.

MIRA INFORM REPORT

 

 

Report Date :

28.01.2014

 

IDENTIFICATION DETAILS

 

Name :

TROTTERS (UK) LTD 

 

 

Registered Office :

Hamilton House 25 High Street Rickmansworth Hertfordshire Wd3 1et

 

 

Country :

United Kingdom

 

 

Financials (as on) :

30.09.2013

 

 

Date of Incorporation :

21.09.2011

 

 

Com. Reg. No.:

07781994

 

 

Legal Form :

Private limited with Share Capital

 

 

Line of Business :

Retail sale of watches and jewellery in specialised stores

 

 

No. of Employees :

Not Available

 

RATING & COMMENTS

 

MIRA’s Rating :

Ba

 

RATING

STATUS

PROPOSED CREDIT LINE

41-55

Ba

Overall operation is considered normal. Capable to meet normal commitments.

Satisfactory

 

Status :

Satisfactory

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 – September 30, 2013

 

Country Name

Previous Rating

(30.06.2013)

Current Rating

(30.09.2013)

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

 

Company identification

 

 

TROTTERS (UK) LTD  -

Trading As  TROTTERS JEWELLERS LONDON

 

Telephone

 

-

 

HAMILTON HOUSE 25 HIGH STREET

Fax

-

 

RICKMANSWORTH

Website

-

 

HERTFORDSHIRE

 

WD3 1ET

 

United Kingdom

 

 

 

Company Number: Foundation:

 

07781994

21/09/2011

 

Status:

 

Active - Accounts Filed

 

 

 

Main indices

 

Payment experience and credit opinion

 

 

Comments    

 

No exact match CCJs are recorded against the company. The company’s credit rating has increased from 56 to 78 which indicates very good creditworthiness. The credit limit on this company has risen 400% in comparison to the previously

 

suggested credit limit. Net Worth increased by 236.4% during the latest trading period. A 70.1% growth in Total Assets occurred

 

during the latest trading period. The company saw an increase in their Cash Balance of 314.1% 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.

 

 

Legal form

 

Private limited with Share Capital

 

 

Foundation     

 

21/09/2011

 

 

Company No.

 

07781994

 

 

Shareholders

 

Name                           Currency          Number of shares       Share type       Nominal value

MR JUDD GREEN         GBP                 1                                 ORDINARY                   1

Total Share Capital                                                                                                     GBP 1

 

 

Management

 

Directors

Name                           Address:                      Date of birth     Nationality       Appointment date

Mr Judd Green               350 Bethnal

Green Road,

London E2

6LG                              21/10/1992        British               21/09/2011

 

           

Other Known Addresses

 

Hamilton House, 25 High Street, Rickmansworth, Hertfordshire WD3 1ET

 

 

Main activity

 

SIC03 Other retail specialised stores

SIC07 Retail sale of watches and jewellery in specialised stores

 

 

Economic data

 

Turnover and Employees

 

Date of Accounts          Turnover          Employees

30/09/2012                    Not Stated         Not Stated

30/09/2013                    Not Stated         Not Stated

 

 

 

Supplementary data

 

Company history

 

New Board Member        Mr J. Green appointed

09/10/2012                    Change in Reg.Office

09/10/2012                    Change of Company Postcode

13/10/2012                    Annual Returns

16/10/2012                    Annual Returns

17/11/2012                    New Accounts Filed

14/10/2013                    Annual Returns

22/11/2013                    New Accounts Filed

 

 

Profit & Loss

 

 

30/09/2013

52

GBP

Group: No

30/09/2012

56

GBP

Group: No

Turnover

-

0

0

 

Export

-

-

-

 

Cost of Sales

-

-

-

 

Gross Profit

-

-

-

 

Wages And Salaries

-

0

0

 

Directors Emoluments

-

-

-

 

Operating Profit

-

-

-

 

Depreciation

-

9,191

2,056

 

Audit Fees

-

0

0

 

Interests Payments

-

-

-

 

Pre Tax Profit

-

0

0

 

Taxation

-

-

-

 

Profit After Tax

-

-

-

 

Dividends Payable

-

-

-

 

Retained Profit

-

-

-

 

 

 

Balance Sheet

 

 

30/09/2013

52

GBP

Group: No

30/09/2012

56

GBP

Group: No

Tangible Assets

-

33,168

34,523

 

Intangible Assets

-

6,167

8,167

 

Total Fixed Assets

-

39,335

42,690

 

Stock

-

840,910

413,066

 

 

 

30/09/2013

52

GBP

Group: No

30/09/2012

56

GBP

Group: No

Trade Debtors

-

5,837

183,487

 

Cash

-

341,642

82,499

 

Other Debtors

-

0

0

 

Miscellaneous Current Assets

-

0

0

 

Total Current Assets

-

1,188,389

679,052

 

Trade Creditors

-

373,833

228,818

 

Bank Loans and Overdraft

-

0

0

 

Other Short Term Finance

-

0

0

 

Miscellaneous Current Liabilities

-

0

0

 

Total Current Liabilities

-

373,833

228,818

 

Bank Loans and Overdrafts LTL

-

122,848

269,275

 

Other Long Term Finance

-

0

0

 

Total Long Term Liabilities

-

122,848

269,275

 

 

 

Capital & Reserves

 

 

30/09/2013

52

GBP

Group: No

30/09/2012

56

GBP

Group: No

Called Up Share Capital

-

1

1

 

P and L Account Reserve

-

731,042

223,648

 

Revaluation Reserve

-

0

0

 

Sundry Reserves

-

0

0

 

Shareholders Funds

-

731,043

223,649

 

 

 

Other Financial Items

 

 

30/09/2013

52

GBP

Group: No

30/09/2012

56

GBP

Group: No

Net Worth

-

724,876

215,482

 

Working Capital

-

814,556

450,234

 

Total Assets

-

1,227,724

721,742

 

Total Liabilities

-

496,681

498,093

 

Net Assets

-

731,043

223,649

 

 

Cash Flow

 

 

30/09/2013

52

GBP

Group: No

30/09/2012

56

GBP

Group: No

Net Cash Flow from Operations

-

0

0

 

Net Cash Flow before Financing

-

0

0

 

Net Cash Flow from Financing

-

0

0

 

Increase in Cash

-

259,143

0

 

 

 

Miscellaneous    

 

 

30/09/2013

52

GBP

Group: No

30/09/2012

56

GBP

Group: No

Capital Employed

-

853,891

492,924

 

 

Financial Ratios

 

Name                                                               30/09/2013        30/09/2012

Pre Tax Profit Margin                                          0.0%                 0.0%

 

Name                                                               30/09/2013        30/09/2012

Current Ration

3.18

2.97

Sales or Net Working Capital

0.00

0.00

Gearing

16.80 %

120.40 %

Equity

59.85 %

31.34 %

Creditor Days

0.00

0.00

Debtor Days

0.00

0.00

Liquidity or Acid test

0.92

1.16

Return on Capital Employed

0.0%

0.0%

Return on Total Assets Employed

0.0%

0.0%

Current Debt Ratio

0.51 %

1.02 %

Total Debt Ratio

0.67 %

2.22 %

Stock Turnover Ratio

0.0%

0.0%

Return on Net Assets Employed

0.0%

0.0%

 

 

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.62.71

UK Pound

1

Rs.103.50

Euro

1

Rs.85.82

 

 

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%)

 

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.