MIRA
INFORM REPORT
|
Report Date : |
30.03.2012 |
IDENTIFICATION DETAILS
|
Name : |
WITTEN INDUSTRIAL DIAMONDS LTD. |
|
|
|
|
Registered Office : |
|
|
|
|
|
Country : |
|
|
|
|
|
Financials (as on) : |
30.09.2010 |
|
|
|
|
Date of Incorporation : |
05.10.1953 |
|
|
|
|
Com. Reg. No.: |
00524322 |
|
|
|
|
Legal Form : |
Private Independent |
|
|
|
|
Line of Business : |
Traders in industrial diamonds. |
|
|
|
|
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 30, 2011
|
Country Name |
Previous Rating (30.06.2011) |
Current Rating (30.09.2011) |
|
|
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
Company name and address
|
Witten Industrial Diamonds Ltd. |
|
|
|
||||||||||||||||||
|
Employees: |
NA |
|
Company Type: |
Private
Independent |
|
|
|
|
Quoted Status: |
Non-quoted
Company |
|
Incorporation
Date: |
05-Oct-1953 |
|
Auditor: |
Richard Anthony
And Co |
|
Fiscal Year End:
|
30-Sep-2010 |
|
Reporting
Currency: |
British Pound
Sterling |
|
Annual Sales: |
NA |
|
Total Assets: |
2.5 |
Business Description
|
Traders in industrial diamonds. |
||||
|
|
Industry |
|
|
|
|
Industry |
Miscellaneous
Capital Goods |
|
ANZSIC 2006: |
3739 - Other
Goods Wholesaling Not Elsewhere Classified |
|
NACE 2002: |
5190 - Other
wholesale |
|
NAICS 2002: |
423990 - Other Miscellaneous
Durable Goods Merchant Wholesalers |
|
|
5190 - Other
wholesale |
|
US SIC 1987: |
5099 - Durable
Goods, Not Elsewhere Classified |
Key Executives
|
Financial Summary
|
||||||||||||||||||||
Registered No.(UK
00524322
Profit & Loss Item Exchange Rate: USD 1 = GBP 0.6425498
Balance Sheet Item Exchange Rate: USD 1 = GBP 0.6345983
Corporate Overview
|
||||||
|
|
Sales GBP(mil): |
NA |
|
Assets GBP(mil): |
1.6 |
|
Employees: |
NA |
|
Fiscal Year End: |
30-Sep-2010 |
|
|
|
|
Industry: |
Miscellaneous
Capital Goods |
|
Incorporation Date: |
05-Oct-1953 |
|
Company Type: |
Private
Independent |
|
Quoted Status: |
Not Quoted |
|
Registered No.( |
00524322 |
|
|
|
|
Director: |
Rudi Witten |
Industry
Codes
|
|
||||||||||||||||||||||||||||||
|
||||||||||||||||||||||||||||||
Business
Description
|
|
|
|
|
Financial
Data
|
|
Key Corporate Relationships
|
|
|
|
||||||||||||||||||||
Executives Report
|
|
||||||||||||||||||||||||||||||||||
|
Directors
and Shareholders Report
|
Main Office Address: |
Tel: 01992652915 |
Annual Return Date: 29 Mar 2011 |
|
Individual Directors |
|||||||
|
|
|||||||
|
Name |
Status |
DOB |
Filed Address |
Appointment Date |
Resignation Date |
Summary of Directorships |
|
|
Current |
26 Jul 1922 |
|
29 Mar 1992 |
NA |
Current:2 |
|
|
|
Current |
29 Oct 1923 |
|
29 Mar 1992 |
NA |
Current:2 |
|
|
|
|
|
||||||
|
|
|
||||||
|
|
|
|
|
|
|
|
|
|
Corporate Directors |
|
|
|
There are no corporate directors for this company. |
|
|
|
Individual Secretaries |
|||||||
|
|
|||||||
|
Name |
Status |
DOB |
Filed Address |
Appointment Date |
Resignation Date |
Summary of Directorships |
|
|
Current |
26 Jul 1922 |
|
29 Mar 1992 |
NA |
Current:2 |
|
|
|
|
|
||||||
|
|
|
||||||
|
|
|
|
|
|
|
|
|
|
Corporate Secretaries |
|
|
|
There are no corporate secretaries for this company. |
|
|
|
Individual Shareholders |
||||||
|
|
||||||
|
Name |
Share Details |
Share Type |
# of Shares |
Share Price (GBP) |
Share Value (GBP) |
% of Total Shares |
|
Mr. Paul Henry Witten |
4500 Ordinary GBP 1.00 |
Ordinary |
4,500 |
1.00 |
4,500.00 |
50.00 |
|
Mr. Rudi Witten |
3248 Ordinary GBP 1.00 |
Ordinary |
3,248 |
1.00 |
3,248.00 |
36.09 |
|
Ms. Diane Witten |
1252 Ordinary GBP 1.00 |
Ordinary |
1,252 |
1.00 |
1,252.00 |
13.91 |
|
|
|
|
|
|
|
|
|
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) |
|
|
|
|
|
|
|
30-Sep-2010 |
30-Sep-2009 |
30-Sep-2008 |
30-Sep-2007 |
30-Sep-2006 |
|
Period Length |
52 Weeks |
52 Weeks |
52 Weeks |
52 Weeks |
52 Weeks |
|
Filed Currency |
GBP |
GBP |
GBP |
GBP |
GBP |
|
Exchange Rate (Period
Average) |
0.64255 |
0.647882 |
0.507879 |
0.508116 |
0.555972 |
|
Consolidated |
No |
No |
No |
No |
No |
|
|
|
|
|
|
|
|
Depreciation |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
Annual Balance Sheet
|
|
|
|
|
Financials in:
USD (mil) |
|
|
30-Sep-2010 |
30-Sep-2009 |
30-Sep-2008 |
30-Sep-2007 |
30-Sep-2006 |
|
Filed Currency |
GBP |
GBP |
GBP |
GBP |
GBP |
|
Exchange Rate |
0.634598 |
0.625254 |
0.561026 |
0.490834 |
0.535346 |
|
Consolidated |
No |
No |
No |
No |
No |
|
|
|
|
|
|
|
|
Total Tangible Fixed Assets |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
|
Intangible Assets |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
|
Investments |
0.2 |
0.2 |
0.1 |
0.5 |
0.2 |
|
Total Fixed Assets |
0.2 |
0.2 |
0.1 |
0.5 |
0.2 |
|
Total Stocks Work In Progress |
0.3 |
0.3 |
0.5 |
0.3 |
0.4 |
|
Director Loans |
- |
- |
0.0 |
- |
- |
|
Other Debtors |
- |
- |
1.1 |
- |
- |
|
Total Debtors |
1.9 |
1.1 |
1.1 |
1.3 |
1.4 |
|
Cash and Equivalents |
0.1 |
0.1 |
0.2 |
0.0 |
0.0 |
|
Other Current Assets |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
|
Total Current Assets |
2.3 |
1.5 |
1.8 |
1.7 |
1.8 |
|
Total Assets |
2.5 |
1.6 |
2.0 |
2.1 |
2.0 |
|
Other Current Liabilities |
2.4 |
1.6 |
2.0 |
2.0 |
2.0 |
|
Total Current Liabilities |
2.4 |
1.6 |
2.0 |
2.0 |
2.0 |
|
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 |
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 |
0.1 |
0.0 |
0.0 |
0.1 |
0.0 |
|
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 |
0.1 |
0.0 |
0.0 |
0.1 |
0.0 |
|
Net Worth |
0.1 |
0.0 |
0.0 |
0.1 |
0.0 |
Annual Cash Flows
|
|
|
|
|
Financials in:
USD (mil) |
|
|
30-Sep-2010 |
30-Sep-2009 |
30-Sep-2008 |
30-Sep-2007 |
30-Sep-2006 |
|
Period Length |
52 Weeks |
52 Weeks |
52 Weeks |
52 Weeks |
52 Weeks |
|
Filed Currency |
GBP |
GBP |
GBP |
GBP |
GBP |
|
Exchange Rate (Period
Average) |
0.64255 |
0.647882 |
0.507879 |
0.508116 |
0.555972 |
|
Consolidated |
No |
No |
No |
No |
No |
|
|
|
|
|
|
|
Annual Ratios
|
|
|
|
|
Financials in:
USD (mil) |
|
|
30-Sep-2010 |
30-Sep-2009 |
30-Sep-2008 |
30-Sep-2007 |
30-Sep-2006 |
|
Period Length |
52 Weeks |
52 Weeks |
52 Weeks |
52 Weeks |
52 Weeks |
|
Filed Currency |
GBP |
GBP |
GBP |
GBP |
GBP |
|
Exchange Rate |
0.634598 |
0.625254 |
0.561026 |
0.490834 |
0.535346 |
|
Consolidated |
No |
No |
No |
No |
No |
|
|
|
|
|
|
|
|
Current Ratio |
0.95 |
0.91 |
0.94 |
0.82 |
0.93 |
|
Liquidity Ratio |
0.81 |
0.73 |
0.66 |
0.65 |
0.72 |
|
Equity Gearing |
3.04% |
1.10% |
0.86% |
4.41% |
2.05% |
DIAMOND INDUSTRY –
-
From time immemorial,
-
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
-
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
-
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.51.14 |
|
|
1 |
Rs.81.41 |
|
Euro |
1 |
Rs.68.22 |
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.