MIRA INFORM REPORT

 

 

Report Date :

12.11.2013

 

IDENTIFICATION DETAILS

 

Name :

Eurochoice Traders Ltd.

 

 

Registered Office :

5 Windus Road, London, N16 6UT

 

 

Country :

United Kingdom

 

 

Financials (as on) :

31.12.2011

 

 

Date of Incorporation :

21.12.1992

 

 

Com. Reg. No.:

02775689

 

 

Legal Form :

Private Independent

 

 

Line of Business :

Diamond Trading.

 

 

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 :

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, 31st, 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 Ł375 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

 

company Name and Address

 

Eurochoice Traders Ltd. 

 

 

 

 

5 Windus Road

 

 

London, N16 6UT

United Kingdom

(Trading Address) 
Registered Address

Employees:

NA

Company Type:

Private Independent

 

 

Quoted Status:

Non-quoted Company

Incorporation Date:

21-Dec-1992

Financials in:

 USD (Mil)

Fiscal Year End:

31-Dec-2012

Reporting Currency:

British Pound Sterling

Annual Sales:

NA

Total Assets:

3.8

 

 

Business Description

 

Diamond trading.

 

 

Industry

 

Industry

Home Furnishings Wholesale

ANZSIC 2006:

3739 - Other Goods Wholesaling Not Elsewhere Classified

ISIC Rev 4:

4649 - Wholesale of other household goods

NACE Rev 2:

4649 - Wholesale of other household goods

NAICS 2012:

4232 - Furniture and Home Furnishing Merchant Wholesalers

UK SIC 2007:

4649 - Wholesale of other household goods

US SIC 1987:

5099 - Durable Goods, Not Elsewhere Classified

 

 

Key Executives

 

Name

Title

Asher Weinberg

Secretary

Benjamin Issacharoff

Director

 

 

Financial Summary

 

FYE: 31-Dec-2011

USD (mil)

Key Figures

 

Current Assets

4.17

Fixed Assets

0.30

Total Liabilities

3.17

Net Worth

1.29

 

Key Ratios

 

Current Ratio

1.31

Acid Test

1.30

 

 

 

 

 

 

Registered No.(UK):  02775689

 

1 - Profit & Loss Item Exchange Rate: USD 1 = GBP 0.6311738 
2 - Balance Sheet Item Exchange Rate: USD 1 = GBP 0.6190609

 

 

Corporate Overview

 

Location
5 Windus Road
London, N16 6UT
London County 
United Kingdom

 

 

 

 

Sales GBP(mil):

NA

Assets GBP(mil):

2.4

Employees:

NA

Fiscal Year End:

31-Dec-2012

 

Industry:

Miscellaneous Capital Goods

Registered Address:
5 Windus Road
London, N16 6UT
United Kingdom

 

Incorporation Date:

21-Dec-1992

Company Type:

Private Independent

Quoted Status:

Not Quoted

Registered No.(UK):

02775689

 

Director:

Benjamin Issacharoff

 

Industry Codes

 

ANZSIC 2006 Codes:

3739

-

Other Goods Wholesaling Not Elsewhere Classified

 

ISIC Rev 4 Codes:

4649

-

Wholesale of other household goods

 

NACE Rev 2 Codes:

4649

-

Wholesale of other household goods

 

NAICS 2012 Codes:

4232

-

Furniture and Home Furnishing Merchant Wholesalers

 

US SIC 1987:

5099

-

Durable Goods, Not Elsewhere Classified

 

UK SIC 2007:

4649

-

Wholesale of other household goods

 

 

Business Description

Diamond trading.

 

 

Financial Data

Financials in:

GBP(mil)

 

Assets:

2.4

Current Assets:

2.1

 

Fixed Assets:

0.2

 

Long Term Debt:

0.0

 

Total Liabilities:

1.5

 

Issued Capital:

0.0

 

Working Capital:

0.6

 

Net Worth:

0.8

 

 

 

Date of Financial Data:

31-Dec-2012

 

1 Year Growth

NA



Key Corporate Relationships

Auditor History

Sugarwhite Associates

31-Dec-2008

 

 

 

 

 

Executive Report

 

 

 

 

 

Board of Directors

 

 

Name

Title

Function

 

Benjamin Issacharoff

 

Director

Director/Board Member

 

Age: 49

 

 

Executives

 

 

Name

Title

Function

 

Asher Weinberg

 

Secretary

Company Secretary

 

Age: 50

 

 


Directors and Shareholders Report

 

Main Office Address:
5 Windus Road
London
United Kingdom N16 6UT

Annual Return Date: 21 Dec 2012

 

Individual Directors

 

Name

Status

DOB

Filed Address

Appointment Date

Resignation Date

Summary of Directorships

 

Benjamin 
Issacharoff

Current

17 Jul 1964

42 Queen Elizabeths Walk, 
Stoke Newington, London N16 0HH

02 Apr 1993

NA

Current:5
Previous:0
Disqualifications:0

 

 

 

 

 

 

 

 

 

 

Corporate Directors

There are no corporate directors for this company.

 

 

Individual Secretaries

 

Name

Status

DOB

Filed Address

Appointment Date

Resignation Date

Summary of Directorships

 

Asher 
Weinberg

Current

02 Aug 1963

30A Hatton Garden, 
London , London EC1N 8FS

02 Apr 1993

NA

Current:8
Previous:0
Disqualifications:0

 

 

 

 

 

 

 

 

 

 

Corporate Secretaries

 

There are no corporate secretaries for this company.

 

 

Individual Shareholders

 

Name

Share Details 
(As Reported)

Share Type

# of Shares

Share Price (GBP)

Share Value (GBP)

% of Total Shares

A Weinberg

1 Ordinary GBP 1.00

Ordinary

1

1.00

1.00

25.00

B Assacharoff

1 Ordinary GBP 1.00

Ordinary

1

1.00

1.00

25.00

Chaya Issacharoff

1 Ordinary GBP 1.00

Ordinary

1

1.00

1.00

25.00

Gittel Tova Weinberg

1 Ordinary GBP 1.00

Ordinary

1

1.00

1.00

25.00

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Corporate Shareholders

 

There are no corporate shareholders for this company.

 

 

 

Annual Profit and Loss

 

 

Financials in: USD (mil)

 

Except for share items (millions) and per share items (actual units)

 

 

 

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 (Period Average)

0.623776

0.647573

0.641508

0.545576

0.499878

Consolidated

No

No

No

No

No

 

 

 

 

 

 

Depreciation

0.0

0.0

0.0

0.0

0.0

 

 

Annual Balance Sheet

 

 

 

Financials in: USD (mil)

 

 

 

31-Dec-2011

31-Dec-2010

31-Dec-2009

31-Dec-2008

31-Dec-2007

Filed Currency

GBP

GBP

GBP

GBP

GBP

Exchange Rate

0.643459

0.638712

0.619253

0.695531

0.502361

Consolidated

No

No

No

No

No

 

 

 

 

 

 

Total Tangible Fixed Assets

0.0

0.0

0.0

0.0

0.0

Intangible Assets

0.0

0.0

0.0

0.0

0.0

Investments

0.3

0.3

0.2

0.2

0.3

Total Fixed Assets

0.3

0.3

0.3

0.2

0.3

Total Stocks Work In Progress

0.1

0.0

0.0

0.4

0.7

Total Debtors

3.5

3.0

3.7

3.4

5.4

Cash and Equivalents

0.7

0.7

0.3

0.1

0.1

Other Current Assets

0.0

0.0

0.0

0.0

0.0

Total Current Assets

4.2

3.8

4.0

4.0

6.3

Total Assets

4.5

4.1

4.3

4.2

6.6

Trade Creditors

-

-

1.9

1.7

3.7

Bank Overdraft

-

-

0.0

0.2

0.0

Social Security/VAT

-

-

0.2

0.4

0.3

Other Current Liabilities

3.2

2.8

0.8

0.8

1.1

Total Current Liabilities

3.2

2.8

3.0

3.1

5.1

Group Loans (Long Term Liability)

0.0

0.0

0.0

0.0

0.0

Director Loans (Long Term Liability)

0.0

0.0

0.0

0.0

0.0

Hire Purchase (Long Term Liability)

0.0

0.0

0.0

0.0

0.0

Leasing (Long Term Liability)

0.0

0.0

0.0

0.0

0.0

Total Hire Purchase Loans (Long Term Liability)

0.0

0.0

0.0

0.0

0.0

Other Long Term Loans

0.0

0.0

0.0

0.0

0.0

Accruals/Deferred Income (Long Term Liability)

0.0

0.0

0.0

0.0

0.0

Other Long Term Liabilities

0.0

0.0

0.0

0.0

0.0

Total Long Term Liabilities

0.0

0.0

0.0

0.0

0.0

Deferred Taxation

0.0

0.0

0.0

0.0

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

1.3

1.3

1.3

1.1

1.5

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

1.3

1.3

1.3

1.1

1.5

Net Worth

1.3

1.3

1.3

1.1

1.5

 

 

Annual Cash Flows

 

 

 

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 (Period Average)

0.623776

0.647573

0.641508

0.545576

0.499878

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

Consolidated

No

No

No

No

No

 

 

 

 

 

 

Current Ratio

1.31

1.37

1.35

1.30

1.23

Liquidity Ratio

1.30

1.36

1.34

1.17

1.09

Borrowing Ratio

-

-

-

1,594.00%

305.00%

Equity Gearing

2,891.00%

3,188.00%

3,049.00%

2,682.00%

2,311.00%

 

 

 

 

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.

-            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 –

 

-            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.63.30

UK Pound

1

Rs.101.36

Euro

1

Rs.84.60

 

 

INFORMATION DETAILS

 

Report Prepared by :

NIT

 

 

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.