MIRA INFORM REPORT

Report No. :	317980
Report Date :	18.04.2015

IDENTIFICATION DETAILS

Name :	PRESTIGIOUS TEXTILES LIMITED
Formerly Known As :	MARONPACE FASHIONS LIMITED
Registered Office :	4 Cross Lane Westgate Hill Street Bradford Bd4 0sg
Country :	United Kingdom
Financials (as on) :	31.08.2014
Date of Incorporation :	09.02.1988
Com. Reg. No.:	02219358
Legal Form :	Private limited with Share Capital
Line of Business :	Wholesale of Textiles Converters of furnishing fabrics.
No. of Employee :	110

RATING & COMMENTS

MIRA’s Rating :

Ba

RATING		STATUS	PROPOSED CREDIT LINE
41-55	Ba	Overall operation is considered normal. Capable to meet normal commitments.	Satisfactory

Status :	Satisfactory
Payment Behaviour :	No complaints
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 – December 31, 2014

Country Name	Previous Rating (30.09.2014)	Current Rating (31.12.2014)
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 & address

Company Name: PRESTIGIOUS TEXTILES LIMITED

Company No: 02219358

Company Status: Active - Accounts Filed

Registered Address: 4 CROSS LANE WESTGATE HILL STREET BRADFORD BD4 0SG

Company Summary

Registered Address 4 CROSS LANE
WESTGATE HILL STREET
BRADFORD
BD4 0SG

Trading Address 4 Cross Lane
Westgate Hill Street
Bradford
West Yorkshire
BD4 0SG

Website Address http://www.prestigious.co.uk

Telephone Number 01274688448

TPS No

FPS No

Incorporation Date 09/02/1988

Previous Name MARONPACE FASHIONS LIMITED

Type Private limited with Share Capital

FTSE Index -

Date of Change 08/08/1988

Filing Date of Accounts 13/02/2015

Currency GBP

Share Capital £51

SIC07 46410

Charity Number -

Principal Activity Wholesale of Textiles

Converters of furnishing fabrics.

Key Financials

Year to Date Turnover Pre Tax Profit Shareholder Funds Employees

31/08/2014 £30,110,284 £1,359,220 £12,491,533 110

31/08/2013 £28,271,037 £1,193,576 £11,630,273 112

31/08/2012 £29,603,576 £1,423,305 £10,945,345 107

Mortgage Summary

Total Mortgage 2

Outstanding 1

Satisfied 1

Trade Debtors / Bad Debt Summary

Total Number of Documented Trade 32

Total Value of Documented Trade £58,408

Commentary

This company has been treated as a Large company in respect of the rating/limit generated.

This company's return on total assets employed ratio indicates a highly efficient use of assets.

This company has made late payments on a medium percentage of invoices.

This company's ratio of total liabilities to total assets indicates the presence of moderate equity funding.

The company has more cash than short term bank borrowings.

This company trades in an industry with a lower level of corporate failures.

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 -	-

Total Current Directors	5
Total Current Secretaries	1
Total Previous Directors / Company Secretaries	6

Current Directors

Name	Trevor Helliwell	Date of Birth	03/07/1947
Officers Title	Mr	Nationality	British
Present Appointments	3	Function	Director
Appointment Date	04/08/1991
Address	2 Eldwick Hall Farm, Otley Road, Bingley, West Yorkshire, BD16 3AY

Name	Andrew David Gautry	Date of Birth	21/09/1956
Officers Title	Mr	Nationality	British
Present Appointments	6	Function	Director
Appointment Date	01/01/1994
Address	4 Cross Lane, Westgate Hill Street, Bradford, West Yorkshire, BD4 0SG

Name	Matthew Simon Helliwell	Date of Birth	18/07/1974
Officers Title	Mr	Nationality	British
Present Appointments	2	Function	Director
Appointment Date	11/08/2000
Address	Cromford Burley Lane, Menston, Leeds, West Yorkshire, LS29 6EH

Name	Nicola Brumfit	Date of Birth	01/01/1977
Officers Title	Ms	Nationality	British
Present Appointments	4	Function	Director
Appointment Date	07/02/2007
Address	Long Royd Old Langley Lane, Baildon, Shipley, West Yorkshire, BD17 6RY

Name	Graham Richard Bateman	Date of Birth	17/09/1957
Officers Title	Mr	Nationality	British
Present Appointments	1	Function	Director
Appointment Date	20/08/2011
Address	18 Slatelands Avenue, Glossop, Derbyshire, SK13 6LJ

Current Company Secretary

Name	Nicola Brumfit	Date of Birth	01/01/1977
Officers Title	Ms	Nationality	British
Present Appointments	4	Function	Company Secretary
Appointment Date	17/08/2006
Address	Long Royd Old Langley Lane, Baildon, Shipley, West Yorkshire, BD17 6RY

Top 20 Shareholders

Name	Currency	Share Count	Share Type	Nominal Value	% of Total Share Count
TRUSTEES OF TREVOR HELLIWELL DISCRETIONARY SETTLEMENT	GBP	26	ORDINARY	1	50.98
TREVOR HELLIWELL	GBP	15	ORDINARY	1	29.41
MATTHEW SIMON HELLIWELL	GBP	5	ORDINARY	1	9.8
NICOLA BRUMFITT	GBP	5	ORDINARY	1	9.8

Financials

Profit & Loss

Date Of Accounts	31/08/14	(%)	31/08/13	(%)	31/08/12	(%)	31/08/11	(%)	31/08/10
Weeks	52	(%)	52	(%)	52	(%)	52	(%)	52
Currency	GBP	(%)	GBP	(%)	GBP	(%)	GBP	(%)	GBP
Consolidated A/cs	N	(%)	N	(%)	N	(%)	N	(%)	N
Turnover	£30,110,284	6.5%	£28,271,037	-4.5%	£29,603,576	1.6%	£29,136,044	17%	£24,898,766
Export	£14,727,962	5.1%	£14,014,535	-8.8%	£15,361,364	12.3%	£13,678,102	-	-
Cost of Sales	£19,551,472	4.7%	£18,680,212	-3.7%	£19,401,460	-0.6%	£19,520,081	-	-
Gross Profit	£10,558,812	10.1%	£9,590,825	-6%	£10,202,116	6.1%	£9,615,963	-	-
Wages & Salaries	£4,950,399	10.8%	£4,467,179	-6.9%	£4,798,523	7.1%	£4,478,702	18.1%	£3,791,553
Directors Emoluments	£1,965,108	21.9%	£1,612,429	-8%	£1,752,812	4.7%	£1,674,293	51%	£1,109,130
Operating Profit	£1,425,944	1.9%	£1,399,802	-30.6%	£2,017,644	25%	£1,614,605	13.4%	£1,424,268
Depreciation	£137,863	24.3%	£110,915	36.2%	£81,413	-	£81,413	-16.1%	£97,003
Audit Fees	£18,500	-3.6%	£19,200	4.5%	£18,368	3.2%	£17,795	3.9%	£17,120
Interest Payments	£91,236	1.5%	£89,889	2.9%	£87,397	-14.9%	£102,640	-4.5%	£107,485
Pre Tax Profit	£1,359,220	13.9%	£1,193,576	-16.1%	£1,423,305	-2.8%	£1,464,226	0.1%	£1,463,427
Taxation	-£297,962	3.5%	-£308,648	35.9%	-£481,559	-15.7%	-£416,237	-11.8%	-£372,329
Profit After Tax	£1,061,258	19.9%	£884,928	-6%	£941,746	-10.1%	£1,047,989	-4%	£1,091,098
Dividends Payable	£200,000	-	£200,000	100%	£100,000	-	£100,000	-50%	£200,000
Retained Profit	£861,258	25.7%	£684,928	-18.6%	£841,746	-11.2%	£947,989	6.4%	£891,098

Balance Sheet

Date Of Accounts	31/08/14	(%)	31/08/13	(%)	31/08/12	(%)	31/08/11	(%)	31/08/10
Tangible Assets	£900,982	-2.3%	£922,433	57.3%	£586,411	51.2%	£387,957	-5.3%	£409,795
Intangible Assets	0	-	0	-	0	-	0	-	0
Total Fixed Assets	£900,982	-2.3%	£922,433	57.3%	£586,411	51.2%	£387,957	-5.3%	£409,795
Stock	£11,429,615	9.8%	£10,413,176	0.5%	£10,362,650	5.5%	£9,826,695	10.4%	£8,897,464
Trade Debtors	£4,435,005	2.5%	£4,325,337	-1.9%	£4,409,093	-7.4%	£4,759,805	8.1%	£4,405,009
Cash	£548,055	-18.7%	£674,449	92.5%	£350,279	390.7%	£71,380	-65.8%	£208,531
Other Debtors	£892,175	5.8%	£842,936	9.9%	£766,949	20.9%	£634,617	-6.2%	£676,350
Miscellaneous Current Assets	0	-	0	-	0	-	0	-	0
Total Current Assets	£17,304,850	6.5%	£16,255,898	2.3%	£15,888,971	3.9%	£15,292,497	7.8%	£14,187,354
Trade Creditors	£2,907,081	4.9%	£2,771,051	13.2%	£2,448,105	-21.1%	£3,104,297	-5.7%	£3,290,679
Bank Loans & Overdrafts	0	-	0	-	0	-	0	-	0
Other Short Term Finance	£692,385	-13.3%	£798,488	6.7%	£748,318	263.6%	£205,797	-63.6%	£565,530
Miscellaneous Current Liabilities	£2,011,975	6.3%	£1,892,058	-17.1%	£2,281,983	2.9%	£2,216,864	43.5%	£1,545,190
Total Current Liabilities	£5,611,441	2.7%	£5,461,597	-0.3%	£5,478,406	-0.9%	£5,526,958	2.3%	£5,401,399
Bank Loans & Overdrafts and LTL	£102,858	19%	£86,461	67.5%	£51,631	3.5%	£49,897	24.3%	£40,140
Other Long Term Finance	£13,258	-	0	-	0	-	0	-	0
Total Long Term Liabilities	£102,858	19%	£86,461	67.5%	£51,631	3.5%	£49,897	24.3%	£40,140

.

Capital & Reserves

Date Of Accounts	31/08/14	(%)	31/08/13	(%)	31/08/12	(%)	31/08/11	(%)	31/08/10
Called Up Share Capital	£51	-	£51	-	£51	-	£51	-	£51
P & L Account Reserve	£12,491,433	7.4%	£11,630,173	6.3%	£10,945,245	8.3%	£10,103,499	10.4%	£9,155,510
Revaluation Reserve	-	-	-	-	-	-	-	-	-
Sundry Reserves	£49	-	£49	-	£49	-	£49	-	£49
Shareholder Funds	£12,491,533	7.4%	£11,630,273	6.3%	£10,945,345	8.3%	£10,103,599	10.4%	£9,155,610

Other Financial Items

Date Of Accounts	31/08/14	(%)	31/08/13	(%)	31/08/12	(%)	31/08/11	(%)	31/08/10
Net Worth	£12,491,533	7.4%	£11,630,273	6.3%	£10,945,345	8.3%	£10,103,599	10.4%	£9,155,610
Working Capital	£11,693,409	8.3%	£10,794,301	3.7%	£10,410,565	6.6%	£9,765,539	11.1%	£8,785,955
Total Assets	£18,205,832	6%	£17,178,331	4.3%	£16,475,382	5.1%	£15,680,454	7.4%	£14,597,149
Total Liabilities	£5,714,299	3%	£5,548,058	0.3%	£5,530,037	-0.8%	£5,576,855	2.5%	£5,441,539
Net Assets	£12,491,533	7.4%	£11,630,273	6.3%	£10,945,345	8.3%	£10,103,599	10.4%	£9,155,610

Cash Flow

Date Of Accounts	31/08/14	(%)	31/08/13	(%)	31/08/12	(%)	31/08/11	(%)	31/08/10
Net Cashflow from Operations	£505,731	-69.7%	£1,669,017	32.8%	£1,256,325	22%	£1,030,076	-17.6%	£1,250,636
Net Cashflow before Financing	-£116,054	-135.8%	£324,170	16.2%	£278,899	-18.7%	£342,959	-57.1%	£799,721
Net Cashflow from Financing	-£10,340	-	-	-	-	100%	-£480,110	-999.9%	-£8,261
Increase in Cash	-£126,394	-139%	£324,170	16.2%	£278,899	303.4%	-£137,151	-117.3%	£791,460

MISCELLANEOUS

Date Of Accounts	31/08/14	(%)	31/08/13	(%)	31/08/12	(%)	31/08/11	(%)	31/08/10
Contingent Liability	NO	-	NO	-	YES	-	YES	-	YES
Capital Employed	£12,594,391	7.5%	£11,716,734	6.5%	£10,996,976	8.3%	£10,153,496	10.4%	£9,195,750
Number of Employees	110	-1.8%	112	4.7%	107	4.9%	102	7.4%	95
Auditors	FIRTH PARISH
Auditor Comments	The audit report contains no adverse comments
Bankers	HSBC BANK PLC
Bank Branch Code	40-13-15

RATIOS

Date Of Accounts	31/08/14	31/08/13	31/08/12	31/08/11	31/08/10
Pre-tax profit margin %	4.51	4.22	4.81	5.03	5.88
Current ratio	3.08	2.98	2.90	2.77	2.63
Sales/Net Working Capital	2.57	2.62	2.84	2.98	2.83
Gearing %	0.80	0.70	0.50	0.50	0.40
Equity in %	68.60	67.70	66.40	64.40	62.70
Creditor Days	35.14	35.67	30.10	38.78	48.10
Debtor Days	53.61	55.69	54.21	59.46	64.39
Liquidity/Acid Test	1.04	1.06	1	0.98	0.97
Return On Capital Employed %	10.79	10.18	12.94	14.42	15.91
Return On Total Assets Employed %	7.46	6.94	8.63	9.33	10.02
Current Debt Ratio	0.44	0.46	0.50	0.54	0.58
Total Debt Ratio	0.45	0.47	0.50	0.55	0.59
Stock Turnover Ratio %	37.95	36.83	35	33.72	35.73
Return on Net Assets Employed %	10.88	10.26	13	14.49	15.98

Report Notes

There are no notes to display.

Status History

No Status History found

Event History

Date	Description
28/02/2015	New Accounts Filed
09/08/2014	Annual Returns
28/05/2014	New Accounts Filed
28/08/2013	Annual Returns
10/06/2013	New Accounts Filed
10/06/2013	New Accounts Filed
10/08/2012	Annual Returns
04/05/2012	New Accounts Filed
08/03/2012	New Board Member Mr G.R. Bateman appointed
23/09/2011	Annual Returns
11/03/2011	New Accounts Filed
11/03/2011	New Accounts Filed
18/08/2010	Annual Returns
09/04/2010	New Accounts Filed
10/08/2009	Annual Returns

Previous Company Names

Date	Previous Name
08/08/1988	MARONPACE FASHIONS LIMITED

Writ Details

No writs found

Statistics

Group	-
Linkages	0 companies
Countries	In 0 countries

Summary

Holding Company	-
Ownership Status
Ultimate Holding Company	-

Group structure Full

No group structure

Mortgage Details

Mortgage Type:	DEBENTURE
Date Charge Created:	21/12/05
Date Charge Registered:	23/12/05
Date Charge Satisfied:	-
Status:	OUTSTANDING
Person(s) Entitled:	HSBC BANK PLC
Amount Secured:	ALL MONIES DUE OR TO BECOME DUE FROM THE COMPANY TO THE CHARGEE ON ANY ACCOUNT WHATSOEVER
Details:	FIXED AND FLOATING CHARGES OVER THE UNDERTAKING AND ALL PROPERTY AND ASSETS PRESENT AND FUTURE INCLUDING GOODWILL BOOKDEBTS UNCALLED CAPITAL BUILDINGS FIXTURESFIXED PLANT AND MACHINERY
Mortgage Type:	DEBENTURE
Date Charge Created:	05/12/90
Date Charge Registered:	18/12/90
Date Charge Satisfied:	21/08/10
Status:	SATISFIED
Person(s) Entitled:	BARCLAYS BANK PLC
Amount Secured:
Details:	FIXED AND FLOATING CHARGES OVER THE UNDERTAKING AND ALL PROPERTY AND ASSETS PRESENT AND FUTURE INCLUDING GOODWILL BOOKDEBTS UNCALLED CAPITAL BUILDINGS FIXTURESFIXED PLANT AND MACHINERY

Creditor Details

	Total Number	Total Value
Trade Creditors	0	-
No Creditor Data

Trade Debtors / Bad Debt Detail

	Total Number of Documented Trade	Total Value of Documented Trade
Trade Debtors	32	£58,408
Company Name		Amount	Statement Date
Manor House Upholstery Limited		£10,285	19/03/2013
C A Unitrade Limited		£6,823	09/01/2015
Novatec Limited		£5,701	12/02/2010
Milton Keynes Blinds Company Limited		£4,406	29/01/2010
Quayside Property Corporation Limited		£3,893	15/08/2014
Jartex Ltd		£2,918	19/02/2013
Beau Maison Designs Limited		£2,361	05/06/2014
M G M Trading Company Ltd		£2,316	18/08/2011
Wharram Designs Limited		£2,062	14/07/2014
Chapmans Curtains And Covers Limited		£2,012	28/01/2015
Mill House Fabrics Limited		£1,787	26/10/2012
Prestigious Interiors Limited		£1,562	06/05/2010
Belle Interiors Limited		£1,553	25/01/2013
Impact Interior Decor Limited		£1,486	23/06/2010
Pritchard (Drapers) Limited		£1,359	27/08/2010
Fereday & Pocock Limited		£1,040	22/03/2010
Roy Bell Wallcoverings Limited		£950	25/03/2010
Briant Curtaining Limited		£700	27/03/2014
UK Blinds Manufacturing Limited		£668	09/09/2010
Sandra Gallon Curtains Ltd		£651	08/03/2013
I E Wallpaper & Fabric Limited		£590	07/07/2011
Fulwith Textiles Limited		£447	31/07/2013
Broadway Carpets & Curtains Ltd		£436	01/08/2014
Halstead Carpet Company Limited		£387	25/08/2010
Shades (Shenfield) Ltd		£385	10/01/2014
J C & M P Smith Limited		£370	20/08/2014
Abbey Blinds & Awnings Limited		£271	30/03/2012
Sash Curtain Makers Ltd		£238	03/07/2013
Mellons Limited		£237	11/09/2012
J & M Walker Ltd		£213	23/11/2012
Finneys Limited		£190	27/07/2011
Abbey Furniture Ltd		£111	19/03/2012

Previous Director/Company Secretaries

Name	Current Directorships	Previous Directorships
Pauline Anne Helliwell	0	5
Pauline Anne Helliwell	0	5
John James Perry	1	2
Giles Andrew Hoyle	0	3
Colin Albert Pollard	2	1
Kevin Dempsey	0	1
Average Invoice Value	£282.72
Invoices available	134
Paid	130
Outstanding	4

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	27	60	40	1	2
Outstanding	0	0	4	0	0

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.62.35
UK Pound	1	Rs.93.10
Euro	1	Rs.67.13

INFORMATION DETAILS

Analysis Done by :	DIV
Report Prepared by :	ASH

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.