FJPLForest-Jackson Public Library (Forest, Ohio)
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The decline in operating income can be attributed to the slowdown in demand in financial 2009 and FJPL's conscious efforts to scale back its jewellery manufacturing and focus on the cut and polished diamonds (CPD) business, which inherently entails lower value addition and thereby lower margins, in financial 2010.
FJPL operates in a highly fragmented industry with competition from several domestic and international companies, thereby limiting pricing power which exerts pressure in a scenario where raw material prices have increased relatively higher than the increase in polished diamond prices.
The rating however draws comfort from the vast experience of FJPL's promoters in the diamond and jewellery business, its conservative capital structure and positive cash flows generated in the past years.