MIRA
INFORM REPORT
|
Report Date : |
16.07.2013 |
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 Exchanges. |
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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) |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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Maximum Credit Limit : |
USD 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.
EXTERNAL AGENCY RATING
|
Rating Agency Name |
CRISIL |
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Rating |
Long term rating: “A-” |
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Rating Explanation |
Adequate degree of safety and low credit risk. |
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Date |
May 7, 2013 |
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Rating Agency Name |
CRISIL |
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Rating |
Short term rating: “A2+” |
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Rating Explanation |
Strong degree of safety and low credit risk. |
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Date |
May 7, 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. Amit Gandhi |
|
Designation : |
Finance Manager |
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Contact No.: |
91-22-30735000 |
|
Date : |
12.07.2013 |
LOCATIONS
|
Registered Office : |
241/43, Zaveri Bazar, Mumbai - 400002, Maharashtra, India |
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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 - 400021, 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 Mumbai Thane Pune Ahmedabad Surat Rajkot Hyderabad Vijayawada Kochi Indore |
DIRECTORS
As on 31.03.2012
|
Name : |
Mr. Shrikant Zaveri |
|
Designation : |
Chairman and Managing Director |
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Name : |
Ms. Binaisha Zaveri |
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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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Name : |
Mr. Ajay Mehta |
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Designation : |
Independent Director |
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Name : |
Mr. Sanjay Asher |
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Designation : |
Independent Director |
KEY EXECUTIVES
|
Name : |
Mr. Niraj Oza |
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Designation : |
Company Secretary |
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Name : |
Mr. Ravindra Nagarkar |
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Designation : |
Chief Executive Officer |
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Name : |
Mr. Prem Hinduja |
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Designation : |
Chief Financial Officer |
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|
Name : |
Mr. Amit Gandhi |
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Designation : |
Finance Manager |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 30.06.2013
|
Category of
Shareholder |
No. of Shares |
Percentage of
Holding |
|
(A) Shareholding of Promoter and Promoter Group |
|
|
|
|
|
|
|
|
46749775 |
70.09 |
|
|
2700000 |
4.05 |
|
|
49449775 |
74.13 |
|
|
|
|
|
Total shareholding of Promoter and Promoter Group (A) |
49449775 |
74.13 |
|
(B) Public Shareholding |
|
|
|
|
|
|
|
|
390 |
0.00 |
|
|
2563 |
0.00 |
|
|
9450074 |
14.17 |
|
|
9453027 |
14.17 |
|
|
|
|
|
|
2846891 |
4.27 |
|
|
|
|
|
|
1379435 |
2.07 |
|
|
3313479 |
4.97 |
|
|
261388 |
0.39 |
|
|
244017 |
0.37 |
|
|
17371 |
0.03 |
|
|
7801193 |
11.70 |
|
Total Public shareholding (B) |
17254220 |
25.87 |
|
Total (A)+(B) |
66703995 |
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) |
66703995 |
0.00 |
Shareholding of securities
(including shares, warrants, convertible securities) of persons belonging to
the category Promoter and Promoter Group
|
Name of Shareholder |
No. of Shares |
Percentage of Holding |
|
Shrikant Gopaldas Zaveri |
3,33,92,275 |
50.06 |
|
Binaisha Shrikant Zaveri |
52,85,000 |
7.92 |
|
Raashi Zaveri |
45,72,500 |
6.85 |
|
Bindu Shrikant Zaveri |
35,00,000 |
5.25 |
|
Tribhovandas Bhimji Zaveri Jewellers (Mumbai) P |
13,50,000 |
2.02 |
|
Tribhovandas Bhimji Zaveri (TBZ) Private Limited |
13,50,000 |
2.02 |
|
Total |
4,94,49,775 |
74.13 |
Shareholding of
securities (including shares, warrants, convertible securities) of persons
belonging to the category Public and holding more than 1% of the total number
of shares
|
Name of Shareholder |
No. of Shares |
Percentage of Holding |
|
HSBC Global Investment Funds A/C HSBC Global Investment Funds Mauritius Limited |
2785024 |
4.18 |
|
Smallcap World Fund INC |
3309332 |
4.96 |
|
Acacia Partners LP |
878509 |
1.32 |
|
Morgan Stanley Asia (Singapore) Pte |
746000 |
1.12 |
|
Total |
7718865 |
11.57 |
Details of Locked-in
Shares
|
Name of the Shareholder |
No. of Shares |
Locked-in Shares as % of |
|
Shrikant Gopaldas Zaveri |
1,05,45,730 |
15.81 |
|
Binaisha Shrikant Zaveri |
15,16,895 |
2.27 |
|
Raashi Zaveri |
13,12,395 |
1.97 |
|
Total |
1,33,75,020 |
20.05 |
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. 8. 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 9. 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 : |
-- |
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Auditors : |
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|
Name : |
B S R and Companies Chartered Accountants |
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Address : |
Lodha Excelus, 1st Floor, Apollo Mills Compound, N. M. Joshi
Marg, Mahalaxmi, Mumbai – 400011, Maharashtra, India |
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Tel. No.: |
91-22-39896000 |
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Fax No.: |
91-22-30902511 |
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Subsidiaries : |
· Konfiaance Jewellery Private Limited. Tribhovandas Bhimji Zaveri (Bombay) Limited, (formerly
Tribhovandas Bhimji Zaveri (Bombay) Private Limited) (w.e.f 4 October 2010) |
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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 and Power Technology Private Limited
(upto 16 March 2011) Tribhovandas Bhimji Zaveri Trading Company Cupid Annibis Jewellery Private Limited |
CAPITAL STRUCTURE
After 24.09.2012
Authorised Capital : Rs.750.000
Millions
Issued, Subscribed & Paid-up Capital : Rs. 667.040 Millions
As on 31.03.2012
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
75000000 |
Equity Shares |
Rs.10/- each |
Rs.750.000 Millions |
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Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
50000000 |
Equity Shares |
Rs.10/- each |
Rs.500.000
Millions |
|
|
|
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|
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
|
|
31.03.2012 |
|
|
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 |
50000000 |
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:
|
|
31.03.2012 |
|
|
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.
G. 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 |
|
I.
EQUITY AND LIABILITIES |
|
|
|
|
(1)Shareholders' Funds |
|
|
|
|
(a) Share Capital |
|
500.000 |
500.000 |
|
(b) Reserves & Surplus |
|
1095.756 |
571.037 |
|
(c) Money received against share warrants |
|
0.000 |
0.000 |
|
|
|
|
|
|
(2) Share Application money
pending allotment |
|
0.000 |
0.000 |
|
Total
Shareholders’ Funds (1) + (2) |
|
1595.756 |
1071.037 |
|
|
|
|
|
|
(3)
Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
|
26.703 |
56.560 |
|
(b) Deferred tax liabilities (Net) |
|
0.000 |
0.000 |
|
(c) Other long
term liabilities |
|
5.400 |
0.000 |
|
(d) long-term
provisions |
|
38.687 |
32.277 |
|
Total Non-current
Liabilities (3) |
|
70.790 |
88.837 |
|
|
|
|
|
|
(4)
Current Liabilities |
|
|
|
|
(a)
Short term borrowings |
|
2009.010 |
2029.652 |
|
(b)
Trade payables |
|
871.776 |
1075.864 |
|
(c)
Other current liabilities |
|
1064.700 |
728.487 |
|
(d) Short-term
provisions |
|
213.544 |
136.190 |
|
Total Current
Liabilities (4) |
|
4159.030 |
3970.193 |
|
|
|
|
|
|
TOTAL |
|
5825.576 |
5130.067 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1)
Non-current assets |
|
|
|
|
(a)
Fixed Assets |
|
|
|
|
(i)
Tangible assets |
|
472.777 |
465.610 |
|
(ii)
Intangible Assets |
|
18.773 |
24.083 |
|
(iii) Capital
work-in-progress |
|
7.065 |
0.000 |
|
(iv)
Intangible assets under development |
|
0.000 |
0.000 |
|
(b) Non-current Investments |
|
30.251 |
29.825 |
|
(c) Deferred tax assets (net) |
|
33.828 |
17.544 |
|
(d) Long-term Loan and Advances |
|
87.673 |
84.807 |
|
(e) Other
Non-current assets |
|
0.000 |
0.000 |
|
Total Non-Current
Assets |
|
650.367 |
621.869 |
|
|
|
|
|
|
(2)
Current assets |
|
|
|
|
(a)
Current investments |
|
0.000 |
0.000 |
|
(b) Inventories |
|
5018.971 |
4254.329 |
|
(c)
Trade receivables |
|
30.004 |
83.739 |
|
(d) Cash
and cash equivalents |
|
53.401 |
90.730 |
|
(e)
Short-term loans and advances |
|
29.645 |
49.438 |
|
(f)
Other current assets |
|
43.188 |
29.962 |
|
Total Current
Assets |
|
5175.209 |
4508.198 |
|
|
|
|
|
|
TOTAL |
|
5825.576 |
5130.067 |
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 |
|
11.44 |
7.88 |
|
|
|
- Diluted |
|
11.42 |
7.87 |
|
QUARTERLY RESULTS
|
PARTICULARS |
30.06.2012 |
30.09.2012 |
31.12.2012 |
31.03.2013 |
|
Type |
1st
Quarter |
2nd
Quarter |
3rd
Quarter |
4th
Quarter |
|
Sales Turnover |
2835.000 |
3504.400 |
5770.800 |
4473.300 |
|
Total Expenditure |
2548.200 |
3202.200 |
5334.900 |
4024.100 |
|
PBIDT (Excl
OI) |
286.800 |
302.100 |
435.900 |
449.200 |
|
Other Income |
08.800 |
13.500 |
11.600 |
25.000 |
|
Operating
Profit |
295.600 |
315.600 |
447.500 |
474.200 |
|
Interest |
39.200 |
40.700 |
57.900 |
77.100 |
|
Exceptional
Items |
0.000 |
0.000 |
0.000 |
0.000 |
|
PBDT |
256.500 |
274.900 |
389.600 |
397.000 |
|
Depreciation |
13.100 |
18.200 |
21.200 |
28.000 |
|
Profit
Before Tax |
243.400 |
256.700 |
368.400 |
369.000 |
|
Tax |
80.700 |
66.600 |
121.100 |
117.300 |
|
Provisions and Contingencies |
0.000 |
0.000 |
0.000 |
0.000 |
|
Reported PAT |
162.700 |
190.100 |
247.300 |
251.700 |
|
Extraordinary Items |
0.000 |
0.000 |
0.000 |
0.000 |
|
Prior Period Expenses |
0.000 |
0.000 |
0.000 |
(1.800) |
|
Other Adjustments |
0.000 |
0.000 |
0.000 |
0.000 |
|
Net Profit |
162.700 |
190.100 |
247.300 |
249.900 |
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) |
|
|
1.24 |
1.14 |
LOCAL AGENCY FURTHER INFORMATION
CURRENT MATURITIES
OF LONG TERM DEBTS DETAILS
(Rs.
In Millions)
|
Particulars
|
|
31.03.2012 |
31.03.2011 |
|
|
|
|
|
|
Current
maturities of long term debts |
|
34.535 |
45.166 |
|
|
|
|
|
|
Total |
|
34.535 |
45.166 |
|
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 |
UNSECURED LOANS
|
Particulars |
31.03.2012 (Rs. In Millions) |
31.03.2011 (Rs. In Millions) |
|
Short term
borrowings |
|
|
|
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 brand’ TBZ- the Original 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.
AUDITED FINANCIAL RESULTS FO THE QUARTER AND YEAR ENDED 31ST
MARCH, 2013
(Rs. In Millions)
|
SI. No. |
PARTICULARS |
STANDALONE RESULTS |
||
|
Quarter Ended |
Year Ended |
|||
|
31.03.2013 (Audited) |
31.12.2012 (Unaudited) |
31.03.2013 (Audited) |
||
|
1 |
(a) Net Sales /Income from operations |
4432.871 |
5748.221 |
16494.224 |
|
|
(b) Other Operating Income |
40.391 |
22.547 |
89.153 |
|
|
Total Income |
4473.262 |
5770.768 |
16583.377 |
|
|
Expenses |
|
|
|
|
2 |
a) Cost of Material Consumed |
4991.451 |
5149.931 |
15637.322 |
|
|
b) Purchase in stock-in-trade |
507.957 |
705.019 |
2629.082 |
|
|
c) Changes in inventories of finished goods, work-in-progress and stock-in-trade |
(1891.715) |
(1067.988) |
(4803.400) |
|
|
c) Employees Cost |
190.424 |
134.239 |
551.032 |
|
|
d) Depreciation and amortization expense |
28.028 |
21.181 |
80.437 |
|
|
e) Other Expenses |
225.964 |
413.665 |
1095.302 |
|
|
Total Expenditure |
4052.109 |
5356.047 |
15189.775 |
|
3 |
Profit/(Loss) from Operations
before Other Income, Finance costs and Exceptional Items (1-2) |
421.156 |
414.721 |
1393.602 |
|
4 |
Other Income |
24.986 |
11.559 |
58.823 |
|
5 |
Profit Before
Finance costs and Exceptional Items (3+4) |
446.139 |
426.280 |
1452.425 |
|
6 |
Finance costs |
77.135 |
57.913 |
214.942 |
|
7 |
Profit after
Interest but before exceptional Items (5-6) |
369.004 |
368.367 |
1237.483 |
|
8 |
Exceptional Items |
-- |
-- |
-- |
|
9 |
Prior Period Adjustment |
1.837 |
0.000 |
1.837 |
|
10 |
Profit/(Loss) from
Ordinary Activities before Tax (7+8) |
367.167 |
368.367 |
1235.646 |
|
11 |
Tax Expenses |
117.268 |
121.045 |
385.636 |
|
12 |
Net Profit/(Loss)
from Ordinary Activities after Tax (9-10) |
249.899 |
247.322 |
850.010 |
|
13 |
Extra Ordinary Items (net of tax expense) |
-- |
-- |
-- |
|
14 |
Net Profit for the
period - (11+12) |
249.899 |
247.322 |
850.010 |
|
15 |
Paid up Equity Share Capital(F V Rs.10/-) |
-- |
-- |
-- |
|
16 |
Minority Interest |
-- |
-- |
-- |
|
17 |
Net profit after taxes, minority interest and share of profit/(loss) of associates (13+14+15) |
249.899 |
247.322 |
850.010 |
|
18 |
Paid-up equity share capital (face value Rs. 10 per share) |
666.667 |
666.667 |
666.667 |
|
19 |
Reserve excluding revaluation reserves as |
|
|
|
|
19 |
Earnings per equity share |
|
|
|
|
|
(a) Basic |
3.83 |
3.71 |
13.04 |
|
|
(b)Diluted |
3.83 |
3.70 |
13.02 |
|
|
|
|
|
|
|
|
PARTICULARS |
STANDALONE RESULTS |
||
|
|
Quarter Ended |
Year Ended |
||
|
|
31.03.2013 (Audited) |
31.12.2012 (Unaudited) |
31.03.2013 (Audited) |
|
|
A |
Particulars of
Shareholding |
|
|
|
|
1. |
Public Shareholding |
|
|
|
|
|
No. of Shares |
17216892 |
17216892 |
17216892 |
|
|
Percentage of share holding |
25.83% |
25.83% |
25.83% |
|
|
|
|
|
|
|
2. |
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 31.03.2013 |
|
|
B |
INVESTOR COMPLAINTS |
|
|
|
Pending at the beginning of the quarter |
1 |
|
|
Received during the quarter |
2 |
|
|
Disposed Off during the quarter |
3 |
|
|
Remaining unresolved at the end of the quarter |
Nil |
Notes:
1. The above financial results have been reviewed by the audit-committee and approved by the Board of Directors at its meeting held on 28th May, 2013.
2. The Board of Directors have recommended dividend of Rs. 2.25 (two rupee twenty five paise) per equity share of Rs. 10 each i.e. 22.5% for the financial year ended 2012-13 (previous year: 7.5%) The Payment is subject to approval of shareholders in the ensuring annual general meeting.
3. Figures of the quarter ended 31st March, 2013 and the corresponding quarter ended in the previous year as reported in these financial results are the balancing figures between audited figures in respect of the full financial year and the published year to date figures upto the end of the third quarter of the relevant financial year.
4. There are no separate reportable segments as per accounting standards (AS-17) – segment reporting
5. The company made an initial public offering (IPO) OF 16666667 equity shares of Rs. 10 each for cash at a price of Rs. 120 per equity share (including a share premium of Rs. 110 per equity share) aggregating to Rs. 2000.000 millions. The issue constituted 25% of the fully diluted post issue paid-up capital of the company. The IPO has resulted in increase in equity shares from 50000000 on 31st March, 2012 to 66666667 as on 3rd May, 2012.
6. The company fully utilized IPO proceeds. The details of utilization of funds out of the proceeds of the issue as on 31st march, 2013 are as stated below:
(Rs. In Millions)
|
Particulars |
Utilisation planned as per prospectus |
Utilisation of IPO proceeds as on 31st March, 2013 |
Balance amount to be utilised as on 31st March, 2013 |
|
To Finance the establishment of new showrooms |
191.940 |
191.940 |
-- |
|
-To meet incremental working capital requirements |
1604.490 |
1604.490 |
-- |
|
General corporate purposes |
44.940 |
44.940 |
-- |
|
Issue related expenses |
158.630 |
158.630 |
-- |
|
Total |
2000.000 |
1552.461 |
447.539 |
7. Previous period’s figures have been reclassified / rearranged/ regrouped, wherever necessary.
STATEMENT OF
ASSETS AND LIABILITY
(Rs. In Millions)
|
|
Standalone |
|
PARTICULARS |
31.03.2013 |
|
|
(Audited) |
|
EQUITY AND
LIABILITIES |
|
|
Share Holders Fund: |
|
|
Share Capital |
666.667 |
|
Reserves and Surplus |
3433.960 |
|
Sub Total -
Shareholders Funds |
4100.627 |
|
|
|
|
Non Current
Liabilities |
|
|
Long Term Borrowings |
195.186 |
|
Other Long Term Liabilities |
5.400 |
|
Long Term provisions |
57.217 |
|
Sub Total - Non Current Liabilities |
257.803 |
|
|
|
|
Current Liabilities |
|
|
Short Term Borrowings |
3944.841 |
|
Trade Payables |
1716.246 |
|
Other Liabilities |
1526.289 |
|
Short Term Provisions |
266.289 |
|
Sub Total - Current Liabilities |
7453.665 |
|
TOTAL EQUITY AND LIABILITIES |
11812.095 |
|
|
|
|
ASSETS |
|
|
Non Current Assets |
|
|
Fixed Assets |
|
|
(i) Tangible Assets |
841.728 |
|
(ii) Intangible Assets |
34.508 |
|
(iii) Capital work-in-progress |
16.414 |
|
Goodwill on consolidation |
-- |
|
Non Current Investments |
30.262 |
|
Deferred tax assets (net) |
51.911 |
|
Long term loans and advances |
100.641 |
|
Other non-current assets |
-- |
|
Sub Total - Non Current Assets |
1075.464 |
|
|
|
|
Current Assets |
|
|
Current Investments |
|
|
Inventories |
10273.806 |
|
Trade Receivables |
17.633 |
|
Cash and Cash equivalents |
318.489 |
|
Short term Loans and Advances |
126.703 |
|
Other current assets |
-- |
|
Sub Total - Current
Assets |
10736.631 |
|
TOTAL ASSETS |
11812.095 |
FIXED ASSETS
· Land and Building
· Plant and Equipments
· Furniture and Fixtures
· Vehicles
· Computers
· Computer Software
PRESS RELEASE
TRIBHOVANDAS BHIMJI ZAVERI LIMITED FY2013 RESULTS;
PAT RISES 48.62% TO RS. 850.000 MILLIONS TOTAL INCOME UP 19.69% TO RS.
16583.400 MILLIONS
Mumbai May 28, 2013: Tribhovandas Bhimji Zaveri Limited, TBZ - The Original India's well-known and trusted jewellery retailer with a rich legacy of around 150 years, continued on its growth and expansion plans in FY13. The Company posted a net profit of Rs. 850.000 millions for FY 2013, up 48.62% as compared to its net profit in FY12. TBZ has posted total income (standalone) of Rs. 16583.400 millions, for the year ended March 31, 2013, up 19.69% as compared to that in the year ended March 31, 2012.
After considering the excellent performance of the Company, the Board of Directors have recommended a dividend of 22,50%.
The Company posted a net profit of Rs. 249.900 millions for Q4 FY 2013, up 231.22% as compared to its net profit in Q4 FY12. TBZ has posted total income (standalone) of Rs. 4473.300 millions, for the quarter ended March 31, 2013, up 66.85% as compared to that in the quarter ended March 31, 2012.
The Company achieved an impressive top line and bottom line growth year-on-year despite tough economic conditions and volatile gold prices. TBZ Ltd. opened 11 stores during the fiscal.
Mr. Shrikant Zaveri, Chairman and Managing Director, TBZ Limited, said, "The objective of IPO was to expand in newer markets and we have fulfilled our first year commitments by opening 11 new stores in this year. I am happy to inform you that inspite of adverse market conditions, we have done well."
The EBITDA for Q4 stood at Rs. 449.200 millions and the EBITDA margin for Q4 was 10.04% of total income even though the industry faced several challenges in the fourth quarter of FY13. The Earning Per Share (EPS) on a larger capital base for the fiscal was impressive at Rs. 13.02. TBZ improved net profit margin at 5.59% for the quarter and 5.13% for the fiscal on account of a strong sales growth, an optimal sales mix of gold and diamond wherein diamond jewellery sales enhanced the margins.
In FY 13, TBZ-The Original has opened 11 stores in cities of Mumbai, Vadodara, Kolkata, Vapi, Bhavnagar, Vasal Nagpur, Aurangabad, Raipur and Vashi. At present TBZ has 26 showrooms in 20 cities across 7 States including Maharashtra, Gujarat Madhya Pradesh, Kerala, Andhra Pradesh, Chhattisgarh and West Bengal. However, all the new stores added during the fiscal started contributing to the topline but were yet to reach maturity in sales in their respective cities.
In FY13 too, TBZ-The Original demonstrated unmatched prowess in innovative jewellery design, a hallmark that has made this more than a century-old company an institution in the realm of jewellery. TBZ's Dohra Detachable Jewellery new collection was an industry benchmark for innovation for all seasons. Rounding up TBZ-The Original's exciting various offers during FY13 were the signature collections such as the Temple Jewellery Collection, Surprises Collection, Necklace Collection and the Showstoppers Collection.
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.
NO MAKING CHARGES ON CERTIFIED DIAMOND JEWELLERY AT ALL TBZ-THE
ORIGINAL STORES IN MAHARASHTRA TBI TIES UP WITH MULTI BANKS FOR 'EASY
INSTALLMENTS SCHEME'
This monsoon season, get some fabulous offers from Tribhovandas Bhimji Zaveri Limited a well-known and trusted jewellery retailer in India with a legacy of over 148 years. TBZ-The Original has waived off all making charges and the offer is valid in all stores in Maharashtra on all their certified diamond jewellery collections.
TBZ-The Original has also tied up with leading Indian and international banks to provide convenient EMI (egual monthly installments) schemes to all customers. Customers can choose convenient 3-month, 6-months,9-month and 12-month schemes at 26 TBZ-The Original stores in 20 cities across 7 States in India. As part of the tie-up with TBZ-The Original, there is a special EMI offer on Amex credit card valid till June 30, 2013.
According to Mr. Kiran Dixit, Group Head-Marketing, TBZ Ltd., This is our signature campaign, that customer's favorite too. We have observed that first time diamond buyers or diamond jewellery collectors or wedding buyers, gueue up to the TBZ Stores during this campaign. Some customers take this opportunity to prepare themselves for the upcoming festive season. It is also a great opportunity for customers who can exchange their old gold jewellery against the new one. We are sure whatever may be the buying purpose, our wide range of diamond jewellery designs will cater to all.
TBZ-The Original outlets offer a customer-friendly ambience with amenities such as displays, comfortable chairs, ambient lighting, elegant stylish interiors and the use of complementing and contrasting colors with bright lights. The showrooms have elegant interiors and prospective customers will be given personalized attention and customized services. The showroom offers a wide array of innovative and attractive jewellery designs for the fashion-conscious men and women with an added attraction of custom-made products.
'MANGALSUTRA FESTIVAL' AT TBZ-THE ORIGINAL STORES IN PUNE, AURANGABAD,
NAGPUR, THANE, VASAI AND VASHI
Making Charges at
just Rs. 99 per gram onwards
This monsoon season, get fabulous offers for buying exquisite Mangalsutras from Tribhovandas Bhimji Zaveri Limited, a wetl-known and trusted jewellery retailer in India with a legacy of over 150 years. As a part of its 'Mangalsutra Festival1 between July 5 to 21, 2013, TBZ-The Original offers a wide range of beautifully designed Mangalsutra collections to discerning customers with making charges at just Rs. 99 per gram onwards. Customers can buy jewellery at TBZ-The Original stores in Pune, Aurangabad, Nagpur, Thane, Vasai and Vashi. This is the perfect opportunity for the grooms family to come and buy the Mangalsutra for upcoming wedding seasons since wedding is the most important and the most awaited occasion in one's life and in particular for the brides/girls.
During this festival, TBZ-The Original will offer mesmerizing Mangalsutra set collections in gold and diamonds in a wide array of designs with matching accessories. With traditional Patti, plain, calcutti Mangalsutra to fancy Mangalsutra designs, every style and customisation is available. The elegant gold and diamond sets are flawlessly crafted to suit every occasion of a married woman's life. The taste and class in each and every design stroke defines the fantastic quality of award winning TBZ-The Original Mangalsutra collections.
According to Mr. Kiran Dixit, Group Head-Marketing, TBZ Limited, This unique 'Mangalsutra Festival' in TBZ-The Original stores in Pune, Aurangabad, Nagpur, Thane, Vasai and Vashi. This festival is launched keeping in mind upcoming shravan month and festive season, where customer generally prefers to wear new designs of Mangalsutra.
TBZ-The Original recognizes that the Mangalsutra is a part of the Indian tradition. In Indian culture, the Mangalsutra is the most precious piece of jewellery for a married woman. The Mangalsutra comes in various shapes and designs. With the evolution of time, designs of the Mangalsutras have changed and some people do opt for Mangalsutras with intricate designs or prefer to use diamond pendants in addition to gold. It is also observed that there is a rising trend of using Mangalsutra in non-maharashtrian community.
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.60.05 |
|
|
1 |
Rs.90.71 |
|
Euro |
1 |
Rs.78.47 |
INFORMATION DETAILS
|
Information
Gathered by : |
SVA |
|
|
|
|
Report Prepared
by : |
MRI |
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.