MIRA
INFORM REPORT
|
Report Date : |
16.07.2012 |
IDENTIFICATION DETAILS
|
Name : |
TARA JEWELS LIMITED (w.e.f 16.03.2001) |
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Formerly Known
As : |
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Registered Office
: |
Plot No.122, |
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Country : |
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Financials (as
on) : |
31.03.2011 |
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Date of
Incorporation : |
16.03.2001 |
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Com. Reg. No.: |
11-131252 |
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Capital
Investment / Paid-up Capital : |
Rs.180.000 Millions |
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CIN No.: [Company Identification
No.] |
U52393MH2001PTC131252 |
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Legal Form : |
A Closely Held Public Limited Liability Company |
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Line of Business
: |
Manufacturer of Diamond Studded Gold Jewellery. |
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No. of Employees
: |
1726 (Approximately) |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (50) |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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Maximum Credit Limit : |
USD 8800000 |
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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 : |
Subject is a well established and reputed company having fine track.
The company has recorded a better increase in its sales turnover during the
year 2011. Trade relations are reported as decent. Business is active. Payments
are reported to be usually correct and as per commitments. The company can be considered good for business dealings at usual
trade term 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 DENIED BY
|
Name : |
Mr. Kannan |
|
Designation : |
Accounts Manager |
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Contact No.: |
91-22-66774421 |
|
Date : |
14.07.2012 |
LOCATIONS
|
Registered Office/ Factory : |
Plot No.122, |
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Tel. No.: |
91-22-66417888/66417805/66417777 |
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Fax No.: |
91-22-66417888/66417712 |
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E- Mail: |
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Website : |
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Branches / Factory : |
29-30, Sub Plot A, Seepz, Mumbai – 400096, |
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Branch Office : |
Located at:
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DIRECTORS
As on 29.08.2011
|
Name : |
Mr. Rajeev Vasant Sheth |
|
Designation : |
Managing Director |
|
Address : |
3 Villa Ramona, 37A, Nepeansea Road, Mumbai- 400 036, Maharashtra,
India |
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Date of Birth/Age : |
16.11.1958 |
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Qualification: |
B.Com from
Mumbai University and Diploma in Gemology from Gemological Institute of
America |
|
Experience: |
31 Years |
|
Date of Appointment : |
01.10.2010 |
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DIN No.: |
00266460 |
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Name : |
Mrs. Alpana Aniruddh Deo |
|
Designation : |
Managing Director |
|
Address : |
Flat No.60, Apritam Royal Palms Buglow, Aarey Milk Colony, Goregaon
(East), Mumbai-400 064, |
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Date of Birth/Age : |
20.12.1974 |
|
Date of Appointment : |
01.10.2010 |
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DIN No.: |
00266523 |
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|
Name : |
Mr. Vikram Raizada |
|
Designation : |
Director |
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Address : |
6, Loral Reef, 55, |
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Date of Birth/Age : |
08.05.1966 |
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Qualification: |
B.A(Economics) from
University of Mumbai and Degree in Business (Marketing) from University of
Southern Queensland, Australia |
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Experience: |
20 Years |
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Date of Appointment : |
03.09.2010 |
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DIN No.: |
03196436 |
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Name : |
Ms. Nalini Varadarajan |
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Designation : |
Director |
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Address : |
A/6-3, Shree Ram Nagar, |
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Date of Birth/Age : |
29.08.1964 |
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Date of Appointment : |
06.10.2009 |
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DIN No.: |
02922199 |
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Name : |
Ms. Aarti Rajeev Sheth |
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Designation : |
Director |
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Address : |
3 Villa Ramona, 37A, |
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Date of Birth/Age : |
11.10.1984 |
|
Date of Appointment : |
14.02.2006 |
|
DIN No.: |
00737920 |
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|
Name : |
Mr. Fern Joy Mallis |
|
Designation : |
Additional Director |
|
Address : |
40 E 68 ST 5B, |
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Date of Birth/Age : |
26.03.1948 |
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Date of Appointment : |
20.09.2010 |
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DIN No. : |
03270532 |
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Name : |
Mr. Rajiv Lochan Jain |
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Designation : |
Director |
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Address : |
402, Aralias DLF Golf Links DLF City Phase 5, Gurgaon – 122009,
Haryana, India |
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Date of Birth/Age : |
01.01.1951 |
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Date of Appointment : |
20.09.2010 |
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DIN No. : |
00161022 |
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|
Name : |
Mr. Rakesh Kalra |
|
Designation : |
Director |
|
Address : |
TNA 023 Trinity Towers, DLF Phase 5, Gurgaon – 122002, Haryana, India |
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Date of Birth/Age : |
11.09.1949 |
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Date of Appointment : |
20.09.2010 |
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DIN No. : |
00780354 |
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Name : |
Mr. Nikkhil Vaidya |
|
Designation : |
Director |
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Address : |
506 Vivek Ekta Vivek Chs. Ltd, Off Link Road, IC Colony Extn, Mumbai –
400068, Maharashtra, India |
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Date of Birth/Age : |
05.05.1959 |
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Date of Appointment : |
20.09.2010 |
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DIN No. : |
02942549 |
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Name : |
Mr. Shanti Saroop Khindria |
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Designation : |
Director |
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Address : |
2, Parsons Green Lane, Fulham London, united Kingdom SW64HS |
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Date of Birth/Age : |
12.08.1954 |
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Date of Appointment : |
20.09.2010 |
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DIN No. : |
03271292 |
KEY EXECUTIVES
|
Name : |
Mr. Amol Arvind Raje |
|
Designation : |
Company Secretary |
|
Address : |
A-503, Urvi Park, Opposite Oswal Park, Pokharan Road No. 2, Thane –
400601, Maharashtra, India |
|
Date of Birth/Age : |
08.03.1981 |
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Date of Appointment : |
10.05.2010 |
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|
Name : |
Mr. Kannan |
|
Designation : |
Accounts Manager |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 29.08.2011
|
Names of Shareholders |
|
No. of Shares |
|
Rajeev Sheth |
|
14482893 |
|
Purnima Sheth |
|
14625 |
|
Fabrikant H.K. Trading Limited – Hongkong |
|
3239999 |
|
Alpana Deo |
|
3 |
|
Divya Jewels International Private Limited – |
|
33600 |
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Aarti Sheth |
|
114440 |
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Divya Sheth |
|
114440 |
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Total |
|
18000000 |
Equity Share Break up (Percentage of Total Equity)
As on 29.08.2011
|
Category |
Percentage |
|
Foreign holdings( Foreign institutional investor(s),
Foreign companie(s) Foreign financial institution(s), Non-resident Indian(s)
or Overseas Corporate bodies or Others |
18.00 |
|
Bodies corporate |
0.19 |
|
Directors or relatives of Directors |
81.81 |
|
Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer of Diamond Studded Gold Jewellery. |
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Products : |
·
Aqua Diamond ·
Baby Cakes Diamond ·
Cherished Diamond ·
Colours Diamond ·
Diamond Key ·
Edge Diamond ·
Honeydium Diamond ·
Huggables Diamond ·
Lace Diamond ·
Luce Diamond ·
Mboss Diamond ·
Naturale Diamond ·
Prive Diamond |
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GENERAL INFORMATION
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No. of Employees : |
1726 (Approximately) |
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Bankers : |
·
Punjab National Bank, Offshore Banking Unit,
Seepz, Andheri (East), Mumbai – 400096, Maharashtra, India
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Facilities : |
(Rs. in Millions)
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Banking
Relations : |
-- |
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Auditors : |
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|
Name : |
C. B. Chhajed and Company Chartered Accountants |
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Address : |
DGP House, Ground Floor, 88-C, |
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PAN.: |
AAAFC3565E |
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Entities in which Key Managerial Personnel/ their
relatives have significant influence or control: |
·
Tara (Hong Kong) Limited, Hong Kong ·
F. T. Diamonds ·
Divya Jewels International Private Limited, India
(CIN: U36911MH2000PTC129147) ·
Divya Real Estate Private Limited ·
Aarti Jewellers Private Limited, India (CIN:
U36910MH1987PTC042359) ·
Karan Arjun Jewellery Private Limited ·
Tara Duniya Corporation |
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|
|
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Associates/Subsidiaries : |
·
Tara Hong Kong Limited ·
Tara Jewels Holding Inc., United State ·
Fabrikant Tara International, LLC., United State ·
Tara China Jewelry Limited, China ·
Tara Jewels Honduras, Sociedad de Responsabilidad
Limitada ·
Quatro Jewellery Private Limited, India (CIN:
U36911MH1999PTC122261) |
CAPITAL STRUCTURE
As on 31.03.2011
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
30000000 |
Equity Shares |
Rs.10/- each |
Rs.300.000 Millions |
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|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
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|
|
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|
18000000 |
Equity Shares |
Rs.10/- each |
Rs.180.000
Millions |
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FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
180.000 |
118.474 |
118.474 |
|
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
2033.111 |
1674.313 |
1423.708 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
|
NETWORTH |
2213.110 |
1792.787 |
1542.182 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
1930.908 |
1455.868 |
2991.420 |
|
|
2] Unsecured Loans |
77.397 |
77.438 |
77.438 |
|
|
TOTAL BORROWING |
2008.305 |
1533.306 |
3068.858 |
|
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DEFERRED TAX LIABILITIES |
10.669 |
13.944 |
17.921 |
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|
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TOTAL |
4232.085 |
3340.037 |
4628.961 |
|
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APPLICATION OF FUNDS |
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|
|
|
|
|
|
|
|
|
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FIXED ASSETS [Net Block] |
658.255 |
591.931 |
539.250 |
|
|
Capital work-in-progress |
18.607 |
0.000 |
0.000 |
|
|
Goodwill on consolidation |
10.808 |
16.212 |
0.000 |
|
|
|
|
|
|
|
|
INVESTMENT |
49.018 |
7.516 |
7.466 |
|
|
DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
3903.194
|
2879.915 |
2737.827 |
|
|
Sundry Debtors |
2354.991
|
1200.462 |
3354.808 |
|
|
Cash & Bank Balances |
234.533
|
248.447 |
217.345 |
|
|
Other Current Assets |
0.000
|
0.000 |
0.000 |
|
|
Loans & Advances |
139.798
|
155.630 |
158.692 |
|
Total
Current Assets |
6632.516
|
4484.454 |
6468.672 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
3072.442
|
1701.198 |
2316.646 |
|
|
Other Current Liabilities |
71.764
|
40.680 |
53.634 |
|
|
Provisions |
24.807
|
18.198 |
16.147 |
|
Total
Current Liabilities |
3169.013
|
1760.076 |
2386.427 |
|
|
Net Current Assets |
3463.503
|
2724.378 |
4082.245 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
31.894 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
4232.085 |
3340.037 |
4628.961 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
10902.258 |
7859.549 |
7458.886 |
|
|
|
Other Income |
13.279 |
17.451 |
17.812 |
|
|
|
TOTAL (A) |
10915.537 |
7877.000 |
7476.698 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Consumption material changes inventories |
9060.888 |
6507.854 |
|
|
|
|
Manufacturing service costs |
314.251 |
251.916 |
|
|
|
|
Employee related expenses |
254.935 |
148.069 |
|
|
|
|
Administrative selling other expenses |
353.272 |
315.590 |
|
|
|
|
TOTAL (B) |
9983.346 |
7223.429 |
6934.857 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
932.191 |
653.571 |
541.841 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
303.922 |
248.510 |
358.343 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
628.269 |
405.061 |
183.498 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
118.061 |
107.180 |
62.635 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) (G) |
510.208 |
297.881 |
120.863 |
|
|
|
|
|
|
|
|
|
Less |
TAX (I) |
112.972 |
52.574 |
23.980 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-I) (J) |
397.236 |
245.307 |
96.883 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
1221.284 |
970.679 |
530.107 |
|
|
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
217.617 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
|
Add |
PROFIT
AND LOSS ACCOUNT BALANCE BROUGHT FORWARD OF AMALGAMATING COMPANIES |
0.000 |
0.000 |
345.231 |
|
|
|
|
|
|
|
|
|
Less |
ADJUSTMENT
IN ACCORDANCE WITH TRANSITIONAL PROVISION IN ACCOUNTING STANDARD 15 (REVISED) |
0.000 |
0.000 |
14.323 |
|
|
|
|
|
|
|
|
|
Less |
PRIOR
PERIOD EXPENSES – BONUS |
0.000 |
0.000 |
6.799 |
|
|
|
|
|
|
|
|
|
Less |
AMALGAMATION
EXPENSES |
0.000 |
0.000 |
3.520 |
|
|
|
|
|
|
|
|
|
Add |
AVAILMENT
OF MAT CREDIT OF EARLIER YEAR |
0.000 |
5.298 |
23.100 |
|
|
|
|
|
|
|
|
|
|
BALANCE CARRIED
TO THE B/S |
1400.903 |
1221.284 |
970.679 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
22.19 |
13.80 |
8.18 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
PAT / Total Income |
(%) |
3.64
|
3.11 |
1.30 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
4.68
|
3.79 |
1.62 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
7.69
|
6.64 |
1.87 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.23
|
0.17 |
0.08 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
2.34
|
1.84 |
3.54 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
2.09
|
2.55 |
2.71 |
LOCAL AGENCY FURTHER INFORMATION
Sundry Creditors Details:
Rs. In Millions
|
Particulars |
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
Sundry Creditors |
|
|
|
|
Micro, Small and Medium Enterprise and
others |
0.000 |
0.000 |
0.000 |
|
Others |
3072.442
|
1701.198 |
2316.646 |
|
Total |
3072.442
|
1701.198 |
2316.646 |
|
Check List by Info Agents |
Available in Report (Yes / No) |
|
1) Year of Establishment |
Yes |
|
2) Locality of the firm |
Yes |
|
3) Constitutions of the firm |
Yes |
|
4) Premises details |
No |
|
5) Type of Business |
Yes |
|
6) Line of Business• |
Yes |
|
7) Promoter’s background |
Yes |
|
8) No. of employees |
Yes |
|
9) Name of person contacted |
Yes |
|
10) Designation of contact person |
Yes |
|
11) Turnover of firm for last three years |
Yes |
|
12) Profitability for last three years |
Yes |
|
13) Reasons for variation <> 20% |
-- |
|
14) Estimation for coming financial year |
No |
|
15) Capital in the business |
Yes |
|
16) Details of sister concerns |
Yes |
|
17) Major suppliers |
No |
|
18) Major customers |
No |
|
19) Payments terms |
No |
|
20) Export / Import details (if applicable) |
No |
|
21) Market information |
-- |
|
22) Litigations that the firm / promoter |
-- |
|
23) Banking Details |
Yes |
|
24) Banking facility details |
Yes |
|
25) Conduct of the banking account |
-- |
|
26) Buyer visit details |
-- |
|
27) Financials, if provided |
Yes |
|
28) Incorporation details, if applicable |
Yes |
|
29) Last accounts filed at ROC |
Yes |
|
30) Major Shareholders, if available |
Yes |
Note:
The Registered office of the company has been shifted from Plot No.29 (P) and
30 (P) Sub, Andheri (East), Mumbai-400 096,
OVERVIEW
The financial year
2010-11 has been a notable year for Tara Jewels Limited. The Company was
converted into a public limited Company on September 23, 2010. They have been
accorded the status of Star Trading House, by the Government of India, Ministry
of Commerce for the period 2010-2014. Subsequently, the Company has also been
designated as a Nominated Agency, which makes it eligible to import precious
metals directly from foreign suppliers.
During the year,
the Company expanded its Retail Business and added 26 retail stores across
Western, Northern and Central India. As on March 31, 2011 there are 31 retail
stores spread over an area of 32625 sq. feet. Further, the Retail Business of
the Company is conducted under the brand name ? Tara Jewellers?.
The Company
achieved a turnover of Rs.10902.300 Millions for the FY 2010-11 as against
Rs.7859.500 Millions for the FY 2009-10 representing an increase of 39%. Net
Profit after tax was Rs.397.200 Millions for FY 2010-11 against Rs. 245.300
Millions for FY 2009-10 registering an increase of 62%.
Income from
Exports for the FY 2010-11 was Rs. 8741.900 Millions against Rs.7682.800
Millions for FY 2009-10.
Acquisition of
Tara Hong Kong Limited
The Company
acquired 7800 equity shares in Tara Hong Kong Limited in September 2010,
thereby making Tara Hong Kong Limited a wholly owned subsidiary of the Company.
Further, in March 2011, 40 bonus shares were issued for every share held in the
Company.
Subsidiary in
Honduras
A step down
subsidiary of the Company, Tara Jewels Honduras, Sociedad de Responsabilidad
Limitada, was incorporated on January 17, 2011 in Honduras, Central America.
Tara Jewels Holding Inc. holds 99.6% of the paid-up share capital of the
Company. This Company has been set up to scope the demand in the Central
American market for the products being manufactured by Tara Jewels Limited.
Awards
During the year,
the Company received the following awards from SEEPZ-SEZ, Ministry of Commerce
and Industry, Government of India.
|
Award |
Sector |
Year |
|
Highest Export Performance |
Gems and Jewellery |
2008-09 |
|
2 nd Highest Net Foreign Exchange Earner |
Gems and Jewellery |
2008-09 |
|
Highest Export Performance |
Gems and
Jewellery |
2009-10 |
|
Highest Net Foreign Exchange Earner |
Gems and
Jewellery |
2009-10 |
CONTINGENT LIABILITIES NOT PROVIDED FOR
Rs. In Millions
|
Description |
31.03.2011 |
|
Claims against the Company not acknowledged as debts in respect of : |
|
|
Custom Duty matter pending in Appeal |
3.401 |
|
Property Tax |
0.342 |
|
Bills Discounted |
2035.897 |
|
Total |
2039.640 |
DIAMOND INDUSTRY –
INDIA
-
From time immemorial, India is well known in the world
as the birthplace for diamonds. It is difficult to trace the origin of
diamonds but history says that in the remote past, diamonds were mined only in
India. Diamond production in India can be traced back to almost 8th
Century B.C. India, in fact, remained undisputed leader till 18th
Century when Brazilian fields were discovered in 1725 followed by emergence of
S. Africa, Russia and Australia.
-
The achievement of the Indian diamond industry was
possible only due to combination of the manufacturing skills of the Indian
workforce and the untiring and unflagging efforts of the Indian diamantaires,
supported by progressive Government policies.
-
The area of study of family owned diamond businesses
derives its importance from the huge conglomerate of family run organizations
which operate in the diamond industry since many generations.
-
Some of the basic traits of family run business
enterprises include spirit of entrepreneurship, mutual trust lowers transaction
costs, small, nimble and quick to react, information as a source of advantage
and philanthropy.
-
Family owned diamond businesses need to improve on
many fronts including higher standard of corporate governance, long-term
performance – focused strategies, modern management and technology.
-
The diamond jewellery industry in India today may be
more than Rs 60000 millions and is rated amongst the fastest growing in
the world. India ranks third in the world in domestic diamond consumption.
-
Utmost caution is to be exercised while dealing with
some medium and large diamond traders which are usually engaged in fictitious
import – export, inter-company transactions, financially assisted by banks. In
the process, several public sector banks lost several hundred million rupees.
They mostly diverted borrowed money for diamond business into real estate and
capital markets.
-
Excerpts from Times of India dated 30th
October 2010 is as under –
DIAMOND
SAGA – DIRTY DOZEN STUCK WITH 2K CR DEBT
This could be the biggest credibility crisis
the Indian diamond industry has ever faced. Fifteen banks run the risk of
losing Rs 20000 millions lent to a dozen diamond firms in Surat. Until about
two months ago, they had not repaid these dues. Bankers believe many
diamantaires borrowed money during the economic downturn two years ago and
diverted funds to businesses like real estate and capital markets. Many of
themselves made money from these businesses but their diamond companies have
gone sick and declared insolvency.
-
Most of the money borrowed from the banks in the name
of their diamond business has been diverted in real estate and the share
market. The banks are not in a position to seize their properties because in
many cases, these were purchased in the name of their relatives and friends.
BANKERS CHARGES
REPORT AS PER REGISTRY
|
Corporate identity number of the company |
U52393MH2001PLC131252 |
|
Name of the company |
TARA JEWELS
LIMITED |
|
Address of the registered office or of the
principal place of business in |
Plot No.122, 15th
Road, Near IDBI Bank, M.I.D.C., Andheri (East), Mumbai-400 093, Maharashtra,
India Email: amol.raje@tarajewels.co.in |
|
This form is for |
Creation of charge |
|
Type of charge |
Book debts Movable property
(not being pledge) Others Tangible
machineries, Furniture, Current Assets |
|
Particular of charge holder |
Central Bank of
India, Industial Finance Branch, Chander
Mukhi, Ground Floor, Nariman Point, Mumbai – 400021, Maharashtra,
India Email: dgmifb3873@centralbank.co.in |
|
Nature of instrument creating charge |
Deed of hypothecation
dated 10/05/2012 executed by Tara Jewels Limited ("the borrower")
in favour of Central Bank of India. A copy whereof is attached as attachment |
|
Date of instrument Creating the charge |
10.05.2012 |
|
Amount secured by the charge |
Rs. 300.000
Millions |
|
Brief of the principal terms an conditions
and extent and operation of the charge |
Rate of Interest PC: BR + 1.25% upto 270 days; PCFC: LIBOR + 3.50%; EBP/EBD: BR + 1.25%
upto 90 days and BR + 1.50% - 91 days upto 180 days; EBRD: LIBOR + 3.50% Terms of Repayment On demand Margin 10% Extent and Operation of the charge The charge created vide Deed of Hypothecation dated 10/05/2012 shall
operate as a continuing security by way of i) First paripassu charge on company's entire current assets, both
present and future. ii) Second charge on the movable fixed assets of the borrower, both
present and future, as security for due repayment of the fund based/non-fund
based facility aggregating Rs. 300.000 Millions and payment of interest and
other monies payable by Borrower under the loan agreement |
|
Short particulars of the property or
asset(s) charged (including complete address and location of the property) |
All tangible
movable machineries, plant, machinery, fixtures, fittings, other
installations, tools and and accessories lying on the premises at Plot No
29/30, SEEPZ SEZ, Andheri, Plot No.122, MIDC GJ 7, 1st Floor,
SDF VII SEEPZ SEZ, Andheri The whole of borrowers
movable goods and assets, both present and future, all stocks of raw
material, WIP, semi finished and finished goods such as packing materials
consumable stores, etc All the present
and future book. debts, outstanding, monies receivable, claims, bills
contract, engagements and securities which are now due and owing. |
FIXED ASSETS:
- Building
- Vehicles
- Air conditioners
- Computers
- Electric installations
- Silver models
- Furniture and fixtures
- Office equipments
- Plant and machinery
- Factory equipments
- Flat
- Ship
- Goodwill
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.55.65 |
|
|
1 |
Rs.85.88 |
|
Euro |
1 |
Rs.67.87 |
INFORMATION DETAILS
|
Information Gathered
by : |
SVA |
|
|
|
|
Report Prepared
by : |
KVT |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
4 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
7 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
7 |
|
--PROFITABILIRY |
1~10 |
5 |
|
--LIQUIDITY |
1~10 |
6 |
|
--LEVERAGE |
1~10 |
5 |
|
--RESERVES |
1~10 |
6 |
|
--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 |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
50 |
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.