MIRA
INFORM REPORT
|
Report Date : |
12.02.2013 |
IDENTIFICATION DETAILS
|
Name : |
TRIBHOVANDAS BHIMJI ZAVERI LIMITED |
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Registered
Office : |
241/43, Zaveri Bazar, Mumbai 400 002, Maharashtra,
India |
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|
Country : |
India |
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Financials (as
on) : |
31.03.2012 |
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Date of
Incorporation : |
24.07.2007 |
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Com. Reg. No.: |
11-172598 |
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Capital
Investment / Paid-up Capital : |
Rs.500.000 Millions |
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CIN No.: [Company Identification
No.] |
L27205MH2007PLC172598 |
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|
Legal Form : |
A Public Limited Liability company. The company’s Shares are Listed on
the Stock Exchange. |
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Line of Business
: |
Retailers of Diamonds and Jewellery. |
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No. of Employees
: |
1192 (Approximately) |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (55) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Maximum Credit Limit : |
USD 6400000
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Status : |
Good |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
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Comments : |
Subject is an old and well established, reputed company having a fine
track record. It has a well established market position and strong brand. The financial position appears to be healthy. Management is well
experienced and knowledgeable people. Trade relations are reported as decent. Business is active. Payment
terms are regular and as per commitment. The company can be considered good 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.
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 |
CRISIL |
|
Rating |
LONG TERM RATING : CRISIL A |
|
Rating Explanation |
Adequate degree of safety and low credit risk. |
|
Date |
27.08.2012 |
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.
INFORMATION DECLINED BY
|
Name : |
Mr. Niraj Oza |
|
Designation : |
Company Secretary |
|
Contact No.: |
91-22-30735000 |
|
Date : |
07.02.2013 |
LOCATIONS
|
Registered Office : |
241/43, Zaveri Bazar, Mumbai 400 002, Maharashtra, India |
|
Tel. No.: |
91-22-39565001 |
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Fax No.: |
91-22-39565056 |
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E-Mail : |
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Website : |
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Corporate Office : |
228, Ground Floor, Mitral Chambers, Nariman Point, Mumbai 400 021, Maharashtra, India |
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Tel. No.: |
91-22-30735000 |
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Fax No.: |
91-22-30735088 |
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|
|
|
Showroom : |
Located at ·
Maharashtra ·
Gujarat ·
Andhra Pradesh ·
Kerla (Kochi) ·
Madhya Pradesh |
DIRECTORS
As on 31.03.2012
|
Name : |
Mr. Shrikant Zaveri |
|
Designation : |
Chairman and Managing Director |
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|
Name : |
Ms. Binaisha Zaveri |
|
Designation : |
Whole-time Director |
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Name : |
Ms. Raashi Zaveri |
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Designation : |
Whole-time Director |
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|
Name : |
Mr. Kamlesh Vikamsey |
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Designation : |
Independent Director |
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|
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|
Name : |
Mr. Ajay Mehta |
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Designation : |
Independent Director |
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|
Name : |
Mr. Sanjay Asher |
|
Designation : |
Independent Director |
KEY EXECUTIVES
|
Name : |
Mr. Niraj Oza |
|
Designation : |
Company Secretary |
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|
|
|
Name : |
Mr. Ravindra Nagarkar |
|
Designation : |
Chief Executive Officer |
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|
|
Name : |
Mr. Prem Hinduja |
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Designation : |
Chief Financial Officer |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 31.12.2012
|
Names of Shareholders |
|
No. of Shares |
|
|
|
|
|
(A)
Shareholding of Promoter and Promoter Group |
|
|
|
|
|
|
|
|
46749775 |
70.12 |
|
|
2700000 |
4.05 |
|
|
49449775 |
74.17 |
|
|
|
|
|
Total
shareholding of Promoter and Promoter Group (A) |
49449775 |
74.17 |
|
(B)
Public Shareholding |
|
|
|
|
|
|
|
|
4400 |
0.01 |
|
|
7700976 |
11.55 |
|
|
7705376 |
11.56 |
|
|
|
|
|
|
4152030 |
6.23 |
|
|
|
|
|
|
1699896 |
2.55 |
|
|
3351690 |
5.03 |
|
|
307900 |
0.46 |
|
|
198835 |
0.30 |
|
|
109065 |
0.16 |
|
|
9511516 |
14.27 |
|
Total
Public shareholding (B) |
17216892 |
25.83 |
|
Total
(A)+(B) |
66666667 |
100.00 |
|
(C)
Shares held by Custodians and against which Depository Receipts have been
issued |
0 |
0.00 |
|
|
0 |
0.00 |
|
|
0 |
0.00 |
|
|
0 |
0.00 |
|
Total
(A)+(B)+(C) |
66666667 |
0.00 |
Shareholding
belonging to the category "Promoter and Promoter Group"
|
l. No. |
Name of the
Shareholder |
Details of Shares
held |
Total shares (including
underlying shares assuming full conversion of warrants and convertible
securities) as a % of diluted share capital |
|
|
No. of Shares held |
As a % of grand
total (A)+(B)+(C) |
|||
|
|
|
|
|
|
|
1 |
Shrikant Gopaldas Zaveri |
3,33,92,275 |
50.09 |
50.09 |
|
2 |
Binaisha Shrikant Zaveri |
52,85,000 |
7.93 |
7.93 |
|
3 |
Raashi Zaveri |
45,72,500 |
6.86 |
6.86 |
|
4 |
Bindu Shrikant Zaveri |
35,00,000 |
5.25 |
5.25 |
|
5 |
Tribhovandas Bhimji Zaveri Jewellers (Mumbai) P |
13,50,000 |
2.02 |
2.02 |
|
6 |
Tribhovandas Bhimji Zaveri (TBZ) Private Limited |
13,50,000 |
2.02 |
2.02 |
|
|
Total |
4,94,49,775 |
74.17 |
74.17 |
Shareholding
belonging to the category "Public" and holding more than 1% of the
Total No. of Shares
|
Sl. No. |
Name of the
Shareholder |
No. of Shares held |
Shares as % of
Total No. of Shares |
Total shares
(including underlying shares assuming full conversion of warrants and
convertible securities) as a % of diluted share capital |
|
|
|
|
|
|
|
1 |
HSBC Global Investment Funds
A/C HSBC Global Investment |
4056952 |
6.09 |
6.09 |
|
2 |
Smallcap World Fund INC |
3309332 |
4.96 |
4.96 |
|
|
Total |
7366284 |
11.05 |
11.05 |
Shareholding
belonging to the category "Public" and holding more than 5% of the
Total No. of Shares
|
Sl. No. |
Name(s) of the
shareholder(s) and the Persons Acting in Concert (PAC) with them |
No. of Shares |
Shares as % of
Total No. of Shares |
Total shares
(including underlying shares assuming full conversion of warrants and convertible
securities) as a % of diluted share capital |
|
|
|
|
|
|
|
1 |
HSBC Global Investment Funds
A/C HSBC Global Investment |
4056952 |
6.09 |
6.09 |
|
|
Total |
4056952 |
6.09 |
6.09 |
Details of Locked-in
Shares
|
Sl. No. |
Name of the Shareholder |
No. of Shares |
Locked-in Shares as % of |
|
|
|
|
|
|
1 |
Srikant Gopaldas Zaveri |
2,28,46,545 |
34.27 |
|
2 |
Srikant Gopaldas Zaveri |
1,05,45,730 |
15.82 |
|
3 |
Binaisha Shrikant Zaveri |
37,68,105 |
5.65 |
|
4 |
Bindu Shrikant Zaveri |
35,00,000 |
5.25 |
|
5 |
Raashi Zaveri |
32,60,105 |
4.89 |
|
6 |
Binaisha Shrikant Zaveri |
15,16,895 |
2.28 |
|
7 |
Tribhovandas Bhimji Zaveri
Jewellers (Mumbai) P |
13,50,000 |
2.02 |
|
8 |
Tribhovandas Bhimji Zaveri (TBZ)Pvt
Ltd |
13,50,000 |
2.02 |
|
9 |
Raashi Zaveri |
13,12,395 |
1.97 |
|
10 |
Keki Jimmy Unwalla |
5,00,000 |
0.75 |
|
11 |
Mayur Jayendra Choksi |
25,000 |
0.04 |
|
12 |
Rajeev Bharat Sagar |
25,000 |
0.04 |
|
13 |
Mayur Jayendra Choksi |
225 |
0.00 |
|
|
Total |
5,00,00,000 |
75.00 |
BUSINESS DETAILS
|
Line of Business : |
Retailers of Diamonds and Jewellery. |
GENERAL INFORMATION
|
No. of Employees : |
1192 (Approximately) |
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Bankers : |
· State Bank of India · HDFC Bank Limited · ICICI Bank Limited |
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Facilities : |
(Rs.
In Millions)
Notes: 1. HDFC Term Loan The term loan from bank carries interest @ 13.50% p.a. The loan is repayable in 60 monthly installments of Rs.0.691 Million each alongwith interest, from the date of loan, viz., 7 May 2010. The loan is secured by hypothecation of exclusive charge on the properties situated at Punjugutta (Hyderabad) of the Company pertaining to retail division. Further, the loan has been guaranteed by the personal guarantee of the managing director of the Company 2. State Bank of
India Term Loan The term loan from bank carries interest @ 15.75% p.a. The loan is repayable in 45 monthly installments of Rs.3.100 Millions each alongwith interest, from the date of loan, viz., 29 April 2008. The loan is secured by hypothecation of exclusive charge on the properties situated at Charkop and hypothecation of fixed assets to be purchased at the Kandivali factory Pari passu charge by way of hypothecation of raw materials, finished goods, and receivables including current assets. Further, the loan has been guaranteed by the personal guarantee of the directors of the Company. 3. HDFC Vehicle
Loan The vehicle loan from HDFC bank carries interest @ 10.75% p.a and 9.75% p.a. The loan is repayable in 36 monthly installments of Rs.0.080 Million and Rs.29,744 respectively each alongwith interest, from the date of loan, viz., 7 April 2011 and 7 November 2011 respectively. The loan is secured by hypothecation of vehicle. 4. State Bank of
India Vehicle Loan The vehicle loan from State Bank of India carries interest @ 11.25% p.a. The loan is repayable in 60 monthly installments of Rs.0.026 Million each alongwith interest, from the date of loan, viz., 20 December 2012. The loan is secured by hypothecation of vehicle. 5. BMW Financial
Services^ The vehicle loan from State Bank of India carries interest @ 11.25% p.a. The loan is repayable in 60 monthly installments of Rs.0.026 Million each alongwith interest, from the date of loan, viz., 20 December 2012. The loan is secured by hypothecation of vehicle. 6. Working Capital
Demand Loan The loan is repayable on demand and bullet repayment on maturity date and interest carries @ 13.50% p.a. The loan is secured by hypothecation of exclusive charge on the raw materials, finished goods, receivables, entire fixed assets of the Company, and other current assets located at Zaveri Bazar, and Santacruz showroom. Further, the loan has been guaranteed by the personal guarantee of the directors of the Company. 7. Cash credit from
banks The cash credit from State Bank of India carries interest @ 14.75% p.a. The loan is repayable on demand from the date of loan, viz., 22 March 2011. The loan is secured by hypothecation of exclusive charge on raw materials, finished goods, receivables, entire fixed assets of the Company, and other current assets located at Zaveri Bazar alongwith collateral security of Zaveri Bazar, and Surat properly and Charkop factory, and fixed deposits of Rs.30.000 Millions. Further, the loan has been guaranteed by the personal guarantee of the directors of the Company. |
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Banking
Relations : |
-- |
|
|
|
|
Auditors : |
|
|
Name : |
B S R and Companies Chartered Accountants |
|
Address : |
Lodha Excelus, 1st Floor, Apollo Mills Compound, N. M.
Joshi Marg, Mahalaxmi, Mumbai – 400011, Maharashtra, India |
|
Tel. No.: |
91-22-39896000 |
|
Fax No.: |
91-22-39836000 |
|
|
|
|
Subsidiaries : |
· Konfiaance Jewellery Private Limited. · Tribhovandas Bhimji Zaveri (Bombay) Limited, (formerly Tribhovandas Bhimji Zaveri (Bombay) Private Limited) (w.e.f 4 October 2010) |
|
|
|
|
Sister Concern : |
· Tribhovandas Bhimji Zaveri Jewellers (Mumbai) Private Limited · Tribhovandas Bhimji Zaveri (TBZ) Private Limited · T B Zaveri Jewelleries Limited (upto 20 March 2011) · Super Traditional Metal Crafts (Bombay) Private Limited · New Transmission & Power Technology Private Limited (upto 16 March 2011) · Tribhovandas Bhimji Zaveri Trading Co · Cupid Annibis Jewellery Private Limited |
CAPITAL STRUCTURE
After 24.09.2012
Authorised Capital : Rs.750.000
Millions
Issued, Subscribed & Paid-up Capital : Rs. 666.667 Millions
As on 31.03.2012
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
75000000 |
Equity Shares |
Rs.10/- each |
Rs.750.000 Millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
50000000 |
Equity Shares |
Rs.10/- each |
Rs.500.000
Millions |
|
|
|
|
|
Notes:
A. Shares reserved
for issue under options
B. Reconciliation of the
shares outstanding at the beginning and at the end of the reporting period
|
|
31 March 2012 |
|
|
Equity Shares At the beginning of the period Issued during the period - Bonus issue Issued during the period – ESOP |
No. of shares 50000000 -- -- |
Rs. In Millions 500.000 -- -- |
|
Outstanding at the end of the period |
50,000,000 |
500.000 |
C. Aggregate number
of bonus shares issued, share issued for consideration other than cash and shares
bought back during the period of five years immediately preceding the reporting
date:
|
|
31 March
2012 |
|
|
Equity shares allotted as fully paid bonus shares by capitalization of security premium Equity shares allotted as fully paid-up pursuant to contracts for consideration other than cash. Equity shares bought back by the Company |
-- -- -- |
48,800,000 -- -- |
D. Details of
shareholders holding more than 5% shares in the company
|
|
% holding in class |
No. of Shares |
|
Equity shares of
Rs.10 each fully paid |
|
|
|
Shrikant Zaveri |
66.78% |
33,392,275 |
|
Binaisha Zaveri |
10.57% |
5,285,000 |
|
Raashi Zaveri |
9.15% |
4,572,500 |
|
Bindu Zaveri |
7.00% |
3,500,000 |
E. Terms / rights
attached to equity Shares
The Company has only one class of equity shares having a par value of Rs.10 per share. Each holder of equity shares is entitled to one vote per shares. The Company declares dividends in Indian rupees. The Company declares and pays dividends in Indian rupees. The dividend proposed by the Board of Directors is subject to the approval of the shareholders in the ensuing Annual General Meeting.
In the event of liquidation of the Company, the holders of equity shares will be entitled to receive remaining assets of the Company, after distribution of all preferential amounts. The distribution will be in proportion to the number of equity shares held by the shareholders.
F. The Company had increased its authorized equity share capital to Rs.750.000 Milllions consisting of 75,000,000 equity shares of nominal value Rs.10 in the Annual General Meeting held on 30 September 2010.
During the previous year, the Board had approved the purchase of 5019 equity shares of Rs.100 each of Tribhovandas Bhimji Zaveri (Bombay) Limited (formerly Tribhovandas Bhimji Zaveri (Bombay) Private Limited) at a price of Rs.4030 per share amounting to Rs.20.227 Millioins. Conseguentto the investment, Tribhovandas Bhimji Zaveri (Bombay) Limited (formerly Tribhovandas Bhimji Zaveri (Bombay) Private Limited) became the subsidiary of the Company w.e.f. 4 October 2010. Subseauently, the Company had sold 5 shares at its cost of acauisition. On 13 June 2011, the Company has purchased 6 shares at Rs.4490 per share for Rs.0.027 Millions conseauent to the purchase Tribhovandas Bhimji Zaveri (Bombay) Limited (formerly Tribhovandas Bhimji Zaveri (Bombay) Private Limited) became 100% subsidiary of the Company.
FINANCIAL DATA
[all figures are in
Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
|
31.03.2012 |
31.03.2011 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
|
500.000 |
500.000 |
|
|
2] Share Application Money |
|
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
|
1095.755 |
571.036 |
|
|
4] (Accumulated Losses) |
|
0.000 |
0.000 |
|
|
NETWORTH |
|
1595.755 |
1071.036 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
|
1913.344 |
1969.307 |
|
|
2] Unsecured Loans |
|
122.370 |
116.905 |
|
|
TOTAL BORROWING |
|
2035.714 |
2086.212 |
|
|
DEFERRED TAX LIABILITIES |
|
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
|
3631.469 |
3157.248 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
|
491.550 |
489.693 |
|
|
Capital work-in-progress |
|
7.065 |
0.000 |
|
|
|
|
|
|
|
|
INVESTMENT |
|
30.251 |
29.824 |
|
|
DEFERREX TAX ASSETS |
|
33.828 |
17.544 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
|
5018.971
|
4254.329 |
|
|
Sundry Debtors |
|
30.004
|
83.739 |
|
|
Cash & Bank Balances |
|
53.401
|
90.729 |
|
|
Other Current Assets |
|
43.188
|
29.962 |
|
|
Loans & Advances |
|
117.318
|
134.245 |
|
Total
Current Assets |
|
5262.882
|
4593.004 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
|
871.776 |
1075.864 |
|
|
Other Current Liabilities |
|
1070.100
|
728.487 |
|
|
Provisions |
|
252.231
|
168.466 |
|
Total
Current Liabilities |
|
2194.107
|
1972.817 |
|
|
Net Current Assets |
|
3068.775
|
2620.187 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
|
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
|
3631.469 |
3157.248 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
|
31.03.2012 |
31.03.2011 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
|
13854.700 |
11939.309 |
|
|
|
Other Income |
|
16.089 |
5.428 |
|
|
|
TOTAL (A) |
|
13870.789 |
11944.737 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Cost of raw material and components consumed |
|
9718.900 |
8168.862 |
|
|
|
Purchase of traded goods |
|
2488.665 |
2776.435 |
|
|
|
Changes in inventories of finished goods and traded goods |
|
(783.601) |
(883.980) |
|
|
|
Employee benefit expenses |
|
457.460 |
405.157 |
|
|
|
Other expenses |
|
752.665 |
607.360 |
|
|
|
TOTAL (B) |
|
12634.089 |
11073.834 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
|
1236.700 |
870.903 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
|
314.822 |
228.166 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
|
921.878 |
642.737 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
|
52.627 |
39.952 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) (G) |
|
869.251 |
602.785 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
|
297.321 |
208.537 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-H) (I) |
|
571.930 |
394.248 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
|
560.782 |
226.534 |
|
|
|
|
|
|
|
|
|
Add |
Gross
Employee stock options granted in earlier years |
|
10.255 |
0.000 |
|
|
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
|
|
For Issue of Bonus Shares |
|
0.000 |
60.000 |
|
|
|
Proposed Dividend |
|
50.000 |
0.000 |
|
|
|
Dividend Tax |
|
8.111 |
0.000 |
|
|
|
Addition on option granted |
|
(2.974) |
(10.255) |
|
|
|
Excess provision of tax pertaining to
earlier years |
|
(7.925) |
0.000 |
|
|
BALANCE CARRIED
TO THE B/S |
|
1095.755 |
571.037 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
Export Earnings |
|
0.000 |
32.898 |
|
|
TOTAL EARNINGS |
|
0.000 |
32.898 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Diamond Jewellery |
|
45.001 |
80.630 |
|
|
|
Capital Goods |
|
8.404 |
15.049 |
|
|
TOTAL IMPORTS |
|
53.405 |
95.679 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) - Basic - Diluted |
|
11.44 11.42 |
7.88 7.87 |
|
KEY RATIOS
|
PARTICULARS |
|
|
31.03.2012 |
31.03.2011 |
|
PAT / Total Income |
(%) |
|
4.12 |
3.30 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
|
6.27 |
5.05 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
|
15.11 |
11.86 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
|
0.54 |
0.56 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt/Networth) |
|
|
1.28 |
1.95 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
|
2.40 |
2.33 |
LOCAL AGENCY FURTHER INFORMATION
SUNDRY CREDITORS
DETAILS
(Rs.
In Millions)
|
Particulars
|
|
31.03.2012 |
31.03.2011 |
|
|
|
|
|
|
Due to Micro, Small and Medium Enterprises Other than Micro, Small and Medium Enterprises |
|
0.000 |
0.000 |
|
due to related parties |
|
12.077 |
19.157 |
|
due to others |
|
859.699 |
1056.707 |
|
Total |
|
871.776 |
1075.864 |
|
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 |
No |
|
8] |
No. of employees |
Yes |
|
9] |
Name of person contacted |
Yes |
|
10] |
Designation of contact person |
Yes |
|
11] |
Turnover of firm for last two years |
Yes |
|
12] |
Profitability for last two 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 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 |
No |
|
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 |
DETAILS OF UNSECURED LOAN
(Rs. In Millions)
|
Particulars |
31.03.2012 |
31.03.2011 |
|
|
|
|
|
Interest free loans
and advances from related |
|
|
|
- From Directors |
94.330 |
49.112 |
|
From Associates |
28.040 |
28.324 |
|
From Subsidiary |
0.000 |
39.469 |
|
Total |
122.370 |
116.905 |
BACKGROUND
Subject known under the brand1TBZ- the Original1 was incorporated on 24 July 2007 by conversion of a partnership firm Tribhovandas Bhimji Zaveri under Part IX of the Companies Act, 1956 whereby the partners of the partnership firm became shareholders with the shareholdings as agreed amongst the partners. The Company has been converted to a public limited company w.e.f. 3 December 2010. The Company is in the business of retail sales of ornaments made of gold, diamond, silver, platinum and other precious stones through its 14 show rooms located across India.
The Company successfully completed its Initial Public Offer of Rs.2000.000 Millions by fresh issue of 16,666,667 shares. The shares of face value of Rs.10 each had a Price Band between Rs.120 to Rs.126 per share. The issue price was fixed at Rs.120 per share. The shares were listed on the Bombay Stock Exchange Limited and the National Stock Exchange of India Limited on 9 May 2012.
FINANCIAL
PERFORMANCE:
The Company has reported healthy growth during financial year 2011-12 attributed by strong brand name, innovative designs, varied product range and experienced management.
In the financial year 2011-12, the Company's sales income grew by 16.04% to Rs.13854.700 Millions as compared to Rs.11939.309 Millions in the previous financial year. The Profit before tax grew by 44.21% to Rs.869.251 Millions, while Net Profit after tax grew by 45.07%to Rs.571.930 Millions.
Sales of Gold Jewellery crossed Rs.10 billion mark for the first time during financial year 2011-12, which grew by 15.71% to Rs.10017.653 Millions as compared to Rs.8657.328 Millions during previous financial year.
Sales of Diamond-studded Jewellery grew strongly by 33.03% to Rs.3507.332 Millions during financial year 2011-12 as compared to Rs.2636.575 Millions during the previous financial year. The growth in sales of Diamond-studded jewellery was the result of Diamond-studded jewellery promotion schemes and innovative designs by in-house manufacturing unit at Kandivali. The new manufacturing facility at Kandivali has a carpet area of 17,139 sq.ft. and annual production capacity to manufacture 100,000 carats of Diamond-studded jewellery.
The Gross Profit Margin for the financial year 2011-12 has improved to 17.54% from 15.73% in the previous year. In the absolute term the Gross Profit has increased by 29.43% to Rs.2430.736 Millions as compared to Rs.1877.992 Millions during previous year. The healthy improvement in Gross Profit Margin was on account of Company's continuous thrust on increasing sales of Diamond-studded jewellery, which resulted in favourable product mix and improved Gross Profit margin.
The EBITDA for the financial year 2011-12 has improved to 8.74% from 7.27% in the previous year.
During the financial year 2011-12, the Company has opened a new showroom at Rajkot.
MACRO ECONOMIC
SCENARIO
The Reserve Bank of India has cut its economic growth forecast for the fiscal year ending March 2013 to 6.5 %, while at the same time raising its inflation forecast. Inflationary pressures amidst the backdrop of rising fuel prices and weakened rupee continue to have their overhang on the Indian economy. While the long term prospects appear positive, the outlook in the near term remains volatile.
INDUSTRY STRUCTURE
AND DEVELOPMENTS
The overall consumption of jewellery, including gold, is much higher at Rs.2780000.000 Millions and represents almost 6% of private consumption in India - with the difference between the consumption and the retail market size being accounted for by gold or custom-made jewellery not sold in retail outlets.
A global comparison shows per capita consumption of jewellery in India stands at Rs.0.001 Million, compared to Rs.0.013 Million in the US, Rs.0.011 Million (the EU), Rs.0.005 Million (Hong Kong), Rs.0.005 Million (Japan) and Rs.0.009 Million (China).
The Indian jewellery market is dominated by gold, which consists of almost 80 per cent of the market share, followed by fabricated studded jewellery including diamond and gemstone studded jewellery.
The total exports of gems and jewellery during April 2011 to March 2012 stood at USD 42.84 billion, including that of cut and polished diamonds at USD 23.33 billion, gold at USD 16.52 billion and coloured gemstones at USD 342.80 million.
According to FICCI - Technopak report "Unlocking the Potential of India's Gems and Jewellery Sector", the traditional role of gems and Jewellery in India includes saving and investment, ornamental purposes, astrological and religious significance and is an integral gift and purchase item for festive and wedding occasions.
While the last few years, the Indian domestic market has shown very promising signs evident from the growth in penetration of branded and organized retail across categories such as Fast Moving Consumer Goods, Consumer Durables, Apparels and Home Improvement, there is similar potential for Gems and Jewellery sector.
AWARDS AND
RECOGNITION:
During the year the Company has won following
|
Year |
Awards |
|
2011 2011 2011 2011 2012 2012 |
Retail Jewellers India Awards TV Campaign of the Year IJ Jewellers Choice Awards Best Necklace Design IJ Jewellers Choice Awards Best Bridal Design IJ Jewellers Choice Awards Kundan Meena Jewellery Award National Jewellery Award Best Advertising Campaign of the Year (Print) Asia Retail Congress Awards in two categories i. Best Impactful Retail Design and Visual Merchandising and ii. Innovative Retail Concept of the Year |
CONTINGENT
LIABILITIES
GUARANTEE
Guarantees given on behalf of the directors in respect of loans taken by them is Rs.140.000 Millions (2011: Rs.140.000 Millions).
INDIRECT TAX MATTER
The Commercial Tax Officer, KVAT Circle IV, Ernakulum has issued a notice of demand / recovery notice under the Kerala Value Added Tax Rules, 2005 for the year 2009-10 for the payment of Rs.4.979 Millions towards liability of compounding tax. The Company has filed an appeal against the aforesaid notice. The appellate matter is currently pending with the Deputy Commissioner of Sales Tax.
UNAUDITED FINANCIAL
RESULTS FOR THE QUARTER AND SIX MONTHS ENDED 30th SEPTEMBER, 2012
(Rs. In Millions)
|
SI. No. |
PARTICULARS |
Quarter Ended |
Six Months Ended |
|
|
30.09.2012 (Unaudited) |
30.06.2012 (Unaudited) |
30.09.2012 (Unaudited) |
||
|
1 |
(a) Net Sales /Income from operations |
3490.407 |
2822.726 |
6313.132 |
|
|
(b) Other Operating Income |
13.943 |
12.272 |
26.215 |
|
|
Total Income |
3504.350 |
2834.998 |
6339.347 |
|
|
Expenditure |
|
|
|
|
2 |
a) Cost of Material Consumed |
3647.910 |
1848.029 |
5495.939 |
|
|
b) Purchase in stock-in-trade |
922.894 |
493.212 |
1416.106 |
|
|
c) Increase / Decrease in stock-in-trade |
(1745.984) |
(97.713) |
(1843.697) |
|
|
c) Employees Cost |
116.553 |
109.816 |
226.369 |
|
|
d) Depreciation |
18.178 |
13.050 |
31.228 |
|
|
e) Other Expenditure |
260.857 |
194.816 |
455.673 |
|
|
Total Expenditure |
3220.408 |
2561.210 |
5781.618 |
|
3 |
Profit from
Operations before Other Income, Interest and Exceptional Items (1-2) |
283.942 |
273.788 |
557.729 |
|
4 |
Other Income |
13.480 |
8.798 |
22.278 |
|
5 |
Profit Before
Interest and Exceptional Items (3+4) |
297.422 |
282.586 |
580.007 |
|
6 |
Interest (Net) |
40.722 |
39.172 |
79.894 |
|
7 |
Profit after
Interest but before exceptional Items (5-6) |
256.700 |
243.414 |
500.113 |
|
8 |
Exceptional Items |
-- |
-- |
-- |
|
9 |
Profit(+)/Loss(-)
from Ordinary Activities before Tax (7+8) |
256.700 |
243.414 |
500.113 |
|
10 |
Tax Expenses |
66.595 |
80.729 |
147.323 |
|
11 |
Net
Profit(+)/Loss(-) from Ordinary Activities after Tax (9-10) |
190.105 |
162.686 |
352.790 |
|
12 |
Extra Ordinary Items (net of tax expense) |
-- |
-- |
-- |
|
13 |
Net
Profit(+)/Loss(-) for the period - (11-12) |
190.105 |
162.686 |
352.790 |
|
14 |
Paid up Equity Share Capital(F V Rs.10/-) |
666.667 |
666.667 |
666.667 |
|
15 |
Reserves Excluding Revaluation Reserves |
-- |
-- |
-- |
|
16 |
Earning per Share
(EPS) ( Rs.) |
|
|
|
|
|
a) Basic and Diluted EPS before Extraordinary items for the period, for the year to date and for the previous year |
2.85 |
2.44% |
5.29 |
|
|
b)Basic and Diluted EPS after Extraordinary items for the
period, for the year to date |
2.85 |
2.44% |
5.28 |
|
17 |
Public Share
Holding |
|
|
|
|
|
No. of Shares |
17216892 |
17216892 |
17216892 |
|
|
Percentage of share holding |
25.83% |
25.83% |
25.83% |
|
|
|
|
|
|
|
18 A |
Promoters and
Promoter group shareholding |
|
|
|
|
|
a) Pledged/Encumbered |
|
|
|
|
|
-Number of Shares |
-- |
-- |
-- |
|
|
-Percentage of Shares(as a % of the total shareholding of promoters and promoter group) |
-- |
-- |
-- |
|
|
-Percentage of Shares(as a % of the total share capital of the company) |
-- |
-- |
-- |
|
|
b) Non - encumbered |
|
|
|
|
|
-Number of Shares |
49449775 |
49449775 |
49449775 |
|
|
-Percentage of Shares(as a % of the total shareholding of promoters and promoter group) |
100% |
100% |
100% |
|
|
-Percentage of Shares(as a % of the total share capital of the company) |
74.17% |
74.17% |
74.17% |
|
PARTICULARS |
Quarter Ended
September 2012 |
|
|
B |
INVESTOR COMPLAINTS |
|
|
|
Pending at the beginning of the quarter |
Nil |
|
|
Received during the quarter |
15 |
|
|
Disposed Off during the quarter |
15 |
|
|
Remaining unresolved at the end of the quarter |
Nil |
Notes:
1. The above standalone unaudited quarterly and half yearly results have
been reviewed by the Audit Committee at its meeting held on 6th November, 2012 and
approved by the Board of Directors at its meeting held on 7th November, 2012.
2. The Statutory Auditor have carried out a Limited Review of the standalone
Results for the Quarter and Half Year ended 30th September, 2012, as required
by the Listing Agreement.
3. There are no separate reportable segments as per Accounting Standards
(AS-17) - Segment Reporting.
4. The details of utilisation of funds out of the proceeds of the Issue as
on 30th September, 2012 are as stated below:
(Rs. In Millions)
|
Particulars |
Utilisation planned as per prospectus |
Utilisation of IPO proceeds as on 30th September, 2012 |
Balance amount to be utilised as on 30th September, 2012 |
|
To Finance the establishment of new showrooms |
191.940 |
64.736 |
127.204 |
|
To meet incremental working capital requirements |
1604.490 |
1284.155 |
320.335 |
|
General corporate purposes and Issue related expenses |
203.570 |
203.570 |
-- |
|
Total |
2000.000 |
1552.461 |
447.539 |
Interim utilisation of
IPO proceeds up to 30th September, 2012:
(Rs. In Millions)
|
Particulars |
Amount |
|
Balance unutilised amount temporarily invested in : |
|
|
Fixed Deposits _ |
3.330.00 |
|
Balance in CC account |
1,145.39 |
|
Total Amount |
4,475.39 |
5. The Company is publishing Quarterly and Half Yearly results post listing on 9th May, 2012. Quarterly and Half Yearly results for the period ended 30th September, 2011 are not included as the Company was an unlisted Company during that period.
Statement of
Assets and Liability
(Rs. In Millions)
|
|
Half Year ended |
|
PARTICULARS |
on 30-9-2012 |
|
|
(Un Audited) |
|
EQUITY AND
LIABILITIES |
|
|
Share Holders Fund: |
|
|
Share Capital |
666.667 |
|
Reserves and Surplus |
3119.197 |
|
Sub Total - Shareholders
Funds |
3785.864 |
|
|
|
|
Non Current
Liabilities |
|
|
Long Term Borrowings |
221.769 |
|
Other Long Term Liabilities |
5.400 |
|
Long Term provisions |
44.076 |
|
Sub Total - Non Current Liabilities |
271.245 |
|
|
|
|
Current Liabilities |
|
|
Short Term Borrowings |
1839.171 |
|
Trade Payables |
1505.721 |
|
Other Current Liabilities |
1466.044 |
|
Short Term Provisions |
66.310 |
|
Sub Total - Current Liabilities |
4877.246 |
|
TOTAL EQUITY AND LIABILITIES |
8934.355 |
|
|
|
|
ASSETS |
|
|
Non Current Assets |
|
|
Fixed Assets |
|
|
(i) Tangible Assets |
795.178 |
|
(ii) Intangible Assets |
28.098 |
|
Non Current Investments |
30.262 |
|
Deferred tax assets (net) |
42.850 |
|
Long term loans and advances |
86.253 |
|
Sub Total - Non Current Assets |
982.641 |
|
|
|
|
Current Assets |
|
|
Inventories |
7350.790 |
|
Trade Receivables |
27.638 |
|
Cash and Cash equivalents |
488.021 |
|
Short term Loans and Advances |
85.264 |
|
Other current assets |
-- |
|
Sub Total - Current
Assets |
7951.714 |
|
TOTAL ASSETS |
8934.355 |
FIXED ASSETS
· Land and Building
· Plant and Equipments
· Furniture and Fixtures
· Vehicles
· Computers
· Computer Software
PRESS RELEASE
TRIBHOVANDAS BHIMJI
ZAVERI LIMITED POSTS 24% GROWTH IN TOP LINE IN Q2 OVER Q1 AND THE BOTTOM LINE
GREW 17% FOR THE SAME PERIOD DESPITE SLUGGISH MARKET CONDITIONS
SEPTEMBER, 2012
Total revenue of Rs.3504.350 Millions in Q2 FY 2013; Net profit rises to Rs.190.105 Millions.
Tribhovandas Bhimji Zaveri ("TBZ") Limited, a well known and trusted jewellery retailer in India, has posted Total revenue (standalone) of Rs.3504.350 Millions for the quarter ended September 30, 2012. TBZ posted a Net Profit of Rs.190.105 Millions for Q2 FY 2013 despite a tough economic environment and higher gold prices.
The company achieved an impressive growth on Quarter over Quarter despite the sluggish market condition. Top line increased by 24% and bottom line increased by 17%.
The EBITDA for quarter stood at Rs.283.942 Millions and the EBITDA margin for Q2 FY 2013 is 8.62% of total income even though the industry faced several challenges. TBZ Limited registered Net Profit margin of 5.45% for the quarter on account of optimal sales mix of gold and diamond jewellery wherein diamond jewellery sales enhanced the margins.
Commenting on the financial performance of the Company, Mr. Shrikant Zaveri, Chairman and Managing Director, Tribhovandas Bhimji Zaveri Limited, said, "In the second quarter, our focus was on enhancing our brand positioning in the wedding segment and enhancing our retail presence. In this quarter TBZ Limited successfully opened 5 stores adding up to retail carpet area of 15,338 sq. ft. TBZ Limited presently has 19 showrooms in 13 cities across 6 States including Maharashtra, Gujarat, Madhya Pradesh, Kerala, Andhra Pradesh and West Bengal."
According to Mr. Zaveri, overall volumes are expected to recover during the 2nd half of FY13. "TBZ Limited is maintaining the momentum of its retail expansion across key markets."
With festivals around the corner, TBZ Limited has unveiled new collections like the New Wedding collections for the upcoming wedding season and 'Showstopper - A party wear collection'. This coupled with tactical offers during festival time is expected to create a positive momentum in store sales.
For the year ended March 31, 2012, net profit of TBZ Limited was Rs.571.931 Millions and total income from operations was Rs.13854.699 Millions.
About Tribhovandas
Bhimji Zaveri Limited
TBZ Limited (BSE: 534369 | NSE: TBZ) has a 150-year old track-record of trust, quality and purity of its products, TBZ has won several prestigious awards including the Readers Digest Trusted Brand Asia in the category of Jewellery Shop in 2006, 2007 and 2008. TBZ has received other awards for both products and customer service, including the DTC Best Showroom award in 2004 and 2006, the DTC Best Diamond Moments award in 2005 for customer interactions, the DTC Best Showroom and Sales Person award in 2006 and 2007, the Jaipur Jewellery Show Gold Souk Awards 2007, which honoured TBZ's contribution to the gem and jewellery industry in India, and the Jamnalal Bajaj Uchit Vyavahar Puraskar 2007 - Council for Fair Business Practices Award.
TRIBHOVANDAS BHIMJI ZAVERI POSTS TOTAL INCOME OF RS. 2835.000 MILLIONS
IN Q1 FY 2013 NET RISES TO RS. 162.690 MILLIONS
AUGUST 6, 2012
Tribhovandas Bhimji Zaveri ("TBZ")
Limited, a well known and trusted jewellery retailer in India, has posted Total
Income (standalone) of Rs.2835.000 Millions for the quarter ended June 30,
2012. TBZ's Net Profit of Rs.162.690 Millions for Q1 FY 2013 despite a tough
economic environment, higher gold prices, jewellers strike and fewer
wedding-festive occasions.
The EBITDA for quarter stood at Rs.295.640
Millions and the EBITDA margin for Q1 FY 2013 was 10.4% as a % of total income
even though the industry faced several challenges in the first quarter. TBZ
maintained Net Profit margin at 5.74% for the quarter on account of a judicious
sales mix of gold and diamond wherein diamond jewellery sales enhanced the
margins.
Commenting on the financial performance of the
Company, Mr. Shrikant Zaveri, Chairman and Managing Director, Tribhovandas
Bhimji Zaveri, said, "In the first quarter following the successful
completion of the IPO, our focus was on reinforcing the brand and its premier
wedding jewellery positioning. We deployed an interesting sales mix of gold,
diamond and fusion jewellery while unveiling exciting new collections such as
Dohra collection to entice the customers and increase same store sales. For the
first time ever, TBZ opted for a gold loan facility during this quarter as a
best-of-breed business practice to help enhance business efficiencies and
mitigate the risk of gold price volatility."
TBZ, which is recognised as a jeweller of
choice for wedding occasions, faced several challenges due to bleak industry
scenario in Q1 FY 2013, such as lower gold volume due to fewer weddings and
festivals during the first quarter. Gudi Padwa, an auspicious day for gold
purchase across Maharashtra, was celebrated in the first quarter last year, but
happened in Q4 FY 2012 this year. The jewellers' strike from March 16 to April
6, 2012, during the quarter impacted sales. TBZ capitalised on the trend by
focusing on increasing diamond jewellery sales across stores.
According to Mr. Zaveri, overall volumes are expected
to recover during the 2nd half of FY13. "TBZ is maintaining the momentum
of its retail expansion across key markets in sync with the IPO disclosures.
TBZ opened a new showroom at Churchgate, south Mumbai, on 6th July 2012. With
festivals around the corner, TBZ Ltd. is unveiling attractive new collections
including the recently launched 'Surprises - Gifting' collection. And our
innovative marketing and promotional initiatives will help us attract more
footfalls at retail outlets," added Mr. Zaveri.
For the year ended March 31, 2012, net profit
of TBZ Ltd. was Rs.571.930 Millions and total income from operations was
Rs.13854.700 Millions
About Tribhovandas Bhimji Zaveri Limited
TBZ Limited (BSE: 534369 | NSE: TBZ) has 15
showrooms in nine cities across five states, which have a total carpet area of
approximately 51, 000 sq. ft. With a 150-year old track-record of trust,
quality and purity of its products, TBZ has won several prestigious awards
including the Readers Digest Trusted Brand Asia in the category of Jewellery
Shop in 2006, 2007 and 2008. TBZ has received other awards for both products
and customer service, including the DTC Best Showroom award in 2004 and 2006,
the DTC Best Diamond Moments award in 2005 for customer interactions, the DTC Best
Showroom and Sales Person award in 2006 and 2007, the Jaipur Jewellery Show
Gold Souk Awards 2007, which honoured TBZ's contribution to the gem and
jewellery industry in India, and the Jamnalal Bajaj Uchit Vyavahar Puraskar
2007 -Council for Fair Business Practices Award.
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 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 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.53.68 |
|
|
1 |
Rs.84.85 |
|
Euro |
1 |
Rs.71.87 |
INFORMATION DETAILS
|
Information
Gathered by : |
PDT |
|
|
|
|
Report Prepared
by : |
BSN |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
4 |
|
OPERATING SCALE |
1~10 |
7 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
7 |
|
--PROFITABILIRY |
1~10 |
6 |
|
--LIQUIDITY |
1~10 |
6 |
|
--LEVERAGE |
1~10 |
6 |
|
--RESERVES |
1~10 |
6 |
|
--CREDIT LINES |
1~10 |
7 |
|
--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 |
YES |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
55 |
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.