MIRA INFORM REPORT

Report No. :	349180
Report Date :	09.11.2015

IDENTIFICATION DETAILS

Name :	PURSEWORLD LEATHERGOODS LIMITED

Registered Office :	91 Princess Street, Manchester Greater Manchester, M1 4HT

Country :	United Kingdom

Financials (as on) :	31.03.2014

Date of Incorporation :	27.10.1992

Com. Reg. No.:	02759152

Legal Form :	Private Limited with Share Capital

Line of Business :	· Agents involved in the sale of textiles, clothing, fur, footwear and leather goods · Wholesale of other household goods.

No. of Employees :	Not Available

RATING & COMMENTS

MIRA’s Rating :

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 – March 31, 2015

Country Name

Previous Rating

(31.12.2014)

Current Rating

(31.03.2015)

United Kingdom

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. 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 has been a net importer of energy since 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.

In 2008, 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. Facing burgeoning public deficits and debt levels, in 2010 the CAMERON-led coalition government (between Conservatives and Liberal Democrats) initiated an austerity program, which aimed to lower London's budget deficit from about 11% of GDP in 2010 to nearly 1% by 2015. 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 20% by 2015. However, the deficit still remains one of the highest in the G7, standing at 6.0% in 2014.

In 2012, weak consumer spending and subdued business investment weighed on the economy, however, in 2013 GDP grew 1.7% and in 2014, 2.6%, accelerating unexpectedly because of greater consumer spending and a recovering housing market.

The Bank of England (BoE) implemented an asset purchase program of 375 billion (approximately $586 billion) as of December 2014. 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 summary

Registered Address

91 Princess Street
Manchester Greater Manchester
M1 4HT

Trading Address

91 Princess Street
Manchester
Lancashire
M1 4HT

TPS

FPS

Incorporation Date

27/10/1992

Type

Private limited with Share Capital

Company Number

02759152

Filing Date of Accounts

05/12/2014

Currency

GBP

Share Capital

£1,000

SIC07

46160

Charity Number

SIC07 Description

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

Principal Activity

Wholesale of other household goods.

Key financials

Year to Date	Turnover	Pre Tax Profit	Shareholder	Funds Employees
31/12/2014	-	-	£815,988	-
31/12/2013	-	-	£871,961	-
31/12/2012	-	-	£1,085,126	-

Mortgage Summary

Total Mortgage 3

Outstanding 1

Satisfied 2

Trade debtors / bad debt summary

Total Number of Documented Trade 2

Total Value of Documented Trade £3,581

Commentary

This company has been treated as a Small company.

The latest Balance Sheet indicates a positive net working capital position.

The latest cash balances represent a positive level in terms of the overall outstanding creditor obligations.

There has been a reduction in shareholders funds compared with the previous balance sheet.

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

Current directors

Name	Ronnie Tai Cheong Lam	Date of Birth	13/05/1951
Officers Title	Mr	Nationality	British
Present Appointments	2	Function	Director
Appointment Date	12/05/1993
Address	14 Crossfield Drive, Worsley, Manchester, Lancashire, M28 1GP

Name	Queeenie Kit Man Lam	Date of Birth	09/12/1959
Officers Title	Mrs	Nationality	British
Present Appointments	1	Function	Director
Appointment Date	27/10/1992
Address	14 Crossfield Drive, Worsley, Manchester, Lancashire, M28 1GP

Name	William Hin Kwong Lo	Date of Birth	30/03/1957
Officers Title	Mr	Nationality	British
Present Appointments	1	Function	Director
Appointment Date	12/05/1993
Address	9 Leaconfield Drive, Worsley, Manchester, M28 2WE

Current Company Secretary

Name	Lilian Wea Win Lo	Date of Birth	-
Officers Title	Mrs	Nationality	British
Present Appointments	1	Function	Company Secretary
Appointment Date	27/10/1992
Address	9 Leaconfield Drive, Worsley, Manchester, M28 2WE

Top 20 Shareholders

Name	Currency	Share Count	Share Type	Nominal Value	% of Total Share Count
MRS QUEEENIE KIT MAN LAM	GBP	250	ORDINARY	1	25
MRS LILIAN WEA WIN LO	GBP	250	ORDINARY	1	25
MR WILLIAM HIN KWONG LO	GBP	250	ORDINARY	1	25
MR RONNIE TAI CHEONG LAM	GBP	250	ORDINARY	1	25

Profit & loss

Date Of Accounts	31/03/14	(%)	31/03/13	(%)	31/03/12	(%)	31/03/11	(%)	31/03/10
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	£4,973	-4.5%	£5,210	-10.3%	£5,810	-10.5%	£6,488	-9.4%	£7,160
Audit Fees	-	-	-	-	-	-	-	-	-
Interest Payments	-	-	-	-	-	-	-	-	-
Pre Tax Profit	-	-	-	-	-	-	-	-	-
Taxation	-	-	-	-	-	-	-	-	-
Profit After Tax	-	-	-	-	-	-	-	-	-
Dividends Payable	-	-	-	-	-	-	-	-	-
Retained Profit	-	-	-	-	-	-	-	-	-

Balance sheet

Date Of Accounts	31/03/14	(%)	31/03/13	(%)	31/03/12	(%)	31/03/11	(%)	31/03/10
Tangible Assets	£336,500	40.1%	£240,110	-2.1%	£245,320	-2.3%	£251,130	-2.2%	£256,740
Intangible Assets	0	-	0	-	0	-	0	-	0
Total Fixed Assets	£336,500	40.1%	£240,110	-2.1%	£245,320	-2.3%	£251,130	-2.2%	£256,740
Stock	£318,831	-24.7%	£423,231	-26.4%	£575,407	83.3%	£313,953	-22.6%	£405,596
Trade Debtors	£372,800	-19.3%	£462,112	-13%	£531,048	-10.7%	£594,554	34.2%	£443,062
Cash	£1,315,478	-3.1%	£1,357,282	9.3%	£1,241,937	-19.9%	£1,551,167	-13.4%	£1,791,695
Other Debtors	0	-	0	-	0	-	0	-	0
Miscellaneous Current Assets	0	-	0	-	0	-	0	-	0
Total Current Assets	£2,007,109	-10.5%	£2,242,625	-4.5%	£2,348,392	-4.5%	£2,459,674	-6.8%	£2,640,353
Trade Creditors	£1,524,771	-5.2%	£1,607,924	6.8%	£1,505,236	0.4%	£1,499,665	-3.8%	£1,558,123
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	£1,524,771	-5.2%	£1,607,924	6.8%	£1,505,236	0.4%	£1,499,665	-3.8%	£1,558,123
Bank Loans & Overdrafts and LTL	£2,850	-	£2,850	-14.9%	£3,350	-16.3%	£4,000	-9.7%	£4,430
Other Long Term Finance	0	-	0	-	0	-	0	-	0
Total Long Term Liabilities	£2,850	-	£2,850	-14.9%	£3,350	-16.3%	£4,000	-9.7%	£4,430

Capital & Reserves

Date Of Accounts	31/03/14	(%)	31/03/13	(%)	31/03/12	(%)	31/03/11	(%)	31/03/10
Called Up Share Capital	£1,000	-	£1,000	-	£1,000	-	£1,000	-	£1,000
P & L Account Reserve	£814,988	-6.4%	£870,961	-19.7%	£1,084,126	-10.1%	£1,206,139	-9.6%	£1,333,540
Revaluation Reserve	-	-	-	-	-	-	-	-	-
Sundry Reserves	-	-	-	-	-	-	-	-	-
Shareholder Funds	£815,988	-6.4%	£871,961	-19.6%	£1,085,126	-10.1%	£1,207,139	-9.5%	£1,334,540

Other Financial Items

Date Of Accounts	31/03/14	(%)	31/03/13	(%)	31/03/12	(%)	31/03/11	(%)	31/03/10
Net Worth	£815,988	-6.4%	£871,961	-19.6%	£1,085,126	-10.1%	£1,207,139	-9.5%	£1,334,540
Working Capital	£482,338	-24%	£634,701	-24.7%	£843,156	-12.2%	£960,009	-11.3%	£1,082,230
Total Assets	£2,343,609	-5.6%	£2,482,735	-4.3%	£2,593,712	-4.3%	£2,710,804	-6.4%	£2,897,093
Total Liabilities	£1,527,621	-5.2%	£1,610,774	6.8%	£1,508,586	0.3%	£1,503,665	-3.8%	£1,562,553
Net Assets	£815,988	-6.4%	£871,961	-19.6%	£1,085,126	-10.1%	£1,207,139	-9.5%	£1,334,540

Cash Flow

Date Of Accounts	31/03/14	(%)	31/03/13	(%)	31/03/12	(%)	31/03/11	(%)	31/03/10
Net Cashflow from Operations	-	-	-	-	-	-	-	-	-
Net Cashflow before Financing	-	-	-	-	-	-	-	-	-
Net Cashflow from Financing	-	-	-	-	-	-	-	-	-
Increase in Cash	-	-	-	-	-	-	-	-	-

Miscellaneous

Date Of Accounts	31/03/14	(%)	31/03/13	(%)	31/03/12	(%)	31/03/11	(%)	31/03/10
Contingent Liability	NO	-	NO	-	NO	-	NO	-	NO
Capital Employed	£818,838	-6.4%	£874,811	-19.6%	£1,088,476	-10.1%	£1,211,139	-9.5%	£1,338,970
Number of Employees	-	-	-	-	-	-	-	-	-
Accountants
Auditors
Auditor Comments	The company is exempt from audit
Bankers
Bank Branch Code

Ratios

Date Of Accounts	31/03/14	31/03/13	31/03/12	31/03/11	31/03/10
Pre-tax profit margin %	-	-	-	-	-
Current ratio	1.32	1.39	1.56	1.64	1.69
Sales/Net Working Capital	-	-	-	-	-
Gearing %	0.30	0.30	0.30	0.30	0.30
Equity in %	34.80	35.10	41.80	44.50	46.10
Creditor Days	-	-	-	-	-
Debtor Days	-	-	-	-	-
Liquidity/Acid Test	1.10	1.13	1.17	1.43	1.43
Return On Capital Employed %	-	-	-	-	-
Return On Total Assets Employed %	-	-	-	-	-
Current Debt Ratio	1.86	1.84	1.38	1.24	1.16
Total Debt Ratio	1.87	1.84	1.39	1.24	1.17
Stock Turnover Ratio %	-	-	-	-	-
Return on Net Assets Employed %	-	-	-	-	-

Report Notes

There are no notes to display.

Status History

No Status History found

Event History

Date	Description
18/12/2014	New Accounts Filed
01/11/2014	Annual Returns
11/12/2013	New Accounts Filed
05/11/2013	Annual Returns
18/12/2012	New Accounts Filed
03/11/2012	Annual Returns
20/12/2011	New Accounts Filed
13/12/2011	Annual Returns
17/01/2011	Annual Returns
17/12/2010	New Accounts Filed
29/01/2010	Annual Returns
17/12/2009	New Accounts Filed
03/12/2008	New Accounts Filed
02/01/2008	New Accounts Filed
30/11/2006	New Accounts Filed

Previous Company Names

No Previous Names found

Writ Details

No writs found

Statistics

Group	-
Linkages	0 companies
Countries	In 0 countries

Summary

Holding Company	-
Ownership Status
Ultimate Holding Company	-

Group StructureFull

No Group Structure

Mortgage Details

Mortgage Type:	DEBENTURE
Date Charge Created:	18/02/08
Date Charge Registered:	21/02/08
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 CHARGE OVER THE UNDERTAKING AND ALL PROPERTY AND ASSETS PRESENT AND FUTURE, INCLUDING GOODWILL, BOOKDEBTS, UNCALLED CAPITAL, BUILDINGS, FIXTURES, FIXED PLANT & MACHINERY
Mortgage Type:	MORTGAGE DEBENTURE
Date Charge Created:	27/07/95
Date Charge Registered:	03/08/95
Date Charge Satisfied:	15/07/10
Status:	SATISFIED
Person(s) Entitled:	SINGER & FRIEDLANDER LIMITED
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 MACHINERYSEE THE MORTGAGECHARGE DOCUMENT FOR FULL DETAILS

Mortgage Type:	DEBENTURE
Date Charge Created:	22/12/93
Date Charge Registered:	29/12/93
Date Charge Satisfied:	15/07/10
Status:	SATISFIED
Person(s) Entitled:	CREDIT LYONNAIS BANK NEDERLAND N.V.
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	2	£3,581
Company Name		Amount	Statement Date
His & Hers Accessories Ltd		£2,654	31/03/2015
The Bag Hut Ltd		£927	21/04/2015

Previous Director/Company Secretaries

Name	Current Directorships	Previous Directorships
CHETTLEBURGH INTERNATIONAL LIMITED	209	30649

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.65.79
UK Pound	1	Rs.99.95
Euro	1	Rs.71.55

INFORMATION DETAILS

Analysis Done by :	RAS

Report Prepared by :	TPT

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%)

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