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ICRA revises the ratings for the bank facilities of Flawless Diamond India

30 May 2011 Evaluate

Credit rating agency, ICRA has revised the long term rating assigned to the Rs 20.00 crore fund-based bank facilities of Flawless Diamond India (FDL) from LBBB- to LB+. The rating agency has also revised the short-term rating assigned to the Rs 47.60 crore fund based and non-fund based facilities of FDL from A3 to A4.

The rating revisions follow the significant deterioration in the company’s financial performance during the first nine months of 2010-11, whereby the company has registered a 22.04% decline in its turnover (standalone) in this period over the corresponding period of the previous year.

Flawless Diamond India has its diamond and jewellery manufacturing unit in Dehradun, Uttaranchal. FDL holds approximately 99% share in Flawless Jewellery a partnership firm engaged in (Cut and Polished Diamond) CPD manufacturing.

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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