MIRA INFORM REPORT

 

 

Report Date :

08.01.2014

 

IDENTIFICATION DETAILS

 

Name :

PURSEWORLD LEATHERGOODS LIMITED

 

 

Registered Office :

91 Princess Street, Manchester, Greater Manchester, M1 4HT

 

 

Country :

United Kingdom

 

 

Financials (as on) :

31.03.2013

 

 

Date of Incorporation :

27.10.1992

 

 

Com. Reg. No.:

02759152

 

 

Legal Form :

Private limited with Share Capital

 

 

Line of Business :

Subject engaged in the sale of textiles, clothing, fur, footwear and leather goods

 

 

No. of Employees :

Not Available

 

 

RATING & COMMENTS

 

MIRA’s Rating :

B

 

RATING

STATUS

PROPOSED CREDIT LINE

26-40

B

Capability to overcome financial difficulties seems comparatively below average.

Small

 

Status :

Moderate

Payment Behaviour :

Slow but correct

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 – September 30, 2013

 

Country Name

Previous Rating

(30.06.2013)

Current Rating

(30.09.2013)

United Kingdom

A1

A1

 

Risk Category

ECGC Classification

Insignificant

 

A1

Low

 

A2

Moderate

 

B1

High

 

B2

Very High

 

C1

Restricted

 

C2

Off-credit

 

D

 

 

UNITED KINGDOM - ECONOMIC OVERVIEW

 

The UK, a leading trading power and financial center, is the second largest economy in Europe after Germany. 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 aimed 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 21% by 2014. The Bank of England (BoE) implemented an asset purchase program of up to £375 billion (approximately $605 billion) as of December 2012. 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. GDP fell 0.1%, and the budget deficit remained stubbornly high at 7.7% of GDP. Public debt continued to increase.

 

Source : CIA

 

Company identification

 

PURSEWORLD LEATHERGOODS LIMITED

 

91 PRINCESS STREET

 

MANCHESTER

 

GREATER MANCHESTER

 

M1 4HT

 

United Kingdom

 

Telephone

0161 728 3883

Fax

-

Website

www.autumnfair.com

 

 

Company Number: Foundation:

02759152

27/10/1992

Status:

VAT No

Active - Accounts Filed

N/A

 

 

Comments    

 

No exact match CCJs are recorded against the company. The company saw an increase in their Cash Balance of 9.3% during the latest trading period.

Net Worth decreased by 19.6% during the latest trading period. A 4.3% decline in Total Assets occurred during the latest trading period. The movement in accumulated earnings would indicate that the company incurred a loss after tax and other appropriations, including dividends.

There is insufficient data to indicate a change in this companies percentage of sales. There is insufficient data to indicate a change in this companies pre-tax profit. The company is exempt from audit. No recent changes in directorship are recorded. The company is not part of a group. The company was established over 21 years ago.

 

 

Basic information

 

Legal form

Private limited with Share Capital

 

Foundation     

27/10/1992

 

Company No.

02759152

 

Shareholders  

 

Name

Currency

Number of shares

Share type

Nominal value

MR RONNIE TAI CHEONG LAM

GBP

250

ORDINARY

1

MR WILLIAM HIN KWONG LO

GBP

250

ORDINARY

1

MRS LILIAN WEA WIN LO

GBP

250

ORDINARY

1

MRS QUEEENIE KIT MAN LAM

GBP

250

ORDINARY

1

Total Share Capital                                                                                            GBP 1,000

 

Management

 

Directors

Name

Address:

Date of birth

Nationality

Appointment date

Mr Ronnie Tai Cheong Lam

14 Crossfield Drive, Worsley, Manchester, Lancashire M28 1GP

05/01/1952

British

05/12/1993

Mrs Queeenie Kit Man Lam

14 Crossfield Drive, Worsley, Manchester, Lancashire M28 1GP

12/09/1959

British

10/03/1994

Mr William Hin Kwong Lo

9 Leaconfield Drive, Worsley, Manchester M28 2WE

03/06/1959

British

05/12/1993

 

Company Secretary

Name

Address:

Appointment date

Mrs Lilian Wea Win Lo

9 Leaconfield Drive, Worsley, Manchester M28 2WE

10/03/1994

 

Other Known Addresses          

 

350-360 Moorside Road, Swinton, Manchester, Lancashire M27 9PW 91 Princess Street, Manchester, Lancashire M1 4HT

 

 

Business activities

 

Main activity

SIC03 Agents in textiles, footwear

SIC07 Agents involved in the sale of textiles, clothing, fur, footwear and leather goods


Economic data

 

Turnover and Employees

 

Date of Accounts

Turnover

Employees

31/03/2011

Not Stated

Not Stated

31/03/2012

Not Stated

Not Stated

31/03/2013

Not Stated

Not Stated

 

 

Supplementary data

 

Events

 

Company history

 

Date                             Action

 

17/12/2009                    New Accounts Filed

29/01/2010                    AnnualReturns

17/12/2010                    New Accounts Filed

17/01/2011                    Annual Returns

13/12/2011                    Annual Returns

20/12/2011                    New Accounts Filed

03/11/2012                    Annual Returns

18/12/2012                    New Accounts Filed

05/11/2013                    Annual Returns

11/12/2013                    New Accounts Filed

 

 

Mortgages

 

Charge created

22/12/1993

Charge registered

29/12/1993

Status

SATISFIED

Entitled person

CREDIT LYONNAIS BANK NEDERLAND N.V.

Mortgage detail

FIXED AND FLOATING CHARGES OVER THE UNDERTAKING AND ALL PROPERTY AND ASSETS PRESENT AND FUTURE INCLUDING GOODWILL BOOKDEBTS UN- CALLED CAPITAL BUILDINGS FIXTURESFIXED PLANT AND MACHINERY

 

 

Charge created

27/07/1995

Charge registered

03/08/1995

Status

SATISFIED

Entitled person

SINGER AND FRIEDLANDER LIMITED

Mortgage detail

FIXED AND FLOATING CHARGES OVER THE UNDERTAKING AND ALL PROPERTY AND ASSETS PRESENT AND FUTURE INCLUDING GOODWILL BOOKDEBTS UN- CALLED CAPITAL BUILDINGS FIXTURESFIXED PLANT AND MACHINERYSEE THE MORTGAGE CHARGE DOCUMENT FOR FULL DETAILS

 

 

Charge created

18/02/2008

Charge registered

21/02/2008

Status

OUTSTANDING

Entitled person

HSBC BANK PLC

Secured amount

ALL MONIES DUE OR TO BECOME DUE FROM THE COMPANY TO THE CHARGEE ON ANY ACCOUNT WHATSOEVER

Mortgage detail

FIXED AND FLOATING CHARGE OVER THE UNDERTAKING AND ALL PROPERTY AND ASSETS PRESENT AND FUTURE, INCLUDING GOODWILL, BOOKDEBTS, UN- CALLED CAPITAL, BUILDINGS, FIXTURES, FIXED PLANT AND MACHINERY

 

 

County Court Judgments (CCJs)

There are no County Court Judgments listed against this company

 

 

Accounts

 

Profit & Loss

 

 

31/03/2013

52

GBP

Group: No

31/03/2012

52

GBP

Group: No

31/03/2011

52

GBP

Group: No

31/03/2010

52

GBP

Group: No

Turnover

0

0

0

0

Export

-

-

-

-

Cost of Sales

-

-

-

-

Gross Profit

-

-

-

-

Wages And Salaries

0

0

0

0

 

 

 

31/03/2013

52

GBP

Group: No

31/03/2012

52

GBP

Group: No

31/03/2011

52

GBP

Group: No

31/03/2010

52

GBP

Group: No

Directors Emoluments

-

-

-

-

Operating Profit

-

-

-

-

Depreciation

5,210

5,810

6,488

7,160

Audit Fees

0

0

0

0

Interests Payments

-

-

-

-

Pre Tax Profit

0

0

0

0

Taxation

-

-

-

-

Profit After Tax

-

-

-

-

Dividends Payable

-

-

-

-

Retained Profit

-

-

-

-

 

Balance Sheet            

 

 

31/03/2013

52

GBP

Group: No

31/03/2012

52

GBP

Group: No

31/03/2011

52

GBP

Group: No

31/03/2010

52

GBP

Group: No

Tangible Assets

240,110

245,320

251,130

256,740

Intangible Assets

0

0

0

0

Total Fixed Assets

240,110

245,320

251,130

256,740

Stock

423,231

575,407

313,953

405,596

Trade Debtors

462,112

531,048

594,554

443,062

Cash

1,357,282

1,241,937

1,551,167

1,791,695

Other Debtors

0

0

0

0

Miscellaneous Current Assets

0

0

0

0

Total Current Assets

2,242,625

2,348,392

2,459,674

2,640,353

Trade Creditors

1,607,924

1,505,236

1,499,665

1,558,123

Bank Loans and Overdraft

0

0

0

0

Other Short Term Finance

0

0

0

0

Miscellaneous Current Liabilities

0

0

0

0

Total Current Liabilities

1,607,924

1,505,236

1,499,665

1,558,123

Bank Loans and Overdrafts LTL

2,850

3,350

4,000

4,430

Other Long Term Finance

0

0

0

0

Total Long Term Liabilities

2,850

3,350

4,000

4,430

 

 

Capital & Reserves

 

 

31/03/2013

52

GBP

Group: No

31/03/2012

52

GBP

Group: No

31/03/2011

52

GBP

Group: No

31/03/2010

52

GBP

Group: No

Called Up Share Capital

1,000

1,000

1,000

1,000

P and L Account Reserve

870,961

1,084,126

1,206,139

1,333,540

Revaluation Reserve

0

0

0

0

Sundry Reserves

0

0

0

0

Shareholders Funds

871,961

1,085,126

1,207,139

1,334,540

 

Other Financial Items  

 

 

31/03/2013

52

GBP

Group: No

31/03/2012

52

GBP

Group: No

31/03/2011

52

GBP

Group: No

31/03/2010

52

GBP

Group: No

Net Worth

871,961

1,085,126

1,207,139

1,334,540

Working Capital

634,701

843,156

960,009

1,082,230

Total Assets

2,482,735

2,593,712

2,710,804

2,897,093

Total Liabilities

1,610,774

1,508,586

1,503,665

1,562,553

Net Assets

871,961

1,085,126

1,207,139

1,334,540

 

Cash Flow       

 

 

31/03/2013

52

GBP

Group: No

31/03/2012

52

GBP

Group: No

31/03/2011

52

GBP

Group: No

31/03/2010

52

GBP

Group: No

Net Cash Flow from Operations

0

0

0

0

Net Cash Flow before Financing

0

0

0

0

Net Cash Flow from Financing

0

0

0

0

Increase in Cash

115,345

-309,230

-240,528

254,068

 

Miscellaneous

 

 

31/03/2013

52

GBP

Group: No

31/03/2012

52

GBP

Group: No

31/03/2011

52

GBP

Group: No

31/03/2010

52

GBP

Group: No

Capital Employed

874,811

1,088,476

1,211,139

1,338,970

 

Financial Ratios

 

Name

31/03/2013

31/03/2012

31/03/2011

31/03/2010

Pre Tax Profit Margin

0.0%

0.0%

0.0%

0.0%

Current Ration

1.39

1.56

1.64

1.69

Sales or Net Working Capital

0.00

0.00

0.00

0.00

Gearing

0.33 %

0.31 %

0.33 %

0.33 %

Equity

35.12 %

41.84 %

44.53 %

46.06 %

Creditor Days

0.00

0.00

0.00

0.00

Debtor Days

0.00

0.00

0.00

0.00

Liquidity or Acid test

1.13

1.17

1.43

1.43

Return on Capital Employed

0.0%

0.0%

0.0%

0.0%

Return on Total Assets Employed

0.0%

0.0%

0.0%

0.0%

Current Debt Ratio

1.84 %

1.38 %

1.24 %

1.16 %

Total Debt Ratio

1.84 %

1.39 %

1.24 %

1.17 %

Stock Turnover Ratio

0.0%

0.0%

0.0%

0.0%

Return on Net Assets Employed

0.0%

0.0%

0.0%

0.0%

 

 

REMARKS

 

The abbreviated balance sheet reports a further weakening in the financial position with more losses and reduced shareholders equity Remains to be seen how the company trades in the financial year ended March 2014

Apparent Net Loss Year Ended 31/03/2013 – 213,165GBP

Apparent Net Profit Year Ended 31/03/2012 – 122,013GBP

 

Unable to confirm certain information as business remains closed due to Christmas & New Year Holiday

 

Activity – AGENTS INVOLVED IN THE SALE OF TEXTILES, CLOTHING, FUR, FOOTWEAR AND LEATHER GOODS

 

Trading address confirmed :- 350-360 Moorside Road , Manchester. U.K M27 9PW

 

Employees N/A

 

Bank :- N/A

 

Branches- None

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.62.38

UK Pound

1

Rs.102.25

Euro

1

Rs.84.97

 

 

INFORMATION DETAILS

 

Report Prepared by :

NNA

 

 

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.