MIRA INFORM REPORT

Report Date :

14.05.2008

IDENTIFICATION DETAILS

Name :	CNH U.K. LIMITED
Registered Office :	Cranes Farm Rd, Basildon Essex SS14 3AD
Country :	United Kingdom
Financials (as on) :	31.12.2007
Date of Incorporation :	10.10.1986
Com. Reg. No.:	02063585
Legal Form :	Private Limited Liability Company (GB)
Line of Business :	Tractors, Combine Harvesters and Agricultural Equipment Manufacturers

RATING & COMMENTS

MIRA’s Rating :

A

RATING		STATUS	PROPOSED CREDIT LINE
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

Maximum Credit Limit :	GBP   732,200
Status :	Good
Payment Behaviour :	Regular
Litigation :	Clear

Company Identification Details

Subject Reported on	CNH U.K. LIMITED
Holding Company	NEW HOLLAND HOLDING LTD
Ultimate Holding Company	CNH U.K. LTD
Trading Address	12TH FLOOR MARBLE ARCH TOWER,55 BRYANSTON ST,LONDON,W1H 7AA
Telephone	01268-533000

	This company has an average risk status and should be treated with a degree of caution
Credit Limit	GBP   732,200
	Selling to this company? The Credit Limit is the recommended maximum outstanding debtor exposure at any one time.
Contract Limit	GBP   732,200
	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	02063585
Date of Incorporation	10/10/1986
Registered Office	Cranes Farm Rd, Basildon Essex SS14 3AD
Date of Last Annual Return to Registry	31/12/2007
Activities	Tractors, combine harvesters and agricultural equipment manufacturers
Accounts	The last filed accounts cover the period to 31/12/2007

Recently Filed Documents

Details of the most recent documents

Date Received	Description
31/12/2007	Annual Return
31/12/2007	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	WENDY  PEACOCK
Occupation	COMPANY EXECUTIVE
Address	3,  MILTSIN AVENUE , CANVEY ISLAND , ESSEX , SS8 8EE
Country of Origin	BRITISH
Date of Birth	12/03/1956
Appointment Date	26/07/2007
Other Appointments	AUTOMOTIVE LIGHTING UK LIMITED, CNH U.K. LIMITED
DIRECTOR	CHARLES ROHAN RAVINDRA DE ALWIS  (One or more of this director's other companies has adverse information related to it)
Occupation	SOLICITOR
Address	26,  TABORS AVENUE GREAT BADDOW , CHELMSFORD , CM2 7ES
Country of Origin	BRITISH
Date of Birth	05/10/1959
Appointment Date	20/03/2008
Other Appointments	AUTOMOTIVE LIGHTING UK LIMITED, CARELLO LIGHTING PENSION SCHEMES TRUSTEE LIMITED, CASE INTERNATIONAL LIMITED, CASE UNITED KINGDOM LIMITED, CHARLES DE ALWIS CORPORATE SERVICES LIMITED, CHARLES DE ALWIS SOLICITORS LIMITED, CNH U.K. LIMITED, FERRARI GB LIMITED, FLEXI-COIL (U.K.) LIMITED, LR CAPITAL FINANCE LIMITED, LR CAPITAL PROPERTIES LIMITED, MAGNETI MARELLI AFTER MARKET LIMITED, MAGNETI MARELLI SRBS TRUSTEE LIMITED, MAGNETI MARELLI UK LIMITED, NEW HOLLAND LIMITED, SORIN BIOMEDICA CARDIO UK LIMITED, SORIN BIOMEDICA U.K. LIMITED, SURYA LANKA REBUILDING FOUNDATION LIMITED
DIRECTOR	COLIN JOHN CANTELLO  (One or more of this director's other companies has adverse information related to it)
Occupation	COMPANY EXECUTIVE
Address	30B,  GLADSTONE ROAD , HOCKLEY , ESSEX , SS5 4BT
Country of Origin	BRITISH
Date of Birth	09/04/1955
Appointment Date	28/08/2002
Other Appointments	CASE UNITED KINGDOM LIMITED, CNH U.K. LIMITED, FLEXI-COIL (U.K.) LIMITED, NEW HOLLAND HOLDING LIMITED
DIRECTOR	DEREK JAMES NEILSON
Occupation	COMPANY EXECUTIVE
Address	9,  HARRIS CLOSE , WICKFORD , ESSEX , SS12 9QY
Date of Birth	07/06/1970
Appointment Date	12/05/2004
Other Appointments	CNH TRUSTEE LIMITED, CNH U.K. LIMITED
DIRECTOR	EDUARDO  TEODORANI FABBRI
Occupation	VICE PRESIDENT
Address	162,  SLOANE STREET , LONDON , SW1X 9BS
Date of Birth	21/09/1965
Appointment Date	12/05/2004
Other Appointments	CNH U.K. LIMITED, FIAT COMMON INVESTMENT FUND LIMITED, THE ITALIAN CHAMBER OF COMMERCE AND INDUSTRY FOR THE UNITED KINGDOM
DIRECTOR	PAUL JEFF HUNTER
Occupation	COMPANY EXECUTIVE
Address	5,  RUSHINGTON AVENUE , MAIDENHEAD , BERKS , SL6 1BY
Country of Origin	BRITISH
Date of Birth	03/08/1956
Appointment Date	20/03/2008
Other Appointments	AUTOMOTIVE LIGHTING UK LIMITED, CNH U.K. LIMITED, FIAT MOTOR SALES LIMITED, J.I. CASE TRUSTEE LIMITED
DIRECTOR	RONNY ANDRE ACHIEL MATTON
Occupation	COMPANY EXECUTIVE
Address	JACOB DE MEYERESTRAAT 9 ,  SINT ANDRIES , WEST FLANDERS 8200 , BELGIUM ,
Country of Origin	BELGIAN
Date of Birth	22/04/1961
Appointment Date	20/03/2008
Other Appointments	AUTOMOTIVE LIGHTING UK LIMITED, CNH U.K. LIMITED
SECRETARY	MR  CHARLES DE ALWIS
Address	"THE ASHLARS" 26 TABORS AVENUE,  GREAT BADDOW , CHELMSFORD , ESSEX , CM2 7ES
Country of Origin	BRITISH
Date of Birth	05/10/1959
Appointment Date	31/12/1993

Recently Resigned Directors (last 3)

DIRECTOR	JOHN ANDERSON ESKDALE
Occupation	COMPANY EXECUTIVE
Address	33 , WALKWOOD RISE , BEACONSFIELD , BUCKS , - -
Country of Origin	BRITISH
Date of Birth	12/08/1947
Resignation Date	31/07/2007
DIRECTOR	ALAN EDWARD LINES
Occupation	COMPANY EXECUTIVE
Address	2 , CHATSWORTH AVENUE , BRAINTREE , ESSEX , - -
Country of Origin	BRITISH
Date of Birth	29/05/1958
Resignation Date	12/05/2004
DIRECTOR	FRANCO  FUSIGNANI
Occupation	PRESIDENT
Address	CORSO TORINO 43 , ITALY , - -
Date of Birth	19/09/1945
Resignation Date	12/05/2004

Share Summary

Share Currency:	GBP
Priniciple Shareholders:	Type Of Share	No. of Shares	Value	Voting %age
Mr Roberto Miotto	ORD	1	1.00	0.00
New Iberia Holdings Limited	ORD	91,262,274	91,262,274.00	100.00

Mortgages and Charges

There are no mortgages

Public Record Information

Summary of CCJ's/Scottish Decrees

There are 1 exact unsatisfied CCJs totalling GBP 285 in the last 72 months

Details of most recent CCJ's/Scottish Decrees

25/08/2004, a Judgment of "GBP" 285 was made in NORTHAMPTON court (Case No. 4QZ29095 ) against C N H U K Ltd, Cranes Farm Rd, Basildon, Essex, SS14 3AD

Operations

Activities	Tractors, combine harvesters and agricultural equipment manufacturers
Sic Code	Description
2932	Manufacture of other agricultural and forestry machinery
2932	Manufacture of other agricultural and forestry machinery
Staff Employed	1552
Auditors	Deloitte & Touche LLP
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	400250
Bankers	Barclays Bank PLC
Sort Codes	200000

Financial Data

Profit and Loss

Number of Weeks	52	52	52	52
Accounts Date	31/12/2007	31/12/2006	31/12/2005	31/12/2004
Currency	GBP	GBP	GBP	GBP
Units	000	000	000	000
Consolidated?	No	No	No	No
SALES	926,665	773,994	710,005	855,033
Cost of goods sold	817,419	701,016	667,694	822,201
GROSS PROFIT	109,246	72,978	42,311	32,832
Other Expenses	44,037	39,483	37,232	39,009
General administration costs (-)	55,377	57,935	65,675	36,905
Wages and Salaries	59,817	56,649	55,921	50,356
Depreciation	23,431	19,335	13,771	9,294
Other operating charges	985	-	-	17,386
Net Operating Profit(Loss)	8,847	-22,917	-49,413	-50,864
Non Trading Income	1,087	-	502	1,472
Group Non Trading Income	2,093	87	109	179
Other financial income	17,634	17,201	-	-
Total Non Trading Income	20,814	17,288	611	1,651
Interest expenses & similar (-)	18,812	14,514	14,899	58
Other financial charges	21,598	19,682	-	11,532
Financial Expenses	40,410	34,196	14,899	11,590
PRE TAX PROFIT	-10,749	-39,825	-63,701	-60,803
Other Taxation	270	433	-208	7,446
Taxation	-775	326	-4,193	-1,024
PROFIT AFTER TAX	-10,244	-40,584	-59,300	-67,225
Net Loss	10,244	40,584	59,300	67,225
Dividends Payable	0	0	0	0
RETAINED PROFITS	-	-	-	-

Balance Sheet

Number of Weeks	52	52	52	52
Accounts Date	31/12/2007	31/12/2006	31/12/2005	31/12/2004
Currency	GBP	GBP	GBP	GBP
Units	000	000	000	000
Consolidated?	No	No	No	No
TOTAL FIXED ASSETS	99,039	107,038	76,723	78,732
Land & buildings	39,445	36,326	11,174	12,997
Plant, machinery & equipment	38,042	51,446	57,498	64,551
Intangible Assets	21,552	19,266	936	1,184
TOTAL CURRENT ASSETS	321,434	260,669	272,580	292,978
Stocks	73,877	68,580	77,197	69,982
Trade Debtors	7,498	13,115	22,443	28,737
Other Receivables	484	834	53	896
Prepaid expenses	20,975	28,102	22,266	16,507
Group Loans	196,854	133,613	143,251	150,754
Cash	21,746	16,425	7,370	26,102
TOTAL ASSETS	420,473	367,707	349,303	371,710
TOTAL CURRENT LIABILITIES	343,487	284,329	267,496	242,306
Trade Creditors	62,741	56,331	54,950	53,213
Taxes	4,112	3,288	2,965	2,042
Due From Group	258,863	204,032	161,106	168,306
Accruals & deferred income	17,771	20,678	25,868	18,658
WORKING CAPITAL	-22,053	-23,660	5,084	50,672
TOTAL LONG TERM LIABS	60,551	69,582	50,304	55,689
Other Long Term Liabilities	60,551	69,582	50,304	55,689
NET ASSETS/(LIABILITIES)	76,986	83,378	81,807	129,404
SHARE CAPITAL + RESERVES	16,435	13,796	31,503	73,715
Issued Share Capital	91,262	91,262	91,262	91,262
Reserves	25,982	25,982	-	-
Profit and Loss account	-100,809	-103,448	-59,759	-17,547
SHAREHOLDERS FUNDS	16,435	13,796	31,503	73,715
CAPITAL EMPLOYED	76,986	83,378	81,807	129,404
TANGIBLE NET WORTH	-5,117	-5,470	30,567	72,531

Key Credit Ratios

Accounts Date	31/12/2007	31/12/2006	31/12/2005	31/12/2004
Current Ratio	0.94	0.92	1.02	1.21
Profit Before Tax	-0.01	-0.05	-0.09	-0.07
Creditors Days (D.P.O)	28.02	29.33	30.04	23.62
Quick Ratio	0.72	0.68	0.73	0.92
Return on Assets	-2.69	-11.43	-18.67	-16.41
T.N.W/Total Assets	-0.01	-0.01	0.09	0.20
Return on Capital	-13.96	-47.76	-77.87	-46.99
Working Capital/Sales	0.00	0.00	0.00	0.00
Equity Gearing	0.00	0.00	0.01	0.01
Stock Turnover	0.00	0.00	0.00	0.00
Solvency (%)	-7895.99	-6470.04	1039.68	410.85

Financial Summary

Turnover	Turnover increased by more than 20% in the period. Turnover totalled GBP  926,665,000 for the period.
Operating Profit	Totalled GBP  8,847,000 In the period prior a loss of GBP   22,917,000 was achieved.
Pre Tax	The subject made a loss of GBP  10,749,000 compared with a loss of GBP  39,825,000 in the previous period.
Working Capital	The company's working capital deficiency decreased in the period and now stands at GBP  22,053,000
Tangible Net Worth	Net worth increased by 353,000 during the period and now stands at GBP  -5,117,000
Fixed Assets	The subjects fixed assets reduced during the period by GBP  10,285,000 to GBP  77,487,000 and are now 18% of total assets compared with 24% in the previous period
Long Term Liabilities	The company's long term liabilities reduced during the period by 13% and are now -1183% of net worth compared with -1272% in the previous period
Long Term Liabilities	Long term liabilities are now 14% of total assets compared with 19% in the previous period

Previous Searches on this Company

Last 3 Months	Last 6 Months	Last 12 Months
2	5	7

Date	Time	SIC Code	SIC Category	Report Type
06/02/2008	9:40AM	2212	Publishing of newspapers	Keep-It-Live Comprehensive Report
05/02/2008	5:09PM	2212	Publishing of newspapers	Full Report
14/01/2008	4:07PM	2911	Manufacture of engines and turbines, except aircraft, vehicle and cycle engines	Snapshot Report
21/12/2007	1:23PM	2911	Manufacture of engines and turbines, except aircraft, vehicle and cycle engines	Snapshot Report
16/11/2007	11:48AM	5510	Hotels	Keep-It-Live Report
13/08/2007	10:38AM	6411	National post activities	Keep-It-Live Comprehensive Report
01/08/2007	5:56PM	6340	Activities of other transport agencies	Keep-It-Live Comprehensive Report

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