MIRA
INFORM REPORT
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Report Date : |
28.11.2014 |
IDENTIFICATION DETAILS
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Name : |
TARA JEWELS LIMITED (w.e.f.16.09.2010) |
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Formerly Known
As : |
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Registered
Office : |
Plot No.122, |
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Country : |
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Financials (as
on) : |
31.03.2014 |
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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. 246.229 |
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CIN No.: [Company Identification
No.] |
L52393MH2001PLC131252 |
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IEC No.: |
Not Divulged |
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TAN No.: [Tax Deduction &
Collection Account No.] |
Not Divulged |
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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
: |
1730 (Approximately) |
RATING & COMMENTS
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MIRA’s Rating : |
Ba (50) |
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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 : |
Satisfactory |
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Payment Behaviour : |
Usually correct |
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Litigation : |
Clear |
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Comments : |
Subject is a well-established company having satisfactory track
record. Financial position of the company seems to be decent. Trade relations are fair. Business is active. Payment terms are
reported to be usually correct 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
N E W S
Verdict Implications
: Apex court order may alter coal import dynamics. Traders go slow on talks
over coal supply contracts, uncertainty over cancellation of blocks weigh on stocks.
Recent arrest of the
Chennai head of the Registrar of Companies, the ministry of corporate affairs
arm that ensures that companies file all the information required by the
Companies Act is the latest manifestation of a messy fight between a father and
his adopted son for the control of Rs 40000 mn business empire. The Central
Bureau of Investigation arrested Manumeethi Cholan after he accepted Rs 10
lakhs as bribe from M A M Ramaswamy, a CBI official said.
Central Bureau of Investigation
books Electrotherm for cheating Central Bank of Rs 4360 mn.
Infosys maintains
revenue guidance. COO Rao says attrition still an area of concern and it would
take a few more quarters to bring down levels to 13-15 %.
DHL to invest
Euro 100 mn in India over next 2 years. The firm has chosen India to pilot its
e-commerce business model for the Asia-Pacific region.
Blackstone may buy
stake in BlueRidge SEZ in line with the fund’s real estate strategy in India.
Kingfisher Airlines
Ltd grounded in October 2012 under the weight of heavy debt and accumulated
losses, recently approached the Delhi high court for relief in two separate
cases. The airline challenged a notice by Punjab & National Bank alleging
that It had wilfully defaulted on Rs 7700 mn of loans and sought more time to
comply with the requirements under the listing agreements with the Stock
Exchanges.
OnMobile likely to
sack another 300 employees. The lay-offs follow a spate of senior-level exits
over the past two years, starting with of its founder. The overall lay-offs
could number around 600 and are driven by the need to cut costs, says a former
employee.
EXTERNAL AGENCY RATING
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Rating Agency Name |
CARE |
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Rating |
Long Term (Fund Based) Bank = BBB+ |
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Rating Explanation |
Have Moderate degree of safety and carry
moderate credit risk. |
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Date |
15.07.2014 |
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Rating Agency Name |
CARE |
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Rating |
Short Term (Non Fund Based) Bank = A2 |
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Rating Explanation |
Have strong degree of safety and carry low
credit risk |
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Date |
15.07.2014 |
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 BY
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Name : |
MR. Jayendra Rane |
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Designation : |
Head of Account |
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Contact No.: |
91-22-66774444 |
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Date : |
25.11.2014 |
LOCATIONS
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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 31.03.2014
|
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 |
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Name : |
Mr. Sanjay Sethi |
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Designation : |
Director |
KEY EXECUTIVES
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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 |
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Name : |
Ms. Jayshree Soni |
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Designation : |
Company Secretary |
SHAREHOLDING PATTERN
As on30.09.2014
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Category
of Shareholder |
No. of Shares |
Percentage of Holding |
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(A) Shareholding of Promoter and Promoter Group |
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14726398 |
59.81 |
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33600 |
0.14 |
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14759998 |
59.94 |
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Total shareholding of Promoter and Promoter Group (A) |
14759998 |
59.94 |
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(B) Public Shareholding |
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|
806470 |
3.28 |
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|
798740 |
3.24 |
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4391777 |
17.84 |
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5996987 |
24.36 |
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829009 |
3.37 |
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767275 |
3.12 |
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|
182731 |
0.74 |
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|
2086850 |
8.48 |
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|
7295 |
0.03 |
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|
1996521 |
8.11 |
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|
38915 |
0.16 |
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43528 |
0.18 |
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|
591 |
0.00 |
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3865865 |
15.70 |
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Total Public shareholding (B) |
9862852 |
40.06 |
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Total (A)+(B) |
24622850 |
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) |
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 |
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Aarti Sheth |
1,14,440 |
0.46 |
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Divya Sheth |
1,14,440 |
0.46 |
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Divya Jewles International Private Limited |
33,600 |
0.14 |
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Purnima Rajeev Sheth |
14,625 |
0.06 |
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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 |
|
DFC Premier Equity Fund |
2162500 |
8.78 |
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Crystalon Finanz AG |
1800000 |
7.31 |
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Axis Bank Limited |
718740 |
2.92 |
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Copthall Mauritius Investment Limited |
724637 |
2.94 |
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AC HASB Global Investment Fund MauritiusLimited |
611336 |
2.48 |
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ICICI Prudential FMCG Funds |
599603 |
2.44 |
|
DB International (Asia) Limited |
556348 |
2.26 |
|
Enam Shares & Securities Private Limited |
367726 |
1.49 |
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The Master Trust Bank of Japan Ltd A/c HSBC Indian Equity Mother fund |
266248 |
1.08 |
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|
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Total |
7807138 |
31.7 |
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 |
|
IDFC Premier Equity Fund |
2162500 |
8.78 |
|
Crystalon Finanz AG |
1800000 |
7.31 |
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Total |
3962500 |
16.09 |
Details of Locked-in Shares
|
Category
of Shareholder |
No. of Shares |
Percentage of
Holding |
|
Rajeev Sheth |
49,38,742 |
20.06 |
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Total |
49,38,742 |
20.06 |
BUSINESS DETAILS
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Line of Business : |
Manufacturer of Diamond And Gold Jewellery. |
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Products : |
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Brand Names : |
Not Divulged |
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Agencies Held : |
Not Divulged |
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Exports : |
Not Divulged |
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Imports : |
Not Divulged |
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Terms : |
Not Divulged |
GENERAL INFORMATION
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Suppliers : |
Not Divulged |
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Customers : |
Not Divulged |
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No. of Employees : |
1730 (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 · State Bank of Patiala · Bank of India · IDBI Bank · Exim Bank · Corporation Bank · Canara Bank |
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Facilities : |
(Rs.
In Millions)
Note : LONG TERM
BORROWING a) Term loan from
bank was taken for purchase of property and carries interest @ 13.75% p.a. The said term
loan was repaid fully during the year. b) Term loan
from others was taken for : (i) purchase of Software
Licenses and carries interest @ 13.20% p.a. The loan is repayable in 12
quarterly installments of Rs. 2.182 Millions each including interest from
February 2013. (ii)
implementation and upgradation of Server and carried interest @ 13.20% p.a.
The loan is repayable in 12 quarterly installments of Rs. 0.166 Millions each
including interest starting from May 2013, and (iii) purchase
of Plant and Machinery and carried interest @ 13.00% p.a. The loan is
repayable in 45 monthly installments of Rs. 0.148 Millions each including
interest starting from March 2014. c) Vehicle loan
is secured by hypothecation of vehicles. The interest rate ranges from 10.00%
to 13.75% p.a. The loan is repayable in 36 to 60 monthly installments
inclusive of interest from the date of loan. d)
Maturity Profile: Rs. In Millions
SHORT TERM
BORROWING a) Working
capital loans from banks are secured by hypothecation of inventories, book debts, plant and machinery, other fixed assets, fixed deposits, other
current assets and equitable mortgage of the Company's immovable property at
Seepz & MIDC, Andheri, Two flats at Royal Palms Goregaon, One flat at
Breach Candy, One commercial unit at Bandra Kurla Complex and Two Flats at
Prabhadevi belonging to Divya Real Estate Private Limited b) The above facilities
are further secured by (i) personal guarantee of managing director, Mr.
Rajeev Sheth, (ii) corporate guarantee of Divya Real Estate Pvt. Ltd. and
Fabrikant Tara International LLC and (iii) fixed deposits of Rs. 70.000
Millions of managing director,Mr. Rajeev Sheth. c) Unsecured loan from related party is interest free and repayable on
demand. |
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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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Memberships : |
Not Divulged |
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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 (upto 29.08.2013) |
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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 31.03.2014
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 |
|
|
|
|
|
|
24622850 |
Equity Shares |
Rs.10/- each |
Rs.246.228 Millions |
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RECONCILIATION OF EQUITY SHARES
OUTSTANDING
|
Particulars |
No. of Shares |
Rs. In Millions |
|
As at the beginning of the year |
24,577,482 |
245,774,820 |
|
Add: |
|
|
|
Issue of shares |
-- |
-- |
|
Allotment of shares under ESOP |
45,368 |
453,680 |
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As at the end of the year |
24,622,850 |
246,228,500 |
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 |
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(ii) Alloted as fully paid up by way of bonus shares during the year ended March 31, 2011 |
5,923,707 |
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(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 |
58.82 |
|
Crystalon Finanz AG |
1,800,000 |
7.32 |
|
IDFC Premier Equity Fund |
2,162,500 |
8.78 |
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 |
31.03.2014 |
31.03.2013 |
31.03.2012 |
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I.
EQUITY AND LIABILITIES |
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(1)Shareholders' Funds |
|
|
|
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(a) Share Capital |
246.229 |
245.775 |
180 |
|
(b) Reserves & Surplus |
4922.177 |
4556.143 |
2540.302 |
|
(c) Money received against
share warrants |
0.000 |
0.000 |
0.000 |
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(2) Share Application money
pending allotment |
0.000 |
0.000 |
0.000 |
|
Total
Shareholders’ Funds (1) + (2) |
5168.406 |
4801.918 |
2720.302 |
|
|
|
|
|
|
(3) Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
11.570 |
62.709 |
69.395 |
|
(b) Deferred tax liabilities
(Net) |
0.000 |
0.000 |
9.272 |
|
(c) Other long term
liabilities |
0.000 |
0.000 |
0.000 |
|
(d) long-term provisions |
31.267 |
35.286 |
33.714 |
|
Total
Non-current Liabilities (3) |
42.837 |
97.995 |
112.381 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a) Short term borrowings |
2851.149 |
2499.092 |
2502.234 |
|
(b) Trade payables |
2942.474 |
2730.770 |
3401.652 |
|
(c) Other current liabilities |
227.752 |
204.076 |
116.721 |
|
(d) Short-term provisions |
148.753 |
73.086 |
114.671 |
|
Total
Current Liabilities (4) |
6170.128 |
5507.024 |
6135.278 |
|
|
|
|
|
|
TOTAL |
11381.371 |
10406.937 |
8967.961 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a) Fixed Assets |
|
|
|
|
(i) Tangible assets |
1093.914 |
721.732 |
745.142 |
|
(ii) Intangible Assets |
27.306 |
30.460 |
12.094 |
|
(iii) Capital work-in-progress |
0.000 |
8.522 |
1.365 |
|
(iv) Intangible assets under
development |
2.966 |
0.000 |
0.000 |
|
(b) Non-current Investments |
175.141 |
169.474 |
41.809 |
|
(c) Deferred tax assets (net) |
2.303 |
8.751 |
0.000 |
|
(d) Long-term Loan and Advances |
68.815 |
128.276 |
35.669 |
|
(e) Other Non-current assets |
0.000 |
0.000 |
0.000 |
|
Total
Non-Current Assets |
1370.445 |
1067.215 |
836.079 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a) Current investments |
0.000 |
0.000 |
0.000 |
|
(b) Inventories |
6117.608 |
5759.924 |
5145.607 |
|
(c) Trade receivables |
3088.439 |
2376.008 |
2644.773 |
|
(d) Cash and cash equivalents |
642.264 |
1073.818 |
188.749 |
|
(e) Short-term loans and
advances |
156.107 |
118.284 |
106.375 |
|
(f) Other current assets |
6.508 |
11.688 |
46.378 |
|
Total
Current Assets |
10010.926 |
9339.722 |
8131.882 |
|
|
|
|
|
|
TOTAL |
11381.371 |
10406.937 |
8967.961 |
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
|
SALES |
|
|
|
|
|
Revenue from Operations |
14171.365 |
13835.993 |
12799.017 |
|
|
Other Income |
49.884 |
47.934 |
15.717 |
|
|
TOTAL
(A) |
14221.249 |
13883.927 |
12814.734 |
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
Cost of Materials Consumed |
8234.104 |
7702.616 |
5010.068 |
|
|
Purchases of Stock-in-Trade |
2980.250 |
4375.067 |
5894.157 |
|
|
Changes in inventories of
finished goods, work-in-progress and Stock-in-Trade |
238.878 |
(520.925) |
(333.646) |
|
|
Employees benefits expense |
446.418 |
343.856 |
352.196 |
|
|
Other expenses |
918.952 |
569.511 |
655.423 |
|
|
TOTAL
(B) |
12818.602 |
12470.125 |
11578.198 |
|
|
|
|
|
|
|
Less |
PROFIT/
(LOSS) BEFORE INTEREST, TAX, DEPRECIATION
AND AMORTISATION (C) |
1402.647 |
1413.802 |
1236.536 |
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
571.546 |
429.403 |
429.194 |
|
|
|
|
|
|
|
|
PROFIT
/ (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
831.101 |
984.399 |
807.342 |
|
|
|
|
|
|
|
Less/
Add |
DEPRECIATION/
AMORTISATION (F) |
206.917 |
129.888 |
132.984 |
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) BEFORE TAX (E-F) (G) |
624.184 |
854.511 |
674.358 |
|
|
|
|
|
|
|
Less |
TAX
(I) |
229.797 |
192.088 |
167.167 |
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) AFTER TAX (G-I)
(J) |
394.387 |
662.423 |
507.191 |
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD (K) |
2570.517 |
1908.094 |
1400.903 |
|
|
|
|
|
|
|
Add |
SEZ reinvestment allowance reserve utilized |
250.727 |
102.755 |
43.16 |
|
|
|
|
|
|
|
Less |
Transfer to SEZ reinvestment allowance reserve |
0.000 |
295.509 |
219.44 |
|
|
|
|
|
|
|
|
Balance
Carried to the B/S (J+K+L-M) |
2964.904 |
2570.517 |
1908.094 |
|
|
|
|
|
|
|
|
EARNINGS
IN FOREIGN CURRENCY |
|
|
|
|
|
F.O.B. Value of Exports |
11635.966 |
10756.817 |
10133.04 |
|
|
Freight |
25.317 |
6.780 |
8.945 |
|
|
TOTAL
EARNINGS |
11661.283 |
10763.597 |
10141.985 |
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
Raw Materials |
4321.181 |
2109.604 |
1032.637 |
|
|
Trading goods |
1303.324 |
2362.009 |
2557.45 |
|
|
Packing Material |
49.143 |
7.482 |
0.000 |
|
|
Components and Stores parts |
30.125 |
28.195 |
15.667 |
|
|
Capital Goods |
236.734 |
76.719 |
32.297 |
|
|
TOTAL
IMPORTS |
5940.507 |
4584.009 |
3638.051 |
|
|
|
|
|
|
|
|
Earnings
/ (Loss) Per Share (Rs.) |
16.03 |
32.20 |
28.18 |
KEY RATIOS
|
PARTICULARS |
|
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
Net Profit Margin (PAT/Sales) |
(%) |
2.78 |
4.79 |
3.96 |
|
|
|
|
|
|
|
Operating Profit Margin (PBDIT / Sales) |
(%) |
9.90 |
10.22 |
9.66 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
5.57 |
8.36 |
7.56 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.12 |
0.18 |
0.25 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt /Networth) |
|
0.55 |
0.53 |
0.95 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.62 |
1.70 |
1.33 |
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 |
180.000 |
245.775 |
246.229 |
|
Reserves & Surplus |
2540.302 |
4556.143 |
4922.177 |
|
Net
worth |
2720.302 |
4801.918 |
5168.406 |
|
|
|
|
|
|
long-term borrowings |
69.395 |
62.709 |
11.570 |
|
Short term borrowings |
2502.234 |
2499.092 |
2851.149 |
|
Total
borrowings |
2571.629 |
2561.801 |
2862.719 |
|
Debt/Equity
ratio |
0.945 |
0.533 |
0.554 |
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) |
|
Revenue from Operations |
12799.017 |
13835.993 |
14171.365 |
|
|
|
8.102 |
2.424 |
NET PROFIT MARGIN
|
Net
Profit Margin |
31.03.2012 |
31.03.2013 |
31.03.2014 |
|
|
(Rs.
In Millions) |
(Rs.
In Millions) |
(Rs.
In Millions) |
|
Revenue from Operations |
12799.017 |
13835.993 |
14171.365 |
|
Profit |
507.191 |
662.423 |
394.387 |
|
|
3.96% |
4.79% |
2.78% |
LOCAL AGENCY FURTHER INFORMATION
CURRENT MATURITY
OF LONG TERM DEBT = 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 |
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 |
No |
|
20] |
Export / Import details (if applicable) |
No |
|
21] |
Market information |
---------------------- |
|
22] |
Litigations that the firm / promoter involved in |
---------------------- |
|
23] |
Banking Details |
Yes |
|
24] |
Banking facility details |
Yes |
|
25] |
Conduct of the banking account |
---------------------- |
|
26] |
Buyer visit details |
---------------------- |
|
27] |
Financials, if provided |
Yes |
|
28] |
Incorporation details, if applicable |
Yes |
|
29] |
Last accounts filed at ROC |
Yes |
|
30] |
Major Shareholders, if available |
Yes |
|
31] |
Date of Birth of Proprietor/Partner/Director, if available |
Yes |
|
32] |
PAN of Proprietor/Partner/Director, if available |
Yes |
|
33] |
Voter ID No of Proprietor/Partner/Director, if available |
No |
|
34] |
External Agency Rating, if available |
Yes |
UNSECURED
LOAN
(Rs.
In Millions)
|
Particulars |
As
on 31.03.2014 |
As
on 31.03.2013 |
|
SHORT TERM
BORROWING |
|
|
|
Loan from related party |
67.793 |
75.354 |
|
|
|
|
|
Total |
67.793 |
75.354 |
OVERVIEW
The Company
achieved a turnover of Rs. 14221.200 Millions for the Financial Year 2013-14 as
against Rs. 13880.700 Millions for the Financial Year 2012-13 representing an
increase of 2.45 %. Net Profit After Tax was Rs. 394.400 Millions for the
Financial Year 2013-14 against Rs. 662.400 Millions for the Financial Year
2012-13 registering an decrease of 40.46 %. Income from Exports for the
Financial Year 2013-14 was Rs. 11660.000 Millions against Rs. 10760.000
Millions for the Financial Year 2012-13 representing an increase of 8.36% and
Income from Retail business for the the Financial Year 2013-14 was Rs. 2323.400
Millions against Rs. 2311.600 Millions for the Financial Year 2012-13
representing an increase of 0.51%.
AWARDS AND
RECOGNITIONS:
During the current
year, your Company won the “Best Store Design of the year – Single Brand
category” at the Economic Times Retail Awards 2013. Tara Jewellers also won
award for “Luxury retailer of the year” at the Star Retailer Awards 2013.
ESOP SCHEMES OF
THE COMPANY
a)
ESOP Scheme 2010:
With a
view of motivating, rewarding and retaining talent in the Company, the
Directors at their meeting held September 2, 2010 approved and adopted the
Employee Stock Option Scheme 2010 (“ESOP 2010”). The ESOP 2010, has been
divided into G rant A and Grant B. The Company has granted a total of 509,025
options convertible into 509,025 Equity Shares which represents 2.83% of the
then paid-up capital of the Company. Further, options granted under this scheme
shall not exceed 5 % of the Equity Share Capital of the Company at any point of
time. Out of the total number of options granted, 422,571 options convertible
into 442,571 EquityShares are granted under Grant A and 66,454 options
convertible into 66,454 Equity Shares are granted under
Grant
B.
As on
March 31, 2014, 45,368 options have been converted into 45,368 Equity Shares
pursuant to exercise of options by five employees of the Company.
b)
ESOP Scheme 2013
Your Company
has implemented an ESOP Scheme 2013, pursuant to the approval of the members of
the Company vide Postal Ballot, for granting options to the employees of the
Company who are deemed to be valuable to the Company and who have the potential
to take the Company to newer heights. The Company has constituted a
Compensation Committee of the Board of Directors of the Company to administer
the ESOP Scheme, 2013. The Compensation Committee of the Board at its meeting
held on July 25, 2013 has granted a total of 242,956 options convertible into 242,956 Equity
Shares which represents 0.98% of the then paid-up share capital of the Company. The
disclosures pursuant to Clause 12 of the SEBI (EmployeeStock Option Schemes and
Employee Stock Purchase Schemes) Guidelines, 1999 are provided in Annexure 2,
forming part of the Directors’ Report.
COMPANY OVERVIEW
Company Profile
Being an
integrated player in the jewellery industry, Tara Jewels has 16 years of
experience in manufacturing, exporting, designing and retailing of jewellery.
The Company currently operates in the retail market through 37 format stores,
spread over 33 cities in 12 states/UTs.
|
Personalized Jewellery
: |
The Company has the
inherent advantage of manufacturing jewellery in-house and customers are a
vital part in designing jewellery. Customer personalisation has been of
utmost importance to Tara Jewels and for this personalisation process, the
Company has more than 50000 designs available in its inventory. The Company
has a unique process which enables customers to view the wax settings of the
jewellery personalised by them. Seeing the
making of their precious possession is what satisfies customers at Tara. This
wax setting process has helped the customers to touch and feel the piece
before placing their final order. Tara also customises jewellery as per the
various local Indian festivals like Rakshabandhan, Ganesh Chaturthi and
Diwali. |
|
Recycling of Jewellery
: |
Recycling of
jewellery is another service that the company offers to their clients. Now
their customers can refresh their collection by melting their jewellery and
create and entirely new piece of design out of it. |
|
Customised Jewellery
: |
Jewellery at Tara
is tailored to a customer’s need which ensures customer satisfaction. The
company follows a mantra of “design your own, unique piece and watch us
create it according to your budget and taste”. For this, the Company has
trained staff which offers complimentary cleaning and polishing of jewellery
so that it looks as sparkling new as it was bought the first time. |
|
Purity
Testing : |
Gold purity
check is done for free in the showrooms. Jewellery buying can be a major
investment and testing its purity is crucial for anyone involved in buying or
selling gold. |
INDEX OF CHARGES
|
S.No. |
Charge ID |
Date of Charge Creation/Modification |
Charge amount secured |
Charge Holder |
Address |
Service Request Number (SRN) |
|
1 |
10531478 |
22/10/2014 |
25,000,000.00 |
CORPORATION BANK |
VEENA CHAMBERS,, DALAL STREET,, MUMBAI, Maharashtra - 400001, INDIA |
C33723966 |
|
2 |
10501680 |
27/05/2014 |
50,000,000.00 |
PUNJAB NATIONAL BANK |
SEEPZ BRANCH, ANDHERI (EAST), MUMBAI, Maharashtra - 400096, INDIA |
C05981048 |
|
3 |
10478478 |
06/02/2014 |
100,000,000.00 |
UNION BANK OF INDIA |
Overseas Branch, Seepz ++,007 Block No.II,, Joges hwari-Vikhroli Link Rd,Marol Ind Area,Andheri, Mumbai, Maharashtra - 400096, INDIA |
B96764196 |
|
4 |
10463393 |
13/11/2013 |
5,271,912.00 |
SIEMENS FINANCIAL SERVICES PRIVATE LIMITED |
130, PANDURANG BUDHKAR MARG,, WORLI, MUMBAI, Maharashtra - 400018, INDIA |
B90803289 |
|
5 |
10463589 |
12/11/2013 |
550,000,000.00 |
CANARA BANK |
OVERSEAS BRANCH, C-14,
G BLOCK, CANARA BANK BUILD |
B90877713 |
|
6 |
10457529 |
15/10/2013 |
50,000,000.00 |
PUNJAB NATIONAL BANK |
SEEPZ BRANCH,
ANDHERI (EAST), MUMBAI, Maharashtra |
B88517271 |
|
7 |
10431609 |
09/05/2013 |
555,000,000.00 |
VIJAYA BANK |
OVERSEAS BRANCH,MAKE CHAMBER IV, NARIMAN POINT, MUMBAI, Maharashtra - 400021, INDIA |
B77316982 |
|
8 |
10433806 |
07/05/2013 |
100,000,000.00 |
STATE BANK OF PATIALA |
BLOCK NO. 1 GALA NO
. 2, SEEPZ -SEZ ANDHERI EAST, |
B78280104 |
* Date of charge modification
UNAUDITED STANDALONE FINANCIAL RESULTS FOR THE QUARTER AND HALF
YEAR ENDED SEPTEMBER 30, 2014
Rs. In Millions
|
|
|
Quarter Ended |
Half Year Ended |
|
|
Sr. No. |
Particulars |
30.09.2014 Unaudited |
30.06.2014 Unaudited |
30.09.2014 Unaudited |
|
1 |
Income from
Operations |
|
|
|
|
|
a) Net Sales |
3370.173 |
3001.286 |
6371.459 |
|
|
b| Other Operating Income |
-- |
-- |
-- |
|
|
Total Income from
operations |
3370.173 |
3001.286 |
6371.459 |
|
2 |
Expenses |
|
|
|
|
|
a) Cost of Material Consumed |
2527.831 |
1476.062 |
4003.893 |
|
|
b) Purchase of Traded Goods |
763.329 |
1169.660 |
1932.989 |
|
|
c) Changes in inventories of finished goods, work-in-progress and stock -in-trade |
(454.163) |
(190.896) |
(645.059) |
|
|
d) Employee benefits expense |
105.741 |
103.654 |
209.395 |
|
|
e) Depreciation and Amortisation expense |
66.674 |
60.065 |
126.739 |
|
|
f) Other Expenses |
137.118 |
179.223 |
316.341 |
|
|
Total Expenses |
3146.530 |
2797.768 |
5944.298 |
|
3 |
Profit from
Operations before other income, finance costs and exceptional items (1 - 2) |
223.643 |
203.518 |
427.161 |
|
4 |
Other Income |
11.937 |
10.323 |
22.260 |
|
5 |
Profit from
ordinary activities before finance costs and exceptional items (3 + 4) |
235.580 |
213.841 |
449.421 |
|
e |
Finance Costs |
149.874 |
132.725 |
282.599 |
|
7 |
Profit from ordinary
activities after finance costs before exceptional items (5 - 6} |
85.706 |
81.116 |
166.822 |
|
6 |
Exceptional Items - Expenditure 1 (Income! |
-- |
-- |
-- |
|
9 |
Profit from
Ordinary Activities before tax (7 - 8) |
85.706 |
81.116 |
166.822 |
|
10 |
Tax Expense |
29.185 |
29.535 |
58.720 |
|
11 |
Net Profit from
Ordinary Activities after tax (9 -10) |
56.521 |
51.581 |
108.102 |
|
12 |
Extraordinary items |
-- |
-- |
-- |
|
13 |
Net Profit for the
period/year (11 • 12) |
56.521 |
51.581 |
108.102 |
|
14 |
Paid-up Equity Share Capital (Face Value Rs. 10 each) |
2462.29 |
2462.29 |
2462.29 |
|
15 |
Reserves Excluding Revaluation Reserves as per Balance Sheet of previous accounting year |
-- |
-- |
-- |
|
16 |
Earning Per Share (before extraordinary items) in Rs. |
-- |
-- |
-- |
|
|
(a) Basic |
2.30 |
2.09 |
4.39 |
|
|
(b) Diluted |
2.30 |
2.09 |
4.39 |
|
17 |
Earning Per Share (after extraordinary items) in Rs. (a) Basic |
|
|
|
|
|
(a) Basic |
2.30 |
2.09 |
4.39 |
|
|
(b) Diluted |
2.30 |
2.09 |
4.39 |
|
A |
PARTICULARS OF
SHAREHOLDING |
|
|
|
|
|
1-Public Share
Holding |
|
|
|
|
|
- Number of Shares |
9,862,852 |
9,862,852 |
9,862,852 |
|
|
- Percentage of Shareholding |
40.06 |
40.06 |
40.06 |
|
|
|
|
|
|
|
|
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 |
14,759,998 |
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) |
59.94 |
59.94 |
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. 2014. The Statutory Auditors have carried out a limited review of these results as per clause 41 of the Listing Agreement.
Statement of Assets and Liabilities as per Clause 41 (v)(h) of the
Listing Agreement
|
Sr. No. |
|
Unaudited |
|
|
Particulars |
As at 30.09.2014 |
|
A |
EQUITY AND
LIABILITIES |
|
|
I. |
Shareholders' Funds |
|
|
|
Share capital |
246.229 |
|
|
Reserves and surplus |
5023.474 |
|
|
|
5281.903 |
|
II. |
Non-Current
Liabilities |
|
|
|
Long-term borrowings |
5.273 |
|
|
Long-term provisions |
31.338 |
|
|
|
|
|
III. |
Current Liabilities |
|
|
|
Short-term borrowings |
3481.668 |
|
|
Trade payables |
2567.575 |
|
|
Other current liabilities |
225.756 |
|
|
Short-term provisions |
222.791 |
|
|
|
|
|
|
TOTAL EQUITY AND
LIABILITIES (1 + II + III) |
11816.304 |
|
|
|
|
|
B. I. |
ASSETS |
|
|
|
Non-Current Assets |
|
|
|
Fixed assets |
1214.226 |
|
|
Non-current investments |
174.142 |
|
|
Deferred tax assets (Net) |
17.868 |
|
|
Long-term loans and advances |
57.426 |
|
|
|
|
|
II. |
Current assets |
|
|
|
Inventories |
5835.209 |
|
|
Trade receivables |
3669.678 |
|
|
Cash and bank balances |
675.065 |
|
|
Short-term bans and advances |
160.961 |
|
|
Other current assets |
11.729 |
|
|
|
|
|
|
TOTAL ASSETS (I *
II) |
11816.304 |
3. 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.
4. Previous period/year figure have been reclassified to confirm with the current period presentation, wherever applicable.
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.
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,
1] INFORMATION ON
DESIGNATED PARTY
No exist designating subject or any of its beneficial owners,
controlling shareholders or senior officers as terrorist or terrorist
organization or whom notice had been received that all financial transactions
involving their assets have been blocked or convicted, found guilty or against
whom a judgement or order had been entered in a proceedings for violating
money-laundering, anti-corruption or bribery or international economic or
anti-terrorism sanction laws or whose assets were seized, blocked, frozen or
ordered forfeited for violation of money laundering or international
anti-terrorism laws.
2] Court Declaration :
No exist to suggest that subject is or was
the subject of any formal or informal allegations, prosecutions or other
official proceeding for making any prohibited payments or other improper
payments to government officials for engaging in prohibited transactions or
with designated parties.
3] Asset Declaration :
No records exist to suggest that the property or assets of the subject
are derived from criminal conduct or a prohibited transaction.
4] Record on Financial
Crime :
Charges or conviction
registered against subject: None
5] Records on Violation of
Anti-Corruption Laws :
Charges or
investigation registered against subject: None
6] Records on Int’l
Anti-Money Laundering Laws/Standards :
Charges or
investigation registered against subject: None
7] Criminal Records
No
available information exist that suggest that subject or any of its principals
have been formally charged or convicted by a competent governmental authority
for any financial crime or under any formal investigation by a competent
government authority for any violation of anti-corruption laws or international
anti-money laundering laws or standard.
8] Affiliation with
Government :
No record
exists to suggest that any director or indirect owners, controlling
shareholders, director, officer or employee of the company is a government
official or a family member or close business associate of a Government
official.
9] Compensation Package :
Our market
survey revealed that the amount of compensation sought by the subject is fair
and reasonable and comparable to compensation paid to others for similar
services.
10] Press Report :
No press reports / filings exists on
the subject.
CORPORATE GOVERNANCE
MIRA INFORM as part of its Due Diligence do provide comments on
Corporate Governance to identify management and governance. These factors often
have been predictive and in some cases have created vulnerabilities to credit
deterioration.
Our Governance Assessment focuses principally on the interactions
between a company’s management, its Board of Directors, Shareholders and other
financial stakeholders.
CONTRAVENTION
Subject is not known to have contravened any existing local laws,
regulations or policies that prohibit, restrict or otherwise affect the terms and
conditions that could be included in the agreement with the subject.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.61.86 |
|
|
1 |
Rs.97.69 |
|
Euro |
1 |
Rs.77.37 |
INFORMATION DETAILS
|
Information Gathered
by : |
SVA |
|
|
|
|
Analysis Done by
: |
RSH |
|
|
|
|
Report Prepared
by : |
ART |
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 |
5 |
|
--LIQUIDITY |
1~10 |
5 |
|
--LEVERAGE |
1~10 |
5 |
|
--RESERVES |
1~10 |
6 |
|
--CREDIT LINES |
1~10 |
5 |
|
--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 |
|
50 |
This score serves as a reference to assess SC’s credit risk
and to set the amount of credit to be extended. It is calculated from a
composite of weighted scores obtained from each of the major sections of this
report. The assessed factors and their relative weights (as indicated through
%) are as follows:
Financial condition
(40%) Ownership background
(20%) Payment record (10%)
Credit history
(10%) Market trend
(10%) Operational
size (10%)
RATING EXPLANATIONS
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
>86 |
Aaa |
Possesses an extremely sound financial base with the strongest
capability for timely payment of interest and principal sums |
Unlimited |
|
71-85 |
Aa |
Possesses adequate working capital. No caution needed for credit
transaction. It has above average (strong) capability for payment of interest
and principal sums |
Large |
|
56-70 |
A |
Financial & operational base are regarded healthy. General
unfavourable factors will not cause fatal effect. Satisfactory capability for
payment of interest and principal sums |
Fairly Large |
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively below
average. |
Small |
|
11-25 |
Ca |
Adverse factors are apparent. Repayment of interest and principal sums
in default or expected to be in default upon maturity |
Limited with
full security |
|
<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
|
-- |
NB |
New Business |
-- |
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.