MIRA INFORM REPORT

Report Date :

10.07.2007

IDENTIFICATION DETAILS

Name :	JOHN SMITH & SON GROUP LIMITED
Registered Office :	152 Bath Street, Glasgow, G2 4TB
Country :	United Kingdom
Financials (as on) :	31.05.2006
Date of Incorporation :	24/09/1908
Com. Reg. No.:	SC006905
Legal Form :	Private Limited Liability Company (GB)
Line of Business :	Book and stationery retailers

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 :	Regular
Litigation :	Clear

Company Identification Details

Subject Reported on	JOHN SMITH & SON GROUP LIMITED
Holding Company	CUBIT GROUP LTD
Ultimate Holding Company	CUBIT GROUP LTD
Trading Address	1 WELLINGTON RD,BISHOPSBRIGG,GLASGOW,G64 2SA

Risk Score	Average Risk - This company has an average risk status and should be treated with a degree of caution
Credit Limit	GBP   38,000
	Selling to this company? The Credit Limit is the recommended maximum outstanding debtor exposure at any one time.
Contract Limit	GBP   38,000
	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	SC006905
Date of Incorporation	24/09/1908
Registered Office	152 Bath Street, Glasgow, G2 4TB
Date of Last Annual Return to Registry	03/10/2006
Activities	Book and stationery retailers
Accounts	The last filed accounts cover the period to 31/05/2006

Recently Filed Documents

Details of the most recent documents

Date Received	Description
03/10/2006	Annual Return
31/05/2006	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

DIRECTOR	ROBERT WILLIAM GRAY
Occupation	DIRECTOR
Address	MARTHAS COTTAGE ,  FORDINGBRIDGE ROAD ALDERHOLT , FORDINGBRIDGE , HANTS , SP6 3BE
Country of Origin	BRITISH
Date of Birth	18/03/1964
Appointment Date	12/02/2007
Other Appointments	PLANET GO PUBLISHING LTD, DIRECT BOOKS LIMITED, PLANET GO LIMITED, ACCELERATE BUSINESS SOLUTIONS LIMITED, JOHN SMITH & SON GROUP LIMITED
DIRECTOR	WILLIAM TAYLOR CAMPBELL ANDERSON
Occupation	DIRECTOR
Address	CROSSBURN ,  MILNGAVIE , GLASGOW , LANARKSHIRE , G62 7HJ
Country of Origin	BRITISH
Date of Birth	07/04/1948
Appointment Date	29/11/2001
Other Appointments	BOOK TOKENS LIMITED, THE BOOKSELLERS ASSOCIATION OF THE UNITED KINGDOM & IRELAND LIMITED, JOHN SMITH & SON GROUP LIMITED
DIRECTOR	JAMES RICHARD GRAY
Occupation	COMPANY DIRECTOR
Address	24,  TOLLARD COURT WEST HILL ROAD , BOURNEMOUTH , BH2 5EH
Country of Origin	BRITISH
Date of Birth	29/03/1966
Appointment Date	29/11/2001
Other Appointments	TOLLARD COURT MANAGEMENT LIMITED, COUTTS INFORMATION SERVICES LIMITED, PODIUM EDITIONS LIMITED, MYILIBRARY LIMITED, BMBC TECHNOLOGIES LIMITED, COUTTS INFORMATION HOLDINGS LIMITED, JOHN SMITH & SON GROUP LIMITED
DIRECTOR	PETER MARTIN JEYES
Occupation	COMPANY DIRECTOR
Address	LIME TREE LODGE ,  CHURCH LANE OWERMOIGNE , DORCHESTER , DORSET , DT2 8HS
Country of Origin	BRITISH
Date of Birth	26/12/1946
Appointment Date	29/11/2001
Other Appointments	BROADMAYNE DEVELOPMENTS LIMITED , COUTTS INFORMATION SERVICES LIMITED, STL ASSOCIATE ENTERPRISES LTD , JEYES ASSOCIATES LIMITED, HOLDSAFE.COM LTD , MYILIBRARY LIMITED, FARRIES LIBRARY SERVICES LIMITED, BMBC TECHNOLOGIES LIMITED, AZTEC RETAIL SOLUTIONS LIMITED, COUTTS INFORMATION HOLDINGS LIMITED, JOHN SMITH CAMPUS PROPERTIES LIMITED, JOHN SMITH CAMPUS PROPERTIES LIMITED, JOHN SMITH PROFESSIONAL PROPERTIES LIMITED, JOHN SMITH PROFESSIONAL PROPERTIES LIMITED, J G CAPITAL LTD, JOHN SMITH & SON GROUP LIMITED
DIRECTOR	PETER LEIGH GRAY
Occupation	COMPANY DIRECTOR
Address	BROWN GABLES ,  FOREST EDGE ROAD CROW , RINGWOOD , HANTS , BH24 3DF
Country of Origin	BRITISH
Date of Birth	03/11/1967
Appointment Date	29/11/2001
Other Appointments	J P CAPITAL LIMITED, CUBIT GROUP LIMITED, CUBIT HOLDINGS LIMITED, AZTEC RETAIL SOLUTIONS LIMITED, JOHN SMITH CAMPUS PROPERTIES LIMITED, JOHN SMITH PROFESSIONAL PROPERTIES LIMITED, JOHN SMITH & SON GROUP LIMITED
DIRECTOR	TERENCE FREDERICK FIELD
Occupation	BOOKSELLER
Address	JOVONNE ,  BEU LANE CASSINGTON , WITNEY , OXON , OX29 4DS
Country of Origin	BRITISH
Date of Birth	25/06/1959
Appointment Date	17/09/2002
Other Appointments	CHINE LODGE LIMITED, ARMSTRONG HUMAN RESOURCE LIMITED, JOHN SMITH & SON GROUP LIMITED
DIRECTOR	STUART  LINDSAY
Occupation	CHARTERED ACCOUNTANT
Address	UPPER SILKSTEAD BARN ,  HURSLEY , WINCHESTER , HANTS , SO21 2LG
Date of Birth	09/02/1952
Appointment Date	19/06/2003
Other Appointments	ARCHSTONE LIFESTYLE HOMES LIMITED, CUBIT GROUP LIMITED, POINTER ASSOCIATES LIMITED, PELICAN INN LIMITED, NOVELLO PUB LIMITED, JOHN SMITH & SON GROUP LIMITED
DIRECTOR	ALAN JAMES MELVILLE LEITCH
Occupation	MARKETING DIRECTOR
Address	12,  SANDY LANE , TEDDINGTON , MIDDX , TW11 0DR
Date of Birth	13/06/1958
Appointment Date	01/07/2004
Other Appointments	JOHN SMITH & SON GROUP LIMITED, DUNDEE UNIVERSITY PRESS LIMITED, COMPASS ACADEMIC LIMITED
DIRECTOR	ANDREW  MOORE
Occupation	ACCOUNTANT
Address	OAK CROFT ,  THE CLOSE SWAY , LYMINGTON , HANTS , SO41 6ED
Country of Origin	BRITISH
Date of Birth	09/05/1965
Appointment Date	01/06/2006
Other Appointments	JOHN SMITH & SON GROUP LIMITED
SECRETARY	MR  PETER JEYES
Address	LIME TREE LODGE CHURCH LANE,  OWERMOIGNE , DORCHESTER , DORSET , DT2 8HS
Country of Origin	BRITISH
Date of Birth	26/12/1946
Appointment Date	29/11/2001

Recently Resigned Directors (last 3)

DIRECTOR	DAVID JOHN HOLLOWAY
Occupation	FINANCE DIRECTOR
Address	25 , EDGAR ROAD , WINCHESTER , HANTS , - -
Date of Birth	19/04/1950
Resignation Date	30/06/2004
DIRECTOR	MR TERENCE FREDERICK FIELD
Occupation	BOOKSELLER
Address	JOVONNE , BELL LANE , WITNEY , OXON , - -
Date of Birth	25/06/1959
Resignation Date	22/02/2003
DIRECTOR	MR ROBIN GORDON HILL
Address	14 , HILLNEUK AVENUE , GLASGOW , - -
Date of Birth	25/09/1949
Resignation Date	11/12/2002

Share Summary

Share information is not held for this company.

Mortgages and Charges

Total Registered	8
Total Outstanding	1
Total Satisfied	7
Most Recent Mortgage	04/08/1999

Date Registered	24/08/1999
Type	419A
Date Created	04/08/1999
Lender	THE GOVERNOR AND COMPANY OF THE BANK OF SCOTLAND
Secured On	ALL SUMS DUE, OR TO BECOME DUE
Details	57-61 ST VINCENT STREET, GLASGOW
Satisfied?	Fully
Date Registered	24/08/1999
Type	410
Date Created	04/08/1999
Lender	THE GOVERNOR AND COMPANY OF THE BANK OF SCOTLAND
Secured On	ALL SUMS DUE, OR TO BECOME DUE
Details	57-61 ST VINCENT STREET, GLASGOW
Satisfied?	Fully
Date Registered	24/08/1999
Type	410
Date Created	04/08/1999
Lender	THE GOVERNOR AND COMPANY OF THE BANK OF SCOTLAND
Secured On	ALL SUMS DUE, OR TO BECOME DUE
Details	248-252 BYRES ROAD, GLASGOW
Satisfied?	Fully
Date Registered	24/08/1999
Type	419A
Date Created	04/08/1999
Lender	THE GOVERNOR AND COMPANY OF THE BANK OF SCOTLAND
Secured On	ALL SUMS DUE, OR TO BECOME DUE
Details	248-252 BYRES ROAD, GLASGOW
Satisfied?	Fully
Date Registered	30/06/1999
Type	410
Date Created	24/06/1999
Lender	THE GOVERNOR AND COMPANY OF THE BANK OF SCOTLAND
Secured On	ALL SUMS DUE, OR TO BECOME DUE
Details	THE WHOLE ASSETS OF THE COMPANY
Satisfied?	No
Date Registered	18/02/1994
Type	9999
Date Created	14/02/1992
Lender	CLYDESDALE BANK PUBLIC LIMITED COMPANY
Secured On	ALL SUMS DUE, OR TO BECOME DUE
Details	UNDERTAKING AND ALL PROPERTY AND ASSETS PRESENT AND FUTURE OF THE COMPANY INCLUDING UNCALLED CAPITAL
Satisfied?	Fully
Date Registered	18/02/1994
Type	419A
Date Created	14/02/1992
Lender	CLYDESDALE BANK PUBLIC LIMITED COMPANY
Secured On	ALL SUMS DUE, OR TO BECOME DUE
Details	UNDERTAKING AND ALL PROPERTY AND ASSETS PRESENT AND FUTURE OF THE COMPANY INCLUDING UNCALLED CAPITAL
Satisfied?	Fully
Date Registered	15/07/1992
Type	410
Date Created	03/07/1992
Lender	CLYDESDALE BANK PUBLIC LIMITED COMPANY
Secured On	ALL SUMS DUE, OR TO BECOME DUE
Details	69 KENT ROAD, GLASGOW
Satisfied?	Fully
Date Registered	15/07/1992
Type	419A
Date Created	03/07/1992
Lender	CLYDESDALE BANK PUBLIC LIMITED COMPANY
Secured On	ALL SUMS DUE, OR TO BECOME DUE
Details	69 KENT ROAD, GLASGOW
Satisfied?	Fully
Date Registered	30/05/1985
Type	419A
Date Created	14/05/1985
Lender	CLYDESDALE BANK PUBLIC LIMITED COMPANY
Secured On	ALL SUMS DUE, OR TO BECOME DUE
Details	248/252 BYRES ROAD, GLASGOW (FORMERLY 252/254)
Satisfied?	Fully
Date Registered	30/05/1985
Type	9999
Date Created	14/05/1985
Lender	CLYDESDALE BANK PUBLIC LIMITED COMPANY
Secured On	ALL SUMS DUE, OR TO BECOME DUE
Details	248/252 BYRES ROAD, GLASGOW (FORMERLY 252/254)
Satisfied?	Fully
Date Registered	24/07/1975
Type	419A
Date Created	16/07/1975
Lender	CLYDESDALE BANK PUBLIC LIMITED COMPANY
Secured On	ALL SUMS DUE, OR TO BECOME DUE
Details	PREMISES AT 57/61 ST VINCENT ST, GLASGOW
Satisfied?	Fully
Date Registered	24/07/1975
Type	9999
Date Created	16/07/1975
Lender	CLYDESDALE BANK PUBLIC LIMITED COMPANY
Secured On	ALL SUMS DUE, OR TO BECOME DUE
Details	PREMISES AT 57/61 ST VINCENT ST, GLASGOW
Satisfied?	Fully
Date Created	08/10/1975
Satisfied?	Fully

Public Record Information

Summary of CCJ's/Scottish Decrees

There are no unsatisfied CCJs against the company.

Operations

Activities	Book and stationery retailers
Sic Code	Description
5247	Retail sale of books, newspapers and stationery
5247	Retail sale of books, newspapers and stationery
Staff Employed	174
Auditors	Princecroft Willis LLP
Auditors Notes	No Qualification. The Auditors have expressed a clean opinion (i.e. unqualified with no referrals) on the latest accounts.
Bankers	Clydesdale Bank PLC
Sort Codes	825000
Bankers	Bank Of Scotland P O Box 9
Sort Codes	801180

Financial Data

The following figures are shown in units of 000

Profit and Loss

Number of Weeks	52	52	52	52
Accounts Date	31/05/2006	31/05/2005	31/05/2004	31/05/2003
Currency	GBP	GBP	GBP	GBP
Consolidated?	Yes	Yes	Yes	Yes
SALES	25,597	25,463	25,257	12,209
Cost of goods sold	18,698	18,137	18,264	8,451
GROSS PROFIT	6,899	7,327	6,994	3,758
General administration costs (-)	5,878	6,369	5,721	3,244
Wages and Salaries	3,312	3,103	2,695	1,594
Depreciation	557	799	706	199
Other operating charges	249	281	499	57
Net Operating Profit(Loss)	773	676	774	713
Non Trading Income	70	70	116	42
Total Non Trading Income	70	70	116	42
Interest expenses & similar (-)	386	403	412	11
Financial Expenses	386	403	413	11
PRE TAX PROFIT	456	343	477	744
Other Taxation	70	63	84	0
Taxation	0	10	9	114
PROFIT AFTER TAX	385	270	384	629
Net Profit	385	270	384	629
Dividends Payable	300	750	175	200
RETAINED PROFITS	85	-480	209	429

Balance Sheet

Number of Weeks	52	52	52	52
Accounts Date	31/05/2006	31/05/2005	31/05/2004	31/05/2003
Currency	GBP	GBP	GBP	GBP
Consolidated?	Yes	Yes	Yes	Yes
TOTAL FIXED ASSETS	5,396	5,699	5,677	5,678
Land & buildings	267	199	75	62
Plant, machinery & equipment	840	961	782	574
Intangible Assets	4,289	4,539	4,820	5,042
TOTAL CURRENT ASSETS	5,094	4,932	5,888	4,727
Stocks	2,032	2,124	2,116	2,077
Trade Debtors	1,039	1,212	1,274	907
Other Receivables	129	274	473	433
Prepaid expenses	503	220	222	15
Group Loans	849	492	536	720
Cash	542	521	1,078	372
TOTAL ASSETS	10,490	10,631	11,565	10,405
TOTAL CURRENT LIABILITIES	6,761	5,766	5,222	4,583
Trade Creditors	3,623	4,006	3,285	1,875
Bank Overdraft	2,273	685	739	497
Taxes	123	94	78	45
Other Current Liabilities	4	47	-	-
Accruals & deferred income	739	934	1,120	2,164
WORKING CAPITAL	-1,667	-835	665	144
TOTAL LONG TERM LIABS	2,933	4,117	5,000	4,688
Taxation	20	-	-	-
Mortgages and loans	2,913	4,117	5,000	4,688
NET ASSETS/(LIABILITIES)	3,729	4,865	6,343	5,823
SHARE CAPITAL + RESERVES	796	747	1,342	1,134
Issued Share Capital	206	206	206	206
Reserves	184	336	336	336
Profit and Loss account	406	205	800	592
SHAREHOLDERS FUNDS	796	747	1,342	1,134
CAPITAL EMPLOYED	3,729	4,864	6,342	5,822
TANGIBLE NET WORTH	-3,494	-3,792	-3,478	-3,908

Key Credit Ratios

Accounts Date	31/05/2006	31/05/2005	31/05/2004	31/05/2003
Current Ratio	0.75	0.86	1.13	1.03
Profit Before Tax	0.02	0.01	0.02	0.06
Creditors Days (D.P.O)	70.72	80.62	65.65	80.98
Quick Ratio	-	-	-	-
Return on Assets	7.35	5.63	7.07	13.87
T.N.W/Total Assets	-0.33	-0.36	-0.30	-0.38
Return on Capital	-0.81	1.05	0.31	0.95
Working Capital/Sales	0.00	0.00	0.00	0.00
Equity Gearing	-1.75	-	-	-
Stock Turnover	0.00	0.00	0.00	0.00

Financial Summary

Turnover	Turnover increased by more than 1% in the period. Turnover totaled GBP  25,597,000 for the period.
Operating Profit	Totaled GBP  773,000 In the period prior a profit of GBP   676,000 was achieved.
Pre Tax	The subject made a profit of GBP  456,000 compared with a profit of GBP  343,000 in the previous period.
Working Capital	The company's working capital deficiency increased in the period and now stands at GBP  1,667,000
Tangible Net Worth	Net worth increased by 298,000 during the period and now stands at GBP  -3,494,000
Fixed Assets	The subjects fixed assets reduced during the period by GBP  53,000 to GBP  1,107,000 and are now 11% of total assets compared with 11% in the previous period
Long Term Liabilities	The company's long term liabilities reduced during the period by 27% and are now -105% of net worth compared with -133% in the previous period
Long Term Liabilities	Long term liabilities are now 35% of total assets compared with 48% 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/normal.	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%)

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