MIRA INFORM REPORT

Report Date :

12.01.2011

IDENTIFICATION DETAILS

Name :	HANRON JEWELLERY LIMITED

Registered Office :	Haslers, Old Station Road, Loughton, Essex, Ig10 4pl

Country :	United Kingdom

Financials (as on) :	31.03.2010

Date of Incorporation :	06.04.1993

Com. Reg. No.:	02807089

Legal Form :	Private Limited Company

Line of Business :	Wholesalers of Jewellery.

RATING & COMMENTS

MIRA’s Rating :

RATING		STATUS	PROPOSED CREDIT LINE
41-55	Ba	Overall operation is considered normal. Capable to meet normal commitments.	Satisfactory

Status :	Satisfactory
Payment Behaviour :	Unknown
Litigation :	Clear

NOTES :

Any query related to this report can be made on e-mail : infodept@mirainform.com while quoting report number, name and date.

ECGC Country Risk Classification List – June 30, 2010

Country Name

Previous Rating

(01.04.2010)

Current Rating

(30.06.2010)

United Kingdom

Risk Category	ECGC Classification
Insignificant	A1
Low	A2
Moderate	B1
High	B2
Very High	C1
Restricted	C2
Off-credit	D

Company Identification Details

Subject Reported on	HANRON JEWELLERY LIMITED
Registration Number	02807089
VAT Number	GB626480044
Address	GROUND FLOOR, 85 HATTON GARDEN, LONDON, EC1N 8JR.
Telephone	020 7831 6170
Facsimile	020 7405 4448
Email	sales@hanron-jewellery.co.uk
Web Address	www.hanron-jewellery.co.uk

Creditline Recommendations

Monthly Credit Guide

GBP 77,000

Official Company Data

Legal Form	Private Limited
Registration Number	02807089
VAT Number	GB626480044
Subject Status	Trading
Date of Incorporation	06/04/1993
Registered Office	HASLERS, OLD STATION ROAD, LOUGHTON, ESSEX, IG10 4PL.
History	Previously located at 7 GREVILLE STREET, LONDON, EC1N 8PQ.
	20/07/2005 : The Registered Office address changed from JOHNSTON HOUSE, 8 JOHNSTON ROAD, WOODFORD GRE.
	21/06/1995 : The Registered Office address changed from 548 LEY STREET, ILFORD, ESSEX, IG2 7DB.
Date of Last Annual Return to Registry	06/04/2010
Accounts	The last filed accounts at Companies House are those to 31/03/2010
Accounting Reference Date	31/03

Operations

Activities	Wholesalers of Jewellery.
Nace Code	5248
Premises	Rented,Offices,Shop
Staff Employed	10
Import Countries	SPAIN, GIBRALTAR
Export Countries	EUROPE, AUSTRALIA
Bankers	NATIONAL WESTMINSTER BANK PLC
Address	SHOREDITCH.
Sort Code	608001
Auditors	Haslers

Historical Rating

Date	Monthly Credit Guide
11/01/2011	77,000
11/10/2010	76,500
11/07/2010	76,500
11/04/2010	75,000
11/01/2010	77,000

Public Record Information

Summary of CCJ's/Scottish Decrees

No CCJs/Scottish Decrees are recorded in our file.

Summary of Mortgages, Charges and Satisfactions

Total Number of Mortgages/Charges Registered	1
Number Outstanding	1
Number Partially Satisfied	0
Number Satisfied	0

Date of Latest Mortgage Created	11/11/2005

Details of most recent Mortgages, Charges and Satisfactions

Date Fully Satisfied	Date Registered	Date Created	Charge Description	Form Type	Lender
	15/11/2005	11/11/2005	Debenture	395	National Westminster Bank Plc

It should be noted that there is no legal requirement to file satisfaction details of mortgages/charges at Companies House.

Other Filings and Notices

Date

Source

Description

14/04/1993

Companies House Gazette

Change among directors of a company

Company Secretary

Secretary	MICHAEL HANAN
Service Address	11 MONKVILLE AVENUE, LONDON, NW11 0AH.
Country of Origin	UNITED KINGDOM
Date of Birth	09/07/1960
Appointment Date	01/02/2001

Directors

Director	MR RONNIE HANAN
Service Address	8 CHURCH MOUNT, LONDON, N2 0RP.
Country of Origin	UNITED KINGDOM
Date of Birth	21/10/1962
Appointment Date	06/04/1993
Other Directorships	BARKINGSIDE PROPERTIES LIMITED

Share Capital

Shares	Ordinary GBP 1.00
Issued Number	1,000
Principal Shareholder	999 Ronnie Hanan
	1 Sarah Hanan

The above reflects the principle shareholder(s) by number of shares held, irrespective of share classification type.

Financial Data– Statutory Accounts

Profit and Loss

The following figures are shown in units of 1000

Number of Weeks	52	52	52	52
Accounts Date	31/03/2010	31/03/2009	31/03/2008	31/03/2007
Currency	GBP	GBP	GBP	GBP
SALES				4051
UK sales				3853
Export				198
Cost of goods sold				3645
GROSS PROFIT				406
Directors Emoluments				21
Trading Profit				48
Depreciation				8
OPERATING PROFIT				40
Non Trading Income				1
Interest Payable				2
PRE TAX PROFIT				39
Taxation				8
PROFIT AFTER TAX				31
Dividends Payable				26
RETAINED PROFITS				5

Balance Sheet

The following figures are shown in units of 1000

Number of Weeks	52	52	52	52
Accounts Date	31/03/2010	31/03/2009	31/03/2008	31/03/2007
Currency	GBP	GBP	GBP	GBP
TOTAL FIXED ASSETS	73	80	67	24
Tangible Assets	73	80	67	24
Fixed Assets				24
TOTAL CURRENT ASSETS	1178	1166	1246	1191
Trade debtors		350	479	451
Stocks	859	806	739	721
Other Current Assets	319	10	28	19
Misc Current Assets	297			16
Cash	22	10	28	3
TOTAL ASSETS	1251	1246	1313	1215
TOTAL CURRENT LIABILITIES	503	479	569	497
Trade creditors		479	569	315
Short Term Loans				95
Bank Overdraft				95
Other Liabilities	503			87
WORKING CAPITAL	675	687	677	694
TOTAL LONG TERM LIABS	16	16	6	1
Other Liabilities				1
NET ASSETS/(LIABILITIES)	732	751	738	717
SHARE CAPITAL + RESERVES	732	751	738	717
Share Cap + Sundry Res	1	1	1	1
Issued Share Capital				1
Profit and Loss account	731	750	737	716
SHAREHOLDERS FUNDS	732	751	738	717
CAPITAL EMPLOYED	748	767	744	718

Financial Comparison

The following figures are shown in units of 1000

Number of Weeks	52	52	52	52
Accounts Date	31/03/2010	31/03/2009	31/03/2008	31/03/2007
Currency	GBP	GBP	GBP	GBP
Directors Remuneration				21
Auditors Remuneration
Liquid Assets	22	360	507	454
Net Working Capital	675	687	677	694
Other Deferred Liabs	16	16	6	1
Tangible Net Worth(T.N.W)	732	751	738	717
Equity	732	751	738	717
Number of Years Trading	17	16	15	14

Key Credit Ratios

The following figures are shown as Ratios or Percentages

Accounts Date	31/03/2010	31/03/2009	31/03/2008	31/03/2007
Current Ratio	2.3	2.4	2.2	2.4
Pre Tax Profit Margin%				1
Gross Profit%				10
Debtors Days (D.S.O)				41
Creditors Days (D.P.O)				28
Quick Ratio	0.6	0.8	0.9	0.9
W.I.P/Inventory Days				72.2
Return on Investment%				5
Return on Assets%				3.2
T.N.W/Total Assets%	58.5	60.3	56.2	59
Return on Capital%				5.4
Rtn on Shareholders Funds%				5.4
Working Capital/Sales%				17.1
Borrowing Ratio%				13.2
Equity Gearing%	141	151.7	128.3	144
Stock Turnover				5.6
Days Purchases Outstanding				31.5
Sales/Fixed Assets				168.8

Key Industry Sector Trends

Year	2010	2009	2008	2007
Sample Size	12129	36034	35873	35066
Pre-Tax Profit Margin	3.2	0.6	0.8	1.5
Current Ratio	1.4	1.3	1.3	1.3
Borrowing Ratio	42	14.6	7.1	5.8
Return on Capital	43.6	36.8	41.5	43.2
Creditors Days	63	67	70	80

Above figures relate to companies in 2003 Standard Industry Classification (Nace) sector : Other retail sale of new goods in specialised stores

Financial Summary

Auditors Qualification

The company has taken advantage of exemptions under the Companies Act such that the accounts have not been audited or examined.

No Turnover

The company's balance sheet total is less than GBP 2,800,001 and therefore this is a small company as defined by the Companies Act.It is not required to disclose turnover but it is likely to be less than GBP 5,600,000.

No Pre-Tax Profit

The Company is exempt from the requirement to file a Profit Loss Account. We note that the difference on the Profit and Loss Account shownon the Balance Sheet is GBP 19,000 decrease. This suggests that the Company may have made a post-tax loss of GBP 19,000.

Working Capital

The company's working capital remains positive but reduced by 2 % in the period.

Net Worth

Net worth reduced by GBP 19,000 during the period and now stands at GBP 732,000.

Fixed Assets

The subject's fixed assets reduced during the year by GBP 7,000 to GBP 73,000 and are now 5 % of total assets compared with 6 % in the previous year.

Long Term Liabilities

Long term liabilities are now 1 % of total liabilities compared with 1 % in the previous period.

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.45.32
UK Pound	1	Rs.70.54
Euro	1	Rs.58.70

RATING EXPLANATIONS

RATING		STATUS	PROPOSED CREDIT LINE
>86	Aaa	Possesses an extremely sound financial base with the strongest capability for timely payment of interest and principal sums	Unlimited
71-85	Aa	Possesses adequate working capital. No caution needed for credit transaction. It has above average (strong) capability for payment of interest and principal sums	Large
56-70	A	Financial & operational base are regarded healthy. General unfavourable factors will not cause fatal effect. Satisfactory capability for payment of interest and principal sums	Fairly Large
41-55	Ba	Overall operation is considered normal. Capable to meet normal commitments.	Satisfactory
26-40	B	Capability to overcome financial difficulties seems comparatively below average.	Small
11-25	Ca	Adverse factors are apparent. Repayment of interest and principal sums in default or expected to be in default upon maturity	Limited with full security
<10	C	Absolute credit risk exists. Caution needed to be exercised	Credit not recommended
----	NB	New Business	----

This score serves as a reference to assess SC’s credit risk and to set the amount of credit to be extended. It is calculated from a composite of weighted scores obtained from each of the major sections of this report. The assessed factors and their relative weights (as indicated through %) are as follows:

Financial condition (40%) Ownership background (20%) Payment record (10%)

Credit history (10%) Market trend (10%) Operational size (10%)

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This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.