MIRA
INFORM REPORT
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Report Date : |
09.07.2012 |
IDENTIFICATION DETAILS
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Name : |
RATHY JEWELLERS LTD. |
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Registered Office : |
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Country : |
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Financials (as on) : |
31.12.2010 |
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Date of Incorporation : |
15.12.2003 |
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Com. Reg. No.: |
04994774 |
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Legal Form : |
Private Independent |
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Line of Business : |
Manufacture of jewellery and related. |
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No. of Employees : |
2 |
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 : |
Moderate |
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Payment Behaviour : |
Slow |
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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 – March 31st, 2012
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Country Name |
Previous Rating (31.12.2011) |
Current Rating (31.03.2012) |
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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 name
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Rathy Jewellers Ltd. |
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Employees: 2
Company Type: Private Independent
Quoted Status: Non-quoted Company
Incorporation Date: 15-Dec-2003
Auditor: Elite Accountants
Fiscal Year End: 31-Dec-2010
Reporting British Pound
Currency:
Annual Sales: NA
Total Assets: 3.9
Business Description
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Manufacture of jewellery and related. |
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Industry |
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Industry |
Jewelry and
Silverware |
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ANZSIC 2006: |
2591 - Jewellery
and Silverware Manufacturing |
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NACE 2002: |
3622 - Manufacture
of jewellery and related articles not elsewhere classified |
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NAICS 2002: |
339911 - Jewelry
(except Costume) Manufacturing |
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3622 -
Manufacture of jewellery and related articles not elsewhere classified |
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US SIC 1987: |
3915 - Jewelers'
Findings and Materials, and Lapidary Work |
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News |
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Financial Summary |
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Registered No.(UK
04994774
1 - Profit & Loss Item Exchange Rate: USD 1 = GBP 0.6475734
2 - Balance Sheet Item Exchange Rate: USD 1 = GBP 0.6387123
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Industry
Codes
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ANZSIC 2006 Codes: |
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2591 |
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Jewellery and Silverware Manufacturing |
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NACE 2002 Codes: |
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3622 |
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Manufacture of jewellery and related
articles not elsewhere classified |
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NAICS 2002 Codes: |
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339911 |
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Jewelry (except Costume) Manufacturing |
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US SIC 1987: |
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3915 |
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Jewelers' Findings and Materials, and
Lapidary Work |
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3622 |
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Manufacture of jewellery and related
articles not elsewhere classified |
Business
Description
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Manufacture of jewellery and related. |
More Business Descriptions 
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Jewellery Retail |
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Financials in: |
GBP(mil) |
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Assets: |
2.5 |
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Current Assets: |
0.6 |
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Fixed Assets: |
1.9 |
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Long Term Debt: |
0.9 |
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Total Liabilities: |
2.3 |
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Issued Capital: |
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Working Capital: |
-0.8 |
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Net Worth: |
0.2 |
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Date of Financial Data: |
31-Dec-2010 |
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1 Year Growth |
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17.1% |
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Auditor: |
Elite Accountants |
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Auditor: |
Elite Accountants |
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Auditor History |
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Elite Accountants |
31-Dec-2010 |
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Imperial Financial Accountants |
31-Dec-2009 |
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Imperial Financial Consultants |
31-Dec-2008 |
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Imperial Financial Consultants |
31-Dec-2007 |
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Imperial Financial Consultants |
31-Dec-2006 |
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Directors
and Shareholders Report
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Main Office Address: |
Tel: 020 8903 3063 |
Annual Return
Date: 10 Feb 2012 |
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Individual Directors |
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Name |
Status |
DOB |
Filed Address |
Appointment Date |
Resignation Date |
Summary of Directorships |
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Current |
28 Aug 1985 |
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01 Dec 2010 |
NA |
Current:1 |
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Current |
04 Dec 1976 |
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19 Oct 2009 |
NA |
Current:2 |
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Current |
10 Oct 1953 |
209 Upper Tooting Road, |
15 Dec 2003 |
NA |
Current:1 |
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Current |
15 Oct 1980 |
21 Fairview, Fairview Crescent, |
15 Dec 2003 |
NA |
Current:3 |
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Previous |
23 Feb 1959 |
73 High Worple, |
15 Dec 2003 |
19 Oct 2009 |
Current:1 |
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Previous |
02 Dec 1983 |
28 Ealing Road, Wembley, |
01 Jan 2010 |
01 Dec 2010 |
Current:1 |
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Corporate Directors |
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Company Name |
Status |
Registered Address |
Appointment Date |
Resignation Date |
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Rathy Jewellers Limited |
Previous |
28 Ealing Road, |
15 Dec 2006 |
15 Dec 2007 |
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Individual Secretaries |
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Name |
Status |
DOB |
Filed Address |
Appointment Date |
Resignation Date |
Summary of Directorships |
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Previous |
04 Dec 1976 |
1 Coombe Drive, Ruislip, |
15 Dec 2003 |
12 Dec 2009 |
Current:0 |
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Previous |
15 Oct 1980 |
21 Fairview, Fairview Crescent, |
01 Mar 2005 |
06 Jan 2009 |
Current:3 |
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Corporate Secretaries |
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There are no corporate secretaries for this company. |
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Individual Shareholders |
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Name |
Share Details |
Share Type |
# of Shares |
Share Price (GBP) |
Share Value (GBP) |
% of Total Shares |
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Arumugam Mahalingam |
25 Ordinary GBP 1.00 |
Ordinary |
25 |
1.00 |
25.00 |
25.00 |
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Jeyagowri Mahalingam |
25 Ordinary GBP 1.00 |
Ordinary |
25 |
1.00 |
25.00 |
25.00 |
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Rajtharan Mahalingam |
25 Ordinary GBP 1.00 |
Ordinary |
25 |
1.00 |
25.00 |
25.00 |
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Tharsika Arunan |
25 Ordinary GBP 1.00 |
Ordinary |
25 |
1.00 |
25.00 |
25.00 |
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Corporate Shareholders |
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There are no corporate shareholders for this company. |
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Annual
Profit & Loss
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Financials in: USD (mil) |
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Except for share items (millions) and per
share items (actual units) |
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31-Dec-2010 |
31-Dec-2009 |
31-Dec-2008 |
31-Dec-2007 |
31-Dec-2006 |
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Period Length |
52 Weeks |
52 Weeks |
52 Weeks |
52 Weeks |
52 Weeks |
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Filed Currency |
GBP |
GBP |
GBP |
GBP |
GBP |
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Exchange Rate
(Period Average) |
0.647573 |
0.641508 |
0.545576 |
0.499878 |
0.543438 |
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Consolidated |
No |
No |
No |
No |
No |
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Depreciation |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
Annual
Balance Sheet
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Financials in:
USD (mil) |
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31-Dec-2010 |
31-Dec-2009 |
31-Dec-2008 |
31-Dec-2007 |
31-Dec-2006 |
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Filed Currency |
GBP |
GBP |
GBP |
GBP |
GBP |
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Exchange Rate |
0.638712 |
0.619253 |
0.695531 |
0.502361 |
0.510947 |
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Consolidated |
No |
No |
No |
No |
No |
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Total Tangible Fixed Assets |
3.0 |
3.0 |
2.6 |
3.1 |
2.8 |
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Intangible Assets |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
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Investments |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
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Total Fixed Assets |
3.0 |
3.0 |
2.6 |
3.1 |
2.8 |
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Total Stocks Work In Progress |
0.7 |
1.0 |
0.6 |
0.8 |
0.7 |
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Trade Debtors |
- |
- |
0.0 |
0.0 |
0.0 |
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Inter-Company Debtors |
- |
- |
0.0 |
0.0 |
0.0 |
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Director Loans |
- |
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0.0 |
0.0 |
0.0 |
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Other Debtors |
- |
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0.0 |
0.0 |
0.0 |
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Total Debtors |
0.1 |
0.1 |
0.0 |
0.0 |
0.0 |
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Cash and Equivalents |
0.1 |
0.1 |
0.0 |
0.1 |
0.1 |
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Other Current Assets |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
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Total Current Assets |
0.9 |
1.2 |
0.7 |
1.0 |
0.8 |
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Total Assets |
3.9 |
4.2 |
3.3 |
4.1 |
3.6 |
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Other Current Liabilities |
2.2 |
2.4 |
1.6 |
2.2 |
1.8 |
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Total Current Liabilities |
2.2 |
2.4 |
1.6 |
2.2 |
1.8 |
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Other Long Term Liabilities |
1.4 |
1.5 |
1.4 |
1.7 |
1.7 |
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Total Long Term Liabilities |
1.4 |
1.5 |
1.4 |
1.7 |
1.7 |
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Deferred Taxation |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
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Other Provisions |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
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Total Provisions |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
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Issued Capital |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
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Share Premium Accounts |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
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Revaluation Reserve |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
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Retained Earnings |
0.3 |
0.3 |
0.3 |
0.2 |
0.1 |
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Other Reserves |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
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Minority Interests (Balance Sheet) |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
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Total Shareholders Funds |
0.3 |
0.3 |
0.3 |
0.2 |
0.1 |
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Net Worth |
0.3 |
0.3 |
0.3 |
0.2 |
0.1 |
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Annual Cash Flows |
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Financials in:
USD (mil) |
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31-Dec-2010 |
31-Dec-2009 |
31-Dec-2008 |
31-Dec-2007 |
31-Dec-2006 |
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Period Length |
52 Weeks |
52 Weeks |
52 Weeks |
52 Weeks |
52 Weeks |
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Filed Currency |
GBP |
GBP |
GBP |
GBP |
GBP |
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Exchange Rate
(Period Average) |
0.647573 |
0.641508 |
0.545576 |
0.499878 |
0.543438 |
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Consolidated |
No |
No |
No |
No |
No |
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Annual Ratios |
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Financials in:
USD (mil) |
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31-Dec-2010 |
31-Dec-2009 |
31-Dec-2008 |
31-Dec-2007 |
31-Dec-2006 |
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Period Length |
52 Weeks |
52 Weeks |
52 Weeks |
52 Weeks |
52 Weeks |
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Filed Currency |
GBP |
GBP |
GBP |
GBP |
GBP |
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Exchange Rate |
0.638712 |
0.619253 |
0.695531 |
0.502361 |
0.510947 |
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Consolidated |
No |
No |
No |
No |
No |
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Current Ratio |
0.41 |
0.51 |
0.43 |
0.44 |
0.45 |
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Liquidity Ratio |
0.09 |
0.10 |
0.03 |
0.06 |
0.04 |
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Equity Gearing |
8.94% |
6.90% |
7.88% |
5.98% |
3.84% |
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
|
Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
Rs.55.41 |
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1 |
Rs.86.04 |
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Euro |
1 |
Rs.68.60 |
INFORMATION DETAILS
|
Report Prepared
by : |
PDT |
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.