MIRA INFORM REPORT

Report Date :

03.06.2011

IDENTIFICATION DETAILS

Name :	CLELAND MCIVER LIMITED

Formerly Known As :	CLELAND CURTAIN COMPANY LIMITED.

Registered Office :	Hollingworth Mill, Smithybridge Road, Littleborough, Rochdale, Ol15 8qf.

Country :	United Kingdom

Financials (as on) :	30.06.2010

Date of Incorporation :	24.12.1982

Com. Reg. No.:	01689093

Legal Form :	Private Limited company

Line of Business :	The production of ready made curtains and roller blinds and the merchandising of textile products

RATING & COMMENTS

MIRA’s Rating :

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

Maximum Credit Limit :	GBP 85,000
Status :	Satisfactory
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^st, 2011

Country Name

Previous Rating

(31.12.2010)

Current Rating

(31.03.2011)

United Kingdom

Risk Category	ECGC Classification
Insignificant	A1
Low	A2
Moderate	B1
High	B2
Very High	C1
Restricted	C2
Off-credit	D

Bottom of Form

Company Identification Details

Subject Reported on	CLELAND MCIVER LIMITED
Registration Number	01689093
Address	HOLLINGWORTH MILL, SMITHY BRIDGE ROAD, LITTLEBOROUGH, LANCASHIRE, OL15 8QF.
Telephone	01706 374 431
Facsimile	01706 372 761
Email	sales@clelandmciver.co.uk
Web Address	www.clelandmciver.co.uk

Creditline Recommendations

Monthly Credit Guide

GBP 85,000

Payment Behaviors

( No Payment Analysis Data is Available )

Official Company Data

Legal Form	Private Limited
Registration Number	01689093
Subject Status	Trading
Date of Incorporation	24/12/1982
Registered Office	HOLLINGWORTH MILL, SMITHYBRIDGE ROAD, LITTLEBOROUGH, ROCHDALE, OL15 8QF.
History	11/10/2002 : The Registered Office address changed from HOLLINGWORTH MILL, SMITHYBRIDGE ROAD, LITTLEB.
	4/04/2001 : Change of name from CLELAND CURTAIN COMPANY LIMITED.
Date of Last Annual Return to Registry	17/09/2010
Accounts	The last filed accounts at Companies House are those to 30/06/2010
Accounting Reference Date	30/06

Operations

Activities	Suppliers The production of ready made curtains and roller blinds and the merchandising of textile products.
Nace Code	1740
Premises	Owned,Offices,Warehouse,Factory
Staff Employed	77
Trade Names	CLELAND CURTAIN
Import Countries	TURKEY
Export Countries	No Export Activity
Bankers	BARCLAYS BANK PLC
Address	LITTLEBOROUGH.
Auditors	S.W. Frankson & Co
Subsidiaries	CLELAND CURTAIN COMPANY LIMITED
	J.C. MCIVER & CO. LIMITED

Historical Rating

Date	Monthly Credit Guide
02/06/2011	85,000
02/03/2011	85,000
02/12/2010	85,000
02/09/2010	83,500
02/06/2010	85,000

Previous Searches

Search History Summary

Last 3 Months	Last 6 Months	Last 12 Months
1	5	7

Search History Details

The Search History Details shows details of the most recent 40 searches

Date	Description
10/03/2011	Other credit granting
04/01/2011	Wholesale of textiles
07/12/2010	Other credit granting
07/12/2010	Other credit granting
02/12/2010	Other credit granting
01/09/2010	Other credit granting
01/09/2010	Other credit granting
13/05/2010	Miscellaneous

Public Record Information

Summary of CCJ's/Scottish Decrees

No CCJs/Scottish Decrees are recorded in our file.

Summary of Mortgages, Charges and Satisfactions

Total Number of Mortgages/Charges Registered	12
Number Outstanding	6
Number Partially Satisfied	0
Number Satisfied	6

Date of Latest Mortgage Created	07/03/2011
Date of Latest Satisfaction	09/08/2008

Details of most recent Mortgages, Charges and Satisfactions

Date Fully Satisfied	Date Registered	Date Created	Charge Description	Form Type	Lender
	08/03/2011	07/03/2011	Legal Assignment	MG01	Hsbc Bank Plc
	31/07/2008	29/07/2008	Fixed Charge On Purchased Debts Which Fail To Vest	395	Hsbc Invoice Finance (Uk) Ltd (The Security Holder)
	31/07/2008	29/07/2008	Floating Charge (All Assets)	395	Hsbc Invoice Finance (Uk) Ltd (The Security Holder)
	31/10/2003	24/10/2003	Legal Mortgage	395	Hsbc Bank Plc
	18/05/2002	16/05/2002	Legal Mortgage	395	Hsbc Bank Plc
09/08/2008	02/05/2002	19/04/2002	Legal Charge	395	Grv Developments Limited
	01/05/2002	25/04/2002	Debenture	395	Hsbc Bank Plc
09/08/2008	02/03/1994	22/02/1994	Legal Charge	395	Barclays Bank Plc
09/08/2008	18/11/1991	29/10/1991	Legal Charge	395	Barclays Bank Plc
09/08/2008	06/05/1988	19/04/1988	Legal Charge	N/A	Royal Trust Bank

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

Other Filings and Notices

Date

Source

Description

01/07/2003	Companies House Gazette	Change among directors of a company
20/05/2003	Companies House Gazette	Change among directors of a company
27/04/2002	Companies House Gazette	Change among directors of a company
15/12/2001	Companies House Gazette	Change among directors of a company
05/07/1991	Companies House Gazette	Change among directors of a company
02/05/1991	Companies House Gazette	Change among directors of a company
10/10/1988	Companies House Gazette	Documents delivered by a company under section 241 (annual accounts)
29/09/1988	Companies House Gazette	Change among directors of a company
10/11/1987	Companies House Gazette	Change among directors of a company
03/06/1985	Companies House Gazette	Alteration in memorandum or articles of association

Company Secretary

Secretary	BARBARA ANN MCIVER
Service Address	PYTHON VIEW BLACKSTONE EDGE OLD ROA, LITTLEBOROUGH, LANCASHIRE, OL15 0JX.
Country of Origin	UNITED KINGDOM
Date of Birth	06/09/1942
Appointment Date	17/09/1991
Other Directorships	J.C. MCIVER & CO. LIMITED

Directors

Director	BARBARA ANN MCIVER
Service Address	PYTHON VIEW BLACKSTONE EDGE OLD ROA, LITTLEBOROUGH, LANCASHIRE, OL15 0JX.
Country of Origin	UNITED KINGDOM
Date of Birth	06/09/1942
Appointment Date	17/09/1991
Other Directorships	J.C. MCIVER & CO. LIMITED
Director	JOHN KEITH WILLOUGHBY MCIVER
Service Address	PYTHON VIEW BLACKSTONE EDGE OLD ROA, LITTLEBOROUGH, LANCASHIRE, OL15 0JX.
Country of Origin	UNITED KINGDOM
Date of Birth	17/07/1937
Appointment Date	17/09/1991
Other Directorships	J.C. MCIVER & CO. LIMITED, CLELAND CURTAIN COMPANY LIMITED
Personnel Director	LISA JAYNE KNIGHT
Service Address	CALF HEY COTTAGE CALF HEY, LITTLEBOROUGH, LANCASHIRE, OL15 8HB.
Country of Origin	UNITED KINGDOM
Date of Birth	11/08/1967
Appointment Date	17/09/1991
Director	JOHN JAMES RICHARD MCIVER
Service Address	BAMFORD HALL COTTAGE BURY & ROCHDAL, HEYWOOD, LANCASHIRE, OL10 4BA.
Country of Origin	UNITED KINGDOM
Date of Birth	15/08/1965
Appointment Date	17/09/1991
Other Directorships	J.C. MCIVER & CO. LIMITED, CLELAND CURTAIN COMPANY LIMITED
Financial Director	HELEN LOUISE BOSTOCK
Service Address	BROWN COW FARM, WARDLE FOLD WARDLE, ROCHDALE, LANCASHIRE, OL12 9NF.
Country of Origin	UNITED KINGDOM
Date of Birth	18/06/1974
Appointment Date	06/05/2003
Sales Director	TIMOTHY JOHN KNIGHT
Service Address	CALF HEY COTTAGE, OFF SHORE ROAD, LITTLEBOROUGH, LANCASHIRE, OL15 8HB.
Country of Origin	UNITED KINGDOM
Date of Birth	26/07/1967
Appointment Date	17/06/2003

Share Capital

Shares	Ordinary GBP 1.00
Issued Number	70,800
Principal Shareholder	39,999 J.K.W. McIver 1998 Life Interest Settlement Trust
	9,000 John Keith Willoughby McIver
	6,633 Lisa Jayne Knight
	6,633 John James Richard McIver
	6,633 Helen Louise Bostock
	1,902 Barbara Ann McIver

The above reflects the principle shareholder(s) by number of shares held, irrespective of share classification type.

Financial Data– Statutory Accounts

Profit and Loss

The following figures are shown in units of 1000

Number of Weeks	52	52	52	52
Accounts Date	30/06/2010	30/06/2009	30/06/2008	30/06/2007
Currency	GBP	GBP	GBP	GBP
SALES	21192	19536	23498
Cost of goods sold	17974	16513	19764
GROSS PROFIT	3218	3023	3734	3508
Wages and Salaries	1697	2046	2476	2208
Directors Emoluments	484	570	736	458
Auditors Fees	27	26	26	25
Trading Profit	282	13	492	568
Depreciation	224	239	229	211
OPERATING PROFIT	58	(226)	263	357
Non Trading Income		(51)	4	2
Interest Payable	125	145	135	138
PRE TAX PROFIT	(67)	(422)	132	221
Taxation		(88)	(125)	75
PROFIT AFTER TAX	(67)	(334)	257	146
RETAINED PROFITS	(67)	(334)	257	146

Balance Sheet

The following figures are shown in units of 1000

Number of Weeks	52	52	52	52
Accounts Date	30/06/2010	30/06/2009	30/06/2008	30/06/2007
Currency	GBP	GBP	GBP	GBP
TOTAL FIXED ASSETS	3007	3152	3349	3389
Tangible Assets	3001	3139	3329	3361
Fixed Assets	3001	3139	3329	3361
Intangible Assets	6	13	20	28
TOTAL CURRENT ASSETS	7493	7701	7995	6413
Trade debtors	2095	2081	2781	2714
Stocks	4672	4251	4027	3121
Other Current Assets	726	1369	1187	578
Misc Current Assets	462	657	802	503
Cash	264	712	385	75
TOTAL ASSETS	10500	10853	11344	9802
TOTAL CURRENT LIABILITIES	6840	6954	6681	5079
Trade creditors	1257	1017	1231	1367
Short Term Loans	1035	3302	523	3339
Bank Overdraft		2035	364	405
Bank Loans	887
Other Finance	73	1192	84	2859
Due To Directors	75	75	75	75
Other Liabilities	4548	2635	4927	373
WORKING CAPITAL	653	747	1314	1334
TOTAL LONG TERM LIABS	802	869	1297	1611
Long Term Loans	699	869	1249	1407
Bank Loans	544	744	960	1106
Other Finance	97	103	162	94
Due To Directors	58	22	127	207
Other Liabilities	103		48	204
NET ASSETS/(LIABILITIES)	2858	3030	3366	3112
SHARE CAPITAL + RESERVES	2858	3030	3366	3112
Share Cap + Sundry Res	71	176	178	181
Issued Share Capital	71	71	71	71
Sundry Reserves		105	107	110
Revaluation Reserves	60	60	60	60
Profit and Loss account	2727	2794	3128	2871
SHAREHOLDERS FUNDS	2858	3030	3366	3112
CAPITAL EMPLOYED	3660	3899	4663	4723

Financial Comparison

The following figures are shown in units of 1000

Number of Weeks	52	52	52	52
Accounts Date	30/06/2010	30/06/2009	30/06/2008	30/06/2007
Currency	GBP	GBP	GBP	GBP
Net Cashflow from Oper.	1090	(770)	859	933
Increase in Cash	668	(1188)	449	586
Directors Remuneration	484	570	736	458
Auditors Remuneration	27	26	26	25
Liquid Assets	2359	2793	3166	2789
Net Working Capital	653	747	1314	1334
Long Term Debt(>12 Months)	699	869	1249	1407
Other Deferred Liabs	103		48	204
Tangible Net Worth(T.N.W)	2852	3017	3346	3084
Equity	2858	3030	3366	3112
Number of Years Trading	28	27	26	25
Number of Employees	77	108	127	140
Profit per Employee	(870.1)	(3907.4)	1039.4	1578.6
Sales per Employee	275220.8	180888.9	185023.6

Key Credit Ratios

The following figures are shown as Ratios or Percentages

Accounts Date	30/06/2010	30/06/2009	30/06/2008	30/06/2007
Current Ratio	1.1	1.1	1.2	1.3
Long Term Debt/T.N.W	0.2	0.3	0.4	0.5
Pre Tax Profit Margin%	(0.3)	(2.2)	0.6
Gross Profit%	15.2	15.5	15.9
Debtors Days (D.S.O)	36	39	43
Creditors Days (D.P.O)	22	19	19
Quick Ratio	0.4	0.5	0.6	0.6
W.I.P/Inventory Days	94.9	94	74.4
Return on Investment%	1.2	(3.8)	5.1	4.5
Return on Assets%	(0.6)	(3.9)	1.2	2.3
T.N.W/Total Assets%	27.2	27.8	29.5	31.5
Return on Capital%	(1.8)	(10.8)	2.8	4.7
Rtn on Shareholders Funds%	(2.3)	(13.9)	3.9	7.1
Working Capital/Sales%	3.1	3.8	5.6
Borrowing Ratio%	60.8	138.2	53	153.9
Equity Gearing%	37.4	38.7	42.2	46.5
Stock Turnover	4.5	4.6	5.8
Days Purchases Outstanding	25.5	22.5	22.7
Sales/Fixed Assets	7.1	6.2	7.1
Debt Gearing	24.5	28.8	37.3	45.6

Key Industry Sector Trends

Year	2010	2009	2008	2007
Sample Size	462	635	652	645
Pre-Tax Profit Margin	2.2	0.4	3.5	4
Current Ratio	1.4	1.5	1.5	1.5
Borrowing Ratio	28.7	38.2	29.9	46.6
Return on Capital	24.9	31.1	23.3	22.6
Creditors Days	57	137	48	61

Above figures relate to companies in 2003 Standard Industry Classification (Nace) sector : Manufacture of made-up textile articles, except apparel

Financial Summary

Auditors Qualification

The Auditors have expressed a clean opinion (i.e. unqualified with no referrals) on the accounts for the period ended 30/06/2010.

Turnover

Turnover has increased from GBP 19,536,000 to GBP 21,192,000, a growth of 8 % in the period.

Operating Profit

Totalled GBP 58,000. In the year prior a Loss of GBP 226,000 was achieved.

Pre Tax Profit

A loss of GBP 67,000 was made in the period compared with a loss of GBP 422,000 in the previous period, a reduction of 84 %.

Working Capital

The subject's working capital decreased by 13 % in the period but remains positive.

Net Worth

Net worth reduced by GBP 172,000 during the period and now stands at GBP 2,858,000.

Fixed Assets

The subject's fixed assets reduced during the year by GBP 145,000 to GBP 3,007,000 and are now 28 % of total assets compared with 29 % in the previous year.

Long Term Liabilities

The company's long term liabilities reduced during the period by 7 % and are now 28 % of net worth compared with 29 % in the previous period.

Long Term Liabilities

Long term liabilities are now 8 % of total liabilities compared with 8 % in the previous period.

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.44.94
UK Pound	1	Rs.73.46
Euro	1	Rs.64.58

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%)

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This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.