MIRA INFORM REPORT

Report Date :

24.08.2007

IDENTIFICATION DETAILS

Name :	PRESTIGIOUS TEXTILES LIMITED
Registered Office :	4 Cross Lane, Westgate Hill St, Bradford, W Yorks BD4 0SG
Country :	United Kingdom
Financials (as on) :	31.08.2006
Date of Incorporation :	09/02/1988
Com. Reg. No.:	02219358
Legal Form :	Private Limited Liability Company (GB)
Line of Business :	Cloth fabric distributors and converters

RATING & COMMENTS

MIRA’s Rating :

Ba

RATING		STATUS	PROPOSED CREDIT LINE
41-55	Ba	Overall operation is considered normal. Capable to meet normal commitments.	Satisfactory

Status :	Satisfactory
Payment Behaviour :	Regular
Litigation :	Clear

Company Identification Details

Subject Reported on	PRESTIGIOUS TEXTILES LIMITED
Trading Address	4 CROSS LA,BRADFORD,BD4 0SG
Telephone	01274-688448

	Average Risk - This company has an average risk status and should be treated with a degree of caution
Credit Limit	GBP   307,000
	Selling to this company? The Credit Limit is the recommended maximum outstanding debtor exposure at any one time.
Contract Limit	GBP   2,708,000
	Buying from this company? The Contract Limit is the recommended aggregate annual value for supply contracts.

Official Company Data

Legal Form	Private Limited Liability Company (GB)
Registration Number	02219358
Date of Incorporation	09/02/1988
Registered Office	4 Cross Lane, Westgate Hill St, Bradford, W Yorks BD4 0SG
Date of Last Annual Return to Registry	04/08/2006
Activities	Cloth fabric distributors and converters
Accounts	The last filed accounts cover the period to 31/08/2006 and were filed on 04/07/2007

Recently Filed Documents

Details of the most recent documents

Date Received	Description
04/08/2006	Annual Return
31/08/2006	Financial Statement / Set of Accounts

It should be noted that there is no legal requirement to file satisfaction details of mortgages/charges at Companies House.

Known Directors

DIRECTOR	TREVOR  HELLIWELL
Occupation	TEXTILE DIRECTOR
Address	6,  STAVELEY ROAD , SHIPLEY , WEST YORKSHIRE , BD18 4HD
Country of Origin	BRITISH
Date of Birth	03/07/1947
Appointment Date	04/08/1991
Other Appointments	BRITISH INTERIOR TEXTILES ASSOCIATION , PRESTIGIOUS TEXTILES LIMITED
DIRECTOR	ANDREW DAVID GAUTRY
Occupation	CHARTERED ACCOUNTANT
Address	7,  HALLSIDE CLOSE TONG ROAD BAILDON , SHIPLEY , WEST YORKSHIRE , BD17 7NY
Country of Origin	BRITISH
Date of Birth	21/09/1956
Appointment Date	01/01/1994
Other Appointments	PRESTIGIOUS TEXTILES LIMITED, PRESTIGIOUS READYMADES LIMITED, PRESTIGIOUS TEXTILES (FRANCE) LIMITED
DIRECTOR	KEVIN  DEMPSEY
Occupation	DIRECTOR
Address	LONG ACRE ,  COOKSTOWN ENNISKERRY , BRAY , CO WICKLOW ,
Country of Origin	IRISH
Date of Birth	16/01/1955
Appointment Date	11/08/2000
Other Appointments	PRESTIGIOUS TEXTILES LIMITED
DIRECTOR	MATTHEW SIMON HELLIWELL
Occupation	DIRECTOR
Address	8,  BROOKHOUSE GARDENS APPERLEY BRIDGE , BRADFORD , WEST YORKSHIRE , BD10 0NH
Country of Origin	BRITISH
Date of Birth	18/07/1974
Appointment Date	11/08/2000
Other Appointments	PRESTIGIOUS TEXTILES LIMITED, PRESTIGIOUS READYMADES LIMITED
DIRECTOR	NICOLA  BRUMFIT
Occupation	COMPANY DIRECTOR
Address	23,  KIRK DRIVE BAILDON , SHIPLEY , WEST YORKSHIRE , BD17 6SA
Country of Origin	BRITISH
Date of Birth	01/01/1977
Appointment Date	07/02/2007
Other Appointments	PRESTIGIOUS TEXTILES LIMITED, PRESTIGIOUS READYMADES LIMITED, PRESTIGIOUS TEXTILES (FRANCE) LIMITED
SECRETARY	MR  ANDREW GAUTRY
Address	7 HALLSIDE CLOSE,  TONG PARK , BAILDON , BD17 7NY
Country of Origin	BRITISH
Date of Birth	21/09/1956
Appointment Date	01/01/1994
SECRETARY	MR  TREVOR HELLIWELL
Address	6 STAVELEY ROAD,  , SHIPLEY , WEST YORKSHIRE , BD18 4HD
Country of Origin	BRITISH
Date of Birth	03/07/1947
Appointment Date	//
SECRETARY	MR  KEVIN DEMPSEY
Address	LONG ACRE,  COOKSTOWN , ENNISKERRY , CO WICKLOW
Country of Origin	IRISH
Date of Birth	16/01/1955
Appointment Date	11/08/2000
SECRETARY	MR  MATTHEW HELLIWELL
Address	8 BROOKHOUSE GARDENS,  APPERLEY BRIDGE , BRADFORD , WEST YORKSHIRE , BD10 0NH
Country of Origin	BRITISH
Date of Birth	18/07/1974
Appointment Date	11/08/2000
SECRETARY	MS  NICOLA BRUMFIT
Address	23 KIRK DRIVE,  , BAILDON , WEST YORKSHIRE , BD17 6SA
Country of Origin	BRITISH
Date of Birth	01/01/1977
Appointment Date	17/08/2006

Recently Resigned Directors (last 3)

DIRECTOR	MRS PAULINE ANNE HELLIWELL
Occupation	COMPANY SECRETARY
Address	6 , STAVELEY ROAD , SHIPLEY , WEST YORKSHIRE , - -
Country of Origin	BRITISH
Date of Birth	07/05/1947
Resignation Date	17/08/2006
DIRECTOR	MR JOHN JAMES PERRY
Occupation	TEXTILE AGENT
Address	ELMS FARM , MAIN ROAD , MALDON , ESSEX , - -
Country of Origin	BRITISH
Date of Birth	19/08/1947
Resignation Date	16/06/2004
DIRECTOR	GILES A HOYLE
Occupation	PRODUCTION MANAGER
Address	176 , MANCHESTER ROAD , BARNOLDSWICK , LANCS , - -
Date of Birth	08/12/1955
Resignation Date	28/02/1995

Share Summary

Priniciple Shareholders:	Type Of Share	No. of Shares	Value	%age
Trustees Of Trevor Helliwell Discretionary Settlement				51.00
Trevor Helliwell				49.00

Mortgages and Charges

Total Registered	2
Total Outstanding	2
Total Satisfied	0
Most Recent Mortgage	21/12/2005

Date Registered	23/12/2005
Type	395
Date Created	21/12/2005
Lender	HSBC BANK PLC
Secured On	ALL MONIES DUE OR TO BECOME DUE FROM THE COMPANY TO THE CHARGEE ON ANY ACCOUNT WHATSOEVER
Details	FIXED AND FLOATING CHARGES OVER THE UNDERTAKING AND ALL PROPERTY AND ASSETS PRESENT AND FUTURE INCLUDING GOODWILL BOOKDEBTS UNCALLED CAPITAL BUILDINGS FIXTURES FIXED PLANT AND MACHINERY
Satisfied?	No
Date Registered	18/12/1990
Type	9999
Date Created	05/12/1990
Lender	BARCLAYS BANK PLC
Secured On	ALL MONIES DUE OR TO BECOME DUE FROM THE COMPANY TO THE CHARGEE ON ANY ACCOUNT WHATSOEVER
Details	FIXED AND FLOATING CHARGES OVER THE UNDERTAKING AND ALL PROPERTY AND ASSETS PRESENT AND FUTURE INCLUDING GOODWILL BOOKDEBTS UNCALLED CAPITAL BUILDINGS FIXTURES FIXED PLANT AND MACHINERY
Satisfied?	No

Public Record Information

Summary of CCJ's/Scottish Decrees

There are no unsatisfied CCJs against the company.

Operations

Activities	Cloth fabric distributors and converters
Sic Code	Description
5141	Wholesale of textiles
Staff Employed	70
Auditors	Firth Parish
Auditors Notes	No Qualification. The Auditors have expressed a clean opinion (i.e. unqualified with no referrals) on the latest accounts.
Bankers	Barclays Bank PLC
Sort Codes	203713
Bankers	Barclays Bank PLC
Sort Codes	203698

Financial Data

The following figures are shown in units of 000

Profit and Loss

Number of Weeks	52	52	52	52
Accounts Date	31/08/2006	31/08/2005	31/08/2004	31/08/2003
Currency	GBP	GBP	GBP	GBP
Consolidated?	No	No	No	No
SALES	24,663	-	-	20,710
Export Sales	12,066	-	-	-
Cost of goods sold	17,587	-	-	15,388
GROSS PROFIT	7,075	6,662	6,083	5,322
Other Expenses	3,756	2,952	2,690	2,577
General administration costs (-)	2,667	2,869	2,013	1,749
Wages and Salaries	4,113	3,307	1,986	1,824
Depreciation	104	114	126	126
Net Operating Profit(Loss)	653	842	1,379	997
Total Non Trading Income	0	0	0	0
Interest expenses & similar (-)	239	185	149	146
Financial Expenses	239	185	149	146
PRE TAX PROFIT	414	657	1,230	851
Other Taxation	10	-14	19	19
Taxation	95	178	366	211
PROFIT AFTER TAX	309	493	845	621
Net Profit	309	493	845	621
Dividends Payable	0	0	0	100
RETAINED PROFITS	309	493	845	521

Balance Sheet

Number of Weeks	52	52	52	52
Accounts Date	31/08/2006	31/08/2005	31/08/2004	31/08/2003
Currency	GBP	GBP	GBP	GBP
Consolidated?	No	No	No	No
TOTAL FIXED ASSETS	482	460	880	885
Plant, machinery & equipment	482	460	427	432
TOTAL CURRENT ASSETS	14,879	14,091	13,467	11,187
Stocks	8,359	7,838	7,273	6,142
Trade Debtors	6,096	5,267	5,572	4,838
Other Receivables	33	553	336	24
Prepaid expenses	128	135	268	121
Group Loans	67	109	-	-
Cash	196	190	18	62
TOTAL ASSETS	15,360	14,551	14,346	12,072
TOTAL CURRENT LIABILITIES	9,211	8,731	8,774	6,474
Trade Creditors	4,682	4,431	4,206	3,413
Bank Overdraft	3,195	2,467	2,763	1,594
Loans From Principals	308	274	309	347
Taxes	202	286	563	364
Other Current Liabilities	611	1,102	739	479
Due From Group	19	10	-	-
Hire Purchase	6	7	14	21
Accruals & deferred income	188	155	180	157
WORKING CAPITAL	5,668	5,359	4,693	4,713
TOTAL LONG TERM LIABS	57	36	281	51
Taxation	46	36	50	31
Total Hire Purchase / Leasing	11	-	7	20
NET ASSETS/(LIABILITIES)	6,150	5,819	5,572	5,597
SHARE CAPITAL + RESERVES	6,092	5,784	5,291	5,546
Issued Share Capital	0	0	0	0
Reserves	0	0	0	-
Profit and Loss account	6,092	5,784	5,291	5,546
SHAREHOLDERS FUNDS	6,092	5,784	5,291	5,546
CAPITAL EMPLOYED	6,149	5,820	5,572	5,597
TANGIBLE NET WORTH	6,093	5,784	5,291	5,546

Key Credit Ratios

Accounts Date	31/08/2006	31/08/2005	31/08/2004	31/08/2003
Current Ratio	1.62	1.61	1.53	1.73
Profit Before Tax	0.02	-	-	0.04
Creditors Days (D.P.O)	97.16	-	-	80.96
Quick Ratio	-	-	-	-
Return on Assets	2.70	4.52	8.57	7.05
T.N.W/Total Assets	0.40	0.40	0.37	0.46
Return on Capital	6.73	11.29	22.07	15.20
Working Capital/Sales	0.00	-	-	0.00
Equity Gearing	1.32	1.61	0.19	1.79
Stock Turnover	0.00	-	-	0.00

Financial Summary

Operating Profit	Totaled GBP  653,000 In the period prior a profit of GBP   842,000 was achieved.
Pre Tax	The subject made a profit of GBP  414,000 compared with a profit of GBP  657,000 in the previous period.
Working Capital	The company's working capital improved in the period by 6%
Tangible Net Worth	Net worth increased by 309,000 during the period and now stands at GBP  6,093,000
Fixed Assets	The subjects fixed assets increased during the period by GBP  22,000 to GBP  482,000 and are now 3% of total assets compared with 3% in the previous period
Long Term Liabilities	The company's long term liabilities increased during the period by 28% and are now 4% of net worth compared with 3% in the previous period
Long Term Liabilities	Long term liabilities are now 2% of total assets compared with 1% in the previous period

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	Unfavourable & favourable factors carry similar weight in credit consideration. 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
NR		In view of the lack of information, we have no basis upon which to recommend credit dealings	No Rating

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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