MIRA INFORM REPORT
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Report Date : |
22.08.2012 |
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) : |
31.12.2010 |
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Year of Establishment : |
2005 |
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Com. Reg. No.: |
B63802789 |
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Legal Form : |
Private Independent Company |
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Line of Business : |
Manufacture of jewellery and related articles |
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No. of Employees : |
30 employees |
RATING & COMMENTS
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MIRA’s Rating : |
Ba |
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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 : |
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 – March 31st, 2012
|
Country Name |
Previous Rating (31.12.2011) |
Current Rating (31.03.2012) |
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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 & address
Facet Jewellery Solutions Sl
Avda. Diagonal, 463 Bis, 4 2
Barcelona, 08036
Spain
Tel: +(34) 932411010
Synthesis
Employees: 30
Company Type: Private
Independent
Incorporation Date: 2005
Auditor: Jaime Novo Aguero
Financials in: USD
(Millions)
Fiscal Year End:
28-Dec-2011
Reporting Currency: Euro
Annual Sales: 26.2
1
Net Income: 0.8
Total Assets: 15.8
Business Description
Manufacture of jewellery and related articles
Industry
Industry Jewelry and Silverware
ANZSIC 2006: 2591 - Jewellery
and Silverware Manufacturing
NACE 2002: 3622 - Manufacture
of jewellery and related articles not elsewhere classified
NAICS 2002: 339911 - Jewelry
(except Costume) Manufacturing
UK SIC 2003: 3622 - Manufacture
of jewellery and related articles not elsewhere classified
US SIC 1987: 3915 - Jewelers'
Findings and Materials, and Lapidary Work
Key Executives
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Name |
Title |
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Jaume Garros Angles |
Member Of The Board, President |
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Juan Ignacio Manresa Rovira |
Secretary, Member Of The Board |
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Jose Miguel Serret Antolin |
Chief Executive Officer, Vice Chairman, Member Of The Board |
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Francesc D'Assis Quer Riera |
Member Of The Board |
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Jaime Ramon Salmona |
Member Of The Board |
Registered No.(ESP): B63802789
1 - Profit & Loss Item Exchange Rate: USD 1 = EUR 0.7190821
2 - Balance Sheet Item Exchange Rate: USD 1 = EUR 0.7724096
Corporate Overview
Location
Avda. Diagonal, 463 Bis, 4 2
Barcelona, 08036
Spain
Tel: +(34) 932411010
Sales EUR(mil): 18.8
Assets EUR(mil): 12.2
Employees: 30
Fiscal Year End: 28-Dec-2011
Industry: Jewelry
and Silverware
Incorporation Date: 2005
Company Type: Private
Independent
Quoted Status: Not
Quoted
Registered No.(ESP): B63802789
Member Of The Board,
President: Jaume
Garros Angles
Contents
Industry Codes
Business Description
Financial Data
Branch Offices
Key Corporate Relationships
Industry Codes
ANZSIC 2006 Codes:
2591 - Jewellery and Silverware Manufacturing
NACE 2002 Codes:
3622 - Manufacture of jewellery and related articles not elsewhere
classified
NAICS 2002 Codes:
339911 - Jewelry (except Costume) Manufacturing
US SIC 1987:
3915 - Jewelers' Findings and Materials, and Lapidary Work
UK SIC 2003:
3622 - Manufacture of jewellery and related articles not elsewhere
classified
Business
Description
Manufacture of jewellery and related articles
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Executive report
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Board
of Directors |
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Chief Executive Officer, Vice Chairman,
Member Of The Board |
Vice-Chairman |
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Member Of The Board, President |
Director/Board Member |
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Secretary, Member Of The Board |
Director/Board Member |
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Member Of The Board |
Director/Board Member |
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Member Of The Board |
Director/Board Member |
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Executives |
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Member Of The Board, President |
President |
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Secretary, Member Of The Board |
Administration Executive |
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Annual Profit & Loss
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31-Dec-2010 |
31-Dec-2009 |
31-Dec-2008 |
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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) |
0.755078 |
0.719047 |
0.683679 |
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Consolidated |
No |
No |
No |
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Charges |
24.3 |
14.5 |
19.1 |
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Staff Costs |
1.6 |
1.1 |
0.7 |
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Wages
and Salaries |
1.3 |
0.9 |
0.5 |
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Social
Security Costs |
0.4 |
0.3 |
0.2 |
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Depreciation |
0.1 |
0.1 |
0.1 |
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Other Operating
Charges |
4.2 |
2.8 |
1.8 |
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Operating
Benefits |
1.5 |
0.5 |
0.6 |
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Financials and
Similar Charges |
0.3 |
0.2 |
0.5 |
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Due
to Liabilities With Group Companies |
0.1 |
0.0 |
0.2 |
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Due
to Other Liabilities |
0.2 |
0.1 |
0.4 |
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Exchange Losses |
0.1 |
- |
- |
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Profit From
Ordinary Activities |
1.0 |
0.4 |
0.4 |
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Extraordinary
Profit |
0.0 |
0.0 |
0.0 |
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Profit Before
Taxes |
1.0 |
0.4 |
0.4 |
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Corporation Tax |
0.3 |
0.1 |
0.1 |
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Financial Year Result
(Profit) |
0.7 |
0.3 |
0.3 |
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Income |
25.1 |
14.8 |
19.4 |
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Net Total Sales |
24.9 |
14.5 |
19.0 |
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Gains from
Exchange Rate |
- |
0.0 |
0.2 |
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Negative
Financial Results |
0.4 |
0.1 |
0.2 |
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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 |
0.0 |
Annual Balance
Sheet
Financials in: USD (mil)
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|
31-Dec-2010 |
31-Dec-2009 |
31-Dec-2008 |
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Filed Currency |
EUR |
EUR |
EUR |
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Exchange Rate |
0.745406 |
0.696986 |
0.719399 |
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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 |
0.1 |
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Total Intangible
Fixed Assets |
0.2 |
0.1 |
0.1 |
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Land
and Construction |
0.3 |
0.3 |
0.3 |
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Other
Installations, Tools, and Furniture |
3.0 |
1.0 |
0.1 |
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Other
Tangible Assets |
2.0 |
0.6 |
0.1 |
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Total Tangible
Fixed Assets |
5.2 |
1.9 |
0.5 |
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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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Long-Term
Guarantees and Deposits |
0.1 |
- |
- |
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Financial
Investments |
0.3 |
0.3 |
0.3 |
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Total Fixed Assets |
5.7 |
2.3 |
0.8 |
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Raw
Materials and Other Consumables |
0.0 |
0.2 |
- |
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Finished
Products |
1.1 |
2.3 |
2.0 |
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Total Stocks |
1.2 |
2.5 |
2.0 |
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Trade
Debtors |
7.3 |
6.5 |
4.4 |
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Receivables,
Associated Companies |
0.4 |
0.3 |
5.4 |
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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 |
0.0 |
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Total Debtors |
7.7 |
6.9 |
9.8 |
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Short-Term
Securities Portfolio |
0.0 |
- |
- |
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Other
Receivables |
1.2 |
0.5 |
0.0 |
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Short-Term
Guarantees and Deposits |
0.0 |
- |
- |
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Total Short-Term
Investments |
1.2 |
0.5 |
0.0 |
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Cash |
0.4 |
0.3 |
0.1 |
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Prepayments and
Accrued Income |
0.1 |
0.0 |
0.0 |
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Total Current Assets |
10.6 |
10.3 |
12.0 |
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Total Assets |
16.3 |
12.6 |
12.8 |
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Legal
Reserve |
0.4 |
0.4 |
0.4 |
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Miscellaneous
Reserves |
0.7 |
0.5 |
0.5 |
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Total Reserves |
1.1 |
0.9 |
0.9 |
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Prior
Year Losses |
- |
- |
-0.3 |
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Partners
Contribution to Loss Compensation |
2.1 |
2.3 |
2.2 |
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Profit or Loss
Brought Forward |
2.1 |
2.3 |
1.9 |
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Profit or Loss for
the Financial Year |
0.7 |
0.3 |
0.3 |
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Total Equity |
6.0 |
5.7 |
5.2 |
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Capital
Grants |
0.0 |
0.0 |
0.0 |
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Total Deferred Income |
0.0 |
0.0 |
0.0 |
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Loans
and Other Liabilities |
1.1 |
1.2 |
0.3 |
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Long-Term
Liabilities from Capital Leases |
0.3 |
0.0 |
0.0 |
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Total Amounts Owed
to Credit Institutions |
1.4 |
1.2 |
0.4 |
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Long-Term
Payables to Public Bodies |
0.0 |
0.0 |
0.0 |
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Total Other
Creditors |
0.0 |
0.0 |
0.0 |
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Total Long Term Liabilities |
1.4 |
1.2 |
0.4 |
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Loans
and Other Liabilities |
5.4 |
2.8 |
3.0 |
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Short-Term
Liabilities from Capital Leases |
0.1 |
0.0 |
0.0 |
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Total Amounts Owed
to Credit Institutions |
5.6 |
2.8 |
3.1 |
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Amounts
Owed to Group Companies |
1.6 |
1.5 |
2.6 |
|
Amounts
Owed to Associated Companies |
0.8 |
0.8 |
1.4 |
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Total Short-Term
Amounts Owed to Group and Associa |
2.4 |
2.3 |
3.9 |
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Advanced
Payments from Customers |
0.0 |
- |
- |
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Amounts
Owed for Purchases of Goods or Services |
0.8 |
0.6 |
0.2 |
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Total Trade
Creditors |
0.9 |
0.6 |
0.2 |
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Public
Bodies |
0.1 |
0.1 |
0.0 |
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Miscellaneous
Debts |
0.0 |
0.0 |
0.0 |
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Wages
and Salaries Payable |
0.0 |
0.0 |
0.0 |
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Total Other
Creditors |
0.1 |
0.1 |
0.0 |
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Total Short Term Creditors |
8.9 |
5.8 |
7.2 |
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Short Term Provisions for Liabilities and
Charges |
0.0 |
- |
- |
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Total
Liabilities and Equity |
16.3 |
12.6 |
12.8 |
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
|
Indian Rupees |
|
US Dollar |
1 |
Rs.55.54 |
|
UK Pound |
1 |
Rs.87.39 |
|
Euro |
1 |
Rs.68.72 |
INFORMATION DETAILS
|
Report Prepared
by : |
MNL |
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 |
|
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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.