MIRA INFORM REPORT

Report Date :

20.11.2014

IDENTIFICATION DETAILS

Name :	CHECKER LEATHER LIMITED
Registered Office :	Unit 2 Western Road Industrial Estate Kilmarnock Ayrshire Ka3 1lu
Country :	United Kingdom
Financials (as on) :	31.12.2013
Date of Incorporation :	22.10.1979
Com. Reg. No.:	SC069706
Legal Form :	Private limited with Share Capital
Line of Business :	· Manufacture of luggage and the like, Saddlery · Wholesale of clothing and wear
No of Employees :	Over 20

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 – June 1, 2014

Country Name	Previous Rating (31.03.2014)	Current Rating (01.06.2014)
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 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

Company name and address

CHECKER LEATHER LIMITED		Telephone	+44 01563 541709
UNIT 2		Fax	+44 01563 537819
WESTERN ROAD INDUSTRIAL ESTATE		Website	www.checkerleather.com
KILMARNOCK
AYRSHIRE
KA3 1LU
United Kingdom
Company Number: Foundation:	SC069706 22/10/1979	Status:	Active - Accounts Filed

Main indices

Comments

In Total Assets occurred during the latest trading period. The movement in accumulated earnings would indicate that the company made a profit after tax and other appropriations, including dividends.

The company saw a decrease in their Cash Balance of 53.7% during the latest trading period.

There has been no significant change in the company’s credit rating. There is insufficient data to indicate a change in this company’s percentage of sales. There is insufficient data to indicate a change in this company’s 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 34 years ago.

Basic information

Legal form

Private limited with Share Capital

Foundation

22/10/1979

Company No.

SC069706

Shareholders

Name	Currency	Number of shares	Share type	Nominal value
AGNES JANET PATTISON	GBP	15,640	PREFERENCE	1
AGNES JANET PATTISON	GBP	297	ORDINARY	1
PETER PATTISON	GBP	15,640	PREFERENCE	1
PETER PATTISON	GBP	315	ORDINARY	1
SCOTT LATIMER	GBP	14,720	PREFERENCE	1
SCOTT LATIMER	GBP	288	ORDINARY	1
Total Share Capital GBP 46,900

Management

Directors
Name	Address:	Date of birth	Nationality	Appointment date
Mr Peter Wilson Pattison	Unit 2 Western Road Industrial Estate, Crathie Road, Kilmarnock, Ayrshire KA3 1LU	12/10/1949	British	31/12/1988
Mr Scott Forsyth Latimer	Unit 2 Western Road Industrial Estate, Crathie Road, Kilmarnock, Ayrshire KA3 1LU	14/02/1945	British	26/05/1992
Mrs Agnes Janet Pattison	Unit 2 Western Road Industrial Estate, Crathie Road, Kilmarnock, Ayrshire KA3 1LU	09/01/1950	British	31/12/1988
Mr Robert William Gibon Finch	Unit 2 Western Road Industrial Estate, Crathie Road, Kilmarnock, Ayrshire KA3 1LU	07/04/1947	British	15/12/2005
Mr Ian Howard Collinge	Unit 2 Western Road Industrial Estate, Crathie Road, Kilmarnock, Ayrshire KA3 1LU	20/09/1963	British	01/01/2010

Company Secretary
Name	Address:	Appointment date
Mrs Agnes Janet Pattison	Kenway Cottage, Kilmaurs, Kilmarnock, Ayrshire KA3 2PG	31/12/1988

Other Known Addresses

Unit 2, Western Industrial Estate, Crathie Road, Kilmarnock, Ayrshire KA3 1LU

Business activity

MAIN ACTIVITY

Principal Activity	Manufacturer of luggage and the like, saddler
SIC03	Wholesaler of clothing and footwear
SIC07	Wholesaler of clothing and footwear

Economic data

Turnover and Employees

Date of accounts	Turnover	Employees
31/12/2011	Not stated	Not stated
31/12/2012	Not stated	Not stated
31/12/2013	Not stated	Not stated

Supplementary data

Events

Company history

Date	Action
16/12/2009	Change in Reg.Office
18/12/2009	Annual Returns
11/01/2010	New Board Member Mr I.H. Collinge appointed
20/07/2010	New Accounts Filed
20/07/2010	New Accounts Filed
18/12/2010	Annual Returns
13/05/2011	New Accounts Filed
13/05/2011	New Accounts Filed
09/12/2011	Annual Returns
14/05/2012	New Accounts Filed
14/05/2012	New Accounts Filed
10/12/2012	Annual Returns
13/04/2013	New Accounts Filed
13/04/2013	New Accounts Filed
11/05/2013	New Accounts Filed
13/12/2013	Annual Returns
07/06/2014	New Accounts Filed
07/06/2014	New Accounts Filed

mortgages

Charge created 13/05/1986

Charge registered 23/05/1986

Status OUTSTANDING

Entitled person CLYDESDALE BANK PUBLIC LIMITED COMPANY

Secured amount ALL SUMS DUE OR TO BECOME DUE

Mortgage detail UNDERTAKING AND ALL PROPERTY AND ASSETSPRESENT AND FUTURE OF THE COMPANY INCLUDING UNCALLED CAPITAL

Charge created 23/03/1993

Charge registered 01/04/1993

Status SATISFIED

Entitled person ENTERPRISE AYRSHIRE

Secured amount ALL SUMS DUE OR TO BECOME DUE

Mortgage detail UNDERTAKING AND ALL PROPERTY AND ASSETSPRESENT AND FUTURE OF THE COMPANY INCLUDING UNCALLED CAPITAL

Charge created 20/11/1995

Charge registered 28/11/1995

Status OUTSTANDING

Entitled person CLYDESDALE BANK PUBLIC LIMITED COMPANY

Secured amount ALL SUMS DUE OR TO BECOME DUE

Mortgage detail THE STATION,CROSSHOUSE ROAD,KILMAURS

Charge created 13/11/2001

Charge registered 15/11/2001

Status SATISFIED

Entitled person LLOYDS TSB COMMERCIAL FINANCE LIMITED

Secured amount ALL SUMS DUE OR TO BECOME DUE

Mortgage detail UNDERTAKING AND ALL PROPERTY AND ASSETSPRESENT AND FUTURE OF THE COMPANY INCLUDING UNCALLED CAPITAL

Charge created 26/10/2012

Charge registered 01/11/2012

Status OUTSTANDING

Entitled person CLYDESDALE BANK PLC

Secured amount ALL SUMS DUE OR TO BECOME DUE

Mortgage detail UNDERTAKING AND ALL PROPERTY AND ASSETS PRESENT AND FUTURE, IN- CLUDING UNCALLED CAPITAL

Country Court Judgments (CCJs)

There are no County Court Judgments listed against this company

Accounts

Profit & Loss

	31/12/2013 52 GBP Group: No	31/12/2012 52 GBP Group: No	31/12/2011 52 GBP Group: No	31/12/2010 52 GBP Group: No
Turnover	0	0	0	0
Export	-	-	-	-
Cost of Sales	-	-	-	-
Gross Profit	-	-	-	-
Wages And Salaries	0	0	0	0
Directors Emoluments	-	-	-	-
Operating Profit	-	-	-	-
Depreciation	3,881	3,054	3,018	4,023
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

	31/12/2013 52 GBP Group: No	31/12/2012 52 GBP Group: No	31/12/2011 52 GBP Group: No	31/12/2010 52 GBP Group: No
Tangible Assets	20,185	9,165	9,045	12,063
Intangible Assets	14,000	15,500	17,000	18,500
Total Fixed Assets	34,185	24,665	26,045	30,563
Stock	742,197	354,131	480,288	471,929
Trade Debtors	822,874	891,893	644,874	421,823
Cash	42,981	92,734	57,254	61,985
Other Debtors	0	0	0	0
Miscellaneous Current Assets	0	0	0	0
Total Current Assets	1,608,052	1,338,758	1,182,416	955,737
Trade Creditors	959,327	934,359	901,350	672,633
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	959,327	934,359	901,350	672,633

	31/12/2013 52 GBP Group: No	31/12/2012 52 GBP Group: No	31/12/2011 52 GBP Group: No	31/12/2010 52 GBP Group: No
Bank Loans and Overdrafts LTL	4,643	1,833	1,809	2,413
Other Long Term Finance	0	0	0	0
Total Long Term Liabilities	4,643	1,833	1,809	2,413

Capital & Reserves

	31/12/2013 52 GBP Group: No	31/12/2012 52 GBP Group: No	31/12/2011 52 GBP Group: No	31/12/2010 52 GBP Group: No
Called Up Share Capital	126,900	126,900	46,900	900
P and L Account Reserve	551,367	300,331	258,402	264,354
Revaluation Reserve	0	0	0	0
Sundry Reserves	0	0	0	46,000
Shareholders Funds	678,267	427,231	305,302	311,254

Other Financial Items

	31/12/2013 52 GBP Group: No	31/12/2012 52 GBP Group: No	31/12/2011 52 GBP Group: No	31/12/2010 52 GBP Group: No
Net Worth	664,267	411,731	288,302	292,754
Working Capital	648,725	404,399	281,066	283,104
Total Assets	1,642,237	1,363,423	1,208,461	986,300
Total Liabilities	963,970	936,192	903,159	675,046
Net Assets	678,267	427,231	305,302	311,254

Cash Flow

	31/12/2013 52 GBP Group: No	31/12/2012 52 GBP Group: No	31/12/2011 52 GBP Group: No	31/12/2010 52 GBP Group: No
Net Cash Flow from Operations	0	0	0	0

	31/12/2013 52 GBP Group: No	31/12/2012 52 GBP Group: No	31/12/2011 52 GBP Group: No	31/12/2010 52 GBP Group: No
Net Cash Flow before Financing	0	0	0	0
Net Cash Flow from Financing	0	0	0	0
Increase in Cash	-49,753	35,480	-4,731	5,726

Miscellaneous

	31/12/2013 52 GBP Group: No	31/12/2012 52 GBP Group: No	31/12/2011 52 GBP Group: No	31/12/2010 52 GBP Group: No
Capital Employed	682,910	429,064	307,111	313,667

Financial Ratios

Name	31/12/2013	31/12/2012	31/12/2011	31/12/2010
Pre Tax Profit Margin	0.0%	0.0%	0.0%	0.0%
Current Ration	1.68	1.43	1.31	1.42
Sales or Net Working Capital	0.00	0.00	0.00	0.00
Gearing	0.68 %	0.43 %	0.59 %	0.78 %
Equity	41.66 %	31.70 %	25.62 %	32.16 %
Creditor Days	0.00	0.00	0.00	0.00
Debtor Days	0.00	0.00	0.00	0.00
Liquidity or Acid test	0.90	1.05	0.77	0.71
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	1.41 %	2.18 %	2.95 %	2.16 %
Total Debt Ratio	1.42 %	2.19 %	2.95 %	2.16 %
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 company operates under the trading style of “Rowallan of Scotland”

Only Abbreviated accounts have been filed, in 2012/2013 the post appropriation profit amounted to GBP 251,036 (In 2011/2012 – Profit of GBP 41,929). The current financial position is good and large reserves have been built up. Should continue to trade will

in the foreseeable future.

Principal Activities: and acts as a wholesale distributor of leather bags, travel bags, wallets, purses and gifts,

Employee: over twenty persons.

The Email address is sales@checkerleather.com

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.61.83
UK Pound	1	Rs.96.56
Euro	1	Rs.77.42

INFORMATION DETAILS

Analysis Done by :	DIV
Report Prepared by :	SNT

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.