MIRA INFORM REPORT

 

 

Report Date :

05.09.2013

 

IDENTIFICATION DETAILS

 

Name :

JOHN HORSFALL & SONS (GREETLAND) LIMITED

 

 

Registered Office :

West Vale Works Greetland Nr Halifax Yorkshire Hx4 8bb

 

 

Country :

United Kingdom

 

 

Financials (as on) :

31.12.2011

 

 

Date of Incorporation :

31.01.1905

 

 

Com. Reg. No.:

00083425

 

 

Legal Form :

Private limited with Share Capital

 

 

Line of Business :

Letting of own property

 

 

No. of Employees :

44

 

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

 

Status :

Good

Payment Behaviour :

Regular

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 – March, 31st, 2013

 

Country Name

Previous Rating

(31.12.2012)

Current Rating

(31.03.2013)

United Kingdom

A1

A1

 

Risk Category

ECGC Classification

Insignificant

 

A1

Low

 

A2

Moderate

 

B1

High

 

B2

Very High

 

C1

Restricted

 

C2

Off-credit

 

D

 

 

UNITED KINGDOM - ECONOMIC OVERVIEW

 

The UK, a leading trading power and financial center, is the second largest economy in Europe after Germany. Over the past two decades, the government has greatly reduced public ownership and contained the growth of social welfare programs. Agriculture is intensive, highly mechanized, and efficient by European standards, producing about 60% of food needs with less than 2% of the labor force. The UK has large coal, natural gas, and oil resources, but its oil and natural gas reserves are declining and the UK became a net importer of energy in 2005. Services, particularly banking, insurance, and business services, account by far for the largest proportion of GDP while industry continues to decline in importance. After emerging from recession in 1992, Britain's economy enjoyed the longest period of expansion on record during which time growth outpaced most of Western Europe. In 2008, however, the global financial crisis hit the economy particularly hard, due to the importance of its financial sector. Sharply declining home prices, high consumer debt, and the global economic slowdown compounded Britain's economic problems, pushing the economy into recession in the latter half of 2008 and prompting the then BROWN (Labour) government to implement a number of measures to stimulate the economy and stabilize the financial markets; these include nationalizing parts of the banking system, temporarily cutting taxes, suspending public sector borrowing rules, and moving forward public spending on capital projects. Facing burgeoning public deficits and debt levels, in 2010 the CAMERON-led coalition government (between Conservatives and Liberal Democrats) initiated a five-year austerity program, which aimed to lower London's budget deficit from over 10% of GDP in 2010 to nearly 1% by 2015. In November 2011, Chancellor of the Exchequer George OSBORNE announced additional austerity measures through 2017 because of slower-than-expected economic growth and the impact of the euro-zone debt crisis. The CAMERON government raised the value added tax from 17.5% to 20% in 2011. It has pledged to reduce the corporation tax rate to 21% by 2014. The Bank of England (BoE) implemented an asset purchase program of up to £375 billion (approximately $605 billion) as of December 2012. During times of economic crisis, the BoE coordinates interest rate moves with the European Central Bank, but Britain remains outside the European Economic and Monetary Union (EMU). In 2012, weak consumer spending and subdued business investment weighed on the economy. GDP fell 0.1%, and the budget deficit remained stubbornly high at 7.7% of GDP. Public debt continued to increase.

 

Source : CIA

 

Company identification

 

JOHN HORSFALL & SONS (GREETLAND) LIMITED

WEST VALE WORKS

GREETLAND

NR HALIFAX

YORKSHIRE

HX4 8BB

United Kingdom

 

Telephone                     +44 014 2237 2237

Fax                               -

Website                        www.johnhorsfall.co.uk

 

Company Number:         00083425

 

Foundation:                   31/01/1905

 

Status:                          Active - Accounts Filed

 

 

Basic information

 

Legal form                   Private limited with Share Capital

Foundation                  31/01/1905

Company No.               00083425

 

 

Shareholders

 

Name

Currency

Number of shares

Share type

Nominal value

TRUSTEES OF BENSON BENSON

& LEACH

GBP

4,112

ORDINARY

1

JACQUELINE ANNE BENSON

GBP

3,500

ORDINARY

1

ROBERT CECIL MEEKS

GBP

250

ORDINARY

1

EXECUTORS OF JOHN HORSFALL WASHINGTON BENSON

GBP

6,731

ORDINARY

1

MR PETER HORSFALL BENSON

GBP

4,028

ORDINARY

1

MR PETER HORSFALL BENSON

GBP

500

PREFERENCE

1

MRS ANNE EILEEN BENSON

GBP

1,500

PREFERENCE

1

MRS ANNE EILEEN BENSON

GBP

2,565

ORDINARY

1

TRUSTEES OF JOHN HORSFALL

& SONS (GREETLAND) LTD SELF ADMINISTERED PENSI

GBP

5,834

ORDINARY

1

Total Share Capital         GBP 29,020

 

Management

 

Directors

Name

Address:

Date of birth

Nationality

Appointment date

Mr Peter Horsfall Benson

West Vale Works, Greetland, Nr Halifax, Yorkshire HX4 8BB

11/01/1960

British

08/10/1991

Ms Jacqueline Anne Benson

West Vale Works, Greetland, Nr Halifax, Yorkshire HX4 8BB

05/04/1960

British

10/07/2004

Mr David Deakin

West Vale Works, Greetland, Nr Halifax, Yorkshire HX4 8BB

06/10/1958

British

05/09/2005

 

Company Secretary

Name

Address:

Appointment date

Mr Robert Stephen Currie

West Vale Works, Greetland, Nr Halifax, Yorkshire HX4 8BB

05/12/2004

 

 

Other Known Addresses   

 

Unit 1, Dock Ing Mills, 581 Bradford Road, Batley, West Yorkshire WF17 8HB Victoria Works, Whitwell Green Lane, Elland, West Yorkshire HX5 9BJ

West Vale Works, Greetland, Halifax, West Yorkshire HX4 8BB

 

 

Business activities

 

Main Activity

Letting of own property

 

 

Economic data

 

Turnover and Employees

Date of Accounts                      Turnover                                              Employees

31/12/2009                                GBP 11,909,776                                    56

31/12/2010                                GBP 12,199,806                                    47

31/12/2011                                GBP 15,567,488                                    44

 

Supplementary data

 

Banks

Bank Name                                          Bank Branch Sort Code

Barclays Bank PLC                                20-35-84

Auditor

 

Auditor name

B M HOWARTH LTD

B M HOWARTH

 

 

Events

 

Company history

Date                                         Action

09/09/2008                                Annual Returns

14/10/2008                                New Accounts Filed

09/09/2009                                Annual Returns

02/10/2009                                New Accounts Filed

02/10/2009                                New Accounts Filed

10/09/2010                                Annual Returns

12/10/2010                                New Accounts Filed

12/10/2010                                New Accounts Filed

28/03/2011                                Mr J.H. Benson has left the board

09/09/2011                                Annual Returns

28/09/2011                                New Accounts Filed

11/09/2012                                Annual Returns

03/10/2012                                New Accounts Filed

03/10/2012                                New Accounts Filed

 

 

Mortgages

 

Mortgage type               LEGAL CHARGE

Charge created              10/08/1992

Charge registered           21/08/1992

Status                           OUTSTANDING

Entitled person              BARCLAYS BANK PLC

Secured amount            ALL MONIES DUE OR TO BECOME DUE FROM THE COMPANY TO THE CHARGEE

ON ANY ACCOUNT WHATSOEVER

Mortgage detail              LAND AND BUILDINGS K/A MANOR ROYD AT HEATH GARDENS, HALIFAX, W. YORKSHIRE AS COMPRISED IN A CONVEYANCE DATED 30.9.52

 

Mortgage type               CREDIT AGREEMENT

Charge created              06/01/1993

Charge registered           09/01/1993

Status                           SATISFIED

Entitled person              CLOSE BROTHERS LIMITED

Secured amount            GBP 30391.20 DUE FROM THE COMPANY TO THE CHARGEE UNDER THE TERMS

OF THE AGREEMENT

Mortgage detail              ALL RIGHTS,TITLE AND INTEREST IN ALL SUMS PAYABLE........SEE FORM 395

 

Mortgage type               LEGAL CHARGE

Charge created              17/05/1996

Charge registered           29/05/1996

Status                           SATISFIED

Entitled person              BARCLAYS BANK PLC

Secured amount            ALL MONIES DUE OR TO BECOME DUE FROM THE COMPANY TO THE CHARGEE

ON ANY ACCOUNT WHATSOEVER

Mortgage detail              VICTORIA WORKS,WHITWELL GREEN LANE,ELLAND,WEST YORKSHIRE; T/NO

WYK 61282

 

Mortgage type               LEGAL CHARGE

Charge created              08/12/2006

Charge registered           19/12/2006

Status                           OUTSTANDING

Entitled person              BARCLAYS BANK PLC

Secured amount            ALL MONIES DUE OR TO BECOME DUE FROM THE COMPANY TO THE CHARGEE

ON ANY ACCOUNT WHATSOEVER

Mortgage detail              THE COACH HOUSE MANOR HEATH ROAD HALIFAX WEST YORKSHIRE T/N

WYK243212

 

Mortgage type               LEGAL CHARGE

Charge created              18/07/2007

Charge registered           25/07/2007

Status                           OUTSTANDING

Entitled person              JOHN HORSFALL SELF ADMINISTERED PENSION FUND

Secured amount            GBP 250,000.00 DUE OR TO BECOME DUE FROM THE COMPANY TO

 

Mortgage Detail             Victoria Works, Whitwell Green Lane, Elland, WestYorkshire T/N WYK 590724     

 

County Court Judgments (CCJs)

 

There are no County Court Judgments listed against this company

 

 

Accounts

 

Profit & Loss

 

 

31/12/2011

48

GBP

Group: Yes

31/12/2010

48

GBP

Group: Yes

31/12/2009

48

GBP

Group: Yes

31/12/2008

48

GBP

Group: Yes

Turnover

15,567,488

12,199,806

11,909,776

10,270,949

Export

10,118,867

6,831,891

0

0

Cost of Sales

10,591,771

8,751,549

8,114,571

7,478,427

Gross Profit

4,975,717

3,448,257

3,795,205

2,792,522

Wages And Salaries

1,824,550

1,418,775

1,665,248

1,256,172

Directors Emoluments

968,189

703,851

683,898

642,156

Operating Profit

2,185,140

1,248,094

937,879

727,036

Depreciation

58,475

75,166

80,829

71,759

Audit Fees

20,076

21,575

18,750

14,750

Interests Payments

25,129

28,566

22,720

30,035

Pre Tax Profit

2,173,070

1,237,381

917,037

720,864

Taxation

-568,586

-332,195

-259,389

-201,959

Profit After Tax

1,604,484

905,186

657,648

518,905

Dividends Payable

0

355,000

285,000

260,000

Retained Profit

1,604,484

550,186

372,648

258,905

 

Balance Sheet

 

 

31/12/2011

48

GBP

Group: Yes

31/12/2010

48

GBP

Group: Yes

31/12/2009

48

GBP

Group: Yes

31/12/2008

48

GBP

Group: Yes

Tangible Assets

1,701,985

1,393,937

1,676,826

1,412,375

Intangible Assets

273,214

273,214

273,214

0

Total Fixed Assets

1,975,199

1,667,151

1,950,040

1,412,375

Stock

1,063,331

1,100,355

1,257,106

1,329,476

Trade Debtors

3,829,665

2,431,523

1,372,411

1,604,624

Cash

1,621,643

1,084,294

1,178,700

1,061,418

Other Debtors

118,431

164,666

229,126

292,800

Miscellaneous Current Assets

0

0

0

0

Total Current Assets

6,633,070

4,780,838

4,037,343

4,288,318

Trade Creditors

819,398

719,743

439,868

485,613

Bank Loans and Overdraft

0

0

89,585

247,979

Other Short Term Finance

470,823

350,495

405,109

321,574

Miscellaneous Current Liabilities

1,948,417

1,580,907

1,453,923

1,363,897

Total Current Liabilities

3,238,638

2,651,145

2,388,485

2,419,063

Bank Loans and Overdrafts LTL

22,131

53,828

137,767

351,541

Other Long Term Finance

8,750

38,500

812

9,682

Total Long Term Liabilities

22,131

53,828

48,182

103,562

 

Capital & Reserve

 

 

31/12/2011

48

GBP

Group: Yes

31/12/2010

48

GBP

Group: Yes

31/12/2009

48

GBP

Group: Yes

31/12/2008

48

GBP

Group: Yes

Called Up Share Capital

29,020

29,020

29,020

29,020

P and L Account Reserve

5,312,500

3,708,016

2,939,766

2,552,518

Revaluation Reserve

0

0

0

0

Sundry Reserves

5,980

5,980

581,930

596,530

Shareholders Funds

5,347,500

3,743,016

3,550,716

3,178,068

 

Other Financial Items

 

 

31/12/2011

48

GBP

Group: Yes

31/12/2010

48

GBP

Group: Yes

31/12/2009

48

GBP

Group: Yes

31/12/2008

48

GBP

Group: Yes

Net Worth

5,074,286

3,469,802

3,277,502

3,178,068

Working Capital

3,394,432

2,129,693

1,648,858

1,869,255

Total Assets

8,608,269

6,447,989

5,987,383

5,700,693

Total Liabilities

3,260,769

2,704,973

2,436,667

2,522,625

Net Assets

5,347,500

3,743,016

3,550,716

3,178,068

 

Cash Flow

 

 

31/12/2011

48

GBP

Group: Yes

31/12/2010

48

GBP

Group: Yes

31/12/2009

48

GBP

Group: Yes

31/12/2008

48

GBP

Group: Yes

Net Cash Flow from Operations

1,415,601

674,909

1,460,307

593,007

Net Cash Flow before Financing

347,189

-8,683

349,851

210,699

Net Cash Flow from Financing

190,160

3,862

-74,175

-157,737

Increase in Cash

537,349

-94,406

117,282

632,443

 

Miscellaneous

 

31/12/2011

48

GBP

Group: Yes

31/12/2010

48

GBP

Group: Yes

31/12/2009

48

GBP

Group: Yes

31/12/2008

48

GBP

Group: Yes

Capital Employed

5,369,631

3,796,844

3,598,898

3,281,630

 

Financial Ratios

 

 

 

31.12.2011

31.12.2010

31.12.20099

31.03.2008

Pre Tax Profit Margin

13.96 %

10.14 %

7.70 %

7.02 %

Current Ration

2.05

1.80

1.69

1.77

Sales or Net Working Capital

4.59

5.73

7.22

5.49

Gearing

0.41 %

1.44 %

3.88 %

11.06 %

Equity

64.16 %

60.62 %

62.14 %

55.75 %

Creditor Days

19.15

21.47

13.44

17.21

Debtor Days

89.54

72.54

41.94

56.86

Liquidity or Acid test

1.71

1.38

1.16

1.22

Return on Capital Employed

40.46 %

32.58 %

25.48 %

21.96 %

Return on Total Assets Employed

25.24 %

19.19 %

15.31 %

12.64 %

Current Debt Ratio

0.60 %

0.70 %

0.67 %

0.76 %

Total Debt Ratio

0.60 %

0.72 %

0.68 %

0.79 %

Stock Turnover Ratio

6.83 %

9.01 %

10.55 %

12.94 %

Return on Net Assets Employed

40.63 %

33.05 %

25.82 %

22.68 %

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.67.03

UK Pound

1

Rs.104.32

Euro

1

Rs.88.24

 

 

INFORMATION DETAILS

 

Report Prepared by :

SDA

 

 

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.