MIRA INFORM REPORT

 

 

Report No. :

330398

Report Date :

11.07.2015

 

IDENTIFICATION DETAILS

 

Name :

MONNICKENDAM DIAMONDS LIMITED

 

 

Registered Office :

Palladium House, 1/4 Argyll Street, London W1f 7ld

 

 

Country :

United Kingdom

 

 

Financials (as on) :

31.12.2014

 

 

Date of Incorporation :

04.04.1995

 

 

Com. Reg. No.:

03041702

 

 

Legal Form :

Private Limited With Share Capital

 

 

Line of Business :

Manufacture of Jewellery and Related Articles

 

 

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 :

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 summary

 

Registered Address

Palladium House
1/4 Argyll Street
London
W1f 7ld

Trading Address

Palladium House
1/4 Argyll Street
London
W1F 7LD

Website Address

http://www.monnickendam.co.uk

FPS

No

Incorporation Date

04/04/1995

Type

Private limited with Share Capital

Date of Change

--

Filing Date of Accounts

14/03/2015

Currency

GBP

Share Capital

£600,002

SIC07

32120

Company Number

03041702

SIC07 Description

Manufacture of Jewellery And Related Articles

Principal Activity

Dealing in polished and rough diamonds and the cutting and polishing thereof.

 

 

Key financials

 

Year to Date

 

Turnover

Pre Tax Profit

Shareholder

Funds Employees

31.12.2014

--

--

£1,353,472

--

31.12.2013

--

--

£1,618,459

--

31.12.2012

--

--

£1,379,837

--

 

 

Mortgage Summary

 

Total Mortgage                          1

Outstanding                              0

Satisfied                                   1

 

 

Trade debtors/bad debt summary

 

Total Number of Documented Trade                   1

Total Value of Documented Tarde                      £1,000

 

 

Commentary

 

This company has been treated as a Small company.

This company has only made late payments on a low percentage of invoices.

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

The latest cash balances represent a positive level in terms of the overall outstanding creditor obligations.

There has been a reduction in shareholders’ funds compared with the previous balance sheet.

 

 

Current Directors

 

Name

Gary David Monnickendam

Date of Birth

13/11/1952

Officers Title

Mr

Nationality

British

Present Appointments

3

Function

Director

Appointment Date

02/03/2007

Address

4 Abercorn Close, St Johns Wood, London, NW8 9XS

 

Name

Neil Phillip Holness

Date of Birth

23/08/1959

Officers Title

Mr

Nationality

British

Present Appointments

1

Function

Director

Appointment Date

08/01/2013

Address

94 Pretoria Road, London, SW16 6RN

 

 

Current company secretary

 

Name

Neil Phillip Holness

Date of Birth

-

Officers Title

Mr

Nationality

British

Present Appointments

4

Function

Company Secretary

Appointment Date

31/07/1995

Address

94 Pretoria Road, London, SW16 6RN

 

 

Top 20 Shareholders

 

Name

Currency

Share Count

Share Type

Nominal Value

% of Total Share Count

DIAMOND FINANCE INC.

GBP

525,001

ORDINARY

1

87.5

JEFFREY MONNICKENDAM

GBP

75,001

ORDINARY

1

12.5

 

 

Profit & loss

 

Date Of Accounts

31/12/14

(%)

31/12/13

(%)

31/12/12

(%)

31/12/11

(%)

31/12/10

Weeks

52

(%)

52

(%)

52

(%)

52

(%)

52

Currency

GBP

(%)

GBP

(%)

GBP

(%)

GBP

(%)

GBP

Consolidated A/cs

N

(%)

N

(%)

N

(%)

N

(%)

N

barchart-grey

Turnover

-

-

-

-

-

-

-

-

-

barchart-grey

Export

-

-

-

-

-

-

-

-

-

barchart-grey

Cost of Sales

-

-

-

-

-

-

-

-

-

barchart-grey

Gross Profit

-

-

-

-

-

-

-

-

-

barchart-grey

Wages & Salaries

-

-

-

-

-

-

-

-

-

barchart-grey

Directors Emoluments

-

-

-

-

-

-

-

-

-

barchart-grey

Operating Profit

-

-

-

-

-

-

-

-

-

barchart-grey

Depreciation

£5,480

-24.6%

£7,271

22.3%

£5,944

-13.9%

£6,906

-20.7%

£8,713

barchart-grey

Audit Fees

-

-

-

-

-

-

-

-

-

barchart-grey

Interest Payments

-

-

-

-

-

-

-

-

-

barchart-grey

Pre Tax Profit

-

-

-

-

-

-

-

-

-

barchart-grey

Taxation

-

-

-

-

-

-

-

-

-

barchart-grey

Profit After Tax

-

-

-

-

-

-

-

-

-

barchart-grey

Dividends Payable

-

-

-

-

-

-

-

-

-

barchart-grey

Retained Profit

-

-

-

-

-

-

-

-

-

 

 

Balance sheet

 

Date Of Accounts

31/12/14

(%)

31/12/13

(%)

31/12/12

(%)

31/12/11

(%)

31/12/10

barchart-grey

Tangible Assets

£23,901

-18.7%

£29,381

0.3%

£29,296

-3.9%

£30,481

2.2%

£29,824

barchart-grey

Intangible Assets

0

-

0

-

0

-

0

-

0

barchart-grey

Total Fixed Assets

£23,901

-18.7%

£29,381

0.3%

£29,296

-3.9%

£30,481

2.2%

£29,824

barchart-grey

Stock

£602,952

-23.4%

£786,870

18.1%

£666,304

12.6%

£591,567

17.5%

£503,470

barchart-grey

Trade Debtors

£577,047

-11.5%

£652,066

64.6%

£396,214

-8.3%

£431,982

-27%

£592,026

barchart-grey

Cash

£851,457

-15.3%

£1,005,805

16.8%

£860,961

-29.9%

£1,227,548

120.9%

£555,752

barchart-grey

Other Debtors

0

-100%

£4,760

74.6%

£2,727

-

0

-

0

barchart-grey

Miscellaneous Current Assets

0

-

0

-

0

-

0

-

0

barchart-grey

Total Current Assets

£2,031,456

-17.1%

£2,449,501

27.2%

£1,926,206

-14.4%

£2,251,097

36.3%

£1,651,248

barchart-grey

Trade Creditors

£701,885

-18.4%

£860,423

49.5%

£575,665

-45.7%

£1,060,358

107.1%

£512,094

barchart-grey

Bank Loans & Overdrafts

0

-

0

-

0

-

0

-

0

barchart-grey

Other Short Term Finance

0

-

0

-

0

-

0

-

0

barchart-grey

Miscellaneous Current Liabilities

0

-

0

-

0

-

0

-

0

barchart-grey

Total Current Liabilities

£701,885

-18.4%

£860,423

49.5%

£575,665

-45.7%

£1,060,358

107.1%

£512,094

barchart-grey

Bank Loans & Overdrafts and LTL

0

-

0

-

0

-

0

-

0

barchart-grey

Other Long Term Finance

0

-

0

-

0

-

0

-

0

barchart-grey

Total Long Term Liabilities

0

-

0

-

0

-

0

-

0

 

 

Capital & reserves

 

Date Of Accounts

31/12/14

(%)

31/12/13

(%)

31/12/12

(%)

31/12/11

(%)

31/12/10

barchart-grey

Called Up Share Capital

£675,002

-10%

£750,002

-

£750,002

-

£750,002

-

£750,002

barchart-grey

P & L Account Reserve

£603,470

-30.5%

£868,457

37.9%

£629,835

33.7%

£471,218

12.5%

£418,976

barchart-grey

Revaluation Reserve

-

-

-

-

-

-

-

-

-

barchart-grey

Sundry Reserves

£75,000

-

-

-

-

-

-

-

-

barchart-grey

Shareholder Funds

£1,353,472

-16.4%

£1,618,459

17.3%

£1,379,837

13%

£1,221,220

4.5%

£1,168,978

 

 

Other Financials items

 

Date Of Accounts

31/12/14

(%)

31/12/13

(%)

31/12/12

(%)

31/12/11

(%)

31/12/10

barchart-grey

Net Worth

£1,353,472

-16.4%

£1,618,459

17.3%

£1,379,837

13%

£1,221,220

4.5%

£1,168,978

barchart-grey

Working Capital

£1,329,571

-16.3%

£1,589,078

17.7%

£1,350,541

13.4%

£1,190,739

4.5%

£1,139,154

barchart-grey

Total Assets

£2,055,357

-17.1%

£2,478,882

26.8%

£1,955,502

-14.3%

£2,281,578

35.7%

£1,681,072

barchart-grey

Total Liabilities

£701,885

-18.4%

£860,423

49.5%

£575,665

-45.7%

£1,060,358

107.1%

£512,094

barchart-grey

Net Assets

£1,353,472

-16.4%

£1,618,459

17.3%

£1,379,837

13%

£1,221,220

4.5%

£1,168,978

 

 

Miscellaneous

 

Date Of Accounts

31/12/14

(%)

31/12/13

(%)

31/12/12

(%)

31/12/11

(%)

31/12/10

Contingent Liability

NO

-

NO

-

NO

-

NO

-

NO

barchart-grey

Capital Employed

£1,353,472

-16.4%

£1,618,459

17.3%

£1,379,837

13%

£1,221,220

4.5%

£1,168,978

barchart-grey

Number of Employees

-

-

-

-

-

-

-

-

-

Accountants

Auditors

Auditor Comments

The company is exempt from audit

Bankers

BARCLAYS BANK PLC

Bank Branch Code

 

 

Ratios

 

Date Of Accounts

31/12/14

31/12/13

31/12/12

31/12/11

31/12/10

barchart-grey

Pre-tax profit margin %

-

-

-

-

-

barchart-grey

Current ratio

2.89

2.85

3.35

2.12

3.22

barchart-grey

Sales/Net Working Capital

-

-

-

-

-

barchart-grey

Gearing %

0

0

0

0

0

barchart-grey

Equity in %

65.90

65.30

70.60

53.50

69.50

barchart-grey

Creditor Days

-

-

-

-

-

barchart-grey

Debtor Days

-

-

-

-

-

barchart-grey

Liquidity/Acid Test

2.03

1.93

2.18

1.56

2.24

barchart-grey

Return On Capital Employed %

-

-

-

-

-

barchart-grey

Return On Total Assets Employed %

-

-

-

-

-

barchart-grey

Current Debt Ratio

0.51

0.53

0.41

0.86

0.43

barchart-grey

Total Debt Ratio

0.51

0.53

0.41

0.86

0.43

barchart-grey

Stock Turnover Ratio %

-

-

-

-

-

barchart-grey

Return on Net Assets Employed %

-

-

-

-

-

 

 

Status history

 

No status history found

 

 

Event history

 

Date

Description

03/04/2015

New Accounts Filed

25/03/2015

Annual Returns

23/06/2014

New Accounts Filed

23/06/2014

New Accounts Filed

12/04/2014

Annual Returns

05/03/2014

Mr J. Monnickendam has left the board

17/05/2013

New Accounts Filed

08/05/2013

Annual Returns

18/01/2013

New Board Member Mr N.P. Holness appointed

31/03/2012

New Accounts Filed

28/03/2012

Annual Returns

01/04/2011

Annual Returns

28/03/2011

New Accounts Filed

13/04/2010

New Accounts Filed

01/04/2010

Annual Returns

 

 

Previous company names

 

No previous names found

 

 

Writ details

 

No writs found

 

 

Summary

 

Holding Company

-

Ownership Status

Intermediately Owned

Ultimate Holding Company

DIAMOND FINANCE INC

 

 

Group structure

 

Company Name

Registered Number

Latest Key Financials

Consol. Accounts

Turnover

tminus DIAMOND FINANCE INC

N/A

-

-

L MONNICKENDAM DIAMONDS...

03041702

31.12.2014

N

 

 

Mortgage details

 

Mortgage Type:

FIXED AND FLOATING CHARGE

Date Charge Created:

02/05/96

Date Charge Registered:

16/05/96

Date Charge Satisfied:

21/10/14

Status:

SATISFIED

Person(s) Entitled:

MIDLAND BANK PLC;

Amount Secured:

Details:

FIXED AND FLOATING CHARGES OVER THE UNDERTAKING AND ALL PROPERTY AND ASSETS PRESENT AND FUTURE INCLUDING UNCALLED CAPITAL GOODWILL BOOKDEBTS AND PATENTS

 

 

Trade debtors/bad debt detail

 

Total Number of Documented Trade

Total Value of Documented Trade

Trade Debtors

1

£1,000

Company Name

Amount

Statement Date

I P Diamonds Ltd

£1,000

28/02/2013

 

 

Previous directors/company secretaries

 

Name

Current Directorships

Previous Directorships

Roy Newton

0

4

Jeffrey Monnickendam

4

3

Notehold Limited

68

4524

 

 

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 :

DIV

 

 

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%)

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.