MIRA INFORM REPORT

Report Date :

18.05.2007

IDENTIFICATION DETAILS

Name :	LEISUREWEAR INTERNATIONAL LTD
Registered Office :	C/o Haffner Hoff & Co, 86 Princess Street, Manchester, M1 6NP
Country :	United Kingdom
Financials (as on) :	31.12.2005
Date of Incorporation :	03/01/2002
Com. Reg. No.:	04346735
Legal Form :	Private Limited Liability Company (GB)
Line of Business :	Clothing retailers

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 :	Usually correct
Litigation :	Clear

Company Identification Details

Subject Reported on	LEISUREWEAR INTERNATIONAL LTD
Trading Address	Salbec Ho,Winders Way,SALFORD,M6 6AR
Telephone	0161-798-7980

Credit Limit	GBP   3,500
	Selling to this company? The Credit Limit is the recommended maximum outstanding debtor exposure at any one time.
Contract Limit	GBP   34,700
	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	04346735
Date of Incorporation	03/01/2002
Registered Office	C/o Haffner Hoff & Co, 86 Princess Street, Manchester, M1 6NP
Date of Last Annual Return to Registry	03/01/2007
Activities	Clothing retailers
Accounts	The last filed accounts cover the period to 31/12/2005

Recently Filed Documents

Details of the most recent documents

Date Received	Description
03/01/2007	Annual Return
31/12/2005	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	YAMIN  IBGUI
Occupation	ACCOUNTANT
Address	10,  RUTLAND DRIVE , SALFORD , M7 4WJ
Country of Origin	BRITISH
Date of Birth	19/01/1967
Appointment Date	22/10/2002
Other Appointments	CAVENDISH INTERNATIONAL LTD , WHITEHEATH LTD , LEISUREWEAR INTERNATIONAL LTD , CAVENDISH INTERNATIONAL (SALES) LTD , ABERDARE PROPERTY LTD, E WALTERS UK LTD
DIRECTOR	AVI  KLEIN
Occupation	DIRECTOR
Address	58,  SINGLETON ROAD , SALFORD , M7 4LU
Country of Origin	BRITISH
Date of Birth	05/07/1976
Appointment Date	10/01/2002
Other Appointments	LEISUREWEAR INTERNATIONAL LTD
DIRECTOR	HOWARD HENOCH MOHER  (One or more of this director's other companies has adverse information related to it)
Occupation	DIRECTOR
Address	18,  OLD HALL ROAD , SALFORD , M7 4JH
Country of Origin	BRITISH
Date of Birth	23/01/1963
Appointment Date	10/01/2002
Other Appointments	CAVENDISH INTERNATIONAL LTD , HOLDEN LEISURE LTD , BRAMPTON ASSET MANAGEMENT (LEEDS) LTD , THE CAVDEN GROUP LTD, BRAMPTON ASSET MANAGEMENT (LEICESTER) LIMITED, LEISUREWEAR INTERNATIONAL LTD , LEEDS 2 LLP, TMLP LLP, TECHNOLOGY RENTALS LTD , BRAMPTON ASSET MANAGEMENT (ST. GEORGES) LIMITED, STRONGMOVE LTD , CAVENDISH INTERNATIONAL (SALES) LTD , ABERDARE PROPERTY LTD, AIR CUSHION VEHICLE SYSTEM LTD, TIGHT FINISH LTD , TVEEZ UK LTD, BRANDED LOGO LTD
DIRECTOR	MAX MARCUS MECHLOWITZ  (One or more of this director's other companies has adverse information related to it)
Occupation	COMPANY DIRECTOR
Address	3,  SINGLETON CLOSE , SALFORD , M7 4NF
Country of Origin	BRITISH
Date of Birth	25/03/1930
Appointment Date	10/01/2002
Other Appointments	STAFREGENT LTD , NLG LTD , FANIMAGNET LTD , PROMOTION AND DISPLAY TECHNOLOGY LIMITED, STAN ENTERPRISES LTD , HOLDEN LEISURE LTD , THE CAVDEN GROUP LTD, LEISUREWEAR INTERNATIONAL LTD , TIMPO LTD
DIRECTOR	SIMON DANIEL PHILLIPS
Occupation	ACCOUNTANT
Address	360,  STAND LANE WHITEFIELD , MANCHESTER , M45 7LJ
Country of Origin	BRITISH
Date of Birth	22/05/1969
Appointment Date	24/07/2006
Other Appointments	THE CAVDEN GROUP LTD, LEISUREWEAR INTERNATIONAL LTD , FONES DIRECT LTD , DIRECT FONES (UK) LTD , TIGHT FINISH LTD , BRANDED LOGO LTD
DIRECTOR	DAVID  MECHLOWITZ
Occupation	SALES DIRECTOR
Address	86,  CAVENDISH ROAD , SALFORD , M7 4WA
Country of Origin	BRITISH
Date of Birth	01/02/1979
Appointment Date	16/01/2007
Other Appointments	KANMAR TRUSTEES LTD , LEISUREWEAR INTERNATIONAL LTD , TMLP LLP, FORM 10 ASSOCIATES LTD
SECRETARY	YAMIN IBGUI
Address	10 RUTLAND DRIVE,  , SALFORD , LANCASHIRE , M7 4WJ
Country of Origin	BRITISH
Date of Birth	19/01/1967
Appointment Date	10/01/2002

Recently Resigned Directors (last 3)

DIRECTOR	JULIE ELIZABETH NUTTALL
Occupation	BUYER
Address	59 , MALLARD DRIVE , BOLTON , - -
Country of Origin	BRITISH
Date of Birth	18/03/1972
Resignation Date	31/07/2005
DIRECTOR	FORM 10 DIRECTORS FD LTD  -
Address	39A , LEICESTER ROAD , SALFORD , - -
Resignation Date	07/01/2002

Share Summary

Priniciple Shareholders:	Type Of Share	No. of Shares	Value	%age
David Mechlowitz				32.00
Howard Moher				32.00
Avi Klein				30.00
Simon Ibgui				5.00
Howard Moher & David Mechlowitz				1.00

Mortgages and Charges

Total Registered	2
Total Outstanding	2
Total Satisfied	0
Most Recent Mortgage	19/04/2002

Date Registered	20/04/2002
Type	395
Date Created	19/04/2002
Lender	HSBC INVOICE FINANCE (UK) LIMITED
Secured On	UNDER THE TERMS OF THE AFOREMENTIONED INSTRUMENT CREATING ALL MONIES DUE OR TO BECOME DUE FROM THE COMPANY TO THE CHARGEE ON ANY ACCOUNT WHATSOEVER OR EVIDENCING THE CHARGE
Details	BY WAY OF FIXED EQUITABLE CHARGE ALL DEBTS PURCHASED OR PURPORTED TO BE PURCHASED BY THE SECURITY HOLDER PURSUANT TO AN AGREEMENT FOR THE PURCHASE OF DEBTS BETWEEN THE SECURITY HOLDER AND THE COMPANY (INCLUDING ASSOCIATED RIGHTS RELATING THERETO) WHICH FAIL TO VEST EFFECTIVELY OR ABSOLUTELY IN THE SECURITY HOLDER FOR ANY REASON
Satisfied?	No
Date Registered	12/04/2002
Type	395
Date Created	11/04/2002
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

Public Record Information

Summary of CCJ's/Scottish Decrees

There are no unsatisfied CCJs against the company.

Operations

Activities	Clothing retailers
Sic Code	Description
5142	Wholesale of clothing and footwear
Staff Employed	15
Auditors	Haffner Hoff & Co
Auditors Notes	No Qualification. The Auditors have expressed a clean opinion (i.e. unqualified with no referrals) on the latest accounts.

Financial Data

The following figures are shown in units of 000

Profit and Loss

Number of Weeks	52	52	52
Accounts Date	31/12/2005	31/12/2003	31/12/2002
Currency	GBP	GBP	GBP
Consolidated?	No	No	No
RETAINED PROFITS	-	143	-	-

Balance Sheet

Number of Weeks	52	52	52
Accounts Date	31/12/2005	31/12/2003	31/12/2002
Currency	GBP	GBP	GBP
Consolidated?	No	No	No
TOTAL FIXED ASSETS	52	105	63
Total Fixed Assets	49	-	63	-
Other long term assets	1	-	-	-
Intangible Assets	2	3	-	-
TOTAL CURRENT ASSETS	3,384	3,148	1,416
Stocks	410	479	645	-
Trade Debtors	833	1,397	729	-
Cash	2,141	1,200	41	-
TOTAL ASSETS	3,435	3,252	1,479
TOTAL CURRENT LIABILITIES	3,356	3,105	1,469
Bank Overdraft	1,817	1,329	-	-
Other Current Liabilities	1,539	288	1,469	-
WORKING CAPITAL	28	43	-53
TOTAL LONG TERM LIABS	0	4	8
NET ASSETS/(LIABILITIES)	79	148	10
SHARE CAPITAL + RESERVES	79	144	1
Issued Share Capital	0	0	0	-
Profit and Loss account	79	144	1	-
SHAREHOLDERS FUNDS	79	144	1
CAPITAL EMPLOYED	79	148	9
TANGIBLE NET WORTH	78	142	1

Key Credit Ratios

Accounts Date	31/12/2005	31/12/2003	31/12/2002
Current Ratio	1.01	1.01	0.96
Quick Ratio	-	-	-
Return on Assets	-	13.32	-
T.N.W/Total Assets	0.02	0.04	0.00
Return on Capital	-	2.99	-
Equity Gearing	-	1.42	0.00

Financial Summary

Working Capital	The company's working capital decreased in the period by 35%
Tangible Net Worth	Net worth reduced by 64,000 during the period and now stands at GBP  78,000
Fixed Assets	The subjects fixed assets reduced during the period by GBP  53,000 to GBP  49,000 and are now 1% of total assets compared with 3% 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/normal.	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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