MIRA INFORM REPORT
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Report Date : |
28.02.2012 |
IDENTIFICATION DETAILS
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Correct Name : |
ALUKKAS LIMITED |
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Registered Office : |
284 Green Street, Forest Gate, London, E7
8LF. |
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Country : |
United Kingdom |
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Financials (as on) : |
31.03.2011 |
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Date of Incorporation : |
14.03.2002 |
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Com. Reg. No.: |
04394314 |
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Legal Form : |
Private Limited Company |
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Line of Business : |
Retailers of Jewellery |
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No. of Employees
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Not Available |
RATING & COMMENTS
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MIRA’s Rating : |
B |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
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Status : |
Small Company |
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Payment
Behaviour : |
No Complaints |
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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
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Country Name |
Previous Rating (30.06.2011) |
Current Rating (30.09.2011) |
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United Kingdom |
a1 |
a1 |
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Risk Category |
ECGC
Classification |
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Insignificant |
A1 |
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Low |
A2 |
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Moderate |
B1 |
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High |
B2 |
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Very High |
C1 |
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Restricted |
C2 |
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Off-credit |
D |
Company Identification Details
Official Company Data
Operations
Previous Searches
Public Record Information
Other Filings and Notices
Company Secretary
Directors
Share Capital
Financial Data– Statutory Accounts
Profit &
Loss Accounts are not available for companies categorised as small companies
under the companies act.
Balance Sheet
The following figures are shown in units of 1000
Financial
Comparison
The following figures are shown in units of 1000
Key
Credit Ratios
The following figures are shown as Ratios or Percentages
Key Industry Sector Trends
Financial Summary
Auditors Qualification The Auditors have expressed a clean opinion (i.e. unqualified with no referrals) on the accounts for the period ended 31/03/2011. 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 shown on the Balance Sheet is GBP 49,000 increase. This suggests that the Company may have made a post-tax profit of GBP 49,000. Working Capital The company's working capital has improved in the period by 15 %. Net Worth Net worth has increased by 21 % and now stands at GBP 281,000. Fixed Assets The subject's fixed assets reduced during the year by GBP 3,000 to GBP 114,000 and are now 8 % of total assets compared with 9 % in the previous year. Long Term Liabilities The company's long term liabilities increased during the period by 11% and are now 377 % of net worth compared with 409 % in the previous period. Long Term Liabilities Long term liabilities are now 76 % of total liabilities compared with 77 % in the previous period. Long Term Liabilities Long term liabilities are 79 % of capital employed, a decrease of 1 % over the previous period. |
DIAMOND INDUSTRY –
INDIA
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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.
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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.
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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.
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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.
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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.
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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.
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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.
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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.
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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
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
Rs.49.05 |
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UK Pound |
1 |
Rs.77.78 |
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Euro |
1 |
Rs.65.89 |
RATING EXPLANATIONS
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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>86 |
Aaa |
Possesses an extremely sound financial base with the strongest capability
for timely payment of interest and principal sums |
Unlimited |
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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 |
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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 |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
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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 |
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<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
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NB |
New Business |
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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.