MIRA
INFORM REPORT
|
Report Date : |
25.11.2011 |
IDENTIFICATION DETAILS
|
Name : |
GOLDEN SWAN AB |
|
|
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Registered Office : |
Västerlånggatan 44 Stockholm, 10316 |
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Country : |
Sweden |
|
|
|
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Financials (as on) : |
30.06.2010 |
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Year of Establishment : |
1990 |
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|
|
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Com. Reg. No.: |
5564168622 |
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Legal Form : |
Private Independent |
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|
|
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Line of Business : |
Merchant wholesale distribution of jewelry, precious and semiprecious
stones, precious metals and metal flatware, watches, clocks, silverware |
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|
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No. of Employees : |
15 |
RATING & COMMENTS
|
MIRA’s Rating : |
B |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
Status : |
Moderate |
|
Payment Behaviour : |
Unknown |
|
Litigation : |
Clear |
NOTES :
Any query related to this report can be made
on e-mail: infodept@mirainform.com
while quoting report number, name and date.
ECGC Country Risk Classification List – September 30, 2011
|
Country Name |
Previous Rating (30.06.2011) |
Current Rating (30.09.2011) |
|
Sweden |
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
Company name and address
Golden Swan AB
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Business
Description
|
Golden Swan AB is primarily engaged in the merchant wholesale
distribution of jewelry, precious and semiprecious stones, precious metals
and metal flatware, costume jewelry, watches, clocks, silverware, and/or
jewelers' findings. |
Industry
|
Industry |
Jewelry and Silverware |
|
ANZSIC 2006: |
3732 - Jewellery and Watch Wholesaling |
|
NACE 2002: |
5147 - Wholesale of other household goods |
|
NAICS 2002: |
423940 - Jewelry, Watch, Precious Stone, and
Precious Metal Merchant Wholesalers |
|
UK SIC 2003: |
51473 - Wholesale of jewellery |
|
US SIC 1987: |
5094 - Jewelry, Watches, Precious Stones,
and Precious Metals |
Key Executives
|
News
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1 - Profit & Loss
Item Exchange Rate: USD 1 = SEK 7.270479
2 - Balance Sheet Item Exchange Rate: USD 1 = SEK 7.782
Corporate Overview
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Executives Report
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AGM on Nov 04,
2011
Accord Fintech (India): 19 October 2011
[What follows is the full text of the news story.]
India, Oct. 19 -- JIK
Industries Ltd has informed BSE that the 19th Annual General Meeting (AGM) of
the members of the Company will be held on November 04, 2011, at 9.30 a.m. at
Golden Swan Country Club, Off Pokhran Road No. 1, Yeoor Hills, Thane (West) 400
602, inter alia, to transact the following business:1. To receive, consider and
adopt the audited Financial Statement of the Company comprising of the Balance
Sheet as at June 30, 2011 (15 months), the Profit and Loss Account and the Cash
Flow Statement for the year ended on that date along with the Schedules forming
part of the accounts and annexures thereto, Report of the Directors and the
Auditors thereon.2. To appoint a director in place of Mr. Surendra C Gurav who
retires by rotation and being eligible, offer himself for re-appointment.3. To
re-appoint M/s. Motilal & Associates, Chartered Accountants, as Statutory
auditors of the Company, who retire at the Annual General Meeting, and being
eligible, offer themselves for re-appointment and to fix their remuneration.4.
To appoint Mr. Manoj P Thakkar & Mr. Vijay P Panikar as Directors of the
Company, liable to retire by rotation.5. To accord consent towards
reappointment and terms of remuneration of Mr. Rajendra G Parekh as a Managing
Director of the Company for a period of five years with effect from April 01,
2011, on necessary terms & conditions. Published by HT Syndication with
permission from ACCORD FINTECH BSE. For any query with respect to this article
or any other content requirement, please contact Editor at htsyndication@hindustantimes.com
BRIEF: Downtown
Buffalo restaurants get tax breaks
Buffalo News (NY): 15 August 2011
[What follows is the full text of the news story.]
Aug. 15--Developer
Rocco Termini has received approval for tax breaks for a pair of downtown
restaurants planned for vacant buildings.
The Erie County
Industrial Development Agency on Monday approved a total of $131,000 in tax
abatements for projects at 437 Ellicott St. and 338 Ellicott St.
Termini plans to
convert 338 Ellicott, formerly the Horton Coffee Co. building, into a
"reasonably priced" family restaurant. He plans to turn 437 Ellicott,
formerly the Golden Swan Cafe and Grille, into a "reasonably priced"
Italian restaurant.
The tax abatements
were on the agenda at the agency's July meeting, but a vote was delayed amid
indications they would not win the unanimous vote of the 10 board members
present at the meeting. The board was operating with a bare quorum for that
meeting.
Separately, the
ECIDA approved $1.47 million in sales and property tax abatements to support a
$13 million administration building Moog Inc. will build on its Elma campus.
The company announced the project in April.
The new building
will house the aerospace company's corporate administration and corporate
services divisions, and free up manufacturing space elsewhere on the campus.
mglynn@buffnews.com
___
To see more of The
Buffalo News, N.Y., or to subscribe to the newspaper, go to
http://www.buffalonews.com.
Copyright (c)
2011, The Buffalo News, N.Y.
Distributed by McClatchy-Tribune
Information Services.
For more
information about the content services offered by McClatchy-Tribune Information
Services (MCT), visit www.mctinfoservices.com, e-mail
services@mctinfoservices.com, or call 866-280-5210 (outside the United States,
call +1 312-222-4544)
HC allows
vehicular access to club in Yeoor till 11pm
Hindustan Times (India): 07 January 2011
[What follows is the full text of the news story.]
Mumbai, Jan. 7 --
Golden Swan Club in Yeoor Hills, a part of the notified forest area at Sanjay
Gandhi National Park, will be accessible till 11pm instead of 7pm, which is the
time restriction imposed on vehicles by forest authorities. Clubs situated
inside Yeoor Hills in Thane are popular for parties and picnics.
A division bench
of chief justice Mohit Shah and justice SJ Vazifdar, on Thursday, relaxed the
deadline for members, guests and staff of the club on an application filed by
the club.
The court
clarified that only vehicles headed towards Golden Swan Club will be allowed
entry and exit till 11pm and after 7am. "There should be no movement
inside the sanctuary other than on the road to the club," the court said.
Following an earlier high court order, forest authorities restricted entry to
private vehicles inside the park - they couldn't ply between 6pm and 6am. Only
government vehicles, emergency vehicles and those belonging to tribals in Yeoor
village were permitted to ply after sunset. The court has also directed the
state to frame rules under the Wildlife Protection Act if it intends to
restrict entry inside the park after sunset.
The chief justice
said, "This condition (restricting vehicles after sunset) should be
uniform throughout the country. But the government has to do something about
it. Why do you (Maharashtra government) want a legal order?"
Justice Vazifdar
said, "It is one of the few good places left in Mumbai. We do not want our
order to affect it." Prasad Dhakepalkar, senior advocate for the club,
said it had been functioning since 1991 and had at least 1,000 members. The
club is 1.6km inside Yeoor village and uses only 600 m of the access road that
passes from the national park's forest area, Dhakepalkar said. Published by HT
Syndication with permission from Hindustan Times. For any query with respect to
this article or any other content requirement, please contact Editor at
htsyndication@hindustantimes.com
Fancy a coffee,
China?
Business Review Weekly (Abstracts): 30 June 2011
[What follows is the full text of the news story.]
The Coffee Club's first
Chinese cafe has opened for business in the province of Guangzhou under a
franchise agreement. The cafe is being operated by the Guangzhou Golden Swan
Enterprise Group, which hopes to open 30 more by mid-June 2014. The Coffee
Club'sNick Vincent notes that opening in China has not been without its
challenges. The milk used has to be modified, as many Chinese are lactose
intolerant, while Chinese import restrictions make it hard to obtain some
supplies
Lyrical poetry
Sri Lanka Sunday Observer: 01 May 2011
[What follows is the full text of the news story.]
Sri Lanka, May 1
-- As the title suggests, 'The Meghaduta' represents a sub-genre of lyrical
poetry referred to as message poetry. It marks the genesis of a powerful genre
that inspired many imitators but none could ever rise to the high standards set
by Kalidasa. This is, of course, not to suggest that the idea of
message-sending is absent in earlier texts. The ancient treatise on drama, The
Natyasastra, refers to the messenger (duti) as one among the identified
characters; in the Rig Veda we come across Sarama the hound sent by the gods as
a messenger.
And in the
Mahabharata, in the Nala-Damayanti episode a golden swan is entrusted with the
task of carrying messages between Nala and Damayanti. However, it is in 'The
Meghaduta' that the idea of a message-poem was given concrete shape and
invested with lyrical beauty in a way that would serve as a model worthy of
emulation for subsequent poets. In the South India, there was a strong
tradition of message poetry that exercised a palpable impact on the literary
sensibility, and in our own Sinhala poetic tradition, message poetry (sandesha
kavya) play a pivotal role. Some of our finest poetical works work within the
compass of this sub-genre.
Anyone reading The
Meghaduta, even in translation, is bound to be struck by its exquisite lyrical
beauty. Part of this beauty arises from the skill with which the poet has been
able to capture the physical landscape through moving imagery and infuse it
with a transcendental aura. Verses such as the following, which I have
translated from the original Sanskrit, should illustrate this pint cogently.
Its slopes covered
with the glow of ripened mangoes
And you, on the
mountain peak, darkly shining like a glossy coil of hair
It will indeed
attract the gaze of celestial lovers
Like a great
breast of the earth, dark at the center, a golden gleam around.
Resting for a
while on the peak, whose groves stir the brides of foresters
Sprinkle a shower,
then move very rapidly on the road beyond
You will witness
at the foot of Vindhya mountain, the Reva river
Its streams
fragmented like ash on an elephant's flanks. Published by HT Syndication with
permission from Sunday Observer (Sri Lanka). For any query with respect to this
article or any other content requirement, please contact Editor at
htsyndication@hindustantimes.com
HC allows club
members and staffers to drive on SGNP road
Press Trust of India: 06 January 2011
[What follows is the full text of the news story.]
Mumbai, January 06,
2011 (PTI) -- Bombay High Court today permitted the members and staffers of
Golden Swan Club to use their private vehicles to enter the Club premises
through Sanjay Gandhi National Park till 11 pm.
The Club is
situated in Yeoor village in neighbouring Thane, part of which falls in the
National Park.
Golden Swan had
filed a petition, seeking relaxation of restrictions on entry of private
vehicles in the area after 7 pm.
"The club is
located inside Yeoor village and it uses only 600 meters of the access road
that passes from the National Park?s forest area. The forest department does
not allow private vehicles to use this road after sunset," the club's
lawyer Prasad Dhakephalkar argued.
Division bench of
Chief Justice Mohit Shah and Justice S J Vazifdar today permitted members,
their guests and employees of the club to drive on the road till 11 pm.
"There shall
be no vehicular movement after 11 in the night till 7 in the morning,"
Chief Justice Shah said.
The court also directed
the state forest department to frame rules under the Wildlife Protection Act
regarding prohibition of vehicular movement after sunset.
"If the
forest department frames rules, the club can approach the court once again
challenging them," the court said. PTI SP KRK
MGS 01061922
(THROUGH ASIA
PULSE)
06-01 2011
'Cars, parties
will damage the forest'
Hindustan Times (India): 31 December 2010
[What follows is the full text of the news story.]
Mumbai, Dec. 31 --
Once the New Year parties at the clubs near Yeeor end, officials of the Sanjay
Gandhi National Park will assess the damage done to the forest area. On
December 23, the Bombay High Court allowed the entry of private vehicles into
the popular picnic spot in the protected forest in Thane district.
Club members' cars
will be allowed in after dusk till January 6 through the Madhuban gate.
"We will
assess the damage after January 6," said Dr PN Munde, conservator of
forests and director of the park.
Munde had filed an
affidavit in the high court opposing the entry of private vehicles in the area
after sunset in order to protect the wildlife.
The order was
passed after a petition was filed by Golden Swan Club, seeking permission for
members to take their cars into the club from the Madhuban gate after 7 pm. The
club has at least 1,000 members and has been operational since 1991.
This order vacated
a stay granted last December on the entry of private vehicles into the area
after dusk. The ruling comes at a time when a state-appointed committee is
considering upgrading the status of the national park from a protected forest
to 'a critical wildlife habitat'. "A forest is not an entertainment area.
It provides an ecological service," said Kishore Rite, member of the
Critical Wildlife Habitat Committee. Published by HT Syndication with
permission from Hindustan Times. For any query with respect to this article or
any other content requirement, please contact Editor at
htsyndication@hindustantimes.com
Private club seeks
entry of cars into Yeoor Hills after sunset
Hindustan Times (India): 22 December 2010
[What follows is the full text of the news story.]
Mumbai, Dec. 22 --
Members of the Golden Swan Club, situated in the Yeoor Hills (a notified forest
area), seek that they be allowed to take their vehicles till the club premises
after 7 pm. The members filed a petition in the Bombay high court seeking
relief from an earlier order of the high court passed in
September 2009,
which restrained entry of vehicles inside the hills after sunset.
Anil Anturkar,
counsel for the members of the club, argued there is no law or provision which
restrains entry of vehicles inside a forest area after sunset.
He also said the
members cannot walk for two kilometers to reach the club after sunset because
wild animals roam around freely, therefore the members needed access.
On September 12,
2009, high court had restrained vehicles while hearing a public interest
litigation filed by local tribals who have been living in the area for decades,
alleging indiscriminate encroachment and construction inside the hills.
Their advocate,
Suhas Oak, opposed the petition filed by the club members stating that they
have come to the court only in view of New Year celebrations.
Following the
earlier high court order, Thane Municipal Corporation demolished part of the
club, which was considered to be illegal. "We have also filed an
application seeking regularisation of the structure," said Anturkar.
The high court has
kept the matter for hearing on December 23. Published by HT Syndication with
permission from Hindustan Times. For any query with respect to this article or
any other content requirement, please contact Editor at
htsyndication@hindustantimes.com
Golden Swan members can enter Yeoor after sunset: High Court
The Indian Express (New Delhi, India)
07 January 2011
By Express News Service
|
[What follows is
the full text of the article.] The Bombay High
Court on Thursday allowed members of the Golden Swan Country Club, located
inside the Yeoor Hills, to enter the forest land even after sunset but asked
them not to move in any other part of the sanctuary. The court also directed
the club to issue an internal circular to its members asking them not to play
loud music in cars while going and returning from the club. "There is
only one green haven left in the city, why are you destroying it?"
Division Bench of Chief Justice Mohit Shah and Justice S J Vazifdar observed.
The court had on December 9, 2009, restricted entry of private vehicles to
the Yeoor Village after sunset. However, eight club members filed a petition
claiming that they were permanent members and had the right to visit the club
whose timings are 7 am to 11 pm. The petitioners' lawyer argued that they are
members of a club located partly on the revenue department's land and whose
entry and exit is only from one gate, the Madhuban Gate, which passes through
the Sanjay Gandhi National Park. There are 4,000 members and all have paid
their membership fees and will continue to be members for the next 25 to 30
years. Thus the restriction was not correct. |
|
Annual Profit & Loss
|
|
30-Jun-2010 |
30-Jun-2009 |
30-Jun-2008 |
|
Period Length |
12 Months |
12 Months |
12 Months |
|
Filed Currency |
SEK |
SEK |
SEK |
|
Exchange Rate
(Period Average) |
7.270479 |
7.593784 |
6.359406 |
|
Consolidated |
No |
No |
No |
|
|
|
|
|
|
Total Revenue |
5.6 |
5.7 |
7.0 |
|
Gross Profit |
0.2 |
-0.1 |
0.1 |
|
Net Financial Items |
-0.1 |
-0.1 |
-0.2 |
|
Operating Income |
0.1 |
-0.1 |
0.1 |
|
Income Before Tax |
0.0 |
-0.2 |
-0.1 |
|
Net Income |
0.0 |
-0.2 |
-0.1 |
|
|
|
Annual Balance
Sheet |
|
Financials in:
USD (mil) |
|
|
|
|
|
30-Jun-2010 |
30-Jun-2009 |
30-Jun-2008 |
|
Filed Currency |
SEK |
SEK |
SEK |
|
Exchange Rate |
7.782 |
7.74785 |
6.01535 |
|
Consolidated |
No |
No |
No |
|
|
|
|
|
|
Total Assets |
4.7 |
4.6 |
6.3 |
|
Total Liabilities |
3.7 |
3.6 |
4.7 |
|
Total Equity |
1.0 |
1.0 |
1.6 |
|
|
|
Annual Ratios |
|
|
|
|
|
|
|
30-Jun-2010 |
30-Jun-2009 |
30-Jun-2008 |
|
Period Length |
12 Months |
12 Months |
12 Months |
|
Filed Currency |
- |
- |
- |
|
Exchange Rate |
- |
- |
- |
|
Consolidated |
No |
No |
No |
|
|
|
|
|
|
Operating Margin |
2.19 |
-1.78 |
1.20 |
|
Current Ratio |
198.75 |
208.63 |
236.80 |
|
Total debt/total equity |
21.39 |
21.48 |
24.87 |
|
Return on average equity |
2.86 |
-21.95 |
-5.04 |
|
|
|
Annual Growth
Rates |
|
|
|
|
|
|
|
30-Jun-2009 |
30-Jun-2008 |
|
Period Length |
12 Months |
12 Months |
|
Filed Currency |
- |
- |
|
Exchange Rate |
- |
- |
|
Consolidated |
No |
No |
|
|
|
|
|
Turnover Percent Change |
-7.08% |
-1.69% |
|
Marginal Contribution Percent Change |
310.36% |
-166.62% |
|
Net Financial Items Percent Change |
25.77% |
9.55% |
|
Operating Results Percent Change |
209.32% |
-260.36% |
|
Profit/Loss Before Tax Percent Change |
113.40% |
-257.20% |
|
Profit/Loss for the Year Percent Change |
113.40% |
-257.20% |
|
Assets Percent Change |
3.36% |
-5.07% |
|
Debts Percent Change |
3.47% |
-0.78% |
|
Equity Capital Percent Change |
2.94% |
-18.00% |
|
Operating Margin Percent Change |
223.03% |
-248.33% |
|
Current Ratio Percent Change |
-4.74% |
-11.90% |
|
Debt/Equity Ratio Percent Change |
-0.42% |
-13.63% |
|
Retun On Equity Percent Change |
113.03% |
-335.52% |
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.
-
The
diamond jewellery industry in India today may be more than Rs 60000 mil and is
rated amongst the fastest growing in the world. Indi ranks third in the
world in domestic diamond consumption.
-
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 –
DIAMOND SAGA – DIRTY DOZEN STUCK WITH 2K CR DEBT
This could be the biggest credibility crisis
the Indian diamond industry has ever faced. Fifteen banks run the risk of
losing Rs 2000 crore lent to a dozen diamond firms in Surat. Until about two
months ago, they had not repaid these dues. Bankers believe many
diamantaires borrowed money during the economic downturn two years ago and
diverted funds to businesses like real estate and capital markets. Many of
themselves made money from these businesses but their diamond companies have
gone sick and declared insolvency.
-
Most
of the money borrowed from the banks in the name of their diamond business has
been diverted in real estate and the share market. The banks are not in a position
to seize their properties because in many cases, these were purchased in the
name of their relatives and friends.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.52.25 |
|
|
1 |
Rs.81.23 |
|
Euro |
1 |
Rs.69.82 |
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 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%)
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.