MIRA INFORM REPORT

Report No. :	328145
Report Date :	19.06.2015

IDENTIFICATION DETAILS

Name :	TRIBHOVANDAS BHIMJI ZAVERI LIMITED

Registered Office :	241/43, Zaveri Bazar, Mumbai – 400002, Maharashtra
Tel No.:	91-22-30735000

Country :	India

Financials (as on) :	31.03.2015

Date of Incorporation :	24.07.2007

Com. Reg. No.:	11-172598

Capital Investment / Paid-up Capital :	Rs. 667.199 Million

CIN No.: [Company Identification No.]	L27205MH2007PLC172598

IEC No.:	Not Available

TAN No.: [Tax Deduction & Collection Account No.]	Not Available

PAN No.: [Permanent Account No.]	Not Available

Legal Form :	A Public Limited Liability Company. The Company’s Shares are Listed on the Stock Exchanges.

Line of Business :	Subject is engaged in manufacturing trading and selling of Jewellery.

No. of Employees :	Information declined by the management.

RATING & COMMENTS

MIRA’s Rating :

A (64)

RATING		STATUS	PROPOSED CREDIT LINE
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

Status :	Good

Payment Behaviour :	Regular

Litigation :	Clear

Comments :	Subject promoted by Mr. ShrikantZaveri and it is one of India's oldest jewellery houses with pan-India presence through its network of 28 retail showrooms in 22 cities across 9 states, from a single showroom at Zaveri Bazaar in Mumbai. It is an old and well-established company having decent track record. For the financial year ended 2015, the company possesses healthy operational risk profile with topline growth of 6.38% during a year under a review. Rating also takes into consideration TBZ's established market position with a strong brand backed by healthy financial risk profile and adequate net worth base of the company. However, rating strengths are partially offset by TBZ's exposure to intense competition in the jewellery industry, and large working capital requirements to fund its inventory. Trade relations are reported as fair. Payments are reported to be regular and as per commitment. In view of proven track record of business operations backed by strong brand name, the company can be considered good for normal business dealings at usual trade terms and conditions.

NOTES:

Any query related to this report can be made on e-mail: infodept@mirainform.com while quoting report number, name and date.

EXTERNAL AGENCY RATING

Rating Agency Name	CRISIL
Rating	Long term rating = A-
Rating Explanation	Adequate degree of safety and low credit risk.
Date	December 30, 2014

Rating Agency Name	CRISIL
Rating	Commercial Paper Programme = A2+
Rating Explanation	Strong degree of safety and low credit risk.
Date	December 30, 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 31-03-2013.

INFORMATION DENIED

Management Non-co-operative (91-22-30735000)

LOCATIONS

Registered Office :	241/43, Zaveri Bazar, Mumbai – 400002, Maharashtra, India
Tel. No.:	91-22-39565001
Fax No.:	91-22-39565056
E-Mail :	investors@tbzoriginal.com
Website :	www.tbztheoriginal.com

Corporate Office :	1106 to 1121, 11^th Floor, West Wing, Tulsiani Chambers, 212, Backbay Reclamation, Free Press Journal Road, Nariman Point, Mumbai – 400 021, Maharashtra, India
Tel. No.:	91-22-30735000
Fax No.:	91-22-30735088

Showroom :	Maharashtra 1. 241/43, Zaveri Bazar, Mumbai - 400 002, Maharashtra, India 2. L.T. Road, Borivali (West), Mumbai - 400 092, Maharashtra, India 3. 002 and 102, Prime Plaza, S.V. Road, Santacruz (West), Mumbai - 400 054, Maharashtra, India 4. M.G. Road, Rajawadi, Ghatkopar (East), Mumbai - 400 077, Maharashtra, India 5. Gautam Tower, off Gokhale Road, Thane (West) - 400 601, Maharashtra, India 6. Seth House, 21/4B, Opposite Le Royce Hotel, Bundgarden Road, Pune - 411 001, Maharashtra, India 7. Shop No.2, Sunder Mahal, 92, Veer Nariman Road, Churchgate, Mumbai - 400 020, Maharashtra, India 8. Shop No.1 ,2 and 3, Near St. Augustine High School, Tiberias Building, Stella, Village Barampur, District Thane, Vasai (West) - 401 202, Maharashtra, India 9. Unit No.003, 1^st and 2^nd Floor, Rachana Galaxy, Mouza Ambazari, Opp. Wockhardt Hospital, Dharampeth, Nagpur - 440 010, Maharashtra, India 10. A.G. Pride, Plot. No.301, N-3, CIDCO, Opposite Hotel Ramgiri, Beside Raymond and Ratnakar Bank, Jalna Road, Aurangabad - 431 005, Maharashtra, India 11. Shop No. G-20, Ground Floor, Satra Plaza, Plot No.19 and 20, Sector 19-D, Palm Beach Road, Vashi, Navi Mumbai - 400 705, Maharashtra, India Gujarat 12. Iscon Center, Shivranjani Cross Road, Satellite, Ahmedabad - 380 015, Gujarat, India 13. Lal Bunglow, SNS House, Athwa Lines, Surat - 395 007, Gujarat, India 14. Janakpuri Complex, Dr. Yagnik Road, Opposite Hotel Imperial Palace, Rajkot - 360 001, Gujarat, India 15. K.P. Infinity, Opposite Yes Bank Limited, Near INOX Multiplex, Natubhai Circle, Race Course Road, Vadodara - 390 007, Gujarat, India 16. 7-11, Ground Floor, Fortune Square- II, Near Primary School, Next to Royal Dream Society, Vapi Daman Road, Vapi - 396 191, Gujarat, India 17. Shop No. G1, Krishna Complex, Waga Wadi Road, Next to ‘Ghar Shala’, Bhavnagar - 364 001, Gujarat, India Andhra Pradesh (Hyderabad and Vijaywada) 18. 70, Greensland Road, Punjagutta, Hyderabad - 500 082 Andhra Pradesh, India 19. Shop No. I, Mogul's court, Basheerbagh, Hyderabad - 500 001 Andhra Pradesh, India 20. Opposite Gateway Hotel, M.G. Road, Labbipet, Vijayawada - 520 010, Andhra Pradesh, India Kerla (Kochi) 21. Jos Annexe Building, Jos Junction, Ernakullam, Kochi - 682 016, Kerala, India Madhya Pradesh (Indore) 22. 576 Laxmi Tower, M.G. Road, Opposite Treasure Island, Indore - 452 001, Madhya Pradesh, India West Bengal (Kolkata) 23. Saraswati Niketan, 5 Camac Street, Kolkata - 700 016, West Bengal, India 24. CIT Road, Scheme, VIM, Kankurgachi, Kolkata - 700 054, West Bengal, India Chhattisgarh (Raipur) 25. Shop No.1, Ground Floor, Prem Store Premises, Malviya Road, Next to G.P.O., Raipur - 492 001, Chhattisgarh, India Note: On 1^st April, 2013, the Company has opened the new showroom at Gandhidham, Gujarat situated at Shop 4, 5 and 6, Ground Floor, Sunshine Arcade, Plot No.59, Sector 8, Tagore Road, Near Lord’s Hotel, Gandhidham, Kutch – 370 201, Gujarat, India.

DIRECTORS

As On 31.03.2014

Name :	Mr. Shrikant Zaveri
Designation :	Chairman and Managing Director

Name :	Ms. Binaisha Zaveri
Designation :	Whole-time Director
Date of Birth/ Age :	28.12.1982
Qualification :	Bachelor’s degree in Marketing and Finance from Stern School of Business, New York
Expertise in specific functional area :	Company’s Enterprise Resource Planning Systems and actively engaged in accounting, merchandising and general corporate management
Date of Appointment :	24.07.2007
Directorships held in other Public Companies as on 31^st March, 2013 (excluding foreign Companies and Section 25 companies) :	Tribhovandas Bhimji Zaveri (Bombay) Limited (wholly owned subsidiary of the Company) Konfiaance Jewellery Private Limited (wholly owned subsidiary of the Company)

Name :	Ms. Raashi Zaveri
Designation :	Director – Finance
Date of Birth/ Age :	26.12.1986
Qualification :	Bachelor’s degree in Finance and Entrepreneurship from Kelly School of Business, Indiana University and is a Graduate Gemologist from Gemological Institute of America
Expertise in specific functional area :	Company’s Enterprise Resource Planning Systems and actively engaged in accounting, merchandising and general corporate management
Date of Appointment :	01.07.2008
Directorships held in other Public Companies as on 31^st March, 2013 (excluding foreign Companies and Section 25 companies) :	Tribhovandas Bhimji Zaveri (Bombay) Limited (wholly owned subsidiary of the Company)

Name :	Mr. Kamlesh Vikamsey
Designation :	Independent Director
Date of Birth/ Age :	06.12.1960
Qualification :	Bachelor’s degree in Commerce from Mumbai University and is a Chartered Accountant
Expertise in specific functional area :	Accounting and finance, corporate advisory services
Date of Appointment :	26.08.2010
Directorships held in other Public Companies as on 31^st March, 2013 (excluding foreign Companies and Section 25 companies) :	Navneet Publications (India) Limited Ramky Infrastructure Limited Aditya Birla Retail Limited Neptune Developers Limited Man Infraconstruction Limited Apcotex Industries Limited List of Subsidiary of Public Companies: Neptune Ventures and Developers Private Limited Fabmall (India) Private Limited H.A.S. Two Holdings Private Limited Trinethra Superretail Private Limited Terrafirma Agroprocessing (India) Private Limited Electrotherm Renewables Private Limited

Name :	Mr. Ajay Mehta
Designation :	Independent Director

Name :	Mr. Sanjay Asher
Designation :	Independent Director

KEY EXECUTIVES

Name :	Prem Hinduja
Designation :	Chief Executive Officer

Name :	Saurav Banarjee
Designation :	Chief Financial Officer

Name :	Niraj Oza
Designation :	Company Secretary

SHAREHOLDING PATTERN

As on 31.03.2015

Category of Shareholder	Total No. of Shares	% of Total No. of Shares
(A) Shareholding of Promoter and Promoter Group
(1) Indian
Individuals / Hindu Undivided Family	46759775	70.08
Bodies Corporate	2700000	4.05
Sub Total	49459775	74.13
(2) Foreign
Total shareholding of Promoter and Promoter Group (A)	49459775	74.13

(B) Public Shareholding
(1) Institutions
Mutual Funds / UTI	29711	0.04
Financial Institutions / Banks	6711	0.01
Foreign Institutional Investors	10723068	16.07
Sub Total	10759490	16.13
(2) Non-Institutions
Bodies Corporate	2751033	4.12
Individuals
Individual shareholders holding nominal share capital up to Rs. 0.100 Million	1889343	2.83
Individual shareholders holding nominal share capital in excess of Rs. 0.100 Million	1715759	2.57
Any Others (Specify)	144500	0.22
Non Resident Indians	117801	0.18
Clearing Members	26449	0.04
Trusts	250	0.00
Sub Total	6500635	9.74
Total Public shareholding (B)	17260125	25.87
Total (A)+(B)	66719900	100.00

(C) Shares held by Custodians and against which Depository Receipts have been issued
(1) Promoter and Promoter Group	0	0.00
(2) Public	0	0.00
Sub Total	0	0.00
Total (A)+(B)+(C)	66719900	0.00

BUSINESS DETAILS

Line of Business :	Subject is engaged in manufacturing trading and selling of Jewellery.

Products :	Not Available

Brand Names :	Not Available

Agencies Held :	Not Available

Exports :	Not Divulged

Imports :	Not Divulged

Terms :
Selling :	Not Divulged

Purchasing :	Not Divulged

PRODUCTION STATUS = NOT AVAILABLE

GENERAL INFORMATION

Suppliers :

Reference :	Not Divulged
Name of the Person :	Not Divulged
Contact No.:	Not Divulged
Since How Long Known :	Not Divulged
Maximum Limit Dealt:	Not Divulged
Experience :	Not Divulged
Remark :	Not Divulged

Customers :

Reference :	Not Divulged
Name of the Person :	Not Divulged
Contact No.:	Not Divulged
Since How Long Known :	Not Divulged
Maximum Limit Dealt:	Not Divulged
Experience :	Not Divulged
Remark :	Not Divulged

No. of Employees :

Information declined by the management.

Bankers :

State Bank of India
HDFC Bank Limited
ICICI Bank Limited
Kotak Mahindra Bank Limited
Union Bank of India
Central Bank of India

Facilities :

SECURED LOANS	31.03.2015 (Rs. in Millions)	31.03.2014 (Rs. in Millions)
LONG TERM BORROWINGS
Term Loan From banks - HDFC Bank Limited term loan - ICICI Bank Limited term loan - HDFC Bank Limited Vehicle Loan	NA	0.000 143.000 0.000
From Financial Institutions - BMW Financial Services - Volkswagen Finance Private Limited Loan	NA	0.000 3.088
SHORT TERM BORROWINGS
Loans repayable on demand - Working capital demand loan - Cash credit from banks	NA	1000.000 2649.057
Others - ICICI Bank Limited - The Bank of Nova Scotia - HDFC Bank Limited - State Bank of India	NA	0.000 0.000 0.000 1192.506
Total	NA	4987.651

Auditors :
Name :	B S R and Companies Chartered Accountants
Address :	Lodha Excelus, 1^st Floor, Apollo Mills Compound, N. M. Joshi Marg, Mahalaxmi, Mumbai – 400 011, Maharashtra, India
Tel. No.:	91-22-39896000
Fax No.:	91-22-30902511

Memberships :	Not Available

Collaborators :	Not Available

Subsidiaries : (As on 31.03.2014)	· Konfiaance Jewellery Private Limited. · Tribhovandas Bhimji Zaveri (Bombay) Limited, (formerly Tribhovandas Bhimji Zaveri (Bombay) Private Limited) (w.e.f. 4 October 2010)

Entities over which Key Managerial personnel and/or their relatives exercise significant influence : (As on 31.03.2014)	· Tribhovandas Bhimji Zaveri Jewellers (Mumbai) Private Limited · Tribhovandas Bhimji Zaveri (TBZ) Private Limited · Super Traditional Metal Crafts (Bombay) Private Limited · Tribhovandas Bhimji Zaveri Trading Co · Cupid Annibis Jewellery Private Limited

CAPITAL STRUCTURE

As On 31.03.2014

Authorised Capital:

No. of Shares	Type	Value	Amount

75,000,000	Equity Shares	Rs. 10/- each	Rs. 750.000 Million

Issued, Subscribed & Paid-up Capital:

No. of Shares	Type	Value	Amount

66,703,995	Equity Shares	Rs. 10/- each	Rs. 667.040 Million

NOTE

Reconciliation of the shares outstanding at the beginning and at the end of the year

Equity Shares	31.03.2014
Equity Shares	No. of shares	Amount (Rs. in millions)
At the beginning of the period	66,666,667	666.667
Shares issued under IPO	--	--
Shares issued on exercise of employee stock option	37,328	0.373
Outstanding at the end of the period	66,703,995	667.040

Aggregate number of bonus shares issued, share issued for consideration other than cash and shares bought back during the period of five years immediately preceding the reporting date:

Equity Shares	31.03.2014
Equity Shares	No. of shares	Amount (Rs. in millions)
Equity shares allotted as fully paid bonus shares by capitalization of security premium	48800000	488.000
Equity shares allotted as fully paid-up pursuant to contracts for consideration other than cash	--	--
Equity shares bought back by the Company	--	--

Details of shareholders holding more than 5% shares in the company

Particulars	% holding in class	No. of Shares
Equity shares of Rs.10 each fully paid
Shrikant Zaveri	50.08%	33,402,275
Binaisha Zaveri	7.92%	5,285,000
Raashi Zaveri	6.85%	4,572,500
Smallcap World Fund,INC	6.50%	4,335,732
Bindu Zaveri	5.25%	3,500,000

Terms / rights attached to equity shares

The Company has a single class of equity shares. Accordingly, all equity shares rank equally with regard to dividends and share in the Company’s residual assets. The equity shares are entitled to receive dividend as declared from time to time. The voting rights of an equity sharerholders on a poll (not on show of hands) are in proportion to its share of paid-up equity capital of the Company. Voting rights cannot be exercised in respect of shares on which any call or other sums presently payable have not been paid.

Failure to pay any amount called up on shares may lead to forfeiture of the shares.

On winding up of the Company, the holders of equity shares will be entitled to receive the residual assets of the Company, remaining after distribution of all preferential amounts in proportion to the number of equity shares held.

As on 31.03.2015

Authorised Capital: Not Available

Issued, Subscribed & Paid-up Capital: Rs. 667.199 Million

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS	31.03.2015	31.03.2014	31.03.2013
I. EQUITY AND LIABILITIES
(1)Shareholders' Funds
(a) Share Capital	667.199	667.040	666.667
(b) Reserves & Surplus	3988.320	3809.650	3433.960
(c) Money received against share warrants	0.000	0.000	0.000

(2) Share Application money pending allotment	0.000	0.000	0.000
Total Shareholders’ Funds (1) + (2)	4655.519	4476.690	4100.627

(3) Non-Current Liabilities
(a) long-term borrowings	119.981	165.350	195.186
(b) Deferred tax liabilities (Net)	0.000	0.000	0.000
(c) Other long term liabilities	5.400	5.400	5.400
(d) long-term provisions	21.147	57.412	57.217
Total Non-current Liabilities (3)	146.528	228.162	257.803

(4) Current Liabilities
(a) Short term borrowings	5667.104	5469.123	3944.841
(b) Trade payables	1108.611	799.155	1716.246
(c) Other current liabilities	1156.222	1974.761	1526.289
(d) Short-term provisions	122.353	209.028	266.289
Total Current Liabilities (4)	8054.290	8452.067	7453.665

TOTAL	12856.337	13156.919	11812.095

II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	1016.716	921.218	841.728
(ii) Intangible Assets	27.159	19.335	34.508
(iii) Capital work-in-progress	49.467	15.880	16.414
(iv) Intangible assets under development	0.000	0.000	0.000
(b) Non-current Investments	30.763	30.262	30.262
(c) Deferred tax assets (net)	3.484	66.758	51.911
(d) Long-term Loan and Advances	124.485	118.521	100.641
(e) Other Non-current assets	0.000	0.000	0.000
Total Non-Current Assets	1252.074	1171.974	1075.464

(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	11136.747	11118.838	10273.806
(c) Trade receivables	7.954	28.628	17.633
(d) Cash and cash equivalents	325.471	728.545	316.244
(e) Short-term loans and advances	128.918	85.340	126.703
(f) Other current assets	5.173	23.594	2.245
Total Current Assets	11604.263	11984.945	10736.631

TOTAL	12856.337	13156.919	11812.095

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2015	31.03.2014	31.03.2013
	SALES
	Income		19341.957	18243.410	16583.377
	Other Income		145.111	66.162	48.939
	TOTAL		19487.068	18309.572	16632.316

Less	EXPENSES
	Cost of Materials Consumed		14247.109	14088.901	15627.438
	Purchases of Stock-in-Trade		2337.562	1977.783	2629.082
	Changes in inventories of finished goods, work-in-progress and Stock-in-Trade		79.441	(908.134)	(4803.400)
	Employees benefits expense		567.229	614.121	551.032
	Exceptional Item		(87.379)	0.000	0.000
	Other expenses		1362.248	1143.530	1097.139
	TOTAL		18506.210	16916.201	15101.291

	PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION		980.858	1393.371	1531.025

Less	FINANCIAL EXPENSES		502.168	463.497	214.942

	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION		478.690	929.874	1316.083

Less/ Add	DEPRECIATION/ AMORTISATION		83.795	99.933	80.437

	PROFIT/ (LOSS) BEFORE TAX		394.895	829.941	1235.646

Less	TAX		114.486	279.352	385.636

	PROFIT/ (LOSS) AFTER TAX		280.409	550.589	850.010

Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		3984.549	3433.960	1082.526

Less	APPROPRIATIONS
		Transfer to General Reserve	NA	0.000	85.001
		Proposed Dividend	NA	0.000	150.000
		Dividend Tax	NA	0.000	25.492
		Excess provision of tax pertaining to earlier years	NA	0.000	0.000
		Addition/(reduction) on option granted	NA	0.000	(6.046)
		Balance in Security Premium Account	NA	0.000	1669.733
		Balance General Reserve	NA	0.000	85.001
	BALANCE CARRIED TO THE B/S		NA	3984.549	3433.960

	IMPORTS
		Raw Materials	NA	100.218	0.000
		Accessories	NA	4.095	0.000
		Diamond Jewellery	NA	0.000	0.000
		Capital Goods	NA	0.000	0.000
		Watches	NA	291.106	49.583
		Packing Material	NA	0.204	2.158
	TOTAL IMPORTS		NA	395.623	51.741

	Earnings / (Loss) Per Share (Rs.)		3.90	8.25	12.74

KEY RATIOS

PARTICULARS		31.03.2015	31.03.2014	31.03.2013
Net Profit Margin (PAT/Sales)	(%)	1.45	3.02	5.13

Operating Profit Margin (PBDIT/ Sales)	(%)	5.07	7.64	9.23

Return on Total Assets (PBT/Total Assets}	(%)	3.09	6.36	10.55

Return on Investment (ROI) (PBT/Networth)		0.08	0.19	0.30

Debt Equity Ratio (Total Liability /Networth)		1.24	1.26	1.01

Current Ratio (Current Asset/Current Liability)		1.44	1.42	1.44

CURRENT MATURITIES OF LONG TERM DEBT DETAILS

Particulars

31.03.2015

(Rs. In Millions)

31.03.2014

(Rs. In Millions)

31.03.2013

(Rs. In Millions)

Current Maturities of Long term debt

Cash generated from operations

462.224

2582.447

FINANCIAL ANALYSIS

[all figures are in Rupees Millions]

DEBT EQUITY RATIO

Particular	31.03.2013	31.03.2014	31.03.2015
	(Rs. In Millions)	(Rs. In Millions)	(Rs. In Millions)
Share Capital	0.000	667.040	667.199
Reserves & Surplus	3433.960	3809.650	3988.320
Net worth	3433.960	4476.690	4655.519

long-term borrowings	195.186	165.350	119.981
Short term borrowings	3944.841	5469.123	5667.104
Total borrowings	4140.027	5634.473	5787.085
Debt/Equity ratio	1.206	1.259	1.243

YEAR-ON-YEAR GROWTH

Year on Year Growth	31.03.2013	31.03.2014	31.03.2015
	(Rs. In Millions)	(Rs. In Millions)	(Rs. In Millions)
Revenue from operations	16583.377	18243.410	19341.957
		10.010	6.022

NET PROFIT MARGIN

Net Profit Margin	31.03.2013	31.03.2014	31.03.2015
	(Rs. In Millions)	(Rs. In Millions)	(Rs. In Millions)
Revenue from operations	16583.377	18243.410	19341.957
Profit	850.010	550.589	280.409
	5.13%	3.02%	1.45%

LOCAL AGENCY FURTHER INFORMATION

Sr. No.	Check list by info agents	Available in Report (Yes/No)
1	Year of establishment	Yes
2	Constitution of the entity -Incorporation details	Yes
3	Locality of the entity	Yes
4	Premises details	No
5	Buyer visit details	----------------
6	Contact numbers	Yes
7	Name of the person contacted	No
8	Designation of contact person	No
9	Promoter’s background	Yes
10	Date of Birth of Proprietor / Partners / Directors	Yes
11	Pan Card No. of Proprietor / Partners	No
12	Voter Id Card No. of Proprietor / Partners	No
13	Type of business	Yes
14	Line of Business	Yes
15	Export/import details (if applicable)	No
16	No. of employees	No
17	Details of sister concerns	Yes
18	Major suppliers	No
19	Major customers	No
20	Banking Details	Yes
21	Banking facility details	No
22	Conduct of the banking account	No
23	Financials, if provided	Yes
24	Capital in the business	Yes
25	Last accounts filed at ROC, if applicable	No
26	Turnover of firm for last three years	Yes
27	Reasons for variation <> 20%	-------------------
28	Estimation for coming financial year	No
29	Profitability for last three years	Yes
30	Major shareholders, if available	No
31	External Agency Rating, if available	Yes
32	Litigations that the firm/promoter involved in	No
33	Market information	No
34	Payments terms	No
35	Negative Reporting by Auditors in the Annual Report	No

INDEX OF CHARGES

S. No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	10435598	28/03/2014 *	7,045,000,000.00	State Bank of India	Backbay Reclamation Branch, Raheja chembers, Free press Journal Marg, Nariman Point, MUMBAI - 400021, Maharashtra, INDIA	C04872750
2	10379346	22/04/2013 *	234,000,000.00	ICICI BANK LIMITED	ICICI Bank Towers, Bandra Kurla Complex,, Bandra (East), Mumbai - 400051, Maharashtra, INDIA	B73967267

* Date of charge modification

UNSECURED LOANS

PARTICULAR	31.03.2015 (Rs. in Millions)	31.03.2014 (Rs. in Millions)
LONG TERM BORROWINGS
Term Loan From Kotak Mahindra Bank	NA	19.262
SHORT TERM BORROWINGS
Loans repayable on demand - Working capital demand loan - From directors - From associates	NA	240.000 10.019 0.000
Others - Gold borrowings	NA	377.541
Total	NA	269.281

COMPANY OVERVIEW (As on 31.03.2014)

TBZ - The Original has a legacy that dates back to 149 years and 5 generations of the Zaveri family. Having begun operations as a family jeweller, it has, over the years, transitioned itself into a major marketer of branded gold and diamond studded jewellery, with a market presence in 21 cities and 8 states. It has 27 stores with a total of about 88,000 sq ft of retail space. Today, the Company is professionally managed and is a Corporatised Public Limited entity.

The Company is a major player in the wedding jewellery market and is known for its wide range of eclectic designs, fine craftsmanship and purity of gold and diamonds. TBZ has a team of 35 in-house designers and its own manufacturing facilities for jewellery production. Every year, the team launches 8-10 new jewellery lines that are new, unique and refreshing.

TBZ is a premium player in the jewellery market and earns its premium because of its extensive range of designs and its generations-old trust which it has nurtured through the years. Over the years, and across generations, for hundreds of thousands of families, a wedding always begins with an appointment at TBZ. This is a tradition that we are expressly spreading to new cities, new customers and new markets.

FIXED ASSETS

Land
Buildings
Plant and Equipment
Furniture and Fixture
Computer

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 8^th Century B.C. India, in fact, remained undisputed leader till 18^th 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 30^th October 2010 is as under –

- Gem & Jewellery Export Promotion Council in its statistical data has shown the export of polished diamonds to have increase by 28 % in February 2013. Compared to $ 1.4 bn worth of polished diamond export in February, 2012, India exported $ 1.84 billion worth of polished diamonds in February 2013. A senior executive of GJEPC said, “Export of cut and polished diamonds started falling month-wise after the imposition of 2 % of import duty on the polished diamonds. But February, 2013 has given a new ray of hope to the industry as the export of polished diamonds has actually increased by 28 %. It means the industry is on the track of recovery and round tripping of diamonds has stopped completely.” Demand has started coming from the US, the UK, Japan and China. India’s polished diamond export is expected to cross $ 21 bn in 2013-14.

- The banking sector has started exercising restraint while following prudent risk management norms when lending money to gems and jewellery sector. This follows the implementation of Basel III accord – a global voluntary regulatory standard on bank capital adequacy, stress testing and market liquidity.

CMT REPORT (Corruption, Money Laundering & Terrorism]

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

1] INFORMATION ON DESIGNATED PARTY

No exist designating subject or any of its beneficial owners, controlling shareholders or senior officers as terrorist or terrorist organization or whom notice had been received that all financial transactions involving their assets have been blocked or convicted, found guilty or against whom a judgement or order had been entered in a proceedings for violating money-laundering, anti-corruption or bribery or international economic or anti-terrorism sanction laws or whose assets were seized, blocked, frozen or ordered forfeited for violation of money laundering or international anti-terrorism laws.

2] Court Declaration :

No exist to suggest that subject is or was the subject of any formal or informal allegations, prosecutions or other official proceeding for making any prohibited payments or other improper payments to government officials for engaging in prohibited transactions or with designated parties.

3] Asset Declaration :

No records exist to suggest that the property or assets of the subject are derived from criminal conduct or a prohibited transaction.

4] Record on Financial Crime :

Charges or conviction registered against subject: None

5] Records on Violation of Anti-Corruption Laws :

Charges or investigation registered against subject: None

6] Records on Int’l Anti-Money Laundering Laws/Standards :

Charges or investigation registered against subject: None

7] Criminal Records

No available information exist that suggest that subject or any of its principals have been formally charged or convicted by a competent governmental authority for any financial crime or under any formal investigation by a competent government authority for any violation of anti-corruption laws or international anti-money laundering laws or standard.

8] Affiliation with Government :

No record exists to suggest that any director or indirect owners, controlling shareholders, director, officer or employee of the company is a government official or a family member or close business associate of a Government official.

9] Compensation Package :

Our market survey revealed that the amount of compensation sought by the subject is fair and reasonable and comparable to compensation paid to others for similar services.

10] Press Report : No press reports / filings exists on the subject.

CORPORATE GOVERNANCE

MIRA INFORM as part of its Due Diligence do provide comments on Corporate Governance to identify management and governance. These factors often have been predictive and in some cases have created vulnerabilities to credit deterioration.

Our Governance Assessment focuses principally on the interactions between a company’s management, its Board of Directors, Shareholders and other financial stakeholders.

CONTRAVENTION

Subject is not known to have contravened any existing local laws, regulations or policies that prohibit, restrict or otherwise affect the terms and conditions that could be included in the agreement with the subject.

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs. 63.84
UK Pound	1	Rs. 100.99
Euro	1	Rs. 72.45

INFORMATION DETAILS

Information Gathered by :	PRT

Analysis Done by :	KAR

Report Prepared by :	PNM

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	8
PAID-UP CAPITAL	1~10	7
OPERATING SCALE	1~10	8
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	7
--PROFITABILIRY	1~10	6
--LIQUIDITY	1~10	7
6--LEVERAGE	1~10	7
--6RESERVES	1~10	7
--CREDIT LINES	1~10	7
--MARGINS	-5~5	--
DEMERIT POINTS
--BANK CHARGES	YES/NO	YES
--LITIGATION	YES/NO	NO
--OTHER ADVERSE INFORMATION	YES/NO	NO
MERIT POINTS
--SOLE DISTRIBUTORSHIP	YES/NO	NO
--EXPORT ACTIVITIES	YES/NO	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		64

This score serves as a reference to assess SC’s credit risk and to set the amount of credit to be extended. It is calculated from a composite of weighted scores obtained from each of the major sections of this report. The assessed factors and their relative weights (as indicated through %) are as follows:

Financial condition (40%) Ownership background (20%) Payment record (10%)

Credit history (10%) Market trend (10%) Operational size (10%)

RATING EXPLANATIONS

RATING		STATUS	PROPOSED CREDIT LINE
>86	Aaa	Possesses an extremely sound financial base with the strongest capability for timely payment of interest and principal sums	Unlimited
71-85	Aa	Possesses adequate working capital. No caution needed for credit transaction. It has above average (strong) capability for payment of interest and principal sums	Large
56-70	A	Financial & operational base are regarded healthy. General unfavourable factors will not cause fatal effect. Satisfactory capability for payment of interest and principal sums	Fairly Large
41-55	Ba	Overall operation is considered normal. Capable to meet normal commitments.	Satisfactory
26-40	B	Capability to overcome financial difficulties seems comparatively below average.	Small
11-25	Ca	Adverse factors are apparent. Repayment of interest and principal sums in default or expected to be in default upon maturity	Limited with full security
<10	C	Absolute credit risk exists. Caution needed to be exercised	Credit not recommended
--	NB	New Business	--

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

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

MIRA INFORM REPORT

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