MIRA INFORM REPORT

Report Date :

31.05.2014

IDENTIFICATION DETAILS

Name :	JOHN HORSFALL & SONS (GREETLAND), LIMITED

Registered Office :	West Vale Works Greetland Nr Halifax HX4 8BB

Country :	United Kingdom

Financials (as on) :	31.12.2012

Date of Incorporation :	31.01.1905

Com. Reg. No.:	00083425

Legal Form :	Private limited with Share Capital

Line of Business :	Subject is engaged as blanket and textile manufacturers

No. of Employees	Not Available

RATING & COMMENTS

MIRA’s Rating :

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 – March 31, 2014

Country Name

Previous Rating

(31.12.2013)

Current Rating

(31.03.2014)

United Kingdom

Risk Category	ECGC Classification
Insignificant	A1
Low Risk	A2
Moderate Low Risk	B1
Moderate Risk	B2
Moderate High Risk	C1
High Risk	C2
Very High Risk	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 name and address

Company name JOHN HORSFALL & SONS (GREETLAND), LIMITED

Company No: 00083425

Registered Address

WEST VALE WORKS

GREETLAND NR

HALIFAX

HX4 8BB

Commentary

No exact match CCJs are recorded against the company.

There has been no significant change in the company's credit rating.

The credit limit on this company has risen 126.9% in comparison to the previously suggested credit limit.

Sales in the latest trading period increased 0.6% on the previous trading period.

Net Worth increased by 23.4% during the latest trading period.

A 17.2% growth in Total Assets occurred during the latest trading period.

Pre-tax profits decreased by 16.9% compared to the previous trading period.

The company saw an increase in their Cash Balance of 124.4% during the latest trading period.

The audit report contains no adverse comments.

No recent changes in directorship are recorded.

The company is part of a group.

The company was established over 108 years ago.

CCJ

Total Number of Exact CCJs -	0	Total Value of Exact CCJs -
Total Number of Possible CCJs -	0	Total Value of Possible CCJs -
Total Number of Satisfied CCJs -	0	Total Value of Satisfied CCJs -
Total Number of Writs -	-

Total Current Directors	3
Total Current Secretaries	1
Total Previous Directors / Company Secretaries	4

Current Directors

Name	Peter Horsfall Benson	Date of Birth	13/11/1959
Officers Title	Mr	Nationality	British
Present Appointments	6	Function	Director
Appointment Date	10/08/1991
Address	West Vale Works, Greetland, Nr Halifax, Yorkshire, HX4 8BB
Other Actions	View Director Report	View Consumer Report
Disqualified		Disqualified End Date
Disqualification Exception	No

Name	Jacqueline Anne Benson	Date of Birth	04/06/1960
Officers Title	Ms	Nationality	British
Present Appointments	4	Function	Director
Appointment Date	07/10/2004
Address	West Vale Works, Greetland, Nr Halifax, Yorkshire, HX4 8BB
Other Actions	View Director Report	View Consumer Report
Disqualified		Disqualified End Date
Disqualification Exception	No

Name	David Deakin	Date of Birth	10/07/1958
Officers Title	Mr	Nationality	British
Present Appointments	4	Function	Director
Appointment Date	21/05/2004
Address	West Vale Works, Greetland, Nr Halifax, Yorkshire, HX4 8BB
Other Actions	View Director Report	View Consumer Report
Disqualified		Disqualified End Date
Disqualification Exception	No

Current Company Secretary

Name	Robert Stephen Currie	Date of Birth	16/08/1966
Officers Title	Mr	Nationality	British
Present Appointments	5	Function	Company Secretary
Appointment Date	12/05/2004
Address	West Vale Works, Greetland, Nr Halifax, Yorkshire, HX4 8BB
Other Actions		View Consumer Report	View Trace Report
Disqualified		Disqualified End Date
Disqualification Exception	No

Top 20 Shareholders

Name	Currency	Share Count	Share Type	Nominal Value	% of Total Share Count
EXECUTORS OF ANNE EILEEN BENSON	GBP	6,731	ORDINARY	1	23.19
PETER HORSFALL BENSON	GBP	6,593	ORDINARY	1	22.72
TRUSTEES OF JOHN HORSFALL & SONS (GREETLAND) LTD SELF ADMINISTERED PENSI	GBP	5,834	ORDINARY	1	20.1
TRUSTEES OF BENSON BENSON & LEACH	GBP	4,112	ORDINARY	1	14.17
JACQUELINE ANNE BENSON	GBP	3,500	ORDINARY	1	12.06
PETER HORSFALL BENSON	GBP	2,000	PREFERENCE	1	6.89
ROBERT CECIL MEEKS	GBP	250	ORDINARY	1	0.86

Profit & Loss

Date Of Accounts	31/12/12	(%)	31/12/11	(%)	31/12/10	(%)	31/12/09	(%)	31/12/08
Weeks	52	(%)	52	(%)	52	(%)	52	(%)	52
Currency	GBP	(%)	GBP	(%)	GBP	(%)	GBP	(%)	GBP
Consolidated A/cs	Y	(%)	Y	(%)	Y	(%)	Y	(%)	Y
Turnover	£15,664,766	0.6%	£15,567,488	27.6%	£12,199,806	2.4%	£11,909,776	16%	£10,270,949
Export	£10,338,746	2.2%	£10,118,867	48.1%	£6,831,891	-	-	-	-
Cost of Sales	£11,266,310	6.4%	£10,591,771	21%	£8,751,549	7.8%	£8,114,571	8.5%	£7,478,427
Gross Profit	£4,398,456	-11.6%	£4,975,717	44.3%	£3,448,257	-9.1%	£3,795,205	35.9%	£2,792,522
Wages & Salaries	£2,095,645	-7.4%	£2,263,304	24.8%	£1,813,395	-9.9%	£2,012,233	27.4%	£1,579,988
Directors Emoluments	£814,245	-15.9%	£968,189	37.6%	£703,851	2.9%	£683,898	6.5%	£642,156
Operating Profit	£1,807,505	-17.3%	£2,185,140	75.1%	£1,248,094	33.1%	£937,879	29%	£727,036
Depreciation	£48,297	-17.4%	£58,475	-22.2%	£75,166	-7%	£80,829	12.6%	£71,759
Audit Fees	£18,500	-7.9%	£20,076	-6.9%	£21,575	15.1%	£18,750	27.1%	£14,750
Interest Payments	£20,978	-16.5%	£25,129	-12%	£28,566	25.7%	£22,720	-24.4%	£30,035
Pre Tax Profit	£1,806,757	-16.9%	£2,173,070	75.6%	£1,237,381	34.9%	£917,037	27.2%	£720,864
Taxation	-£428,558	24.6%	-£568,586	-71.2%	-£332,195	-28.1%	-£259,389	-28.4%	-£201,959
Profit After Tax	£1,378,199	-14.1%	£1,604,484	77.3%	£905,186	37.6%	£657,648	26.7%	£518,905
Dividends Payable	£486,360	-	-	-100%	£355,000	24.6%	£285,000	9.6%	£260,000
Retained Profit	£891,839	-44.4%	£1,604,484	191.6%	£550,186	47.6%	£372,648	43.9%	£258,905

Balance Sheet

Date Of Accounts	31/12/12	(%)	31/12/11	(%)	31/12/10	(%)	31/12/09	(%)	31/12/08
Tangible Assets	£2,653,331	55.9%	£1,701,985	22.1%	£1,393,937	-16.9%	£1,676,826	18.7%	£1,412,375
Intangible Assets	£273,214	-	£273,214	-	£273,214	-	£273,214	-	0
Total Fixed Assets	£2,926,545	48.2%	£1,975,199	18.5%	£1,667,151	-14.5%	£1,950,040	38.1%	£1,412,375
Stock	£1,433,066	34.8%	£1,063,331	-3.4%	£1,100,355	-12.5%	£1,257,106	-5.4%	£1,329,476
Trade Debtors	£1,961,570	-48.8%	£3,829,665	57.5%	£2,431,523	77.2%	£1,372,411	-14.5%	£1,604,624
Cash	£3,639,288	124.4%	£1,621,643	49.6%	£1,084,294	-8%	£1,178,700	11%	£1,061,418
Other Debtors	£128,209	8.3%	£118,431	-28.1%	£164,666	-28.1%	£229,126	-21.7%	£292,800
Miscellaneous Current Assets	0	-	0	-	0	-	0	-	0
Total Current Assets	£7,162,133	8%	£6,633,070	38.7%	£4,780,838	18.4%	£4,037,343	-5.9%	£4,288,318
Trade Creditors	£968,843	18.2%	£819,398	13.8%	£719,743	63.6%	£439,868	-9.4%	£485,613
Bank Loans & Overdrafts	0	-	0	-	0	-100%	£89,585	-63.9%	£247,979
Other Short Term Finance	£407,387	-13.5%	£470,823	34.3%	£350,495	-13.5%	£405,109	26%	£321,574
Miscellaneous Current Liabilities	£2,166,863	11.2%	£1,948,417	23.2%	£1,580,907	8.7%	£1,453,923	6.6%	£1,363,897
Total Current Liabilities	£3,543,093	9.4%	£3,238,638	22.2%	£2,651,145	11%	£2,388,485	-1.3%	£2,419,063
Bank Loans & Overdrafts and LTL	£9,908	-55.2%	£22,131	-58.9%	£53,828	-60.9%	£137,767	-60.8%	£351,541
Other Long Term Finance	0	-100%	£8,750	-77.3%	£38,500	999.9%	£812	-91.6%	£9,682
Total Long Term Liabilities	£9,908	-55.2%	£22,131	-58.9%	£53,828	11.7%	£48,182	-53.5%	£103,562

Capital & Reserves

Date Of Accounts	31/12/12	(%)	31/12/11	(%)	31/12/10	(%)	31/12/09	(%)	31/12/08
Called Up Share Capital	£29,020	-	£29,020	-	£29,020	-	£29,020	-	£29,020
P & L Account Reserve	£6,197,139	16.7%	£5,312,500	43.3%	£3,708,016	26.1%	£2,939,766	15.2%	£2,552,518
Revaluation Reserve	£303,538	-	-	-	-	-	-	-	-
Sundry Reserves	£5,980	-	£5,980	-	£5,980	-99%	£581,930	-2.4%	£596,530
Shareholder Funds	£6,535,677	22.2%	£5,347,500	42.9%	£3,743,016	5.4%	£3,550,716	11.7%	£3,178,068

Other Financial Items

Date Of Accounts	31/12/12	(%)	31/12/11	(%)	31/12/10	(%)	31/12/09	(%)	31/12/08
Net Worth	£6,262,463	23.4%	£5,074,286	46.2%	£3,469,802	5.9%	£3,277,502	3.1%	£3,178,068
Working Capital	£3,619,040	6.6%	£3,394,432	59.4%	£2,129,693	29.2%	£1,648,858	-11.8%	£1,869,255
Total Assets	£10,088,678	17.2%	£8,608,269	33.5%	£6,447,989	7.7%	£5,987,383	5%	£5,700,693
Total Liabilities	£3,553,001	9%	£3,260,769	20.5%	£2,704,973	11%	£2,436,667	-3.4%	£2,522,625
Net Assets	£6,535,677	22.2%	£5,347,500	42.9%	£3,743,016	5.4%	£3,550,716	11.7%	£3,178,068

Cash Flow

Date Of Accounts	31/12/12	(%)	31/12/11	(%)	31/12/10	(%)	31/12/09	(%)	31/12/08
Net Cashflow from Operations	£3,412,848	141.1%	£1,415,601	109.7%	£674,909	-53.8%	£1,460,307	146.3%	£593,007
Net Cashflow before Financing	£2,154,302	520.5%	£347,189	999.9%	-£8,683	-102.5%	£349,851	66%	£210,699
Net Cashflow from Financing	-£136,657	-171.9%	£190,160	999.9%	£3,862	105.2%	-£74,175	53%	-£157,737
Increase in Cash	£2,017,645	275.5%	£537,349	999.9%	-£4,821	-101.7%	£275,676	420.5%	£52,962

Miscellaneous

Date Of Accounts	31/12/12	(%)	31/12/11	(%)	31/12/10	(%)	31/12/09	(%)	31/12/08
Contingent Liability	NO	-	NO	-	NO	-	NO	-	NO
Capital Employed	£6,545,585	21.9%	£5,369,631	41.4%	£3,796,844	5.5%	£3,598,898	9.7%	£3,281,630
Number of Employees	46	4.5%	44	-6.4%	47	-16.1%	56	40%	40
Auditors	B M HOWARTH LTD
Auditor Comments	The audit report contains no adverse comments
Bankers	BARCLAYS BANK PLC
Bank Branch Code	20-35-84

Ratios

Date Of Accounts	31/12/12	31/12/11	31/12/10	31/12/09	31/12/08
Pre-tax profit margin %	11.53	13.96	10.14	7.70	7.02
Current ratio	2.02	2.05	1.80	1.69	1.77
Sales/Net Working Capital	4.33	4.59	5.73	7.22	5.49
Gearing %	0.20	0.40	1.40	3.90	11.10
Equity in %	66.60	64.20	60.60	62.10	55.70
Creditor Days	22.51	19.15	21.47	13.44	17.21
Debtor Days	45.58	89.54	72.54	41.94	56.86
Liquidity/Acid Test	1.61	1.71	1.38	1.16	1.22
Return On Capital Employed %	27.60	40.46	32.58	25.48	21.96
Return On Total Assets Employed %	17.90	25.24	19.19	15.31	12.64
Current Debt Ratio	0.54	0.60	0.70	0.67	0.76
Total Debt Ratio	0.54	0.60	0.72	0.68	0.79
Stock Turnover Ratio %	9.14	6.83	9.01	10.55	12.94
Return on Net Assets Employed %	27.64	40.63	33.05	25.82	22.68

Status History

No Status History found

Event History

Date	Description
01/10/2013	New Accounts Filed
09/09/2013	Annual Returns
03/10/2012	New Accounts Filed
03/10/2012	New Accounts Filed
11/09/2012	Annual Returns
28/09/2011	New Accounts Filed
09/09/2011	Annual Returns
28/03/2011	Mr J.H. Benson has left the board
12/10/2010	New Accounts Filed
12/10/2010	New Accounts Filed
10/09/2010	Annual Returns
02/10/2009	New Accounts Filed
02/10/2009	New Accounts Filed
09/09/2009	Annual Returns
14/10/2008	New Accounts Filed

Previous Company Names

No Previous Names found

Statistics

Group	5 companies
Linkages	0 companies
Countries	In 0 countries

Summary

Holding Company	JOHN HORSFALL & SONS(GREETLAND),LIMITED
Ownership Status	Ultimately Owned
Ultimate Holding Company	JOHN HORSFALL & SONS(GREETLAND),LIMITED

Group structure

Company Name	Registered Number	Latest Key Financials	Consol. Accounts	Turnover
JOHN HORSFALL & SONS(GRE...	00083425	31.12.2012	Y	£15,664,766
WILLIAM B. SWIFT LIMITED	00496924	31.12.2012	N
INTERWEAVE TEXTILES LI...	05267141	31.12.2012	N
JOHN HORSFALL & SONS L...	05267248	31.12.2012	N
F.K. ADCOCK & CO. LIMITED	00352463	31.12.2012	N

Statistics

Group	5 companies
Linkages	0 companies
Countries	In 0 countries

Exact CCJ Details

No CCJs found

Possible CCJs Details

There are no possible CCJ details

Writ Details

No writs found

Mortgage Details

Mortgage Type:	LEGAL CHARGE
Date Charge Created:	18/07/07
Date Charge Registered:	25/07/07
Date Charge Satisfied:	-
Status:	OUTSTANDING
Person(s) Entitled:	JOHN HORSFALL SELF ADMINISTERED PENSION FUND
Amount Secured:	£250,000.00 DUE OR TO BECOME DUE FROM THE COMPANY TO
Details:	VICTORIA WORKS, WHITWELL GREEN LANE, ELLAND, WEST YORKSHIRE T/N WYK 590724
Mortgage Type:	LEGAL CHARGE
Date Charge Created:	08/12/06
Date Charge Registered:	19/12/06
Date Charge Satisfied:	-
Status:	OUTSTANDING
Person(s) Entitled:	BARCLAYS BANK PLC
Amount Secured:	ALL MONIES DUE OR TO BECOME DUE FROM THE COMPANY TO THE CHARGEE ON ANY ACCOUNT WHATSOEVER
Details:	THE COACH HOUSE MANOR HEATH ROAD HALIFAX WEST YORKSHIRE T/N WYK243212

Mortgage Type:	LEGAL CHARGE
Date Charge Created:	17/05/96
Date Charge Registered:	29/05/96
Date Charge Satisfied:	15/05/07
Status:	SATISFIED
Person(s) Entitled:	BARCLAYS BANK PLC
Amount Secured:	ALL MONIES DUE OR TO BECOME DUE FROM THE COMPANY TO THE CHARGEE ON ANY ACCOUNT WHATSOEVER
Details:	VICTORIA WORKS,WHITWELL GREEN LANE,ELLAND,WEST YORKSHIRE; T/NO WYK 61282
Mortgage Type:	CREDIT AGREEMENT
Date Charge Created:	06/01/93
Date Charge Registered:	09/01/93
Date Charge Satisfied:	15/05/07
Status:	SATISFIED
Person(s) Entitled:	CLOSE BROTHERS LIMITED
Amount Secured:	£30391.20 DUE FROM THE COMPANY TO THE CHARGEE UNDER THE TERMS OF THE AGREEMENT
Details:	ALL RIGHTS,TITLE AND INTEREST IN ALL SUMS PAYABLE........SEE FORM 395

Mortgage Type:	LEGAL CHARGE
Date Charge Created:	10/08/92
Date Charge Registered:	21/08/92
Date Charge Satisfied:	-
Status:	OUTSTANDING
Person(s) Entitled:	BARCLAYS BANK PLC
Amount Secured:	ALL MONIES DUE OR TO BECOME DUE FROM THE COMPANY TO THE CHARGEE ON ANY ACCOUNT WHATSOEVER
Details:	LAND AND BUILDINGS K/A MANOR ROYD AT HEATH GARDENS, HALIFAX, W. YORKSHIRE AS COMPRISED IN A CONVEYANCE DATED 30.9.52

Creditor Details

	Total Number	Total Value
Trade Creditors	0	-
No Creditor Data

Trade Debtors / Bad Debt Detail

	Total Number of Documented Trade	Total Value of Documented Trade
Trade Debtors	-	-
No Debtor Data

Previous Director/Company Secretaries

Name	Current Directorships	Previous Directorships
John Horsfall Washington Benson	0	6
David Clark	0	1
Anne Eileen Benson	0	1
Robert Cecil Meeks	1	6

Average Invoice Value	£779.90
Invoices available	31
Paid	31
Outstanding	0

Trade Payment Data is information that we collect from selected third party partners who send us information about their whole sales ledger.

	Within Terms	0-30 Days	31-60 Days	61-90 Days	91+ Days
Paid	30	1	0	0	0
Outstanding	0	0	0	0	0

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.59.03
UK Pound	1	Rs.98.91
Euro	1	Rs.80.34

INFORMATION DETAILS

Analysis Done by :	DIV

Report Prepared by :	NIS

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