MIRA
INFORM REPORT
|
Report Date : |
18.12.2007 |
IDENTIFICATION
DETAILS
|
Name : |
TANDBERG TELEVISION LIMITED |
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|
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Registered Office : |
35 Basinghall St, London, EC2V 5DB |
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Country : |
United Kingdom |
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Financials (as on) : |
31.12.2005 |
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Date of Incorporation : |
14/01/1999 |
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Com. Reg. No.: |
03695535 |
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|
|
Legal Form : |
Private Limited Liability Company (GB) |
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|
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Line of Business : |
Wholesalers of television broadcasting equipment |
RATING &
COMMENTS
|
MIRA’s Rating : |
A |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
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 |
|
Status : |
Good |
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|
|
|
Payment Behaviour : |
Regular |
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|
|
|
Litigation : |
Clear |
Company Identification Details
|
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Subject Reported on |
TANDBERG TELEVISION LIMITED |
|
Holding Company |
Tandberg Television Asa |
|
Ultimate Holding Company |
Telefon AB L M Ericsson |
|
Trading Address |
Strategic Park, Comines Way,Hedge End,SOUTHAMPTON,SO30 4DA |
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Telephone |
023-8048-4000 |
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Low Risk - There is a high degree of confidence this company will
prove good for the assigned Credit Limit |
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Credit Limit |
GBP 4,164,800 |
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Selling to this company? The Credit Limit is the recommended maximum
outstanding debtor exposure at any one time. |
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Contract Limit |
GBP 4,164,800 |
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|
Buying from this company? The Contract Limit is the recommended aggregate
annual value for supply contracts. |
Official Company Data
|
|
|
|
Legal Form |
Private Limited Liability Company (GB) |
|
Registration Number |
03695535 |
|
Date of Incorporation |
14/01/1999 |
|
Registered Office |
35 Basinghall St, London, EC2V 5DB |
|
Date of Last Annual Return to Registry |
14/01/2007 |
|
Activities |
Wholesalers of television broadcasting equipment |
|
Accounts |
The last filed accounts cover the period to 31/12/2005 and were filed
on 06/11/2006 |
Recently Filed Documents
Details of the most recent documents
|
Date Received |
Description |
|
14/01/2007 |
Annual Return |
|
31/12/2005 |
Financial Statement / Set of Accounts |
|
It should be noted that there is no legal requirement to file
satisfaction details of mortgages/charges at Companies House. |
Known Directors
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DIRECTOR |
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Occupation |
C E O |
|
|
Address |
4535E, CONWAY DRIVE ATLANTA , G A 30327 , USA
, |
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|
Country of Origin |
AMERICAN |
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|
Date of Birth |
04/03/1966 |
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|
Appointment Date |
02/06/2003 |
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|
Other Appointments |
TANDBERG TELEVISION LIMITED |
|
|
DIRECTOR |
|
|
|
Occupation |
CFO |
|
|
Address |
THE GATEHOUSE, THE GATEHOUSE CHURCH LANE
HAMBLEDON, WATERLOOVILLE , HANTS , PO7 4RT |
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|
Country of Origin |
BRITISH |
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|
Date of Birth |
23/07/1963 |
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|
Appointment Date |
01/02/2005 |
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Other Appointments |
TANDBERG TELEVISION LIMITED |
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|
SECRETARY |
MR ASHLEY SPENCER |
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|
Address |
4 WEEKE MANOR HOUSE, LOYD LINDSAY SQUARE, WINCHESTER, HAMPSHIRE
, SO22 5NB |
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|
Country of Origin |
BRITISH |
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|
Date of Birth |
12/05/1970 |
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|
Appointment Date |
02/08/2005 |
Recently Resigned Directors (last
3)
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|
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|
DIRECTOR |
TIMOTHY PAUL O'CONNOR |
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Occupation |
CFO |
|
Address |
69 , ANDOVER ROAD , WINCHESTER , HANTS , - - |
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Country of Origin |
BRITISH |
|
Date of Birth |
16/09/1968 |
|
Resignation Date |
01/02/2005 |
|
DIRECTOR |
GWYN PUGH |
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Occupation |
CEO |
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Address |
CAIRN EDWARD , CASTLE DOUGLAS , KIRKCUDBRIGHTSHIRE
, - - |
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Country of Origin |
BRITISH |
|
Date of Birth |
17/01/1948 |
|
Resignation Date |
02/06/2003 |
|
DIRECTOR |
MR ERIK ENGEBRETSEN |
|
Address |
0376 , OSLO , NORWAY , - - |
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Country of Origin |
NORWEGIAN |
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Date of Birth |
09/10/1948 |
|
Resignation Date |
14/01/2002 |
Share Summary
|
Share information is not held for this company. |
Mortgages and Charges
|
There are no mortgages |
|
Public Record Information
Summary of CCJ's/Scottish Decrees
|
There are no unsatisfied CCJs against the company. |
Operations
|
|
|
|
Activities |
Wholesalers of television broadcasting equipment |
|
Sic Code |
Description |
|
5170 |
Other wholesale |
|
Staff Employed |
500 |
|
Auditors |
Ernst & Young LLP |
|
Auditors Notes |
No Qualification. The Auditors have expressed a clean opinion (i.e.
unqualified with no referrals) on the latest accounts. |
|
Bankers |
HSBC Bank Plc |
|
Sort Codes |
404218 |
Financial Data
|
The following figures are shown in units of 000 |
|
Profit and Loss |
|
Number of Weeks |
52 |
52 |
52 |
52 |
|
Accounts Date |
31/12/2005 |
31/12/2004 |
31/12/2003 |
31/12/2002 |
|
Currency |
GBP |
GBP |
GBP |
GBP |
|
Consolidated? |
No |
No |
No |
No |
|
SALES |
123,532 |
90,986 |
64,529 |
55,299 |
|
Export Sales |
107,550 |
- |
48,896 |
40,743 |
|
Other operating income |
7,760 |
5,667 |
- |
8,044 |
|
Cost of goods sold |
74,200 |
62,006 |
46,400 |
42,082 |
|
GROSS PROFIT |
49,332 |
28,980 |
18,129 |
13,217 |
|
General administration costs (-) |
31,624 |
25,912 |
18,461 |
32,778 |
|
Wages and Salaries |
19,312 |
16,356 |
14,072 |
14,792 |
|
Depreciation |
1,459 |
1,259 |
1,301 |
2,473 |
|
Net Operating Profit(Loss) |
25,468 |
8,735 |
-332 |
-11,562 |
|
Non Trading Income |
96 |
97 |
73 |
44 |
|
Other financial income |
1,966 |
- |
- |
- |
|
Total Non Trading Income |
2,062 |
97 |
73 |
44 |
|
Interest expenses & similar (-) |
1,083 |
69 |
30 |
84 |
|
Other financial charges |
3,964 |
2,246 |
1,034 |
1,625 |
|
Financial Expenses |
5,047 |
2,315 |
1,064 |
1,709 |
|
PRE TAX PROFIT |
22,483 |
6,517 |
-1,323 |
-13,227 |
|
Other Taxation |
5,537 |
-9,035 |
- |
- |
|
Taxation |
29 |
0 |
- |
- |
|
PROFIT AFTER TAX |
16,917 |
15,552 |
-1,323 |
-13,227 |
|
Net Profit |
16,917 |
15,552 |
- |
- |
|
Dividends Payable |
0 |
0 |
0 |
0 |
|
RETAINED PROFITS |
16,917 |
15,552 |
- |
- |
|
Balance Sheet |
|
Number of Weeks |
52 |
52 |
52 |
52 |
|
Accounts Date |
31/12/2005 |
31/12/2004 |
31/12/2003 |
31/12/2002 |
|
Currency |
GBP |
GBP |
GBP |
GBP |
|
Consolidated? |
No |
No |
No |
No |
|
TOTAL FIXED ASSETS |
4,230 |
3,475 |
3,273 |
3,267 |
|
Land & buildings |
953 |
995 |
1,053 |
1,181 |
|
Plant, machinery & equipment |
3,277 |
2,480 |
2,220 |
2,086 |
|
TOTAL CURRENT ASSETS |
77,165 |
49,586 |
36,018 |
28,568 |
|
Stocks |
10,708 |
9,340 |
11,730 |
12,845 |
|
Trade Debtors |
25,331 |
19,694 |
8,961 |
6,916 |
|
Prepaid expenses |
1,999 |
1,929 |
3,656 |
2,814 |
|
Group Loans |
10,261 |
5,661 |
4,018 |
3,241 |
|
Cash |
24,264 |
3,459 |
6,823 |
1,634 |
|
Tax Recoverable |
4,602 |
9,503 |
830 |
1,118 |
|
TOTAL ASSETS |
81,395 |
53,061 |
39,291 |
31,835 |
|
TOTAL CURRENT LIABILITIES |
27,067 |
19,462 |
18,025 |
9,751 |
|
Trade Creditors |
11,864 |
8,499 |
5,830 |
5,053 |
|
Taxes |
28 |
622 |
409 |
362 |
|
Due From Group |
8,073 |
5,980 |
5,910 |
3,175 |
|
Accruals & deferred income |
7,102 |
4,361 |
5,876 |
1,161 |
|
WORKING CAPITAL |
50,098 |
30,124 |
17,993 |
18,817 |
|
TOTAL LONG TERM LIABS |
65,255 |
56,858 |
60,077 |
59,572 |
|
Debts to group companies |
58,677 |
53,997 |
56,772 |
55,443 |
|
Other Long Term Liabilities |
6,578 |
- |
3,305 |
4,129 |
|
NET ASSETS/(LIABILITIES) |
54,328 |
33,599 |
21,266 |
22,084 |
|
SHARE CAPITAL + RESERVES |
-10,927 |
-23,259 |
-38,811 |
-37,488 |
|
Issued Share Capital |
43,146 |
43,146 |
43,146 |
43,146 |
|
Profit and Loss account |
-54,073 |
-66,405 |
-81,957 |
-80,634 |
|
SHAREHOLDERS FUNDS |
-10,927 |
-23,259 |
-38,811 |
-37,488 |
|
CAPITAL EMPLOYED |
54,328 |
33,599 |
21,266 |
22,084 |
|
TANGIBLE NET WORTH |
-10,927 |
-23,259 |
-38,811 |
-37,488 |
Key Credit Ratios
|
Accounts Date |
31/12/2005 |
31/12/2004 |
31/12/2003 |
31/12/2002 |
|
Current Ratio |
2.85 |
2.55 |
2.00 |
2.93 |
|
Profit Before Tax |
0.18 |
0.07 |
-0.02 |
-0.24 |
|
Creditors Days (D.P.O) |
58.36 |
50.03 |
45.86 |
43.83 |
|
Quick Ratio |
2.46 |
2.07 |
1.35 |
1.61 |
|
Return on Assets |
27.62 |
12.28 |
-3.37 |
-41.55 |
|
T.N.W/Total Assets |
-0.13 |
-0.44 |
-0.99 |
-1.18 |
|
Return on Capital |
41.38 |
19.40 |
-6.22 |
-59.89 |
|
Working Capital/Sales |
0.00 |
0.00 |
0.00 |
0.00 |
|
Equity Gearing |
0.00 |
0.00 |
-0.01 |
-0.01 |
|
Stock Turnover |
0.00 |
0.00 |
0.01 |
0.01 |
|
Solvency (%) |
-844.90 |
-328.13 |
-201.24 |
-184.92 |
Financial Summary
|
Turnover |
Turnover increased by more than 36% in the period. Turnover totaled
GBP 123,532,000 for the period. |
|
Operating Profit |
Totaled GBP 25,468,000 In the period prior a profit of GBP
8,735,000 was achieved. |
|
Pre Tax |
The subject made a profit of GBP 22,483,000 compared with a
profit of GBP 6,517,000 in the previous period. |
|
Working Capital |
The company's working capital improved in the period by 66% |
|
Tangible Net Worth |
Net worth increased by 12,332,000 during the period and now stands at
GBP -10,927,000 |
|
Fixed Assets |
The subjects fixed assets increased during the period by GBP
755,000 to GBP 4,230,000 and are now 5% of total assets compared
with 7% in the previous period |
|
Long Term Liabilities |
The company's long term liabilities increased during the period by 18%
and are now -662% of net worth compared with -263% in the previous period |
|
Long Term Liabilities |
Long term liabilities are now 89% of total assets compared with 115%
in the previous period |
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 |
Unfavourable & favourable factors carry similar weight in credit
consideration. 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 |
|
NR |
In view of the lack of information, we have no basis upon which to
recommend credit dealings |
No Rating |
|
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%)