MIRA
INFORM REPORT
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Report Date : |
24.05.2012 |
IDENTIFICATION DETAILS
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Name : |
THE GENUINE GEMSTONE CO. LTD. |
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Registered Office : |
Unit 2D |
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Country : |
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Financials (as on) : |
31.03.2007 |
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Date of Incorporation : |
10.09.2007 |
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Com. Reg. No.: |
06365402 |
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Legal Form : |
Private Subsidiary |
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Line of Business : |
Jewellery Retail |
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No. of Employees : |
50 |
RATING & COMMENTS
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MIRAs 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 : |
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 |
Company name and address
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The Genuine Gemstone Co. Ltd. |
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Employees: |
50 |
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Company
Type: |
Private Subsidiary |
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Corporate
Family: |
8 Companies |
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Ultimate
Parent: |
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Quoted
Status: |
Non-quoted Company |
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Incorporation
Date: |
10-Sep-2007 |
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Auditor: |
Dains LLP |
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Fiscal
Year End: |
31-Mar-2011 |
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Reporting
Currency: |
British Pound Sterling |
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Annual
Sales: |
25.3 1 |
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Net
Income: |
3.1 |
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Total
Assets: |
19.3 |
Business Description
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Jewellery Retail |
Industry
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Industry |
Business
Services |
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ANZSIC
2006: |
6999
- Other Professional, Scientific and Technical Services Not Elsewhere
Classified |
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NACE
2002: |
7487
- Other business activities not elsewhere classified |
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NAICS
2002: |
5619
- Other Support Services |
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7487
- Other business activities not elsewhere classified |
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US
SIC 1987: |
7389
- Business Services, Not Elsewhere Classified |
Key Executives
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Financial Summary
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Key IDSM Number:
98102193
Registered No.(UK
06365402
1 - Profit & Loss Item Exchange
Rate: USD 1 = GBP 0.6433939
2 - Balance Sheet Item Exchange
Rate: USD 1 = GBP 0.6238497
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Industry
Codes
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Financial
Data
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Key Corporate Relationships
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Corporate
Structure News
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Financials in: USD (mil) |
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Except for share items
(millions) and per share items (actual units) |
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31-Mar-2011 |
31-Mar-2010 |
31-Mar-2009 |
31-Mar-2008 |
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Period
Length |
52
Weeks |
52
Weeks |
52
Weeks |
29
Weeks |
|
Filed
Currency |
GBP |
GBP |
GBP |
GBP |
|
Exchange
Rate (Period Average) |
0.643394 |
0.627794 |
0.592803 |
0.498361 |
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Consolidated |
No |
No |
No |
No |
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Total Turnover |
25.3 |
- |
- |
- |
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Cost of Sales |
14.8 |
- |
- |
- |
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Gross Profit |
10.5 |
- |
- |
- |
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Depreciation |
0.4 |
0.6 |
0.6 |
0.0 |
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Other Expenses |
8.8 |
- |
- |
- |
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Operating Profit |
1.7 |
- |
- |
- |
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Other Income |
0.0 |
- |
- |
- |
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Interest Paid |
0.0 |
- |
- |
- |
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Exceptional Income |
0.0 |
- |
- |
- |
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Profit Before Taxes |
1.7 |
- |
- |
- |
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Tax Payable / Credit |
-1.3 |
- |
- |
- |
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Extraordinary Items/Debits |
0.0 |
- |
- |
- |
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Dividends |
0.0 |
- |
- |
- |
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Profit After Taxes |
3.1 |
- |
- |
- |
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Minority Interests (Profit & Loss) |
0.0 |
- |
- |
- |
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Audit Fees |
0.0 |
- |
- |
- |
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Directors Remuneration |
0.2 |
- |
- |
- |
Annual Balance
Sheet
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Financials
in: USD (mil) |
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|
31-Mar-2011 |
31-Mar-2010 |
31-Mar-2009 |
31-Mar-2008 |
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Filed
Currency |
GBP |
GBP |
GBP |
GBP |
|
Exchange
Rate |
0.62385 |
0.659239 |
0.697666 |
0.503145 |
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Consolidated |
No |
No |
No |
No |
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Land & Buildings |
1.7 |
- |
- |
- |
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Fixtures & Fittings |
0.6 |
- |
- |
- |
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Plant & Vehicles |
0.0 |
- |
- |
- |
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Total Tangible Fixed Assets |
2.3 |
0.4 |
1.0 |
0.5 |
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Intangible Assets |
0.3 |
0.0 |
0.0 |
0.0 |
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Investments |
0.0 |
0.0 |
0.0 |
0.0 |
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Total Fixed Assets |
2.6 |
0.4 |
1.0 |
0.5 |
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Total Stocks Work In Progress |
8.1 |
3.9 |
2.0 |
2.9 |
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Trade Debtors |
0.3 |
- |
- |
- |
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Inter-Company Debtors |
2.6 |
- |
- |
- |
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Other Debtors |
2.8 |
- |
- |
- |
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Total Debtors |
5.7 |
0.7 |
0.2 |
0.6 |
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Cash and Equivalents |
2.9 |
0.3 |
0.1 |
0.1 |
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Other Current Assets |
0.0 |
0.0 |
0.0 |
0.0 |
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Total Current Assets |
16.7 |
4.9 |
2.3 |
3.6 |
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Total Assets |
19.3 |
5.3 |
3.3 |
4.1 |
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Trade Creditors |
3.9 |
- |
- |
- |
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Inter-Company Creditors |
8.2 |
- |
- |
- |
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Social Security/VAT |
1.4 |
- |
- |
- |
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Other Current Liabilities |
0.9 |
4.9 |
3.4 |
5.3 |
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Total Current Liabilities |
14.4 |
4.9 |
3.4 |
5.3 |
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Group Loans (Long Term Liability) |
- |
- |
- |
0.0 |
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Director Loans (Long Term Liability) |
- |
- |
- |
0.0 |
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Hire Purchase (Long Term Liability) |
- |
- |
- |
0.0 |
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Leasing (Long Term Liability) |
- |
- |
- |
0.0 |
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Total Hire Purchase Loans (Long Term Liability) |
- |
- |
- |
0.0 |
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Other Long Term Loans |
- |
- |
- |
0.0 |
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Accruals/Deferred Income (Long Term Liability) |
- |
- |
- |
0.0 |
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Other Long Term Liabilities |
7.4 |
5.6 |
2.9 |
0.0 |
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Total Long Term Liabilities |
7.4 |
5.6 |
2.9 |
0.0 |
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Deferred Taxation |
0.0 |
0.0 |
0.0 |
0.0 |
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Other Provisions |
0.0 |
0.0 |
0.0 |
0.0 |
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Total Provisions |
0.0 |
0.0 |
0.0 |
0.0 |
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Issued Capital |
0.0 |
0.0 |
0.0 |
0.0 |
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Share Premium Accounts |
0.0 |
0.0 |
0.0 |
0.0 |
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Revaluation Reserve |
0.0 |
0.0 |
0.0 |
0.0 |
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Retained Earnings |
-2.5 |
-5.3 |
-3.0 |
-1.1 |
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Other Reserves |
0.0 |
0.0 |
0.0 |
0.0 |
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Minority Interests (Balance Sheet) |
0.0 |
0.0 |
0.0 |
0.0 |
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Total Shareholders Funds |
-2.5 |
-5.3 |
-3.0 |
-1.1 |
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Net Worth |
-2.8 |
-5.3 |
-3.0 |
-1.1 |
Annual Cash Flows
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Financials
in: USD (mil) |
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|
31-Mar-2011 |
31-Mar-2010 |
31-Mar-2009 |
31-Mar-2008 |
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Period
Length |
52
Weeks |
52
Weeks |
52
Weeks |
29
Weeks |
|
Filed
Currency |
GBP |
GBP |
GBP |
GBP |
|
Exchange
Rate (Period Average) |
0.643394 |
0.627794 |
0.592803 |
0.498361 |
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Consolidated |
No |
No |
No |
No |
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Annual Ratios
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Financials
in: USD (mil) |
|
|
|
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|
31-Mar-2011 |
31-Mar-2010 |
31-Mar-2009 |
31-Mar-2008 |
|
Period
Length |
52
Weeks |
52
Weeks |
52
Weeks |
29
Weeks |
|
Filed
Currency |
GBP |
GBP |
GBP |
GBP |
|
Exchange
Rate |
0.62385 |
0.659239 |
0.697666 |
0.503145 |
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Consolidated |
No |
No |
No |
No |
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Current Ratio |
1.16 |
0.99 |
0.67 |
0.69 |
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Liquidity Ratio |
0.59 |
0.20 |
0.09 |
0.14 |
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Stock Turnover |
3.21 |
- |
- |
- |
|
Credit Period (Days) |
4.11 |
- |
- |
- |
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Working Capital by Sales |
8.81% |
- |
- |
- |
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Trade Credit by Debtors |
13.21 |
- |
- |
- |
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Return on Capital |
35.85% |
- |
- |
- |
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Return on Assets |
9.14% |
- |
- |
- |
|
Profit Margin |
6.76% |
- |
- |
- |
|
Borrowing Ratio |
-293.30% |
- |
- |
- |
|
Equity Gearing |
-12.70% |
-100.88% |
-90.21% |
-27.54% |
|
Interest Coverage |
68,815.81 |
- |
- |
- |
|
Sales by Tangible Assets |
11.40 |
- |
- |
- |
|
Creditor Days (Cost of Sales Based) |
92.84 |
- |
- |
- |
|
Creditor Days (Sales Based) |
54.35 |
- |
- |
- |
DIAMOND INDUSTRY
-
From time immemorial,
-
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
-
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
-
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.
DIAMOND INDUSTRY
-
From time immemorial,
-
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
-
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
-
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.55.93 |
|
|
1 |
Rs.88.14 |
|
Euro |
1 |
Rs.70.87 |
INFORMATION DETAILS
|
Report
Prepared by : |
PDT |
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 |
-- |
This score serves as a reference to assess SCs 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.