MIRA
INFORM REPORT
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Report Date : |
25.10.2011 |
IDENTIFICATION DETAILS
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Name : |
FACET JEWELLERY SOLUTIONS SL |
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Registered Office : |
Avda. Diagonal, 463 Bis, 4 2 Barcelona, 08036 |
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Country : |
Spain |
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Financials (as on) : |
31.12.2009 |
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Year of Establishment : |
2005 |
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Com. Reg. No.: |
B63802789 |
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Legal Form : |
Private Independent |
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Line of Business : |
Manufacture of jewellery and related articles not elsewhere classified |
RATING & COMMENTS
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MIRA’s Rating : |
B |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
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Status : |
Moderate |
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Payment Behaviour : |
No Complaints |
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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
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Country Name |
Previous Rating (30.06.2011) |
Current Rating (30.09.2011) |
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Spain |
A2 |
A2 |
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Risk Category |
ECGC
Classification |
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Insignificant |
A1 |
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Low |
A2 |
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Moderate |
B1 |
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High |
B2 |
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Very High |
C1 |
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Restricted |
C2 |
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Off-credit |
D |
Company name and address
Facet Jewellery Solutions Sl
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Business
Description
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Manufacture of jewellery and related articles |
Industry
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Industry |
Jewelry and Silverware |
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ANZSIC 2006: |
2591 - Jewellery and Silverware Manufacturing
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NACE 2002: |
3622 - Manufacture of jewellery and
related articles not elsewhere classified |
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NAICS 2002: |
339911 - Jewelry (except Costume)
Manufacturing |
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UK SIC 2003: |
3622 - Manufacture of jewellery and
related articles not elsewhere classified |
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US SIC 1987: |
3915 - Jewelers' Findings and Materials,
and Lapidary Work |
Key Executives
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1 - Profit &
Loss Item Exchange Rate: USD 1 = EUR 0.7579064
2 - Balance Sheet Item Exchange Rate: USD 1 = EUR 0.7042254
Corporate Overview
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Executives Report
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Annual Profit
& Loss
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|
31-Dec-2009 |
31-Dec-2008 |
31-Dec-2007 |
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Period Length |
12 Months |
12 Months |
12 Months |
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Filed Currency |
EUR |
EUR |
EUR |
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Exchange Rate
(Period Average) |
0.719047 |
0.683679 |
0.730637 |
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Consolidated |
No |
No |
No |
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Charges |
14.5 |
19.1 |
17.5 |
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Staff Costs |
1.1 |
0.7 |
0.5 |
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Wages and Salaries |
0.9 |
0.5 |
0.4 |
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Social Security Costs |
0.3 |
0.2 |
0.1 |
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Depreciation |
0.1 |
0.1 |
0.1 |
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Allowance for Trade Operations |
- |
- |
0.1 |
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Other Operating Charges |
2.8 |
1.8 |
0.8 |
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Operating Benefits |
0.5 |
0.6 |
0.5 |
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Financials and Similar Charges |
0.2 |
0.5 |
0.4 |
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Due to Liabilities
With Group Companies |
0.0 |
0.2 |
0.1 |
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Due to Other
Liabilities |
0.1 |
0.4 |
0.3 |
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Exchange Losses |
- |
- |
0.7 |
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Profit From Ordinary Activities |
0.4 |
0.4 |
0.4 |
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Losses From Assets and Securities Portfolio |
- |
- |
0.0 |
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Extraordinary Expenses |
- |
- |
0.0 |
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Extraordinary Profit |
0.0 |
0.0 |
- |
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Profit Before Taxes |
0.4 |
0.4 |
0.4 |
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Corporation Tax |
0.1 |
0.1 |
0.0 |
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Financial Year Result (Profit) |
0.3 |
0.3 |
0.4 |
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Income |
14.8 |
19.4 |
17.9 |
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Net Total Sales |
14.5 |
19.0 |
16.9 |
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Gains from Exchange Rate |
0.0 |
0.2 |
0.9 |
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Negative Financial Results |
0.1 |
0.2 |
0.1 |
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Profit on Disposal of Assets |
0.0 |
- |
- |
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Capital Grants Transferred to Profit and Loss |
0.0 |
0.0 |
- |
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Extraordinary Income |
- |
- |
0.0 |
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Negative Extraordinary Results |
- |
- |
0.0 |
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Annual Balance
Sheet |
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Financials in:
USD (mil) |
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31-Dec-2009 |
31-Dec-2008 |
31-Dec-2007 |
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Filed Currency |
EUR |
EUR |
EUR |
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Exchange Rate |
0.696986 |
0.719399 |
0.683971 |
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Consolidated |
No |
No |
No |
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Concessions, Patents,
Trademarks |
0.0 |
0.0 |
0.0 |
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Software |
0.1 |
0.1 |
0.3 |
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Assets Under Capital
Lease |
- |
- |
0.2 |
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Accumulated Depreciation |
- |
- |
-0.2 |
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Total Intangible Fixed Assets |
0.1 |
0.1 |
0.3 |
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Land and Construction |
0.3 |
0.3 |
- |
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Other Installations,
Tools, and Furniture |
1.0 |
0.1 |
0.1 |
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Other Tangible Assets |
0.6 |
0.1 |
0.0 |
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Accumulated
Depreciation |
- |
- |
0.0 |
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Total Tangible Fixed Assets |
1.9 |
0.5 |
0.0 |
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Investments in
Associated Companies |
0.3 |
0.3 |
0.3 |
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Long-Term Securities
Portfolio |
0.0 |
0.0 |
0.0 |
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Financial Investments |
0.3 |
0.3 |
0.3 |
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Total Fixed Assets |
2.3 |
0.8 |
0.6 |
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Goods for Resale |
- |
- |
0.0 |
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Raw Materials and
Other Consumables |
0.2 |
- |
- |
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Finished Products |
2.3 |
2.0 |
0.7 |
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Total Stocks |
2.5 |
2.0 |
0.8 |
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Trade Debtors |
6.5 |
4.4 |
8.2 |
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Receivables,
Associated Companies |
0.3 |
5.4 |
5.5 |
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Other Debtors |
0.0 |
0.0 |
0.0 |
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Staff |
- |
0.0 |
- |
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Public Bodies |
0.0 |
0.0 |
0.3 |
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Provisions |
- |
- |
-0.1 |
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Total Debtors |
6.9 |
9.8 |
13.9 |
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Other Receivables |
0.5 |
0.0 |
- |
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Total Short-Term Investments |
0.5 |
0.0 |
- |
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Cash |
0.3 |
0.1 |
0.2 |
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Prepayments and Accrued Income |
0.0 |
0.0 |
0.1 |
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Total Current Assets |
10.3 |
12.0 |
15.0 |
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Total Assets |
12.6 |
12.8 |
15.6 |
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Legal Reserve |
0.4 |
0.4 |
0.4 |
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Miscellaneous Reserves |
0.5 |
0.5 |
0.5 |
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Total Reserves |
0.9 |
0.9 |
0.9 |
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Prior Year Losses |
- |
-0.3 |
-0.7 |
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Partners Contribution
to Loss Compensation |
2.3 |
2.2 |
- |
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Profit or Loss Brought Forward |
2.3 |
1.9 |
-0.7 |
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Profit or Loss for the Financial Year |
0.3 |
0.3 |
0.4 |
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Total Equity |
5.7 |
5.2 |
2.8 |
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Capital Grants |
0.0 |
0.0 |
- |
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Total Deferred Income |
0.0 |
0.0 |
- |
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Loans and Other
Liabilities |
1.2 |
0.3 |
0.6 |
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Long-Term Liabilities
from Capital Leases |
0.0 |
0.0 |
- |
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Total Amounts Owed to Credit Institutions |
1.2 |
0.4 |
0.6 |
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Long-Term Payables to
Public Bodies |
0.0 |
0.0 |
- |
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Total Other Creditors |
0.0 |
0.0 |
- |
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Total Long Term Liabilities |
1.2 |
0.4 |
0.6 |
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Loans and Other
Liabilities |
2.8 |
3.0 |
5.3 |
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Short-Term Liabilities
from Capital Leases |
0.0 |
0.0 |
- |
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Total Amounts Owed to Credit Institutions |
2.8 |
3.1 |
5.3 |
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Amounts Owed to Group
Companies |
1.5 |
2.6 |
4.2 |
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Amounts Owed to
Associated Companies |
0.8 |
1.4 |
2.2 |
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Total Short-Term Amounts Owed to Group and
Associa |
2.3 |
3.9 |
6.4 |
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Amounts Owed for
Purchases of Goods or Services |
0.6 |
0.2 |
0.4 |
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Total Trade Creditors |
0.6 |
0.2 |
0.4 |
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Public Bodies |
0.1 |
0.0 |
0.0 |
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Miscellaneous Debts |
0.0 |
0.0 |
- |
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Wages and Salaries
Payable |
0.0 |
0.0 |
- |
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Total Other Creditors |
0.1 |
0.0 |
0.0 |
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Total Short Term Creditors |
5.8 |
7.2 |
12.2 |
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Total Liabilities and Equity |
12.6 |
12.8 |
15.6 |
DIAMOND INDUSTRY –
INDIA
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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.
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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.
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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.
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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.
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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.
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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.
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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.
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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.
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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
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Indian Rupees |
|
US Dollar |
1 |
Rs.49.87 |
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|
1 |
Rs.79.73 |
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Euro |
1 |
Rs.69.53 |
RATING EXPLANATIONS
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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>86 |
Aaa |
Possesses an extremely sound financial base with the strongest
capability for timely payment of interest and principal sums |
Unlimited |
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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 |
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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 |
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<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
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NB |
New Business |
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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.