MIRA INFORM REPORT

 

 

Report Date :

26.08.2014              

 

IDENTIFICATION DETAILS

 

Name :

EID LIMITED

 

 

Registered Office :

BKB York House, Empire Way, Wembley, HA9 0QL

 

 

Country :

United Kingdom

 

 

Financials (as on) :

30.04.2013

 

 

Date of Incorporation :

13.01.1998

 

 

Legal Form :

Private limited with Share Capital

 

 

Line of Business :

Wholesale of Metals and Metal Ores

Dealers in industrial diamonds.

 

 

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 :

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 01, 2014

 

Country Name

Previous Rating

(31.03.2014)

Current Rating

(01.06.2014)

United Kingdom

A1

A1

 

Risk Category

ECGC Classification

Insignificant

 

A1

Low Risk

 

A2

Moderate Low Risk

 

B1

Moderate Risk

 

B2

Moderate High Risk

 

C1

High Risk

 

C2

Very High Risk

 

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. 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, are key drivers of British GDP growth. Manufacturing, meanwhile, has declined in importance but still accounts for about 10% of economic output. 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. Falling 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 included 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 about 11% of GDP in 2010 to nearly 1% by 2015. In November 2011, Chancellor of the Exchequer George OSBORNE announced additional austerity measures through 2017 largely due to 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 Ł375 billion (approximately $605 billion) as of December 2013. 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, however, in 2013 GDP grew 1.4%, accelerating unexpectedly in the second half of the year because of greater consumer spending and a recovering housing market. The budget deficit is falling but remains high at nearly 7% and public debt has continued to increase

Source : CIA

 

 

 

REGISTERED NAME & COMPANY SUMMARY

 

Company Name:

EID LIMITED

Company Number:

03491832

Registered Address

BKB YORK HOUSE

Trading Address

Bkb York House

 

EMPIRE WAY

 

Empire Way

 

WEMBLEY

 

Wembley

 

HA9 0QL

 

Middlesex

 

 

 

HA9 0QL

Website Address

http://www.eid-ltd.com

 

 

Telephone Number

--

 

TPS

Fax Number

--

No

 

Incorporate Date

13/01/1998

 

Previous Name

Type

Private limited with Share Capital

 

 

Currency

GBP

SIC07

46720

FTSE Index

-

 

 

Filing Date of Accounts

25/01/2004

 

 

Share Capital

Ł1,000

 

 

Charity Number

-

 

 

Principal Activity - WHOLESALE OF METALS AND METAL ORES

 

Dealers in industrial diamonds.

UK Headquarters: 12, ST.  Cross Streeet, London, Ecin 8 UB England, United Kingdom

 

 

DIRECTORS/MANAGEMENT

 

Current Directors

Name

Martin Barry Lee

Date of Birth

13/09/1960

Officers Title

Mr

Nationality

British

Present Appointments

2

Function

Director

Appointment Date

13/01/1998

 

 

Address

37 Highwood Gardens, Ilford, Essex, IG5 0AZ

 

Previous Director/Company Secretaries

Name

Current Directorships

Previous Directorships

WATERLOW NOMINEES LIMITED

3006

104288

WATERLOW SECRETARIES LIMITED

3102

107211

 

 

NEGATIVE INFORMATION

 

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

No CCJs found

 

Possible CCJs Details

There are no possible CCJ details

 

Writ Details

No writs found

 

 

SHARE & SHARE CAPITAL INFORMATION

 

Top 20 Shareholders

Name

Currency

Share Count

Share Type

Nominal Value

% of Total Share Count

LEIGH INTERNATIONAL LTD

GBP

1,000

ORDINARY

1

100

 

 

PAYMENT INFORMATION

 

Mortgage Summary

Total Mortgage

1

Summary

1

Satisfied

0

 

Trade debtors / Bad debts Summary

Total Number of Documented Trade

0

Total Value of Documented Trade

Ł0

 

Trade Payment Information

Average Invoice Value

n/a

Invoices available

n/a

Paid

n/a

Outstanding

n/a

Trade Payment Data is information that we collect from selected third party partners who send us information about their whole sales ledger.

 

Mortgage Details

Mortgage Type:

DEBENTURE

Date Charge Created:

16/03/00

Date Charge Registered:

22/03/00

Date Charge Satisfied:

-

Status:

OUTSTANDING

Person(s) Entitled:

BARCLAYS BANK PLC

Amount Secured:

ALL MONIES DUE OR TO BECOME DUE FROM THE COMPANY TO THE CHARGEE ON ANY ACCOUNT WHATSOEVER

Details:

FIXED AND FLOATING CHARGES OVER THE UNDERTAKING AND ALL PROPERTY AND ASSETS PRESENT AND FUTURE INCLUDING GOODWILL BOOKDEBTS UNCALLED CAPITAL BUILDINGS FIXTURESFIXED PLANT AND MACHINERY

 

 

Within Terms

0-30 Days

31-60 Days

61-90 Days

91+ Days

Paid

 

 

 

 

 

Outstanding

 

 

 

 

 

 

 

GROUP STRUCTURE & AFFILIATED COMPANIES

 

Statistics

Group

2 companies

Linkages

0 companies

Countries

In 0 countries

Summary

Holding Company

-

Ownership Status

Wholly Owned

Ultimate Holding Company

LEIGH INTERNATIONAL LTD

 

Group structure

Company Name

 

Registered Number

Latest Key Financials

Consol. Accounts

Turnover

LEIGH INTERNATIONAL LTD

 

N/A

-

-

 

EID LIMITED

 

03491832

30.04.2013

N

Ł9,675,054

 

 

FINANCIAL INFORMATION

 

Key Financials

Year to Date

Turnover

Pre Tax Profit

Shareholder

Funds Employee

30/04/2013

Ł9,675,054

Ł48,099

Ł710,021

10

30/04/2012

Ł9,032,668

Ł55,169

Ł685,445

10

30/04/2011

Ł7,964,870

Ł292,747

Ł640,328

8

 

Profit & Loss

 

Date Of Accounts

30/04/13

(%)

30/04/12

(%)

30/04/11

(%)

30/04/10

(%)

30/04/09

 

Weeks

52

(%)

52

(%)

52

(%)

52

(%)

52

 

Currency

GBP

(%)

GBP

(%)

GBP

(%)

GBP

(%)

GBP

 

Consolidated A/cs

N

(%)

N

(%)

N

(%)

N

(%)

N

Turnover

Ł9,675,054

7.1%

Ł9,032,668

13.4%

Ł7,964,870

33.2%

Ł5,980,191

-13.7%

Ł6,928,739

Export

-

-

-

-

-

-

-

-

-

Cost of Sales

-

-

-

-

-

-

-

-

-

Gross Profit

-

-

-

-

-

-

-

-

-

Wages & Salaries

Ł599,631

9%

Ł550,350

38.2%

Ł398,297

-1.5%

Ł404,246

2.6%

Ł394,016

Directors Emoluments

Ł68,789

9.2%

Ł63,000

5%

Ł60,000

-1.9%

Ł61,154

-17.6%

Ł74,187

Operating Profit

Ł48,099

-12.8%

Ł55,169

-81.2%

Ł292,747

550.1%

-Ł65,037

89.2%

-Ł604,031

Depreciation

Ł7,327

-25%

Ł9,769

-21%

Ł12,363

-14.2%

Ł14,403

2.2%

Ł14,087

Audit Fees

Ł3,750

-

Ł3,750

-

Ł3,750

-

Ł3,750

7.1%

Ł3,500

Interest Payments

-

-

-

-

-

-

-

-

-

Pre Tax Profit

Ł48,099

-12.8%

Ł55,169

-81.2%

Ł292,747

550.1%

-Ł65,037

89.2%

-Ł604,031

Taxation

-Ł23,523

-134%

-Ł10,052

-

-

100%

-Ł16,812

-138.7%

Ł43,468

Profit After Tax

Ł24,576

-45.5%

Ł45,117

-84.6%

Ł292,747

457.7%

-Ł81,849

85.4%

-Ł560,563

Dividends Payable

-

-

-

-

-

-

-

-

-

Retained Profit

Ł24,576

-45.5%

Ł45,117

-84.6%

Ł292,747

457.7%

-Ł81,849

85.4%

-Ł560,563

 

Balance Sheet

 

Date Of Accounts

30/04/13

(%)

30/04/12

(%)

30/04/11

(%)

30/04/10

(%)

30/04/09

Tangible Assets

Ł21,985

-25%

Ł29,312

-21%

Ł37,096

-14.2%

Ł43,211

2.3%

Ł42,259

Intangible Assets

Ł19,500

-7.1%

Ł21,000

-6.7%

Ł22,500

-6.3%

Ł24,000

-5.9%

Ł25,500

Total Fixed Assets

Ł41,485

-17.5%

Ł50,312

-15.6%

Ł59,596

-11.3%

Ł67,211

-0.8%

Ł67,759

Stock

Ł3,180,444

14.5%

Ł2,777,414

-7.1%

Ł2,988,978

1.2%

Ł2,954,695

11.1%

Ł2,659,802

Trade Debtors

Ł4,355,183

13.9%

Ł3,824,721

17.9%

Ł3,243,926

1.9%

Ł3,182,531

-12.7%

Ł3,645,160

Cash

Ł13,996

-11.6%

Ł15,832

-10.2%

Ł17,630

-21.6%

Ł22,491

-42.9%

Ł39,360

Other Debtors

Ł198,123

45.3%

Ł136,373

345.1%

Ł30,639

-27.6%

Ł42,324

-31.3%

Ł61,591

Miscellaneous Current Assets

0

-

0

-

0

-

0

-

0

Total Current Assets

Ł7,747,746

14.7%

Ł6,754,340

7.5%

Ł6,281,173

1.3%

Ł6,202,041

-3.2%

Ł6,405,913

Trade Creditors

Ł4,371,344

22.5%

Ł3,568,220

23.7%

Ł2,884,365

-4.7%

Ł3,026,044

-1%

Ł3,058,060

Bank Loans & Overdrafts

Ł298,398

4.4%

Ł285,754

-12.5%

Ł326,477

27.5%

Ł256,010

-10.4%

Ł285,761

Other Short Term Finance

0

-

0

-

0

-

0

-

0

Miscellaneous Current Liabilities

Ł135,738

40.9%

Ł96,329

-32.8%

Ł143,390

14.8%

Ł124,869

15.4%

Ł108,192

Total Current Liabilities

Ł4,805,480

21.6%

Ł3,950,303

17.8%

Ł3,354,232

-1.5%

Ł3,406,923

-1.3%

Ł3,452,013

Bank Loans & Overdrafts and LTL

Ł2,572,128

4.8%

Ł2,454,658

-8.2%

Ł2,672,686

-3.5%

Ł2,770,758

-3.7%

Ł2,877,990

Other Long Term Finance

Ł2,273,730

4.8%

Ł2,168,904

-7.6%

Ł2,346,209

-6.7%

Ł2,514,748

-3%

Ł2,592,229

Total Long Term Liabilities

Ł2,273,730

4.8%

Ł2,168,904

-7.6%

Ł2,346,209

-6.7%

Ł2,514,748

-3%

Ł2,592,229

 

Capital & Reserves

 

Date Of Accounts

30/04/13

(%)

30/04/12

(%)

30/04/11

(%)

30/04/10

(%)

30/04/09

Called Up Share Capital

Ł1,000

-

Ł1,000

-

Ł1,000

-

Ł1,000

-

Ł1,000

P & L Account Reserve

Ł709,021

3.6%

Ł684,445

7.1%

Ł639,328

84.5%

Ł346,581

-19.1%

Ł428,430

Revaluation Reserve

-

-

-

-

-

-

-

-

-

Sundry Reserves

-

-

-

-

-

-

-

-

-

Shareholder Funds

Ł710,021

3.6%

Ł685,445

7%

Ł640,328

84.2%

Ł347,581

-19.1%

Ł429,430

 

Other Financial Items

 

Date Of Accounts

30/04/13

(%)

30/04/12

(%)

30/04/11

(%)

30/04/10

(%)

30/04/09

Net Worth

Ł690,521

3.9%

Ł664,445

7.5%

Ł617,828

90.9%

Ł323,581

-19.9%

Ł403,930

Working Capital

Ł2,942,266

4.9%

Ł2,804,037

-4.2%

Ł2,926,941

4.7%

Ł2,795,118

-5.4%

Ł2,953,900

Total Assets

Ł7,789,231

14.5%

Ł6,804,652

7.3%

Ł6,340,769

1.1%

Ł6,269,252

-3.2%

Ł6,473,672

Total Liabilities

Ł7,079,210

15.7%

Ł6,119,207

7.3%

Ł5,700,441

-3.7%

Ł5,921,671

-2%

Ł6,044,242

Net Assets

Ł710,021

3.6%

Ł685,445

7%

Ł640,328

84.2%

Ł347,581

-19.1%

Ł429,430

 

Cash Flow

 

Date Of Accounts

30/04/13

(%)

30/04/12

(%)

30/04/11

(%)

30/04/10

(%)

30/04/09

Net Cashflow from Operations

-Ł4,428

-102%

Ł218,215

119.4%

Ł99,460

-18.8%

Ł122,530

117.7%

-Ł691,935

Net Cashflow before Financing

-Ł14,480

-106.7%

Ł216,230

132%

Ł93,211

3.2%

Ł90,363

113.2%

-Ł685,447

Net Cashflow from Financing

-

100%

-Ł177,305

-5.2%

-Ł168,539

-117.5%

-Ł77,481

-111.8%

Ł656,558

Increase in Cash

-Ł14,480

-137.2%

Ł38,925

151.7%

-Ł75,328

-684.8%

Ł12,882

144.6%

-Ł28,889

 

Miscellaneous

 

Date Of Accounts

30/04/13

(%)

30/04/12

(%)

30/04/11

(%)

30/04/10

(%)

30/04/09

 

Contingent Liability

NO

-

NO

-

NO

-

NO

-

NO

Capital Employed

Ł2,983,751

4.5%

Ł2,854,349

-4.4%

Ł2,986,537

4.3%

Ł2,862,329

-5.3%

Ł3,021,659

 

Ratios

 

Date Of Accounts

30/04/13

30/04/12

30/04/11

30/04/10

30/04/09

Pre-tax profit margin %

0.50

0.61

3.68

-1.09

-8.72

Current ratio

1.61

1.71

1.87

1.82

1.86

Sales/Net Working Capital

3.29

3.22

2.72

2.14

2.35

Gearing %

362.30

358.10

417.40

797.20

670.20

Equity in %

9.10

10.10

10.10

5.60

6.70

Creditor Days

164.46

143.79

131.81

184.18

160.65

Debtor Days

163.85

154.12

148.24

193.71

191.49

Liquidity/Acid Test

0.95

1

0.98

0.95

1.08

Return On Capital Employed %

1.61

1.93

9.80

-2.27

-19.99

Return On Total Assets Employed %

0.61

0.81

4.61

-1.03

-9.33

Current Debt Ratio

6.76

5.76

5.23

9.80

8.03

Total Debt Ratio

9.97

8.92

8.90

17.03

14.07

Stock Turnover Ratio %

32.87

30.74

37.52

49.40

38.38

Return on Net Assets Employed %

6.77

8.04

45.71

-18.71

-140.65

 

 

FOREIGN EXCHANGE RATES

 

N/a

ADDITIONAL INFORMATION

 

Current Company Secretary

Name

Sandra Alberta Hinds

Date of Birth

30/06/1965

Officers Title

Ms

Nationality

British

Present Appointments

1

Function

Company Secretary

Appointment Date

13/01/1998

 

 

Address

34 Ponton House, Palace Road, London, SW2 3EQ

 

Number of Employees

10

-

10

25%

8

-

8

-11.1%

9

 

Auditors

BKB SEARS MORGAN

 

Auditor Comments

The audit report contains no adverse comments

 

Bankers

BARCLAYS BANK PLC

 

Bank Branch Code

20-37-75

 

Status History

No Status History found

 

Event History

Date

Description

03/02/2014

New Accounts Filed

22/01/2014

Annual Returns

18/02/2013

Annual Returns

11/02/2013

New Accounts Filed

11/02/2013

New Accounts Filed

04/02/2012

New Accounts Filed

04/02/2012

New Accounts Filed

28/01/2012

Annual Returns

04/03/2011

Annual Returns

07/02/2011

New Accounts Filed

07/02/2011

New Accounts Filed

01/03/2010

Annual Returns

09/11/2009

New Accounts Filed

09/11/2009

New Accounts Filed

06/03/2009

New Accounts Filed

 

Previous Company Names

No Previous Names found

 

 

NOTES & COMMENTS

 

Commentary

No exact match CCJs are recorded against the company.

Sales in the latest trading period increased 7.1% on the previous trading period.

Net Worth increased by 3.9% during the latest trading period.

 

A 14.5% growth in Total Assets occurred during the latest trading period.

Pre-tax profits decreased by 12.8% compared to the previous trading period.

The company saw a decrease in their Cash Balance of 11.6% during the latest trading period.

The audit report contains no adverse comments.

No recent changes in directorship are recorded.

The company is part of a group.

The company was established over 16 years ago.

 

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.60.42

UK Pound

1

Rs.100.11

Euro

1

Rs.79.74

 

INFORMATION DETAILS

 

Analysis Done by :

SUB

 

 

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

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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.