MIRA INFORM REPORT

 

 

Report Date :

06.07.2012

 

IDENTIFICATION DETAILS

 

Name :

L.& R.JOSYFON LTD.

 

 

Registered Office :

3-4 Bower Terrace, Tonbridge Road, Maidstone, ME16 8RY

 

 

Country :

United Kingdom 

 

 

Financials (as on) :

31.01.2011

 

 

Date of Incorporation :

13.03.1961

 

 

Com. Reg. No.:

00686131

 

 

Legal Form :

Private Independent Company

 

 

Line of Business :

Loose polished diamonds to the trade.

 

 

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 :

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

Company name & address 

 

L.& R.Josyfon Ltd.

3-4 Bower Terrace

Tonbridge Road

Maidstone, ME16 8RY

United Kingdom

Tel:       02072423478

Fax:      02074302153

 

 

Registration data     

 

Employees:                  NA

Company Type: Private Independent

Quoted Status:             Non-quoted Company

Incorporation Date:         13-Mar-1961

Auditor:                         Dendy Neville Ltd.         

Financials in:                 USD (Millions)

Fiscal Year End:            31-Jan-2011

Reporting Currency:       British Pound Sterling

Annual Sales:                NA

Total Assets:                7.3

 

 

Business Description     

 

Loose polished diamonds to the trade.

 

Industry             

Industry            Retail (Department and Discount)

ANZSIC 2006:    373 - Furniture, Floor Covering and Other Goods Wholesaling

NACE 2002:      5156 - Wholesale of other intermediate products

NAICS 2002:     4239 - Miscellaneous Durable Goods Merchant Wholesalers

UK SIC 2003:    5156 - Wholesale of other intermediate products

US SIC 1987:    509 - Miscellaneous Durable Goods

 

           

Key Executives   

 

Name                           Title    

Brian Rodney Josyfon     Director


Financial Summary    

 

FYE: 31-Jan-2011          USD (mil)

Key Figures    

Current Assets              7.14

Fixed Assets                 0.11

Total Liabilities               3.29

Net Worth                     3.96

 

Key Ratios      

Current Ratio                 2.17

Acid Test                      0.50

 

                                                                         

Registered No.(UK): 00686131

 

1 - Profit & Loss Item Exchange Rate: USD 1 = GBP 0.6487866

2 - Balance Sheet Item Exchange Rate: USD 1 = GBP 0.6243172

 

 

Corporate Overview

 

Location

3-4 Bower Terrace

Tonbridge Road

Maidstone, ME16 8RY

Kent County

United Kingdom

Tel:       02072423478

Fax:      02074302153

           

Sales GBP(mil):             NA

Assets GBP(mil):           4.5

Employees:                   NA

Fiscal Year End:            31-Jan-2011

Industry:                        Retail (Department and Discount)

Incorporation Date:         13-Mar-1961

Company Type:             Private Independent

Quoted Status:              Not Quoted

Registered No.(UK):       00686131

Director:                        Brian Rodney Josyfon

 

Contents

Industry Codes

Business Description

Financial Data

Key Corporate Relationships

Industry Codes

 

ANZSIC 2006 Codes:

373       -          Furniture, Floor Covering and Other Goods Wholesaling

 

NACE 2002 Codes:

5156     -          Wholesale of other intermediate products

 

NAICS 2002 Codes:

4239     -          Miscellaneous Durable Goods Merchant Wholesalers

 

US SIC 1987:

509       -          Miscellaneous Durable Goods

 

UK SIC 2003:

5156     -          Wholesale of other intermediate products

 

Business Description

Loose polished diamonds to the trade.

 

Financial Data

Financials in:

GBP(mil)

 

Assets:

4.5

Current Assets:

4.5

 

Fixed Assets:

0.1

 

Long Term Debt:

0.0

 

Total Liabilities:

2.1

 

Issued Capital:

0.0

 

Working Capital:

2.4

 

Net Worth:

2.5

 

 

 

Date of Financial Data:

31-Jan-2011

 

1 Year Growth

NA

 

Key Corporate Relationships

Auditor:

Dendy Neville Ltd.

 

Auditor:

Dendy Neville Ltd.

 

 

 

 

 

 

 

 

 

 

 

Executives Report

 

 

Board of Directors

 

Name

Title

Function

 

Brian Rodney Josyfon

 

Director

Director/Board Member

 

Age: 74

 


Directors and Shareholders Report

 

Main Office Address:
3-4 Bower Terrace
Tonbridge Road
Maidstone
United Kingdom ME16 8RY

Tel: 02072423478
Fax: 02074302153

Annual Return Date: 14 Dec 2011
Total Issued Capital (GBP 000): 1

 

Individual Directors

 

Name

Status

DOB

Filed Address

Appointment Date

Resignation Date

Summary of Directorships

 

Brian Rodney 
Josyfon

Current

09 Nov 1937

3-4 Bower Terrace, Tonbridge Road, 
Maidstone, Kent ME16 8RY

14 Dec 1991

NA

Current:1
Previous:0
Disqualifications:0

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Corporate Directors

 

There are no corporate directors for this company.

 

 

Individual Secretaries

 

There are no individual secretaries for this company.

 

 

 

 

 

 

 

 

 

Corporate Secretaries

 

Company Name

Status

Registered Address

Appointment Date

Resignation Date

Musket Lane Enterprises Limited

Current

Autumn Cottage Musket Lane, Hollingbourne, 
Maidstone, Kent ME17 1UY

12 Sep 2007

NA

Limcosec Limited

Previous

1 Dane Close, Farnborough, 
Orpington, Kent BR6 7DS

14 Dec 1991

12 Sep 2007

 

 

 

 

Individual Shareholders

 

Name

Share Details 
(As Reported)

Share Type

# of Shares

Share Price (GBP)

Share Value (GBP)

% of Total Shares

B M Josyfon

249 Ordinary GBP 1.00

Ordinary

249

1.00

249.00

24.90

B R Josyfon

502 Ordinary GBP 1.00

Ordinary

502

1.00

502.00

50.20

N A Josyfon

249 Ordinary GBP 1.00

Ordinary

249

1.00

249.00

24.90

 

 

 

 

 

 

 

 

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-Jan-2011

31-Jan-2010

31-Jan-2009

31-Jan-2008

31-Jan-2007

Period Length

52 Weeks

52 Weeks

52 Weeks

52 Weeks

52 Weeks

Filed Currency

GBP

GBP

GBP

GBP

GBP

Exchange Rate (Period Average)

0.648787

0.635292

0.558389

0.499611

0.53864

Consolidated

No

No

No

No

No

 

 

 

 

 

 

Total Turnover

-

7.6

-

-

-

Total Expenses

-

7.2

-

-

-

Gross Profit

-

-

2.4

2.6

-

Depreciation

0.0

0.0

0.0

0.0

0.0

Other Expenses

-

-

1.8

1.7

-

Operating Profit

-

0.4

-

0.9

-

Other Income

-

0.0

0.0

0.0

-

Interest Paid

-

0.0

0.0

0.0

-

Exceptional Income

-

0.0

0.0

0.0

-

Discontinued Operations

-

0.0

0.0

0.0

-

Profit Before Taxes

-

0.4

0.6

0.9

-

Tax Payable / Credit

-

0.1

0.1

0.2

-

Extraordinary Items/Debits

-

0.0

0.0

0.0

-

Dividends

-

0.2

0.2

0.2

-

Profit After Taxes

-

0.2

0.3

0.5

-

Minority Interests (Profit & Loss)

-

0.0

0.0

0.0

-

Audit Fees

-

0.0

0.0

0.0

-

Number of Employees

-

9

10

10

-

Wages

-

0.8

1.3

1.1

-

Social Security Costs

-

0.1

0.1

0.1

-

Pensions

-

-

-

0.0

-

Other Pension Costs

-

0.0

0.0

0.0

-

Employees Remuneration

-

0.9

1.4

1.3

-

Directors Emoluments

-

-

-

0.1

-

Other Costs

-

-

-

0.0

-

Directors Remuneration

-

-

0.2

0.1

-

Highest Paid Director

-

-

0.2

-

-

 

 

 

Annual Balance Sheet

Financials in: USD (mil)

 

 

 

31-Jan-2011

31-Jan-2010

31-Jan-2009

31-Jan-2008

31-Jan-2007

Filed Currency

GBP

GBP

GBP

GBP

GBP

Exchange Rate

0.624317

0.624064

0.717437

0.503018

0.510882

Consolidated

No

No

No

No

No

 

 

 

 

 

 

Land & Buildings

-

0.1

0.1

0.1

-

Fixtures & Fittings

-

0.0

0.0

0.0

-

Plant & Vehicles

-

0.0

0.0

0.0

-

Total Tangible Fixed Assets

0.1

0.1

0.1

0.2

0.2

Intangible Assets

0.0

0.0

0.0

0.0

0.0

Investments

0.0

0.0

0.0

0.0

0.0

Total Fixed Assets

0.1

0.1

0.1

0.2

0.2

Stocks

-

5.3

4.4

6.1

-

Work in Progress

-

0.0

0.0

0.0

-

Total Stocks Work In Progress

5.5

5.3

4.4

6.1

4.4

Trade Debtors

-

1.1

0.9

2.5

-

Inter-Company Debtors

-

0.0

0.0

-

-

Director Loans

-

0.0

0.0

-

-

Other Debtors

-

0.1

0.0

0.1

-

Total Debtors

1.3

1.2

0.9

2.5

2.1

Cash and Equivalents

0.3

0.4

0.5

0.0

1.0

Other Current Assets

0.0

0.0

0.0

0.0

0.0

Total Current Assets

7.1

6.9

5.8

8.7

7.4

Total Assets

7.3

7.0

6.0

8.8

7.6

Trade Creditors

-

2.3

1.7

3.1

-

Bank Overdraft

-

-

0.0

0.0

-

Director Loans (Current Liability)

-

0.1

0.1

0.2

-

Accruals/Deferred Income (Current Liability)

-

0.4

0.6

0.6

-

Social Security/VAT

-

0.1

0.1

0.4

-

Corporation Tax

-

0.1

0.1

0.2

-

Other Current Liabilities

3.3

0.2

0.2

0.4

4.1

Total Current Liabilities

3.3

3.3

2.9

4.8

4.1

Group Loans (Long Term Liability)

0.0

0.0

0.0

0.0

0.0

Director Loans (Long Term Liability)

0.0

0.0

0.0

0.0

0.0

Hire Purchase (Long Term Liability)

0.0

0.0

0.0

0.0

0.0

Leasing (Long Term Liability)

0.0

0.0

0.0

0.0

0.0

Total Hire Purchase Loans (Long Term Liability)

0.0

0.0

0.0

0.0

0.0

Other Long Term Loans

0.0

0.0

0.0

0.0

0.0

Accruals/Deferred Income (Long Term Liability)

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

Deferred Taxation

-

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

4.0

3.7

3.1

4.1

3.5

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

4.0

3.7

3.1

4.1

3.5

Net Worth

4.0

3.7

3.1

4.1

3.5

 

 

Annual Cash Flows

Financials in: USD (mil)

 

 

 

31-Jan-2011

31-Jan-2010

31-Jan-2009

31-Jan-2008

31-Jan-2007

Period Length

52 Weeks

52 Weeks

52 Weeks

52 Weeks

52 Weeks

Filed Currency

GBP

GBP

GBP

GBP

GBP

Exchange Rate (Period Average)

0.648787

0.635292

0.558389

0.499611

0.53864

Consolidated

No

No

No

No

No

 

 

 

 

 

 

Net Cash Flow From Operating Activities

-

0.1

1.1

-0.6

-

Net Cash Flow from ROI and Servicing of Finance

-

0.0

0.0

0.0

-

Taxation

-

-0.1

-0.2

-0.2

-

Capital Expenditures

-

0.0

-0.1

0.0

-

Acquisitions and Disposals

-

0.0

0.0

0.0

-

Paid Up Equity

-

-0.2

-0.2

-0.2

-

Management of Liquid Resources

-

0.0

0.0

0.0

-

Net Cash Flow From Financing

-

0.0

0.0

0.0

-

Increase in Cash

-

-0.2

0.7

-1.0

-

 

 

Annual Ratios

Financials in: USD (mil)

 

 

 

31-Jan-2011

31-Jan-2010

31-Jan-2009

31-Jan-2008

31-Jan-2007

Period Length

52 Weeks

52 Weeks

52 Weeks

52 Weeks

52 Weeks

Filed Currency

GBP

GBP

GBP

GBP

GBP

Exchange Rate

0.624317

0.624064

0.717437

0.503018

0.510882

Consolidated

No

No

No

No

No

 

 

 

 

 

 

Current Ratio

2.17

2.08

2.02

1.82

1.80

Liquidity Ratio

0.50

0.48

0.50

0.53

0.74

Stock Turnover

-

1.47

-

-

-

Credit Period (Days)

-

53.85

-

-

-

Working Capital by Sales

-

46.21%

-

-

-

Trade Credit by Debtors

-

2.04

1.86

1.22

-

Return on Capital

-

11.98%

15.04%

22.94%

-

Return on Assets

-

6.34%

7.75%

10.52%

-

Profit Margin

-

5.74%

-

-

-

Return on Shareholders Funds

-

11.99%

15.07%

22.94%

-

Borrowing Ratio

-

2.36%

4.88%

5.23%

-

Equity Gearing

54.64%

52.87%

51.46%

45.88%

45.74%

Interest Coverage

-

1,770.52

134.49

193.39

-

Sales by Tangible Assets

-

58.68

-

-

-

Average Remuneration per Employee

-

0.1

0.1

0.1

-

Profit per Employee

-

0.0

0.0

0.1

-

Sales per Employee

-

0.9

-

-

-

Capital Employed per Employee

-

0.4

0.3

0.4

-

Tangible Assets per Employee

-

0.0

0.0

0.0

-

Total Assets per Employee

-

0.8

0.6

0.9

-

Employee Remuneration by Sales

-

11.77%

-

-

-

Creditor Days (Cost of Sales Based)

-

109.92

-

-

-

Creditor Days (Sales Based)

-

109.92

-

-

-

 


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.55.03

UK Pound

1

Rs.85.93

Euro

1

Rs.68.97

 

INFORMATION DETAILS

 

Report Prepared by :

MNL

 

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.