MIRA INFORM REPORT

 

 

Report Date :

12.12.2014

 

IDENTIFICATION DETAILS

 

Name :

JAMES H.HEAL AND COMPANY LIMITED

 

 

Registered Office :

Richmond Works, Lake View, Halifax Hx3 6ep

 

 

Country :

United Kingdom

 

 

Financials (as on) :

31.10.2013

 

 

Date of Incorporation :

09.07.1946

 

 

Com. Reg. No.:

00414668

 

 

Legal Form :

Private limited with Share Capital

 

 

Line of Business :

·         Engaged in testing instruments and related supplies for the nonwovens, textile and apparel industries

Engaged in manufacture and distribution of textile testing instruments, consumables and provide calibration services.

Engaged in manufacturing instruments for measuring.

Engaged in manufacturing electronic measuring, testing equipment, not for industrial process control

 

Subject product ranges includes:

 

Instruments

·         Crockmaster

Dynawash

Elmatear

FlexiBurn

Gyrowash

Impulse

Martindale

Orbitor

SnagPod

Spray Rating Tester

Thermaplate

Titan
TruBurst

TruFade

Wascator

 

Test Materials

·         Blue Wool Standards

Cotton Lawn/Crocking Cloth

Detergents

Grey Scales

Makeweights/Ballasts

Martindale Materials

Multifibre

Phenolic Yellowing

Photographic Standards

Pilling/Snagging Materials

 

 

No of Employees :

111 (31.10.2013)

 

 

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 :

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, 2014

 

Country Name

Previous Rating

(30.06.2014)

Current Rating

(30.09.2014)

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 third largest economy in Europe after Germany and France. Over the past two decades, the government has greatly reduced public ownership. 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, are key drivers of British GDP growth. Manufacturing, meanwhile, has declined in importance but still accounts for about 10% of economic output. 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. Falling 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 included 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 about 11% of GDP in 2010 to nearly 1% by 2015. In November 2011, Chancellor of the Exchequer George OSBORNE announced additional austerity measures through 2017 largely due to 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 £375 billion (approximately $605 billion) as of December 2013. 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, however, in 2013 GDP grew 1.4%, accelerating unexpectedly in the second half of the year because of greater consumer spending and a recovering housing market. The budget deficit is falling but remains high at nearly 7% and public debt has continued to increase.

 

Source : CIA

 

 

Company identification

 

JAMES H.HEAL AND COMPANY LIMITED

 

Registered Address

RICHMOND WORKS

LAKE VIEW

HALIFAX

HX3 6EP

United Kingdom

Telephone                     +44 (0)1422 366355

Fax                               +44 (0)1422 352440

Web:                            www.james-heal.co.uk

 

 

Registration data

 

Company Number                      00414668

Foundation:                               09/07/1946

Status:                                      Active - Accounts Filed

VAT No:                                    GB525738529

 

 

Comments

 

No exact match CCJs are recorded against the company. Sales in the latest trading period increased 4% on the

previous trading period. Net Worth increased by 19.1% during the latest trading period. A 17.9% growth in Total Assets occurred during the latest trading period. Pre-tax profits increased by 4.9% compared to the previous trading period.

 

The company saw an increase in their Cash Balance of 65% during the latest trading period. The audit report contains no adverse comments. The company’s credit rating has dropped from 96 to 81 but the company still indicates very good creditworthiness. The company has undergone recent changes in its directorships. The company is not part of a group.

 

The company was established over 68 years ago.

 

 

Legal form

 

Private limited with Share Capital

 

 

Foundation

 

09/07/1946

 

 

Company No

 

00414668

 

 

Shareholders

 

Name

Currency

No. of Shares

Share Type

Nominal Value

MR DAVID MICHAEL REPPER MRS

LYNDA REPPER

GBP

5000

Ordinary

1

MR DAVID MICHAEL REPPER

GBP

3408

Ordinary

1

MRS LYNDA REPPER

GBP

6980

Ordinary

1

Total Share Capital

 

 

 

GBP 15388

 

 

Management

 

Directors                                               

Name

Address:

Date of birth

Nationality

Appointment date

Mr Michael Minich

Richmond Works, Lake View, Halifax HX3 6EP

06/01/1957

British

08/09/1989

Mr Neil Andrew Pryke

Richmond Works, Lake View, Halifax HX3 6EP

21/07/1968

British

01/11/2006

Mr Elliot Ashley Rich

Richmond Works, Lake View, Halifax HX3 6EP

26/04/1974

British

01/11/2006

Mrs Amanda Louise McLaren

Richmond Works, Lake View, Halifax HX3 6EP

24/07/1968

British

14/04/2014

Mr Donald Templeman

1681 Wild Azalea Lane, Athens, Georgia

30/10/1960

American

18/09/2014

 

Company Secretary                                        

Name

Address:

Appointment date

Mr Michael Minich

Richmond Works, Lake View, Halifax HX3 6EP

31/12/1988

 

 

 

Other Known Addresses

 

Richmond Works, Lake View, Halifax, West Yorkshire HX3 6EP

 

 

Business activities

 

Main activity

Principal Activity            The manufacture and distribution of textile testing instruments, consumables and

provides calibration services.

SIC03                           Manufacture instruments for measuring.

SIC07                           Manufacture of electronic measuring, testing equipment, not for industrial process control

 

 

Subject product ranges includes:

 

Instruments

·         Crockmaster

Dynawash

Elmatear

FlexiBurn

Gyrowash

Impulse

Martindale

Orbitor

SnagPod

Spray Rating Tester

Thermaplate

Titan
TruBurst

TruFade

Wascator

 

Test Materials

·         Blue Wool Standards

Cotton Lawn/Crocking Cloth

Detergents

Grey Scales

Makeweights/Ballasts

Martindale Materials

Multifibre

Phenolic Yellowing

Photographic Standards

Pilling/Snagging Materials

 

Turnover & Employees

 

Date of Accounts

Turnover

Employees

31/10/2011

GBP 9,251,866

94

31/10/2012

GBP 9,789,343

104

31/10/2013

GBP 10,179,250

111

 

 

Banks

 

Bank Name                                                                  Bank Branch Sort Code

HSBC BANK PLC                                                          40-02-50

 

 

Auditor

 

Auditor name

HAINES WATTS LEEDS LLP

H W (LEEDS) LLP

 

 

Company history

 

Date

 

17/03/2010

New Accounts Filed

17/03/2010

New Accounts Filed

30/06/2010

Annual Returns

18/03/2011

New Accounts Filed

18/03/2011

New Accounts Filed

06/06/2011

New Board Member Mrs A.L. Watson appointed

20/06/2011

Annual Returns

24/03/2012

New Accounts Filed

24/03/2012

New Accounts Filed

03/07/2012

Annual Returns

14/03/2013

New Accounts Filed

14/03/2013

New Accounts Filed

07/05/2013

New Board Member Mr J.D. Child appointed

21/06/2013

Annual Returns

18/12/2013

Mr J.D. Child has left the board

20/03/2014

New Accounts Filed

20/03/2014

New Accounts Filed

04/04/2014

Mrs A.L. Watson has left the board

25/04/2014

New Board Member Mrs A.L. McLaren appointed

16/06/2014

Annual Returns

21/10/2014

Mrs L. Repper has left the board

21/10/2014

Mr D.M. Repper has left the board

21/10/2014

New Board Member Mr D. Templeman appointed

29/10/2014

New Board Member Mr D. Templeman appointed

 

 

Mortgages  

 

Charge created

15/10/1973

Charge registered

01/11/1973

Status

SATISFIED

Entitled person

MIDLAND BANK LTD

Mortgage detail

FLOATING CHARGE ON THEUNDERTAKING AND ALL PROPERTY AND ASSETSP-RESENT AND FUTURE INCLUDING UNCALLED CAPITAL

 

 

Charge created

18/02/1981

Charge registered

26/02/1981

Status

SATISFIED

Entitled person

MIDLAND BANK LTD

Mortgage detail

ALL BOOK DEBTS AND OTHER DEBTS NOW AND FROM TIME TO TIME HEREAFTER DUE OWING ORINCURRED TO THE COMPANY

 

 

Charge created

31/12/1984

Charge registered

05/01/1985

Status

SATISFIED

Entitled person

MIDLAND BANK PLC

Mortgage detail

RICHMOND WORKS, LAKE VIEW, HALEY HILL, HALIFAX WEST YORKSHIRE.

 

 

Charge created

12/09/2003

Charge registered

24/09/2003

Status

SATISFIED

Entitled person

HSBC BANK PLC

Mortgage detail

FREEHOLD PROPERTY K/A HALEY HILL MILLS LAKE VIEW HALIFAXWITH THE BENEFIT OF ALL RIGHTS LICENCESGUARANTEES RENT DEPOSITS CONTRACTS DEEDS UNDERTAKINGS AND WARRANTIES RELATING TO THE PROPERTY ANY SHARES OR MEMBERSHIP RIGHTS IN ANY MANAGEMENT COMPANY FOR THE-PROPERTY ANY GOODWILL OF ANY BUSINESS FROM TIME TO TIME CARRIED ON AT THE PROPERTY ANY RENTAL AND OTHER MONEY PAYABLE UNDER ANY LEASE LICENCE OR OTHER INTERESTCREATED IN RESPECT OF THE PROPERTY AND ALL OTHER PAYMENTS WHATEVER IN RESPECT OF THE PROPERTY

 

 

Charge created

18/09/2014

Charge registered

27/09/2014

Status

OUTSTANDING

Entitled person

SILICON VALLEY BANK AS SECURITY AGENT;

Mortgage detail

CONTAINS FIXED CHARGE.CONTAINS FLOATINGCHARGE.FLOATING CHARGE COVERS ALL THE PROPERTY OR UNDERTAKING OF THE COMPANYCONTAINS NEGATIVE PLEDGE.

 

 

County Court Judgments

(CCJs)

 

There are no County Court Judgments listed against this company

 

 

Accounts                                                                                                                                                  

 

Profit & Loss

 

 

 

 

 

31/10/2013

52

GBP

Group: No

31/10/2012 52

GBP Group: No

31/10/2011 52

GBP Group: No

31/10/2010 52

GBP Group: No

Turnover

10,179,250

9,789,343

9,251,866

7,756,001

Cost of Sales

0

0

-

-

Gross Profit

10,179,250

9,789,343

-

-

Wages And Salaries

3,804,526

3,268,904

2,857,167

2,536,912

Directors Emoluments

659,239

532,548

482,448

480,376

Operating Profit

736,073

694,881

648,986

594,149

Depreciation

149,115

141,507

119,476

124,143

Audit Fees

7,200

7,200

7,200

7,200

Interests Payments

5,643

8,902

94,934

26,150

Pre Tax Profit

739,466

704,804

617,083

568,489

Taxation

-80,962

840

-15,878

-76,655

Profit After Tax

658,504

705,644

601,205

491,834

Dividends Payable

71,009

80,000

80,000

150,000

Retained Profit

587,495

625,644

521,205

341,834

 

 

Balance Sheet                                                                                                                                                                                                                                 

 

31/10/2013

52

GBP

 Group: No

31/10/2012 52

GBP Group: No

31/10/2011 52

GBP Group: No

31/10/2010 52

GBP Group: No

Tangible Assets

1,544,310

1,490,071

1,434,143

1,351,883

Intangible Assets

47,445

63,260

79,075

158,149

Total Fixed Assets

1,591,755

1,553,331

1,513,218

1,510,032

Stock

1,913,935

1,922,252

1,985,023

2,024,613

Trade Debtors

1,062,288

1,000,894

1,159,979

732,391

Cash

2,410,472

1,460,586

1,077,397

935,241

Other Debtors

185,475

141,259

146,770

136,069

Miscellaneous Current Assets

0

0

0

0

Total Current Assets

5,572,170

4,524,991

4,369,169

3,828,314

Trade Creditors

1,355,307

1,080,338

1,327,933

1,228,748

Bank Loans and Overdraft

0

0

0

0

Other Short Term Finance

34,862

51,404

128,187

197,200

Miscellaneous Current Liabilities

410,305

326,805

319,982

306,714

Total Current Liabilities

1,800,474

1,458,547

1,776,102

1,732,662

Bank Loans and Overdrafts LTL

50,433

134,252

72,406

98,216

Other Long Term Finance

0

11,443

33,373

67,881

Total Long Term Liabilities

50,433

134,252

72,406

98,216

 

Capital & Reserves

 

31/10/2013

52

GBP

Group: No

31/10/2012 52

GBP Group: No

31/10/2011 52

GBP Group: No

31/10/2010 52

GBP Group: No

Called Up Share Capital

15,388

15,388

15,388

15,388

P and L Account Reserve

4,618,896

3,783,534

3,324,023

2,830,056

Revaluation Reserve

672,269

680,136

688,003

655,559

Sundry Reserves

6,465

6,465

6,465

6,465

Shareholders Funds

5,313,018

4,485,523

4,033,879

3,507,468

                                                                                                                                                               

Other Financial Items

 

31/10/2013

52

GBP

Group: No

31/10/2012

52

GBP

Group: No

31/10/2011

52

GBP

Group: No

31/10/2010

52

GBP Group: No

Net Worth

5,265,573

4,422,263

3,954,804

3,349,319

Working Capital

3,771,696

3,066,444

2,593,067

2,095,652

Total Assets

7,163,925

6,078,322

5,882,387

5,338,346

Total Liabilities

1,850,907

1,592,799

1,848,508

1,830,878

Net Assets

5,313,018

4,485,523

4,033,879

3,507,468

 

Cash Flow

 

31/10/2013

31/10/2012

31/10/2011

31/10/2010

 

52

52

52

52

 

GBP

GBP

GBP

GBP

 

Group: No

Group: No

Group: No

Group: No

Net Cash Flow from Operations

1,185,125

742,640

549,137

1,449,964

Net Cash Flow before Financing

971,817

416,744

198,524

1,053,274

Net Cash Flow from Financing

-21,931

-33,555

-56,368

-358,645

Increase in Cash

949,886

383,189

142,156

694,629

 

Miscellaneous

 

31/10/2013

31/10/2012

31/10/2011

31/10/2010

 

52

52

52

52

 

GBP

GBP

GBP

GBP

 

Group: No

Group: No

Group: No

Group: No

Capital Employed

5,363,451

4,619,775

4,106,285

3,605,684

 

Financial Ratios

Name

31/10/2013

31/10/2012

31/10/2011

31/10/2010

Pre Tax Profit Margin

7.26 %

7.20 %

6.67 %

7.33 %

Current Ration

3.09

3.10

2.46

2.21

Sales or Net Working Capital

2.70

3.19

3.57

3.70

Gearing

0.95 %

2.99 %

1.79 %

2.80 %

Equity

74.66 %

74.57 %

69.51 %

67.71 %

Creditor Days

48.46

40.17

52.24

57.66

Debtor Days

37.98

37.21

45.63

34.37

Liquidity or Acid test

2.03

1.78

1.34

1.04

Return on Capital Employed

13.78 %

15.25 %

15.02 %

15.76 %

Return on Total Assets Employed

10.32 %

11.59 %

10.49 %

10.64 %

Current Debt Ratio

0.33 %

0.32 %

0.44 %

0.49 %

Total Debt Ratio

0.34 %

0.35 %

0.45 %

0.52 %

Stock Turnover Ratio

18.80 %

19.63 %

21.45 %

26.10 %

Return on Net Assets Employed

13.91 %

15.71 %

15.29 %

16.20 %

 

Remarks

Achieving good levels of turnover and profitability. The general financial position seems to be in order and good reserves have been built up. Remains to be seen how it further performed in 2013/2014.

 

Activity: Testing instruments and related supplies for the nonwovens, textile and apparel industries

 

Trading Address: Richmond Works Halifax HX3 6EP

 

Branches: None

 

Employees: 111

 

Bank: HSBC Bank PLC

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.62.21

UK Pound

1

Rs.97.80

Euro

1

Rs.77.48

 

INFORMATION DETAILS

 

Analysis Done by :

SUB

 

 

Report Prepared by :

MNL

 

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%)

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