MIRA
INFORM REPORT
|
Report Date : |
13.12.2008 |
IDENTIFICATION
DETAILS
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Name : |
TANAAYA GEMS AND JEWELLERY EXPORTS LIMITED |
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Registered Office : |
347-A, Panchratna Opera House, M.P, Nagar, Mumbai-400004, Maharashtra |
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Country : |
India |
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Financials (as on) : |
31.03.2008 |
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Date of Incorporation : |
11.12.2006 |
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Com. Reg. No.: |
11-166109 |
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CIN No.: [Company
Identification No.] |
U27205MH2006PLC166109 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
MUMT13843E |
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PAN No.: [Permanent
Account No.] |
AACCT5863H |
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Legal Form : |
A Closely Held Public Limited Liability Company |
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Line of Business : |
Manufacturer and Exporter of Diamond Studded Jewellery. |
RATING &
COMMENTS
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MIRA’s Rating : |
Ba |
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RATING |
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 2800000 |
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Status : |
Good |
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Payment Behaviour : |
No Complaints |
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Litigation : |
Clear |
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Comments : |
Subject is a well established and reputed company having satisfactory
track. Trade relations are fair. Business is active. No complaints have been
heard. The company can be considered good for normal business dealings. |
INFORMATION DECLINED
BY
|
Name : |
Mr. Ketan |
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Designation : |
Director |
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Date : |
11.12.2008 |
LOCATIONS
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Registered Office/ Factory : |
347-A, Panchratna Opera House, M.P, Nagar, Mumbai-400004, Maharashtra,
India |
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Tel. No.: |
91-22-40301000 |
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Mobile No.: |
91-22-23634554 |
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E-Mail : |
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Website : |
DIRECTORS
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Name : |
Mr. Gautam G Mehta |
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Designation : |
Managing Director |
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Address : |
52, G. Deshmukh Marg, Marble Arc, Peddar Road, Mumbai-400026,
Maharashtra, India |
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Date of Birth/Age : |
16.08.1951 |
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Date of Appointment : |
11.12.2006 |
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Other Directorship: |
Euro Diamonds Private Limited U51398MH2003PTC140381 |
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Name of partnership firm: |
Jaimin Jewellery Exports |
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Name : |
Mrs. Charu G Mehta |
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Designation : |
Director |
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Address : |
52, G. Deshmukh Marg, Marble Arc, Peddar Road, Mumbai-400026, Maharashtra,
India |
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Date of Birth/Age : |
04.01.1952 |
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Date of Appointment : |
11.12.2006 |
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Name : |
Mr. Jaimin G Mehta |
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Designation : |
Director |
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Address : |
52, G. Deshmukh Marg, Marble Arc, Peddar Road, Mumbai-400026,
Maharashtra, India |
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Date of Birth/Age : |
30.12.1981 |
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Date of Appointment : |
11.12.2006 |
MAJOR SHAREHOLDERS
/ SHAREHOLDING PATTERN
As on 30.06.2008
|
Names of Shareholders |
|
No. of Shares |
|
Gautam G Mehta |
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7169875 |
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Caru C Mehta |
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1793750 |
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Jaimin G Mehta |
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3843750 |
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Hetal Vashi |
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1282 |
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Sanat Bhansali |
|
1281 |
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Rohit Kamdar |
|
1281 |
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Ketan Malkan |
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1281 |
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Total |
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12812500 |
Equity Share Breakup (Percentage of Total Equity)
As on 30.06.2008
|
Category |
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Percentage |
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Directors or relatives of directors |
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99.96 |
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Other top fifty (50) shareholders (Other than listed above) |
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0.04 |
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Total |
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100.00 |
BUSINESS DETAILS
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Line of Business : |
Manufacturer and Exporter of Diamond Studded Jewellery. |
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Products : |
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PRODUCTION STATUS
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Particulars |
Unit |
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Licensed
Capacity |
Actual
Production |
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Polished Diamonds |
Carats |
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-- |
12974 |
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Diamond Studded Gold Jewellery |
Pcs. |
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-- |
9295 |
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Electricity (Through windmill) |
KWH |
|
1250 |
1173547 |
GENERAL
INFORMATION
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Bankers : |
Indian Overseas Bank, Nariman Point Branch, Bakhtawar, Nariman Point,
Mumbai-400021, Maharashtra, India |
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Facilities : |
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Banking
Relations : |
Satisfactory |
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Auditors : |
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Name : |
V.A. Parikh and Associates Chartered Accountant |
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Address : |
7B, Nusser House, Ground Floor, Opposite Panchratna, Opera House,
Mumbai-400004, Maharashtra, India |
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Tel. No.: |
91-22-23698854/ 23695018/ 23669512/ 23669112 |
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Mobile No.: |
91-22-236151110 |
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Associates/Subsidiaries : |
Jaimin Jewellery Exports Private Limited U51398MH2008PTC180600 Jaimin Jewellery Exports |
CAPITAL STRUCTURE
As on 30.06.2008
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
40000000 |
Equity Shares |
Rs. 10/- each |
Rs. 400.000 Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
12812500 |
Equity Shares |
Rs.10/- each |
Rs. 128.125
Millions |
FINANCIAL DATA
[all figures are in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
|
31.03.2008 |
31.03.2007 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
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128.125 |
128.125 |
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2] Share Application Money |
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160.000 |
130.000 |
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3] Reserves & Surplus |
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290.616 |
184.538 |
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4] (Accumulated Losses) |
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0.000 |
0.000 |
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NETWORTH |
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578.741 |
442.663 |
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LOAN FUNDS |
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1] Secured Loans |
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1208.776 |
926.508 |
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2] Unsecured Loans |
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321.142 |
14.032 |
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TOTAL BORROWING |
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1529.918 |
940.540 |
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DEFERRED TAX LIABILITIES |
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23.073 |
20.469 |
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TOTAL |
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2131.732 |
1403.672 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
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75.435 |
78.545 |
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Capital work-in-progress |
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0.000 |
0.000 |
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INVESTMENT |
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17.096 |
0.000 |
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DEFERREX TAX ASSETS |
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0.000 |
0.000 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
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199.216 |
99.274 |
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Sundry Debtors |
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1571.492 |
1370.694 |
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Cash & Bank Balances |
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152.069 |
94.975 |
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Other Current Assets |
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0.000 |
0.000 |
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Loans & Advances |
|
277.810 |
35.159 |
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Total
Current Assets |
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2200.587 |
1600.102 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
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93.233 |
252.383 |
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Provisions |
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69.659 |
24.600 |
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Total
Current Liabilities |
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162.892 |
276.983 |
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Net Current Assets |
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2037.695 |
1323.119 |
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MISCELLANEOUS EXPENSES |
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1.506 |
2.008 |
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TOTAL |
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2131.732 |
1403.672 |
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PROFIT & LOSS
ACCOUNT
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PARTICULARS |
|
31.03.2008 |
31.03.2007 |
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Sales Turnover |
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4086.911 |
810.514 |
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Other Income |
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11.555 |
1.478 |
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Total Income |
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4098.466 |
811.992 |
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Profit/(Loss) Before Tax |
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153.952 |
17.765 |
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Provision for Taxation |
|
47.874 |
5.102 |
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Profit/(Loss) After Tax |
|
106.078 |
12.663 |
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Earnings in Foreign Currency : |
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Export Earnings |
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4057.749 |
809.997 |
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Imports : |
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Raw Materials |
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31.705 |
NA |
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Polished Diamonds |
|
443.379 |
NA |
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Capital Goods |
|
475.084 |
NA |
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Total Imports |
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950.168 |
NA |
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Expenditures : |
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Raw Material Consumed |
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3777.375 |
763.115 |
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Salaries, Wages, Bonus, etc. |
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27.718 |
3.028 |
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Interest |
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130.742 |
25.742 |
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Depreciation & Amortization |
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3.976 |
1.313 |
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Other Expenditure |
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4.703 |
1.029 |
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Total Expenditure |
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3944.514 |
794.227 |
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KEY RATIOS
|
PARTICULARS |
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31.03.2008 |
31.03.2007 |
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PAT / Total Income |
(%) |
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2.59 |
1.56 |
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Net Profit Margin (PBT/Sales) |
(%) |
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3.77 |
2.19 |
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Return on Total Assets (PBT/Total Assets} |
(%) |
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6.76 |
1.06 |
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Return on Investment (ROI) (PBT/Networth) |
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0.27 |
0.04 |
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Debt Equity Ratio (Total Liability/Networth) |
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2.92 |
2.75 |
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Current Ratio (Current Asset/Current Liability) |
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13.51 |
5.78 |
LOCAL AGENCY
FURTHER INFORMATION
Background:
At the close of the financial year, Tanaaya is about one and half years
old. The journey has been eventful and every New Year has thrown up unique challenges,
which the company has met with innovation and a fierce determination to excel –
traits that the company has now translated into tradition. As the culture of
any new organization evolves over the years and then becomes a tradition of the
organization, so has the evaluation of Tanaaya been one that infused a dynamic
culture of energy, creativity, leadership, integrity, pride and above all a
clear focus on the customer. With this foundation of positive thinking and
action, the company has sped forward to join the big league of India’s top Gems
and Jewellery Company.
Subsidiary:
During the financial year Jaimin Jewellery Exports Private Limited,
became the subsidiary of the company. Jaimin Jewellery Exports Private Limited
being in the same line of business i.e. Gems and Jewellery sector will give
boost to horizontal growth structure of the company.
Future Project:
The company has decided to vertically diversify into Green/ Clean Energy
production by setting up four Wind Turbine Generators at Village : Satuda,
District: Nandurbar, State: Maharashtra. This will add up 2.40 MW electricity
production to installed capacity of 1.25 MW earlier set up. The subsidiary
Jaimin Jewellery Exports Private Limited has also decided to set up two Wind
Turbine Generators, which will add another 1.20 MW Green/ Clean Energy
production. Setting up of these turbines will give additional benefit of Carbon
Credits to both the companies in future years.
Bankers Charges
Report as per Registry
|
This form is for |
Creation of
charge |
|
Corporate
identity number of the company |
U27205MH2006PLC166109 |
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Name of the
company |
TANAAYA GEMS AND JEWELLERY EXPORTS LIMITED |
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Address of the
registered office or of the principal place of business in India of the company |
347-A, Panchratna, M.P. Marg, Opera House, Mumbai-400004, Maharashtra,
India |
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Type of charge |
Book Debts Movable Property Floating Charge |
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Particular of
charge holder |
Indian Overseas Bank, Nariman Point Branch, Bakhtawar, Nariman Point,
Mumbai-400021, Maharashtra, India |
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Nature of
description of the instrument creating or modifying the charge |
Letter of
Hypothecation in Form 110E |
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Date of
instrument Creating the charge |
19.03.2008 |
|
Amount secured by
the charge |
Rs. 162.500
Millions |
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Brief particulars
of the principal terms an conditions and extent and operation of the charge |
Rate of Interest As per circulars
in force. Terms of
Repayment Repayable on
Deamand Margin Packing Credit :
25% FDDBP/ FDUBD :
Nil LABC : 10% Extent and
Operation of the charge The charge is to
operate as security for the due repayment of credit limit of Rs. 162.500
Millions together with interests, costs, charges, expenses and all other
moneys payable by the company to the Bank in terms of sanction. Others Facility: Packing Credit :
Rs. 42.500 Millions Bills discounted
/ Purchased : Rs. 120.000 Millions |
|
Short particulars
of the property charged |
Hypothecation ,
by way of first pari passu basis with other banks in the consortium, of: a)
All the
stocks of the company. b)
Document of
title to goods/ accepted hundies. c)
All the
receivables which are due and owing to the company from time to time. |
Fixed Assets:
·
Office Premises
·
Furniture and Fixtures
·
Factory Building
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Motor Car
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Typewriter
·
Safe
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Air-Conditioner
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Diamond Tools and Machinery
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Calculators
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Office Camera
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Water Filter
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Paper Cutting Machine
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Telephone System
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Godrej Coffer
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Voltage Stabiliser
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Fire Extinguisher
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Xerox Machine
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Modi Cleaner
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BPL Refrigerator
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BPL Mobile
·
Computer
·
Windmill
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.48.71 |
|
UK Pound |
1 |
Rs.72.85 |
|
Euro |
1 |
Rs.64.70 |
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 |
7 |
|
--PROFITABILIRY |
1~10 |
5 |
|
--LIQUIDITY |
1~10 |
6 |
|
--LEVERAGE |
1~10 |
6 |
|
--RESERVES |
1~10 |
6 |
|
--CREDIT LINES |
1~10 |
6 |
|
--MARGINS |
-5~5 |
-- |
|
DEMERIT POINTS |
|
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|
--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
NO |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
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|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
YES |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
54 |
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 |
Unfavourable & favourable factors carry similar weight in credit consideration.
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 |
|
NR |
In view of the lack of information, we have no basis upon which to
recommend credit dealings |
No Rating |
|