MIRA INFORM REPORT

 

 

 

Report Date :

03.12.2008

 

IDENTIFICATION DETAILS

 

Name :

OPTIMA MANUFACTURING JEWELLERS LTD

 

 

Formerly Known As :

Soude Jewellery Limited

 

 

Registered Office :

96 Bristol Road, Edgbaston, Birmingham, West Midlands B5 7xj

 

 

Country :

United Kingdom

 

 

Financials (as on) :

31.12.2007

 

 

Date of Incorporation :

17.04.1967

 

 

Legal Form :

Private Limited With Share Capital

 

 

Line of Business :

  Manufacturing High Quality Jewellery Products.                                                                            

 

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 :

No Complaints

 

 

Litigation :

Clear


Name

 

OPTIMA MANUFACTURING JEWELLERS LTD

 

Number        00903768                                     

 

 

company summary

 

Phone                                                              Type            Private limited with Share Capital    

Address         96 BRISTOL ROAD,
EDGBASTON,
BIRMINGHAM,
WEST MIDLANDS B5 7XJ                                 Company Status                                             Active - Accounts Filed       

Postcode       B5 7XJ                                        Incorporated Date                                           17/04/1967             

Active CCJ's                                                   0                                                             

Value of CCJ's [£]                                           £0                                                             

Number Of Writs                                             0                                                             

 

Current Directors                                            3                                                          

Total Directorships                                          12                                                        

 

 

Trading to Date                               31/12/07                    31/12/06                    31/12/05

Turnover                                         £30,489,613               £27,638,566               -

Shareholder Funds                         £3,331,754                 £2,996,029                 £1,797,500

Employees                                    67                             70                             68

 

Trends                                                                             

Profitability                                                                       

Liquidity                                                                           

Shareholders Funds                                                          

 

                          

company information

 

Registered Address                                            Trading Address

Telephone Number                                               Telephone Number                                             

TPS                                                                    TPS                                                                 

Address                                                              Address

96 BRISTOL ROAD
EDGBASTON
BIRMINGHAM
WEST MIDLANDS B5 7XJ                                   30 City Road
                                                                                EC1Y 2AB

                                                                         

 

 

Web Address                                                                   Incorporation Date              17/04/1967

                              Type of Accounts                                 Total Exemption Full           Filing Date of Accounts      01/07/2008

                              Company Type                                    Private Limited With Share Capital       Date of Latest Accounts 31/12/2007

                              Annual Return                                     31/12/2006                           

 

 

 

Previous Name(s)

 

Changed:                   29/07/2004                    Soude Jewellery Limited

                                                                       

 

 

 

            Industry:

                                                                                                                                                 Manufacturing high quality jewellery products.                                                                                                                       

                                                                                                                                                           

 

 

 

                            SIC Code     Description

                            3622 Manufacture Of Jewellery & Related Articles

                                   

 

 

 

            Mortgage Charges

                                                                             Outstanding                                             3   Satisfied            5

                                                                                                                                               

 

 

 

            Shareholders

                                                               Share Capital   4313                                   Currency   Gbp

                                                                                                                                   

 

 

Previous Names Details    

 

 

            Previous Name(s)

                                  Changed :                     29/07/2004          Soude Jewellery Limited

 

  

 

Secondary Industry Code Details  

 

 

                            SIC Code     Description

                            3622 Manufacture Of Jewellery & Related Articles

 

 

 

Mortgage Details    

 

 

Mortgage Type:            fixed and floating charge

                                      Date Charge Created:                                             21/01/2008           Date Charge Registered: 22/01/2008

                                      Date Charge Satisfied:                                               Status: Outstanding

                                      Person(s) Entitled:      RBS IF LIMITED

                                    Amount Secured:         all monies due or to become due from the company to the chargee on any account whatsoever.under the terms of the aforementioned instrument creating or evidencing the charge

                                    Details:            01fixed and floating charges over the undertaking and all property and assets present and future including goodwill bookdebts uncalled capital buildings fixturesfixed plant and machinery.

 

 

 

                                      Mortgage Type:          debenture

                                      Date Charge Created:                                             06/09/2004           Date Charge Registered: 16/09/2004

                                      Date Charge Satisfied:                                               Status: Outstanding

                                      Person(s) Entitled:      BARCLAYS BANK PLC

                                      Amount Secured:       all monies due or to become due from the company to the chargee on any account whatsoever.

                                      Details:           01 fixed and floating charges over the undertaking and all property and assets present and future including goodwill bookdebts uncalled capital buildings fixturesfixed plant and machinery.

 

 

 

                                      Mortgage Type:          fixed charge on purchased debts which fail to vest

                                      Date Charge Created:                                              18/06/1999          Date Charge Registered: 22/06/1999

                                      Date Charge Satisfied:                                             24/08/2004          Status: Satisfied

                                      Person(s) Entitled:      GRIFFIN CREDIT SERVICES LIMITED

                                    Amount Secured:         all monies due or to become due from the company to the chargee whether arising under an agreement for the purchase of d ebts or otherwise

                                    Details:            by way of fixed equitable charge all deb ts purchased or purported to be purchase d by the security holder pursuant to an agreement for the purchase of debts betw een the security holder and the company (including the associated rights relatin g thereto) which fail to vest effectivel y or absolutely in the security holder f or any reason

 

 

 

                                      Mortgage Type:          fixed charge on purchased debts which fail to vest and on other debts and floating charge on the remainder of the company's property

                                      Date Charge Created:                                              18/06/1999          Date Charge Registered: 22/06/1999

                                      Date Charge Satisfied:                                             24/08/2004          Status: Satisfied

                                      Person(s) Entitled:      GRIFFIN CREDIT SERVICES LIMITED

                                      Amount Secured:       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 th e 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 comp any may receive in respect of the debts as shall from time to time stand release d from the fixed charge created thereon

 

 

 

                                      Mortgage Type:          mortgage debenture

                                      Date Charge Created:                                             04/06/1999           Date Charge Registered: 08/06/1999

                                      Date Charge Satisfied:                                               Status: Outstanding

                                      Person(s) Entitled:      AIB GROUP (UK) PLC ,,,,,

                                      Amount Secured:       all monies due or to become due from the company to the chargee on any account whatsoever.

                                      Details:           . 01 fixed and floating charges over the undertaking and all property and assets present and future including goodwill bookdebts uncalled capital buildings fixturesfixed plant and machinery.

 

 

 

                                      Mortgage Type:          legal mortgage

                                      Date Charge Created:                                                29/09/1998        Date Charge Registered: 07/10/1998

                                      Date Charge Satisfied:                                               14/11/2001        Status: Satisfied

                                      Person(s) Entitled:      BARCLAYS BANK PLC

                                      Amount Secured:       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 3

 

 

 

                                      Mortgage Type:          legal charge

                                      Date Charge Created:                                                04/03/1997        Date Charge Registered: 07/03/1997

                                      Date Charge Satisfied:                                               14/11/2001        Status: Satisfied

                                      Person(s) Entitled:      BARCLAYS BANK PLC

                                      Amount Secured:       all monies due or to become due from the company to the chargee on any account whatsoever.

                                      Details:           91 goswell road london borough of isling ton

 

 

 

                                      Mortgage Type:          debenture

                                      Date Charge Created:                                               20/10/1995          Date Charge Registered: 31/10/1995

                                      Date Charge Satisfied:                                             14/11/2001          Status: Satisfied

                                      Person(s) Entitled:      BARCLAYS BANK PLC

                                      Amount Secured:       all monies due or to become due from the company to the chargee on any account whatsoever.

                                      Details:           01 fixed and floating charges over the undertaking and all property and assets present and future including goodwill bookdebts uncalled capital buildings fixturesfixed plant and machinery.

 

 

 

 

Shareholders Details 

 

 

                                                                                                              Name Shares

                                                                                                              Russell K Ambrose & Sarah J Turnbull   1 Ord £1

                                                                                                              Russell K Ambrose      4,312 Ord £1

 

   Address                                                         Telephone Number                            TCPS

   30 City Road EC1Y 2AB                                                                                          

 

 

accounts

 

 

Profit & Loss

 

 

Annual Accounts

01/07-12/07

Change (%)

01/06-12/06

Change (%)

01/05-12/05

 

 

Months

12

-

12

-

12

 

 

Currency

GBP

-

GBP

-

GBP

 

 

Consolidated A/cs

N

-

N

-

N

 

 

Turnover

30,489,613

10.3 %

27,638,566

-

-

 

 

Export

-

-

-

-

-

 

 

Cost of Sales

26,648,539

12.7 %

23,636,066

-

-

 

 

Gross Profit

3,841,074

-4.0 %

4,002,500

51.5 %

2,642,323

 

 

Wages & Salaries

1,247,448

5.3 %

1,184,203

2.5 %

1,155,543

 

 

Directors Emoluments

-

-

-

-

-

 

 

Operating Profits

523,831

-50.2 %

1,052,512

328.4 %

-460,785

 

 

Depreciation

55,225

-13.3 %

63,679

115.4 %

29,567

 

 

Audit Fees

22,500

12.5 %

20,000

78.6 %

11,200

 

 

Interest Payments

98,223

-41.4 %

167,674

577.2 %

24,759

 

 

Pre Tax Profit

501,859

-49.8 %

1,000,420

356.2 %

-390,426

 

 

Taxation

-166,134

-183.9 %

198,109

-

-

 

 

Profit After Tax

335,725

-72.0 %

1,198,529

407.0 %

-390,426

 

 

Dividends Payable

-

-

-

-

-

 

 

Retained Profits

335,725

-72.0 %

1,198,529

407.0 %

-390,426

 

 

balance sheet

 

 

 

Annual Accounts

01/07-12/07

Change (%)

01/06-12/06

Change (%)

01/05-12/05

 

 

Tangible Assets

419,302

-9.7 %

464,273

137.9 %

195,117

 

 

Intangible Assets

3,108,000

-13.0 %

3,574,200

-11.5 %

4,040,400

 

 

Total Fixed Assets

3,527,302

-12.7 %

4,038,473

-4.7 %

4,235,517

 

 

Total Current Assets

11,835,033

-0.7 %

11,921,052

18.1 %

10,091,912

 

 

Trade Debtors

4,003,027

5.9 %

3,779,465

-20.2 %

4,733,246

 

 

Stocks & WIP

7,612,464

3.6 %

7,345,072

40.1 %

5,242,823

 

 

Cash

192

-81.7 %

1,049

-36.8 %

1,661

 

 

Other Debtors

219,350

-62.2 %

580,794

408.7 %

114,182

 

 

Increase In Cash

-857

-40.0 %

-612

99.8 %

-345,339

 

 

Miscellaneous Current Assets

-

-100.0 %

214,672

-

-

 

 

Total Assets

15,362,335

-3.7 %

15,959,525

11.4 %

14,327,429

 

 

Total Current Liabilities

7,368,581

-11.2 %

8,301,496

5.5 %

7,867,929

 

 

Trade Creditors

7,368,581

395.3 %

1,487,608

-30.4 %

2,137,742

 

 

Bank Loans & Overdrafts

-

-100.0 %

439,297

13.0 %

388,696

 

 

Other Short Term Fin

-

-100.0 %

4,842,045

46.6 %

3,302,505

 

 

Miscellaneous Current Liabilities

-

-100.0 %

1,532,546

-24.8 %

2,038,986

 

 

Other Long Term Fin

4,662,000

-

4,662,000

-

4,662,000

 

 

Total Long Term Liabilities

4,662,000

-

4,662,000

-

4,662,000

 

 

Bank Loans & Overdrafts & LTL

4,662,000

-8.6 %

5,101,297

1.0 %

5,050,696

 

 

Total Liabilities

12,030,581

-7.2 %

12,963,496

3.5 %

12,529,929

 

 

Net Assets

3,331,754

11.2 %

2,996,029

66.7 %

1,797,500

 

 

Working Capital

4,466,452

23.4 %

3,619,556

62.8 %

2,223,983

 

 

capitals & reserves

 

 

 

Annual Accounts

01/07-12/07

Change (%)

01/06-12/06

Change (%)

01/05-12/05

 

 

Called up Share Capital

4,313

-

4,313

-

4,313

 

 

P&L Account Reserve

2,576,754

15.0 %

2,241,029

115.0 %

1,042,500

 

 

Sundry Reserves

750,687

-

750,687

-

750,687

 

 

Revaluation Reserve

-

-

-

-

-

 

 

Shareholder Funds

3,331,754

11.2 %

2,996,029

66.7 %

1,797,500

 

 

Net Worth

223,754

138.7 %

-578,171

74.2 %

-2,242,900

 

 

Miscellaneous

 

 

 

Annual Accounts

01/07-12/07

Change (%)

01/06-12/06

Change (%)

01/05-12/05

 

 

Net Cashflow from Operations

258,125

-23.1 %

335,526

171.0 %

-472,611

 

 

Net Cashflow before Financing

209,336

508.8 %

-51,213

91.0 %

-566,850

 

 

Net Cashflow from Financing

-

-

-

-

-

 

 

Contingent Liability

NO

-

NO

-

NO

 

 

Capital Employed

7,993,754

4.4 %

7,658,029

18.6 %

6,459,500

 

 

No of Employees

67

-4.3 %

70

2.9 %

68

     

Auditors

ARRAM BERLYN GARDNER

 

AuditQualification

No Adverse Comments

 

Bankers

ALLIED IRISH BANK

 

BankBranchCode

23-84-84

 

 

ratios

 

 

 

Annual Accounts

01/07-12/07

01/06-12/06

01/05-12/05

 

 

Pre-tax profit margin %

1.6 %

3.6 %

-

 

 

Current ratio

1.61

1.44

1.28

 

 

Sales/Net Working Capital

6.83

7.64

-

 

 

Gearing %

139.9 %

170.3 %

281.0 %

 

 

Equity in %

27.2 %

24.2 %

17.5 %

 

 

Creditor Days

87.97

19.59

-

 

 

Debtor Days

47.79

49.78

-

 

 

Liquidity/Acid Test

0.57

0.55

0.62

 

 

Return On Capital Employed %

6.3 %

13.1 %

-6.0 %

 

 

Return On Total Assets Employed %

3.3 %

6.3 %

-2.7 %

 

 

Current Debt Ratio %

2.2 %

2.8 %

4.4 %

 

 

Total Debt Ratio %

3.6 %

4.3 %

7.0 %

 

 

Stock Turnover Ratio %

25.0 %

26.6 %

-

 

 

Return on Net Assets Employed %

15.1 %

33.4 %

-21.7 %

 

 

group structure

 

No group structure for this company.

 

 

 

 

Status History

 

 

Date

Description

No Status History

 

 

 

 

Event History

 

 

Date

Description

29/09/2008

New Board Member Mr J.h. Rabone Appointed

17/09/2008

Change In Reg.office

17/09/2008

Change Of Company Postcode

09/07/2008

New Accounts Filed

12/11/2007

New Accounts Filed

08/08/2007

New Accounts Filed

24/08/2006

New Accounts Filed

16/11/2005

New Accounts Filed

19/05/2005

New Accounts Filed

23/07/2004

Change In Reg.office

23/07/2004

Change Of Company Postcode

12/06/2004

Data Refresh

04/06/2004

New Accounts Filed

01/06/2004

Annual Returns

22/12/2003

Company Principal Activities

 

 

 

 

directors

 

 

 

Name

John Harry William Rabone

 

 

Address

Four Winds Kington Lane

 

 

 

Claverdon

 

 

Warwick

 

 

Warwickshire

 

 

CV35 8PP

 

Officers Title

Mr

Date Of Birth

03/01/1951

 

Honours

 

Present Appointments

5

 

Appointment Date

04/09/2008

Function

Director

 

 

 

 

 

 

 

 

 

Name

Michael Adrian Joseph

 

 

Address

57 Minster Road

 

 

 

London

 

 

NW2 3SH

 

Officers Title

Mr

Date Of Birth

14/10/1958

 

Honours

 

Present Appointments

1

 

Appointment Date

20/07/1999

Function

Company Secretary

 

 

 

 

 

 

 

 

 

Name

Russell Keith Ambrose

 

 

Address

7 Maresfield Gardens

 

 

 

London

 

Officers Title

Mr

Date Of Birth

25/11/1949

 

Honours

 

Present Appointments

6

 

Appointment Date

10/05/1999

Function

Director

 

 

 

 

 

 

 

 

 

 

 

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.49.90

UK Pound

1

Rs.74.30

Euro

1

Rs.63.42

 

 

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%)

 

 

 

 

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