MIRA INFORM REPORT

 

 

Report No. :

329201

Report Date :

27.06.2015

 

IDENTIFICATION DETAILS

 

Name :

IT HARDWARE AND SOFTWARE LIMITED

 

 

Formerly Known As :

TND IT UK LTD

 

 

Registered Office :

Unit 11, Bury South Business Parriverview Close, Dumers Lanemanchesterm26 2 AD

 

 

Country :

United Kingdom

 

 

Financials (as on) :

30.04.2014

 

 

Date of Incorporation :

23.05.2007

 

 

Com. Reg. No.:

06256979

 

 

Legal Form :

Private limited with Share Capital

 

 

Line of Business :
  • Wholesale of computers, computer peripheral equipment and software.
  • IT brokers.

 

 

No. of Employee :

20

 

 

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 :

Slow but correct

 

 

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

A1

A1

 

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 became a net importer of energy in 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 5.8% in 2013. 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). In 2012, weak consumer spending and subdued business investment weighed on the economy, however, in 2013 GDP grew 1.8%, accelerating unexpectedly because of greater consumer spending and a recovering housing market.

 

Source : CIA

 

 

Company Name and address

 

IT HARDWARE AND SOFTWARE LIMITED

 

Company No

06256979

 

Registered Address

UNIT 11, BURY SOUTH BUSINESS PARRIVERVIEW CLOSE, DUMERS LANEMANCHESTERM26 2AD

 

 

Company Summary

 

Registered Address

UNIT 11, BURY SOUTH BUSINESS PAR RIVERVIEW CLOSE, DUMERS LANE MANCHESTER M26 2AD

Trading Address

Unit 11, Bury South Business Par Riverview Close, Dumers Lane Manchester M26 2AD M26 2AD

Website Address

http://www.ithsltd.com

 

 

Telephone Number

--

Fax Number

--

TPS

--

FPS

No

Incorporation Date

23/05/2007

 

 

Previous Name

TND IT UK LTD

Type

Private limited with Share Capital

FTSE Index

--

Date of Change

11/03/2009

Filing Date of Accounts

20/09/2014

Currency

GBP

Share Capital

£10,000

SIC07

46510

Charity Number

--

 

 

SIC07 Description

WHOLESALE OF COMPUTERS, COMPUTER PERIPHERAL EQUIPMENT AND SOFTWARE

Principal Activity

IT brokers.

 

 

Key Financials

 

Year to Date

Turnover

Pre Tax Profit

Shareholder

Funds Employees

30/04/2014

£21,917,910

£1,049,465

£1,062,819

20

30/04/2013

£22,155,832

£1,131,845

£845,952

18

30/04/2012

£19,713,327

£675,061

£369,647

18

 

 

Mortgage Summary

 

Total Mortgage  5

Outstanding                 3

Satisfied                       2

 

 

Trade Debtors / Bad Debt Summary

 

Total Number of Documented Trade                 3

Total Value of Documented Trade                    £10,206

 

 

Commentary

 

This company has been treated as a Medium company in respect of the rating/limit generated.

This company's ratio of total liabilities to total assets indicates the presence of moderate equity funding.

This company's return on total assets employed ratio indicates a highly efficient use of assets.

This company has made late payments on a very high 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.

 

 

CCJ

 

Total Number of Exact CCJs -

0

Total Value of Exact CCJs -

Total Number of Possible CCJs -

0

Total Value of Possible CCJs -

Total Number of Satisfied CCJs -

0

Total Value of Satisfied CCJs -

Total Number of Writs -

-

 

 

Total Current Directors

2

Total Current Secretaries

1

Total Previous Directors / Company Secretaries

4

 

 

Current Directors

 

Name

Alan Paul Glazer

Date of Birth

25/11/1964

Officers Title

Mr

Nationality

South African

Present Appointments

3

Function

Director

Appointment Date

28/07/2009

Address

Unit 11, Bury South Business Park Riverview Close,, Radcliffe, Manchester, M26 2AD

 

Name

David Andrew Warner

Date of Birth

14/03/1978

Officers Title

Mr

Nationality

British

Present Appointments

3

Function

Director

Appointment Date

16/03/2009

Address

Unit 11, Bury South Business Park Riverview Close,, Radcliffe, Manchester, M26 2AD

 

 

Current Company Secretary

 

Name

MJG COMPANY SECRETARIAL SERVICES LIMITED

Date of Birth

-

Officers Title

Nationality

British

Present Appointments

1

Function

Company Secretary

Appointment Date

26/03/2009

Address

Hollinwood Business Centre Albert Street, Oldham, Greater Manchester, OL8 3QL

 

 

Top 20 Shareholders

 

Name

Currency

Share Count

Share Type

Nominal Value

% of Total Share Count

ALAN GLAZER

GBP

5,000

ORDINARY

1

50

DAVID ANDREW WARNER

GBP

5,000

ORDINARY

1

50

 

 

Profit & Loss

 

Date Of Accounts

30/04/14

(%)

30/04/13

(%)

30/04/12

(%)

30/04/11

(%)

30/04/10

Weeks

52

(%)

52

(%)

52

(%)

52

(%)

52

Currency

GBP

(%)

GBP

(%)

GBP

(%)

GBP

(%)

GBP

Consolidated A/cs

N

(%)

N

(%)

N

(%)

N

(%)

N

Turnover

£21,917,910

-1.1%

£22,155,832

12.4%

£19,713,327

-

-

-

-

Export

-

-

-

-

-

-

-

-

-

Cost of Sales

-

-

-

-

-

-

-

-

-

Gross Profit

-

-

-

-

-

-

-

-

-

Wages & Salaries

£644,083

7.5%

£599,035

16.3%

£515,298

-

-

-

-

Directors Emoluments

£121,239

130.5%

£52,605

-12.5%

£60,146

-

-

-

-

Operating Profit

£1,100,098

-7%

£1,182,952

57.7%

£750,315

-

-

-

-

Depreciation

£26,165

43.1%

£18,280

11.9%

£16,331

64.5%

£9,926

150.2%

£3,967

Audit Fees

£3,400

23.6%

£2,750

-

-

-

-

-

-

Interest Payments

£51,472

0.6%

£51,157

-32%

£75,276

-

-

-

-

Pre Tax Profit

£1,049,465

-7.3%

£1,131,845

67.7%

£675,061

-

-

-

-

Taxation

-£239,477

11.3%

-£269,983

-59.5%

-£169,278

-

-

-

-

Profit After Tax

£809,988

-6%

£861,862

70.4%

£505,783

-

-

-

-

Dividends Payable

£593,121

54.4%

£384,125

16%

£331,199

-

-

-

-

Retained Profit

£216,867

-54.6%

£477,737

173.6%

£174,584

-

-

-

-

 

 

Balance Sheet

 

Date Of Accounts

30/04/14

(%)

30/04/13

(%)

30/04/12

(%)

30/04/11

(%)

30/04/10

Tangible Assets

£56,417

30.7%

£43,154

-16.5%

£51,685

43.6%

£35,995

128.1%

£15,783

Intangible Assets

0

-

0

-

0

-

0

-

0

Total Fixed Assets

£56,417

30.7%

£43,154

-16.5%

£51,685

43.6%

£35,995

128.1%

£15,783

Stock

£1,757,778

19.1%

£1,475,288

31.8%

£1,119,197

81.9%

£615,219

209.7%

£198,674

Trade Debtors

£2,345,394

23.4%

£1,900,459

-7.9%

£2,063,012

-4.6%

£2,161,610

42.1%

£1,521,169

Cash

£359,005

999.9%

£603

-99.9%

£547,315

45.3%

£376,588

40.9%

£267,316

Other Debtors

£489,957

54.5%

£317,079

14%

£278,084

-

0

-

0

Miscellaneous Current Assets

0

-

0

-

0

-

0

-

0

Total Current Assets

£4,952,134

34.1%

£3,693,429

-7.8%

£4,007,608

27.1%

£3,153,417

58.7%

£1,987,159

Trade Creditors

£1,576,675

12%

£1,407,296

0%

£1,407,799

-52.9%

£2,987,482

64.6%

£1,814,732

Bank Loans & Overdrafts

£254,761

178.7%

£91,400

-89%

£831,733

-

0

-

0

Other Short Term Finance

0

-100%

£4,820

-87.2%

£37,580

-

0

-100%

£52,873

Miscellaneous Current Liabilities

£2,102,451

52.7%

£1,377,190

-1.6%

£1,399,613

-

0

-

0

Total Current Liabilities

£3,933,887

36.6%

£2,880,706

-21.7%

£3,676,725

23.1%

£2,987,482

60%

£1,867,605

Bank Loans & Overdrafts and LTL

£266,606

163.1%

£101,325

-88%

£844,654

999.9%

£7,199

117.2%

£3,314

Other Long Term Finance

0

-

0

-

0

-

0

-

0

Total Long Term Liabilities

£11,845

19.3%

£9,925

-23.2%

£12,921

79.5%

£7,199

117.2%

£3,314

 

 

Capital & Reserves

 

Date Of Accounts

30/04/14

(%)

30/04/13

(%)

30/04/12

(%)

30/04/11

(%)

30/04/10

Called Up Share Capital

£10,000

-

£10,000

-12.5%

£11,432

3%

£11,100

11%

£10,000

P & L Account Reserve

£1,051,387

26%

£834,520

133%

£358,215

95.1%

£183,631

50.5%

£122,023

Revaluation Reserve

-

-

-

-

-

-

-

-

-

Sundry Reserves

£1,432

-

£1,432

-

-

-

-

-

-

Shareholder Funds

£1,062,819

25.6%

£845,952

128.9%

£369,647

89.8%

£194,731

47.5%

£132,023

 

 

Other Financial Items

 

Date Of Accounts

30/04/14

(%)

30/04/13

(%)

30/04/12

(%)

30/04/11

(%)

30/04/10

Net Worth

£1,062,819

25.6%

£845,952

128.9%

£369,647

89.8%

£194,731

47.5%

£132,023

Working Capital

£1,018,247

25.3%

£812,723

145.6%

£330,883

99.4%

£165,935

38.8%

£119,554

Total Assets

£5,008,551

34%

£3,736,583

-7.9%

£4,059,293

27.3%

£3,189,412

59.2%

£2,002,942

Total Liabilities

£3,945,732

36.5%

£2,890,631

-21.7%

£3,689,646

23.2%

£2,994,681

60.1%

£1,870,919

Net Assets

£1,062,819

25.6%

£845,952

128.9%

£369,647

89.8%

£194,731

47.5%

£132,023

 

 

Cash Flow

 

Date Of Accounts

30/04/14

(%)

30/04/13

(%)

30/04/12

(%)

30/04/11

(%)

30/04/10

Net Cashflow from Operations

£1,151,214

43.3%

£803,590

66.4%

£483,023

-

-

-

-

Net Cashflow before Financing

£195,041

0%

£195,053

999.9%

-£16,998

-

-

-

-

Net Cashflow from Financing

-

100%

-£1,432

-531.3%

£332

-

-

-

-

Increase in Cash

£195,041

0.7%

£193,621

999.9%

-£16,666

-

-

-

-

 

 

Miscellaneous

 

Date Of Accounts

30/04/14

(%)

30/04/13

(%)

30/04/12

(%)

30/04/11

(%)

30/04/10

Contingent Liability

NO

-

NO

-

NO

-

NO

-

NO

Capital Employed

£1,074,664

25.6%

£855,877

123.7%

£382,568

89.5%

£201,930

49.2%

£135,337

Number of Employees

20

11.1%

18

-

18

-

-

-

-

 

 

Auditors

HILTON JONES LIMITED

Auditor Comments

The audit report contains no adverse comments

Bankers

Bank Branch Code

 

 

Ratios

 

Date Of Accounts

30/04/14

30/04/13

30/04/12

30/04/11

30/04/10

Pre-tax profit margin %

4.79

5.11

3.42

-

-

Current ratio

1.26

1.28

1.09

1.06

1.06

Sales/Net Working Capital

21.53

27.26

59.58

-

-

Gearing %

25.10

12

228.50

3.70

2.50

Equity in %

21.20

22.60

9.10

6.10

6.60

Creditor Days

26.18

23.12

25.99

-

-

Debtor Days

38.95

31.22

38.09

-

-

Liquidity/Acid Test

0.81

0.76

0.78

0.84

0.95

Return On Capital Employed %

97.65

132.24

176.45

-

-

Return On Total Assets Employed %

20.95

30.29

16.63

-

-

Current Debt Ratio

3.70

3.40

9.94

15.34

14.14

Total Debt Ratio

3.71

3.41

9.98

15.37

14.17

Stock Turnover Ratio %

8.01

6.65

5.67

-

-

Return on Net Assets Employed %

98.74

133.79

182.62

-

-

 

 

Report Notes

 

There are no notes to display.

 

 

Status History

 

No Status History found

 

 

Event History

 

Date

Description

07/06/2015

Annual Returns

30/09/2014

New Accounts Filed

30/09/2014

New Accounts Filed

02/07/2014

Change in Reg.Office

02/07/2014

Change of Company Postcode

13/06/2014

Annual Returns

14/09/2013

New Accounts Filed

14/09/2013

New Accounts Filed

24/06/2013

Annual Returns

28/07/2012

New Accounts Filed

22/06/2012

Annual Returns

31/08/2011

New Accounts Filed

20/06/2011

Annual Returns

13/10/2010

Change in Reg.Office

13/10/2010

Change of Company Postcode

 

 

Previous Company Names

 

Date

Previous Name

11/03/2009

TND IT UK LTD

05/06/2007

GDCO 53 LIMITED

 

 

Writ Details

 

No writs found

 

 

Statistics

 

Group

-

Linkages

0 companies

Countries

In 0 countries

 

 

Summary

 

Holding Company

-

Ownership Status

Ultimate Holding Company

-

 

 

Group StructureFull

 

No Group Structure

 

 

Mortgage Details

 

Mortgage Type:

LEGAL ASSIGNMENT OF CONTRACT MONIES

Date Charge Created:

03/10/12

Date Charge Registered:

04/10/12

Date Charge Satisfied:

-

Status:

OUTSTANDING

Person(s) Entitled:

HSBC BANK PLC

Amount Secured:

ALL MONIES DUE OR TO BECOME DUE FROM THE COMPANY TO THE CHARGEE ON ANY ACCOUNT WHATSOEVER

Details:

ANY CREDIT BALANCE DUE TO THE COMPANY UNDER CONDITION 13 OF THE AGREEMENT FOR THE PURCHASE OF DEBTSAND ANY DISCOUNTINGALLOWANCE DUE UNDER THE CONTRACT THE BENEFIT OF ALL THE OTHER PROVISIONS OF THECONTRACT AND ALL SECURITIES IN RESPECT OF THAT CREDIT BALANCE

Mortgage Type:

FIXED CHARGE ON NON-VESTING DEBTS AND FLOATING CHARGE

Date Charge Created:

31/08/12

Date Charge Registered:

04/09/12

Date Charge Satisfied:

-

Status:

OUTSTANDING

Person(s) Entitled:

HSBC INVOICE FINANCE (UK) LTD ("THE SECURITY HOLDER")

Amount Secured:

ALL MONIES DUE OR TO BECOME DUE FROM THE COMPANY TO THE CHARGEE ON ANY ACCOUNT WHATSOEVER UNDER THETERMS OF THE AFOREMENTIONED INSTRUMENT CREATING OR EVIDENCING THE CHARGE

Details:

BY WAY OF FIRST FIXED CHARGE ALL DEBTS AND ALL EXPORT DEBTS PURPORTEDLY ASSIGNED TO THE SECURITY HOLDER PURSUANT TO THEDEBT PURCHASE AGREEMENT. ALL ASSOCIATEDRIGHTS RELATING TO ANY NON-VESTING DOMESTIC DEBTS AND NON-VESTING EXPORT DEBTS. BY WAY OF FIRST FIXED CHARGE THE EXCLUDED PROCEEDS AND BY WAYOF FIRST FLOATING CHARGE ALL PRESENT AND FUTURE ASSETS UNDERTAKING AND ALL OTHER PROPERTY AND ASSETS

 

Mortgage Type:

DEBENTURE

Date Charge Created:

12/07/12

Date Charge Registered:

17/07/12

Date Charge Satisfied:

-

Status:

OUTSTANDING

Person(s) Entitled:

HSBC BANK PLC

Amount Secured:

ALL MONIES DUE OR TO BECOME DUE FROM THE COMPANY TO THE CHARGEE ON ANY ACCOUNT WHATSOEVER

Details:

FIXED AND FLOATING CHARGE OVER THE UNDERTAKING AND ALL PROPERTY AND ASSETS PRESENT AND FUTURE, INCLUDING GOODWILL, BOOKDEBTS, UNCALLED CAPITAL, BUILDINGS, FIXTURES, FIXED PLANT & MACHINERY

Mortgage Type:

DEBENTURE

Date Charge Created:

07/04/09

Date Charge Registered:

16/04/09

Date Charge Satisfied:

14/08/12

Status:

SATISFIED

Person(s) Entitled:

THE ROYAL BANK OF SCOTLAND PLC

Amount Secured:

Details:

FIXED AND FLOATING CHARGE OVER THE UNDERTAKING AND ALL PROPERTY AND ASSETS PRESENT AND FUTURE, INCLUDING GOODWILL, UNCALLED CAPITAL, BUILDINGS, FIXTURES, FIXEDPLANT & MACHINERY

 

Mortgage Type:

DEBENTURE

Date Charge Created:

03/04/09

Date Charge Registered:

04/04/09

Date Charge Satisfied:

28/01/13

Status:

SATISFIED

Person(s) Entitled:

RBS INVOICE FINANCE LIMITED

Amount Secured:

Details:

FIXED AND FLOATING CHARGE OVER THE UNDERTAKING AND ALL PROPERTY AND ASSETS PRESENT AND FUTURE, INCLUDING GOODWILL, BOOKDEBTS, UNCALLED CAPITAL, BUILDINGS, FIXTURES, FIXED PLANT & MACHINERY SEE IMAGEFOR FULL DETAILS

 

 

Creditor Details

 

Total Number

Total Value

Trade Creditors

0

-

No Creditor Data

 

 

Trade Debtors / Bad Debt Detail

 

Total Number of Documented Trade

Total Value of Documented Trade

Trade Debtors

3

£10,206

Company Name

Amount

Statement Date

Advanced I T Hardware Limited

£5,760

19/03/2013

Reform Technologies Ltd

£2,226

18/10/2012

True Information Technology Limited

£2,220

12/07/2011

 

 

Previous Director/Company Secretaries

 

Name

Current Directorships

Previous Directorships

GEORGE DAVIES (NOMINEES) LIMITED

46

151

GD DIRECTORS (NOMINEES) LIMITED

18

45

Thomas Dunker

0

1

Alan Paul Glazer

3

1

 

Average Invoice Value

Ł1297.62

Invoices available

414

Paid

403

Outstanding

11

 

 

 

Trade Payment Data is information that we collect from selected third party partners who send us information about their whole sales ledger.

 

 

Within Terms

0-30 Days

31-60 Days

61-90 Days

91+ Days

Paid

57

106

233

6

1

Outstanding

3

2

5

1

0

 

 

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.63.60

UK Pound

1

Rs.100.09

Euro

1

Rs.71.23

 

 

INFORMATION DETAILS

 

Analysis Done by :

DIV

 

 

Report Prepared by :

ANK

 

 

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%)

 

 

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This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.