company name and address

Business Description

Industry

Key Executives

Financial Summary

Corporate Overview

Corporate Structure News

Executives Report

Directors and Shareholders Report

Annual Profit & Loss

MIRA INFORM REPORT

Report Date :

09.01.2014

IDENTIFICATION DETAILS

Name :	VERIGOLD JEWELLERY (UK) LTD.

Registered Office :	88-90 Hatton Garden Suite 56 London, EC1N 8PN

Country :	United Kingdom

Financials (as on) :	31.03.2013

Date of Incorporation :	19.06.2009

Com. Reg. No.:	06938895

Legal Form :	Private Subsidiary

Line of Business :	Importers and wholesalers of Jewellery

No. of Employees :	04

RATING & COMMENTS

MIRA’s Rating :

RATING		STATUS	PROPOSED CREDIT LINE
26-40	B	Capability to overcome financial difficulties seems comparatively below average.	Small

Status :	Moderate
Payment Behaviour :	Slow
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 – September 30, 2013

Country Name

Previous Rating

(30.06.2013)

Current Rating

(30.09.2013)

United Kingdom

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

VERIGOLD JEWELLERY (UK) LTD.

88-90 Hatton Garden
Suite 56

London, EC1N 8PN
United Kingdom
(Trading Address) Registered Address
Map

Tel:	020 7831 4757

Employees:	4
Company Type:	Private Subsidiary
Corporate Family:	4 Companies
Ultimate Parent:	Renaissance Jewellery Limited

Quoted Status:	Non-quoted Company
Incorporation Date:	19-Jun-2009
Auditor:	Richard Anthony & Co.


Fiscal Year End:	31-Mar-2013
Reporting Currency:	British Pound Sterling
Annual Sales:	2.0 ¹
Net Income:	0.0
Total Assets:	1.4

Jewelry Distr

Industry	Miscellaneous Professional Services
ANZSIC 2006:	6999 - Other Professional, Scientific and Technical Services Not Elsewhere Classified
ISIC Rev 4:	8299 - Other business support service activities n.e.c.
NACE Rev 2:	8299 - Other business support service activities n.e.c.
NAICS 2012:	561990 - All Other Support Services
UK SIC 2007:	8299 - Other business support service activities n.e.c.
US SIC 1987:	7389 - Business Services, Not Elsewhere Classified

Name	Title
Michael Callaghan	Managing Director
Dhruv Janit Desai	Director
Sumit Shah	Director
Hitesh Shah	Director

FYE: 31-Mar-2013

USD (mil)

Key Figures
Current Assets	1.42
Fixed Assets	0.0029
Total Liabilities	1.07
Net Worth	0.35

Key Ratios
Current Ratio	1.32
Acid Test	0.54

Registered No.(UK): 06938895

1 - Profit & Loss Item Exchange Rate: USD 1 = GBP 0.6329098

2 - Balance Sheet Item Exchange Rate: USD 1 = GBP 0.6591356

Location
88-90 Hatton Garden
Suite 56
London, EC1N 8PN
London County
United Kingdom

Tel:	020 7831 4757

Suggest Company URL

Sales GBP(mil):	1.3
Assets GBP(mil):	0.9
Employees:	4
Fiscal Year End:	31-Mar-2013



Industry:	Business Services

Registered Address:
88-90 Hatton Garden
5Th Floor Suite 56
London, EC1N 8PN
United Kingdom

Incorporation Date:	19-Jun-2009
Company Type:	Private Subsidiary
Quoted Status:	Not Quoted
Registered No.(UK):	06938895


Managing Director:	Michael Callaghan

Industry Codes

ANZSIC 2006 Codes:
6999	-	Other Professional, Scientific and Technical Services Not Elsewhere Classified

ISIC Rev 4 Codes:
8299	-	Other business support service activities n.e.c.

NACE Rev 2 Codes:
8299	-	Other business support service activities n.e.c.

NAICS 2012 Codes:
561990	-	All Other Support Services

US SIC 1987:
7389	-	Business Services, Not Elsewhere Classified

UK SIC 2007:
8299	-	Other business support service activities n.e.c.

Business Description

Jewellery importers and wholesalers.

More Business Descriptions

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Jewelry Distr

$Description: \\VIVEK\web\images\spacer.gif$

Jewellers Equipment

$Description: \\VIVEK\web\images\spacer.gif$

Financial Data

Financials in:	GBP(mil)
$Description: \\VIVEK\web\images\spacer.gif$
Revenue:	1.3
Net Income:	0.0
Assets:	0.9
Current Assets:	0.9
Fixed Assets:	0.0
Long Term Debt:	0.0
Total Liabilities:	0.7
Issued Capital:	0.4
Working Capital:	0.2
Net Worth:	0.2
$Description: \\VIVEK\web\images\spacer.gif$
Date of Financial Data:	31-Mar-2013

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1 Year Growth

59.7%

Key Corporate Relationships

Auditor:	Richard Anthony & Co.
$Description: \\VIVEK\web\images\spacer.gif$
Auditor:	Richard Anthony & Co.
$Description: \\VIVEK\web\images\spacer.gif$
Auditor History
Richard Anthony & Co.	31-Mar-2013
Richard Anthony And Co.	31-Mar-2012
Richard Anthony And Co.	31-Mar-2011
Richard Anthonyand Co.	31-Mar-2010
$Description: \\VIVEK\web\images\spacer.gif$

	GBP(mil)
Audit Fees:	0.0
Audit Fiscal Year:	03-31-2013

Company Name	Company Type	Location	Country	Industry	Sales (USD mil)	Employees
Renaissance Jewellery Limited	Parent	Mumbai	India	Metal Products Manufacturing	175.7	3,500
Renaissance Jewellery Limited	Branch	Mumbai, Maharashtra	India	Miscellaneous Wholesale		2,000
Verigold Jewellery (UK) Ltd.	Subsidiary	London	United Kingdom	Miscellaneous Professional Services	2.0	4
Renaissance Jewelry New York Inc.	Subsidiary	New York, NY	United States	Miscellaneous Wholesale	0.7	3

$Description: \\VIVEK\web\images\spacer.gif$

Board of Directors

Name

Title

Function

Dhruv Janit Desai

Director

Director/Board Member

Age: 33

Sumit Shah

Director

Director/Board Member

Age: 39

Hitesh Shah

Director

Director/Board Member

Age: 42

Executives

Name

Title

Function

Michael Callaghan

Managing Director

Individual Directors

Name	Status	DOB	Filed Address	Appointment Date	Resignation Date	Summary of Directorships
Dhruv Janit Desai	Current	31 May 1980	14 College House, 52 Putney Hill, Putney, London SW15 6BF	19 Mar 2013	NA	Current:1 Previous:0 Disqualifications:0
Sumit Shah	Current	NA	1005-06 Quantum Park 10Th Floor, 2 Gulab Nagar, Khar (West) Mumba, Maharashtra 400052	26 Jun 2009	NA	Current:1 Previous:0 Disqualifications:0
Hitesh Shah	Current	NA	202 Jyoti Darshan Chsl 68 Rughtaln., Mumbai 400006, Maharashtra	26 Jun 2009	NA	Current:1 Previous:0 Disqualifications:0
Barbara Kahan	Previous	07 Jun 1931	788 Finchley Road, Temple Fortune, London , London NW11 7TJ	19 Jun 2009	19 Jun 2009	Current:0 Previous:4960 Disqualifications:0
Niranjan Shah	Previous	18 Jan 1947	71 Vijay Deep 31 Ridge Road, Mumbai 400006, Maharashtra	26 Jun 2009	02 Apr 2013	Current:0 Previous:1 Disqualifications:0

Corporate Directors

There are no corporate directors for this company.

Individual Secretaries
There are no individual secretaries for this company.

Corporate Secretaries

There are no corporate secretaries for this company.

Corporate Shareholders
Company Name	Registration Number	Share Details (As Reported)	Share Type	# of Shares	Share Price (GBP)	Share Value (GBP)	% of Total Shares
Renaissance Jewellery Limited	07139842	450000 1 Ordinary GBP 1.00	1 Ordinary	450,000	1.00	450,000.00	100.00

Individual Shareholders

There are no individual shareholders for this company.

	31-Mar-2013	31-Mar-2012	31-Mar-2011	31-Mar-2010
Period Length	52 Weeks	52 Weeks	52 Weeks	41 Weeks
Filed Currency	GBP	GBP	GBP	GBP
Exchange Rate (Period Average)	0.63291	0.626752	0.643394	0.627794
Consolidated	No	No	No	No

Total Turnover	2.0	1.3	1.6	-
Cost of Sales	1.6	1.1	1.3	-
Total Expenses	-	-	-	0.2
Gross Profit	0.4	0.2	0.3	-
Depreciation	0.0	0.0	0.0	-
Other Expenses	0.4	0.4	0.3	-
Operating Profit	-	-0.2	0.0	-
Other Income	0.0	0.0	0.0	0.0
Interest Paid	0.0	0.0	0.0	0.0
Exceptional Income	0.0	0.0	0.0	0.0
Discontinued Operations	0.0	0.0	-	-
Profit Before Taxes	0.0	-0.2	0.0	-0.2
Tax Payable / Credit	0.0	0.0	0.0	0.0
Extraordinary Items/Debits	0.0	0.0	0.0	0.0
Dividends	0.0	0.0	0.0	0.0
Profit After Taxes	0.0	-0.2	0.0	-0.2
Minority Interests (Profit & Loss)	0.0	0.0	0.0	0.0
Audit Fees	0.0	0.0	0.0	0.0
Directors Remuneration	0.0	-	-	-

Annual Balance Sheet

Financials in: USD (mil)

	31-Mar-2013	31-Mar-2012	31-Mar-2011	31-Mar-2010
Filed Currency	GBP	GBP	GBP	GBP
Exchange Rate	0.659136	0.628108	0.62385	0.659239
Consolidated	No	No	No	No

Land & Buildings	0.0	0.0	0.0	0.0
Fixtures & Fittings	0.0	0.0	0.0	0.0
Plant & Vehicles	0.0	0.0	0.0	0.0
Total Tangible Fixed Assets	0.0	0.0	0.0	0.0
Intangible Assets	0.0	0.0	0.0	0.0
Investments	0.0	0.0	0.0	0.0
Total Fixed Assets	0.0	0.0	0.0	0.0
Total Stocks Work In Progress	0.8	0.4	0.6	0.2
Trade Debtors	0.4	0.1	0.3	-
Other Debtors	0.1	0.1	0.1	0.1
Total Debtors	0.5	0.2	0.4	0.1
Cash and Equivalents	0.1	0.2	0.2	0.1
Other Current Assets	0.0	0.0	0.0	0.0
Total Current Assets	1.4	0.8	1.1	0.4
Total Assets	1.4	0.8	1.1	0.4
Trade Creditors	0.1	0.0	0.0	0.0
Inter-Company Creditors	1.0	0.3	0.5	0.1
Social Security/VAT	0.0	0.0	0.0	0.0
Other Current Liabilities	0.0	0.0	0.0	0.0
Total Current Liabilities	1.1	0.4	0.5	0.1
Group Loans (Long Term Liability)	0.0	0.0	0.0	0.2
Director Loans (Long Term Liability)	0.0	0.0	0.0	0.0
Hire Purchase (Long Term Liability)	0.0	0.0	0.0	0.0
Leasing (Long Term Liability)	0.0	0.0	0.0	0.0
Total Hire Purchase Loans (Long Term Liability)	0.0	0.0	0.0	0.0
Other Long Term Loans	0.0	0.0	0.0	0.0
Accruals/Deferred Income (Long Term Liability)	0.0	0.0	0.0	0.0
Other Long Term Liabilities	0.0	0.0	0.0	0.0
Total Long Term Liabilities	0.0	0.0	0.0	0.2
Deferred Taxation	0.0	0.0	0.0	0.0
Other Provisions	0.0	0.0	0.0	0.0
Total Provisions	0.0	0.0	0.0	0.0
Issued Capital	0.7	0.7	0.7	0.2
Share Premium Accounts	0.0	0.0	0.0	0.0
Revaluation Reserve	0.0	0.0	0.0	0.0
Retained Earnings	-0.3	-0.3	-0.1	-0.1
Other Reserves	0.0	0.0	0.0	0.0
Minority Interests (Balance Sheet)	0.0	0.0	0.0	0.0
Total Shareholders Funds	0.3	0.4	0.6	0.1
Net Worth	0.3	0.4	0.6	0.1

Annual Cash Flows

Financials in: USD (mil)

	31-Mar-2013	31-Mar-2012	31-Mar-2011	31-Mar-2010
Period Length	52 Weeks	52 Weeks	52 Weeks	41 Weeks
Filed Currency	GBP	GBP	GBP	GBP
Exchange Rate (Period Average)	0.63291	0.626752	0.643394	0.627794
Consolidated	No	No	No	No

Net Cash Flow From Operating Activities	-	0.0	-0.2	-0.3
Net Cash Flow from ROI and Servicing of Finance	-	0.0	0.0	0.0
Taxation	-	0.0	0.0	0.0
Capital Expenditures	-	0.0	0.0	0.0
Acquisitions and Disposals	-	0.0	0.0	0.0
Paid Up Equity	-	0.0	0.0	0.0
Management of Liquid Resources	-	0.0	0.0	0.0
Net Cash Flow From Financing	-	0.0	0.3	0.4
Increase in Cash	-	0.0	0.0	0.1

Annual Ratios

Financials in: USD (mil)

	31-Mar-2013	31-Mar-2012	31-Mar-2011	31-Mar-2010
Period Length	52 Weeks	52 Weeks	52 Weeks	41 Weeks
Filed Currency	GBP	GBP	GBP	GBP
Exchange Rate	0.659136	0.628108	0.62385	0.659239
Consolidated	No	No	No	No

Current Ratio	1.32	2.01	2.11	3.72
Liquidity Ratio	0.54	0.98	1.04	1.96
Stock Turnover	229.00	318.00	294.00	-
Credit Period (Days)	7,565.00	2,069.00	6,222.00	-
Working Capital by Sales	1,810.00%	3,086.00%	3,515.00%	-
Trade Credit by Debtors	16.00	2.00	5.00	-
Return on Capital	-738.00%	-5,552.00%	169.00%	-8,308.00%
Return on Assets	-181.00%	-2,807.00%	89.00%	-6,095.00%
Profit Margin	-135.00%	-1,735.00%	60.00%	-
Return on Shareholders Funds	-738.00%	-5,552.00%	169.00%	-28,634.00%
Borrowing Ratio	27,885.00%	8,699.00%	7,934.00%	30,740.00%
Equity Gearing	2,453.00%	5,057.00%	5,274.00%	2,128.00%
Debt Gearing	-	-	-	244.66%
Interest Coverage	-	-	222.00	-18,263.00
Sales by Tangible Assets	65,672.00	26,073.00	53,456.00	-
Creditor Days (Cost of Sales Based)	1,429.00	42.00	390.00	-
Creditor Days (Sales Based)	1,173.00	37.00	313.00	-

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.62.24
UK Pound	1	Rs.102.17
Euro	1	Rs.84.82

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%)