MIRA INFORM REPORT
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Report Date : |
03.10.2013 |
IDENTIFICATION DETAILS
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Name : |
TWINKLEDIAM |
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Registered Office : |
Hoveniersstraat 30 B.115, Antwerpen, 2018 |
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Country : |
Belgium |
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Financials (as on) : |
31.12.2011 |
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Year of Establishment : |
1986 |
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Com. Reg. No.: |
429873712 |
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Legal Form : |
Private Independent |
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Line of Business : |
Wholesale trade in diamond. |
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No. of Employees : |
3 |
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 : |
Small Company |
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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.
Source
: CIA
Company Name and Addr3ess
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Twinklediam |
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Business Description
Wholesale trade in diamonds
Industry
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Industry |
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ANZSIC 2006: |
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ISIC Rev 4: |
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NACE Rev 2: |
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NAICS 2012: |
423940 -
Jewelry, Watch, Precious Stone, and Precious Metal Merchant Wholesalers |
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UK SIC 2007: |
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US SIC 1987: |
5094 -
Jewelry, Watches, Precious Stones, and Precious Metals |
Key Executive
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Name |
Title |
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Hiren Sureshchandra Parikh |
Managing Director |
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Rashmi Pethani |
Administrator |
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Nilesh Petnani |
Administrator |
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Theodoor Theo Van Herck |
Representative/Auditor |
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Ann Maria Oscarine Van Vlaenderen |
Representative/Auditor |
Registered
No.(VAT): 429873712
1 - Profit & Loss Item Exchange Rate: USD 1 = EUR 0.7191895
2 - Balance Sheet Item Exchange Rate:
USD 1 = EUR 0.770327
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Industry code
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ANZSIC 2006 Codes: |
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3732 |
- |
Jewellery and Watch Wholesaling |
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ISIC Rev 4 Codes: |
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4649 |
- |
Wholesale of other household goods |
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NACE Rev 2 Codes: |
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4648 |
- |
Wholesale of watches and jewellery |
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NAICS 2012 Codes: |
||
|
423940 |
- |
Jewelry, Watch, Precious Stone, and
Precious Metal Merchant Wholesalers |
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US SIC 1987: |
||
|
5094 |
- |
Jewelry, Watches, Precious Stones, and
Precious Metals |
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UK SIC 2007: |
||
|
4648 |
- |
Wholesale of watches and jewellery |
Business Description
Wholesale of other intermediate products
More Business Descriptions
Wholesale trade in diamonds
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Executives Report
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Executives |
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Managing Director |
Managing Director |
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Executive Assistant |
Administration Executive |
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Administrator |
Administration Executive |
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Administrator |
Administration Executive |
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Representative/Auditor |
Accounting Executive |
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Representative/Auditor |
Accounting Executive |
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Annual Profit & Loss
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31-Dec-2011 |
31-Dec-2010 |
31-Dec-2009 |
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Period Length |
52 Weeks |
52 Weeks |
52 Weeks |
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Filed Currency |
EUR |
EUR |
EUR |
|
Exchange Rate
(Period Average) |
0.71919 |
0.755078 |
0.719047 |
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Consolidated |
No |
No |
No |
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Turnover |
155.0 |
102.8 |
69.9 |
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Other Operating
Income |
0.0 |
0.0 |
- |
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Operating Income |
155.0 |
102.8 |
69.9 |
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Purchases |
159.4 |
95.4 |
68.1 |
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Increase
or Decrease in Stocks |
-5.8 |
6.3 |
0.6 |
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Raw Materials,
Consumables, and Goods for Release |
153.6 |
101.7 |
68.7 |
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Services and
Sundry Goods |
0.4 |
0.3 |
0.2 |
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Remuneration,
Social Security Charges, and Pensions |
0.2 |
0.1 |
0.2 |
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Depreciation of and
Other Amounts Written Off of Formation Expense, Intangible and Tangible Fixed
Assets |
0.0 |
0.0 |
0.0 |
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Increase or
Decrease in Amounts Written Off Stocks, Orders, and Trade Debtors |
0.0 |
0.0 |
- |
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Other Operating
Charges |
0.2 |
0.0 |
0.0 |
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Operating
Charges |
154.4 |
102.2 |
69.2 |
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Income From
Financial Fixed Assets |
- |
0.0 |
0.0 |
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Other Financial
Income |
0.5 |
0.3 |
0.0 |
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Financial Income |
0.5 |
0.3 |
0.1 |
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Interest and Other
Debt Charges |
0.8 |
0.5 |
0.4 |
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Other Financial
Charges |
0.3 |
0.3 |
0.2 |
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Financial
Charges |
1.0 |
0.8 |
0.6 |
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Income Taxes |
0.0 |
0.1 |
0.1 |
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Adjustment of
Income Taxes and Write-Back of Tax Provisions |
0.1 |
- |
0.0 |
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Income Taxes |
0.0 |
0.1 |
0.1 |
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To
the Legal Reserve |
0.0 |
0.0 |
0.0 |
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To
Other Reserves |
0.1 |
0.1 |
0.1 |
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Transfers to
Capital and Reserves |
0.1 |
0.1 |
0.1 |
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Employees |
3 |
3 |
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Annual Balance sheet
Financials in: USD
(mil)
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|
31-Dec-2011 |
31-Dec-2010 |
31-Dec-2009 |
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Filed Currency |
EUR |
EUR |
EUR |
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Exchange Rate |
0.770327 |
0.745406 |
0.696986 |
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Consolidated |
No |
No |
No |
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Land
& Buildings |
0.9 |
0.9 |
0.9 |
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Plant,
Machinery, and Equipment |
0.0 |
0.0 |
0.0 |
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Furniture
and Vehicles |
- |
0.0 |
0.0 |
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Tangible
Assets |
0.9 |
0.9 |
0.9 |
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Participating
Interests |
8.9 |
8.9 |
8.9 |
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Other
Enterprises Linked by Participating Interests |
8.9 |
8.9 |
8.9 |
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Amounts
Receivable and Cash Guarantees |
0.0 |
0.0 |
0.0 |
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Other
Capital Assets |
0.0 |
0.0 |
0.0 |
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Capital
Assets |
8.9 |
8.9 |
8.9 |
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Fixed Assets |
9.8 |
9.8 |
9.8 |
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Goods
Purchased for Resale |
6.5 |
1.1 |
7.4 |
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Stocks |
6.5 |
1.1 |
7.4 |
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Inventory
and Orders in Progress |
6.5 |
1.1 |
7.4 |
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Trade
Debtors |
38.3 |
36.8 |
32.1 |
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Other
Amounts Receivable |
0.0 |
0.0 |
0.1 |
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Amounts
Receivable Within One Year |
38.3 |
36.8 |
32.2 |
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Liquid
Assets |
0.8 |
1.8 |
1.3 |
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Adjustment
Accounts |
0.0 |
0.0 |
0.0 |
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Current Assets |
45.6 |
39.8 |
40.9 |
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Total Assets |
55.4 |
49.6 |
50.7 |
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Issued
Capital |
17.8 |
17.9 |
17.7 |
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Capital
|
17.8 |
17.9 |
17.7 |
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Legal
Reserve |
0.0 |
0.0 |
0.0 |
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Reserves
Available for Distribution |
1.1 |
0.9 |
0.8 |
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Reserves |
1.1 |
1.0 |
0.8 |
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Capital and
Reserves |
18.9 |
18.8 |
18.5 |
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Credit
Institutions |
- |
0.1 |
0.2 |
|
Financial
Debts |
- |
0.1 |
0.2 |
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Other
Amounts Payable |
3.1 |
3.1 |
3.1 |
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Amounts
Due After More Than One Year |
3.1 |
3.2 |
3.3 |
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Current
Portion of Amounts Payable After More Than One Year |
0.1 |
0.1 |
0.1 |
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Credit
Institutions |
14.2 |
13.3 |
15.3 |
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Financial
Debts |
14.2 |
13.3 |
15.3 |
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Suppliers |
19.1 |
14.0 |
13.3 |
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Trade
Debts |
19.1 |
14.0 |
13.3 |
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Taxes |
0.0 |
0.1 |
0.1 |
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Remuneration
and Social Security |
0.0 |
0.0 |
0.0 |
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Taxes,
Wages, and Social Security |
0.1 |
0.1 |
0.1 |
|
Other
Amounts Payable |
0.0 |
0.0 |
0.0 |
|
Amounts
Payable Within One Year |
33.3 |
27.6 |
28.8 |
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Adjustment
Accounts |
0.0 |
0.0 |
0.0 |
|
Creditors |
36.5 |
30.8 |
32.2 |
|
Total Liabilities
+ Shareholders' Equity |
55.4 |
49.6 |
50.7 |
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.62.35 |
|
|
1 |
Rs.101.20 |
|
Euro |
1 |
Rs.84.54 |
INFORMATION DETAILS
|
Report
Prepared by : |
SDA |
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.