|
Report Date : |
25.05.2012 |
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-401506, |
|
|
|
|
Country : |
|
|
|
|
|
Financials (as
on) : |
31.03.2011 |
|
|
|
|
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 Products. |
|
|
|
|
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 35000000 |
|
|
|
|
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.
ECGC Country Risk Classification List – September 30, 2011
|
Country Name |
Previous Rating (30.06.2011) |
Current Rating (30.09.2011) |
|
India |
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
INFORMATION DECLINED BY
|
Name : |
Ms. Dipti |
|
Designation : |
Finance Executive |
|
Contact No.: |
91-9049991024 |
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 : |
|
|
Website : |
|
|
Location : |
Owned |
|
|
|
|
Corporate Office : |
10, Imperial Chambers, 1st Floor, Wilson Road, Ballard Estate, Mumbai – 400038, Maharashtra, India |
|
Tel. No.: |
91-22-22613056/22614284 |
|
Fax No.: |
91-22-22612980/22659713 |
|
E-Mail : |
|
|
|
|
|
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 : |
|
|
|
|
|
Factory 2 : |
BRIGHT BAR DIVISION / WIRE AND WIRE RODS
DIVISION 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 : |
|
|
|
|
|
Factory 3 : |
angle AND flat bars division
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 : |
|
|
|
|
|
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: |
|
|
|
|
|
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: |
DIRECTORS
AS ON 30.09.2011
|
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 Directorship:
|
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 |
U51109MH1994PTC187921 |
UTILITY VINCOM PVT LTD |
Director |
22/03/2004 |
22/03/2004 |
- |
Amalgamated |
NO |
|
2 |
U63000MH2005PLC151187 |
VIRAJ SHIPPING LIMITED |
Director |
10/02/2005 |
10/02/2005 |
- |
Active |
NO |
|
3 |
U51900MH1997PTC110011 |
DYNASTY IMPOEXPO PRIVATE
LIMITED |
Director |
30/09/2006 |
25/03/2006 |
- |
Active |
NO |
|
4 |
U99999MH1997PTC111526 |
DRAGON EASTWEST TRADING
PRIVATE LIMITED |
Director |
30/09/2006 |
25/03/2006 |
- |
Active |
NO |
|
5 |
U28113MH1996PLC096835 |
VIRAJ PROFILES LIMITED |
Managing director |
22/11/2011 |
01/11/2006 |
- |
Active |
NO |
|
6 |
U62200MH2007PLC173716 |
VIRAJ AVIATION LIMITED |
Director |
01/09/2007 |
01/09/2007 |
- |
Active |
NO |
|
7 |
U45203MH2007PLC173801 |
VIRAJ INFRASTRUCTURE
LIMITED |
Director |
05/09/2007 |
05/09/2007 |
- |
Active |
NO |
|
8 |
U40102MH2007PLC173799 |
VIRAJ ELECTRICITY LIMITED |
Director |
05/09/2007 |
05/09/2007 |
- |
Active |
NO |
|
9 |
U65990MH1997PTC111448 |
TRISHUL SAKTI INVESTMENT
PRIVATE LIMITED |
Director |
30/09/2011 |
01/01/2008 |
- |
Active |
NO |
|
10 |
U67120MH1997PTC110163 |
SUREKH CHITRA INVESTMENTS
PRIVATE LIMITED |
Director |
01/01/2008 |
01/01/2008 |
- |
Active |
NO |
|
11 |
U67120MH1985PTC037138 |
ALLURE INVESTMENTS PRIVATE
LIMITED |
Director |
06/09/2008 |
06/09/2008 |
- |
Amalgamated |
NO |
|
12 |
U01409MH2003PTC188499 |
GREEN WONDER KRISHI FARMS
PRIVATE LIMITED |
Director |
06/09/2008 |
06/09/2008 |
- |
Amalgamated |
NO |
|
13 |
U67100MH2007PTC175256 |
BHOOMIKA FINANCIAL
SERVICES PRIVATE LIMITED |
Director |
29/09/2009 |
18/08/2009 |
- |
Active |
NO |
|
14 |
U45200MH1995PTC093238 |
BHOOMIKA CONSTRUCTIONS
PRIVATE LIMITED |
Director |
30/09/2011 |
16/08/2011 |
- |
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 Directorship:
|
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 |
U28113MH1996PLC096835 |
VIRAJ PROFILES LIMITED |
Managing director |
22/11/2011 |
25/04/1997 |
- |
Active |
NO |
|
2 |
U45200MH1995PTC093238 |
BHOOMIKA CONSTRUCTIONS
PRIVATE LIMITED |
Director |
03/10/2008 |
03/04/2005 |
- |
Active |
NO |
|
3 |
U62200MH2007PLC173716 |
VIRAJ AVIATION LIMITED |
Director |
01/09/2007 |
01/09/2007 |
- |
Active |
NO |
|
4 |
U45203MH2007PLC173801 |
VIRAJ INFRASTRUCTURE
LIMITED |
Director |
05/09/2007 |
05/09/2007 |
- |
Active |
NO |
|
5 |
U40102MH2007PLC173799 |
VIRAJ ELECTRICITY LIMITED |
Director |
05/09/2007 |
05/09/2007 |
- |
Active |
NO |
|
6 |
U67100MH2007PTC175256 |
BHOOMIKA FINANCIAL
SERVICES PRIVATE LIMITED |
Director |
22/10/2007 |
22/10/2007 |
- |
Active |
NO |
|
7 |
U65990MH1997PTC111448 |
TRISHUL SAKTI INVESTMENT
PRIVATE LIMITED |
Director |
30/09/2011 |
01/01/2008 |
- |
Active |
NO |
|
8 |
U67120MH1997PTC110163 |
SUREKH CHITRA INVESTMENTS
PRIVATE LIMITED |
Director |
01/01/2008 |
01/01/2008 |
- |
Active |
NO |
|
9 |
U63000MH2005PLC151187 |
VIRAJ SHIPPING LIMITED |
Director |
28/09/2009 |
25/03/2009 |
- |
Active |
NO |
|
10 |
U51900MH1997PTC110011 |
DYNASTY IMPOEXPO PRIVATE
LIMITED |
Director |
30/09/2010 |
01/04/2010 |
- |
Active |
NO |
|
11 |
U99999MH1997PTC111526 |
DRAGON EASTWEST TRADING
PRIVATE LIMITED |
Director |
30/09/2010 |
01/04/2010 |
- |
Active |
NO |
|
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 Directorship:
|
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 |
24/10/2002 |
24/10/2002 |
06/07/2008 |
Active |
|
|
2 |
L51900MH1995PLC091859 |
V S L WIRES LIMITED |
Director |
18/11/2006 |
18/11/2006 |
- |
Amalgamated |
NO |
|
3 |
L99999MH1990PLC057164 |
VIRAJ ALLOYS LIMITED |
Director |
18/11/2006 |
18/11/2006 |
- |
Amalgamated |
NO |
|
4 |
U51909MH1995PLC085624 |
VIRAJ IMPOEXPO LIMITED |
Director |
18/11/2006 |
18/11/2006 |
- |
Amalgamated |
NO |
|
5 |
U91990MH2004NPL148221 |
TARAPUR ENVIRONMENT
PROTECTION SOCIETY |
Director |
29/11/2007 |
29/11/2007 |
02/09/2009 |
Active |
|
|
6 |
U28113MH1996PLC096835 |
VIRAJ PROFILES LIMITED |
Whole-time director |
06/09/2010 |
07/07/2008 |
01/04/2012 |
Active |
NO |
|
7 |
U67100MH2007PTC175256 |
BHOOMIKA FINANCIAL
SERVICES PRIVATE LIMITED |
Director |
29/09/2009 |
18/08/2009 |
- |
Active |
NO |
|
8 |
U63000MH2005PLC151187 |
VIRAJ SHIPPING LIMITED |
Director |
28/09/2010 |
15/08/2010 |
- |
Active |
NO |
|
Name : |
Mr. Rahul Jatinder Suri |
|
Designation : |
Whole Time Director |
|
Address : |
22, Magan Villa, 6th Floor, 4th Sanman Road, Vile Parle (West), Mumbai – 400 049, Maharashtra, India |
|
Date of Birth/Age : |
14.06.1972 |
|
Date of Appointment : |
01.01.2006 |
KEY EXECUTIVES
|
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 |
|
|
|
|
Name : |
Ms. Dipti |
|
Designation : |
Finance Executive |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 30.09.2011
|
Names of Shareholders |
|
No. of Shares |
|
Neeraj R Kochhar |
|
73215239 |
|
Renu Kochhar |
|
72523705 |
|
Rahul Suri |
|
11020465 |
|
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 30.09.2011
|
Equity Share Breakup |
|
Percentage of Holding |
|
Category |
|
|
|
Foreign holdings [Foreign institutional investors, Foreign Companies, Foreign Financial Institutions, Non-resident Indian 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 Products. |
||||||||
|
|
|
||||||||
|
Products : |
· Forging and Flanges · Bright Bar · Angle and Flat Bars · Wire and Wire Rods |
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
|
No. of Employees : |
8000 (Approximately) |
||||||||||||||||||||||||||||||||||||||||||
|
|
|
||||||||||||||||||||||||||||||||||||||||||
|
Bankers : |
ICICI Bank Limited Landmark Race Cource Cricle, Alkapuri, Vadodara-390015, Gujarat, India |
||||||||||||||||||||||||||||||||||||||||||
|
|
|
||||||||||||||||||||||||||||||||||||||||||
|
Facilities : |
|
||||||||||||||||||||||||||||||||||||||||||
|
|
|
|
Banking
Relations : |
-- |
|
|
|
|
Financial Institution : |
Axis Trustee Services Limited, Axis House, 2nd Floor, Bombay
Dyeing Mills Compound, Pandurang Budhkar Marg, Worli, Mumbai-400025,
Maharashtra, India |
|
|
|
|
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 CIN: U67100MH2007PTC175256 |
|
|
|
|
Subsidiary : |
·
Sino Investment Global Limited, Virgin Islands,
British ·
Viraj USA Inc, US |
CAPITAL STRUCTURE
As on 31.03.2011
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
1350000000 |
Equity Shares |
Re.1/- each |
Rs.1350.000 Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
1341560649 |
Equity Shares |
Re.1/- each |
Rs.1341.561
Millions |
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
1341.561 |
1341.561 |
1341.561 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
7558.796 |
6761.348 |
4588.139 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
|
NETWORTH |
8900.357 |
8102.909 |
5929.700 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
14118.855 |
9406.992 |
7541.864 |
|
|
2] Unsecured Loans |
270.082 |
194.131 |
196.499 |
|
|
TOTAL BORROWING |
14388.937 |
9601.123 |
7738.363 |
|
|
DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
23289.294 |
17704.032 |
13668.063 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
7470.284 |
5371.300 |
4607.292 |
|
|
Capital work-in-progress |
2560.750 |
1909.552 |
1823.218 |
|
|
|
|
|
|
|
|
INVESTMENT |
1581.123 |
1272.383 |
1096.425 |
|
|
DEFERREX TAX ASSETS |
144.861 |
160.556 |
145.772 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
10409.141
|
7756.442 |
4299.941 |
|
|
Sundry Debtors |
1527.155
|
1348.383 |
988.425 |
|
|
Cash & Bank Balances |
1332.074
|
682.678 |
1432.927 |
|
|
Other Current Assets |
1881.893
|
1268.725 |
26.440 |
|
|
Loans & Advances |
5049.743
|
3047.705 |
1562.808 |
|
Total
Current Assets |
20200.006
|
14103.933 |
8310.541 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
3622.623
|
2538.978 |
1846.820 |
|
|
Other Current Liabilities |
4919.790
|
2402.920 |
370.239 |
|
|
Provisions |
125.317
|
171.794 |
98.126 |
|
Total
Current Liabilities |
8667.730
|
5113.692 |
2315.185 |
|
|
Net Current Assets |
11532.276
|
8990.241 |
5995.356
|
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
23289.294 |
17704.032 |
13668.063 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
41060.077 |
29207.747 |
36587.085 |
|
|
|
Other Income |
231.206 |
192.253 |
290.909 |
|
|
|
TOTAL (A) |
41291.283 |
29400.000 |
36877.994 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Consumption Materials Changes Inventories |
31351.692 |
20641.943 |
28680.708 |
|
|
|
Manufacturing Service Cost |
2393.874 |
2014.082 |
656.852 |
|
|
|
Employee Related Expenses |
1033.183 |
824.684 |
4267.004 |
|
|
|
Administrative Selling Other Expenses |
2300.487 |
1783.750 |
0.000 |
|
|
|
Prior Period Items |
0.000 |
(28.166) |
0.000 |
|
|
|
TOTAL (B) |
37079.236 |
25236.293 |
33604.564 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
4212.047 |
4163.707 |
3273.430 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
1932.283 |
954.089 |
1789.566 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
2279.764 |
3209.618 |
1483.864 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
1024.120 |
931.393 |
1037.534 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) (G) |
1255.644 |
2278.225 |
446.330 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
458.196 |
105.015 |
187.891 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-H) (I) |
797.448 |
2173.210 |
258.439 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
6079.156 |
3905.946 |
3647.507 |
|
|
|
|
|
|
|
|
|
|
BALANCE CARRIED
TO THE B/S |
6876.604 |
6079.156 |
3905.946 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
Export Earnings |
35206.000 |
23080.889 |
30190.469 |
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw Materials |
NA |
17839.124 |
20649.345 |
|
|
|
Capital Goods |
NA |
906.352 |
934.576 |
|
|
|
Consumables |
NA |
426.758 |
470.249 |
|
|
TOTAL IMPORTS |
NA |
19172.234 |
22054.170 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
0.59 |
1.62 |
0.19 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
PAT / Total Income |
(%) |
1.93
|
7.39 |
0.70
|
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
3.05
|
7.80 |
1.21
|
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
4.54
|
11.70 |
3.45
|
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.14
|
0.28 |
0.07
|
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
2.59
|
1.82 |
1.69
|
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
2.33
|
2.75 |
3.59
|
LOCAL AGENCY FURTHER INFORMATION
|
Check List by
Info Agents |
Available in
Report (Yes / No) |
|
1) Year of Establishment |
Yes |
|
2) Locality of the firm |
Yes |
|
3) Constitutions of the firm |
Yes |
|
4) Premises details |
Yes |
|
5) Type of Business |
Yes |
|
6) Line of Business |
Yes |
|
7) Promoter's background |
Yes |
|
8) No. of employees |
Yes |
|
9) Name of person contacted |
Yes |
|
10) Designation of contact person |
Yes |
|
11) Turnover of firm for last three years |
Yes |
|
12) Profitability for last three years |
Yes |
|
13) Reasons for variation <> 20% |
-- |
|
14) Estimation for coming financial year |
No |
|
15) Capital in the business |
Yes |
|
16) Details of sister concerns |
Yes |
|
17) Major suppliers |
No |
|
18) Major customers |
No |
|
19) Payments terms |
No |
|
20) Export / Import details (if
applicable) |
-- |
|
21) Market information |
-- |
|
22) Litigations that the firm / promoter
involved in |
-- |
|
23) Banking Details |
Yes |
|
24) Banking facility details |
Yes |
|
25) Conduct of the banking account |
-- |
|
26) Buyer visit details |
-- |
|
27) Financials, if provided |
Yes |
|
28) Incorporation details, if applicable |
Yes |
|
29) Last accounts filed at ROC |
Yes |
|
30) Major Shareholders, if available |
Yes |
BACKGROUND:
Subject was originally formed under the name of "Viraj Gases Limited on 02.02.1996. Subject is predominantly engaged in production and export of value added stainless steel long products to more than 80 countries. Subject 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, Subject 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 2010-11:
The sales and
other income of the Company is Rs. 41290.000 Millions as against Rs. 29400.000
Millions in the previous year.
The business
environment continues to be challenging on account of high volatiles in the
price of nickel, a major raw material of the Company. As a result of the high
material cost in the year 2010-11, the profit before tax of the Company is Rs.
1255.600 Millions as against Rs. 2278.200 Millions in the previous year.
However, the Company is all set to meet the dynamic business environment and
the management is optimistic about the bright future of the Company.
FUTURE OUTLOOK:
In this volatile business
environment, the Company is strived for maximizing its profitability and 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 this 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.
BANKERS CHARGES
REPORT AS PER REGISTRY
|
This form is for |
Modification of
charge |
|
Charge
identification number of the modified |
10061532 |
|
Corporate
identity number of the company |
U28113MH1996PLC096835 |
|
Name of the
company |
VIRAJ PROFILES
LIMITED |
|
Address of the registered
office or of the principal place of
business in |
G-34, MIDC Tarapur Industrial Area, Boisar, Taluka-Palghar, District Thane, Tarapur – 401 506, Maharashtra |
|
Type of charge |
Book Debts Movable Property
[not being pledge] Floating Charge Immovable
Property Any Interest in
Immovable Property |
|
Particular of
charge holder |
Axis Trustee Services Limited, Axis House, 2nd Floor,
Bombay Dyeing Mills Compound, Pandurang Budhkar Marg, Worli, Mumbai-400025,
Maharashtra, India |
|
Email |
|
|
Nature of
description of the instrument creating or modifying the charge |
Indenture of
Mortgage dated 26.12.2011 for creating charge on fixed and current assets of
Viraj Profiles Limited in favour of Axis Trustee Services Limited as Security
Trustee. |
|
Date of
instrument Creating the charge |
26.12.2011 |
|
Amount secured by
the charge |
Rs.37912.000
Millions |
|
Short particulars
of the property charged |
In case of
working capital credit facilities by way of: (i) First Pari Passu Charge on
the Current Assets of the Borrower including stocks and Book debts both
present and future; and (ii) Second Pari
Passu charge on the Fixed Assets/immoveable properties of the Borrower both
present and future, In case of Term
Loans by way of: (i) First Pari Passu Charge on the Fixed Assets/immoveable
properties of the Borrower both present and future; and (ii) Second Pari Passu
charge on the Current Assets of the Borrower including stocks and Book debts
both present and future. |
|
Date of latest
modification prior to the present modification |
13.12.2010 |
|
Particulars of
the present modification |
Axis Trustee
Services Limited appointed as Security Trustee on behalf of Andhra Bank, SBI,
IOB, PNB, SBoP, BOI, Vijaya Bank, Karur Vysya Bank, Central Bank of India
(CBI), Axis Bank and ICICI Bank. CBI and ICICI has
been admitted to Andhra Bank Consortium. The Working Capital
facilities has been enhanced from Rs. 23510.000 Millions to Rs. 32880.000
Millions and the Term Loan limits has been revised to Rs. 5032.000 Millions.
Accordingly, total credit facilities has been enhanced from Rs. 29528.900 Cr.
to Rs. 37912.000 Millions. |
Fixed Assets:-
·
·
· 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.56.28 |
|
|
1 |
Rs.88.25 |
|
Euro |
1 |
Rs.70.81 |
INFORMATION DETAILS
|
Report Prepared
by : |
SDA |
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.