MIRA
INFORM REPORT
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Report Date : |
18.01.2013 |
IDENTIFICATION DETAILS
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Name : |
CORONA (OVERSEAS) LTD. |
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Registered Office : |
Premier House, 12-13 Hatton Garden, London, EC1N 8AN |
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Country : |
United Kingdom |
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Financials (as on) : |
31.12.2011 |
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Date of Incorporation : |
12.06.1947 |
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Com. Reg. No.: |
00436862 |
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Legal Form : |
Private Independent Company |
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Line of Business : |
supplier of
diamonds |
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No. of Employees : |
Not Available |
RATING & COMMENTS
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MIRA’s Rating : |
B |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
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Status : |
Moderate |
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Payment Behaviour : |
Slow |
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Litigation : |
Clear |
NOTES:
Any query related to this report can be made
on e-mail: infodept@mirainform.com
while quoting report number, name and date.
ECGC Country Risk Classification List – June 30th, 2012
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Country Name |
Previous Rating (31.03.2012) |
Current Rating (30.06.2012) |
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United
Kingdom |
A1 |
A1 |
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Risk Category |
ECGC
Classification |
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Insignificant |
A1 |
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Low |
A2 |
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Moderate |
B1 |
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High |
B2 |
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Very High |
C1 |
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Restricted |
C2 |
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Off-credit |
D |
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).
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Source : CIA |
Company name & address
Corona (Overseas) Ltd.
Premier House
12-13 Hatton Garden
London, EC1N 8AN
United Kingdom
(Trading Address)
Tel: 020 7405 3041
Synthesis
Employees: NA
Company Type: Private Independent
Quoted Status: Non-quoted Company
Incorporation Date:
12-Jun-1947
Auditor: Landau Morley LLP
Financials in: USD
(Millions)
Fiscal Year End: 31-Dec-2011
Reporting Currency: British
Pound Sterling
Annual Sales: NA
Total Assets: 2.3
Business Description
Corona (Overseas) Ltd. is a supplier of diamonds throughout the United Kingdom. The company specialises in offering polished small size, round and fancy-shaped diamonds up to one carat in various qualities. It also stocks a wide variety of stones of varying clarity and colours. In addition, the company provides a range of assortments of diamonds. The company imports its small diamonds and commercial stones throughout the world. Its website provides an online product catalogue and price list to its clients. (Updated by OneSource Information Services)
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
UK SIC 2003: 5190 - Other
wholesale
UK SIC 2007: 4690 -
Non-specialised wholesale trade
US SIC 1987: 5099 - Durable Goods,
Not Elsewhere Classified
Key Executives
Name Title
Alison Levy Secretary
Abraham Levy Director
Financial Summary
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1 - Profit & Loss Item Exchange Rate: USD 1 = GBP 0.623776
2 - Balance Sheet Item Exchange Rate: USD 1 = GBP 0.6434593
Corporate Overview
Location
Premier House
12-13 Hatton Garden
London, EC1N 8AN
London County
United Kingdom
Tel: 020 7405 3041
Sales GBP(mil): NA
Assets GBP(mil): 1.5
Employees: NA
Fiscal Year End: 31-Dec-2011
Industry: Miscellaneous Capital Goods
Registered
Address:
Premier House
12 13 Hatton Garden
London, EC1N 8AN
United Kingdom
Incorporation Date: 12-Jun-1947
Company Type: Private Independent
Quoted Status: Not Quoted
Registered No.(UK): 00436862
Director: Abraham Levy
Contents
Industry Codes
Business Description
Financial Data
Key Corporate Relationships
Industry Codes
ANZSIC 2006 Codes:
3739 - Other Goods Wholesaling Not Elsewhere Classified
NACE 2002 Codes:
5190 - Other wholesale
NAICS 2002 Codes:
423990 - Other Miscellaneous Durable Goods Merchant Wholesalers
US SIC 1987:
5099 - Durable Goods, Not Elsewhere Classified
UK SIC 2003:
5190 - Other wholesale
UK SIC 2007:
4690 - Non-specialised wholesale trade
Business
Description
Corona (Overseas) Ltd. is a supplier of diamonds throughout the United Kingdom. The company specialises in offering polished small size, round and fancy-shaped diamonds up to one carat in various qualities. It also stocks a wide variety of stones of varying clarity and colours. In addition, the company provides a range of assortments of diamonds. The company imports its small diamonds and commercial stones throughout the world. Its website provides an online product catalogue and price list to its clients. (Updated by OneSource Information Services)
More Business
Descriptions
Import and Export Agents
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Executive report
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Board
of Directors |
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Director |
Director/Board Member |
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Executives |
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Secretary |
Company Secretary |
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Directors and Shareholders Report
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Main Office Address: |
Tel: 020
7405 3041 |
Annual Return Date: 30
Nov 2011 |
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Individual Directors |
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Name |
Status |
DOB |
Filed Address |
Appointment Date |
Resignation Date |
Summary of Directorships |
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Abraham |
Current |
16 Jun 1957 |
16 Mayfield Gardens, |
30 Nov 1991 |
NA |
Current:7 |
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Elias |
Previous |
03 May 1917 |
26 Rundell Crescent, |
30 Nov 1991 |
07 Jul 2001 |
Current:0 |
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Corporate Directors |
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There are no corporate directors for this company. |
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Individual Secretaries |
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Name |
Status |
DOB |
Filed Address |
Appointment Date |
Resignation Date |
Summary of Directorships |
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Alison |
Current |
15 Jan 1961 |
16 Mayfield Gardens, |
01 Mar 1999 |
NA |
Current:3 |
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Abraham |
Previous |
16 Jun 1957 |
16 Mayfield Gardens, |
30 Nov 1991 |
01 Mar 1999 |
Current:7 |
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Corporate Secretaries |
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There are no corporate secretaries for this company. |
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Individual Shareholders |
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Name |
Share Details |
Share Type |
# of Shares |
Share Price (GBP) |
Share Value (GBP) |
% of Total Shares |
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Abraham Levy |
2700 A Ordinary GBP 1.00 |
A Ordinary |
2,700 |
1.00 |
2,700.00 |
90.00 |
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Alison Levy |
300 B Ordinary GBP 1.00 |
B Ordinary |
300 |
1.00 |
300.00 |
10.00 |
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Corporate Shareholders |
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There are no corporate shareholders for this company. |
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Annual Profit & Loss
Financials in: USD (mil)
Except for share items (millions) and per share items (actual units)
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31-Dec-2011 |
31-Dec-2010 |
31-Dec-2009 |
31-Dec-2008 |
31-Dec-2007 |
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Period Length |
52 Weeks |
52 Weeks |
52 Weeks |
52 Weeks |
52 Weeks |
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Filed Currency |
GBP |
GBP |
GBP |
GBP |
GBP |
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Exchange Rate
(Period Average) |
0.623776 |
0.647573 |
0.641508 |
0.545576 |
0.499878 |
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Consolidated |
No |
No |
No |
No |
No |
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Depreciation |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
Annual Balance Sheet
Financials in: USD (mil)
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31-Dec-2011 |
31-Dec-2010 |
31-Dec-2009 |
31-Dec-2008 |
31-Dec-2007 |
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Filed Currency |
GBP |
GBP |
GBP |
GBP |
GBP |
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Exchange Rate |
0.643459 |
0.638712 |
0.619253 |
0.695531 |
0.502361 |
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Consolidated |
No |
No |
No |
No |
No |
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Total Tangible Fixed Assets |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
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Intangible Assets |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
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Investments |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
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Total Fixed Assets |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
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Total Stocks Work In Progress |
0.9 |
1.0 |
0.9 |
0.9 |
1.3 |
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Director Loans |
0.1 |
0.0 |
0.0 |
- |
- |
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Other Debtors |
1.1 |
1.5 |
1.7 |
- |
- |
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Total Debtors |
1.3 |
1.5 |
1.7 |
1.7 |
2.7 |
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Cash and Equivalents |
0.1 |
0.1 |
0.1 |
0.1 |
0.0 |
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Other Current Assets |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
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Total Current Assets |
2.3 |
2.6 |
2.7 |
2.7 |
4.0 |
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Total Assets |
2.3 |
2.6 |
2.7 |
2.7 |
4.0 |
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Bank Overdraft |
0.8 |
1.4 |
1.0 |
0.9 |
1.1 |
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Director Loans (Current Liability) |
- |
- |
- |
0.2 |
- |
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Other Current Liabilities |
0.9 |
0.8 |
1.1 |
0.6 |
1.7 |
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Total Current Liabilities |
1.7 |
2.2 |
2.1 |
1.6 |
2.8 |
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Group Loans (Long Term Liability) |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
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Director Loans (Long Term Liability) |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
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Hire Purchase (Long Term Liability) |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
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Leasing (Long Term Liability) |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
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Total Hire Purchase Loans (Long Term Liability) |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
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Other Long Term Loans |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
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Accruals/Deferred Income (Long Term Liability) |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
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Other Long Term Liabilities |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
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Total Long Term Liabilities |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
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Deferred Taxation |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
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Other Provisions |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
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Total Provisions |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
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Issued Capital |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
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Share Premium Accounts |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
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Revaluation Reserve |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
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Retained Earnings |
0.5 |
0.4 |
0.6 |
1.1 |
1.2 |
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Other Reserves |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
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Minority Interests (Balance Sheet) |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
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Total Shareholders Funds |
0.5 |
0.4 |
0.6 |
1.1 |
1.3 |
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Net Worth |
0.5 |
0.4 |
0.6 |
1.1 |
1.3 |
Annual Cash Flows
Financials in: USD (mil)
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|
31-Dec-2011 |
31-Dec-2010 |
31-Dec-2009 |
31-Dec-2008 |
31-Dec-2007 |
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Period Length |
52 Weeks |
52 Weeks |
52 Weeks |
52 Weeks |
52 Weeks |
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Filed Currency |
GBP |
GBP |
GBP |
GBP |
GBP |
|
Exchange Rate
(Period Average) |
0.623776 |
0.647573 |
0.641508 |
0.545576 |
0.499878 |
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Consolidated |
No |
No |
No |
No |
No |
Annual Ratios
Financials in: USD (mil)
|
|
31-Dec-2011 |
31-Dec-2010 |
31-Dec-2009 |
31-Dec-2008 |
31-Dec-2007 |
|
Period Length |
52 Weeks |
52 Weeks |
52 Weeks |
52 Weeks |
52 Weeks |
|
Filed Currency |
GBP |
GBP |
GBP |
GBP |
GBP |
|
Exchange Rate |
0.643459 |
0.638712 |
0.619253 |
0.695531 |
0.502361 |
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Consolidated |
No |
No |
No |
No |
No |
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Current Ratio |
1.30 |
1.19 |
1.30 |
1.66 |
1.45 |
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Liquidity Ratio |
0.78 |
0.74 |
0.85 |
1.11 |
0.99 |
|
Borrowing Ratio |
160.29% |
326.71% |
163.01% |
99.63% |
86.87% |
|
Equity Gearing |
23.07% |
16.22% |
23.23% |
39.79% |
31.24% |
DIAMOND INDUSTRY –
INDIA
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From time immemorial, India is well known in the world as the birthplace
for diamonds. It is difficult to trace the origin of diamonds but history
says that in the remote past, diamonds were mined only in India. Diamond
production in India can be traced back to almost 8th Century B.C.
India, in fact, remained undisputed leader till 18th Century
when Brazilian fields were discovered in 1725 followed by emergence of S.
Africa, Russia and Australia.
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The achievement of the Indian diamond industry was possible only due to
combination of the manufacturing skills of the Indian workforce and the
untiring and unflagging efforts of the Indian diamantaires, supported by
progressive Government policies.
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The area of study of family owned diamond businesses derives its
importance from the huge conglomerate of family run organizations which operate
in the diamond industry since many generations.
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Some of the basic traits of family run business enterprises include
spirit of entrepreneurship, mutual trust lowers transaction costs, small,
nimble and quick to react, information as a source of advantage and
philanthropy.
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Family owned diamond businesses need to improve on many fronts including
higher standard of corporate governance, long-term performance – focused
strategies, modern management and technology.
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The diamond jewellery industry in India today may be more than Rs 60000
mil and is rated amongst the fastest growing in the world. Indi ranks
third in the world in domestic diamond consumption.
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Utmost caution is to be exercised while dealing with some medium and
large diamond traders which are usually engaged in fictitious import – export,
inter-company transactions, financially assisted by banks. In the process,
several public sector banks lost several hundred million rupees. They mostly
diverted borrowed money for diamond business into real estate and capital
markets.
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Excerpts from Times of India dated 30th October 2010 is as
under –
DIAMOND SAGA – DIRTY DOZEN STUCK WITH 2K CR DEBT
This
could be the biggest credibility crisis the Indian diamond industry has ever
faced. Fifteen banks run the risk of losing Rs 2000 crore lent to a dozen
diamond firms in Surat. Until about two months ago, they had not repaid
these dues. Bankers believe many diamantaires borrowed money during the
economic downturn two years ago and diverted funds to businesses like real
estate and capital markets. Many of themselves made money from these businesses
but their diamond companies have gone sick and declared insolvency.
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Most of the money borrowed from the banks in the name of their diamond
business has been diverted in real estate and the share market. The banks are
not in a position to seize their properties because in many cases, these were
purchased in the name of their relatives and friends.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.54.64 |
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UK Pound |
1 |
Rs.87.45 |
|
Euro |
1 |
Rs.72.65 |
INFORMATION DETAILS
|
Report Prepared
by : |
SDA |
RATING EXPLANATIONS
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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>86 |
Aaa |
Possesses an extremely sound financial base with the strongest
capability for timely payment of interest and principal sums |
Unlimited |
|
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 |
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11-25 |
Ca |
Adverse factors are apparent. Repayment of interest and principal sums
in default or expected to be in default upon maturity |
Limited with
full security |
|
<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
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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.