MIRA INFORM REPORT

 

 

Report No. :

316402

Report Date :

11.04.2015

 

IDENTIFICATION DETAILS

 

Name :

WITTEN INDUSTRIAL DIAMONDS LIMITED

 

 

Registered Office :

60 Cartersfield Roadwaltham Abbeyessexen9 1JD

 

 

Country :

United Kingdom.

 

 

Financials (as on) :

30.09.2013

 

 

Date of Incorporation :

05.10.1953

 

 

Com. Reg. No.:

00524322

 

 

Legal Form :

Private limited with Share Capital

 

 

Line of Business :

Traders in industrial diamonds

 

 

No. of Employee :

Not Available

 

 

RATING & COMMENTS

 

MIRA’s Rating :

B

 

RATING

STATUS

PROPOSED CREDIT LINE

41-55

Ba

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

Satisfactory

 

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 – December 31, 2014

 

Country Name

Previous Rating

(30.09.2014)

Current Rating

(31.12.2014)

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 UAE has an open economy with a high per capita income and a sizable annual trade surplus. Successful efforts at economic diversification have reduced the portion of GDP based on oil and gas output to 25%. Since the discovery of oil in the UAE more than 30 years ago, the country has undergone a profound transformation from an impoverished region of small desert principalities to a modern state with a high standard of living. The government has increased spending on job creation and infrastructure expansion and is opening up utilities to greater private sector involvement. In April 2004, the UAE signed a Trade and Investment Framework Agreement with Washington and in November 2004 agreed to undertake negotiations toward a Free Trade Agreement with the US; however, those talks have not moved forward. The country's Free Trade Zones - offering 100% foreign ownership and zero taxes - are helping to attract foreign investors. The global financial crisis, tight international credit, and deflated asset prices constricted the economy in 2009. UAE authorities tried to blunt the crisis by increasing spending and boosting liquidity in the banking sector. The crisis hit Dubai hardest, as it was heavily exposed to depressed real estate prices. Dubai lacked sufficient cash to meet its debt obligations, prompting global concern about its solvency. The UAE Central Bank and Abu Dhabi-based banks bought the largest shares. In December 2009 Dubai received an additional $10 billion loan from the emirate of Abu Dhabi. Dependence on oil, a large expatriate workforce, and growing inflation pressures are significant long-term challenges. The UAE's strategic plan for the next few years focuses on diversification and creating more opportunities for nationals through improved education and increased private sector employment.

 

Source : CIA

 

 

Company name and address

 

WITTEN INDUSTRIAL DIAMONDS LIMITED

 

Company No:

00524322

 

Registered Address:

60 CARTERSFIELD ROADWALTHAM ABBEYESSEXEN9 1JD

 

 

Company Summary

 

Registered Address

60 CARTERSFIELD ROAD WALTHAM ABBEY ESSEX EN9 1JD

Trading Address

60 Cartersfield Road Waltham Abbey Essex EN9 1JD

Website Address

--

 

 

Telephone Number

01992652915

Fax Number

--

TPS

No

FPS

No

Incorporation Date

05/10/1953

 

 

Previous Name

 

Type

Private limited with Share Capital

FTSE Index

-

Date of Change

-

Filing Date of Accounts

27/06/2014

Currency

GBP

Share Capital

£9,000

SIC07

32990

Charity Number

-

 

 

SIC07 Description

OTHER MANUFACTURING N.E.C.

Principal Activity

Traders in industrial diamonds.

 

 

Key Financials

 

Year to Date

Turnover

Pre Tax Profit

Shareholder

Funds Employees

30/09/2013

--

--

£73,101

--

30/09/2012

--

--

£59,871

--

30/09/2011

--

--

£67,452

--

 

 

Trade Debtors / Bad Debt Summary

 

Total Number of Documented Trade                 1

Total Value of Documented Trade                    £373,009

 

Commentary

 

This company has been treated as a Small company in respect of the rating/limit generated.

The latest Balance Sheet indicates a negative net working capital position.

The high debt/equity ratio indicates that assets are funded primarily by creditors rather than equity/reinvested profits.

This company trades in an industry with a higher level of corporate failures.

 

 

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 -

-

 

 

Total Current Directors

1

Total Current Secretaries

0

Total Previous Directors / Company Secretaries

3

 

 

Current Directors

 

Name

Paul Henry Witten

Date of Birth

16/08/1953

Officers Title

Mr

Nationality

British

Present Appointments

8

Function

Director

Appointment Date

25/02/2013

Address

53 Bradbourne Street, London, SW6 3TF

 

 

Current Company Secretary

 

--

 

 

Top 20 Shareholders

 

Name

Currency

Share Count

Share Type

Nominal Value

% of Total Share Count

MR PAUL HENRY WITTEN

GBP

9,000

ORDINARY

1

100

 

 

Profit & Loss

 

Date Of Accounts

30/09/13

(%)

30/09/12

(%)

30/09/11

(%)

30/09/10

(%)

30/09/09

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

£424

-

-

-

£588

21.5%

£484

25.1%

£387

Audit Fees

-

-

-

-

-

-

-

-

-

Interest Payments

-

-

-

-

-

-

-

-

-

Pre Tax Profit

-

-

-

-

-

-

-

-

-

Taxation

-

-

-

-

-

-

-

-

-

Profit After Tax

-

-

-

-

-

-

-

-

-

Dividends Payable

-

-

-

-

-

-

-

-

-

Retained Profit

-

-

-

-

-

-

-

-

-

 

 

Balance Sheet

 

Date Of Accounts

30/09/13

(%)

30/09/12

(%)

30/09/11

(%)

30/09/10

(%)

30/09/09

Tangible Assets

£889,649

87.6%

£474,269

8.2%

£438,186

264.1%

£120,358

19.3%

£100,920

Intangible Assets

0

-

0

-

0

-

0

-

0

Total Fixed Assets

£889,649

87.6%

£474,269

8.2%

£438,186

264.1%

£120,358

19.3%

£100,920

Stock

£129,002

-83%

£757,502

227%

£231,650

5.4%

£219,840

23.3%

£178,250

Trade Debtors

£265,973

-46.1%

£493,834

3.7%

£476,148

-59.8%

£1,184,569

74.1%

£680,215

Cash

£170,152

29.4%

£131,472

-20.4%

£165,063

288.7%

£42,463

-24.3%

£56,062

Other Debtors

0

-

0

-

0

-

0

-

0

Miscellaneous Current Assets

0

-

0

-

0

-

0

-

0

Total Current Assets

£565,127

-59.1%

£1,382,808

58.4%

£872,861

-39.7%

£1,446,872

58.2%

£914,527

Trade Creditors

£1,381,675

-23.1%

£1,797,206

44.5%

£1,243,595

-18.2%

£1,519,552

51.3%

£1,004,278

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

£1,381,675

-23.1%

£1,797,206

44.5%

£1,243,595

-18.2%

£1,519,552

51.3%

£1,004,278

Bank Loans & Overdrafts and LTL

0

-

0

-

0

-

0

-

0

Other Long Term Finance

0

-

0

-

0

-

0

-

0

Total Long Term Liabilities

0

-

0

-

0

-

0

-

0

.

 

Capital & Reserves

 

Date Of Accounts

30/09/13

(%)

30/09/12

(%)

30/09/11

(%)

30/09/10

(%)

30/09/09

Called Up Share Capital

£9,000

-

£9,000

-

£9,000

-

£9,000

-

£9,000

P & L Account Reserve

£64,101

26%

£50,871

-13%

£58,452

51.1%

£38,678

999.9%

£2,169

Revaluation Reserve

-

-

-

-

-

-

-

-

-

Sundry Reserves

-

-

-

-

-

-

-

-

-

Shareholder Funds

£73,101

22.1%

£59,871

-11.2%

£67,452

41.5%

£47,678

326.9%

£11,169

 

 

Other Financial Items

 

Date Of Accounts

30/09/13

(%)

30/09/12

(%)

30/09/11

(%)

30/09/10

(%)

30/09/09

Net Worth

£73,101

22.1%

£59,871

-11.2%

£67,452

41.5%

£47,678

326.9%

£11,169

Working Capital

-£816,548

-97%

-£414,398

-11.8%

-£370,734

-410.1%

-£72,680

19%

-£89,751

Total Assets

£1,454,776

-21.7%

£1,857,077

41.6%

£1,311,047

-16.3%

£1,567,230

54.3%

£1,015,447

Total Liabilities

£1,381,675

-23.1%

£1,797,206

44.5%

£1,243,595

-18.2%

£1,519,552

51.3%

£1,004,278

Net Assets

£73,101

22.1%

£59,871

-11.2%

£67,452

41.5%

£47,678

326.9%

£11,169

 

 

Miscellaneous

 

Date Of Accounts

30/09/13

(%)

30/09/12

(%)

30/09/11

(%)

30/09/10

(%)

30/09/09

Contingent Liability

NO

-

NO

-

NO

-

NO

-

NO

Capital Employed

£73,101

22.1%

£59,871

-11.2%

£67,452

41.5%

£47,678

326.9%

£11,169

Number of Employees

-

-

-

-

-

-

-

-

-

 

Auditors

Auditor Comments

The company is exempt from audit

Bankers

Bank Branch Code

 

 

Ratios

 

Date Of Accounts

30/09/13

30/09/12

30/09/11

30/09/10

30/09/09

Pre-tax profit margin %

-

-

-

-

-

Current ratio

0.41

0.77

0.70

0.95

0.91

Sales/Net Working Capital

-

-

-

-

-

Gearing %

0

0

0

0

0

Equity in %

5

3.20

5.10

3

1.10

Creditor Days

-

-

-

-

-

Debtor Days

-

-

-

-

-

Liquidity/Acid Test

0.31

0.34

0.51

0.80

0.73

Return On Capital Employed %

-

-

-

-

-

Return On Total Assets Employed %

-

-

-

-

-

Current Debt Ratio

18.90

30.01

18.43

31.87

89.91

Total Debt Ratio

18.90

30.01

18.43

31.87

89.91

Stock Turnover Ratio %

-

-

-

-

-

Return on Net Assets Employed %

-

-

-

-

-

 

 

Report Notes

 

There are no notes to display.

 

 

Status History

 

No Status History found

 

 

Event History

 

Date

Description

02/07/2014

New Accounts Filed

02/07/2014

New Accounts Filed

23/04/2014

Annual Returns

10/07/2013

New Accounts Filed

28/06/2013

New Board Member Mr P.H. Witten appointed

21/06/2013

Ms D. Witten has resigned as company secretary

21/06/2013

Ms D. Witten has left the board

21/06/2013

New Board Member Mr P.H. Witten appointed

09/04/2013

Annual Returns

09/07/2012

New Accounts Filed

19/04/2012

Annual Returns

18/04/2012

Ms R. Witten has left the board

13/07/2011

New Accounts Filed

03/05/2011

Annual Returns

10/07/2010

New Accounts Filed

 

 

Previous Company Names

 

No Previous Names found

 

 

Writ Details

 

No writs found

 

Statistics

 

Group

-

Linkages

0 companies

Countries

In 0 countries

 

 

Summary

 

Holding Company

-

Ownership Status

Ultimate Holding Company

-

 

 

Group StructureFull

 

No Group Structure

 

 

Creditor Details

 

Total Number

Total Value

Trade Creditors

0

-

No Creditor Data

 

 

Trade Debtors / Bad Debt Detail

 

Total Number of Documented Trade

Total Value of Documented Trade

Trade Debtors

1

£373,009

Company Name

Amount

Statement Date

Phoenix Superabrasives Limited

£373,009

01/04/2014

 

 

Previous Director/Company Secretaries

 

Name

Current Directorships

Previous Directorships

Diane Witten

3

2

Diane Witten

3

2

Rudi Witten

1

2

Average Invoice Value

£186.13

Invoices available

3

Paid

3

Outstanding

0

 

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

1

1

1

0

0

Outstanding

0

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.62.37

UK Pound

1

Rs.91.60

Euro

1

Rs.66.49

 

 

INFORMATION DETAILS

 

Analysis Done by :

RAS

 

 

Report Prepared by :

ANK

 

 

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.