1. Summary Information
|
|
|
Country |
|
|
Company Name |
VIRAJ PROFILES
LIMITED |
Principal Name 1 |
Mr. Neeraj Raja Kochhar |
|
Status |
Satisfactory |
Principal Name 2 |
Mrs. Renu Neeraj Kochhar |
|
|
|
Registration # |
11-096835 |
|
Street Address |
G-34, MIDC Tarapur Industrial Area, Boisar, Taluka-Palghar, Tarapur,
District Thane – 401 506, Maharashtra, India |
||
|
Established Date |
02.02.1996 |
SIC Code |
-- |
|
Telephone# |
91-2525-279020-24 |
Business Style 1 |
Production |
|
Fax # |
91-2525-
260479 |
Business Style 2 |
Export |
|
Homepage |
Product Name 1 |
Value Added Stainless Steel Long Products |
|
|
# of employees |
Not Divulged |
Product Name 2 |
-- |
|
Paid up capital |
Rs. 1341,561,000/- |
Product Name 3 |
-- |
|
Shareholders |
Foreign holdings 7.48% Bodies corporate 80.50% Directors or relatives of
directors11.82% Other top fifty
shareholders0.20% |
Banking |
Indian Overseas Bank |
|
Public Limited Corp. |
NO |
Business Period |
18 Years |
|
IPO |
NO |
International Ins. |
- |
|
Public |
NO |
Rating |
Ba
(50) |
|
Related
Company |
|||
|
Relation
|
Country
|
Company
Name |
CEO |
|
Subsidiary |
Netherlands |
Viraj Europe B.V |
-- |
|
Note |
- |
||
2. Summary
Financial Statement
|
Balance Sheet as of |
31.03.2013 |
(Unit: Indian Rs.) |
|
|
Assets |
Liabilities |
||
|
Current Assets |
17,309,254,000 |
Current Liabilities |
16,352,398,000 |
|
Inventories |
9,564,974,000 |
Long-term Liabilities |
14,736,761,000 |
|
Fixed Assets |
8,940,641,000 |
Other Liabilities |
236,131,000 |
|
Deferred Assets |
84,815,000 |
Total Liabilities |
31,325,290,000 |
|
Invest& other Assets |
5,745,256,000 |
Retained Earnings |
9,978,089,000 |
|
|
|
Net Worth |
10,319,650,000 |
|
Total Assets |
41,644,940,000 |
Total Liab. & Equity |
41,644,940,000 |
|
Total Assets (Previous Year) |
|
|
|
|
P/L Statement as of |
31.03.2013 |
(Unit: Indian Rs.) |
|
|
Sales |
47,247,732,000 |
Net Profit |
702,850,000 |
|
Sales(Previous yr) |
46,957,876,000 |
Net Profit(Prev.yr) |
781,490,000 |
MIRA
INFORM REPORT
|
Report Date : |
13.09.2014 |
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, Maharashtra |
|
|
|
|
Country : |
India |
|
|
|
|
Financials (as
on) : |
31.03.2013 |
|
|
|
|
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 |
|
|
|
|
Line of Business
: |
Subject is engaged in production and export of value added
stainless steel long products. |
|
|
|
|
No. of Employees
: |
Not Divulged |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (50) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Status : |
Satisfactory |
|
|
|
|
Payment Behaviour : |
Usually correct |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Subject is an established company having satisfactory track record. The company possesses a decent financial profile marked by healthy
networth position during 2013. The ratings also take into consideration the elongated operating
cycle, exposure to volatility in raw material prices and foreign exchange
rates, with substantial support to group companies. However, trade relations are fair. Business is active. Payment terms
are reported as usually correct. In view of well-established and experienced promoters, 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 – June 1, 2014
|
Country Name |
Previous Rating (31.03.2014) |
Current Rating (01.06.2014) |
|
India |
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
INDIAN ECONOMIC OVERVIEW
N E W S
As per the latest IMF study, the total weigh of emerging markets in the
GDP of the world on a purchasing power parity basis has seen a sizeable shift.
It highlights how as against 51 % in 2005, the emerging economies now account
for close to 56 % of the global purchasing power GDP as per the latest survey.
And with the emerging economies growing at a faster rate than their developed
counterparts, there are every possibility that the their share goes up further
in the coming years. China may surpass the US over the next few years.
Politics and economics are very intricately connected. They tend to
influence each other in ways that could be very complex and far-reaching. The
prospects of the India’s economy have been seriously compromised due to
political corruption. High inflation, poor standard of living are to a great
extent a result of rampant corruption in the country. China on the other hand,
seems to be facing diametrically opposite challenge. American hedge fund
manager Jim Chanos has been keenly following the political and economic
development in the dragon economy and has figured out something that is quite
worrying. He is of the view that the Chinese economy could be heading toward
trouble on account of new Chinese President Xi Jingping’s very aggressive
anti-corruption drive. Chanos believes tat many things such as apartment sales,
luxury products, etc. were largely bought with dirty money. And it is now
beginning to impact consumption. This may indeed be bad news for an economy
that is struggling to transition from an investment-driven export-oriented
economy to a domestic consumption-driven economy.
A study published by Firstpost has revealed that asset classes like real
estate and equities were the biggest beneficiaries of the liberalization
policies. A firm called Ciane Analytics studied returns from assets
including equities, gold, fixed deposits, G-Secs and real estate since 1991.
Real estate outperformed every other asset classes during the 23-year period
with an annualized return of 20 % ! Equities came in second with annualized
return of 15.5 % ! However, while these returns may seem mouthwatering, the
fact is that the return from equities adjusted for inflation came down to just
7.1 %.
Some brief news are as under
. R-Power to buy Jaypee’s hydro assets
. Investors await justice in NSEL case
. India seeks MFN status from Pakistan ahead of meeting
. Ukrain’s clashes with rebels hinder MH17 crash investigation
. India exploring merger of state-owned hydro PSUs
..Higher costs weigh down profit growth to slowest in 9 quarters
..Wal-Mart to expand wholesale business in India
. GMR group moves to strengthen balance sheet
. Central Bank to sell 4 % stake to Life Insurance Corporation
. Tata Chemicals plans to raise up to Rs 10000 mn.
EXTERNAL AGENCY RATING
|
Rating Agency Name |
CARE |
|
Rating |
Long term bank facilities: “BBB” |
|
Rating Explanation |
Moderate degree of safety and moderate
credit risk. |
|
Date |
13.01.2014 |
|
Rating Agency Name |
CARE |
|
Rating |
Short term bank facilities: “A3” |
|
Rating Explanation |
Moderate degree of safety and higher credit
risk. |
|
Date |
13.01.2014 |
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
31-03-2014.
INFORMATION DECLINED
MANAGEMENT NON – COOPERATIVE (91-22-22613056)
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 |
|
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 |
|
Qualification : |
B. Sc |
|
Date of Appointment : |
10.04.2012 |
|
DIN No.: |
01786981 |
|
|
|
|
Name : |
Mr. Shilan Jayantilal Thaker |
|
Designation : |
Director |
|
Address : |
601/2, Krishna Alankar Society, Tejpaj 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 : |
Secretary |
|
Address : |
C1-08, Cisf Colony, Panch Marg, Boisar – 401506, Thane, Maharashtra,
India |
|
Date of Birth/Age : |
03.06.1980 |
|
Date of Appointment : |
05.05.2010 |
|
PAN No.: |
AJCPD1194K |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
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 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 : |
Manufacturing of Stainless Steel 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 : |
Not Divulged |
|||||||||||||||||||||||||||
|
|
|
|||||||||||||||||||||||||||
|
Bankers : |
· Indian Overseas Bank, Fort Branch, Tamrind House, 30 and 32 Tamrind Lane, Mumbai - 400023, Maharashtra, India · Central Bank of India, Corporate Finance Branch, Mmo Building, 1st Floor, M G Road, Fort, Mumbai - 400023, Maharashtra, India · The South Indian Bank Limited, Nariman Point Branch, Ground Floor, 207, Embassy Centre, Nariman Point, Mumbai - 400021, Maharashtra, India · Andhra Bank, Snanavati Mahalaya, 18; Homi Modi Street; Fort, Mumbai - 400023, Maharashtra, India · Axis Bank Limited, Credit Management Centre, Unit No. 6, Corporate Park, Chembur, Mumbai - 400071, Maharashtra, India |
|||||||||||||||||||||||||||
|
|
|
|||||||||||||||||||||||||||
|
Facilities : |
(Rs.
In Millions)
|
|
Banking
Relations : |
-- |
|
|
|
|
Auditors : |
|
|
Name : |
B S R and Associates Chartered Accountants |
|
Address : |
Lodha Excelus, 1st Floor, Apollo Mills Compound, N. M. Joshi Marg, Mahalakshmi, Mumbai – 400 011, 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
AFTER: 29.09.2012
Authorised Capital : Rs. 1500.000 Millions
Issued, Subscribed & Paid-up Capital : Rs. 1464.638
Millions
As on: 31.03.2013
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 |
|
31.03.2013 |
31.03.2012 |
|
I.
EQUITY
AND LIABILITIES |
|
|
|
|
(1)
Shareholders' Funds |
|
|
|
|
(a) Share Capital |
|
1341.561 |
1341.561 |
|
(b) Reserves & Surplus |
|
8978.089 |
8275.238 |
|
(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) |
|
10319.650 |
9616.799 |
|
|
|
|
|
|
(3) Non-Current Liabilities |
|
|
|
|
(a) Long-term borrowings |
|
5194.172 |
3810.489 |
|
(b) Deferred tax liabilities (Net) |
|
0.000 |
0.000 |
|
(c) Other long term liabilities |
|
0.000 |
0.000 |
|
(d) Long-term provisions |
|
180.668 |
114.482 |
|
Total Non-current Liabilities (3) |
|
5374.840 |
3924.971 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a) Short term borrowings |
|
9542.589 |
8940.470 |
|
(b) Trade payables |
|
13284.729 |
8258.322 |
|
(c) Other current
liabilities |
|
3067.669 |
3383.907 |
|
(d) Short-term provisions |
|
55.463 |
92.067 |
|
Total Current Liabilities (4) |
|
25950.450 |
20674.766 |
|
|
|
|
|
|
TOTAL |
|
41644.940 |
34216.536 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a) Fixed Assets |
|
|
|
|
(i) Tangible assets |
|
8920.682 |
9453.968 |
|
(ii) Intangible Assets |
|
19.959 |
9.013 |
|
(iii) Capital
work-in-progress |
|
4167.583 |
1341.361 |
|
(iv)
Intangible assets under development |
|
0.000 |
0.000 |
|
(b) Non-current Investments |
|
1577.663 |
1498.063 |
|
(c) Deferred tax assets (net) |
|
84.815 |
33.845 |
|
(d) Long-term Loan and Advances |
|
1856.445 |
2247.236 |
|
(e) Other Non-current assets |
|
62.387 |
712.833 |
|
Total Non-Current Assets |
|
16689.534 |
15296.319 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a) Current investments |
|
0.010 |
8.877 |
|
(b) Inventories |
|
9564.974 |
8024.068 |
|
(c) Trade receivables |
|
956.111 |
1921.175 |
|
(d) Cash and cash
equivalents |
|
3580.816 |
3310.884 |
|
(e) Short-term loans and
advances |
|
9673.439 |
5505.604 |
|
(f) Other current assets |
|
1180.056 |
149.609 |
|
Total Current Assets |
|
24955.406 |
18920.217 |
|
|
|
|
|
|
TOTAL |
|
41644.940 |
34216.536 |
|
SOURCES OF FUNDS |
|
|
31.03.2011 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
|
|
1341.561 |
|
|
2] Share Application Money |
|
|
0.000 |
|
|
3] Reserves & Surplus |
|
|
7558.796 |
|
|
4] (Accumulated Losses) |
|
|
0.000 |
|
|
NETWORTH |
|
|
8900.357 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
|
|
14118.855 |
|
|
2] Unsecured Loans |
|
|
270.082 |
|
|
TOTAL BORROWING |
|
|
14388.937 |
|
|
DEFERRED TAX LIABILITIES |
|
|
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
|
|
23289.294 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
|
|
7470.284 |
|
|
Capital work-in-progress |
|
|
2560.750 |
|
|
|
|
|
|
|
|
INVESTMENT |
|
|
1581.123 |
|
|
DEFERREX TAX ASSETS |
|
|
144.861 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
|
|
10409.141
|
|
|
Sundry Debtors |
|
|
1527.155
|
|
|
Cash & Bank Balances |
|
|
1332.074
|
|
|
Other Current Assets |
|
|
1881.893
|
|
|
Loans & Advances |
|
|
5049.743
|
|
Total
Current Assets |
|
|
20200.006
|
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
|
|
3622.623
|
|
|
Other Current Liabilities |
|
|
4919.790
|
|
|
Provisions |
|
|
125.317
|
|
Total
Current Liabilities |
|
|
8667.730
|
|
|
Net Current Assets |
|
|
11532.276
|
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
|
|
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
|
|
23289.294 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
|
|
SALES |
|
|
|
|
|
|
|
Revenue from operations |
47247.732 |
46957.876 |
41067.579 |
|
|
|
Other Income |
477.253 |
326.318 |
223.705 |
|
|
|
TOTAL (A) |
47724.985 |
47284.194 |
41291.284 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Cost of materials consumed |
31091.018 |
30766.029 |
30232.646 |
|
|
|
Changes in inventories of finished goods, work-in-progress and
stock-in-trade |
(1116.710) |
1309.198 |
(2163.660) |
|
|
|
Employee benefit expense |
1647.833 |
1255.586 |
898.899 |
|
|
|
Other expenses |
11400.105 |
8910.671 |
8111.353 |
|
|
|
TOTAL (B) |
43022.246 |
42241.484 |
37079.238 |
|
|
|
|
|
|
|
|
Less |
PROFIT
/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
4702.739 |
5042.710 |
4212.046 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
2381.969 |
2945.694 |
1932.283 |
|
|
|
|
|
|
|
|
|
|
PROFIT
/ (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
2320.770 |
2097.016 |
2279.763 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
1257.861 |
1051.558 |
1024.120 |
|
|
|
|
|
|
|
|
|
|
PROFIT / (LOSS)
BEFORE TAX (E-F) (G) |
1062.909 |
1045.458 |
1255.644 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
360.059 |
263.968 |
463.602 |
|
|
|
|
|
|
|
|
|
|
PROFIT / (LOSS)
AFTER TAX (G-H) (I) |
702.850 |
781.490 |
792.042 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
F. O. B. Value of Exports |
39811.000 |
NA |
NA |
|
|
TOTAL EARNINGS |
39811.000 |
NA |
NA |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
0.52 |
0.53 |
0.59 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
PAT / Total Income |
(%) |
1.47 |
1.65 |
1.92 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
2.25 |
2.23 |
3.06 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
2.97 |
3.34 |
4.54 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.10 |
0.11 |
0.14 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt/Networth) |
|
1.43 |
1.33 |
1.62 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
0.96 |
0.92 |
2.33 |
FINANCIAL ANALYSIS
[all figures are
in Rupees Millions]
DEBT EQUITY RATIO
|
Particular |
31.03.2012 |
31.03.2013 |
|
|
(Rs. In Millions) |
(Rs. In Millions) |
|
Share Capital |
1341.561 |
1341.561 |
|
Reserves & Surplus |
8275.238 |
8978.089 |
|
Net worth |
9616.799 |
10319.650 |
|
|
|
|
|
long-term borrowings |
3810.489 |
5194.172 |
|
Short term borrowings |
8940.470 |
9542.589 |
|
Total borrowings |
12750.959 |
14736.761 |
|
Debt/Equity ratio |
1.326 |
1.428 |
YEAR-ON-YEAR GROWTH
|
Year on Year Growth |
31.03.2011 |
31.03.2012 |
31.03.2013 |
|
|
(Rs. In Millions) |
(Rs. In Millions) |
(Rs. In Millions) |
|
Revenue from Operations |
41067.579 |
46957.876 |
47247.732 |
|
|
|
14.343 |
0.617 |
NET PROFIT MARGIN
|
Net Profit Margin |
31.03.2011 |
31.03.2012 |
31.03.2013 |
|
|
(Rs. In Millions) |
(Rs. In Millions) |
(Rs. In Millions) |
|
Revenue from Operations |
41067.579 |
46957.876 |
47247.732 |
|
Profit |
792.042 |
781.490 |
702.850 |
|
|
1.93% |
1.66% |
1.49% |
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 |
Yes |
|
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 |
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.
UNSECURED LOAN
(Rs.
In Millions)
|
Particulars |
As on 31.03.2013 |
As on 31.03.2012 |
|
Long term
borrowings |
|
|
|
Non-convertible debentures others |
1250.000 |
1225.000 |
|
Borrowing from government semi-government bodies |
57.174 |
73.812 |
|
|
|
|
|
Total |
1307.174 |
1298.812 |
ANALYSIS OF
PERFORMANCE FOR 2012-13
The sales and other income of the Company have been increased to Rs. 47724.000 millions as against Rs. 47284.000 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. Sluggish demand combined with ongoing volatility in raw materials has affected the profit. However the Company has maintained stable profit of Rs. 1060.000 millions as against 1050.000 millions in previous year. The Company is all set to meet the dynamic business environment and the management is optimistic about the bright future of the Company.
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 ImpoExpo Ltd, 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 Impo Expo Limited and VSL Wires Limited in November 2006. Viraj Alloys Limited, Viraj Impo Expo 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.
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
FIXED ASSETS:
· Freehold Land
· Leasehold Land
· Factory and Building
· Plant and Machinery
· Furniture and Fixtures
· Office Equipment
· Computer
· Vehicles
· Software
· Live Stock
PRESS RELEASE
VIRAJ PROFILES DEPLOYS IBM POWER SYSTEM
BANGALORE, JULY 8:
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 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 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.60.84 |
|
|
1 |
Rs. 98.72 |
|
Euro |
1 |
Rs. 78.64 |
INFORMATION DETAILS
|
Information
Gathered by : |
SVA |
|
|
|
|
Analysis Done by
: |
SUB |
|
|
|
|
Report Prepared
by : |
ANK |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
5 |
|
PAID-UP CAPITAL |
1~10 |
6 |
|
OPERATING SCALE |
1~10 |
6 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
6 |
|
--PROFITABILIRY |
1~10 |
5 |
|
--LIQUIDITY |
1~10 |
5 |
|
--LEVERAGE |
1~10 |
6 |
|
--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 |
|
50 |
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.