MIRA INFORM REPORT
|
Report No. : |
333870 |
|
Report Date : |
29.07.2015 |
IDENTIFICATION DETAILS
|
Name : |
TANYA
COLLECTIONS LTD. |
|
|
|
|
Registered Office : |
Gemopolis Industrial Estate Factory Condominium 1, 8/11 3rd Floor, Soi Sukhapiban 2 Soi 31, Kwaeng Dokmai, Khet Prawet, Bangkok 10250 |
|
|
|
|
Country : |
Thailand |
|
|
|
|
Financials (as on) : |
31.12.2014 |
|
|
|
|
Date of Incorporation : |
21.04.1999 |
|
|
|
|
Com. Reg. No.: |
0105542028127 |
|
|
|
|
Legal Form : |
Private Limited Company |
|
|
|
|
Line of Business : |
Manufacturer,
Exporter and Distributor of Fine Jewelry Products. |
|
|
|
|
No. of Employees : |
109 |
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 31, 2015
|
Country Name |
Previous Rating (31.12.2014) |
Current Rating (31.03.2015) |
|
Thailand |
A2 |
A2 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
THAILAND - ECONOMIC
OVERVIEW
With a well-developed infrastructure, a free-enterprise
economy, generally pro-investment policies, and strong export industries,
Thailand has historically had a strong economy due in part to industrial and agriculture
exports - mostly electronics, agricultural commodities, automobiles and parts,
and processed foods. The economy experienced slow growth and declining exports
in 2014, in part due to domestic political turmoil and sluggish global demand.
With full employment, Thailand attracts an estimated 4 million migrant workers
from neighboring countries, and faces labor shortages. Following the May 2014
coup d’tat, tourism decreased 6-7% but is beginning to recover. The household
debt to GDP ratio is over 80%. The Thai government in 2013 implemented a
nation-wide 300 baht ($10) per day minimum wage policy and deployed new tax
reforms designed to lower rates on middle-income earners. The Thai baht has
remained stable.
|
Source
: CIA |
Company
Name
TANYA COLLECTIONS LTD.
SUMMARY
BUSINESS
ADDRESS : GEMOPOLIS INDUSTRIAL
ESTATE FACTORY
CONDOMINIUM 1,
8/11 3rd FLOOR,
SOI SUKHAPIBAN
2 SOI 31,
KWAENG DOKMAI,
KHET PRAWET,
BANGKOK 10250,
THAILAND
TELEPHONE : [66] 2727-0880-2
FAX :
[66] 2727-0883
E-MAIL
ADDRESS : info@tanyacollection.com
marketing@tanyacollection.com
REGISTRATION
ADDRESS : SAME
AS BUSINESS ADDRESS
ESTABLISHED
: 1999
REGISTRATION
NO. : 0105542028127
TAX
ID NO. : 3021005627
CAPITAL REGISTERED : BHT. 125,000,000
CAPITAL PAID-UP : BHT.
125,000,000
SHAREHOLDERF’S PROPORTION : FOREIGN
: 100%
FISCAL YEAR CLOSING DATE : DECEMBER 31
LEGAL
STATUS : PRIVATE LIMITED
COMPANY
EXECUTIVE : MR. SANJAY JAGDISHCHAND
NAHETA, INDIAN
MANAGING DIRECTOR
NO.
OF STAFF : 109
LINES
OF BUSINESS : FINE JEWELRY
PRODUCTS
MANUFACTURER,
EXPORTER AND DISTRIBUTOR
CORPORATE
PROFILE
OPERATING
TREND : STABLE
PRESENT
SITUATION : OPERATING NORMALLY
REPUTATION : GOOD
WITH NORMAL BUSINESS
ENGAGEMENT
MANAGEMENT
STANDARD : MANAGEMENT WITH
GOOD PERFORMANCE
HISTORY
The
subject was established
on April 21,
1999 as a
private limited company
under the name
style TANYA COLLECTIONS LTD. by
foreign groups, with
the business objective to manufacture various
kinds of jewelry products for
domestic and overseas markets.
It currently employs
109 staff.
The subject’s registered address was
initially at 322/28 Surawong Rd., Suriyawongse,
Bangrak, Bangkok 10500.
On
March 13, 2007, the
subject’s registered address
was relocated to
Gemopolis Industrial Estate Factory Condominium 1, 48/11 3rd Floor,
Soi Sukhapiban 2 Soi 31,
Kwaeng Dokmai, Khet Prawet,
Bangkok 10250.
In
September 30, 2008, the subject’s
registered address number was
changed from “48/11” to “8/11”, by
The Prawet District
Office, both are
the same location.
This is also
the subject’s current
operation address.
THE
BOARD OF DIRECTORS
|
Name |
|
Nationality |
Age |
|
|
|
|
|
|
Mrs. Charu Sanjay Naheta |
|
Indian |
48 |
|
Mr. Sanjay Kalsi |
|
Indian |
50 |
|
Mr. Sanjay Jagdishchand Naheta |
|
Indian |
49 |
|
Mr. Anan Khalil F. Fakhreddin |
|
Jordanian |
49 |
AUTHORIZED
PERSON
Anyone of the
above directors can
sign on behalf
of the subject
with company’s affixed.
MANAGEMENT
Mr. Sanjay Jagdishchand Naheta
is the Managing
Director.
He is Indian
nationality with the
age of 49 years
old.
Mrs. Charu Sanjay Naheta
is the General
Manager.
She is Indian
nationality with the
age of 48
years old.
Mr. Nickhel Hargun
is the Marketing
Manager.
He is Indian
nationality.
BUSINESS
OPERATIONS
The subject is
engaged in manufacturing, distributing
and exporting various
kinds of jewelry
products, such as
ring, pendant, earring,
necklace, bracelet and
etc., under its
own brand “TANYA”,
as well as
customer’s brands.
PURCHASE
Raw materials such as
diamonds, gemstones and
accessories are purchased from suppliers and agents
in both domestic
and overseas, mainly
India, Republic of
China and Hong Kong.
EXPORT
99%
of the products
is exported to
U.S.A., Japan, Singapore,
Australia, Hong Kong,
Republic of China,
India, Russia, and
the country in
Europe, Africa and
Middle East.
SALES [LOCAL]
1% of the
products is sold
locally by wholesale
to traders.
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
according 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.
Exports are against
T/T.
BANKING
Kasikornbank Public Co.,
Ltd.
EMPLOYMENT
The
subject currently employs
109 office staff
and factory workers.
LOCATION
DETAILS
The premise
is rented for
administrative office and
factory at the
heading address. Premise
is located in
industrial area.
Branch
office is located
at 15th Floor,
Bangkok Gems & Jewelry Building,
322/33
Surawong Road, Siphaya,
Bangrak, Bangkok 10500.
COMMENT
The
subject is a
manufacturer, exporter and
distributor of fine
jewelry in which
demand has grown
slowly with decreasing
order from overseas customers.
Nevertheless, the subject reports
moderate sales in
the year 2014.
Its business remains
promising and profitable.
FINANCIAL
INFORMATION
The
capital was registered
at Bht. 10,000,000 divided into 100,000 shares of
Bht. 100 each.
The
capital was increased
later as following:
Bht. 25,000,000
on September 21,
1999
Bht. 31,000,000
on December 24,
2002
Bht. 55,000,000
on September 19,
2005
Bht. 125,000,000
on April 11,
2007
The
latest registered capital was increased to Bht.
125 million, divided into 1,250,000
shares of Bht.
100 each with
fully paid.
THE
SHAREHOLDERS LISTED WERE
: [as at
April 30, 2015]
|
NAME |
HOLDING |
% |
|
|
|
|
|
Damas Jewellery LLC. Nationality: Dubai Address : P.O. Box 1522, 3rd Floor,
Gold Center,
57/58 Deira, Dubai, United Arab
Emirates |
612,500 |
49.00 |
|
Mr. Sanjay Jagdishchand Naheta Nationality: Indian Address : 57/19
Ngamduplee Rd., Thungmahamek,
Sathorn, Bangkok |
318,750 |
25.50 |
|
Mrs. Charu Sanjay Naheta Nationality: Indian Address : 57/19
Ngamduplee Rd., Thungmahamek,
Sathorn, Bangkok |
318,750 |
25.50 |
Total Shareholders : 3
Shareholders Structure [as
at April 30,
2015]
|
Nationality |
Shareholders |
No. of Share |
% Shares |
|
|
|
|
|
|
Thai |
- |
- |
- |
|
Foreign |
3 |
1,250,000 |
100.00 |
|
Total |
3 |
1,250,000 |
100.00 |
NAME OF AUDITOR & CERTIFIED PUBLIC
ACCOUNTANT NO.
Mr. Valit Panpoonsap No.
4018
BALANCE
SHEET [BAHT]
The
latest financial figures
published for December
31, 2014, 2013 & 2012 were:
ASSETS
|
Current Assets |
2014 |
2013 |
2012 |
|
|
|
|
|
|
Cash in Hand
& at Bank |
1,420,665.96 |
4,157,306.13 |
4,266,054.45 |
|
Trade Accounts Receivable |
169,287,674.88 |
176,043,895.48 |
166,945,142.71 |
|
Other Receivable |
4,087,251.31 |
798,382.19 |
1,819,970.00 |
|
Total Trade
Accounts & Other Receivable |
173,374,926.19 |
176,842,277.67 |
168,765,112.71 |
|
Inventories |
159,577,075.77 |
140,618,699.60 |
211,634,988.03 |
|
Refundable Value Added Tax |
194,942.83 |
395,178.16 |
122,869.86 |
|
Prepaid Payment |
601,736.87 |
658,089.61 |
927,696.19 |
|
Other Current Assets
|
38,260.05 |
93,525.75 |
162,797.32 |
|
|
|
|
|
|
Total Current Assets
|
335,207,607.67 |
322,765,076.92 |
385,879,518.56 |
|
Cash at Bank under
Commitment |
17,202,716.15 |
16,785,010.81 |
16,340,150.22 |
|
Fixed Assets |
16,416,744.57 |
15,585,448.33 |
10,986,067.78 |
|
Other Assets |
382,820.10 |
382,820.10 |
394,899.97 |
|
Total Assets |
369,209,888.49 |
355,518,356.16 |
413,600,636.53 |
LIABILITIES &
SHAREHOLDERS' EQUITY [BAHT]
|
Current
Liabilities |
2014 |
2013 |
2012 |
|
|
|
|
|
|
Bank Overdraft & Short-term Loan from Bank |
111,737,979.46 |
83,097,266.20 |
156,180,828.55 |
|
Trade Accounts Payable |
18,555,289.73 |
10,650,541.17 |
91,041,335.75 |
|
Other Payable |
2,094,447.29 |
3,346,536.63 |
2,309,230.14 |
|
Total Trade Accounts
& Other Payable |
20,649,737.02 |
13,997,077.80 |
93,350,565.89 |
|
Pre-received from Customer |
1,812,239.41 |
- |
2,684,374.63 |
|
Short-tem Loan from |
52,981,120.00 |
85,668,440.00 |
- |
|
Accrued Income Tax |
134,593.83 |
- |
- |
|
Other Current Liabilities |
504,715.03 |
208,558.25 |
551,675.60 |
|
|
|
|
|
|
Total Current Liabilities |
187,820,384.75 |
182,971,342.25 |
252,767,444.67 |
|
Total Liabilities |
187,820,384.75 |
182,971,342.25 |
252,767,444.67 |
|
|
|
|
|
|
Shareholders' Equity |
|
|
|
|
|
|
|
|
|
Share capital : Baht 100
par value authorized, issued
and fully paid share
capital 1,250,000 shares |
125,000,000.00 |
125,000,000.00 |
125,000,000.00 |
|
|
|
|
|
|
Capital Paid |
125,000,000.00 |
125,000,000.00 |
125,000,000.00 |
|
Retained Earning Appropriated for
statutory reserve |
6,549,425.00 |
6,387,025.00 |
6,242,525.00 |
|
Unapppropriated |
49,840,078.74 |
41,159,988.91 |
29,590,666.86 |
|
Total Shareholders' Equity |
181,389,503.74 |
172,547,013.91 |
160,833,191.86 |
|
Total Liabilities &
Shareholders' Equity |
369,209,888.49 |
355,518,356.16 |
413,600,636.53 |
PROFIT
& LOSS ACCOUNT
|
Revenue |
2014 |
2013 |
2012 |
|
|
|
|
|
|
Sales Income |
382,922,815.87 |
438,961,689.07 |
369,243,216.75 |
|
Gain on Exchange
Rate |
408,109.29 |
- |
1,760,861.61 |
|
Other Income |
3,253,042.71 |
653,685.57 |
1,289,864.93 |
|
Total Revenues |
386,583,967.87 |
439,615,374.64 |
372,293,943.29 |
|
Expenses |
|
|
|
|
|
|
|
|
|
Cost of Goods
Sold |
341,259,724.69 |
388,031,199.57 |
329,312,598.04 |
|
Selling Expenses |
7,920,156.44 |
7,421,312.61 |
8,776,382.02 |
|
Administrative Expense |
18,290,213.07 |
22,298,401.69 |
17,345,362.60 |
|
Total Expenses |
367,470,094.20 |
417,750,913.87 |
355,434,342.66 |
|
|
|
|
|
|
Profit Before Financial Cost &
Income Tax |
19,113,873.67 |
21,864,460.77 |
16,859,600.63 |
|
Financial Cost - Interest
Expense |
[6,794,512.62] |
[7,118,567.85] |
[5,756,177.82] |
|
Income Tax |
[228,871.22] |
[142,070.87] |
[90,816.19] |
|
|
|
|
|
|
Net Profit / [Loss] |
12,090,489.83 |
14,603,822.05 |
11,012,606.62 |
FINANCIAL
ANALYSIS
|
ITEM |
UNIT |
2014 |
2013 |
2012 |
|
|
|
|
|
|
|
LIQUIDITY RATIO |
|
|
|
|
|
CURRENT RATIO |
TIMES |
1.78 |
1.76 |
1.53 |
|
QUICK RATIO |
TIMES |
0.93 |
0.99 |
0.68 |
|
|
|
|
|
|
|
ACTIVITY RATIO |
|
|
|
|
|
FIXED ASSETS TURNOVER |
TIMES |
23.33 |
28.16 |
33.61 |
|
TOTAL ASSETS TURNOVER |
TIMES |
1.04 |
1.23 |
0.89 |
|
INVENTORY CONVERSION PERIOD |
DAYS |
170.68 |
132.27 |
234.57 |
|
INVENTORY TURNOVER |
TIMES |
2.14 |
2.76 |
1.56 |
|
RECEIVABLES CONVERSION PERIOD |
DAYS |
166.61 |
150.50 |
171.04 |
|
RECEIVABLES TURNOVER |
TIMES |
2.19 |
2.43 |
2.13 |
|
PAYABLES CONVERSION PERIOD |
DAYS |
19.85 |
10.02 |
100.91 |
|
CASH CONVERSION CYCLE |
DAYS |
317.45 |
272.76 |
304.71 |
|
|
|
|
|
|
|
PROFITABILITY
RATIO |
|
|
|
|
|
COST OF GOODS SOLD |
% |
89.12 |
88.40 |
89.19 |
|
SELLING & ADMINISTRATION |
% |
2.07 |
1.69 |
2.38 |
|
INTEREST |
% |
1.77 |
1.62 |
1.56 |
|
GROSS PROFIT MARGIN |
% |
11.84 |
11.75 |
11.64 |
|
NET PROFIT MARGIN BEFORE EX. ITEM |
% |
4.99 |
4.98 |
4.57 |
|
NET PROFIT MARGIN |
% |
3.16 |
3.33 |
2.98 |
|
RETURN ON EQUITY |
% |
6.67 |
8.46 |
6.85 |
|
RETURN ON ASSET |
% |
3.27 |
4.11 |
2.66 |
|
EARNING PER SHARE |
BAHT |
9.67 |
11.68 |
8.81 |
|
|
|
|
|
|
|
LEVERAGE RATIO |
|
|
|
|
|
DEBT RATIO |
TIMES |
0.51 |
0.51 |
0.61 |
|
DEBT TO EQUITY RATIO |
TIMES |
1.04 |
1.06 |
1.57 |
|
TIME INTEREST EARNED |
TIMES |
2.81 |
3.07 |
2.93 |
|
|
|
|
|
|
|
ANNUAL GROWTH |
|
|
|
|
|
SALES GROWTH |
% |
(12.77) |
18.88 |
|
|
OPERATING PROFIT |
% |
(12.58) |
29.69 |
|
|
NET PROFIT |
% |
(17.21) |
32.61 |
|
|
FIXED ASSETS |
% |
5.33 |
41.87 |
|
|
TOTAL ASSETS |
% |
3.85 |
(14.04) |
|
ANNUAL
GROWTH: ACCEPTABLE
An annual sales growth is -12.77%. Turnover has decreased from THB
PROFITABILITY :
SATISFACTORY
PROFITABILITY
RATIO
|
Gross Profit Margin |
11.84 |
Impressive |
Industrial
Average |
4.74 |
|
Net Profit Margin |
3.16 |
Satisfactory |
Industrial
Average |
4.06 |
|
Return on Assets |
3.27 |
Acceptable |
Industrial
Average |
4.95 |
|
Return on Equity |
6.67 |
Acceptable |
Industrial
Average |
12.58 |
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. The
company’s figure is 11.84%. 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. The company's figure is 3.16%.
When compared with the industry average, the ratio of the company was lower.
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 3.27%.
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 6.67%.
Trend of the
average competitors in the same industry for last 5 years
Return on Assets Downtrend
Return on Equity Downtrend
LIQUIDITY :
ACCEPTABLE
LIQUIDITY RATIO
|
Current Ratio |
1.78 |
Impressive |
Industrial
Average |
1.44 |
|
Quick Ratio |
0.93 |
|
|
|
|
Cash Conversion Cycle |
317.45 |
|
|
|
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 1.78 times in 2014, increased from 1.76 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 0.93 times in 2014,
decreased from 0.99 times, by excluding inventory, the company may have
problems meeting current liabilities.
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 318 days.
Trend of the
average competitors in the same industry for last 5 years
Current Ratio Downtrend
LEVERAGE :
EXCELLENT
LEVERAGE RATIO
|
Debt Ratio |
0.51 |
Impressive |
Industrial
Average |
0.77 |
|
Debt to Equity Ratio |
1.04 |
Impressive |
Industrial
Average |
3.32 |
|
Times Interest Earned |
2.81 |
Impressive |
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 higher the percentage means that the company is
using less equity and has stronger leverage position.
Times Interest Earned measuring a company's ability to meet its debt
obligations. Ratio is 2.82 higher than 1, so the company can pay interest
expenses on outstanding debt.
Debt Ratio shows the proportion of a company's assets which are financed
through debt. The company's figure is 0.51 greater than 0.5, most of the
company's assets are financed through debt.
Trend of the
average competitors in the same industry for last 5 years
Debt Ratio Uptrend
Times Interest Earned Stable
ACTIVITY :
IMPRESSIVE
ACTIVITY RATIO
|
Fixed Assets Turnover |
23.33 |
Impressive |
Industrial
Average |
- |
|
Total Assets Turnover |
1.04 |
Satisfactory |
Industrial
Average |
1.22 |
|
Inventory Conversion Period |
170.68 |
|
|
|
|
Inventory Turnover |
2.14 |
Acceptable |
Industrial
Average |
3.23 |
|
Receivables Conversion Period |
166.61 |
|
|
|
|
Receivables Turnover |
2.19 |
Impressive |
Industrial
Average |
1.50 |
|
Payables Conversion Period |
19.85 |
|
|
|
The company's Account Receivable Ratio is calculated as 2.19 and
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 increased from 132 days at the
end of 2013 to 171 days at the end of 2014. This represents a negative trend.
And Inventory turnover has decreased from 2.76 times in year 2013 to 2.14 times
in year 2014.
The company's Total Asset Turnover is calculated as 1.04 times and 1.23
times in 2014 and 2013 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.64.03 |
|
|
1 |
Rs.99.72 |
|
Euro |
1 |
Rs.70.88 |
INFORMATION DETAILS
|
Analysis Done by
: |
DIV |
|
|
|
|
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.