MIRA
INFORM REPORT
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Name :
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EID LIMITED
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Registered Office :
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Bkb York House, Empire Way, Wembley, Middlesex, Ha9 0ql.
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Country :
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United Kingdom
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Financials (as on) :
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30.04.2011
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Date of Incorporation :
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13.01.1998
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Com. Reg. No.:
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03491832
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Legal Form :
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Private Limited
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Line of Business :
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Dealers in industrial diamonds.
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No. of Employees :
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8
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RATING
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STATUS
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PROPOSED CREDIT LINE
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41-55
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Ba
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Overall operation is considered normal. Capable to meet normal
commitments.
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Satisfactory
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Status :
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Satisfactory
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Payment Behaviour :
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No complaints
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Litigation :
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Clear
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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
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Country Name
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Previous Rating
(30.06.2011)
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Current Rating
(30.09.2011)
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United Kingdom
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A1
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A1
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Risk Category
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ECGC
Classification
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Insignificant
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A1
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Low
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A2
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Moderate
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B1
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High
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B2
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Very High
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C1
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Restricted
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C2
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Off-credit
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D
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Company Identification Details
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Subject Reported on
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EID LIMITED
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Registration Number
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03491832
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Address
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12
ST CROSS STREET, LONDON,
EC1N 8UB.
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Telephone
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020 7405 6594
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Facsimile
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020 7831 0372
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Email
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accounts@eid-ltd.com
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Web Address
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www.eid-ltd.com
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Legal Form
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Private Limited
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Registration Number
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03491832
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Subject Status
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Trading
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Date of Incorporation
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13/01/1998
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Registered Office
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BKB YORK HOUSE, EMPIRE
WAY, WEMBLEY, MIDDLESEX,
HA9 0QL.
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Date of Last Annual Return to Registry
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13/01/2012
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Accounts
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The last filed accounts at Companies House are those to
30/04/2011
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Accounting Reference Date
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30/04
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Activities
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Dealers in industrial diamonds.
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Nace Code
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5152
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Staff Employed
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8
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Import Countries
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ALL OVER THE WORLD
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Bankers
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BARCLAYS BANK PLC
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Address
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HOLBORN.
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Sort Code
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204141
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Auditors
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Benjamin Kay &Brummer
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Subsidiaries
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EUROPEAN
INVESTMENTS & DEVELOPMENT (PROPERTIES) LIMITED
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Last 3 Months
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Last 6 Months
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Last 12 Months
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0
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0
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0
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Search History Details
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The Search History Details shows details of the most
recent 40 searches
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Date
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Description
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14/01/2010
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Miscellaneous
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Public Record Information
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Summary of CCJ's/Scottish Decrees
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No CCJs/Scottish Decrees are
recorded in our file.
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Summary of Mortgages, Charges
and Satisfactions
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Total Number of Mortgages/Charges Registered
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1
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Number Outstanding
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1
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Number Partially Satisfied
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0
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Number Satisfied
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0
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Date of Latest Mortgage Created
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16/03/2000
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Details of most recent
Mortgages, Charges and Satisfactions
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Date Fully
Satisfied
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Date
Registered
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Date
Created
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Charge
Description
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Form Type
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Lender
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22/03/2000
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16/03/2000
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Debenture
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395
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Barclays Bank Plc
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It should be noted that there is no legal requirement to
file satisfaction details of mortgages/charges at Companies House.
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Other Filings and Notices
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27/01/2012
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Companies House Gazette
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All documents required to be delivered to the registrar
under section 441 (annual accounts and reports)
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27/02/1998
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Companies House Gazette
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Alteration in memorandum or articles of association
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27/02/1998
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Companies House Gazette
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Change among directors of a company
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Secretary
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SANDRA ALBERTA HINDS
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Service Address
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34 PONTON HOUSE, PALACE ROAD, LONDON,
SW2 3EQ.
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Country of Origin
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UNITED
KINGDOM
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Date of Birth
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30/06/1965
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Appointment Date
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13/01/1998
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Director
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MARTIN BARRY LEE
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Service Address
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37 HIGHWOOD GARDENS, ILFORD, ESSEX, IG5 0AZ.
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Country of Origin
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UNITED
KINGDOM
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Date of Birth
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13/09/1960
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Appointment Date
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13/01/1998
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Other Directorships
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PROCTER MANAGEMENT LIMITED
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Shares
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Ordinary GBP 1.00
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Issued Number
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1,000
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Principal Shareholder
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1,000 Leigh International Ltd
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The above reflects the principle shareholder(s) by
number of shares held, irrespective of share classification type.
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Holding Company
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Leigh International Ltd, a company incorporated in LIBERIA
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Ultimate Parent
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LEIGH INTERNATIONAL LTD, a company incorporated in LIBERIA
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Financial Data– Statutory
Accounts
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The following figures are shown in units of 1000
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Number of Weeks
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52
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52
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52
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52
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Accounts Date
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30/04/2011
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30/04/2010
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30/04/2009
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30/04/2008
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Currency
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GBP
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GBP
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GBP
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GBP
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SALES
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7965
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5980
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6929
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7414
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Cost of goods sold
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6009
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GROSS PROFIT
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920
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Wages and Salaries
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358
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361
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353
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337
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Directors Emoluments
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60
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61
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74
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77
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Auditors Fees
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4
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4
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4
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4
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Trading Profit
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305
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(49)
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(590)
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83
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Depreciation
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12
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16
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14
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52
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OPERATING PROFIT
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293
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(65)
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(604)
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31
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PRE TAX PROFIT
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293
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(65)
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(604)
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31
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Taxation
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17
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(43)
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17
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PROFIT AFTER TAX
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293
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(82)
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(561)
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14
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RETAINED PROFITS
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293
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(82)
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(561)
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14
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The following figures are shown in units of 1000
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Number of Weeks
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52
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52
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52
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52
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Accounts Date
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30/04/2011
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30/04/2010
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30/04/2009
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30/04/2008
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Currency
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GBP
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GBP
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GBP
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GBP
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TOTAL FIXED ASSETS
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60
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67
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68
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80
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Tangible Assets
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37
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43
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42
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53
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Fixed Assets
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37
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43
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42
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53
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Intangible Assets
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23
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24
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26
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27
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TOTAL CURRENT ASSETS
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6281
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6202
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6406
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6250
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Trade debtors
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3244
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3183
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3645
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2941
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Stocks
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2989
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2955
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2660
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3007
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Other Current Assets
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48
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64
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101
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302
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Misc Current Assets
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30
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42
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62
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36
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Cash
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18
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22
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39
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266
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TOTAL ASSETS
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6341
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6269
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6474
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6330
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TOTAL CURRENT LIABILITIES
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3354
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3407
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3452
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3404
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Trade creditors
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2884
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3026
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3058
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2795
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Short Term Loans
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327
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256
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286
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484
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Bank Overdraft
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327
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256
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286
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484
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Other Liabilities
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143
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125
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108
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125
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WORKING CAPITAL
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2927
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2795
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2954
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2846
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TOTAL LONG TERM LIABS
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2346
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2515
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2592
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1936
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Long Term Loans
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2346
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2515
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2592
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1936
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Due To Group
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2346
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2515
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2592
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1936
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NET ASSETS/(LIABILITIES)
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641
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347
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430
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990
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SHARE CAPITAL + RESERVES
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641
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347
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430
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990
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Share Cap + Sundry Res
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1
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1
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1
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1
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Issued Share Capital
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1
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1
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1
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1
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Profit and Loss account
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640
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346
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429
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989
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SHAREHOLDERS FUNDS
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641
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347
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430
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990
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CAPITAL EMPLOYED
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2987
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2862
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3022
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2926
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The following figures are shown in units of 1000
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Number of Weeks
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52
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52
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52
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52
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Accounts Date
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30/04/2011
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30/04/2010
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30/04/2009
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30/04/2008
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Currency
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GBP
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GBP
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GBP
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GBP
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Net Cashflow from Oper.
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99
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123
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(692)
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60
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Increase in Cash
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(76)
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13
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(29)
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39
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Directors Remuneration
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60
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61
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74
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77
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Auditors Remuneration
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4
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4
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4
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4
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Liquid Assets
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3262
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3205
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3684
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3207
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Net Working Capital
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2927
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2795
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2954
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2846
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Long Term Debt(>12 Months)
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2346
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2515
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2592
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1936
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Tangible Net Worth(T.N.W)
|
618
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323
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404
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963
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Equity
|
641
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347
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430
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990
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Number of Years Trading
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13
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12
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11
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10
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Number of Employees
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8
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8
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9
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9
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Profit per Employee
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36625
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(8125)
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(67111.1)
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3444.4
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Sales per Employee
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995625
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747500
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769888.9
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823777.8
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The following figures are shown as Ratios or Percentages
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Accounts Date
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30/04/2011
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30/04/2010
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30/04/2009
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30/04/2008
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Current Ratio
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1.9
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1.8
|
1.9
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1.8
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Long Term Debt/T.N.W
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3.8
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7.8
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6.4
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2
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Pre Tax Profit Margin%
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3.7
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(1.1)
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(8.7)
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0.4
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Gross Profit%
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|
|
13.3
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|
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Debtors Days (D.S.O)
|
149
|
194
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192
|
145
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Creditors Days (D.P.O)
|
132
|
185
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161
|
138
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Quick Ratio
|
1
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1
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1.1
|
1
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W.I.P/Inventory Days
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|
|
161.6
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Return on Investment%
|
8.8
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(2.1)
|
(18.3)
|
0.9
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|
Return on Assets%
|
4.6
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(1)
|
(9.3)
|
0.5
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T.N.W/Total Assets%
|
9.7
|
5.2
|
6.2
|
15.2
|
|
Return on Capital%
|
9.8
|
(2.3)
|
(20)
|
1.1
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|
Rtn on Shareholders Funds%
|
45.7
|
(18.7)
|
(140.5)
|
3.1
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Working Capital/Sales%
|
36.7
|
46.7
|
42.6
|
38.4
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Borrowing Ratio%
|
432.5
|
857.9
|
712.4
|
251.3
|
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Equity Gearing%
|
11.2
|
5.9
|
7.1
|
18.5
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Stock Turnover
|
2.7
|
2
|
2.6
|
2.5
|
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Days Purchases Outstanding
|
|
|
185.7
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Sales/Fixed Assets
|
215.3
|
139.1
|
165
|
139.9
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Debt Gearing
|
379.6
|
778.6
|
641.6
|
201
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Key Industry Sector Trends
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Year
|
2011
|
2010
|
2009
|
2008
|
|
Sample Size
|
3151
|
6434
|
6455
|
6537
|
|
Pre-Tax Profit Margin
|
4.3
|
3.4
|
2.4
|
3.4
|
|
Current Ratio
|
1.6
|
1.6
|
1.7
|
1.6
|
|
Borrowing Ratio
|
86.8
|
101.1
|
95.6
|
107.5
|
|
Return on Capital
|
26.2
|
22.4
|
21.5
|
26.9
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|
Creditors Days
|
54
|
92
|
105
|
49
|
|
Above figures relate to companies in 2003 Standard
Industry Classification (Nace) sector : Wholesale of non-agricultural
intermediate products, waste and scrap
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Auditors Qualification
|
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The Auditors have expressed
a clean opinion (i.e. unqualified with no referrals) on the accounts for
the period ended 30/04/2011.
|
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Turnover
|
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Turnover increased by 33 %
in the period and now totals GBP 7,965,000.
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Operating Profit
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Totalled GBP 293,000. In the
year prior a Loss of GBP 65,000 was achieved.
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Pre Tax Profit
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The subject made a profit of
GBP 293,000 in the period compared with a loss in the previous period of
GBP 65,000.
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Pre Tax Profit
|
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The company's pre-tax profit
is 4 % of sales compared with a pre-tax loss of 1% in the previous period
and was 9% of capital employed.
|
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Working Capital
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The subject's working
capital has improved by 132,000 in the period.
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Net Worth
|
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Net worth has increased by
85 % and now stands at GBP 641,000.
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Long Term Liabilities
|
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The company's long term
liabilities reduced during the period by 6 % and are now 366 % of net worth
compared with 725 % in the previous period.
|
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Long Term Liabilities
|
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Long term liabilities are
now 37 % of total liabilities compared with 40 % in the previous period.
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Long Term Liabilities
|
|
Long term liabilities are 79
% of capital employed, a decrease of 9 % over the previous period.
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|
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.
|
Currency
|
Unit
|
Indian Rupees
|
|
US Dollar
|
1
|
Rs.51.15
|
|
UK Pound
|
1
|
Rs.81.79
|
|
Euro
|
1
|
Rs.68.34
|
|
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.
|
|