Shivam Jewels rating of IND BBB
Ind-Ra assigned Stable Outlook India Ratings and Research (Ind-Ra) has assigned Shivam Jewels (SJ) a Long-Term Issuer Rating of IND BBB. The Outlook is Stable. Significant Increase in Turnover over FY17-FY20; Growth to Continue in FY21: The ratings reflect SJ’s medium scale of operations, as reflected by the revenue of INR9,108.78 million in FY20 (FY19: INR9,627.90 million). Exports account for more than 70% of the revenue. While the firm was only established in FY14, SJ has shown significant improvement in its turnover over FY17-FY20, with a CAGR of almost 16% during this period, owing to the firm’s increasing operations in the high carat and quality diamonds segment, backed by market demand. In FY20, however, SJ’s revenue declined by 5% as the cut and polished diamond (CPD) industry was impacted by the COVID-19 outbreak. However, while the exports of the cut and polished diamonds industry fell by 21.64%, the firm witnessed only a marginal contractio...