MIRA INFORM REPORT
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Report Date : |
17.10.2012 |
IDENTIFICATION DETAILS
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Name : |
PRESTIGIOUS TEXTILES LTD. |
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Registered Office : |
4 Cross Lane Westgate Hill Street Bradford, BD4 0SG |
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Country : |
United Kingdom |
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Financials (as on) : |
31.08.2011 |
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Date of Incorporation : |
09.02.1988 |
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Com. Reg. No.: |
02219358 |
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Legal Form : |
Private Independent |
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Line of Business : |
Wholesale of textiles |
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No. of Employees : |
105 |
RATING & COMMENTS
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MIRA’s Rating : |
Ba |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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Status : |
Satisfactory |
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Payment Behaviour : |
No Complaints |
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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 – June 30th, 2012
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Country Name |
Previous Rating (31.03.2011) |
Current Rating (30.06.2012) |
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United Kingdom |
A1 |
A1 |
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Risk Category |
ECGC
Classification |
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Insignificant |
A1 |
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Low |
A2 |
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Moderate |
B1 |
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High |
B2 |
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Very High |
C1 |
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Restricted |
C2 |
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Off-credit |
D |
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 name and address
Prestigious
Textiles Ltd.
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Business
Description
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Founded in 1988, Prestigious Textiles Ltd. offers wall coverings and
rugs. The company’s collections include andromeda, bouquet, country house,
finesse, Honshu, multimedia, passion, safari park and Venice. It provides
textiles for drapes, accessories and upholsteries. The company offers
jacquards in various designs that feature scrolls, ogees, scattered leaves
and floral forms. It provides products in various designs, colours and
materials. The company has a sample manufacturing unit and warehouses. It offers
services to customers in the retail sector. In addition, the company provides
online order placement solutions to its clients. It sells products through a
network of stockists. |
Industry
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Industry |
Apparel and Accessories |
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ANZSIC 2006: |
3711 - Textile Product Wholesaling |
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NACE 2002: |
5141 - Wholesale of textiles |
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NAICS 2002: |
424310 - Piece Goods, Notions, and Other
Dry Goods Merchant Wholesalers |
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UK SIC 2003: |
5141 - Wholesale of textiles |
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UK SIC 2007: |
4641 - Wholesale of textiles |
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US SIC 1987: |
5131 - Piece Goods, Notions, and Other Dry
Good |
Key Executives
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Financial
Summary
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1 - Profit &
Loss Item Exchange Rate: USD 1 = GBP 0.6237527
2 - Balance Sheet Item Exchange Rate: USD 1 = GBP 0.6141563
Corporate Overview
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Executives Report
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Directors and Shareholders Report
Annual Return Date: 04 Aug 2012
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Individual Directors |
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Name |
Status |
DOB |
Filed Address |
Appointment Date |
Resignation Date |
Summary of Directorships |
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Current |
01 Jan 1977 |
23 Kirk Drive, |
07 Feb 2007 |
NA |
Current:4 |
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Current |
21 Sep 1956 |
14 Heath Grove, |
01 Jan 1994 |
NA |
Current:6 |
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Current |
03 Jul 1947 |
2 Eldwick Hall Farm, Otley Road, |
04 Aug 1991 |
NA |
Current:3 |
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Current |
17 Sep 1957 |
18 Slatelands Avenue, |
20 Aug 2011 |
NA |
Current:1 |
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Current |
18 Jul 1974 |
20 Ellar Gardens, Menston, |
11 Aug 2000 |
NA |
Current:2 |
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Previous |
08 Dec 1955 |
176 Manchester Road, Barnoldswick, |
01 Aug 1994 |
28 Feb 1995 |
Current:0 |
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Previous |
07 May 1947 |
6 Staveley Road, |
01 Sep 1992 |
17 Aug 2006 |
Current:0 |
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Previous |
19 Aug 1947 |
Elms Farm, Main Road, |
04 Aug 1991 |
16 Jun 2004 |
Current:0 |
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Previous |
26 Feb 1946 |
66 Narrow Lane, Anston, |
NA |
01 May 1994 |
Current:0 |
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Previous |
NA |
Long Acre, Cookstown, |
11 Aug 2000 |
31 Dec 2008 |
Current:0 |
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Corporate Directors |
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There are no corporate directors for this company. |
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Individual Secretaries |
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Name |
Status |
DOB |
Filed Address |
Appointment Date |
Resignation Date |
Summary of Directorships |
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Current |
01 Jan 1977 |
23 Kirk Drive, |
17 Aug 2006 |
NA |
Current:4 |
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Previous |
07 May 1947 |
6 Staveley Road, |
04 Aug 1991 |
17 Aug 2006 |
Current:0 |
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Corporate Secretaries |
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There are no corporate secretaries for this company. |
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Individual Shareholders |
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Name |
Share Details |
Share Type |
# of Shares |
Share Price (GBP) |
Share Value (GBP) |
% of Total Shares |
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Matthew Simon Helliwell |
5 Ordinary GBP 1.00 |
Ordinary |
5 |
1.00 |
5.00 |
9.80 |
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Nicola Brumfitt |
5 Ordinary GBP 1.00 |
Ordinary |
5 |
1.00 |
5.00 |
9.80 |
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Trevor Helliwell |
15 Ordinary GBP 1.00 |
Ordinary |
15 |
1.00 |
15.00 |
29.41 |
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Trustees Of Trevor Helliwell Discretionary Settlement |
26 Ordinary GBP 1.00 |
Ordinary |
26 |
1.00 |
26.00 |
50.98 |
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Corporate Shareholders |
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There are no corporate shareholders for this company. |
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Annual Profit & Loss
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Financials in: USD (mil) |
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Except for share items (millions) and per
share items (actual units) |
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31-Aug-2011 |
31-Aug-2010 |
31-Aug-2009 |
31-Aug-2008 |
31-Aug-2007 |
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Period Length |
52 Weeks |
52 Weeks |
52 Weeks |
52 Weeks |
52 Weeks |
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Filed Currency |
GBP |
GBP |
GBP |
GBP |
GBP |
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Exchange Rate
(Period Average) |
0.623753 |
0.640102 |
0.643147 |
0.502947 |
0.510995 |
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Consolidated |
No |
No |
No |
No |
No |
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Turnover (UK) |
- |
- |
- |
25.5 |
27.4 |
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Turnover (Exports) |
- |
- |
- |
23.6 |
24.0 |
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Total Turnover |
46.7 |
38.9 |
- |
49.1 |
51.4 |
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Cost of Sales |
30.8 |
25.2 |
- |
32.0 |
36.0 |
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Gross Profit |
15.9 |
13.7 |
11.6 |
17.1 |
15.4 |
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Depreciation |
0.1 |
0.2 |
0.2 |
0.2 |
0.2 |
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Other Expenses |
13.4 |
11.5 |
10.0 |
15.1 |
13.6 |
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Other Income |
0.0 |
0.2 |
0.0 |
1.0 |
2.1 |
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Interest Paid |
0.2 |
0.2 |
0.2 |
0.2 |
0.3 |
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Exceptional Income |
0.0 |
0.0 |
-0.3 |
-0.2 |
0.0 |
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Discontinued Operations |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
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Profit Before Taxes |
2.3 |
2.3 |
1.2 |
2.6 |
3.6 |
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Tax Payable / Credit |
0.7 |
0.6 |
0.3 |
0.8 |
1.1 |
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Extraordinary Items/Debits |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
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Dividends |
0.2 |
0.3 |
0.2 |
0.2 |
0.0 |
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Profit After Taxes |
1.5 |
1.4 |
0.7 |
1.6 |
2.5 |
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Minority Interests (Profit & Loss) |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
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Audit Fees |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
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Number of Employees |
105 |
95 |
104 |
110 |
124 |
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Wages |
6.1 |
5.2 |
4.2 |
6.8 |
6.3 |
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Social Security Costs |
0.7 |
0.5 |
0.5 |
0.7 |
0.6 |
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Pensions |
- |
- |
0.2 |
0.4 |
0.4 |
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Other Pension Costs |
0.3 |
0.2 |
0.3 |
0.5 |
0.5 |
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Employees Remuneration |
7.2 |
5.9 |
5.0 |
8.0 |
7.4 |
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Directors Emoluments |
- |
- |
0.8 |
1.9 |
0.8 |
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Other Costs |
- |
- |
0.0 |
0.0 |
0.0 |
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Directors Remuneration |
2.7 |
1.7 |
1.0 |
2.3 |
1.3 |
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Highest Paid Director |
0.2 |
0.6 |
0.3 |
0.7 |
0.7 |
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Annual Balance
Sheet |
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Financials in:
USD (mil) |
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|
31-Aug-2011 |
31-Aug-2010 |
31-Aug-2009 |
31-Aug-2008 |
31-Aug-2007 |
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Filed Currency |
GBP |
GBP |
GBP |
GBP |
GBP |
|
Exchange Rate |
0.614156 |
0.65066 |
0.613572 |
0.548261 |
0.495774 |
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Consolidated |
No |
No |
No |
No |
No |
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Land & Buildings |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
|
Fixtures & Fittings |
0.2 |
0.2 |
0.3 |
0.4 |
0.5 |
|
Plant & Vehicles |
0.4 |
0.4 |
0.5 |
0.4 |
0.5 |
|
Total Tangible Fixed Assets |
0.6 |
0.6 |
0.7 |
0.8 |
1.0 |
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Intangible Assets |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
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Investments |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
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Total Fixed Assets |
0.6 |
0.6 |
0.7 |
0.8 |
1.0 |
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Stocks |
16.0 |
13.7 |
12.3 |
15.1 |
16.2 |
|
Work in Progress |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
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Total Stocks Work In Progress |
16.0 |
13.7 |
12.3 |
15.1 |
16.2 |
|
Trade Debtors |
7.8 |
6.8 |
6.6 |
8.3 |
10.9 |
|
Other Debtors |
1.0 |
1.0 |
1.7 |
1.7 |
1.2 |
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Total Debtors |
8.8 |
7.8 |
8.3 |
9.9 |
12.1 |
|
Cash and Equivalents |
0.1 |
0.3 |
0.1 |
0.0 |
0.3 |
|
Other Current Assets |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
|
Total Current Assets |
24.9 |
21.8 |
20.7 |
25.1 |
28.6 |
|
Total Assets |
25.5 |
22.4 |
21.4 |
25.9 |
29.6 |
|
Trade Creditors |
5.1 |
5.1 |
4.2 |
6.3 |
7.6 |
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Bank Overdraft |
- |
0.0 |
1.0 |
1.3 |
3.6 |
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Director Loans (Current Liability) |
0.3 |
0.9 |
0.5 |
0.3 |
0.6 |
|
Hire Purchase (Current Liability) |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
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Finance Lease (Current Liability) |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
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Total Finance Lease/Hire Purchase (Current Liability) |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
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Accruals/Deferred Income (Current Liability) |
2.2 |
0.7 |
0.4 |
0.8 |
0.3 |
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Social Security/VAT |
0.4 |
0.2 |
0.3 |
0.4 |
0.3 |
|
Corporation Tax |
0.7 |
0.6 |
0.4 |
0.7 |
1.1 |
|
Other Current Liabilities |
0.4 |
0.9 |
1.1 |
1.7 |
1.8 |
|
Total Current Liabilities |
9.0 |
8.3 |
7.9 |
11.5 |
15.4 |
|
Group Loans (Long Term Liability) |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
|
Director Loans (Long Term Liability) |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
|
Hire Purchase (Long Term Liability) |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
|
Leasing (Long Term Liability) |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
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Total Hire Purchase Loans (Long Term Liability) |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
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Other Long Term Loans |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
|
Accruals/Deferred Income (Long Term Liability) |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
|
Other Long Term Liabilities |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
|
Total Long Term Liabilities |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
|
Deferred Taxation |
0.1 |
0.1 |
0.1 |
0.1 |
0.1 |
|
Other Provisions |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
|
Total Provisions |
0.1 |
0.1 |
0.1 |
0.1 |
0.1 |
|
Issued Capital |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
|
Share Premium Accounts |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
|
Revaluation Reserve |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
|
Retained Earnings |
16.5 |
14.1 |
13.5 |
14.3 |
14.1 |
|
Other Reserves |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
|
Minority Interests (Balance Sheet) |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
|
Total Shareholders Funds |
16.5 |
14.1 |
13.5 |
14.3 |
14.1 |
|
Net Worth |
16.5 |
14.1 |
13.5 |
14.3 |
14.1 |
|
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Annual Cash
Flows |
|
Financials in:
USD (mil) |
|
|
31-Aug-2011 |
31-Aug-2010 |
31-Aug-2009 |
31-Aug-2008 |
31-Aug-2007 |
|
Period Length |
52 Weeks |
52 Weeks |
52 Weeks |
52 Weeks |
52 Weeks |
|
Filed Currency |
GBP |
GBP |
GBP |
GBP |
GBP |
|
Exchange Rate
(Period Average) |
0.623753 |
0.640102 |
0.643147 |
0.502947 |
0.510995 |
|
Consolidated |
No |
No |
No |
No |
No |
|
|
|
|
|
|
|
|
Net Cash Flow From Operating Activities |
1.7 |
2.0 |
1.5 |
3.6 |
3.6 |
|
Net Cash Flow from ROI and Servicing of Finance |
-0.2 |
0.1 |
-0.3 |
-0.3 |
-0.3 |
|
Taxation |
-0.6 |
-0.4 |
-0.6 |
-1.1 |
-0.2 |
|
Capital Expenditures |
-0.1 |
-0.1 |
-0.2 |
-0.1 |
-0.2 |
|
Acquisitions and Disposals |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
|
Paid Up Equity |
-0.2 |
-0.3 |
-0.2 |
-0.2 |
0.0 |
|
Management of Liquid Resources |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
|
Net Cash Flow From Financing |
-0.8 |
0.0 |
0.0 |
0.0 |
-0.2 |
|
Increase in Cash |
-0.2 |
1.2 |
0.3 |
1.8 |
2.7 |
|
|
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Annual Ratios |
|
Financials in:
USD (mil) |
|
|
31-Aug-2011 |
31-Aug-2010 |
31-Aug-2009 |
31-Aug-2008 |
31-Aug-2007 |
|
Period Length |
52 Weeks |
52 Weeks |
52 Weeks |
52 Weeks |
52 Weeks |
|
Filed Currency |
GBP |
GBP |
GBP |
GBP |
GBP |
|
Exchange Rate |
0.614156 |
0.65066 |
0.613572 |
0.548261 |
0.495774 |
|
Consolidated |
No |
No |
No |
No |
No |
|
|
|
|
|
|
|
|
Current Ratio |
2.77 |
2.63 |
2.63 |
2.19 |
1.86 |
|
Liquidity Ratio |
0.99 |
0.98 |
1.06 |
0.87 |
0.81 |
|
Stock Turnover |
2.96 |
2.80 |
- |
2.98 |
3.26 |
|
Credit Period (Days) |
59.63 |
64.57 |
- |
67.07 |
74.97 |
|
Working Capital by Sales |
33.52% |
35.29% |
- |
30.20% |
25.07% |
|
Trade Credit by Debtors |
0.65 |
0.75 |
0.63 |
0.76 |
0.70 |
|
Return on Capital |
14.42% |
15.91% |
9.09% |
16.49% |
26.11% |
|
Return on Assets |
9.34% |
10.03% |
5.75% |
9.17% |
12.56% |
|
Profit Margin |
5.03% |
5.88% |
- |
5.27% |
7.02% |
|
Return on Shareholders Funds |
14.49% |
15.98% |
9.13% |
16.60% |
26.28% |
|
Borrowing Ratio |
2.04% |
6.18% |
11.65% |
11.18% |
29.46% |
|
Equity Gearing |
64.43% |
62.72% |
62.97% |
55.25% |
47.78% |
|
Debt Gearing |
- |
- |
0.06% |
0.16% |
0.07% |
|
Interest Coverage |
14.27 |
13.62 |
7.73 |
11.72 |
12.22 |
|
Sales by Tangible Assets |
75.10 |
60.76 |
- |
56.93 |
54.96 |
|
Average Remuneration per Employee |
0.1 |
0.1 |
0.1 |
0.1 |
0.1 |
|
Profit per Employee |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
|
Sales per Employee |
0.5 |
0.4 |
- |
0.4 |
0.4 |
|
Capital Employed per Employee |
0.2 |
0.1 |
0.1 |
0.1 |
0.1 |
|
Tangible Assets per Employee |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
|
Total Assets per Employee |
0.2 |
0.2 |
0.2 |
0.2 |
0.2 |
|
Employee Remuneration by Sales |
15.37% |
15.23% |
- |
16.37% |
14.39% |
|
Creditor Days (Cost of Sales Based) |
59.00 |
74.53 |
- |
78.09 |
75.28 |
|
Creditor Days (Sales Based) |
38.89 |
48.24 |
- |
50.88 |
52.71 |
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.52.82 |
|
|
1 |
Rs.84.96 |
|
Euro |
1 |
Rs.68.61 |
INFORMATION DETAILS
|
Report
Prepared by : |
PRL |
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%)
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.