MIRA INFORM REPORT
|
Report Date : |
25.11.2011 |
IDENTIFICATION DETAILS
|
Name : |
U. K. DIAMJEWEL LTD. |
|
|
|
|
Registered Office : |
Gazette Code Present,
Kimberley House, 31 Burnt Oak Broadway, Edgware, HA8 5LD |
|
|
|
|
Country : |
United Kingdom |
|
|
|
|
Financials (as on) : |
31.03.2011 |
|
|
|
|
Date of Incorporation : |
18.03.2004 |
|
|
|
|
Com. Reg. No.: |
05077832 |
|
|
|
|
Legal Form : |
Private Independent Company |
|
|
|
|
Line of Business : |
Manufacturing of Jewellery and
Silverware |
|
|
|
|
No. of Employees
: |
Not Available |
RATING & COMMENTS
|
MIRA’s Rating : |
B |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
Status : |
Moderate |
|
|
|
|
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 – September 30th, 2011
|
Country Name |
Previous Rating (30.06.2011) |
Current Rating (30.09.2011) |
|
United Kingdom |
a1 |
a1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
Company name & address
U. K. Diamjewel Ltd.
Gazette Code Present
Kimberley House
31 Burnt Oak Broadway
Edgware, HA8 5LD
United Kingdom
Synthesis
Employees: NA
Company Type: Private Independent
Quoted Status: Non-quoted Company
Incorporation Date:
18-Mar-2004
Financials in: USD
(Millions)
Fiscal Year End:
31-Mar-2011
Reporting Currency: British
Pound Sterling
Annual Sales: 0.1
Net Income: 0.0
Total Assets: 0.2
Business Description
Manufacturing NEC
Industry
Industry Jewelry and Silverware
ANZSIC 2006: 2591 - Jewellery
and Silverware Manufacturing
NACE 2002: 3622 - Manufacture
of jewellery and related articles not elsewhere classified
NAICS 2002: 339911 - Jewelry
(except Costume) Manufacturing
UK SIC 2003: 3622 - Manufacture
of jewellery and related articles not elsewhere classified
US SIC 1987: 3915 - Jewelers'
Findings and Materials, and Lapidary Work
Key Executives
|
Name |
Title |
|
Jagdishchand Urajlal Mehta |
Business |
|
Raju Jayprakash Shantilal Desai |
Director |
Financial Summary
FYE: 31-Mar-2011 USD (mil)
Key Figures
Current Assets 0.18
Fixed Assets 0.0022
Total Liabilities 0.0000
Net Worth 0.02
Key Ratios
Current Ratio 1.10
Liquidity Ratio 0.35
Registered No.(UK): 05077832
1 - Profit & Loss Item Exchange Rate: USD 1 = GBP 0.6433939
2 - Balance Sheet Item Exchange Rate: USD 1 = GBP 0.6238497
Corporate Overview
Location
Kimberley House
31 Burnt Oak Broadway
Edgware, HA8 5LD
Middlesex County
United Kingdom
Sales GBP(mil): 0.1
Assets GBP(mil): 0.1
Employees: NA
Fiscal Year End: 31-Mar-2011
Industry: Jewelry
and Silverware
Incorporation Date: 18-Mar-2004
Company Type: Private
Independent
Quoted Status: Not
Quoted
Registered No.(UK): 05077832
Director: Raju
Jayprakash Shantilal Desai
Contents
Industry Codes
Business Description
Financial Data
Key Corporate Relationships
Gazette Status
Industry Codes
ANZSIC 2006 Codes:
2591 - Jewellery and Silverware Manufacturing
NACE 2002 Codes:
3622 - Manufacture of jewellery and related articles not elsewhere
classified
NAICS 2002 Codes:
339911 - Jewelry (except Costume) Manufacturing
US SIC 1987:
3915 - Jewelers' Findings and Materials, and Lapidary Work
UK SIC 2003:
3622 - Manufacture of jewellery and related articles not elsewhere
classified
Business
Description
Manufacturing NEC
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Executive report
|
Board
of Directors |
|
|
|
|
|||
|
Director |
Director/Board Member |
|
|||
|
Business |
Director/Board Member |
|
|
Executives |
|
|
|
|
||||
|
Business |
Company Secretary |
|
Directors and Shareholders Report
|
Main Office
Address: |
|
Annual Return
Date: 18 Mar 2011 |
|
Individual Directors |
|||||||
|
|
|||||||
|
Name |
Status |
DOB |
Filed Address |
Appointment Date |
Resignation Date |
Summary of Directorships |
|
|
Current |
29 Sep 1978 |
Kimberley House, 31 Burnt Oak Broadway, |
15 May 2004 |
NA |
Current:1 |
|
|
|
Previous |
03 Apr 1972 |
101 Dharmashanti Blag, N.S. Manicikar Rd, |
29 Sep 2005 |
29 Jul 2008 |
Current:0 |
|
|
|
|
|
||||||
|
|
|
||||||
|
|
|
|
|
|
|
|
|
|
Corporate Directors |
||||
|
|
||||
|
Company Name |
Status |
Registered Address |
Appointment Date |
Resignation Date |
|
Form 10 Directors Fd Limited |
Previous |
39A Leicester Road, Salford, |
18 Mar 2004 |
22 Mar 2004 |
|
|
||||
|
|
||||
|
|
||||
|
Individual Secretaries |
|||||||
|
|
|||||||
|
Name |
Status |
DOB |
Filed Address |
Appointment Date |
Resignation Date |
Summary of Directorships |
|
|
Current |
27 Aug 1947 |
1 Diamond Street, Stonebridge, |
31 Mar 2006 |
NA |
Current:1 |
|
|
|
Previous |
11 Sep 1952 |
277 Stag Lane, |
15 May 2004 |
30 Mar 2006 |
Current:3 |
|
|
|
|
|
||||||
|
|
|
||||||
|
|
|
|
|
|
|
|
|
|
Corporate Secretaries |
||||
|
|
||||
|
Company Name |
Status |
Registered Address |
Appointment Date |
Resignation Date |
|
Form 10 Secretaries Fd Limited |
Previous |
1St Floor 47, Bury New Road Prestwich, |
18 Mar 2004 |
22 Mar 2004 |
|
|
||||
|
|
||||
|
|
||||
|
Individual Shareholders |
||||||
|
|
||||||
|
Name |
Share Details |
Share Type |
# of Shares |
Share Price (GBP) |
Share Value (GBP) |
% of Total Shares |
|
Raju Jayprakash Shantilal Desai |
4 Ordinary GBP 1.00 |
Ordinary |
4 |
1.00 |
4.00 |
100.00 |
|
|
|
|
|
|
|
|
|
Corporate Shareholders |
|
|
|
There are no corporate shareholders for this company. |
Annual Profit & Loss
Financials in: USD (mil)
Except for share items (millions) and per share items (actual units)
|
|
31-Mar-2011 |
31-Mar-2010 |
31-Mar-2009 |
31-Mar-2008 |
31-Mar-2007 |
|
Period Length |
12 Months |
12 Months |
12 Months |
12 Months |
12 Months |
|
Filed Currency |
GBP |
GBP |
GBP |
GBP |
GBP |
|
Exchange Rate
(Period Average) |
0.643394 |
0.627794 |
0.592803 |
0.498361 |
0.528925 |
|
Consolidated |
No |
No |
No |
No |
No |
|
|
|
|
|
|
|
|
Total Turnover |
0.1 |
- |
0.2 |
0.3 |
0.2 |
|
Cost of Sales |
0.0 |
- |
0.1 |
0.2 |
0.2 |
|
Gross Profit |
0.1 |
- |
0.1 |
0.1 |
0.1 |
|
Interest Paid |
- |
- |
- |
- |
0.0 |
|
Interest Received |
- |
- |
0.0 |
0.0 |
- |
|
Profit Before Taxes |
0.0 |
- |
0.0 |
0.0 |
0.0 |
|
Profit After Taxes |
0.0 |
- |
0.0 |
0.0 |
0.0 |
|
Audit Fees |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
|
Directors Remuneration |
- |
- |
0.0 |
- |
0.0 |
Annual Balance Sheet
Financials in: USD
(mil)
|
|
31-Mar-2011 |
31-Mar-2010 |
31-Mar-2009 |
31-Mar-2008 |
31-Mar-2007 |
|
Filed Currency |
GBP |
GBP |
GBP |
GBP |
GBP |
|
Exchange Rate |
0.62385 |
0.659239 |
0.697666 |
0.503145 |
0.509853 |
|
Consolidated |
No |
No |
No |
No |
No |
|
|
|
|
|
|
|
|
Total Tangible Fixed Assets |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
|
Investments |
- |
- |
0.0 |
- |
- |
|
Total Fixed Assets |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
|
Total Stocks |
0.1 |
0.1 |
0.1 |
0.1 |
0.1 |
|
Trade Debtors |
0.0 |
- |
0.0 |
0.0 |
0.0 |
|
Cash and Equivalents |
0.0 |
0.1 |
0.1 |
0.1 |
0.1 |
|
Other Current Assets |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
|
Total Current Assets |
0.2 |
0.2 |
0.2 |
0.2 |
0.2 |
|
Total Assets |
0.2 |
0.2 |
0.2 |
0.2 |
0.2 |
|
Trade Creditors |
0.2 |
0.1 |
0.1 |
0.2 |
0.1 |
|
Bank Overdraft |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
|
Bank Loan Overdrafts |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
|
Director Loans |
- |
0.0 |
- |
- |
- |
|
Total Short Term Loans |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
|
Other Current Liabilities |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
|
Total Current Liabilities |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
|
Working Capital |
0.0 |
0.1 |
0.0 |
0.1 |
0.1 |
|
Total Long Term Loans |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
|
Other Long Term Liabilities |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
|
Total Long Term Liabilities |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
|
Total Liabilities |
0.0 |
- |
0.0 |
0.0 |
0.0 |
|
Issued Capital |
0.0 |
- |
- |
- |
- |
|
Retained Earnings |
0.0 |
0.1 |
0.0 |
0.1 |
0.0 |
|
Total Reserve |
0.0 |
0.1 |
0.0 |
0.1 |
0.0 |
|
Total Shareholders Funds |
0.0 |
0.1 |
0.0 |
0.1 |
0.0 |
|
Net Worth |
0.0 |
0.1 |
0.0 |
0.1 |
0.0 |
Annual Cash Flows
Financials in: USD (mil)
|
|
31-Mar-2011 |
31-Mar-2010 |
31-Mar-2009 |
31-Mar-2008 |
31-Mar-2007 |
|
Period Length |
12 Months |
12 Months |
12 Months |
12 Months |
12 Months |
|
Filed Currency |
GBP |
GBP |
GBP |
GBP |
GBP |
|
Exchange Rate
(Period Average) |
0.643394 |
0.627794 |
0.592803 |
0.498361 |
0.528925 |
|
Consolidated |
No |
No |
No |
No |
No |
|
|
|
|
|
|
|
|
Retained Profits |
- |
- |
0.0 |
0.0 |
- |
|
Net Cash Flow From Operating Activities |
- |
- |
0.0 |
0.0 |
- |
|
Net Cash Flow from ROI and Servicing of Finance |
- |
- |
0.0 |
0.0 |
- |
|
Taxation |
0.0 |
- |
0.0 |
0.0 |
0.0 |
|
Paid Up Equity |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
|
Net Cash Flow Before Financing |
- |
- |
0.0 |
0.0 |
- |
|
Net Cash Flow From Financing |
- |
- |
0.0 |
0.0 |
- |
|
Increase in Cash |
- |
- |
0.0 |
0.0 |
- |
|
Contingent Liability |
- |
- |
0.0 |
0.0 |
- |
Annual Ratios
Financials in: USD (mil)
|
|
31-Mar-2011 |
31-Mar-2010 |
31-Mar-2009 |
31-Mar-2008 |
31-Mar-2007 |
|
Period Length |
12 Months |
12 Months |
12 Months |
12 Months |
12 Months |
|
Filed Currency |
GBP |
- |
GBP |
GBP |
GBP |
|
Exchange Rate |
0.62385 |
- |
0.697666 |
0.503145 |
0.509853 |
|
Consolidated |
No |
No |
No |
No |
No |
|
|
|
|
|
|
|
|
Current Ratio |
1.10 |
1.33 |
1.33 |
1.29 |
1.39 |
|
Liquidity Ratio |
0.35 |
0.59 |
0.66 |
0.57 |
0.80 |
|
Stock Turnover |
0.99 |
- |
1.93 |
2.23 |
2.78 |
|
Collection Period |
30.40 |
- |
5.18 |
24.79 |
64.11 |
|
Creditor Days (Sales Based) |
496.65 |
- |
238.79 |
203.79 |
190.35 |
|
Solvency Ratio |
9.81% |
25.71% |
24.92% |
22.54% |
17.95% |
|
Return on Capital Employed |
57.00% |
- |
20.17% |
39.67% |
43.75% |
|
Return on Assets |
5.59% |
- |
5.03% |
8.94% |
7.86% |
|
Current Debt Ratio |
9.20 |
2.89 |
2.94 |
3.35 |
3.91 |
|
Return On Short Term Debt |
6.20% |
- |
6.86% |
11.83% |
11.20% |
|
Long Term Debt Ratio |
0.00 |
0.00 |
0.07 |
0.08 |
0.40 |
|
Total Debt Ratio |
9.20 |
2.89 |
3.01 |
3.44 |
4.57 |
|
Debt Asset Ratio |
90.19% |
74.29% |
73.31% |
75.55% |
70.17% |
|
Working Finance |
- |
- |
5,475.34% |
5,080.08% |
823.09% |
|
Pretax Margin |
8.43% |
- |
5.34% |
7.44% |
6.83% |
|
Return on Shareholders Funds |
57.00% |
- |
20.17% |
39.67% |
43.76% |
|
Sales to Fixed Assets |
5,717.59% |
- |
3,329.28% |
4,236.90% |
5,184.67% |
|
Sales to Total Assets |
66.29% |
- |
94.04% |
120.13% |
115.03% |
|
Stock Financing |
7.74 |
2.26 |
2.05 |
2.49 |
1.50 |
|
Fixed Asset Investment |
0.01 |
0.01 |
0.03 |
0.03 |
0.02 |
|
Shareholder Liquidity |
- |
- |
14.04 |
11.78 |
1.51 |
|
Asset Turnover Ratio |
6.76 |
- |
3.52 |
4.91 |
3.86 |
|
Profit Before Interest Margin |
- |
- |
6.54% |
7.58% |
- |
|
Post Tax Result to Net Worth |
43.91% |
- |
15.95% |
32.04% |
35.43% |
|
Post Tax Result to Total Assets |
4.31% |
- |
3.98% |
7.22% |
6.36% |
|
Post Tax Loss to Net Worth |
0.44 |
- |
0.16 |
0.32 |
0.35 |
|
Stock to Total Assets |
149.35% |
182.04% |
204.82% |
185.55% |
241.80% |
|
Monthly Turnover |
0.0 |
- |
0.0 |
0.0 |
0.0 |
|
Interest Coverage |
- |
- |
- |
- |
10.18 |
|
Financial Strength Ratio |
1.45 |
1.91 |
2.06 |
1.94 |
2.86 |
|
Reserve Movement |
-69.63% |
11.83% |
19.14% |
47.15% |
54.87% |
DIAMOND INDUSTRY – INDIA
-
From time immemorial, India is well known in the world as the birthplace
for diamonds. It is difficult to trace the origin of diamonds but history
says that in the remote past, diamonds were mined only in India. Diamond
production in India can be traced back to almost 8th Century B.C.
India, in fact, remained undisputed leader till 18th Century
when Brazilian fields were discovered in 1725 followed by emergence of S.
Africa, Russia and Australia.
-
The achievement of the Indian diamond industry was possible only due to
combination of the manufacturing skills of the Indian workforce and the
untiring and unflagging efforts of the Indian diamantaires, supported by
progressive Government policies.
-
The area of study of family owned diamond businesses derives its
importance from the huge conglomerate of family run organizations which operate
in the diamond industry since many generations.
-
Some of the basic traits of family run business enterprises include
spirit of entrepreneurship, mutual trust lowers transaction costs, small,
nimble and quick to react, information as a source of advantage and
philanthropy.
-
Family owned diamond businesses need to improve on many fronts including
higher standard of corporate governance, long-term performance – focused
strategies, modern management and technology.
-
The diamond jewellery industry in India today may be more than Rs 60000
mil and is rated amongst the fastest growing in the world. Indi ranks
third in the world in domestic diamond consumption.
-
Utmost caution is to be exercised while dealing with some medium and
large diamond traders which are usually engaged in fictitious import – export,
inter-company transactions, financially assisted by banks. In the process,
several public sector banks lost several hundred million rupees. They mostly
diverted borrowed money for diamond business into real estate and capital
markets.
-
Excerpts from Times of India dated 30th October 2010 is as
under –
DIAMOND SAGA –
DIRTY DOZEN STUCK WITH 2K CR DEBT
This could be the biggest credibility crisis the Indian diamond industry
has ever faced. Fifteen banks run the risk of losing Rs 2000 crore lent to a
dozen diamond firms in Surat. Until about two months ago, they had not
repaid these dues. Bankers believe many diamantaires borrowed money
during the economic downturn two years ago and diverted funds to businesses
like real estate and capital markets. Many of themselves made money from these businesses
but their diamond companies have gone sick and declared insolvency.
-
Most of the money borrowed from the banks in the name of their diamond
business has been diverted in real estate and the share market. The banks are not
in a position to seize their properties because in many cases, these were
purchased in the name of their relatives and friends.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.52.25 |
|
UK Pound |
1 |
Rs.81.23 |
|
Euro |
1 |
Rs.69.83 |
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%)
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.