MIRA INFORM REPORT
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Report No. : |
328876 |
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Report Date : |
23.06.2015 |
IDENTIFICATION DETAILS
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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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Tel. No.: |
91-22-66417888 / 66417805 |
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Country : |
India |
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Financials (as
on) : |
31.03.2015 |
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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 Million |
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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
: |
Information declined by the management. |
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 : |
Tara Jewels Limited (TJL) was incorporated in the year 2001 by Mr.
Rajeev Sheth (Chairman and MD). It is an integrated player in the jewellery industry with presence ranging
from designing to manufacturing to retailing of diamond studded jewellery. It is a well-established company having satisfactory track record. Financial position of the company seems to be decent. The rating takes into consideration the experience of the promoters in
the Gems and Jewellery (G and J) industry, its presence across the jewellery
value chain and established clientele and supplier to large global retailers.
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.
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
31-03-2013.
INFORMATION DENIED
Management non co-operative
Contact no.: 91-22-66774421
LOCATIONS
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Registered Office/ Head 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 : |
32 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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Date of cessation : |
02.01.2015 |
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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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Date of cessation : |
01.07.2014 |
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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 : |
26 Years |
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03533590 |
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Name : |
Mr. Sanjay Sethi |
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Designation : |
Director and CFO |
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28.05.2014 |
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ABBPS5094E |
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 : |
Nivedita Nilesh Nayak |
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Designation : |
Secretary |
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Address : |
A503, Presidency Classic County CHS Limited, 5th Floor, Opp Sai Petrol Pump, Mirabhayander Road, Bhayander East, 401105, Maharashtra, India |
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Date of Appointment : |
22.12.2014 |
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PAN No.: |
AIQPN8923P |
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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 on 31.03.2015
|
Category of Shareholder |
Total No. of Shares |
Total Shareholding as a % of Total No. of Shares |
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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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|
2762103 |
11.22 |
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|
571872 |
2.32 |
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|
2061696 |
8.37 |
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|
5395671 |
21.91 |
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|
421338 |
1.71 |
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Individual shareholders
holding nominal share capital up to Rs. 0.100 Million |
1141530 |
4.64 |
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|
741239 |
3.01 |
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|
2163074 |
8.78 |
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|
1800000 |
7.31 |
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|
54655 |
0.22 |
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|
266248 |
1.08 |
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|
38871 |
0.16 |
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|
3300 |
0.01 |
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|
4467181 |
18.14 |
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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 |
100.00 |
Shareholding of securities (including shares, warrants,
convertible securities) of persons belonging to the category Promoter and
Promoter Group
|
No. |
Name of the
Shareholder |
Details of Shares
held |
Total shares
(including underlying shares assuming full conversion of warrants and
convertible securities) as a % of diluted share capital |
|
|
No. of Shares held |
As a % of grand
total (A)+(B)+(C) |
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|
1 |
Rajeev Sheth |
1,44,82,893 |
58.82 |
58.10 |
|
2 |
Aarti Sheth |
1,14,440 |
0.46 |
0.46 |
|
3 |
Divya Sheth |
1,14,440 |
0.46 |
0.46 |
|
4 |
Divya Jewels International Private Limited |
33,600 |
0.14 |
0.13 |
|
5 |
Purnima Rajeev Sheth |
14,625 |
0.06 |
0.06 |
|
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Total |
1,47,59,998 |
59.94 |
59.21 |
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
|
No. |
Name of the
Shareholder |
No. of Shares held |
Shares as % of
Total No. of Shares |
Details of warrants |
Total shares
(including underlying shares assuming full conversion of warrants and
convertible securities) as a % of diluted share capital |
|
|
Number of warrants
held |
As a % total number
of warrants of the same class |
|||||
|
1 |
IDFC Premier Equity Fund |
2162500 |
8.78 |
0 |
0.00 |
0.87 |
|
2 |
Crystalon Finanz AG |
1800000 |
7.31 |
0 |
0.00 |
0.72 |
|
3 |
Axis Bank Limited |
571872 |
2.32 |
0 |
0.00 |
0.23 |
|
4 |
Copthall Mauritius Investment Limited |
724637 |
2.94 |
0 |
0.00 |
0.29 |
|
5 |
HSBC Global Investments Funds A/c HSBC Global GIF Mauritius Limited |
611336 |
2.48 |
0 |
0.00 |
0.25 |
|
6 |
ICICI Prudential FMCG Fund |
599603 |
2.44 |
0 |
0.00 |
0.24 |
|
7 |
DB International (Asia) Limited |
556348 |
2.26 |
0 |
0.00 |
0.22 |
|
8 |
HSBC Indian Equity Mother Fund |
266248 |
1.08 |
0 |
0.00 |
0.11 |
|
9 |
Benett Coleman And Company Limited |
0 |
0.00 |
305000 |
100.00 |
0.12 |
|
|
Total |
7292544 |
29.62 |
305000 |
100.00 |
3.05 |
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
|
No. |
Name(s) of the
shareholder(s) and the Persons Acting in Concert (PAC) with them |
No. of Shares |
Shares as % of
Total No. of Shares |
Total shares
(including underlying shares assuming full conversion of warrants and
convertible securities) as a % of diluted share capital |
|
|
1 |
IDFC Premier Equity Fund |
2162500 |
8.78 |
8.78 |
|
|
2 |
Crystalon Finanz AG |
1800000 |
7.31 |
7.31 |
|
|
|
Total |
3962500 |
16.09 |
16.09 |
Details of Locked-in Shares
|
No. |
Name of the
Shareholder |
No. of Shares |
Locked-in Shares as
% of |
|
1 |
Rajeev Sheth |
49,38,742 |
20.06 |
|
|
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 Available |
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Agencies Held : |
Not Available |
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Exports : |
Not Available |
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Imports : |
Not Available |
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Terms : |
Not Available |
GENERAL INFORMATION
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Suppliers : |
Not Available |
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Customers : |
Not Available |
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No. of Employees : |
Information declined by the management. |
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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 Million)
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 Million 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 Million 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 Million 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 Million
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 Private
Limited. and Fabrikant Tara International LLC and (iii) fixed deposits of Rs.
70.000 Million 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 [AS ON 31.03.2014]
: |
1. Fabrikant Tara International LLC. 2. Tara Jewels Holding Inc. 3. Tara (Hong Kong) Limited 4. Tara China Jewelery Limited 5. 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 [AS ON 31.03.2014]: |
1. F. T. Diamonds 2. Divya Jewels International Private Limited 3. Divya Real Estate Private Limited 4. Aarti Jewellers Private Limited 5. Karan Arjun Jewellery Private Limited 6. Tara Duniya Corporation |
CAPITAL STRUCTURE
AS ON 31.03.2015
Authorised Capital : Not Available
Issued, Subscribed & Paid-up Capital : Rs.246.229 Million
AS ON 31.03.2014
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
30000000 |
Equity Shares |
Rs.10/- each |
Rs.300.000 Million |
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Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
24622850 |
Equity Shares |
Rs.10/- each |
Rs.246.229 Million |
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RECONCILIATION OF EQUITY SHARES
OUTSTANDING
|
Particulars |
No. of Shares |
Rs. In Million |
|
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 |
|
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 |
|
(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 |
58.82 |
|
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 Million]
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 |
246.229 |
246.229 |
245.775 |
|
(b) Reserves & Surplus |
5208.013 |
4922.177 |
4556.143 |
|
(c) Money received against
share warrants |
12.200 |
0.000 |
0.000 |
|
|
|
|
|
|
(2) Share Application money
pending allotment |
0.000 |
0.000 |
0.000 |
|
Total
Shareholders’ Funds (1) + (2) |
5466.442 |
5168.406 |
4801.918 |
|
|
|
|
|
|
(3) Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
3.311 |
11.570 |
62.709 |
|
(b) Deferred tax liabilities
(Net) |
0.000 |
0.000 |
0.000 |
|
(c) Other long term
liabilities |
0.000 |
0.000 |
0.000 |
|
(d) long-term provisions |
46.005 |
31.267 |
35.286 |
|
Total
Non-current Liabilities (3) |
49.316 |
42.837 |
97.995 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a) Short term borrowings |
3055.770 |
2851.149 |
2499.092 |
|
(b) Trade payables |
2172.915 |
2942.474 |
2730.770 |
|
(c) Other current liabilities |
156.294 |
227.752 |
204.076 |
|
(d) Short-term provisions |
201.609 |
148.753 |
73.086 |
|
Total
Current Liabilities (4) |
5586.588 |
6170.128 |
5507.024 |
|
|
|
|
|
|
TOTAL |
11102.346 |
11381.371 |
10406.937 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a) Fixed Assets |
|
|
|
|
(i) Tangible assets |
1105.539 |
1093.914 |
721.732 |
|
(ii) Intangible Assets |
0.000 |
27.306 |
30.460 |
|
(iii) Capital work-in-progress |
0.000 |
0.000 |
8.522 |
|
(iv) Intangible assets under
development |
0.000 |
2.966 |
0.000 |
|
(b) Non-current Investments |
175.357 |
175.141 |
169.474 |
|
(c) Deferred tax assets (net) |
34.470 |
2.303 |
8.751 |
|
(d) Long-term Loan and Advances |
41.953 |
68.815 |
128.276 |
|
(e) Other Non-current assets |
0.000 |
0.000 |
0.000 |
|
Total
Non-Current Assets |
1357.319 |
1370.445 |
1067.215 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a) Current investments |
0.000 |
0.000 |
0.000 |
|
(b) Inventories |
5010.576 |
6117.608 |
5759.924 |
|
(c) Trade receivables |
3786.731 |
3088.439 |
2376.008 |
|
(d) Cash and cash equivalents |
751.870 |
642.264 |
1073.818 |
|
(e) Short-term loans and advances |
189.279 |
156.107 |
118.284 |
|
(f) Other current assets |
6.571 |
6.508 |
11.688 |
|
Total
Current Assets |
9745.027 |
10010.926 |
9339.722 |
|
|
|
|
|
|
TOTAL |
11102.346 |
11381.371 |
10406.937 |
PROFIT
& LOSS ACCOUNT
|
|
PARTICULARS |
31.03.2015 |
31.03.2014 |
31.03.2013 |
|
|
SALES |
|
|
|
|
|
Revenue from Operations |
14141.626 |
14171.365 |
13835.993 |
|
|
Other Income |
47.768 |
49.884 |
47.934 |
|
|
TOTAL
(A) |
14189.394 |
14221.249 |
13883.927 |
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
Cost of Materials Consumed |
7543.290 |
8234.104 |
7702.616 |
|
|
Purchases of Stock-in-Trade |
4302.781 |
2980.250 |
4375.067 |
|
|
Changes in inventories of finished
goods, work-in-progress and Stock-in-Trade |
(127.014) |
238.878 |
(520.925) |
|
|
Employees benefits expense |
411.761 |
446.418 |
343.856 |
|
|
Other expenses |
683.680 |
918.952 |
569.511 |
|
|
TOTAL
(B) |
12814.498 |
12818.602 |
12470.125 |
|
|
|
|
|
|
|
Less |
PROFIT/
(LOSS) BEFORE INTEREST, TAX,
DEPRECIATION AND AMORTISATION (C) |
1374.896 |
1402.647 |
1413.802 |
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
637.605 |
571.546 |
429.403 |
|
|
|
|
|
|
|
|
PROFIT
/ (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
737.291 |
831.101 |
984.399 |
|
|
|
|
|
|
|
Less/
Add |
DEPRECIATION/
AMORTISATION (F) |
270.648 |
206.917 |
129.888 |
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) BEFORE TAX (E-F) (G) |
466.643 |
624.184 |
854.511 |
|
|
|
|
|
|
|
Less |
TAX
(H) |
174.621 |
229.797 |
192.088 |
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) AFTER TAX (G-H)
(I) |
292.022 |
394.387 |
662.423 |
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
2964.904 |
2570.517 |
1908.094 |
|
|
|
|
|
|
|
Add |
SEZ reinvestment allowance reserve utilized |
NA |
250.727 |
102.755 |
|
|
|
|
|
|
|
Less |
Transfer to SEZ reinvestment allowance reserve |
NA |
0.000 |
295.509 |
|
|
|
|
|
|
|
|
Balance
Carried To The B/S |
NA |
2964.904 |
2570.517 |
|
|
|
|
|
|
|
|
EARNINGS
IN FOREIGN CURRENCY |
|
|
|
|
|
F.O.B. Value of Exports |
NA |
11635.966 |
10756.817 |
|
|
Freight |
NA |
25.317 |
6.780 |
|
|
TOTAL
EARNINGS |
NA |
11661.283 |
10763.597 |
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
Raw Materials |
NA |
4321.181 |
2109.604 |
|
|
Trading goods |
NA |
1303.324 |
2362.009 |
|
|
Packing Material |
NA |
49.143 |
7.482 |
|
|
Components and Stores parts |
NA |
30.125 |
28.195 |
|
|
Capital Goods |
NA |
236.734 |
76.719 |
|
|
TOTAL
IMPORTS |
NA |
5940.507 |
4584.009 |
|
|
|
|
|
|
|
|
Earnings
/ (Loss) Per Share (Rs.) |
11.86 |
16.03 |
32.20 |
CURRENT MATURITIES
OF LONG TERM BORROWINGS DETAILS
|
Particulars |
31.03.2015 |
31.03.2014 |
31.03.2013 |
|
Current maturities of long-term borrowings |
NA |
13.312 |
27.712 |
|
Cash generated from operations |
NA |
NA |
NA |
KEY
RATIOS
|
PARTICULARS |
|
31.03.2015 |
31.03.2014 |
31.03.2013 |
|
Net Profit Margin (PAT/Sales) |
(%) |
2.06 |
2.78 |
4.79 |
|
|
|
|
|
|
|
Operating Profit Margin (PBDIT / Sales) |
(%) |
9.72 |
9.90 |
10.22 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
4.28 |
5.57 |
8.36 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.09 |
0.12 |
0.18 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt /Networth) |
|
0.56 |
0.55 |
0.53 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.74 |
1.62 |
1.70 |
STOCK
PRICES
|
Face Value |
Rs.10.00/ |
|
Market Value |
Rs.59.40/- |
FINANCIAL ANALYSIS
[all figures are
in Rupees Million]
DEBT EQUITY RATIO
|
Particular |
31.03.2013 |
31.03.2014 |
31.03.2015 |
|
|
(Rs. In Million) |
(Rs. In Million) |
(Rs. In Million) |
|
Share Capital |
245.775 |
246.229 |
246.229 |
|
Reserves & Surplus |
4556.143 |
4922.177 |
5208.013 |
|
Money received against
share warrants |
0.000 |
0.000 |
12.200 |
|
Net worth |
4801.918 |
5168.406 |
5466.442 |
|
|
|
|
|
|
long-term borrowings |
62.709 |
11.570 |
3.311 |
|
Short term borrowings |
2499.092 |
2851.149 |
3055.770 |
|
Total borrowings |
2561.801 |
2862.719 |
3059.081 |
|
Debt/Equity ratio |
0.533 |
0.554 |
0.560 |
YEAR-ON-YEAR GROWTH
|
Year on Year Growth |
31.03.2013 |
31.03.2014 |
31.03.2015 |
|
|
(Rs. In Million) |
(Rs. In Million) |
(Rs. In Million) |
|
Sales |
13835.993 |
14171.365 |
14141.626 |
|
|
|
2.424 |
(0.210) |
NET PROFIT MARGIN
|
Net Profit Margin |
31.03.2013 |
31.03.2014 |
31.03.2015 |
|
|
(Rs. In Million) |
(Rs. In Million) |
(Rs. In Million) |
|
Sales |
13835.993 |
14171.365 |
14141.626 |
|
Profit |
662.423 |
394.387 |
292.022 |
|
|
4.79% |
2.78% |
2.06% |
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 |
Yes |
|
8 |
Designation of contact person |
Yes |
|
9 |
Promoter’s background |
Yes |
|
10 |
Date of Birth of Proprietor / Partners /
Directors |
Yes |
|
11 |
Pan Card No. of Proprietor / Partners |
Yes |
|
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 |
Yes |
|
22 |
Conduct of the banking account |
-- |
|
23 |
Financials, if provided |
Yes |
|
24 |
Capital in the business |
Yes |
|
25 |
Last accounts filed at ROC, if applicable |
Yes |
|
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 |
Yes |
|
31 |
External Agency Rating, if available |
Yes |
|
32 |
Litigations that the firm/promoter involved
in |
--- |
|
33 |
Market information |
--- |
|
34 |
Payments terms |
No |
|
35 |
Negative Reporting by Auditors in the
Annual Report |
No |
UNSECURED
LOAN
(Rs.
In Million)
|
Particulars |
As
on 31.03.2015 |
As
on 31.03.2014 |
|
SHORT TERM
BORROWING |
|
|
|
Loan from related party |
NA |
67.793 |
|
|
|
|
|
Total |
NA |
67.793 |
CONTINGENT
LIABILITIES
|
Particulars |
As
on 31.03.2015 |
As
on 31.03.2014 |
|
Claims against the company not acknowledged as debt in respect of: |
|
|
|
Custom duty matter |
NA |
1.901 |
|
Property tax |
NA |
2.481 |
|
Service tax matter |
NA |
6.723 |
|
Bills discounted |
NA |
1927.038 |
|
Total |
|
1938.143 |
INDEX OF CHARGES
|
S.NO. |
CHARGE ID |
DATE OF CHARGE
CREATION/MODIFICATION |
CHARGE AMOUNT
SECURED |
CHARGE HOLDER |
ADDRESS |
SERVICE REQUEST
NUMBER (SRN) |
|
1 |
10571335 |
12/02/2015 |
20,000,000.00 |
BAJAJ FINANCE LIMITED |
AKURDI PUNE-, PUNE, MAHARASHTRA - 411035, INDIA |
C54601919 |
|
2 |
10531478 |
22/10/2014 |
25,000,000.00 |
CORPORATION BANK |
VEENA CHAMBERS,, DALAL STREET,, MUMBAI, MAHARASHT |
C33723966 |
|
3 |
10501680 |
27/05/2014 |
50,000,000.00 |
PUNJAB NATIONAL BANK |
SEEPZ BRANCH, ANDHERI (EAST), MUMBAI, MAHARASHTRA |
C05981048 |
|
4 |
10463393 |
13/11/2013 |
5,271,912.00 |
SIEMENS FINANCIAL SERVICES PRIVATE LIMITED |
130, PANDURANG BUDHKAR MARG,, WORLI, MUMBAI, MAHA |
B90803289 |
|
5 |
10457529 |
15/10/2013 |
50,000,000.00 |
PUNJAB NATIONAL BANK |
SEEPZ BRANCH, ANDHERI (EAST), MUMBAI, MAHARASHTRA |
B88517271 |
|
6 |
10391695 |
25/10/2012 |
100,000,000.00 |
PUNJAB NATIONAL BANK |
SEEPZ ANDHERI (EAST), MUMBAI, MAHARASHTRA - 400096 |
B64021595 |
|
7 |
10366559 |
30/06/2012 |
100,000,000.00 |
PUNJAB NATIONAL BANK |
OFFSHORE BANKING UNIT, SEEPZ, ANDHERI (EAST), MUM |
B44191344 |
|
8 |
10340406 |
02/02/2012 |
100,000,000.00 |
PUNJAB NATIONAL BANK |
OFFSHORE BANKING UNIT, SEEPZ, ANDHERI (EAST), MUM |
B34241851 |
|
9 |
10336271 |
12/01/2012 |
150,000,000.00 |
PUNJAB NATIONAL BANK |
OFFSHORE BANKING UNIT, SEEPZ, ANDHERI (EAST), MUM |
B32410714 |
|
10 |
10320444 |
11/11/2011 |
100,000,000.00 |
PUNJAB NATIONAL BANK |
OFFSHORE BANKING UNIT, SEEPZ, ANDHERI (EAST), MUM |
B26519702 |
* Date of charge modification
FIXED ASSETS
- Building
- Vehicles
- Air
conditioners
- Computers
- Electric
installations
- Silver models
- Furniture and
fixtures
- Office
equipments
- Plant and
machinery
- Factory
equipments
- Flat
- Ship
- Goodwill
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.
CMT REPORT (Corruption, Money Laundering & Terrorism]
The Public Notice information has been collected from various sources
including but not limited to: The Courts,
1] INFORMATION ON
DESIGNATED PARTY
No exist designating subject or any of its beneficial owners,
controlling shareholders or senior officers as terrorist or terrorist
organization or whom notice had been received that all financial transactions
involving their assets have been blocked or convicted, found guilty or against
whom a judgement or order had been entered in a proceedings for violating
money-laundering, anti-corruption or bribery or international economic or
anti-terrorism sanction laws or whose assets were seized, blocked, frozen or
ordered forfeited for violation of money laundering or international
anti-terrorism laws.
2] Court Declaration :
No exist to suggest that subject is or was
the subject of any formal or informal allegations, prosecutions or other official
proceeding for making any prohibited payments or other improper payments to
government officials for engaging in prohibited transactions or with designated
parties.
3] Asset Declaration :
No records exist to suggest that the property or assets of the subject
are derived from criminal conduct or a prohibited transaction.
4] Record on Financial
Crime :
Charges or conviction
registered against subject: None
5] Records on Violation of
Anti-Corruption Laws :
Charges or
investigation registered against subject: None
6] Records on Int’l
Anti-Money Laundering Laws/Standards :
Charges or
investigation registered against subject: None
7] Criminal Records
No
available information exist that suggest that subject or any of its principals
have been formally charged or convicted by a competent governmental authority
for any financial crime or under any formal investigation by a competent
government authority for any violation of anti-corruption laws or international
anti-money laundering laws or standard.
8] Affiliation with
Government :
No record
exists to suggest that any director or indirect owners, controlling
shareholders, director, officer or employee of the company is a government
official or a family member or close business associate of a Government
official.
9] Compensation Package :
Our market
survey revealed that the amount of compensation sought by the subject is fair
and reasonable and comparable to compensation paid to others for similar
services.
10] Press Report :
No press reports / filings exists on
the subject.
CORPORATE GOVERNANCE
MIRA INFORM as part of its Due Diligence do provide comments on
Corporate Governance to identify management and governance. These factors often
have been predictive and in some cases have created vulnerabilities to credit
deterioration.
Our Governance Assessment focuses principally on the interactions
between a company’s management, its Board of Directors, Shareholders and other
financial stakeholders.
CONTRAVENTION
Subject is not known to have contravened any existing local laws,
regulations or policies that prohibit, restrict or otherwise affect the terms
and conditions that could be included in the agreement with the subject.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.63.51 |
|
|
1 |
Rs.100.94 |
|
Euro |
1 |
Rs.72.32 |
INFORMATION DETAILS
|
Information
Gathered by : |
PRT |
|
|
|
|
Analysis Done by
: |
RSH |
|
|
|
|
Report Prepared
by : |
SNT |
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.