MIRA INFORM REPORT

Report No. :	351864
Report Date :	30.11.2015

IDENTIFICATION DETAILS

Name :	THE ULTIMATE RUG CO LTD
Formerly Known as :	RUGSTYLE LIMITED
Registered Office :	Unit 3 Globe Square Globe Lane Dukinfield SK16 4RG
Country :	United Kingdom
Financials (as on) :	31.07.2014
Date of Incorporation :	16.05.2007
Com. Reg. No.:	06249348
Legal Form :	Private limited with Share Capital
Line of Business :	Wholesale of household goods (other than musical instruments).
No. of Employee :	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, 2015

Country Name	Previous Rating (31.12.2014)	Current Rating (31.03.2015)
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. 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 Name and address

THE ULTIMATE RUG CO LTD

Company No:

06249348

Registered Address:

UNIT 3 GLOBE SQUARE GLOBE LANE DUKINFIELD SK16 4RG

Company Summary

Registered Address	UNIT 3 GLOBE SQUARE GLOBE LANE DUKINFIELD SK16 4RG	Trading Address	Unit 3 Globe Square Globe Lane Dukinfield, Cheshire SK16 4RG
Website Address	http://www.ultimaterugco.com
Telephone Number	01613392148	Fax Number	--
TPS	No	FPS	No
Incorporation Date	16/05/2007
Previous Name	RUGSTYLE LIMITED	Type	Private limited with Share Capital
FTSE Index	--	Date of Change	03/12/2008
Filing Date of Accounts	29/04/2015	Currency	GBP
Share Capital	£100	SIC07	46499
Charity Number	--
SIC07 Description	WHOLESALE OF HOUSEHOLD GOODS (OTHER THAN MUSICAL INSTRUMENTS) N.E.C.
Principal Activity	--

Key Financials

Year to Date	Turnover	Pre Tax Profit	Shareholder	Funds Employees
31/07/2014	--	--	£188,893	--
31/07/2013	--	--	£318,501	--
31/07/2012	--	--	£171,615	--

Mortgage Summary

Total Mortgage 7

Outstanding 3

Satisfied 4

Trade Debtors / Bad Debt Summary

Total Number of Documented Trade 7

Total Value of Documented Trade £5,618

Commentary

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

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

The high debt/equity ratio indicates that assets are funded primarily by creditors rather than equity/reinvested profits.

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.

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	2
Total Current Secretaries	0
Total Previous Directors / Company Secretaries	4

Current Directors

Name	Robert Nicholson	Date of Birth	22/03/1971
Officers Title	Mr	Nationality	British
Present Appointments	7	Function	Director
Appointment Date	16/05/2007
Address	Unit 3 Globe Square, Globe Lane, Dukinfield, Cheshire, SK16 4RG

Name	Anthony Clancy	Date of Birth	21/08/1981
Officers Title	Mr	Nationality	British
Present Appointments	2	Function	Director
Appointment Date	07/04/2010
Address	Unit 3 Globe Square, Globe Lane, Dukinfield, Cheshire, SK16 4RG

Current Company Secretary

----

Top 20 Shareholders

Name	Currency	Share Count	Share Type	Nominal Value	% of Total Share Count
ANTHONY CLANCY	GBP	25	ORDINARY	1	25
ROBERT NICHOLSON	GBP	25	ORDINARY	1	25
LISA NICHOLSON	GBP	25	ORDINARY	1	25
KATIE CLANCY	GBP	25	ORDINARY	1	25

Profit & Loss

Date Of Accounts	31/07/14	(%)	31/07/13	(%)	31/07/12	(%)	31/07/11	(%)	31/05/10
Weeks	52	(%)	52	(%)	52	(%)	61	(%)	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	£62,473	4.6%	£59,706	189%	£20,661	21.8%	£16,964	143%	£6,980
Audit Fees	-	-	-	-	-	-	-	-	-
Interest Payments	-	-	-	-	-	-	-	-	-
Pre Tax Profit	-	-	-	-	-	-	-	-	-
Taxation	-	-	-	-	-	-	-	-	-
Profit After Tax	-	-	-	-	-	-	-	-	-
Dividends Payable	-	-	-	-	-	-	-	-	-
Retained Profit	-	-	-	-	-	-	-	-	-

Balance Sheet

Date Of Accounts	31/07/14	(%)	31/07/13	(%)	31/07/12	(%)	31/07/11	(%)	31/05/10
Tangible Assets	£231,238	-8.3%	£252,220	111.7%	£119,162	89.4%	£62,909	123.6%	£28,139
Intangible Assets	0	-	0	-	0	-	0	-	0
Total Fixed Assets	£231,238	-8.3%	£252,220	111.7%	£119,162	89.4%	£62,909	123.6%	£28,139
Stock	£1,541,215	-33.2%	£2,305,593	56.9%	£1,469,867	82.4%	£805,722	20%	£671,279
Trade Debtors	£845,713	-16.2%	£1,009,545	-24.1%	£1,330,665	53%	£869,544	-23.5%	£1,136,928
Cash	£127,240	999.9%	£6,041	-30.5%	£8,698	-92.4%	£114,872	-70.2%	£385,502
Other Debtors	0	-	0	-	0	-	0	-	0
Miscellaneous Current Assets	0	-	0	-	0	-	0	-	0
Total Current Assets	£2,514,168	-24.3%	£3,321,179	18.2%	£2,809,230	56.9%	£1,790,138	-18.4%	£2,193,709
Trade Creditors	£2,523,041	-21.5%	£3,214,154	17.9%	£2,725,089	52.7%	£1,784,111	-17.7%	£2,166,766
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	£2,523,041	-21.5%	£3,214,154	17.9%	£2,725,089	52.7%	£1,784,111	-17.7%	£2,166,766
Bank Loans & Overdrafts and LTL	£33,472	-17.8%	£40,744	28.6%	£31,688	124.9%	£14,089	78.1%	£7,909
Other Long Term Finance	0	-	0	-	0	-	0	-	0
Total Long Term Liabilities	£33,472	-17.8%	£40,744	28.6%	£31,688	124.9%	£14,089	78.1%	£7,909

Capital & Reserves

Date Of Accounts	31/07/14	(%)	31/07/13	(%)	31/07/12	(%)	31/07/11	(%)	31/05/10
Called Up Share Capital	£100	-	£100	-	£100	-	£100	400%	£20
P & L Account Reserve	£188,793	-40.7%	£318,401	85.6%	£171,515	213.3%	£54,747	16.1%	£47,153
Revaluation Reserve	-	-	-	-	-	-	-	-	-
Sundry Reserves	-	-	-	-	-	-	-	-	-
Shareholder Funds	£188,893	-40.7%	£318,501	85.6%	£171,615	212.9%	£54,847	16.3%	£47,173

Other Financial Items

Date Of Accounts	31/07/14	(%)	31/07/13	(%)	31/07/12	(%)	31/07/11	(%)	31/05/10
Net Worth	£188,893	-40.7%	£318,501	85.6%	£171,615	212.9%	£54,847	16.3%	£47,173
Working Capital	-£8,873	-108.3%	£107,025	27.2%	£84,141	999.9%	£6,027	-77.6%	£26,943
Total Assets	£2,745,406	-23.2%	£3,573,399	22%	£2,928,392	58%	£1,853,047	-16.6%	£2,221,848
Total Liabilities	£2,556,513	-21.5%	£3,254,898	18.1%	£2,756,777	53.3%	£1,798,200	-17.3%	£2,174,675
Net Assets	£188,893	-40.7%	£318,501	85.6%	£171,615	212.9%	£54,847	16.3%	£47,173

Cash Flow

Date Of Accounts	31/07/14	(%)	31/07/13	(%)	31/07/12	(%)	31/07/11	(%)	31/05/10
Net Cashflow from Operations	-	-	-	-	-	-	-	-	-
Net Cashflow before Financing	-	-	-	-	-	-	-	-	-
Net Cashflow from Financing	-	-	-	-	-	-	-	-	-
Increase in Cash	-	-	-	-	-	-	-	-	-

Miscellaneous

Date Of Accounts	31/07/14	(%)	31/07/13	(%)	31/07/12	(%)	31/07/11	(%)	31/05/10
Contingent Liability	NO	-	NO	-	NO	-	NO	-	NO
Capital Employed	£222,365	-38.1%	£359,245	76.7%	£203,303	194.9%	£68,936	25.2%	£55,082
Number of Employees	-	-	-	-	-	-	-	-	-
Accountants
Auditors
Auditor Comments	The company is exempt from audit
Bankers
Bank Branch Code

Ratios

Date Of Accounts	31/07/14	31/07/13	31/07/12	31/07/11	31/05/10
Pre-tax profit margin %	-	-	-	-	-
Current ratio	1	1.03	1.03	1	1.01
Sales/Net Working Capital	-	-	-	-	-
Gearing %	17.70	12.80	18.50	25.70	16.80
Equity in %	6.90	8.90	5.90	3	2.10
Creditor Days	-	-	-	-	-
Debtor Days	-	-	-	-	-
Liquidity/Acid Test	0.38	0.31	0.49	0.55	0.70
Return On Capital Employed %	-	-	-	-	-
Return On Total Assets Employed %	-	-	-	-	-
Current Debt Ratio	13.35	10.09	15.87	32.52	45.93
Total Debt Ratio	13.53	10.21	16.06	32.78	46.09
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
07/07/2015	Payment Data Update Recieved
04/07/2015	Annual Returns
11/05/2015	New Accounts Filed
15/08/2014	Miss T. Charlton has resigned as company secretary
04/06/2014	New Accounts Filed
23/05/2014	Annual Returns
16/07/2013	Annual Returns
08/05/2013	New Accounts Filed
28/05/2012	Annual Returns
04/04/2012	Mr E.D. Turner has resigned as company secretary
04/04/2012	New Company Secretary Miss T. Charlton appointed
14/02/2012	New Accounts Filed
14/06/2011	Annual Returns
03/03/2011	New Accounts Filed
03/03/2011	New Accounts Filed

Previous Company Names

Date	Previous Name
03/12/2008	RUGSTYLE 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:
Date Charge Created:	17/11/14
Date Charge Registered:	20/11/14
Date Charge Satisfied:	-
Status:	OUTSTANDING
Person(s) Entitled:	LLOYDS BANK PLC;
Amount Secured:
Details:	CONTAINS FIXED CHARGE.
Mortgage Type:
Date Charge Created:	03/11/14
Date Charge Registered:	11/11/14
Date Charge Satisfied:	-
Status:	OUTSTANDING
Person(s) Entitled:	LLOYDS BANK PLC;
Amount Secured:
Details:	CONTAINS FIXED CHARGE.CONTAINS FLOATINGCHARGE.FLOATING CHARGE COVERS ALL THE PROPERTY OR UNDERTAKING OF THE COMPANY.CONTAINS NEGATIVE PLEDGE.

Mortgage Type:
Date Charge Created:	15/09/14
Date Charge Registered:	15/09/14
Date Charge Satisfied:	-
Status:	OUTSTANDING
Person(s) Entitled:	LLOYDS BANK COMMERCIAL FINANCE LTD;
Amount Secured:
Details:	CONTAINS FIXED CHARGE.CONTAINS FLOATINGCHARGE.FLOATING CHARGE COVERS ALL THE PROPERTY OR UNDERTAKING OF THE COMPANY.CONTAINS NEGATIVE PLEDGE.
Mortgage Type:
Date Charge Created:	09/07/13
Date Charge Registered:	11/07/13
Date Charge Satisfied:	19/03/15
Status:	SATISFIED
Person(s) Entitled:	HSBC BANK PLC;
Amount Secured:
Details:	N/ANOTIFICATION OF ADDITION TO OR AMENDMENT OF CHARGE.

Mortgage Type:	FIXED CHARGE ON NON-VESTING DEBTS AND FLOATING CHARGE
Date Charge Created:	22/03/13
Date Charge Registered:	26/03/13
Date Charge Satisfied:	19/03/15
Status:	SATISFIED
Person(s) Entitled:	HSBC INVOICE FINANCE (UK) LTD (THE SECURITY HOLDER);
Amount Secured:
Details:	BY WAY OF FIRST FIXED CHARGE ALL DEBTS AND ALL EXPORT DEBTS PURPORTEDLY ASSIGNED TO THE SECURITY HOLDER PURSUANT TO THEDEBT PURCHASE AGREEMENT. ALL ASSOCIATEDRIGHTS RELATING TO ANY NON-VESTING DOMESTIC DEBTS AND NON-VESTING EXPORT DEBTS. BY WAY OF FIRST FIXED CHARGE THE EXCLUDED PROCEEDS AND BY WAY OF FIRST FLOATING CHARGE ALL PRESENT AND FUTURE ASSETS UNDERTAKING AND ALL OTHER PROPERTY AND ASSETS SEE IMAGE FOR FULL DETAILS
Mortgage Type:	DEBENTURE
Date Charge Created:	09/01/13
Date Charge Registered:	11/01/13
Date Charge Satisfied:	19/03/15
Status:	SATISFIED
Person(s) Entitled:	HSBC BANK PLC;
Amount Secured:
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:	DEBENTURE
Date Charge Created:	31/03/11
Date Charge Registered:	15/10/13
Date Charge Satisfied:	-
Status:	SATISFIED
Person(s) Entitled:	NATIONAL WESTMINSTER BANK PLC;
Amount Secured:
Details:	FIXED AND FLOATING CHARGE OVER THE UNDERTAKING AND ALL PROPERTY AND ASSETS PRESENT AND FUTURE, INCLUDING GOODWILL, UNCALLED CAPITAL, BUILDINGS, FIXTURES, FIXEDPLANT & 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	7	£5,618
Company Name		Amount	Statement Date
Milson Discount Limited		£2,764	27/04/2012
C N S Carpets Ltd		£757	17/08/2012
Classix Design Ltd		£576	29/11/2012
Williams & Lamb Ltd		£549	25/05/2012
Floormaster Limited		£500	16/03/2012
Williams Flooring Limited		£371	19/11/2010
Carpet Centre (Wombwell) Limited		£101	25/02/2015

Previous Director/Company Secretaries

Name	Current Directorships	Previous Directorships
Lisa Nicholson	0	2
Lisa Nicholson	0	2
Eric David Turner	0	1
Terri Charlton	0	1
Average Invoice Value	Ł243.13
Invoices available	15
Paid	14
Outstanding	1

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	2	7	0	3	2
Outstanding	0	0	1	0	0

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.66.75
UK Pound	1	Rs.100.68
Euro	1	Rs.70.88
GBP	1	Rs.100.43

Note : Above are approximate rates obtained from sources believed to be correct

INFORMATION DETAILS

Analysis Done by :	TRI
Report Prepared by :	ANK

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.