MIRA
INFORM REPORT
|
Report Date : |
22.12.2014 |
IDENTIFICATION DETAILS
|
Name : |
TRIBHOVANDAS BHIMJI ZAVERI LIMITED |
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Registered
Office : |
241/43, Zaveri Bazar, Mumbai – 400002, |
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Country : |
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Financials (as
on) : |
31.03.2014 |
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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. 667.040 Millions |
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CIN No.: [Company Identification
No.] |
L27205MH2007PLC172598 |
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IEC No.: |
Not Available |
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TAN No.: [Tax Deduction &
Collection Account No.] |
Not Available |
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PAN No.: [Permanent Account No.] |
Not Available |
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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
: |
Subject is engaged in manufacturing trading and selling of Jewellery. |
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No. of Employees
: |
Information declined by the management. |
RATING & COMMENTS
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MIRA’s Rating : |
Ba (52) |
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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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Status : |
Good |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
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Comments : |
Subject is a one of Profitability of the company has declined during financial year 2014. However, the rating reflects TBZ’s established market position with a
strong brand name supported by its healthy financial risk profile and
adequate liquidity position of the company. Trade relations are reported as fair. Business is active. Payment are
reported to be regular and as per commitment. The company can be considered good for normal 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 |
January 22, 2014 |
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
31-03-2014.
INFORMATION DENIED
Management Non Co-Operative (Tel No.: 91-22-39565001)
LOCATIONS
|
Registered Office : |
241/43, Zaveri Bazar, Mumbai – 400002, |
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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 : |
1106 to 1121, 11th Floor, West Wing, Tulsiani Chambers,
212, Backbay Reclamation, Free Press Journal Road, Nariman Point, Mumbai –
400 021, Maharashtra, India |
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Tel. No.: |
91-22-30735000 |
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Fax No.: |
91-22-30735088 |
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Showroom : |
Maharashtra 1. 241/43, Zaveri
Bazar, Mumbai - 400 002, Maharashtra, India 2. L.T. Road,
Borivali (West), Mumbai - 400 092, Maharashtra, India 3. 002 and 102,
Prime Plaza, S.V. Road, Santacruz (West), Mumbai - 400 054, Maharashtra,
India 4. M.G. Road,
Rajawadi, Ghatkopar (East), Mumbai - 400 077, Maharashtra, India 5. Gautam Tower,
off Gokhale Road, Thane (West) - 400 601, Maharashtra, India 6. Seth House,
21/4B, Opposite Le Royce Hotel, Bundgarden Road, Pune - 411 001, Maharashtra,
India 7. Shop No.2,
Sunder Mahal, 92, Veer Nariman Road, Churchgate, Mumbai - 400 020,
Maharashtra, India 8. Shop No.1 ,2
and 3, Near St. Augustine High School, Tiberias Building, Stella, Village
Barampur, District Thane, Vasai (West) - 401 202, Maharashtra, India 9. Unit No.003,
1st and 2nd Floor, Rachana Galaxy, Mouza Ambazari, Opp.
Wockhardt Hospital, Dharampeth, Nagpur - 440 010, Maharashtra, India 10. A.G. Pride,
Plot. No.301, N-3, CIDCO, Opposite Hotel Ramgiri, Beside Raymond and Ratnakar
Bank, Jalna Road, Aurangabad - 431 005, Maharashtra, India 11. Shop No.
G-20, Ground Floor, Satra Plaza, Plot No.19 and 20, Sector 19-D, Palm Beach
Road, Vashi, Navi Mumbai - 400 705, Maharashtra, India Gujarat 12. Iscon
Center, Shivranjani Cross Road, Satellite, Ahmedabad - 380 015, Gujarat,
India 13. Lal Bunglow,
SNS House, Athwa Lines, Surat - 395 007, Gujarat, India 14. Janakpuri
Complex, Dr. Yagnik Road, Opposite Hotel Imperial Palace, Rajkot - 360 001,
Gujarat, India 15. K.P.
Infinity, Opposite Yes Bank Limited, Near INOX Multiplex, Natubhai Circle,
Race Course Road, Vadodara - 390 007, Gujarat, India 16. 7-11, Ground
Floor, Fortune Square- II, Near Primary School, Next to Royal Dream Society,
Vapi Daman Road, Vapi - 396 191, Gujarat, India 17. Shop No. G1,
Krishna Complex, Waga Wadi Road, Next to ‘Ghar Shala’, Bhavnagar - 364 001,
Gujarat, India Andhra Pradesh (Hyderabad and Vijaywada) 18. 70,
Greensland Road, Punjagutta, Hyderabad - 500 082 Andhra Pradesh, India 19. Shop No. I,
Mogul's court, Basheerbagh, Hyderabad - 500 001 Andhra Pradesh, India 20. Opposite
Gateway Hotel, M.G. Road, Labbipet, Vijayawada - 520 010, Andhra Pradesh,
India Kerla (Kochi) 21. Jos Annexe
Building, Jos Junction, Ernakullam, Kochi - 682 016, Kerala, India Madhya Pradesh (Indore) 22. 576 Laxmi
Tower, M.G. Road, Opposite Treasure Island, Indore - 452 001, Madhya Pradesh,
India West Bengal (Kolkata) 23. Saraswati
Niketan, 5 Camac Street, Kolkata - 700 016, West Bengal, India 24. CIT Road,
Scheme, VIM, Kankurgachi, Kolkata - 700 054, West Bengal, India Chhattisgarh (Raipur) 25. Shop No.1, Ground Floor, Prem Store Premises,
Malviya Road, Next to G.P.O., Raipur - 492 001, Chhattisgarh, India Note: On 1st April, 2013, the Company has opened the new showroom
at Gandhidham, Gujarat situated at Shop 4, 5 and 6, Ground Floor, Sunshine
Arcade, Plot No.59, Sector 8, Tagore Road, Near Lord’s Hotel, Gandhidham,
Kutch – 370 201, Gujarat, India. |
DIRECTORS
As On 31.03.2014
|
Name : |
Mr. Shrikant Zaveri |
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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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Date of Birth/
Age : |
28.12.1982 |
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Qualification : |
Bachelor’s degree
in Marketing and Finance from Stern School of Business, New York |
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Expertise in specific functional area : |
Company’s
Enterprise Resource Planning Systems and actively engaged in accounting,
merchandising and general corporate management |
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Date of
Appointment : |
24.07.2007 |
|
Directorships held in other Public Companies as
on 31st March, 2013 (excluding foreign Companies and Section 25 companies) : |
·
Tribhovandas Bhimji Zaveri (Bombay) Limited
(wholly owned subsidiary of the Company) ·
Konfiaance Jewellery Private Limited (wholly
owned subsidiary of the Company) |
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Name : |
Ms. Raashi Zaveri |
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Designation : |
Director – Finance |
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Date of Birth/
Age : |
26.12.1986 |
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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 |
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Expertise in specific functional area : |
Company’s
Enterprise Resource Planning Systems and actively engaged in accounting,
merchandising and general corporate management |
|
Date of
Appointment : |
01.07.2008 |
|
Directorships held in other Public Companies as
on 31st March, 2013 (excluding foreign Companies and Section 25 companies) : |
Tribhovandas Bhimji
Zaveri (Bombay) Limited (wholly owned subsidiary of the Company) |
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|
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Name : |
Mr. Kamlesh Vikamsey |
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Designation : |
Independent Director |
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Date of Birth/
Age : |
06.12.1960 |
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Qualification : |
Bachelor’s degree
in Commerce from Mumbai University and is a Chartered Accountant |
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Expertise in specific functional area : |
Accounting and
finance, corporate advisory services |
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Date of
Appointment : |
26.08.2010 |
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Directorships held in other Public Companies as
on 31st March, 2013 (excluding foreign Companies and Section 25 companies) : |
·
Navneet Publications (India) Limited ·
Ramky Infrastructure Limited ·
Aditya Birla Retail Limited ·
Neptune Developers Limited ·
Man Infraconstruction Limited ·
Apcotex Industries Limited List of Subsidiary of Public Companies: ·
Neptune Ventures and Developers Private Limited ·
Fabmall (India) Private Limited ·
H.A.S. Two Holdings Private Limited ·
Trinethra Superretail Private Limited ·
Terrafirma Agroprocessing (India) Private Limited ·
Electrotherm Renewables Private Limited |
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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 : |
Prem Hinduja |
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Designation : |
Chief Executive Officer |
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Name : |
Saurav Banarjee |
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Designation : |
Chief Financial Officer |
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Name : |
Niraj Oza |
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Designation : |
Company Secretary |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 30.09.2014
|
Category
of Shareholder |
No. of Shares |
% of holdings |
|
(A)
Shareholding of Promoter and Promoter Group |
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|
46759775 |
70.08 |
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|
2700000 |
4.05 |
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|
49459775 |
74.13 |
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Total
shareholding of Promoter and Promoter Group (A) |
49459775 |
74.13 |
|
(B) Public
Shareholding |
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|
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|
39743 |
0.06 |
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|
25306 |
0.04 |
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|
10292505 |
15.43 |
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|
10357554 |
15.52 |
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|
3018659 |
4.52 |
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|
1829094 |
2.74 |
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|
1826546 |
2.74 |
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|
228272 |
0.34 |
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|
148186 |
0.22 |
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|
79836 |
0.12 |
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|
250 |
0.00 |
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|
6902571 |
10.35 |
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Total Public
shareholding (B) |
17260125 |
25.87 |
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Total (A)+(B) |
66719900 |
100.00 |
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(C) Shares held by
Custodians and against which Depository Receipts have been issued |
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|
0 |
0.00 |
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0 |
0.00 |
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0 |
0.00 |
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Total
(A)+(B)+(C) |
66719900 |
100.00 |
Shareholding of securities (including shares, warrants,
convertible securities) of persons belonging to the category Promoter and
Promoter Group
|
Sl.No. |
Name of the
Shareholder |
Details of Shares held |
|
|
No. of Shares held |
As a % of grand total (A)+(B)+(C) |
||
|
1 |
Shrikant Gopaldas Zaveri |
3,34,02,275 |
50.06 |
|
2 |
Binaisha Shrikant Zaveri |
52,85,000 |
7.92 |
|
3 |
Raashi Zaveri |
45,72,500 |
6.85 |
|
4 |
Bindu Shrikant Zaveri |
35,00,000 |
5.25 |
|
5 |
Tribhovandas Bhimji Zaveri Jewellers (Mumbai) P |
13,50,000 |
2.02 |
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6 |
Tribhovandas Bhimji Zaveri (TBZ) Pvt Ltd |
13,50,000 |
2.02 |
|
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Total |
4,94,59,775 |
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
|
Sl. No. |
Name of the
Shareholder |
No. of Shares held |
Shares as % of Total No. of Shares |
|
|
1 |
Smallcap World Fund INC |
4335732 |
6.50 |
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2 |
HSBC Global Investment Funds A/C HSBC GIF Mauritius Ltd |
2702587 |
4.05 |
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Total |
7038319 |
10.55 |
Shareholding of securities (including shares, warrants, convertible
securities) of persons (together with PAC) belonging to the category “Public”
and holding more than 5% of the total number of shares of the company
|
Sl. No. |
Name(s) of the
shareholder(s) and the Persons Acting in Concert (PAC) with them |
No. of Shares |
Shares as % of Total No. of Shares |
|
|
1 |
Smallcap World Fund INC |
4335732 |
6.50 |
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|
Total |
4335732 |
6.50 |
Details of Locked-in Shares
|
Sl. No. |
Name of the
Shareholder |
No. of Shares |
Locked-in Shares as % of |
|
1 |
Shrikant Gopaldas Zaveri |
1,05,45,730 |
15.81 |
|
2 |
Binaisha Shrikant Zaveri |
15,16,895 |
2.27 |
|
3 |
Raashi Zaveri |
13,12,395 |
1.97 |
|
|
Total |
1,33,75,020 |
20.05 |
BUSINESS DETAILS
|
Line of Business : |
Subject is engaged in manufacturing trading and selling of Jewellery. |
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Products : |
Not Available |
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Brand Names : |
Not Available |
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Agencies Held : |
Not Available |
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Exports : |
Not Divulged |
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Imports : |
Not Divulged |
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Terms : |
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Selling : |
Not Available |
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Purchasing : |
Not Available |
GENERAL INFORMATION
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Suppliers : |
Not Divulged |
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Customers : |
Not Divulged |
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No. of Employees : |
Information declined by the management. |
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Bankers : |
· State Bank of India · HDFC Bank Limited · ICICI Bank Limited · Kotak Mahindra Bank Limited ·
Union Bank of India ·
Central Bank of India |
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Facilities : |
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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 – 400 011, Maharashtra, India |
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Tel. No.: |
91-22-39896000 |
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Fax No.: |
91-22-30902511 |
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Memberships : |
-- |
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Collaborators : |
-- |
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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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Entities over
which Key Managerial personnel and/or their relatives exercise significant
influence : |
·
Tribhovandas Bhimji Zaveri Jewellers (Mumbai) Private
Limited Tribhovandas Bhimji Zaveri
(TBZ) Private Limited Super Traditional Metal Crafts
(Bombay) Private Limited Tribhovandas Bhimji Zaveri
Trading Co Cupid Annibis Jewellery Private
Limited |
|
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CAPITAL STRUCTURE
As On 31.03.2014
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
75,000,000 |
Equity Shares |
Rs. 10/- each |
Rs. 750.000 Millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
66,703,995 |
Equity Shares |
Rs. 10/-
each |
Rs. 667.040
Millions |
|
|
|
|
|
Reconciliation of the shares outstanding at the beginning and at the end
of the year
|
Equity Shares |
31.03.2014 |
|
|
No.
of shares |
Amount (Rs.
in millions) |
|
|
At the beginning of the period |
66,666,667 |
666.667 |
|
Shares issued under IPO |
-- |
-- |
|
Shares issued on exercise of employee stock option |
37,328 |
0.373 |
|
Outstanding at
the end of the period |
66,703,995 |
667.040 |
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 |
31.03.2014 |
|
|
No.
of shares |
Amount (Rs.
in millions) |
|
|
Equity shares allotted as fully paid bonus shares by capitalization of
security premium |
48800000 |
488.000 |
|
Equity shares allotted as fully paid-up pursuant to contracts for
consideration other than cash |
-- |
-- |
|
Equity shares bought back by the Company |
-- |
-- |
Details of
shareholders holding more than 5% shares in the company
|
Particulars |
%
holding in class |
No.
of Shares |
|
Equity shares of
Rs.10 each fully paid |
|
|
|
Shrikant Zaveri |
50.08% |
33,402,275 |
|
Binaisha Zaveri |
7.92% |
5,285,000 |
|
Raashi Zaveri |
6.85% |
4,572,500 |
|
Smallcap World Fund,INC |
6.50% |
4,335,732 |
|
Bindu Zaveri |
5.25% |
3,500,000 |
Terms / rights attached to equity shares
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 as declared from time to time. The voting rights
of an equity sharerholders 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 |
31.03.2014 |
31.03.2012 |
31.03.2011 |
|
I.
EQUITY
AND LIABILITIES |
|
|
|
|
(1)Shareholders' Funds |
|
|
|
|
(a) Share Capital |
667.040 |
666.667 |
500.000 |
|
(b) Reserves & Surplus |
3809.650 |
3433.960 |
1095.755 |
|
(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) |
4476.690 |
4100.627 |
1595.755 |
|
|
|
|
|
|
(3)
Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
165.350 |
195.186 |
26.704 |
|
(b) Deferred tax liabilities (Net) |
0.000 |
0.000 |
0.000 |
|
(c) Other long term liabilities |
5.400 |
5.400 |
5.400 |
|
(d) long-term provisions |
57.412 |
57.217 |
38.687 |
|
Total Non-current Liabilities (3) |
228.162 |
257.803 |
70.791 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a) Short term borrowings |
5469.123 |
3944.841 |
2009.010 |
|
(b) Trade payables |
799.155 |
1716.246 |
871.776 |
|
(c) Other current
liabilities |
1974.761 |
1526.289 |
1064.700 |
|
(d) Short-term provisions |
209.028 |
266.289 |
213.544 |
|
Total Current Liabilities (4) |
8452.067 |
7453.665 |
4159.030 |
|
|
|
|
|
|
TOTAL |
13156.919 |
11812.095 |
5825.576 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a) Fixed Assets |
|
|
|
|
(i) Tangible assets |
921.218 |
841.728 |
472.777 |
|
(ii) Intangible Assets |
19.335 |
34.508 |
18.773 |
|
(iii) Capital
work-in-progress |
15.880 |
16.414 |
7.065 |
|
(iv)
Intangible assets under development |
0.000 |
0.000 |
0.000 |
|
(b) Non-current Investments |
30.262 |
30.262 |
30.251 |
|
(c) Deferred tax assets (net) |
66.758 |
51.911 |
33.828 |
|
(d) Long-term Loan and Advances |
118.521 |
100.641 |
87.673 |
|
(e) Other Non-current assets |
0.000 |
0.000 |
0.000 |
|
Total Non-Current Assets |
1171.974 |
1075.464 |
650.367 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a) Current investments |
0.000 |
0.000 |
0.000 |
|
(b) Inventories |
11118.838 |
10273.806 |
5018.971 |
|
(c) Trade receivables |
28.628 |
17.633 |
30.004 |
|
(d) Cash and cash
equivalents |
728.545 |
316.244 |
53.401 |
|
(e) Short-term loans and
advances |
85.340 |
126.703 |
29.645 |
|
(f) Other current assets |
23.594 |
2.245 |
43.188 |
|
Total Current Assets |
11984.945 |
10736.631 |
5175.209 |
|
|
|
|
|
|
TOTAL |
13156.919 |
11812.095 |
5825.576 |
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2014 |
31.03.2012 |
31.03.2011 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
18243.410 |
16583.377 |
13854.699 |
|
|
|
Other Income |
66.162 |
48.939 |
16.090 |
|
|
|
TOTAL (A) |
18309.572 |
16632.316 |
13870.789 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Cost of Materials Consumed |
14088.901 |
15627.438 |
9718.900 |
|
|
|
Purchases of Stock-in-Trade |
1977.783 |
2629.082 |
2488.665 |
|
|
|
Changes in inventories of finished goods, work-in-progress and
Stock-in-Trade |
(908.134) |
(4803.400) |
(783.602) |
|
|
|
Employees benefits expense |
614.121 |
551.032 |
457.460 |
|
|
|
Other expenses |
1143.530 |
1097.139 |
752.665 |
|
|
|
TOTAL (B) |
16916.201 |
15101.291 |
12634.088 |
|
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) BEFORE INTEREST, TAX,
DEPRECIATION AND AMORTISATION (A-B) (C) |
1393.371 |
1531.025 |
1236.701 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
463.497 |
214.942 |
314.822 |
|
|
|
|
|
|
|
|
|
|
PROFIT
/ (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
929.874 |
1316.083 |
921.879 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/ AMORTISATION (F) |
99.933 |
80.437 |
52.627 |
|
|
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) BEFORE TAX (E-F) (G) |
829.941 |
1235.646 |
869.252 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
279.352 |
385.636 |
297.321 |
|
|
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) AFTER TAX (G-H) (I) |
550.589 |
850.010 |
571.931 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
3433.960 |
1082.526 |
560.781 |
|
|
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
|
|
Transfer to General Reserve |
0.000 |
85.001 |
0.000 |
|
|
|
Proposed
Dividend |
0.000 |
150.000 |
50.000 |
|
|
|
Dividend Tax |
0.000 |
25.492 |
8.111 |
|
|
|
Excess provision of tax pertaining to
earlier years |
0.000 |
0.000 |
(7.925) |
|
|
|
Addition/(reduction) on option granted |
0.000 |
(6.046) |
0.000 |
|
|
|
Balance in Security Premium Account |
0.000 |
1669.733 |
(2.974) |
|
|
|
Balance General Reserve |
0.000 |
85.001 |
0.000 |
|
|
BALANCE CARRIED
TO THE B/S |
3984.549 |
3433.960 |
1095.755 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw Materials |
100.218 |
0.000 |
45.001 |
|
|
|
Accessories |
4.095 |
0.000 |
0.000 |
|
|
|
Diamond Jewellery |
0.000 |
0.000 |
8.405 |
|
|
|
Capital Goods |
0.000 |
0.000 |
0.000 |
|
|
|
Watches |
291.106 |
49.583 |
0.000 |
|
|
|
Packing Material |
0.204 |
2.158 |
0.000 |
|
|
TOTAL IMPORTS |
395.623 |
51.741 |
53.406 |
|
|
|
|
|
|
|
|
|
|
Earnings /
(Loss) Per Share (Rs.) |
8.25 |
12.74 |
8.57 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2014 |
31.03.2012 |
31.03.2011 |
|
|
|
|
|
|
|
Net Profit Margin PAT / Sales |
(%) |
3.02
|
5.13 |
4.13 |
|
|
|
|
|
|
|
Operating Profit Margin (PBDIT/Sales) |
(%) |
7.64
|
9.23 |
8.93 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
6.36 |
10.55 |
15.11 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.19 |
0.30 |
0.54 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
1.26 |
1.01 |
1.28 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.42 |
1.44 |
1.24 |
FINANCIAL ANALYSIS
[all figures are
in Rupees Millions]
DEBT EQUITY RATIO
|
Particular |
31.03.2012 |
31.03.2013 |
31.03.2014 |
|
|
(Rs.
In Millions) |
(Rs.
In Millions) |
(Rs.
In Millions) |
|
Share Capital |
500.000 |
666.667 |
667.040 |
|
Reserves & Surplus |
1095.755 |
3433.960 |
3809.650 |
|
Net
worth |
1595.755 |
4100.627 |
4476.690 |
|
|
|
|
|
|
long-term borrowings |
26.704 |
195.186 |
165.350 |
|
Short term borrowings |
2009.010 |
3944.841 |
5469.123 |
|
Total
borrowings |
2035.714 |
4140.027 |
5634.473 |
|
Debt/Equity
ratio |
1.276 |
1.010 |
1.259 |
YEAR-ON-YEAR GROWTH
|
Year
on Year Growth |
31.03.2012 |
31.03.2013 |
31.03.2014 |
|
|
(Rs.
In Millions) |
(Rs.
In Millions) |
(Rs.
In Millions) |
|
Sales |
13854.699 |
16583.377 |
18243.410 |
|
|
|
19.695 |
10.010 |
NET PROFIT MARGIN
|
Net
Profit Margin |
31.03.2012 |
31.03.2013 |
31.03.2014 |
|
|
(Rs.
In Millions) |
(Rs.
In Millions) |
(Rs.
In Millions) |
|
Sales |
13854.699 |
16583.377 |
18243.410 |
|
Profit |
571.931 |
850.010 |
550.589 |
|
|
4.13% |
5.13% |
3.02% |
LOCAL AGENCY FURTHER INFORMATION
Note: Current
maturity long term debt details are not available.
|
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 |
No |
|
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 |
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 |
INDEX OF CHARGES
|
S.No. |
Charge ID |
Date of Charge Creation/Modification |
Charge amount secured |
Charge Holder |
Address |
Service Request Number (SRN) |
|
1 |
10435598 |
28/03/2014 * |
7,045,000,000.00 |
State Bank of India |
Backbay Reclamation
Branch, Raheja chembers, Free |
C04872750 |
|
2 |
10379346 |
22/04/2013 * |
234,000,000.00 |
ICICI BANK LIMITED |
ICICI Bank Towers,
Bandra Kurla Complex,, Bandra |
B73967267 |
* Date of charge modification
UNSECURED LOANS
|
PARTICULAR |
31.03.2014 (Rs.
in Millions) |
31.03.2013 (Rs.
in Millions) |
|
LONG TERM
BORROWINGS |
|
|
|
Term Loan From Kotak Mahindra Bank |
19.262 |
0.000 |
|
|
|
|
|
SHORT TERM
BORROWINGS |
|
|
|
Loans repayable on
demand -
Working capital demand loan -
From directors -
From associates |
240.000 10.019 0.000 |
0.000 11.215 28.002 |
|
Others -
Gold borrowings |
377.541 |
0.000 |
|
Total |
269.281 |
39.217 |
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 & 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.
COMPANY OVERVIEW
TBZ - The Original
has a legacy that dates back to 149 years and 5 generations of the Zaveri
family. Having begun operations as a family jeweller, it has, over the years,
transitioned itself into a major marketer of branded gold and diamond studded
jewellery, with a market presence in 21 cities and 8 states. It has 27 stores
with a total of about 88,000 sq ft of retail space. Today, the Company is
professionally managed and is a Corporatised Public Limited entity.
The Company is a
major player in the wedding jewellery market and is known for its wide range of
eclectic designs, fine craftsmanship and purity of gold and diamonds. TBZ has a
team of 35 in-house designers and its own manufacturing facilities for
jewellery production. Every year, the team launches 8-10 new jewellery lines
that are new, unique and refreshing.
TBZ is a premium
player in the jewellery market and earns its premium because of its extensive
range of designs and its generations-old trust which it has nurtured through
the years. Over the years, and across generations, for hundreds of thousands of
families, a wedding always begins with an appointment at TBZ. This is a
tradition that we are expressly spreading to new cities, new customers and new
markets.
FINANCIAL PERFORMANCE
The Company has
reported revenue growth during the financial year 2013 - 2014. Total income
increased to Rs. 18309.572
Millions
from Rs. 16632.316 Millions in the previous financial year, at
a growth rate of 10.08%. The profit before tax
decreased to Rs. 829.941 Millions, down by
32.83% while
net profit after tax decreased to Rs. 550.589 Millions, down by 35.23%.
Sale of Gold Jewellery increased by 13.08% to Rs. 14042.302 Miilions as compared to Rs. 12418.314Millions during the previous financial year. Sale of Diamond-studded Jewellery decreased by 2.18% to Rs. 3770.121 Millions as compared to Rs. 3854.063 Millions during the previous financial year.
The Gross Profit Margin for the financial year 2013- 2014 has declined to 16.91% from 18.88% in the previous financial year. In the absolute term the Gross Profit has decreased by 1.45% to Rs. 3084.860 Millions as compared to Rs. 3130.257 Millions during the previous financial year.
The EBITDA for the financial year 2013 - 2014 has declined to 7.61% from 9.21% in the previous financial year.
During the current financial year, the company has opened two new showrooms in two cities and two states totaling the number of showrooms to twenty seven in twenty one cities and eight states.
MANAGEMENT DISCUSSION AND ANALYSIS
ECONOMIC OVERVIEW
The latter half of the year 2013-14 saw global activities showing signs of strengthening, with much of the impetus coming from advanced economies. The positive movement is expected to further improve in 2014–15. In contrast, many emerging market economies were challenged with a less favourable external financial environment and domestic hurdles. Overall, global growth is projected to touch around 3.7% in 2014-15, and rise further to 3.9% in 2014-15, largely on account on recovery in advance economies.
India saw the sharpest economic downturn in a decade due to a combination of slowing demand, high borrowing costs and stalled projects resulting from delays in securing mandatory government approvals. Lacklustre performance of the manufacturing and industrial sectors severely impacted industries dependent on domestic demand, right from metals, automobiles to capital goods and consumer durables. Fiscal profligacy, high interest rates and high inflation left very little headroom for the RBI to initiate a favourable growth-oriented interest rate regime, as it was imperative not to sacrifice long-term economic stability for short-term growth. The overall weakness in the economy impacted domestic sentiment, which resulted in subdued demand and consumption.
Currency fluctuations added to India’s fiscal woes during the year, which proved to be a volatile period for the Indian rupee. The QE taper announcement in May 2013 hinted at a possible recovery in the US, which saw foreign investors flee Indian shores and park their money in the US. The impact on the Indian currency was telling, as it plunged to an intra-day low of 68.85 on 28th August, 2013, a fall of nearly 34% since the start of 2013-14. This fall, coming in the backdrop of high current account deficit, stalled reforms and the ensuing sluggishness in economic activity further depressed the economic scenario. This was followed by curbs on gold imports, which subsequently reduced the demand for gold. However, being an unpopular move, this is unlikely to be sustainable in the longer run.
More recently, the pick-up in exports in recent months and measures to curb gold imports have contributed to lowering the current account deficit. Policy measures to bolster capital flows have further helped reduce external vulnerabilities. Overall, growth is expected to firm up on the back of policies supporting investment and thereby boosting confidence, as a result of the policy actions undertaken in the last quarter of the financial year. Consumer price inflation, which fell around December 2013, is also expected to further move downward even though it is expected to remain an important challenge in the months ahead.
As per IMF projections, India’s growth is expected to recover from 4.7% in 2013-14 to 5.4% in 2014-15 following indications of turnaround on account of the GDP growth bottoming out. The near term outlook is clearly expected
to improve, supported by better global growth, improving export competitiveness and implementation of recently approved investment projects. The formation of a strong and stable government at the Centre is further expected to augur well for India’s economy, as it is likely to initiate much-needed reforms, galvanise investors and spur economic growth. With this positivity, India’s growth rate is expected to increase to 6.4 per cent in 2014-15.
INDUSTRY OVERVIEW
The Gems and Jewellery industry plays an important role in
the Indian economy, given its ability to provide large-scale employment
potential, ability to generate high foreign exchange and value addition to
products.
· The industry provides direct employment to about 2.5 million people, which is comparable to IT services and basic Iron & Steel manufacturing and Automotive production. It is estimated that the industry has the potential to generate an additional 0.7-1.5 million jobs over a period of 5 years.
· The industry drove a product value addition of more than Rs. 990000.000 Millions, which is on par with other large industries.
· Exports to the tune of Rs. 2270000.000 Millions were recorded by the industry in 2012-13, higher than textiles and apparel exports.
DIAMONDS
As per a report published by ONCRA in November 2013, Changing Trends: Gems and Jewellery industry, India accounts for almost 50% of the supply of diamonds (comprising cut and polished diamonds, coloured gemstones,
gold jewellery, pearls, non-gold jewellery and fashion jewellery) to international markets. India’s Gems and Jewellery industry contributes nearly 55% in exports, 90% in volume and 80% of carats of the world’s net exports of cut and polished diamonds. The research further states that every 11 out of 12 diamonds sold around the world are processed in India, irrespective of their mining locations.
GOLD
In India, gold and precious metal jewellery enjoys a pivotal position of prominence in the lives of people cutting across economic statuses, and it continued to fare well in 2013-14. Despite the prevailing poor sentiment, prices of precious metals dropped by a mere 3% in 2013-14 on account of rupee depreciation and higher custom duties; the decline was, however, still more than double from what was witnessed during the financial crisis of 2008. The prices stabilised towards the end of the fiscal, which was primarily led by decline in global prices, quantitative easing measures in the US, import restrictions imposed by India and subdued consumer sentiment for the yellow metal.
Gold enjoys the second highest share of imports in the country, and its share has increased from 6% in 2002-03 to 11% in 2012-13. The high proportion of imports has also been driven by incremental value appreciation in gold prices. The prices appreciated to Rs. 0.030 Million 10 gms in 2002-13 from Rs. 0.005 Million per 10 gms in 2002-03, clocking a CAGR of 32% in value terms. As far as volumes are concerned, a CAGR of 5% has been recorded over the same period.
Gold exports could not keep pace with the increasing imports. This led to worsening of CAD (Current Account Deficit). In order to reduce the deficit, regulatory action has been taken to curb gold imports.
OUTLOOK OF THE GEMS AND JEWELLERY INDUSTRY
The sale of jewellery in the country is expected to experience higher growth rate in gems and jewellery consumption, based on the changing demographics that include the following:
· India’s rich and affluent class numbers are expected to surpass the adult populations of many countries in the next decade or so.
· The Indian middle class population is expected to reach 41% of the country’s total population by 2025.
· Per capita income is further expected to grow by 8-13% in the next 5 years.
· A shift is expected in the consumption baskets of customers to aspirational products from basic ones.
The jewellery consumption demand is expected to touch Rs.5000000.000 – 5350000.000 Millions by 2018. Adding to this, the investment demand in the form of bars and coins is also expected to reach about Rs. 1800000.000-1900000.000 Millions in 2018.
UNAUDITED FINANCIAL RESULTS
FOR THE QUARTER AND HALF YEAR ENDED 30TH SEPTEMBER, 2014
|
Sr. No. |
Particulars |
Quarter Ended |
Quarter Ended |
Half Year Ended |
|
30.09.2014 |
30.06.2014 |
30.09.2014 |
||
|
Unaudited |
Unaudited |
Unaudited |
||
|
Part I |
|
|
|
|
|
1. |
Income from
Operations |
|
|
|
|
|
a)
Sales / Income from Operations |
4262.296 |
4322.671 |
8584.967 |
|
|
b)
Other Operating Income |
0.929 |
0.950 |
1.879 |
|
|
Total
Income from Operations (net) |
4263.225 |
4323.621 |
8586.845 |
|
2. |
Expenditure |
|
|
|
|
|
a)
Cost of materials consumed |
3350.479 |
3159.032 |
6509.511 |
|
|
b)
Purchase of stock-in-trade |
421.553 |
380.268 |
801.821 |
|
|
c) Changes in inventories
of finished goods, work-in-progress and stock-in-trade |
(84.343) |
213.067 |
128.724 |
|
|
d)
Employee benefits expense |
164.942 |
136.431 |
301.373 |
|
|
e)
Depreciation and amortisation expense |
32.089 |
35.515 |
67.604 |
|
|
f)
Other expenses |
284.445 |
287.999 |
572.444 |
|
|
Total Expenses |
4169.165 |
4212.312 |
8381.477 |
|
3. |
Profit from Operations
before Other Income and Finance Costs (1-2) |
94.060 |
11.309 |
205.369 |
|
4. |
Other Income |
36.649 |
25.609 |
62.258 |
|
5. |
Profit
before finance costs (3+4) |
130.709 |
136.918 |
267.627 |
|
6. |
Finance Costs |
122.377 |
129.016 |
251.393 |
|
7. |
Profit/
Loss from Operation before other Income, Finance Costs and Exceptional (5-6) |
8.332 |
7.902 |
16.234 |
|
8. |
Exceptional
Items |
-- |
-- |
-- |
|
9. |
Prior Period Adjustment |
-- |
-- |
-- |
|
10. |
Profit/ (Loss) from ordinary activities
before tax (7-8-9) |
8.332 |
7.902 |
16.234 |
|
11. |
Tax
Expenses |
2.826 |
2.682 |
5.508 |
|
12. |
Net Profit from ordinary
activities after tax (10-11) |
5.506 |
5.220 |
10.726 |
|
13. |
Extraordinary
Items |
-- |
-- |
-- |
|
14. |
Net Profit for the period/year (12+13) |
5.506 |
5.220 |
10.726 |
|
15. |
Share Profit / (Loss) of Associates |
-- |
-- |
-- |
|
16. |
Minority Interest |
-- |
-- |
-- |
|
17. |
Net Profit after taxes, minority Interest
and shares of profit/(loss) of associates (14+15+16) |
5.506 |
5.220 |
10.726 |
|
18. |
Paid-up equity share capital (face value Rs. 10 per share) |
667.199 |
667.199 |
667.199 |
|
19. |
Reserve excluding Revaluation Reserves as
per balance sheet of previous accounting year |
|
|
|
|
20. |
Earning per equity shares |
|
|
|
|
|
(a) Basic |
0.08 |
0.08 |
0.16 |
|
|
(b) Diluted |
0.08 |
0.08 |
0.16 |
|
Part II |
|
|
|
|
|
A. |
PARTICULARS OF SHAREHOLDING |
|
|
|
|
|
Public
Shareholding |
|
|
|
|
|
- Number of Shares |
17,260,125 |
17,260,125 |
17,260,125 |
|
|
- Percentage of Shareholding |
25.87% |
25.87% |
25.87% |
|
|
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) |
-- |
-- |
-- |
|
|
b) Non
Encumbered |
|
|
|
|
|
- Number of Shares |
49,459,775 |
49,459,775 |
49,449,775 |
|
|
- Percentage of Shares (as a % of the Total Shareholding of Promoter
and Promoter Group) |
100% |
100% |
100% |
|
|
- Percentage of Shares (as a % of the Total Share Capital of the
Company) |
74.13% |
74.13% |
74.13% |
|
PARTICULARS |
For the quarter ended 30th September
2014 |
|
B INVESTORS COMPLAINTS |
|
|
Pending at the beginning of the quarter |
Nil |
|
Received during the quarter |
27 |
|
Disposed during the quarter |
27 |
|
Remaining unresolved at the end of the quarter |
Nil |
Note:
1. The above financial
results have been reviewed by the Audit Committee and approved by the Board of
Directors at their meeting held on November 04, 2014. 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.
2. As the Company's business activity falls
within a single segment viz, ‘Jewellery’, the disclosure requirements of the Accounting
Standard (AS) 17 “Segment Reporting”, notified under the Companies (Accounting
Standard) Rules, 2006 are not applicable.
3. With effect from April 01, 2014, the Company
has decided to follow the principles of cash flow hedge accounting as set out
in Accounting Standard 30 - Financial Instruments: Recognition and Measurement
issued by the Institute of Chartered Accountants of India, with respect to
commodity forward contracts entered by the Company to hedge the gold price
fluctuation risk on its highly probable cash flows from future sales
transactions. Accordingly, as at September 30, 2014 an amount of Rs 122.35 lacs
has been recognized as debit balance in 'Hedge Reserve Account' under Reserves
and Surplus on account of outstanding forward constracts against highly
probable forecasted sales, that qualify for hedge accounting.
4. On June 10, 2014, the Board has allotted
15,905 Equity Shares, on exercise of Options vested under 2nd tranche of ESOP
Scheme, viz. 'TBZ ESOP, 2011' and the Listing Approval for these Equity Shares
have been received from both Stock Exchanges w.e.f. June 18, 2014. On
allotment, the Paid-up Share Capital of the Company increased from Rs.
667,039,950 to Rs. 667,199,000 (i.e. from 66,703,995 Equity Shares to
66,719,900 Equity Shares).
5. The Company has assessed the useful life as
prescribed under Schedule 2 of Companies Act, 2013, the useful life of fixed
assets as determined by the Company is within the limits prescribed under
Schedule 2 and there is no impact of the same on the depreciation charge for
the quarter or the opening reserves.
6. Previous period's figures have been
reclassified / rearranged / regrouped, wherever necessary.
FIXED ASSETS
·
Land
·
Buildings
·
Plant and Equipment
·
Furniture and Fixture
·
Computer
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. 63.07 |
|
|
1 |
Rs. 98.73 |
|
Euro |
1 |
Rs. 77.46 |
INFORMATION DETAILS
|
Information
Gathered by : |
HET |
|
|
|
|
Analysis Done by
: |
KAR |
|
|
|
|
Report Prepared
by : |
JYO |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
6 |
|
OPERATING SCALE |
1~10 |
6 |
|
FINANCIAL
CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
6 |
|
--PROFITABILIRY |
1~10 |
4 |
|
--LIQUIDITY |
1~10 |
6 |
|
6--LEVERAGE |
1~10 |
6 |
|
--6RESERVES |
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 |
|
DEFAULTER |
|
|
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
TOTAL |
|
52 |
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.