MIRA INFORM REPORT

 

 

Report No. :

335540

Report Date :

10.08.2015

 

IDENTIFICATION DETAILS

 

Name :

VERIGOLD JEWELLERY (UK) LIMITED

 

 

Registered Office :

2nd Floor Elscott House, Arcadia Avenue, London, N3 2JE

 

 

Country :

United Kingdom

 

 

Financials (as on) :

31.03.2015

 

 

Date of Incorporation :

19.06.2009

 

 

Com. Reg. No.:

06938895

 

 

Legal Form :

Private limited with Share Capital

 

 

Line of Business :

Importers and wholesalers of Jewellery.

 

 

No. of Employees :

6 (2015)

 

 

RATING & COMMENTS

 

MIRA’s Rating :

B

 

RATING

STATUS

PROPOSED CREDIT LINE

26-40

B

Capability to overcome financial difficulties seems comparatively below average.

Small

 

Status :

Moderate

 

 

Payment Behaviour :

Slow but correct

 

 

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, 2015

 

Country Name

Previous Rating

(31.12.2014)

Current Rating

(31.03.2015)

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. 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. In 2008, 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. Facing burgeoning public deficits and debt levels, in 2010 the CAMERON-led coalition government (between Conservatives and Liberal Democrats) initiated an austerity program, which aimed to lower London's budget deficit from about 11% of GDP in 2010 to nearly 1% by 2015. 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 20% by 2015. However, the deficit still remains one of the highest in the G7, standing at 5.8% in 2013. The Bank of England (BoE) implemented an asset purchase program of �375 billion (approximately $586 billion) as of December 2014. 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 1.8%, accelerating unexpectedly because of greater consumer spending and a recovering housing market.

 

Source : CIA

 

 

Company Name

 

VERIGOLD JEWELLERY (UK) LIMITED

 

 

Company No

 

06938895

 

 

Company Status

 

Active - Accounts Filed

 

 

Registered Address

 

2ND FLOOR ELSCOTT HOUSE

ARCADIA AVENUE

LONDON

N3 2JE

 

 

Company Summary

 

Registered Address

2ND FLOOR ELSCOTT HOUSE

Trading Address

2nd Floor Elscott House

 

ARCADIA AVENUE

 

Arcadia Avenue

 

LONDON

 

London

 

N3 2JE

 

N3 2JE

Website Address

-

 

N3 2JE

Telephone Number

02078314757

Fax Number

 

 

 

Email ID

michael@verigold.com

TPS

No

FPS

No

Incorporation Date

19/06/2009

 

 

Previous Name

 

Type

Private limited with Share Capital

 

 

FTSE Index

-

Date of Change

-

Filing Date of Accounts

14/05/2015

Currency

GBP

Share Capital

£450,000

SIC07

82990

Charity Number

-

SIC07 Description

OTHER BUSINESS SUPPORT SERVICE ACTIVITIES N.E.C.

 

Principal Activity

Jewellery importers and wholesalers.

 

Key Financials

 

Year to Date

Turnover

Pre Tax Profit

Shareholder

Funds Employees

31/03/2015

£7,851,672

£89,437

£362,426

6

31/03/2014

£4,065,699

£76,349

£290,426

4

31/03/2013

£1,258,928

-£16,957

£229,818

-

 

 

Mortgage Summary

 

Total Mortgage

0

Outstanding

0

Satisfied

0

 

 

Trade Debtors / Bad Debt Summary

 

Total Number of Documented Trade

0

Total Value of Documented Trade

£0

 

 

Commentary

 

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

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

There has been an increase in shareholders funds compared with the previous balance sheet.

This company trades in an industry with a moderate 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 -

-

 

 

 

Current Directors

 

Name

Sumit Shah

Date of Birth

26/01/1974

Officers Title

 

Nationality

Indian

Present Appointments

1

Function

Director

Appointment Date

26/06/2009

 

 

Address

1005-06 Quantum Park, 10th Floor, 2 Gulab Nagar, Khar (West) Mumba, Maharashtra 400052

Name

Hitesh Shah

Date of Birth

15/09/1971

Officers Title

Mr

Nationality

Indian

Present Appointments

1

Function

Director

Appointment Date

26/06/2009

 

 

Address

202 Jyoti Darshan Chsl,68 Rughtaln., Mumbai 400006, Maharashtra

 

Name

Dhruv Janit Desai

Date of Birth

31/05/1980

Officers Title

Mr

Nationality

British

Present Appointments

1

Function

Director

Appointment Date

19/03/2013

 

 

Address

Apartment 5 18 Point Pleasant, London, SW18 1GG

 

 

Current Company Secretary

 

 

Top 20 Shareholders

 

Name

Currency

Share Count

Share Type

Nominal Value

% of Total Share Count

RENAISSANCE JEWELLERY LTD

GBP

450,000

ORDINARY

1

100

 

 

Profit & Loss

 

Date Of Accounts

31/03/15

(%)

31/03/14

(%)

31/03/13

(%)

31/03/12

(%)

31/03/11

Weeks

52

(%)

52

(%)

52

(%)

52

(%)

52

Currency

GBP

(%)

GBP

(%)

GBP

(%)

GBP

(%)

GBP

Consolidated A/cs

N

(%)

N

(%)

N

(%)

N

(%)

N

Turnover

£7,851,672

93.1%

£4,065,699

222.9%

£1,258,928

59.7%

£788,459

-22.3%

£1,015,138

Export

£1,267,916

489.2%

£215,181

-

-

-

-

-

-

Cost of Sales

£7,237,021

96.3%

£3,687,031

256.7%

£1,033,711

50.7%

£686,128

-15.4%

£811,286

Gross Profit

£614,651

62.3%

£378,668

68.1%

£225,217

120.1%

£102,331

-49.8%

£203,852

Wages & Salaries

£280,124

40.7%

£199,088

-

-

-

-

-

-

Directors Emoluments

£53,000

3.9%

£51,000

999.9%

£3,750

-

-

-

-

Operating Profit

-

-

-

-

-

-

-£136,763

-999.9%

£8,818

Depreciation

£7,143

150.5%

£2,852

128.5%

£1,248

65.1%

£756

59.2%

£475

Audit Fees

£7,150

5.9%

£6,751

-27%

£9,250

-

-

-

-

Interest Payments

-

-

-

-

-

-

-

-100%

£2,742

Pre Tax Profit

£89,437

17.1%

£76,349

550.3%

-£16,957

87.6%

-£136,763

-999.9%

£6,076

Taxation

-£17,437

-10.8%

-£15,741

-999.9%

£446

-98.2%

£24,355

999.9%

-£1,375

Profit After Tax

£72,000

18.8%

£60,608

467.1%

-£16,511

85.3%

-£112,408

-999.9%

£4,701

Dividends Payable

-

-

-

-

-

-

-

-

-

Retained Profit

£72,000

18.8%

£60,608

467.1%

-£16,511

85.3%

-£112,408

-999.9%

£4,701

 

 

Balance Sheet

 

Date Of Accounts

31/03/15

(%)

31/03/14

(%)

31/03/13

(%)

31/03/12

(%)

31/03/11

Tangible Assets

£18,329

234.3%

£5,482

186%

£1,917

-36.6%

£3,024

59.2%

£1,899

Intangible Assets

0

-

0

-

0

-

0

-

0

Total Fixed Assets

£18,329

234.3%

£5,482

186%

£1,917

-36.6%

£3,024

59.2%

£1,899

Stock

£1,079,791

-2.4%

£1,105,949

101.1%

£549,836

122%

£247,677

-28.2%

£344,906

Trade Debtors

£1,436,626

-7.9%

£1,560,329

498%

£260,915

483.8%

£44,693

-74.2%

£173,053

Cash

£203,862

-49.4%

£402,897

999.9%

£33,038

-72.8%

£121,253

19.2%

£101,711

Other Debtors

£219,052

332.8%

£50,609

-44.4%

£91,078

29.2%

£70,488

20.3%

£58,583

Miscellaneous Current Assets

0

-

0

-

0

-

0

-

0

Total Current Assets

£2,939,331

-5.8%

£3,119,784

233.7%

£934,867

93.1%

£484,111

-28.6%

£678,253

Trade Creditors

£258,302

999.9%

£17,433

-56.9%

£40,459

999.9%

£794

-90.9%

£8,706

Bank Loans & Overdrafts

0

-

0

-

0

-

0

-

0

Other Short Term Finance

£2,255,669

-12.1%

£2,567,513

300.6%

£640,842

199.1%

£214,289

-24.7%

£284,619

Miscellaneous Current Liabilities

£81,263

-67.5%

£249,894

873.7%

£25,665

-0.2%

£25,723

-8.4%

£28,090

Total Current Liabilities

£2,595,234

-8.5%

£2,834,840

301%

£706,966

193.6%

£240,806

-25.1%

£321,415

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

31/03/15

(%)

31/03/14

(%)

31/03/13

(%)

31/03/12

(%)

31/03/11

Called Up Share Capital

£450,000

-

£450,000

-

£450,000

-

£450,000

-

£450,000

P & L Account Reserve

-£87,574

45.1%

-£159,574

27.5%

-£220,182

-8.1%

-£203,671

-123.2%

-£91,263

Revaluation Reserve

-

-

-

-

-

-

-

-

-

Sundry Reserves

-

-

-

-

-

-

-

-

-

Shareholder Funds

£362,426

24.8%

£290,426

26.4%

£229,818

-6.7%

£246,329

-31.3%

£358,737

 

 

Other Financial Items

 

Date Of Accounts

31/03/15

(%)

31/03/14

(%)

31/03/13

(%)

31/03/12

(%)

31/03/11

Net Worth

£362,426

24.8%

£290,426

26.4%

£229,818

-6.7%

£246,329

-31.3%

£358,737

Working Capital

£344,097

20.8%

£284,944

25%

£227,901

-6.3%

£243,305

-31.8%

£356,838

Total Assets

£2,957,660

-5.4%

£3,125,266

233.6%

£936,784

92.3%

£487,135

-28.4%

£680,152

Total Liabilities

£2,595,234

-8.5%

£2,834,840

301%

£706,966

193.6%

£240,806

-25.1%

£321,415

Net Assets

£362,426

24.8%

£290,426

26.4%

£229,818

-6.7%

£246,329

-31.3%

£358,737

 

 

Cash Flow

 

Date Of Accounts

31/03/15

(%)

31/03/14

(%)

31/03/13

(%)

31/03/12

(%)

31/03/11

Net Cashflow from Operations

-£179,045

-147.6%

£376,276

527.2%

-£88,073

-511.1%

£21,422

114.5%

-£148,232

Net Cashflow before Financing

-£199,035

-153.8%

£369,859

519.3%

-£88,215

-551.4%

£19,542

112.9%

-£150,974

Net Cashflow from Financing

-

-

-

-

-

-

-

-100%

£167,798

Increase in Cash

-£199,035

-153.8%

£369,859

519.3%

-£88,215

-551.4%

£19,542

16.2%

£16,824

 

 

Miscellaneous

 

Date Of Accounts

31/03/15

(%)

31/03/14

(%)

31/03/13

(%)

31/03/12

(%)

31/03/11

Contingent Liability

NO

-

NO

-

NO

-

NO

-

NO

Capital Employed

£362,426

24.8%

£290,426

26.4%

£229,818

-6.7%

£246,329

-31.3%

£358,737

Number of Employees

6

50%

4

-

-

-

-

-

-

Accountants

Auditors

RICHARD ANTHONY

Auditor Comments

The audit report contains no adverse comments

Bankers

Bank Branch Code

 

 

Ratios

 

Date Of Accounts

31/03/15

31/03/14

31/03/13

31/03/12

31/03/11

Pre-tax profit margin %

1.14

1.88

-1.35

-17.35

0.60

Current ratio

1.13

1.10

1.32

2.01

2.11

Sales/Net Working Capital

22.82

14.27

5.52

3.24

2.84

Gearing %

0

0

0

0

0

Equity in %

12.30

9.30

24.50

50.60

52.70

Creditor Days

11.97

1.56

11.69

0.36

3.12

Debtor Days

66.60

139.69

75.43

20.63

62.05

Liquidity/Acid Test

0.71

0.71

0.54

0.98

1.03

Return On Capital Employed %

24.67

26.28

-7.37

-55.52

1.69

Return On Total Assets Employed %

3.02

2.44

-1.81

-28.07

0.89

Current Debt Ratio

7.16

9.76

3.07

0.97

0.89

Total Debt Ratio

7.16

9.76

3.07

0.97

0.89

Stock Turnover Ratio %

13.75

27.20

43.67

31.41

33.97

Return on Net Assets Employed %

24.67

26.28

-7.37

-55.52

1.69

 

 

Report Notes

 

There are no notes to display.

 

 

Status History

 

No Status History found

 

 

Event History

 

Date

Description

17/05/2015

New Accounts Filed

17/05/2015

New Accounts Filed

19/12/2014

Change in Reg.Office

19/12/2014

Change of Company Postcode

16/08/2014

Annual Returns

10/06/2014

New Accounts Filed

10/06/2014

New Accounts Filed

16/09/2013

Annual Returns

11/07/2013

New Accounts Filed

11/07/2013

New Accounts Filed

05/04/2013

N. Shah has left the board

22/03/2013

New Board Member Mr D.J. Desai appointed

08/08/2012

Annual Returns

13/06/2012

New Accounts Filed

13/06/2012

New Accounts Filed

 

 

Previous Company Names

 

No Previous Names found

 

 

Writ Details

 

No writs found

 

 

Statistics

 

Group

2 companies

Linkages

0 companies

Countries

In 0 countries

 

 

Summary

 

Holding Company

-

Ownership Status

Wholly Owned

Ultimate Holding Company

RENAISSANCE JEWELLERY LTD

 

 

Group Structure Full

 

Company Name

Registered Number

Latest Key Financials

Consol. Accounts

Turnover

RENAISSANCE JEWELLERY LTD

N/A

-

-

VERIGOLD JEWELLERY (UK...

06938895

31.03.2015

N

£7,851,672



Previous Director/Company Secretaries

 

Name

Current Directorships

Previous Directorships

Niranjan Shah

0

1

Barbara Kahan

66

8458

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

 

 

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.63.81

UK Pound

1

Rs.98.93

Euro

1

Rs.69.66

 

INFORMATION DETAILS

 

Analysis Done by :

TRI

 

 

Report Prepared by :

VNT

 

               

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.