MIRA INFORM REPORT

Report Date :

22.06.2013

IDENTIFICATION DETAILS

Name :	TARA JEWELS LIMITED (w.e.f.16.09.2010)
Formerly Known As :	TARA JEWELS PRIVATE LIMITED (w.e.f.25.03.2009) TARA ULTIMO PRIVATE LIMITED
Registered Office :	Plot No.122, 15^th Road, Near IDBI Bank, M.I.D.C., Andheri (East), Mumbai - 400093, Maharashtra
Country :	India
Financials (as on) :	31.05.2012 [Consolidated]
Date of Incorporation :	16.03.2001
Com. Reg. No.:	11-131252
Capital Investment / Paid-up Capital :	Rs. 180.000 Millions
CIN No.: [Company Identification No.]	U52393MH2001PTC131252
PAN No.: [Permanent Account No.]	AABCT3846M
Legal Form :	A Public Limited Liability Company. The Company’s Shares are Listed on the Stock Exchanges.
Line of Business :	Manufacturer of Diamond and Gold Jewellery.
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

Maximum Credit Limit :	USD 8900000 [Standalone 31.03.2011] USD 11350000 [Consolidated 31.05.2012]
Status :	Good
Payment Behaviour :	Regular
Litigation :	Clear
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.

ECGC Country Risk Classification List – June 30, 2012

Country Name	Previous Rating (31.03.2012)	Current Rating (30.06.2012)
India	A1	A1

Risk Category	ECGC Classification
Insignificant	A1
Low	A2
Moderate	B1
High	B2
Very High	C1
Restricted	C2
Off-credit	D

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

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.

LOCATIONS

Registered Office/ Factory 1 :	Plot No.122, 15^th Road, Near IDBI Bank, M.I.D.C., Andheri (East), Mumbai - 400093, Maharashtra, India
Tel. No.:	91-22-66417888/ 66417805/ 66417777
Fax No.:	91-22-66417888/ 66417712
E-Mail :	amol.raje@tarajewels.co.in rvs@tarajewels.co.in cbcco@vsnl.com
Website :	www.taratail.com
Location :	Owned
Corporate Office/ Factory 2:	Plot 29(P) and 30(P), Sub Plot “A”, SEEPZ, SEZ, Andheri (East), Mumbai – 400096, Maharashtra, India
Tel. No.:	91-22-66774444
Branch Office :	Located at: Ø Pune Ø Mumbai Ø 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
Qualification :	B.Com from Mumbai University and Diploma in Gemology from Gemological Institute of America
Experience :	31 years
Date of Appointment :	01.10.2010
DIN No.:	00266460
Name :	Mrs. Alpana Aniruddh Deo
Designation :	Director
Address :	Flat No.60, Apritam Royal Palms Buglow, Aarey Milk Colony, Goregaon (East), Mumbai - 400064, Maharashtra, India
Date of Birth/Age :	20.12.1974
Date of Appointment :	01.08.2012
DIN No.:	00266523
Name :	Mr. Vikram Vishnukumar Raizada
Designation :	Director
Address :	6, Loral Reef, 55, Chimbai Road, Bandra (West), Mumbai – 400050, Maharashtra, India
Date of Birth/Age :	08.05.1966
Qualification :	B.A(Economics) from University of Mumbai and Degree in Business (Marketing) from University of Southern Queensland, Australia
Experience :	20 years
Date of Appointment :	03.09.2010
DIN No.:	03196436
Name :	Ms. Nalini Varadarajan
Designation :	Director
Address :	A/6-3, Shree Ram Nagar, S.V Road, Andheri (West), Mumbai – 400058, Maharashtra, India
Date of Birth/Age :	29.08.1964
Date of Appointment :	06.10.2009
DIN No.:	02922199
Name :	Mr. Fern Joy Mallis
Designation :	Additional Director
Address :	40 E 68 ST 5B, New York NY 10021
Date of Birth/Age :	26.03.1948
Date of Appointment :	20.09.2010
DIN No. :	03270532
Name :	Mr. Rajiv Lochan Jain
Designation :	Director
Address :	402, Aralias DLF Golf Links DLF City Phase 5, Gurgaon – 122009, Haryana, India
Date of Birth/Age :	01.01.1951
Date of Appointment :	20.09.2010
DIN No. :	00161022
Name :	Mr. Rakesh Kalra
Designation :	Director
Address :	TNA 023 Trinity Towers, DLF Phase 5, Gurgaon – 122002, Haryana, India
Date of Birth/Age :	11.09.1949
Date of Appointment :	20.09.2010
DIN No. :	00780354
Name :	Mr. Nikkhil Vaidya
Designation :	Director
Address :	506 Vivek Ekta Vivek Chs. Ltd, Off Link Road, IC Colony Extn, Mumbai – 400068, Maharashtra, India
Date of Birth/Age :	05.05.1959
Date of Appointment :	20.09.2010
DIN No. :	02942549
Name :	Mr. Shanti Saroop Khindria
Designation :	Director
Address :	2, Parsons Green Lane, Fulham London, united Kingdom SW64HS
Date of Birth/Age :	12.08.1954
Date of Appointment :	20.09.2010
DIN No. :	03271292

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

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 20.07.2012

Equity Shares Break – up

Category	Percentage
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.

Products :

Products Description	Item Code No.
Manufacturing of Studded Diamond Gold Jewellery.	7113
Gems and Jewellery	71131930

Products :

· Aqua Diamond

· Baby Cakes Diamond

· Cherished Diamond

· Colours Diamond

· Diamond Key

· Edge Diamond

· Honeydium Diamond

· Huggables Diamond

· Lace Diamond

· Luce Diamond

· Mboss Diamond

· Naturale Diamond

· Prive Diamond

Brand Names :

“TARA JEWELLERS”

GENERAL INFORMATION

Customers :

Wholesalers and Retailers

No. of Employees :

1726 (Approximately)

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

Facilities :

Secured Loans (Standalone)	31.03.2011	31.03.2010
	(Rs. In Millions)
Working capital loans banks secured	1920.942	1451.882
Hire purchase installment payable secured	9.966	3.986
Total	1930.908	1455.868

Secured Loans (Consolidated)	31.05.2012	31.03.2012
	(Rs. In Millions)
Term loan from Bank	56.488	58.944
Vehicle loan from Bank	9.361	10.451
Working capital loans banks secured	5857.475	5357.568
Total	5923.324	5426.963
Note: a] Term Loan from Bank was taken for purchase of property and carries interest @ 13.75% p.a. the loan is repayable in 60 monthly installment of Rs. 1.228 Millions each alongwith interest from April 2012. The loan is secured by first and exclusive charge by way of equitable mortgage over residential flat situated at Mazda Apartment, Bhulabhai Desai Road, Mumbai – 400026. Further the loan has been secured by personal guarantee of Mr. Rajeev Sheth, Managing Director of the Company. b] Vehicle loan is secured by hypothecation of vehicles. The interest rate ranges from 10.00% to 13.75% p.a. the loan is repayable in 36 to 60 monthly installments inclusive of interest from the date of loan. Working capital loan from Banks are secured by hypothecation of inventories, book debts, plant and machinery, other fixed assets, fixed deposit, other current assets and equitable mortgage of the company’s immovable property at Seepz and MIDC, Andheri. Two flats at Royal Palms Goregaon and Flat No. 502/401 in Pushpanjali Apartment located at Prabhadevi belonging to Divya Real Estate Private Limited. The above facilities are durther secured by personal guarantee of Managing Director. Mr. Rajeev Sheth and corporate guarantee of Divya Real Estate Private Limited and Fabrikant Tara International LLC. Working Capital loan by USA Subsidiary Company are secured by hypothecation of substantially all assets of the subsidiary company and subordinates. Working capital loan taken by Hong Kong Subsidiary Company are secured by hypothecation of inventory, receivables and fixed deposit. The loan further secured by corporate guarantee of Tara Jewels Limited and personal guarantee of Managing Director Mr. Rajeev Sheth.

Banking Relations :	--
Auditors :
Name :	C. B. Chhajed and Company Chartered Accountants
Address :	DGP House, Ground Floor, 88-C, Old Prabhadevi Road, Mumbai – 400025, Maharashtra, India
Tel No.:	91-22-43445300/ 24226830
Fax No.:	91-22-43445344
Email :	cbcco@vsnl.com
Website :	www.cbcandco.com
PAN No.:	AAAFC3565E
Subsidiaries :	· Fabricant Tara International LLC. · Tara Jewels Holding Inc. · Tara (Hong Kong) Limited (from 16.09.2010) · Tara China Jewelery Limited (from 16.09.2010) · Tara Jewels Honduras (from 17.01.2011)
Related Parties :	· Tara (Hong Kong) Limited (Up to 15.09.2010) · F T Diamonds · Divya Jewels International Private Limited · Divya Real Estate Private Limited · Aarti Jewellers Private Limited · Karan Arjun Jewellery Private Limited · Tara Duniya Corporation

CAPITAL STRUCTURE

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 STANDALONE 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
		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

STANDALONE 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	6.99	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

ABRIDGED CONSOLIDATED BALANCE SHEET

SOURCES OF FUNDS		31.05.2012	31.03.2012
SHAREHOLDERS FUNDS
1] Share Capital		180.000	180.000
2] Share Application Money		0.000	0.000
3] Reserves & Surplus		2657.609	2592.653
4] (Accumulated Losses)		0.000	0.000
NETWORTH		2837.609	2772.653
LOAN FUNDS
1] Secured Loans		5923.324	5426.963
2] Unsecured Loans		153.145	150.606
TOTAL BORROWING		6076.469	5577.569
DEFERRED TAX LIABILITIES		9.030	8.351
TOTAL		8923.108	8358.573
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		785.929	808.201
Capital work-in-progress		1.365	1.365
INVESTMENT		13.281	12.281
DEFERREX TAX ASSETS		0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	6233.729	5889.700
	Sundry Debtors	4580.670	4672.244
	Cash & Bank Balances	203.391	223.391
	Other Current Assets	48.791	46.378
	Loans & Advances	167.296	156.350
Total Current Assets		11233.877	10988.063
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	2789.009	3143.243
	Other Current Liabilities	152.982	149.036
	Provisions	169.353	159.058
Total Current Liabilities		3111.344	3451.337
Net Current Assets		8122.533	7536.726
MISCELLANEOUS EXPENSES		0.000	0.000
TOTAL		8923.108	8358.573

CONSOLIDATED PROFIT & LOSS ACCOUNT

	PARTICULARS		31.05.2012	31.03.2012
	SALES
		Revenue from Operations	1788.732	13990.867
		Other Income	2.529	19.687
		TOTAL (A)	1791.261	14010.554
Less	EXPENSES
		Cost of Materials Consumed	1448.998	5137.771
		Purchases of Stock-in-trade	616.847	6708.586
		Changes in inventories of finished goods, work-in-progress and stock-in-trade	(638.167)	(579.653)
		Employee Benefit Expenses	69.990	433.101
		Other expenses	93.695	974.293
		TOTAL (B)	1591.363	12674.098
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		199.898	1336.456
Less	FINANCIAL EXPENSES (D)		92.455	470.507
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		107.443	865.949
Less/ Add	DEPRECIATION/ AMORTISATION (F)		22.758	142.266
	PROFIT BEFORE TAX (E-F) (G)		84.685	723.683
Less	TAX (H)		19.729	184.734
	PROFIT AFTER TAX (G-H) (I)		64.956	538.949
	Earnings Per Share (Rs.)
	Basic		3.61	29.94
	Diluted		3.60	29.84

CONSOLIDATED KEY RATIOS

PARTICULARS		31.05.2012	31.03.2012
PAT / Total Income	(%)	3.63	3.85
Net Profit Margin (PBT/Sales)	(%)	4.73	5.17
Return on Total Assets (PBT/Total Assets}	(%)	0.70	6.13
Return on Investment (ROI) (PBT/Networth)		0.03	0.26
Debt Equity Ratio (Total Debt/Networth)		2.14	2.01
Current Ratio (Current Asset/Current Liability)		3.61	3.18

LOCAL AGENCY FURTHER INFORMATION

Sr. No.	Check List by Info Agents	Available in Report (Yes / No)
1]	Year of Establishment	Yes
2]	Locality of the firm	Yes
3]	Constitutions of the firm	Yes
4]	Premises details	No
5]	Type of Business	Yes
6]	Line of Business	Yes
7]	Promoter's background	Yes
8]	No. of employees	Yes
9]	Name of person contacted	No
10]	Designation of contact person	No
11]	Turnover of firm for last three years	Yes
12]	Profitability for last three years	Yes
13]	Reasons for variation <> 20%	-----
14]	Estimation for coming financial year	No
15]	Capital in the business	Yes
16]	Details of sister concerns	Yes
17]	Major suppliers	No
18]	Major customers	No
19]	Payments terms	No
20]	Export / Import details (if applicable)	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	No
33]	Voter ID No of Proprietor/Partner/Director, if available	No
34]	External Agency Rating, if available	Yes

UNSECURED LOANS (STANDALONE)

Particulars	31.03.2011	31.03.2010
	(Rs. In Millions)
Deposits related parties unsecured	77.397	77.438
Total	77.397	77.438

UNSECURED LOANS (CONSOLIDATED)

Particulars	31.05.2012	31.03.2012
	(Rs. In Millions)
Loan from related parties unsecured	153.145	150.606
Total	153.145	153.145

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.

FORM 8

Corporate identity number of the company	U52393MH2001PLC131252
Name of the company	TARA JEWELS LIMITED
Address of the registered office or of the principal place of business in India of the company	Plot No.122, 15^th Road, Near IDBI Bank, M.I.D.C., Andheri (East), Mumbai-400 093, Maharashtra, India Email: amol.raje@tarajewels.co.in
This form is for	Creation of charge
Type of charge	Book debts Movable property (not being pledge) Others Tangible machineries, Furniture, Current Assets
Particular of charge holder	Axis Bank Limited, Nariman Point Branch, Atlanta Ground Floor, Nariman Point, Mumbai-400021, Maharashtra, India
Nature of instrument creating charge	Deed of Hypothecation of Current Assets (Stock and Book Debts) {DOH} dated 08.08.2012
Date of instrument Creating the charge	08.08.2012
Amount secured by the charge	Rs. 150.000 Millions
Brief of the principal terms and conditions and extent and operation of the charge	Rate of Interest As per Sanction Letter No. AXIS/CO/MC-II/VS/0360/12-13 dated 07.08.2012 or as stipulated by Bank from time to time. Terms of Repayment As per Sanction Letter No. AXIS/CO/MC-II/VS/0360/12-13 dated 07.08.2012 or as stipulated by Bank from time to time. Margin As per Sanction Letter No. AXIS/CO/MC-II/VS/0360/12-13 dated 07.08.2012 or as stipulated by Bank from time to time. Extent and Operation of the charge Bank granted Adhoc Stand by Letter of Credit (SBLC) limit of Rs.150.000 Millions. The Limit is secured by subservient charge on all present and future stock of RM, SIP, FG, and Other Current Assets being Movable properties stored at Co's factory or premises or in transit and O/s, Monies, Receivables, Claims and Bills which are due and owing to the Company in course of its business.
Short particulars of the property or asset(s) charged (including complete address and location of the property)	Subservient charge on present and future stock of RM, SIP, FG, and Other Current Assets stored at Company's factory or premises or in transit and O/s, Monies, Receivables, claims etc. due and owing to Company.

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

TARA JEWELS LIMITED INITIAL PUBLIC OFFER (“IPO”) SUBSCRIBED 1.98 TIMES

MUMBAI November 23, 2012: The IPO of ’Tara Jewels Limited’, has been subscribed 1.98 times with applications for 13,500,300 equity shares of face value of Rs. 10 each (“Equity Shares”) when the issue closed this evening. The QIB portion was subscribed 1.49 times with applications for 4,146,750 Equity Shares, HNI segment 3.10 times with applications for 3,668,950 Equity Shares, retail portion 2.05 times with applications for 5,673,600 Equity Shares and the employee reservation portion 0.14 times with applications for 79,777 Equity Shares. ’Tara Jewels Limited’ (the “Company”), an integrated player in the jewellery industry with experience ranging from designing to retailing, started accepting the bids for the IPO on Wednesday November 21, 2012 with its IPO comprising of [●] Equity Shares for cash at a price of Rs. [●] per Equity Share including a share premium of Rs. [●] per Equity Share, aggregating up to Rs. 1,795 million (the “Issue”) comprising of a fresh issue of up to [●] Equity Shares by the Company aggregating up to Rs. 1,095 million (“Fresh Issue”) and an offer for sale of up to [●] Equity Shares by Fabrikant H.K. Trading Limited (“Selling Shareholder”) aggregating up to Rs. 700 million (“Offer For Sale”).

The Issue includes a reservation of up to 1% of the Issue size constituting [●] Equity Shares for the eligible employees (the “Employee Reservation Portion”). The Issue has been graded by CARE Limited as IPO Grade 3/5, indicating that the fundamentals of the IPO of the Company are average. The Price Band has been fixed at Rs 225 to Rs. 230.

The Equity Shares are proposed to be listed on the BSE Limited and National Stock Exchange of India Limited.

Enam Securities Private Limited, ICICI Securities Limited are the Book Running Lead Managers to the Issue while Link Intime India Private Limited is the Registrar to the Issue.

Tara Jewels Limited is proposing, subject to market conditions and other considerations, a public issue of securities and has filed the Red Herring Prospectus with the Registrar of Companies, Maharashtra at Mumbai. The Red Herring Prospectus is available on the website of the Securities and Exchange Board of India at www.sebi.gov.in as well as on the websites of the book running lead managers at www.enam.com and www.icicisecurities.com.

CMT REPORT (Corruption, Money Laundering & Terrorism]

The Public Notice information has been collected from various sources including but not limited to: The Courts, India Prisons Service, Interpol, etc.

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. 59.35
UK Pound	1	Rs. 92.11
Euro	1	Rs. 78.59

INFORMATION DETAILS

Report Prepared by :

BVA

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	-

PRIVATE & CONFIDENTIAL : This information is provided to you at your request, you having employed MIPL for such purpose. You will use the information as aid only in determining the propriety of giving credit and generally as an aid to your business and for no other purpose. You will hold the information in strict confidence, and shall not reveal it or make it known to the subject persons, firms or corporations or to any other. MIPL does not warrant the correctness of the information as you hold it free of any liability whatsoever. You will be liable to and indemnify MIPL for any loss, damage or expense, occasioned by your breach or non observance of any one, or more of these conditions

This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.