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Report Date : |
22.06.2012 |
IDENTIFICATION DETAILS
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Name : |
WESTERN
STONE & METAL CORP. |
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Formerly Known As : |
SHANE CO |
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Registered Office : |
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Country : |
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Date of Incorporation : |
01.07.1971 |
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Com. Reg. No.: |
19871270356 |
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Legal Form : |
Corporation |
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Line of Business : |
Retails Jewelry mainly Precious Jewelry |
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No. of Employees : |
700 |
RATING & COMMENTS
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MIRAs Rating : |
Ca |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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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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Status : |
Moderate |
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Payment Behaviour : |
Unknown |
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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
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Country Name |
Previous Rating (31.12.2011) |
Current Rating (31.03.2012) |
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A1 |
A1 |
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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 |
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700 |
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Name & Title: |
Thomas Shane,
President |
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Suits: |
None |
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Court Judgements: |
None |
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NSF Reported: |
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Liens /
Collection: |
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Security Filings: |
51 UCC Filings
exist for leased equipment and assets.
These secured creditors would take precedence in the unlikely event of
asset liquidation. |
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Trade Payment
Experience |
Date Reported June 2012 High Credit : 50,000 Now Owing : 500 Terms :
Net 30 Days Past Due 1-30 days Zero Past Due 31-60 days Zero Past Due 61-90 days Zero Payments Made: As Agreed Date Reported May 2012 High Credit : 40,000 Now Owing : 40,000 Terms :
Net 30 Days Past Due 1-30 days Zero Past Due 31-60 days Zero Past Due 61-90 days Zero Payments Made: As Agreed Date Reported May 2012 High Credit : 30,000 Now Owing : 30,000 Terms :
Net 30 Days Past Due 1-30 days Zero Past Due 31-60 days Zero Past Due 61-90 days Zero Payments Made: As Agreed |
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Payment Behaviour: |
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From time immemorial,
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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
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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
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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.
Standard & Poors
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Publication
date: 05-Aug-2011 20:13:14 EST |
·
We have lowered our long-term
sovereign credit rating on the United States of America to 'AA+' from 'AAA' and
affirmed the 'A-1+' short-term rating.
·
We have also removed both the short- and
long-term ratings from CreditWatch negative.
·
The downgrade
reflects our opinion that the fiscal consolidation plan that Congress and the
Administration recently agreed to falls short of what, in our view, would be necessary
to stabilize the government's medium-term debt dynamics.
·
More broadly, the
downgrade reflects our view that the effectiveness, stability, and
predictability of American policymaking and political institutions have
weakened at a time of ongoing fiscal and economic challenges to a degree more
than we envisioned when we assigned a negative outlook to the rating on April
18, 2011.
·
Since then, we
have changed our view of the difficulties in bridging the gulf between the
political parties over fiscal policy, which makes us pessimistic about the
capacity of Congress and the Administration to be able to leverage their
agreement this week into a broader fiscal consolidation plan that stabilizes
the government's debt dynamics any time soon.
·
The outlook on
the long-term rating is negative. We could lower the long-term rating to 'AA'
within the next two years if we see that less reduction in spending than agreed
to, higher interest rates, or new fiscal pressures during the period result in
a higher general government debt trajectory than we currently assume in our
base case.
The transfer and convertibility (T&C) assessment of the
debt service--remains
'AAA'.