MIRA INFORM REPORT

Report Date :

07.11.2013

IDENTIFICATION DETAILS

Name :	KRIEGER DIAMONDS
Registered Office :	104 100 Hatton Garden London EC1N 8NX
Country :	United Kingdom
Date of Incorporation :	01.01.1977
Legal Form :	Proprietor
Line of Business :	Manufacture of diamond cutters merchants and polishers
No. of Employees :	05

RATING & COMMENTS

MIRA’s Rating :

Ca

RATING		STATUS	PROPOSED CREDIT LINE
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

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 – March 31^st, 2013

Country Name	Previous Rating (31.12.2012)	Current Rating (31.03.2013)
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 second largest economy in Europe after Germany. 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 aimed 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 21% by 2014. The Bank of England (BoE) implemented an asset purchase program of up to £375 billion (approximately $605 billion) as of December 2012. 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). In 2012, weak consumer spending and subdued business investment weighed on the economy. GDP fell 0.1%, and the budget deficit remained stubbornly high at 7.7% of GDP. Public debt continued to increase

Source : CIA

REGISTERED NAME & COMPANY SUMMARY

KRIEGER DIAMONDS

Trading Address	104 100 HATTON GARDEN	Senior Executive	MR ARI KRIEGER
	LONDON	Position	PROPRIETOR
		Date At Address	01/01/1977
Post Code	EC1N 8NX	Number of Employees	5
Telephone Number	020 7831 3933 - View Details	Premises Type	Manufacturing
TPS	N	Business Classification	DIAMOND CUTTERS MERCHANTS AND POLISHERS
Fax Number	020 7821 3549	SIC03	36220
FPS	N	SIC03 Description	Manufacture of jewellery and related articles not elsewhere classified
Website Address	-

DIRECTORS/MANAGEMENT

N/a

NEGATIVE INFORMATION

Bankruptcy Information

Exact Name & Address

Bankrupt

No

Exact Address Match

Bankrupt

No

Exact Name Match

Bankrupt

No

CCJ Details

Exact CCJ Details

No CCJ`s Found

Possible Address CCJ Details

No CCJ`s Found

Possible Name CCJ Details

No CCJ`s Found

SHARE & SHARE CAPITAL INFORMATION

N/a

PAYMENT INFORMATION

Days Beyond Terms

Trend Indicator

          Average Payment Experience  

N/A	14
Company DBT	UK Average DBT

Steady

   

Improving Worsening

Within Terms 91+ Days

There is currently no payment data for this company.

GROUP STRUCTURE & AFFILIATED COMPANIES

N/a

FINANCIAL INFORMATION

N/a

FOREIGN EXCHANGE RATES

N/a

ADDITIONAL INFORMATION

Other Limited Companies which match this Company Name & Address - 0 Results found

-

Other Non Limited Companies which match this Company Name & Address - 1 Result found

Company Name	Address	Postcode
KRIEGER DIAMONDS	104 100 HATTON GARDEN LONDON EC1N 8NX	EC1N 8NX

1

Other Companies which match this Company Address - 0 Results found

-

Other Limited Companies which match this Company Name - 0 Results found

-

Other Non Limited Companies which match this Company Name - 1 Result found

Company Name	Address	Postcode
KRIEGER DIAMONDS	104 100 HATTON GARDEN LONDON EC1N 8NX	EC1N 8NX

1

Directors last filed addresses which have been matched to this company’s postcode - 0 Results found

-

Other Companies that match this Telephone Number - 0 Results found

This company has been matched to SIC Code  3622 classified as Manufacture of jewellery and related articles not elsewhere classified
There are 1037 companies within this classification.

Average Credit Rating

SIC03	Newly Incorporated	Small Companies	Medium to Large Companies
3622	10	51	74

Average Credit Limit

SIC03	Newly Incorporated	Small Companies	Medium to Large Companies
3622	£117	£11,068	£254,111

Total number & value of CCJ’s in this SIC03

SIC03	CCJ`s	Value
3622	49	£229,750

Total number of Negative Events in this SIC03

SIC03	Bankruptcy	Administration	Liquidation	Wound Up
3622	0	6	33

NOTES & COMMENTS

Commentary

No exact match CCJs are recorded against the company.
The business has been at the address for over 34 years.
The business has 3 employee(s).

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.

- 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 –

- Gem & Jewellery Export Promotion Council in its statistical data has shown the export of polished diamonds to have increase by 28 % in February 2013. Compared to $ 1.4 bn worth of polished diamond export in February, 2012, India exported $ 1.84 billion worth of polished diamonds in February 2013. A senior executive of GJEPC said, “Export of cut and polished diamonds started falling month-wise after the imposition of 2 % of import duty on the polished diamonds. But February, 2013 has given a new ray of hope to the industry as the export of polished diamonds has actually increased by 28 %. It means the industry  is on the track of recovery and round tripping of diamonds has stopped completely.” Demand has started coming from the US, the UK, Japan and China. India’s polished diamond export is expected to cross $ 21 bn in 2013-14.

- The banking sector has started exercising restraint while following prudent risk management norms when lending money to gems and jewellery sector. This follows the implementation of Basel III accord – a global voluntary regulatory standard on bank capital adequacy, stress testing and market liquidity.

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.61.92
UK Pound	1	Rs.99.60
Euro	1	Rs.83.64

INFORMATION DETAILS

Report Prepared by :

NIS

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%)

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