MIRA INFORM REPORT

 

 

Report No. :

333816

Report Date :

27.07.2015

 

IDENTIFICATION DETAILS

 

Name :

WORLD SHINER (UK) LIMITED

 

 

Registered Office :

Unit 2 7C High Street Barnet EN5 5UE

 

 

Country :

United Kingdom

 

 

Financials (as on) :

30.06.2014

 

 

Date of Incorporation :

08.01.2004

 

 

Com. Reg. No.:

05009524

 

 

Legal Form :

Private limited with Share Capital

 

 

Line of Business :

Wholesale Jewellers.

 

 

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 :

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 Name

 

WORLD SHINER (UK) LIMITED

 

 

Company No

 

05009524

 

 

Company Status

 

Active - Accounts Filed

 

 

Registered Address

 

UNIT 2 7C HIGH STREET BARNET EN5 5UE

 

 

Company Summary

 

Registered Address

UNIT 2 7C HIGH STREET
BARNET
EN5 5UE

Trading Address

Unit 2 7C High Street
Barnet Hertfordshire
EN5 5UE

Website Address

http://www.worldshiner.com

 

 

Telephone Number

-

Fax Number

 

TPS

-

FPS

No

Incorporation Date

08/01/2004

 

 

Previous Name

 

Type

Private limited with Share Capital

 

 

FTSE Index

-

Date of Change

-

Filing Date of Accounts

24/03/2015

Currency

GBP

Share Capital

£100

SIC07

46900

Charity Number

-

SIC07 Description

NON-SPECIALISED WHOLESALE TRADE

Principal Activity

Wholesale jewellers.

 

 

Office address

 

Suite 160 1st floor Princess House 50-60 Easst Castle Street W1W8EA London UK, United Kingdom

 

Key Financials

 

Year to Date

Turnover

Pre Tax Profit

Shareholder

Funds Employees

30/06/2014

-

-

£466,437

-

30/06/2013

-

-

£344,385

-

30/06/2012

-

-

£273,107

-

 

 

Mortgage Summary

 

Total Mortgage                          3

Outstanding                              3

Satisfied                                   0

 

 

Trade Debtors / Bad Debt Summary

 

Total Number of Documented Trade       3

Total Value of Documented Trade          £50,370

 

 

Commentary

 

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

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

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 -

-

 

 

Enquiries Trend

 

There have been 2 enquiries in the last 12 months.

There are an average of 0 reports taken each month.

 

Total Current Directors

1

Total Current Secretaries

1

Total Previous Directors / Company Secretaries

4

 

 

Current Directors

 

Name

Nehal Bhandari

Date of Birth

18/01/1982

Officers Title

Nationality

Indian

Present Appointments

1

Function

Director

Appointment Date

16/03/2004

Address

19 Lancaster Road, North Harrow, HA2 7NN

 

 

Current Company Secretary

 

Name

ASHTON COMPANY SERVICES LIMITED

Date of Birth

-

Officers Title

Nationality

British

Present Appointments

2

Function

Company Secretary

Appointment Date

03/01/2007

Address

11 Ashurst Road, Cockfosters, Hertfordshire, EN4 9LE

 

 

Top 20 Shareholders

 

Name

Currency

Share Count

Share Type

Nominal Value

% of Total Share Count

TREASURE INVESTMENTS LTD

GBP

100

ORDINARY

1

100

 

 

Profit & Loss

 

Date Of Accounts

30/06/14

(%)

30/06/13

(%)

30/06/12

(%)

30/06/11

(%)

28/06/10

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

£362

-48.7%

£706

-27.9%

£979

-17.9%

£1,193

46.7%

£813

Audit Fees

-

-

-

-

-

-

-

-

-

Interest Payments

-

-

-

-

-

-

-

-

-

Pre Tax Profit

-

-

-

-

-

-

-

-

-

Taxation

-

-

-

-

-

-

-

-

-

Profit After Tax

-

-

-

-

-

-

-

-

-

Dividends Payable

-

-

-

-

-

-

-

-

-

Retained Profit

-

-

-

-

-

-

-

-

-

 

 

Balance Sheet

 

Date Of Accounts

30/06/14

(%)

30/06/13

(%)

30/06/12

(%)

30/06/11

(%)

28/06/10

Tangible Assets

£1,084

-25%

£1,446

-32.8%

£2,152

-31.3%

£3,131

-27.6%

£4,324

Intangible Assets

0

-

0

-

0

-

0

-

0

Total Fixed Assets

£1,084

-25%

£1,446

-32.8%

£2,152

-31.3%

£3,131

-27.6%

£4,324

Stock

£739,871

2.4%

£722,521

43.3%

£504,116

-35.5%

£781,621

-6.1%

£832,742

Trade Debtors

£1,138,139

4.7%

£1,087,494

9.7%

£991,580

44.6%

£685,576

4.4%

£656,679

Cash

£96,291

177.6%

£34,686

-58.9%

£84,298

79.7%

£46,903

-46.4%

£87,554

Other Debtors

0

-

0

-

0

-

0

-

0

Miscellaneous Current Assets

0

-

0

-

0

-

0

-

0

Total Current Assets

£1,974,301

7%

£1,844,701

16.8%

£1,579,994

4.4%

£1,514,100

-4%

£1,576,975

Trade Creditors

£1,508,948

0.5%

£1,501,762

14.7%

£1,309,039

-4.5%

£1,371,365

-6.5%

£1,467,367

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

£1,508,948

0.5%

£1,501,762

14.7%

£1,309,039

-4.5%

£1,371,365

-6.5%

£1,467,367

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

30/06/14

(%)

30/06/13

(%)

30/06/12

(%)

30/06/11

(%)

28/06/10

Called Up Share Capital

£100

-

£100

-

£100

-

£100

-

£100

P & L Account Reserve

£466,337

35.5%

£344,285

26.1%

£273,007

87.3%

£145,766

28.1%

£113,832

Revaluation Reserve

-

-

-

-

-

-

-

-

-

Sundry Reserves

-

-

-

-

-

-

-

-

-

Shareholder Funds

£466,437

35.4%

£344,385

26.1%

£273,107

87.2%

£145,866

28%

£113,932

 

 

Other Financial Items

 

Date Of Accounts

30/06/14

(%)

30/06/13

(%)

30/06/12

(%)

30/06/11

(%)

28/06/10

Net Worth

£466,437

35.4%

£344,385

26.1%

£273,107

87.2%

£145,866

28%

£113,932

Working Capital

£465,353

35.7%

£342,939

26.6%

£270,955

89.8%

£142,735

30.2%

£109,608

Total Assets

£1,975,385

7%

£1,846,147

16.7%

£1,582,146

4.3%

£1,517,231

-4.1%

£1,581,299

Total Liabilities

£1,508,948

0.5%

£1,501,762

14.7%

£1,309,039

-4.5%

£1,371,365

-6.5%

£1,467,367

Net Assets

£466,437

35.4%

£344,385

26.1%

£273,107

87.2%

£145,866

28%

£113,932

 

 

Cash Flow

 

Date Of Accounts

30/06/14

(%)

30/06/13

(%)

30/06/12

(%)

30/06/11

(%)

28/06/10

Net Cashflow from Operations

-

-

-

-

-

-

-

-

-

Net Cashflow before Financing

-

-

-

-

-

-

-

-

-

Net Cashflow from Financing

-

-

-

-

-

-

-

-

-

Increase in Cash

-

-

-

-

-

-

-

-

-

 

 

Miscellaneous

 

Date Of Accounts

30/06/14

(%)

30/06/13

(%)

30/06/12

(%)

30/06/11

(%)

28/06/10

Contingent Liability

NO

-

NO

-

NO

-

NO

-

NO

Capital Employed

£466,437

35.4%

£344,385

26.1%

£273,107

87.2%

£145,866

28%

£113,932

Number of Employees

-

-

-

-

-

-

-

-

-

Auditors

Auditor Comments

The company is exempt from audit

Bankers

Bank Branch Code

Ratios

 

Date Of Accounts

30/06/14

30/06/13

30/06/12

30/06/11

28/06/10

Pre-tax profit margin %

-

-

-

-

-

Current ratio

1.31

1.23

1.21

1.10

1.07

Sales/Net Working Capital

-

-

-

-

-

Gearing %

0

0

0

0

0

Equity in %

23.60

18.70

17.30

9.60

7.20

Creditor Days

-

-

-

-

-

Debtor Days

-

-

-

-

-

Liquidity/Acid Test

0.81

0.74

0.82

0.53

0.50

Return On Capital Employed %

-

-

-

-

-

Return On Total Assets Employed %

-

-

-

-

-

Current Debt Ratio

3.23

4.36

4.79

9.40

12.87

Total Debt Ratio

3.23

4.36

4.79

9.40

12.87

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

26/03/2015

New Accounts Filed

26/03/2015

New Accounts Filed

05/03/2015

Change in Reg.Office

05/03/2015

Change of Company Postcode

23/01/2015

Annual Returns

21/05/2014

New Accounts Filed

01/03/2014

Annual Returns

15/02/2013

Annual Returns

15/01/2013

New Accounts Filed

31/03/2012

New Accounts Filed

26/01/2012

Annual Returns

20/07/2011

New Accounts Filed

20/07/2011

New Accounts Filed

23/03/2011

Annual Returns

21/03/2011

Mr A.M. Jhaveri has left the board

 

 

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

TREASURE INVESTMENTS LTD

 

 

Group Structure

 

Company Name

Registered Number

Latest Key Financials

Consol. Accounts

Turnover

TREASURE INVESTMENTS LTD

N/A

-

-

WORLD SHINER (UK) LIMITED

05009524

30.06.2014

N

 

 

Mortgage Details

 

Mortgage Type:

RENT DEPOSIT DEED

Date Charge Created:

20/05/10

Date Charge Registered:

22/05/10

Date Charge Satisfied:

-

Status:

OUTSTANDING

Person(s) Entitled:

MOUNT EDEN LAND LIMITED

Amount Secured:

ALL MONIES DUE OR TO BECOME DUE FROM THE COMPANY TO THE CHARGEE UNDER THE TERMSOF THE AFOREMENTIONEDINSTRUMENT CREATING OR EVIDENCING THE CHARGE

Details:

THE DEPOSITED SUM IN A SEPARATELT DESIGNATED DEPOSIT ACCOUNT SEE IMAGE FOR FULLDETAILS

 

Mortgage Type:

RENT DEPOSIT DEED

Date Charge Created:

11/06/07

Date Charge Registered:

19/06/07

Date Charge Satisfied:

-

Status:

OUTSTANDING

Person(s) Entitled:

MOUNT EDEN LAND LIMITED

Amount Secured:

ALL MONIES DUE OR TO BECOME DUE FROM THE COMPANY TO THE CHARGEE UNDER THE TERMSOF THE AFOREMENTIONEDINSTRUMENT CREATING OR EVIDENCING THE CHARGE

Details:

MONIES FROM TIME TO TIME STANDING TO THE CREDIT OF A DESIGNATED DEPOSIT ACCOUNT

 

Mortgage Type:

RENT DEPOSIT DEED

Date Charge Created:

29/04/04

Date Charge Registered:

01/05/04

Date Charge Satisfied:

-

Status:

OUTSTANDING

Person(s) Entitled:

MOUNT EDEN LAND LIMITED

Amount Secured:

ALL MONIES DUE OR TO BECOME DUE FROM THE COMPANY TO THE CHARGEE UNDER THE TERMSOF THE AFOREMENTIONEDINSTRUMENT CREATING OR EVIDENCING THE CHARGE

Details:

MONIES FROM TIME TO TIME STANDING TO THE CREDIT OF A DEPOSIT ACCOUNT OPENED BY THE LANDLORD WITH HISBANKERS; SEE THE MORTGAGE CHARGE DOCUMENT FOR FULL DETAILS

 

 

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

3

£50,370

 

Company Name

Amount

Statement Date

Daniel James Portsmouth Limited

£26,458

31/01/2011

Amore Exclusive Jewellery Limited

£12,380

22/05/2014

Rubinstein Keightley Ltd

£11,532

20/07/2012

 

 

Previous Director/Company Secretaries

 

Name

Current Directorships

Previous Directorships

HILL STREET REGISTRARS LIMITED

170

94

Anand Mahendra Jhaveri

0

1

COMPANY DIRECTORS LIMITED

9351

196299

TEMPLE SECRETARIES LIMITED

11624

198017

 

 

Average Invoice Value

£152.76

Invoices available

30

Paid

30

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

13

10

6

0

1

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.63.89

UK Pound

1

Rs.99.10

Euro

1

Rs.70.12

 

INFORMATION DETAILS

 

Analysis Done by :

RAS

 

 

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.