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Report Date : |
04.12.2014 |
IDENTIFICATION DETAILS
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Name : |
MIREYA ( |
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Registered Office : |
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Country : |
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Financials (as on) : |
31.12.2012 |
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Date of Incorporation : |
11.05.2011 |
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Com. Reg. No.: |
07630346 |
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Legal Form : |
Private limited with Share Capital |
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Line of Business : |
Wholesaler of Diamonds & Jewellery such as Rings, Earring, Pendants, Bracelets, Bangles & Necklaces |
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No of Employees : |
Not Available [We tried to confirm the number of employees but no one is ready to
part any information from the company management.] |
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 but Correct |
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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 1, 2014
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Country Name |
Previous Rating (31.03.2014) |
Current Rating (01.06.2014) |
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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. 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
£375 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.
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Source : CIA |
MIREYA (UK) LIMITED
11 ASHURST ROAD
COCKFOSTERS
HERTFORDSHIRE
EN4 9LE
United Kingdom
Website www.mireya.co.uk
Company Number: 07630346
Status: Active - Accounts
Filed
Foundation: 11/05/2011
No exact match CCJs are recorded against the company. The company’s credit rating has increased from 32 to 40 which indicates it is creditworthy. Net Worth increased by 101.8% during the latest trading period. The movement in accumulated earnings would indicate that the company made a profit after tax and other appropriations, including dividends.
A 5.7% decline in Total Assets occurred during the latest trading period. The company saw a decrease in their Cash Balance of 21.6% during the latest trading period.
There is insufficient data to indicate a change in this company’s percentage of sales. There is insufficient data to indicate a change in this company’s pre-tax profit.
The company is exempt from audit. The company has undergone recent changes in its directorships. The company is part of a group. The company was established over 3 years ago.
Legal form
Private limited with Share Capital
Foundation
11/05/2011
Company No.
07630346
|
Name |
Currency |
Number of shares |
Share type |
Nominal value |
|
INTERNATIONAL
DIAMOND DISTRIBUTORS INC |
GBP |
100 |
ORDINARY |
1 |
|
Total
Share Capital |
GBP 100 |
|||
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Directors |
||||
|
Name |
Address: |
Date of birth |
Nationality |
Appointment date |
|
Rahil Sanjay Shah |
Flat 55 Lords View 1, St Johns
Wood Road, London NW8 7HQ |
08/09/1986 |
Indian |
11/05/2011 |
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Company Secretary |
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||
|
Name |
Address: |
Appointment date |
|
|
|
ASHTON COMPANY SERVICES
LIMITED |
11 Ashurst Road, Cockfosters,
Hertfordshire EN4 9LE |
01/12/2013 |
|
|
MIREYA (UK) LIMITED, 11 Ashurst Road, Cockfosters, Herts EN4 9LE
|
Ultimate parent Name |
Status |
Country |
|
INTERNATIONAL
DIAMOND DISTRIBUTORS INC |
Other |
USA |
Main activity
Wholesaler
of Diamonds & Jewellery such as Rings, Earrings, Pendants, Bracelets,
Bangles & Necklaces
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Events |
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Company history |
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Date |
Action |
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13/05/2011 |
New
Board Member R.S. Shah appointed |
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06/04/2012 |
New
Accounts Filed |
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15/05/2012 |
Annual
Returns |
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12/04/2013 |
New
Accounts Filed |
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12/04/2013 |
New
Accounts Filed |
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29/06/2013 |
Annual
Returns |
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28/04/2014 |
New
Company Secretary ASHTON COMPANY SERVICES LIMITED appointed |
|
26/05/2014 |
Annual
Returns |
(CCJs)
There are no County Court Judgments listed against this company
Balance Sheet
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31/12/2012 |
31/12/2011 |
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|
52 |
52 |
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|
GBP |
GBP |
|
|
Group: No |
Group: No |
|
Tangible Assets |
4,357 |
0 |
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Intangible Assets |
0 |
0 |
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Total
Fixed Assets |
4,357 |
0 |
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Stock |
247,965 |
241,545 |
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Trade Debtors |
258,087 |
289,690 |
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Cash |
47,798 |
60,972 |
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Other Debtors |
0 |
0 |
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Miscellaneous Current Assets |
0 |
0 |
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Total
Current Assets |
553,850 |
592,207 |
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Trade Creditors |
545,415 |
585,868 |
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Bank Loans and Overdraft |
0 |
0 |
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Other Short Term Finance |
0 |
0 |
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Miscellaneous Current
Liabilities |
0 |
0 |
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Total
Current Liabilities |
545,415 |
585,868 |
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Bank Loans and Overdrafts LTL |
0 |
0 |
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Other Long Term Finance |
0 |
0 |
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Total
Long Term Liabilities |
0 |
0 |
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Capital & Reserves
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31/12/2012 |
31/12/2011 |
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52 |
52 |
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|
GBP |
GBP |
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Group: No |
Group: No |
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Called Up Share Capital |
100 |
100 |
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P and L Account Reserve |
12,692 |
6,239 |
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Shareholders Funds |
12,792 |
6,339 |
Other Financial Items
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|
31/12/2012 |
31/12/2011 |
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52 |
52 |
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|
GBP |
GBP |
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Group: No |
Group: No |
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Net
Worth |
12,792 |
6,339 |
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Working
Capital |
8,435 |
6,339 |
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Total
Assets |
558,207 |
592,207 |
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Total
Liabilities |
545,415 |
585,868 |
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Net
Assets |
12,792 |
6,339 |
Cash Flow
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|
31/12/2012 |
31/12/2011 |
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|
52 |
52 |
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|
GBP |
GBP |
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Group: No |
Group: No |
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Net Cash Flow from Operations |
0 |
0 |
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Net Cash Flow before Financing |
0 |
0 |
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Net Cash Flow from Financing |
0 |
0 |
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Increase in Cash |
-13,174 |
0 |
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Capital Employed |
12,792 |
6,339 |
Financial
Ratios
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|
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Name |
31/12/2012 |
31/12/2011 |
|
Pre Tax Profit Margin |
0.0% |
0.0% |
|
Current Ration |
1.02 |
1.01 |
|
Sales or Net Working Capital |
0.00 |
0.00 |
|
Gearing |
0.00 % |
0.00 % |
|
Equity |
2.29 % |
1.07 % |
|
Creditor Days |
0.00 |
0.00 |
|
Debtor Days |
0.00 |
0.00 |
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Liquidity or Acid test |
0.56 |
0.59 |
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Return on Capital Employed |
0.0% |
0.0% |
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Return on Total Assets
Employed |
0.0% |
0.0% |
|
Current Debt Ratio |
42.63 % |
92.42 % |
|
Total Debt Ratio |
42.63 % |
92.42 % |
|
Stock Turnover Ratio |
0.0% |
0.0% |
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Return on Net Assets Employed |
0.0% |
0.0% |
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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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 –
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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.
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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.61.89 |
|
UK Pound |
1 |
Rs.96.83 |
|
Euro |
1 |
Rs.76.57 |
INFORMATION DETAILS
|
Analysis Done by
: |
DIV |
|
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Report Prepared
by : |
MNL |
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 |
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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.