MIRA
INFORM REPORT
|
Report Date : |
08.01.2014 |
IDENTIFICATION DETAILS
|
Name : |
TARA JEWELS LIMITED (w.e.f.16.09.2010) |
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Formerly Known
As : |
TARA JEWELS PRIVATE LIMITED (w.e.f.25.03.2009) TARA ULTIMO PRIVATE LIMITED |
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Registered
Office : |
Plot No.122, 15th Road, Near IDBI Bank, M.I.D.C., Andheri (East),
Mumbai – 400 093, Maharashtra |
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Country : |
India |
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Financials (as
on) : |
31.03.2013 |
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Date of
Incorporation : |
16.03.2001 |
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Com. Reg. No.: |
11-131252 |
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Capital
Investment / Paid-up Capital : |
Rs.245.775 Millions
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CIN No.: [Company Identification
No.] |
L52393MH2001PLC131252 |
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PAN No.: [Permanent Account No.] |
AABCT3846M |
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Legal Form : |
A Public Limited Liability Company. The Company’s Shares are Listed on
the Stock Exchanges. |
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Line of Business
: |
Manufacturer of Diamond And Gold Jewellery. |
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No. of Employees
: |
1726 (Approximately) |
RATING & COMMENTS
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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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Maximum Credit Limit : |
USD 19000000 |
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Status : |
Good |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
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Comments : |
Subject is a well –established company having fine track record. Financial position of the company is good. Trade relations are reported as fair. Business is active. Payments are
reported to be regular and as per commitments. The company can be considered normal for business dealings at usual
trade terms and conditions. |
NOTES :
Any query related to this report can be made
on e-mail : infodept@mirainform.com
while quoting report number, name and date.
INDIAN ECONOMIC OVERVIEW
India’s current
account deficit narrowed in the quarter ended September as government measures
to curb imports, especially gold, kicked in. The current account deficit,
the excess of a country’s imports of goods and services over exports, narrowed
to $ 5.2 billion from $ 21 billion in the year ago period, according to
provisional Reserve Bank of India data. Finance Minister P. Chidambaram said
the CAD for the year will be less than $ 60 billion or 3 per cent of GDP and
the latest data suggests the government may achieve the target.
India was ranked 94th
among the world’s most corrupt nations list. Denmark and New Zealand topped as
the cleanest while Somalia emerged as the most corrupt.
India’s services
sector activity witnessed a moderate improvement in November over the previous
month, even while indicating the fifth successive monthly contraction,
according the HSBC survey.
$53 million
estimated losses suffered by India due to phishing attacks during the third
quarter, according to a study by RSA. India ranks fourth in the list of nations
hit by phishing attacks. The US remained at the top of the charts. Phishing is
the process of acquiring information such as user names, passwords and credit
card details by sending e-mails disguised as official mails.
Rs.4080 million
worth of mobile-phone-based transactions by July 2013 compared to Rs.260
million in September, 2012, according to Deloitte report. The number of
transactions has shot up from 94000 to 701000.
India aims to earn
Rs.400000 million from the bandwidth auction set for January. The merger and
acquisition guidelines, cleared by a group of ministers, will be out before the
auction begins so that players can make informed decisions on the auctions.
EXTERNAL AGENCY RATING
|
Rating Agency Name |
CARE |
|
Rating |
Long Term (Fund Based) = BBB+ |
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Rating Explanation |
Have Moderate degree of safety and carry
moderate credit risk. |
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Date |
08.03.2013 |
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Rating Agency Name |
CARE |
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Rating |
Short Term (Non Fund Based) = A2 |
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Rating Explanation |
Have strong degree of safety and carry low
credit risk |
|
Date |
08.03.2013 |
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 PARTED BY
|
Name : |
Mr. Rakesh |
|
Designation : |
Accounts Executive |
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Contact No.: |
91-22-66417888 |
|
Date : |
07.01.2014 |
LOCATIONS
|
Registered Office/ Factory 1 : |
Plot No.122, 15th Road, Near IDBI Bank, M.I.D.C., Andheri (East),
Mumbai – 400 093, Maharashtra, India |
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Tel. No.: |
91-22-66417888 / 66417805 / 66417777 / 66774421 |
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Fax No.: |
91-22-66417888 / 66417712 |
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E-Mail : |
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Website : |
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Location : |
Owned |
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Corporate Office/ Factory 2: |
Plot 29(P) and 30(P), Sub Plot “A”, SEEPZ, SEZ, Andheri (East), Mumbai
– 400096, Maharashtra, India |
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Tel. No.: |
91-22-66774444 |
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Factory 3 : |
Unit No. GJ-7, SDF VII, SEEPZ SEZ Andheri (East), Mumbai – 400096, Maharashtra, India |
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Branch Office : |
Located at: · Pune · Mumbai · Goa |
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Store Locations : |
Located At: ·
Maharashtra ·
Delhi ·
Gujarat ·
Madhya
Pradesh ·
Rajasthan ·
Punjab ·
Goa |
DIRECTORS
As on 31.03.2013
|
Name : |
Mr. Rajeev Vasant Sheth |
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Designation : |
Promoter, Chairman and Managing Director |
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Address : |
3 Villa Ramona, 37A, Nepeansea Road, Mumbai - 400036, Maharashtra, India |
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Date of Birth/Age : |
16.11.1958 |
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Qualification : |
B.Com from Mumbai University and Diploma in Gemology from Gemological Institute of America |
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Experience : |
31 years |
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Date of Appointment : |
01.10.2010 |
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PAN No.: |
AAFPS7760Q |
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DIN No.: |
00266460 |
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Name : |
Mr. Vikram Vishnukumar Raizada |
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Designation : |
Executive Director and Chief Executive Officer (Retail) |
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Address : |
601, Hill Glade, Pali Road, Pali Naka, Bandra (West), Mumbai – 400050, Maharashtra, India |
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Date of Birth/Age : |
08.05.1966 |
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Qualification : |
B.A(Economics) from University of Mumbai and Degree in Business (Marketing) from University of Southern Queensland, Australia |
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Experience : |
20 years |
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Date of Appointment : |
03.09.2010 |
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PAN No.: |
ABYPR6115N |
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DIN No.: |
03196436 |
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Name : |
Ms. Nalini Varadarajan |
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Designation : |
Director – Finance |
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Address : |
A/6-3, Shree Ram Nagar, S.V Road, Andheri (West), Mumbai – 400058, Maharashtra, India |
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Date of Birth/Age : |
29.08.1964 |
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Date of Appointment : |
06.10.2009 |
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PAN No.: |
AARPV0350R |
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DIN No.: |
02922199 |
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Name : |
Ms. Fern Joy Mallis |
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Designation : |
Non-Executive Independent Director |
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Address : |
40 E 68 ST 5B, New York NY 10021 |
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Date of Birth/Age : |
26.03.1948 |
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Date of Appointment : |
20.09.2010 |
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DIN No. : |
03270532 |
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Name : |
Mr. Rajiv Lochan Jain |
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Designation : |
Non-Executive Independent Director |
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Address : |
402, Aralias DLF Golf Links DLF City Phase 5, Gurgaon – 122009, Haryana, India |
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Date of Birth/Age : |
01.01.1951 |
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Date of Appointment : |
20.09.2010 |
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DIN No. : |
00161022 |
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Name : |
Mr. Rakesh Kalra |
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Designation : |
Non-Executive Independent Director |
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Address : |
1st Floor, B14, Girgaon Terraces, Benham Hall, Opera House, Mumbai – 400004, Maharashtra, India |
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Date of Birth/Age : |
11.09.1949 |
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Date of Appointment : |
20.09.2010 |
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PAN No.: |
AHVPK6066E |
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DIN No. : |
00780354 |
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Name : |
Mr. Nikkhil Vaidya |
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Designation : |
Non-Executive Independent Director |
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Address : |
3, Villa Ramona, 37-A, Nepeansea Road, Mumbai – 400036, Maharashtra, India |
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Date of Birth/Age : |
05.05.1959 |
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Date of Appointment : |
20.09.2010 |
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DIN No. : |
02942549 |
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Name : |
Mr. Shanti Saroop Khindria |
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Designation : |
Non-Executive Independent Director |
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Address : |
2, Parsons Green Lane, Fulham London, united Kingdom SW64HS |
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Date of Birth/Age : |
12.08.1954 |
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Date of Appointment : |
20.09.2010 |
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PAN No.: |
ALKPK2980Q |
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DIN No. : |
03271292 |
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Name : |
Mr. Sandro Brodbeck |
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Designation : |
Non-Executive Non-Independent Director |
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Experience : |
15 Years |
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Name : |
Mr. Francois Arpels |
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Designation : |
Non-Executive Independent Director |
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Experience : |
25 Years |
KEY EXECUTIVES
|
Name : |
Mr. Amol Arvind Raje |
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Designation : |
Company Secretary |
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Address : |
A-503, Urvi Park, Opposite Oswal Park, Pokharan Road No. 2, Thane –
400601, Maharashtra, India |
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Date of Birth/Age : |
08.03.1981 |
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Date of Appointment : |
10.05.2010 |
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PAN No.: |
AHGPR5072G |
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Name : |
Ms. Aarti Sheth |
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Designation : |
General Manager |
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|
Name : |
Mr. Matthew Fortgang |
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Designation : |
President - Sales At Fabrikant Tara International LLC, USA |
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Name : |
Mr. Jeffrey Shlakman |
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Designation : |
President - Merchandising And Product Development |
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Name : |
Mr.
Leonard Meyer |
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Designation : |
President – Sales |
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Name : |
Mr. Alexandre Olive |
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Designation : |
Vice President - Sales and Business Development |
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Name : |
Mr. Rakesh |
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Designation : |
Accounts Executive |
SHAREHOLDING PATTERN
As on 30.09.2013
|
Category
of Shareholder |
No. of Shares |
Percentage of
Holding |
|
(A) Shareholding of Promoter and Promoter Group |
|
|
|
|
|
|
|
|
14726398 |
59.81 |
|
|
33600 |
0.14 |
|
|
14759998 |
59.94 |
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|
|
|
|
Total shareholding of Promoter and Promoter Group (A) |
14759998 |
59.94 |
|
(B) Public Shareholding |
|
|
|
|
|
|
|
|
806470 |
3.28 |
|
|
798740 |
3.24 |
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|
4391777 |
17.84 |
|
|
5996987 |
24.36 |
|
|
|
|
|
|
829009 |
3.37 |
|
|
|
|
|
|
767275 |
3.12 |
|
|
182731 |
0.74 |
|
|
2086850 |
8.48 |
|
|
7295 |
0.03 |
|
|
1996521 |
8.11 |
|
|
38915 |
0.16 |
|
|
43528 |
0.18 |
|
|
591 |
0.00 |
|
|
3865865 |
15.70 |
|
Total Public shareholding (B) |
9862852 |
40.06 |
|
Total (A)+(B) |
24622850 |
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) |
24622850 |
0.00 |
Shareholding of securities (including shares, warrants, convertible
securities) of persons belonging to the category Promoter and Promoter Group
|
Category
of Shareholder |
No. of Shares |
Percentage of
Holding |
|
Rajeev Sheth |
1,44,82,893 |
58.82 |
|
Aarti Sheth |
1,14,440 |
0.46 |
|
Divya Sheth |
1,14,440 |
0.46 |
|
Divya Jewles International Private Limited |
33,600 |
0.14 |
|
Purnima Rajeev Sheth |
14,625 |
0.06 |
|
Total |
1,47,59,998 |
59.94 |
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
|
Category
of Shareholder |
No. of Shares |
Percentage of Holding |
|
Crystalon Finanz AG |
1800000 |
7.31 |
|
DB International (Asia) Limited |
899779 |
3.65 |
|
Univesities Super Annuation Scheme Limited As Trustee on Universities
Superannuation Scheme |
999857 |
4.06 |
|
AXIS Bank Limited |
798740 |
3.24 |
|
ICICI Prudential FMCG Funds |
599603 |
2.44 |
|
HSBC Global Investments Funds A/c HSBC Global Investment Funds
Mauritius Limited |
923537 |
3.75 |
|
The Master Trust Bank of Japan Ltd A/c HSBC Indian Equity Mother fund |
512248 |
2.08 |
|
Copthall Mauritius Investment Limited |
724637 |
2.94 |
|
Enam Shares & Securities Private Limited |
355515 |
1.44 |
|
Total |
7613916 |
30.92 |
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
|
Category
of Shareholder |
No. of Shares |
Percentage of
Holding |
|
Crystalon Finanz AG |
1800000 |
7.31 |
|
Total |
1800000 |
7.31 |
Details of Locked-in Shares
|
Category
of Shareholder |
No. of Shares |
Percentage of
Holding |
|
Aarti Sheth |
1,14,440 |
0.46 |
|
Alpana Deo |
3 |
0.00 |
|
Crystalon Finanz Ag |
18,00,000 |
7.31 |
|
Divya Jewles International Private Limited |
33,600 |
0.14 |
|
Divya Sheth |
1,14,440 |
0.46 |
|
Fabrikant H K Trading Limited |
1,96,521 |
0.80 |
|
Purnima Rajeev Sheth |
14,625 |
0.06 |
|
Rajeev Sheth |
1,44,82,893 |
58.82 |
|
Total |
1,67,56,522 |
68.05 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer of Diamond And Gold Jewellery. |
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Products : |
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Terms : |
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Selling : |
L/C/ Cash / Credit |
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Purchasing : |
L/C/ Cash / Credit |
GENERAL INFORMATION
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Customers : |
Wholesalers, Retailers, End Users |
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No. of Employees : |
1726 (Approximately) |
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Bankers : |
· Punjab National Bank, Offshore Banking Unit, Seepz, Andheri (East), Mumbai – 400096, Maharashtra, India · State Bank of India, Seepz Branch, Andheri (East), Mumbai – 400096, Maharashtra, India · Central Bank of India, Industrial Finance Branch, Chander Mukhi, Ground Floor, Nariman Point, Mumbai – 400021, Maharashtra, India · Axis Bank Limited, Nariman Point Branch, Atlanta Ground Floor, Nariman Point, Mumbai-400021, Maharashtra, India · Union Bank of India, Overseas Branch, Seepz, Block No II., Jogeshwari-Vikhroli Link Road, Marol Industrial Area, Andheri, Mumbai-400096, Maharashtra, India · Vijaya Bank, Overseas Branch, Make Chamber IV, Nariman Point, Mumbai – 400021, Maharashtra, India |
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Facilities : |
(Rs.
In Millions)
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Banking
Relations : |
-- |
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Auditors : |
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|
Name : |
C. B. Chhajed and Company Chartered Accountants |
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Address : |
DGP House, Ground Floor, 88-C, Old Prabhadevi Road, Mumbai – 400025,
Maharashtra, India |
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Tel No.: |
91-22-43445300/ 24226830 |
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Fax No.: |
91-22-43445344 |
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Email : |
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Website : |
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PAN No.: |
AAAFC3565E |
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Subsidiaries : |
· Fabrikant Tara International LLC. · Tara Jewels Holding Inc. · Tara (Hong Kong) Limited · Tara China Jewelery Limited · Tara Jewels Honduras, Sociedad de Responsabilidad Limitada |
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Entities in which
Key Managerial Personnel/ their relatives have significant influence or
control : |
· F. T. Diamonds · Divya Jewels International Private Limited · Divya Real Estate Private Limited · Aarti Jewellers Private Limited · Karan Arjun Jewellery Private Limited · Tara Duniya Corporation |
CAPITAL STRUCTURE
As on 04.09.2013
Authorised Capital : Rs.300.000 Millions
Issued, Subscribed & Paid-up Capital : Rs.246.229
Millions
As on 31.03.2013
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
30000000 |
Equity Shares |
Rs.10/- each |
Rs.300.000 Millions |
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|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
24577482 |
Equity Shares |
Rs.10/- each |
Rs.245.775 Millions |
|
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RECONCILIATION OF EQUITY SHARES
OUTSTANDING
|
Particulars |
No. of Shares |
Rs. In Millions |
|
As at the beginning of the year |
18,000,000 |
180000 |
|
Add: |
|
|
|
Issue of shares |
6,560,869 |
65,609 |
|
Allotment of shares under ESOP |
16,613 |
0.166 |
|
As at the end of the year |
24,577,482 |
245775 |
DETAILS OF SHARES FOR THE PERIOD OF
FIVE YEARS IMMEDIATELY PRECEEDING THE REPORTING DATE
|
Particulars |
No. of Shares |
|
(i) Alloted as fully paid up pursuant to contract without payment being received in cash |
|
|
- pursuant to scheme of merger during the year ended March 31, 2009 |
3,062,413 |
|
(ii) Alloted as fully paid up by way of bonus shares during the year ended March 31, 2011 |
5,923,707 |
|
(iii) Cancellation of shares pursuant to scheme of merger during the year ended March 31, 2009 |
75,000 |
DETAILS OF SHAREHOLDERS HOLDING
MORE THAN 5% SHARES OF THE COMPANY
|
Name of Shareholder |
No. of Shares |
% |
|
Mr. Rajeev Sheth |
14,482,893 |
58.93 |
|
Fabrikant H.K. Trading Limited |
-- |
-- |
|
Crystalon Finanz AG |
1,800,000 |
7.32 |
Terms / rights attached to equity
shares
The
Company has only one class of equity shares having a par value of Rs.10 per
share. Each holder of equity shares is entitled to one vote per share and dividend
in indian rupees, if proposed by the Board of Directors, which is subject to
the approval of the shareholders in the ensuing Annual General Meeting.
In the
event of liquidation of the Company, the holders of equity shares will be
entitled to receive remaining assets of the Company, after distribution of all
preferential amounts. The distribution will be in proportion to the number of
equity shares held by the shareholders.
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
|
31.03.2013 |
31.03.2012 |
|
I.
EQUITY
AND LIABILITIES |
|
|
|
|
(1)Shareholders' Funds |
|
|
|
|
(a) Share Capital |
|
245.775 |
180.000 |
|
(b) Reserves & Surplus |
|
4556.143 |
2540.302 |
|
(c) Money
received against share warrants |
|
0.000 |
0.000 |
|
|
|
|
|
|
(2) Share Application money pending allotment |
|
0.000 |
0.000 |
|
Total
Shareholders’ Funds (1) + (2) |
|
4801.918 |
2720.302 |
|
|
|
|
|
|
(3) Non-Current
Liabilities |
|
|
|
|
(a) long-term borrowings |
|
62.709 |
69.395 |
|
(b) Deferred tax liabilities (Net) |
|
0.000 |
9.272 |
|
(c) Other long term liabilities |
|
0.000 |
0.000 |
|
(d) long-term provisions |
|
35.286 |
33.714 |
|
Total Non-current Liabilities (3) |
|
97.995 |
112.381 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a) Short term borrowings |
|
2499.091 |
2502.234 |
|
(b) Trade payables |
|
2822.154 |
3401.652 |
|
(c) Other current
liabilities |
|
112.692 |
116.721 |
|
(d) Short-term provisions |
|
73.086 |
114.671 |
|
Total Current Liabilities (4) |
|
5507.023 |
6135.278 |
|
|
|
|
|
|
TOTAL |
|
10406.936 |
8967.961 |
|
|
|
|
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II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a) Fixed Assets |
|
|
|
|
(i) Tangible assets |
|
721.732 |
745.142 |
|
(ii) Intangible Assets |
|
30.450 |
12.094 |
|
(iii) Capital
work-in-progress |
|
8.521 |
1.365 |
|
(iv) Intangible
assets under development |
|
0.000 |
0.000 |
|
(b) Non-current Investments |
|
169.474 |
41.809 |
|
(c) Deferred tax assets (net) |
|
8.751 |
0.000 |
|
(d) Long-term Loan and Advances |
|
128.276 |
35.669 |
|
(e) Other Non-current assets |
|
0.000 |
0.000 |
|
Total Non-Current Assets |
|
1067.204 |
836.079 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a) Current investments |
|
0.000 |
0.000 |
|
(b) Inventories |
|
5759.924 |
5145.607 |
|
(c) Trade receivables |
|
2376.008 |
2644.773 |
|
(d) Cash and cash
equivalents |
|
1073.818 |
188.749 |
|
(e) Short-term loans and
advances |
|
118.284 |
106.375 |
|
(f) Other current assets |
|
11.688 |
46.378 |
|
Total Current Assets |
|
9339.722 |
8131.882 |
|
|
|
|
|
|
TOTAL |
|
10406.936 |
8967.961 |
|
SOURCES OF FUNDS |
|
|
31.03.2011 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
|
|
180.000 |
|
|
2] Share Application Money |
|
|
0.000 |
|
|
3] Reserves & Surplus |
|
|
2033.112 |
|
|
4] (Accumulated Losses) |
|
|
0.000 |
|
|
NETWORTH |
|
|
2213.112 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
|
|
1930.908 |
|
|
2] Unsecured Loans |
|
|
77.397 |
|
|
TOTAL BORROWING |
|
|
2008.305 |
|
|
DEFERRED TAX LIABILITIES |
|
|
10.669 |
|
|
|
|
|
|
|
|
TOTAL |
|
|
4232.085 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
|
|
658.255 |
|
|
Capital work-in-progress |
|
|
18.607 |
|
|
Goodwill on Investments Associates |
|
|
10.808 |
|
|
|
|
|
|
|
|
INVESTMENT |
|
|
|
|
|
DEFERREX TAX ASSETS |
|
|
49.018 |
|
|
|
|
|
0.000 |
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
|
|
3903.194
|
|
|
Sundry Debtors |
|
|
2354.991
|
|
|
Cash & Bank Balances |
|
|
234.533
|
|
|
Other Current Assets |
|
|
0.000
|
|
|
Loans & Advances |
|
|
139.798
|
|
Total
Current Assets |
|
|
6632.516
|
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditor |
|
|
3072.442
|
|
|
Other Current Liabilities |
|
|
71.764
|
|
|
Provisions |
|
|
24.807
|
|
Total
Current Liabilities |
|
|
3169.013
|
|
|
Net Current Assets |
|
|
3463.503
|
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
|
|
31.894 |
|
|
|
|
|
|
|
|
TOTAL |
|
|
4232.085 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
13835.994 |
12799.017 |
10931.126 |
|
|
|
Other Income |
44.680 |
15.717 |
12.155 |
|
|
|
TOTAL (A) |
13880.674 |
12814.734 |
10943.281 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Cost of materials consumed |
7702.616 |
5010.068 |
5132.912 |
|
|
|
Purchases of Stock-in-trade |
4375.067 |
5894.157 |
5304.944 |
|
|
|
Changes in inventories of finished goods, work-in-progress and stock-in-trade |
(520.925) |
(333.646) |
(1358.095) |
|
|
|
Employee Benefit Expenses |
343.856 |
352.196 |
289.475 |
|
|
|
Other expenses |
566.257 |
655.423 |
641.854 |
|
|
|
TOTAL (B) |
12466.871 |
11578.198 |
10011.090 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
1413.803 |
1236.536 |
932.191 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
429.403 |
429.194 |
303.922 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
984.400 |
807.342 |
628.269 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
129.888 |
132.984 |
118.061 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) (G) |
854.512 |
674.358 |
510.208 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
192.089 |
167.167 |
112.972 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-H) (I) |
662.423 |
507.191 |
397.236 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
1731.814 |
1400.903 |
1221.284 |
|
|
|
|
|
|
|
|
|
Add |
SEZ reinvestment allowance reserve utilised |
102.755 |
43.160 |
0.000 |
|
|
|
|
|
|
|
|
|
Less |
Transfer to SEZ reinvestment allowance reserve |
295.510 |
219.440 |
217.617 |
|
|
|
|
|
|
|
|
|
|
BALANCE CARRIED
TO THE B/S |
2201.482 |
1731.814 |
1400.903 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
Export Earnings |
10756.718 |
10133.040 |
8734.785 |
|
|
|
Freight |
6.780 |
8.945 |
7.097 |
|
|
TOTAL EARNINGS |
10763.498 |
10141.985 |
8741.882 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw Materials |
2109.604 |
1032.637 |
1949.631 |
|
|
|
Trading goods |
2362.009 |
2557.450 |
0.000 |
|
|
|
Components and spare parts |
28.195 |
15.667 |
47.356 |
|
|
|
Capital goods |
76.719 |
32.297 |
29.357 |
|
|
TOTAL IMPORTS |
4576.527 |
3638.051 |
2026.344 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
32.20 |
28.18 |
22.19 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
PAT / Total Income |
(%) |
4.77
|
3.96 |
3.63
|
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
6.18
|
5.27 |
4.67
|
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
8.36
|
7.56 |
7.00
|
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.18
|
0.25 |
0.23
|
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt /Networth) |
|
0.53
|
0.95 |
0.91
|
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.70
|
1.33 |
2.09
|
LOCAL AGENCY FURTHER INFORMATION
CURRENT MATURITY
OF LONG TERM DEBT
|
PARTICULARS |
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
Current Maturity Of Long Term Borrowings |
27.712 |
20.193 |
2.090 |
|
|
|
|
|
|
Total |
27.712 |
20.193 |
2.090 |
|
Sr. No. |
Check List by Info
Agents |
Available in Report (Yes / No) |
|
1] |
Year of Establishment |
Yes |
|
2] |
Locality of the firm |
Yes |
|
3] |
Constitutions of the firm |
Yes |
|
4] |
Premises details |
No |
|
5] |
Type of Business |
Yes |
|
6] |
Line of Business |
Yes |
|
7] |
Promoter's background |
Yes |
|
8] |
No. of employees |
Yes |
|
9] |
Name of person contacted |
Yes |
|
10] |
Designation of contact person |
Yes |
|
11] |
Turnover of firm for last three years |
Yes |
|
12] |
Profitability for last three years |
Yes |
|
13] |
Reasons for variation <> 20% |
---------------------- |
|
14] |
Estimation for coming financial year |
No |
|
15] |
Capital in the business |
Yes |
|
16] |
Details of sister concerns |
Yes |
|
17] |
Major suppliers |
No |
|
18] |
Major customers |
No |
|
19] |
Payments terms |
Yes |
|
20] |
Export / Import details (if applicable) |
No |
|
21] |
Market information |
---------------------- |
|
22] |
Litigations that the firm / promoter involved in |
---------------------- |
|
23] |
Banking Details |
Yes |
|
24] |
Banking facility details |
Yes |
|
25] |
Conduct of the banking account |
---------------------- |
|
26] |
Buyer visit details |
---------------------- |
|
27] |
Financials, if provided |
Yes |
|
28] |
Incorporation details, if applicable |
Yes |
|
29] |
Last accounts filed at ROC |
Yes |
|
30] |
Major Shareholders, if available |
Yes |
|
31] |
Date of Birth of Proprietor/Partner/Director, if available |
Yes |
|
32] |
PAN of Proprietor/Partner/Director, if available |
Yes |
|
33] |
Voter ID No of Proprietor/Partner/Director, if available |
No |
|
34] |
External Agency Rating, if available |
Yes |
UNSECURED LOAN
Rs.
In Millions
|
Particular |
As
on 31.03.2013 |
As
on 31.03.2012 |
|
LONG-TERM BORROWINGS |
|
|
|
Term loan from Others |
13.448 |
0.000 |
|
SHORT-TERM BORROWINGS |
|
|
|
Loan from related party |
75.354 |
110.047 |
|
Total |
88.802 |
110.047 |
MANAGEMENT DISCUSSION AND ANALYSIS
ECONOMIC SCENARIO
GLOBAL ECONOMY
The financial
year 2012-13 saw various challenges emanating from the Eurozone crisis, the US
fiscal cliff and slowdown in the emerging economies. The economic activities
remained subdued with diverging growth trajectories across different economies.
However, there have been signs of revival with the economic indicators gaining
traction in the US and improving customer sentiments in Eurozone. Emerging
economies are also showing resilience. Amid adversities, China witnessed GDP
growth of around 7.50% for two consecutive quarters of 2013. With the
commitment of the governments of various countries to long-term growth, things
are likely to improve going ahead.
INDIAN OVERVIEW
Driven by an array of cultural, social and demographic aspects, the jewellery industry is one of the fastest growing industries in India. It propels India’s foreign exchange earnings forming about 14% of total exports. The gems and jewellery industry contribution to India’s foreign exchange treasury stands at USD 2,132.82 million in 2012-13, a growth of 154% over the last financial year (Source: Gems and Jewellery Export Promotion Council). The industry provides employment to around 3.40 million workers. The market size is estimated to grow at a CAGR of 12-15% to reach Rs.3,000 billion by 2013-14.
OUTLOOK
Robust
customer demand, increasing per capita income and rising women workforce are
likely to play a major role in driving India’s gems and jewellery industry
forward in the years to come. Besides, favourable demographics, evolving customer
preferences and an organised retail sector are also expected to help the growth
of the industry. With the introduction of RBI’s new import policy 20:80
principle to curb gold imports, Indian gold exporters are likely to benefit.
Despite adverse economic conditions overall, the industry is expected to
witness a CAGR of 16.26% between 2012 and 2017, riding on the above-mentioned
factors.
TOTAL INCOME
The
Company’s total revenue has increased by 16.90% from Rs.139910.000 millions in
2011-12 to Rs.163550.000 millions in 2012-13. Stores expansion and launch of
exquisite new collections contributed to topline growth. The Company was able
to maintain the strong growth momentum driven by higher volumes and better
operational efficiency.
CONTINGENT LIABILITIES:
(Rs. in millions)
|
PARTICULARS |
31.03.2013 |
31.03.2012 |
|
Claims against the Company not acknowledged as debts in respect of : |
|
|
|
a. Custom duty matter |
1.901 |
1.901 |
|
b. Property tax |
1.366 |
0.342 |
|
c. Service tax matter |
6.728 |
6.728 |
|
Corporate Guarantee given by the Company to the bankers of a subsidiary company |
326.340 |
153.480 |
|
Bills discounted |
1634.111 |
2187.753 |
|
Total |
1970.446 |
2350.204 |
INDEX OF CHARGES
|
S. No. |
Charge ID |
Date of Charge
Creation/Modification |
Charge amount
secured |
Charge Holder |
Address |
Service Request
Number (SRN) |
|
1 |
10459644 |
26/10/2013 |
55,000,000.00 |
BANK OF INDIA |
SEEPZ MID CORPORATE BR,BEHIND SEEPZ SERVICE CENTRE, MAROL INDUSTRIAL AREA, SEEPZ, MUMBAI, MAHARASHTRA - 400096, INDIA |
B89312847 |
|
2 |
10457529 |
15/10/2013 |
50,000,000.00 |
PUNJAB NATIONAL BANK |
SEEPZ BRANCH,
ANDHERI (EAST), MUMBAI, MAHARASHTRA |
B88517271 |
|
3 |
10444585 |
29/07/2013 |
100,000,000.00 |
AXIS BANK LIMITED |
NARIMAN POINT BRANCH, ATLANTA, GROUND FLOOR, NARIMAN POINT, MUMBAI, MAHARASHTRA - 400021, INDIA |
B82893546 |
|
4 |
10431992 |
24/05/2013 |
100,000,000.00 |
BANK OF INDIA |
SEEPZ MID CORPORATE BR,BEHIND SEEPZ SERVICE CENTRE, MAROL INDUSTRIAL AREA, SEEPZ, MUMBAI, MAHARASHTRA - 400096, INDIA |
B77473312 |
|
5 |
10431609 |
09/05/2013 |
555,000,000.00 |
VIJAYA BANK |
OVERSEAS BRANCH, MAKE CHAMBER IV, NARIMAN POINT, MUMBAI, MAHARASHTRA - 400021, INDIA |
B77316982 |
|
6 |
10433806 |
07/05/2013 |
100,000,000.00 |
STATE BANK OF PATIALA |
BLOCK NO. 1 GALA NO. 2, SEEPZ -SEZ ANDHERI EAST, MUMBAI, MAHARASHTRA - 400096, INDIA |
B78280104 |
|
7 |
10391695 |
25/10/2012 |
100,000,000.00 |
PUNJAB NATIONAL BANK |
SEEPZ ANDHERI (EAST), MUMBAI, MAHARASHTRA - 400096, INDIA |
B64021595 |
|
8 |
10377505 |
08/08/2012 |
150,000,000.00 |
AXIS BANK LIMITED |
NARIMAN POINT BRANCH, ATLANTA, GROUND FLOOR, NARIMAN POINT, MUMBAI, MAHARASHTRA - 400021, INDIA |
B58477332 |
|
9 |
10366559 |
30/06/2012 |
100,000,000.00 |
PUNJAB NATIONAL BANK |
OFFSHORE BANKING UNIT, SEEPZ, ANDHERI (EAST), MUMBAI, MAHARASHTRA - 400096, INDIA |
B44191344 |
|
10 |
10363318 |
10/05/2012 |
300,000,000.00 |
CENTRAL BANK OF INDIA |
INDUSTRIAL FINANCE
BRANCH, CHANDER MUKHI, GROUND |
B42755793 |
* Date of charge modification
UNAUDITED STANDALONE FINANCIAL RESULTS FOR THE QUARTER AND HALF
YEAR ENDED SEPTEMBER 30, 2013
Rs. In Millions
|
|
|
Quarter Ended |
Half Year Ended |
|
|
Sr. No. |
Particulars |
30.09.2013 Unaudited |
30.06.2013 Unaudited |
30.09.2013 Unaudited |
|
1 |
Income from
Operations |
|
|
|
|
|
a) Net Sales |
3421.421 |
2753.679 |
6175.100 |
|
|
b| Other Operating Income |
- |
- |
- |
|
|
Total Income from
operations |
3421.421 |
2753.679 |
6175.100 |
|
2 |
Expenses |
|
|
|
|
|
a) Cost of Material Consumed |
27,66.226 |
1808.330 |
4574.556 |
|
|
b) Purchase of Traded Goods |
702.332 |
777.198 |
1480.030 |
|
|
c) Changes in inventories of finished goods, work-in-progress and stock -in-trade |
(635.298) |
(397.647) |
(1032.945) |
|
|
d) Employee benefits expense |
109.739 |
110.009 |
219.748 |
|
|
e) Depreciation and Amortisation expense |
46.372 |
43.904 |
90.276 |
|
|
f) Other Expenses |
201.876 |
139.175 |
391.051 |
|
|
Total Expenses |
3191.747 |
2530.969 |
5722.716 |
|
3 |
Profit from
Operations before other income, finance costs and exceptional items (1 - 2) |
229.674 |
222.710 |
452.384 |
|
4 |
Other Income |
8.766 |
16.093 |
24.859 |
|
5 |
Profit from
ordinary activities before finance costs and exceptional items (3 + 4) |
238.440 |
238.803 |
477.243 |
|
e |
Finance Costs |
116.348 |
108.924 |
225.272 |
|
7 |
Profit from
ordinary activities after finance costs before exceptional items (5 - 6} |
122.092 |
129.879 |
251.971 |
|
6 |
Exceptional Items - Expenditure 1 (Income! |
- |
- |
- |
|
9 |
Profit from
Ordinary Activities before tax (7 - 8) |
122.092 |
129.879 |
251.971 |
|
10 |
Tax Expense |
40.508 |
39.600 |
30.103 |
|
11 |
Net Profit from
Ordinary Activities after tax (9 -10) |
81.584 |
90.279 |
171.853 |
|
12 |
Extraordinary items |
- |
- |
- |
|
13 |
Net Profit for the
period/year (11 • 12) |
31.584 |
90.279 |
171.863 |
|
14 |
Paid-up Equity Share Capital (Face Value Rs. 10 each) |
246.229 |
245.775 |
246.229 |
|
15 |
Reserves Excluding Revaluation Reserves as per Balance Sheet of previous accounting year |
|
|
|
|
16 |
Earning Per Share (before extraordinary items) in Rs. |
|
|
|
|
|
(a) Basic |
3.32 |
3.67 |
6.99 |
|
|
(b) Diluted |
3.32 |
3.67 |
6.99 |
|
17 |
Earning Per Share (after extraordinary items) in Rs. (a) Basic |
|
|
|
|
|
(a) Basic |
3.32 |
3.67 |
6.99 |
|
|
(b) Diluted |
3.32 |
'3.67 |
6.99 |
|
A |
PARTICULARS OF
SHAREHOLDING |
|
|
|
|
|
1-Public Share
Holding |
|
|
|
|
|
- Number of Shares |
9,862.852 |
9.817,484 |
9.862,852 |
|
|
- Percentage of Shareholding |
40.06 |
39.94 |
40.08 |
|
|
|
|
|
|
|
|
2-Promoter and
Promoter Group Shareholding |
|
|
|
|
|
a) Pledoed / Encumbered |
|
|
|
|
|
- Number of Shares |
- |
- |
- |
|
|
- Percentage of Shareholding (as a % of the total shareholding of promoter and promoter group) |
- |
- |
- |
|
|
- Percentage of Shares (as a % of total share capital of the Company) |
- |
- |
- |
|
|
b) Non - Pledoed /
Encumbered |
|
|
|
|
|
- Number of Shares |
14,759.998 |
14.759,993 |
14.759,998 |
|
|
- Percentage of Shares (as a % of total shareholding of promoter and promoters group) |
100.00 |
100.00 |
100.00 |
|
|
- Percentage of Shares (as a % of total share capital of the Company) |
53.34 |
60.06 |
59.94 |
|
B |
Number of
Complaints |
|
|
|
|
|
Opening Balance |
NIL |
|
|
|
|
Additions |
NIL |
|
|
|
|
Disposals |
NIL |
|
|
|
|
Closing Balance |
NIL |
|
|
Notes
The above financial results were reviewed by the Aud't Committee end Thereafter approved by The Board of Directors at its meeting held on November 12. 2013. The Statutory Auditors have carried out a limited review of these results as per clause 41 of the Listing Agreement.
2 Since the Company was listed on December 6, 2012. it was not required to publish the quarterly results for the quarter and half year ended September 30. 2012. The information provided above for quarter and half year ended September 30, 2012 are based on the financial of the Company and has not been reviewed by the Statutory Auditors in accordance with Clause 41 ot the Listing Agreement
3. Details of utilisation ot funds out of proceeds of the Initial Public Offer (IPO) and Pre-lPO as on September 30, 2013 are as follows:
Rs. In Millions
|
Particulars |
Utilisation planned as per Prospectus |
Amount Utilised till 30.09.13 |
Balance unutilised as on 3n 09 13 |
|
Finance the establishment of new retail stores |
664.890 |
650.316 |
14.574 |
|
Repayment 1 pre-payment of loans |
500.000 |
500.000 |
-- |
|
General corporate purposes and issue related expenses |
335.110 |
335.110 |
-- |
|
Total |
1500.000 |
1485.426 |
2985.426 |
Balance amount of IPO and pre-lPO proceeds is temporarily held in balances with banks, fixed deposits and bank limits
4. The Company operates in only one primary business segment i.e. Diamond and Gold Jewellery Hence, information relating lo primary segments is not required to be separately disclosed
5 During the period, the Company has alloted 45,368 equity shares to employees on exercise of ESOP at a price of Rs.20/-on September 13, 2013. Consequent to aforesaid conversion the paid up capital of the Company has increased from Rs.245.775 Millions consisting of 24,577.482 equity shares of Rs.10/- each lo Rs.246.229 Millions consisting of 24,622,850 equ:ty Shares of Rs.10/- each
Statement of Assets
and Liabilities as per Clause 41 (v)(h) of the Listing Agreement
Rs. In Millions
|
Sr. No. |
|
Unaudited |
|
|
Particulars |
As at 30.09.2013 |
|
A |
EQUITY AND
LIABILITIES |
|
|
I. |
Shareholders' Funds |
|
|
|
Share capital |
246.229 |
|
|
Reserves and surplus |
4728.459 |
|
|
|
4974.688 |
|
II. |
Non-Current
Liabilities |
|
|
|
Long-term borrowings |
10.108 |
|
|
Long-term provisions |
41.130 |
|
|
|
51.238 |
|
III. |
Current Liabilities |
|
|
|
Short-term borrowings |
2891.404 |
|
|
Trade payables |
3909.601 |
|
|
Other current liabilities |
139.414 |
|
|
Short-term provisions |
148.484 |
|
|
|
7088.903 |
|
|
TOTAL EQUITY AND
LIABILITIES (1 + II + III) |
12114.829 |
|
|
|
|
|
B. I. |
ASSETS |
|
|
|
Non-Current Assets |
|
|
|
Fixed assets |
1093.176 |
|
|
Non-current investments |
171.975 |
|
|
Deferred tax assets (Net) |
6.143 |
|
|
Long-term loans and advances |
93.011 |
|
|
|
1364.305 |
|
II. |
Current assets |
|
|
|
Inventories |
6835.035 |
|
|
Trade receivables |
3165.862 |
|
|
Cash and bank balances |
503.810 |
|
|
Short-term bans and advances |
233.078 |
|
|
Other current assets |
12.739 |
|
|
|
10750.524 |
|
|
TOTAL ASSETS (I *
II) |
12114.829 |
7. Previous period/year figures have been reclassified to confirm with the current period's presentation, wherever applicable.
8. The Company has declared an interim dividend of Re.1 per share on 24,622.850 Equity shares of Rs.10/- each for FY 2013-14
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.
PREE
REALESE:
TARA JEWELS LIMITED: H1 FY14 RESULTS
Revenue of
Rs.6812.000 Millions EBITDA of Rs.654.000 Millions; EBIDTA Margins of 10% and
Net Profit of Rs.227.000 Millions
Interim Dividend
of Re.1 per share
Financials at a Glance:
|
Rs. Million |
H1 FY14 |
H1 FY13 |
FY13 |
|
Sales (Exclusive
Bullion) |
6812.000 |
6073.000 |
15604.000 |
|
EBIDTA
(Exclusive Bullion) |
654.000 |
653.000 |
1535.000 |
|
Net Profit |
227.000 |
242.000 |
736.000 |
|
Key Highlights for six months ended September 30, 2013 ü
Highlights for H1FY2014
Consolidated Results o
Sales (Exclusive
Bullion) growth of 12% to Rs.6812.000 Millions - Exports of Rs.5915.000 Millions, growth of 12% Y-O-Y - India Retail of Rs.896.000 Millions, growth of 10% Y-O-Y o
EBIDTA (Exclusive Bullion)
of Rs.654.000 Millions; EBIDTA Margin of 10% o
Net Profit of
Rs.227.000 Millions; PAT Margin 3% ü
Strong Orderbook in the
International Business of Rs.6825.000 Millions o
Confirmed Orderbook –
Rs.4718.000 Millions o
Framework Orderbook –
Rs.2107.000 Millions ü
The company has 50
Operational Stores in spread over 37 Cities 12 States. |
Mumbai, (Nov 12, 2013):
Tara Jewels Limited, an integrated player in
the jewellery industry with experience ranging from Designing to Retailing of Jewellery
reported its Unaudited Results for the six months ended September 30, 2013
·
The company recorded Consolidated Sales (Excl.
Bullion) of Rs.6812.000 Millions as against Rs.6073.000 Millions in H1 FY13, a
yoy growth of 12%.
·
EBITDA (Excl. Bullion) stood at Rs.654.000
Millions; an EBITDA Margin (Excl. Bullion) of 11 %.
·
Net Profit stood at Rs.227.000 Millions, PAT Margin
of 3%
·
In line with the commitment during the IPO, the
company has expanded its retail footprint with 50 Operational Stores spreaded over
37 Cities in 12 States.
Commenting on the results Mr. Rajeev Sheth,
Chairman & Managing Director said
“Tara Jewels Limited is pleased to declare
maiden interim dividend of Re.1 per share. We have announced another strong
quarter of performance with a profitable growth in both Retail as well as
Exports Business.
As an Integrated Jewellery player we stand to benefit in terms of cost
advantage and have an ability to serve the value added segment of the market
even in the challenging regulatory environment
In the International Business, we have seen a healthy growth in the orderbook
backed by orders from Large Retailers of the world. In the current year, we
have added New Geographies, New Customers, New Brands and have widened our
SKUs. We have a very strong pipeline of Designs/Collections with high revenue
generating potential for the upcoming Holiday Season.
In the Retail Business, keeping in line with our commitment during the IPO, we
are happy to announce that we now have 50 Operational Stores spread over 37
Cities in 12 States.
The recent changes announced by RBI clearly indicate the Government of India
intends to encourage the Exports of Jewellery by giving Exporters priority
allocation of Imported Gold and simultaneously curb the imports of Gold for the
Domestic Use.
The 20:80 principle of RBI does not have a significant impact on Tara Jewels as
we derive over 80% of the revenues from exports. In September 2013, the RBI has
also disallowed Gold on Lease facility and restricted the Nominated Agencies to
Import Gold for Domestic Use. The new requirements have restricted the supply
of Gold for the Domestic Use.
To adapt to the stringent regulatory environment we are Re-strategizing the
India Retail Business. We shall continue to expand our footprints through
Shop-in- Shop model and look at options of Asset Light Franchise Model. We
shall continue to monitor our existing 50 stores in terms of profitability
benchmarks and if require will look at options of relocations /closures of few
stores. By adopting the new strategy we shall now limit our capital allocation
and also increase the returns from the capital already invested.”
Commenting on Retail Business in India Mr. Vikram Raizada, Executive Director
and Chief Executive Officer (Retail) said
“In line with the commitment during the IPO we have 50 Operational stores
spread over 37 Cities in 12 States.
We have developed Customer Friendly Store formats of 1000 sq.ft. with a Browse
Walls and in store workshops. Our Store designs are Smart, Scalable and
Sustainable and specifically designed to make profitable growth.
As per our Strategy, we are now focusing on achieving faster expansion with
lesser capital outlay. In this direction we have already opened 1 store in the
Shop-in-Shop Model. Further we are exploring options of taking up the Asset
Light Franchise Model.
I am pleased to inform that in the last Quarter Tara Jewellers has been awarded
‘LUXURY RETAILER OF THE YEAR at the Star Retailer Awards 2013 for Excellence in
Retailing. “
FIXED ASSETS:
·
Building
·
Vehicles
·
Air conditioners
·
Computers
·
Electric installations
·
Silver models
·
Furniture and fixtures
·
Office equipments
·
Plant and machinery
·
Factory equipments
·
Flat
·
Ship
·
Goodwill
CMT REPORT (Corruption, Money Laundering & Terrorism]
The Public Notice information has been collected from various sources
including but not limited to: The Courts, India Prisons Service,
Interpol, etc.
1] INFORMATION ON
DESIGNATED PARTY
No exist designating subject or any of its beneficial owners,
controlling shareholders or senior officers as terrorist or terrorist
organization or whom notice had been received that all financial transactions
involving their assets have been blocked or convicted, found guilty or against
whom a judgement or order had been entered in a proceedings for violating
money-laundering, anti-corruption or bribery or international economic or
anti-terrorism sanction laws or whose assets were seized, blocked, frozen or
ordered forfeited for violation of money laundering or international
anti-terrorism laws.
2] Court Declaration :
No records 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.62.38 |
|
UK Pound |
1 |
Rs.102.25 |
|
Euro |
1 |
Rs.84.97 |
INFORMATION DETAILS
|
Information
Gathered by : |
PLK |
|
|
|
|
Report Prepared
by : |
NKT |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
7 |
|
OPERATING SCALE |
1~10 |
5 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
5 |
|
--PROFITABILIRY |
1~10 |
6 |
|
--LIQUIDITY |
1~10 |
5 |
|
--LEVERAGE |
1~10 |
5 |
|
--RESERVES |
1~10 |
7 |
|
--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.