|
Report No. : |
320684 |
|
Report Date : |
04.05.2015 |
IDENTIFICATION DETAILS
|
Name : |
GLORIOUS GEMS BVBA |
|
|
|
|
Registered Office : |
Hoveniersstraat 30-Bus 223, 2018 Antwerpen |
|
|
|
|
Country : |
Belgium |
|
|
|
|
Financials (as on) : |
31.12.2013 |
|
|
|
|
Date of Incorporation : |
28.10.1997 |
|
|
|
|
Com. Reg. No.: |
461869854 |
|
|
|
|
Legal Form : |
Private Limited Company |
|
|
|
|
Line of Business : |
Wholesaler of diamonds and other precious stones |
|
|
|
|
No of Employees : |
01 (31.12.2013) |
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 – December 31, 2014
|
Country Name |
Previous Rating (30.09.2014) |
Current Rating (31.12.2014) |
|
Belgium |
A2 |
A2 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
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 shifts in foreign demand, particularly in Belgium’s EU trade partners.
Roughly three-quarters of Belgium's trade is with other EU countries. In 2014
Belgian GDP grew by 0.9%, the unemployment rate stabilized at 8.5%, and the
government maintained the budget deficit below the euro-zone threshold of 3% of
GDP for a second year in a row. Prime Minister Charles MICHEL’s center-right
government has pledged to further reduce the deficit in response to EU pressure
to reduce Belgium’s high public debt, which remains above 100% of GDP, but such
efforts could also dampen economic growth. In addition to restrained public
spending, low wage growth and high unemployment promise to curtail a more
robust recovery in private consumption. The government has pledged to pursue an
reform program to improve Belgium’s competitiveness, including changes to tax
policy, labor market rules, and welfare benefits. These changes risk worsening
tensions with trade unions and triggering extended strikes.
|
Source
: CIA |
Business number 461869854
Company name GLORIOUS GEMS BVBA
Address HOVENIERSSTRAAT
30-BUS 223
2018 ANTWERPEN
Number of staff 1
Date of establishment 28/10/1997
Telephone number 032317406
Fax number 032317406
The business was established over 17 years ago.
The business has 1 employees.
The business has been at the address for over 9 years.
The business saw an increase in their Cash Balance of 123% during the
latest trading period.
Date of Latest Accounts Turnover
Profit Before Tax Net Worth Working Capital
31/12/2013 201,110,303
530,553 16,577,657 22,078,056
31/12/2012 189,980,545
474,914 16,884,211 20,946,659
31/12/2011 217,816,241
396,698 12,888,166 13,800,672
Date of Latest Accounts Balance
Total Number of Employees Capital Cashflow
31/12/2013 74,149,165
1 14,750,709
475,676
31/12/2012 72,252,277
1 15,417,960
468,182
31/12/2011 70,817,191
1 11,825,370
367,015
Past payments
Payment expectation days 25.71
Industry average payment expectation days 124.35
Industry average day sales outstanding 141.72
Day sales outstanding 114.95
BANKRUPTCY DETAILS
Court action type no
PROTESTED BILLS
Bill amount -
NSSO DETAILS
Date of summons -
|
Business number |
461869854 |
Company name |
GLORIOUS GEMS BVBA |
|
Fax number |
032317406 |
Date founded |
28/10/1997 |
|
Company status |
active |
Company type |
Private Limited Company (BL/LX) |
|
Currency |
Euro (€) |
Date of latest accounts |
31/12/2013 |
|
Activity code |
46761 |
Liable for VAT |
yes |
|
Activity description |
Wholesaler of diamonds and other precious stones |
VAT Number |
BE.0461.869.854 Check VAT number |
|
Belgian Bullettin of Acts Publications |
moniteur belge |
|
|
Significant Events
Event Date 29/03/2012
Event Description
Event Details Mangukiya Rahul
schrijft in op de 1480 nieuwe aandelen.
|
Assets |
|||||||||||||||||
|
Annual accounts |
31-12-2013 |
% |
31-12-2012 |
% |
31-12-2011 |
% |
31-12-2010 |
% |
31-12-2009 |
||||||||
|
Weeks |
52 |
|
52 |
|
52 |
|
52 |
|
52 |
||||||||
|
Currency |
EUR |
|
EUR |
|
EUR |
|
EUR |
|
EUR |
||||||||
|
|
|
|
|
|
|
|
|
|
|
||||||||
|
Total fixed assets |
520,280 |
-12.39 |
593,841 |
4.60 |
567,752 |
5.00 |
540,700 |
2.73 |
526,338 |
||||||||
|
|
|
|
|
|
|
|
|
|
|
||||||||
|
Intangible fixed assets |
0 |
- |
0 |
- |
0 |
- |
0 |
- |
0 |
||||||||
|
|
|
|
|
|
|
|
|
|
|
||||||||
|
Tangible fixed assets |
519,773 |
-12.39 |
593,311 |
4.53 |
567,614 |
5.00 |
540,566 |
2.73 |
526,214 |
||||||||
|
Land & building |
434,779 |
-9.50 |
480,404 |
-5.77 |
509,820 |
-1.47 |
517,433 |
2.98 |
502,481 |
||||||||
|
Plant & machinery |
7,267 |
-26.83 |
9,932 |
-20.61 |
12,510 |
-13.25 |
14,420 |
-7.06 |
15,515 |
||||||||
|
Furniture & Vehicles |
77,726 |
-24.52 |
102,975 |
127 |
45,283 |
419 |
8,712 |
6.00 |
8,219 |
||||||||
|
Leasing & Other Similar
Rights |
- |
- |
- |
- |
- |
- |
- |
- |
- |
||||||||
|
Other tangible assets |
1 |
- |
0 |
-100 |
1 |
0 |
1 |
100 |
-1 |
||||||||
|
|
|
|
|
|
|
|
|
|
|
||||||||
|
Financial fixed assets |
508 |
-4.33 |
531 |
284 |
138 |
2.99 |
134 |
8.06 |
124 |
||||||||
|
Total current assets |
73,628,885 |
2.75 |
71,658,436 |
2.01 |
70,249,439 |
86.07 |
37,754,017 |
3.94 |
36,324,616 |
||||||||
|
Inventories |
9,595,024 |
-12.04 |
10,908,214 |
-50.70 |
22,127,095 |
84.53 |
11,990,759 |
-5.46 |
12,682,987 |
||||||||
|
Raw materials &
consumables |
- |
- |
- |
- |
- |
- |
- |
- |
- |
||||||||
|
Work in progress |
0 |
- |
0 |
- |
0 |
- |
0 |
- |
0 |
||||||||
|
Finished goods |
9,595,024 |
-12.04 |
10,908,214 |
-50.70 |
22,127,095 |
84.53 |
11,990,759 |
-5.46 |
12,682,987 |
||||||||
|
Other stocks |
0 |
- |
0 |
- |
0 |
- |
0 |
- |
0 |
||||||||
|
|
|||||||||||||||||
|
Trade debtors |
63,336,988 |
4.80 |
60,434,121 |
26.58 |
47,743,116 |
92.73 |
24,771,514 |
5.23 |
23,540,532 |
||||||||
|
Other amounts receivable |
5,614 |
1.28 |
5,543 |
72.46 |
3,214 |
-38.99 |
5,268 |
43.54 |
3,670 |
||||||||
|
|
|||||||||||||||||
|
Cash |
688,514 |
123 |
307,600 |
-17.57 |
373,148 |
-62.17 |
986,477 |
912 |
97,427 |
||||||||
|
|
|||||||||||||||||
|
Miscellaneous current assets |
2,745 |
-7.17 |
2,957 |
3.18 |
2,866 |
286600 |
-1 |
- |
0 |
||||||||
|
|
|
|
|
|
|
|
|
|
|
||||||||
|
Total Assets |
74,149,165 |
2.63 |
72,252,277 |
2.03 |
70,817,191 |
84.93 |
38,294,717 |
3.92 |
36,850,954 |
||||||||
|
Liabilities |
|
|
|
|
|
|
|
|
|
||||||||
|
Total shareholders equity |
16,577,657 |
-1.82 |
16,884,211 |
31.01 |
12,888,166 |
5.97 |
12,162,116 |
10.32 |
11,024,812 |
||||||||
|
Issued share capital |
14,750,709 |
-4.33 |
15,417,960 |
30.38 |
11,825,370 |
3.27 |
11,450,520 |
7.81 |
10,621,260 |
||||||||
|
Share premium account |
|
|
|
|
|
|
|
|
|
||||||||
|
Revaluation |
|
|
|
|
|
|
|||||||||||
|
Reserves |
1,826,948 |
24.60 |
1,466,251 |
37.96 |
1,062,796 |
49.35 |
711,596 |
76.33 |
403,552 |
||||||||
|
Provisions for Liabilities
& Charges |
0 |
- |
0 |
- |
0 |
- |
0 |
- |
0 |
||||||||
|
Deffered taxes |
- |
- |
- |
- |
- |
- |
- |
- |
- |
||||||||
|
|
|||||||||||||||||
|
Creditors |
57,571,508 |
3.98 |
55,368,065 |
-4.42 |
57,929,025 |
121 |
26,132,601 |
1.19 |
25,826,142 |
||||||||
|
|
|
|
|
|
|
|
|
|
|
||||||||
|
Other long term loans |
6,020,679 |
29.30 |
4,656,288 |
214 |
1,480,258 |
0.83 |
1,468,020 |
3.50 |
1,418,353 |
||||||||
|
Long term group loans - - - -
- - - - - |
|||||||||||||||||
|
Other long term liabilities |
0 |
-100 |
1 |
- |
0 |
- |
0 |
- |
0 |
||||||||
|
Total long term debts |
6,020,679 |
29.30 |
4,656,289 |
214 |
1,480,258 |
0.83 |
1,468,020 |
3.50 |
1,418,353 |
||||||||
|
|
|||||||||||||||||
|
Current portion of long term
debt |
34,275 |
-8.79 |
37,577 |
4.91 |
35,819 |
4.13 |
34,399 |
0.15 |
34,346 |
||||||||
|
Financial debts |
37,167,876 |
8.91 |
34,127,770 |
31.39 |
25,974,041 |
131 |
11,227,100 |
-32.70 |
16,682,212 |
||||||||
|
Trade creditors |
14,011,252 |
-13.03 |
16,109,518 |
-38.77 |
26,311,628 |
98.17 |
13,277,189 |
76.09 |
7,539,937 |
||||||||
|
Amounts Payable for Taxes,
Remuneration & Social Security |
119,995 |
44.79 |
82,875 |
72.44 |
48,061 |
91.86 |
25,050 |
-36.56 |
39,487 |
||||||||
|
|
|
|
|
|
|
|
|
|
|
||||||||
|
Miscellaneous current
liabilities |
217,431 |
-38.59 |
354,037 |
-91.32 |
4,079,218 |
3945 |
100,843 |
-9.81 |
111,807 |
||||||||
|
Total current liabilities |
51,550,829 |
1.65 |
50,711,777 |
-10.16 |
56,448,767 |
128 |
24,664,581 |
1.05 |
24,407,789 |
||||||||
|
Total Liabilities |
74,149,165 |
2.63 |
72,252,277 |
2.03 |
70,817,191 |
84.93 |
38,294,717 |
3.92 |
36,850,954 |
||||||||
|
ratio analysis |
|||||||||||||||||
|
TRADING PERFORMANCE |
|||||||||||||||||
|
Profit Before Tax |
0.26 |
4.00 |
0.25 |
38.89 |
0.18 |
-5.26 |
0.19 |
5.56 |
0.18 |
||||||||
|
|
|||||||||||||||||
|
Return on capital employed |
2.35 |
6.82 |
2.20 |
-20.29 |
2.76 |
20.52 |
2.29 |
122 |
1.03 |
||||||||
|
Return on total assets
employed |
0.72 |
9.09 |
0.66 |
17.86 |
0.56 |
-30.86 |
0.81 |
131 |
0.35 |
||||||||
|
|
|
|
|
|
|
|
|
|
|
||||||||
|
Return on net assets
employed |
3.20 |
13.88 |
2.81 |
-8.77 |
3.08 |
20.31 |
2.56 |
120 |
1.16 |
||||||||
|
Sales / net working capital |
9.11 |
0.44 |
9.07 |
-42.52 |
15.78 |
26.54 |
12.47 |
113 |
5.83 |
||||||||
|
|
|
|
|
|
|
|
|
|
|
||||||||
|
Stock turnover ratio |
4.77 |
-16.90 |
5.74 |
-43.50 |
10.16 |
38.23 |
7.35 |
-59.75 |
18.26 |
||||||||
|
|
|||||||||||||||||
|
Creditor days |
25.71 |
-17.81 |
31.28 |
-29.64 |
44.46 |
48.55 |
29.93 |
-25.12 |
39.97 |
||||||||
|
Debtor days |
114.95 |
-1.00 |
116.11 |
45.14 |
80.00 |
44.43 |
55.39 |
-55.22 |
123.70 |
||||||||
|
SHORT TERM STABILITY |
|
|
|
|
|
|
|
|
|
||||||||
|
Current ratio |
1.43 |
1.42 |
1.41 |
13.71 |
1.24 |
-18.95 |
1.53 |
2.68 |
1.49 |
||||||||
|
|
|
|
|
|
|
|
|
|
|
||||||||
|
Liquidity ratio / acid ratio |
1.24 |
3.33 |
1.20 |
41.18 |
0.85 |
-18.27 |
1.04 |
7.22 |
0.97 |
||||||||
|
|
|||||||||||||||||
|
Current debt ratio |
3.11 |
3.67 |
3.00 |
-31.51 |
4.38 |
115 |
2.03 |
-8.14 |
2.21 |
||||||||
|
|
|
|
|
|
|
|
|
|
|
||||||||
|
Liquidity ratio reprocessed |
|
|
|
|
|
|
|
|
|
||||||||
|
|
|
|
|
|
|
|
|
|
|
||||||||
|
Cashflow |
475,676 |
1.60 |
468,182 |
27.56 |
367,015 |
19.19 |
307,932 |
97.11 |
156,226 |
||||||||
|
Net
worth |
16,577,657 |
-1.82 |
16,884,211 |
31.01 |
12,888,166 |
5.97 |
12,162,116 |
10.32 |
11,024,812 |
|
|
|
|
|
|
|
|
|
|
|
|
LONG TERM STABILITY
|
|
|
|
|
|
|
|
|
|
|
Gearing |
260.73 |
13.40 |
229.93 |
7.80 |
213.30 |
103 |
104.67 |
-36.37 |
164.49 |
|
Equity
in percentage |
22.36 |
-4.32 |
23.37 |
28.41 |
18.20 |
-42.70 |
31.76 |
6.15 |
29.92 |
|
Total debt ratio |
3.47 |
5.79 |
3.28 |
-26.95 |
4.49 |
108 |
2.15 |
-8.12 |
2.34 |
|
|
|
|
|
|
|
|
|
|
|
|
Working
capital |
22,078,056 |
5.40 |
20,946,659 |
51.78 |
13,800,672 |
5.43 |
13,089,436 |
9.84 |
11,916,827 |
|
Profit & loss |
|
|
|
|
|
|
|
|
|
|
Operating
Income |
201,110,419 |
5.86 |
189,985,095 |
-12.78 |
217,817,974 |
33.43 |
163,243,559 |
135 |
69,461,009 |
|
Turnover |
201,110,303 |
5.86 |
189,980,545 |
-12.78 |
217,816,241 |
33.43 |
163,241,267 |
135 |
69,460,908 |
|
Total
operating expenses |
198,890,688 |
5.82 |
187,951,572 |
-12.99 |
216,011,887 |
33.43 |
161,891,674 |
135 |
68,854,580 |
|
Gross
Operating Margin |
- |
- |
- |
- |
- |
- |
- |
- |
|
|
Operating
Charges |
198,890,803 |
5.82 |
187,956,121 |
-12.99 |
216,013,620 |
33.43 |
161,893,965 |
135 |
68,854,681 |
|
Employee
costs |
50,033 |
1.45 |
49,320 |
-34.79 |
75,638 |
34.27 |
56,334 |
50.70 |
37,381 |
|
Wages
and salary |
40,892 |
1.71 |
40,205 |
-35.80 |
62,625 |
29.91 |
48,205 |
48.00 |
32,570 |
|
Employee
pension costs |
- |
- |
- |
- |
- |
- |
- |
- |
- |
|
Social
security contributions |
8,509 |
3.40 |
8,229 |
-34.30 |
12,525 |
59.74 |
7,841 |
78.37 |
4,396 |
|
Other
employee costs |
631 |
-28.78 |
886 |
81.56 |
488 |
69.44 |
288 |
-30.60 |
415 |
|
Director
remuneration |
187,227 |
84.77 |
101,331 |
-2.55 |
103,981 |
- |
- |
- |
97,449 |
|
Amortization
and depreciation |
51,524 |
16.83 |
44,101 |
12.76 |
39,110 |
24.57 |
31,396 |
-15.44 |
37,127 |
|
Operating
result |
2,219,615 |
9.40 |
2,028,973 |
12.45 |
1,804,354 |
33.70 |
1,349,593 |
122 |
606,328 |
|
Total
financial income |
10,032 |
25623 |
39 |
-72.73 |
143 |
257 |
40 |
-94.18 |
687 |
|
Total
financial expenses |
1,699,093 |
9.33 |
1,554,098 |
10.39 |
1,407,799 |
35.61 |
1,038,153 |
116 |
478,999 |
|
Results on
ordinary operations before taxation |
530,553 |
11.72 |
474,914 |
19.72 |
396,698 |
27.36 |
311,480 |
143 |
128,016 |
|
Other appropriations |
- |
- |
- |
- |
- |
- |
- |
- |
- |
|
Taxation |
|
|
|
|
|
|
|
|
|
|
Results on ordinary operations after taxation |
424,152 |
0.02 |
424,082 |
29.33 |
327,905 |
18.58 |
276,536 |
132 |
119,099 |
|
Net result |
424,152 |
0.02 |
424,081 |
29.33 |
327,905 |
18.58 |
276,536 |
132 |
119,099 |
|
Profit (Loss) for the Year to be appropiated |
424,152 |
0.02 |
424,081 |
29.33 |
327,905 |
18.58 |
276,536 |
132 |
119,099 |
|
Dividends |
- |
- |
- |
- |
- |
- |
- |
- |
- |
Social Balance Sheet Details
|
Social Balance Sheet |
Total |
|
|
During
the reporting year ended 31-12-2013 |
||
|
Full-time Employees |
- |
|
|
Part-time Employees |
2 |
|
|
Total Fte Employees |
2 |
|
|
|
||
|
Number of hours worked |
||
|
Full-time Employees |
- |
|
|
Part-time Employees |
2,541 |
|
|
Total |
2,541 |
|
|
|
||
|
Personnel Charges |
||
|
Full-time Employees |
- |
|
|
Part-time Employees |
50,033 |
|
|
Total |
50,033 |
|
|
Benefits In Addition To
Wages |
- |
|
|
|
||
|
During the previous
reporting year |
||
|
Average number employees in
Fte |
2 |
|
|
Actual working hours |
2,541 |
|
|
Personnel Charges |
47,186 |
|
|
Benefits In Addition To
Wages |
- |
|
Type of Contract Full-Time
Part-Time Total Fte
Unlimited Duration Contracts - 2 2
Gender and Education Level
Men Full-Time
Part-Time Total Fte
Secondairy education - 1 1
Women Full-Time
Part-Time Total Fte
Primary education - 1 1
Working Category Full-Time Part-Time Total Fte
White collar worker - 2 2
Industry comparison
|
||
|
Activity code |
46761 |
|
|
Activity description |
Wholesale of diamonds and
other precious stones |
|
|
industry average credit rating |
64.48 |
|
|
Industry average credit
limit |
140177.31 |
|
Payment Information
|
||
|
Suspension of payments /
moratorium history |
||
|
Amount |
- |
|
|
Details |
- |
|
|
|
|
|
|
|
|
|
Payment expectations
|
||
|
Payment expectation days |
25.71 |
|
|
Day sales outstanding |
114.95 |
|
|
|
|
|
|
|
|
|
Industry comparison
|
||
|
Activity code |
46761 |
|
|
Activity description |
Wholesale of diamonds and
other precious stones |
|
|
Industry average payment expectation days |
124.35 |
|
|
Industry average day sales outstanding |
141.72 |
|
|
|
|
|
|
|
|
|
Industry quartile analysis
|
||
|
Payment expectations |
|
|
|
Company result |
25.71 |
|
|
Lower |
122.66 |
|
|
Median |
76.39 |
|
|
Upper |
46.98 |
|
Company result 114.95
Lower 102.84
Median 54.50
Upper 24.07
No group structure for this company.
No minority shareholders found
No minority interests found
SHAREHOLDER NAME
|
Forename |
Mayurkumar |
Middle name |
- |
|
|
Surname |
Mangukiya |
|
|
|
|
SHAREHOLDER DETAILS |
||||
|
Start date |
06/01/2010(estimated) |
End date |
- |
|
|
Percentage owned SHAREHOLDER
ADDRESS |
- |
|
|
|
|
Street name |
Quinten Matsijslei |
House number |
49A |
|
|
Minor town |
- |
Postal town |
Antwerpen |
|
|
Post code |
2018 |
Country |
Belgium |
|
|
SHAREHOLDER NAME |
||||
|
Forename |
Kishor |
Middle name |
- |
|
|
Surname SHAREHOLDER DETAILS |
Kakadia |
|
|
|
|
Start date |
06/01/2010(estimated) |
End date |
- |
|
|
Percentage owned -SHAREHOLDER ADDRESS |
||||
|
Street name |
Van Eycklei |
House number |
24 |
|
|
Minor town |
- |
Postal town |
Antwerpen |
|
|
Post code |
2018 |
Country |
Belgium |
|
|
SHAREHOLDER NAME |
||||
|
Forename |
Rahul |
Middle name |
- |
|
|
Surname SHAREHOLDER DETAILS |
Mangukiya |
|
|
|
|
Start date Percentage owned
SHAREHOLDER ADDRESS |
05/07/2012(estimated) |
End date |
|
|
|
Street name |
- |
House number |
- |
|
|
Minor town |
- |
Postal town |
- |
|
|
Post code |
- |
Country |
India |
|
There is no data for this company
There is no data for this company
There is no data for this company
Current director details
Name MAYURKUMAR
MANUBHAI MANGUKIYA
Position Principal Manager
Start Date 28/09/2004
Street 49 QUINTEN
MATSIJSLEI ANTWERPEN
Post code 2018
Country Belgium
Name KISHOR KANJIBHAI
KAKADIA
Position Principal Manager
Start Date 23/06/2004
Date of birth 28/05/1976
Street 24 VAN EYCKLEI
ANTWERPEN
Post code 2018
Country Belgium
-
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.63.58 |
|
|
1 |
Rs.97.99 |
|
Euro |
1 |
Rs.70.53 |
INFORMATION DETAILS
|
Analysis Done by
: |
RAS |
|
|
|
|
Report Prepared
by : |
VNT |
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.