VIRAJ GROUP: RISE AND FALL WITHIN A DECADE!
Article Abstract:
The Viraj group of Maharashtra has failed to meet its financial projections since 1993-94. Public investment of Rs97.2 million in the group has been eroded. The group consists of two listed companies, Viraj Alloys Ltd (VAL) and Viraj Forgings Ltd (VFL). VAL floated a public issue of 4.19 million shares in 1994 to part finance its project for production of stainless steel and alloy steel. In 1997-98, it posted a turnover of Rs1663.4 million (Rs1905.1 million in 1996-97) and a net profit of Rs1.9 million (Rs4.8 million). VFL floated a Rs97.2 million equity issue in 1996 to part finance its Rs238 million project for manufacture of stainless steel forged and machined components. The machine shop was to commence commercial production in January 1997 while the forge shop was to commence production in April 1997. However the project has not been fully completed as on June 1998. In 1997-98, VFL posted a turnover of Rs127.7 million (projected turnover of Rs747.1 million) on a net profit of Rs11.5 million (projected net profit of Rs81.8 million). In the first half of 1998-99, VFL did not offer any dividend to its shareholders although it had promised a maiden dividend of 15 percent. VFL's scrip has not been traded since August 1998. (vv)
Publication Name: Financial Express Investment Week
Subject: Business, international
ISSN: 0015-2005
Year: 1999
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CHEMPLAST
Article Abstract:
Chemplast has a technical tie-up with BF Goodrich Inc for its polyvinyl chloride (PVC) production. It produces all varieties of PVC. It has set up a chlor-alkali facility for captive use of chlorine. It has expanded the capacity of its PVC plant from 43,800 tonnes per annum (tpa) to 60,000 tpa at a cost of Rs350 million. It sold 52,000 tonnes of PVC in 1996-97. It produces chloromethanes, whose capacity has been raised from 11,000 tpa to 22,000 tpa at a cost of Rs350 million. It sold 42,900 tonnes of caustic soda in 1996-97. It has invested Rs1.5 billion for buying ships. It operates 2 industrial alcohol facilities. It has a tie- up with Cabot Corporation to manufacture fumed silica at Mettur. It posted sales of Rs3,984 million and a net profit of Rs37.6 million in 1996-97. Its equity is Rs351.8 million. (rk)
Comment:
Has technical tie-up with BF Goodrich for polyvinyl chloride production and produces all varieties of PVC, co profile
Publication Name: Financial Express Investment Week
Subject: Business, international
ISSN: 0015-2005
Year: 1998
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AHMEDNAGAR FORGING (AFL)
Article Abstract:
Ahmednagar Forgings Ltd (AFL) supplies steel forgings to leading OEMs (original equipment manufacturers) like Telco, Bajaj Auto, Gajra Gears and Eicher Tractors. It has bought a sick unit of SICOM in Ahmednagar for Rs16.5 million for producing cold forgings. It has re-named the unit as Asian Auto Parts. AFL's plants are at Chakan and Kuruli, near Pune. In 1996-97, it produced 17,989 tonnes of steel forgings. In India, it sold 14,924 tonnes of forgings. Its exports were 2,253 tonnes. It made a net profit of Rs61.9 million on sales of Rs945.8 million. Its equity was Rs80 million. Its earning per share was Rs7.7. (gs)
Comment:
Supplies steel forgings to leading original equipment manufacturers in India, co profile
Publication Name: Financial Express Investment Week
Subject: Business, international
ISSN: 0015-2005
Year: 1998
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