MIRA INFORM REPORT

Report No. :	331346
Report Date :	11.07.2015

IDENTIFICATION DETAILS

Name :	BELA GEMS LTD
Formerly Known As :	BELAGEMS LIMITED
Registered Office :	48 Dalkeith Grove, Stanmore, Middlesex Ha7 4SF
Country :	United Kingdom
Financials (as on) :	31.03.2014
Date of Incorporation :	01.10.2004
Com. Reg. No.:	05247456
Legal Form :	Private limited with Share Capital
Line of Business :	Wholesale of Watches and Jewellery
No. of Employees :	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 :	Small Company
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 – 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 summary

Registered Address	48 Dalkeith Grove Stanmore Middlesex Ha7 4sf	Trading Address	48 Dalkeith Grove Stanmore Middlesex HA7 4SF
Telephone Number	--	Fax Number	--
TPS	--	FPS	No
Incorporation Date	01/10/2004	Company Number	05247456
Previous Name	BELAGEMS LIMITED	Type	Private limited with Share Capital
Date of Change	23/08/2010	Filing Date of Accounts	06/06/2014
Currency	GBP	Share Capital	£100
SIC07	46480	Charity Number	--
SIC07 Description	Wholesale of Watches and Jewellery	Principal Activity	Non-store retail and wholesale.

Key financials

Year to Date	Turnover	Pre Tax Profit	Shareholder	Funds Employees
31.03.2014	--	--	£7,165	--
31.03.2013	--	--	£2,805	--
31.03.2012	--	--	£320	--

Trade debtors/bad debt summary

Total Number of Documented Tarde 0

Total Value of Documented Trade £0

Commentary

This company has been treated as a Small company.

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

The latest cash balances are considered to be low in terms of the overall outstanding creditor obligations.

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

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.

Current directors

Name	Ronny Tandara	Date of Birth	17/07/1964
Officers Title	Mr	Nationality	British
Present Appointments	4	Function	Director
Appointment Date	01/10/2004
Address	Holborn Gate 330 High Holborn, London, WC1V 7QT

Current company secretary

Name	Belinda Tandara	Date of Birth	-
Officers Title	Ms	Nationality	British
Present Appointments	1	Function	Company Secretary
Appointment Date	01/10/2004
Address	332 Whitchurch Lane, Edgware, Middlesex, London, HA8 6QX

Top 20 shareholders

Name	Currency	Share Count	Share Type	Nominal Value	% of Total Share Count
MR RONNY TANDARA	GBP	51	ORDINARY	1	51
MRS BELINDA TANDARA	GBP	49	ORDINARY	1	49

Profit & loss

	Date Of Accounts	31/03/14	(%)	31/03/13	(%)	31/03/12	(%)	31/03/11	(%)	31/03/10
	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	£1,064	160.8%	£408	5.2%	£388	51%	£257	-75.5%	£1,051
	Audit Fees	-	-	-	-	-	-	-	-	-
	Interest Payments	-	-	-	-	-	-	-	-	-
	Pre Tax Profit	-	-	-	-	-	-	-	-	-
	Taxation	-	-	-	-	-	-	-	-	-
	Profit After Tax	-	-	-	-	-	-	-	-	-
	Dividends Payable	-	-	-	-	-	-	-	-	-
	Retained Profit	-	-	-	-	-	-	-	-	-

Balance sheet

	Date Of Accounts	31/03/14	(%)	31/03/13	(%)	31/03/12	(%)	31/03/11	(%)	31/03/10
	Tangible Assets	£3,191	160.5%	£1,225	5.3%	£1,163	50.6%	£772	80.8%	£427
	Intangible Assets	0	-	0	-	0	-	0	-	0
	Total Fixed Assets	£3,191	160.5%	£1,225	5.3%	£1,163	50.6%	£772	80.8%	£427
	Stock	£107,674	145.8%	£43,808	-41.1%	£74,427	-30.3%	£106,713	374%	£22,512
	Trade Debtors	£52,058	-13.2%	£59,988	55.7%	£38,534	-7.6%	£41,717	-12.8%	£47,863
	Cash	£913	-72.7%	£3,342	-21.1%	£4,236	406.1%	£837	-96%	£21,135
	Other Debtors	0	-	0	-	0	-	0	-	0
	Miscellaneous Current Assets	0	-	0	-	0	-	0	-	0
	Total Current Assets	£160,645	49.9%	£107,138	-8.6%	£117,197	-21.5%	£149,267	63.1%	£91,510
	Trade Creditors	£156,671	48.4%	£105,558	-10.6%	£118,040	-20.9%	£149,233	63.5%	£91,290
	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	£156,671	48.4%	£105,558	-10.6%	£118,040	-20.9%	£149,233	63.5%	£91,290
	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	31/03/14	(%)	31/03/13	(%)	31/03/12	(%)	31/03/11	(%)	31/03/10
	Called Up Share Capital	£100	-	£100	-	£100	-	£100	999.9%	£1
	P & L Account Reserve	£7,065	161.2%	£2,705	999.9%	£220	-68.8%	£706	9.3%	£646
	Revaluation Reserve	-	-	-	-	-	-	-	-	-
	Sundry Reserves	-	-	-	-	-	-	-	-	-
	Shareholder Funds	£7,165	155.4%	£2,805	776.6%	£320	-60.3%	£806	24.6%	£647

Other financials items

	Date Of Accounts	31/03/14	(%)	31/03/13	(%)	31/03/12	(%)	31/03/11	(%)	31/03/10
	Net Worth	£7,165	155.4%	£2,805	776.6%	£320	-60.3%	£806	24.6%	£647
	Working Capital	£3,974	151.5%	£1,580	287.4%	-£843	-999.9%	£34	-84.5%	£220
	Total Assets	£163,836	51.2%	£108,363	-8.4%	£118,360	-21.1%	£150,039	63.2%	£91,937
	Total Liabilities	£156,671	48.4%	£105,558	-10.6%	£118,040	-20.9%	£149,233	63.5%	£91,290
	Net Assets	£7,165	155.4%	£2,805	776.6%	£320	-60.3%	£806	24.6%	£647

Miscellaneous

	Date Of Accounts	31/03/14	(%)	31/03/13	(%)	31/03/12	(%)	31/03/11	(%)	31/03/10
	Contingent Liability	NO	-	NO	-	NO	-	NO	-	NO
	Capital Employed	£7,165	155.4%	£2,805	776.6%	£320	-60.3%	£806	24.6%	£647
	Number of Employees	-	-	-	-	-	-	-	-	-
	Accountants	CLOVERLEAF ACCOUNTANCY SERVICES LTD
	Auditors
	Auditor Comments	The company is exempt from audit
	Bankers
	Bank Branch Code

Ratio

	Date Of Accounts	31/03/14	31/03/13	31/03/12	31/03/11	31/03/10
	Pre-tax profit margin %	-	-	-	-	-
	Current ratio	1.03	1.01	0.99	1	1
	Sales/Net Working Capital	-	-	-	-	-
	Gearing %	0	0	0	0	0
	Equity in %	4.40	2.60	0.30	0.50	0.70
	Creditor Days	-	-	-	-	-
	Debtor Days	-	-	-	-	-
	Liquidity/Acid Test	0.33	0.59	0.36	0.28	0.75
	Return On Capital Employed %	-	-	-	-	-
	Return On Total Assets Employed %	-	-	-	-	-
	Current Debt Ratio	21.86	37.63	368.87	185.15	141.09
	Total Debt Ratio	21.86	37.63	368.87	185.15	141.09
	Stock Turnover Ratio %	-	-	-	-	-
	Return on Net Assets Employed %	-	-	-	-	-

Status History

No Status History found

Event History

Date	Description
14/10/2014	Annual Returns
11/06/2014	New Accounts Filed
19/10/2013	Annual Returns
19/07/2013	New Accounts Filed
15/11/2012	New Accounts Filed
11/10/2012	Annual Returns
11/10/2011	Annual Returns
13/09/2011	New Accounts Filed
13/09/2011	New Accounts Filed
11/12/2010	New Accounts Filed
05/11/2010	Annual Returns
03/11/2010	Change in Reg. Office
03/11/2010	Change of Company Postcode
25/08/2010	Change of Name
05/01/2010	Annual Returns

Previous Company Names

Date	Previous Name
23/08/2010	BELAGEMS LIMITED

Writ Details

No writs found

Group Structure Full

No Group Structure

Previous Director/Company Secretaries

No Previous Director Details

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 8^th Century B.C.  India, in fact, remained undisputed leader till 18^th 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 30^th 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.63.38
UK Pound	1	Rs.97.65
Euro	1	Rs.70.43

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%)

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