MIRA INFORM REPORT

 

Report Date :

03.03.2012

 

IDENTIFICATION DETAILS

 

Name :

WHITE HORSE MACHINERY LIMITED

 

 

Formerly Known As :

FREEUNIQUE LIMITED.

 

 

Registered Office :

Unit 3 Fusion Point, Ash Lane Garforth, Leeds, W Yorkshire, LS25 2GA

 

 

Country :

United Kingdom

 

 

Financials (as on) :

30.04.2011

 

 

Date of Incorporation :

08.06.1992

 

 

Com. Reg. No.:

02720968

 

 

Legal Form :

Private Limited

 

 

Line of Business :

Dealers in printing machinery.

 

 

No. of Employees :

13

 

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

 

Maximum Credit Limit :

GBP 80,000

Status :

Satisfactory

Payment Behaviour :

No Complaints

Litigation :

Clear

 

NOTES :

Any query related to this report can be made on e-mail: infodept@mirainform.com while quoting report number, name and date.

 

ECGC Country Risk Classification List – September 30, 2011

 

Country Name

Previous Rating

(30.06.2011)

Current Rating

(30.09.2011)

United Kingdom

A1

A1

 

Risk Category

ECGC Classification

Insignificant

 

A1

Low

 

A2

Moderate

 

B1

High

 

B2

Very High

 

C1

Restricted

 

C2

Off-credit

 

D

 


 Company Identification Details

 

Subject Reported on

WHITE HORSE MACHINERY LIMITED

Registration Number

02720968

Address

UNIT 3 FUSION POINT, ASH LANE GARFORTH, LEEDS, WEST YORKSHIRE, LS25 2GA.

Telephone

0113 2870440

Facsimile

0113 2870450

Email

sales@whitehorsemachinery.co.uk

Web Address

www.whitehorsemachinery.co.uk

 

Creditline Recommendations

 

Monthly Credit Guide

GBP 80,000

 

 

 

 

 

 

 

Official Company Data

 

 

Legal Form

Private Limited

Registration Number

02720968

Subject Status

Trading

Date of Incorporation

08/06/1992

Registered Office

UNIT 3 FUSION POINT, ASH LANE GARFORTH, LEEDS, W YORKSHIRE, LS25 2GA.

History

25/11/2006 : The Registered Office address changed from OAKTREE BUSINESS PARK, LIMEWOOD COURT, LEEDS,.

 

30/07/1992 : Change of name from FREEUNIQUE LIMITED.

 

20/07/1992 : The Registered Office address changed from 2 BACHES STREET, LONDON, N1 6UB.

Date of Last Annual Return to Registry

08/06/2011

Accounts

The last filed accounts at Companies House are those to 30/04/2011

Accounting Reference Date

30/04

 

 

 

Operations

 

 

Activities

Dealers in printing machinery.

Premises

Leased,Factory,Offices

Staff Employed

13

Import Countries

ALL OVER THE WORLD

Export Countries

ALL OVER THE WORLD

Bankers

BARCLAYS BANK PLC

Address

LEEDS.

Sort Code

204846

Auditors

RSM Tenon Audit Ltd

 

 

 

 

Previous Searches

 

Search History Summary

 

Last 3 Months

Last 6 Months

Last 12 Months

1

1

4

 

Search History Details

 

The Search History Details shows details of the most recent 40 searches

 

Date

Description

27/01/2012

Miscellaneous

07/06/2011

Miscellaneous

31/03/2011

Miscellaneous

24/03/2011

Miscellaneous

24/03/2010

Miscellaneous

 

 

 

Public Record Information

 

 

Summary of CCJ's/Scottish Decrees

 

No CCJs/Scottish Decrees are recorded in our file.

 

 

 

Summary of Mortgages, Charges and Satisfactions

 

 

Total Number of Mortgages/Charges Registered

9

Number Outstanding

3

Number Partially Satisfied

0

Number Satisfied

6

 

 

Date of Latest Mortgage Created

03/02/2011

Date of Latest Satisfaction

15/03/2010

 

 

 

Details of most recent Mortgages, Charges and Satisfactions

 

 

Date Fully
Satisfied

Date
Registered

Date
Created

Charge
Description

Form Type

Lender

 

08/02/2011

03/02/2011

Legal Mortgage

MG01

Svenska Handelsbanken Ab (Publ)

 

09/07/2010

30/06/2010

Debenture

MG01

Bank Leumi (Uk) Plc

15/03/2010

29/01/2010

20/01/2010

Chattel Mortgage

MG01

Hsbc Bank Plc

 

20/02/2002

11/02/2002

Assgnment And Charge

395

Bank Leumi (Uk) Plc

15/03/2010

17/02/1999

16/02/1999

Debenture

395

Midland Bank Plc

15/03/2010

06/02/1997

28/01/1997

General Memorandum Of Pledge

395

Banca Nazionale Dell'Agricoltura

15/03/2010

06/02/1997

28/01/1997

Charge Over Credit Balance

395

Banca Nazionale Dell'Agricoltura

15/03/2010

04/01/1997

30/12/1996

Fixed And Floating Charge

395

Midland Bank Plc

30/01/1997

20/07/1992

08/07/1992

Debenture

395

Barclays Bank Plc

 

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

 

 

 

Other Filings and Notices

 

 

Date

Source

Description

 

17/02/2011

Companies House Gazette

Notification of any change among the company's directors

22/12/2009

Companies House Gazette

Notification of any change among the company's directors

16/10/2002

Companies House Gazette

Alteration in memorandum or articles of association

16/10/2002

Companies House Gazette

Resolutions or agreements to which section 380 applies (relating to shares rights or names)

19/06/2001

Companies House Gazette

Change among directors of a company

04/05/2001

Companies House Gazette

Change among directors of a company

16/08/1999

Companies House Gazette

Notification (given under section 122) of the redemption of shares

16/08/1999

Companies House Gazette

Resolutions or agreements to which section 380 applies (relating to shares rights or names)

30/06/1997

Companies House Gazette

Alteration in memorandum or articles of association

19/03/1996

Companies House Gazette

Change among directors of a company

02/06/1993

Companies House Gazette

Resolutions which give vary

02/06/1993

Companies House Gazette

Alteration in memorandum or articles of association

20/07/1992

Companies House Gazette

Change among directors of a company

15/07/1992

Companies House Gazette

Alteration in memorandum or articles of association

15/07/1992

Companies House Gazette

Resolutions which give vary

 

 

 

Company Secretary

 

 

Secretary

ROBIN GORDON MANNALL

Service Address

70 MILLBECK GREEN, COLLINGHAM, LEEDS, LS22 5AG.

Country of Origin

UNITED KINGDOM

Date of Birth

21/06/1969

Appointment Date

18/01/2000

 

 

 

Directors

 

 

Managing Director

MR ROBIN ANTHONY VAUVELLE

Service Address

2 ALBERT TERRACE, HARROGATE, NORTH YORKSHIRE, HG1 1HY.

Country of Origin

UNITED KINGDOM

Date of Birth

20/04/1965

Appointment Date

01/07/1992


Financial Director


ROBIN GORDON MANNALL

Service Address

70 MILLBECK GREEN, COLLINGHAM, LEEDS, LS22 5AG.

Country of Origin

UNITED KINGDOM

Date of Birth

21/06/1969

Appointment Date

01/05/2001


Director


MR DAVID PETER ANTHONY GRAVELLS

Service Address

UNIT 3 FUSION POINT, ASH LANE GARFORTH, LEEDS, W YORKSHIRE, LS25 2GA.

Country of Origin

UNITED KINGDOM

Date of Birth

18/08/1949

Appointment Date

08/02/2011

Other Directorships

THE GRAMMAR SCHOOL AT LEEDS, PARACLETE LIMITED, NORTHERN 2 VCT PLC, TIME OF YEAR LIMITED

 

 

 

Share Capital

 

 

Shares

Ordinary GBP 1.00

Issued Number

100,002

Principal Shareholder

90,002 Robin Anthony Vauvelle

 

6,000 Robin Vauvelle 2008 Settlement

 

4,000 Shirley Vauvelle

 

The above reflects the principle shareholder(s) by number of shares held, irrespective of share classification type.

 

 

 

 

 

Financial Data– Statutory Accounts

 

 

For annual accounts images, view the

 

Profit and Loss

 

The following figures are shown in units of 1000

 

Number of Weeks

52

52

52

52

Accounts Date

30/04/2011

30/04/2010

30/04/2009

30/04/2008

Consolidated

 

 

Yes

Yes

Currency

GBP

GBP

GBP

GBP

SALES

22928

31058

45912

52394

Cost of goods sold

21151

28553

40468

45219

GROSS PROFIT

1777

2505

5444

7175

Wages and Salaries

564

608

1685

1612

Directors Emoluments

262

140

268

318

Auditors Fees

15

14

21

18

Trading Profit

490

411

(1674)

1291

Depreciation

43

58

131

137

OPERATING PROFIT

447

353

(1805)

1154

Non Trading Income

 

6

11

7

Interest Payable

147

207

497

576

PRE TAX PROFIT

300

152

(2291)

585

Taxation

60

49

(297)

208

PROFIT AFTER TAX

240

103

(1994)

377

Dividends Payable

 

30

 

120

RETAINED PROFITS

240

73

(1994)

257

 

Balance Sheet

 

The following figures are shown in units of 1000

 

Number of Weeks

52

52

52

52

Accounts Date

30/04/2011

30/04/2010

30/04/2009

30/04/2008

Consolidated

 

 

Yes

Yes

Currency

GBP

GBP

GBP

GBP

TOTAL FIXED ASSETS

1547

424

859

1229

Tangible Assets

1547

424

859

779

Fixed Assets

1547

68

859

779

Intermediate assets

 

356

 

 

Intangible Assets

 

 

 

450

TOTAL CURRENT ASSETS

5625

5687

15154

16169

Trade debtors

1698

1892

4294

6663

Stocks

3170

2305

8829

8495

Other Current Assets

757

1490

2031

1011

Misc Current Assets

687

923

1843

1008

Cash

70

567

188

3

TOTAL ASSETS

7172

6111

16013

17398

TOTAL CURRENT LIABILITIES

4760

4444

13872

13383

Trade creditors

2797

2553

5308

6383

Short Term Loans

1676

1715

7353

5447

Bank Overdraft

 

 

383

209

Bank Loans

1444

1588

6952

5226

Other Finance

8

127

18

12

Due To Directors

224

 

 

 

Other Liabilities

287

176

1211

1553

WORKING CAPITAL

865

1243

1282

2786

TOTAL LONG TERM LIABS

513

8

25

6

Long Term Loans

513

8

25

6

Bank Loans

513

 

 

 

Other Finance

 

8

25

6

NET ASSETS/(LIABILITIES)

1899

1659

2116

4009

SHARE CAPITAL + RESERVES

1899

1659

2116

4009

Share Cap + Sundry Res

200

200

200

200

Issued Share Capital

100

100

100

100

Sundry Reserves

100

100

100

100

Profit and Loss account

1699

1459

1916

3809

SHAREHOLDERS FUNDS

1899

1659

2116

4009

CAPITAL EMPLOYED

2412

1667

2141

4015

 

Financial Comparison

 

The following figures are shown in units of 1000

 

Number of Weeks

52

52

52

52

Accounts Date

30/04/2011

30/04/2010

30/04/2009

30/04/2008

Consolidated

 

 

Yes

Yes

Currency

GBP

GBP

GBP

GBP

Net Cashflow from Oper.

1

4026

(969)

850

Increase in Cash

(497)

890

11

35

Directors Remuneration

262

140

268

318

Auditors Remuneration

15

14

21

18

Liquid Assets

1768

2459

4482

6666

Net Working Capital

865

1243

1282

2786

Long Term Debt(>12 Months)

513

8

25

6

Other Deferred Liabs

 

 

 

 

Tangible Net Worth(T.N.W)

1899

1659

2116

3559

Equity

1899

1659

2116

4009

Number of Years Trading

19

18

17

16

Number of Employees

13

19

43

45

Profit per Employee

23076.9

8000

(53279.1)

13000

Sales per Employee

1763692.3

1634631.6

1067720.9

1164311.1

 

Key Credit Ratios

 

The following figures are shown as Ratios or Percentages

 

Accounts Date

30/04/2011

30/04/2010

30/04/2009

30/04/2008

Consolidated

 

 

Yes

Yes

Current Ratio

1.2

1.3

1.1

1.2

Long Term Debt/T.N.W

0.3

 

 

 

Pre Tax Profit Margin%

1.3

0.5

(5)

1.1

Gross Profit%

7.8

8.1

11.9

13.7

Debtors Days (D.S.O)

27

22

34

46

Creditors Days (D.P.O)

45

30

42

44

Quick Ratio

0.5

0.8

0.5

0.6

W.I.P/Inventory Days

54.7

29.5

79.6

68.6

Return on Investment%

10.9

10.6

(18.9)

12.3

Return on Assets%

4.2

2.5

(14.3)

3.4

T.N.W/Total Assets%

26.5

27.1

13.2

20.5

Return on Capital%

12.4

9.1

(107)

14.6

Rtn on Shareholders Funds%

15.8

9.2

(108.3)

14.6

Working Capital/Sales%

3.8

4

2.8

5.3

Borrowing Ratio%

115.3

103.9

348.7

153.2

Equity Gearing%

36

37.3

15.2

29.9

Stock Turnover

7.2

13.5

5.2

6.2

Days Purchases Outstanding

48.3

32.6

47.9

51.5

Sales/Fixed Assets

14.8

456.7

53.4

67.3

Debt Gearing

27

0.5

1.2

0.2

 

 

 

Financial Summary

 

 

Auditors Qualification

The Auditors have expressed a clean opinion (i.e. unqualified with no referrals) on the accounts for the period ended 30/04/2011.

 

Turnover

Turnover decreased by 26 % and reduced by 8,130,000 to GBP 22,928,000.

 

Operating Profit

Totalled GBP 447,000. In the year prior a Profit of GBP 353,000 was achieved.

 

Pre Tax Profit

The subject's profit increased by 97 % in the year.

 

Working Capital

The company's working capital, while remaining positive, decreased by 30 % in the period.

 

Net Worth

Net worth has increased by 14 % and now stands at GBP 1,899,000.

 

Fixed Assets

The subject's fixed assets increased during the year by GBP 1,123,000 to GBP 1,547,000 and are now 21 % of total assets compared with 6 % in the previous year.

 

Long Term Liabilities

Long term liabilities are 21 % of capital employed, an increase of 21 % over the previous period.

 


 

FOREIGN EXCHANGE RATES

 

Currency

Unit

Indian Rupees

US Dollar

1

Rs.49.35

UK Pound

1

Rs.78.68

Euro

1

Rs.65.63

 

 

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

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

--

NB

                                       New Business

 

--

 

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

This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.