MIRA INFORM REPORT

 

 

Report Date :

04.10.2014

 

IDENTIFICATION DETAILS

 

Name :

KENYA JEWELLERS LIMITED

 

 

Registered Office :

7 St John’s Road, Harrow, Middlesex HA12EY HA1 2EY

 

 

Country :

United Kingdom

 

 

Financials (as on) :

31.03.2013

 

 

Date of Incorporation :

11.02.1982

 

 

Legal Form :

Private Limited with Share Capital

 

 

Line of Business :

Wholesale and Retail Jewellers and Commodity dealers in precious metals.

 

 

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 – June 1, 2014

 

Country Name

Previous Rating

(31.03.2014)

Current Rating

(01.06.2014)

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 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

 

KENYA JEWELLERS LIMITED

 

 

 

DIRECTORS/MANAGEMENT

 

Current Directors

Name

Kamlesh Govindji Mulji

Date of Birth

29/01/1961

Officers Title

 

Nationality

British

Present Appointments

3

Function

Director

Appointment Date

19/02/1993

 

 

Address

46 Ealing Road, Wembley, Middlesex, HA0 4TQ

Other Actions

View Director Report

View Consumer Report

View AML Report

 

View Trace Report

 

Disqualified

 

Disqualified End Date

 

Disqualification Exception

No

 

 

 

Name

Ajit Kumar Mulji

Date of Birth

20/11/1953

Officers Title

 

Nationality

British

Present Appointments

3

Function

Director

Appointment Date

31/12/1992

 

 

Address

46 Ealing Road, Wembley, Middlesex, HA0 4TQ

Other Actions

View Director Report

View Consumer Report

View AML Report

 

View Trace Report

 

Disqualified

 

Disqualified End Date

 

Disqualification Exception

No

 

 

 

Current Company Secretary

Name

Kamlesh Govindji Mulji

Date of Birth

29/01/1961

Officers Title

 

Nationality

British

Present Appointments

3

Function

Company Secretary

Appointment Date

31/12/1992

 

 

Address

46 Ealing Road, Wembley, Middlesex, HA0 4TQ

 

Previous Director/Company Secretaries

Name

Current Directorships

Previous Directorships

Pratibha Mulji

0

2

 

 

NEGATIVE INFORMATION

 

Mortgage Summary

Total Mortgage   2

Outstanding                   2

Satisfied                        0

 

Trade Debtors / Bad Debt Summary

Total Number of Documented Trade         0

Total Value of Documented Trade                        Ł0

 

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 -

-

 

 

Mortgage Details

Mortgage Type:

LETTER OF CHARGE

Date Charge Created:

08/04/92

 

 

Date Charge Registered:

24/04/92

 

 

Date Charge Satisfied:

-

 

 

Status:

OUTSTANDING

 

 

Person(s) Entitled:

BARCLAYS BANK PLC

Amount Secured:

ALL MONIES DUE OR TO BECOME DUE FROM THE COMPANY TO THE CHARGEE ON ANY ACCOUNT WHATSOEVER

Details:

ALL MONEYS NOW OR AT ANYTIME HEREAFTERSTANDING TO THE CREDIT OF ANY ACCOUNTS\S OF THE COMPANY WITH THE BANK DESIGNATED BARCLAYS BANK PLC RE KENYA JEWLLERS LIMITED BUSINESS PREMIUM ACCOUNT

 

Mortgage Type:

DEBENTURE

Date Charge Created:

14/04/89

 

 

Date Charge Registered:

24/04/89

 

 

Date Charge Satisfied:

-

 

 

Status:

OUTSTANDING

 

 

Person(s) Entitled:

BARCLAYS BANK PLC

Amount Secured:

ALL MONIES DUE OR TO BECOME DUE FROM THE COMPANY TO THE CHARGEE ON ANY ACCOUNT WHATSOEVER

Details:

FIXED AND FLOATING CHARGES OVER THE UNDERTAKING AND ALL PROPERTY AND ASSETS PRESENT AND FUTURE INCLUDING GOODWILL BOOKDEBTS UNCALLED CAPITAL BUILDINGS FIXTURESFIXED PLANT AND MACHINERY

 

 

SHARE & SHARE CAPITAL INFORMATION

 

Top 20 Shareholders

Name

Currency

Share Count

Share Type

Nominal Value

% of Total Share Count

MR AJIT KUMAR MULJI

GBP

509

ORDINARY

1

50.9

MR KAMLESH GOVINDJI MULJI

GBP

490

ORDINARY

1

49

MR A.G. MULJI & MRS P.A. MULJI

GBP

1

ORDINARY

1

0.1

 

 

PAYMENT INFORMATION

 

Average Invoice Value

Ł63.33

Invoices available

6

Paid

4

Outstanding

2

 

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

3

1

0

0

0

Outstanding

2

0

0

0

0

 

 

GROUP STRUCTURE & AFFILIATED COMPANIES

 

Group structure

 

No group structure

 

 

 

FINANCIAL INFORMATION

 

 

Profit & Loss

Date Of Accounts

31/03/13

(%)

31/03/12

(%)

31/03/11

(%)

31/03/10

(%)

31/03/09

Weeks

52

(%)

52

(%)

52

(%)

52

(%)

52

Currency

GBP

(%)

GBP

(%)

GBP

(%)

GBP

(%)

GBP

Consolidated A/cs

N

(%)

N

(%)

N

(%)

N

(%)

N

Turnover

-

-

-

-

-

-

-

-

-

Export

-

-

-

-

-

-

-

-

-

Cost of Sales

-

-

-

-

-

-

-

-

-

Gross Profit

-

-

-

-

-

-

-

-

-

Wages & Salaries

-

-

-

-

-

-

-

-

-

Directors Emoluments

-

-

-

-

-

-

-

-

-

Operating Profit

-

-

-

-

-

-

-

-

-

Depreciation

Ł32,485

46.7%

Ł22,138

833.3%

Ł2,372

-25%

Ł3,163

80.7%

Ł1,750

Audit Fees

-

-

-

-

-

-

-

-

-

Interest Payments

-

-

-

-

-

-

-

-

-

Pre Tax Profit

-

-

-

-

-

-

-

-

-

Taxation

-

-

-

-

-

-

-

-

-

Profit After Tax

-

-

-

-

-

-

-

-

-

Dividends Payable

-

-

-

-

-

-

-

-

-

Retained Profit

-

-

-

-

-

-

-

-

-

 

Balance Sheet

Date Of Accounts

31/03/13

(%)

31/03/12

(%)

31/03/11

(%)

31/03/10

(%)

31/03/09

Tangible Assets

Ł525,431

8.5%

Ł484,403

17.5%

Ł412,263

-0.6%

Ł414,635

999.9%

Ł16,356

Intangible Assets

0

-

0

-

0

-

0

-

0

Total Fixed Assets

Ł525,431

8.5%

Ł484,403

17.5%

Ł412,263

-0.6%

Ł414,635

999.9%

Ł16,356

Stock

Ł638,327

-4.7%

Ł669,464

-1.5%

Ł679,609

3.2%

Ł658,267

-20.7%

Ł830,095

Trade Debtors

Ł33,594

-31%

Ł48,697

9.7%

Ł44,402

-40.2%

Ł74,202

205.7%

Ł24,272

Cash

Ł122,185

689.1%

Ł15,484

-45.5%

Ł28,427

634.4%

Ł3,871

-95.2%

Ł80,122

Other Debtors

0

-

0

-

0

-

0

-

0

Miscellaneous Current Assets

Ł360

-

Ł360

-

Ł360

-

0

-

0

Total Current Assets

Ł794,466

8.2%

Ł734,005

-2.5%

Ł752,798

2.2%

Ł736,340

-21.2%

Ł934,489

Trade Creditors

Ł289,169

10.5%

Ł261,717

8.8%

Ł240,588

-1.4%

Ł243,980

79.4%

Ł136,033

Bank Loans & Overdrafts

0

-

0

-

0

-

0

-

0

Other Short Term Finance

0

-

0

-

0

-

0

-

0

Miscellaneous Current Liabilities

0

-

0

-

0

-

0

-

0

Total Current Liabilities

Ł289,169

10.5%

Ł261,717

8.8%

Ł240,588

-1.4%

Ł243,980

79.4%

Ł136,033

Bank Loans & Overdrafts and LTL

Ł451,792

0%

Ł451,801

3.3%

Ł437,378

0%

Ł437,210

0.2%

Ł436,163

Other Long Term Finance

0

-

0

-

0

-

0

-

0

Total Long Term Liabilities

Ł451,792

0%

Ł451,801

3.3%

Ł437,378

0%

Ł437,210

0.2%

Ł436,163

 

Capital & Reserves

Date Of Accounts

31/03/13

(%)

31/03/12

(%)

31/03/11

(%)

31/03/10

(%)

31/03/09

Called Up Share Capital

Ł1,000

-

Ł1,000

-

Ł1,000

-

Ł1,000

-

Ł1,000

P & L Account Reserve

Ł278,446

36.2%

Ł204,400

9.5%

Ł186,605

10.2%

Ł169,295

116.6%

Ł78,159

Revaluation Reserve

-

-

-

-

-

-

-

-

-

Sundry Reserves

Ł299,490

-

Ł299,490

-

Ł299,490

-

Ł299,490

-

Ł299,490

Shareholder Funds

Ł578,936

14.7%

Ł504,890

3.7%

Ł487,095

3.7%

Ł469,785

24.1%

Ł378,649

 

Other Financial Items

Date Of Accounts

31/03/13

(%)

31/03/12

(%)

31/03/11

(%)

31/03/10

(%)

31/03/09

Net Worth

Ł578,936

14.7%

Ł504,890

3.7%

Ł487,095

3.7%

Ł469,785

24.1%

Ł378,649

Working Capital

Ł505,297

7%

Ł472,288

-7.8%

Ł512,210

4%

Ł492,360

-38.3%

Ł798,456

Total Assets

Ł1,319,897

8.3%

Ł1,218,408

4.6%

Ł1,165,061

1.2%

Ł1,150,975

21%

Ł950,845

Total Liabilities

Ł740,961

3.8%

Ł713,518

5.2%

Ł677,966

-0.5%

Ł681,190

19%

Ł572,196

Net Assets

Ł578,936

14.7%

Ł504,890

3.7%

Ł487,095

3.7%

Ł469,785

24.1%

Ł378,649

 

Cash Flow

Date Of Accounts

31/03/13

(%)

31/03/12

(%)

31/03/11

(%)

31/03/10

(%)

31/03/09

Net Cashflow from Operations

-

-

-

-

-

-

-

-

-

Net Cashflow before Financing

-

-

-

-

-

-

-

-

-

Net Cashflow from Financing

-

-

-

-

-

-

-

-

-

Increase in Cash

-

-

-

-

-

-

-

-

-

Miscellaneous

Date Of Accounts

31/03/13

(%)

31/03/12

(%)

31/03/11

(%)

31/03/10

(%)

31/03/09

Contingent Liability

NO

-

NO

-

NO

-

NO

-

NO

Capital Employed

Ł1,030,728

7.7%

Ł956,691

3.5%

Ł924,473

1.9%

Ł906,995

11.3%

Ł814,812

Number of Employees

-

-

-

-

 

-

-

-

-

-

Auditors

 

Auditor Comments

The company is exempt from audit

Bankers

BARCLAYS BANK PLC

Bank Branch Code

 

 

Ratios

Date Of Accounts

31/03/13

31/03/12

31/03/11

31/03/10

31/03/09

Pre-tax profit margin %

-

-

-

-

-

Current ratio

2.75

2.80

3.13

3.02

6.87

Sales/Net Working Capital

-

-

-

-

-

Gearing %

78

89.50

89.80

93.10

115.20

Equity in %

43.90

41.40

41.80

40.80

39.80

Creditor Days

-

-

-

-

-

Debtor Days

-

-

-

-

-

Liquidity/Acid Test

0.53

0.24

0.30

0.31

0.76

Return On Capital Employed %

-

-

-

-

-

Return On Total Assets Employed %

-

-

-

-

-

Current Debt Ratio

0.49

0.51

0.49

0.51

0.35

Total Debt Ratio

1.27

1.41

1.39

1.45

1.51

Stock Turnover Ratio %

-

-

-

-

-

Return on Net Assets Employed %

-

-

-

-

-

 

 

FOREIGN EXCHANGE RATES

 

N/a

 

 

ADDITIONAL INFORMATION

 

Status History

No Status History found.

 

Event History

Date

Description

22/03/2014

Annual Returns

06/01/2014

New Accounts Filed

08/02/2013

Annual Returns

15/01/2013

New Accounts Filed

15/01/2013

New Accounts Filed

18/07/2012

Change in Reg.Office

18/07/2012

Change of Company Postcode

17/02/2012

Annual Returns

09/01/2012

New Accounts Filed

26/03/2011

Annual Returns

23/03/2011

Change in Reg.Office

23/03/2011

Change of Company Postcode

10/01/2011

New Accounts Filed

08/02/2010

New Accounts Filed

08/02/2010

New Accounts Filed

 

Previous Company Names

No Previous Names found.

 

 

NOTES & COMMENTS

 

Commentary

 

No exact match CCJs are recorded against the company.

The company's credit rating has increased from 67 to 80 which indicates very good creditworthiness.

The credit limit on this company has risen 100% in comparison to the previously suggested credit limit.

Net Worth increased by 14.7% during the latest trading period.

A 8.3% growth in Total Assets occurred 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 saw an increase in their Cash Balance of 689.1% during the latest trading period.

The company is exempt from audit.

No recent changes in directorship are recorded.

The company is not part of a group.

The movement in accumulated earnings would indicate that the company made a profit after tax and other appropriations, including dividends.

The company has changed its registered address recently.

The company was established over 31 years ago.

 

 

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.61.75

UK Pound

1

Rs.100.07

Euro

1

Rs.77.95

 

INFORMATION DETAILS

 

Analysis Done by :

SUM

 

 

Report Prepared by :

SHG

 

               

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.