Tara Jewels was originally incorporated as a private limited company on March 16, 2001, with the name Tara Ultimo Private Limited. Thereafter, pursuant to the Scheme of Merger dated January 23, 2009 and resolution of the shareholders in the EGM dated March 13, 2009, the name of the company was changed to Tara Jewels Private Limited and a fresh certificate of incorporation dated March 25, 2009 was granted by the RoC. They became a public limited company pursuant to a special resolution of the shareholders in an EGM dated September 16, 2010. The fresh certificate of incorporation consequent to the change of status was granted to the company on September 23, 2010 by the RoC.
They are an integrated player in the jewellery industry with experience ranging from designing to retailing of jewellery. They have been the second highest exporter of studded jewellery from EPZ and EOU complexes in India for the year 2006-2007, 2007-2008 and 2008-2009. Their business can be divided into three operations namely, manufacturing, exporting and retailing. Their portfolio of products includes gold, platinum, honeydium, and silver jewellery with or without studded precious and semiprecious stones. Their products have presence across different price points and cater to customers across high-end, mid-market and value market segments.
They have four manufacturing units, of which one is located in Panyu, China. The other three units are located in Mumbai, India out of which two units are situated in SEEPZ and one in MIDC. During Fiscal 2010 and Fiscal 2009 they have achieved an aggregate production of 2562.91 kgs and 1551.50 kgs of jewellery, respectively. Their manufacturing units are spread over an area of 100,000 square feet employing 41 designers and 747 craftsmen, as on August 31, 2010. They export studded jewellery which are manufactured by us and by third party manufacturers. They export studded jewellery to jewellery chains including Christ Uhrean & Schmuck and retailers including Walmart. They primarily export to Australia, China, Canada, European Union, South Africa, UAE, UK and USA. In European Union they export to 16 countries including Austria, Germany and Switzerland. The company’s export income has grown at a CAGR of 12.05% from Fiscal 2008 to Fiscal 2010. During Fiscal 2010, 2009 and 2008, their income from exports constitutes 97.75%, 99.58% and 99.95% of their total income, respectively.
They conduct their jewellery retail business under the brand “Tara Jewels†and shortly they will be rebranding themselves as “Tara Jewellersâ€. They entered jewellery retailing in India in October 2008 with the launch of their existing store at Andheri, Mumbai and as on September 15, 2010 they operate 15 existing Stores spread over an aggregate area of 14,210 square feet. They intend to launch 15 Proposed Stores across India by December 31, 2010. Their retail stores span across suburban areas of metro cities, mini metros and cities with higher concentration of mid-income segment. Their sales from retail operations increased by 511.83% to Rs 142.74 million in fiscal 2010 from Rs 23.33 million in fiscal 2009.
The company has received the “Global Supplier of the Year†award from the Walmart, USA for 2005 and 2007. They have also been awarded with “Second Highest Exporter†award for the year 2006-2007, 2007-2008 and 2008-2009 among EPZ and EOU complexes by Gems and Jewellery Export Promotion Council. They have also received “Second Highest Net Foreign Exchange Earner†and “Highest Export Performance†award in SEEPZ, both for 2007-2008 in gems and jewellery sector. Further, their facility situated at SEEPZ, Mumbai has received “Green†assessment during Walmart’s ethical standard audit in 2010. All their operations are integrated into SAP.
Their Promoter, Rajeev Sheth, is a certified gemologist from Gemological Institute of America, USA and bench jeweller trained in USA and Japan. He has over 30 years of manufacturing and retail experience. He is also responsible for introducing concepts like flexible manufacturing units and turntable technology in the company.
Products:
Their portfolio of products includes gold, platinum, and silver jewellery with or without studded precious and semi-precious stones.
Milestones:
2001
2003
2005
Tara becomes a DTC sightholder
Invested into a factory space admeasuring 35,000 square feet
Received the Global Supplier of the Year of Walmart
2006
Acquired the order book of Fabrikant-Leer International Limited.
Setting up of the subsidiaries, Tara Jewels Holding, Inc. and Fabrikant Tara International LLC.
2007
Set up a 31,452 square feet factory at Panyu, China
Got award for Highest Export Performance from SEZ, Mumbai
Received “Overall Excellence†award for being second highest exporter in the category of studded precious metal jewellery exports in EPZ by The Gem and Jewellery Export Promotion Council
Received the Global Supplier of the Year of Walmart
2008
Awarded with “Highest Export Performance†and “Second Highest Net Foreign Exchange Earner†award amongst gems and jewellery sector units in SEEPZ, Mumbai by SEEPZ SEZ
Received “Overall Excellence†award for being second highest exporter in the category of studded precious metal jewellery exports in EPZ by The Gem and Jewellery Export Promotion Council
2009
Launched India Retail with 3 stores.
Tara appointed as member of SEEPZ Authority Cell.
Received “Overall Excellence†award for being second highest exporter in the category of studded precious metal jewellery exports in EPZ by The Gem and Jewellery Export Promotion Council.
Merger of Tara Jewels Exports Private Limited and T Two International Private Limited with their company pursuant to the Scheme of Merger.
2010
2011
Subsidiaries:
1. Quatro Jewellery Private Limited;
Quatro Jewellery Private Limited was incorporated under the Companies Act on October 18, 1999. The objects of this company include carrying on the business of manufacturing, processing, cutting, preparing, polishing, refining, acquiring, disposing of, importing, exporting, supplying and dealing in any and all classes of diamonds, including industrial diamonds, gems, precious and semi precious stones, pearls, including cultured pearls, synthetic stones and jewellery, ornaments and personal effects made of gold, silver, platinum, diamond, gems, precious and semi-precious stones, synthetic stones, pearls, including cultured pearls whether studded or otherwise.
2. Tara Jewels Holdings, Inc;
Tara Jewels Holdings, Inc. was incorporated under Section 402 of the Business Corporation Law of the State of New York on July 13, 2006. Under the certificate of incorporation, the address to which the secretary of state shall mail a copy of any process against Tara Jewels Holdings, Inc. is National Registered Agents Inc., 875 Avenue of the Americas, New York, NY 10001. The company is engaged in the business of ownership of interests in Fabrikant Tara International LLC.
3. Fabrikant-Tara International LLC;
Fabrikant-Tara International LLC was incorporated as a limited liability company under the Delaware Limited Liability Company Act on July 13, 2006. Fabrikant-Tara International LLC is treated as a partnership for U.S federal and state income tax purposes. The total equity of Fabrikant-Tara International LLC is reflected as members’ equity as opposed to common stock and retained earnings as is the case with corporations.
4. Tara Hong Kong Private Limited; and
Tara Hong Kong Limited was incorporated as a limited liability company under the Hong Kong Companies Ordinance, on November 10, 2006 and its company number is 1086640. The company is engaged in the business of import and export of jewellery.
5. Tara China Jewelery Limited.
Tara China Jewelry Limited was incorporated as a limited company registered on Guangzhou Administration Bureau for Industry and Commerce Panyu Branch, on September 19, 2008 and its company number is 304236. The scope of business of the company is research, design, value added, production of gold, diamond products with other jewellery ornaments, sale of company’s products, plated metallic product processing (excluding electro plating), and provision of after – sales advices.
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