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Care Assigns A+ Rating to BDB's Credit Facilities

Proposed long-term bank facilities are worth $6.6 million.
Jan 23, 2012 5:58 AM   By Dilipp S Nag
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RAPAPORT... Care Ratings has assigned ''Care A+'' rating to the Bharat Diamond Bourse’s (BDB) proposed long-term bank facilities worth $6.6 million (INR 331.8 million).

The rating factors in the near-completion status of the project with around 90 percent of space available for long-term leases, zero-debt status, a comfortable liquidity position and high financial flexibility.

These strengths are tempered by a delay in signing of short-term leases and Care explained that that ability of the company to complete short-term and long-term lease agreements in a timely manner is the key rating sensitivity.

BDB had operating income of $3.1 million (INR 154.4 million) in the fiscal year that ended on March 31, 2011 with a total operating income of $7.4 million (INR 374.3 million, the ratings agency reported.

BDB is promoted by the Minerals and Metals Trading Corporation of India (MMTC) and members of the diamond exporters fraternity with the primary objective of establishing necessary infrastructural facilities to promote diamond exports from India.

BDB has developed a bourse spread across 20 acres of land at the Bandra-Kurla Complex in suburban Mumbai, comprising eight towers of nine floors each. The new diamond-industry headquarters was opened in October 2010 and is spread across two million square feet and houses 2,500 diamond offices of various sizes, a trading hall, customs office and restaurants.

Tags: bank, BDB, Bharat Diamond Bourse, BKC, CARE Ratings, diamond, Dilipp S Nag, Rapaport
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