MIRA
INFORM REPORT
|
Report Date : |
26.05.2008 |
IDENTIFICATION
DETAILS
|
Name : |
TACHE JEWELRY PARIVATE LIMITED |
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Registered Office : |
Plot No. GJ – 02, Seepz Sez, Andheri (East), Mumbai – 400 096, Maharashtra |
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Country : |
India |
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Financials (as on) : |
31.03.2007 |
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Date of Incorporation : |
03.02.2003 |
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Com. Reg. No.: |
11-138986 |
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CIN No.: [Company
Identification No.] |
U36911MH2003PTC138986 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
MUMT08622F |
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PAN No.: [Permanent
Account No.] |
AABCT7791D |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
Manufacturer and Exporter of all kinds of Jewellery, plain and studded gold, platinum and silver Jewellery and combination Jewellery, ornaments containing or having diamond and precious and semi precious stones. |
RATING &
COMMENTS
|
MIRA’s Rating : |
B |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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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. |
Small |
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Maximum Credit Limit : |
USD 241232 |
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Status : |
Moderate |
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Payment Behaviour : |
Slow but correct |
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Litigation : |
Clear |
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Comments : |
Subject is an established company having moderate track. Profit margin
is under severe pressure. Trade relations are fair. The company has yet to wipe-out previous losses. The company can be considered for small to mediocre business dealings
at usual trade terms and conditions. ABN Amro Bank has given substantial financial assistance to the
company. |
LOCATIONS
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Registered Office/ Factory : |
Plot No. GJ – 02, Seepz Sez, Andheri (East), Mumbai – 400 096, Maharashtra, India |
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Tel. No.: |
91-22-28293705/ 28293705 |
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Fax No.: |
91-22-28293703 |
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E-Mail : |
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Location : |
Leased |
DIRECTORS
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Name : |
Mr. Nikhil Ishwaarlal Khandwala |
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Designation : |
Managing Director |
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Address : |
1001, Manju Apartments, Nepean Sea Road, Narayan Dabholkar Road, Mumbai 400 006, Maharashtra, India |
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Date of Appointment : |
24.04.2007 |
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Other Directorships : |
CIN No.: U99999MH1996PTC097577
CIN No. : U27205MH2006PTC165627
CIN No.: U36910MH2004PTC145245 |
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Name : |
Mr. Pramod Kanchanlal Talsania |
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Designation : |
Director |
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Address : |
B – 302, Vishal SU – Sheel Nariman Road, Vile Parle (East), Mumbai – 400057, Maharashtra, India |
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Date of Appointment : |
03.02.2003 |
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Name : |
Mr. Jinendra Dinesh Kumar Jain |
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Designation : |
Director |
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Address : |
63-B, Shruti Film City, Goregaon (East), Mumbai – 400063, Maharashtra, India |
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Date of Birth : |
04.03.1968 |
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Date of Appointment : |
03.02.2003 |
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Name : |
Mr. Voctor Henry Weinman |
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Designation : |
Director |
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Address : |
11, Woodland Road, Market Kisco, New York – 10549 |
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Date of Appointment : |
29.07.2004 |
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Name : |
Mr. Joshua Stephen Weinman |
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Designation : |
Director |
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Address : |
60, East 8th Street Apartment, 16P New York - 10003 |
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Date of Appointment : |
29.07.2004 |
MAJOR SHAREHOLDERS
/ SHAREHOLDING PATTERN
As on 30.09.2005
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Names of Shareholders |
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No. of Shares |
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Mr. Jinendra Dinesh Kumar Jain |
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160000 |
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Mr. Jinendra Dinesh Kumar Jain jointly Mrs. Deepika Jinendra Jain |
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440000 |
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Mrs. Deepika Jinendra Jain jointly Jinendra Dinesh Kumar
Jain |
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150000 |
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Mr. Dineshkumar J Jain jointly Mrs. Chandra Prabha Jain |
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150000 |
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Tache Investments S. A. Luxembourg |
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1950000 |
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Mrs. Chandra Prabha Jain jointly Mr. Dineshkumar Jain |
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150000 |
As on 30.09.2007
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Names of Shareholders |
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Percentage of
Holding |
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Foreign Holdings [Foreign Institutional Investor(s), Foreign Companie(s), Foreign Financial Institution(s), Non Resident Indian(s), or Overseas Corporate Bodies or Others] |
|
84.32 |
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Director or Relatives of Directors |
|
15.68 |
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Total |
|
100.00 |
BUSINESS DETAILS
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Line of Business : |
Manufacturer and Exporter of all kinds of Jewellery, plain and studded gold, platinum and silver Jewellery and combination Jewellery, ornaments containing or having diamond and precious and semi precious stones. |
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Products : |
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Exports : |
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Products : |
Diamond Studded Jewellery |
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Countries : |
USA, Europe |
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Imports : |
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Products : |
Gold Machinery |
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Countries : |
Europe, USA |
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Terms : |
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Selling : |
L/C, D/A, D/P and Credit upto 30-60 days basis |
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Purchasing : |
On Cash and Credit upto 30 days basis |
GENERAL
INFORMATION
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Customers : |
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No. of Employees : |
Around 1200 [In Office – 100 and In Factory – 1100] |
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Bankers : |
ABN Amro Bank N. V. , 7th Floor, Sakhar Bhavan, Nariman
Point, Mumbai 400 021, Maharashtra, India |
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Facilities : |
Subject enjoys mortgage facility of Rs. 228.000 millions from it
banker. |
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Banking
Relations : |
Satisfactory |
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Auditors : |
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Name : |
M. A. Parikh and Company Chartered Accountants |
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Address : |
Yusuf Building, 43 mahatma Gandhi Road, Fort, Mumbai 400 023,
Maharashtra, India |
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Associates/Subsidiaries : |
CIN No.: U99999MH1996PTC097577
CIN No. : U27205MH2006PTC165627
CIN No.: U36910MH2004PTC145245 |
CAPITAL STRUCTURE
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
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12000000 |
Equity Shares |
Rs. 10/- each |
Rs. 120.000 millions |
As
on 31.03.2007
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
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|
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|
4500000 |
Equity Shares |
Rs. 10/- each |
Rs. 45.000 millions |
As
on 30.09.2007
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
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|
|
|
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|
7043820 |
Equity Shares |
Rs. 10/- each |
Rs. 70.438 millions |
FINANCIAL DATA
[all figures are in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2007 |
31.03.2006 |
31.03.2005 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
45.000 |
45.000 |
30.000 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
51.458 |
0.000 |
0.000 |
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4] (Accumulated Losses) |
(36.150) |
(51.907) |
(17.192) |
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NETWORTH |
60.308 |
(6.907) |
12.808 |
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LOAN FUNDS |
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1] Secured Loans |
170.723 |
123.378 |
118.353 |
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2] Unsecured Loans |
0.000 |
2.600 |
0.000 |
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TOTAL BORROWING |
170.723 |
125.978 |
118.353 |
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DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
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TOTAL |
231.031 |
119.071 |
131.161 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
127.483 |
79.909 |
79.295 |
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Capital work-in-progress |
0.015 |
0.000 |
0.452 |
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INVESTMENT |
0.000 |
0.000 |
0.000 |
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DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
58.455
|
47.602 |
19.150 |
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Sundry Debtors |
823.722
|
153.713 |
87.190 |
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Cash & Bank Balances |
11.647
|
18.640 |
16.669 |
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Other Current Assets |
4.701
|
2.554 |
0.177 |
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Loans & Advances |
3.861
|
2.392 |
2.466 |
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Total
Current Assets |
902.384
|
224.901 |
125.652 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
797.613
|
184.889 |
73.924 |
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Provisions |
1.240
|
0.850 |
0.314 |
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Total
Current Liabilities |
798.853
|
185.739 |
74.238 |
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Net Current Assets |
103.533
|
39.162 |
51.414 |
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MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
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TOTAL |
231.031 |
119.071 |
131.161 |
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PROFIT & LOSS
ACCOUNT
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PARTICULARS |
|
31.03.2006 |
31.03.2005 |
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Sales Turnover |
|
1142.033 |
408.828 |
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Other Income |
|
0.000 |
0.000 |
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Total Income |
|
1142.033 |
408.828 |
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Profit/(Loss) Before Tax |
|
15.877 |
(34.534) |
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Provision for Taxation |
|
0.000 |
0.000 |
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Profit/(Loss) After Tax |
|
15.877 |
(34.534) |
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Earnings in Foreign Currency : |
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Export Earnings |
|
1139.321 |
339.730 |
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Total Earnings |
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1139.321 |
339.730 |
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Expenditures : |
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Interest |
|
15.023 |
10.300 |
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Depreciation & Amortization |
|
3.589 |
3.678 |
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Other Expenditure |
|
1107.544 |
429.384 |
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Total Expenditure |
|
1126.156 |
443.362 |
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KEY RATIOS
|
PARTICULARS |
|
31.03.2007 |
31.03.2006 |
31.03.2005 |
|
PAT / Total Income |
(%) |
1.39
|
(8.44) |
-- |
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Net Profit Margin (PBT/Sales) |
(%) |
1.39
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(8.44) |
-- |
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Return on Total Assets (PBT/Total Assets} |
(%) |
1.54
|
(11.33) |
-- |
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Return on Investment (ROI) (PBT/Networth) |
|
0.26
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(5.00) |
-- |
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Debt Equity Ratio (Total Liability/Networth) |
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17.07
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(44.13) |
16.03 |
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Current Ratio (Current Asset/Current Liability) |
|
1.13
|
1.21 |
1.69 |
LOCAL AGENCY
FURTHER INFORMATION
FORM 8
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Name of the company |
TACHE JEWELRY PARIVATE LIMITED |
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Presented By |
ABN Amro Bank and TACHE JEWELRY PARIVATE LIMITED |
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1) Date and description of instrument creating the change |
Dated 30.12.2005 Facility cum hypothecation agreement |
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2) Amount secured by the charge/amount owing on the securities of charge |
Rs. 221.700 millions |
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3) Short particular of the property charged. If the property acquired is subject to charge, date of the acquired of the property should be given |
Hypothecation by way of first charge all the fixed assets of the borrower of all the book debts of the borrower and all other movable assets of the borrower of stock and book debts and all other tangible movable properties of the borrower such as raw materials, stocks, spares, semi finished and finished goods, goods in process of manufacture and all goods manufactured. |
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4) Gist of the terms and conditions and extent and operation of the charge. |
The above book debts, assets, stock hypothecated by way of first charge as security for the payment to the bank of all monies at any time due and payable by the company to the bank Rs. 221.700 millions. The company shall [ay all rens, rates, taxes, outgoings and other charges in respect of godowns and other premises in which the hypothecated assets are stored or may be kept Term loan at negotiated rates Additional interest 20% payable by way of liquidated damages for default Margin 25% The agreement and the security hereby created shall operate as a continuing security for all the obligation of the company in respect of the banking facilities, notwithstanding the existence of a credit balance in the said account or any partial payments or fluctuation of account. |
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5) Name and Address and description of the person entitled to the charge. |
ABN Amro Bank N. V. Sakhar Bhawan, Nariman Point, Mumbai 400 021, Maharashtra, India |
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6) Date and brief description of instrument modifying the charge |
NA |
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7) Particulars of modifications specifying the terms and conditions or the extent of operations of the charge in which modification is made and the details of the modification. |
NA |
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This form is for |
Creation of charge |
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Corporation identity number (CIN) or foreign company registrations number of the company |
U36911MH2003PTC138986 |
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Name of the company |
TACHE JEWELRY PARIVATE LIMITED |
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Address |
Plot No. GJ – 02, Seepz Sez, Andheri (East), Mumbai – 400 096, Maharashtra, India |
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Type of Charges |
Equitable mortgage or mortgage of property by depositing the title deeds |
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Whether consortium finance is involved |
No |
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Number of charge holder(s) |
1 |
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Particular of the charge holder |
ABN Amro Bank N. V. 7th Floor, Sakhar Bhawan, Nariman Point, Mumbai 400 021, Maharashtra, India |
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Nature or description of the instrument creating or modifying the charge |
No instrument, but equitable mortgage created by deposit of title deeds in respect of company’s immovable properties as security |
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Date of the instrument creating charge |
20.07.2006 |
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Amount Secure by the charge |
Rs. 228.000 millions |
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Brief particulars of the principal terms and conditions and extent and operation of the charge |
The company has created a mortgage by deposit of title deeds in respect of its properties to secure due repayment, redemption by the borrower to the bank the credit facilities of Export Finance and Term Loan aggregating to Rs. 228.000 millions together with interest, additional interest, further interest by way of liquidated damages, compound interest premia on redemption or prepayment, guarantee commission, costs, charges, expenses and all other monies |
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Description of the property charged indicating whether it is a charge on |
Immovable properties |
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Particulars of the Property charged |
All that piece or parcel of land knowns as Plot No. GJ-02, admeasuring 934 sq. ft. situated at SEEPZ in the seeps special economic zone, in Marol Industrial Area, within the village limits of Vyaravali, Parajpur, Taluka Andheri Registration Sub District and District Mumbai Suburban together with all buildings and structures thereon and all the plant and machinery attached to the earth or anything permanently fastened to anything attached to earth. |
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Whether any of the property or interest therein under reference is not registered in the name of the company |
Yes |
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.42.84 |
|
UK Pound |
1 |
Rs.84.78 |
|
Euro |
1 |
Rs.67.32 |
SCORE & RATING
EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
4 |
|
OPERATING SCALE |
1~10 |
4 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
4 |
|
--PROFITABILIRY |
1~10 |
5 |
|
--LIQUIDITY |
1~10 |
5 |
|
--LEVERAGE |
1~10 |
4 |
|
--RESERVES |
1~10 |
4 |
|
--CREDIT LINES |
1~10 |
4 |
|
--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 |
NO |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
40 |
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 |
|