MIRA
INFORM REPORT
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Report Date : |
18.01.2014 |
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Tel. No.: |
+4420 7518 7285 |
IDENTIFICATION DETAILS
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Name : |
GEMFIELDS PLC |
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Formerly Known As : |
Gemfields Resources PLC |
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Registered Office : |
54 Jermyn
Street, London, SW1Y 6LX |
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Country : |
United Kingdom |
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Financials (as on) : |
30.06.2013 |
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Date of Incorporation : |
14.05.2004 |
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Com. Reg. No.: |
05129023 |
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Legal Form : |
Public Parent
Company |
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Line of Business : |
·
engaged
in the business of exploring, mining, processing and selling colored
gemstones. ·
Subject
also provides administration services and has a cut and polished emerald
sales function. |
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No. of Employees : |
695 |
RATING & COMMENTS
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MIRA’s Rating : |
Ba |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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Status : |
Satisfactory |
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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 – September 30, 2013
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Country Name |
Previous Rating (30.06.2013) |
Current Rating (30.09.2013) |
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United Kingdom |
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 |
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.
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Source : CIA |
Company name & address
Gemfields PLC
54 Jermyn Street
London, SW1Y 6LX
United Kingdom
Tel: 020 7518 3400
Fax: 020 7197 8193
Web: www.gemfields.co.uk
synthesis
Employees: 695
Company Type: Public
Parent
Corporate Family: 5 Companies
Traded:
SEATS (AIM
Market): GEM
Quoted Status: Quoted
Company
Incorporation
Date: 14-May-2004
Auditor: BDO
LLP
Financials in: USD
(Millions)
Fiscal Year End: 30-Jun-2013
Reporting
Currency: US Dollar
Annual Sales: 48.4 1
Net Income: (22.8)
Total Assets: 378.7 2
Market Value: 179.5
(27-Dec-2013)
Business
Description
Gemfields PLC is
engaged in the business of exploring, mining, processing and selling colored gemstones.
The Company also provides administration services and has a cut and polished
emerald sales function. The Kagem emerald mine in Zambia is presently the
Company’s only operating emerald mine and serves as the source of emeralds
and beryl for its downstream business. During the year ended June 30, 2010
(fiscal 2010), the Company’s projects included Fwaya Fwaya 3 (FF3). The pit
is around 30 meters deep, exposing one concordant and four discordant
pegmatites over a strike length of 40 meters. Its subsidiaries include
Gemfields Limited BVI, Almizan Development Limited, Gemfields Mining Limited,
Gemfields India Pvt Limited and Kagem Mining Limited. Effective January 25,
2013, the Company acquired acquired Faberge Ltd. For the fiscal year ended 30
June 2013, Gemfields PLC revenues decreased 42% to $48.4M. Net loss totaled
$22.8M vs. income of $120.2M. Revenues reflect Others segment decrease of 98%
to $421K, Zambia segment decrease of 27% to $42M, Corporate segment decrease of
46% to $1.8M, Other segment decrease of 98% to $421K, Zambia segment decrease
of 27% to $42M, United Kingdom segment decrease of 46% to $1.8M.
Industry
Industry Non-Metallic Minerals Mining
ANZSIC 2006: 0990 - Other Non-Metallic Mineral Mining
and Quarrying
ISIC Rev 4: 0899 - Other mining and quarrying
n.e.c.
NACE Rev 2: 0899 - Other mining and quarrying n.e.c.
NAICS 2012: 212399 - All Other Nonmetallic Mineral
Mining
UK SIC 2007: 0899 - Other mining and quarrying n.e.c.
US SIC 1987: 1499 - Miscellaneous Nonmetallic Minerals,
Except Fuels
Key
Executives
Name Title
Ian Timothy
Harebottle Chief Executive Officer, Executive Director
Mark Summers Group
Chief Financial Officer
Devidas Krishna
Shetty Group
Chief Operating Officer
Janet Blas Secretary
Adrian Banks Product
Director
Financial Summary
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Stock Snapshot
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1 - Profit &
Loss Item Exchange Rate: USD 1 = USD 1
2 - Balance Sheet
Item Exchange Rate: USD 1 = USD 1
Corporate
Overview
Location
54 Jermyn Street
London, SW1Y 6LX
London County
United Kingdom
Tel: 020 7518 3400
Fax: 020 7197 8193
Web: www.gemfields.co.uk
Quote Symbol -
Exchange
GEM - SEATS (AIM Market)
Sales USD(mil): 48.4
Assets USD(mil): 378.7
Employees: 695
Fiscal Year End: 30-Jun-2013
Industry: Non-Metallic Mining
Registered Address:
54 Jermyn Street
London, SW1Y 6LX
United Kingdom
Incorporation
Date: 14-May-2004
Company Type: Public
Parent
Quoted Status: Quoted
Previous Name: Gemfields Resources PLC
Registered No.(UK): 05129023
Chief Executive Officer,
Executive Director:
Ian Timothy
Harebottle
Industry Codes
ANZSIC 2006
Codes:
0990 - Other
Non-Metallic Mineral Mining and Quarrying
ISIC Rev 4 Codes:
0899 - Other
mining and quarrying n.e.c.
NACE Rev 2 Codes:
0899 - Other
mining and quarrying n.e.c.
NAICS 2012 Codes:
212399 - All
Other Nonmetallic Mineral Mining
US SIC 1987:
1499 - Miscellaneous
Nonmetallic Minerals, Except Fuels
UK SIC 2007:
0899 - Other
mining and quarrying n.e.c.
Business Description
Gemfields PLC is
engaged in the business of exploring, mining, processing and selling colored
gemstones. The Company also provides administration services and has a cut and
polished emerald sales function. The Kagem emerald mine in Zambia is presently
the Company’s only operating emerald mine and serves as the source of
emeralds and beryl for its downstream business. During the year ended June 30,
2010 (fiscal 2010), the Company’s projects included Fwaya Fwaya 3 (FF3). The
pit is around 30 meters deep, exposing one concordant and four discordant
pegmatites over a strike length of 40 meters. Its subsidiaries include
Gemfields Limited BVI, Almizan Development Limited, Gemfields Mining Limited,
Gemfields India Pvt Limited and Kagem Mining Limited. Effective January 25,
2013, the Company acquired acquired Faberge Ltd. For the fiscal year ended 30
June 2013, Gemfields PLC revenues decreased 42% to $48.4M. Net loss totaled
$22.8M vs. income of $120.2M. Revenues reflect Others segment decrease of 98%
to $421K, Zambia segment decrease of 27% to $42M, Corporate segment decrease of
46% to $1.8M, Other segment decrease of 98% to $421K, Zambia segment decrease
of 27% to $42M, United Kingdom segment decrease of 46% to $1.8M.
More Business Descriptions
Mining and quarrying
not elsewhere classified.
The exploring,
mining, processing and selling coloured gemstones.
Gemstone Mining,
Processing & Sales
Kaolin & ball
clay
Gemfields is the
worlds foremost coloured gemstone producer and is found at the intersection of
exploration mining and marketing. Natural gems are at the heart of the
operation. Our focus reliable and ethically-produced Zambian emeralds uphold
fair-trade practices while remaining in accordance with the highest level of
environmental social and safety standards. This mission holds true for every
gemstone in our portfolio. Gemfields unprecedented mine to market strategy
through transparent partnerships with the worlds leading coloured gemstones
dealers and manufacturers allows us to guarantee the provenance of every gem:
Our promise to both the trade and the consumer. Supported by a world-class
management team of seasoned industry experts Gemfields prides itself on
transparency. Business aside our dedication to preserving the environment
nurturing relationships with local communities and upholding human rights
remains paramount to our success.
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Corporate Family |
Corporate
Structure News: |
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Gemfields
PLC |
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Gemfields PLC |
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Company
Name |
Company
Type |
Location |
Country |
Industry |
Sales |
Employees |
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Parent |
London |
United Kingdom |
Non-Metallic Minerals Mining |
48.4 |
695 |
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Faberge |
Subsidiary |
London |
United Kingdom |
Clothing and Apparel Stores |
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5 |
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Subsidiary |
London |
United Kingdom |
Miscellaneous Professional Services |
1.6 |
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Subsidiary |
Kitwe |
Zambia |
Non-Metallic Minerals Mining |
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Subsidiary |
London |
United Kingdom |
Miscellaneous Professional Services |
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Executive report
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Board of
Directors |
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Non-Executive Chairman of the Board |
Chairman |
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Non-Executive Director |
Director/Board Member |
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Non-Executive Director |
Director/Board Member |
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Executives |
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Chief Executive Officer, Executive Director |
Chief Executive Officer |
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Executive Director |
Division Head Executive |
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Group Chief Financial Officer |
Division Head Executive |
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General Manager |
Division Head Executive |
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Group Chief Operating Officer |
Operations Executive |
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Secretary |
Company Secretary |
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Assistant Manager-HR |
Human Resources Executive |
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Product Director |
Product Management Executive |
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Head-Planning & Exploration |
Planning Executive |
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Secretary Officer |
Other |
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