MIRA INFORM REPORT

 

 

Report Date :

24.09.2012

 

IDENTIFICATION DETAILS

 

Name :

THE JEWELLERY CHANNEL LIMITED

 

 

Formerly Known as:

JEWELS DIRECT LIMITED

 

 

Registered Office :

63-71 High Street  Hampton Middlesex Tw12 1nh

 

 

Country :

United Kingdom

 

 

Financials (as on) :

31.03.2011

 

 

Date of Incorporation :

15.12.2005

 

 

Com. Reg. No.:

05654854

 

 

Legal Form :

Private limited with Share Capital

 

 

line of business :

Selling of jewellery via TV shopping channels and the internet

 

 

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 :

Slow but Correct

 

 

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

 

UNITED KINGDOM - ECONOMIC OVERVIEW

 

The UK, a leading trading power and financial center, is the third largest economy in Europe after Germany and France. Over the past two decades, the government has greatly reduced public ownership and contained the growth of social welfare programs. Agriculture is intensive, highly mechanized, and efficient by European standards, producing about 60% of food needs with less than 2% of the labor force. The UK has large coal, natural gas, and oil resources, but its oil and natural gas reserves are declining and the UK became a net importer of energy in 2005. Services, particularly banking, insurance, and business services, account by far for the largest proportion of GDP while industry continues to decline in importance. After emerging from recession in 1992, Britain's economy enjoyed the longest period of expansion on record during which time growth outpaced most of Western Europe. In 2008, however, the global financial crisis hit the economy particularly hard, due to the importance of its financial sector. Sharply declining home prices, high consumer debt, and the global economic slowdown compounded Britain's economic problems, pushing the economy into recession in the latter half of 2008 and prompting the then BROWN (Labour) government to implement a number of measures to stimulate the economy and stabilize the financial markets; these include nationalizing parts of the banking system, temporarily cutting taxes, suspending public sector borrowing rules, and moving forward public spending on capital projects. Facing burgeoning public deficits and debt levels, in 2010 the CAMERON-led coalition government (between Conservatives and Liberal Democrats) initiated a five-year austerity program, which aims to lower London's budget deficit from over 10% of GDP in 2010 to nearly 1% by 2015. In November 2011, Chancellor of the Exchequer George OSBORNE announced additional austerity measures through 2017 because of slower-than-expected economic growth and the impact of the euro-zone debt crisis. The CAMERON government raised the value added tax from 17.5% to 20% in 2011. It has pledged to reduce the corporation tax rate to 23% by 2015. The Bank of England (BoE) implemented an asset purchase program of up to £325 billion (approximately $525 billion) as of February 2011. During times of economic crisis, the BoE coordinates interest rate moves with the European Central Bank, but Britain remains outside the European Economic and Monetary Union (EMU).

 

Source : CIA

 

REGISTERED NAME & COMPANY SUMMARY

 

Company Name

THE JEWELLERY CHANNEL LIMITED

Company Number

05654854

 

 

 

 

Registered Address

63-71 HIGH STREET

Trading Address

63 High Street
Hampton Hill
Hampton
Middlesex
TW12 1NH

 

HAMPTON

 

 

MIDDLESEX

 

 

TW12 1NH

 

Website Address

http://www.tjc.co.uk

 

 

Telephone Number

-

Fax Number

 

TPS

-

FPS

No

Incorporation Date

15/12/2005

Company Status

Active - Accounts Filed

Previous Name

JEWELS DIRECT LIMITED

Type

Private limited with Share Capital

Date of Change

17/03/2006

Filing Date of Accounts

15/12/2011

 

 

Share Capital

£25,000

SIC03

5248

Currency

GBP

SIC03 Description

OTHER RETAIL SPECIALISED STORE

SIC07

47789

SIC07 Description

OTHER RETAIL SALE OF NEW GOODS IN SPECIALISED STORES (NOT COMMERCIAL ART GALLERIES AND OPTICIANS)

Principal Activity

Selling of jewellery via TV shopping channels and the internet.

 

 

DIRECTORS/MANAGEMENT

 

Total Current Directors

3

Total Current Secretaries

1

Total Previous Directors / Company Secretaries

13

 

Current Directors

Name

Sanjeen Agrawal

Date of Birth

20/09/1965

Officers Title

Mr

Nationality

Indian

Present Appointments

3

Function

Director

Appointment Date

30/07/2007

 

 

Address

63-71 High Street,  Hampton Hill,  Hampton,  TW12 1NH

Other Actions

View Director Report

View Consumer Report

View Trace Report

 

Disqualified

 

Disqualified End Date

 

 

Disqualification Exception

No

 

 

 

Name

Sri Hari Burugapalli

Date of Birth

06/10/1971

Officers Title

Mr

Nationality

American

Present Appointments

1

Function

Director

Appointment Date

21/10/2008

 

 

Address

63-71 High Street,  ,  Hampton,  TW12 1NH

Other Actions

View Director Report

View Consumer Report

View Trace Report

Disqualified

 

Disqualified End Date

 

Disqualification Exception

No

 

 

 

 

Name

Rahim Ullah

Date of Birth

03/03/1956

Officers Title

Mr

Nationality

Indian

Present Appointments

1

Function

Director

Appointment Date

05/07/2010

 

 

Address

63-71 High Street,  ,  Hampton,  TW12 1NH

Other Actions

View Director Report

View Consumer Report

View Trace Report

Disqualified

 

Disqualified End Date

 

Disqualification Exception

No

 

 

 

Current Company Secretary

Name

Vivek Jain

Date of Birth

-

Officers Title

Mr

Nationality

 

Present Appointments

1

Function

Company Secretary

Appointment Date

08/09/2008

 

 

Address

63-71 High Street,  Hampton Hill,  Hampton,  TW12 1NH

 

 

NEGATIVE INFORMATION

 

CCJ

Total Number of Exact CCJs -

1

Total Value of Exact CCJs -

£134

Total Number of Possible CCJs -

0

Total Value of Possible CCJs -

Total Number of Satisfied CCJs -

0

Total Value of Satisfied CCJs -

Total Number of Writs -

-

 

 

 

Exact CCJ Details

Date

Court

Amount

Status

Case Number

Date Paid

23/03/2007

NORTHAMPTON CCBC

£134

Judgement

7QZ12369

-

 

Possible CCJ Details

There are no possible CCJ details

 

Writ Details

There are no writ details

 

Mortgage Summary

Outstanding

5

Satisfied

0

 

 

SHARE & SHARE CAPITAL INFORMATION

 

Top 20 Shareholders

Name

Individual Share Value

GENOA JEWELLERS LTD

25,000 ORDINARY A GBP 1.00

 

Share Capital

£25,000

Currency

GBP

PAYMENT INFORMATION

Payment Information Summary

Days Beyond Terms

Trend Indicator

 

 

N/A

10

Company DBT

UK Average DBT

Steady

   

Improving Worsening

 

 

 

GROUP STRUCTURE & AFFILIATED COMPANIES

 

Statistics

Group

3 companies

Linkages

13 companies

Countries

In 8 countries

Summary

Holding Company

-

Ownership Status

Wholly Owned

Ultimate Holding Company

VIABHAV GEMS LTD

 

Group structure

Company Name

 

Registered Number

Latest Key Financials

Consol. Accounts

Turnover

VIABHAV GEMS LTD

 

N/A

-

-

 

GENOA JEWELLERS LTD

 

N/A

-

-

 

THE JEWELLERY CHANNEL LIMITED

 

05654854

31.03.2011

N

£21,960,265

 

 

FINANCIAL INFORMATION

 

Key Financials

Year to Date

Turnover

Pre Tax Profit

Shareholder Funds

Employees

31/03/2011

£21,960,265

£1,042,227

-£10,699,500

38

31/03/2010

£23,081,360

£2,390,540

-£11,741,727

36

31/03/2009

£18,401,673

-£7,782,192

-£14,132,249

94

 

Profit & Loss

Date Of Accounts

31/03/11

(%)

31/03/10

(%)

31/03/09

(%)

31/03/08

(%)

31/03/07

Weeks

52

(%)

52

(%)

52

(%)

52

(%)

67

Currency

GBP

(%)

GBP

(%)

GBP

(%)

GBP

(%)

GBP

Consolidated A/cs

N

(%)

N

(%)

N

(%)

N

(%)

N

Turnover

£21,960,265

-4.9%

£23,081,360

25.4%

£18,401,673

-26.2%

£24,940,648

79.3%

£13,907,313

Export

£770,818

-24.1%

£1,015,572

-52.4%

£2,131,478

316%

£512,322

328.1%

£119,678

Cost of Sales

£16,551,594

-5.4%

£17,491,591

-2.9%

£18,018,055

-24.3%

£23,790,640

81.6%

£13,100,542

Gross Profit

£5,408,671

-3.2%

£5,589,769

999.9%

£383,618

-66.6%

£1,150,008

42.5%

£806,771

Wages & Salaries

£1,459,852

-14.7%

£1,711,513

-40.9%

£2,896,011

-17.3%

£3,502,519

68.5%

£2,078,429

Directors Emoluments

£173,897

-12.8%

£199,451

-41.7%

£342,328

56%

£219,500

47.2%

£149,107

Operating Profit

£1,221,253

-51.2%

£2,502,850

132.7%

-£7,663,925

-85.9%

-£4,122,895

-80%

-£2,290,330

Depreciation

£374,312

-12.1%

£425,899

-3.9%

£443,084

108.1%

£212,872

118%

£97,638

Audit Fees

£24,000

-14.3%

£28,000

21.7%

£23,000

-4.2%

£24,000

20%

£20,000

Interest Payments

£179,342

59.6%

£112,394

-21.3%

£142,809

543.3%

£22,198

-

-

Pre Tax Profit

£1,042,227

-56.4%

£2,390,540

130.7%

-£7,782,192

-89.2%

-£4,112,876

-81.8%

-£2,262,181

Taxation

-

100%

-£18

-

-

-

-

-

-

Profit After Tax

£1,042,227

-56.4%

£2,390,522

130.7%

-£7,782,192

-89.2%

-£4,112,876

-81.8%

-£2,262,181

Dividends Payable

-

-

-

-

-

-

-

-

-

Retained Profit

£1,042,227

-56.4%

£2,390,522

130.7%

-£7,782,192

-89.2%

-£4,112,876

-81.8%

-£2,262,181

 

 

Balance Sheet

Date Of Accounts

31/03/11

(%)

31/03/10

(%)

31/03/09

(%)

31/03/08

(%)

31/03/07

Tangible Assets

£409,388

-45.3%

£748,652

-35.8%

£1,166,879

-21.1%

£1,478,189

588.2%

£214,804

Intangible Assets

£511,111

-34.3%

£777,778

-

0

-

0

-

0

Total Fixed Assets

£920,499

-39.7%

£1,526,430

30.8%

£1,166,879

-21.1%

£1,478,189

588.2%

£214,804

Stock

£3,216,469

26.7%

£2,537,758

-12.8%

£2,910,050

-43.7%

£5,173,034

37.4%

£3,764,922

Trade Debtors

£163,730

-46.4%

£305,599

25.1%

£244,277

212.2%

£78,241

-60.1%

£195,979

Cash

£149,694

34.9%

£110,993

129.1%

£48,455

-92.5%

£647,319

8.5%

£596,375

Other Debtors

£750,311

-34.6%

£1,147,918

22.3%

£938,600

16.7%

£804,236

203.8%

£264,709

Miscellaneous Current Assets

0

-

0

-

0

-

0

-

0

Total Current Assets

£4,280,204

4.3%

£4,102,268

-0.9%

£4,141,382

-38.2%

£6,702,830

39%

£4,821,985

Trade Creditors

£669,003

-55.8%

£1,514,146

63.2%

£927,534

-54.2%

£2,023,927

338.6%

£461,467

Bank Loans & Overdrafts

£2,331,919

-3.4%

£2,414,278

6.4%

£2,269,909

308.2%

£556,078

174.1%

£202,866

Other Short Term Finance

£9,294,312

-1%

£9,387,002

-29.2%

£13,249,242

21.3%

£10,925,604

88.3%

£5,802,838

Miscellaneous Current Liabilities

£920,250

-40.6%

£1,549,530

101.2%

£770,010

-24.9%

£1,025,467

27.1%

£806,799

Total Current Liabilities

£13,215,484

-11.1%

£14,864,956

-13.7%

£17,216,695

18.5%

£14,531,076

99.8%

£7,273,970

Bank Loans & Overdrafts and LTL

£5,016,638

2%

£4,919,747

9.5%

£4,493,724

708.1%

£556,078

174.1%

£202,866

Other Long Term Finance

£2,464,719

20.5%

£2,045,469

-8%

£2,223,815

-

0

-

0

Total Long Term Liabilities

£2,684,719

7.2%

£2,505,469

12.7%

£2,223,815

-

0

-

0

 

Capital & Reserves

 

Date Of Accounts

31/03/11

(%)

31/03/10

(%)

31/03/09

(%)

31/03/08

(%)

31/03/07

Called Up Share Capital

£25,000

-

£25,000

-

£25,000

-

£25,000

-

£25,000

P & L Account Reserve

-£10,724,500

8.9%

-£11,766,727

16.9%

-£14,157,249

-122.1%

-£6,375,057

-181.8%

-£2,262,181

Revaluation Reserve

-

-

-

-

-

-

-

-

-

Sundry Reserves

-

-

-

-

-

-

-

-

-

Shareholder Funds

-£10,699,500

8.9%

-£11,741,727

16.9%

-£14,132,249

-122.6%

-£6,350,057

-183.8%

-£2,237,181

 

Other Financial Items

 

Date Of Accounts

31/03/11

(%)

31/03/10

(%)

31/03/09

(%)

31/03/08

(%)

31/03/07

Net Worth

-£11,210,611

10.5%

-£12,519,505

11.4%

-£14,132,249

-122.6%

-£6,350,057

-183.8%

-£2,237,181

Working Capital

-£8,935,280

17%

-£10,762,688

17.7%

-£13,075,313

-67%

-£7,828,246

-219.3%

-£2,451,985

Total Assets

£5,200,703

-7.6%

£5,628,698

6%

£5,308,261

-35.1%

£8,181,019

62.4%

£5,036,789

Total Liabilities

£15,900,203

-8.5%

£17,370,425

-10.6%

£19,440,510

33.8%

£14,531,076

99.8%

£7,273,970

Net Assets

-£10,699,500

8.9%

-£11,741,727

16.9%

-£14,132,249

-122.6%

-£6,350,057

-183.8%

-£2,237,181

 

Cash Flow

 

Date Of Accounts

31/03/11

(%)

31/03/10

(%)

31/03/09

(%)

31/03/08

(%)

31/03/07

Net Cashflow from Operations

-

-

-

-

-

-

-

-

-

Net Cashflow before Financing

-

-

-

-

-

-

-

-

-

Net Cashflow from Financing

-

-

-

-

-

-

-

-

-

Increase in Cash

-

-

-

-

-

-

-

-

-

 

Miscellaneous

 

Date Of Accounts

31/03/11

(%)

31/03/10

(%)

31/03/09

(%)

31/03/08

(%)

31/03/07

Contingent Liability

NO

-

NO

-

NO

-

NO

-

NO

Capital Employed

-£8,014,781

13.2%

-£9,236,258

22.4%

-£11,908,434

-87.5%

-£6,350,057

-183.8%

-£2,237,181

Number of Employees

38

5.6%

36

-61.7%

94

-24.8%

125

140.4%

52

 

Ratios

 

Date Of Accounts

31/03/11

31/03/10

31/03/09

31/03/08

31/03/07

Pre-tax profit margin %

4.75

10.36

-42.29

-16.49

-16.27

Current ratio

0.32

0.28

0.24

0.46

0.66

Sales/Net Working Capital

-2.46

-2.14

-1.41

-3.19

-5.67

Gearing %

-46.90

-41.90

-31.80

-8.80

-9.10

Equity in %

-228.20

-242.10

-266.20

-77.60

-44.40

Creditor Days

11.08

23.87

18.34

29.54

15.56

Debtor Days

2.71

4.81

4.83

1.14

6.61

Liquidity/Acid Test

0.08

0.10

0.07

0.11

0.15

Return On Capital Employed %

-13

-25.88

65.35

64.77

101.12

Return On Total Assets Employed %

20.04

42.47

-146.60

-50.27

-44.91

Current Debt Ratio

-1.23

-1.26

-1.21

-2.28

-3.25

Total Debt Ratio

-1.48

-1.47

-1.37

-2.28

-3.25

Stock Turnover Ratio %

14.64

10.99

15.81

20.74

27.07

Return on Net Assets Employed %

-9.74

-20.35

55.06

64.77

101.12

FOREIGN EXCHANGE RATES

 

N/a

 

 

ADDITIONAL INFORMATION

 

SIC03

5248

SIC03 Description

OTHER RETAIL SPECIALISED STORE

SIC07

47789

SIC07 Description

OTHER RETAIL SALE OF NEW GOODS IN SPECIALISED STORES (NOT COMMERCIAL ART GALLERIES AND OPTICIANS)

Principal Activity

Selling of jewellery via TV shopping channels and the internet.

 

Status History

No Status History found

 

Event History

Date

Description

24/12/2011

New Accounts Filed

24/12/2011

New Accounts Filed

20/12/2011

Annual Returns

08/03/2011

Annual Returns

07/03/2011

New Accounts Filed

07/03/2011

New Accounts Filed

08/07/2010

New Board Member Mr R. Ullah appointed

16/03/2010

Annual Returns

02/02/2010

S. Agrawal has left the board

20/01/2010

Mr S. Panjabi has left the board

21/12/2009

Annual Returns

11/12/2009

New Accounts Filed

10/11/2009

Mr S. Hatteea has left the board

10/11/2009

New Board Member S. Agrawal appointed

18/06/2009

M. Shrimali has left the board

 

Previous Company Names

 

Date

Previous Name

Companies House Documents

17/03/2006

JEWELS DIRECT LIMITED

View Document

 

Auditors

SINCLAIRS

Auditor Comments

The audit report states that there is uncertainty concerning the company being a 'going concern'

Bankers

Bank Branch Code

 

 

 

NOTES & COMMENTS

 

N/a

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.53.91

UK Pound

1

Rs.87.60

Euro

1

Rs.70.01

 

INFORMATION DETAILS

 

Report Prepared by :

SDA

 

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

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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%)

 

 

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.