|
Report Date : |
20.06.2013 |
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, Maharashtra |
|
|
|
|
Country : |
|
|
|
|
|
Financials (as
on) : |
31.03.2012 (Profit and Loss Account) |
|
|
|
|
Date of
Incorporation : |
02.02.1996 |
|
|
|
|
Com. Reg. No.: |
11-096835 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
Rs.1341.561
Millions (As on 31.03.2011) |
|
|
|
|
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 |
|
|
|
|
Line of Business
: |
Manufacturer of Stainless Steel Products. |
|
|
|
|
No. of Employees
: |
Not Available |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (47) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Maximum Credit Limit : |
USD 35000000 |
|
|
|
|
Status : |
Satisfactory |
|
|
|
|
Payment Behaviour : |
Usually correct |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Subject is an established company having a satisfactory track record. It has achieved some growth in its turnover during 2012. Trade relations are reported as fair. Business is active. Payment
terms are usually correct and as per commitment. The company can be considered 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.
ECGC Country Risk Classification List – March 31st, 2013
|
Country Name |
Previous Rating (31.12.2012) |
Current Rating (31.03.2013) |
|
India |
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
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 |
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.
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: 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 |
|
PAN No.: |
AMXPK6610R |
|
Date of Appointment : |
01.11.2006 |
|
DIN No.: |
00115140 |
|
|
|
|
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 |
|
PAN No.: |
AARPK1540N |
|
Date of Appointment : |
25.04.1997 |
|
DIN No.: |
00115236 |
|
|
|
|
Name : |
Mr. Tharmapuram Subramaniam Narayanasami |
|
Designation : |
Director |
|
Address : |
Flt – 1B, The Lords Apartment, Sathya Dev Avenue, R A Puram, Chennai –
600028, Tamilnadu, India |
|
Date of Birth/Age : |
18.05.1949 |
|
Date of Appointment : |
10.04.2012 |
|
DIN No.: |
01786981 |
|
|
|
|
Name : |
Mr. Shilan Jayantilal Thaker |
|
Designation : |
Director |
|
Address : |
601/2, Krishna Alanka R Soc. Tejpal Scheme, Road No. 5, Vile Parle
(East) Mumbai – 400057, Maharashtra, India |
|
Date of Birth/Age : |
18.07.1957 |
|
Date of Appointment : |
01.09.2012 |
|
DIN No.: |
01836220 |
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 |
|
PAN No.: |
AJCPD1194K |
|
Date of Appointment : |
05.05.2010 |
MAJOR SHAREHOLDERS
As on: 29.09.2012
SHAREHOLDING DETAILS FILE ATTACHED
Equity Share Break up (Percentage of Total Equity)
As on: 29.09.2012
|
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 |
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 : |
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 : |
Not Available |
|||||||||||||||||||||
|
|
|
|||||||||||||||||||||
|
Bankers : |
· ICICI Bank Limited Landmark Race Cource Cricle, Alkapuri, Vadodara-390015, Gujarat, India · Bank of India, Nariman Point Large Corporate Branch, 92-93, Free Press House, 215, Nariman Point, Mumbai – 400021, Maharashtra, India |
|||||||||||||||||||||
|
|
|
|||||||||||||||||||||
|
Facilities : |
(Rs.
In Millions)
|
|
|
|
|
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 : |
Lodha Excelus, 1st Floor, Apollo Mill Compound, N. M. Joshi Marg, Mahalakshmi, Mumbai 40001, Maharashtra, India |
|
Tel. No.: |
91-22-30440800 |
|
Fax No.: |
91-22-30440900 |
|
PAN.: |
AADFB6889R |
|
|
|
|
Holding Company : |
· Bhoomika Financial Services Private Limited CIN No.: U67100MH2007PTC175256 |
|
|
|
|
Subsidiary : |
·
Sino Investment Global Limited, Virgin Islands,
British ·
Viraj USA Inc, US |
|
|
|
|
Related Parties : |
· Bebitz Flanges Works Private Limited CIN No.: U28939MH2004PTC149545 · Bhoomika Constructions Private Limited CIN No.: U45200MH1995PTC093238 · Flanschenwerk Bebitz GmbH |
CAPITAL STRUCTURE
As on: 31.03.2011
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 |
|
|
|
|
|
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
|
31.03.2011 |
31.03.2010 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
|
1341.561 |
1341.561 |
|
|
2] Share Application Money |
|
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
|
7558.796 |
6761.348 |
|
|
4] (Accumulated Losses) |
|
0.000 |
0.000 |
|
|
NETWORTH |
|
8900.357 |
8102.909 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
|
14118.855 |
9406.992 |
|
|
2] Unsecured Loans |
|
270.082 |
194.131 |
|
|
TOTAL BORROWING |
|
14388.937 |
9601.123 |
|
|
DEFERRED TAX LIABILITIES |
|
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
|
23289.294 |
17704.032 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
|
7470.284 |
5371.299 |
|
|
Capital work-in-progress |
|
2560.750 |
1909.551 |
|
|
|
|
|
|
|
|
INVESTMENT |
|
1581.123 |
1272.384 |
|
|
DEFERREX TAX ASSETS |
|
144.861 |
160.556 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
|
10409.141
|
7756.442 |
|
|
Sundry Debtors |
|
1527.155
|
1348.383 |
|
|
Cash & Bank Balances |
|
1332.074
|
1911.523 |
|
|
Other Current Assets |
|
1881.893
|
39.880 |
|
|
Loans & Advances |
|
5049.743
|
3047.705 |
|
Total
Current Assets |
|
20200.006
|
14103.933
|
|
|
Less : CURRENT LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
|
3622.623
|
2538.978 |
|
|
Other Current Liabilities |
|
4919.790
|
2402.919 |
|
|
Provisions |
|
125.317
|
171.794 |
|
Total
Current Liabilities |
|
8667.730
|
5113.691
|
|
|
Net Current Assets |
|
11532.276
|
8990.242
|
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
|
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
|
23289.294 |
17704.032 |
|
Note: Profit and
Loss for the year 2012 is only available Balance Sheet is not Available.
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
|
31.03.2012 |
31.03.2011 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
|
46957.876 |
41067.579 |
|
|
|
Other Income |
|
326.318 |
223.705 |
|
|
|
TOTAL (A) |
|
47284.194 |
41291.284 |
|
|
|
|
|
|
|
|
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 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) I |
|
5042.710 |
4212.046 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
|
2945.694 |
1932.283 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
|
2097.016 |
2279.763 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
|
1051.558 |
1024.120 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) (G) |
|
1045.458 |
1255.644 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
|
263.968 |
463.602 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-H) (I) |
|
781.490 |
792.042 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
|
0.53 |
0.59 |
|
|
|
PARTICULARS |
|
|
31.03.2010 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
|
|
29209.360 |
|
|
|
Other Income |
|
|
190.640 |
|
|
|
TOTAL
(A) |
|
|
29400.000 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Materials Cost |
|
|
20641.943 |
|
|
|
Employees Cost |
|
|
824.683 |
|
|
|
Manufacturing and Other Expenses |
|
|
3797.832 |
|
|
|
Prior Period Item |
|
|
(28.166) |
|
|
|
TOTAL
(B) |
|
|
25236.292 |
|
|
|
|
|
|
|
|
Less |
PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) I |
|
|
4163.708 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL EXPENSES (D) |
|
|
954.089 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
|
|
3209.619 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/ AMORTISATION (F) |
|
|
931.393 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE TAX (E-F) (G) |
|
|
2278.226 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
|
|
105.016 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX (G-H) (I) |
|
|
2173.210 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS YEARS’
BALANCE BROUGHT FORWARD |
|
|
3905.946 |
|
|
|
|
|
|
|
|
|
|
BALANCE CARRIED TO THE B/S |
|
|
6079.156 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN FOREIGN CURRENCY |
|
|
|
|
|
|
|
Export Earnings |
|
|
23080.889 |
|
|
TOTAL EARNINGS |
|
|
23080.889 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw Materials |
|
|
17839.124 |
|
|
|
Capital Goods |
|
|
906.352 |
|
|
|
Consumables |
|
|
426.758 |
|
|
TOTAL IMPORTS |
|
|
19172.234 |
|
|
|
|
|
|
|
|
|
|
Earnings Per Share (Rs.) |
|
|
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} |
(%) |
NA
|
4.54
|
11.70
|
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
NA
|
0.14
|
0.28
|
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt/Networth) |
|
NA
|
1.62
|
2.76
|
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
NA
|
2.33
|
2.76
|
LOCAL AGENCY FURTHER INFORMATION
|
Sr. No. |
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 |
BACKGROUND:
Subject was originally formed under the name of "Viraj Gases Limited" on 2 February 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 Impo Expo 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 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 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.
UNSECURED LOAN:
(Rs. in Millions)
|
Particulars |
As
on 31.03.2011 |
As
on 31.03.2010 |
|
Loans directors |
128.579 |
0.000 |
|
Deferred sales tax loan |
117.732 |
170.360 |
|
Other debts |
23.771 |
23.771 |
|
Total |
270.082 |
194.131 |
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:
|
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 - 401506, Maharashtra, India |
|
This form is for |
Creation of charge |
|
Type of charge |
· Immovable property · Any interest in immovable property · Book debts · Movable property (not being pledge) · Floating charge |
|
Particular of
charge holder |
Axis Trustee
Services Limited, Axis House, 2nd Floor, Bombay Dyeing Mills Compound,
Pandurang Budhkar Marg, Worli, Mumbai –400025, Maharashtra, India |
|
Nature of
instrument creating charge |
Indenture of
Mortgage dated 05.02.2013 for creating charge on fixed and current assets of
Viraj Profiles Ltd. in favour of Axis Trustee Services Ltd. as Security
Trustee. A copy of agreement is attached herewith. |
|
Date of
instrument Creating the charge |
05.02.2013 |
|
Amount secured by
the charge |
Rs.3.500 Millions
|
|
Short particulars
of the property or asset(s) charged (including complete address and location
of the property) |
First mortgage and charge on all the Borrower's immovable properties, both present and future 1st charge by way of hypothecation of all the Borrower's movables including movable plant and machinery, machinery spares, tools and accessories, fixtures, vehicles, mechanical etc. 2nd charge by way of hypothecation on the Borrower inventory of semi finished goods, finished goods and raw materials and trade receivables, both present and future subject to prior charges. assignment by way of hypothecation (as a first charge), both present and future; of (a) all rights, title, interest, benefits, claims and demands, whatsoever of the Borrower in, to and under all of the Project Documents as may be amended, varied and supplemented from time to time (b) all rights, title, interest benefits, claims and demands, whatsoever of the Borrower in, to and under all the guarantees/letter of credit other performance bonds/warranties, corporate guarantee, bank guarantee, indemnities and securities that may be furnished in favour of the Borrower by the various contractors and any party under the Project Documents, after obtaining the written consent of the parties thereto, if necessary (c) all rights, title, benefits, claims, demands and interest, whatsoever under all the Insurance Contracts/Insurance Proceeds pertaining to the Project more specifically specified in the attached Indenture of Mortgage dated 05.02.2013. |
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 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 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.58.74 |
|
|
1 |
Rs.91.99 |
|
Euro |
1 |
Rs.78.70 |
INFORMATION DETAILS
|
Report Prepared
by : |
RAJ |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
5 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
6 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
5 |
|
--PROFITABILIRY |
1~10 |
5 |
|
--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 |
|
DEFAULTER |
|
|
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
TOTAL |
|
51 |
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.