MIRA INFORM REPORT

Report Date :

13.02.2013

IDENTIFICATION DETAILS

Name :	L.M. JEWELLERY LIMITED

Formerly Known As :	CIRCLELITE LIMITED

Registered Office :	Treviot House 186-192 High Road Ilford IG1 1LR

Country :	United Kingdom

Financials (as on) :	31.07.2011

Date of Incorporation :	04.08.1997

Legal Form :	Private limited with Share Capital

Line of Business :	Wholesale of jewellery.

No. of Employees :	Not Available

RATING & COMMENTS

MIRA’s Rating :

RATING		STATUS	PROPOSED CREDIT LINE
41-55	Ba	Overall operation is considered normal. Capable to meet normal commitments.	Satisfactory

Status :	Satisfactory
Payment Behaviour :	No Complaints
Litigation :	Clear

NOTES :

Any query related to this report can be made on e-mail: infodept@mirainform.com while quoting report number, name and date.

ECGC Country Risk Classification List – June 30^th, 2012

Country Name

Previous Rating

(31.03.2011)

Current Rating

(30.06.2012)

United Kingdom

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	L.M. JEWELLERY LIMITED	Company Number	03414086

Registered Address	TREVIOT HOUSE	Trading Address	100 Hatton Garden London London EC1N 8NX
	186-192 HIGH ROAD
	ILFORD
	IG1 1LR

Website Address	http://www.btconnect.com
Telephone Number	-	Fax Number
TPS	-	FPS	No
Incorporation Date	04/08/1997	Company Status	Active - Accounts Filed
Previous Name	CIRCLELITE LIMITED	Type	Private limited with Share Capital
Date of Change	08/09/1997	Filing Date of Accounts	26/04/2012
		Share Capital	£2
SIC03	5190	Currency	GBP
SIC03 Description	OTHER WHOLESALE
SIC07	46900
SIC07 Description	NON-SPECIALISED WHOLESALE TRADE
Principal Activity	Wholesale of jewellery.

DIRECTORS/MANAGEMENT

Total Current Directors	2
Total Current Secretaries	1
Total Previous Directors / Company Secretaries	4

Current Directors

Name	Linda Lousky	Date of Birth	29/07/1955
Officers Title	Ms	Nationality	British
Present Appointments	3	Function	Director
Appointment Date	20/02/2002
Address	Suite 221 100 Hatton Garden, London, EC1N 8NX
Other Actions	View Director Report	View Consumer Report	View Trace Report

Disqualified		Disqualified End Date
Disqualification Exception	No

Name	Simon Lousky	Date of Birth	03/08/1983
Officers Title	Mr	Nationality	British
Present Appointments	4	Function	Director
Appointment Date	01/07/2003
Address	Suite 221 100 Hatton Garden, London, EC1N 8NX
Other Actions	View Director Report	View Consumer Report	View Trace Report

Disqualified		Disqualified End Date
Disqualification Exception	No

Current Company Secretary

Name	Linda Lousky	Date of Birth	29/07/1955
Officers Title	Ms	Nationality	British
Present Appointments	3	Function	Company Secretary
Appointment Date	27/08/1997
Address	Suite 221 100 Hatton Garden, London, EC1N 8NX
Other Actions		View Consumer Report	View Trace Report

Disqualified		Disqualified End Date
Disqualification Exception	No

NEGATIVE INFORMATION

No exact match CCJs are recorded against the company.
There is insufficient data to indicate a change in this companies percentage of sales.
Net Worth decreased by 25.8% during the latest trading period.
A 0.7% decline in Total Assets occurred during the latest trading period.
There is insufficient data to indicate a change in this companies pre-tax profit.
The company saw an increase in their Cash Balance of 29.5% during the latest trading period.
The company is exempt from audit.
No recent changes in directorship are recorded.
The company is not part of a group.
The negative change in the P&L Account Reserve suggests that the company made a loss after tax and other appropriations.
The company was established over 15 years ago.

CCJ

Total Number of Exact CCJs -	0	Total Value of Exact CCJs -
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

There are no exact CCJ details

Possible CCJ Details

There are no possible CCJ details

Writ Details

There are no writ details

SHARE & SHARE CAPITAL INFORMATION

Top 20 Shareholders

Name	Currency	Share Value	Share Type	Nominal Value	% of Total Share Count
SIMON LOUSKY	GBP	1	ORDINARY	1	50
LINDA LOUSKY	GBP	1	ORDINARY	1	50

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	-
Linkages	0 companies
Countries	In 0 countries

Summary

Holding Company	-
Ownership Status
Ultimate Holding Company	-

Group structure

No group structure

FINANCIAL INFORMATION

Key Financials

Year to Date	Turnover	Pre Tax Profit	Shareholder Funds	Employees
31/07/2011	-	-	£263,552	-
31/07/2010	-	-	£355,026	-
31/07/2009	-	-	£378,783	-

Profit & Loss

Date Of Accounts	31/07/11	(%)	31/07/10	(%)	31/07/09	(%)	31/07/08	(%)	31/07/07
Weeks	52	(%)	52	(%)	52	(%)	52	(%)	52
Currency	GBP	(%)	GBP	(%)	GBP	(%)	GBP	(%)	GBP
Consolidated A/cs	N	(%)	N	(%)	N	(%)	N	(%)	N
Turnover	-	-	-	-	-	-	-	-	-
Export	-	-	-	-	-	-	-	-	-
Cost of Sales	-	-	-	-	-	-	-	-	-
Gross Profit	-	-	-	-	-	-	-	-	-
Wages & Salaries	-	-	-	-	-	-	-	-	-
Directors Emoluments	-	-	-	-	-	-	-	-	-
Operating Profit	-	-	-	-	-	-	-	-	-
Depreciation	£1,505	-25.3%	£2,016	-14.8%	£2,367	-8.2%	£2,579	-47.2%	£4,886
Audit Fees	-	-	-	-	-	-	-	-	-
Interest Payments	-	-	-	-	-	-	-	-	-
Pre Tax Profit	-	-	-	-	-	-	-	-	-
Taxation	-	-	-	-	-	-	-	-	-
Profit After Tax	-	-	-	-	-	-	-	-	-
Dividends Payable	-	-	-	-	-	-	-	-	-
Retained Profit	-	-	-	-	-	-	-	-	-

Balance Sheet

Date Of Accounts	31/07/11	(%)	31/07/10	(%)	31/07/09	(%)	31/07/08	(%)	31/07/07
Tangible Assets	£7,198	8.3%	£6,645	-23.3%	£8,662	-15.7%	£10,272	-20.1%	£12,851
Intangible Assets	0	-	0	-	0	-	0	-	0
Total Fixed Assets	£7,198	8.3%	£6,645	-23.3%	£8,662	-15.7%	£10,272	-20.1%	£12,851
Stock	£297,000	-11.3%	£335,000	86.5%	£179,591	-55.1%	£399,899	2.5%	£390,000
Trade Debtors	£176,063	31.1%	£134,326	40.3%	£95,755	-15.4%	£113,244	-68.7%	£361,712
Cash	£331,258	29.5%	£255,801	-41.2%	£435,344	32.3%	£329,069	242.9%	£95,959
Other Debtors	£38,161	-69.2%	£124,013	265.5%	£33,927	-	0	-	0
Miscellaneous Current Assets	0	-	0	-	0	-	0	-	0
Total Current Assets	£842,482	-0.8%	£849,140	14%	£744,617	-11.6%	£842,212	-0.6%	£847,671
Trade Creditors	£586,128	17%	£500,759	33.7%	£374,496	-24%	£492,529	174.5%	£179,439
Bank Loans & Overdrafts	0	-	0	-	0	-	0	-	0
Other Short Term Finance	0	-	0	-	0	-100%	£35,755	-83.3%	£214,424
Miscellaneous Current Liabilities	0	-	0	-	0	-	0	-	0
Total Current Liabilities	£586,128	17%	£500,759	33.7%	£374,496	-29.1%	£528,284	34.1%	£393,863
Bank Loans & Overdrafts and LTL	0	-	0	-	0	-	0	-	0
Other Long Term Finance	0	-	0	-	0	-	0	-	0
Total Long Term Liabilities	0	-	0	-	0	-	0	-	0

Capital & Reserves

Date Of Accounts	31/07/11	(%)	31/07/10	(%)	31/07/09	(%)	31/07/08	(%)	31/07/07
Called Up Share Capital	£2	-	£2	-	£2	-	£2	-	£2
P & L Account Reserve	£263,549	-25.8%	£355,023	-6.3%	£378,780	16.8%	£324,197	-30.5%	£466,656
Revaluation Reserve	-	-	-	-	-	-	-	-	-
Sundry Reserves	£1	-	£1	-	£1	-	£1	-	£1
Shareholder Funds	£263,552	-25.8%	£355,026	-6.3%	£378,783	16.8%	£324,200	-30.5%	£466,659

Other Financial Items

Date Of Accounts	31/07/11	(%)	31/07/10	(%)	31/07/09	(%)	31/07/08	(%)	31/07/07
Net Worth	£263,552	-25.8%	£355,026	-6.3%	£378,783	16.8%	£324,200	-30.5%	£466,659
Working Capital	£256,354	-26.4%	£348,381	-5.9%	£370,121	17.9%	£313,928	-30.8%	£453,808
Total Assets	£849,680	-0.7%	£855,785	13.6%	£753,279	-11.6%	£852,484	-0.9%	£860,522
Total Liabilities	£586,128	17%	£500,759	33.7%	£374,496	-29.1%	£528,284	34.1%	£393,863
Net Assets	£263,552	-25.8%	£355,026	-6.3%	£378,783	16.8%	£324,200	-30.5%	£466,659

Cash Flow

Date Of Accounts	31/07/11	(%)	31/07/10	(%)	31/07/09	(%)	31/07/08	(%)	31/07/07
Net Cashflow from Operations	-	-	-	-	-	-	-	-	-
Net Cashflow before Financing	-	-	-	-	-	-	-	-	-
Net Cashflow from Financing	-	-	-	-	-	-	-	-	-
Increase in Cash	-	-	-	-	-	-	-	-	-

Miscellaneous

Date Of Accounts	31/07/11	(%)	31/07/10	(%)	31/07/09	(%)	31/07/08	(%)	31/07/07
Contingent Liability	NO	-	NO	-	NO	-	NO	-	NO
Capital Employed	£263,552	-25.8%	£355,026	-6.3%	£378,783	16.8%	£324,200	-30.5%	£466,659
Number of Employees	-	-	-	-	-	-	-	-	-
Auditors
Auditor Comments	The company is exempt from audit
Bankers	FIBI BANK UK LTD
Bank Branch Code

Ratios

Date Of Accounts	31/07/11	31/07/10	31/07/09	31/07/08	31/07/07
Pre-tax profit margin %	-	-	-	-	-
Current ratio	1.44	1.70	1.99	1.59	2.15
Sales/Net Working Capital	-	-	-	-	-
Gearing %	0	0	0	0	0
Equity in %	31	41.50	50.30	38	54.20
Creditor Days	-	-	-	-	-
Debtor Days	-	-	-	-	-
Liquidity/Acid Test	0.93	1.02	1.50	0.83	1.16
Return On Capital Employed %	-	-	-	-	-
Return On Total Assets Employed %	-	-	-	-	-
Current Debt Ratio	2.22	1.41	0.98	1.62	0.84
Total Debt Ratio	2.22	1.41	0.98	1.62	0.84
Stock Turnover Ratio %	-	-	-	-	-
Return on Net Assets Employed %	-	-	-	-

FOREIGN EXCHANGE RATES

ADDITIONAL INFORMATION

Mortgage Summary

Outstanding	5
Satisfied	4

Status History

No Status History found

Event History

Date	Description
13/08/2012	Annual Returns
01/05/2012	New Accounts Filed
19/08/2011	Annual Returns
13/04/2011	New Accounts Filed
21/08/2010	Annual Returns
14/05/2010	New Accounts Filed
21/08/2009	Annual Returns
04/06/2009	New Accounts Filed
25/09/2008	Annual Returns
23/05/2008	New Accounts Filed
18/09/2007	Annual Returns
04/04/2007	New Accounts Filed
25/09/2006	Change in Reg.Office
25/09/2006	Change of Company Postcode
12/01/2006	New Accounts Filed

Previous Company Names

Date	Previous Name	Companies House Documents
08/09/1997	CIRCLELITE LIMITED	View Document

NOTES & COMMENTS

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 8^th Century B.C. India, in fact, remained undisputed leader till 18^th 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 30^th 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.53.96
UK Pound	1	Rs.84.49
Euro	1	Rs.72.23

INFORMATION DETAILS

Report Prepared by :

PRL

RATING EXPLANATIONS

RATING		STATUS	PROPOSED CREDIT LINE
>86	Aaa	Possesses an extremely sound financial base with the strongest capability for timely payment of interest and principal sums	Unlimited
71-85	Aa	Possesses adequate working capital. No caution needed for credit transaction. It has above average (strong) capability for payment of interest and principal sums	Large
56-70	A	Financial & operational base are regarded healthy. General unfavourable factors will not cause fatal effect. Satisfactory capability for payment of interest and principal sums	Fairly Large
41-55	Ba	Overall operation is considered normal. Capable to meet normal commitments.	Satisfactory
26-40	B	Capability to overcome financial difficulties seems comparatively below average.	Small
11-25	Ca	Adverse factors are apparent. Repayment of interest and principal sums in default or expected to be in default upon maturity	Limited with full security
<10	C	Absolute credit risk exists. Caution needed to be exercised	Credit not recommended
--	NB	New Business	--

This score serves as a reference to assess SC’s credit risk and to set the amount of credit to be extended. It is calculated from a composite of weighted scores obtained from each of the major sections of this report. The assessed factors and their relative weights (as indicated through %) are as follows:

Financial condition (40%) Ownership background (20%) Payment record (10%)

Credit history (10%) Market trend (10%) Operational size (10%)

PRIVATE & CONFIDENTIAL : This information is provided to you at your request, you having employed MIPL for such purpose. You will use the information as aid only in determining the propriety of giving credit and generally as an aid to your business and for no other purpose. You will hold the information in strict confidence, and shall not reveal it or make it known to the subject persons, firms or corporations or to any other. MIPL does not warrant the correctness of the information as you hold it free of any liability whatsoever. You will be liable to and indemnify MIPL for any loss, damage or expense, occasioned by your breach or non observance of any one, or more of these conditions

This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.