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Suashish Diamonds gets approval for proposed amalgamation of subsidary

06 Jul 2011 Evaluate

Suashish Diamonds has received an approval for the proposed amalgamation of Suashish Jewelry India, a wholly owned subsidiary of the company, with the company. The company has received an approval for amalgamation at its board meeting held on July 05, 2011. The amalgamation would be subject to the approvals of all requisite authorities and High Court of Bombay.

Recently, Credit rating agency, CARE had assigned ‘A-’ rating to Rs 525 crore long term bank facilities of Suashish Diamonds. The rating derives strength from the long and established track record of the company. The rating was further strengthened by the low working capital cycle and strong liquidity considering negative adjusted net debt position.

The business of Suashish Diamonds can be grouped under two segments - Studded Jewellery (11% of revenues in FY10) and Diamonds (89% of revenues in FY10). Exports form majority of the company’s revenues (about 84% in FY10) which are mainly to Hong Kong, UAE, Belgium and USA.

Peers
Company Name CMP
Titan Co 4526.30
Kalyan Jewell.India 426.90
Rajesh Exports 125.34
Senco Gold 326.45
Thangamayil Jeweller 4205.90
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