MIRA INFORM REPORT

Report Date :

16.04.2014

IDENTIFICATION DETAILS

Name :	MCGREGOR BALFOUR (TEXTILES) LIMITED
Registered Office :	37 Fairfield Road, Broughty Ferry, Dundee Angus DD5 1PL
Country :	United Kingdom
Financials (as on) :	31.07.2013
Date of Incorporation :	21.06.2004
Com. Reg. No.:	SC269581
Legal Form :	Private limited with Share Capital
Line of Business :	Retail Sale Of Textiles In Specialised Stores
No. of Employees	Not Available

RATING & COMMENTS

MIRA’s Rating :

Ca

RATING		STATUS	PROPOSED CREDIT LINE
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

Status :	Moderate
Payment Behaviour :	Slow
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, 2014

Country Name	Previous Rating (31.12.2013)	Current Rating (31.03.2014)
United Kingdom	A1	A1

Risk Category	ECGC Classification
Insignificant	A1
Low Risk	A2
Moderate Low Risk	B1
Moderate Risk	B2
Moderate High Risk	C1
High Risk	C2
Very High Risk	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. 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, are key drivers of British GDP growth. Manufacturing, meanwhile, has declined in importance but still accounts for about 10% of economic output. 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. Falling 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 included 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 aimed to lower London's budget deficit from about 11% of GDP in 2010 to nearly 1% by 2015. In November 2011, Chancellor of the Exchequer George OSBORNE announced additional austerity measures through 2017 largely due to 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 21% by 2014. The Bank of England (BoE) implemented an asset purchase program of £375 billion (approximately $605 billion) as of December 2013. 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). In 2012, weak consumer spending and subdued business investment weighed on the economy, however, in 2013 GDP grew 1.4%, accelerating unexpectedly in the second half of the year because of greater consumer spending and a recovering housing market. The budget deficit is falling but remains high at nearly 7% and public debt has continued to increase

Source : CIA

REGISTERED NAME & COMPANY SUMMARY

Summary – Company Information

Company Name	MCGREGOR BALFOUR (TEXTILES) LIMITED	Company Number	SC269581
Registered Address	37 FAIRFIELD ROAD, BROUGHTY FERRY, DUNDEE ANGUS DD5 1PL	Trading Address	37 Fairfield Road Broughty Ferry Dundee Angus DD5 1PL
Website Address	http://www.mcgregor-balfour.com
Telephone Number	01382732767
TPS	Yes
Incorporation Date	21/06/2004	Company Status	Active - Accounts Filed
Previous Name		Type	Private limited with Share Capital
Date of Change	-	Filing Date of Accounts	09/12/2013
		Share Capital	£101
SIC03	5241	Currency	GBP
SIC03 Description	Retail sale of textiles
SIC07	47510
SIC07 Description	RETAIL SALE OF TEXTILES IN SPECIALISED STORES
Principal Activity	Retail sale of textiles.

Accounts Due Date 30/04/2015

DIRECTORS/MANAGEMENT

Directors

Total Current Directors	1
Total Current Secretaries	1
Total Previous Directors / Company Secretaries	2

Current Directors

Name	Anne Alexandra Thomson	Date of Birth	24/10/1953
Officers Title	Mrs	Nationality	British
Present Appointments	8	Function	Director
Appointment Date	21/06/2004
Address	37 Fairfield Road, Broughty Ferry, Dundee, DD5 1PL
Other Actions	View Director Report	View Consumer Report
Disqualified		Disqualified End Date
Disqualification Exception	No

Current Company Secretary

Name	Fiona Winifred McIntosh	Date of Birth	05/05/1966
Officers Title	Ms	Nationality	British
Present Appointments	3	Function	Company Secretary
Appointment Date	15/10/2007
Address	Invergrange, Grange Road, Monifieth, Angus, DD5 4PT

Directors

Previous Director/Company Secretaries

Name	Current Directorships	Previous Directorships
Anne Baird	0	1
OSWALDS OF EDINBURGH LIMITED	164	38447

NEGATIVE INFORMATION

CCJ

Total Number of Exact CCJs -	0	Total Value of Exact CCJs -
Total Number of Possible CCJs -	0	Total Value of Possible CCJs -
Total Number of Satisfied CCJs -	0	Total Value of Satisfied CCJs -
Total Number of Writs -	-

Exact CCJ Details

There are no exact CCJ details

Possible CCJ Details

There are no possible CCJ details

Writ Details

There are no writ details

Mortgage Summary

Outstanding	2
Satisfied	0

Full CCJ Details

Exact CCJ Details

No CCJs found

Possible CCJs Details

There are no possible CCJ details

Writ Details

No writs found

SHARE & SHARE CAPITAL INFORMATION

Top 20 Shareholders

Name	Currency	Share Count	Share Type	Nominal Value	% of Total Share Count
MRS ANNE ALEXANDRA THOMSON	GBP	88	ORDINARY	1	87.13
MRS ANNE ALEXANDRA THOMSON	GBP	12	ORDINARY A	1	11.88
MRS ANNE ALEXANDRA THOMSON	GBP	1	REDEEMABLE PREFERENCE	1	0.99

PAYMENT INFORMATION

Key Financials

Year to Date	Turnover	Pre Tax Profit	Shareholder Funds	Employees
31/07/2013	-	-	-£255,437	-
31/07/2012	-	-	-£242,709	-
31/07/2011	-	-	-£232,621	-

Payment Information Summary

Days Beyond Terms

Trend Indicator

N/A	16
Company DBT	UK Average DBT

Steady

Improving Worsening

Trade Payment Data

Average Invoice Value	n/a
Invoices available	n/a
Paid	n/a
Outstanding	n/a

Trade Payment Data is information that we collect from selected third party partners who send us information about their whole sales ledger.

	Within Terms	0-30 Days	31-60 Days	61-90 Days	91+ Days
Paid
Outstanding

GROUP STRUCTURE & AFFILIATED COMPANIES

Group Structure

Statistics

Group	-
Linkages	0 companies
Countries	In 0 countries

Summary

Holding Company	-
Ownership Status
Ultimate Holding Company	-

Group structure

No group structure

FINANCIAL INFORMATION

Financials

Profit & Loss

	Date Of Accounts	31/07/13	(%)	31/07/12	(%)	31/07/11	(%)	31/07/10	(%)	31/07/09
	Weeks	52	(%)	52	(%)	52	(%)	52	(%)	52
	Currency	GBP	(%)	GBP	(%)	GBP	(%)	GBP	(%)	GBP
	Consolidated A/cs	N	(%)	N	(%)	N	(%)	N	(%)	N
	Turnover	-	-	-	-	-	-	-	-	-
	Export	-	-	-	-	-	-	-	-	-
	Cost of Sales	-	-	-	-	-	-	-	-	-
	Gross Profit	-	-	-	-	-	-	-	-	-
	Wages & Salaries	-	-	-	-	-	-	-	-	-
	Directors Emoluments	-	-	-	-	-	-	-	-	-
	Operating Profit	-	-	-	-	-	-	-	-	-
	Depreciation	-	-	-	-	-	-100%	£612	-7.4%	£661
	Audit Fees	-	-	-	-	-	-	-	-	-
	Interest Payments	-	-	-	-	-	-	-	-	-
	Pre Tax Profit	-	-	-	-	-	-	-	-	-
	Taxation	-	-	-	-	-	-	-	-	-
	Profit After Tax	-	-	-	-	-	-	-	-	-
	Dividends Payable	-	-	-	-	-	-	-	-	-
	Retained Profit	-	-	-	-	-	-	-	-	-

Balance Sheet

	Date Of Accounts	31/07/13	(%)	31/07/12	(%)	31/07/11	(%)	31/07/10	(%)	31/07/09
	Tangible Assets	0	-	0	-	0	-100%	£2,447	-20%	£3,059
	Intangible Assets	0	-	0	-	0	-	0	-	0
	Total Fixed Assets	0	-	0	-	0	-100%	£2,447	-20%	£3,059
	Stock	£2,861	-	£2,861	-2.6%	£2,936	-86.6%	£21,866	-30.7%	£31,562
	Trade Debtors	£16,320	107.6%	£7,860	-69.8%	£26,009	341.3%	£5,894	-39.4%	£9,720
	Cash	£3,985	14.4%	£3,482	999.9%	£250	-43.9%	£446	22.2%	£365
	Other Debtors	0	-	0	-	0	-	0	-	0
	Miscellaneous Current Assets	0	-	0	-	0	-	0	-	0
	Total Current Assets	£23,166	63.1%	£14,203	-51.4%	£29,195	3.5%	£28,206	-32.3%	£41,647
	Trade Creditors	£21,484	138.4%	£9,012	-71.7%	£31,868	36.6%	£23,324	-34.4%	£35,540
	Bank Loans & Overdrafts	0	-	0	-	0	-	0	-	0
	Other Short Term Finance	0	-	0	-	0	-	0	-	0
	Miscellaneous Current Liabilities	0	-	0	-	0	-	0	-	0
	Total Current Liabilities	£21,484	138.4%	£9,012	-71.7%	£31,868	36.6%	£23,324	-34.4%	£35,540
	Bank Loans & Overdrafts and LTL	£257,119	3.7%	£247,900	7.8%	£229,948	3.1%	£222,957	9.7%	£203,272
	Other Long Term Finance	0	-	0	-	0	-	0	-	0
	Total Long Term Liabilities	£257,119	3.7%	£247,900	7.8%	£229,948	3.1%	£222,957	9.7%	£203,272

Capital & Reserves

	Date Of Accounts	31/07/13	(%)	31/07/12	(%)	31/07/11	(%)	31/07/10	(%)	31/07/09
	Called Up Share Capital	£140	-	£140	-	£140	-	£140	-	£140
	P & L Account Reserve	-£280,542	-4.8%	-£267,814	-3.9%	-£257,726	-7.1%	-£240,733	-9.8%	-£219,211
	Revaluation Reserve	-	-	-	-	-	-	-	-	-
	Sundry Reserves	£24,965	-	£24,965	-	£24,965	-	£24,965	-	£24,965
	Shareholder Funds	-£255,437	-5.2%	-£242,709	-4.3%	-£232,621	-7.9%	-£215,628	-11.1%	-£194,106

Other Financial Items

	Date Of Accounts	31/07/13	(%)	31/07/12	(%)	31/07/11	(%)	31/07/10	(%)	31/07/09
	Net Worth	-£255,437	-5.2%	-£242,709	-4.3%	-£232,621	-7.9%	-£215,628	-11.1%	-£194,106
	Working Capital	£1,682	-67.6%	£5,191	294.2%	-£2,673	-154.8%	£4,882	-20.1%	£6,107
	Total Assets	£23,166	63.1%	£14,203	-51.4%	£29,195	-4.8%	£30,653	-31.4%	£44,706
	Total Liabilities	£278,603	8.4%	£256,912	-1.9%	£261,816	6.3%	£246,281	3.1%	£238,812
	Net Assets	-£255,437	-5.2%	-£242,709	-4.3%	-£232,621	-7.9%	-£215,628	-11.1%	-£194,106

Cash Flow

	Date Of Accounts	31/07/13	(%)	31/07/12	(%)	31/07/11	(%)	31/07/10	(%)	31/07/09
	Net Cashflow from Operations	-	-	-	-	-	-	-	-	-
	Net Cashflow before Financing	-	-	-	-	-	-	-	-	-
	Net Cashflow from Financing	-	-	-	-	-	-	-	-	-
	Increase in Cash	-	-	-	-	-	-	-	-	-

Miscellaneous

	Date Of Accounts	31/07/13	(%)	31/07/12	(%)	31/07/11	(%)	31/07/10	(%)	31/07/09
	Contingent Liability	NO	-	NO	-	NO	-	NO	-	NO
	Capital Employed	£1,682	-67.6%	£5,191	294.2%	-£2,673	-136.5%	£7,329	-20%	£9,166
	Number of Employees	-	-	-	-	-	-	-	-	-
	Auditors
	Auditor Comments	The company is exempt from audit
	Bankers
	Bank Branch Code

Ratios

	Date Of Accounts	31/07/13	31/07/12	31/07/11	31/07/10	31/07/09
	Pre-tax profit margin %	-	-	-	-	-
	Current ratio	1.08	1.58	0.92	1.21	1.17
	Sales/Net Working Capital	-	-	-	-	-
	Gearing %	-100.70	-102.10	-98.90	-103.40	-104.70
	Equity in %	-1102.60	-1708.90	-796.80	-703.40	-434.20
	Creditor Days	-	-	-	-	-
	Debtor Days	-	-	-	-	-
	Liquidity/Acid Test	0.94	1.25	0.82	0.27	0.28
	Return On Capital Employed %	-	-	-	-	-
	Return On Total Assets Employed %	-	-	-	-	-
	Current Debt Ratio	-0.08	-0.03	-0.13	-0.10	-0.18
	Total Debt Ratio	-1.09	-1.05	-1.12	-1.14	-1.23
	Stock Turnover Ratio %	-	-	-	-	-
	Return on Net Assets Employed %	-	-	-	-	-

FOREIGN EXCHANGE RATES

Na

ADDITIONAL INFORMATION

Commentary

No exact match CCJs are recorded against the company.
There has been no significant change in the company's credit limit.
There is insufficient data to indicate a change in this company's percentage of sales.
Net Worth decreased by 5.2% during the latest trading period.
A 63.1% growth in Total Assets occurred during the latest trading period.
There is insufficient data to indicate a change in this company's pre-tax profit.
The company saw an increase in their Cash Balance of 14.4% during the latest trading period.
The company is exempt from audit.
No recent changes in directorship are recorded.
The company is not part of a group.
The movement in accumulated earnings would indicate that the company incurred a loss after tax and other appropriations, including dividends.
The company was established over 9 years ago.

Event History

Status History

No Status History found

Event History

Date	Description
12/12/2013	New Accounts Filed
05/08/2013	Annual Returns
05/08/2013	Annual Returns
28/12/2012	New Accounts Filed
06/07/2012	Annual Returns
05/10/2011	New Accounts Filed
02/07/2011	Annual Returns
30/03/2011	New Accounts Filed
26/06/2010	Annual Returns
19/04/2010	New Accounts Filed
07/08/2009	Annual Returns
18/11/2008	New Accounts Filed
29/10/2008	New Company Secretary Ms F.W. McIntosh appointed
29/07/2008	Annual Returns
10/03/2008	New Accounts Filed

Previous Company Names

No Previous Names found

Linkages

Statistics

Group	0 companies
Linkages	0 companies
Countries	In 0 countries

Mortgage Details

Mortgage Details

Mortgage Type:	FLOATING CHARGE
Date Charge Created:	11/08/04
Date Charge Registered:	17/08/04
Date Charge Satisfied:	-
Status:	OUTSTANDING
Person(s) Entitled:	THE ROYAL BANK OF SCOTLAND COMMERCIAL SERVICES LIMITED
Amount Secured:	ALL SUMS DUE OR TO BECOME DUE
Details:	OTHER DEBTS AND NON-VESTING DEBTS

Mortgage Type:	BOND & FLOATING CHARGE
Date Charge Created:	05/08/04
Date Charge Registered:	12/08/04
Date Charge Satisfied:	-
Status:	OUTSTANDING
Person(s) Entitled:	THE ROYAL BANK OF SCOTLAND PLC
Amount Secured:	ALL SUMS DUE OR TO BECOME DUE
Details:	UNDERTAKING AND ALL PROPERTY AND ASSETSPRESENT AND FUTURE OF THE COMPANY INCLUDING UNCALLED CAPITAL

NOTES & COMMENTS

Na

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.60.26
UK Pound	1	Rs.101.71
Euro	1	Rs.83.27

INFORMATION DETAILS

Analysis Done by :	DIV
Report Prepared by :	NIS

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%)

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

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