Advanced Search

Banks Withdraw Classic Diamonds’ Working Capital, Export Facilities

Aug 7, 2012 4:23 AM   By Dilipp S Nag
Comment Comment Email Email Print Print Facebook Facebook Twitter Twitter Share Share
RAPAPORT... Classic Diamonds (India) Ltd. reported that a consortium of bankers has withdrawn ‎various working capital and export financing facilities given to the company and have asked it to ‎repay its outstanding balances.‎

Classic Diamonds is in the process of negotiation with the banks, which are covered by ‎way of mortgagee of various properties and assets of the company, Classic Diamonds ‎said in a notice to the Bombay Stock Exchange (BSE). ‎

The company recently closed its diamond cutting and polishing factory in Surat and its jewelry manufacturing ‎facility in Mumbai’s SEEPZ location. In February, Classic Diamonds explained that it did not require such large manufacturing facility in Surat after the company surrendered its Diamond Trading Company (DTC) sight. The company stated that its production ‎can be undertaken at its present factory in Andheri, a suburb of Mumbai.‎

Classic Diamonds reported sales of $40.5 million (INR 2.26 billion) in fiscal 2012, representing a decline ‎of 55 percent from the previous year. The company posted a net loss of $5.5 million (INR 303.9 million) during the year  compared with a net profit of $1.1 million (INR 60 million) in fiscal 2011.
Tags: Classic Diamonds, diamonds, Dilipp S Nag, India, Rapaport
Similar Articles
Comments: (0)  Add comment Add Comment
Arrange Comments Last to First
© Copyright 1978-2018 by Martin Rapaport. All rights reserved. Index®, RapNet®, Rapaport®, PriceGrid™, Diamonds.Net™, and JNS®; are TradeMarks of Martin Rapaport.
While the information presented is from sources we believe reliable, we do not guarantee the accuracy or validity of any information presented by Rapaport or the views expressed by users of our internet service.