MIRA
INFORM REPORT
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Report Date : |
03.01.2008 |
IDENTIFICATION
DETAILS
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Name : |
EAST HIDES LIMITED |
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Registered Office : |
Adla Ho,2a Hayes Cres,London,Nw11 0de |
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Country : |
United Kingdom |
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Financials (as on) : |
31.12.2006 |
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Date of Incorporation : |
30.10.1992 |
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Com. Reg. No.: |
02760845 |
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Legal Form : |
Private Limited Liability Company (GB) |
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Line of Business : |
Hide & Skin Traders |
RATING &
COMMENTS
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MIRA’s Rating : |
Ba |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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Maximum Credit Limit : |
US Dollar 260,400 |
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Status : |
Satisfactory |
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Payment Behaviour : |
No Complaints |
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Litigation : |
Clear |
Company Identification Details
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Subject Reported on |
EAST HIDES LIMITED |
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Holding Company |
East Hides International Ltd |
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Ultimate Holding Company |
East Hides International Ltd |
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Trading Address |
ADLA HO,2A HAYES CRES,LONDON,NW11 0DE |
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Telephone |
020-8455-7797 |
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Risk Score |
58 out of 100 |
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Average Risk - This company has an average risk status and should be
treated with a degree of caution |
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Credit Limit |
US Dollar 260,400 |
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Selling to this company? The Credit Limit is the recommended maximum outstanding
debtor exposure at any one time. |
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Contract Limit |
US Dollar 1,733,300 |
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Buying from this company? The Contract Limit is the recommended
aggregate annual value for supply contracts. |
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Significant Event
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Please note control change |
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Official Company Data
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Legal Form |
Private Limited Liability Company (GB) |
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Registration Number |
02760845 |
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Date of Incorporation |
30/10/1992 |
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Registered Office |
Adla House, 2a Hayes Crescent, Temple Fortune, London NW11 0DE |
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Date of Last Annual Return to Registry |
30/10/2007 |
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Activities |
Hide & Skin traders |
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Accounts |
The last filed accounts cover the period to 31/10/2006 and were filed
on 11/06/2007 |
Recently Filed Documents
Details of the
most recent documents
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Date Received |
Description |
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30/10/2007 |
Annual Return |
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31/10/2006 |
Financial Statement / Set of Accounts |
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It should be noted that there is no legal requirement to file
satisfaction details of mortgages/charges at Companies House. |
Known Directors
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DIRECTOR |
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Occupation |
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Address |
141, WENTWORTH ROAD GOLDERS GREEN , LONDON
, NW11 0RJ |
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Date of Birth |
03/09/1951 |
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Appointment Date |
01/03/1999 |
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Other Appointments |
EAST HIDES LIMITED |
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DIRECTOR |
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Occupation |
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Address |
97, HAMPSTEAD WAY , LONDON , NW11 7LR |
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Country of Origin |
DUTCH |
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Date of Birth |
21/04/1955 |
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Appointment Date |
30/10/1992 |
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Other Appointments |
CREST LEATHERS LIMITED, EAST HIDES LIMITED, GCC CORPORATION
LIMITED, SOUTHERN QUALITY MEAT IMPORTERS LIMITED |
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DIRECTOR |
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Occupation |
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Address |
54, ALMA ROAD WENDYWOOD , SANDTON - GAUTENG , SOUTH
AFRICA , |
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Country of Origin |
SOUTH AFRICAN |
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Date of Birth |
30/09/1953 |
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Appointment Date |
28/02/1995 |
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Other Appointments |
EAST HIDES LIMITED, SOUTHERN QUALITY MEAT IMPORTERS LIMITED |
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DIRECTOR |
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Occupation |
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Address |
47, HARROWES MEADE , EDGWARE , MIDDX
, HA8 8RR |
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Date of Birth |
16/04/1950 |
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Appointment Date |
15/07/1998 |
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Other Appointments |
BEACHTONE TRADING LIMITED, BEST LEATHERS LIMITED, CREST
LEATHERS LIMITED, EAST HIDES LIMITED, GLASS CHERRY DESIGN
LIMITED, SOUTHERN QUALITY MEAT IMPORTERS LIMITED |
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SECRETARY |
MRS LYNN GLUCKMAN |
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Address |
97 HAMPSTEAD WAY, , LONDON , NW11 7LR |
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Country of Origin |
BRITISH |
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Date of Birth |
01/07/1957 |
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Appointment Date |
30/10/1992 |
Recently Resigned Directors (last
3)
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DIRECTOR |
EVA GLUCKMAN |
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Occupation |
COMPANY DIRECTOR |
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Address |
504 , INTERLAKEN , JOHANNESBURG , SOUTH AFRICA
, - - |
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Country of Origin |
DUTCH |
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Date of Birth |
26/05/1916 |
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Resignation Date |
09/01/2007 |
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DIRECTOR |
GERALD NATHANIEL GLUCKMAN |
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Occupation |
COMPANY DIRECTOR |
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Address |
504 , INTERLAKEN , JOHANNESBURG , SOUTH AFRICA
, - - |
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Country of Origin |
SOUTH AFRICAN |
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Date of Birth |
14/07/1924 |
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Resignation Date |
05/03/2004 |
Share Summary
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Share Currency: |
GBP |
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Priniciple Shareholders: |
Type Of Share |
No. of Shares |
Value |
%age |
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East Hides International Ltd |
ORD |
1,500,000 |
1,500,000.00 |
100.00 |
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Mortgages and Charges
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Total Registered |
2 |
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Total Outstanding |
2 |
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Total Satisfied |
0 |
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Most Recent Mortgage |
10/09/2007 |
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Date Registered |
26/09/2007 |
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Type |
395 |
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Date Created |
10/09/2007 |
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Lender |
FORTIS BANK SA-NV UK BRANCH |
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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 |
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Details |
THE UNDERTAKING AND ALL PROPERTY AND ASSETS PRESENT AND FUTURE
INCLUDING GOODWILL BOOKDEBTS UNCALLED CAPITAL BUILDINGS FIXTURES PLANT AND MACHINERY,
SEE THE MORTGAGE CHARGE DOCUMENT FOR FULL DETAILS |
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Satisfied? |
No |
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Date Registered |
30/01/1993 |
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Type |
395 |
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Date Created |
26/01/1993 |
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Lender |
NEDCOR BANK LIMITED |
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Secured On |
ALL MONIES DUE OR TO BECOME DUE FROM THE COMPANY TO THE CHARGEE ON ANY
ACCOUNT WHATSOEVER |
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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 |
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Satisfied? |
No |
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Public Record Information
Summary of
CCJ's/Scottish Decrees
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There are no unsatisfied CCJs against the company. |
Operations
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Activities |
Hide & Skin traders |
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Sic Code |
Description |
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5121 |
Wholesale of grain, seeds and animal feeds |
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Staff Employed |
35 |
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Auditors |
Grant Thornton UK LLP |
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Auditors Notes |
No Qualification. The Auditors have expressed a clean opinion (i.e. unqualified
with no referrals) on the latest accounts. |
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Bankers |
Nedbank Ltd |
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Sort Codes |
301561 |
Financial Data
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The following figures are shown in units of 000 |
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Profit and Loss
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Number of Weeks |
52 |
52 |
52 |
52 |
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Accounts Date |
31/10/2006 |
31/10/2005 |
31/10/2004 |
31/10/2003 |
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Currency |
US Dollar |
US Dollar |
US Dollar |
US Dollar |
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Consolidated? |
No |
Yes |
Yes |
Yes |
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SALES |
64,081 |
51,324 |
111,289 |
124,682 |
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Cost of goods sold |
61,023 |
48,369 |
103,049 |
117,806 |
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GROSS PROFIT |
3,057 |
2,954 |
8,240 |
6,876 |
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Other Expenses |
210 |
- |
- |
- |
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General administration costs (-) |
2,757 |
2,765 |
6,367 |
5,118 |
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Wages and Salaries |
1,633 |
969 |
2,275 |
2,390 |
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Depreciation |
99 |
91 |
124 |
109 |
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Net Operating Profit(Loss) |
89 |
189 |
1,873 |
1,759 |
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Group Non Trading Income |
544 |
313 |
- |
77 |
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Total Non Trading Income |
544 |
313 |
155 |
166 |
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Interest expenses & similar (-) |
548 |
402 |
483 |
342 |
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Financial Expenses |
548 |
402 |
483 |
342 |
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PRE TAX PROFIT |
86 |
99 |
1,545 |
1,583 |
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Other Taxation |
0 |
0 |
-33 |
0 |
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Taxation |
41 |
39 |
454 |
524 |
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PROFIT AFTER TAX |
45 |
61 |
1,124 |
1,059 |
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Net Profit |
45 |
61 |
824 |
820 |
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Dividends Payable |
0 |
0 |
0 |
0 |
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RETAINED PROFITS |
45 |
61 |
824 |
820 |
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Balance Sheet
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Number of Weeks |
52 |
52 |
52 |
52 |
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Accounts Date |
31/10/2006 |
31/10/2005 |
31/10/2004 |
31/10/2003 |
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Currency |
US Dollar |
US Dollar |
US Dollar |
US Dollar |
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Consolidated? |
No |
Yes |
Yes |
Yes |
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TOTAL FIXED ASSETS |
152 |
246 |
395 |
309 |
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Plant, machinery & equipment |
152 |
246 |
395 |
309 |
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TOTAL CURRENT ASSETS |
15,696 |
15,097 |
31,717 |
27,604 |
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Stocks |
1,723 |
1,002 |
9,143 |
9,445 |
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Trade Debtors |
4,153 |
6,334 |
15,642 |
10,792 |
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Other Receivables |
255 |
532 |
423 |
106 |
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Prepaid expenses |
75 |
63 |
125 |
84 |
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Group Loans |
9,470 |
7,161 |
6,277 |
7,088 |
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Cash |
7 |
5 |
107 |
89 |
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Tax Recoverable |
12 |
- |
- |
- |
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TOTAL ASSETS |
15,847 |
15,343 |
32,113 |
27,913 |
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TOTAL CURRENT LIABILITIES |
10,668 |
10,433 |
20,476 |
18,761 |
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Other Current Liabilities |
10,668 |
10,433 |
4,838 |
4,701 |
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WORKING CAPITAL |
5,027 |
4,663 |
11,241 |
8,842 |
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TOTAL LONG TERM LIABS |
2,059 |
1,835 |
4,699 |
3,355 |
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Debts to group companies |
1,468 |
1,242 |
1,417 |
2,202 |
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Other Long Term Liabilities |
591 |
593 |
1,909 |
160 |
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NET ASSETS/(LIABILITIES) |
5,179 |
4,910 |
11,636 |
9,152 |
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SHARE CAPITAL + RESERVES |
3,119 |
3,074 |
6,937 |
5,798 |
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Issued Share Capital |
2,181 |
2,181 |
2,181 |
2,181 |
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Profit and Loss account |
938 |
893 |
4,756 |
3,617 |
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SHAREHOLDERS FUNDS |
3,119 |
3,074 |
6,937 |
5,798 |
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CAPITAL EMPLOYED |
5,178 |
4,909 |
11,636 |
9,153 |
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TANGIBLE NET WORTH |
3,120 |
3,075 |
6,938 |
5,798 |
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Key Credit Ratios
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Accounts Date |
31/10/2006 |
31/10/2005 |
31/10/2004 |
31/10/2003 |
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Current Ratio |
1.47 |
1.45 |
1.55 |
1.47 |
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Profit Before Tax |
0.00 |
0.00 |
0.01 |
0.01 |
|
Creditors Days (D.P.O) |
- |
- |
17.03 |
15.71 |
|
Quick Ratio |
1.31 |
1.35 |
1.10 |
0.97 |
|
Return on Assets |
0.54 |
0.65 |
4.81 |
5.67 |
|
T.N.W/Total Assets |
0.20 |
0.20 |
0.22 |
0.21 |
|
Return on Capital |
1.66 |
2.02 |
13.28 |
17.29 |
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Working Capital/Sales |
0.00 |
0.00 |
0.00 |
0.00 |
|
Equity Gearing |
0.02 |
0.02 |
0.02 |
0.02 |
|
Stock Turnover |
0.00 |
0.00 |
0.00 |
0.00 |
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Solvency (%) |
407.92 |
398.96 |
362.86 |
381.44 |
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Financial Summary
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Turnover |
Turnover increased by more than 25% in the period. Turnover totalled
US Dollar 64,081,000 for the period. |
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Operating Profit |
Totalled US Dollar 89,000 In the period prior a profit of US
Dollar 189,000 was achieved. |
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Pre Tax |
The subject made a profit of US Dollar 86,000 compared with a
profit of US Dollar 99,000 in the previous period. |
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Working Capital |
The company's working capital improved in the period by 8% |
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Tangible Net Worth |
Net worth increased by 45,000 during the period and now stands at US
Dollar 3,120,000 |
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Fixed Assets |
The subjects fixed assets reduced during the period by US Dollar
94,000 to US Dollar 152,000 and are now 1% of total assets compared
with 2% in the previous period |
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Long Term Liabilities |
The company's long term liabilities increased during the period by 12%
and are now 66% of net worth compared with 60% in the previous period |
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Long Term Liabilities |
Long term liabilities are now 13% of total assets compared with 12% in
the previous period |
RATING
EXPLANATIONS
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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 |
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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 |
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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 |
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26-40 |
B |
Unfavourable & favourable factors carry similar weight in credit
consideration. Capability to overcome financial difficulties seems comparatively
below average. |
Small |
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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 |
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<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
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NR |
In view of the lack of information, we have no basis upon which to
recommend credit dealings |
No Rating |
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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%)