MIRA INFORM REPORT
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Report Date : |
26.11.2013 |
IDENTIFICATION DETAILS
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Name : |
JAYAM |
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Registered Office : |
Schupstraat 18 20 B.9 , Antwerpen, 2018 |
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Country : |
Belgium |
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Financials (as on) : |
31.03.2013 |
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Year of Establishment : |
1960 |
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Com. Reg. No.: |
404965892 |
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Legal Form : |
Private Independent |
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Line of Business : |
Wholesale trade in diamonds and gemstones |
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No. of Employees : |
12 |
RATING & COMMENTS
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MIRA’s 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 : |
Slow but correct |
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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,
2013
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Country Name |
Previous Rating (31.12.2012) |
Current Rating (31.03.2013) |
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Belgium |
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 |
BELGIUM ECONOMIC OVERVIEW
This modern, open, and private-enterprise-based economy has capitalized on its central geographic location, highly developed transport network, and diversified industrial and commercial base. Industry is concentrated mainly in the more heavily-populated region of Flanders in the north. With few natural resources, Belgium imports substantial quantities of raw materials and exports a large volume of manufactures, making its economy vulnerable to volatility in world markets. Roughly three-quarters of Belgium's trade is with other EU countries, and Belgium has benefited most from its proximity to Germany. In 2011 Belgian GDP grew by 1.8%, the unemployment rate decreased slightly to 7.2% from 8.3% the previous year, and the government reduced the budget deficit from a peak of 6% of GDP in 2009 to 4.2% in 2011 and 3.3% in 2012. Fourth quarter GDP growth in 2012 was at -0.1%, the third consecutive quarter of negative growth. This brought economic growth for the whole of 2012 to negative 0.2%. It also left Belgium on the brink of a possible recession at the end of 2012. However, at year's end, the government appeared close to meeting its 2012 budget deficit goal of 3% of GDP. Despite the relative improvement in Belgium's budget deficit, public debt hovers around 100% of GDP, a factor that has contributed to investor perceptions that the country is increasingly vulnerable to spillover from the euro-zone crisis. Belgian banks were severely affected by the international financial crisis in 2008 with three major banks receiving capital injections from the government, and the nationalization of the Belgian retail arm of a Franco-Belgian bank.
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Source : CIA |
COMPANY NAME &
ADDRESS
JAYAM
Schupstraat 18 20 B.9
Antwerpen, 2018
Belgium
Tel: 03 231 09 35
Fax: 03 232 92 20
Website: www.jayamnv.be
SYNTHESIS
Employees: 12
Company Type: Private Independent
Incorporation Date: 1960
Financials in: USD (mil)
Fiscal Year End: 31-Mar-2013
Reporting Currency: Euro
Annual Sales: 85.4 1
Total Assets: 110.7
Business Description
Wholesale trade in diamonds and gemstones
Industry
Industry Miscellaneous
Wholesale
ANZSIC 2006: 3732 - Jewellery
and Watch Wholesaling
ISIC Rev 4: 4649 - Wholesale
of other household goods
NACE Rev 2: 4648 - Wholesale
of watches and jewellery
NAICS 2012: 423940 - Jewelry,
Watch, Precious Stone, and Precious Metal Merchant Wholesalers
UK SIC 2007: 4648 - Wholesale
of watches and jewellery
US SIC 1987: 5094 - Jewelry,
Watches, Precious Stones, and Precious Metals
Key Executives
Name Title
Mihir Mahendra Mehta Managing
Director, Shareholders' Representative
Samir Mehta Administrator
Jitendra Mehta Sachin Administrator
Lucas Alfons Ida Toelen Representative/Auditor
Marc Auwers Accounting
Manager
News
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Registered
No.(VAT): 404965892
1 - Profit &
Loss Item Exchange Rate: USD 1 = EUR 0.7769278
2 - Balance Sheet Item Exchange Rate:
USD 1 = EUR 0.7802157
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Executives Report
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Wheatland Pharmacy; Decision and Order |
19-Nov-2013 |
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Ragini Dwivedi shakes her booty with Sonu Sood |
16-Nov-2013 |
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Ragini Dwivedi nervous with Jayam Ravi |
10-Nov-2013 |
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Bhavana's new interest: Reading |
04-Nov-2013 |
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Stars wish a Happy Diwali |
02-Nov-2013 |
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Ragini's loving the busy life |
29-Oct-2013 |
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Kalyani to get hitched |
28-Oct-2013 |
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Happy birthday Amala Paul |
27-Oct-2013 |
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Shakeela back as an author |
25-Oct-2013 |
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Meet Kollywood actors' Hollywood doppelgangers |
24-Oct-2013 |
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Anthony E. Wicks, M.D. Decision and Order Notice Posted
in Federal Register |
22-Oct-2013 |
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Annual Profit & Loss
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31-Mar-2013 |
31-Mar-2012 |
31-Mar-2011 |
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Period Length |
52 Weeks |
52 Weeks |
52 Weeks |
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Filed Currency |
EUR |
EUR |
EUR |
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Exchange Rate
(Period Average) |
0.776928 |
0.726943 |
0.757168 |
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Consolidated |
No |
No |
No |
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Turnover |
85.4 |
81.6 |
58.1 |
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Other Operating Income |
0.2 |
0.1 |
0.0 |
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Operating Income |
85.6 |
81.7 |
58.1 |
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Purchases |
86.9 |
74.5 |
44.9 |
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Increase or Decrease
in Stocks |
-6.0 |
2.5 |
10.0 |
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Raw Materials, Consumables, and Goods for Release |
80.9 |
77.0 |
54.9 |
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Services and Sundry Goods |
1.0 |
1.1 |
1.2 |
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Remuneration, Social Security Charges, and
Pensions |
0.7 |
0.8 |
0.7 |
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Depreciation of and Other Amounts Written Off of
Formation Expense, Intangible and Tangible Fixed Assets |
0.1 |
0.1 |
0.1 |
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Increase or Decrease in Amounts Written Off
Stocks, Orders, and Trade Debtors |
- |
- |
-0.5 |
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Other Operating Charges |
0.1 |
0.0 |
0.0 |
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Operating Charges |
82.8 |
79.0 |
56.4 |
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Income From Current Assets |
0.0 |
0.0 |
0.0 |
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Other Financial Income |
0.1 |
0.1 |
0.2 |
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Financial Income |
0.1 |
0.1 |
0.2 |
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Interest and Other Debt Charges |
2.3 |
1.4 |
1.0 |
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Other Financial Charges |
0.5 |
0.5 |
0.2 |
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Financial Charges |
2.9 |
1.8 |
1.2 |
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Gain on Disposal of Fixed Assets |
0.0 |
0.0 |
0.0 |
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Other Extraordinary Income |
0.2 |
0.0 |
0.2 |
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Extraordinary Income |
0.2 |
0.0 |
0.2 |
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Amounts Written Off on Financial Fixed Assets |
0.0 |
0.0 |
0.0 |
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Loss on Disposal of Fixed Assets |
- |
0.1 |
0.0 |
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Other Extraordinary Charges |
0.0 |
0.0 |
0.6 |
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Extraordinary Charges |
0.1 |
0.1 |
0.6 |
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Income Taxes |
- |
0.2 |
- |
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Income Taxes |
- |
0.2 |
- |
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From Capital and Share
Premium Account |
10.4 |
- |
- |
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From Reserves |
2.8 |
- |
- |
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Transfers From Capital and Reserves |
13.2 |
- |
- |
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To the Legal Reserve |
0.0 |
- |
0.0 |
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Transfers to Capital and Reserves |
0.0 |
- |
0.0 |
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Employees |
12 |
13 |
14 |
Annual Balance Sheet
Financials in: USD (mil)
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31-Mar-2013 |
31-Mar-2012 |
31-Mar-2011 |
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Filed Currency |
EUR |
EUR |
EUR |
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Exchange Rate |
0.780216 |
0.753463 |
0.704672 |
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Consolidated |
No |
No |
No |
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Plant, Machinery, and
Equipment |
0.1 |
0.1 |
0.1 |
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Furniture and Vehicles |
0.1 |
0.1 |
0.0 |
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Other Tangible Assets |
0.5 |
0.5 |
0.3 |
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Tangible Assets |
0.6 |
0.7 |
0.5 |
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Participating
Interests |
0.1 |
0.1 |
0.3 |
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Affiliated Enterprises |
0.1 |
0.1 |
0.3 |
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Shares |
0.1 |
0.1 |
0.1 |
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Amounts Receivable and
Cash Guarantees |
0.0 |
0.1 |
0.0 |
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Other Capital Assets |
0.1 |
0.2 |
0.1 |
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Capital Assets |
0.2 |
0.3 |
0.4 |
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Fixed Assets |
0.9 |
1.0 |
0.9 |
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Goods Purchased for
Resale |
32.8 |
26.7 |
29.2 |
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Stocks |
32.8 |
26.7 |
29.2 |
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Inventory and Orders in Progress |
32.8 |
26.7 |
29.2 |
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Trade Debtors |
66.1 |
48.5 |
37.5 |
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Other Amounts
Receivable |
10.0 |
6.6 |
5.0 |
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Amounts Receivable Within One Year |
76.1 |
55.2 |
42.5 |
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Liquid Assets |
0.8 |
1.7 |
2.2 |
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Adjustment Accounts |
0.1 |
0.1 |
0.1 |
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Current Assets |
109.9 |
83.7 |
74.0 |
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Total Assets |
110.7 |
84.7 |
74.9 |
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Issued Capital |
13.3 |
23.5 |
23.6 |
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Capital |
13.3 |
23.5 |
23.6 |
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Legal Reserve |
0.1 |
0.1 |
0.1 |
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Untaxed Reserves |
0.0 |
0.0 |
0.0 |
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Reserves Available for
Distribution |
- |
2.8 |
2.8 |
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Reserves |
0.1 |
2.9 |
2.9 |
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Capital and Reserves |
13.5 |
13.2 |
12.6 |
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Other Loans |
21.0 |
21.3 |
22.6 |
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Financial Debts |
21.0 |
21.3 |
22.6 |
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Amounts Due After More Than One Year |
21.0 |
21.3 |
22.6 |
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Credit Institutions |
27.8 |
27.6 |
28.9 |
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Financial Debts |
27.8 |
27.6 |
28.9 |
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Suppliers |
46.5 |
20.4 |
10.4 |
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Trade Debts |
46.5 |
20.4 |
10.4 |
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Taxes |
- |
0.2 |
- |
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Remuneration and Social
Security |
0.1 |
0.1 |
0.1 |
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Taxes, Wages, and
Social Security |
0.1 |
0.3 |
0.1 |
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Other Amounts Payable |
0.9 |
1.8 |
0.3 |
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Amounts Payable Within One Year |
75.3 |
50.1 |
39.7 |
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Adjustment Accounts |
1.0 |
0.1 |
0.0 |
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Creditors |
97.2 |
71.5 |
62.3 |
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Total Liabilities + Shareholders' Equity |
110.7 |
84.7 |
74.9 |
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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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 –
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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.
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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.62.57 |
|
UK Pound |
1 |
Rs.101.42 |
|
Euro |
1 |
Rs.84.70 |
INFORMATION DETAILS
|
Report
Prepared by : |
NLM |
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%)