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The RM® Company Credit Profile

Date : 23/05/1999 Time : 19:12:00 Latest Information : 02/04/1998 Version : 4.0 Client Code : 660099 0 Client Reference : your ref Currency : #

Company Name : W H GROUP LIMITED Company Number : 02505703 Date of Incorp : 24/05/1990 Annual Return Date : 24/05/1998 Credit Limit : 250,000.00 Company Type : Private Company Legal Status : Clear Legal Status Date : N/A Company Secretary : N K FAIRBAIRN, Registered Office : 5 CROWN CLOSE WICK LANE BOW LONDON E3 2JT Post Code : E3 2JT Business Address : W H House 32 Bethnal Green Road London E1 6HZ Business Phone No. : 0171-729-5088 Fax Number : 0171-729-4709 Business Activities : The supply of office equipment and furniture. US SIC Codes : 5044 OFFICE EQUIPMENT 5021 FURNITURE 5712 FURNITURE STORES

Previous Names : 22/03/1991 ELSMORE SERVICES LIMITED

Directors and Secretary Details

COMPANY SECRETARY Co Secretary: N K FAIRBAIRN Nationality : BRITISH Date Appointed: 13/03/1998 Home Address: Date of Birth : 24/12/1952 COPPER BEECHES 26 WEYSPRINGS Occupation: COMPANY DIRECTOR HASLEMERE SURREY GU27 1DE Co Sec & Director: Y Other Directorships: Y DIRECTORS Director : A L DALTREY Nationality : BRITISH Date Appointed: 24/05/1992 Home Address: Date of Birth : 28/02/1956 SUSSEX COTTAGE CHALLACOMBE CLOSE Occupation: COMPANY DIRECTOR BRENTWOOD ESSEX CM13 2LU Other Directorships: Y Director : D B M BRIENT Nationality : BRITISH Date Appointed: 13/03/1998 Home Address: Date of Birth : 21/03/1961 31 LANGTON WAY Occupation: BLACKHEATH COMPANY DIRECTOR LONDON SE3 7TJ Other Directorships: Y Director : C KARAVIAS Nationality : GREEK CYPRIOT Date Appointed: 24/05/1992 Home Address: Date of Birth : 31/07/1955 LONGMEAD BACK LANE Occupation: COMPANY DIRECTOR WALDRON EAST SUSSEX TN21 0NH Other Directorships: Y Director : F A M BRIENT Nationality : BRITISH Date Appointed: 13/03/1998 Home Address: Date of Birth : 19/01/1934 BROOKMEAD 27 SECOND AVENUE Occupation: MANAGING DIRECTOR FRINTON ON SEA ESSEX CO13 9ER Other Directorships: Y Director : S R CHARLICK Nationality : BRITISH Date Appointed: 13/03/1998 Home Address: Date of Birth : 18/01/1953 227 COURT ROAD Occupation: DIRECTOR LONDON SE9 4TG Other Directorships: Y

Financial Analysis

Account Type : Group Accounts Scale : Thousands Profit & Loss Extracts ---------------------- No. of Months : 12 12 12 12 Period Ending : 31/12/1997 31/12/1996 31/12/1995 31/12/1994 Consolidated : Yes Yes N/S N/S Turnover 12445.70 10027.41 8245.51 8025.56 Profit Before Tax 1294.65 713.35 251.19 217.79

Balance Sheet Extracts

No. of Months : 12 12 12 12 Period Ending : 31/12/1997 31/12/1996 31/12/1995 31/12/1994 Trade Debtors 1690.48 1572.24 1269.08 1422.48 Cash & Equivalent 914.99 573.86 181.28 1.87 Total Current Assets 3605.85 2787.45 2226.40 2418.64 Trade Creditors 2091.20 1265.54 1244.68 1331.73 Overdrafts 271.19 286.66 157.77 447.49 ShortTerm Loans 284.21 382.51 67.18 80.87 Total Current Liabilities 3275.61 2523.06 1852.98 2080.91 Total L.T. Liabilities 175.45 242.83 639.75 699.70 690.31 519.62 209.99 74.88 Shareholders Funds

Auditors

Auditors are : Morgan Brown & Spofforth Auditors Comment on the latest Balance Sheet :

The accounts give a true and fair view.


Extended Company Ratio Analysis

 Figures Stated in  : Thousands


 Key Ratios
 ----------

 No. of Months      :             12           12           12           12
 Period Ending      :          31/12/1997   31/12/1996   31/12/1995   31/12/1994

 Current Ratio                     1.10         1.10         1.20         1.16
 Liquidity Ratio                   0.80         0.86         0.80         0.71
 Stock/Turnover                   12.81        16.24        11.12         8.59
 Collection Period                49.58        57.23        56.18        64.69
 Creditor Days                    61.33        37.12        55.10        60.57
 Gearing (%)                     -38.16        32.09        52.70       779.47
 Interest Coverage                 1.60         5.86        29.97        68.12
 Credit Gearing                   36.22        38.49                      8.01
 Indicator Ratio                  24.10        23.93                      0.90

Analyst Report


 The Company's latest filed accounts are for the year ended 31/12/97.
 Short term bank borrowings total #271188.
 On the basis of these accounts:
 We would suggest setting a credit limit on monthly terms of #250000.
 The company appears to be of sufficient financial stability to undertake
 contracts to a value of #3.50m.

 Having reviewed and analysed the latest information available :
 We would suggest setting a credit limit on monthly terms of        250,000

Credit Information

 CCJ's Registered

 ------------------------------------------------------------------------------
 Information concerning County Court Judgements is provided in good faith;
 however we do not accept responsibility for the accuracy thereof
 ------------------------------------------------------------------------------
 Exact Matches
 =============
 Court                Date & Amount of Judgement  Status        Date Settled
 IPSWICH               19 Nov 1998      4,329.00  Judgement
 Case No.  IP805531

 Gazette Information:

         N/A


 Payment Profiles    :

        Creditor Days:
          Sector Average                         :      29.27  Days
          W H GROUP LIMITED                      :      61.33  Days

        Liquidity Ratio:
          Sector Average                         :      -0.67
          W H GROUP LIMITED                      :       0.80


 Vital Signs         :

        Turnover increased by                    :          24.1 %
        Pre Tax Profit increased by              :          81.5 %
        Gearing decreased by                     :         218.9 %
        Working Capital increased by             :          24.9 %

 Monthly Trade Credit Limit                      :        250,000



Industry Averages


 Industry Type    :  69       Office Equipment
 No. of companies :  4803
 Last Updated     :  01/05/1999

 Industry Comparison/Average     Latest      Previous     Previous     Previous
 Scale                             M             M            M            M

 Turnover                          8.48         8.65         9.20         9.39
 Profit Before Tax                 0.35         0.49         0.57         0.45
 Debtors                           1.23         1.13         1.35         8.41
 Total Assets                      5.28         5.12         7.20         7.48
 Shareholders Funds                1.38         1.41         2.49         2.64
 Profit Margin (%)                 4.13         5.66         6.20         4.79
 Liquidity Ratio                  -0.67         1.04         1.35         1.30
 Collection Period                52.94        47.68        53.56       326.91
 Stock/Turnover                    1.39         9.30         9.02         8.46
 Creditors Days                   29.27        26.58        25.79        48.59
 Solvency Ratio (%)               26.14        27.54        34.58        35.29
 Gearing (%)                      89.13        78.72        70.68        79.17

Whilst every precaution has been taken to check the reliability of the report, no responsibility can be accepted for any inaccuracies contained herein.

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