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Report No. : |
302878 |
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Report Date : |
14.01.2015 |
IDENTIFICATION DETAILS
|
Name : |
DIANE KORDAS JEWELLERY LIMITED |
|
|
|
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Registered Office : |
12 Montpelier
Square, London, Sw7 1 JU |
|
|
|
|
Country : |
United Kingdom |
|
|
|
|
Financials (as on) : |
30.06.2013 |
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|
|
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Date of Incorporation : |
14.06.2012 |
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|
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Com. Reg. No.: |
08104950 |
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|
|
|
Legal Form : |
Private Limited With Share Capital |
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|
|
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Line of Business : |
· Manufacture of jewellery and related articles |
|
|
|
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No. of Employee : |
Not Available |
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 |
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Payment Behaviour : |
Slow but correct |
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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 – September 30, 2014
|
Country Name |
Previous Rating (30.06.2014) |
Current Rating (30.09.2014) |
|
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 |
|
DIANE KORDAS JEWELLERY LIMITED |
|
|
12 Montpelier
Square, London, Sw7 1 JU, United Kingdom |
|
|
Telephone |
No listings |
|
Fax |
- |
|
Website |
http://www.dianekordasjewellery.com/ |
|
Company Number: |
08104950 |
|
Foundation: |
14/06/2012 |
|
Status: |
Active - Accounts Filed |
|
VAT No: |
N/A |
Payment experience and credit opinion
No exact match CCJs are recorded against the company.
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 is exempt from audit. No recent changes in
directorship are recorded. The company is not part of a group. The company was
established over 2 years ago.
Legal form
Private limited
with Share Capital
Foundation
14/06/2012
Company No.
08104950
Shareholders
|
Name |
Currency |
Number of |
Share type |
Nominal value |
|
|
|
shares |
|
|
|
DIANE STASIK-KORDAS |
GBP |
1 |
ORDINARY |
1 |
|
STEFANOS KORDAS |
GBP |
1 |
ORDINARY |
1 |
|
Total Share Capital |
|
|
|
GBP 2 |
|
Management |
|
|
|
|
|
Directors |
|
|
|
|
|
Name |
Address: |
Date of Birth |
Nationality |
Appointment Date |
|
|
|
|
|
|
|
Mr. Stefanos Kordas |
12 Montpelier Square, London SW7 |
30/06/1960 |
Greek |
14/06/2012 |
|
Ms. Diane Stasik-Kordas |
12 Montpelier Square, London SW7 |
21/04/1962 |
|
14/06/2012 |
Secretary
No secretary appointed
Other Known Addresses
12 Montpelier Square,
London SW7 1JU
Business Activities
|
Main activity |
|
|
SIC03 |
Manufacture of
jewellery & related |
|
SIC07 |
Manufacture of
jewellery and related articles |
Economic Data
|
Turnover and
Employees |
|
|
|
Date of
Accounts |
Turnover |
Employees |
|
30/06/2013 |
Not Stated |
Not Stated |
Supplementary Data
Events
|
Company history |
|
|
Date |
Action |
|
19/06/2012 |
New Board Member
Ms D. Kordas appointed |
|
19/06/2012 |
New Board Member
Mr S. Kordas appointed |
|
02/08/2013 |
Annual Returns |
|
18/03/2014 |
New Accounts
Filed |
|
11/08/2014 |
Annual Returns |
County Court
Judgments (CCJs)
There are no County
Court Judgments listed against this company
Profit & Loss
|
|
30/06/2013 |
|
|
56 |
|
|
GBP |
|
|
Group: No |
|
Turnover |
0 |
|
Export |
- |
|
Cost of Sales |
- |
|
Gross Profit |
- |
|
Wages And Salaries |
0 |
|
Directors Emoluments |
- |
|
Operating Profit |
- |
|
Depreciation |
0 |
|
Audit Fees |
0 |
|
Interests Payments |
- |
|
Pre Tax Profit |
0 |
|
Taxation |
- |
|
Profit After Tax |
- |
|
Dividends Payable |
- |
|
Retained Profit |
- |
Balance Sheet
|
|
30/06/2013 |
|
|
56 |
|
|
GBP |
|
|
Group: No |
|
Intangible Assets |
0 |
|
Total Fixed Assets |
0 |
|
Stock |
91,000 |
|
Trade Debtors |
0 |
|
Cash |
49,376 |
|
|
30/06/2013 |
|
|
56 |
|
|
GBP |
|
|
Group: No |
|
Other Debtors |
0 |
|
Miscellaneous Current
Assets |
0 |
|
Total Current Assets |
140,376 |
|
Trade Creditors |
88,715 |
|
Bank Loans and Overdraft |
0 |
|
Other Short Term Finance |
0 |
|
Miscellaneous Current
Liabilities |
0 |
|
Total Current Liabilities |
88,715 |
|
Bank Loans and Overdrafts
LTL |
0 |
|
Other Long Term Finance |
0 |
|
Total Long Term
Liabilities |
0 |
Capital &
Reserves
|
|
30/06/2013 |
|
|
56 |
|
|
GBP |
|
|
Group: No |
|
Called Up Share Capital |
2 |
|
P & L Account Reserve |
51,659 |
|
Revaluation Reserve |
0 |
|
Sundry Reserve |
0 |
|
Shareholders Funds |
51,661 |
Other Financial Items
|
|
30/06/2013 |
|
|
56 |
|
|
GBP |
|
|
Group: No |
|
Net Worth |
51,661 |
|
Working
Capital |
51,661 |
|
Total Assets |
140,376 |
|
Total
Liabilities |
88,715 |
|
Net Assets |
51,661 |
Cash Flow
|
|
30/06/2013 |
|
|
56 |
|
|
GBP |
|
|
Group: No |
|
Net Cash Flow from Operations |
0 |
|
Net Cash Flow before Financing |
0 |
|
Net Cash Flow from Financing |
0 |
|
Increase in Cash |
0 |
Miscellaneous
|
|
30/06/2013 |
|
|
56 |
|
|
GBP |
|
|
Group: No |
|
Capital Employed |
51,661 |
Financial Ratios
|
Name |
30/06/2013 |
|
Pre Tax Profit Margin |
0.0% |
|
Current Ration |
1.58 |
|
Sales or Net Working Capital |
0.00 |
|
Gearing |
0.00 % |
|
Equity |
36.80 % |
|
Creditor Days |
0.00 |
|
Name |
30/06/2013 |
|
Debtor Days |
0.00 |
|
Liquidity or Acid test |
0.55 |
|
Return on Capital Employed |
0.0% |
|
Return on Total Assets Employed |
0.0% |
|
Current Debt Ratio |
1.71 % |
|
Total Debt Ratio |
1.71 % |
|
Stock Turnover Ratio |
0.0% |
|
Return on Net Assets Employed |
0.0% |
Only abbreviated financial statement has been filed. In
the first trading period the Post Appropriation Profit amounted to GBP 51,659.
The initial financial position seems satisfactory. The business appears to be
operating from the private residence of the owners. There are no public
telephone listings for the company or the principals. The telephone number
listed in your enquiry is incorrect (00448104950). The address given is in an
exclusive area of London and has a current value of around GBP 5.7 million.
Remains to be seen how it further performed in 2014/2015.
Activity: Jewellery designer
Trading Address: 12 Montpelier Square Knightsbridge
London SW7 1JU
Branches: Ms. Kordas also works from a residence in
Greece.
Employees: Not available
Bank: Not available
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.62.10 |
|
|
1 |
Rs.94.10 |
|
Euro |
1 |
Rs.73.42 |
INFORMATION DETAILS
|
Analysis Done by
: |
RAS |
|
|
|
|
Report Prepared
by : |
TPT |
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%)
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.