MIRA
INFORM REPORT
|
Report Date : |
04.06.2011 |
IDENTIFICATION DETAILS
|
Name : |
VIRAJ PROFILES LIMITED |
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Registered
Office : |
G-34, MIDC Tarapur Industrial Area, Boisar, Taluka-Palghar, District Thane, Tarapur – 401 506, Maharashtra |
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Country : |
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Financials (as
on) : |
31.03.2010 |
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Date of
Incorporation : |
02.02.1996 |
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Com. Reg. No.: |
11-096835 |
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Capital Investment
/ Paid-up Capital : |
Rs.1341.561 Millions |
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CIN No.: [Company Identification
No.] |
U28113MH1996PLC096835 |
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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” |
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No. of Employees
: |
8000 (approximately) |
RATING & COMMENTS
|
MIRA’s Rating : |
A (65) |
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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 32400000 |
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Status : |
Good |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
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Comments : |
Subject is an established company having fine track. Financial position of the company appears to be sound. Trade relations are fair. Business is active. Payments are reported to be regular and as per commitments. The company can be considered good for normal business dealings at usual trade terms and conditions. |
NOTES:
Any query related to this report can be made
on e-mail: infodept@mirainform.com
while quoting report number, name and date.
INFORMATION DECLINED BY
|
Name : |
Mr. R K Jain |
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Designation : |
Accountant |
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Contact No.: |
91-22-22613056 |
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Date : |
03.06.2011 |
LOCATIONS
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Registered Office: |
G-34, MIDC Tarapur Industrial Area, Boisar, Taluka-Palghar, District Thane, Tarapur – 401 506, Maharashtra |
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Tel. No.: |
91-2525-279020-24/ 279702/ 270143/ 271365/ 68/261514/ 18/ 271055 (Direct)/ 271495 (Direct) |
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Fax No.: |
91-2525- 260479/ 275587/ 270431/ 272448/ 260159 (Direct) |
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Res. Fax No.: |
91-2525-26184240/279701 |
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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: |
G-76/77, MIDC, Tarapur Industrial Area, Boisr, Thane-401506, Maharashtra ,India |
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Tel. No.: |
91-2525-260156 / 271055 |
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Mobile No. : |
91-9049991009 (Mr. R K Jain, Finance Manager) |
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Fax No.: |
91-2525-271369 |
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E-Mail : |
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Factory 2 : |
BRIGHT BAR DIVISION / WIRE AND WIRE RODS DIVISION |
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Address: |
G-33, MIDC Tarapur Industrial Area, (Engineering Zone), District Thane- 401506, Maharashtra, India |
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Tel. No.: |
91-2525-261923/ 271365/68/261514/18/271055 (Direct)/271495 (Direct |
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Res. No: |
91-22-26134335/26134366 |
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Fax No.: |
91-2525-270431/272448/260159 (Direct) |
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Res. Fax No.: |
91-22-22645858 |
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E-Mail : |
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Factory 3 : |
angle AND flat bars division
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Address: |
G-76, MIDC, Tarapur, Industrial Area, (Engineering Zone), Boisar, Dist Thane – 401 506, Maharashtra, India |
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Tel. No.: |
91-2525-2560156 / 57/58/261519/20/21/271729 / 271365 (Direct)/271365-68/ 22614284 |
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Res.No: |
91-22-26134335/26134366 |
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Fax No.: |
91-2525-271369/270431 / 272448 |
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Res. Fax No.: |
91-22-22645858 |
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E-Mail : |
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Factory 4: |
Fasteners Division G-1/3, MIDC Tarapur Industrial Area, Boisar, District Thane-401506, Maharashtra, India |
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Tel No.: |
91-2525-279702-013/ 261495-96/ 260656-54 |
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Fax No.: |
91-2525-260651 |
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E mail: |
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Factory 5: |
Stainless Steel
Making Division G-34, MIDC Tarapur Industrial Area,
(Engineering Zone), Dist. Thane – 401506, Maharashtra, India. |
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Tel No.: |
91-22-22613056/22614284 |
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Fax No.: |
91-2222612980/22659713 |
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E mail: |
DIRECTORS
AS ON 30.09.2010
|
Name : |
Mr. Hitesh Ramprakash Chhatwal |
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Designation : |
Director |
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Address : |
22, Magan Villa, 6th Floor, 4th Sanman Road, Vile Parle (West), Mumbai – 400 049, Maharashtra, India |
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Date of Birth/Age : |
04.08.1975 |
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Date of Appointment
: |
01.08.2000 |
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Date of Cessation : |
01.04.2010 |
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DIN No.: |
00228920 |
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Name : |
Mr. Ravikumar Ram Piara Kamra |
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Designation : |
Additional Director |
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Address : |
C7/104, Saket CHS, Saket Complex, Thane West - 400601, Maharashtra, India |
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Date of Birth/Age : |
19.12.1950 |
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Date of Appointment
: |
16.04.2011 |
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DIN No.: |
03382951 |
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Name : |
Mr. Neeraj Raja Kochhar |
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Designation : |
Chairman |
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Address : |
4, Vikas Park Juhu Tara Road, Juhu, Mumbai – 400 049, Maharashtra, India |
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Date of Birth/Age : |
16.09.1958 |
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Date of Appointment
: |
01.11.2006 |
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DIN No.: |
00115140 |
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Name : |
Mr. Nitan Ram Chhatwal |
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Designation : |
Managing Director |
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Address : |
A - 201-202, Silver Beach Apartment, A B Nair Road, Juhu, Mumbai - 400 049, Maharashtra, India |
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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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Date of Cessation : |
01.04.2010 |
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DIN No.: |
00115575 |
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Name : |
Mrs. Smita Nitan 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, India |
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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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Date of Cessation : |
01.04.2010 |
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DIN No.: |
00116943 |
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Name: |
Mr. Rahul Jatinder Suri |
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Designation: |
Whole Time Director |
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Address : |
22, Magan Villa, 6th Floor, 4th Sanman Road, Vile Parle (West), Mumbai – 400 049, Maharashtra, India |
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Date of Birth/Age : |
14.06.1972 |
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Date of Appointment
: |
01.01.2006 |
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DIN No.: |
0016374 |
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Name: |
Mr. Raman Kumar Jain |
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Designation: |
Director |
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Address : |
31, Venus, S V P Nagar, Andheri (West), Mumbai – 400 053, Maharashtra, India |
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Date of Birth/Age : |
06.04.1960 |
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Date of Appointment
: |
12.08.2008 |
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DIN No.: |
00108435 |
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Name : |
Mrs. Renu Neeraj Kochhar |
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Designation : |
Managing Director |
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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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Date of Appointment : |
25.04.1997 |
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DIN No.: |
00115236 |
KEY EXECUTIVES
|
Name: |
Mr. Deepak Kumar Dash |
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Designation: |
Company Secretary |
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Address : |
C1-08, CISF Colony Panchmarg, Boisar, Thane – 401506, Maharashtra, India |
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Date of Birth/Age : |
03.06.1980 |
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Date of Appointment
: |
05.05.2010 |
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Pan No.: |
AJCPD1194K |
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Name : |
Mr. Abhishek Jain |
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Designation : |
Company Secretary |
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Address : |
A-302 Sambhav Apartment Ostwal Empire, Boisar, Talukah Palghar, Thane – 401501, Maharashtra, India |
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Date of Birth/Age : |
10.04.1982 |
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Date of Appointment
: |
23.12.2008 |
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Date of Cessation : |
04.05.2010 |
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Pan No.: |
AIHPJ8315Q |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 30.09.2010
|
Names of Shareholders |
|
No. of Shares |
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Neeraj R Kochhar |
|
73215239 |
|
Renu Kochhar |
|
72523705 |
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Rahul Suri |
|
11020465 |
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State Bank of India |
|
375 |
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Bank of India A/C BOI Mutual Fund |
|
375 |
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Morgan Stanley Asset MGMT Inc |
|
14625 |
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Unit Turst of India |
|
25125 |
|
Vincent Martis |
|
1875 |
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Aykkareth Thomas Thomas |
|
3750 |
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Daniel Thomas |
|
5625 |
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Gregorio Investments Limited |
|
285227276 |
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Bhoomika Financial Services Private Limited |
|
717027720 |
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Dragon Eastwest Trading Company Private Limited |
|
4687500 |
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Dynasty Impoexpo Investment Private Limited |
|
4687500 |
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Surekh Chitra Investment Private Limited |
|
4687500 |
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Trishul Sakti Investment Private Limited |
|
4687500 |
|
Nitan Chhatwal |
|
69151069 |
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Smita Chhatwal |
|
35515660 |
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R D Chhatwal |
|
999000 |
As On 30.09.2010
|
Category |
Percentage |
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Foreign holdings( Foreign institutional investor(s), Foreign companie(s) Foreign financial institution(s), Non-resident Indian(s) or Overseas Corporate bodies or Others |
21.26 |
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Bodies corporate |
54.93 |
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Directors or relatives of Directors |
11.68 |
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Other top fifty shareholders |
12.13 |
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|
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Total |
100.00 |
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” |
PRODUCTION STATUS (AS ON 31.03.2010)
|
Particulars |
Unit |
Licensed
Capacity |
Actual
Production |
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Cast billets and ingots |
MT |
348000 |
25452 |
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Wire rods |
MT |
192000 |
148149 |
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Rolled products |
MT |
60000 |
42840 |
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Angle, flat bars and channels |
MT |
60000 |
48655 |
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Forgings and flanges |
MT |
46400 |
33523 |
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Bright bares |
MT |
60000 |
52144 |
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Wires |
MT |
45600 |
18488 |
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Fasteners |
MT |
42000 |
27182 |
|
Power generation (in KWH) |
MT |
136656000 |
-- |
GENERAL INFORMATION
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No. of Employees : |
8000 (approximately) |
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Bankers : |
· ICICI Bank Limited Landmark Race Cource Cricle, Alkapuri, Vadodara – 390015, Gujarat, India |
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Facilities : |
NOTES: 1. Term loan from banks are secured against first pari-pass" charge on the fixed assets of the Company, second pari-passu charge on the current assets of the Company and personal guarantee of director. [Term Loan repayable within one year Rs.771.112 millions (Precious year Rs.726.529 millions) (Includes interest accrued and due Rs. Nil (Previous year Rs27.096 millions)}] 2. Corporate loan from bank is secured against equitable mortgage of land situated at Wada and land owned by the promoters situated at village Devghar, Nandgaon and pledge of 125,000,000 equity shares of the Company held by promoters and personal guarantee of directors. [ Loan repayable within one year Rs.Nil (Previous year Rs.101.409 millions) (Includes interest accrued and due Rs. Nil (Previous year Rs.7.659 millions))] 3. Packing credit and cash credit from banks are secured against first pa"-passu charge on the current assets of the Company, second pari-passu charge on the fixed assets of the Company and personal guarantee of directors. [Loan repayable within one year Rs.5607.209 millions (Previous year Rs.4243.971 millions)] 4. Vehicle loan from banks and no" banking financial companies is secured by way of hypothecation of the vehicles financed by them under the finance scheme [Vehicle loan repayable within one year Rs.33,696,613 (Previous year Rs.49.613 millions)]
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Banking
Relations : |
-- |
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Auditors : |
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Name : |
B S R and Associates Chartered Accountant |
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Address : |
KPMG House, Kamala Mills Compound, 448, Senapati Bapat Marg, Lower Parel, Mumbai – 400013, Maharashtra, India |
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Tel. No.: |
91-22-30440800 |
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Fax No.: |
91-22-30440900 |
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Pan No.: |
AADFB6889R |
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Associates/Subsidiaries
: |
· Bebitz Flanges Works Private Limited · Flanschenwerk Bebitz GmbH · Bhoomika Construction Private Limited ·
Viraj Charitable Trust |
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Subsidiaries : |
· Sino Investment Global Limited, British Virgin Islands · Viraj U S A Inc., United States of America · Gold Matrix Resources Pte Limited, Singapore · Gold Matrix Properties Limited, Singapore · SC Tubinox SA, Romania · Inox Service Centre, Germany |
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Holding Company : |
· Bhoomika Financial Services Private Limited (from 04.08.2009) CIN: U67100MH2007PTC175256 |
CAPITAL STRUCTURE
AS ON 31.03.2010
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
1350000000 |
Equity Shares |
Rs.1/- each |
Rs.1350.000 Millions |
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Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
1341560649 |
Equity Shares |
Rs.1/- each |
Rs.1341.561 millions |
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|
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Notes:
1. The Company allotted 846,014,649 equity shares of Re. 1 each, to the shareholders of erstwhile Viraj Allays Limited, Viraj Alloys Limited and VSL Wires Limited, on its merger with the company.
2. 82,785,000 equity shares of Re. I each, fully paid up held by erstwhile VSL Wires Limited were cancelled on amalgamation as per the scheme of malgamation sanctioned by Hon'ble High Coun of Judicature, Bombay during 2007-2008.
3. On 03.10.2006, the Company allotted 3,265,980 equity shares of Rs.1 each at a premium of RE. 14 per share to Global Sino Investment Limited in full and final settlement of external commercial borrowing taken.
4. 537,053,950 equity shares of Re. 1 each as fully paid bonus shares were allotted as bonus shares by capitalisation of profit and loss account in earlier years.
5. The Company allotted 216,400 equity shares (converted into 2,164,000 equity shares of Re. 1 each in 2005-2006) of Rs.10 each to the shareholders of erstwhile Ellara Mercantile Private Limited an its merger with the Company.
6. The Company allotted 4,007 (convened into 40,070 equity shares of Re. I each in 2005-2006) equity shares of Rs.10 each to the shareholders of erstwhile Viraj Power Limited on its merger with the Company.
7. In the year 2008, 634,094,820 (Previous Year: 415,920,000) Equity Shares of Re. 1 each were held by Bhoomika Financial Services Private Limited (BFSPL), the erstwhile Holding company BFSPL ceased to be a Holding company with effect from 07.07.2008. The ceasationof the holding company was pursuant to allotment of Equity Shares to the shareholders of erstwhile Viraj Alloys Limited, Viraj Impoexpo Limited and VSL Wires Limited, as per the Scheme sanctioned by Hon'ble High Court of Judicature, Bombay during 2007-2008.
8. Of the above, 717,027,720 (Previous year: 634,094,820) Equity Shares of Re. 1 each are held by Bhoomika Financial Services Private Limited (BFSPL), the holding company. BFSPL acquired 82,932,900 equity shares during the year. BFSPL became holding company with effect from 04.08.2009.
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS
|
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
1341.561 |
1341.561 |
495.546 |
|
|
2] Share Application Money |
0.000 |
0.000 |
846.014 |
|
|
3] Reserves & Surplus |
6761.348 |
4588.139 |
4329.699 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
|
NETWORTH |
8102.909 |
5929.700 |
5671.259 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
9406.992 |
7541.864 |
7883.303 |
|
|
2] Unsecured Loans |
194.131 |
196.499 |
198.715 |
|
|
TOTAL BORROWING |
9601.123 |
7738.363 |
8082.018 |
|
|
DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
17704.032 |
13668.063 |
13753.277 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
5371.299 |
4607.292 |
3980.984 |
|
|
Capital work-in-progress |
1909.551 |
1823.218 |
894.283 |
|
|
|
|
|
|
|
|
INVESTMENT |
1272.384 |
1096.425 |
506.960 |
|
|
DEFERREX TAX ASSETS |
160.556 |
145.772 |
243.345 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
7756.442 |
4299.941 |
8070.064 |
|
|
Sundry Debtors |
1348.383 |
988.425 |
1658.961 |
|
|
Cash & Bank Balances |
1911.523 |
1432.927 |
1906.144 |
|
|
Other Current assets |
39.880 |
26.440 |
29.333 |
|
|
Loans & Advances |
3047.705 |
1562.808 |
1467.552 |
|
Total Current
Assets |
14103.933
|
8310.541
|
13132.054
|
|
|
Less : CURRENT LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
2538.978 |
1846.820 |
1947.775 |
|
|
Other Current Liabilities |
2402.919 |
370.239 |
2960.447 |
|
|
Provisions |
171.794 |
98.126 |
96.127 |
|
Total Current
Liabilities |
5113.691
|
2315.185
|
5004.349
|
|
|
Net Current
Assets |
8990.242
|
5995.356
|
8127.705
|
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
17704.032 |
13668.063 |
13753.277 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
29209.360 |
36587.085 |
39831.658 |
|
|
|
Other Income |
190.640 |
290.909 |
274.745 |
|
|
|
TOTAL
(A) |
29400.000 |
36877.994 |
40106.403 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Materials Cost |
20641.943 |
28680.708 |
32272.823 |
|
|
|
Employees Cost |
824.683 |
656.852 |
670.580 |
|
|
|
Manufacturing and Other Expenses |
3797.832 |
4267.004 |
3526.072 |
|
|
|
Prior Period Item |
(28.166) |
0.000 |
0.000 |
|
|
|
TOTAL
(B) |
25236.292 |
33604.564 |
36469.475 |
|
|
|
|
|
|
|
|
Less |
PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
4163.708 |
3273.430 |
3636.928 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL EXPENSES (D) |
954.089 |
1789.566 |
1489.849 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
3209.619 |
1483.864 |
2147.079 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/ AMORTISATION (F) |
931.393 |
1037.534 |
1055.944 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE TAX (E-F) (G) |
2278.226 |
446.330 |
1091.135 |
|
|
|
|
|
|
|
|
|
Less |
TAX (I) |
105.016 |
187.891 |
(112.707) |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX (G-I) (J) |
2173.210 |
258.439 |
1203.842 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS YEARS’
BALANCE BROUGHT FORWARD |
3905.946 |
3647.507 |
988.765 |
|
|
|
|
|
|
|
|
|
Less |
Adjustment [net of deferred tax asset of Rs. Nil
(Previous Year: Rs.8.015 millions)] in accordance with transitional provision in Accounting
Standard 15 (Revised 2005) |
0.000 |
0.000 |
15.567 |
|
|
|
|
|
|
|
|
|
Add |
Arisen during the year on Amalgamation of erstwhile
Viraj Alloys Limited, Viraj Impoexpo Limited and VSL Wires Limited with the
Company |
0.000 |
0.000 |
1788.765 |
|
|
|
|
|
|
|
|
|
Less |
Difference between the amount recorded as Share Capital
to be issued and the amount of Share Capital of the transferor companies |
0.000 |
0.000 |
318.298 |
|
|
|
|
|
|
|
|
|
|
BALANCE CARRIED TO THE B/S |
6079.156 |
3905.946 |
3647.507 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN FOREIGN CURRENCY |
|
|
|
|
|
|
|
Export Earnings |
23080.889 |
30190.469 |
31679.834 |
|
|
TOTAL EARNINGS |
23080.889 |
30190.469 |
31679.834 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw Materials |
17839.124 |
20649.345 |
27600.292 |
|
|
|
Capital Goods |
906.352 |
934.576 |
261.555 |
|
|
|
Consumables |
426.758 |
470.249 |
375.697 |
|
|
TOTAL IMPORTS |
19172.234 |
22054.170 |
28237.544 |
|
|
|
|
|
|
|
|
|
|
Earnings Per Share (Rs.) |
1.62 |
0.19 |
0.90 |
|
KEY RATIOS
|
PARTICULARS
|
|
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
PAT / Total Income |
(%) |
7.39
|
0.70
|
3.00
|
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
7.80
|
1.21
|
2.74
|
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
11.70
|
3.45
|
6.38
|
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.28
|
0.07
|
0.19
|
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
1.81
|
1.69
|
2.31
|
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
2.76
|
3.59
|
2.62
|
LOCAL AGENCY FURTHER INFORMATION
SUNDRY CREDITORS DETAILS:
|
Particulars |
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
|
|
|
|
|
Sundry Creditors |
|
|
|
|
- Total outstanding
dues of micro and small enterprises |
12.657 |
8.909 |
6.583 |
|
- Total outstanding
dues of creditors other than micro and small enterprises |
2526.321 |
1837.911 |
1941.192 |
|
|
|
|
|
|
Total |
2538.978 |
1846.820 |
1947.775 |
NOTE:
The Registered Office of the company has been shifted from G-76, MIDC Tarapur Industrial Area, Tarapur, Thane – 40045, Maharashtra, India to the present address w.e.f 17.02.2009
BACKGROUND:
Subject was originally formed under the name of "Viraj Gases Limited on 02.02.1996. VPL is predominantly engaged in production and export of value added stainless steel long products to more than 80 countries. VPL's products have wide applications across diverse industries including petrochemical plants, oil pipelines, ships, food processing, structural design, high tensile springs and cables, boilers, pressure vessels, liquid storage terminals, liquid cargo ships and surgical instruments.
Initially, the Viraj Group 'the Group' was operating under five different companies focusing on different stainless steel long products namely, Viraj Alloys Limited, Viraj Forgings Limited, Viraj ImpoExpo Limited, Viraj Profiles Limited (VPL), and VSL Wires Limited. However, in consultation with its legal advisors, VPL decided to constitute a single multi location Export Oriented Unit under the Group's flagship company Viraj Profiles Limited (VPL). The said consolidation was completed through the slump sale of industrial undertakings of Viraj Alloys Limited (Viraj forgings Limited. amalgamated), Viraj ImpoExpo Limited and VSL Wires Limited in November 2006. Viraj Alloys Limited, Viraj lmpoExpo Limited and VSL Wires Limited were amalgamated into VPL as per the Scheme sanctioned by Hon'ble High Court of Judicature, Bombay during 2007-2008 effective from 01.04.2007.
ANALYSIS OF PERFORMANCE FOR 2009-10
After global economic crisis and metal melt-down witnessed in the 2nd half of F.Y. 2008-09, steady improvement in market conditions occurred in F.Y. 2009-10, which enabled the company to produce Stainless Steel of 258,452 MT as against production of 219,025 MT in last year. Similarly, total sales was also 214,302 MT during 2009-10 as against 187,437 MT in 2008-09. However, average unit price realisation of 2009-10 were lower by 30% in comparison to 2008-09. As a result, the total sales value was lesser. The profitability was better in 2009-10 due to yield improvement, higher production/sale volumes, improvement in inventory values, rationalization of manpower and austerity and cost saving measures initiated by the company.
FUTURE OUTLOOK:
The flow of export orders has been strong in the last quarter of F.Y. 2009-10, which augurs well for the current year. The metal prices, particularly of Nickel and Chrome, have also risen in the past months, which is good for manufacturers of Stainless Steel Engineering Products like our company. Hence, for the current year, the company has set Stainless Steel production target of 348,300 MT and sales target of 305,997 MT.
The on-going programs for achieving greater productivity and cost savings, which are aimed at creating maximum value in the hands of its buyers, shall be continuing in the current year. Further, for maximizing our profitability, we aim to secure high-quality and cost-competitive supplies by adopting global and regional commercial procurement strategies and by executing these on either a local or centralized basis as appropriate.
From the 2nd half of the current year, the company is expected to meet its power requirements from a captive power plant, which shall result in substantial savings in the power costs.
Contingent
Liabilities not provided for in respect of:
|
Particulars |
31.03.2010 |
31.03.2009 |
|
|
(Rs. In Millions) |
|
|
|
|
|
|
Uncalled liability on partly paid up Equity Shares |
401.780 |
401.780 |
|
|
|
|
|
Export Bills Discounted with/Negotiated by the banks |
5358.959 |
3271.502 |
|
|
|
|
|
Guarantees issued by the banks for various purposes |
142.448 |
131.520 |
|
|
|
|
|
Letter of Credits issued by the banks |
2776.091 |
3714.015 |
|
|
|
|
|
Excise Duty payable on Clearance under Bond |
7559.383 |
3580.046 |
|
|
|
|
|
Demands raised by Income Tax Authorities |
12.352 |
105.625 |
|
|
|
|
|
Demands raised by Service Tax Authorities |
44.920 |
44.920 |
|
|
|
|
|
Demands raised by Excise Authorities |
-- |
77.662 |
|
|
|
|
|
Corporate guarantees issued in favour of Banks for loans
taken by subsidiary companies |
3603.876 |
4465.374 |
Bankers Charges Report as per Registry
|
Corporation identity number or foreign company registrations number of the company |
U28113MH1996PTC096835 |
|
Name of the company |
VIRAJ PROFILES LIMITED |
|
Address |
G -34, MIDC Tarapur Industrial
Area, Boisar, Taluka-Palghar, District Thane, Tarapur - 400 045, Maharashtra,
India |
|
This Form is for |
Creation of Charge |
|
Type of Charges |
Immovable Property Any Interest in immovable property |
|
Particular of the charge holder |
ICICI Bank Limited, Landmark Race Cource Cricle, Alkapuri, Vadodara – 390015, Gujarat, India Email ID: shanthi.venkatesan@icicibank.com |
|
Nature or description of the instrument creating charge |
Exclusive charge on property located in Bandra (W) as prescribed in the Indenture of Mortgage dated 28.03.2011 |
|
Date of the instrument creating charge |
28.03.2011 |
|
Amount Secure by the charge |
Rs.720.000 millions |
|
Brief of the principal terms and conditions and extent and operation of the charge |
Rate
of Interest: The rate of interest stipulated by ICICI Bank which shall be sum of I-Base (at present 8.75%) and spread (at present 2.85%) per annum plus applicable interest tax or other statutory levy. Terms
of repayment : The facility shall be repaid in 18 equal quarterly installments commencing at the end of 9th month from the date of first drawdown. Margin: As mentioned in Credit Arrangement letter of ICICI Bank dated 25.03.2011 Extent
and operation of the charge: As mentioned in Credit Arrangement letter of ICICI Bank dated 25.03.2011. Others: As mentioned in Credit Arrangement letter of ICICI Bank dated 25.03.2011 |
|
Short particulars of the property or assets |
Commercial premises at First floor together with 2 nos. of parking space at 57, Linking Road, Khar, Mumbai, more specifically mentioned in Indenture of Mortgage dated 28.03.2011 Commercial premises at basement and ground floor at 57, Linking Road, Khar, Mumbai, more specifically mentioned in Indenture of Mortgage dated 28.03.2011 Commercial premises at second floor entire office together with pocket terrace at 57, Linking Road, Khar, Mumbai, more specifically mentioned in Indenture of Mortgage dated 28.03.2011 Indenture of Mortgage dated 28.03.2011 |
Fixed Assets:-
· Freehold Land
· Leasehold Land
· Factory and Building
· Plant and Machinery
· Furniture and Fixtures
· Office Equipment
· Computer
· Vehicles
· Software
· Live Stock
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 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.44.85 |
|
|
1 |
Rs.73.29 |
|
Euro |
1 |
Rs.64.89 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
8 |
|
PAID-UP CAPITAL |
1~10 |
7 |
|
OPERATING SCALE |
1~10 |
7 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
7 |
|
--PROFITABILIRY |
1~10 |
8 |
|
--LIQUIDITY |
1~10 |
7 |
|
--LEVERAGE |
1~10 |
7 |
|
--RESERVES |
1~10 |
7 |
|
--CREDIT LINES |
1~10 |
7 |
|
--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 |
NO |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
65 |
This score serves as a reference to assess SC’s credit risk
and to set the amount of credit to be extended. It is calculated from a
composite of weighted scores obtained from each of the major sections of this
report. The assessed factors and their relative weights (as indicated through
%) are as follows:
Financial
condition (40%) Ownership
background (20%) Payment
record (10%)
Credit history
(10%) Market trend
(10%) Operational
size (10%)
RATING EXPLANATIONS
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
>86 |
Aaa |
Possesses an extremely sound financial base with the strongest
capability for timely payment of interest and principal sums |
Unlimited |
|
71-85 |
Aa |
Possesses adequate working capital. No caution needed for credit transaction.
It has above average (strong) capability for payment of interest and
principal sums |
Large |
|
56-70 |
A |
Financial & operational base are regarded healthy. General
unfavourable factors will not cause fatal effect. Satisfactory capability for
payment of interest and principal sums |
Fairly Large |
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively below
average. |
Small |
|
11-25 |
Ca |
Adverse factors are apparent. Repayment of interest and principal sums
in default or expected to be in default upon maturity |
Limited with
full security |
|
<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
|
- |
NB |
New Business |
- |
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.