|
Report Date : |
19.11.2013 |
IDENTIFICATION DETAILS
|
Name : |
GLOBE DIAMONDS SINGAPORE PTE. LTD. |
|
|
|
|
Registered Office : |
545, Orchard Road, 12-05, Far East Shopping Centre, 238882 |
|
|
|
|
Country : |
Singapore |
|
|
|
|
Financials (as on) : |
31.03.2013 |
|
|
|
|
Date of Incorporation : |
11.07.2012 |
|
|
|
|
Com. Reg. No.: |
201217160-N |
|
|
|
|
Legal Form : |
Private Limited |
|
|
|
|
LINE OF BUSINESS : |
TRADING
OF DIAMONDS, JEWELLERIES |
|
|
|
|
No. of Employees : |
Not Available |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Status : |
Satisfactory |
|
|
|
|
Payment Behaviour : |
Slow but correct |
|
|
|
|
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) |
|
Singapore |
A1 |
A1 |
|
Risk Category |
ECGC Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
SINGAPORE - ECONOMIC
OVERVIEW
Singapore has a highly
developed and successful free-market economy. It enjoys a remarkably open and corruption-free
environment, stable prices, and a per capita GDP higher than that of most
developed countries. The economy depends heavily on exports, particularly in
consumer electronics, information technology products, pharmaceuticals, and on
a growing financial services sector. Real GDP growth averaged 8.6% between 2004
and 2007. The economy contracted 0.8% in 2009 as a result of the global
financial crisis, but rebounded 14.8% in 2010, on the strength of renewed
exports, before slowing to 5.2% in 2011 and 1.3% in 2012, largely a result of
soft demand for exports during the second European recession. Over the longer
term, the government hopes to establish a new growth path that focuses on
raising productivity, which has sunk to an average of about 1.0% in the last
decade. Singapore has attracted major investments in pharmaceuticals and
medical technology production and will continue efforts to establish Singapore
as Southeast Asia's financial and high-tech hub.
|
Source
: CIA |
|
* Adopted abbreviations : |
SC - Subject Company (the company enquired
by you) |
|
|
N/A - Not Applicable |
||
|
REGISTRATION NO. |
: |
201217160-N |
||||
|
COMPANY NAME |
: |
GLOBE DIAMONDS SINGAPORE PTE. LTD. |
||||
|
FORMER NAME |
: |
N/A |
||||
|
INCORPORATION DATE |
: |
11/07/2012 |
||||
|
COMPANY STATUS |
: |
EXIST |
||||
|
LEGAL FORM |
: |
PRIVATE LIMITED |
||||
|
LISTED STATUS |
: |
NO |
||||
|
REGISTERED ADDRESS |
: |
545, ORCHARD ROAD, 12-05, FAR EAST SHOPPING CENTRE, 238882, SINGAPORE. |
||||
|
BUSINESS ADDRESS |
: |
NO. 3 KAKI BUKIT PLACE, EUNOS TECH PARK, 416181, SINGAPORE. |
||||
|
TEL.NO. |
: |
65-66719300 |
||||
|
FAX.NO. |
: |
65-67468323 |
||||
|
CONTACT PERSON |
: |
MEHTA VIMESH PIYUSH ( DIRECTOR ) |
||||
|
PRINCIPAL ACTIVITY |
: |
TRADING OF DIAMONDS, JEWELLERIES |
||||
|
ISSUED AND PAID UP CAPITAL |
: |
100,000.00 ORDINARY SHARE, OF A VALUE OF SGD 100,000.00 |
||||
|
SALES |
: |
USD 17,808,954 [2013] |
||||
|
NET WORTH |
: |
USD 817,142 [2013] |
||||
|
STAFF STRENGTH |
: |
N/A |
||||
|
||||||
|
LITIGATION |
: |
CLEAR |
||||
|
FINANCIAL CONDITION |
: |
STABLE |
||||
|
PAYMENT |
: |
AVERAGE |
||||
|
MANAGEMENT CAPABILITY |
: |
AVERAGE |
||||
|
COMMERCIAL RISK |
: |
N/A |
||||
|
CURRENCY EXPOSURE |
: |
N/A |
||||
|
GENERAL REPUTATION |
: |
POOR |
||||
|
INDUSTRY OUTLOOK |
: |
AVERAGE GROWTH |
||||
The SC is a private limited company and is allowed to have a
minimum of one and a maximum of forty-nine shareholders. As a private limited company,
the SC must have at least two directors. A private limited company is a
separate legal entity from its shareholders. As a separate legal entity, the SC
is capable of owning assets, entering into contracts, sue or be sued by other
companies. The liabilities of the shareholders are to the extent of the equity
they have taken up and the creditors cannot claim on shareholders' personal
assets even if the SC is insolvent. The SC is governed by the Companies Act and
the company must file its annual returns, together with its financial
statements with the Registrar of Companies.
The SC is principally engaged in the (as a / as an) trading
of diamonds, jewelleries.
The major shareholder(s) of the SC are shown as follows :
|
Name |
Address |
IC/PP/Loc No |
Shareholding |
(%) |
|
MR. MEHTA VIMESH PIYUSH + |
10, ANSON ROAD, 16 - 11, INTERNATIONAL PLAZA, 079903, SINGAPORE. |
S6884838E |
50,000.00 |
50.00 |
|
METALLIC REFINERING ENTERPRISE PTE LTD |
3, KAKI BUKIT PLACE, EUNOS TECHPARK, 416181, SINGAPORE. |
199708664G |
50,000.00 |
50.00 |
|
--------------- |
------ |
|||
|
100,000.00 |
100.00 |
|||
|
============ |
===== |
+ Also Director
DIRECTOR
1
|
Name Of Subject |
: |
TEO BOON LENG |
|
Address |
: |
73A, LORONG H TELOK KURAU, 426090, SINGAPORE. |
|
IC / PP No |
: |
S0059581J |
|
Nationality |
: |
SINGAPOREAN |
|
Date of Appointment |
: |
11/07/2012 |
DIRECTOR
2
|
Name Of Subject |
: |
MR. MEHTA VIMESH PIYUSH |
|
Address |
: |
10, ANSON ROAD, 16 - 11, INTERNATIONAL
PLAZA, 079903, SINGAPORE. |
|
IC / PP No |
: |
S6884838E |
|
Nationality |
: |
SINGAPOREAN |
|
Date of Appointment |
: |
11/07/2012 |
|
1) |
Name of Subject |
: |
MEHTA VIMESH PIYUSH |
|
Position |
: |
DIRECTOR |
|
Auditor |
: |
RT LLP |
|
Auditor' Address |
: |
N/A |
|
1) |
Company Secretary |
: |
YENG CHIAH MING @ YANG CHIAH MING |
|
IC / PP No |
: |
S1170628B |
|
|
Address |
: |
8A, LORONG KISMIS, UNIQUE GARDEN, 598004, SINGAPORE. |
Banking relations are maintained principally with:
|
1) |
Name |
: |
DBS BANK LTD |
|
Charge No |
Creation Date |
Charge Description |
Chargee Name |
Total Charge |
Status |
|
C201210455 |
13/09/2012 |
N/A |
DBS BANK LTD. |
N/A |
Unsatisfied |
* A check has been
conducted in our databank againt the SC whether the subject has been involved
in any litigation.
No legal action was found in our databank.
No winding up petition was found in our
databank.
|
SOURCES OF RAW MATERIALS: |
||
|
Local |
: |
N/A |
|
Overseas |
: |
N/A |
The SC refused to disclose its suppliers.
The SC refused to provide any name of trade/service supplier and we are unable
to conduct any trade enquiry. However, from financial historical data we
conclude that :
|
OVERALL PAYMENT HABIT |
||||||||||||||
|
Prompt 0-30 Days |
[ |
] |
Good 31-60 Days |
[ |
] |
Average 61-90 Days |
[ |
X |
] |
|||||
|
Fair 91-120 Days |
[ |
] |
Poor >120 Days |
[ |
] |
|||||||||
|
Local |
: |
N/A |
|
Overseas |
: |
N/A |
The SC refused to disclose its clientele.
|
Goods Traded |
: |
DIAMONDS, JEWELLERIES |
|
|
Branch |
: |
NO |
Other
Information:
The SC is principally engaged in the (as a / as
an) trading of diamonds, jewelleries.
The SC sells jewelleries, stones, diamonds and
others.
Latest fresh investigations carried out on the SC indicated that:
|
Telephone Number Provided By Client |
: |
N/A |
|
Current Telephone Number |
: |
65-66719300 |
|
Match |
: |
N/A |
|
Address Provided by Client |
: |
NO.3 KAKI BUKIT PLACE,,SINGAPORE 416181 ,SINGAPORE |
|
Current Address |
: |
NO. 3 KAKI BUKIT PLACE, EUNOS TECH PARK, 416181, SINGAPORE. |
|
Match |
: |
YES |
Other Investigations
We contacted one of the staff from the SC and
she provided some information on the SC.
The SC refused to disclose its number of
employees.
The address provided is incomplete.
|
Profitability |
||||||
|
Return on Shareholder Funds |
: |
Favourable |
[ |
89.97% |
] |
|
|
Return on Net Assets |
: |
Favourable |
[ |
40.55% |
] |
|
|
Generally the SC was profitable. The favourable return on shareholders'
funds and return on net assets indicate that the SC's management was
efficient in utilising the assets to generate returns. |
||||||
|
Working Capital Control |
||||||
|
Stock Ratio |
: |
Favourable |
[ |
55 Days |
] |
|
|
Debtor Ratio |
: |
Unfavourable |
[ |
256 Days |
] |
|
|
Creditors Ratio |
: |
Unfavourable |
[ |
266 Days |
] |
|
|
The SC's stocks were moving fast thus reducing its holding cost. This had
reduced funds being tied up in stocks. The SC's debtors ratio was high. The
SC should tighten its credit control and improve its collection period. The
unfavourable creditors' ratio could be due to the SC taking advantage of the
credit granted by its suppliers. However this may affect the goodwill between
the SC and its suppliers and the SC may inadvertently have to pay more for
its future supplies. |
||||||
|
Liquidity |
||||||
|
Liquid Ratio |
: |
Acceptable |
[ |
0.85 Times |
] |
|
|
Current Ratio |
: |
Unfavourable |
[ |
1.02 Times |
] |
|
|
The SC's liquid ratio was slightly low. This could indicate that the
SC's working capital was slightly deficient. The SC will have to improve its liquidity
position either by obtaining short term financing or increase its paid up
capital so that it can meet all its short term obligations as and when they
fall due. |
||||||
|
Solvency |
||||||
|
Interest Cover |
: |
Favourable |
[ |
66.88 Times |
] |
|
|
Gearing Ratio |
: |
Unfavourable |
[ |
1.62 Times |
] |
|
|
The interest cover showed that the SC was able to service the
interest. The favourable interest cover could indicate that the SC was making
enough profit to pay for the interest accrued. The SC was highly geared, thus
it had a high financial risk. The SC was dependent on loans to finance its
business needs. In times of economic downturn and / or high interest rate,
the SC will become less profitable and competitive than other firms in the
same industry, which are lowly geared. This is because the SC has to service
the interest and to repay the loan, which will erode part of its profits. The
profits will fluctuate depending on the SC's turnover and the interest it
needs to pay. |
||||||
|
Overall Assessment : |
||||||
|
The SC's liquidity was at an acceptable range. If the SC is able to
obtain further short term financing, it should be able to meet all its short term
obligations. With the favourable interest cover, the SC could be able to
service all the accrued interest without facing any difficulties. The SC's
gearing level was high and its going concern will be in doubt if there is no
injection of additional shareholders' funds in times of economic downturn and
/ or high interest rates. |
||||||
|
Overall financial condition of the SC : STABLE |
||||||
|
Major Economic Indicators : |
2008 |
2009 |
2010 |
2011 |
2012 |
|
|
|||||
|
Population (Million) |
4.84 |
4.98 |
5.08 |
5.18 |
5.31 |
|
Gross Domestic Products ( % ) |
1.5 |
<0.8> |
14.5 |
4.9 |
1.3 |
|
Consumer Price Index |
6.6 |
0.6 |
2.8 |
5.2 |
4.6 |
|
Total Imports (Million) |
450,892.6 |
356,299.3 |
423,221.8 |
459,655.1 |
474,554.0 |
|
Total Exports (Million) |
476,762.2 |
391,118.1 |
478,840.7 |
514,741.2 |
510,329.0 |
|
|
|||||
|
Unemployment Rate (%) |
2.2 |
3.2 |
2.2 |
2.1 |
2.0 |
|
Tourist Arrival (Million) |
10.12 |
9.68 |
11.64 |
13.17 |
14.37 |
|
Hotel Occupancy Rate (%) |
81.0 |
75.8 |
85.6 |
86.5 |
86.4 |
|
Cellular Phone Subscriber (Million) |
1.31 |
1.37 |
1.43 |
1.50 |
1.52 |
|
|
|||||
|
Registration of New Companies (No.) |
25,327 |
26,414 |
29,798 |
32,317 |
31,892 |
|
Registration of New Companies (%) |
<2.2> |
4.3 |
12.8 |
8.5 |
<1.3> |
|
Liquidation of Companies (No.) |
10,493 |
22,393 |
15,126 |
19,005 |
17,218 |
|
Liquidation of Companies (%) |
13.7 |
113.4 |
<32.5> |
25.6 |
9.4 |
|
|
|||||
|
Registration of New Businesses (No.) |
24,850 |
26,876 |
23,978 |
23,494 |
24,788 |
|
Registration of New Businesses (%) |
0.36 |
8.15 |
<10.78> |
2.02 |
5.51 |
|
Liquidation of Businesses (No.) |
21,150 |
23,552 |
24,211 |
23,005 |
22,489 |
|
Liquidation of Businesses (%) |
<0.8> |
11.4 |
2.8 |
<5> |
<2.2> |
|
|
|||||
|
Bankruptcy Orders (No.) |
2,326 |
2,058 |
1,537 |
1,527 |
1,748 |
|
Bankruptcy Orders (%) |
<15.9> |
<11.5> |
<25.3> |
<0.7> |
14.5 |
|
Bankruptcy Discharges (No.) |
1,500 |
3,056 |
2,252 |
1,391 |
1,881 |
|
Bankruptcy Discharges (%) |
<7.7> |
103.7 |
<26.3> |
<38.2> |
35.2 |
|
|
|||||
|
INDUSTRIES ( % of Growth ) : |
|||||
|
Agriculture |
|||||
|
Production of Principal Crops |
<0.32> |
3.25 |
<0.48> |
4.25 |
3.64 |
|
Fish Supply & Wholesale |
<6.31> |
<1.93> |
<10.5> |
12.10 |
<0.5> |
|
|
|||||
|
Manufacturing * |
74.6 |
71.5 |
92.8 |
100.0 |
100.3 |
|
Food, Beverages & Tobacco |
94.8 |
90.4 |
96.4 |
100.0 |
103.5 |
|
Textiles |
180.1 |
145.9 |
122.1 |
100.0 |
104.0 |
|
Wearing Apparel |
334.6 |
211.0 |
123.3 |
100.0 |
92.1 |
|
Leather Products & Footwear |
128.2 |
79.5 |
81.8 |
100.0 |
98.6 |
|
Wood & Wood Products |
132.0 |
101.4 |
104.0 |
100.0 |
95.5 |
|
Paper & Paper Products |
101.0 |
95.4 |
106.1 |
100.0 |
97.4 |
|
Printing & Media |
118.2 |
100.9 |
103.5 |
100.0 |
93.0 |
|
Crude Oil Refineries |
113.1 |
96.4 |
95.6 |
100.0 |
99.4 |
|
Chemical & Chemical Products |
84.5 |
80.3 |
97.6 |
100.0 |
100.5 |
|
Pharmaceutical Products |
43.7 |
49.1 |
75.3 |
100.0 |
109.7 |
|
Rubber & Plastic Products |
120.1 |
101.2 |
112.3 |
100.0 |
96.5 |
|
Non-metallic Mineral |
96.5 |
91.9 |
92.5 |
100.0 |
98.2 |
|
Basic Metals |
109.8 |
92.6 |
102.2 |
100.0 |
90.6 |
|
Fabricated Metal Products |
101.3 |
90.8 |
103.6 |
100.0 |
104.3 |
|
Machinery & Equipment |
65.0 |
57.3 |
78.5 |
100.0 |
112.9 |
|
Electrical Machinery |
81.7 |
86.8 |
124.1 |
100.0 |
99.3 |
|
Electronic Components |
93.1 |
85.2 |
113.6 |
100.0 |
90.6 |
|
Transport Equipment |
102.0 |
96.0 |
94.0 |
100.0 |
106.3 |
|
|
|||||
|
Construction |
45.90 |
<36.9> |
14.20 |
20.50 |
28.70 |
|
Real Estate |
<11.2> |
1.4 |
21.3 |
25.4 |
31.9 |
|
|
|||||
|
Services |
|||||
|
Electricity, Gas & Water |
<1.3> |
1.70 |
4.00 |
7.00 |
6.30 |
|
Transport, Storage & Communication |
11.60 |
3.90 |
12.80 |
7.40 |
5.30 |
|
Finance & Insurance |
<5.9> |
<16.4> |
<0.4> |
8.90 |
0.50 |
|
Government Services |
17.40 |
4.50 |
9.70 |
6.90 |
6.00 |
|
Education Services |
0.50 |
0.10 |
<0.9> |
<1.4> |
0.30 |
|
|
|||||
|
* Based on Index of Industrial Production (2011 = 100) |
|||||
|
(Source : Department of Statistics) |
|
INDUSTRY : |
TRADING |
|
The wholesale and retail trade sector contracted by 1.5% in the fourth
quarter of 2012, extending the 0.2% decline in the preceding quarter. For the
whole of 2012, the sector declined by 0.7%, reversing the 1.6% growth in
2011. The sector was weighed down primarily by the wholesale trade segment.
In 2012, the wholesale trade segment contracted by 1.0%, a reversal from the
1.4% growth in 2011. Growth of the retail trade segment also moderated to
2.0%, from 3.2% in the year 2011. |
|
|
The domestic wholesale trade index grew by 1.2% in the fourth quarter
of 2012, an improvement from the 5.4% decline in the third quarter. This was
partly due to an increase in the sales of chemicals & chemical products
and ship chandlers & bunkering. For the full year of 2012, the domestic
wholesale trade index contracted by 2.2%, extending the 1.7% decline in 2011.
The foreign wholesale trade index grew by 8.6% in the fourth quarter, an
increase from the 6.6% growth in the third quarter. The expansion was partly
due to resilient sales of petroleum & petroleum products. For the whole
of 2012, the foreign wholesale trade index expanded by 9.1%, faster than the
4.3% increase in 2011. |
|
|
In the fourth quarter of 2012, retail sales volume declined by 2.0%,
extending the 0.3% decline in the third quarter. Excluding motor vehicles, retail
sales volume grew by 0.4%, a slight moderation compared to the 1.5% gain in
the third quarter of 2012. The sales volume of motor vehicles fell by 11% in
the fourth quarter of 2012, after contracting by 6.1% in the third quarter.
The sales of several discretionary items also declined in the fourth quarter.
Besides, the sales of optical goods & books in 2012 fell by 3.6%, while
the sales of telecommunications apparatus & computers declined by
1.4%. |
|
|
For 2012 as a whole, retail sales volume grew by 1.3%, compared to the
2.0% expansion in 2011. Excluding motor vehicle sales, the increase in retail
sales volume also moderated from 5.4% in 2011 to 1.7% in 2012. Medical goods
& toiletries registered the largest increase (9.3%) in sales, followed by
telecommunications apparatus & computers (6.9%). By contrast, the sales
of watches & jewellery (-2.2%) and optical goods & books (-3.6%)
declined. |
|
|
OVERALL INDUSTRY OUTLOOK : AVERAGE GROWTH |
|
Incorporated in 2012, the SC is a Private Limited
company, focusing on trading of diamonds and jewelleries. Having been in the
business for only 1 year, the SC's position in the market is not stable. The SC
has yet to build up its own image and market shares. Having strong support from
its shareholder has enabled the SC to remain competitive despite the
challenging business environment.
Overall, we regard that the SC's management
capability is average. This indicates that the SC has greater potential to improve
its business performance and raising income for the SC.
As at year ended 2013, the SC has recorded as
turnover of USD 17,808,954 and pre-tax profit of USD 832,706. The SC has
generated a favourable return based on its existing shareholders' funds which
indicated that the management was efficient in utilising its funds to generate
income. The SC managed to maintain an adequate liquidity level, indicating that
the SC has the ability to meet its financial obligations. The high gearing
ratio clearly implied that the SC was supported by more debt than equity.
Nevertheless, given a positive net worth standing at USD 817,142, the SC should
be able to maintain its business in the near terms.
Having a strong assets backing, the SC possesses
latent assets as collateral for further financial extension. Hence, it has good
chance of getting loans if the needs arises.
The SC's payment habit is average. With its
adequate working capital, the SC should be able to pay its short term debts.
The industry shows an upward trend and this
trend is very likely to sustain in the near terms. Hence, the SC is expected to
benefit from the favourable outlook of the industry.
Based on the above condition, we recommend
credit be granted to the SC normally.
|
THE FINANCIAL
STATEMENTS WERE PREPARED IN ACCORDANCE WITH SINGAPORE FINANCIAL REPORTING
STANDARDS. |
|
|
GLOBE DIAMONDS
SINGAPORE PTE. LTD. |
|
|
Financial Year
End |
2013-03-31 |
|
Months |
9 |
|
Consolidated Account |
Company |
|
Audited Account |
YES |
|
Unqualified Auditor's Report (Clean Opinion) |
YES |
|
Financial Type |
FULL |
|
Currency |
USD |
|
TURNOVER |
17,808,954 |
|
---------------- |
|
|
Total Turnover |
17,808,954 |
|
Costs of Goods Sold |
<16,847,696> |
|
---------------- |
|
|
Gross Profit |
961,258 |
|
---------------- |
|
|
PROFIT/(LOSS) FROM OPERATIONS |
832,706 |
|
---------------- |
|
|
PROFIT/(LOSS) BEFORE TAXATION |
832,706 |
|
Taxation |
<97,514> |
|
---------------- |
|
|
PROFIT/(LOSS) AFTER TAXATION |
735,192 |
|
---------------- |
|
|
RETAINED PROFIT/(LOSS) BROUGHT FORWARD |
|
|
---------------- |
|
|
PROFIT AVAILABLE FOR APPROPRIATIONS |
735,192 |
|
---------------- |
|
|
RETAINED PROFIT/(LOSS) CARRIED FORWARD |
735,192 |
|
============= |
|
|
INTEREST EXPENSE (as per notes to P&L) |
|
|
Term loan / Borrowing |
12,610 |
|
Others |
30 |
|
---------------- |
|
|
12,640 |
|
|
GLOBE DIAMONDS
SINGAPORE PTE. LTD. |
|
ASSETS EMPLOYED: |
|
|
FIXED ASSETS |
1,742,471 |
|
---------------- |
|
|
TOTAL LONG TERM ASSETS |
1,742,471 |
|
CURRENT ASSETS |
|
|
Stocks |
2,671,649 |
|
Trade debtors |
12,500,846 |
|
Other debtors, deposits & prepayments |
3,749 |
|
Cash & bank balances |
349,794 |
|
Amount owing by shareholders |
12,079 |
|
---------------- |
|
|
TOTAL CURRENT ASSETS |
15,538,117 |
|
---------------- |
|
|
TOTAL ASSET |
17,280,588 |
|
============= |
|
|
CURRENT LIABILITIES |
|
|
Trade creditors |
12,255,795 |
|
Other creditors & accruals |
1,415,495 |
|
Short term borrowings/Term loans |
58,032 |
|
Amounts owing to director |
1,369,010 |
|
Provision for taxation |
97,514 |
|
---------------- |
|
|
TOTAL CURRENT LIABILITIES |
15,195,846 |
|
---------------- |
|
|
NET CURRENT ASSETS/(LIABILITIES) |
342,271 |
|
---------------- |
|
|
TOTAL NET ASSETS |
2,084,742 |
|
============= |
|
|
SHARE CAPITAL |
|
|
Ordinary share capital |
81,950 |
|
---------------- |
|
|
TOTAL SHARE CAPITAL |
81,950 |
|
RESERVES |
|
|
Retained profit/(loss) carried forward |
735,192 |
|
---------------- |
|
|
TOTAL RESERVES |
735,192 |
|
---------------- |
|
|
SHAREHOLDERS' FUNDS/EQUITY |
817,142 |
|
LONG TERM LIABILITIES |
|
|
Long term loans |
1,267,600 |
|
---------------- |
|
|
TOTAL LONG TERM LIABILITIES |
1,267,600 |
|
---------------- |
|
|
2,084,742 |
|
|
============= |
|
GLOBE DIAMONDS
SINGAPORE PTE. LTD. |
|
TYPES OF FUNDS |
|
|
Cash |
349,794 |
|
Net Liquid Funds |
349,794 |
|
Net Liquid Assets |
<2,329,378> |
|
Net Current Assets/(Liabilities) |
342,271 |
|
Net Tangible Assets |
2,084,742 |
|
Net Monetary Assets |
<3,596,978> |
|
BALANCE SHEET ITEMS |
|
|
Total Borrowings |
1,325,632 |
|
Total Liabilities |
16,463,446 |
|
Total Assets |
17,280,588 |
|
Net Assets |
2,084,742 |
|
Net Assets Backing |
817,142 |
|
Shareholders' Funds |
817,142 |
|
Total Share Capital |
81,950 |
|
Total Reserves |
735,192 |
|
LIQUIDITY (Times) |
|
|
Cash Ratio |
0.02 |
|
Liquid Ratio |
0.85 |
|
Current Ratio |
1.02 |
|
WORKING CAPITAL CONTROL (Days) |
|
|
Stock Ratio |
55 |
|
Debtors Ratio |
256 |
|
Creditors Ratio |
266 |
|
SOLVENCY RATIOS (Times) |
|
|
Gearing Ratio |
1.62 |
|
Liabilities Ratio |
20.15 |
|
Times Interest Earned Ratio |
66.88 |
|
Assets Backing Ratio |
25.44 |
|
PERFORMANCE RATIO (%) |
|
|
Operating Profit Margin |
4.68 |
|
Net Profit Margin |
4.13 |
|
Return On Net Assets |
40.55 |
|
Return On Capital Employed |
40.55 |
|
Return On Shareholders' Funds/Equity |
89.97 |
|
Dividend Pay Out Ratio (Times) |
0.00 |
|
NOTES TO ACCOUNTS |
|
|
Contingent Liabilities |
0 |
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.62.63 |
|
|
1 |
Rs.101.06 |
|
Euro |
1 |
Rs.84.56 |
INFORMATION DETAILS
|
Report Prepared
by : |
NIT |
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.