MIRA
INFORM REPORT
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Report Date : |
27.05.2011 |
IDENTIFICATION DETAILS
|
Name : |
TRIBHOVANDAS BHIMJI ZAVERI AND SONS PRIVATE LIMITED |
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Registered
Office : |
Hermes House, 33/35 New Queens Road, Opera House, Mumbai – 400004,
Maharashtra |
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Country : |
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Financials (as
on) : |
31.03.2009 |
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Date of
Incorporation : |
15.09.1998 |
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Com. Reg. No.: |
116534 |
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Capital Investment
/ Paid-up Capital : |
Rs.0.111 Million |
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CIN No.: [Company Identification
No.] |
U36911MH1998PTC116534 |
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Legal Form : |
Private Limited Liability Company |
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Line of Business
: |
Manufacturer of Diamonds and Jewellery. |
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No. of Employees
: |
Not divulged by the management |
RATING & COMMENTS
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MIRA’s Rating : |
Ba (44) |
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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 82096 |
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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 : |
As confirmed by Mr. Laxmi Narayan (Finance Department), Subject was
established in the year 1864 as a partnership firm under the name of
Tribhovandas Bhimji Zaveri and Sons. Later it converted into private limited
company in year 1998. Thribhovandas Bhimji Zaveri is a well known name in the market for its
gold and diamond jewellery. It is an established company having satisfactory
track. Trade relations are reported as fair. Business is active. Payments are
reported to be usually correct. The company can be considered normal 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.
INFORMATION DECLINED BY
|
Name : |
Mr. Laxmi Narayan |
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Designation : |
Finance Department |
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Date : |
25.05.2011 |
LOCATIONS
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Registered Office/Factory : |
Hermes House, 33/35 New Queens Road, Opera House, Mumbai – 400004,
Maharashtra, India |
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Tel. No.: |
91-22-23633060/23613057/23633064 |
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Fax No.: |
91-22-23643058 |
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E-Mail : |
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Branch: |
241/243, Zaveri Bazar, Kalbadevi, Mumbai – 40002, Maharashtra, India |
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Tel No.: |
91-22-23633060 |
SOLE PROPRIETOR/PARTNERS/DIRECTORS
AS ON 30.09.2009
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Name : |
Mr. Vrajlal Subhash Zaveri |
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Designation : |
Director |
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Address : |
82-B, Embassy Apartment, 36, Nepean Sea Road, Mumbai – 400006,
Maharashtra, India |
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Date of Birth/Age : |
22.09.1955 |
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Date of Appointment : |
15.09.1998 |
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Name : |
Mr. Hemant Vrajlal Zaveri |
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Designation : |
Director |
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Address : |
701, 7th Floor, Krishna Apartment, Worli Co. Op. Hsg.
Society Limited, Worli, Mumbai –
400030, Maharashtra, India |
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Date of Birth/Age : |
02.10.1960 |
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Date of Appointment : |
15.09.1998 |
KEY EXECUTIVES
|
Name : |
Mr. Laxmi Narayan |
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Designation : |
Finance Department |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 30.09.2009
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Names of Shareholders |
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No. of Shares |
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Pratap Vrajlal Zaveri |
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500 |
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Vrajlal Subhash Zaveri |
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500 |
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Amita Subhash Zaveri |
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110 |
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Total |
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1110 |
AS ON 30.09.2009
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Category |
Percentage |
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Directors or relatives of Directors |
100.00 |
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Total |
100.00 |
BUSINESS DETAILS
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Line of Business : |
Manufacturer of Diamonds and Jewellery. |
GENERAL INFORMATION
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No. of Employees : |
Not divulged by the management |
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Bankers : |
Axis Bank Limited, Fort Branch, Jeevan Prakash Building, Sir P. M. Road, Fort, Mumbai – 400001, Maharashtra, India |
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Facilities : |
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Banking
Relations : |
-- |
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Auditors : |
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Name : |
Gawande and Associates Chartered Accountant |
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Address : |
801 Mahalaxmi Chambers, 22 Bhulabhai Desai Road, Mumbai – 400026,
Maharashtra, India |
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Tel No.: |
91-22-66126300 |
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Fax No.: |
91-22-66126314 |
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Associates/Subsidiaries : |
NA |
CAPITAL STRUCTURE
AS ON 31.03.2009
Authorised Capital :
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No. of Shares |
Type |
Value |
Amount |
|
10000 |
Equity Shares |
Rs.100/- each |
Rs.1.000 Million |
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Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
|
1110 |
Equity Shares |
Rs.100/- each |
Rs.0.111
Million |
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FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
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SOURCES OF FUNDS |
31.03.2009 |
31.03.2008 |
31.03.2007 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
0.111 |
0.111 |
0.111 |
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2] Share Application Money |
17.975 |
17.975 |
17.975 |
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3] Reserves & Surplus |
2.438 |
0.000 |
0.000 |
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4] (Accumulated Losses) |
0.000 |
(1.122) |
(5.829) |
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NETWORTH |
20.524 |
16.964 |
12.257 |
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LOAN FUNDS |
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1] Secured Loans |
24.075 |
25.046 |
28.181 |
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2] Unsecured Loans |
41.259 |
39.866 |
38.586 |
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TOTAL BORROWING |
65.334 |
64.912 |
66.767 |
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DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
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TOTAL |
85.858 |
81.876 |
79.024 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
15.676 |
17.041 |
15.746 |
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Capital work-in-progress |
0.000 |
0.000 |
0.000 |
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INVESTMENT |
9.764 |
9.764 |
9.764 |
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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 |
56.246
|
50.489 |
49.955 |
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Sundry Debtors |
3.028
|
1.082 |
0.137 |
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Cash & Bank Balances |
0.644
|
0.287 |
0.870 |
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Other Current Assets |
0.000
|
0.000 |
0.000 |
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Loans & Advances |
24.797
|
18.266 |
17.567 |
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Total
Current Assets |
84.715
|
70.124 |
68.529 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Sundry Creditors |
0.000
|
0.000 |
0.000 |
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Other Current Liabilities |
20.961
|
13.467 |
15.019 |
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Provisions |
3.336
|
1.586 |
0.976 |
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Total
Current Liabilities |
24.297
|
15.053 |
15.995 |
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Net Current Assets |
60.418
|
55.071 |
52.534 |
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MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.980 |
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TOTAL |
85.858 |
81.876 |
79.024 |
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PROFIT & LOSS
ACCOUNT
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PARTICULARS |
31.03.2009 |
31.03.2008 |
31.03.2007 |
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SALES |
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Income |
18.883 |
20.403 |
21.925 |
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Other Income |
0.209 |
0.745 |
0.000 |
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TOTAL (A) |
19.092 |
21.148 |
21.925 |
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Less |
EXPENSES |
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Administrative Expenses |
2.818 |
3.264 |
2.815 |
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Selling and Distribution Expenses |
1.836 |
2.009 |
1.190 |
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Staff Cost |
2.517 |
2.529 |
2.042 |
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Pre-Operative Expenses |
0.000 |
0.980 |
0.000 |
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TOTAL (B) |
7.171 |
8.782 |
6.047 |
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Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
11.921 |
12.366 |
15.878 |
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Less |
FINANCIAL
EXPENSES (D) |
4.679 |
5.236 |
5.343 |
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PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
7.242 |
7.130 |
10.535 |
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Less/ Add |
DEPRECIATION/ AMORTISATION (F) |
0.000 |
0.000 |
0.000 |
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PROFIT BEFORE
TAX (E-F) (G) |
7.242 |
7.130 |
10.535 |
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Less |
TAX (I) |
3.565 |
2.423 |
2.817 |
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PROFIT AFTER TAX
(G-I) (J) |
3.677 |
4.707 |
7.718 |
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EXPENSES OF
EARLIER YEAR |
0.117 |
0.000 |
0.000 |
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Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
(1.122) |
(5.829) |
(13.548) |
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BALANCE CARRIED
TO THE B/S |
2.438 |
(1.122) |
(5.829) |
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KEY RATIOS
|
PARTICULARS |
|
31.03.2009 |
31.03.2008 |
31.03.2007 |
|
PAT / Total Income |
(%) |
19.26
|
22.26 |
32.20 |
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Net Profit Margin (PBT/Sales) |
(%) |
38.35
|
34.95 |
48.05 |
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Return on Total Assets (PBT/Total Assets} |
(%) |
7.21
|
8.18 |
12.50 |
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Return on Investment (ROI) (PBT/Networth) |
|
0.35
|
0.42 |
0.86 |
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Debt Equity Ratio (Total Liability/Networth) |
|
4.37
|
4.71 |
6.75 |
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Current Ratio (Current Asset/Current Liability) |
|
3.49
|
4.65 |
4.28 |
LOCAL AGENCY FURTHER INFORMATION
DETAILS OF SUNDRY
CREDITORS
Sundry Creditors details are not available
FORM 8:
|
Corporate identity number of the company |
U36911MH1998PTC116534 |
|
Name of the company |
TRIBHOVANDAS BHIMJI ZAVERI AND SONS
PRIVATE LIMITED |
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Address of the registered office or of the
principal place of business in |
Hermes House 33/35new Queens Road, Opera
House, Mumbai – 400004, Maharashtra, India |
|
This form is for |
Modification of charge |
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Type of charge |
Book Debts Immovable Property Movable Property Others |
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Particular of charge holder |
Axis Bank Limited |
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Nature of instrument creating charge |
1) Supplemental Deed of Hypothecation
(Sdh) Dated 22.01.2011 2) No Instrument. Memorandum of Entry
(Moe) {Extension of Equitable Morgage} on 22.01.2011 Both Modifying A Single Charge. |
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Date of instrument Creating the charge |
22/01/2011 |
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Amount secured by the charge |
Rs.35.000 Millions |
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Brief of the principal terms an conditions
and extent and operation of the charge |
Rate of Interest As per Sanction Letter or as stipulated by
Bank from time to time. Terms of Repayment As per Sanction Letter or as stipulated by
Bank from time to time. Margin As per Sanction Letter or as stipulated by
Bank from time to time. Extent and Operation of the charge Within overall limit of Rs.35.000
Millions, Bank renewed credit facilities by enhancing CC limit from Rs.25.000
Millions to Rs.35.000 Millions and allowing WCDL of Rs.10.000 Millions as Sub
Limit of CC. Security of stock of RM WIP, SFG, FG, Stores and spares, Book
debts, O/s monies rec., tangible mov. P&M, fixtures, fittings, EM of imm.
prop. viz. Block No. 1, 1A, 2, 2A at Poonam Chambers and bunglow at Poonam
Aishwarya, both in Nagpur, given earlier, des. in Sch to SDH and MOE shall continue as security for
modified limits. |
|
Short particulars of the property charged |
Hypothecation of all present and future
stocks of RM WIP, SFG, FG, Stores and spares wheresoever situated or in
transit Hypothecation of all present and future Book debts, outstanding
monies receivables, claims, bills, contracts etc. due and owing to the Co.
during the course of its business. Hypo. of present and future tangible
movable plant, machinery, fixtures, fittings etc. lying at Company's premises
at Nagpur or elsewhere Equitable mortgage by deposit of title deed des in 1st
Sch. to MOE in respect of imm. property viz. Block. No. 2-A, 1, 2, 1-A at
Poonam Chembers and bunglow at Poonam Aishwarya, both in Nagpur. |
|
Date of instrument modifying the charge |
03/03/2010 |
|
Particulars of the present modification |
Within overall limit of Rs.35.000
Millions, Bank renewed credit facilities by enhancing CC limit from Rs.25.000
Millions to Rs.35.000 Millions and allowing WCDL of Rs.10.000 Millions as Sub
Limit of CC. Security of stock of RM WIP, SFG, FG, Stores and spares, Book
debts, O/s monies rec., tangible mov. P and M, fixtures, fittings, EM of imm.
prop. viz. Block No. 1, 1A, 2, 2A at Poonam Chambers and bunglow at Poonam
Aishwarya, both in Nagpur, given earlier, des. in Sch to SDH and MOE shall continue as security for
modified limits. |
FIXED ASSETS:
·
Building and Premises
·
Furniture and Fixtures
·
Plant and Machinery
·
Motor Car
·
Computer
CMT REPORT (Corruption, Money Laundering & Terrorism]
The Public Notice information has been collected from various sources
including but not limited to: The Courts,
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.45.29 |
|
|
1 |
Rs.73.84 |
|
Euro |
1 |
Rs.64.18 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
5 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
5 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
5 |
|
--PROFITABILIRY |
1~10 |
4 |
|
--LIQUIDITY |
1~10 |
5 |
|
--LEVERAGE |
1~10 |
5 |
|
--RESERVES |
1~10 |
5 |
|
--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 |
NO |
|
--AFFILIATION |
YES/NO |
NO |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
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
|
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.