MIRA INFORM REPORT

Report No. :	352867
Report Date :	09.12.2015

IDENTIFICATION DETAILS

Name :	COBBLE – VAN DE WIELE LIMITED

Registered Office :	Gate Street, Blackburn, BB1 3AH

Country :	United Kingdom

Financials (as on) :	31.12.2014

Date of Incorporation :	16.05.2013

Com. Reg. No.:	08532708

Legal Form :	Private limited with Share Capital

Line of Business :	Manufacture of Machinery For Textile, Apparel and Leather Production

No. of Employees :	91 [2014]

RATING & COMMENTS

MIRA’s Rating :

RATING		STATUS	PROPOSED CREDIT LINE
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

Status :	Moderate
Payment Behaviour :	Slow
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, 2015

Country Name

Previous Rating

(31.12.2014)

Current Rating

(31.03.2015)

United Kingdom

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. 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 has been a net importer of energy since 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.

In 2008, 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. Facing burgeoning public deficits and debt levels, in 2010 the CAMERON-led coalition government (between Conservatives and Liberal Democrats) initiated an austerity program, which aimed to lower London's budget deficit from about 11% of GDP in 2010 to nearly 1% by 2015. 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 20% by 2015. However, the deficit still remains one of the highest in the G7, standing at 6.0% in 2014.

In 2012, weak consumer spending and subdued business investment weighed on the economy, however, in 2013 GDP grew 1.7% and in 2014, 2.6%, accelerating unexpectedly because of greater consumer spending and a recovering housing market.

The Bank of England (BoE) implemented an asset purchase program of 375 billion (approximately $586 billion) as of December 2014. 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).

Source : CIA

Company summary

Registered Address

Gate Street
Blackburn
BB1 3AH

Trading Address

Gate Street
Blackburn
Lancashire
BB1 3AH

Website Address

http://www.cobble.co.uk

Telephone Number

0125455121

TPS

FPS

Incorporation Date

16/05/2013

Company Number

08532708

Previous Name

Type

Private limited with Share Capital

Date of Change

Filing Date of Accounts

22/09/2015

Currency

GBP

Share Capital

£2,000,000

SIC07

28940

Charity Number

SIC07 Description

Manufacture of Machinery For Textile, Apparel and Leather Production

Principal Activity

Key financials

Year to Date	Turnover	Pre Tax Profit	Shareholder	Funds Employees
31/12/2014	£8,260,727	-£474,458	-£678,676	91
31/12/2013	£5,549,082	-£2,204,218	-£678,676	98
--	--	--	--	--

Mortgage Summary

Total Mortgage 0

Outstanding 0

Satisfied 0

Trade debtors / bad debt summary

Total Number of Documented Trade 0

Total Value of Documented Trade £0

Commentary

This company has been treated as a Medium company.

This company's ratio of total liabilities to total assets indicates that assets are funded through debt rather than equity.

This company has made late payments on a medium percentage of invoices.

The company has more cash than short term bank borrowings.

This company trades in an industry with a lower level of corporate failures.

Current Directors

Name	Jason James Kent	Date of Birth	23/10/1969
Officers Title	Mr	Nationality	British
Present Appointments	6	Function	Director
Appointment Date	16/05/2013
Address	Gate Street, Blackburn, BB1 3AH

Name	Charles-Lambert Marie Francois Ghislain Beauduin	Date of Birth	19/09/1959
Officers Title	Mr	Nationality	Belgian
Present Appointments	1	Function	Director
Appointment Date	16/05/2013
Address	Gate Street, Blackburn, BB1 3AH

Name	Bram Hugo Willem Vanderjeugt	Date of Birth	25/06/1966
Officers Title	Mr	Nationality	Belgian
Present Appointments	1	Function	Director
Appointment Date	18/02/2014
Address	Gate Street, Blackburn, BB1 3AH

Name	Hans Gerard Albert Desmet	Date of Birth	18/01/1960
Officers Title	Mr	Nationality	Belgian
Present Appointments	1	Function	Director
Appointment Date	01/01/2015
Address	16 Steenstraat, 8851 Koolskamp

Current Company Secretary

Name	Peter Christopher James Larkin	Date of Birth	-
Officers Title	Mr	Nationality
Present Appointments	1	Function	Company Secretary
Appointment Date	01/03/2014
Address	Gate Street, Blackburn, BB1 3AH

Top 20 Shareholders

Name	Currency	Share Count	Share Type	Nominal Value	% of Total Share Count
N.V. MICHEL VAN DE WIELE	GBP	2,000,000	ORDINARY	1	100

Profit & Loss

Date Of Accounts	31/12/14	(%)	31/12/13	(%)	-	(%)	-	(%)	-
Weeks	52	(%)	31	(%)	-	(%)	-	(%)	-
Currency	GBP	(%)	GBP	(%)	-	(%)	-	(%)	-
Consolidated A/cs	N	(%)	N	(%)	-	(%)	-	(%)	-
Turnover	£8,260,727	48.9%	£5,549,082	-	-	-	-	-	-
Export	-	-	-	-	-	-	-	-	-
Cost of Sales	-	-	-	-	-	-	-	-	-
Gross Profit	-	-	-	-	-	-	-	-	-
Wages & Salaries	£2,878,856	47.4%	£1,953,052	-	-	-	-	-	-
Directors Emoluments	£93,416	76.5%	£52,937	-	-	-	-	-	-
Operating Profit	-£427,157	80.5%	-£2,188,800	-	-	-	-	-	-
Depreciation	£238,500	93.1%	£123,542	-	-	-	-	-	-
Audit Fees	£11,500	2.2%	£11,250	-	-	-	-	-	-
Interest Payments	£47,301	206.8%	£15,418	-	-	-	-	-	-
Pre Tax Profit	-£474,458	78.5%	-£2,204,218	-	-	-	-	-	-
Taxation	-	-	-	-	-	-	-	-	-
Profit After Tax	-£474,458	78.5%	-£2,204,218	-	-	-	-	-	-
Dividends Payable	-	-	-	-	-	-	-	-	-
Retained Profit	-£474,458	78.5%	-£2,204,218	-	-	-	-	-	-

Balance Sheet

Date Of Accounts	31/12/14	(%)	31/12/13	(%)	-	(%)	-	(%)	-
Tangible Assets	£1,034,998	-5.6%	£1,096,458	-	-	-	-	-	-
Intangible Assets	£249,376	-22.6%	£322,363	-	-	-	-	-	-
Total Fixed Assets	£1,284,374	-9.5%	£1,418,821	-	-	-	-	-	-
Stock	£2,829,667	52.1%	£1,860,208	-	-	-	-	-	-
Trade Debtors	£305,028	-50%	£610,596	-	-	-	-	-	-
Cash	£243,959	75.4%	£139,112	-	-	-	-	-	-
Other Debtors	£1,021,825	104%	£500,776	-	-	-	-	-	-
Miscellaneous Current Assets	0	-	0	-	-	-	-	-	-
Total Current Assets	£4,400,479	41.5%	£3,110,692	-	-	-	-	-	-
Trade Creditors	£946,648	23.4%	£767,318	-	-	-	-	-	-
Bank Loans & Overdrafts	0	-	0	-	-	-	-	-	-
Other Short Term Finance	£551,134	-76.7%	£2,365,949	-	-	-	-	-	-
Miscellaneous Current Liabilities	£1,435,087	-7.5%	£1,551,184	-	-	-	-	-	-
Total Current Liabilities	£2,932,869	-37.4%	£4,684,451	-	-	-	-	-	-
Bank Loans & Overdrafts and LTL	£3,430,660	999.9%	£49,280	-	-	-	-	-	-
Other Long Term Finance	£3,358,140	-	0	-	0	-	-	-	-
Total Long Term Liabilities	£3,430,660	999.9%	£49,280	-	-	-	-	-	-

Capital & Reserves

Date Of Accounts	31/12/14	(%)	31/12/13	(%)	-	(%)	-	(%)	-
Called Up Share Capital	£2,000,000	-	£2,000,000	-	-	-	-	-	-
P & L Account Reserve	-£2,678,676	-21.5%	-£2,204,218	-	-	-	-	-	-
Revaluation Reserve	-	-	-	-	-	-	-	-	-
Sundry Reserves	-	-	-	-	-	-	-	-	-
Shareholder Funds	-£678,676	-232.3%	-£204,218	-	-	-	-	-	-

Other Financial Items

Date Of Accounts	31/12/14	(%)	31/12/13	(%)	-	(%)	-	(%)	-
Net Worth	-£928,052	-76.2%	-£526,581	-	-	-	-	-	-
Working Capital	£1,467,610	193.3%	-£1,573,759	-	-	-	-	-	-
Total Assets	£5,684,853	25.5%	£4,529,513	-	-	-	-	-	-
Total Liabilities	£6,363,529	34.4%	£4,733,731	-	-	-	-	-	-
Net Assets	-£678,676	-232.3%	-£204,218	-	-	-	-	-	-

Miscellaneous

Date Of Accounts	31/12/14	(%)	31/12/13	(%)	-	(%)	-	(%)	-
Contingent Liability	NO	-	NO	-	-	-	-	-	-
Capital Employed	£2,751,984	999.9%	-£154,938	-	-	-	-	-	-
Number of Employees	91	-7.1%	98	-	-	-	-	-	-
Accountants
Auditors	PMM SOLUTIONS FOR BUSINESS LLP
Auditor Comments	The audit report contains no adverse comments
Bankers	BARCLAYS BANK PLC
Bank Branch Code	20-09-72

Ratios

Date Of Accounts	31/12/14	31/12/13	-	-	-
Pre-tax profit margin %	-5.74	-39.72	-	-	-
Current ratio	1.50	0.66	-	-	-
Sales/Net Working Capital	5.63	-3.53	-	-	-
Gearing %	-505.50	-24.10	-	-	-
Equity in %	-12.50	-4.90	-	-	-
Creditor Days	41.71	30	-	-	-
Debtor Days	13.44	23.87	-	-	-
Liquidity/Acid Test	0.53	0.26	-	-	-
Return On Capital Employed %	-17.24	1422.64	-	-	-
Return On Total Assets Employed %	-8.34	-48.66	-	-	-
Current Debt Ratio	-4.32	-22.93	-	-	-
Total Debt Ratio	-9.37	-23.17	-	-	-
Stock Turnover Ratio %	34.25	33.52	-	-	-
Return on Net Assets Employed %	69.90	1079.34	-	-	-

Report Notes

There are no notes to display.

Status History

No Status History found

Event History

Date	Description
20/10/2015	Payment Data Update Recieved
07/10/2015	New Accounts Filed
07/10/2015	New Accounts Filed
08/09/2015	Payment Data Update Recieved
02/06/2015	Annual Returns
26/02/2015	New Board Member Mr H.G. Desmet appointed
23/09/2014	New Accounts Filed
11/06/2014	Annual Returns
12/03/2014	Mr D. Marsden has resigned as company secretary
12/03/2014	New Company Secretary Mr P.C. Larkin appointed
21/02/2014	New Board Member Mr B.H. Vanderjeugt appointed
01/07/2013	New Company Secretary Mr D. Marsden appointed
20/05/2013	New Board Member Mr C.L. Beauduin appointed
20/05/2013	New Board Member Mr J.J. Kent appointed

Previous Company Names

No Previous Names found

Writ Details

No writs found

Statistics

Group	6 companies
Linkages	20 companies
Countries	In 9 countries

Summary

Holding Company	-
Ownership Status	Wholly Owned
Ultimate Holding Company	TITAN BARATTO NV

Group StructureFull

Company Name	Registered Number	Latest Key Financials	Consol. Accounts	Turnover
TITAN BARATTO NV	401868624	31.12.2014	N	€26,015,456
MICHEL VAN DE WIELE NV	N/A	-	-
INDIMMO LIMITED	08532640	31.12.2014	N
COBBLE - VAN DE WIEL...	08532708	31.12.2014	N	£8,260,727
VDW IRO AMERICA INC	N/A	-	-
BMC (ENGINEERING SOL...	05849011	31.12.2014	N

Previous Director/Company Secretaries

Name	Current Directorships	Previous Directorships
David Marsden	0	1

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.66.80
UK Pound	1	Rs.100.49
Euro	1	Rs.72.52.
GBP	1	Rs.100.25

Note : Above are approximate rates obtained from sources believed to be correct

INFORMATION DETAILS

Analysis Done by :	KAR

Report Prepared by :	TPT

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.

Name	Number	Latest Key Financials	Turnover
VAN DE WIELE COORDINATIECENTRUM NV	472760479	31.12.2014	€3,089,258
DENDRE-ESCAUT SERVICES FINANCIERS SA	866443491	31.12.2014	€141,268
BRAINE L'ALLEUD SERVICES FINANCIERS SA	866442701	31.12.2014
MICHEL VAN DE WIELE NV	405450595	31.12.2014	€300,512,003
FERROMATRIX NV	432779356	31.12.2014	€17,400,056
STEENBAKKERIJ MARKE NV	421654842	31.12.2012
VIGAN TECHNOLOGY SA	440622696	31.12.2014	€19,849,508
INDIMMO NV	451580431	31.12.2014
BONAS TEXTILE MACHINERY NV	479941548	31.12.2014	€25,475,364
AS-C PROJECTS LIMITED	04902108	31.12.2014
MICHAEL VAN DE WIELE GMBH	HRB 1945	-
COBBLE VAN DE WIELE LTD SOC.ETR. E.P.B.		-
INDIMMO LTD SOC.ETR. E.P.B.		-
INDUSTRIE NAHMASCHINEN HOLDING SA		-
IROPA AG SOC.ETR. E.P.B.		-
MEMMINGER-IRO ASIA CO.LTD SOC.ETR. E.P.B.		-
SOCIÉTÉ D'INVESTISSEMENTS DE LA MOSELLE (SIM) SA		-
VAN DE WIELE ASIA LTD SOC.ETR. E.P.B.		-
VAN DE WIELE ISTANBUL LTD		-
WITTENDAL S.A.S.U.		-