MIRA
INFORM REPORT
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Report Date : |
10.05.2014 |
IDENTIFICATION DETAILS
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Name : |
LOIS JEWELLERY LTD. |
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Registered Office : |
41-42 Frederick Street, Hockley Birmingham B1 3HN |
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Country : |
United Kingdom |
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Financials (as on) : |
31.05.2013 |
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Date of Incorporation : |
21.08.2002 |
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Com. Reg. No.: |
04516228 |
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Legal Form : |
Private Independent Company |
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Line of Business : |
· wholesaler of Jewellery · Trader of precious metal, primarily gold. |
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No. of Employees : |
10 |
RATING & COMMENTS
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MIRA’s Rating : |
Ba |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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Status : |
Satisfactory |
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Payment Behaviour : |
No Complaints |
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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 – March 31, 2014
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Country Name |
Previous Rating (31.12.2013) |
Current Rating (31.03.2014) |
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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 Risk |
A2 |
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Moderately Low Risk |
B1 |
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Moderate Risk |
B2 |
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Moderately High Risk |
C1 |
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High Risk |
C2 |
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Very High Risk |
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 Ł375 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.
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Source : CIA |
Company name & address
Lois Jewellery Ltd.
Registered Address
41-42 Frederick Street
Hockley
Birmingham, B1 3HN
United Kingdom
Tel: 01212121715
Fax: 01212124544
Synthesis
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Employees: |
10 |
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Company Type: |
Private Independent |
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Quoted Status: |
Non-quoted Company |
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Incorporation
Date: |
21-Aug-2002 |
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Auditor: |
Michael Dufty Partnership Ltd. |
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Financial |
USD (Millions) |
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Fiscal Year End: |
31-May-2013 |
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Reporting
Currency: |
British Pound Sterling |
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Annual Sales: |
NA |
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Total Assets: |
4.4 |
Business Description
Established in 1985 Lois Jewellery Ltd is one leading buyers of precious metal in the country for over 29 years. Lois is based in the Heart of Birminghams Jewellery Quarter with Secure Car parking. We buy all forms of bullion with immediate turnaround and payments.
Industry
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Industry |
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ANZSIC 2006: |
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ISIC Rev 4: |
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NACE Rev 2: |
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NAICS 2012: |
423990 -
Other Miscellaneous Durable Goods Merchant Wholesalers |
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UK SIC 2007: |
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US SIC 1987: |
Key Executives
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Financial Summary
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1 - Profit &
Loss Item Exchange Rate: USD 1 = GBP 0.6374732
2 - Balance Sheet Item Exchange Rate:
USD 1 = GBP 0.6575888
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Executive report
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Director |
Director/Board Member |
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Director |
Director/Board Member |
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Director |
Director/Board Member |
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Executives |
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Director, Secretary |
Company Secretary |
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Directors and Shareholders Report
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Main Office Address: |
Tel: 01212121715 |
Annual Return Date: 21 Aug 2013 |
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Individual Directors |
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Name |
Status |
DOB |
Filed Address |
Appointment Date |
Resignation Date |
Summary of Directorships |
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Current |
15 Jun 1957 |
19 Main Street, Hemington, |
21 Aug 2002 |
NA |
Current:1 |
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Current |
17 Jan 1974 |
5 Glenorchy Court, Oakwood, |
21 Aug 2002 |
NA |
Current:1 |
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Previous |
06 Nov 1952 |
Craigmore, 14 Lime Avenue Ripley, |
21 Aug 2002 |
31 Mar 2008 |
Current:0 |
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Corporate Directors |
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There are no corporate directors for this company. |
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Individual Secretaries |
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Name |
Status |
DOB |
Filed Address |
Appointment Date |
Resignation Date |
Summary of Directorships |
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Current |
NA |
41-42 Frederick Street, Hockley, |
21 Aug 2002 |
NA |
Current:1 |
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Corporate Secretaries |
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There are no corporate secretaries for this company. |
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Individual Shareholders |
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Name |
Share Details |
Share Type |
# of Shares |
Share Price (GBP) |
Share Value (GBP) |
% of Total Shares |
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Daniel Francis Evans |
50 Ordinary GBP 1.00 |
Ordinary |
50 |
1.00 |
50.00 |
5.00 |
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Eleanor Lois White |
50 Ordinary GBP 1.00 |
Ordinary |
50 |
1.00 |
50.00 |
5.00 |
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Nigel James Blackburn |
900 Ordinary GBP 1.00 |
Ordinary |
900 |
1.00 |
900.00 |
90.00 |
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Corporate Shareholders |
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There are no corporate shareholders for this company. |
Annual Profit & Loss
Financials in: USD (mil)
Except for share items (millions) and per share items (actual units)
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31-May-2013 |
31-May-2012 |
19-Mar-2012 |
31-Mar-2011 |
31-Mar-2010 |
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Period Length |
52 Weeks |
10 Weeks |
51 Weeks |
52 Weeks |
52 Weeks |
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Filed Currency |
GBP |
GBP |
GBP |
GBP |
GBP |
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Exchange Rate
(Period Average) |
0.637473 |
0.629159 |
0.626413 |
0.643394 |
0.627794 |
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Consolidated |
No |
No |
No |
No |
No |
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Depreciation |
0.0 |
0.0 |
0.1 |
0.1 |
0.1 |
Annual Balance Sheet
Financials in: USD (mil)
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31-May-2013 |
31-May-2012 |
19-Mar-2012 |
31-Mar-2011 |
31-Mar-2010 |
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Filed Currency |
GBP |
GBP |
GBP |
GBP |
GBP |
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Exchange Rate |
0.657589 |
0.644333 |
0.631214 |
0.62385 |
0.659239 |
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Consolidated |
No |
No |
No |
No |
No |
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Total Tangible Fixed Assets |
0.2 |
0.3 |
0.3 |
0.4 |
0.2 |
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Intangible Assets |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
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Investments |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
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Total Fixed Assets |
0.3 |
0.3 |
0.3 |
0.4 |
0.3 |
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Total Stocks Work In Progress |
3.4 |
3.0 |
3.5 |
4.0 |
2.8 |
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Director Loans |
0.0 |
0.0 |
- |
- |
- |
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Other Debtors |
0.4 |
0.2 |
- |
- |
- |
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Total Debtors |
0.4 |
0.2 |
0.2 |
0.5 |
0.6 |
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Cash and Equivalents |
0.3 |
0.3 |
1.0 |
0.7 |
0.1 |
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Other Current Assets |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
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Total Current Assets |
4.1 |
3.6 |
4.8 |
5.2 |
3.6 |
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Total Assets |
4.4 |
3.9 |
5.1 |
5.6 |
3.8 |
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Bank Overdraft |
- |
- |
1.2 |
- |
0.3 |
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Hire Purchase (Current Liability) |
- |
- |
0.0 |
- |
- |
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Finance Lease (Current Liability) |
- |
- |
0.0 |
- |
- |
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Total Finance Lease/Hire Purchase (Current Liability) |
- |
- |
0.0 |
- |
- |
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Other Current Liabilities |
1.9 |
1.7 |
1.8 |
3.6 |
1.9 |
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Total Current Liabilities |
1.9 |
1.7 |
3.0 |
3.6 |
2.2 |
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Group Loans (Long Term Liability) |
- |
0.0 |
0.0 |
- |
0.0 |
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Director Loans (Long Term Liability) |
- |
0.0 |
0.0 |
- |
0.0 |
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Hire Purchase (Long Term Liability) |
- |
0.0 |
0.0 |
- |
0.0 |
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Leasing (Long Term Liability) |
- |
0.0 |
0.0 |
- |
0.0 |
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Total Hire Purchase Loans (Long Term Liability) |
- |
0.0 |
0.0 |
- |
0.0 |
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Other Long Term Loans |
- |
0.0 |
0.0 |
- |
0.0 |
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Accruals/Deferred Income (Long Term Liability) |
- |
0.0 |
0.0 |
- |
0.0 |
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Other Long Term Liabilities |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
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Total Long Term Liabilities |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
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Deferred Taxation |
0.0 |
0.0 |
0.0 |
- |
- |
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Other Provisions |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
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Total Provisions |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
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Issued Capital |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
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Share Premium Accounts |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
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Revaluation Reserve |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
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Retained Earnings |
2.5 |
2.1 |
2.1 |
2.0 |
1.6 |
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Other Reserves |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
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Minority Interests (Balance Sheet) |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
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Total Shareholders Funds |
2.5 |
2.1 |
2.1 |
2.0 |
1.6 |
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Net Worth |
2.4 |
2.1 |
2.0 |
1.9 |
1.6 |
Annual Cash Flows
Financials in: USD (mil)
|
31-May-2013 |
31-May-2012 |
19-Mar-2012 |
31-Mar-2011 |
31-Mar-2010 |
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Period Length |
52 Weeks |
10 Weeks |
51 Weeks |
52 Weeks |
52 Weeks |
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Filed Currency |
GBP |
GBP |
GBP |
GBP |
GBP |
|
Exchange Rate
(Period Average) |
0.637473 |
0.629159 |
0.626413 |
0.643394 |
0.627794 |
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Consolidated |
No |
No |
No |
No |
No |
Annual Ratios
Financials in: USD (mil)
|
31-May-2013 |
31-May-2012 |
19-Mar-2012 |
31-Mar-2011 |
31-Mar-2010 |
|
|
Period Length |
52 Weeks |
10 Weeks |
51 Weeks |
52 Weeks |
52 Weeks |
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Filed Currency |
GBP |
GBP |
GBP |
GBP |
GBP |
|
Exchange Rate |
0.657589 |
0.644333 |
0.631214 |
0.62385 |
0.659239 |
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Consolidated |
No |
No |
No |
No |
No |
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Current Ratio |
2.19 |
2.08 |
1.60 |
1.44 |
1.62 |
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Liquidity Ratio |
0.36 |
0.30 |
0.42 |
0.33 |
0.34 |
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Borrowing Ratio |
- |
- |
57.93% |
- |
16.79% |
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Equity Gearing |
56.19% |
54.66% |
40.43% |
34.85% |
41.82% |
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.60.05 |
|
UK Pound |
1 |
Rs.101.65 |
|
Euro |
1 |
Rs.83.07 |
INFORMATION DETAILS
|
Report Prepared
by : |
NNA |
RATING EXPLANATIONS
|
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 |
|
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.