MIRA
INFORM REPORT
|
Report Date : |
12.07.2013 |
IDENTIFICATION DETAILS
|
Name : |
TARA JEWELS LIMITED (w.e.f.16.09.2010) |
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Formerly Known
As : |
TARA JEWELS PRIVATE LIMITED (w.e.f.25.03.2009) TARA ULTIMO PRIVATE LIMITED |
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Registered
Office : |
Plot No.122, 15th Road, Near IDBI Bank, M.I.D.C., Andheri
(East), Mumbai - 400093, Maharashtra |
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Country : |
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Financials (as
on) : |
31.03.2012 (Profit and Loss Account) |
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Date of
Incorporation : |
16.03.2001 |
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Com. Reg. No.: |
11-131252 |
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Capital
Investment / Paid-up Capital : |
Rs. 180.000
Millions |
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|
|
CIN No.: [Company Identification
No.] |
U52393MH2001PTC131252 |
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PAN No.: [Permanent Account No.] |
AABCT3846M |
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Legal Form : |
A Public Limited Liability Company. The Company’s Shares are Listed on
the Stock Exchanges. |
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Line of Business
: |
Manufacturer of Diamond and Gold Jewellery. |
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No. of Employees
: |
1726 (Approximately) |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (50) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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Maximum Credit Limit : |
USD 8900000 |
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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 a well established company having fine track record.
Financial position of the company is good. Trade relations are reported as
fair. Business is active. Payments are reported to be regular and as per
commitments. The company can be considered normal for business dealings at usual
trade terms and conditions. |
NOTES:
Any query related to this report can be made
on e-mail: infodept@mirainform.com
while quoting report number, name and date.
EXTERNAL AGENCY RATING
|
Rating Agency Name |
CARE |
|
Rating |
Long Term Rating: BBB+ |
|
Rating Explanation |
Moderate degree of safety it carry moderate
credit risk. |
|
Date |
February 2013 |
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Rating Agency Name |
CARE |
|
Rating |
Short Term Rating: A2 |
|
Rating Explanation |
Strong Degree of safety it carry low credit
risk. |
|
Date |
February 2013 |
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. Amol Raje |
|
Designation : |
Company Secretary |
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Contact No.: |
91-22-66774444 / 461 |
|
Date : |
11.07.2013 |
LOCATIONS
|
Registered Office/ Factory 1 : |
Plot No.122, 15th Road, Near IDBI Bank, M.I.D.C., Andheri
(East), Mumbai - 400093, Maharashtra, India |
|
Tel. No.: |
91-22-66417888 / 66417805 / 66417777 / 66774421 |
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Fax No.: |
91-22-66417888 / 66417712 |
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E-Mail : |
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Website : |
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Location : |
Owned |
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Corporate Office/ Factory 2: |
Plot 29(P) and 30(P), Sub Plot “A”, SEEPZ, SEZ, Andheri (East), Mumbai
– 400096, Maharashtra, India |
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Tel. No.: |
91-22-66774444 |
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Branch Office : |
Located at: · Pune · Mumbai · Goa |
DIRECTORS
As on 20.07.2012
|
Name : |
Mr. Rajeev Vasant Sheth |
|
Designation : |
Managing Director |
|
Address : |
3 Villa Ramona, 37A, Nepeansea Road, Mumbai - 400036, Maharashtra, India |
|
Date of Birth/Age : |
16.11.1958 |
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Qualification : |
B.Com from Mumbai University and Diploma in Gemology from Gemological Institute of America |
|
Experience : |
31 years |
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Date of Appointment : |
01.10.2010 |
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PAN No.: |
AAFPS7760Q |
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DIN No.: |
00266460 |
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|
Name : |
Mr. Vikram Vishnukumar Raizada |
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Designation : |
Director |
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Address : |
601, Hill Glade, Pali Road, Pali Naka, Bandra (West), Mumbai – 400050, Maharashtra, India |
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Date of Birth/Age : |
08.05.1966 |
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Qualification : |
B.A(Economics) from University of Mumbai and Degree in Business (Marketing) from University of Southern Queensland, Australia |
|
Experience : |
20 years |
|
Date of Appointment : |
03.09.2010 |
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PAN No.: |
ABYPR6115N |
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DIN No.: |
03196436 |
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|
|
|
Name : |
Ms. Nalini Varadarajan |
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Designation : |
Director |
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Address : |
A/6-3, Shree Ram Nagar, S.V Road, Andheri (West), Mumbai – 400058, Maharashtra, India |
|
Date of Birth/Age : |
29.08.1964 |
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Date of Appointment : |
06.10.2009 |
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PAN No.: |
AARPV0350R |
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DIN No.: |
02922199 |
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|
|
Name : |
Mr. Fern Joy Mallis |
|
Designation : |
Additional Director |
|
Address : |
40 E 68 ST 5B, New York NY 10021 |
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Date of Birth/Age : |
26.03.1948 |
|
Date of Appointment : |
20.09.2010 |
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DIN No. : |
03270532 |
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|
Name : |
Mr. Rajiv Lochan Jain |
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Designation : |
Director |
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Address : |
402, Aralias DLF Golf Links DLF City Phase 5, Gurgaon – 122009, Haryana, India |
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Date of Birth/Age : |
01.01.1951 |
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Date of Appointment : |
20.09.2010 |
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DIN No. : |
00161022 |
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|
Name : |
Mr. Rakesh Kalra |
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Designation : |
Director |
|
Address : |
1st Floor, B14, Girgaon Terraces, Benham Hall, Opera House, Mumbai – 400004, Maharashtra, India |
|
Date of Birth/Age : |
11.09.1949 |
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Date of Appointment : |
20.09.2010 |
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PAN No.: |
AHVPK6066E |
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DIN No. : |
00780354 |
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|
|
|
Name : |
Mr. Nikkhil Vaidya |
|
Designation : |
Director |
|
Address : |
3, Villa Ramona, 37-A, Nepeansea Road, Mumbai – 400036, Maharashtra, India |
|
Date of Birth/Age : |
05.05.1959 |
|
Date of Appointment : |
20.09.2010 |
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DIN No. : |
02942549 |
|
|
|
|
Name : |
Mr. Shanti Saroop Khindria |
|
Designation : |
Director |
|
Address : |
2, Parsons Green Lane, Fulham London, united Kingdom SW64HS |
|
Date of Birth/Age : |
12.08.1954 |
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Date of Appointment : |
20.09.2010 |
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PAN No.: |
ALKPK2980Q |
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DIN No. : |
03271292 |
KEY EXECUTIVES
|
Name : |
Mr. Amol Arvind Raje |
|
Designation : |
Company Secretary |
|
Address : |
A-503, Urvi Park, Opposite Oswal Park, Pokharan Road No. 2, Thane –
400601, Maharashtra, India |
|
Date of Birth/Age : |
08.03.1981 |
|
Date of Appointment : |
10.05.2010 |
|
PAN No.: |
AHGPR5072G |
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|
|
|
Name : |
Mr. Amol Raje |
|
Designation : |
Company Secretary |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 20.07.2012
|
Names of Shareholders |
|
No. of Shares |
|
Rajeev Vasant Sheth |
|
14482893 |
|
Purnima Rajeev Sheth |
|
14625 |
|
Fabrikant H. K. Trading Limited, Hong Kong |
|
3239999 |
|
Alpana Anirudh Deo |
|
3 |
|
Divya Jewels International Private Limited, India |
|
33600 |
|
Aarti Rajeev Sheth |
|
114440 |
|
Divya Rajeev Sheth |
|
114440 |
|
Total |
|
18000000
|
As on 01.12.2012
|
Names of Allottees |
|
No. of Shares Allotted |
|
A Balachandran |
|
205 |
|
A G Mehta (HUF) |
|
404 |
|
A H Shah HUF |
|
403 |
|
A Joseph Suresh |
|
72 |
|
A K Shanmugam |
|
50 |
|
A Margaret Maria |
|
50 |
|
A Siddappa |
|
72 |
|
A Venugopal |
|
72 |
|
A. K. Baheti and Sons, India |
|
404 |
|
Aagam Bhadresh Sanghvi |
|
404 |
|
Aaichuki |
|
404 |
|
Aakash Chandrakant Shah |
|
404 |
|
Aakash Manish Shah |
|
404 |
|
Aalok D Killawala Minita A Killawala |
|
403 |
|
Aalok Killawala |
|
205 |
|
Aanay Parin Jhaveri |
|
404 |
|
Aanchal Chetankumar Shah |
|
403 |
|
Aanchal Vikram Jain |
|
404 |
|
Aaradhana Paliwal |
|
404 |
|
Aarti Bhatia |
|
404 |
|
Aarti Deepak Savla |
|
404 |
|
Aarti J Sheth |
|
72 |
|
Aarti Kanhu Avate |
|
50 |
|
Aarti Niraj Shah |
|
404 |
|
Aarti P. Modi |
|
404 |
|
Aarti Subhashchandra Uopadhyaya |
|
404 |
|
Aartiben Vireshkumar Shah |
|
50 |
|
Aarushi Khandelwal Rachna Khandelwal Anil Kumar Khandelwal |
|
72 |
|
Aashish Kumar Lakhotiya |
|
72 |
|
Aashish Kuvavala Manjiri Kuvavala |
|
315 |
|
Aashka Snehal Shah Snehal Surendrabhai Shah |
|
404 |
|
Aashravi Ashesh Kharidia |
|
404 |
|
Aban Rustom Chothia Rustom Behramsha Chothia Farzana Vistasp Batliwala |
|
50 |
|
Abbas Yusufbhai Joint |
|
205 |
|
Abdul Hakim |
|
50 |
|
Abdul Hanan |
|
72 |
|
Abdul Javed Majid |
|
116 |
|
Abdul Khaliq Abdul Majid Khan |
|
404 |
|
Total |
|
9927 |
AS ON 27.02.2013
|
Names of Allottees |
|
No. of Shares Allotted |
|
Sajid Sakarwala |
|
6390 |
|
Chander Gurnani |
|
4792 |
|
Pravin Patil |
|
3195 |
|
Vinodkumar Deshmukh |
|
2236 |
|
Total |
|
16613 |
As on 20.07.2012
Equity Shares Break – up
|
Category |
|
Percentage of
Holding |
|
Foreign holdings [Foreign institutional investors, Foreign Companies, Foreign Financial Institutions, Non-resident Indian 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 and Gold Jewellery. |
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Products : |
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Products : |
·
Aqua Diamond ·
Baby Cakes Diamond ·
Cherished Diamond ·
Colours Diamond ·
Diamond Key ·
Edge Diamond ·
Honeydium Diamond ·
Huggables Diamond ·
Lace Diamond ·
Luce Diamond ·
Mboss Diamond ·
Naturale Diamond ·
Prive Diamond |
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Brand Names : |
“TARA JEWELLERS” |
GENERAL INFORMATION
|
Customers : |
Wholesalers and Retailers |
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No. of Employees : |
1726 (Approximately) |
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Bankers : |
·
Punjab National Bank Offshore Banking Unit, Seepz, Andheri (East), Mumbai – 400096,
Maharashtra, India ·
State Bank of India Seepz Branch, Andheri (East), Mumbai – 400096, Maharashtra, India ·
Central Bank of India Industrial Finance Branch, Chander
Mukhi, Ground Floor, Nariman Point, Mumbai – 400021, Maharashtra,
India ·
Axis Bank Limited Nariman Point Branch, Atlanta Ground Floor, Nariman Point,
Mumbai-400021, Maharashtra, India ·
Union Bank of India Overseas Branch, Seepz, Block No II., Jogeshwari-Vikhroli Link Road,
Marol Industrial Area, Andheri, Mumbai-400096, Maharashtra, India · Vijaya Bank Overseas Branch, Make Chamber IV, Nariman Point, Mumbai – 400021,
Maharashtra, India |
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Facilities : |
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Banking
Relations : |
-- |
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Auditors : |
|
|
Name : |
C. B. Chhajed and Company Chartered Accountants |
|
Address : |
DGP House, Ground Floor, 88-C, |
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Tel No.: |
91-22-43445300/ 24226830 |
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Fax No.: |
91-22-43445344 |
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Email : |
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|
Website : |
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PAN No.: |
AAAFC3565E |
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Subsidiaries : |
· Tara Jewels Holding Inc. · Fabrikant Tara International LLC. · Quatro Jewellery Private Limited CIN No.: U36911MH1999PTC122261 · Tara China Jewelery Limited (from 16.09.2010) · Tara Jewels Honduras (from 17.01.2011) |
|
|
|
|
Entities in which
Key Managerial Personnel/ their relatives have significant influence or control
: |
· Tara (Hong Kong) Limited (Upto 15.09.2010) · Divya Real Estate Private Limited CIN No.: U70200MH1995PTC093869 · Karan Arjun Jewellery Private Limited CIN No.: U36911MH1999PTC118678 · F. T. Diamonds · Divya Jewels International Private Limited CIN No.: U36911MH2000PTC129147 · Aarti Jewellers Private Limited CIN No.: U36910MH1987PTC042359 |
CAPITAL STRUCTURE
AFTER 20.07.2012
Authorised Capital : Rs.
300.000 Millions
Issued, Subscribed & Paid-up Capital : Rs. 245.775
Millions
AS ON 31.05.2012
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 |
|
|
|
|
|
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
|
31.03.2011 |
31.03.2010 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
|
180.000 |
118.474 |
|
|
2] Share Application Money |
|
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
|
2033.112 |
1674.313 |
|
|
4] (Accumulated Losses) |
|
0.000 |
0.000 |
|
|
NETWORTH |
|
2213.112 |
1792.787 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
|
1930.908 |
1455.868 |
|
|
2] Unsecured Loans |
|
77.397 |
77.438 |
|
|
TOTAL BORROWING |
|
2008.305 |
1533.306 |
|
|
DEFERRED TAX LIABILITIES |
|
10.669 |
13.944 |
|
|
|
|
|
|
|
|
TOTAL |
|
4232.085 |
3340.037 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
|
658.255 |
591.931 |
|
|
Capital work-in-progress |
|
18.607 |
0.000 |
|
|
Goodwill on Investments Associates |
|
10.808 |
16.212 |
|
|
|
|
|
|
|
|
INVESTMENT |
|
|
|
|
|
DEFERREX TAX ASSETS |
|
49.018 |
7.516 |
|
|
|
|
0.000 |
0.000 |
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
|
3903.194
|
2879.915 |
|
|
Sundry Debtors |
|
2354.991
|
1200.462 |
|
|
Cash & Bank Balances |
|
234.533
|
248.447 |
|
|
Other Current Assets |
|
0.000
|
0.000 |
|
|
Loans & Advances |
|
139.798
|
155.630 |
|
Total
Current Assets |
|
6632.516
|
4484.454 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditor |
|
3072.442
|
1701.198 |
|
|
Other Current Liabilities |
|
71.764
|
40.680 |
|
|
Provisions |
|
24.807
|
18.198 |
|
Total
Current Liabilities |
|
3169.013
|
1760.076 |
|
|
Net Current Assets |
|
3463.503
|
2724.378 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
|
31.894 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
|
4232.085 |
3340.037 |
|
NOTE: The Balance Sheet for the year 2012 is not
available only Profit and Loss A/c is available.
STANDALONE PROFIT
& LOSS ACCOUNT
|
|
PARTICULARS |
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
|
|
SALES |
|
|
|
|
|
|
|
Revenue from Operations |
12799.017 |
10931.126 |
7859.549 |
|
|
|
Other Income |
15.717 |
12.155 |
17.451 |
|
|
|
TOTAL (A) |
12814.734 |
10943.281 |
7877.000 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Cost of Materials Consumed |
5010.068 |
5132.912 |
|
|
|
|
Purchases of Stock-in-trade |
5894.157 |
5304.944 |
|
|
|
|
Changes in inventories of finished goods, work-in-progress and
stock-in-trade |
(333.646) |
(1358.095) |
7223.429 |
|
|
|
Employee Benefit Expenses |
352.196 |
289.475 |
|
|
|
|
Other expenses |
653.964 |
641.854 |
|
|
|
|
Prior Period Expenses |
1.459 |
0.000 |
|
|
|
|
TOTAL (B) |
11578.198 |
10011.090 |
7223.429 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
1236.536 |
932.191 |
653.571 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
429.194 |
303.922 |
248.510 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
807.342 |
628.269 |
405.061 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
132.984 |
118.061 |
107.180 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) (G) |
674.358 |
510.208 |
297.881 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
167.167 |
112.972 |
52.574 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-H) (I) |
507.191 |
397.236 |
245.307 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
NA |
1221.284 |
970.679 |
|
|
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
NA |
217.617 |
0.000 |
|
|
|
|
|
|
|
|
|
Add |
AVAILMENT
OF MAT CREDIT OF EARLIER YEAR |
NA |
0.000 |
5.298 |
|
|
|
|
|
|
|
|
|
|
BALANCE CARRIED
TO THE B/S |
NA |
1400.903 |
1221.284 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
Export Earnings |
NA |
8734.785 |
7674.774 |
|
|
|
Freight |
NA |
7.097 |
8.051 |
|
|
TOTAL EARNINGS |
NA |
8741.882 |
7682.825 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw Materials |
NA |
1949.631 |
2299.932 |
|
|
|
Stores & Spares |
NA |
47.356 |
31.973 |
|
|
|
Capital Goods |
NA |
29.357 |
132.709 |
|
|
TOTAL IMPORTS |
NA |
2026.344 |
2464.614 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
28.18 |
22.19 |
13.80 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
PAT / Total Income |
(%) |
3.96
|
3.63
|
3.11 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
5.27
|
4.67
|
3.79 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
NA
|
7.00
|
5.87 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
NA
|
0.23
|
0.17 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt/Networth) |
|
NA
|
0.91
|
0.86 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
NA
|
2.09
|
2.55 |
LOCAL AGENCY FURTHER INFORMATION
SUNDRY CREDITORS
DETAILS:
|
Particulars |
|
31.03.2011 (Rs. In
millions) |
31.03.2010 (Rs. In
millions) |
|
Creditors due to others |
|
3072.442
|
1701.198 |
|
Total |
|
3072.442
|
1701.198 |
|
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 |
Yes |
|
10] |
Designation of contact person |
Yes |
|
11] |
Turnover of firm for last three years |
Yes |
|
12] |
Profitability for last three years |
Yes |
|
13] |
Reasons for variation <> 20% |
----- |
|
14] |
Estimation for coming financial year |
No |
|
15] |
Capital in the business |
Yes |
|
16] |
Details of sister concerns |
Yes |
|
17] |
Major suppliers |
No |
|
18] |
Major customers |
No |
|
19] |
Payments terms |
No |
|
20] |
Export / Import details (if applicable) |
No |
|
21] |
Market information |
----- |
|
22] |
Litigations that the firm / promoter
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 |
Yes |
|
33] |
Voter ID No of Proprietor/Partner/Director,
if available |
No |
|
34] |
External Agency Rating, if available |
Yes |
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.
-
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 –
-
Gem and Jewellery Export Promotion Council in its
statistical data has shown the export of polished diamonds to have increase by
28 % in February 2013. Compared to $ 1.4 bn worth of polished diamond export in
February, 2012, India exported $ 1.84 billion worth of polished diamonds in
February 2013. A senior executive of GJEPC said, “Export of cut and polished
diamonds started falling month-wise after the imposition of 2 % of import duty
on the polished diamonds. But February, 2013 has given a new ray of hope to the
industry as the export of polished diamonds has actually increased by 28 %. It
means the industry is on the track of recovery and round tripping of
diamonds has stopped completely.” Demand has started coming from the US, the
UK, Japan and China. India’s polished diamond export is expected to cross $ 21
bn in 2013-14.
-
The banking sector has started exercising restraint while
following prudent risk management norms when lending money to gems and
jewellery sector. This follows the implementation of Basel III accord – a
global voluntary regulatory standard on bank capital adequacy, stress testing
and market liquidity.
NOTE
The Registered office of the company has been shifted from Plot No.29 (P) and
30 (P) Sub, Andheri (East), Mumbai-400096, Maharashtra, India to the
present address w.e.f.28.03.2009.
UNSECURED LOANS
|
Particulars |
31.03.2011 (Rs.
In Millions) |
31.03.2010 (Rs.
In Millions) |
|
Deposits related
parties unsecured |
77.397 |
77.438 |
|
Total |
77.397 |
77.438 |
BANKERS CHARGES
REPORT AS PER REGISTRY
|
Corporate identity number of the company |
U52393MH2001PLC131252 |
|
Name of the company |
TARA JEWELS
LIMITED |
|
Address of the registered office or of the
principal place of business in |
Plot No.122, 15th
Road, Near IDBI Bank, M.I.D.C., Andheri (East), Mumbai-400 093, Maharashtra,
India Email: amol.raje@tarajewels.co.in |
|
This form is for |
Modification of charge |
|
Charge identification (ID) number of the charge to be modified |
10084329 |
|
Type of charge |
Book debts Movable property (not being pledge) Others (Plant and Machinery, Furniture and Fixture, Stocks.) |
|
Particular of charge holder |
State Bank Of India (As Lead Bank Of Sbi Consortium), Seepz Branch,
Andheri (East), Mumbai – 400096, Maharashtra, India E-mail: sbi.03473@sbi.co.in |
|
Nature of instrument creating charge |
Third
Supplemental Joint Deed of Hypothecation. Third
Supplemental Working Capital Consortium Agreement. |
|
Date of instrument Creating the charge |
20.05.2013 |
|
Amount secured by the charge |
Rs. 5470.000
millions |
|
Brief of the principal terms and
conditions and extent and operation of the charge |
Rate of Interest
As per the loan agreement and sanctioned letter. Terms of
Repayment As per the loan agreement and sanctioned letter. Margin As per the loan agreement and sanctioned letter. Extent and
Operation of the charge Corporate Guarantee of Divya Real Estate Private Limited and Fabrikant
Tara Internation LLC and Security to cover principal amount together with
interest, costs, charges and expenses etc. Others SBI - Rs. 1220.000 Millions, ICICI Bank - Rs. 200.000 Millions, PNB - Rs. 1000.000 Millions, UBI - Rs. 500.000 Millions, BOI - Rs. 500.000 Millions, SBP - Rs. 150.000 Millions, Kotak Mahindra Bank Limited - Rs. 300.000 Millions, Axis Bank Limited - Rs. 400.000 Millions, IDBI Bank Limited - Rs. 200.000 Millions, EXIM Bank - Rs. 500.000 Millions, CBI - Rs. 500.000 Millions, Total - Rs. 5470.000 Millions. All other terms and conditions as per the all the
consortium Banks sanctioned letter and loan agreement. |
|
Short particulars of the property or
asset(s) charged (including complete address and location of the property) |
Part I First pari
passu charge of current assets - The whole of the current assets of the
borrower, including but not limited to the stocks of raw materials, stock in
process, semi finished and finished goods, stores and spares not relating to
plant and machinery (cosumable stores and spares) and all other movable
assets bills receivables, moneys and book debts both present and future. Part II First
pari passu charge of Plant and Machinery etc - All the plant and machinery
and other movable fixed assets of the borrower including the machinery
spares, tools and accessories, stores and spares relating to plant and
machinery, electrical and other installations, furnitures, fixtures,
fittings, air-conditioners, vehicles, trolleys, office equipments and other
movables, both present and future including the fixed assets pertaining to
the borrower's retail activities which may be brought from time to time into
or stored or be in or about the borrower's factory premises and retail
outlets and/or any other premises/godowns at various locations all over India
and abroad, whether installed or not and whether lying loose or in cases or
stored in or about the borrower's premises or wheresoever else the same may
be now belonging to or that may at any time, during the continuance of this
security belong to the borrower or that may be held by any party to the order
or disposition of the borrower or in the course of transit on high seas or on
order of delivery however and wheresoever in the possession or control of the
borrower and either by way of substitution or addition. |
|
Date of instrument modifying the charge |
04.04.2012 |
|
Particulars of the present modification |
Now by this
Modification Yes Bank and BNS has been opted out of the SBI Consortium before
the completion/execution of this agreement the entire due of the borrower to
Yes Bank and BNS have been liquidated and/or repaid in full by the borrower
and now on the request of the borrower has been inducted into the SBI
Consortium with the consent of all other members of SBI Consortium and the
borrower approached to CBI added to the SBI Consortium for Rs. 5470.000
millions. |
CONTINGENT
LIABILITIES:
(Rs. in millions)
|
PARTICULARS |
31.03.2011 |
31.03.2010 |
|
Claims against the Company not acknowledged as debts in respect of : |
|
|
|
a. Custom Duty matter pending in Appeal |
3.400 |
2.314 |
|
b. Property Tax |
0.342 |
0.342 |
|
Bills Discounted |
2035.897 |
1017.820 |
|
Total |
2039.639 |
1020.476 |
AUDITED
STANDALONE FINANCIAL RESULTS FOR
THE YEAR ENDED MARCH 31, 2013
|
|
|
Quarter Ended |
Year Ended |
||
|
Sr. |
Particulars |
31.03.2013 |
31.12.2012 |
31.03.2013 |
|
|
No. |
|
Audited (Refer note-2) |
Unaudited |
Audited |
|
|
1 |
Income from Operations a) Net Sales |
3218.088 |
4271.997 |
13835.994 |
|
|
|
b] Other Operating Income |
0.000 |
0.000 |
0.000 |
|
|
|
Total Income from
operations |
3218.088 |
4271.997 |
13835.994 |
|
|
2 |
Expenses |
|
|
|
|
|
|
a) Cost of Material
Consumed |
1872.084 |
2551.740 |
7702.616 |
|
|
|
b) Purchase of Traded
Goods |
857.564 |
836.400 |
4375.067 |
|
|
|
c) Changes in inventories
of finished goods, work-in-progress and stock -in-trade |
5.140 |
122.423 |
(520.925) |
|
|
|
d) Employee benefits
expense |
90.112 |
82.138 |
343.856 |
|
|
|
e) Depreciation and
Amortisation expense |
33.157 |
32.617 |
129.888 |
|
|
|
f) Other Expenses |
145.134 |
167.018 |
566.257 |
|
|
|
Total Expenses |
3003.191 |
3792.336 |
12596.759 |
|
|
3 |
Profit from Operations
before other income, finance costs (1 - 2) |
214.897 |
479.661 |
1239.235 |
|
|
4 |
Other Income |
18.799 |
13.026 |
44.680 |
|
|
5 |
Profit from
ordinary activities before
finance costs Items (3 + 4) |
233.696 |
492.637 |
1283.915 |
|
|
6 |
Finance Costs |
73.129 |
110.102 |
429.403 |
|
|
7 |
Profit from
ordinary activities before tax
(5-6) |
160.567 |
382.535 |
854.512 |
|
|
3 |
Tax Expense |
48.204 |
70.191 |
192.089 |
|
|
9 |
Net Profit for the
period/year (7 - 8) |
112.363 |
312.394 |
662.423 |
|
|
10 |
Paid-up Equity Share
Capital (Face Value Rs. 10 each) |
245.775 |
245.609 |
245.775 |
|
|
11 |
Reserves Excluding
Revaluation Reserves as per Balance Sheet of previous accounting year |
|
|
2540.302 |
|
|
12 |
Earnings Per Share in Rs (a) Basic (b) Diluted |
4.57 4.57 |
15.49 15.44 |
32.20 32.13 |
|
|
PARTICULARS OF SHAREHOLDING |
|
|
|
|
1. Public shareholding |
|
|
|
|
Number of Shares |
9,817,484 |
9,800,871 |
9,817,484 |
|
Percentage of
Shareholding |
39.94 |
39.90 |
39.94 |
|
2. Promoters
and promoter group shareholding |
|
|
|
|
a)
Pledged/Encumbered |
|
|
|
|
- Number of Shares |
-- |
-- |
-- |
|
- Percentage of Shares (as a % of the Total Shareholding
of promoter and promoter group) |
-- |
-- |
-- |
|
- Percentage of Shares (as a % of the Total Share Capital
of the Company) |
-- |
-- |
-- |
|
|
|
|
|
|
Non - encumbered |
|
|
|
|
- Number of Shares |
14.759.998 |
14.759,998 |
14.759,998 |
|
- Percentage of Shares (as a % of the total shareholding of
promoter and promoter group) |
100.00 |
100.00 |
100.00 |
|
- Percentage of Shares (as a % of the total share capital of the
company) |
60.06 |
60.10 |
60.06 |
Information
on investors complaints pursuant to Clause 41 of the Listing Agreement for the
quarter ended 31st March 2013.
|
|
Opening Balance |
Additions |
Disposals |
Closing Balance |
|
Number of Complaints |
NIL |
6 |
6 |
NIL |
Notes:
1.
The
above audited financial results of the Company were reviewed by the Audit
Committee and thereafter approved by the Board of Directors at its meeting held
on May 16. 2013.
2.
The
figures for the quarter ended March 31. 2013 and March 31. 2012. are balancing
figures between the audited figures arrived at based on audited results of the
full financial year and unaudited/reviewed figures for nine months period ended
December 31. 2012 and December 31. 2011.
3.
The
Company has made an Initial Public Offer (IPO) of 4.760.869 equity shares of Rs
10/- each for cash at Rs. 230/- per equity share (including share premium of
Rs. 220/- per equity share) and pre-lPO of 1,800,000 equity shares of Rs. 10/-
each for cash at Rs. 225/- per share (including share premium of Rs. 215/- per
equity share) aggregating to Rs. 1.500 Millions. The Company's equity shares
got listed on BSE and NSE on December 6, 2012.
4.
Details
of utilisation of funds out of proceeds of the issue as on March 31. 2013 are
as follows:
|
Particulars |
Utilisation planned as per Prospectus |
Amount Utilised till 31.03.13 |
Balance unutilised as on 31.03.13 |
|
Finance the establishment
of new retail stores Repayment / pre-payment of
loans General corporate purposes
and issue related expenses |
664.890 500.000 335.110 |
543.990 500.000 335.110 |
120.900 -- -- |
|
Total |
1500.000 |
1379.100 |
120.900 |
Balance unutilised amount of
the proceeds is temporarily held in fixed deposits with banks.
5.
The
Company operates in only one primary business segment i.e. Diamond and Gold
Jewellery. Hence, information relating to primary segments is not required to
be separately disclosed.
6.
Statement
of Assets and Liabilities as per Clause 41 (v)(h) of the Listing Agreement
|
Particulars |
Audited |
|
|
31.03.2013 |
|
EQUITY AND
LIABILITIES |
|
|
Shareholders' Funds |
|
|
Share capital |
245.775 |
|
Reserves and surplus |
4556.143 |
|
|
4801.918 |
|
Non-Current Liabilities |
|
|
Long-term borrowings |
62.709 |
|
Deferred tax liabilities
(Net) |
- |
|
Long-term provisions |
35.286 |
|
|
97.995 |
|
Current Liabilities |
|
|
Short-term borrowings |
2499.091 |
|
Trade payables |
2822.154 |
|
Other current liabilities |
112.692 |
|
Short-term provisions |
73.087 |
|
|
5507.024 |
|
TOTAL EQUITY AND
LIABILITIES |
10406.337 |
|
ASSETS |
|
|
Non-Current Assets |
|
|
Fixed assets |
760.714 |
|
Non-current investments |
169.475 |
|
Deferred tax assets (Net) |
8.751 |
|
Long-term loans and
advances |
128.276 |
|
|
1067.216 |
|
Current assets |
|
|
Inventories |
5759.924 |
|
Trade receivables |
2376.008 |
|
Cash and bank balances |
1073.818 |
|
Short-term loans and
advances |
118.284 |
|
Other current assets |
11.687 |
|
|
9339.721 |
|
TOTAL ASSETS |
10406.937 |
7.
Previous
year's figures have been reclassified to confirm with the current year's
presentation, wherever applicable
FIXED ASSETS:
·
Building
·
Vehicles
·
Air conditioners
·
Computers
·
Electric installations
·
Silver models
·
Furniture and fixtures
·
Office equipments
·
Plant and machinery
·
Factory equipments
·
Flat
·
Ship
·
Goodwill
PRESS RELEASE
CONSOLIDATED FY 2013: GROSS SALES (EXCL. BULLION) OF RS. 15604.000 MN,
A GROWTH OF 18%; EBITDA (EXCL. BULLION) OF RS. 1535.000 MN, A GROWTH OF17%; NET
PROFIT OF RS. 737.000 MN, A GROWTH OF 37%
Financials at a
Glance:
|
Rs. million |
FY 2013 |
FY 2012 |
Y-o-Y% |
|
Gross Sales (Excl. Bullion) |
15,604 |
13,169 |
18% |
|
EBITDA (Excl. Bullion) |
1,535 |
1,312 |
17% |
|
Net Profit |
737 |
539 |
37% |
Key Highlights for the year end March 31, 2013
The company is expanding its retail footprint by adding 20 showrooms in 18 Cities
New Showrooms Launched: 6 showrooms
Advance stage of Launch: 14 showrooms
Gross Short Term Debt reduction of Rs. 11150.000 mn, funded through IPO proceeds of Rs. 500.000 mn and internal Accruals of Rs. 615.000 mn
Highlights for FY2013 Consolidated Results
Gross Sales (Excl. Bullion) growth of 18% to Rs.15604.000 mn
EBITDA (Excl. Bullion) growth of 17% to Rs.1535.000 mn; EBITDA Margin of 9.8%.
Net Profit growth 37% to Rs.737.000 mn; PAT Margin 4.7%
Mumbai, (May 16, 2013): Tara Jewels Limited, an integrated player;-. the jewellery industry with experience ranging from Designing to Retailing of Jewellery reported its Audited Results for the year ended March 31, 2013
The company recorded Consolidated Sales (Excl. Bullion) of Rs 15604.000 mn as against Rs. 13169.000 mn in FY2012, a yoy growth of 18%. EBITDA (Excl. Bullion) stood at Rs. 1535.000 mn as against Rs. 1312.000 mn in FY2012, a yoy growth of 17% and an EBITDA Margin (Excl. Bullion) of 9.8%. Net Profit stood at Rs. 737.000 mn against Rs.539.000 mn in FY2012, a yoy growth of 37%.
Gross Short Term Debt reduces by Rs. 1115.000 mn from Rs. 6011.000 mn since IPO to Rs. 4895.000 mn; funded through IPO proceeds and Internal Accruals of Rs. 500.000 mn and Rs. 615.000 mn respectively
The company is expanding its retail footprint by adding 20 showrooms in 18 Cities of which 6 showrooms have already been launched and balance are in advance stage of launch.
Post the addition of the 20 showrooms the company will have
50 operating Showrooms in 37 Cities
in North, Central and Western India. .
.
Commenting on the results Mr. Rajeev Sheth, Chairman and Managing Director said
"We have maintained our strong momentum, with both the divisions seeing solid growth benefitting from our higher volumes and operational efficiency.
In the International Business we have seen a healthy growth in the order book on account of addition of Large SKUs and expansion in geographies like Australia.
In the Retail Business, keeping in line with our commitment during the IPO, we are happy to announce that we are expanding from 30 showrooms in 19 cities to 50 showrooms in 37 cities in India.
We remain on course for another year of good growth with better performance in our International business and an increased contribution from our Retail Business in India."
Commenting on Showroom Opening Plans Mr. Vikram Raizada, Executive Director and CEO (Retail) said
"We have already launched 6 company owned company managed showrooms and are in an advance stage to launch another 14 company owned company managed shovjrooms by the end of June 2013. Being established in the market for the last 2 years, we will be now reaching out to a larger audience in north, central and western India. With the launch of our two brand new television commercials we will see the brand not only in newer territories but also on new communication platforms such as national television"
Status of IPO
Proceeds
|
Particulars (Rs.
mn) |
Utilisation planned as per Prospectus |
Amount Utilised till 31.03.2013 |
Balance amount to be Utilised as on 31.03.2013 |
|
Finance the establishment of new retail stores |
664.900 |
544.000 |
120.900 |
|
Repayment / pre-payment of loans |
500.000 |
500.000 |
- |
|
General corporate purposes and issue related expenses |
335.100 |
335.100 |
- |
|
Total |
1500.000 |
1379.100 |
120.900 |
Balance amount of IPO and pre-lPO proceeds is temporarily held in balances with banks, fixed deposits with banks.
About Tara Jewels
Limited:
Tara Jewels Limited is an integrated player in the jewellery industry with experience ranging from Designing to Retailing of jewellery. The company has four manufacturing facilities, one of which is in China.
We are one of the largest studded jewellery exporters from India since 2001. We have been awarded with the 'Print Campaign of the Year' by the 8th Retail Jeweller India Awards 2012 and recently bagged as the 'Store Design of the Year' by Economic Times Retail Awards 2013.
Tara Jewels growth and continuing market dominance can be attributed to our hall of designs with over 51,773 designs that caters to a diverse audience across five continents and over 20 countries.
Tara Jewels caters to retailers across the USA, UK, Europe (12 countries including Austria, Germany and Switzerland), Australia, China, South Africa, UAE and Canada.
In India, the strategy of the company is to capitalize the rising demand of the middle class customers for jewellery which is Affordable, Fashionable and Reliable (certified). In 2010, we introduced a retail store format under the brand name Tara Jewellers. Currently in India, we operate 36 Showrooms with an average size of 1000 Sqft in the Tier I, Tier II and Tier III Cities.
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.59.64 |
|
|
1 |
Rs.90.14 |
|
Euro |
1 |
Rs.77.99 |
INFORMATION DETAILS
|
Information
Gathered by : |
PDT |
|
|
|
|
Report Prepared
by : |
MRI |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
6 |
|
OPERATING SCALE |
1~10 |
5 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
5 |
|
--PROFITABILIRY |
1~10 |
5 |
|
--LIQUIDITY |
1~10 |
5 |
|
--LEVERAGE |
1~10 |
6 |
|
--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 |
NO |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
YES |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
DEFAULTERS |
|
|
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
TOTAL |
|
50 |
This score serves as a reference to assess SC’s credit risk and
to set the amount of credit to be extended. It is calculated from a composite
of weighted scores obtained from each of the major sections of this report. The
assessed factors and their relative weights (as indicated through %) are as
follows:
Financial
condition (40%) Ownership
background (20%) Payment
record (10%)
Credit history
(10%) Market trend
(10%) Operational
size (10%)
RATING EXPLANATIONS
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
>86 |
Aaa |
Possesses an extremely sound financial base with the strongest
capability for timely payment of interest and principal sums |
Unlimited |
|
71-85 |
Aa |
Possesses adequate working capital. No caution needed for credit
transaction. It has above average (strong) capability for payment of interest
and principal sums |
Large |
|
56-70 |
A |
Financial & operational base are regarded healthy. General
unfavourable factors will not cause fatal effect. Satisfactory capability for
payment of interest and principal sums |
Fairly Large |
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively below
average. |
Small |
|
11-25 |
Ca |
Adverse factors are apparent. Repayment of interest and principal sums
in default or expected to be in default upon maturity |
Limited with
full security |
|
<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
|
- |
NB |
New Business |
- |
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.