MIRA INFORM REPORT

 

 

Report Date :

10.07.2014

 

IDENTIFICATION DETAILS

 

Name :

KUROPATWA BROTHERS (PROPRIETARY) LIMITED

 

 

Trading Office :

London Diamond Bourse 100 Hatton Garden EC1N 8NX London

 

 

Country :

United Kingdom

 

 

Financials (as on) :

28.02.2011

 

 

Date of Incorporation :

19.03.2007

 

 

Com. Reg. No.:

FC027678

 

 

Legal Form :

Not Available

 

 

Line of Business :

Diamond cutters and polishers

 

 

No. of Employees :

Not Available

 

RATING & COMMENTS

 

MIRA’s Rating :

Ca

 

RATING

STATUS

PROPOSED CREDIT LINE

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

 

 

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 31, 2014

 

Country Name

Previous Rating

(31.12.2013)

Current Rating

(31.03.2014)

United Kingdom

A1

A1

 

Risk Category

ECGC Classification

Insignificant

 

A1

Low Risk

 

A2

Moderately Low Risk

 

B1

Moderate Risk

 

B2

Moderately 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:            KUROPATWA BROTHERS (PROPRIETARY) LIMITED

Company No:                FC027678

Company Status:           Financial Statements too old

 

Registered Address:       3RD FLOOR BUITENGRACHT CENTRE 125 BUTTENGRACHT STREET CAPE TOWN 8001 SOUTH AFRICA

 

 

 

DIRECTORS/MANAGEMENT

 

otal Current Directors

2

Total Current Secretaries

0

Total Previous Directors / Company Secretaries

0

 

Current Directors

Name

Oliver David Kuropatwa

Date of Birth

17/01/1974

Officers Title

Mr

Nationality

British

Present Appointments

1

Function

Director

Appointment Date

17/07/2007

 

 

Address

4 Biarritz Close, Sunset Links, Milverton, 7441

Other Actions

View Director Report

View Consumer Report

 

 

 

Name

Daniel James Kuropatwa

Date of Birth

10/01/1979

Officers Title

Mr

Nationality

British

Present Appointments

1

Function

Director

Appointment Date

17/07/2007

 

 

Address

5 Lindevista Lane, Baviaanskloof, Hout Bay, 7806

Other Actions

View Director Report

View Consumer Report

 

 

Current Company Secretary

 

Previous Director/Company Secretaries

No Previous Director Details

 

 

NEGATIVE INFORMATION

 

Mortgage Summary

Total Mortgage

0

Outstanding

0

Satisfied

0

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

 

PAYMENT INFORMATION

 

Trade Debtors / Bad Debt 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

 

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.

 

 

Within Terms

0-30 Days

31-60 Days

61-90 Days

91+ Days

Paid

 

 

 

 

 

Outstanding

 

 

 

 

 

 

 

GROUP STRUCTURE & AFFILIATED COMPANIES

 

Statistics

Group

-

Linkages

0 companies

Countries

In 0 countries

 

Summary

Holding Company

-

Ownership Status

 

Ultimate Holding Company

-

 

Group structure

No group structure

 

 

FINANCIAL INFORMATION

 

 

Profit & Loss

Date Of Accounts

28/02/11

(%)

28/02/10

(%)

28/02/09

(%)

29/02/08

(%)

28/02/07

Weeks

52

(%)

52

(%)

52

(%)

52

(%)

52

Currency

GBP

(%)

GBP

(%)

GBP

(%)

GBP

(%)

GBP

Consolidated A/cs

N

(%)

N

(%)

N

(%)

N

(%)

N

Turnover

Ł17,467,916

137.9%

Ł7,343,512

-93.7%

Ł116,297,285

-

-

-

-

Export

-

-

-

-

-

-

-

-

-

Cost of Sales

Ł16,800,716

159.6%

Ł6,472,839

-93.7%

Ł102,981,807

-

-

-

-

Gross Profit

Ł667,200

-23.4%

Ł870,673

-93.5%

Ł13,315,478

-

-

-

-

Wages & Salaries

Ł292,459

-27.7%

Ł404,345

-94.1%

Ł6,856,207

-

-

-

-

Directors Emoluments

-

-

-

-

-

-

-

-

-

Operating Profit

Ł102,080

-41.1%

Ł173,282

-90.6%

Ł1,839,563

-

-

-

-

Depreciation

Ł120,594

-1.9%

Ł122,879

-92%

Ł1,536,294

-

-

-

-

Audit Fees

-

-

-

-

-

-

-

-

-

Interest Payments

Ł56,552

-47.9%

Ł108,469

-93.5%

Ł1,678,862

-

-

-

-

Pre Tax Profit

Ł45,550

-29.7%

Ł64,812

-59.7%

Ł160,734

-

-

-

-

Taxation

-Ł3,550

34.7%

-Ł5,438

87.9%

-Ł45,006

-

-

-

-

Profit After Tax

Ł41,999

-29.3%

Ł59,374

-48.7%

Ł115,728

-

-

-

-

Dividends Payable

-

-

-

-

-

-

-

-

-

Retained Profit

Ł41,999

-29.3%

Ł59,374

-48.7%

Ł115,728

-

-

-

-

 

Balance Sheet

Date Of Accounts

28/02/11

(%)

28/02/10

(%)

28/02/09

(%)

29/02/08

(%)

28/02/07

Tangible Assets

Ł35,812

-76.9%

Ł155,307

-95%

Ł3,105,381

-

0

-

0

Intangible Assets

0

-

0

-

0

-

0

-

0

Total Fixed Assets

Ł35,812

-76.9%

Ł155,307

-95%

Ł3,105,381

-

0

-

0

Stock

Ł1,693,453

17.5%

Ł1,441,837

-95%

Ł28,910,344

-

0

-

0

Trade Debtors

Ł514,123

-17.4%

Ł622,215

-95.5%

Ł13,810,541

-

0

-

0

Cash

Ł56,589

-

0

-

0

-

0

-

0

Other Debtors

0

-

0

-

0

-

0

-

0

Miscellaneous Current Assets

0

-

0

-

0

-

0

-

0

Total Current Assets

Ł2,264,166

9.7%

Ł2,064,052

-95.2%

Ł42,720,885

-

0

-

0

Trade Creditors

Ł770,364

439.4%

Ł142,821

-83.4%

Ł860,398

-

0

-

0

Bank Loans & Overdrafts

0

-100%

Ł192,785

-98.3%

Ł11,321,467

-

0

-

0

Other Short Term Finance

Ł8,787

-31.4%

Ł12,815

-38.4%

Ł20,818

-

0

-

0

Miscellaneous Current Liabilities

Ł370

-66.5%

Ł1,103

-

0

-

0

-

0

Total Current Liabilities

Ł779,520

123%

Ł349,524

-97.1%

Ł12,202,683

-

0

-

0

Bank Loans & Overdrafts and LTL

Ł1,386,811

-29.6%

Ł1,970,972

-95.6%

Ł44,523,143

-

0

-

0

Other Long Term Finance

Ł1,386,811

-22%

Ł1,778,188

-94.6%

Ł33,201,676

-

0

-

0

Total Long Term Liabilities

Ł1,386,811

-22%

Ł1,778,188

-94.6%

Ł33,201,676

-

0

-

0

.

Capital & Reserves

Date Of Accounts

28/02/11

(%)

28/02/10

(%)

28/02/09

(%)

29/02/08

(%)

28/02/07

Called Up Share Capital

Ł8

-

Ł8

-92.4%

Ł100

-

-

-

-

P & L Account Reserve

Ł133,639

45.8%

Ł91,640

-78.3%

Ł421,807

-

-

-

-

Revaluation Reserve

-

-

-

-

-

-

-

-

-

Sundry Reserves

-

-

-

-

-

-

-

-

-

Shareholder Funds

Ł133,647

45.8%

Ł91,648

-78.3%

Ł421,907

-

-

-

-

 

Other Financial Items

Date Of Accounts

28/02/11

(%)

28/02/10

(%)

28/02/09

(%)

29/02/08

(%)

28/02/07

Net Worth

Ł133,647

45.8%

Ł91,648

-78.3%

Ł421,907

-

-

-

-

Working Capital

Ł1,484,646

-13.4%

Ł1,714,528

-94.4%

Ł30,518,202

-

-

-

-

Total Assets

Ł2,299,978

3.6%

Ł2,219,360

-95.2%

Ł45,826,266

-

-

-

-

Total Liabilities

Ł2,166,331

1.8%

Ł2,127,712

-95.3%

Ł45,404,359

-

-

-

-

Net Assets

Ł133,647

45.8%

Ł91,648

-78.3%

Ł421,907

-

-

-

-

 

Cash Flow

Date Of Accounts

28/02/11

(%)

28/02/10

(%)

28/02/09

(%)

29/02/08

(%)

28/02/07

Net Cashflow from Operations

Ł649,746

-55.7%

Ł1,468,005

-77.5%

Ł6,510,729

-

-

-

-

Net Cashflow before Financing

Ł648,647

-54.6%

Ł1,427,364

-75%

Ł5,710,764

-

-

-

-

Net Cashflow from Financing

-Ł399,273

47.1%

-Ł754,116

83.2%

-Ł4,490,410

-

-

-

-

Increase in Cash

Ł249,374

-63%

Ł673,247

-44.8%

Ł1,220,354

-

-

-

-

 

Miscellaneous

Date Of Accounts

28/02/11

(%)

28/02/10

(%)

28/02/09

(%)

29/02/08

(%)

28/02/07

Contingent Liability

NO

-

NO

-

NO

-

YES

-

YES

Capital Employed

Ł1,520,458

-18.7%

Ł1,869,835

-94.4%

Ł33,623,583

-

-

-

-

Number of Employees

-

-

-

-

-

-

-

-

-

Auditors

LUTRIN & ASSOCIATES

Auditor Comments

The auditors have been unable to give a full opinion due to a disagreement over accounting practise

Bankers

 

Bank Branch Code

 

 

Ratios

Date Of Accounts

28/02/11

28/02/10

28/02/09

29/02/08

28/02/07

Pre-tax profit margin %

0.26

0.88

0.14

-

-

Current ratio

2.90

5.91

3.50

-

-

Sales/Net Working Capital

11.77

4.28

3.81

-

-

Gearing %

1037.70

2150.60

10552.80

0

0

Equity in %

5.80

4.10

0.90

-

-

Creditor Days

16.05

7.07

2.69

-

-

Debtor Days

10.71

30.84

43.22

-

-

Liquidity/Acid Test

0.73

1.78

1.13

-

-

Return On Capital Employed %

2.99

3.46

0.47

-

-

Return On Total Assets Employed %

1.98

2.92

0.35

-

-

Current Debt Ratio

5.83

3.81

28.92

-

-

Total Debt Ratio

16.20

23.21

107.61

-

-

Stock Turnover Ratio %

9.69

19.63

24.85

-

-

Return on Net Assets Employed %

34.08

70.71

38.09

-

-

 

 

FOREIGN EXCHANGE RATES

 

Na

 

Status History

No Status History found

 

Event History

Date

Description

 

05/07/2012

New Accounts Filed

 

05/07/2012

New Accounts Filed

 

05/07/2012

New Accounts Filed

 

08/02/2012

New Board Member Mr D.J. Kuropatwa appointed

 

08/02/2012

New Board Member Mr O.D. Kuropatwa appointed

 

14/04/2011

New Accounts Filed

 

14/04/2011

New Accounts Filed

 

14/04/2011

New Accounts Filed

 

19/07/2007

Change of Name

 

19/07/2007

Change in Reg. Office

 

19/07/2007

Change of Company Postcode

 

 

Previous Company Names

No Previous Names found

 

 

NOTES & COMMENTS

 

Commentary

No comments to display

 

 

 

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.59.73

UK Pound

1

Rs.102.36

Euro

1

Rs.81.38

 

INFORMATION DETAILS

 

Analysis Done by :

SUB

 

 

Report Prepared by :

NNA

 

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.