MIRA
INFORM REPORT
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Name :
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PURSEWORLD LEATHERGOODS LIMITED
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Registered Office :
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91 Princess
Street, Manchester, Greater Manchester, M1 4ht.
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Country :
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United Kingdom
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Financials (as on) :
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31.03.2011
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Date of Incorporation :
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27.10.1992
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Com. Reg. No.:
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02759152
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Legal Form :
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Private Limited
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Line of Business :
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General Business Classification: Wholesalers of other goods
incfurniture, papers & magazines, leather, sports& fancy goods,
jewellery..
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No. of Employees :
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Not Available
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RATING
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STATUS
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PROPOSED CREDIT LINE
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41-55
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Ba
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Overall operation is considered normal. Capable to meet normal
commitments.
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Satisfactory
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Status :
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Satisfactory
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Payment Behaviour :
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No Complaints
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Litigation :
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Clear
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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 – June 30th, 2012
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Country Name
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Previous Rating
(31.03.2011)
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Current Rating
(30.06.2012)
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United Kingdom
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A1
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A1
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Risk Category
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ECGC
Classification
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Insignificant
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A1
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Low
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A2
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Moderate
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B1
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High
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B2
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Very High
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C1
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Restricted
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C2
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Off-credit
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D
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UNITED KINGDOM - ECONOMIC
OVERVIEW
The UK, a leading trading power and financial
center, is the third largest economy in Europe after Germany
and France.
Over the past two decades, the government has greatly reduced public ownership and
contained the growth of social welfare programs. Agriculture is intensive,
highly mechanized, and efficient by European standards, producing about 60% of
food needs with less than 2% of the labor force. The UK
has large coal, natural gas, and oil resources, but its oil and natural gas
reserves are declining and the UK
became a net importer of energy in 2005. Services, particularly banking,
insurance, and business services, account by far for the largest proportion of
GDP while industry continues to decline in importance. After emerging from
recession in 1992, Britain's
economy enjoyed the longest period of expansion on record during which time
growth outpaced most of Western Europe. In
2008, however, the global financial crisis hit the economy particularly hard,
due to the importance of its financial sector. Sharply declining home prices,
high consumer debt, and the global economic slowdown compounded Britain's
economic problems, pushing the economy into recession in the latter half of
2008 and prompting the then BROWN (Labour) government to implement a number of
measures to stimulate the economy and stabilize the financial markets; these
include nationalizing parts of the banking system, temporarily cutting taxes,
suspending public sector borrowing rules, and moving forward public spending on
capital projects. Facing burgeoning public deficits and debt levels, in 2010
the CAMERON-led coalition government (between Conservatives and Liberal
Democrats) initiated a five-year austerity program, which aims to lower
London's budget deficit from over 10% of GDP in 2010 to nearly 1% by 2015. In
November 2011, Chancellor of the Exchequer George OSBORNE announced additional
austerity measures through 2017 because of slower-than-expected economic growth
and the impact of the euro-zone debt crisis. The CAMERON government raised the
value added tax from 17.5% to 20% in 2011. It has pledged to reduce the
corporation tax rate to 23% by 2015. The Bank of England (BoE) implemented an
asset purchase program of up to £325 billion (approximately $525 billion) as of
February 2011. During times of economic crisis, the BoE coordinates interest
rate moves with the European Central Bank, but Britain remains outside the
European Economic and Monetary Union (EMU).
Source : CIA
Company Identification Details
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Subject Reported on
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PURSEWORLD LEATHERGOODS LIMITED
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Registration Number
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02759152
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Address
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UNIT 6, PICCADILLY TRADING ESTATE, MANCHESTER,
LANCASHIRE, M1 2NP.
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Telephone
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01612738008
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Facsimile
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01612733883
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Official Company Data
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Legal Form
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Private Limited
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Registration Number
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02759152
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Subject Status
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Trading
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Date of Incorporation
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27/10/1992
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Registered Office
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91 PRINCESS STREET, MANCHESTER, GREATER MANCHESTER, M1
4HT.
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Date of Last Annual Return to Registry
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27/10/2012
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Accounts
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The last filed accounts at Companies House are those to 31/03/2011
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Accounting Reference Date
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31/03
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Operations
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Activities
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General Business Classification: Wholesalers of other goods
incfurniture,papers&magazines,leather,sports& fancy
goods,jewellery..
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Nace Code
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5116
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Bankers
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MIDLAND BANK
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Auditors
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Guest & Co
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Previous Searches
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Last 3 Months
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Last 6 Months
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Last 12 Months
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0
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0
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0
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Search History Details
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The Search History Details shows details of the most recent 40
searches
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Date
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Description
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08/04/2010
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Miscellaneous
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Public Record Information
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Summary of CCJ's/Scottish Decrees
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No CCJs/Scottish Decrees are recorded in
our file.
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Summary of Mortgages, Charges and Satisfactions
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Total Number of Mortgages/Charges Registered
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3
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Number Outstanding
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1
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Number Partially Satisfied
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0
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Number Satisfied
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2
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Date of Latest Mortgage Created
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18/02/2008
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Date of Latest Satisfaction
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15/07/2010
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Details of most recent Mortgages, Charges and Satisfactions
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Date Fully
Satisfied
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Date
Registered
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Date
Created
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Charge
Description
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Form Type
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Lender
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21/02/2008
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18/02/2008
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Debenture
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395
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Hsbc Bank Plc
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15/07/2010
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03/08/1995
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27/07/1995
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Mortgage Debenture
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395
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Singer & Friedlander Limited
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15/07/2010
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29/12/1993
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22/12/1993
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Debenture
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395
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Credit Lyonnais Bank Nederland
N.V.
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It should be noted that there is no legal requirement to file
satisfaction details of mortgages/charges at Companies House.
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Other Filings and Notices
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09/12/2011
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Companies House Gazette
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All documents required to be delivered to the registrar under
section 441 (annual accounts and reports)
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20/05/1993
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Companies House Gazette
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Change among directors of a company
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13/05/1993
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Companies House Gazette
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Change among directors of a company
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Company Secretary
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Secretary
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MRS LILIAN WEA WIN LO
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Service Address
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9
LEACONFIELD DRIVE, WORSLEY, MANCHESTER, M28
2WE.
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Country of Origin
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UNITED
KINGDOM
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Appointment Date
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27/10/1992
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Directors
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Director
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MR RONNIE TAI CHEONG LAM
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Service Address
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14
CROSSFIELD DRIVE, WORSLEY, MANCHESTER,
LANCASHIRE, M28 1GP.
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Country of Origin
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UNITED
KINGDOM
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Date of Birth
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13/05/1951
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Appointment Date
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12/05/1993
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Director
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MRS QUEEENIE KIT MAN LAM
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Service Address
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14
CROSSFIELD DRIVE, WORSLEY, MANCHESTER,
LANCASHIRE, M28 1GP.
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Country of Origin
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UNITED
KINGDOM
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Date of Birth
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09/12/1959
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Appointment Date
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27/10/1992
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Sales Director
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MR WILLIAM HIN KWONG LO
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Service Address
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9
LEACONFIELD DRIVE, WORSLEY, MANCHESTER, M28
2WE.
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Country of Origin
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UNITED
KINGDOM
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Date of Birth
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30/03/1957
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Appointment Date
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12/05/1993
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Share Capital
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Shares
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Ordinary GBP 1.00
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Issued Number
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1,000
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Principal Shareholder
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250 Queeenie Kit Man Lam
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250 LilianWea Win Lo
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250 Ronnie Tai Cheong Lam
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250 William HinKwong Lo
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The above reflects the principle shareholder(s) by number of shares
held, irrespective of share classification type.
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Financial Data– Statutory Accounts
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Profit & Loss Accounts are not available for companies categorised
as small companies under the companies act.
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For annual accounts images, view the
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The following figures are shown in units of 1000
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Number of Weeks
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52
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52
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52
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52
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Accounts Date
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31/03/2011
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31/03/2010
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31/03/2009
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31/03/2008
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Currency
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GBP
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GBP
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GBP
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GBP
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TOTAL FIXED ASSETS
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251
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257
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64
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73
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Tangible Assets
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251
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257
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64
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72
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Intangible Assets
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1
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TOTAL CURRENT ASSETS
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2460
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2640
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2517
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3340
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Trade debtors
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595
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443
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529
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689
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Stocks
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314
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405
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450
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413
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Other Current Assets
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1551
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1792
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1538
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2238
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Cash
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1551
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1792
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1538
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2238
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TOTAL ASSETS
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2711
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2897
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2581
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3413
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TOTAL CURRENT LIABILITIES
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1500
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1558
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1470
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1468
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Trade creditors
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1500
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1558
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1470
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1468
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WORKING CAPITAL
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960
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1082
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1047
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1872
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TOTAL LONG TERM LIABS
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4
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4
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6
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7
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NET ASSETS/(LIABILITIES)
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1207
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1335
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1105
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1938
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SHARE CAPITAL + RESERVES
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1207
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1335
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1105
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1938
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Share Cap + Sundry Res
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1
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1
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1
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1
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Profit and Loss account
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1206
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1334
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1104
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1937
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SHAREHOLDERS FUNDS
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1207
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1335
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1105
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1938
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CAPITAL EMPLOYED
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1211
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1339
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1111
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1945
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The following figures are shown in units of 1000
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Number of Weeks
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52
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52
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52
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52
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Accounts Date
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31/03/2011
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31/03/2010
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31/03/2009
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31/03/2008
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Currency
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GBP
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GBP
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GBP
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GBP
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Liquid Assets
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2146
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2235
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2067
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2927
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Net Working Capital
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960
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1082
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1047
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1872
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Other Deferred Liabs
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4
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4
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6
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7
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Tangible Net Worth(T.N.W)
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1207
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1335
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1105
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1937
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Equity
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1207
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1335
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1105
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1938
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Number of Years Trading
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19
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18
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17
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16
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The following figures are shown as Ratios or Percentages
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Accounts Date
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31/03/2011
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31/03/2010
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31/03/2009
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31/03/2008
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Current Ratio
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1.6
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1.7
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1.7
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2.3
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Quick Ratio
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1.4
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1.4
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1.4
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2
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T.N.W/Total Assets%
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44.5
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46.1
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42.8
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56.8
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Equity Gearing%
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80.3
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85.5
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74.9
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131.4
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Key Industry Sector Trends
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Year
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2012
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2011
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2010
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2009
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Sample Size
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2201
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13603
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13749
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13708
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Pre-Tax Profit Margin
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9
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6.6
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6.5
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6
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Current Ratio
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1.7
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1.6
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1.6
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1.6
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Borrowing Ratio
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29.2
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78.3
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62.1
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57.6
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Return on Capital
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43.8
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38.3
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46.6
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45.5
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Creditors Days
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68
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132
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202
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192
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Above figures relate to companies in 2003 Standard Industry Classification
(Nace) sector : Wholesale on a fee or contract basis
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Financial Summary
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Auditors Qualification
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The company has taken advantage of
exemptions under the Companies Act such that the accounts have not been
audited or examined.
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No Turnover
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The company's balance sheet total is
less than GBP 5,600,000 and is a medium sized company as defined by the
Companies Act. It is not required to disclose turnover but it is likely to
be in the range of GBP 2,800,000 - GBP 11,200,000.
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No Pre-Tax Profit
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The Company is exempt from the
requirement to file a Profit Loss Account. We note that the difference on
the Profit and Loss Account shownon the Balance Sheet is GBP 128,000
decrease. This suggests that the Company may have made a post-tax loss of
GBP 128,000.
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Working Capital
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The subject's working capital decreased
by 11 % in the period but remains positive.
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Net Worth
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Net worth reduced by GBP 128,000 during
the period and now stands at GBP 1,207,000.
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Fixed Assets
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The subject's fixed assets reduced
during the year by GBP 6,000 to GBP 251,000 and are now 9 % of total assets
compared with 8 % in the previous year.
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DIAMOND INDUSTRY –
INDIA
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From time immemorial, India is well known in the world as
the birthplace for diamonds. It is difficult to trace the origin of
diamonds but history says that in the remote past, diamonds were mined only in India. Diamond
production in India
can be traced back to almost 8th Century B.C. India, in fact, remained undisputed leader till
18th Century when Brazilian fields were discovered in 1725 followed
by emergence of S. Africa, Russia
and Australia.
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The achievement of the Indian diamond industry was
possible only due to combination of the manufacturing skills of the Indian
workforce and the untiring and unflagging efforts of the Indian diamantaires,
supported by progressive Government policies.
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The area of study of family owned diamond businesses
derives its importance from the huge conglomerate of family run organizations
which operate in the diamond industry since many generations.
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Some of the basic traits of family run business
enterprises include spirit of entrepreneurship, mutual trust lowers transaction
costs, small, nimble and quick to react, information as a source of advantage
and philanthropy.
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Family owned diamond businesses need to improve on
many fronts including higher standard of corporate governance, long-term
performance – focused strategies, modern management and technology.
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The diamond jewellery industry in India today may
be more than Rs 60000 mil and is rated amongst the fastest growing in the
world. Indi ranks third in the world in domestic diamond consumption.
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Utmost caution is to be exercised while dealing with
some medium and large diamond traders which are usually engaged in fictitious
import – export, inter-company transactions, financially assisted by banks. In
the process, several public sector banks lost several hundred million rupees.
They mostly diverted borrowed money for diamond business into real estate and
capital markets.
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Excerpts from Times of India dated 30th
October 2010 is as under –
DIAMOND
SAGA – DIRTY DOZEN STUCK WITH 2K CR DEBT
This could be the biggest credibility crisis
the Indian diamond industry has ever faced. Fifteen banks run the risk of
losing Rs 2000 crore lent to a dozen diamond firms in Surat. Until about two months ago, they had
not repaid these dues. Bankers believe many diamantaires borrowed money
during the economic downturn two years ago and diverted funds to businesses
like real estate and capital markets. Many of themselves made money from these
businesses but their diamond companies have gone sick and declared insolvency.
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Most of the money borrowed from the banks in the name
of their diamond business has been diverted in real estate and the share
market. The banks are not in a position to seize their properties because in
many cases, these were purchased in the name of their relatives and friends.
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Currency
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Unit
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Indian Rupees
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US Dollar
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1
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Rs.54.59
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UK Pound
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1
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Rs.87.31
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Euro
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1
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Rs.69.86
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RATING
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STATUS
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PROPOSED CREDIT LINE
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>86
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Aaa
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Possesses an extremely sound financial base with the strongest
capability for timely payment of interest and principal sums
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Unlimited
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71-85
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Aa
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Possesses adequate working capital. No caution needed for credit transaction.
It has above average (strong) capability for payment of interest and
principal sums
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Large
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56-70
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A
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Financial & operational base are regarded healthy. General unfavourable
factors will not cause fatal effect. Satisfactory capability for payment of
interest and principal sums
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Fairly Large
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41-55
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Ba
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Overall operation is considered normal. Capable to meet normal
commitments.
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Satisfactory
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26-40
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B
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Capability to overcome financial difficulties seems comparatively
below average.
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Small
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11-25
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Ca
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Adverse factors are apparent. Repayment of interest and principal sums
in default or expected to be in default upon maturity
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Limited with full
security
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<10
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C
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Absolute credit risk exists. Caution needed to be exercised
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Credit not
recommended
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--
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NB
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New Business
|
--
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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%)
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.
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