MIRA
INFORM REPORT
|
Report Date : |
19.03.2013 |
IDENTIFICATION DETAILS
|
Name : |
TREASURE HOUSE LTD. |
|
|
|
|
Registered Office : |
Westbury 2Nd Floor, 145 157 St John
Street, London, EC1V 4PY |
|
|
|
|
Country : |
United Kingdom |
|
|
|
|
Financials (as on) : |
30.06.2012 |
|
|
|
|
Date of Incorporation : |
01.04.1985 |
|
|
|
|
Com. Reg. No.: |
01901023 |
|
|
|
|
Legal Form : |
Private Parent |
|
|
|
|
Line of Business : |
Jewellery and Silverware Manufacturing |
|
|
|
|
No. of Employees : |
16 |
RATING & COMMENTS
|
MIRA’s Rating : |
B |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
Status : |
Moderate |
|
Payment Behaviour : |
Unknown |
|
Litigation : |
Clear |
NOTES :
Any query related to this report can be made
on e-mail: infodept@mirainform.com
while quoting report number, name and date.
ECGC Country Risk Classification List – June 30th, 2012
|
Country Name |
Previous Rating (31.03.2012) |
Current Rating (30.06.2012) |
|
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 |
Company name and address
|
Treasure House Ltd. |
|
|
|
|
Employees: |
16 |
|
Company Type: |
Private Parent |
|
|
|
|
Quoted Status: |
Non-quoted
Company |
|
Incorporation
Date: |
01-Apr-1985 |
|
Fiscal Year End:
|
30-Jun-2012 |
|
Reporting Currency: |
British Pound
Sterling |
|
Annual Sales: |
NA |
|
Total Assets: |
3.6 |
Business Description
|
Treasure House Ltd. was incorporated in
1985 - a long established family-run business, supplying quality products and
outstanding service to the Jewellery trade. Our comprehensive catalogue is
widely admired in the trade, backed up by our state of the art computerised
system, which gives us the edge on our competitors. The website is an
extension to our current services, reflecting our commitment to maintain our
position as a leading wholesale supplier. Our extensive stock range includes
- Silver products Diamonds 9ct & 18ct Gold products Gold Wedding bands
Fine chains Platinum Wedding bands Mounts & Findings Watches 'Silver
& Co' ® - our brand name for Silver bracelets with an extensive
selection of thread-in and clip-on charm beads and initials, made of Silver,
Murano glass, Swarovski crystal, Enamel, and Mother-of pearl, which can be
assembled individually by the customer. We maintain high stock levels
throughout the year, and in conjunction with our Next-day-delivery policy, we
ensure our customers need not be overstocked. We continually search for the
latest trends and styles to ensure that all our products are fast sellers. We
look forward to welcoming you as a valued customer |
Industry
|
Industry |
|
|
ANZSIC 2006: |
|
|
NACE 2002: |
3622 - Manufacture of jewellery and related articles not
elsewhere classified |
|
NAICS 2002: |
|
|
UK SIC 2003: |
3622 - Manufacture of jewellery and related articles not
elsewhere classified |
|
UK SIC 2007: |
|
|
US SIC 1987: |
Key Executives
|
News
|
Financial Summary
|
||||||||||||||||||||
Registered No.(UK)
01901023
1 - Profit & Loss Item Exchange Rate: USD 1 = GBP 0.6313531
2 - Balance Sheet Item Exchange Rate: USD 1 = GBP 0.6452901
|
||||||||||||||||||||||||||||||||||
|
||||||||||||||||||||||||||||||||||
|
||||||||||||||||||||||||||||||||||||
|
|
|
|
|
|
|
More Business
Descriptions |
|
|
|
|
|
Treasure House Ltd. was incorporated in 1985 - a long established
family-run business, supplying quality products and outstanding service to the Jewellery
trade. Our comprehensive catalogue is widely admired in the trade, backed up by
our state of the art computerised system, which gives us the edge on our
competitors. The website is an extension to our current services, reflecting
our commitment to maintain our position as a leading wholesale supplier. Our
extensive stock range includes - Silver products Diamonds 9ct & 18ct Gold
products Gold Wedding bands Fine chains Platinum Wedding bands Mounts &
Findings Watches 'Silver & Co' ® - our brand name for Silver bracelets
with an extensive selection of thread-in and clip-on charm beads and initials,
made of Silver, Murano glass, Swarovski crystal, Enamel, and Mother-of pearl,
which can be assembled individually by the customer. We maintain high stock
levels throughout the year, and in conjunction with our Next-day-delivery
policy, we ensure our customers need not be overstocked. We continually search
for the latest trends and styles to ensure that all our products are fast
sellers. We look forward to welcoming you as a valued customer - click here for
an application
|
|
||||||||||||||||||||||||||||||||||||
|
|
|
||||||||||||||||||||||||||||||||||
|
||||||||||||||||||||||||||||||||||
Directors
and Shareholders Report
|
Individual Directors |
|||||||
|
|
|||||||
|
Name |
Status |
DOB |
Filed Address |
Appointment Date |
Resignation Date |
Summary of Directorships |
|
|
Current |
19 Nov 1961 |
45 Kirby Street, |
31 Dec 1991 |
NA |
Current:2 |
|
|
|
Current |
02 May 1959 |
45 Kirby Street, |
31 Dec 1991 |
NA |
Current:1 |
|
|
|
Previous |
30 Aug 1963 |
52 Ashley Lane, Hendon, |
31 Dec 1991 |
31 Oct 2011 |
Current:1 |
|
|
|
Previous |
02 Sep 1956 |
6 Manor Hall Drive, |
31 Dec 1991 |
03 Apr 1997 |
Current:1 |
|
|
|
|
|
||||||
|
|
|
||||||
|
|
|
|
|
|
|
|
|
|
Corporate Directors |
|
|
|
There are no corporate directors for this
company. |
|
|
|
Individual Secretaries |
|||||||
|
|
|||||||
|
Name |
Status |
DOB |
Filed Address |
Appointment Date |
Resignation Date |
Summary of Directorships |
|
|
Current |
19 Nov 1961 |
45 Kirby Street, |
31 Dec 1991 |
NA |
Current:2 |
|
|
|
|
|
||||||
|
|
|
||||||
|
|
|
|
|
|
|
|
|
|
Corporate Secretaries |
|
|
|
There are no corporate secretaries for this company. |
|
|
|
Individual Shareholders |
||||||
|
|
||||||
|
Name |
Share Details |
Share Type |
# of Shares |
Share Price (GBP) |
Share Value (GBP) |
% of Total Shares |
|
Danny Ahron Cohen |
16 Ordinary GBP 1.00 |
Ordinary |
16 |
1.00 |
16.00 |
50.00 |
|
Enon Ahron Cohen |
16 Ordinary GBP 1.00 |
Ordinary |
16 |
1.00 |
16.00 |
50.00 |
|
|
|
|
|
|
|
|
|
Corporate Shareholders |
|
|
|
There are no corporate shareholders for this company. |
|
|
|
||||||
|
|
Open art exhibition |
18-Mar-2013 |
|
|||
|
|
Café case mini display |
18-Mar-2013 |
|
|||
|
|
Treasure House Collection |
18-Mar-2013 |
|
|||
|
|
Museum's Thai exhibition |
18-Mar-2013 |
|
|||
|
|
A Giant Among Art Fairs Spreads Its Reach |
16-Mar-2013 |
|
|||
|
|
Art: A Giant Among Art Fairs Spreads Its Reach |
15-Mar-2013 |
|
|||
|
|
Giant among fairs spreads its reach |
15-Mar-2013 |
|
|||
|
|
Author at book launch |
13-Mar-2013 |
|
|||
|
|
Thailand history display |
12-Mar-2013 |
|
|||
|
|
Exhibitions |
11-Mar-2013 |
|
|||
|
|
Open and shut: new businesses prep for opening |
10-Mar-2013 |
|
|||
Annual Profit & Loss
|
Financials in: USD (mil) |
|
|
Except for share items (millions) and per share items (actual units) |
|
|
|
30-Jun-2012 |
30-Jun-2011 |
30-Jun-2010 |
30-Jun-2009 |
30-Jun-2008 |
|
Period Length |
52 Weeks |
52 Weeks |
52 Weeks |
52 Weeks |
52 Weeks |
|
Filed Currency |
GBP |
GBP |
GBP |
GBP |
GBP |
|
Exchange Rate
(Period Average) |
0.631353 |
0.629106 |
0.633607 |
0.627423 |
0.499214 |
|
Consolidated |
No |
No |
No |
No |
No |
|
|
|
|
|
|
|
|
Depreciation |
0.1 |
0.0 |
0.1 |
0.0 |
0.0 |
|
|
|
Annual Balance Sheet |
|
Financials in: USD (mil) |
|
|
30-Jun-2012 |
30-Jun-2011 |
30-Jun-2010 |
30-Jun-2009 |
30-Jun-2008 |
|
Filed Currency |
GBP |
GBP |
GBP |
GBP |
GBP |
|
Exchange Rate |
0.64529 |
0.622878 |
0.668405 |
0.60722 |
0.502475 |
|
Consolidated |
No |
No |
No |
No |
No |
|
|
|
|
|
|
|
|
Total Tangible Fixed Assets |
0.2 |
0.2 |
0.2 |
0.2 |
0.2 |
|
Intangible Assets |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
|
Investments |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
|
Total Fixed Assets |
0.2 |
0.2 |
0.2 |
0.2 |
0.2 |
|
Total Stocks Work In Progress |
2.6 |
2.3 |
1.4 |
1.4 |
1.9 |
|
Total Debtors |
0.7 |
0.6 |
0.5 |
0.6 |
0.8 |
|
Cash and Equivalents |
0.1 |
0.3 |
0.1 |
0.3 |
0.2 |
|
Other Current Assets |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
|
Total Current Assets |
3.4 |
3.2 |
2.0 |
2.3 |
3.0 |
|
Total Assets |
3.6 |
3.5 |
2.3 |
2.5 |
3.1 |
|
Director Loans (Current Liability) |
- |
- |
- |
- |
2.0 |
|
Other Current Liabilities |
2.0 |
1.6 |
2.0 |
2.2 |
0.7 |
|
Total Current Liabilities |
2.0 |
1.6 |
2.0 |
2.2 |
2.7 |
|
Group Loans (Long Term Liability) |
- |
- |
0.0 |
0.0 |
0.0 |
|
Director Loans (Long Term Liability) |
- |
- |
0.0 |
0.0 |
0.0 |
|
Hire Purchase (Long Term Liability) |
- |
- |
0.0 |
0.0 |
0.0 |
|
Leasing (Long Term Liability) |
- |
- |
0.0 |
0.0 |
0.0 |
|
Total Hire Purchase Loans (Long Term Liability) |
- |
- |
0.0 |
0.0 |
0.0 |
|
Other Long Term Loans |
- |
- |
0.0 |
0.0 |
0.0 |
|
Accruals/Deferred Income (Long Term Liability) |
- |
- |
0.0 |
0.0 |
0.0 |
|
Other Long Term Liabilities |
1.4 |
1.6 |
0.0 |
0.0 |
0.0 |
|
Total Long Term Liabilities |
1.4 |
1.6 |
0.0 |
0.0 |
0.0 |
|
Deferred Taxation |
- |
- |
- |
- |
0.0 |
|
Other Provisions |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
|
Total Provisions |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
|
Issued Capital |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
|
Share Premium Accounts |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
|
Revaluation Reserve |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
|
Retained Earnings |
0.2 |
0.2 |
0.2 |
0.3 |
0.4 |
|
Other Reserves |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
|
Minority Interests (Balance Sheet) |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
|
Total Shareholders Funds |
0.2 |
0.2 |
0.2 |
0.3 |
0.4 |
|
Net Worth |
0.2 |
0.2 |
0.2 |
0.3 |
0.4 |
|
|
|
Annual Cash Flows |
|
Financials in:
USD (mil) |
|
|
30-Jun-2012 |
30-Jun-2011 |
30-Jun-2010 |
30-Jun-2009 |
30-Jun-2008 |
|
Period Length |
52 Weeks |
52 Weeks |
52 Weeks |
52 Weeks |
52 Weeks |
|
Filed Currency |
GBP |
GBP |
GBP |
GBP |
GBP |
|
Exchange Rate
(Period Average) |
0.631353 |
0.629106 |
0.633607 |
0.627423 |
0.499214 |
|
Consolidated |
No |
No |
No |
No |
No |
|
|
|
|
|
|
|
|
|
|
Annual Ratios |
|
Financials in: USD (mil) |
|
|
30-Jun-2012 |
30-Jun-2011 |
30-Jun-2010 |
30-Jun-2009 |
30-Jun-2008 |
|
Period Length |
52 Weeks |
52 Weeks |
52 Weeks |
52 Weeks |
52 Weeks |
|
Filed Currency |
GBP |
GBP |
GBP |
GBP |
GBP |
|
Exchange Rate |
0.64529 |
0.622878 |
0.668405 |
0.60722 |
0.502475 |
|
Consolidated |
No |
No |
No |
No |
No |
|
|
|
|
|
|
|
|
Current Ratio |
1.72 |
2.00 |
1.02 |
1.04 |
1.09 |
|
Liquidity Ratio |
0.40 |
0.55 |
0.32 |
0.41 |
0.37 |
|
Borrowing Ratio |
- |
- |
- |
- |
494.23% |
|
Equity Gearing |
6.23% |
5.81% |
10.67% |
11.74% |
12.86% |
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.54.29 |
|
|
1 |
Rs.81.93 |
|
Euro |
1 |
Rs.70.01 |
INFORMATION DETAILS
|
Report Prepared
by : |
PDT |
RATING EXPLANATIONS
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
>86 |
Aaa |
Possesses an extremely sound financial base with the strongest
capability for timely payment of interest and principal sums |
Unlimited |
|
71-85 |
Aa |
Possesses adequate working capital. No caution needed for credit
transaction. It has above average (strong) capability for payment of interest
and principal sums |
Large |
|
56-70 |
A |
Financial & operational base are regarded healthy. General unfavourable
factors will not cause fatal effect. Satisfactory capability for payment of
interest and principal sums |
Fairly Large |
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
11-25 |
Ca |
Adverse factors are apparent. Repayment of interest and principal sums
in default or expected to be in default upon maturity |
Limited with full
security |
|
<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
|
-- |
NB |
New Business |
-- |
This score serves as a reference to assess SC’s credit risk and
to set the amount of credit to be extended. It is calculated from a composite
of weighted scores obtained from each of the major sections of this report. The
assessed factors and their relative weights (as indicated through %) are as
follows:
Financial
condition (40%) Ownership
background (20%) Payment
record (10%)
Credit history
(10%) Market trend
(10%) Operational
size (10%)
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.