MIRA INFORM REPORT
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Report Date : |
17.11.2006 |
IDENTIFICATION DETAILS
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Name : |
VRIJESH
CORPORATION |
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Registered Office : |
31-A,
Mittal Chambers, Nariman Point, Mumbai 400021, Maharashtra, India |
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Country : |
India
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Financials (as on) : |
31.03.2006 |
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Date of Incorporation : |
1971 |
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Legal Form : |
Partnership
Concern with an unlimited liability of the partners |
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Line of Business : |
Merchant
exporter of 100% silk, 100% linen and their blends with cotton, wool,
viscose, etc. |
RATING & COMMENTS
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MIRA’s Rating : |
Ba |
RATING
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STATUS |
PROPOSED CREDIT LINE |
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41-55 |
Ba |
Overall operation is
considered normal. Capable to meet normal commitments. |
Satisfactory |
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Maximum Credit Limit : |
USD 225000 |
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Status : |
Satisfactory |
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Payment Behaviour : |
Slow by 15/30 days |
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Litigation : |
Clear |
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Comments : |
This report is based on an
interview with Mr. Vrijesh Agarwal, Partner of the concern. Subject is a
well-established concern having satisfactory track. Trade relations are fair.
Payments are reported as slow by +15/30 days. |
LOCATIONS
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Registered Office : |
31-A,
Mittal Chambers, Nariman Point, Mumbai 400021, Maharashtra, India |
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Tel. No.: |
91-22-22027007 /2202 8978 |
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Fax No.: |
91-22-22028798 |
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E-Mail : |
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Website : |
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Area : |
2200
Sq.ft |
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Location : |
Owned |
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Warehouse: |
201, East West Industrial Centre, Andheri Kurla Road, Sakinaka, Andheri (East), Mumbai – 400 072, Maharashtra, India. |
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Tel. No.: |
91-22-28592935
/ 37 / 38 |
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Fax No.: |
91-22-28592936 |
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Branches : |
202, Midas Chambers, Off Link Road, Opp. Laxmi Industrial Estate, Andheri (West), Mumbai – 400 053, Maharashtra, India |
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Tel. No.: |
91-22-26732280/2285 |
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Fax No.: |
91-22-26732369 |
PARTNERS
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Name : |
Mr. Vrijesh Agarwal |
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Designation : |
Partner |
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Name : |
Mr.
C. L. Agarwal |
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Designation : |
Partner |
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Name : |
Mr.
Atul Agarwal |
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Designation : |
Partner |
BUSINESS DETAILS
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Line of Business : |
Merchant
exporter of 100% silk, 100% linen and their blends with cotton, wool,
viscose, etc. |
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Exports to : |
USA,
Western European Countries, Japan, Australia and Korea |
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Imports from : |
China,
Singapore, UK, Japan and France |
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Terms : |
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Selling : |
L/C or D/P terms. |
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Purchasing : |
L/C,
D/A or D/P terms. |
GENERAL INFORMATION
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Customers : |
Wholesalers |
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No. of Employees : |
18 |
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Bankers : |
Bank of India, Chakala Branch, Andheri East, Mumbai-400093, Maharashtra, India |
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Facilities : |
The
concern is reported to enjoy cash credit facility upto Rs. 30.000 millions The
group enjoy cash credit facility upto Rs. 60.000 millions |
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Banking Relations : |
Satisfactory |
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Sister Concern : |
Vrijesh Natural Fibre and
Fabrics Private Limited Line of Business - Manufacturing Silk Yarn Shree Sai Corporation Line of Business - Manufacturing Silk Tops and Yarns Linen Craft Bangalore Line of Business –
Manufacturer of Home Furnishing |
CAPITAL STRUCTURE
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Capital Investment : |
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Owned : |
Rs.
60.000 millions |
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Borrowed : |
--
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Total : |
Rs.
60.000 millions |
FINANCIAL
DATA
[all figures are in Rupees Millions]
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Particulars |
31.03.2006 |
31.03.2005 |
31.03.2004 |
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Sales Turnover |
560.000 |
300.000 |
280.000 |
Group Turnover: Rs. 900.000
millions
Expected Sales March 2007 –
Rs. 600.000 Millions
LOCAL AGENCY FURTHER INFORMATION
Web details are attached herewith:-
In 1997, Mr. C. L. Agarwal established Vrijesh Corporation mainly for trading in Silk fibres and Yarns. His prudence and endurance had evolved the company as a govt. recognized Export House and a vertically integrated in Silk. By 1997, with a force of about 450 people as its soul, the group's turnover has reached US $ 7.5 million of which 50% comes from export.
The company manufactures for
exports 100% Silk, 100% Linen and their blends with cotton, wool, viscose etc.
The company sells these fabrics through its agents in New York, Paris, Milan
and South Africa. To keep itself abreast of the latest fashion trends as well
as to get design inputs from its clients. The company participates in
prestigious textile shows around the world
Subject is in trade terms
with:
Ø
Raymonds Limited, Thane,
Maharashtra, India
Ø
Jayashree Textiles,
Rishra, West Bengal, India
Ø
Liz Claiborne, New York
10019, USA
Ø
P. G. Mora Srl., Milano,
Italy
Ø
American Pacific
Enterprises, USA
Ø
P Kaufnann, USA
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 records exist designating subject or any of its beneficial owners,
controlling shareholders or senior officers as terrorist or terrorist
organization or whom notice had been received that all financial transactions
involving their assets have been blocked or convicted, found guilty or against
whom a judgement or order had been entered in a proceedings for violating
money-laundering, anti-corruption or bribery or international economic or
anti-terrorism sanction laws or whose assets were seized, blocked, frozen or
ordered forfeited for violation of money laundering or international
anti-terrorism laws.
2] Court Declaration :
No records exist to suggest that subject is or was
the subject of any formal or informal allegations, prosecutions or other official
proceeding for making any prohibited payments or other improper payments to
government officials for engaging in prohibited transactions or with designated
parties.
3] Asset Declaration :
No records exist to suggest that the property or assets of the subject
are derived from criminal conduct or a prohibited transaction.
4] Record on Financial Crime :
Charges or conviction registered
against subject: None
5] Records on Violation of Anti-Corruption Laws :
Charges or investigation registered
against subject: None
6] Records on Int’l Anti-Money Laundering Laws/Standards :
Charges or investigation registered
against subject: None
7] Criminal Records
No available information exist that suggest that
subject or any of its principals have been formally charged or convicted by a
competent governmental authority for any financial crime or under any formal
investigation by a competent government authority for any violation of
anti-corruption laws or international anti-money laundering laws or standard.
8] Affiliation with Government :
No record exists to suggest that any director or
indirect owners, controlling shareholders, director, officer or employee of the
company is a government official or a family member or close business associate
of a Government official.
9] Compensation Package :
Our market survey revealed that the amount of
compensation sought by the subject is fair and reasonable and comparable to
compensation paid to others for similar services.
10] Press Report :
No press reports / filings exists on
the subject.
CORPORATE GOVERNANCE
MIRA
INFORM as part of its Due Diligence do provide comments on Corporate Governance
to identify management and governance. These factors often have been predictive
and in some cases have created vulnerabilities to credit deterioration.
Our
Governance Assessment focuses principally on the interactions between a
company’s management, its Board of Directors, Shareholders and other financial
stakeholders.
CONTRAVENTION
Subject
is not known to have contravened any existing local laws, regulations or
policies that prohibit, restrict or otherwise affect the terms and conditions
that could be included in the agreement with the subject.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US
Dollar |
1 |
Rs.45.17 |
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UK
Pound |
1 |
Rs.85.24 |
|
Euro |
1 |
Rs.57.89 |
SCORE & RATING EXPLANATIONS
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SCORE FACTORS |
RANGE |
POINTS |
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HISTORY |
1~10 |
6 |
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PAID-UP
CAPITAL |
1~10 |
5 |
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OPERATING
SCALE |
1~10 |
5 |
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FINANCIAL
CONDITION |
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--BUSINESS
SCALE |
1~10 |
5 |
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--PROFITABILIRY |
1~10 |
4 |
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--LIQUIDITY |
1~10 |
4 |
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--LEVERAGE |
1~10 |
5 |
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--RESERVES |
1~10 |
5 |
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--CREDIT
LINES |
1~10 |
5 |
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--MARGINS |
-5~5 |
- |
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DEMERIT
POINTS |
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--BANK
CHARGES |
YES/NO |
YES |
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--LITIGATION |
YES/NO |
NO |
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--OTHER
ADVERSE INFORMATION |
YES/NO |
NO |
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MERIT
POINTS |
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--SOLE
DISTRIBUTORSHIP |
YES/NO |
NO |
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--EXPORT
ACTIVITIES |
YES/NO |
YES |
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--AFFILIATION |
YES/NO |
NO |
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--LISTED |
YES/NO |
NO |
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--OTHER
MERIT FACTORS |
YES/NO |
YES |
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TOTAL |
|
44 |
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
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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>86 |
Aaa |
Possesses
an extremely sound financial base with the strongest capability for timely
payment of interest and principal sums |
Unlimited |
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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 |
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26-40 |
B |
Unfavourable
& favourable factors carry similar weight in credit consideration.
Capability to overcome financial difficulties seems comparatively below
average/normal. |
Small |
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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 |
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<10 |
C |
Absolute
credit risk exists. Caution needed to be exercised |
Credit not recommended |
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NR |
In
view of the lack of information, we have no basis upon which to recommend
credit dealings |
No Rating |
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PRIVATE & CONFIDENTIAL : This information is
provided to you at your request, you having employed MIPL for such purpose. You
will use the information as aid only in determining the propriety of giving
credit and generally as an aid to your business and for no other purpose. You
will hold the information in strict confidence, and shall not reveal it or make
it known to the subject persons, firms or corporations or to any other. MIPL
does not warrant the correctness of the information as you hold it free of any
liability whatsoever. You will be liable to and indemnify MIPL for any loss,
damage or expense, occasioned by your breach or non observance of any one, or
more of these conditions