MIRA
INFORM REPORT
|
Report Date : |
02.10.2014 |
IDENTIFICATION DETAILS
|
Name : |
PADMAVATI DIAMONDS CO., LTD. |
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Registered Office : |
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Country : |
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Financials (as on) : |
31.12.2013 |
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Date of Incorporation : |
27.06.1994 |
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Com. Reg. No.: |
0105537072351 |
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Legal Form : |
Private Limited Company |
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Line of Business : |
Subject is engaged in
importing and distributing various
kinds of precious stones and
diamonds for jewelry
industry |
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|
No. of Employees |
04 |
RATING & COMMENTS
|
MIRA’s Rating : |
B |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
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 – June 1, 2014
|
Country Name |
Previous Rating (31.03.2014) |
Current Rating (01.06.2014) |
|
|
B1 |
B1 |
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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 |
With a well-developed infrastructure, a free-enterprise
economy, generally pro-investment policies, and strong export industries,
|
Source
: CIA |
Company name and address
PADMAVATI DIAMONDS
CO., LTD.
SUMMARY
BUSINESS
ADDRESS : UNIT
A, 22nd FLOOR,
TELEPHONE : [66] 2267-1198,
081 833-4870
FAX :
[66] 2267-1211
E-MAIL
ADDRESS : vnsah21@hotmail.com
REGISTRATION
ADDRESS : SAME
AS BUSINESS ADDRESS
ESTABLISHED
: 1994
REGISTRATION
NO. : 0105537072351 [Former : 1621/2537]
TAX
ID NO. : 3011443071
CAPITAL REGISTERED : BHT. 6,000,000
CAPITAL PAID-UP : BHT. 6,000,000
SHAREHOLDER’S PROPORTION : THAI : 51.73%
INDIAN :
48.27%
FISCAL YEAR CLOSING DATE : DECEMBER 31
LEGAL
STATUS : PRIVATE LIMITED
COMPANY
EXECUTIVE : MR. VIPUL KUMAR
NAVIN CHANDRA SHAH, INDIAN
MANAGING DIRECTOR
NO.
OF STAFF : 4
LINES
OF BUSINESS : DIAMONDS
IMPORTER AND
DISTRIBUTOR
CORPORATE PROFILE
OPERATING
TREND : STABLE
PRESENT
SITUATION : OPERATING NORMALLY
REPUTATION : FAIR
WITH
MANAGEMENT
STANDARD : MANAGEMENT WITH
FAIR PERFORMANCE
HISTORY
The subject was
established on June
27, 1994 as
a private limited
company under the
name style PADMAVATI
DIAMONDS CO., LTD.
by Thai and
Indian groups, in
order to import
and distribute diamonds
to local jewelry
industry. It currently
employs 4 staff.
The subject’s registered address
is Unit A, 22nd Floor,
Bangkok Gem &
Jewellery Tower, 322/59 Surawong Rd.,
Siphya, Bangrak, Bangkok 10500, and this
is the company’s
current operation address.
THE BOARD OF
DIRECTORS
|
Name |
|
Nationality |
Age |
|
|
|
|
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|
Mr. Vipul Kumar Navin
Chandra Shah |
|
Indian |
47 |
|
Mr. Pankaj Vahalchand
Chhatrani |
|
Indian |
- |
|
Ms. Pakpichapat Prommin |
|
Thai |
38 |
AUTHORIZED PERSON
Any of the
above directors can
sign on behalf
of the subject
with company’s affixed.
MANAGEMENT
Mr. Vipul Kumar
Navin Chandra Shah
is the Managing
Director.
He is Indian
nationality with the
age of 47 years old.
BUSINESS OPERATIONS
The subject is engaged
in importing and distributing various
kinds of precious stones and
diamonds for jewelry
industry.
PURCHASE
90% of the products
is imported from
India, Hong Kong,
Belgium, Republic of
China, and South
Africa, the remaining
10% is purchased
from local suppliers.
MAJOR SUPPLIER
Padmavati Gems Ltd.
: India
Vama Gems BVBA. : Belgium
SALES [LOCAL]
100% of the
products is sold by
wholesale to traders
and jewelry manufactures
in Thailand.
SUBSIDIARY AND AFFILIATED
COMPANY
The subject is not
found to have any
subsidiary or affiliated
company here in
Thailand.
LITIGATION
Bankruptcy and Receivership
There are no
litigation on bankruptcy
and receivership cases
filed against the
subject found at
Legal Execution Department
for the past
five years.
Others
There are no
legal suits filed
against the subject
for the past
two years.
CREDIT
Sales are by
cash or on
the credits term
of 30-60 days.
Local bills are
paid by cash
or on the
credits term of
30-60 days.
Imports are by
L/C at sight
or T/T.
BANKING
Bangkok Bank Public
Co., Ltd.
EMPLOYMENT
The subject currently
employs 4 staff.
LOCATION DETAILS
The premise is rented
for administrative office at
the heading address. Premise is
located in a
prime commercial area.
COMMENT
Subject is an importer
and distributor of diamonds
and precious stones
to local jewelry
industry. The subject’s operating
performance in 2013
was satisfactory with
an increase in
both sales revenue and
net profit comparing
to the previous
years. This was
mainly due to company’s
effective market expansion
and improvement in
local jewelry industry in
the past year.
Despite of many
unfavourable factors such
as economic sluggish,
low consumer spending
and political unrest,
subject’s business outlook
remains moderately fair.
FINANCIAL INFORMATION
The capital was
initially registered at
Bht. 2,000,000 divided
into 20,000 shares
of Bht. 100 each.
The capital was
increased later as
follows:
Bht. 4,000,000
on May 8,
1996
Bht. 6,000,000
on November 3,
2004
The latest
registered capital was increased
to Bht. 6,000,000 divided
into 60,000 shares
of Bht. 100
each with fully
paid.
THE SHAREHOLDERS LISTED
WERE : [as
at April 30,
2014]
|
NAME |
HOLDING |
% |
|
|
|
|
|
Ms. Pakpichapat Prommin Nationality: Thai Address : 322/59 Surawong Rd., Siphya, Bangrak, Bangkok 10500 |
21,040 |
35.07 |
|
Mr. Vipul Kumar Navin Chandra Shah Nationality: Indian Address : 322/59 Surawong Rd., Siphya, Bangrak, Bangkok 10500 |
21,000 |
35.00 |
|
Ms. Panadda Narkjai Nationality: Thai Address : 458/1 Moo 8, Laemrang, Buengnarang, Pijit |
10,000 |
16.66 |
|
Mr. Pankaj Vahalchand Chhatrani Nationality: Indian Address : 322/59 Surawong Rd., Siphya, Bangrak, Bangkok 10500 |
4,000 |
6.67 |
|
Mrs. Shandna Vipul Kumar Shah Nationality: Indian Address : 322/59 Surawong Rd., Siphya, Bangrak, Bangkok
10500 |
3,960 |
6.60 |
Total Shareholders : 5
Share Structure [as
at April 30,
2014]
|
Nationality |
Shareholders |
No. of Share |
% Shares |
|
|
|
|
|
|
Thai |
2 |
31,040 |
51.73 |
|
Foreign-Indian |
3 |
28,960 |
48.27 |
|
Total |
5 |
60,000 |
100.00 |
NAME OF AUDITOR
& CERTIFIED PUBLIC ACCOUNTANT NO. :
Mr. Viroj Narisranont No.
3748
BALANCE SHEET [BAHT]
The
latest financial figures
published for December
31, 2013, 2012
& 2011 were:
ASSETS
|
Current Assets |
2013 |
2012 |
2011 |
|
|
|
|
|
|
Cash and Cash Equivalents |
466,331.16 |
68,778.69 |
134,196.05 |
|
Trade Accounts Receivable |
42,824,265.45 |
5,700,948.57 |
19,800,153.72 |
|
Inventories |
60,252,148.40 |
120,604,641.08 |
71,827,310.98 |
|
Other Current Assets
|
27,640.56 |
2,136,411.10 |
1,794,799.96 |
|
|
|
|
|
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Total Current Assets
|
103,570,385.57 |
128,510,779.44 |
93,556,460.71 |
|
|
|
|
|
|
Fixed Assets |
6,367.87 |
10,852.58 |
15,837.51 |
|
Total Assets |
103,576,753.44 |
128,521,632.02 |
93,572,298.22 |
LIABILITIES &
SHAREHOLDERS' EQUITY [BAHT]
|
Current
Liabilities |
2013 |
2012 |
2011 |
|
|
|
|
|
|
Trade Accounts & Other Payable |
17,514,942.95 |
21,034,639.25 |
19,272,760.02 |
|
Short-term Loans |
24,337,662.00 |
51,207,300.00 |
16,807,300.00 |
|
Other Current Liabilities |
223,318.40 |
30,780.50 |
173,208.41 |
|
|
|
|
|
|
Total Current Liabilities |
42,075,923.35 |
72,272,719.75 |
36,253,268.43 |
|
Total Liabilities |
42,075,923.35 |
72,272,719.75 |
36,253,268.43 |
|
|
|
|
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|
Shareholders' Equity |
|
|
|
|
|
|
|
|
|
Share capital : Baht 100
par value authorized, issued
and fully paid share
capital 60,000 shares |
6,000,000.00 |
6,000,000.00 |
6,000,000.00 |
|
|
|
|
|
|
Capital Paid |
6,000,000.00 |
6,000,000.00 |
6,000,000.00 |
|
Retained Earning -
Unappropriated |
55,500,830.09 |
50,248,912.27 |
51,319,029.79 |
|
Total Shareholders' Equity |
61,500,830.09 |
56,248,912.27 |
57,319,029.79 |
|
Total Liabilities &
Shareholders' Equity |
103,576,753.44 |
128,521,632.02 |
93,572,298.22 |
PROFIT &
LOSS ACCOUNT
|
Revenue |
2013 |
2012 |
2011 |
|
|
|
|
|
|
Sales Income |
99,211,326.09 |
36,739,694.50 |
45,851,941.41 |
|
Other Income |
1,578,007.04 |
- |
1,635,669.33 |
|
Total Revenues |
100,789,333.13 |
36,739,694.50 |
47,487,610.74 |
|
Expenses |
|
|
|
|
|
|
|
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Cost of Goods
Sold |
95,586,204.83 |
34,053,730.96 |
43,869,110.92 |
|
Selling Expenses |
341,325.13 |
421,288.15 |
367,663.92 |
|
Administrative Expenses |
3,213,252.03 |
3,055,978.20 |
2,588,664.26 |
|
Other Expenses |
- |
82,602.14 |
- |
|
Total Expenses |
99,140,781.99 |
37,613,599.45 |
46,825,439.10 |
|
Profit / [Loss] before Financial Cost & Income Tax |
1,648,551.14 |
[873,904.95] |
662,171.64 |
|
Financial Cost |
- |
[196,212.57] |
[72,574.28] |
|
Profit / [Loss] before Income
Tax |
1,648,551.14 |
[1,070,117.52] |
589,597.36 |
|
Income Tax |
[427,271.32] |
- |
[222,911.09] |
|
Net Profit / [Loss] |
1,221,279.82 |
[1,070,117.52] |
366,686.27 |
FINANCIAL ANALYSIS
|
ITEM |
UNIT |
2013 |
2012 |
2011 |
|
|
|
|
|
|
|
LIQUIDITY RATIO |
|
|
|
|
|
CURRENT RATIO |
TIMES |
2.46 |
1.78 |
2.58 |
|
QUICK RATIO |
TIMES |
1.03 |
0.08 |
0.55 |
|
|
|
|
|
|
|
ACTIVITY RATIO |
|
|
|
|
|
FIXED ASSETS TURNOVER |
TIMES |
15,579.99 |
3,385.34 |
2,895.15 |
|
TOTAL ASSETS TURNOVER |
TIMES |
0.96 |
0.29 |
0.49 |
|
INVENTORY CONVERSION PERIOD |
DAYS |
230.08 |
1,292.68 |
597.62 |
|
INVENTORY TURNOVER |
TIMES |
1.59 |
0.28 |
0.61 |
|
RECEIVABLES CONVERSION PERIOD |
DAYS |
157.55 |
56.64 |
157.62 |
|
RECEIVABLES TURNOVER |
TIMES |
2.32 |
6.44 |
2.32 |
|
PAYABLES CONVERSION PERIOD |
DAYS |
66.88 |
225.46 |
160.35 |
|
CASH CONVERSION CYCLE |
DAYS |
320.74 |
1,123.86 |
594.88 |
|
|
|
|
|
|
|
PROFITABILITY
RATIO |
|
|
|
|
|
COST OF GOODS SOLD |
% |
96.35 |
92.69 |
95.68 |
|
SELLING & ADMINISTRATION |
% |
3.58 |
9.46 |
6.45 |
|
INTEREST |
% |
- |
0.53 |
0.16 |
|
GROSS PROFIT MARGIN |
% |
5.24 |
7.31 |
7.89 |
|
NET PROFIT MARGIN BEFORE EX. ITEM |
% |
1.66 |
(2.38) |
1.44 |
|
NET PROFIT MARGIN |
% |
1.23 |
(2.91) |
0.80 |
|
RETURN ON EQUITY |
% |
1.99 |
(1.90) |
0.64 |
|
RETURN ON ASSET |
% |
1.18 |
(0.83) |
0.39 |
|
EARNING PER SHARE |
BAHT |
20.35 |
(17.84) |
6.11 |
|
|
|
|
|
|
|
LEVERAGE RATIO |
|
|
|
|
|
DEBT RATIO |
TIMES |
0.41 |
0.56 |
0.39 |
|
DEBT TO EQUITY RATIO |
TIMES |
0.68 |
1.28 |
0.63 |
|
TIME INTEREST EARNED |
TIMES |
- |
(4.45) |
9.12 |
|
|
|
|
|
|
|
ANNUAL GROWTH |
|
|
|
|
|
SALES GROWTH |
% |
170.04 |
(19.87) |
|
|
OPERATING PROFIT |
% |
(288.64) |
(231.98) |
|
|
NET PROFIT |
% |
214.13 |
(391.83) |
|
|
FIXED ASSETS |
% |
(41.32) |
(31.48) |
|
|
TOTAL ASSETS |
% |
(19.41) |
37.35 |
|
ANNUAL GROWTH :
ACCEPTABLE
An annual sales growth is 170.04%. Turnover has increased from THB
36,739,694.50 in 2012 to THB 99,211,326.09 in 2013. While net profit has
increased from THB -1,070,117.52 in 2012 to THB 1,221,279.82 in 2013. And total
assets has decreased from THB 128,521,632.02 in 2012 to THB 103,576,753.44 in
2013.
PROFITABILITY :
SATISFACTORY
PROFITABILITY
RATIO
|
Gross Profit Margin |
5.24 |
Impressive |
Industrial
Average |
3.01 |
|
Net Profit Margin |
1.23 |
Impressive |
Industrial
Average |
0.58 |
|
Return on Assets |
1.18 |
Deteriorated |
Industrial
Average |
3.55 |
|
Return on Equity |
1.99 |
Deteriorated |
Industrial
Average |
14.14 |
Gross Profit Margin used to assess a firm's financial health by
revealing the proportion of money left over from revenues after accounting for
the cost of goods sold. Gross profit margin serves as the source for paying
additional expenses and future savings. Gross Profit Margin is 5.24%. When compared with the industry
average, the ratio of the company was higher, indicated that company was more
profitable than the same industry.
Net Profit Margin is the indicator of the company's efficiency in that
net profit takes into consideration all expenses of the company. A low profit
margin indicates a low margin of safety, higher risk that a decline in sales
will erase profits and result in a net loss. Net Profit Margin ratio is 1.23%, higher figure
when compared with those of its average competitors in the same
industry, indicated that business was an efficient operator in a dominant
position within its industry.
Return on Assets measures how efficiently profits are being generated
from the assets employed in the business when compared with the ratios of firms
in a similar business. A low ratio in comparison with industry averages
indicates an inefficient use of business assets. When compared with the
industry average, it was lower, the company's figure is 1.18%.
Return on Equity indicates how profitable a company is by comparing its
net income to its average shareholders' equity, ROE measures how much the
shareholders earned for their investment in the company. When compared with the
industry average, it was lower, the company's figure is 1.99%.
Trend of the
average competitors in the same industry for last 5 years
Return on Assets Uptrend
Return on Equity Uptrend
LIQUIDITY :
ACCEPTABLE
LIQUIDITY RATIO
|
Current Ratio |
2.46 |
Impressive |
Industrial
Average |
1.60 |
|
Quick Ratio |
1.03 |
|
|
|
|
Cash Conversion Cycle |
320.74 |
|
|
|
The Current Ratio is to ascertain whether a company's short-term assets
are readily available to pay off its short-term liabilities. The company's
figure is 2.46 times in 2013, increase from 1.78 times, then it is generally
considered to have good short-term financial strength. When compared with the
industry average, the ratio of the company was higher, indicated that company
was an efficient operator in a dominant position within its industry.
The Quick Ratio is a liquidity indicator that further refines the current
ratio by measuring the amount of the most liquid current assets there are to
cover current liabilities. The company's figure is 1.03 times in 2013, increase
from 0.08 times, although excluding inventory so the company still have good
short-term financial strength.
The Cash Conversion Cycle measures the number of days a company's cash
is tied up in the production and sales process of its operations and the
benefit from payment terms from its creditors. It meant the company could
survive when no cash inflow was received from sale for 321 days.
Trend of the
average competitors in the same industry for last 5 years
Current Ratio Uptrend
LEVERAGE :
EXCELLENT
LEVERAGE RATIO
|
Debt Ratio |
0.41 |
Impressive |
Industrial
Average |
0.73 |
|
Debt to Equity Ratio |
0.68 |
Impressive |
Industrial
Average |
2.73 |
|
Times Interest Earned |
- |
|
Industrial
Average |
- |
Debt to Equity Ratio a measurement of how much suppliers, lenders,
creditors and obligors have committed to the company versus what the
shareholders have committed. A lower the percentage means that the company is
using less leverage and has a stronger equity position.
Debt Ratio shows the proportion of a company's assets which are financed
through debt. The company's figure is 0.41 less than 0.5, most of the company's
assets are financed through equity.
Trend of the
average competitors in the same industry for last 5 years
Debt Ratio Uptrend
Times Interest Earned Stable
ACTIVITY :
ACCEPTABLE
ACTIVITY RATIO
|
Fixed Assets Turnover |
15,579.99 |
Impressive |
Industrial Average |
- |
|
Total Assets Turnover |
0.96 |
Deteriorated |
Industrial
Average |
6.16 |
|
Inventory Conversion Period |
230.08 |
|
|
|
|
Inventory Turnover |
1.59 |
Deteriorated |
Industrial
Average |
12.03 |
|
Receivables Conversion Period |
157.55 |
|
|
|
|
Receivables Turnover |
2.32 |
Deteriorated |
Industrial
Average |
8.23 |
|
Payables Conversion Period |
66.88 |
|
|
|
The company's Account Receivable Ratio is calculated as 2.32 and 6.44 in
2013 and 2012 respectively. This ratio measures the efficiency of the company
in managing its trade debtors to generate revenue. A lower ratio may indicate
over extension and collection problems. Conversely, a higher ratio may indicate
an overtly stringent policy. In this case, the company's A/R ratio in 2013
decreased from 2012. This would suggest the company had deteriorated in the
management of its debt collections.
Inventory Turnover in Days Ratio indicates the liquidity of inventory.
It estimates the number of days that it will take to sell the current
inventory. Inventory is particularly sensitive to change in business
activities. The inventory turnover in days has decreased from 1293 days at the
end of 2012 to 230 days at the end of 2013. This represents a positive trend.
And Inventory turnover has increased from 0.28 times in year 2012 to 1.59 times
in year 2013.
The company's Total Asset Turnover is calculated as 0.96 times and 0.29
times in 2013 and 2012 respectively. This ratio is determined by dividing total
assets into total sales turnover. The ratio measures the activity of the assets
and the ability of the firm to generate sales through the use of the assets.
Trend of the
average competitors in the same industry for last 5 years
Fixed Assets Turnover Stable
Total Assets Turnover Downtrend
Inventory Turnover Downtrend
Receivables Turnover Downtrend
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.61.75 |
|
|
1 |
Rs.100.07 |
|
Euro |
1 |
Rs.77.95 |
INFORMATION DETAILS
|
Analysis Done by
: |
KAR |
|
|
|
|
Report Prepared
by : |
NIS |
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.