MIRA INFORM REPORT

Report Date :

01.11.2008

IDENTIFICATION DETAILS

Name :	FIVES STEIN LIMITED

Formerly Known as :	BH-F (ENGINEERING) LIMITED

Registered Office :	4AChurchward, Southmead Park, Didcot, Oxfordshire Ox11 7HB

Country :	United Kingdom

Financials (as on) :	31.12.2007

Date of Incorporation :	04.05.1993

Legal Form :	Private Limited with Share Capital

Line of Business :	Design and Construction of Glass Conditioning and Feeding Equipment

RATING & COMMENTS

MIRA’s Rating :

RATING		STATUS	PROPOSED CREDIT LINE
41-55	Ba	Overall operation is considered normal. Capable to meet normal commitments.	Satisfactory

Maximum Credit Limit :	[£] 175,000

Status :	Satisfactory

Payment Behaviour :	No Complaints

Litigation :	Clear

Name of the company

FIVES STEIN LIMITED

Number 02814647

company summary

Phone	01235811111	Type	Private limited with Share Capital
Address	4A CHURCHWARD, SOUTHMEAD PARK, DIDCOT, OXFORDSHIRE OX11 7HB	Company Status	Active - Accounts Filed
Postcode	OX11 7HB	Incorporated Date	04/05/1993

Todays Limit [£] 175,000

	Active CCJ's	0
	Value of CCJ's [£]	£0
	Number Of Writs	0

	Current Directors	9
	Total Directorships	15

Trading to Date	31/12/07	31/12/06	31/12/05
Turnover	£6,986,000	£6,497,000	£6,717,000
Shareholder Funds	£1,547,000	£1,380,000	£1,377,000
Employees	32	32	32

	Trends
	Profitability
	Liquidity
	Shareholders Funds

Previous Names Details

Previous Name(s)
Changed :	30/11/2007	Bh-f (engineering) Limited
Changed :	13/07/1993	Foray 548 Limited

Secondary Industry Code Details

	SIC Code	Description
	2852	General Mechanical Engineering

Shareholders Details

	Name	Shares
	Stein Heurtey	80,000 Ordinary Gbp 1.00

Trading Address Details

	Address	Telephone Number	TCPS
	4A Churchward Southmead Park Didcot OX11 7HB

accounts

PROFIT & LOSS

Annual Accounts	01/07-12/07	Change (%)	01/06-12/06	Change (%)	01/05-12/05
Months	12	-	12	-	12
Currency	GBP	-	GBP	-	GBP
Consolidated A/cs	N	-	N	-	N
Turnover	6,986,000	7.5 %	6,497,000	-3.3 %	6,717,000
Export	6,940,000	8.2 %	6,413,000	-0.8 %	6,463,000
Cost of Sales	5,373,000	7.6 %	4,995,000	-8.2 %	5,443,000
Gross Profit	1,613,000	7.4 %	1,502,000	17.9 %	1,274,000
Wages & Salaries	1,204,000	-3.4 %	1,247,000	2.5 %	1,216,000
Directors Emoluments	218,000	-7.2 %	235,000	-21.9 %	301,000
Operating Profits	159,000	999.9%	-8,000	92.5 %	-106,000
Depreciation	12,000	-40.0 %	20,000	-37.5 %	32,000
Audit Fees	8,000	-	8,000	-	8,000
Interest Payments	-	-	-	-	-
Pre Tax Profit	175,000	999.9%	3,000	-89.3 %	28,000
Taxation	-8,000	-	-	100.0 %	-4,000
Profit After Tax	167,000	999.9%	3,000	-87.5 %	24,000
Dividends Payable	-	-	-	-	-
Retained Profits	167,000	999.9%	3,000	-87.5 %	24,000

BALANCE SHEET

Annual Accounts	01/07-12/07	Change (%)	01/06-12/06	Change (%)	01/05-12/05
Tangible Assets	13,000	-48.0 %	25,000	-40.5 %	42,000
Intangible Assets	-	-	-	-	-
Total Fix Assets	13,000	-48.0 %	25,000	-40.5 %	42,000
Total Current Assets	3,105,000	-2.4 %	3,180,000	-3.7 %	3,302,000
Trade Debtors	622,000	-66.1 %	1,834,000	-11.9 %	2,082,000
Stock	1,255,000	65.8 %	757,000	69.7 %	446,000
Cash	780,000	102.6 %	385,000	-42.5 %	669,000
Other Current Assets	448,000	119.6 %	204,000	94.3 %	105,000
Increase In Cash	395,000	239.1 %	-284,000	-210.9 %	256,000
Miscellaneous Current Assets	-	-	-	-	-
Total Assets	3,118,000	-2.7 %	3,205,000	-4.2 %	3,344,000
Total Current Liabilities	1,389,000	-13.7 %	1,610,000	-8.5 %	1,759,000
Trade Creditors	694,000	-25.3 %	929,000	40.3 %	662,000
Bank Overdraft	-	-	-	-100.0 %	337,000
Other Short Term Fin	8,000	-	-	-	-
Miscellaneous Current Liabilities	687,000	0.9 %	681,000	-10.4 %	760,000
Other Long Term Fin	-	-	-	-	-
Total Long Term Liabilities	182,000	-15.3 %	215,000	3.4 %	208,000
Bank Overdraft & LTL	182,000	-15.3 %	215,000	-60.6 %	545,000
Total Liabilities	1,571,000	-13.9 %	1,825,000	-7.2 %	1,967,000
Net Assets	1,547,000	12.1 %	1,380,000	0.2 %	1,377,000
Working Capital	1,716,000	9.3 %	1,570,000	1.7 %	1,543,000

CAPITALS & RESERVES

Annual Accounts	01/07-12/07	Change (%)	01/06-12/06	Change (%)	01/05-12/05
Paid up equity	80,000	-	80,000	-	80,000
P&L Account Reserve	1,467,000	12.8 %	1,300,000	0.2 %	1,297,000
Sundry Reserves	-	-	-	-	-
Revaluation Reserve	-	-	-	-	-
Shareholder Funds	1,547,000	12.1 %	1,380,000	0.2 %	1,377,000
Net Worth	1,547,000	12.1 %	1,380,000	0.2 %	1,377,000

MISCELLANEOUS

Annual Accounts	01/07-12/07	Change (%)	01/06-12/06	Change (%)	01/05-12/05
Net Cashflow from Operations	-	-	-	-	-
Net Cashflow before Financing	-	-	-	-	-
Net Cashflow from Financing	-	-	-	-	-
Contingent Liability	YES	-	YES	-	YES
Capital Employed	1,729,000	8.4 %	1,595,000	0.6 %	1,585,000
No of Employees	32	-	32	-	32

	Auditors	DELOITTE & TOUCHE LLP
	AuditQualification	No Adverse Comments
	Bankers	HSBC BANK PLC
	BankBranchCode	40-35-31

RATIOS

Annual Accounts	01/07-12/07	01/06-12/06	01/05-12/05
Pre-tax profit margin %	2.5 %	0.0 %	0.4 %
Current ratio	2.24	1.98	1.88
Sales/Net Working Capital	4.07	4.14	4.35
Gearing %	11.8 %	15.6 %	39.6 %
Equity in %	49.6 %	43.1 %	41.2 %
Creditor Days	36.16	52.05	35.97
Debtor Days	32.41	102.75	113.14
Liquidity/Acid Test	1.33	1.50	1.62
Return On Capital Employed %	10.1 %	0.2 %	1.8 %
Return On Total Assets Employed %	5.6 %	0.1 %	0.8 %
Current Debt Ratio %	0.9 %	1.2 %	1.3 %
Total Debt Ratio %	1.0 %	1.3 %	1.4 %
Stock Turnover Ratio %	18.0 %	11.7 %	6.6 %
Return on Net Assets Employed %	11.3 %	0.2 %	2.0 %

group structure

	Ultimate Parent Company	STEIN HEURTEY SA
	Companies in Group	3

Company Name	Registered Number	Latest Annual Accounts
STEIN HEURTEY SA	FRANCE	N/A
FIVES STEIN LIMITED<<<	02814647	31/12/2007
PENELECTRO LIMITED	02888628	31/12/2007

Status History

Date	Description
No Status History

Event History

Date	Description
14/10/2008	New Accounts Filed
16/08/2008	New Board Member Mr A.a. Hendry Appointed
16/08/2008	New Board Member Mr A. Stephens Appointed
16/08/2008	New Board Member Mr A.m. Reynolds Appointed
01/05/2008	Annual Returns
04/12/2007	Change Of Name
12/11/2007	New Accounts Filed
22/02/2007	Jean-paul Marcel Pierresauteraud Has Left The Board
15/11/2006	New Accounts Filed
04/05/2006	New Board Member (francois Pahmer) Appointed
28/03/2006	Jean Fromentin Has Left The Board
28/03/2006	Thomas Ferniebaillie Has Left The Board
12/05/2005	New Accounts Filed
12/06/2004	Data Refresh
04/06/2004	New Accounts Filed

directors

Name	Alan Andrew Hendry
Address	4 Chapter Close
	Uxbridge
	Middx
	UB10 9LA
Officers Title	Mr	Date Of Birth	13/04/1947
Honours		Present Appointments	1
Appointment Date	01/07/2008	Function	Director

Name	Alan Stephens
Address	233 Radley Road
	Abingdon
	Oxon
	OX14 3SQ
Officers Title	Mr	Date Of Birth	25/07/1952
Honours		Present Appointments	1
Appointment Date	01/07/2008	Function	Director

Name	Charles Ernest Remy Marie Armand
Address	39 Rue Du Docteur
	Blanche
	Paris
	75016
	France
Officers Title	Mr	Date Of Birth	02/02/1969
Honours		Present Appointments	1
Appointment Date	12/06/2007	Function	Director

Name	Daniel Marcel Brunelli Brondex
Address	19 Cheltenham Road
	Cheltenham
	Gloucestershire
	Aurstralia
	GL52 8LU
Officers Title	Mr	Date Of Birth	21/04/1961
Honours		Present Appointments	1
Appointment Date	12/02/2007	Function	Director

Name	Francois Pahmer
Address	16 Rue Des Frercs
	D'astier De La Vigeire
	Paris
	75013
Officers Title	Mr	Date Of Birth	20/01/1961
Honours		Present Appointments	1
Appointment Date	01/04/2006	Function	Director

Name	Enid Knowles
Address	13 Healey Close
	Abingdon
	Oxon
	Ox14 5rl
	OX14 5RY
Officers Title	Ms	Date Of Birth	09/04/1945
Honours		Present Appointments	2
Appointment Date	23/01/2003	Function	Company Secretary

Name	Andrew Michael Reynolds
Address	Lawnswood 24 Woodside
	Leigh On Sea
	Essex
	SS9 4QU
Officers Title	Mr	Date Of Birth	04/05/1962
Honours		Present Appointments	3
Appointment Date	01/07/2008	Function	Director

Name	Maurice Derrick Holden
Address	4 Grayling Close
	Marlow
	Buckinghamshire
	SL7 2BA
Officers Title	Mr	Date Of Birth	07/09/1947
Honours		Present Appointments	2
Appointment Date	20/07/1993	Function	Director

Name	Peter Vilk
Address	12 Whitehills Green
	Goring
	Reading
	Berkshire
	RG8 0EB
Officers Title	Mr	Date Of Birth	21/01/1944
Honours		Present Appointments	3
Appointment Date	20/07/1993	Function	Director

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.49.25
UK Pound	1	Rs.80.36
Euro	1	Rs.62.84

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

Web Address	bh-f.com	Incorporation Date	04/05/1993
Type of Accounts	Full Accounts	Filing Date of Accounts	09/10/2008
Company Type	Private Limited With Share Capital	Date of Latest Accounts	31/12/2007
Annual Return	23/04/2008

Registered Address		Trading Address
Telephone Number	01235811111	Telephone Number	01235 811111
TPS	N	TPS
Address		Address
4A CHURCHWARD SOUTHMEAD PARK DIDCOT OXFORDSHIRE OX11 7HB		4A Churchward Southmead Park Didcot OX11 7HB

	Previous Name(s)
	Changed:	30/11/2007	Bh-f (engineering) Limited

	Industry:
	Design And Construction Of Glass Conditioning And Feeding Equipment.

	Mortgage Charges
	Outstanding	0	Satisfied	0