MIRA
INFORM REPORT
|
Report Date : |
12.12.2013 |
IDENTIFICATION DETAILS
|
Name : |
VIRAJ PROFILES LIMITED (w.e.f. 19.03.1998) |
|
|
|
|
Formerly Known
As : |
VIRAJ GASES LIMITED |
|
|
|
|
Registered Office
: |
G-34, MIDC Tarapur Industrial Area, Boisar, Taluka-Palghar, Tarapur,
District Thane – 401 506, |
|
|
|
|
Country : |
|
|
|
|
|
Financials (as
on) : |
31.03.2012 |
|
|
|
|
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 |
|
|
|
|
PAN No.: [Permanent Account No.] |
AABCV1740N |
|
|
|
|
Legal Form : |
A Closely Held Public Limited Liability Company |
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|
|
|
Line of Business
: |
Subject is predominantly engaged in production and export of value
added stainless steel long products. |
|
|
|
|
No. of Employees
: |
Information declined by the Management. |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (49) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Maximum Credit Limit : |
USD 38467000 |
|
|
|
|
Status : |
Satisfactory |
|
|
|
|
Payment Behaviour : |
Usually correct |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Subject is a subsidiary of “Bhoomika Financial Services Private
Limited”. It is an established company having satisfactory track record. Management of the company has failed to file the latest financial of 2013
with the Government Department. As per available, the company has achieved some growth in its turnover
during 2012. The company possesses a strong financial profile marked by sound
networth position. Trade relations are fair. Business is active. Payment terms are
reported as usually correct. In view of long standing experience of the management, the subject can
be considered normal for 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.
INDIAN ECONOMIC OVERVIEW
The current downturn
provides an opportunity to push ahead with reforms to accelerate growth, says
the latest India Development Update report released by the World Bank. The
report says that the adverse effects of rupee depreciation are likely to be
offset by the gains in the exports performance due to improved external
competitiveness. Since May this year, the local currency has depreciated
substantially and fell to a record level of Rs 68.85 to a dollar on August, 28.
A stagflation like
situation appears to have arisen as inflation jumped to an eight month high of
6.46 % for the month of September. It is up from 6.10 % in August. Growth
continues to be muted with factory output plunging to 0.6 % in August.
Onion prices have risen nearly 300 % from last September. Vegetables cost
nearly 90 % more than they did last year. Wake up to the economic contribution
of slum dwellers. They contribute more than 7.5 % to the country’s gross
domestic product, according to a recent study conducted in 50 top cities.
136000 estimated
number of jobs created during the second quarter of the current financial year.
50000 estimated number of additional jobs in the field of corporate social
responsibility in the coming years.
The International
Finance Corporation expects to come out with its rupee linked bonds issue
before the end of 2013 as a part of its plan to raise $ 1 billion. The Apple
iPhone 5c (Rs 41900 for 16 GB variant) and 5s (Rs 53500 for 16GB variant) has
been launched in India from 1st November.
The Land Acquisition
Act to provide just and fair compensation to farmers will come into force from
January 1 next year, said Rural Development Minister Jairam Ramesh. The Act
replaces a 119 year old registration. The Securities and Exchange Board of
India has approved the trading of currency futures on the Bombay Stock
Exchange. The exchange plans to launch the currency futures platform with
advanced trading technology by the end of November.
EXTERNAL AGENCY RATING
|
Rating Agency Name |
CARE |
|
Rating |
BBB (Long Term Bank Facilities) |
|
Rating Explanation |
Moderate degree of safety and moderate credit risk. |
|
Date |
29.10.2012 |
|
Rating Agency Name |
CARE |
|
Rating |
A3 (Short Term Bank Facilities) |
|
Rating Explanation |
Moderate degree of safety and very high credit risk. |
|
Date |
29.10.2012 |
RBI DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter
in the publicly available RBI Defaulters’ list.
EPF (Employee Provident Fund) DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter
in the publicly available EPF (Employee Provident Fund) Defaulters’ list as of
31-03-2012.
INFORMATION DECLINED
Management non-cooperative
(Tel. No.: 91-2525-272448)
LOCATIONS
|
Registered Office/ Marketing Office/ Factory 1: |
G-34, MIDC Tarapur Industrial Area, Boisar, Taluka-Palghar, Tarapur,
District Thane – 401 506, Maharashtra, India |
|
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) |
|
E-Mail : |
|
|
Website : |
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|
Location : |
Owned |
|
|
|
|
Corporate Office : |
10, Imperial Chambers, 1st Floor, Wilson Road, Ballard Estate, Mumbai – 400 038, Maharashtra, India |
|
Tel. No.: |
91-22-22613056/ 22614284 |
|
Fax No.: |
91-22-22612980/ 22659713 |
|
E-Mail : |
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|
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|
Factory 2: |
G-76/77, MIDC, Tarapur Industrial Area (Engineering Zone), Boisar, Distrct Thane – 401 506, Maharashtra, India |
|
Tel. No.: |
91-2525-260156/ 271055 |
|
Fax No.: |
91-2525-271369 |
|
E-Mail : |
|
|
|
|
|
Factory 3: |
Bright Bar Division / Wire and Wire Rods
Division G-33, MIDC Tarapur Industrial Area, (Engineering Zone),
District Thane - 401 506, Maharashtra,
India |
|
Tel. No.: |
91-2525-261923/ 271365/68/261514/18/271055 (Direct)/271495 (Direct) |
|
Fax No.: |
91-2525-270431 /272448/260159 (Direct) |
|
E-Mail : |
|
|
|
|
|
Factory 4: |
Fasteners Division G-1/3, MIDC Tarapur Industrial Area, Boisar, District Thane – 401 506, Maharashtra, India |
|
Tel No.: |
91-2525-279702-013/ 261495-96/ 260656-54 |
|
Fax No.: |
91-2525-260651 |
|
E-Mail : |
DIRECTORS
AS ON 29.09.2012
|
Name : |
Mr. Neeraj Raja
Kochhar |
|
Designation : |
Managing Director |
|
Address : |
4, Vikas Park,
Juhu Tara Road, Juhu, Mumbai – 400 049, Maharashtra, India |
|
Date of Birth/Age : |
16.09.1958 |
|
Qualification : |
Commerce
Graduate |
|
Date of Appointment : |
01.11.2006 |
|
DIN No.: |
00115140 |
|
PAN No.: |
AMXPK6610R |
|
|
|
|
Name : |
Mrs. Renu Neeraj
Kochhar |
|
Designation : |
Managing Director |
|
Address : |
4, Vikas Park,
Juhu Tara Road, Juhu, Mumbai – 400 049, Maharashtra, India |
|
Date of Birth/Age : |
10.10.1958 |
|
Qualification : |
MA |
|
Date of Appointment : |
25.04.1997 |
|
DIN No.: |
00115236 |
|
PAN No.: |
AARPK1540N |
|
|
|
|
Name : |
Mr. Tharmapuram
Subramaniam Narayanasami |
|
Designation : |
Director |
|
Address : |
FLT-1B, The Lords Apartment, Sathya Dev Avenue, R.A. Puram, Chennai –
600 028, Tamilnadu, India |
|
Date of Birth/Age : |
18.05.1949 |
|
Date of Appointment : |
10.04.2012 |
|
DIN No.: |
01786981 |
|
|
|
|
Name : |
Mr. Atulkumar Bhagwatiprasad Joshi |
|
Designation : |
Director |
|
Address : |
10, Pratiksha Apartments, Opposite: Sarswati High School, Maninagar,
Ahmedabad – 380 008, Gujarat, India |
|
Date of Birth/Age : |
16.07.1952 |
|
Date of Appointment : |
03.09.2013 |
|
DIN No.: |
00115716 |
KEY EXECUTIVES
|
Name : |
Mr. Gaurav Govind Singh Raghuvanshi |
|
Designation : |
Secretary |
|
Address : |
Flat No.2, Shanti Ganga Co-Operative Society, Boisar – 401 501,
Maharashtra, India |
|
Date of Birth/Age : |
11.08.1988 |
|
Date of Appointment : |
08.07.2013 |
|
PAN No.: |
AWWPR0645Q |
|
Mobile No.: |
91-9049991270 |
|
|
|
|
Employed
throughout the year: |
|
|
Name : |
Mr. Vinod Chaturvedi |
|
Designation : |
President-HR |
|
|
|
|
Name : |
Mr. Bhanwar Singh Shekawat |
|
Designation : |
President-Sales and Marketing |
|
|
|
|
Name : |
Mr. Rajive Sharma |
|
Designation : |
President-Purchase and Stores |
|
|
|
|
Employed for
part of the year: |
|
|
Name : |
Mr. Subrata Bhattacharya |
|
Designation : |
Chief Operating Officer-SMS, Forging and Profiles |
|
|
|
|
Name : |
Mr. Hemal Shah |
|
Designation : |
Deputy Managing Director-Corporate |
MAJOR SHAREHOLDERS
AS ON 29.09.2012
Note:
Shareholding details file attached.
AS ON 29.09.2012
|
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] |
|
7.48 |
|
Bodies
corporate |
|
80.50 |
|
Directors
or relatives of directors |
|
11.82 |
|
Other
top fifty shareholders |
|
0.20 |
|
Total |
|
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Subject is predominantly engaged in production and export of value
added stainless steel long products. |
||||||||
|
|
|
||||||||
|
Products : |
· Forging and Flanges · Bright Bar · Angle and Flat Bars · Wire and Wire Rods |
PRODUCTION STATUS (AS ON 31.03.2011):
a) Licensed
Capacity* and Installed capacity (Per Annum in MT)
|
Particulars |
Capacity
Installed |
|
Cast Billets and Ingots |
348000 |
|
Wire Rods |
192000 |
|
Rolled Products |
150000 |
|
Angle, Flat Bars and Channels |
60000 |
|
Forgings and Flanges |
51740 |
|
Bright Bars |
108000 |
|
Wires |
45600 |
|
Fasteners |
60000 |
|
Power Generation (in KWh) |
136656000 |
*Not applicable in each case
1) As certified by the management, on which auditors have placed
reliance, being a technical matter.
2) The installed capacity figures are given for triple shift on annual basis.
|
Particulars |
Actual
Production (MT) |
|
Cast Billets and Ingots |
272161 (271722) |
|
Wire Rods |
150487 (94703) |
|
Rolled Products |
68513 (63466) |
|
Angle, Flat Bars and Channels |
57533 (12720) |
|
Forgings and Flanges |
37187 (24752) |
|
Bright Bars |
56350 (265) |
|
Wires |
24945 (2636) |
|
Fasteners |
32834 (141) |
|
Power Generation (in KWh) |
-- (--) |
GENERAL INFORMATION
|
No. of Employees : |
Information declined by the Management. |
|||||||||||||||||||||||||||
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|
|
|||||||||||||||||||||||||||
|
Bankers : |
·
ICICI Bank
Limited Landmark Race Cource Cricle, Alkapuri, Vadodara – 390 015, Gujarat,
India ·
Bank
of India, Nariman Point Large Corporate Branch, 92-93, Free Press House, 215,
Nariman Point, Mumbai – 400 021, Maharashtra, India ·
Andhra Bank, Nanavati Mahalaya, 18, Homi Modi
Street, Fort, Mumbai – 400 023, Maharashtra, India ·
Axis Bank Limited, Credit Management Centre, Unit
No.6, Corporate Park, Chembur, Mumbai – 400 071, Maharashtra, India ·
Canara Bank, Overseas Branch, Dalamal Tower, 211,
Nariman Point, Mumbai – 400 021, Maharashtra, India ·
Central Bank of India, Corporate Finance Branch,
MMO Building, 1st Floor, M.G. Road, Fort, Mumbai – 400 023,
Maharashtra, India ·
The South Indian Bank Limited, Nariman Point
Branch, Ground Floor, 207, Embassy Centre, Nariman Point, Mumbai – 400 021,
Maharashtra, INDIA ·
Vijaya Bank, Overseas Branch, Maker Chamber-IV,
Nariman Point, Mumbai – 400 021, Maharashtra, India ·
State Bank of Travancore, Malankara Centre, MG
Road Ernakulam, Ernakulam – 682 035, Kerala, India |
|||||||||||||||||||||||||||
|
|
|
|||||||||||||||||||||||||||
|
Facilities : |
|
|
|
|
|
Banking
Relations : |
-- |
|
|
|
|
Financial Institution : |
Axis Trustee Services Limited, Axis House, 2nd Floor,
Bombay Dyeing Mills Compound, Pandurang Budhkar Marg, Worli, Mumbai – 400
025, Maharashtra, India |
|
|
|
|
Auditors : |
|
|
Name : |
B S R and Associates Chartered Accountants |
|
Address : |
Lodha Excelus, 1st Floor, Apollo Mills Compound, N.M. Joshi Marg, Mahalakshmi, Mumbai – 400 001, Maharashtra, India |
|
Tel. No.: |
91-22-30440800 |
|
Fax No.: |
91-22-30440900 |
|
PAN No.: |
AABFD7919A |
|
|
|
|
Holding Company : |
Bhoomika Financial
Services Private Limited, India CIN No.: U67100MH2007PTC175256 |
|
|
|
|
Subsidiary : |
·
Sino Investment Global Limited, Virgin Islands,
British ·
Viraj USA Inc, United States ·
Viraj Europe B.V., Netherlands |
|
|
|
|
Enterprises which are owned, or have significant
influence of or are partners with Key management personnel and their
relatives : |
·
Bebitz Flanges Works Private Limited, India (CIN No.: U28939MH2004PTC149545) ·
Flanschenwerk Bebitz GmbH, Germany ·
Bhoomika Constructions Private Limited, India (CIN No.: U45200MH1995PTC093238) ·
Dragon Eastwest Trading Private Limited, India
(CIN No.: U99999MH1997PTC111526) ·
Surekh Chitra Investments Private Limited, India
(CIN No.: U67120MH1997PTC110163) |
CAPITAL STRUCTURE
AS ON 31.03.2012
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 |
|
|
|
|
|
Notes:
The Company has issued
one class of shares, i.e. equity shares, which enjoy similar rights in respect
of voting, payment of dividend and repayment of capital. On winding up of the
Company, the holders of equity shares will be entitled to received the residual
assets of the Company, remaining after distribution of all preferential amount
in proportion to the number of equity shares held." e. Shares allotted as
fully paid up for consideration other than cash
1. The Company
allotted 846014649 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 during 2007-08.
2. 82785000 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.
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
|
31.03.2012 |
31.03.2011 |
|
I.
EQUITY AND LIABILITIES |
|
|
|
|
(1) Shareholders' Funds |
|
|
|
|
(a) Share Capital |
|
1341.561 |
1341.561 |
|
(b) Reserves & Surplus |
|
8275.238 |
7558.796 |
|
(c) Money received against share warrants |
|
0.000 |
0.000 |
|
|
|
|
|
|
(2) Share Application money pending allotment |
|
0.000 |
0.000 |
|
Total
Shareholders’ Funds (1) + (2) |
|
9616.799 |
8900.357 |
|
|
|
|
|
|
(3) Non-Current
Liabilities |
|
|
|
|
(a) Long-term borrowings |
|
3810.489 |
4313.793 |
|
(b) Deferred tax liabilities (Net) |
|
0.000 |
0.000 |
|
(c) Other long
term liabilities |
|
0.000 |
0.000 |
|
(d) Long-term
provisions |
|
114.482 |
109.341 |
|
Total Non-current
Liabilities (3) |
|
3924.971 |
4423.134 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a)
Short term borrowings |
|
8940.470 |
7547.442 |
|
(b)
Trade payables |
|
8261.296 |
7185.777 |
|
(c)
Other current liabilities |
|
3380.933 |
3884.339 |
|
(d) Short-term
provisions |
|
92.067 |
15.976 |
|
Total Current
Liabilities (4) |
|
20674.766 |
18633.534 |
|
|
|
|
|
|
TOTAL |
|
34216.536 |
31957.025 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a) Fixed Assets |
|
|
|
|
(i)
Tangible assets |
|
9453.968 |
7455.262 |
|
(ii)
Intangible Assets |
|
9.013 |
15.022 |
|
(iii)
Capital work-in-progress |
|
1341.361 |
1152.019 |
|
(iv)
Intangible assets under development |
|
0.000 |
0.000 |
|
(b) Non-current Investments |
|
1498.063 |
1571.804 |
|
(c) Deferred tax assets (net) |
|
33.845 |
144.861 |
|
(d) Long-term Loan and Advances |
|
2214.560 |
2621.136 |
|
(e) Other
Non-current assets |
|
712.833 |
919.586 |
|
Total Non-Current
Assets |
|
15263.643 |
13879.690 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a)
Current investments |
|
8.877 |
9.320 |
|
(b)
Inventories |
|
8024.068 |
10409.141 |
|
(c)
Trade receivables |
|
1921.175 |
1527.155 |
|
(d) Cash
and cash equivalents |
|
3310.884 |
2218.111 |
|
(e)
Short-term loans and advances |
|
5538.280 |
3837.338 |
|
(f)
Other current assets |
|
149.609 |
76.270 |
|
Total
Current Assets |
|
18952.893 |
18077.335 |
|
|
|
|
|
|
TOTAL |
|
34216.536 |
31957.025 |
|
SOURCES OF FUNDS |
|
|
31.03.2010 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
|
|
1341.561 |
|
|
2] Share Application Money |
|
|
0.000 |
|
|
3] Reserves & Surplus |
|
|
6761.348 |
|
|
4] (Accumulated Losses) |
|
|
0.000 |
|
|
NETWORTH |
|
|
8102.909 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
|
|
9406.992 |
|
|
2] Unsecured Loans |
|
|
194.131 |
|
|
TOTAL BORROWING |
|
|
9601.123 |
|
|
DEFERRED TAX LIABILITIES |
|
|
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
|
|
17704.032 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
|
|
5371.300 |
|
|
Capital work-in-progress |
|
|
1909.552 |
|
|
|
|
|
|
|
|
INVESTMENT |
|
|
1272.384 |
|
|
DEFERRED TAX ASSETS |
|
|
160.556 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
|
|
7756.442 |
|
|
Sundry Debtors |
|
|
1348.382 |
|
|
Cash & Bank Balances |
|
|
682.678 |
|
|
Other Current Assets |
|
|
1268.725 |
|
|
Loans & Advances |
|
|
3047.705 |
|
Total
Current Assets |
|
|
14103.932
|
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
|
|
2538.978 |
|
|
Other Current Liabilities |
|
|
2402.920 |
|
|
Provisions |
|
|
171.794 |
|
Total
Current Liabilities |
|
|
5113.692
|
|
|
Net Current Assets |
|
|
8990.240
|
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
|
|
0.000 |
|
|
TOTAL |
|
|
17704.032 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
|
|
SALES |
|
|
|
|
|
|
|
Revenue from operations |
46957.876 |
41067.579 |
29207.747 |
|
|
|
Other Income |
326.318 |
223.705 |
192.253 |
|
|
|
TOTAL (A) |
47284.194 |
41291.284 |
29400.000 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Cost of materials consumed |
30766.029 |
30232.646 |
|
|
|
|
Changes in inventories of finished goods, work-in-progress and
stock-in-trade |
1309.198 |
(2163.660) |
|
|
|
|
Employee benefit expense |
1255.586 |
898.899 |
|
|
|
|
Other expenses |
8910.671 |
8111.353 |
|
|
|
|
TOTAL (B) |
42241.484 |
37079.238 |
25236.292 |
|
|
|
|
|
|
|
|
Less |
PROFIT
/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
5042.710 |
4212.046 |
4163.708 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
2945.694 |
1932.283 |
954.089 |
|
|
|
|
|
|
|
|
|
|
PROFIT
/ (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
2097.016 |
2279.763 |
3209.619 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
1051.558 |
1024.120 |
931.393 |
|
|
|
|
|
|
|
|
|
|
PROFIT / (LOSS)
BEFORE TAX (E-F) (G) |
1045.458 |
1255.644 |
2278.225 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
263.968 |
463.602 |
105.016 |
|
|
|
|
|
|
|
|
|
|
PROFIT / (LOSS)
AFTER TAX (G-H) (I) |
781.490 |
792.042 |
2173.210 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS YEARS’
BALANCE BROUGHT FORWARD |
NA |
6079.156 |
3905.946 |
|
|
|
|
|
|
|
|
|
|
BALANCE CARRIED
TO THE B/S |
NA |
NA |
6079.156 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
F. O. B. Value of Exports |
40882.000 |
35206.000 |
23080.889 |
|
|
TOTAL EARNINGS |
40882.000 |
35206.000 |
23080.889 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw Materials |
24845.550 |
26981.961 |
17839.124 |
|
|
|
Capital Goods |
1330.096 |
242.369 |
906.352 |
|
|
|
Consumables |
486.035 |
392.653 |
426.758 |
|
|
TOTAL IMPORTS |
26661.681 |
27616.983 |
19172.234 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
0.53 |
0.59 |
1.62 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
PAT / Total Income |
(%) |
1.65
|
1.92
|
7.39
|
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
2.23
|
3.06
|
7.80
|
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
3.34
|
4.32
|
11.70
|
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.11
|
0.14
|
0.28
|
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt/Networth) |
|
1.33
|
1.33
|
1.18
|
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
0.92
|
2.33
|
2.76
|
LOCAL AGENCY FURTHER INFORMATION
Details of Current
maturities of long-term debt:
|
Particulars |
31.03.2012 (Rs.
in millions) |
31.03.2011 (Rs.
in millions) |
31.03.2010 (Rs.
in millions) |
|
Current maturities of long-term debt |
2219.220 |
2527.703 |
NA |
|
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 |
No |
|
5) Type of Business |
Yes |
|
6) Line of Business |
Yes |
|
7) Promoter’s background |
Yes |
|
8) No. of employees |
No |
|
9) Name of person contacted |
No |
|
10) Designation of contact person |
No |
|
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) |
No |
|
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 |
No |
|
30) Major Shareholders, if available |
Yes |
|
31)
Date of Birth of Proprietor/Partner/Director, if available |
Yes |
|
32)
PAN of Proprietor/Partner/Director, if available |
Yes |
|
33)
Voter ID No of Proprietor/Partner/Director, if available |
No |
|
34)
External Agency Rating, if available |
Yes |
INDEX OF CHARGES:
|
S. No. |
Charge ID |
Date of Charge
Creation/Modification |
Charge amount
secured |
Charge Holder |
Address |
Service Request
Number (SRN) |
|
1 |
10433397 |
22/06/2013 |
1,900,000,000.00 |
CANARA BANK |
OVERSEAS BRANCH,
DALAMAL TOWER 211, NARIMAN POINT, MUMBAI, MAHARASHTRA - 400021, INDIA |
B78112521 |
|
2 |
10425163 |
02/05/2013 |
579,000,000.00 |
CENTRAL BANK OF
INDIA |
CORPORATE
FINANCE BRANCH, MMO BUILDING, 1ST FLOOR, M G ROAD, FORT, MUMBAI, MAHARASHTRA
- 400023, INDIA |
B74949207 |
|
3 |
10421742 |
28/03/2013 |
1,080,000,000.00 |
STATE BANK OF
INDIA |
INDUSTRIAL
FINANCE BRANCH, 102, NATRAJ, 194, SIR |
B73749848 |
|
4 |
10423883 |
22/03/2013 |
852,000,000.00 |
THE SOUTH INDIAN
BANK LIMITED |
NARIMAN POINT
BRANCH, GROUND FLOOR, 207, EMBASSY CENTRE, NARIMAN POINT, MUMBAI, MAHARASHTRA
- 400021, INDIA |
B74479742 |
|
5 |
10417753 |
21/03/2013 |
1,000,000,000.00 |
STATE BANK OF
TRAVANCORE |
MALANKARA
CENTRE, MG ROAD ERNAKULAM, ERNAKULAM, KERALA - 682035, INDIA |
B72608458 |
|
6 |
10417971 |
05/03/2013 |
1,830,000,000.00 |
VIJAYA BANK |
OVERSEAS BRANCH,
MAKER CHAMBER-IV, NARIMAN POINT, |
B72658545 |
|
7 |
10401151 |
05/02/2013 |
3,500,000,000.00 |
AXIS TRUSTEE
SERVICES LIMITED |
AXIS HOUSE, 2ND
FLOOR, BOMBAY DYEING MILLS COMPOUND, PANDURANG BUDHKAR MARG, WORLI,, MUMBAI,
MAHARASHTRA - 400025, INDIA |
B67297218 |
|
8 |
10399640 |
10/01/2013 |
280,000,000.00 |
BANK OF INDIA |
NARIMAN POINT
LARGE CORPORATE BRANCH, 92-93, FREE PRESS HOUSE, 215, NARIMAN POINT,
MUMBAI, MAHARASHTRA - 400021, INDIA |
B66373952 |
|
9 |
10366990 |
29/06/2012 |
1,000,000,000.00 |
AXIS BANK
LIMITED |
TRISHUL 3RD FLOOR,
OPPOSITE SAMARTHESHAR TEMPLE, LAW GARDEN ELLISBRIDGE, AHMEDABAD, GUJARAT -
380006, INDIA |
B44340339 |
|
10 |
10275417 |
10/05/2012 * |
720,000,000.00 |
ICICI BANK
LIMITED |
LANDMARKRACE
COURCE CIRCLE, ALKAPURI, BARODA, GUJARAT - 390015, INDIA |
B40361974 |
|
11 |
10212180 |
29/03/2010 |
1,250,000,000.00 |
ANDHRA BANK |
NANAVATI
MAHALAYA, 18, HOMI MODI STREET, FORT BRANCH, MUMBAI, MAHARASHTRA - 400023,
INDIA |
A83114710 |
|
12 |
10211658 |
04/03/2010 |
1,500,000,000.00 |
CENTRAL BANK OF
INDIA |
CORPORATE
FINANCE BRANCH, 1ST FLOOR, MMO BUILDING, |
A82932922 |
|
13 |
10061532 |
27/07/2012 * |
40,153,500,000.00 |
AXIS TRUSTEE
SERVICES LIMITED |
AXIS HOUSE, 2ND FLOOR,
BOMBAY DYEING MILLS COMPOUND, PANDURANG BUDHKAR MARG, WORLI,, MUMBAI,
MAHARASHTRA - 400025, INDIA |
B44417848 |
|
14 |
10061531 |
13/12/2010 * |
29,528,900,000.00 |
ANDHRA BANK |
NANAVATI MAHALAYA,
18, HOMI MODI STREET, FORT BRANCH, FORT, MUMBAI, MAHARASHTRA - 400001, INDIA |
B02754448 |
|
15 |
10029142 |
06/12/2007 * |
1,510,000,000.00 |
ANDHRA BANK |
NANAVATI
MAHALAYA, 18 HOMI MODI STREET, FORT BRANCH, MUMBAI, MAHARASHTRA - 400023,
INDIA |
A28536928 |
|
16 |
10026925 |
21/11/2006 |
1,827,200,000.00 |
ANDHRA BANK |
NANAVATI
MAHALAYA, 18, HOMI MODI STREET, FORT BRANCH, MUMBAI, MAHARASHTRA - 400023,
INDIA |
A07071335 |
|
17 |
10026847 |
21/11/2006 |
2,000,000,000.00 |
ANDHRA BANK |
NANAVATI MAHALAYA,
18, HOMI MODI STREET, FORT BRANCH, MUMBAI, MAHARASHTRA - 400023, INDIA |
A07070428 |
|
18 |
10026851 |
21/11/2006 |
2,211,300,000.00 |
ANDHRA BANK |
NANAVATI
MAHALAYA, 18, HOMI MODI STREET, FORT BRANCH, MUMBAI, MAHARASHTRA - 400023,
INDIA |
A07072747 |
|
19 |
80013068 |
11/01/2007 * |
8,359,700,000.00 |
ANDHRA BANK |
18, HOMI MODI
STREET,NANVATI MAHALAYA, FORT BRANCH, FORT, MUMBAI, MAHARASHTRA - 400023,
INDIA |
- |
|
20 |
90145482 |
30/10/2004 |
440,000,000.00 |
ANDHRA BANK |
NANAVATI MAHALAYA,
18; HOMI MODI STREET; FORT, MUMBAI, MAHARASHTRA, INDIA |
- |
|
21 |
90146782 |
12/09/2006 * |
440,000,000.00 |
ANDHRA BANK |
NANAVATI
MAHALAYA, 18, HOMI MODI STREET, FORT BRANCH, FORT, MUMBAI, MAHARASHTRA -
400001, INDIA |
- |
|
22 |
80011202 |
25/08/2006 * |
2,000,000,000.00 |
ANDHRA BANK |
NANAVATI
MAHALAYA, 18, HOMI MODI STREET, FORT BRANCH, FORT, MUMBAI, MAHARASHTRA -
400001, INDIA |
- |
|
23 |
90160308 |
16/05/2005 * |
420,000,000.00 |
ANDHRA BANK |
SNANAVATI MAHALAYA,
18; HOMI MODI STREET; FORT, MUMBAI, MAHARASHTRA - 400023, INDIA |
- |
|
24 |
90148218 |
03/03/2005 * |
70,000,000.00 |
ANDHRA BANK |
NANAVATI
MAHALAYA, 18; HOMI MODI STREET; FORT, MUMBAI, MAHARASHTRA, INDIA |
- |
|
25 |
80014390 |
17/12/2007 * |
1,351,300,000.00 |
ANDHRA BANK |
18, HOMI MODI
STREET, NANAVATI MAHALAYA, FORT BRANCH, FORT, MUMBAI, MAHARASHTRA - 400001,
INDIA |
A28825727 |
* Date of charge modification
|
Unsecured Loans |
31.03.2012 (Rs.
in Millions) |
31.03.2011 (Rs.
in Millions) |
|
LONG-TERM BORROWINGS |
|
|
|
Deferred sales tax loan |
73.812 |
95.964 |
|
Other loans and advances |
1225.000 |
0.000 |
|
SHORT-TERM BORROWINGS |
|
|
|
Loans repayable on demand |
23.772 |
23.772 |
|
Loans and advances from directors |
104.973 |
128.579 |
|
Total
|
1427.557 |
248.315 |
Note:
The registered office of the company has been shifted from G-76, MIDC, Tarapur Industrial Area, Tarapur – 400 045, Maharashtra to the present address w.e.f. 17.02.2009.
BACKGROUND:
Subject was
originally formed under the name of "Viraj Gases Limited" on 2
February 1996. Subject is predominantly engaged in production and export of
value added stainless steel long products to more than 80 countries. Subject’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 Subject. 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 ImpoExpo 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 1 April 2007.
ANALYSIS OF PERFORMANCE FOR 2011-12
The sales and
other income of the Company has been increased to Rs.47240.000 millions as
against Rs.41290.000 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 2011-12, the profit before tax of the Company has
declined to Rs.1050.000 millions as against Rs.1270.000 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 the last
quarter of the period, part of the power requirements of the Company has been
taken from a captive power plant and from the current year onwards, the Company
is expected substantial savings in its power costs.
CONTINGENT
LIABILITIES:
|
Particulars |
31.03.2012 (Rs.
in Millions) |
31.03.2011 (Rs.
in Millions) |
|
a. Guarantees issued by the banks for various purposes |
209.127 |
186.848 |
|
b. Corporate
guarantees issued in favour of Banks for loans taken by subsidiary companies |
6207.438 |
8179.877 |
|
c. Export Bills Discounted with/ Negotiated by the banks |
8607.951 |
9441.121 |
|
e. Letter of Credits issued by the banks |
5799.432 |
7085.789 |
|
f. Excise Duty payable on Clearance under Bond |
5399.299 |
4205.901 |
|
g. Demands raised by Income Tax Authorities |
84.119 |
54.212 |
|
h. Demands raised by Service Tax Authorities |
47.119 |
44.920 |
FIXED ASSETS:
· Freehold Land
· Leasehold Land
· Factory and Building
· Plant and Machinery
· Furniture and Fixtures
· Office Equipment
· Computer
· Vehicles
· Software
· Live Stock
WEBSITE DETAILS:
NEWS/ PRESS RELEASES:
VIRAJ PROFILES LIMITED RELIES ON IBM’S SMARTER
COMPUTING TO ENHANCE IT INFRASTRUCTURE
India - 08 July 2013: IBM (NYSE: IBM) today announced Viraj Profiles
Limited, a leading stainless steel long products manufacturer from Maharashtra,
India, has implemented IBM’s Smarter Computing solutions to improve their
overall IT efficiency.
Viraj
Profiles Limited has over seven manufacturing facilities across Maharashtra
with annual capacity of 348,000 tonnes. To keep up with its growth while
integrating its branches and their internal businesses, Viraj needed a robust
and scalable IT infrastructure. Viraj had previously deployed Fujitsu x86
servers, which was hampering their performance subsequent to the growth and
increase in number of users on their Disaster Recovery site.
Viraj
Profiles Limited turned to IBM to help them deploy IBM Power System while
migrating from Fujitsu x86 to unix on the AIX platform. The IBM Power7 System
uses P700 and P710 servers along with Storwize V7000 storage to give a complete
solution to businesses to manage their workload and create a robust environment
to run their business. The integrated combination of the POWER architecture and
PowerVM makes possible far higher consolidation ratios and virtualization
solutions. IBM is also providing training on the AIX platform that will help
Viraj implement the solution faster.
IBM is
working with many SMBs who are struggling to adopt smarter computing solutions
due to lack of in-house skills and expertise to design and maintain
hardware-based systems. IBM is addressing these issues with new Power Systems
solutions that don’t require specialized skills and offer the latest
technologies in virtualization and automation to speed private and hybrid cloud
creation.
"With
the goal to raise stainless steel capacity in the coming years, we needed to
run our SAP ERP system on an IT infrastructure we could rely on. Our previous
solution gave us problems with several systems - order booking, resource
planning, sales and stocks monitoring, product launches." said V J
Rao, President and CIO, Viraj Profiles Limited. "By migrating to IBM AIX
on IBM Power systems, and using IBM Storage, we expect to decrease total cost
of ownership for our ERP applications by 10-15 percent"
“Our
clients recognize that in today's business environment, technology can provide
a valuable competitive edge and help them to differentiate, said Jyothi Satyanathan,
Director Midmarket and Inside Sales, IBM India/South Asia. "We believe
that this IBM Smarter Computing solution will help Viraj Profiles fully
leverage the potential of its ERP system, reach its business goals today and
pave the way for its success in the future."
IBM Smarter
Computing solutions offer an ideal platform for SMB clients to run
next-generation applications and pave the way for new possibilities of growth.
VIRAJ PROFILES DEPLOYS IBM POWER SYSTEM
Bangalore, July 8, 2013:
Viraj Profiles, a Maharashtra-based stainless steel
long products manufacturer, has implemented IBM’s Smarter Computing solutions
to improve its overall IT efficiency.
The company has deployed IBM Power System that uses
P700 and P710 servers along with Storwize V7000 storage to give a complete
solution to businesses to manage their workload and create a robust environment
to run their business, according to a company statement.
IBM is also providing training on the AIX platform
that will help Viraj, which has seven manufacturing plants in Maharashtra to
implement the solution faster, the statement added.
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 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.61.33 |
|
|
1 |
Rs.100.79 |
|
Euro |
1 |
Rs.84.38 |
INFORMATION DETAILS
|
Information
Gathered by : |
PDT |
|
|
|
|
Report Prepared
by : |
SMN |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
5 |
|
PAID-UP CAPITAL |
1~10 |
6 |
|
OPERATING SCALE |
1~10 |
5 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
6 |
|
--PROFITABILIRY |
1~10 |
6 |
|
--LIQUIDITY |
1~10 |
5 |
|
--LEVERAGE |
1~10 |
5 |
|
--RESERVES |
1~10 |
6 |
|
--CREDIT LINES |
1~10 |
5 |
|
--MARGINS |
-5~5 |
- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
NO |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
NO |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
DEFAULTERS |
|
|
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
TOTAL |
|
49 |
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.