MIRA INFORM REPORT

Report Date :

07.12.2007

IDENTIFICATION DETAILS

Name :	WHITE HORSE MACHINERY LIMITED
Registered Office :	Unit 3 Fusion Point, Ash Lane Garforth, Leeds, W Yorks LS25 2GA
Country :	United Kingdom
Financials (as on) :	30.04.2006
Date of Incorporation :	08/06/1992
Com. Reg. No.:	02720968
Legal Form :	Private Limited Liability Company (GB)
Line of Business :	Retailers of used printing machinery

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

Company Identification Details

Subject Reported on	WHITE HORSE MACHINERY LIMITED
Trading Address	Ash La Graforth,LEEDS,LS25 2AG
Telephone	01132-870440

	Average Risk - This company has an average risk status and should be treated with a degree of caution
Credit Limit	GBP   128,400
	Selling to this company? The Credit Limit is the recommended maximum outstanding debtor exposure at any one time.
Contract Limit	GBP   1,040,700
	Buying from this company? The Contract Limit is the recommended aggregate annual value for supply contracts.

Official Company Data

Legal Form	Private Limited Liability Company (GB)
Registration Number	02720968
Date of Incorporation	08/06/1992
Registered Office	Unit 3 Fusion Point, Ash Lane Garforth, Leeds, W Yorks LS25 2GA
Date of Last Annual Return to Registry	08/06/2007
Activities	Retailers of used printing machinery
Accounts	The last filed accounts cover the period to 30/04/2006 and were filed on 17/10/2006

Recently Filed Documents

Details of the most recent documents

Date Received	Description
08/06/2007	Annual Return
30/04/2006	Financial Statement / Set of Accounts

It should be noted that there is no legal requirement to file satisfaction details of mortgages/charges at Companies House.

Known Directors

DIRECTOR	ROBIN ANTHONY VAUVELLE
Occupation	MANAGING DIRECTOR
Address	LEBBERSTON HALL ,  MANOR VIEW ROAD LEBBERSTON , SCARBOROUGH , NORTH YORKSHIRE , YO11 3PB
Country of Origin	BRITISH
Date of Birth	20/04/1965
Appointment Date	01/07/1992
Other Appointments	WHITE HORSE MACHINERY LIMITED
DIRECTOR	ROBIN GORDON MANNALL
Occupation	FINANCIAL DIRECTOR
Address	5,  SAINT HELENS GROVE ADEL , LEEDS , WEST YORKSHIRE , LS16 8JZ
Country of Origin	BRITISH
Date of Birth	21/06/1969
Appointment Date	01/05/2001
Other Appointments	WHITE HORSE MACHINERY LIMITED
DIRECTOR	GREGORY NICHOLAS SKINNER
Occupation	SALES DIRECTOR
Address	9,  COLTSGATE HILL , RIPON , NORTH YORKSHIRE , HG4 2AB
Country of Origin	BRITISH
Date of Birth	27/12/1961
Appointment Date	01/05/2001
Other Appointments	WHITE HORSE MACHINERY LIMITED
SECRETARY	MR  ROBIN MANNALL
Address	70 MILLBECK GREEN,  COLLINGHAM , LEEDS , LS22 5AG
Country of Origin	BRITISH
Date of Birth	21/06/1969
Appointment Date	18/01/2000

Recently Resigned Directors (last 3)

DIRECTOR	ROBIN A VVVAUVELLE
Address	ROYDHOUSE FARM , HUDDERSFIELD , - -
Date of Birth	20/04/1965
Resignation Date	08/06/1997
DIRECTOR	NICHOLAS J FREEMAN
Occupation	CHARTERED ACCOUNTANT
Address	4 , ST STEPHENS AVENUE , LONDON , - -
Date of Birth	20/10/1950
Resignation Date	03/03/1996

Share Summary

Shareholder Name	Percentage
Robin Anthony Vauvelle	100.00%

Mortgages and Charges

Total Registered	6
Total Outstanding	5
Total Satisfied	1
Most Recent Mortgage	11/02/2002

Date Registered	20/02/2002
Type	395
Date Created	11/02/2002
Lender	BANK LEUMI (UK) PLC
Secured On	ALL MONIES DUE OR TO BECOME DUE FROM THE COMPANY TO THE CHARGEE ON ANY ACCOUNT WHATSOEVER UNDER THE TERMS OF THE AFOREMENTIONED INSTRUMENT CREATING OR EVIDENCING THE CHARGE
Details	AN ASSIGNMENT AND AGREEMENT TO ASSIGN ALL THE RIGHT TITLE AND INTEREST IN AND TO THE EQUIPMENT SEE THE MORTGAGE CHARGE DOCUMENT FOR FULL DETAILS
Satisfied?	No
Date Registered	17/02/1999
Type	395
Date Created	16/02/1999
Lender	MIDLAND BANK PLC
Secured On	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 FIXTURES FIXED PLANT AND MACHINERY SEE THE MORTGAGE CHARGE DOCUMENT FOR FULL DETAILS
Satisfied?	No
Date Registered	06/02/1997
Type	395
Date Created	28/01/1997
Lender	BANCA NAZIONALE DELL'AGRICOLTURA
Secured On	UNDER THE GENERAL MEMORANDUM OF PLEDGE ALL MONIES DUE OR TO BECOME DUE FROM THE COMPANY TO THE CHARGEE
Details	ALL NEGOTIABLE INSTRUMENTS AND ALL GOODS OR PRODUCE OR THE DOCUMENTS OF TITLE AND ALL POLICIES AND CERTIFICATES OF INSURANCE RELATING THERETO NOW OR AT ANY TIME HEREAFTER IN THE POSSESSION OR CONSTRUCTIVE POSSESSION OF THE BANK OR ITS AGENTS OR NOMINEES SEE THE MORTGAGE CHARGE DOCUMENT FOR FULL DETAILS
Satisfied?	No
Date Registered	06/02/1997
Type	395
Date Created	28/01/1997
Lender	BANCA NAZIONALE DELL'AGRICOLTURA
Secured On	ALL MONIES DUE OR TO BECOME DUE FROM THE COMPANY TO THE CHARGEE ON ANY ACCOUNT WHATSOEVER
Details	ALL THE CHARGOR'S RIGHTS TITLE AND INTEREST IN THE ACCOUNTS AND DEPOSITS FROM TIME TO TIME WITH THE BANK
Satisfied?	No
Date Registered	04/01/1997
Type	395
Date Created	30/12/1996
Lender	MIDLAND BANK PLC
Secured On	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 UNCALLED CAPITAL GOODWILL, BOOKDEBTS AND PATENTS
Satisfied?	No
Date Registered	20/07/1992
Type	395
Date Created	08/07/1992
Lender	BARCLAYS BANK PLC
Secured On	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 FIXTURES FIXED PLANT AND MACHINERY
Satisfied?	Fully

Public Record Information

Summary of CCJ's/Scottish Decrees

There are no unsatisfied CCJs against the company.

Operations

Activities	Retailers of used printing machinery
Sic Code	Description
5248	Other retail sale in specialised stores
Staff Employed	25
Auditors	Bentley Jennison
Auditors Notes	No Qualification. The Auditors have expressed a clean opinion (i.e. unqualified with no referrals) on the latest accounts.
Bankers	HSBC Bank Plc
Sort Codes	402715

Financial Data

The following figures are shown in units of 000

Profit and Loss

Number of Weeks	52	52	52	52
Accounts Date	30/04/2006	30/04/2005	30/04/2004	30/04/2003
Currency	GBP	GBP	GBP	GBP
Consolidated?	Yes	Yes	Yes	No
SALES	46,787	40,710	31,362	28,700
Other operating income	44	-	-	-
Cost of goods sold	41,617	37,178	28,681	26,533
GROSS PROFIT	5,170	3,532	2,681	2,167
General administration costs (-)	4,214	2,611	2,089	1,576
Wages and Salaries	1,589	1,403	1,056	1,062
Depreciation	88	131	58	94
Net Operating Profit(Loss)	1,000	921	592	591
Non Trading Income	4	-	-	-
Total Non Trading Income	4	0	0	0
Interest expenses & similar (-)	288	226	144	174
Financial Expenses	288	226	144	174
PRE TAX PROFIT	715	695	448	417
Other Taxation	112	128	-2	-1
Taxation	226	0	130	107
PROFIT AFTER TAX	378	567	320	311
Net Profit	378	567	320	311
Dividends Payable	125	0	0	0
RETAINED PROFITS	253	567	320	311

Balance Sheet

Number of Weeks	52	52	52	52
Accounts Date	30/04/2006	30/04/2005	30/04/2004	30/04/2003
Currency	GBP	GBP	GBP	GBP
Consolidated?	Yes	Yes	Yes	No
TOTAL FIXED ASSETS	402	403	407	107
Total Fixed Assets	402	-	-	-
TOTAL CURRENT ASSETS	14,022	16,148	11,887	10,800
Stocks	9,171	9,533	8,125	6,957
Trade Debtors	4,368	5,081	3,485	3,714
Other Receivables	434	462	82	29
Prepaid expenses	46	59	54	39
Cash	3	1,013	141	60
TOTAL ASSETS	14,424	16,551	12,294	10,907
TOTAL CURRENT LIABILITIES	11,101	13,394	9,547	8,884
Trade Creditors	5,697	9,871	5,875	5,013
Bank Overdraft	3,831	2,340	2,394	3,092
Loans From Principals	4	9	100	281
Taxes	643	224	258	156
Other Current Liabilities	94	285	50	-
Hire Purchase	8	20	24	17
Accruals & deferred income	823	645	846	325
WORKING CAPITAL	2,921	2,754	2,339	1,915
TOTAL LONG TERM LIABS	201	4	66	11
Total Hire Purchase / Leasing	5	4	24	11
Other Long Term Liabilities	196	-	42	-
NET ASSETS/(LIABILITIES)	3,323	3,158	2,746	2,023
SHARE CAPITAL + RESERVES	3,122	3,153	2,681	2,012
Issued Share Capital	100	100	100	100
Reserves	100	355	449	100
Profit and Loss account	2,922	2,698	2,132	1,812
SHAREHOLDERS FUNDS	3,122	3,153	2,681	2,012
CAPITAL EMPLOYED	3,323	3,157	2,747	2,023
TANGIBLE NET WORTH	3,122	3,154	2,681	2,012

Key Credit Ratios

Accounts Date	30/04/2006	30/04/2005	30/04/2004	30/04/2003
Current Ratio	1.26	1.21	1.25	1.22
Profit Before Tax	0.02	0.02	0.01	0.01
Creditors Days (D.P.O)	49.97	96.91	74.77	68.96
Quick Ratio	0.44	0.49	0.39	0.43
Return on Assets	4.96	4.20	3.64	3.82
T.N.W/Total Assets	0.22	0.19	0.22	0.18
Return on Capital	21.52	22.01	16.31	20.61
Working Capital/Sales	0.00	0.00	0.00	0.00
Equity Gearing	0.16	-	0.64	-
Stock Turnover	0.00	0.00	0.00	0.00
Solvency (%)	362.01	424.79	358.56	442.10

Financial Summary

Turnover	Turnover increased by more than 15% in the period. Turnover totaled GBP  46,787,000 for the period.
Operating Profit	Totaled GBP  1,000,000 In the period prior a profit of GBP   921,000 was achieved.
Pre Tax	The subject made a profit of GBP  715,000 compared with a profit of GBP  695,000 in the previous period.
Working Capital	The company's working capital improved in the period by 6%
Tangible Net Worth	Net worth reduced by 32,000 during the period and now stands at GBP  3,122,000
Fixed Assets	The subjects fixed assets reduced during the period by GBP  1,000 to GBP  402,000 and are now 3% of total assets compared with 2% in the previous period
Long Term Liabilities	The company's long term liabilities increased during the period by 58% and are now 33% of net worth compared with 21% in the previous period
Long Term Liabilities	Long term liabilities are now 7% of total assets compared with 4% in the previous period

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	Unfavourable & favourable factors carry similar weight in credit consideration. 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
NR		In view of the lack of information, we have no basis upon which to recommend credit dealings	No Rating

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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