MIRA
INFORM REPORT
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Report Date : |
25.06.2007 |
IDENTIFICATION DETAILS
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Name : |
HARRIS SYSTEMS LIMITED |
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Registered Office : |
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Country : |
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Financials (as on) : |
30.06.2005 |
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Date of Incorporation : |
11/02/1921 |
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Com. Reg. No.: |
00173103 |
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Legal Form : |
Private Limited |
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Line of Business : |
Suppliers of photocopiers
and fax machines, television transmitters and real time control of
distribution equipment. |
RATING & COMMENTS
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MIRA’s Rating : |
Ba |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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Status : |
Satisfactory |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
Company Identification Details
Subject Reported
on HARRIS SYSTEMS
LIMITED
Address
Telephone 0118 964 8000
Facsimile 0118 964 8001
Web Address www.harris.com
Creditline Recommendations
Monthly Credit Guide GBP 301,000
Risk Category LOW RISK
Official Company Data
Legal Form Private Limited
Registration
Number 00173103
VAT Number GB591829695
Date of
Incorporation 11/02/1921
Registered
History 31/12/1977 :
Change of name from HARRIS-INTERTYPE LIMITED.
Date of Last
Annual
Return to Registry
30/11/2006
Registered
Objectives TO CARRY ON
BUSINESS AS DEALERS IN PLANT AND MACHINERY
Accounts The last filed
accounts at Companies House are those to 30/06/2005
Accounting
Reference
Date 30/06
Operations
Activities Suppliers of
photocopiers and fax machines, television transmitters and real time
control
of distribution equipment.
Nace Code 7250
Premises Owned,Offices
Staff Employed 116
Trading Divisions HARRIS
TVT, HARRIS ALLIED
Trade Names HARRIS STUDIO
PRODUCTS, HARRIS CORPORATION
Import Countries ALL OVER THE WORLD
Export Countries ALL OVER THE WORLD
Bankers HSBC BANK PLC
Address
Sort Code 404209
Auditors Ernst & Young
LLP
Branches ENGINEERING
SERVICE CENTRES IN,
THE GROUP
HEADQUARTERS IS BASED, IN
S A.
14 CEDARWOOD,
BASINGSTOKE,
Subsidiaries HARRIS THREE
THOUSAND LIMITED
HARRIS TWO
THOUSAND LIMITED
Public Record
Information
Summary of CCJ's/Scottish Decrees
No CCJs/Scottish Decrees are recorded in our
file.
Other Filings and
Notices
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Date |
Source |
Description |
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08/01/2007 |
Companies House Gazette |
Change among the directors of a company |
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27/06/2006 |
Companies House Gazette |
Change among the directors of a company |
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06/06/2006 |
Companies House Gazette |
Change among the directors of a company |
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19/08/2005 |
Companies House Gazette |
Resolutions which give, vary, revoke or renew an authority for the
purposes of section 80 |
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19/08/2005 |
Companies House Gazette |
Alteration in memorandum or articles of association |
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01/03/2005 |
Companies House Gazette |
Change among the directors of a company |
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19/07/2003 |
Companies House Gazette |
Change among the directors of a company |
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07/01/2002 |
Companies House Gazette |
Change among the directors of a company |
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05/11/1999 |
Companies House Gazette |
Change among the directors of a company |
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10/01/1997 |
Companies House Gazette |
Change among the directors of a company |
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27/04/1996 |
Companies House Gazette |
Change among the directors of a company |
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01/02/1996 |
Companies House Gazette |
Alteration in memorandum or articles of association |
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09/11/1995 |
Companies House Gazette |
Change among the directors of a company |
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21/05/1994 |
Companies House Gazette |
Change among the directors of a company |
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12/01/1994 |
Companies House Gazette |
Change among the directors of a company |
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12/06/1993 |
Companies House Gazette |
Alteration in memorandum or articles of association |
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12/06/1993 |
Companies House Gazette |
Resolutions which give, vary, revoke or renew an authority for the
purposes of section 80 |
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15/05/1991 |
Companies House Gazette |
Change among the directors of a company |
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07/03/1991 |
Companies House Gazette |
Change among the directors of a company |
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17/02/1988 |
Companies House Gazette |
Documents delivered by a company under section 241 (annual accounts) |
Company Secretary
Secretary MICHAEL
ANDREW MILLER
Address
Country of Origin
Date of Birth 23/02/1960
Appointment Date 09/12/2005
Secretary ALAN
MICHAEL DYE
Address
Country of Origin UNITED KINGDOM
Date of Birth 11/07/1958
Appointment Date 18/06/2003
Other
Directorships HARRIS
COMMUNICATION (
LIMITED, HARRIS
PENSION MANAGEMENT LIMITED
Directors
Director CHARLES
JONATHAN GREENE
Address
Country of Origin
Date of Birth 09/02/1955
Appointment Date 01/03/2006
Other
Directorships HARRIS TWO
THOUSAND LIMITED, HARRIS PENSION MANAGEMENT
LIMITED
Accountant MICHAEL
ANDREW MILLER
Address
Country of Origin
Date of Birth 23/02/1960
Appointment Date 01/05/2006
Vice President EUGENE
SEVERINO CAVALLUCCI
Address
Country of Origin
Date of Birth 31/07/1947
Appointment Date 15/12/2004
Other
Directorships HARRIS TWO
THOUSAND LIMITED
Accountant ALAN
MICHAEL DYE
Address
Country of Origin UNITED KINGDOM
Date of Birth 11/07/1958
Appointment Date 18/06/2003
Other Directorships HARRIS
COMMUNICATION (
LIMITED, HARRIS
PENSION MANAGEMENT LIMITED
Share Capital
Shares Ordinary GBP 1.00
Issued Number 517,000
Principal
Shareholder 254,000 Harris
Corp
216,000 Harris
Communication (Netherland) BV
47,000 Harris
Software Systems Inc.
The above reflects
the principle shareholder(s) by number of shares held, irrespective of share
classification type.
Ultimate Parent
HARRIS CORP, a
company incorporated in
Payment Analysis
(No Payment
Analysis Data is Available)
Financial Data
Profit and Loss
The following
figures are shown in units of 1000
Number of Weeks 52 52 52 52
Accounts Date 30/06/2005 30/06/2004 30/06/2003 30/06/2002
Consolidated Yes Yes Yes Yes
Currency GBP GBP GBP GBP
SALES 57741 37555 26091 26150
Cost of goods sold 50789 27620 20584 15739
GROSS PROFIT 6952 9935 5507 10411
Wages and Salaries 5081 4865 5563 5246
Directors
Emoluments 70 74 164 290
Auditors Fees 42 40 31 31
Non-Audit Fees 64 52 16
Trading Profit (5705) (248) (618) 2064
Depreciation 1824 699 725 437
OPERATING PROFIT (7529) (947) (1343) 1627
Non Trading Income (268) (841) 618 620
Interest Payable 380 67 30
PRE TAX PROFIT (8177) (1855) (725) 2217
Taxation (2593) (474) (258) 721
PROFIT AFTER TAX (5584) (1381) (467) 1496
RETAINED PROFITS (5584) (1381) (467) 1496
Balance Sheet
The following
figures are shown in units of 1000
Number of Weeks 52 52 52 52
Accounts Date 30/06/2005 30/06/2004 30/06/2003 30/06/2002
Consolidated Yes Yes Yes Yes
Currency GBP GBP GBP GBP
TOTAL FIXED ASSETS 11006 10349 6265 6693
Tangible Assets 7312 6636 6265 6693
Fixed Assets 1794 2794 2842 2879
Intermediate
assets 5518 3842 3423 3814
Intangible Assets 3694 3713
TOTAL CURRENT
ASSETS 32569 35526 34210 31088
Trade debtors 7004 8439 5286 4603
Stocks 13631 12145 5197 4028
Other Current
Assets 11934 14942 23727 22457
Misc Current
Assets 8767 11239 12426 7309
Due From Group 1443 731 442 3178
Cash 1724 2972 10859 11970
TOTAL ASSETS 43575 45875 40475 37781
TOTAL CURRENT
LIABILITIES 27970 24121 16869 13686
Trade creditors 2419 2718 1597 1613
Short Term Loans 12007 8905 2177 928
Due To Group 12007 8905 2177 928
Other Liabilities 13544 12498 13095 11145
WORKING CAPITAL 4599 11405 17341 17402
TOTAL LONG TERM
LIABS 565 1036 1058
Other Liabilities 565 1036 1058
NET
ASSETS/(LIABILITIES) 15605 21189 22570 23037
SHARE CAPITAL +
RESERVES 15605 21189 22570 23037
Share Cap + Sundry
Res 470 470 470 470
Issued Share
Capital 470 470 470 470
Profit and Loss
account 15135 20719 22100 22567
SHAREHOLDERS FUNDS 15605 21189 22570 23037
CAPITAL EMPLOYED 15605 21754 23606 24095
Financial
Comparison
The following
figures are shown in units of 1000
Number of Weeks 52 52 52 52
Accounts Date 30/06/2005 30/06/2004 30/06/2003 30/06/2002
Consolidated Yes Yes Yes Yes
Currency GBP GBP GBP GBP
Directors
Remuneration 70 74 164 290
Auditors
Remuneration 42 40 31 31
Liquid Assets 8728 11411 16145 16573
Net Working
Capital 4599 11405 17341 17402
Other Deferred
Liabs 565 1036 1058
Tangible Net
Worth(T.N.W) 11911 17476 22570 23037
Equity 15605 21189 22570 23037
Number of Years
Trading 84 83 82 81
Number of
Employees 116 111 117 114
Profit per
Employee (70491.4) (16711.7) (6196.6) 19447.4
Sales per Employee 497767.2 338333.3 223000 229386
Key Credit Ratios
The following
figures are shown as Ratios or Percentages
Accounts Date 30/06/2005 30/06/2004 30/06/2003 30/06/2002
Consolidated Yes Yes Yes Yes
Current Ratio 1.2 1.5 2 2.3
Pre Tax Profit
Margin% (14.2) (4.9) (2.8) 8.5
Gross Profit% 12 26.5 21.1 39.8
Debtors Days
(D.S.O) 44 82 74 64
Creditors Days
(D.P.O) 15 26 22 23
Quick Ratio 0.7 1 1.7 2
W.I.P/Inventory
Days 98 160.5 92.2 93.4
Return on
Investment% (28.2) (5.8) (2.8) 9
Return on Assets% (18.8) (4) (1.8) 5.9
T.N.W/Total
Assets% 27.3 38.1 55.8 61
Return on Capital% (52.4) (8.5) (3.1) 9.2
Rtn on
Shareholders Funds% (52.4) (8.8) (3.2) 9.6
Working
Capital/Sales% 8 30.4 66.5 66.5
Borrowing Ratio% 100.8 51 9.6 4
Equity Gearing% 55.8 85.8 126.1 156.2
Stock Turnover 4.2 3.1 5 6.5
Days Purchases
Outstanding 17.4 35.9 28.3 37.4
Key Industry Sector
Trends
Year 2006 2005 2004 2003
Sample Size 1027 1560 1483 1312
Pre-Tax Profit
Margin 16.1 12.4 11.6 10.1
Current Ratio 1.5 1.4 1.3 1.3
Borrowing Ratio 32.2 32.2 25.2 37.8
Return on Capital 110.6 76.5 83.4 80.2
Creditors Days 40 49 42 47
Above figures relate to companies in 1992 Standard Industry Classification (Nace) sector : Maintenance and
repair of office, accounting and computing machinery
Financial Summary
Auditors Qualification
The Auditors have expressed a clean opinion (i.e. unqualified with no referrals) on the accounts for the period ended 30/06/2005.
Turnover
Turnover increased by 54 % in the
period and now totals GBP 57,741,000.
Operating Loss
Totaled GBP 7,529,000. In the year prior a Loss of GBP 947,000 was achieved.
Pre Tax Profit
The subject made a loss in the period
of GBP 8,177,000 that was 340 % up on the loss made in the previous period.
Working Capital
The company's working capital, while
remaining positive, decreased by 60 % in the period.
Fixed Assets
The subject's fixed assets increased
during the year by GBP 657,000 to GBP 11,006,000 and are now 25 % of total
assets compared with 22 % in the previous year.
RATING EXPLANATIONS
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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>86 |
Aaa |
Possesses an extremely sound financial base with the strongest
capability for timely payment of interest and principal sums |
Unlimited |
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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 |
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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 |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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26-40 |
B |
Unfavourable & favourable factors carry similar weight in credit
consideration. Capability to overcome financial difficulties seems
comparatively below average/normal. |
Small |
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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 |
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<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
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NR |
In view of the lack of information, we have no basis upon which to
recommend credit dealings |
No Rating |
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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%)