MIRA INFORM REPORT

Report Date :

11.11.2011

IDENTIFICATION DETAILS

Name :	VIRAJ PROFILES LIMITED
Formerly Known As :	VIRAJ GASES LIMITED
Registered Office :	G-34, MIDC Tarapur Industrial Area, Boisar, Taluka-Palghar, District Thane, Tarapur – 401 506, Maharashtra
Country :	India
Financials (as on) :	31.03.2010
Date of Incorporation :	02.02.1996
Com. Reg. No.:	11-096835
Capital Investment / Paid-up Capital :	Rs.1341.561 Millions
CIN No.: [Company Identification No.]	U28113MH1996PLC096835
TAN No.: [Tax Deduction & Collection Account No.]	MUMV07253B
Legal Form :	A Closely Held Public Limited Liability Company
Line of Business :	Manufacturer of Stainless Steel Angles and Flat Bars.
No. of Employees :	8000 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

A (65)

RATING		STATUS	PROPOSED CREDIT LINE
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

Maximum Credit Limit :	USD 32400000
Status :	Good
Payment Behaviour :	Regular
Litigation :	Clear
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 PARTED BY

Name :	Mr. R K Jain
Designation :	Accountant
Contact No.:	91-9049991024
Date :	10.11.2011

LOCATIONS

Registered Office:	G-34, MIDC Tarapur Industrial Area, Boisar, Taluka-Palghar, District Thane, Tarapur – 401 506, Maharashtra
Tel. No.:	91-2525-279020-24/ 279702/ 270143/ 271365/ 68/261514/ 18/ 271055 (Direct)/ 271495 (Direct)
Fax No.:	91-2525- 260479/ 275587/ 270431/ 272448/ 260159 (Direct)
Res. Fax No.:	91-2525-279701
E-Mail :	csecretary@viraj.com vfl@viraj.com val@viraj.com neeraj@viraj.com
Website :	www.viraj.com
Location :	Owned
Corporate Office :	10, Imperial Chambers, 1^st Floor, Wilson Road, Ballard Estate, Mumbai – 400038, Maharashtra, India
Tel. No.:	91-22-22613056/22614284
Fax No.:	91-22-22612980/22659713
E-Mail :	viraj@viraj.com
Factory 1:	G-76/77, MIDC, Tarapur Industrial Area, Boisr, Thane-401506, Maharashtra, India
Tel. No.:	91-2525-260156 / 271055
Mobile No. :	91-9049991009 (Mr. R K Jain, Finance Manager)
Fax No.:	91-2525-271369
E-Mail :	viraj@viraj.com vfl@viraj.com csecretary@viraj.com
Factory 2 :	BRIGHT BAR DIVISION / WIRE AND WIRE RODS DIVISION
Address:	G-33, MIDC Tarapur Industrial Area, (Engineering Zone), District Thane- 401506, Maharashtra, India
Tel. No.:	91-2525-261923/ 271365/68/261514/18/271055 (Direct)/271495 (Direct)
Res. No:	91-22-26134335/26134366
Fax No.:	91-2525-270431/272448/260159 (Direct)
Res. Fax No.:	91-22-22645858
E-Mail :	nitan@viraj.com/viel@viraj.com
Factory 3 :	angle AND flat bars division
Address:	G-76, MIDC, Tarapur, Industrial Area, (Engineering Zone), Boisar, Dist Thane – 401 506, Maharashtra, India
Tel. No.:	91-2525-2560156 / 57/58/261519/20/21/271729 / 271365 (Direct)/271365-68/ 22614284
Res.No:	91-22-26134335/26134366
Fax No.:	91-2525-271369/270431 / 272448
Res. Fax No.:	91-22-22645858
E-Mail :	renu@viraj.com vpl@viraj.com
Factory 4:	Fasteners Division G-1/3, MIDC Tarapur Industrial Area, Boisar, District Thane-401506, Maharashtra, India
Tel No.:	91-2525-279702-013/ 261495-96/ 260656-54
Fax No.:	91-2525-260651
E mail:	fastner@viraj.com
Factory 5:	Stainless Steel Making Division G-34, MIDC Tarapur Industrial Area, (Engineering Zone), Dist. Thane – 401506, Maharashtra, India.
Tel No.:	91-22-22613056/22614284
Fax No.:	91-22-22612980/22659713
E mail:	viel@viraj.com

DIRECTORS

AS ON 30.09.2010

Name :

Mr. Ravikumar Ram Piara Kamra

Designation :

Additional Director

Address :

C7/104, Saket CHS, Saket Complex, Thane West - 400601, Maharashtra, India

Date of Birth/Age :

19.12.1950

Date of Appointment :

16.04.2011

DIN No.:

03382951

Name :

Mr. Neeraj Raja Kochhar

Designation :

Chairman

Address :

4, Vikas Park Juhu Tara Road, Juhu, Mumbai – 400 049, Maharashtra, India

Date of Birth/Age :

16.09.1958

Date of Appointment :

01.11.2006

DIN No.:

00115140

Other Directorships :

S.No.	CIN	Name of the Company	Current designation of the director	Date of appointment at current designation	Original date of appointment	Company Status	Defaulting status
1	U51109MH1994PTC187921	UTILITY VINCOM PRIVATE LIMITED	Director	22-03-04	22-03-04	Amalgamated	NO
2	U63000MH2005PLC151187	VIRAJ SHIPPING LIMITED	Director	10-02-05	10-02-05	Active	NO
3	U51900MH1997PTC110011	DYNASTY IMPOEXPO PRIVATE LIMITED	Director	30-09-06	25-03-06	Active	NO
4	U99999MH1997PTC111526	DRAGON EASTWEST TRADING PRIVATE LIMITED	Director	30-09-06	25-03-06	Active	NO
5	U28113MH1996PLC096835	VIRAJ PROFILES LIMITED	Managing director	06-09-10	01-11-06	Active	NO
6	U62200MH2007PLC173716	VIRAJ AVIATION LIMITED	Director	01-09-07	01-09-07	Active	NO
7	U45203MH2007PLC173801	VIRAJ INFRASTRUCTURE LIMITED	Director	05-09-07	05-09-07	Active	NO
8	U40102MH2007PLC173799	VIRAJ ELECTRICITY LIMITED	Director	05-09-07	05-09-07	Active	NO
9	U65990MH1997PTC111448	TRISHUL SAKTI INVESTMENT PRIVATE LIMITED	Director	30-09-11	01-01-08	Active	NO
10	U67120MH1997PTC110163	SUREKH CHITRA INVESTMENTS PRIVATE LIMITED	Director	01-01-08	01-01-08	Active	NO
11	U67120MH1985PTC037138	ALLURE INVESTMENTS PRIVATE LIMITED	Director	06-09-08	06-09-08	Amalgamated	NO
12	U01409MH2003PTC188499	GREEN WONDER KRISHI FARMS PRIVATE LIMITED	Director	06-09-08	06-09-08	Amalgamated	NO
13	U67100MH2007PTC175256	BHOOMIKA FINANCIAL SERVICES PRIVATE LIMITED	Director	29-09-09	18-08-09	Active	NO
14	U45200MH1995PTC093238	BHOOMIKA CONSTRUCTIONS PRIVATE LIMITED	Director	30-09-11	16-08-11	Active	NO

Name:

Mr. Rahul Jatinder Suri

Designation:

Whole Time Director

Address :

22, Magan Villa, 6^th Floor, 4^th Sanman Road, Vile Parle (West), Mumbai – 400 049, Maharashtra, India

Date of Birth/Age :

14.06.1972

Date of Appointment :

01.01.2006

DIN No.:

0016374

Name:

Mr. Raman Kumar Jain

Designation:

Director

Address :

31, Venus, S V P Nagar, Andheri (West), Mumbai – 400 053, Maharashtra, India

Date of Birth/Age :

06.04.1960

Date of Appointment :

12.08.2008

DIN No.:

00108435

Other Directorships :

S.No.	CIN	Name of the Company	Current designation of the director	Date of appointment at current designation	Original date of appointment	Date of cessation	Company Status	Defaulting status
1	U50100MH2002PTC137671	VAISHNO LOGISTIC PRIVATE LIMITED	Director	24-10-02	24-10-02	06-07-08	Active	YES
2	L51900MH1995PLC091859	V S L WIRES LIMITED	Director	18-11-06	18-11-06	-	Amalgamated	NO
3	L99999MH1990PLC057164	VIRAJ ALLOYS LIMITED	Director	18-11-06	18-11-06	-	Amalgamated	NO
4	U51909MH1995PLC085624	VIRAJ IMPOEXPO LIMITED	Director	18-11-06	18-11-06	-	Amalgamated	NO
5	U91990MH2004NPL148221	TARAPUR ENVIRONMENT PROTECTION SOCIETY	Director	29-11-07	29-11-07	02-09-09	Active	YES
6	U28113MH1996PLC096835	VIRAJ PROFILES LIMITED	Whole-time director	06-09-10	07-07-08	-	Active	NO
7	U67100MH2007PTC175256	BHOOMIKA FINANCIAL SERVICES PRIVATE LIMITED	Director	29-09-09	18-08-09	-	Active	NO
8	U63000MH2005PLC151187	VIRAJ SHIPPING LIMITED	Director	28-09-10	15-08-10	-	Active	NO

Name :

Mrs. Renu Neeraj Kochhar

Designation :

Managing Director

Address :

4, Vikas Park, Juhu Tara Road, JVPD Scheme, Juhu, Mumbai – 400 049, Maharashtra

Date of Birth/Age :

10.10.1958

Qualification :

Commerce Graduate

Date of Appointment :

25.04.1997

DIN No.:

00115236

Other Directorships :

S.No.	CIN	Name of the Company	Current designation of the director	Date of appointment at current designation	Original date of appointment	Company Status	Defaulting status
1	U28113MH1996PLC096835	VIRAJ PROFILES LIMITED	Managing director	06-09-10	25-04-97	Active	NO
2	U45200MH1995PTC093238	BHOOMIKA CONSTRUCTIONS PRIVATE LIMITED	Director	03-10-08	03-04-05	Active	NO
3	U62200MH2007PLC173716	VIRAJ AVIATION LIMITED	Director	01-09-07	01-09-07	Active	NO
4	U45203MH2007PLC173801	VIRAJ INFRASTRUCTURE LIMITED	Director	05-09-07	05-09-07	Active	NO
5	U40102MH2007PLC173799	VIRAJ ELECTRICITY LIMITED	Director	05-09-07	05-09-07	Active	NO
6	U67100MH2007PTC175256	BHOOMIKA FINANCIAL SERVICES PRIVATE LIMITED	Director	22-10-07	22-10-07	Active	NO
7	U65990MH1997PTC111448	TRISHUL SAKTI INVESTMENT PRIVATE LIMITED	Director	30-09-11	01-01-08	Active	NO
8	U67120MH1997PTC110163	SUREKH CHITRA INVESTMENTS PRIVATE LIMITED	Director	01-01-08	01-01-08	Active	NO
9	U63000MH2005PLC151187	VIRAJ SHIPPING LIMITED	Director	28-09-09	25-03-09	Active	NO
10	U51900MH1997PTC110011	DYNASTY IMPOEXPO PRIVATE LIMITED	Director	30-09-10	01-04-10	Active	NO
11	U99999MH1997PTC111526	DRAGON EASTWEST TRADING PRIVATE LIMITED	Director	30-09-10	01-04-10	Active	NO

KEY EXECUTIVES

Name :	Mr. R K Jain
Designation :	Accountant
Name:	Mr. Deepak Kumar Dash
Designation:	Company Secretary
Address :	C1-08, CISF Colony Panchmarg, Boisar, Thane – 401506, Maharashtra, India
Date of Birth/Age :	03.06.1980
Date of Appointment :	05.05.2010
Pan No.:	AJCPD1194K

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 30.09.2010

Names of Shareholders	No. of Shares
Neeraj R Kochhar	73215239
Renu Kochhar	72523705
Rahul Suri	11020465
State Bank of India	375
Bank of India A/C BOI Mutual Fund	375
Morgan Stanley Asset MGMT Inc	14625
Unit Turst of India	25125
Vincent Martis	1875
Aykkareth Thomas Thomas	3750
Daniel Thomas	5625
Gregorio Investments Limited	285227276
Bhoomika Financial Services Private Limited	717027720
Dragon Eastwest Trading Company Private Limited	4687500
Dynasty Impoexpo Investment Private Limited	4687500
Surekh Chitra Investment Private Limited	4687500
Trishul Sakti Investment Private Limited	4687500
Nitan Chhatwal	69151069
Smita Chhatwal	35515660
R D Chhatwal	999000

AS ON 30.09.2010

Equity Shares Break – Up

Category	Percentage
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
Bodies corporate	54.93
Directors or relatives of Directors	11.68
Other top fifty shareholders	12.13
Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacturer of Stainless Steel Angles and Flat Bars.

Products :

Product Description	ITC Code
Stainless Steel Billets	72189910
Stainless Steel Wire Rods	72210090
Stainless Steel Angle Channel	72224020

· Forging and Flanges

· Bright Bar

· Angle and Flat Bars

· Wire and Wire Rods

Brand Names :

“VIRAJ”

Terms :

Purchasing :

Cash

PRODUCTION STATUS (AS ON 31.03.2010)

Particulars	Unit	Licensed Capacity	Actual Production
Cast billets and ingots	MT	348000	25452
Wire rods	MT	192000	148149
Rolled products	MT	60000	42840
Angle, flat bars and channels	MT	60000	48655
Forgings and flanges	MT	46400	33523
Bright bares	MT	60000	52144
Wires	MT	45600	18488
Fasteners	MT	42000	27182
Power generation (in KWH)	MT	136656000	--

GENERAL INFORMATION

Customers :

Wholesalers

No. of Employees :

8000 (approximately)

Bankers :

· ICICI Bank Limited

Landmark Race Cource Cricle, Alkapuri, Vadodara – 390015, Gujarat, India

Facilities :

Secured Loans	31.03.2010	31.03.2009
	(Rs. In Millions)
Term loan from banks	2251.031	2453.534
Corporate loan from a bank	1500.000	757.659
Packing credit in foreign currency from banks	2231.384	0.000
Rupee packing credit from banks	2168.959	3842.900
Cash credit from banks	1206.866	401.071
Vehicle loans	48.752	86.700
Total	9406.992	7541.864
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)]
Unsecured Loans	31.03.2010	31.03.2009
	(Rs. In Millions)
Sales tax deferral loan under package scheme of incentive [Repayable within one year Rs.52.628 millions (Previous Year Rs.2.368 million)]	170.360	172.727
From Companies (Repayable an demand)	23.771	23.772
Total	194.131	196.499

Banking Relations :	--
Auditors :
Name :	B S R and Associates Chartered Accountants
Address :	KPMG House, Kamala Mills Compound, 448, Senapati Bapat Marg, Lower Parel, Mumbai – 400013, Maharashtra, India
Tel. No.:	91-22-30440800
Fax No.:	91-22-30440900
Pan No.:	AADFB6889R
Holding Company :	· Bhoomika Financial Services Private Limited (from 04.08.2009) CIN: U67100MH2007PTC175256
Enterprises over which Directors and their relatives exercising significant influence :	· Bebitz Flanges Works Private Limited · Flanschenwerk Bebitz GmbH · Bhoomika Construction Private Limited · Viraj Charitable Trust
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

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

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
1341560649	Equity Shares	Rs.1/- each	Rs.1341.561 millions

Notes:

1. The Company allotted 846,014,649 equity shares of Re.1/- each, to the shareholders of erstwhile Viraj Alloys Limited, Viraj Impoexpo Limited and VSL Wires Limited, on its merger with the company.

2. 82,785,000 equity shares of Re.1/- each, fully paid up held by erstwhile VSL Wires Limited were cancelled on amalgamation as per the scheme of amalgamation sanctioned by Hon'ble High Court 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.1/- 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 ceasation of 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 (H)		105.016	187.891	(112.707)
	PROFIT AFTER TAX (G-H) (I)		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

Particulars	31.03.2011
Sales Turnover (Approximately)	31500.000

The above information has been parted by Mr. R K Jain.

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

Check list by info Agents	Available in Report (Yes/ No)
Year of Establishment	Yes
Locality of the Firm	Yes
Constitution of the Firm	Yes
Premises details	Yes
Type of Business	Yes
Line of Business	Yes
Promoter’s Background	--------
No. of Employees	Yes
Name of Person Contacted	Yes
Designation of Contact person	Yes
Turnover of Firm for last three years	Yes
Profitability for last three years	No
Reasons for variation <> 20%	No
Estimation for coming financial year	No
Capital in the business	Yes
Details of sister concerns	Yes
Major Suppliers	No
Major Customers	Yes
Payments Terms	No
Export/ Imports Details (If applicable)	No
Market Information	--------
Litigations that the firm/ Promoters Involved in	--------
Banking details	Yes
Banking Facility Details	No
Conduct of the Banking Account	--------
Buyer visit details	--------
Financials, if provided	No
Incorporation details is applicable	--------
Last Accounts filed at ROC	--------
Major Shareholders, if available	--------

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 the 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 their 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

TRADE REFERENCE:

· Freehold Land

· Leasehold Land

· Plant and Machinery

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, 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.49.38
UK Pound	1	Rs.79.20
Euro	1	Rs.67.84

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	-

PRIVATE & CONFIDENTIAL : This information is provided to you at your request, you having employed MIPL for such purpose. You will use the information as aid only in determining the propriety of giving credit and generally as an aid to your business and for no other purpose. You will hold the information in strict confidence, and shall not reveal it or make it known to the subject persons, firms or corporations or to any other. MIPL does not warrant the correctness of the information as you hold it free of any liability whatsoever. You will be liable to and indemnify MIPL for any loss, damage or expense, occasioned by your breach or non observance of any one, or more of these conditions

This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.