MIRA INFORM REPORT

Report Date :

10.10.2007

IDENTIFICATION DETAILS

Name :	OPTIMA MANUFACTURING JEWELLERS LTD
Registered Office :	30 City Road, London, EC1Y 2AB
Country :	United Kingdom
Financials (as on) :	31.12.2005
Date of Incorporation :	17/04/1967
Com. Reg. No.:	00903768
Legal Form :	Private Limited Liability Company (GB)
Line of Business :	Jewellery manufacturers

RATING & COMMENTS

MIRA’s Rating :

B

RATING		STATUS	PROPOSED CREDIT LINE
26-40	B	Unfavourable & favourable factors carry similar weight in credit consideration. Capability to overcome financial difficulties seems comparatively below average.	Small

Status :	Moderate
Payment Behaviour :	Unknown
Litigation :	Clear

Company Identification Details

Subject Reported on	OPTIMA MANUFACTURING JEWELLERS LTD
Trading Address	UNIT 3 BOW EXCHANGE,5 YEO ST,LONDON,E3 3QP

Official Company Data

Legal Form	Private Limited Liability Company (GB)
Registration Number	00903768
Date of Incorporation	17/04/1967
Registered Office	30 City Road, London, EC1Y 2AB
Date of Last Annual Return to Registry	31/12/2006
Activities	Jewellery manufacturers
Accounts	The last filed accounts cover the period to 31/12/2005 and were filed on 17/08/2006

Recently Filed Documents

Details of the most recent documents

Date Received	Description
31/12/2006	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	RUSSELL KEITH AMBROSE  (One or more of this director's other companies has adverse information related to it)
Occupation	MANUFACTURER
Address	128,  FINCHLEY ROAD HAMPSTEAD , LONDON , NW3 5HT
Date of Birth	25/11/1949
Appointment Date	10/05/1999
Other Appointments	OPTIMA MANUFACTURING JEWELLERS LTD, OPTIMAX INTERNATIONAL LIMITED, BEESTON REGIS CARAVAN PARK LIMITED, PHYTON ZEN LIMITED, FANTASIA PRODUCTS LIMITED
SECRETARY	MR  MICHAEL JOSEPH
Address	57 MINSTER ROAD,  , LONDON , NW2 3SH
Country of Origin	BRITISH
Date of Birth	14/10/1958
Appointment Date	20/07/1999

Recently Resigned Directors (last 3)

DIRECTOR	FRANK  REMBER
Occupation	COMPANY DIRECTOR
Address	7 , SOVEREIGN MEWS , BARNET , HERTS , - -
Country of Origin	BRITISH
Date of Birth	18/10/1942
Resignation Date	20/07/1999
DIRECTOR	JACQUELINE A PEARCE
Address	2 , MARZELL HOUSE , LONDON , * , - -
Date of Birth	13/11/1954
Resignation Date	10/05/1999
DIRECTOR	ANITA  ROBERTSON
Address	23 , BURSES WAY , BRENTWOOD , ESSEX , - -
Date of Birth	14/01/1941
Resignation Date	10/05/1999

Share Summary

Principle Shareholders:	Type Of Share	No. of Shares	Value	%age
Russell Keith Ambrose				100.00
Sarah Jane Turnbull & Russell Keith Ambrose				0.00

Mortgages and Charges

Total Registered	7
Total Outstanding	2
Total Satisfied	5
Most Recent Mortgage	06/09/2004

Date Registered	16/09/2004
Type	395
Date Created	06/09/2004
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
Date Registered	22/06/1999
Type	395
Date Created	18/06/1999
Lender	GRIFFIN CREDIT SERVICES LIMITED
Secured On	ALL MONIES DUE OR TO BECOME DUE FROM THE COMPANY TO THE CHARGEE WHETHER ARISING UNDER AN AGREEMENT FOR THE PURCHASE OF DEBTS OR OTHERWISE
Details	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 & THE COMPANY INCLUDING THE ASSOCIATED RIGHTS RELATING THERETO, WHICH FAIL TO VEST EFFECTIVELY OR ABSOLUTELY IN THE SECURITY HOLDER FOR ANY REASON ALL AMOUNTS OF INDEBTEDNESS NOW OR AT ANY TIME HEREAFTER OWING OR BECOMING DUE TO THE COMPANY ON ANY ACCOUNT BY WAY OF FLOATING CHARGE SUCH MONIES AS THE COMPANY MAY RECEIVE IN RESPECT OF THE DEBTS AS SHALL FROM TIME TO TIME STAND RELEASED FROM THE FIXED CHARGE CREATED THEREON
Satisfied?	Fully
Date Registered	22/06/1999
Type	395
Date Created	18/06/1999
Lender	GRIFFIN CREDIT SERVICES LIMITED
Secured On	ALL MONIES DUE OR TO BECOME DUE FROM THE COMPANY TO THE CHARGEE WHETHER ARISING UNDER AN AGREEMENT FOR THE PURCHASE OF DEBTS OR OTHERWISE
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 THE ASSOCIATED RIGHTS RELATING THERETO) WHICH FAIL TO VEST EFFECTIVELY OR ABSOLUTELY IN THE SECURITY HOLDER FOR ANY REASON
Satisfied?	Fully
Date Registered	08/06/1999
Type	395
Date Created	04/06/1999
Lender	AIB GROUP (UK) 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 SEE THE MORTGAGE CHARGE DOCUMENT FOR FULL DETAILS
Satisfied?	No
Date Registered	07/10/1998
Type	395
Date Created	29/09/1998
Lender	BARCLAYS BANK PLC
Secured On	ALL MONIES DUE OR TO BECOME DUE FROM THE COMPANY TO THE CHARGEE ON ANY ACCOUNT WHATSOEVER
Details	ALL THE JEWELLERY PLANT AND EQUIPMENT AS DESCRIBED IN THE SCHEDULE TO THE FORM 395 SEE THE MORTGAGE CHARGE DOCUMENT FOR FULL DETAILS
Satisfied?	Fully
Date Registered	07/03/1997
Type	395
Date Created	04/03/1997
Lender	BARCLAYS BANK PLC
Secured On	ALL MONIES DUE OR TO BECOME DUE FROM THE COMPANY TO THE CHARGEE ON ANY ACCOUNT WHATSOEVER
Details	91 GOSWELL ROAD LONDON BOROUGH OF ISLINGTON
Satisfied?	Fully
Date Registered	31/10/1995
Type	395
Date Created	20/10/1995
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?	Fully

Public Record Information

Summary of CCJ's/Scottish Decrees

There are no unsatisfied CCJs against the company.

Operations

Activities	Jewellery manufacturers
Sic Code	Description
3661	Manufacture of imitation jewellery
Staff Employed	142
Auditors	Arram Berlyn Gardner
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 P.O. Box 13
Sort Codes	207217
Bankers	Allied Irish Banks PLC
Sort Codes	238484

Financial Data

The following figures are shown in units of 000

Profit and Loss

Number of Weeks	52	52	52	52
Accounts Date	31/12/2005	31/12/2004	31/12/2003	31/12/2002
Currency	GBP	GBP	GBP	GBP
Consolidated?	No	No	No	No
GROSS PROFIT	2,642	-	-	722
Other Expenses	224	-	-	180
General administration costs (-)	2,879	-	-	807
Wages and Salaries	1,156	-	-	757
Depreciation	496	-	-	61
Net Operating Profit(Loss)	-461	-	-	-266
Non Trading Income	95	-	-	-
Total Non Trading Income	95	-	-	0
Interest expenses & similar (-)	25	-	-	20
Financial Expenses	25	-	-	20
PRE TAX PROFIT	-390	-	-	-286
PROFIT AFTER TAX	-390	-	-	-286
Net Loss	390	-	-	286
Dividends Payable	0	-	-	0
RETAINED PROFITS	-	-	-	-

Balance Sheet

Number of Weeks	52	52	52	52
Accounts Date	31/12/2005	31/12/2004	31/12/2003	31/12/2002
Currency	GBP	GBP	GBP	GBP
Consolidated?	No	No	No	No
TOTAL FIXED ASSETS	4,235	4,575	32	317
Plant, machinery & equipment	195	-	-	317
Intangible Assets	4,040	4,507	-	-
TOTAL CURRENT ASSETS	10,092	12,761	2,010	1,955
Stocks	5,243	4,419	1,498	1,257
Trade Debtors	4,733	7,994	512	690
Other Receivables	0	-	-	-
Prepaid expenses	113	-	-	6
Cash	2	347	0	2
Tax Recoverable	1	-	-	1
TOTAL ASSETS	14,327	17,335	2,043	2,271
TOTAL CURRENT LIABILITIES	7,868	10,485	1,197	1,866
Trade Creditors	2,138	-	-	1,045
Bank Overdraft	389	-	-	143
Loans From Principals	3,303	-	-	-
Taxes	1,529	-	-	225
Other Current Liabilities	3	10,485	1,197	391
Accruals & deferred income	507	-	-	62
WORKING CAPITAL	2,224	2,276	814	88
TOTAL LONG TERM LIABS	4,662	4,662	1,750	999
Other Long Term Liabilities	4,662	4,662	1,750	999
NET ASSETS/(LIABILITIES)	6,460	6,850	846	405
SHARE CAPITAL + RESERVES	1,797	2,187	-904	-594
Issued Share Capital	4	4	4	4
Share Premium Accounts	749	749	-	-
Reserves	1	1	1	1
Profit and Loss account	1,043	1,433	-909	-599
SHAREHOLDERS FUNDS	1,797	2,187	-904	-594
CAPITAL EMPLOYED	6,459	6,849	846	405
TANGIBLE NET WORTH	-2,243	-2,319	-904	-594

Key Credit Ratios

Accounts Date	31/12/2005	31/12/2004	31/12/2003	31/12/2002
Current Ratio	1.28	1.22	1.68	1.05
Profit Before Tax	-	-	-	-0.11
Creditors Days (D.P.O)	-	-	-	207.07
Quick Ratio	-	-	-	-
Return on Assets	-3.79	-	-	-12.59
T.N.W/Total Assets	-0.16	-0.13	-0.44	-0.26
Return on Capital	-6.04	-	-	-70.62
Working Capital/Sales	-	-	-	0.00
Equity Gearing	0.00	0.00	-0.01	-0.01
Stock Turnover	-	-	-	0.00

Financial Summary

Working Capital	The company's working capital decreased in the period by 2%
Tangible Net Worth	Net worth increased by 76,000 during the period and now stands at GBP  -2,243,000
Fixed Assets	The subjects fixed assets increased during the period by GBP  127,000 to GBP  195,000 and are now 1% of total assets compared with 0% in the previous period
Long Term Liabilities	The company's long term liabilities increased during the period by 11% and are now -230% of net worth compared with -201% in the previous period
Long Term Liabilities	Long term liabilities are now 36% of total assets compared with 27% 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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