MIRA INFORM REPORT
|
Report Date : |
23.08.2013 |
IDENTIFICATION DETAILS
|
Name : |
LAWRENCE BLUNT LTD. |
|
|
|
|
Registered Office : |
Shelley Stock Hutter, 1St Floor, 7 10 Chandos Street, London, W1G 9DQ |
|
|
|
|
Country : |
United Kingdom |
|
|
|
|
Financials (as on) : |
31.05.2012 |
|
|
|
|
Date of Incorporation : |
13.01.1989 |
|
|
|
|
Com. Reg. No.: |
02334973 |
|
|
|
|
Legal Form : |
Private Independent Company |
|
|
|
|
Line of Business : |
designer and
manufacturer of gemstone
jewellery including engagement rings, earrings, necklaces, bracelets,
pendants and charms. |
|
|
|
|
No. of Employees : |
18 (2010) |
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 : |
Slow |
|
|
|
|
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 2013
|
Country Name |
Previous Rating (31.12.2012) |
Current Rating (31.03.2013) |
|
United Kingdom |
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
United Kingdom ECONOMIC OVERVIEW
The UK, a leading trading power and financial center, is the second
largest economy in Europe after Germany. Over the past two decades, the
government has greatly reduced public ownership and contained the growth of
social welfare programs. Agriculture is intensive, highly mechanized, and
efficient by European standards, producing about 60% of food needs with less
than 2% of the labor force. The UK has large coal, natural gas, and oil
resources, but its oil and natural gas reserves are declining and the UK became
a net importer of energy in 2005. Services, particularly banking, insurance,
and business services, account by far for the largest proportion of GDP while industry
continues to decline in importance. After emerging from recession in 1992,
Britain's economy enjoyed the longest period of expansion on record during
which time growth outpaced most of Western Europe. In 2008, however, the global
financial crisis hit the economy particularly hard, due to the importance of
its financial sector. Sharply declining home prices, high consumer debt, and
the global economic slowdown compounded Britain's economic problems, pushing
the economy into recession in the latter half of 2008 and prompting the then
BROWN (Labour) government to implement a number of measures to stimulate the
economy and stabilize the financial markets; these include nationalizing parts
of the banking system, temporarily cutting taxes, suspending public sector
borrowing rules, and moving forward public spending on capital projects. Facing
burgeoning public deficits and debt levels, in 2010 the CAMERON-led coalition
government (between Conservatives and Liberal Democrats) initiated a five-year
austerity program, which aimed to lower London's budget deficit from over 10%
of GDP in 2010 to nearly 1% by 2015. In November 2011, Chancellor of the
Exchequer George OSBORNE announced additional austerity measures through 2017
because of slower-than-expected economic growth and the impact of the euro-zone
debt crisis. The CAMERON government raised the value added tax from 17.5% to
20% in 2011. It has pledged to reduce the corporation tax rate to 21% by 2014.
The Bank of England (BoE) implemented an asset purchase program of up to Ł375
billion (approximately $605 billion) as of December 2012. During times of
economic crisis, the BoE coordinates interest rate moves with the European
Central Bank, but Britain remains outside the European Economic and Monetary
Union (EMU). In 2012, weak consumer spending and subdued business investment
weighed on the economy. GDP fell 0.1%, and the budget deficit remained
stubbornly high at 7.7% of GDP. Public debt continued to increase.
|
Source : CIA |
Company name & address
Lawrence Blunt Ltd.
Petersham House 57a
Hatton Garden
London, EC1N 8JG
United Kingdom
Tel: 020 7831 9866
Fax: 020 7831 5773
Synthesis
Employees: 18 (2010)
Company Type: Private Independent
Quoted Status: Non-quoted Company
Incorporation Date: 13-Jan-1989
Auditor: Shelley Stock Hutter LLP
Financials in: USD
(Millions)
Fiscal Year End:
31-May-2012
Reporting Currency: British
Pound Sterling
Annual Sales: NA
Total Assets: 6.0
Business Description
Lawrence Blunt Ltd. is a designer and manufacturer of gemstone jewellery in the United Kingdom. The company provides a wide collection of jewellery that includes engagement rings, earrings, necklaces, bracelets, pendants and charms. It also provides a complete collection of diamond and gem-studded designer jewellery to its clients. In addition, Lawrence Blunt Ltd. offers finishing, polishing and varnishing services for new and old jewellery items.
Industry
Industry Metal Products Manufacturing
ANZSIC 2006: 2149 - Other Basic
Non-Ferrous Metal Product Manufacturing
ISIC Rev 4: 2420 -
Manufacture of basic precious and other non-ferrous metals
NACE Rev 2: 2441 - Precious
metals production
NAICS 2012: 331491 - Nonferrous
Metal (except Copper and Aluminum) Rolling, Drawing, and Extruding
UK SIC 2007: 2441 - Precious
metals production
US SIC 1987: 3399 - Primary
Metal Products, Not Elsewhere Classified
Key Executives
|
Name |
Title |
|
Pritesh Patel |
Proprietor |
|
Richard Charles Blunt |
Secretary |
|
Laurence James Blunt |
Director |
|
Clive Newton Ross Field |
Director |
Financial Summary
|
||||||||||||||||||||
1 - Profit & Loss Item Exchange Rate: USD 1 = GBP 0.6291588
2 - Balance Sheet Item Exchange Rate: USD 1 = GBP 0.6443334
Corporate Overview
Location
Petersham House 57a
Hatton Garden
London, EC1N 8JG
London County
United Kingdom
Tel: 020 7831 9866
Fax: 020 7831 5773
Sales GBP(mil): NA
Assets GBP(mil): 3.9
Employees: 18
(2010)
Fiscal Year End: 31-May-2012
Industry: Metal Mining
Registered
Address:
Shelley Stock Hutter
1St Floor
7 10 Chandos Street
London, W1G 9DQ
United Kingdom
Incorporation Date: 13-Jan-1989
Company Type: Private
Independent
Quoted Status: Not
Quoted
Registered No.(UK): 02334973
Proprietor: Pritesh
Patel
Industry Codes
ANZSIC 2006 Codes:
2149 - Other Basic Non-Ferrous Metal Product Manufacturing
3739 - Other Goods Wholesaling Not Elsewhere Classified
ISIC Rev 4 Codes:
2420 - Manufacture of basic precious and other non-ferrous metals
4610 - Wholesale on a fee or contract basis
NACE Rev 2 Codes:
2441 - Precious metals production
4618 - Agents specialised in the sale of other particular products
NAICS 2012 Codes:
331491 - Nonferrous Metal (except Copper and Aluminum) Rolling,
Drawing, and Extruding
425120 - Wholesale Trade Agents and Brokers
US SIC 1987:
3399 - Primary Metal Products, Not Elsewhere Classified
5099 - Durable Goods, Not Elsewhere Classified
UK SIC 2007:
2441 - Precious metals production
4618 - Agents specialised in the sale of other particular products
Business
Description
Lawrence Blunt
Ltd. is a designer and manufacturer of gemstone jewellery in the United
Kingdom. The company provides a wide collection of jewellery that includes
engagement rings, earrings, necklaces, bracelets, pendants and charms. It also
provides a complete collection of diamond and gem-studded designer jewellery to
its clients. In addition, Lawrence Blunt Ltd. offers finishing, polishing and
varnishing services for new and old jewellery items.
More Business
Descriptions
Jewellery Manufacture and Repair
Executive report
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
Board of
Directors |
|
|
|
|
|||
|
Director |
Director/Board Member |
|
|||
|
||||||
|
Director |
Director/Board Member |
|
|
||
|
||||||
|
Executives |
|
|
|
|
|||
|
Proprietor |
President |
|
|||
|
Secretary |
Company Secretary |
|
|||
|
||||||
Directors and Shareholders Report
|
Main Office Address: |
Tel: 020 7831 9866 |
Annual Return Date: 09 Jul 2013 |
|
Individual Directors |
|||||||
|
|
|||||||
|
Name |
Status |
DOB |
Filed Address |
Appointment Date |
Resignation Date |
Summary of Directorships |
|
|
Current |
16 Feb 1958 |
25 Burkes Road, Beaconsfield, |
09 Jul 1991 |
NA |
Current:4 |
|
|
|
Current |
18 Apr 1956 |
22 Wycombe End, |
09 Jul 1991 |
NA |
Current:5 |
|
|
|
Current |
14 Dec 1949 |
Magnolia House, 24 Forest Lane, |
01 Oct 1992 |
NA |
Current:4 |
|
|
|
|
|
||||||
|
|
|
||||||
|
|
|
|
|
|
|
|
|
|
Corporate Directors |
|
|
|
There are no corporate directors for this company. |
|
|
|
Individual Secretaries |
|||||||
|
|
|||||||
|
Name |
Status |
DOB |
Filed Address |
Appointment Date |
Resignation Date |
Summary of Directorships |
|
|
Current |
18 Apr 1956 |
22 Wycombe End, |
09 Jul 1991 |
NA |
Current:5 |
|
|
|
|
|
||||||
|
|
|
||||||
|
|
|
|
|
|
|
|
|
|
Corporate Secretaries |
|
|
|
There are no corporate secretaries for this company. |
|
|
|
Individual Shareholders |
||||||
|
|
||||||
|
Name |
Share Details |
Share Type |
# of Shares |
Share Price (GBP) |
Share Value (GBP) |
% of Total Shares |
|
Clive Newton Ross Field |
105 Ordinary GBP 1.00 |
Ordinary |
105 |
1.00 |
105.00 |
33.33 |
|
Laurence James Blunt |
105 Ordinary GBP 1.00 |
Ordinary |
105 |
1.00 |
105.00 |
33.33 |
|
Richard Blunt |
105 Ordinary GBP 1.00 |
Ordinary |
105 |
1.00 |
105.00 |
33.33 |
|
|
|
|
|
|
|
|
|
Corporate Shareholders |
|
|
|
There are no corporate shareholders for this company. |
|
|
Annual profit & loss
Financials in: USD (mil),
Except for share items (millions) and per share items (actual units),
|
|
|
|
|
|
|
|
31-May-2012 |
31-May-2011 |
31-May-2010 |
31-May-2009 |
31-May-2008 |
|
Period Length |
52 Weeks |
52 Weeks |
52 Weeks |
52 Weeks |
52 Weeks |
|
Filed Currency |
GBP |
GBP |
GBP |
GBP |
GBP |
|
Exchange Rate
(Period Average) |
0.629159 |
0.634143 |
0.6282 |
0.61899 |
0.498857 |
|
Consolidated |
No |
No |
No |
No |
No |
|
|
|
|
|
|
|
|
Turnover (UK) |
- |
- |
9.8 |
11.8 |
11.8 |
|
Turnover (Exports) |
- |
- |
0.5 |
0.5 |
0.6 |
|
Total Turnover |
- |
- |
10.3 |
12.3 |
12.4 |
|
Cost of Sales |
- |
- |
7.9 |
10.1 |
10.1 |
|
Gross Profit |
- |
- |
2.4 |
2.2 |
2.3 |
|
Depreciation |
0.1 |
0.1 |
0.0 |
0.1 |
0.1 |
|
Other Expenses |
- |
- |
1.7 |
1.8 |
2.2 |
|
Operating Profit |
- |
- |
0.7 |
0.4 |
0.1 |
|
Other Income |
- |
- |
0.0 |
0.0 |
0.0 |
|
Interest Paid |
- |
- |
0.0 |
0.0 |
0.1 |
|
Exceptional Income |
- |
- |
0.0 |
0.0 |
0.0 |
|
Discontinued Operations |
- |
- |
0.0 |
0.0 |
0.0 |
|
Profit Before Taxes |
- |
- |
0.7 |
0.4 |
0.0 |
|
Tax Payable / Credit |
- |
- |
0.2 |
0.1 |
0.0 |
|
Extraordinary Items/Debits |
- |
- |
0.0 |
0.0 |
0.0 |
|
Dividends |
- |
- |
0.5 |
0.0 |
0.0 |
|
Profit After Taxes |
- |
- |
0.0 |
0.3 |
0.0 |
|
Minority Interests (Profit & Loss) |
- |
- |
0.0 |
0.0 |
0.0 |
|
Audit Fees |
- |
- |
0.0 |
0.0 |
0.0 |
|
Number of Employees |
- |
- |
18 |
17 |
18 |
|
Wages |
- |
- |
0.9 |
0.9 |
1.1 |
|
Social Security Costs |
- |
- |
0.1 |
0.1 |
0.1 |
|
Pensions |
- |
- |
- |
- |
0.0 |
|
Other Pension Costs |
- |
- |
0.0 |
0.0 |
0.0 |
|
Employees Remuneration |
- |
- |
1.0 |
1.0 |
1.3 |
|
Directors Emoluments |
- |
- |
- |
- |
0.2 |
|
Other Costs |
- |
- |
- |
- |
0.0 |
|
Directors Remuneration |
- |
- |
- |
0.2 |
0.2 |
|
|
Annual Balance Sheet
Financials in: USD (mil)
|
|
31-May-2012 |
31-May-2011 |
31-May-2010 |
31-May-2009 |
31-May-2008 |
|
Filed Currency |
GBP |
GBP |
GBP |
GBP |
GBP |
|
Exchange Rate |
0.644333 |
0.607552 |
0.688255 |
0.620136 |
0.506022 |
|
Consolidated |
No |
No |
No |
No |
No |
|
|
|
|
|
|
|
|
Land & Buildings |
- |
- |
0.0 |
0.0 |
0.0 |
|
Fixtures & Fittings |
- |
- |
0.0 |
0.0 |
0.0 |
|
Plant & Vehicles |
- |
- |
0.1 |
0.2 |
0.3 |
|
Total Tangible Fixed Assets |
0.3 |
0.4 |
0.1 |
0.2 |
0.3 |
|
Intangible Assets |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
|
Investments |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
|
Total Fixed Assets |
0.3 |
0.4 |
0.1 |
0.2 |
0.3 |
|
Stocks |
- |
- |
1.7 |
- |
3.5 |
|
Work in Progress |
- |
- |
0.0 |
- |
0.0 |
|
Total Stocks Work In Progress |
1.0 |
1.2 |
1.7 |
3.4 |
3.5 |
|
Trade Debtors |
- |
- |
2.3 |
2.1 |
2.4 |
|
Other Debtors |
- |
- |
0.1 |
0.1 |
0.1 |
|
Total Debtors |
2.4 |
1.7 |
2.4 |
2.2 |
2.5 |
|
Cash and Equivalents |
2.3 |
1.6 |
0.0 |
0.0 |
0.0 |
|
Other Current Assets |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
|
Total Current Assets |
5.7 |
4.5 |
4.1 |
5.6 |
6.0 |
|
Total Assets |
6.0 |
4.9 |
4.3 |
5.8 |
6.3 |
|
Trade Creditors |
- |
- |
1.3 |
2.0 |
2.5 |
|
Bank Overdraft |
- |
- |
0.0 |
0.9 |
0.8 |
|
Hire Purchase (Current Liability) |
- |
- |
- |
- |
0.0 |
|
Finance Lease (Current Liability) |
- |
- |
- |
- |
0.0 |
|
Total Finance Lease/Hire Purchase (Current Liability) |
- |
- |
- |
0.0 |
0.0 |
|
Accruals/Deferred Income (Current Liability) |
- |
- |
0.3 |
0.1 |
0.1 |
|
Social Security/VAT |
- |
- |
0.3 |
0.2 |
0.1 |
|
Corporation Tax |
- |
- |
0.2 |
0.1 |
0.0 |
|
Other Current Liabilities |
2.9 |
2.0 |
0.0 |
0.0 |
0.0 |
|
Total Current Liabilities |
2.9 |
2.0 |
2.0 |
3.4 |
3.6 |
|
Group Loans (Long Term Liability) |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
|
Director Loans (Long Term Liability) |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
|
Hire Purchase (Long Term Liability) |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
|
Leasing (Long Term Liability) |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
|
Total Hire Purchase Loans (Long Term Liability) |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
|
Other Long Term Loans |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
|
Accruals/Deferred Income (Long Term Liability) |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
|
Other Long Term Liabilities |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
|
Total Long Term Liabilities |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
|
Deferred Taxation |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
|
Other Provisions |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
|
Total Provisions |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
|
Issued Capital |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
|
Share Premium Accounts |
0.2 |
0.2 |
0.1 |
0.2 |
0.2 |
|
Revaluation Reserve |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
|
Retained Earnings |
2.9 |
2.7 |
2.1 |
2.3 |
2.5 |
|
Other Reserves |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
|
Minority Interests (Balance Sheet) |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
|
Total Shareholders Funds |
3.0 |
2.9 |
2.2 |
2.5 |
2.7 |
|
Net Worth |
3.0 |
2.9 |
2.2 |
2.5 |
2.7 |
Annual Cash Flows
Financials in: USD
(mil)
|
|
31-May-2012 |
31-May-2011 |
31-May-2010 |
31-May-2009 |
31-May-2008 |
|
Period Length |
52 Weeks |
52 Weeks |
52 Weeks |
52 Weeks |
52 Weeks |
|
Filed Currency |
GBP |
GBP |
GBP |
GBP |
GBP |
|
Exchange Rate
(Period Average) |
0.629159 |
0.634143 |
0.6282 |
0.61899 |
0.498857 |
|
Consolidated |
No |
No |
No |
No |
No |
|
|
|
|
|
|
|
|
Net Cash Flow From Operating Activities |
- |
- |
1.6 |
-0.1 |
0.8 |
|
Net Cash Flow from ROI and Servicing of Finance |
- |
- |
0.0 |
0.0 |
-0.1 |
|
Taxation |
- |
- |
-0.1 |
0.0 |
-0.1 |
|
Capital Expenditures |
- |
- |
0.0 |
0.0 |
0.0 |
|
Acquisitions and Disposals |
- |
- |
0.0 |
0.0 |
0.0 |
|
Paid Up Equity |
- |
- |
-0.5 |
0.0 |
0.0 |
|
Management of Liquid Resources |
- |
- |
0.0 |
0.0 |
0.0 |
|
Net Cash Flow From Financing |
- |
- |
0.0 |
0.0 |
-0.1 |
|
Increase in Cash |
- |
- |
0.9 |
-0.2 |
0.6 |
Annual Ratios
Financials in: USD (mil)
|
|
|
|
|
31-May-2012 |
31-May-2011 |
31-May-2010 |
31-May-2009 |
31-May-2008 |
|
Period Length |
52 Weeks |
52 Weeks |
52 Weeks |
52 Weeks |
52 Weeks |
|
Filed Currency |
GBP |
GBP |
GBP |
GBP |
GBP |
|
Exchange Rate |
0.644333 |
0.607552 |
0.688255 |
0.620136 |
0.506022 |
|
Consolidated |
No |
No |
No |
No |
No |
|
|
|
|
|
|
|
|
Current Ratio |
1.93 |
2.25 |
2.01 |
1.68 |
1.67 |
|
Liquidity Ratio |
1.58 |
1.64 |
1.19 |
0.67 |
0.70 |
|
Stock Turnover |
- |
- |
5.58 |
3.61 |
3.51 |
|
Credit Period (Days) |
- |
- |
90.26 |
63.45 |
71.04 |
|
Working Capital by Sales |
- |
- |
22.05% |
18.62% |
19.73% |
|
Trade Credit by Debtors |
- |
- |
0.57 |
0.93 |
1.05 |
|
Return on Capital |
- |
- |
27.96% |
15.75% |
0.77% |
|
Return on Assets |
- |
- |
14.52% |
6.65% |
0.33% |
|
Profit Margin |
- |
- |
6.60% |
3.15% |
0.17% |
|
Return on Shareholders Funds |
- |
- |
27.96% |
15.75% |
0.77% |
|
Borrowing Ratio |
- |
- |
- |
37.92% |
33.30% |
|
Equity Gearing |
50.78% |
59.48% |
51.95% |
42.25% |
42.55% |
|
Debt Gearing |
- |
- |
- |
- |
0.50% |
|
Interest Coverage |
- |
- |
38.06 |
9.78 |
0.29 |
|
Sales by Tangible Assets |
- |
- |
64.68 |
73.74 |
44.98 |
|
Average Remuneration per Employee |
- |
- |
0.1 |
0.1 |
0.1 |
|
Profit per Employee |
- |
- |
0.0 |
0.0 |
0.0 |
|
Sales per Employee |
- |
- |
0.5 |
0.7 |
0.7 |
|
Capital Employed per Employee |
- |
- |
0.1 |
0.1 |
0.1 |
|
Tangible Assets per Employee |
- |
- |
0.0 |
0.0 |
0.0 |
|
Total Assets per Employee |
- |
- |
0.2 |
0.3 |
0.3 |
|
Employee Remuneration by Sales |
- |
- |
9.88% |
8.07% |
10.17% |
|
Creditor Days (Cost of Sales Based) |
- |
- |
67.32 |
71.81 |
92.21 |
|
Creditor Days (Sales Based) |
- |
- |
51.60 |
58.94 |
74.91 |
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.
-
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 –
-
Gem & Jewellery Export Promotion Council in its
statistical data has shown the export of polished diamonds to have increase by
28 % in February 2013. Compared to $ 1.4 bn worth of polished diamond export in
February, 2012, India exported $ 1.84 billion worth of polished diamonds in
February 2013. A senior executive of GJEPC said, “Export of cut and polished
diamonds started falling month-wise after the imposition of 2 % of import duty
on the polished diamonds. But February, 2013 has given a new ray of hope to the
industry as the export of polished diamonds has actually increased by 28 %. It
means the industry is on the track of recovery and round tripping of
diamonds has stopped completely.” Demand has started coming from the US, the
UK, Japan and China. India’s polished diamond export is expected to cross $ 21
bn in 2013-14.
-
The banking sector has started exercising restraint
while following prudent risk management norms when lending money to gems and
jewellery sector. This follows the implementation of Basel III accord – a
global voluntary regulatory standard on bank capital adequacy, stress testing
and market liquidity.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.65.42 |
|
UK Pound |
1 |
Rs.102.09 |
|
Euro |
1 |
Rs.87.32 |
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 |
|
---- |
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.