MIRA INFORM REPORT
|
Report Date : |
31.10.2013 |
IDENTIFICATION DETAILS
|
Name : |
TRIBHOVANDAS BHIMJI ZAVERI LIMITED |
|
|
|
|
Registered
Office : |
241/43, Zaveri Bazar, Mumbai 400 002, |
|
|
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|
Country : |
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|
|
Financials (as
on) : |
31.03.2013 |
|
|
|
|
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. 666.667 Millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
L27205MH2007PLC172598 |
|
|
|
|
Legal Form : |
A Public Limited Liability Company. The Company’s Shares are Listed on
the Stock Exchanges. |
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|
|
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Line of Business
: |
Manufacturing, trading and selling of jewellery. |
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|
|
|
No. of Employees
: |
1664 (Approximately) |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (55) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Maximum Credit Limit : |
USD 16400000 |
|
|
|
|
Status : |
Good |
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|
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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.
ECGC Country Risk Classification List – March 31st, 2013
|
Country Name |
Previous Rating (31.12.2012) |
Current Rating (31.03.2013) |
|
|
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
INDIAN ECONOMIC OVERVIEW
The finance ministry
has started preparations for Budget 2014/15. With general elections scheduled
to be held by May next year, there will only be an interim budget. The new
government will present the fiscal Budget.
The Supreme Court
has barred clinical trials for new drugs till a monitoring mechanism is put in place
to protect the lives of people on which the drugs are tested.
Mumbai has been
named the world’s second most honest city according to a survey on 15 cities
worldwide by Readers’ Digest magazine. Finnish capital Helsinki bagged the top
spot for the world’s most honest city while Lisbon, the capital of Portugal,
proved to be the least honest. The survey put hundreds of people to test
in four continents to find out just how honest they were by dropping wallets
and seeing how many would be returned.
3.7 % Growth of the
core sector in August, a seven month high. This takes the overall growth in
April-August this year to 2.3 % compared with 6.3 % in the corresponding period
next financial year.
$19 million
Estimated average spending by companies across the globe including India, on
social media this year, according to a global study by information technology
major Tata Consultancy Services. This will rise to $ 24 million in 2015.
Rising inflation,
fewer employment avenues and dwindling earnings are taking a toll on the
spending capacity in India. Over 72 % respondents from middle and lower middle
income families would be forced to slash their Diwali expenditure by 40 % and
on average spend nearly 25 % of their monthly salary on Diwali, according to a
survey by Assochem.
Analysts believe the
shutdown of the US government would have limited impact in sectors such as IT
or tourism that are dependent on Visa clearances.
EXTERNAL AGENCY RATING
|
Rating Agency Name |
CRISIL |
|
Rating |
Long Term Rating = A- |
|
Rating Explanation |
Adequate degree of safety and low credit
risk. |
|
Date |
07.05.2013 |
|
Rating Agency Name |
CRISIL |
|
Rating |
Short Term Rating = A2+ |
|
Rating Explanation |
Strong degree of safety and low credit risk. |
|
Date |
07.05.2013 |
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 DENIED BY
|
Name : |
Mr. Amit Gandhi |
|
Designation : |
Finance Manager |
|
Contact No.: |
91-22-30735000 |
|
Date : |
29.10.2013 |
LOCATIONS
|
Registered Office : |
241/43, Zaveri Bazar, Mumbai - 400002, Maharashtra, India |
|
Tel. No.: |
91-22-39565001 |
|
Fax No.: |
91-22-39565056 |
|
E-Mail : |
|
|
Website : |
|
|
|
|
|
Corporate Office : |
228, Ground Floor, Mitral Chambers, Nariman Point, Mumbai - 400021, Maharashtra, India |
|
Tel. No.: |
91-22-30735000 |
|
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 31.03.2013
|
Name : |
Mr. Shrikant Zaveri |
|
Designation : |
Chairman and Managing Director |
|
Qualification : |
Matriculation |
|
|
|
|
Name : |
Ms. Binaisha Zaveri |
|
Designation : |
Director Finance |
|
Date of Birth : |
28.12.1982 |
|
Date of
Appointment : |
24.07.2007 |
|
Qualification : |
Bachelor’s degree in marketing and finance from Stern School of Business, New
York |
|
Other Directorships : |
|
|
|
|
|
Name : |
Ms. Raashi Zaveri |
|
Designation : |
Whole-time Director |
|
Date of Birth : |
26.12.1986 |
|
Date of Appointment
: |
01.07.2008 |
|
Qualification : |
Bachelor’s degree in Finance and Entrepreneurship from
Kelly School of Business, Indiana University and is a Graduate Gemologist
from Gemological Institute of America |
|
Other Directorships : |
Tribhovandas Bhimji Zaveri (Bombay) Limited (wholly
owned subsidiary of the Company) |
|
|
|
|
Name : |
Mr. Kamlesh Vikamsey |
|
Designation : |
Independent Director |
|
Date of Birth : |
06.12.1960 |
|
Date of
Appointment : |
26.08.2010 |
|
Qualification : |
Bachelor’s degree in commerce from the University of Bombay and is a
qualified chartered accountant. |
|
Other Directorships : |
List of Subsidiary of Public Cos.:
|
|
|
|
|
Name : |
Mr. Ajay Mehta |
|
Designation : |
Independent Director |
|
Qualification : |
Bachelor’s degree in science from University of Bombay and
a master’s degree in chemical
engineering from the University of Texas |
|
|
|
|
Name : |
Mr. Sanjay Asher |
|
Designation : |
Independent Director |
|
Qualification : |
Bachelor’s degree in commerce and a bachelor’s degree in
law from the University of Bombay |
KEY EXECUTIVES
|
Name : |
Mr. Niraj Oza |
|
Designation : |
Company Secretary |
|
|
|
|
Name : |
Mr. Ravindra Nagarkar |
|
Designation : |
Chief Executive Officer |
|
|
|
|
Name : |
Mr. Prem Hinduja |
|
Designation : |
Chief Financial Officer |
|
|
|
|
Name : |
Mr. Amit Gandhi |
|
Designation : |
Finance Manager |
SHAREHOLDING PATTERN
As on 30.09.2013
|
Names of Shareholders |
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 |
|
|
|
|
|
|
|
|
383 |
0.00 |
|
|
3686 |
0.01 |
|
|
9742694 |
14.61 |
|
|
9746763 |
14.61 |
|
|
|
|
|
|
3412019 |
5.12 |
|
|
|
|
|
|
1499967 |
2.25 |
|
|
2310188 |
3.46 |
|
|
285283 |
0.43 |
|
|
219674 |
0.33 |
|
|
65609 |
0.10 |
|
|
7507457 |
11.25 |
|
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 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturing, trading and selling of jewellery. |
GENERAL INFORMATION
|
No. of Employees : |
1664 (Approximately) |
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Bankers : |
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Facilities : |
Long Term
Borrowings *The
term loan from bank carries interest @ 12.85% p.a. The loan is repayable in
60 monthly installments of Rs. 0.691 Millions each along with 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. Further, the loan has been guaranteed by the personal guaranttee of
the managing director of the Company. **The
term loan from bank carries interest @ 13.15% p.a. The loan is repayable in
72 monthly installments of Rs. 3.250 Millions each and additional interest,
from the date of loan, viz., 31 December 2012. The loan is secured by
hypothecation of exclusive charge on the property purchase of new premises at
11th Floor, Tulsiani Chambers, Nariman Point, Mumbai - 400021. ***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. 0.079 Millions and Rs.
0.029 Millions respectively each along with interest, from the date of loan,
viz., 7 April 2011 and 7 November 2011 respectively. The loan is secured by
hypothecation of vehicle. ****The
vehicle loan from State Bank of India carries interest @ 10.95% p.a. The loan
is repayable in 60 monthly installments of Rs. 0.026 Millions each along with
interest, from the date of loan, viz., 20 December 2012. The loan is secured
by hypothecation of vehicle. *****The
vehicle loan from BMW Financial services bank carries interest @ 10.75% p.a
and 8.69% p.a. The loan is repayable in 36 monthly installments of Rs. 0.110
Millions and Rs. 0.093 Millions respectively each along with interest, from
the date of loan, viz., 16 January 2011 and 1 June 2011 respectively. The
loan is secured by hypothecation of vehicle. Short Term
Borrowings *The
loan is repayable on demand and bullet repayment on maturity date and
interest carries @ 12% 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
guaranttee of the directors of the Company, which has been release during the
year. **The
Company has formed a consortium with State Bank of India as the lead banker.
The cash credit from State Bank of India carries interest @ 10.20% 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 along with collateral security of
Zaveri Bazar, and Surat property and Charkop factory, and fixed deposits of
Rs. 30.000 Millions. Further, the loan has been guaranteed by the personal
guaranttee of the directors of the Company, which has been release during the
year. **The
Company has formed a consortium with State Bank of India as the lead banker.
The cash credit from HDFC Bank carries interest @ 12.80% p.a. The loan is
repayable on demand from the date of loan,, viz., 1 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, and Santacruz showroom. Further, the loan has
been guaranteed by the personal guarantee of the directors of the Company,
which has been release during the year. |
|
|
|
|
Banking
Relations : |
-- |
|
|
|
|
Auditors : |
|
|
Name : |
B S R and Companies Chartered Accountants |
|
Address : |
Lodha Excelus, 1st Floor, Apollo Mills Compound, N. M. Joshi
Marg, Mahalaxmi, Mumbai – 400011, Maharashtra, India |
|
Tel. No.: |
91-22-39896000 |
|
Fax No.: |
91-22-30902511 |
|
|
|
|
Memberships : |
|
|
|
|
|
Entities over which
Key Managerial personnel and/or their relatives exercise significant
influence : |
|
CAPITAL STRUCTURE
As on 31.03.2013
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
75000000 |
Equity Shares |
Rs. 10/- each |
Rs. 750.000 Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
50000000 |
Equity Shares |
Rs. 10/- each |
Rs. 500.000 Millions |
|
|
Add : 16666667 equity shares of Rs. 10 each raised towards
IPO issue |
|
Rs. 166.667 Millions |
|
|
Total |
|
Rs.
666.667 Millions |
- Shares reserved for issue under options
for details of shares reserved for issue under the employee stock option
(ESOP) plan of the Company.
- Reconciliation of the number of shares
|
Equity
Shares |
Number of Shares |
Rs. In Millions |
|
At the beginning of the year |
50000000 |
500.000 |
|
Raised during the year- IPO |
16666667 |
166.667 |
|
outstanding at the end of the year |
66666667 |
666.667 |
- 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:
|
Equity
Shares |
Number of Shares |
Rs. In Millions |
|
Equity shares allotted as fully paid bonus shares by
capitalization of security premium |
48800000 |
48.800 |
|
Equity shares allotted as fully paid-up pursuant to contracts
for consideration other than cash |
- |
- |
|
Equity shares bought back by the Company |
|
- |
- Details of
equity shares held by shareholders holding more than 5% shares:
|
Name
of Shareholder |
Number of Shares |
%
holding |
|
Shrikant
Zaveri |
33392275 |
50.09% |
|
Binaisha
Zaveri |
5285000 |
7.93% |
|
Raashi
Zaveri |
4572500 |
6.86% |
|
Bindu Zaveri |
3500000 |
5.25% |
- The Company
has a single class of equity shares. Accordingly, all equity shares rank
equally with regard to dividends and share in the Company's residual
assets. The equity shares are entitled to receive dividend was declared
from time to time. The voting rights of equity shareholders on a poll (not
on show of hands) are in proportion to its share of paid-up equity capital
of the Company. Voting rights cannot be exercised in respect of shares on
which any call or other sums presently payable have not been paid.
Failure to pay any amount called
up on shares may lead to forfeiture of the shares.
On winding up of the Company, the holders of equity shares
will be entitled to receive the residual assets of the Company, remaining after
distribution of all preferential amounts in proportion to the number of equity
shares held.
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
I.
EQUITY
AND LIABILITIES |
|
|
|
|
(1)Shareholders' Funds |
|
|
|
|
(a) Share Capital |
666.667 |
500.000 |
500.000 |
|
(b) Reserves & Surplus |
3433.960 |
1095.755 |
571.037 |
|
(c) Money
received against share warrants |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
(2) Share Application money pending
allotment |
0.000 |
0.000 |
0.000 |
|
Total
Shareholders’ Funds (1) + (2) |
4100.627 |
1595.755 |
1071.037 |
|
|
|
|
|
|
(3)
Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
195.186 |
26.704 |
56.560 |
|
(b) Deferred tax liabilities (Net) |
0.000 |
0.000 |
0.000 |
|
(c) Other long term
liabilities |
5.400 |
5.400 |
0.000 |
|
(d) long-term
provisions |
57.217 |
38.687 |
32.277 |
|
Total Non-current
Liabilities (3) |
257.803 |
70.791 |
88.837 |
|
|
|
|
|
|
(4)
Current Liabilities |
|
|
|
|
(a) Short
term borrowings |
3944.841 |
2009.010 |
2029.652 |
|
(b) Trade
payables |
1716.246 |
871.776 |
1075.864 |
|
(c) Other
current liabilities |
1526.289 |
1064.700 |
728.487 |
|
(d) Short-term
provisions |
266.289 |
213.544 |
136.190 |
|
Total Current
Liabilities (4) |
7453.665 |
4159.030 |
3970.193 |
|
|
|
|
|
|
TOTAL |
11812.095 |
5825.576 |
5130.067 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1)
Non-current assets |
|
|
|
|
(a) Fixed
Assets |
|
|
|
|
(i)
Tangible assets |
841.728 |
472.777 |
465.610 |
|
(ii)
Intangible Assets |
34.508 |
18.773 |
24.083 |
|
(iii)
Capital work-in-progress |
16.414 |
7.065 |
0.000 |
|
(iv)
Intangible assets under development |
0.000 |
0.000 |
0.000 |
|
(b) Non-current Investments |
30.262 |
30.251 |
29.825 |
|
(c) Deferred tax assets (net) |
51.911 |
33.828 |
17.544 |
|
(d) Long-term Loan and Advances |
100.641 |
87.673 |
84.807 |
|
(e) Other
Non-current assets |
0.000 |
0.000 |
0.000 |
|
Total Non-Current
Assets |
1075.464 |
650.367 |
621.869 |
|
|
|
|
|
|
(2)
Current assets |
|
|
|
|
(a)
Current investments |
0.000 |
0.000 |
0.000 |
|
(b)
Inventories |
10273.806 |
5018.971 |
4254.329 |
|
(c) Trade
receivables |
17.633 |
30.004 |
83.739 |
|
(d) Cash
and cash equivalents |
318.489 |
53.401 |
90.730 |
|
(e)
Short-term loans and advances |
126.703 |
29.645 |
49.438 |
|
(f) Other
current assets |
0.000 |
43.188 |
29.962 |
|
Total
Current Assets |
10736.631 |
5175.209 |
4508.198 |
|
|
|
|
|
|
TOTAL |
11812.095 |
5825.576 |
5130.067 |
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
16583.377 |
13854.699 |
11939.309 |
|
|
|
Other Income |
58.823 |
16.090 |
5.428 |
|
|
|
TOTAL (A) |
16642.200 |
13870.789 |
11944.737 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Cost of raw material and components consumed |
15637.322 |
9718.900 |
8168.862 |
|
|
|
Purchase of traded goods |
2629.082 |
2488.665 |
2776.435 |
|
|
|
Changes in inventories of finished goods and traded goods |
(4803.400) |
(783.605) |
(883.980) |
|
|
|
Employee benefit expenses |
551.032 |
457.460 |
405.157 |
|
|
|
Other expenses |
1097.139 |
752.665 |
607.360 |
|
|
|
TOTAL (B) |
15111.175 |
12634.085 |
11073.834 |
|
|
|
|
|
|
|
|
Less |
PROFIT/(LOSS)
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
1531.025 |
1236.704 |
870.903 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
214.942 |
314.822 |
228.166 |
|
|
|
|
|
|
|
|
|
|
PROFIT/(LOSS)
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D)
(E) |
1316.083 |
921.882 |
642.737 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
80.437 |
52.627 |
39.952 |
|
|
|
|
|
|
|
|
|
|
PROFIT/(LOSS)
BEFORE TAX (E-F) (G) |
1235.646 |
869.252 |
602.785 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
385.636 |
297.321 |
208.537 |
|
|
|
|
|
|
|
|
|
|
PROFIT/(LOSS)
AFTER TAX (G-H) (I) |
850.010 |
571.931 |
394.248 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
1082.526 |
560.781 |
226.534 |
|
|
|
|
|
|
|
|
|
Add |
GROSS
EMPLOYEE STOCK OPTIONS GRANTED IN EARLIER YEARS |
13.229 |
10.255 |
0.000 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
|
|
For Issue of Bonus Shares |
0.000 |
0.000 |
60.000 |
|
|
|
Transfer to general reserve |
85.001 |
0.000 |
0.000 |
|
|
|
Proposed Dividend |
150.000 |
50.000 |
0.000 |
|
|
|
Dividend Tax |
25.492 |
8.111 |
0.000 |
|
|
|
Addition on option granted |
6.046 |
(2.974) |
(10.255) |
|
|
|
Excess provision of tax pertaining to
earlier years |
0.000 |
(7.925) |
0.000 |
|
|
|
Balance in security premium account |
(1669.733) |
0.000 |
0.000 |
|
|
|
Balance
general reserve |
(85.001) |
0.000 |
0.000 |
|
|
BALANCE CARRIED
TO THE B/S |
3433.960 |
1095.755 |
571.037 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
Export Earnings |
0.000 |
0.000 |
32.898 |
|
|
TOTAL EARNINGS |
0.000 |
0.000 |
32.898 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Diamond Jewellery |
0.000 |
45.001 |
80.630 |
|
|
|
Capital goods |
1.593 |
8.959 |
15.049 |
|
|
|
Watches
|
49.583 |
0.000 |
0.000 |
|
|
|
Packing
Material |
2.158 |
0.000 |
0.000 |
|
|
|
Stores and Spares |
1.591 |
0.135 |
0.000 |
|
|
TOTAL IMPORTS |
54.925 |
54.095 |
95.679 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
|
|
|
|
|
|
- Basic |
12.95 |
11.45 |
7.88 |
|
|
|
- Diluted |
12.94 |
11.43 |
7.87 |
|
QUARTERLY RESULTS
|
PARTICULARS |
30.06.2013 (Unaudited) |
|
|
1st
Quarter |
|
Net sales |
5352.700 |
|
Total Expenditure |
4950.900 |
|
Profit before interest, depreciation and
tax (Excluding Other Income) |
401.800 |
|
Other income |
14.400 |
|
Operating Profit |
416.200 |
|
Interest |
78.100 |
|
Exceptional Items |
0.000 |
|
Profit before depreciation and tax |
338.100 |
|
Depreciation |
23.600 |
|
Profit before tax |
314.500 |
|
Tax |
106.800 |
|
Profit after tax |
207.700 |
|
Extraordinary items |
0.000 |
|
Prior period expenses |
0.000 |
|
Other adjustments |
0.000 |
|
Net Profit |
207.700 |
KEY RATIOS
|
PARTICULARS |
|
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
PAT / Total Income |
(%) |
5.11
|
4.12 |
3.30 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
7.45
|
6.27 |
5.05 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
11.40
|
16.52 |
13.12 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.30
|
0.54 |
0.56 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt /Networth) |
|
1.01
|
1.28 |
1.95 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.44
|
1.24 |
1.14 |
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 |
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.
UNSECURED LOANS:
|
Particulars |
31.03.2013 Rs. In Millions |
31.03.2012 Rs. In Millions |
|
Short
Term Borrowings |
|
|
|
Loans
repayable on demand |
|
|
|
From directors |
11.215 |
94.330 |
|
From associates |
28.002 |
28.039 |
|
Total |
39.217 |
122.369 |
COMPANY OVERVIEW
The Company
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 25 show rooms located
across India.
The
Company successfully completed its Initial Public Offer during the year of Rs.
2000.000 Millions by for fresh issue of 16666667 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 got listed on the Bombay
Stock Exchange Limited and the National Stock Exchange of India Limited on 9th
May 2012.
With
around 150 years of rich legacy, TBZ - the Original is one of India’s most
well-known and trusted jewellery retailers. With 26 stores located across
India, the Company is the ultimate destination for the customers looking for
outstanding designs in gems and jewellery. Our talented design team comprising
29 employees uses state-of-the-art technologies, including computeraided
designs, to help us launch almost eight to ten jewellery collections annually.
Product Basket
- Gold jewellery
- Diamond jewellery
·
Others
– Silver, Platinum, Jadau jewellery and so on
FINANCIAL PERFORMANCE
The
Company has reported healthy growth during the financial year 2012 – 2013.
Total income increased to Rs. 16642.200
Millions from Rs. 138700789 Millions in the previous financial year, at a
growth rate of 19.98%. The profit before tax increased to Rs. 1235.646
Millions, up by 42.15% while net profit after tax increased to Rs. 850.010
Millions, up by 48.62%.
Sale
of Gold Jewellery increased by 23.96% to Rs.12418.314 Millions as compared to
Rs. 10017.652 Millions during the previous financial year. Sale of Diamond
studded Jewellery increased by 9.89% to Rs. 3854.063 Millions as compared to
Rs. 3507.332 Millions during the previous financial year.
The
Gross Profit Margin for the financial year 2012 – 2013 has improved to 18.82%
from 17.54% in the previous financial year. In the absolute term the Gross
Profit has increased by 28.37% to Rs.3120.373 Millions as compared to Rs.
2430.736 Millions during the previous financial year. The EBITDA for the financial
year 2012 – 2013 has improved to 9.20% from 8.92% in the previous financial
year.
During
the current financial year, your Company has opened eleven new showrooms in ten
cities and four states totaling the number of showrooms to twenty five in nineteen
cities and seven states.
MANAGEMENT
DISCUSSION AND ANALYSIS
OUTLOOK
The
Indian gems and jewellery industry holds substantial potential in the future.
The industry is expected to reap high dividends, driven by robust customer
demand, rising income levels, favourable demographics, increasing women
workforce, changing customer preferences and highly organised retail
penetration. The industry is estimated to grow at a CAGR of 16.26% during 2012
– 2017.
UNAUDITED STANDALONE FINANCIAL
RESULTS FOR THE QUARTER ENDED JUNE 30, 2013
(Rs. In Millions)
|
Particulars |
Quarter Ended 30.06.2013 |
|
|
(Unaudited) |
|
1.
Income from operations |
|
|
a) Net sales/ Income from operation (net of excise duty) |
5329.578 |
|
b) Other operating income |
23.085 |
|
Total
income from Operations(net) |
5352.663 |
|
2.Expenditure |
|
|
a) Cost of material consumed |
3393.117 |
|
b) Purchases of stock in trade |
1080.101 |
|
c) Changes in inventories of finished goods,
work-in-progress and stock-in-trade |
8.505 |
|
d) Employees benefit expenses |
169.617 |
|
e) Depreciation and amortization expenses |
23.571 |
|
f) Other expenditure |
299.512 |
|
Total expenses |
4974.423 |
|
3. Profit from operations before other income and
financial costs |
378.240 |
|
4. Other income |
14.378 |
|
5. Profit from ordinary activities before finance costs |
392.618 |
|
6. Finance costs |
78.083 |
|
7. Net profit/(loss) from ordinary activities
after finance costs but before exceptional items |
314.535 |
|
8. Exceptional item |
0.000 |
|
9. Profit from ordinary activities before tax
Expense: |
314.535 |
|
10.Tax expenses |
106.829 |
|
11.Net
Profit / (Loss) from ordinary activities after tax (9-10) |
207.706 |
|
12.Paid-up
equity share capital (Nominal value Re. 1/- per share) |
|
|
13. Reserve excluding
Revaluation Reserves as per balance sheet of previous accounting year |
667.040 |
|
14.i) Earnings per share )of Rs. 10/- each) (not
annualised): |
|
|
(a) Basic |
3.12 |
|
(d) diluted |
3.11 |
|
Particulars |
Quarter Ended 30.06.2013 |
|
|
(Unaudited) |
|
A.
Particulars of shareholding |
|
|
1. Public Shareholding |
|
|
- Number of shares |
17254220 |
|
- Percentage of shareholding |
25.87% |
|
2. Promoters and Promoters group Shareholding- |
|
|
a) Pledged /Encumbered |
|
|
Number of shares |
|
|
Percentage of shares (as a % of total shareholding of the
promoter and promoter group) |
- |
|
Percentage of shares (as a % of total share capital of the
company) |
- |
|
|
- |
|
b) Non Encumbered |
|
|
Number of shares |
49449775 |
|
Percentage of shares (as a % of total shareholding of the
promoter and promoter group) |
100.00% |
|
Percentage of shares (as a % of total share capital of the
company) |
74.13% |
|
|
|
|
B.
Investor Complaints |
|
|
Pending at the beginning of the quarter |
Nil |
|
Receiving during the quarter |
1 |
|
Disposed of during the quarter |
1 |
|
Remaining unreserved at the end of the quarter |
Nil |
Note:
- The above financial results have been
reviewed by the audit committee and approved by the Board of Directors at
their meeting held on 8th August, 2013. The statutory auditors
have carried out a limited review of the above results as required under
Clause 41 of the Listing Agreement with the Stock Exchanges.
- Figures for the quarter ended 31st
March, 2013 are balancing figures between the audited figures in respect
of the full financial year ended as on 31st March, 2013 and the
published year to date unaudited financial figures upto the nine months of
the relevant financial year.
- On 26th June, 2013 the Board
has allotted 37328 Equity Shares on excise of options vested under ESOP
Scheme. Viz. ‘TBZ ESOP, 2011’ and the listing approval for these equity
shares have been received from both the stock exchanges w.e.f. 11th
June, 2013 On allotment, the
paid-up Share Capital of the company increased from Rs. 666.667 Millions
to Rs. 667.0340 Millions.
- As the company’s business activity
falls within a single segment viz. ‘Jewellery’, the disclosure
requirements of the Accounting Standard (AS) 17 “Segment Reporting” as
prescribed by the companied (Accounting Standard) Rules, 2006 are not
applicable.
- Previous year’s figures have been
reclassified / rearranged / regrouped, whenever necessary.
INDEX OF CHARGE:
|
Sr .No. |
Charge ID |
Date of Charge Creation/Modification |
Charge amount secured |
Charge Holder |
Address |
Service Request Number (SRN) |
|
1 |
10435598
|
21/06/2013
* |
5,045,000,000.00
|
STATE
BANK OF INDIA |
Backbay
Reclamation Branch, Raheja Chambers, Free Press Journal Marg, Nariman Point,
Mumbai, Maharashtra - 400021, INDIA |
B79315669
|
|
2 |
10379346
|
22/04/2013
* |
234,000,000.00
|
ICICI
BANK LIMITED |
ICICI
Bank Towers, Bandra Kurla Complex, Bandra (East), Mumbai, Maharashtra -
400051, INDIA |
B73967267
|
|
3 |
10361278
|
17/05/2012
|
1,000,000,000.00
|
ICICI
Bank Limited |
ICICI
Bank Towers, Bandra Kurla Complex, Bandra
(East), Mumbai, Maharashtra - 400051, INDIA |
B73934655
|
* Date of modification charge
FIXED ASSETS:
- Land and Building
- Plant and Equipments
- Furniture and Fixtures
- Vehicles
- Computers
- Computer Software
PRESS RELEASE
TBZ Q1FY14 NET UP 27.67% TO RS.
207.706 MILLIONS
TOTAL INCOME UP 88.81% TO RS. 5352.663
MILLIONS IN Q1FY14
Tribhovandas
Bhimji Zaveri Limited ("TBZ" or "TBZ - The Original"),
India's well-known and trusted jewellery retailer with a rich legacy of around
150 years, posted 27.67 percent growth in its net profit for the first quarter
ended June 30, 2013, amounting to Rs. 207.706 Millions compared to Rs. 162.686
Millions posted in the same period of the last financial year. Despite slowing
macroeconomic environment and increase in import duties for gold, TBZ's total
Income (standalone) rose by 88.81 percent to Rs. 5352.663 Millions
during the challenging Q1FY14 compared to Rs. 2834.998 Millions posted in the
first quarter ended June 30, 2012.
The EBITDA
for first quarter of the current fiscal stood at Rs 401.811 Millions compared
to Rs. 286.838 Millions for the first quarter of FY13. The EBITDA margin for Ql
FY 2014 was 7.51% of total income even though the industry faced several
challenges in the first quarter. TBZ's Net Profit stood at Rs. 207.706 Millions
for the quarter.
Commenting
on the financial performance of the Company in the reporting quarter, Mr.
Shrikant Zaveri, Chairman and Managing Director, Tribhovandas Bhimji Zaveri
Limited., said, "Despite subdued economic conditions in India as well as
rising import costs, TBZ has performed well in the first quarter of the current
fiscal on account of a fall in gold prices in April, a good wedding season
during the first quarter and astute marketing initiatives therein. The Company
continues to stimulate consumer demand through innovative strategies to counter
the general economic slowdown as well as the impact of recent regulatory
measures introduced in the financing of gold imports."
The Company
organized a first-of-their-kind summer camps on "Jewellery Education for
Women" in all its 26 stores across India. During the quarter, TBZ Limited
added a new store to its network extending the 26th TBZ-The Original
exclusive showroom at Gandhidham connecting to jewellery buyers from Saurashtra
to Kutch region in Gujarat state.
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.
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. 61.49 |
|
|
1 |
Rs. 98.71 |
|
Euro |
1 |
Rs. 84.49 |
INFORMATION DETAILS
|
Information
Gathered by : |
PLK |
|
|
|
|
Report Prepared
by : |
VNT |
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 |
|
DEFAULTER |
|
|
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
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.