MIRA
INFORM REPORT
|
Report Date : |
30.10.2012 |
IDENTIFICATION DETAILS
|
Name : |
TARA JEWELS LIMITED |
|
|
|
|
Formerly Known
As : |
|
|
|
|
|
Registered
Office : |
Plot No.122, |
|
|
|
|
Country : |
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|
|
|
|
Financials (as
on) : |
31.03.2011 |
|
|
|
|
Date of
Incorporation : |
16.03.2001 |
|
|
|
|
Com. Reg. No.: |
11-131252 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
Rs.180.000 Millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
U52393MH2001PTC131252 |
|
|
|
|
Legal Form : |
A Closely Held Public Limited Liability Company |
|
|
|
|
Line of Business
: |
Manufacturer of Diamond Studded Gold Jewellery. |
|
|
|
|
No. of Employees
: |
1726 (Approximately) |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (51) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Status : |
Good |
|
|
|
|
Payment Behaviour : |
Regular |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Subject is a well established and reputed company having good track.
It has achieved healthy growth in its sales turnover during 2011. Trade relations
are reported as decent. Business is active. Payments are reported to be
regular and as per commitments. The company can be considered 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.
ECGC Country Risk Classification List – June 30, 2012
|
Country Name |
Previous Rating (31.03.2012) |
Current Rating (30.06.2012) |
|
India |
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
INDIAN ECONOMIC OVERVIEW
India is developing into an open-market economy, yet traces
of its past autarkic policies remain. Economic liberalization, including
industrial deregulation, privatization of state-owned enterprises, and reduced
controls on foreign trade and investment, began in the early 1990s and has
served to accelerate the country's growth, which has averaged more than 7% per
year since 1997. India's diverse economy encompasses traditional village
farming, modern agriculture, handicrafts, a wide range of modern industries,
and a multitude of services. Slightly more than half of the work force is in
agriculture, but services are the major source of economic growth, accounting
for more than half of India's output, with only one-third of its labor force.
India has capitalized on its large educated English-speaking population to
become a major exporter of information technology services and software
workers. In 2010, the Indian economy rebounded robustly from the global
financial crisis - in large part because of strong domestic demand - and growth
exceeded 8% year-on-year in real terms. However, India's economic growth in
2011 slowed because of persistently high inflation and interest rates and
little progress on economic reforms. High international crude prices have
exacerbated the government's fuel subsidy expenditures contributing to a higher
fiscal deficit, and a worsening current account deficit. Little economic reform
took place in 2011 largely due to corruption scandals that have slowed legislative
work. India's medium-term growth outlook is positive due to a young population
and corresponding low dependency ratio, healthy savings and investment rates,
and increasing integration into the global economy. India has many long-term
challenges that it has not yet fully addressed, including widespread poverty,
inadequate physical and social infrastructure, limited non-agricultural
employment opportunities, scarce access to quality basic and higher education,
and accommodating rural-to-urban migration.
|
Source
: CIA |
EXTERNAL AGENCY RATING
|
Rating Agency Name |
CARE |
|
Rating |
A2 (Short Term Fund Based Facilities) |
|
Rating Explanation |
Strong degree of safety and low credit risk |
|
Date |
20.01.2012 |
|
Rating Agency Name |
CARE |
|
Rating |
BBB+ (Long Term Fund Based Facilities) |
|
Rating Explanation |
Moderate degree of safety and moderate credit risk |
|
Date |
20.01.2012 |
RBI DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter in
the publicly available RBI Defaulters’ list.
EPF (Employee Provident Fund) DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter
in the publicly available EPF (Employee Provident Fund) Defaulters’ list as of
31-03-2012.
LOCATIONS
|
Registered Office/ Factory : |
Plot No.122, 15th Road, Near IDBI Bank, M.I.D.C., Andheri
(East), Mumbai-400 093, Maharashtra, India |
|
Tel. No.: |
91-22-66417888/66417805/66417777 |
|
Fax No.: |
91-22-66417888/66417712 |
|
E- Mail: |
|
|
Website : |
|
|
|
|
|
Branches / Factory : |
29-30, Sub Plot A, Seepz, Andheri (East), Mumbai – 400096, Maharashtra,
India |
|
|
|
|
Branch Office : |
Located at:
|
DIRECTORS
AS ON 20.07.2012
|
Name : |
Mr. Rajeev Vasant Sheth |
|
Designation : |
Managing Director |
|
Address : |
3 Villa Ramona, 37A, Nepeansea Road, Mumbai- 400 036, Maharashtra,
India |
|
Date of Birth/Age : |
16.11.1958 |
|
Qualification: |
B.Com from
Mumbai University and Diploma in Gemology from Gemological Institute of
America |
|
Date of Appointment : |
01.10.2010 |
|
DIN No.: |
00266460 |
Other Directorship:
|
S.No. |
CIN/LLPIN |
Name
of the Company/ LLP |
Current
designation of the Director/ Designated Partner |
Date
of appointment at current designation |
Original
date of appointment |
Date
of cessation |
Company/
LLP Status |
Defaulting
status |
|
1 |
U36910MH1987PTC042359 |
AARTI
JEWELLERS PRIVATE LIMITED |
Director |
29/01/1987 |
29/01/1987 |
30/08/2011 |
Active |
NO |
|
2 |
U70200MH1995PTC093869 |
DIVYA
REAL ESTATE PRIVATE LIMITED |
Director |
20/10/1995 |
20/10/1995 |
- |
Active |
NO |
|
3 |
U33301MH1995PTC093700 |
EGANA
INDIA PRIVATE LIMITED |
Director |
17/07/1999 |
17/07/1999 |
24/05/2011 |
Active |
NO |
|
4 |
U36900MH1986PTC041153 |
TARA
JEWELS EXPORT PRIVATE LIMITED |
Director |
02/08/1999 |
02/08/1999 |
- |
Amalgamated |
NO |
|
5 |
U36912MH1999PTC121669 |
T
TWO INTERNATIONAL PRIVATE LIMITED |
Director |
08/09/1999 |
08/09/1999 |
- |
Amalgamated |
NO |
|
6 |
U36911MH1999PTC122261 |
QUATRO
JEWELLERY PRIVATE LIMITED |
Director |
18/10/1999 |
18/10/1999 |
- |
Strike
off |
NO |
|
7 |
U36911MH2000PTC125589 |
NEW
STAR JEWELS PRIVATE LIMITED |
Director |
04/04/2000 |
04/04/2000 |
- |
Strike
off |
NO |
|
8 |
U36911MH2000PTC127063 |
TARA
INFOTECH PRIVATE LIMITED |
Director |
07/06/2000 |
07/06/2000 |
- |
Strike
off |
NO |
|
9 |
U36911MH2000PTC129147 |
DIVYA
JEWELS INTERNATIONAL PRIVATE LIMITED |
Director |
13/10/2000 |
13/10/2000 |
- |
Active |
NO |
|
10 |
U52393MH2001PLC131252 |
TARA
JEWELS LIMITED |
Managing
director |
01/10/2010 |
16/03/2001 |
- |
Active |
NO |
|
11 |
U51909MH2005PTC153662 |
GESSWEIN
TRADING PRIVATE LIMITED |
Director |
01/06/2005 |
01/06/2005 |
11/06/2007 |
Active |
NO |
|
12 |
U36911MH2005PTC156029 |
DURAFOURG
INDIA PRIVATE LIMITED |
Director |
14/09/2005 |
14/09/2005 |
27/01/2011 |
Active |
NO |
|
13 |
U36100MH2005PTC158035 |
TARA
SPARKLES PRIVATE LIMITED |
Director |
14/12/2005 |
14/12/2005 |
- |
Active |
NO |
|
14 |
U74900MH2002PTC136432 |
MAHA
AVATAR JEWELS PRIVATE LIMITED |
Director |
10/08/2007 |
10/08/2007 |
06/09/2010 |
Active |
NO |
|
15 |
U93090MH2009PTC196347 |
GOLDEN
ISLE HOUSING WELFARE PRIVATE LIMITED |
Director |
08/10/2009 |
08/10/2009 |
- |
Active |
NO |
|
Name : |
Mrs. Alpana Aniruddh Deo |
|
Designation : |
Managing Director |
|
Address : |
Flat No.60, Apritam Royal Palms Buglow, Aarey Milk Colony, Goregaon
(East), Mumbai-400 064, |
|
Date of Birth/Age : |
20.12.1974 |
|
Date of Appointment : |
01.10.2010 |
|
DIN No.: |
00266523 |
Other Directorship:
|
S.No. |
CIN/LLPIN |
Name
of the Company/ LLP |
Current
designation of the Director/ Designated Partner |
Date
of appointment at current designation |
Original
date of appointment |
Date
of cessation |
Company/
LLP Status |
Defaulting
status |
|
1 |
U36900MH1986PTC041153 |
TARA
JEWELS EXPORT PRIVATE LIMITED |
Director |
01/08/1995 |
01/08/1995 |
- |
Amalgamated |
NO |
|
2 |
U36912MH1999PTC121669 |
T
TWO INTERNATIONAL PRIVATE LIMITED |
Director |
08/09/1999 |
08/09/1999 |
- |
Amalgamated |
NO |
|
3 |
U36911MH2000PTC125589 |
NEW
STAR JEWELS PRIVATE LIMITED |
Director |
04/04/2000 |
04/04/2000 |
- |
Strike
off |
NO |
|
4 |
U36911MH2000PTC129147 |
DIVYA
JEWELS INTERNATIONAL PRIVATE LIMITED |
Director |
18/10/2000 |
18/10/2000 |
- |
Active |
NO |
|
5 |
U52393MH2001PLC131252 |
TARA
JEWELS LIMITED |
Director |
01/08/2012 |
16/03/2001 |
- |
Active |
NO |
|
6 |
U74900MH2002PTC136432 |
MAHA
AVATAR JEWELS PRIVATE LIMITED |
Director |
05/07/2002 |
05/07/2002 |
06/09/2010 |
Active |
NO |
|
7 |
U36911MH2000PTC127063 |
TARA
INFOTECH PRIVATE LIMITED |
Director |
28/12/2004 |
28/12/2004 |
- |
Strike
off |
NO |
|
8 |
U36911MH1999PTC122261 |
QUATRO
JEWELLERY PRIVATE LIMITED |
Director |
28/12/2004 |
28/12/2004 |
- |
Strike
off |
NO |
|
9 |
U36100MH2005PTC158035 |
TARA
SPARKLES PRIVATE LIMITED |
Director |
12/06/2007 |
12/06/2007 |
- |
Active |
NO |
|
Name : |
Mr. Vikram Vishnukumar Raizada |
|
Designation : |
Director |
|
Address : |
6, Loral Reef, 55, |
|
Date of Birth/Age : |
08.05.1966 |
|
Qualification: |
B.A(Economics)
from University of Mumbai and Degree in Business (Marketing) from University
of Southern Queensland, Australia |
|
Date of Appointment : |
03.09.2010 |
|
DIN No.: |
03196436 |
Other Directorship:
|
S.No. |
CIN/LLPIN |
Name
of the Company/ LLP |
Current
designation of the Director/ Designated Partner |
Date
of appointment at current designation |
Original
date of appointment |
Company/
LLP Status |
Defaulting
status |
|
1 |
U52393MH2001PLC131252 |
TARA
JEWELS LIMITED |
Director |
09/09/2010 |
03/09/2010 |
Active |
NO |
|
Name : |
Ms. Nalini Varadarajan |
|
Designation : |
Director |
|
Address : |
A/6-3, Shree Ram Nagar, |
|
Date of Birth/Age : |
29.08.1964 |
|
Date of Appointment : |
06.10.2009 |
|
DIN No.: |
02922199 |
Other Directorship:
|
S.No. |
CIN/LLPIN |
Name
of the Company/ LLP |
Current
designation of the Director/ Designated Partner |
Date
of appointment at current designation |
Original
date of appointment |
Company/
LLP Status |
Defaulting
status |
|
1 |
U52393MH2001PLC131252 |
TARA
JEWELS LIMITED |
Director |
09/09/2010 |
06/10/2009 |
Active |
NO |
|
2 |
U36911MH2000PTC129147 |
DIVYA
JEWELS INTERNATIONAL PRIVATE LIMITED |
Director |
14/09/2012 |
07/03/2012 |
Active |
NO |
|
3 |
U70200MH1995PTC093869 |
DIVYA
REAL ESTATE PRIVATE LIMITED |
Director |
30/08/2012 |
07/03/2012 |
Active |
NO |
|
Name : |
Ms. Aarti Rajeev Sheth |
|
Designation : |
Director |
|
Address : |
3 Villa Ramona, 37A, |
|
Date of Birth/Age : |
11.10.1984 |
|
Date of Appointment : |
14.02.2006 |
|
Date of Cessation : |
01.08.2012 |
|
DIN No.: |
00737920 |
|
|
|
|
Name : |
Mr. Fern Joy Mallis |
|
Designation : |
Additional Director |
|
Address : |
40 E 68 ST 5B, |
|
Date of Birth/Age : |
26.03.1948 |
|
Date of Appointment : |
20.09.2010 |
|
DIN No. : |
03270532 |
Other Directorship:
|
S.No. |
CIN/LLPIN |
Name
of the Company/ LLP |
Current
designation of the Director/ Designated Partner |
Date
of appointment at current designation |
Original
date of appointment |
Company/
LLP Status |
Defaulting
status |
|
1 |
U52393MH2001PLC131252 |
TARA
JEWELS LIMITED |
Director |
29/08/2011 |
20/09/2010 |
Active |
NO |
|
Name : |
Mr. Rajiv Lochan Jain |
|
Designation : |
Director |
|
Address : |
402, Aralias DLF Golf Links DLF City Phase 5, Gurgaon – 122009,
Haryana, India |
|
Date of Birth/Age : |
01.01.1951 |
|
Date of Appointment : |
20.09.2010 |
|
DIN No. : |
00161022 |
Other Directorship:
|
S.No. |
CIN/LLPIN |
Name
of the Company/ LLP |
Current
designation of the Director/ Designated Partner |
Date
of appointment at current designation |
Original
date of appointment |
Date
of cessation |
Company/
LLP Status |
Defaulting
status |
|
1 |
U73100MH1976NPL019199 |
ICI INDIA
RESEARCH AND TECHNOLOGY CENTRE |
Director |
13/11/1996 |
13/11/1996 |
10/08/2009 |
Active |
NO |
|
2 |
L24292WB1954PLC021516 |
AKZO
NOBEL INDIA LIMITED |
Managing
director |
01/04/2008 |
01/06/1997 |
01/06/2009 |
Active |
NO |
|
3 |
L25111HR1961PLC008578 |
GOODYEAR
INDIA LIMITED |
Director |
19/06/2009 |
13/07/2008 |
- |
Active |
NO |
|
4 |
U52393MH2001PLC131252 |
TARA
JEWELS LIMITED |
Director |
29/08/2011 |
20/09/2010 |
- |
Active |
NO |
|
5 |
AAA-0174 |
PERFORMANCE
CAPITAL PARTNERS LIMITED LIABILITY PARTNERSHIP |
Designated
Partner |
03/09/2009 |
03/09/2009 |
- |
Active |
NO |
|
Name : |
Mr. Rakesh Kalra |
|
Designation : |
Director |
|
Address : |
TNA 023 Trinity Towers, DLF Phase 5, Gurgaon – 122002, Haryana, India |
|
Date of Birth/Age : |
11.09.1949 |
|
Date of Appointment : |
20.09.2010 |
|
DIN No. : |
00780354 |
Other Directorship:
|
S.No. |
CIN/LLPIN |
Name
of the Company/ LLP |
Current
designation of the Director/ Designated Partner |
Date
of appointment at current designation |
Original
date of appointment |
Date
of cessation |
Company/
LLP Status |
Defaulting
status |
|
1 |
L25206MP1990PLC005732 |
KRITI
INDUSTRIES (INDIA)LIMITED |
Director |
25/08/2006 |
24/06/2006 |
- |
Active |
NO |
|
2 |
U63040MH1994PLC079098 |
MAHINDRA
NAVISTAR AUTOMOTIVES LIMITED |
Managing
director |
23/01/2010 |
23/01/2007 |
31/03/2011 |
Active |
NO |
|
3 |
U35914MH2007PTC169753 |
MAHINDRA
NAVISTAR ENGINES PRIVATE LIMITED |
Director |
31/07/2008 |
31/01/2008 |
31/03/2011 |
Active |
NO |
|
4 |
U52393MH2001PLC131252 |
TARA
JEWELS LIMITED |
Director |
29/08/2011 |
20/09/2010 |
- |
Active |
NO |
|
5 |
U50100PN2011FTC139992 |
FOTON
MOTORS MARKETING AND SALES INDIA PRIVATE LIMITED |
Director |
28/06/2011 |
28/06/2011 |
- |
Active |
NO |
|
6 |
U34100PN2011FTC141469 |
FOTON
MOTORS MANUFACTURING INDIA PRIVATE LIMITED |
Director |
25/11/2011 |
25/11/2011 |
05/12/2011 |
Active |
NO |
|
Name : |
Mr. Nikkhil Vaidya |
|
Designation : |
Director |
|
Address : |
506 Vivek Ekta Vivek Chs. Ltd, Off Link Road, IC Colony Extn, Mumbai –
400068, Maharashtra, India |
|
Date of Birth/Age : |
05.05.1959 |
|
Date of Appointment : |
20.09.2010 |
|
DIN No. : |
02942549 |
Other Directorship:
|
S.No. |
CIN/LLPIN |
Name
of the Company/ LLP |
Current
designation of the Director/ Designated Partner |
Date
of appointment at current designation |
Original
date of appointment |
Company/
LLP Status |
Defaulting
status |
|
1 |
U64203MH2009PTC194930 |
HASH.ME
TECHNOLOGIES PRIVATE LIMITED |
Director |
06/02/2010 |
06/02/2010 |
Active |
NO |
|
2 |
U52393MH2001PLC131252 |
TARA
JEWELS LIMITED |
Director |
29/08/2011 |
20/09/2010 |
Active |
NO |
|
Name : |
Mr. Shanti Saroop Khindria |
|
Designation : |
Director |
|
Address : |
2, Parsons Green Lane, Fulham London, united Kingdom SW64HS |
|
Date of Birth/Age : |
12.08.1954 |
|
Date of Appointment : |
20.09.2010 |
|
DIN No. : |
03271292 |
Other Directorship:
|
S.No. |
CIN/LLPIN |
Name
of the Company/ LLP |
Current
designation of the Director/ Designated Partner |
Date
of appointment at current designation |
Original
date of appointment |
Company/
LLP Status |
Defaulting
status |
|
1 |
U52393MH2001PLC131252 |
TARA
JEWELS LIMITED |
Director |
29/08/2011 |
20/09/2010 |
Active |
NO |
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 |
|
Date of Appointment : |
10.05.2010 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 20.07.2012
|
Names of Shareholders |
No. of Shares |
|
Rajeev Sheth |
14482893 |
|
Purnima Sheth |
14625 |
|
Fabrikant H.K. Trading Limited – Hong Kong |
3239999 |
|
Alpana Deo |
3 |
|
Divya Jewels International Private Limited – |
33600 |
|
Aarti Sheth |
114440 |
|
Divya Sheth |
114440 |
|
TOTAL
|
18000000
|
AS ON 20.07.2012
|
Equity Share
Break up |
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. |
|
|
|
|
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 |
|
|
|
|
Brand Names : |
“TARA JEWELLERS” |
GENERAL INFORMATION
|
No. of Employees : |
1726 (Approximately) |
||||||||||||||||||||||||||||||
|
|
|
||||||||||||||||||||||||||||||
|
Bankers : |
·
Punjab National Bank, Offshore Banking Unit,
Seepz, Andheri (East), Mumbai – 400096, Maharashtra, India
|
||||||||||||||||||||||||||||||
|
|
|
||||||||||||||||||||||||||||||
|
Facilities : |
|
|
|
|
|
Banking
Relations : |
-- |
|
|
|
|
Auditors : |
|
|
Name : |
C. B. Chhajed and Company Chartered Accountants |
|
Address : |
DGP House, Ground Floor, 88-C, |
|
PAN.: |
AAAFC3565E |
|
|
|
|
Subsidiaries : |
·
Fabricant Tara International LIc. ·
Tara Jewels Holding Inc. ·
Tara (Hong Kong) Limited (from 16.09.2010) ·
Tara China Jewelery Limited (from 16.09.2010) ·
Tara Jewels Honduras (from 17.01.2011) |
|
|
|
|
Related Parties : |
·
Tara (Hong Kong) Limited (Up to 15.09.2010) ·
F T Diamonds ·
Divya Jewels International Private Limited ·
Divya Real Estate Private Limited ·
Aarti Jewellers Private Limited ·
Karan Arjun Jewellery Private Limited ·
Tara Duniya Corporation |
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 |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
18000000 |
Equity Shares |
Rs.10/- each |
Rs. 180.000
Millions |
|
|
|
|
|
AS ON 20.07.2012
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
30000000 |
Equity Shares |
Rs.10/- each |
Rs. 300.000 Millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital : Rs.
198.000 Millions
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 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
2033.112 |
1674.313 |
1423.708 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
|
NETWORTH |
2213.112 |
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 |
|
|
DEFERRED TAX LIABILITIES |
10.669 |
13.944 |
17.921 |
|
|
|
|
|
|
|
|
TOTAL |
4232.085 |
3340.037 |
4628.961 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
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 IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
Export Earnings |
8734.785 |
7674.774 |
7422.033 |
|
|
|
Freight |
7.097 |
8.051 |
5.198 |
|
|
TOTAL EARNINGS |
8741.882 |
7682.825 |
7427.231 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw Materials |
1949.631 |
2299.932 |
2505.380 |
|
|
|
Stores & Spares |
47.356 |
31.973 |
25.817 |
|
|
|
Capital Goods |
29.357 |
132.709 |
17.023 |
|
|
TOTAL IMPORTS |
2026.344 |
2464.614 |
2548.220 |
|
|
|
|
|
|
|
|
|
|
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
|
Sr. No. |
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 |
No |
|
10] |
Designation of contact
person |
No |
|
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) |
Yes |
|
21] |
Market information |
----- |
|
22] |
Litigations that the firm
/ promoter involved in |
----- |
|
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 |
|
31] |
Date of Birth of
Proprietor/Partner/Director, if available |
Yes |
|
32] |
PAN of
Proprietor/Partner/Director, if available |
No |
|
33] |
Voter ID No of Proprietor/Partner/Director,
if available |
No |
|
34] |
External Agency Rating,
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 |
FORM 8
|
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 |
Axis Bank Limited, Nariman Point Branch, Atlanta Ground Floor, Nariman
Point, Mumbai-400021, Maharashtra, India |
|
Nature of instrument creating charge |
Deed of
Hypothecation of Current Assets (Stock and Book Debts) {DOH} dated 08.08.2012 |
|
Date of instrument Creating the charge |
08.08.2012 |
|
Amount secured by the charge |
Rs. 150.000
Millions |
|
Brief of the principal terms an conditions
and extent and operation of the charge |
Rate of Interest
As per Sanction Letter No. AXIS/CO/MC-II/VS/0360/12-13 dated
07.08.2012 or as stipulated by Bank from time to time. Terms of
Repayment As per Sanction Letter No. AXIS/CO/MC-II/VS/0360/12-13 dated
07.08.2012 or as stipulated by Bank from time to time. Margin As per Sanction Letter No. AXIS/CO/MC-II/VS/0360/12-13 dated
07.08.2012 or as stipulated by Bank from time to time. Extent and
Operation of the charge Bank granted Adhoc Stand by Letter of Credit (SBLC) limit of
Rs.150.000 Millions. The Limit is secured by subservient charge on all
present and future stock of RM, SIP, FG, and Other Current Assets being
Movable properties stored at Co's factory or premises or in transit and O/s,
Monies, Receivables, Claims and Bills which are due and owing to the Company
in course of its business. |
|
Short particulars of the property or
asset(s) charged (including complete address and location of the property) |
Subservient
charge on present and future stock of RM, SIP, FG, and Other Current Assets
stored at Company's factory or premises or in transit and O/s, Monies,
Receivables, claims etc. due and owing to Company. |
FIXED ASSETS:
- Building
- Vehicles
- Air conditioners
- Computers
- Electric installations
- Silver models
- Furniture and fixtures
- Office equipments
- Plant and machinery
- Factory equipments
- Flat
- Ship
- Goodwill
WEBSITE DETAILS
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.
PROFILE
Subject has grown in leaps and bounds since they first
entered the jewellery manufacturing business over 10 years ago. Today, their
business interests span across the globe as they continue to make their presence
felt in the retail jewellery segment.
The company has four manufacturing facilities, one of which
is in China. They have over 84,584 sq ft of manufacturing space and employ 1784
white and blue collared staff across four continents. They had an aggregate
production of 4753.25 kgs in Fiscal 2011. This makes them one of the largest
studded jewellery exporter from India since 2006.
Subject growth and continuing market dominance can be
attributed to their hall of designs with over 46,465 designs that caters to a
diverse audience across five continents and over 20 countries. Their range
includes fashion, bridal and handmade bespoke jewellery ranging from USD 18 to
USD 10,000.
Today, Subject plays a significant role in jewellery exports
from India to global markets and caters to retailers across the USA, UK, Europe
(14 countries including Austria, Germany and Switzerland), Australia, China,
South Africa, UAE and Canada. They supply to jewellery retailers in these
markets and reach their consumers through national chains, television and
Internet, departmental stores, hypermarkets and small chain jewelers.
The company is now looking at direct distribution in the
growing economies i.e. India and China.
DIRECTORS
MR. RAJEEV SHETH
Mr.
Rajeev Sheth, is the chairman and managing Director of their Company. He holds a
graduate degree in commerce from Mumbai University. He also holds a diploma in
gemology from Gemological Institute of America. Mr. Sheth has approximately 31
years of experience in the jewellery business. He started his career by
promoting Rose International and thereafter became the promoter and managing
director of Intergold India Limited from 1989 to 1999.
MS. ALPANA DEO
Ms.
Alpana Deo, is the joint managing Director of their Company. She holds a graduate
degree in arts, with specialisation in industrial economics from Mumbai
University. Ms. Deo has approximately 18 years of experience in the jewellery
business. She has the experience of running business like job work,
sub-contracting, distribution, manufacturing and diamond sourcing. She was
instrumental in laying the costing and pricing foundation for their Company.
She also initiated the SAP implementation in their Company.
MR. VIKRAM RAIZADA
Mr.
Vikram Raizada, is an executive Director (Marketing, Retail and Business Development)
of their Company. He holds a graduate degree in arts (economics) from the
University of Mumbai and a degree in business (marketing) from University of
Southern Queensland, Australia. Mr. Raizada has approximately 20 years of
experience in the marketing and lifestyle industry with organizations such as
IMG, Murjani Group, MTV Networks, Intergold, Ogilvy and Mather and Trikaya Grey
MS. NALINI RAJAN
Ms. Nalini Rajan, is an executive Director (Finance) of their
Company. She is an associate member of the Institute of Chartered Accountants
of India and is a commerce graduate from Mumbai University. Ms. Rajan has
approximately 21 years of experience in the field of finance, out of which 15
years have been in the jewellery industry. She oversees finance and accounts
division of our Company.
MS. AARTI SHETH
Ms. Aarti Sheth, is an executive Director of their Company. She holds a bachelor’s degree in international business and marketing from Drexel University, Philadelphia and masters degree in international employment relations and human resource management from London School of Economics and Political Sciences. She also holds a bachelor of science degree in business administration. Ms. Sheth has approximately 6 years of experience in the jewellery business. She is responsible for the overall sales review and management of their Company’s institutional retail clients in the United States of America as well as all oversees the strategic alliances with, and new business development for, institutional and retail clients in the United States of America. She also plays an active role in managing product development for all the US markets.
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 guiltyor 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.53.80 |
|
|
1 |
Rs.86.52 |
|
Euro |
1 |
Rs.69.49 |
INFORMATION DETAILS
|
Report Prepared
by : |
DPT |
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 |
6 |
|
--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 |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
51 |
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.