504 |
97.809 |
47.353 |
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TOTAL |
8338.003 |
3502.529 |
1540.358 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
3862.027 |
2143.656 |
460.347 |
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Capital work-in-progress |
581.967 |
128.341 |
490.948 |
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INVESTMENT |
51.348 |
3.100 |
21.230 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
8112.119 |
852.367 |
446.477 |
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Sundry Debtors |
765.560 |
101.225 |
9.755 |
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Cash & Bank Balances |
1162.819 |
95.501 |
48.312 |
|
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Other Current assets |
19.981 |
0.000 |
0.000 |
|
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Loans & Advances |
1821.022 |
523.002 |
298.622 |
|
Total
Current Assets |
11881.501
|
1572.095
|
803.166 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
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Current Liabilities |
7655.128 |
344.663 |
235.333 |
|
|
Provisions |
383.712 |
0.000 |
0.000 |
|
Total
Current Liabilities |
8038.840
|
344.663
|
235.333 |
|
|
Net Current Assets |
3842.661
|
1227.432
|
567.833 |
|
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|
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|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
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TOTAL |
8338.003 |
3502.529 |
1540.358 |
|
PROFIT & LOSS
ACCOUNT
|
PARTICULARS |
31.03.2007 |
31.03.2006 |
31.03.2005 |
|
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Sales Turnover |
24906.190 |
4677.622 |
3781.317 |
|
|
Other Income |
136.578 |
22.471 |
0.000 |
|
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Total Income |
25042.768 |
4700.093 |
3781.317 |
|
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|
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|
|
|
|
Profit/(Loss) Before Tax |
1331.383 |
170.630 |
196.542 |
|
|
Provision for Taxation |
365.703 |
65.790 |
76.683 |
|
|
Profit/(Loss) After Tax |
965.680 |
104.840 |
119.859 |
|
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Earnings in Foreign Currency : |
|
|
|
|
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Export Earnings |
NA |
3858.626 |
3370.209 |
|
Total Earnings |
NA |
3858.626 |
3370.209 |
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Expenditures : |
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Raw Material Consumed |
22894.034 |
3555.688 |
0.000 |
|
|
Purchases made for re-sale |
0.000 |
31.477 |
0.000 |
|
|
Consumption of stores and spares parts |
1098.467 |
249.833 |
0.000 |
|
|
Increase/(Decrease) in Finished Goods |
(4177.536) |
(32.747) |
0.000 |
|
|
Salaries, Wages, Bonus, etc. |
342.158 |
57.855 |
0.000 |
|
|
Managerial Remuneration |
148.707 |
8.400 |
0.000 |
|
|
Payment to Auditors |
1.700 |
0.089 |
0.000 |
|
|
Interest |
794.594 |
78.995 |
48.859 |
|
|
Insurance Expenses |
21.588 |
8.318 |
0.000 |
|
|
Power & Fuel |
625.618 |
61.795 |
0.000 |
|
|
Depreciation & Amortization |
714.405 |
144.406 |
64.554 |
|
|
Other Expenditure |
1247.650 |
365.354 |
3471.362 |
|
Total Expenditure |
23711.385 |
4529.463 |
3584.775 |
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KEY RATIOS
|
PARTICULARS |
|
31.03.2007 |
31.03.2006 |
31.03.2005 |
|
PAT / Total Income |
(%) |
3.85
|
2.23
|
3.17 |
|
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|
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|
Net Profit Margin (PBT/Sales) |
(%) |
5.34
|
3.64
|
5.20 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
8.45
|
4.59
|
15.56 |
|
|
|
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|
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|
Return on Investment (ROI) (PBT/Networth) |
|
0.75
|
0.25
|
0.35 |
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|
|
|
|
|
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Debt Equity Ratio (Total Liability/Networth) |
|
8.27
|
4.68 |
2.10 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.47
|
4.56 |
3.41 |
LOCAL AGENCY FURTHER
INFORMATION
|
Name of the
company |
VIRAJ PROFILE LIMITED |
|
Presented
By |
VIRAJ PROFILES
LIMITED |
|
1) Date and
description of instrument creating the change |
Loan agreement
dated 16.07.2002 |
|
2) Amount secured
by the charge/amount owing on the securities of charge |
Rs.3.200 millions |
|
3) Short
particular of the property charged. If the property acquired is subject to
charge, date of the acquired of the property should be given |
4 MOI Tata
LPT 2515 |
|
4) Gist of the
terms and conditions and extent and operation of the charge. |
Loan repayable in 36 months Flat interest rate @ 5.26% |
|
5) Name and
Address and description of the person entitled to the charge. |
GE CAPITAL TFS LIMITED 4 Link Road, Jangpura Extention, New Delhi – 110 014 |
|
6) Date and brief description of instrument
modifying the charge |
Supplemental
Agreement dated 05.03.2005 |
|
7) Particulars of
modifications specifying the terms and conditions or the extent of operations
of the charge in which modification is made and the details of the
modification. |
The limit is
increased by additional sum of Rs. 1.858 millions with modification. The
other terms of original agreement
remain, the same |
|
Corporation identity number or foreign company registrations number of
the company |
U40200MH1996PTC096835 |
|
Name of the company |
VIRAJ PROFILES LIMITED |
|
Address |
G -76, MIDC Tarapur Industrial Area, Tarapur, Thane – 400
045, Maharashtra, India |
|
This Form is for |
Creation of Charge |
|
Type of Charges |
|
|
Particular of the charge holder
|
Indian Overseas Bank, Veer Nariman Road, Fort, Mumbai -0 400 023,, Maharashtra Email ID: forttbr@mummsco.iobnet.co.in |
|
Nature or description of the instrument creating charge |
Letter of Hypothecation of IOB Dated 08.03.2007 for Adhoc Letter of Credit |
|
Date of the instrument creating charge |
08.03.2007 |
|
Amount Secure by the charge |
Rs.300.000 millions |
|
Brief of the principal terms and conditions and extent and operation
of the charge |
Rate
of Interest: As per letter of Hypothecation of IOB
dated 08.03.2007 for Adhoc Limit of Rs. 300.000 millions. Terms
of repayment : As per letter of Hypothecation of IOB
dated 08.03.2007 for Adhoc Limit Margin: As per letter of Hypothecation of IOB
dated 08.03.2007 for Adhoc Limit. Extent
and operation of the charge: As per letter of Hypothecation of IOB
dated 08.03.2007 for Adhoc Limit of Rs. 300.000 millions. Others: As per letter of Hypothecation of IOB
dated 08.03.2007 for Adhoc Limit. |
|
Modification charge Charge identification number of the charge to be modified |
First Pari Passu charge on the Stock of Raw materials, Semi Finished and Finished Goods, Stores, Receivables, Book Debts, Documents of Title To Goods, Outstanding Monies,Oother Receivables, Both Present and Future. |
|
Corporation identity number or foreign company registrations number of
the company |
U40200MH1996PTC096835 |
|
Name of the company |
VIRAJ PROFILES LIMITED |
|
Address |
G -76, MIDC Tarapur Industrial Area, Tarapur, Thane – 400
045, Maharashtra, India |
|
This Form is for |
Creation of Charge |
|
Type of Charges |
|
|
Particular of the charge holder
|
Punjab & Sind Bank, Fort Branch, J K Somani Building, British Hotel Lane, Fort, Mumbai – 400023, Maharashtra E. Mail – psb_mbb@yahoo.co.in |
|
Nature or description of the instrument creating charge |
Hypothecation of goods to secure a demand cash credit and ii agreement for hypothecation of Debts and assets together constituting a single charge |
|
Date of the instrument creating charge |
12.01.2008 |
|
Amount Secure by the charge |
Rs.600.000 millions |
|
Brief of the principal terms and conditions and extent and operation
of the charge |
Rate
of Interest: Interest at the rate of 6.50% over RBI
rate with a minimum of 12.50% or at such rate as may be decided by the Bank
from time to time . Terms
of repayment : By way of bullet payment at maturity Margin: Nil. Extent
and operation of the charge: Charge to rank on first pari passu basis
with other term lenders of the company. Security to cover the principal together
with interest, expenses, charge etc Interest to be recovered as and when
levied on monthly basis Others: Security created in respect of term loan
facility. |
|
Modification charge Charge identification number of the charge to be modified |
First Pari Passu charge on the Stock of Raw materials, Semi Finished and Finished Goods, Stores, Receivables, Book Debts, Documents of Title To Goods, Outstanding Monies,Oother Receivables, Both Present and Future. |
Trade References
- Tachen International Limited, USA
- Monthal AG, Swithzerland
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 and 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 Limited., Viraj Forgings Limited., Viraj ImpoExpo 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 Transport fleet
of over 80 heavy tonnage vehicles Container depot at Nhava Sera, India’s
largest port 15MW capacity Power Plant
Intensive facilities for cutting,
forging, ring rolling and CNC machining Facilities for Rolling, Shot blasting,
Straightening, Buffing, Annealing and Pickling for the production of angles and
flat bars In-house anti dumping cell
PRODUCTS
SETTING HIGH BENCHMARKS IN STEEL PRODUCTION
The products manufactured at Viraj are of a high quality and value which is a direct reflection of the organisation’s beliefs and values in operating the business as a global leader in steel production.
Viraj produces Austenitic, Ferritic, Martensitic, Austenitic-Ferritic (Duplex)
stainless steel grades while supplying special grade stainless steel of
Precipitation hardening, Cold heading and Electrode quality.
Viraj’s products have wide applications across diverse industries including
Petrochemical Plants, Oil Pipelines, Ships, Structural design, High tensile
springs and cables, Boilers, Pressure vessels, Liquid storage terminals, Liquid
cargo ships and Surgical instruments to name a few.
FLANGES and FORGINGS
Viraj Forgings Limited has attained ISO 9001 certification and manufactures stainless steel – Forged and Machined Flanges, Rounds, Rods and Bars. Its manufacturing capacity is 13,200 MT per annum and 90% of its products are exported globally. It has also been awarded the ‘Star Status Holder’ recognition by the Indian government.
The production process consists of basic raw material like the stainless steel billets, bars and rounds, ingots, rods etc. The billets are cut to different sizes depending on the forging requirements and are heated into a forged product. The forged product is then converted into machined flanges, rounds, bars and rods.
WIRE and WIRE RODS
VSL Wires manufactures stainless steel wires, wire rods and fine wire. It has a manufacturing capacity of 24,000 MT per annum.
The company has a Batch Annealing Furnace and Wire Drawing Machines as its core infrastructure. The wire rods are well coated and then passed through annealing furnaces where various wires of desired grades and sizes are achieved with the help of wire drawing machines.
VSL Wires is also an ISO 9001 certified organisation and exports more than 90%
of its products globally. It too been awarded the ‘Star Status Holder’
recognition from the Indian government.
BRIGHT BARS
Viraj ImpoExpo Limited manufactures stainless steel like Bright Bars and Rods. The annual manufacturing capacity of this division is 24,000 MT.
More than 90% of these Stainless Steel Bright Bars and Rods are exported to the
international market, making Viraj a major player in this commodity.
The Bars and Rods created come in varied shapes like round, hexagon, and square
with sizes varying from 2mm to 10mm depending on the finishing and treatment.
ANGLES and FLATS
Subject manufactures stainless steel like Angles, Bars, Flats and Channels. This division of Viraj has an excellent relationship with International markets and has an annual production capacity is 24,000 MT of the finished product.
The excellent finished product is due to the in-house facilities for rolling,
shot blasting, straightening, suffing, solution annealing and pickling. Through
this division, Viraj manufactures stainless steel Angles and Flats in an
extensive size range. Excellent laboratory facilities have helped to guarantee
a high quality product at all times.
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.
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 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.
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.43.13 |
|
UK Pound |
1 |
Rs.85.02 |
|
Euro |
1 |
Rs.67.77 |
SCORE & RATING
EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
7 |
|
PAID-UP CAPITAL |
1~10 |
7 |
|
OPERATING SCALE |
1~10 |
7 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
9 |
|
--PROFITABILIRY |
1~10 |
6 |
|
--LIQUIDITY |
1~10 |
9 |
|
--LEVERAGE |
1~10 |
9 |
|
--RESERVES |
1~10 |
8 |
|
--CREDIT LINES |
1~10 |
8 |
|
--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 |
|
70 |
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. |
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 |
|