MIRA INFORM REPORT
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Report No. : |
341085 |
|
Report Date : |
14.09.2015 |
IDENTIFICATION DETAILS
|
Name : |
VIRAJ PROFILES LIMITED (w.e.f. 19.03.1998) |
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Formerly Known
As : |
VIRAJ GASES LIMITED |
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Registered
Office : |
G-34, MIDC Tarapur Industrial Area, Boisar, Taluka-Palghar, Tarapur,
District Thane – 401 506, Maharashtra |
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Tel. No.: |
91-2525-279702 |
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Country : |
India |
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Financials (as
on) : |
31.03.2014 |
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Date of
Incorporation : |
02.02.1996 |
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Com. Reg. No.: |
11-096835 |
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Capital
Investment / Paid-up Capital : |
Rs. 1464.638 Million |
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CIN No.: [Company Identification
No.] |
U28113MH1996PLC096835 |
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IEC No.: |
0300063679 |
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TAN No.: [Tax Deduction & Collection
Account No.] |
MUMV07253B |
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PAN No.: [Permanent Account No.] |
AABCV1740N |
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Legal Form : |
A Closely Held Public Limited Liability Company |
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Line of Business
: |
Manufacturer and Exporter of Stainless Steel long
Products. |
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No. of Employees
: |
6000 (Approximately) |
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 |
|
Maximum Credit Limit : |
USD 33500000 |
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Status : |
Satisfactory |
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Payment Behaviour : |
Usually correct |
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Litigation : |
Clear |
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Comments : |
Subject was incorporated on February 2, 1996, is amongst the largest manufacturers
of value-added stainless steel long products across the world. It has
satisfactory track record. The company possesses a decent financial profile marked by healthy
networth position during FY 2014. The rating continue to derive strength from well-established and
experienced promoters and strong market position in the niche segment of
stainless steel long products. Trade relations are fair. Business is active. Payment terms are
reported as usually correct. 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 31, 2015
|
Country Name |
Previous Rating (31.12.2014) |
Current Rating (31.03.2015) |
|
India |
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
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Very High |
C1 |
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Restricted |
C2 |
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Off-credit |
D |
EXTERNAL AGENCY RATING
|
Rating Agency Name |
CARE |
|
Rating |
Long term bank facilities: “BBB+” |
|
Rating Explanation |
Moderate degree of safety and moderate
credit risk. |
|
Date |
11 November, 2014 |
|
Rating Agency Name |
CARE |
|
Rating |
Short term bank facilities: “A2” |
|
Rating Explanation |
Strong degree of safety and low credit risk. |
|
Date |
11 November, 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
31-03-2015.
INFORMATION PARTED BY
|
Name : |
Mr. R.K. Jain |
|
Designation : |
Finance Manager |
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Contact No.: |
91-9049991009 |
LOCATIONS
|
Registered Office/Marketing Office : |
G-34, MIDC Tarapur Industrial Area, Boisar, Taluka-Palghar, District, Taraoure, Thane - 401 506, Maharashtra |
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Tel. No.: |
91-2525-279702 |
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Mob No.: |
91-9049998009 (Mr. R.K. Jain) |
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Fax No.: |
91-2525-260159/274420/279701 |
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E-Mail : |
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Website : |
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Location : |
Owned |
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Locality : |
Industrial |
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Corporate Office : |
1st Floor, Viraj Tower Westen Highway, Andheri (East), Mumbai - 400101, Maharashtra, India |
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Factory 1: |
G-76/77, MIDC, Tarapur Industrial Area, Boisr, Thane-401506, Maharashtra, India |
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Tel. No.: |
91-2525-260156 / 271055 |
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Mobile No. : |
91-9049991009 (Mr. R K Jain, Finance Manager) |
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Fax No.: |
91-2525-271369 |
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E-Mail : |
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Factory 2 : |
BRIGHT BAR DIVISION / WIRE AND WIRE RODS DIVISION G-33, MIDC Tarapur Industrial Area, (Engineering Zone), District Thane- 401506, Maharashtra, India |
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Tel. No.: |
91-2525-261923/ 271365/68/261514/18/271055 (Direct)/271495 (Direct) |
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Res. No: |
91-22-26134335/26134366 |
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Fax No.: |
91-2525-270431/272448/260159 (Direct) |
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Res. Fax No.: |
91-22-22645858 |
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E-Mail : |
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Factory 3 : |
angle AND flat bars division G-76, MIDC, Tarapur, Industrial Area, (Engineering Zone), Boisar, Dist Thane – 401 506, Maharashtra, India |
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Tel. No.: |
91-2525-2560156 / 57/58/261519/20/21/271729 / 271365 (Direct)/271365-68/ 22614284 |
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Res. No: |
91-22-26134335/26134366 |
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Fax No.: |
91-2525-271369/270431 / 272448 |
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Res. Fax No.: |
91-22-22645858 |
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E-Mail : |
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Factory 4: |
Fasteners Division G-1/3, MIDC Tarapur Industrial Area, Boisar, District Thane-401506, Maharashtra, India |
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Tel No.: |
91-2525-279702-013/ 261495-96/ 260656-54 |
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Fax No.: |
91-2525-260651 |
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E mail: |
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Factory 5: |
Stainless Steel Making Division G-34, MIDC Tarapur Industrial Area, (Engineering Zone), Dist. Thane – 401506, Maharashtra, India |
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Tel No.: |
91-22-22613056/22614284 |
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Fax No.: |
91-22-22612980/22659713 |
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E mail: |
DIRECTORS
As on 30.09.2014
|
Name : |
Mr. Neeraj Raja
Kochhar |
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Designation : |
Managing Director |
|
Address : |
4, Vikas Park,
Juhu Tara Road, Juhu, Mumbai – 400 049, Maharashtra, India |
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Date of Birth/Age : |
16.09.1958 |
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Qualification : |
Commerce Graduate |
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Date of Appointment : |
01.11.2006 |
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DIN No.: |
00115140 |
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PAN No.: |
AMXPK6610R |
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|
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Name : |
Mrs. Renu Neeraj
Kochhar |
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Designation : |
Managing Director |
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Address : |
4, Vikas Park,
Juhu Tara Road, Juhu, Mumbai – 400 049, Maharashtra, India |
|
Date of Birth/Age : |
10.10.1958 |
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Qualification : |
MA |
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Date of Appointment : |
25.04.1997 |
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DIN No.: |
00115236 |
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PAN No.: |
AARPK1540N |
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|
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Name : |
Mr. Atul Kumar Bhagwatiprasad Joshi
|
|
Designation : |
Director |
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Address : |
10 Pratiksha Apartments Opposites Saraswati High School Maninagar,
Ahmedabad – 380008, Gujarat, India |
|
Date of Birth/Age : |
16.07.1952 |
|
Date of Appointment : |
30.12.2012 |
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DIN No.: |
00115716 |
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|
|
|
Name : |
Mr. Tharmapuram
Subramaniam Narayanasami |
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Designation : |
Director |
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Address : |
FLT-1B, The Lords Apartment, Sathya Dev Avenue, R.A. Puram, Chennai –
600 028, Tamilnadu, India |
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Date of Birth/Age : |
18.05.1949 |
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Qualification : |
B. Sc |
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Date of Appointment : |
10.04.2012 |
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DIN No.: |
01786981 |
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|
|
|
Name : |
Mr. Brahma Prakash Gaur |
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Designation : |
Director |
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Address : |
1201-A, Amogh, Parulekar Road,Above Croma Showroom, Jvpd Scheme,Vile Parle (West),, Mumbai, 400049, Maharashtra, India |
|
Date of Appointment : |
15.07.2015 |
|
DIN No.: |
07213189 |
KEY EXECUTIVES
|
Name : |
Mr. Gaurav Raghuvanshi |
|
Designation : |
Secretary |
|
Address : |
Flat No.2, Shanti Gang A Co-operative
Society Kashav Nagar, Boisar, Thane – 401501, Maharashtra, India |
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Date of Birth/Age : |
11.08.1988 |
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Date of Appointment : |
08.07.2013 |
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PAN No.: |
AWWPR0645Q |
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|
Name : |
Mr. Jain Raman Kumar |
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Designation : |
Chief Executive Officer |
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Address : |
31, Venus, S.V.P. Nagar, Andheri (West), Mumbai, 400053, Maharashtra, INDIA |
|
Date of Appointment : |
28/03/2015 |
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PAN No.: |
ABAPJ2048Q |
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|
|
|
Name : |
Mr. R.K. Jain |
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Designation : |
Finance Manager |
MAJOR SHAREHOLDERS
As on: 10.09.2014
SHAREHOLDING DETAILS
FILE ATTACHED
Equity Share Break up (Percentage of Total Equity)
As on: 10.09.2014
|
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 |
6.85 |
|
Bodies corporate |
82.13 |
|
Directors or relatives of Directors |
10.83 |
|
Other top fifty shareholders |
0.19 |
|
Total |
100.00 |
BUSINESS DETAILS
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Line of Business : |
Manufacturer and Exporter of Stainless Steel long
Products. |
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Products : |
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Brand Names : |
Not Divulged |
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Agencies Held : |
Not Divulged |
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Exports : |
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Products : |
Stainless Steel |
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Countries : |
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Imports : |
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Products : |
Raw Material |
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Countries : |
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Terms : |
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Selling : |
Cash, Advance Payment, Cheque and Credit (30,60,90 Days) |
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Purchasing : |
Cash, Advance Payment, Cheque and Credit (30,60,90 Days) |
PRODUCTION STATUS NOT AVAILABLE
GENERAL INFORMATION
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Suppliers : |
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Customers : |
Wholesalers, End Users, OEM’s and Manufacturer
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No. of Employees : |
6000 (Approximately) |
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Bankers : |
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Facilities : |
Notes: LONG TERM
BORROWING Secured Loans are covered by: 1.Term loan of Rs. 933.224 Million (Previous year: Rs. 1198.331 Million) from banks are secured by way of first pari-passu charge on the fixed assets of the Company, second pari-passu charge on the current assets of the Company and personal guarantee of directors. 2. Term loan of Rs. Nil (Previous year: Rs.271.990 Million) from a bank is secured by way of charge on the Commercial premises situated at Linking Road Khar Mumbai. 3.Term loan of Rs. 2994.083 Million (Previous year: Rs.122.1800 Million) from banks are secured by way of first pari-passu charge on the fixed assets of the Company, second pari-passu charge on the current assets of the Company, personal guarantee of directors, and pledge of 30% (thirty per cent) voting equity share capital of the borrower held by the Promoters. 4. Repayment Terms of outstanding term loans from banks: a) Andhra Bank Loan carries Interest @ 14.00%. The loans is repayable in 20 quaterly instalments of Rs. 62,500,000 each starting from 30 June 2011 b) Bank of India Loan carries Interest @ 13.25 %. The loans is repayable as follows: Balance in 16 quaterly instalments stating from 31 December 2010 of Rs. 95,000,000 each c) ICICI Bank loan was carried Interest @ 12.60 %. The loans is repayable as follows: Quaterly instalments of Rs. 40,000,000 each starting from 31 December 2011 Quaterly instalments of Rs. 22,670,000 each starting from 30 September 2012 d) Term loans from State Bank of Tavancore, Andhra Bank, The South Indian Bank Ltd. And Corporation Bank carry Interest @ 13.00 %. The loans are repayable in 22 Quaterly instalments of Rs. 22,727,500 each starting from June 2014. e) Axis Bank Term loan carries Interest @ 13.25 %. The loan is repayable in 22 equal quaterly instalments of Rs.27,727,650 each starting from June 2014. 5.Corporate loan 0f Rs. 468.650 Million (Previous year Rs. 843.750 Million) from central Bank of India is secured by way of equitable mortgage of land situated at Wada and pledge of 125,000,000 equity shares of the Company held by promotors and personal guarantee of directors and subservient charge on current assets. 6.Corporate Loan of Rs. 1080.000 Million (Previous year: Rs. 1080.000 Million) from State Bank of índia is secured by way of first pari-passu charge on current and fixed assets of the Company, on pari-passu basis with other lender. 7.Corporate Loan of Rs. 499.857 Million (Previous year: Rs. Nil) from Andhra Bank is secured by way of first pari-passu charge on fixed assets of the Company, second pari-passu charge on current assets of the Company and pledge of certain shares held by Promoters and personal guarantees of Promoters. 8.Corporate Loan of Rs. 1000.000 Million (Previous year: Rs. Nil) from Indian Overseas Bank is secured by way of first pari-passu charge on fixed assets of the Company, and personal guarantees of Promoters. 9.Corporate Loan of Rs. 494.021 Million (Previous year: Rs. Nil) from Bank of India is secured by way of first and second pari-passu charge on fixed assets and current assets of the Company and personal guarantees of Promoters. 10. Corporate Loan of Rs. Nil (Previous year: Rs. 818.182 Million) from Axis Bank is secured by way of subservient charge on the current assets and movable fixed assets of the Company. 11. Repayment Terms of outstanding corporate loans from banks: a) Central Bank of India Loan carries Interest @ 14.00%. The loan is repayable in 16 quaterly instalments of Rs. 93,750,000 each starting from 1 April 2011 b) State Bank of India Loan carries Interest @ 13.70%. The loan is repayable in 60 monthly instalments of Rs. 15,000,000 each starting from 1 April 2014 c) Andhra Bank Corporate loan carries Interest @ 13.00 %. The loan is repayable in 54 Equal Installment after 12 months moratorium Period i.e. January 2015. d) Indian Overseas Bank Corporate loan carries Interest @ 14.50 %. The loan is repayable in 54 Equal Installment after 12 months moratorium Period i.e. January 2015 12. Vehicle loan from banks and non banking financial companies is secured by way of hypothecation of the vehicles financed by them under the finance scheme. 13 .Vehicle loans are repayable in equal monthly installments over the terms of loans ranging from 2 to 3 years. 14. The Company had redeemed 1,25,00,000 fully paid up Redeemable Non-Convertible Debentures of 14.50 % of the face value of Rs 100 during the year. SHORT TERM
BORROWINGS: 1. Packing credit and cash credit from banks are secured against first pari-passu charge on the current assets of the Company, second pari-passu charge on the fixed assets of the Company and personal guarantee of directors. 2. Packing credit in foreign currency from banks is to be adjusted from export proceeds within 180 days and carries interest rate @ 4.50- 6.50%. 3. Rupees Packing credit from banks is to be adjusted from exports proceeds within 180 days and carries interest rate @ 11.25 - 11.75%. 4. Cash credit from banks is repayable on demands and
carries interest rate @13- 15%. |
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Financial Institution: |
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Auditors : |
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Name : |
B S R and Associates Chartered Accountants |
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Address : |
Lodha Excelus, 1st Floor, Apollo Mills Compound, N. M. Joshi Marg, Mahalakshmi, Mumbai – 400 011, Maharashtra, India |
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Tel. No.: |
91-22-30440800 |
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Fax No.: |
91-22-30440900 |
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PAN N Income-tax PAN of auditor or auditor's firm : |
AABFD7919A |
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Memberships : |
Not Available |
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Collaborators : |
Not Available |
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Holding Company : |
CIN No.: U67100MH2007PTC175256 |
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Subsidiary : |
CIN No : U63090MH2013PTC249735 |
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Enterprises which are owned, or have significant influence of or are
partners with Key management personnel and their relatives : |
(CIN No.: U28939MH2004PTC149545)
(CIN No.: U45200MH1995PTC093238)
(CIN No.: U99999MH1997PTC111526)
(CIN No.: U67120MH1997PTC110163)
CIN No : U45200MH1995PTC093238
CIN No : U29213MH2007PTC169412 |
CAPITAL STRUCTURE
As on 31.03.2014
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
1500000000 |
Equity Shares |
Rs.10/- each |
Rs. 1500.000 Million |
|
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|
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Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
1464637649 |
Equity Shares |
Rs.10/- each |
Rs. 1464.638
Million |
|
|
|
|
|
FINANCIAL DATA
[all figures are
in Rupees Million]
ABRIDGED
BALANCE SHEET
|
SOURCES OF FUNDS |
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
I.
EQUITY
AND LIABILITIES |
|
|
|
|
(1)
Shareholders' Funds |
|
|
|
|
(a) Share Capital |
1464.638 |
1341.561 |
1341.561 |
|
(b) Reserves & Surplus |
10263.054 |
8978.088 |
8275.238 |
|
(c) Money
received against share warrants |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
(2)
Share Application money pending allotment |
0.000 |
0.000 |
0.000 |
|
Total
Shareholders’ Funds (1) + (2) |
11727.692 |
10319.649 |
9616.799 |
|
|
|
|
|
|
(3) Non-Current
Liabilities |
|
|
|
|
(a) Long-term borrowings |
5482.977 |
5194.173 |
3810.489 |
|
(b) Deferred tax liabilities (Net) |
166.036 |
0.000 |
0.000 |
|
(c) Other long term
liabilities |
0.000 |
0.000 |
0.000 |
|
(d) Long-term
provisions |
162.815 |
180.668 |
114.482 |
|
Total Non-current
Liabilities (3) |
5811.828 |
5374.841 |
3924.971 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a) Short
term borrowings |
18869.360 |
18030.290 |
8940.470 |
|
(b) Trade
payables |
5126.737 |
4797.027 |
8258.322 |
|
(c) Other
current liabilities |
3578.756 |
3067.669 |
3383.907 |
|
(d) Short-term
provisions |
8.050 |
7.887 |
92.067 |
|
Total Current
Liabilities (4) |
27582.903 |
25902.873 |
20674.766 |
|
|
|
|
|
|
TOTAL |
45122.423 |
41597.363 |
34216.536 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a) Fixed Assets |
|
|
|
|
(i)
Tangible assets |
13960.831 |
8920.683 |
9453.968 |
|
(ii)
Intangible Assets |
19.723 |
19.958 |
9.013 |
|
(iii)
Capital work-in-progress |
954.072 |
4167.583 |
1341.361 |
|
(iv)
Intangible assets under development |
0.000 |
0.000 |
0.000 |
|
(b) Non-current Investments |
1602.624 |
1577.673 |
1498.063 |
|
(c) Deferred tax assets (net) |
0.000 |
84.814 |
33.845 |
|
(d) Long-term Loan and Advances |
1786.296 |
1808.868 |
2247.236 |
|
(e) Other
Non-current assets |
548.373 |
62.387 |
712.833 |
|
Total Non-Current
Assets |
18871.919 |
16641.966 |
15296.319 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a)
Current investments |
0.000 |
0.000 |
8.877 |
|
(b)
Inventories |
10051.888 |
9564.974 |
8024.068 |
|
(c) Trade
receivables |
2479.666 |
888.375 |
1921.175 |
|
(d) Cash
and cash equivalents |
4284.704 |
3580.816 |
3310.884 |
|
(e)
Short-term loans and advances |
8354.913 |
9673.439 |
5505.604 |
|
(f) Other
current assets |
1079.333 |
1247.793 |
149.609 |
|
Total
Current Assets |
26250.504 |
24955.397 |
18920.217 |
|
|
|
|
|
|
TOTAL |
45122.423 |
41597.363 |
34216.536 |
PROFIT
& LOSS ACCOUNT
|
|
PARTICULARS |
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
|
|
SALES |
|
|
|
|
|
|
|
Revenue from operations |
48591.748 |
47247.732 |
46957.876 |
|
|
|
Other Income |
524.701 |
477.253 |
326.318 |
|
|
|
TOTAL (A) |
49116.449 |
47724.985 |
47284.194 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Cost of materials consumed |
30808.035 |
31091.018 |
30766.029 |
|
|
|
Changes in inventories of finished goods, work-in-progress and
stock-in-trade |
(28.659) |
(1116.710) |
1309.198 |
|
|
|
Employee benefit expense |
1728.194 |
1647.833 |
1255.586 |
|
|
|
Other expenses |
12379.282 |
11400.105 |
8910.671 |
|
|
|
TOTAL (B) |
44886.852 |
43022.246 |
42241.484 |
|
|
|
|
|
|
|
|
PROFIT
/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
4229.597 |
4702.739 |
5042.710 |
||
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
2111.627 |
2381.969 |
2945.694 |
|
|
|
|
|
|
|
|
|
|
PROFIT
/ (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
2117.970 |
2320.770 |
2097.016 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
1170.608 |
1257.861 |
1051.558 |
|
|
|
|
|
|
|
|
|
|
PROFIT / (LOSS)
BEFORE TAX (E-F) (G) |
947.362 |
1062.909 |
1045.458 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
319.319 |
360.059 |
263.968 |
|
|
|
|
|
|
|
|
|
|
PROFIT / (LOSS)
AFTER TAX (G-H) (I) |
628.043 |
702.850 |
781.490 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
F. O. B. Value of Exports |
42832.192 |
39811.072 |
40881.799 |
|
|
TOTAL EARNINGS |
42832.192 |
39811.072 |
40881.799 |
|
|
|
|
|
|
|
|
|
|
IMPORT |
|
|
|
|
|
|
Raw materials |
27898.440 |
26247.011 |
NA |
|
|
|
Capital goods |
916.860 |
829.234 |
NA |
|
|
|
Consumables |
933.447 |
681.999 |
NA |
|
|
|
TOTAL IMPORT |
29748.747 |
27758.244 |
NA |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
0.46 |
0.52 |
0.53 |
|
|
Particulars |
|
|
31.03.2015 |
|
Sales Turnover |
|
|
50000.000 |
|
|
|
|
|
The above information has been parted by Mr. R.K Jain (Finance Manager)
CURRENT MATURITIES
OF LONG TERM DEBT DETAILS
|
Particulars |
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
Current Maturities of Long term debt |
2063.703 |
1588.338 |
2219.220 |
|
Cash generated from operations |
NA |
NA |
NA |
|
Net cash flow from (used in) operation |
3507.534 |
4203.601 |
6203.276 |
KEY
RATIOS
|
PARTICULARS |
|
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
Net Profit Margin (PAT / Sales) |
(%) |
1.29 |
1.49 |
1.66 |
|
|
|
|
|
|
|
Operating Profit Margin (PBIDT/Sales) |
(%) |
8.70 |
9.95 |
10.74 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
2.23 |
2.97 |
3.34 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.08 |
0.10 |
0.11 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt /Networth) |
|
2.25 |
2.40 |
1.56 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
0.95 |
0.96 |
0.92 |
FINANCIAL ANALYSIS
[all figures are
in Rupees Million]
DEBT EQUITY RATIO
|
Particular |
31.03.2012 |
31.03.2013 |
31.03.2014 |
|
|
(Rs.
In Million) |
(Rs.
In Million) |
(Rs.
In Million) |
|
Share Capital |
1341.561 |
1341.561 |
1464.638 |
|
Reserves & Surplus |
8275.238 |
8978.088 |
10263.054 |
|
Net
worth |
9616.799 |
10319.649 |
11727.692 |
|
|
|
|
|
|
long-term borrowings |
3810.489 |
5194.173 |
5482.977 |
|
Short term borrowings |
8940.470 |
18030.290 |
18869.360 |
|
Current Maturities of
Long-Term Debts |
2219.220 |
1588.338 |
2063.703 |
|
Total
borrowings |
14970.179 |
24812.801 |
26416.040 |
|
Debt/Equity
ratio |
1.557 |
2.404 |
2.252 |
YEAR-ON-YEAR GROWTH
|
Year
on Year Growth |
31.03.2012 |
31.03.2013 |
31.03.2014 |
|
|
(Rs.
In Million) |
(Rs.
In Million) |
(Rs.
In Million) |
|
Sales |
46957.876 |
47247.732 |
48591.748 |
|
|
|
0.617 |
2.845 |
NET PROFIT MARGIN
|
Net
Profit Margin |
31.03.2012 |
31.03.2013 |
31.03.2014 |
|
|
(Rs.
In Million) |
(Rs.
In Million) |
(Rs.
In Million) |
|
Sales |
46957.876 |
47247.732 |
48591.748 |
|
Profit |
781.490 |
702.850 |
628.043 |
|
|
1.66% |
1.49% |
1.29% |
LOCAL AGENCY FURTHER INFORMATION
|
Sr. No. |
Check list by
info agents |
Available in
Report (Yes/No) |
|
1 |
Year of establishment |
Yes |
|
2 |
Constitution of the entity -Incorporation
details |
Yes |
|
3 |
Locality of the entity |
Yes |
|
4 |
Premises details |
No |
|
5 |
Buyer visit details |
--- |
|
6 |
Contact numbers |
Yes |
|
7 |
Name of the person contacted |
Yes |
|
8 |
Designation of contact person |
Yes |
|
9 |
Promoter’s background |
Yes |
|
10 |
Date of Birth of Proprietor / Partners /
Directors |
Yes |
|
11 |
Pan Card No. of Proprietor / Partners |
Yes |
|
12 |
Voter Id Card No. of Proprietor / Partners |
No |
|
13 |
Type of business |
Yes |
|
14 |
Line of Business |
Yes |
|
15 |
Export/import details (if applicable) |
Yes |
|
16 |
No. of employees |
Yes |
|
17 |
Details of sister concerns |
Yes |
|
18 |
Major suppliers |
No |
|
19 |
Major customers |
No |
|
20 |
Banking Details |
Yes |
|
21 |
Banking facility details |
Yes |
|
22 |
Conduct of the banking account |
----- |
|
23 |
Financials, if provided |
Yes |
|
24 |
Capital in the business |
Yes |
|
25 |
Last accounts filed at ROC, if applicable |
Yes |
|
26 |
Turnover of firm for last three years |
Yes |
|
27 |
Reasons for variation <> 20% |
---- |
|
28 |
Estimation for coming financial year |
Yes |
|
29 |
Profitability for last three years |
Yes |
|
30 |
Major shareholders, if available |
Yes |
|
31 |
External Agency Rating, if available |
Yes |
|
32 |
Litigations that the firm/promoter
involved in |
---- |
|
33 |
Market information |
---- |
|
34 |
Payments terms |
Yes |
|
35 |
Negative Reporting by Auditors in the
Annual Report |
No |
ANALYSIS OF PERFORMANCE
FOR 2013-14
The sales and other income of the Company have been increased to Rs. 491160.000 Million as against Rs. 477240.000 Million 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. The Company is all set to meet the dynamic business environment and the management is optimistic about the bright future of the Company.
BACKGROUND
Viraj Profiles Limited (VPL) 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.
UNSECURED LOAN
(Rs.
In Million)
|
Particulars |
As on 31.03.2014 |
As on 31.03.2013 |
|
Long term
borrowings |
|
|
|
Non-convertible debentures others |
0.000 |
1250.000 |
|
Borrowing from government semi-government bodies |
45.309 |
57.173 |
|
Short Term
Borrowings |
|
|
|
Intercorporate borrowings |
0.000 |
23.772 |
|
Total |
45.309 |
1330.945 |
INDEX
OF CHARGES
|
S.NO. |
CHARGE ID |
DATE OF CHARGE CREATION/MODIFICATION |
CHARGE AMOUNT SECURED |
CHARGE HOLDER |
ADDRESS |
SERVICE REQUEST NUMBER (SRN) |
|
1 |
10543440 |
09/01/2015 |
64,000,000.00 |
BMW FINANCIAL SERVICES PRIVATE LIMITED |
DLF CYBER CITY,
PHASE II, BUILDING NO. 10, TOWER |
C40657124 |
|
2 |
10536063 |
09/12/2014 |
6,670,000,000.00 |
ANDHRA BANK |
NANAVATI MAHALAYA, 18, HOMI MODI STREET, FORT BRANCH, MUMBAI - 400023, MAHARASHTRA, INDIA |
C36669240 |
|
3 |
10524113 |
22/09/2014 |
18,225,000.00 |
SREI EQUIPMENT FINANCE LIMITED |
'VISHWAKARMA', 86C, TOPSIA ROAD, KOLKATA - 700046, WEST BENGAL, INDIA |
C25989278 |
|
4 |
10524369 |
22/09/2014 |
27,923,000.00 |
SREI EQUIPMENT FINANCE LIMITED |
'VISHWAKARMA', 86C, TOPSIA ROAD, KOLKATA - 700046, WEST BENGAL, INDIA |
C26833822 |
|
5 |
10520977 |
27/08/2014 |
1,080,000,000.00 |
STATE BANK OF INDIA |
INDUSTRIAL FINANCE BRANCH, 102, NATRAJ, 194, SIRM. V. ROAD, W E HIGHWAY-METRO JUNCTION ANDHERI, MUMBAI - 400069, MAHARASHTRA, INDIA |
C21519889 |
|
6 |
10514058 |
13/08/2014 |
5,080,000,000.00 |
AXIS TRUSTEE SERVICES LIMITED |
AXIS HOUSE, 2ND FLR, BOMBAY DYEING MILLS COMPOUND, PANDURANG BUDHKAR MARG, WORLI, MUMBAI - 400025, MAHARASHTRA, INDIA |
C15738156 |
|
7 |
10515067 |
22/07/2014 |
280,000,000.00 |
BANK OF INDIA |
NARIMAN POINT LARGE CORPORATE BRANCH, 92-93, FREE PRESS HOUSE, 215, NARIMAN POINT, MUMBAI - 400021, MAHARASHTRA, INDIA |
C16499782 |
|
8 |
10506467 |
19/06/2014 |
693,000,000.00 |
INDIAN OVERSEAS BANK |
FORT BRANCH, TAMRIND HOUSE, 30 & 32 TAMRIND LANE, MUMBAI - 400023, MAHARASHTRA, INDIA |
C09584285 |
|
9 |
10505006 |
10/06/2014 |
6,775,000.00 |
HDFC BANK LIMITED |
HDFC BANK HOUSESENAPATI BAPAT MARG, LOWER PAREL W, MUMBAI - 400013, MAHARASHTRA, INDIA |
C08188229 |
|
10 |
10488992 |
19/04/2014 |
10,292,000.00 |
HDFC BANK LIMITED |
HDFC BANK LIMITED, LOWER PAREL W, MUMBAI - 400013, MAHARASHTRA, INDIA |
C03061876 |
CONTINGENT
LIABILITIES:
(Rs. in million)
|
PARTICULARS |
31.03.2014 |
31.03.2013 |
|
Corporate guarantees issued in favour of Banks for loans taken by subsidiary companies |
4370.240 |
4843.581 |
|
Export Bills Discounted with/ Negotiated by the banks |
9491.959 |
8339.344 |
|
Letter of Credits issued by the banks |
7221.561 |
6177.215 |
|
Excise Duty payable on Clearance under Bond |
13.047 |
901.556 |
|
Demands raised by Income Tax Authorities |
114.934 |
92.569 |
|
Demands raised by Service Tax Authorities |
207.097 |
50.109 |
|
Demands raised by Excise Authorities |
118.610 |
7.276 |
FIXED ASSETS
· Land
· Building
· Plant and Machinery
· Furniture and Fixtures
· Office Equipment
· Computer
· Vehicles
·
Softwar
CMT REPORT (Corruption, Money Laundering & Terrorism]
The Public Notice information has been collected from various sources
including but not limited to: The Courts, India Prisons Service,
Interpol, etc.
1] INFORMATION ON
DESIGNATED PARTY
No 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. 66.39 |
|
UK Pound |
1 |
Rs. 102.59 |
|
Euro |
1 |
Rs. 74.90 |
INFORMATION DETAILS
|
Information
Gathered by : |
PPT |
|
|
|
|
Analysis Done by
: |
RAS |
|
|
|
|
Report Prepared
by : |
JYO |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
6 |
|
OPERATING SCALE |
1~10 |
6 |
|
FINANCIAL
CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
6 |
|
--PROFITABILITY |
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 |
YES |
|
--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.