MIRA INFORM REPORT

 

 

Report Date :

08.12.2012

 

IDENTIFICATION DETAILS

 

Name :

LAXMI JEWELLERS UK LTD.

 

 

Registered Office :

207 Wednesbury Road, Walsall, WS2 9QL, West Midlands County

 

 

Country :

United Kingdom

 

 

Financials (as on) :

31.10.2010

 

 

Date of Incorporation :

06.06.2000

 

 

Com. Reg. No.:

04008725

 

 

Legal Form :

Private Independent

 

 

Line of Business :

Jewellery Retail Sale

 

 

No. of Employees :

12

 

 

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 :

No complaints

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 – March 31st, 2012

 

Country Name

Previous Rating

(31.12.2011)

Current Rating

(31.03.2012)

United Kingdom

A1

A1

 

Risk Category

ECGC Classification

Insignificant

 

A1

Low

 

A2

Moderate

 

B1

High

 

B2

Very High

 

C1

Restricted

 

C2

Off-credit

 

D

 

United Kingdom - ECONOMIC OVERVIEW

 

The UK, a leading trading power and financial center, is the third largest economy in Europe after Germany and France. Over the past two decades, the government has greatly reduced public ownership and contained the growth of social welfare programs. Agriculture is intensive, highly mechanized, and efficient by European standards, producing about 60% of food needs with less than 2% of the labor force. The UK has large coal, natural gas, and oil resources, but its oil and natural gas reserves are declining and the UK became a net importer of energy in 2005. Services, particularly banking, insurance, and business services, account by far for the largest proportion of GDP while industry continues to decline in importance. After emerging from recession in 1992, Britain's economy enjoyed the longest period of expansion on record during which time growth outpaced most of Western Europe. In 2008, however, the global financial crisis hit the economy particularly hard, due to the importance of its financial sector. Sharply declining home prices, high consumer debt, and the global economic slowdown compounded Britain's economic problems, pushing the economy into recession in the latter half of 2008 and prompting the then BROWN (Labour) government to implement a number of measures to stimulate the economy and stabilize the financial markets; these include nationalizing parts of the banking system, temporarily cutting taxes, suspending public sector borrowing rules, and moving forward public spending on capital projects. Facing burgeoning public deficits and debt levels, in 2010 the CAMERON-led coalition government (between Conservatives and Liberal Democrats) initiated a five-year austerity program, which aims to lower London's budget deficit from over 10% of GDP in 2010 to nearly 1% by 2015. In November 2011, Chancellor of the Exchequer George OSBORNE announced additional austerity measures through 2017 because of slower-than-expected economic growth and the impact of the euro-zone debt crisis. The CAMERON government raised the value added tax from 17.5% to 20% in 2011. It has pledged to reduce the corporation tax rate to 23% by 2015. The Bank of England (BoE) implemented an asset purchase program of up to £325 billion (approximately $525 billion) as of February 2011. During times of economic crisis, the BoE coordinates interest rate moves with the European Central Bank, but Britain remains outside the European Economic and Monetary Union (EMU).

 

Source : CIA

 

Company name and address

 

Laxmi Jewellers UK Ltd.

 

 

 

207 Wednesbury Road

 

 

Walsall, WS2 9QL

United Kingdom

Map

 

Tel:

07831 155020

Fax:

01922 724291

 

Employees: 12

Company Type: Private Independent

Quoted Status: Non-quoted Company

Incorporation Date: 06-Jun-2000

Auditor: Younis Bhatti & Co Ltd.

 

Fiscal Year End: 31-Oct-2010

Reporting British Pound

Currency: Sterling

Annual Sales: NA

Total Assets: 3.6

 

 

Business Description

 

 

 

 

Retail specialist stores.

 

Industry

 

 

Industry

Retail (Specialty)

ANZSIC 2006:

4279 - Other Store-Based Retailing Not Elsewhere Classified

NACE 2002:

5248 - Other retail sale in specialised stores

NAICS 2002:

453 - Miscellaneous Store Retailers

UK SIC 2003:

5248 - Other retail sale in specialised stores

US SIC 1987:

599 - Retail Stores, Not Elsewhere Classified

 

 

 

Key Executives

 

 

 

Name

Title

 

Vijay Verma

Secretary

 

Bobby Verma

Director

 

 

Financial Summary

 

 

FYE: 31-Oct-2010

USD (mil)

Key Figures

 

Current Assets

2.85

Fixed Assets

0.73

Total Liabilities

2.41

Net Worth

0.94

 

Key Ratios

 

Current Ratio

1.18

Acid Test

1.03

 

Key IDSM Number:

46876751

 

 

Registered No.(UK) :      04008725

 

1 - Profit & Loss Item Exchange Rate: USD 1 = GBP 0.6435464

2 - Balance Sheet Item Exchange Rate: USD 1 = GBP 0.6254691

 

 

Corporate Overview

 

 

 

Location
207 Wednesbury Road
Walsall, WS2 9QL
West Midlands County
United Kingdom

 

Tel:

07831 155020

Fax:

01922 724291

 

Suggest Company URL

 

Sales GBP(mil):

NA

Assets GBP(mil):

2.2

Employees:

12

Fiscal Year End:

31-Oct-2010

 

 

 

Industry:

Retail (Specialty)

Registered Address:
207 Wednesbury Road
Walsall, WS2 9QL
United Kingdom

 

Incorporation Date:

06-Jun-2000

Company Type:

Private Independent

Quoted Status:

Not Quoted

Registered No.(UK):

04008725

 

Secretary:

Vijay Verma

 

 

Industry Codes

 

ANZSIC 2006 Codes:

4279

-

Other Store-Based Retailing Not Elsewhere Classified

 

NACE 2002 Codes:

5248

-

Other retail sale in specialised stores

 

NAICS 2002 Codes:

453

-

Miscellaneous Store Retailers

 

US SIC 1987:

599

-

Retail Stores, Not Elsewhere Classified

 

UK SIC 2003:

5248

-

Other retail sale in specialised stores

 

 

Business Description

 

Retail specialist stores.

 

 

More Business Descriptions

 

Jewellery Retail Sale

 

 

Financial Data

 

Financials in:

GBP(mil)

 

Assets:

2.2

Current Assets:

1.8

 

Fixed Assets:

0.5

 

Long Term Debt:

0.1

 

Total Liabilities:

1.6

 

Issued Capital:

NaN

 

Working Capital:

0.3

 

Net Worth:

0.6

 

 

 

Date of Financial Data:

31-Oct-2010

 

 

1 Year Growth

14.6%

 

Key Corporate Relationships

Auditor:

Younis Bhatti & Co Ltd.

 

Auditor:

Younis Bhatti & Co Ltd.

 

Auditor History

Younis Bhatti & Co Ltd.

31-Oct-2010

Younis Bhatti And Co Ltd.

31-Oct-2007

Younis Bhatti And Co Ltd.

31-Oct-2006

 

 

Executives Report

 

Board of Directors

 

Name

Title

Function

 

Bobby Verma

 

Director

Director/Board Member

 

Age: 34

 

 

Executives

 

Name

Title

Function

 

Vijay Verma

 

Secretary

Company Secretary

 

Age: 59

 

 

 

Directors and Shareholders Report

 

Main Office Address:
207 Wednesbury Road
Walsall
United Kingdom WS2 9QL

Tel: 07831 155020
Fax: 01922 724291

Annual Return Date: 06 Jun 2011

 

Individual Directors

Name

Status

DOB

Filed Address

Appointment Date

Resignation Date

Summary of Directorships

 

Bobby
Verma

Current

04 Jan 1978

20 Athlone Road,
Walsall, West Midlands WS5 3QX

06 Jun 2000

NA

Current:1
Previous:0
Disqualifications:0

 

Kevin
Brewer

Previous

21 Apr 1952

6070 Knights Court,
Birmingham, West Midlands B37 7BF

06 Jun 2000

06 Jun 2000

Current:12
Previous:5486
Disqualifications:0

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Corporate Directors

There are no corporate directors for this company.

 

 

Individual Secretaries

Name

Status

DOB

Filed Address

Appointment Date

Resignation Date

Summary of Directorships

 

Vijay
Verma

Current

14 Oct 1952

20 Athlone Road,
Walsall, West Midlands WS5 3QX

06 Jun 2000

NA

Current:1
Previous:0
Disqualifications:0

 

Suzanne
Brewer

Previous

NA

Somerset House, 40-49 Price Street,
Birmingham, West Midlands B2 5DN

06 Jun 2000

06 Jun 2000

Current:5
Previous:4920
Disqualifications:0

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Corporate Secretaries

There are no corporate secretaries for this company.

 

 

Individual Shareholders

Name

Share Details
(As Reported)

Share Type

# of Shares

Share Price (GBP)

Share Value (GBP)

% of Total Shares

Babita Verma

33 Ordinary GBP 1.00

Ordinary

33

1.00

33.00

33.00

Bobby Verma

34 Ordinary GBP 1.00

Ordinary

34

1.00

34.00

34.00

Vijay Verma

33 Ordinary GBP 1.00

Ordinary

33

1.00

33.00

33.00

 

 

 

 

 

 

 

 

Corporate Shareholders

There are no corporate shareholders for this company.

 

 

Annual Profit & Loss

 

Laxmi Jewellers UK Ltd.

 

Walsall, United Kingdom, Tel: 07831 155020

 

Financials in: USD (mil)

 

Except for share items (millions) and per share items (actual units)

 

 

 

 

 

 

 

31-Oct-2010

31-Oct-2009

31-Oct-2008

31-Oct-2007

31-Oct-2006

Period Length

52 Weeks

52 Weeks

52 Weeks

52 Weeks

52 Weeks

Filed Currency

GBP

GBP

GBP

GBP

GBP

Exchange Rate (Period Average)

0.643546

0.650218

0.516581

0.504347

0.553171

Consolidated

No

No

No

No

No

 

 

 

 

 

 

Depreciation

0.0

0.0

0.0

0.0

0.0

 

 

 

Annual Balance Sheet

Financials in: USD (mil)

 

 

 

31-Oct-2010

31-Oct-2009

31-Oct-2008

31-Oct-2007

31-Oct-2006

Filed Currency

GBP

GBP

GBP

GBP

GBP

Exchange Rate

0.625469

0.606667

0.618908

0.481383

0.524315

Consolidated

No

No

No

No

No

 

 

 

 

 

 

Total Tangible Fixed Assets

0.0

0.3

0.0

0.0

0.0

Intangible Assets

0.0

0.0

0.0

0.0

0.0

Investments

0.7

0.0

0.0

0.0

0.0

Total Fixed Assets

0.7

0.3

0.0

0.0

0.0

Total Stocks Work In Progress

0.4

0.8

0.6

1.4

1.5

Total Debtors

2.5

1.7

1.7

1.1

1.1

Cash and Equivalents

0.0

0.2

0.2

0.7

0.1

Other Current Assets

0.0

0.0

0.0

0.0

0.0

Total Current Assets

2.8

2.6

2.5

3.2

2.7

Total Assets

3.6

2.9

2.5

3.2

2.7

Other Current Liabilities

2.4

2.2

2.0

2.8

2.2

Total Current Liabilities

2.4

2.2

2.0

2.8

2.2

Group Loans (Long Term Liability)

-

0.0

0.0

0.0

0.0

Director Loans (Long Term Liability)

-

0.0

0.0

0.0

0.0

Hire Purchase (Long Term Liability)

-

0.0

0.0

0.0

0.0

Leasing (Long Term Liability)

-

0.0

0.0

0.0

0.0

Total Hire Purchase Loans (Long Term Liability)

-

0.0

0.0

0.0

0.0

Other Long Term Loans

-

0.0

0.0

0.0

0.0

Accruals/Deferred Income (Long Term Liability)

-

0.0

0.0

0.0

0.0

Other Long Term Liabilities

0.2

0.0

0.0

0.0

0.0

Total Long Term Liabilities

0.2

0.0

0.0

0.0

0.0

Deferred Taxation

0.0

0.0

0.0

0.0

0.0

Other Provisions

0.0

0.0

0.0

0.0

0.0

Total Provisions

0.0

0.0

0.0

0.0

0.0

Issued Capital

0.0

0.0

0.0

0.0

0.0

Share Premium Accounts

0.0

0.0

0.0

0.0

0.0

Revaluation Reserve

0.0

0.0

0.0

0.0

0.0

Retained Earnings

1.0

0.6

0.5

0.4

0.5

Other Reserves

0.0

0.0

0.0

0.0

0.0

Minority Interests (Balance Sheet)

0.0

0.0

0.0

0.0

0.0

Total Shareholders Funds

1.0

0.6

0.5

0.4

0.5

Net Worth

0.9

0.6

0.4

0.4

0.5

 

 

Annual Cash Flows

Financials in: USD (mil)

 

 

 

31-Oct-2010

31-Oct-2009

31-Oct-2008

31-Oct-2007

31-Oct-2006

Period Length

52 Weeks

52 Weeks

52 Weeks

52 Weeks

52 Weeks

Filed Currency

GBP

GBP

GBP

GBP

GBP

Exchange Rate (Period Average)

0.643546

0.650218

0.516581

0.504347

0.553171

Consolidated

No

No

No

No

No

 

 

 

 

 

 

 

 

Annual Ratios

Financials in: USD (mil)

 

 

 

31-Oct-2010

31-Oct-2009

31-Oct-2008

31-Oct-2007

31-Oct-2006

Period Length

52 Weeks

52 Weeks

52 Weeks

52 Weeks

52 Weeks

Filed Currency

GBP

GBP

GBP

GBP

GBP

Exchange Rate

0.625469

0.606667

0.618908

0.481383

0.524315

Consolidated

No

No

No

No

No

 

 

 

 

 

 

Current Ratio

1.18

1.16

1.21

1.15

1.21

Liquidity Ratio

1.03

0.82

0.93

0.64

0.53

Equity Gearing

26.67%

21.99%

18.22%

13.79%

18.53%

 

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.54.20

UK Pound

1

Rs.86.99

Euro

1

Rs.70.22

 

 

INFORMATION DETAILS

 

Report Prepared by :

SDA

 

 

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%)

 

 

PRIVATE & CONFIDENTIAL : This information is provided to you at your request, you having employed MIPL for such purpose. You will use the information as aid only in determining the propriety of giving credit and generally as an aid to your business and for no other purpose. You will hold the information in strict confidence, and shall not reveal it or make it known to the subject persons, firms or corporations or to any other. MIPL does not warrant the correctness of the information as you hold it free of any liability whatsoever. You will be liable to and indemnify MIPL for any loss, damage or expense, occasioned by your breach or non observance of any one, or more of these conditions

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