MIRA INFORM REPORT

Report Date :

25.01.2008

IDENTIFICATION DETAILS

Name :	S. BLACK LIMITED
Registered Office :	Foxholes Business Pk, John Tate Rd, Hertford Herts SG13 7YH
Country :	United Kingdom
Financials (as on) :	30.06.2006
Date of Incorporation :	20.06.1968
Com. Reg. No.:	00934139
Legal Form :	Private Limited Liability Company
Line of Business :	Retailers and Marketing of Speciality Ingredients

RATING & COMMENTS

MIRA’s Rating :

Aa

RATING		STATUS	PROPOSED CREDIT LINE
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

Maximum Credit Limit :	GBP   1,731,400
Status :	Very Good
Payment Behaviour :	No Complaints
Litigation :	Clear

Company Identification Details

Subject Reported on	S. BLACK LIMITED
Holding Company	AZELIS UK LTD
Ultimate Holding Company	AZELIS SA
Trading Address	FOXHOLES BUS PK,JOHN TATE RD,HERTFORD,SG13 7YH
Telephone	01992-825555

	Very Low Risk - There is every confidence this company will prove good for the assigned Credit Limit
Credit Limit	GBP   1,731,400
	Selling to this company? The Credit Limit is the recommended maximum outstanding debtor exposure at any one time.
Contract Limit	GBP   16,107,800
	Buying from this company? The Contract Limit is the recommended aggregate annual value for supply contracts.

Significant Event

Please note control change

Official Company Data

Legal Form	Private Limited Liability Company (GB)
Registration Number	00934139
Date of Incorporation	20/06/1968
Registered Office	Foxholes Business Pk, John Tate Rd, Hertford Herts SG13 7YH
Date of Last Annual Return to Registry	21/11/2007
Activities	Retailers and marketing of speciality ingredients
Accounts	The last filed accounts cover the period to 30/06/2006 and were filed on 30/10/2006

Recently Filed Documents

Details of the most recent documents

Date Received	Description
21/11/2007	Annual Return
30/06/2006	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	STANLEY  BLACK
Occupation	CHAIRMAN
Address	5,  HAZEL MEAD ARKLEY , BARNET , HERTS , EN5 3LP
Date of Birth	15/02/1931
Appointment Date	21/11/1991
Other Appointments	S BLACK (IMPORT & EXPORT) TRUSTEE LIMITED, S. BLACK LIMITED, SBS WORLDWIDE LIMITED
DIRECTOR	NEIL LEONARD BERRY
Occupation
Address	42,  BLOOMFIELD ROAD , HARPENDEN , HERTS , AL5 4DB
Date of Birth	25/04/1959
Appointment Date	21/11/1991
Other Appointments	S. BLACK (IMPORT & EXPORT) LIMITED, S. BLACK LIMITED
DIRECTOR	ANDREW GRAEME RAYBOULD
Occupation
Address	LAWNS FARM BUNGALOW ,  BOREHAM ROAD LITTLE WALTHAM , CHELMSFORD , CM3 3NF
Date of Birth	27/11/1958
Appointment Date	21/11/1991
Other Appointments	S. BLACK LIMITED
DIRECTOR	JOHN BENJAMIN LOWTEN
Occupation
Address	315,  KNIGHTSFIELD , WELWYN GARDEN CITY , HERTS , AL8 7NJ
Date of Birth	30/04/1951
Appointment Date	01/01/1997
Other Appointments	S. BLACK (IMPORT & EXPORT) LIMITED, S. BLACK LIMITED
DIRECTOR	GEORGE  EWART
Occupation	NON EXECUTIVE DIRECTOR
Address	THE OLD RECTORY ,  SCRUTON , NORTHALLERTON , NORTH YORKSHIRE , DL7 0QZ
Country of Origin	BRITISH
Date of Birth	06/09/1937
Appointment Date	04/08/1997
Other Appointments	S BLACK (IMPORT & EXPORT) TRUSTEE LIMITED, S. BLACK LIMITED, VICTIM SUPPORT & WITNESS SERVICE, TEESSIDE
DIRECTOR	JOHN ROGER TASS
Occupation	DIRECTOR
Address	4,  MILL CROFT , BISHOPS STORTFORD , HERTS , CM23 2BP
Country of Origin	BRITISH
Date of Birth	19/04/1947
Appointment Date	01/06/2000
Other Appointments	S. BLACK LIMITED
DIRECTOR	PAUL DAVID HARDMAN
Occupation
Address	HOWARD HOUSE ,  CHESTER ROAD KELSALL , TARPORLEY , CHESHIRE , CW6 0RT
Date of Birth	09/06/1955
Appointment Date	01/02/2002
Other Appointments	S. BLACK LIMITED
DIRECTOR	DAVID MICHAEL MCCABE
Occupation	FINANCE DIRECTOR
Address	FOUR OAKS 54,  HOWEY LANE , FRODSHAM , CHESHIRE , WA6 6DL
Country of Origin	BRITISH
Date of Birth	10/12/1953
Appointment Date	10/10/2007
Other Appointments	AZELIS PROPERTY (UK) LIMITED, AZELIS UK LIMITED., C&H EBT TRUSTEES LIMITED, CHANCE & HUNT LIMITED, PAN POLYMERS LIMITED, POLYMERS DIRECT LIMITED, S. BLACK LIMITED
DIRECTOR	PETER RICHARD FIELDS
Occupation	CHIEF OPERATING OFFICER
Address	YEW TREE HOUSE ,  HIGH STREET NORLEY , FRODSHAM , CHESHIRE , WA6 8JS
Country of Origin	BRITISH
Date of Birth	27/07/1960
Appointment Date	10/10/2007
Other Appointments	AZELIS PROPERTY (UK) LIMITED, AZELIS UK LIMITED., CHANCE & HUNT LIMITED, PAN POLYMERS LIMITED, POLYMERS DIRECT LIMITED, REACH FACILITATION COMPANY LIMITED, S. BLACK LIMITED
SECRETARY	MR  JOHN LOWTEN
Address	315 KNIGHTSFIELD,  , WELWYN GARDEN CITY , HERTFORDSHIRE , AL8 7NJ
Country of Origin	BRITISH
Date of Birth	30/04/1951
Appointment Date	30/04/1998

Recently Resigned Directors (last 3)

DIRECTOR	DAVID GEORGE SAUNTER
Address	OWLS HALL COTTAGE , BLACKMORE END , BRAINTREE , ESSEX , - -
Date of Birth	17/07/1946
Resignation Date	30/06/2002
DIRECTOR	CHRISTOPHER  DAVIES
Address	2 , TUDOR RISE , BROXBOURNE , HERTS , - -
Date of Birth	07/08/1956
Resignation Date	14/07/1998
DIRECTOR	ZELDA  BLACK
Address	5 , HAZEL MEAD , BARNET , HERTS , - -
Date of Birth	05/11/1933
Resignation Date	31/12/1996

Share Summary

Share Currency:	GBP
Priniciple Shareholders:	Type Of Share	No. of Shares	Value	%age
Mr Stanley Black	ORD	30,805	30,805.00	32.00
A C Black	ORD	10,000	10,000.00	10.00
S L Black	ORD	10,000	10,000.00	10.00
D R Black	ORD	10,000	10,000.00	10.00
Zelda Black	ORD	9,905	9,905.00	10.00
Mr Andrew Graeme Raybould	ORD	5,020	5,020.00	5.00
Trident Niminees Ltd	ORD	3,790	3,790.00	4.00
D G Saunter	ORD	3,720	3,720.00	4.00
S Black (Import & Export) Trustee Ltd	ORD	3,276	3,276.00	3.00
N L Berry	ORD	2,765	2,765.00	3.00

Mortgages and Charges

Total Registered	1
Total Outstanding	1
Total Satisfied	0
Most Recent Mortgage	30/10/2007

Date Registered	08/11/2007
Type	395
Date Created	30/10/2007
Lender	DRESDNER BANK AG, NIEDERLASSUNG LUXEMBURG
Secured On	ALL MONIES DUE OR TO BECOME DUE FROM EACH OBLIGOR TO THE CHARGEE OR THE FINANCE PARTIES (OR ANY OF THEM) UNDER THE TERMS OF THE AFOREMENTIONED INSTRUMENT CREATING OR EVIDENCING THE CHARGE
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

Public Record Information

Summary of CCJ's/Scottish Decrees

There are no unsatisfied CCJs against the company.

Operations

Activities	Retailers and marketing of speciality ingredients
Sic Code	Description
5248	Other retail sale in specialised stores
Staff Employed	80
Auditors	RSM Robson Rhodes LLP
Auditors Notes	No Qualification. The Auditors have expressed a clean opinion (i.e. unqualified with no referrals) on the latest accounts.
Bankers	Fortis Bank SA.
Sort Codes	405262

Financial Data

The following figures are shown in units of 000

Profit and Loss

Number of Weeks	52	52	52	52
Accounts Date	30/06/2006	30/06/2005	30/06/2004	30/06/2003
Currency	GBP	GBP	GBP	GBP
Consolidated?	Yes	Yes	Yes	Yes
SALES	36,309	31,647	31,285	30,116
Export Sales	11,705	8,675	8,512	8,188
Cost of goods sold	27,962	24,149	23,577	22,660
GROSS PROFIT	8,347	7,498	7,708	7,456
Other Expenses	471	384	347	373
General administration costs (-)	5,473	5,152	5,009	4,516
Wages and Salaries	3,819	3,428	3,176	2,874
Depreciation	529	517	572	512
Net Operating Profit(Loss)	2,403	1,962	2,352	2,567
Non Trading Income	158	151	97	110
Total Non Trading Income	158	151	97	110
Financial Expenses	0	0	0	0
PRE TAX PROFIT	2,561	2,113	2,449	2,677
Other Taxation	297	127	75	89
Taxation	565	574	669	759
PROFIT AFTER TAX	1,699	1,412	1,705	1,829
Exceptional Income	39	15	19	25
Net Profit	1,660	1,397	1,686	1,804
Dividends Payable	1,089	1,089	1,089	1,089
RETAINED PROFITS	571	308	597	715

Balance Sheet

Number of Weeks	52	52	52	52
Accounts Date	30/06/2006	30/06/2005	30/06/2004	30/06/2003
Currency	GBP	GBP	GBP	GBP
Consolidated?	Yes	Yes	Yes	Yes
TOTAL FIXED ASSETS	5,850	4,449	4,684	5,273
Land & buildings	4,625	3,371	3,424	3,406
Plant, machinery & equipment	905	805	877	931
Intermediate Assets	17	17	17	460
Intangible Assets	303	256	366	476
TOTAL CURRENT ASSETS	15,490	13,710	13,523	13,012
Stocks	5,204	4,690	4,330	4,950
Trade Debtors	6,856	5,675	5,932	5,086
Other Receivables	122	52	69	37
Prepaid expenses	262	213	226	179
Cash	3,046	3,048	2,915	2,760
TOTAL ASSETS	21,340	18,159	18,207	18,285
TOTAL CURRENT LIABILITIES	5,374	3,825	4,207	4,400
Trade Creditors	3,673	2,658	2,628	3,102
Bank Overdraft	68	-	-	-
Taxes	903	608	1,034	711
Other Current Liabilities	81	12	20	30
Proposed Dividend	72	72	72	72
Accruals & deferred income	577	475	453	485
WORKING CAPITAL	10,116	9,885	9,316	8,612
TOTAL LONG TERM LIABS	1,166	133	117	120
Minority Interest	175	133	117	101
Taxation	16	-	-	19
Mortgages and loans	865	-	-	-
Other Long Term Liabilities	110	-	-	-
NET ASSETS/(LIABILITIES)	15,966	14,334	14,000	13,885
SHARE CAPITAL + RESERVES	14,800	14,201	13,883	13,765
Issued Share Capital	114	114	114	114
Share Premium Accounts	375	375	375	375
Reserves	-459	-459	-467	-
Profit and Loss account	14,770	14,171	13,861	13,276
SHAREHOLDERS FUNDS	14,800	14,201	13,883	13,765
CAPITAL EMPLOYED	15,966	14,334	14,000	13,885
TANGIBLE NET WORTH	14,497	13,945	13,517	13,289

Key Credit Ratios

Accounts Date	30/06/2006	30/06/2005	30/06/2004	30/06/2003
Current Ratio	2.88	3.58	3.21	2.96
Profit Before Tax	0.07	0.07	0.08	0.09
Creditors Days (D.P.O)	47.95	40.17	40.68	49.97
Quick Ratio	1.91	2.36	2.19	1.83
Return on Assets	12.18	11.81	13.74	15.43
T.N.W/Total Assets	0.68	0.77	0.74	0.73
Return on Capital	16.04	14.74	17.49	19.28
Working Capital/Sales	0.00	0.00	0.00	0.00
Equity Gearing	1.15	-	-	6.99
Stock Turnover	0.00	0.00	0.00	0.00
Solvency (%)	45.11	28.38	31.99	34.01

Financial Summary

Turnover	Turnover increased by more than 15% in the period. Turnover totalled GBP  36,309,000 for the period.
Operating Profit	Totalled GBP  2,403,000 In the period prior a profit of GBP   1,962,000 was achieved.
Pre Tax	The subject made a profit of GBP  2,561,000 compared with a profit of GBP  2,113,000 in the previous period.
Working Capital	The company's working capital improved in the period by 2%
Tangible Net Worth	Net worth increased by 552,000 during the period and now stands at GBP  14,497,000
Fixed Assets	The subjects fixed assets increased during the period by GBP  1,354,000 to GBP  5,530,000 and are now 26% of total assets compared with 23% in the previous period
Long Term Liabilities	The company's long term liabilities increased during the period by 230% and are now 11% of net worth compared with 3% in the previous period
Long Term Liabilities	Long term liabilities are now 7% of total assets compared with 3% 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%)

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