MIRA INFORM REPORT

Report No. :	491776
Report Date :	14.02.2018

IDENTIFICATION DETAILS

Name :	TESTFORCE INTERNATIONAL LIMITED
Registered Office :	Suite 201, 9 Pembroke Street Upper, Dublin 2, 662881
Country :	Ireland
Financials (as on) :	31.12.2016
Date of Incorporation :	26.11.2015
Com. Reg. No.:	IE572266
Legal Form :	Ltd - Private Company Limited By Shares
Line of Business :	· Other business support service activities n.e.c. · The sales and distribution of wireless, avionics, and mobile radio test equipment. · Other transportation support activities
No. of Employees :	1

RATING & COMMENTS

(Mira Inform has adopted New Rating mechanism w.e.f. 23^rd January 2017)

MIRA’s Rating :

A

Credit Rating	Explanation	Rating Comments
A	Acceptable Risk	Business dealings permissible with moderate risk of default

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

Country Name	Previous Rating (30.06.2017)	Current Rating (30.09.2017)
Ireland	A2	A2

Risk Category	ECGC Classification
Insignificant	A1
Low Risk	A2
Moderately Low Risk	B1
Moderate Risk	B2
Moderately High Risk	C1
High Risk	C2
Very High Risk	D

IRELAND - ECONOMIC OVERVIEW

Ireland is a small, modern, trade-dependent economy. Ireland was among the initial group of 12 EU nations that began circulating the euro on 1 January 2002. GDP growth averaged 6% in 1995-2007, but economic activity dropped sharply during the world financial crisis and the subsequent collapse of its domestic property market and construction industry. Faced with sharply reduced revenues and a burgeoning budget deficit from efforts to stabilize its fragile banking sector, the Irish Government introduced the first in a series of draconian budgets in 2009. These measures were not sufficient to stabilize Ireland’s public finances. In 2010, the budget deficit reached 32.4% of GDP - the world's largest deficit, as a percentage of GDP. In late 2010, the former COWEN government agreed to a $92 billion loan package from the EU and IMF to help Dublin recapitalize Ireland’s banking sector and avoid defaulting on its sovereign debt. In March 2011, the KENNY government intensified austerity measures to meet the deficit targets under Ireland's EU-IMF bailout program.

In late 2013, Ireland formally exited its EU-IMF bailout program, benefiting from its strict adherence to deficit-reduction targets and success in refinancing a large amount of banking-related debt. In 2014, the economy rapidly picked up and GDP grew by 25% in 2015. In late 2014, the government introduced a fiscally neutral budget, marking the end of the austerity program. Continued growth of tax receipts has allowed the government to lower some taxes and increase public spending while keeping to its deficit-reduction targets. In 2015, GDP growth exceeded 26%. This increase reflected one-off statistical revisions, multinational corporate restructurings, and the aircraft leasing sector, rather than gains in the on the ground economy. Growth moderated to around 4.1% in 2017, but the recovering economy assisted lowering the deficit to 0.6% of GDP.

In the wake of the collapse of the construction sector and the downturn in consumer spending and business investment, the export sector, dominated by foreign multinationals, has become an even more important component of Ireland's economy. Ireland’s low corporation tax of 12.5% and a talented pool of high-tech laborers have been key factors in encouraging business investment. Loose tax residency requirements made Ireland a common destination for international firms seeking to avoid taxation. In 2014, amid growing international pressure, the government announced it would phase in more stringent tax laws, effectively closing a commonly used loophole.

Source : CIA

Company name and address

Company Name: TESTFORCE INTERNATIONAL LIMITED

Company No: IE572266

Company Status: Active - Accounts Filed

Status Active

Active - Accounts Filed

Registered Address: SUITE 2019 PEMBROKE STREET UPPERDUBLIN 2662881

Company Name

TESTFORCE INTERNATIONAL LIMITED

Company Number

IE572266

Company Summary

Registered Address SUITE 201
9 PEMBROKE STREET UPPER
DUBLIN 2
662881

Trading Address

Website Address -

Eircode -

VAT Number -

Telephone Number -

Fax Number

TPS -

FPS Yes

Incorporation Date 26/11/2015

Previous Name

Type LTD - PRIVATE COMPANY LIMITED BY SHARES

FTSE Index -

Date of Change -

Filing Date of Accounts -

Currency EUR

Share Capital €100

SIC07 82990

Charity Number -

SIC07 Description OTHER BUSINESS SUPPORT SERVICE ACTIVITIES N.E.C.

Principal Activity The sales and distribution of wireless, avionics, and mobile radio test equipment.

Nace Code 5229

Nace Description OTHER TRANSPORTATION SUPPORT ACTIVITIES

Additional Information

CJ's 0 (€0)

No CJ Information To Display

Ultimate Holding Company TESTFORCE INTERNATIONAL LIMITED

Accountant PKF O'CONNOR LEDDY & HOLMES LIMITED

Mortgages 0

Group 0 companies

Linkages 0 companies

Countries In 0 countries

Key Financials

Year to Date Turnover Pre Tax Profit Shareholder's Funds Employees

31/12/2016 €7,355,140 €782,299 €684,594 1

- - - - -

- - - - -

Mortgage Summary

Total Mortgage 0

Outstanding 0

Satisfied 0

Trade Debtors / Bad Debt Summary

Total Number of Documented Trade 0

Total Value of Documented Trade €0

Commentary

No exact match CCJs are recorded against the company.

There is insufficient data to indicate a change in this company's percentage of sales.

There is insufficient data to indicate a change in this company's pre-tax profit.

The company is exempt from audit.

CJ

Total Number of Exact CJs -	0	Total Value of Exact CJs -	€0
Total Number of Possible CJs -	0	Total Value of Possible CJs -	€0
Total Number of Satisfied CJs -	0	Total Value of Satisfied CJs -	€0

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Total Current Directors	2	Total Current Secretaries	2
Total Previous Directors / Company Secretaries	3

Current Directors

Title		Function	Director
Name	SAMI STEPHAN	Nationality
Date of Birth	10/1951	Present Appointments	1
Latest Address	80 WHITEHEAD, ST LAURENT, QUEBEC H4S 1R7, CANADA	Appointment Date	26/11/2015
Title		Function	Director
Name	ANTONIO TIRELLI	Nationality
Date of Birth	06/1961	Present Appointments	1
Latest Address	3495 BALSAM ROAD, PICKERING, ONTARIO L1X 2W5, CANADA	Appointment Date	26/11/2015

Current Company Secretary

Title		Function	Company Secretary
Name	PAUL KEANE	Nationality
Date of Birth	01/1957	Present Appointments	36
Latest Address	4 DEERPARK AVENUE, CASTLEKNOCK, DUBLIN 15.	Appointment Date	15/11/2016
Eircode
Other Actions
Title		Function	Company Secretary
Name	ELAINE MCGRATH	Nationality
Date of Birth	12/1976	Present Appointments	15
Latest Address	52 SYNGE STREET, DUBLIN 8	Appointment Date	15/11/2016

Authorised Person

Top Shareholders

Name	Currency	Share Count	Share Type	Nominal Value	% of Total Share Count
SAILTONICS INVESTMENTS LTD	EUR	50	ORDINARY	1	50
J T STAND LTD	EUR	50	ORDINARY	1	50
1

Financials

Profit & Loss

	Date Of Accounts	31/12/16	(%)	-	(%)	-	(%)	-	(%)	-
	Weeks	58	(%)	-	(%)	-	(%)	-	(%)	-
	Currency	EUR	(%)	-	(%)	-	(%)	-	(%)	-
	Consolidated A/cs	N	(%)	-	(%)	-	(%)	-	(%)	-
	Turnover	€7,355,140	-	-	-	-	-	-	-	-
	Export	€7,328,951	-	-	-	-	-	-	-	-
	Cost of Sales	€6,323,167	-	-	-	-	-	-	-	-
	Gross Profit	€1,031,973	-	-	-	-	-	-	-	-
	Wages & Salaries	€25,295	-	-	-	-	-	-	-	-
	Directors Emoluments	-	-	-	-	-	-	-	-	-
	Operating Profit	€782,299	-	-	-	-	-	-	-	-
	Depreciation	€240	-	-	-	-	-	-	-	-
	Audit Fees	-	-	-	-	-	-	-	-	-
	Interest Payments	-	-	-	-	-	-	-	-	-
	Pre Tax Profit	€782,299	-	-	-	-	-	-	-	-
	Taxation	-€97,805	-	-	-	-	-	-	-	-
	Profit After Tax	€684,494	-	-	-	-	-	-	-	-
	Dividends Payable	-	-	-	-	-	-	-	-	-
	Retained Profit	€684,494	-	-	-	-	-	-	-	-

Balance Sheet

	Date Of Accounts	31/12/16	(%)	-	(%)	-	(%)	-	(%)	-
	Tangible Assets	€559	-	-	-	-	-	-	-	-
	Intangible Assets	0	-	-	-	-	-	-	-	-
	Total Fixed Assets	€559	-	-	-	-	-	-	-	-
	Stock	€1,866,956	-	-	-	-	-	-	-	-
	Trade Debtors	€1,284,658	-	-	-	-	-	-	-	-
	Cash	€235,113	-	-	-	-	-	-	-	-
	Other Debtors	€343,332	-	-	-	-	-	-	-	-
	Miscellaneous Current Assets	0	-	-	-	-	-	-	-	-
	Total Current Assets	€3,730,059	-	-	-	-	-	-	-	-
	Trade Creditors	€2,875,035	-	-	-	-	-	-	-	-
	Bank Loans & Overdrafts	0	-	-	-	-	-	-	-	-
	Other Short Term Finance	0	-	-	-	-	-	-	-	-
	Miscellaneous Current Liabilities	€170,989	-	-	-	-	-	-	-	-
	Total Current Liabilities	€3,046,024	-	-	-	-	-	-	-	-
	Bank Loans & Overdrafts and LTL	0	-	-	-	-	-	-	-	-
	Other Long Term Finance	0	-	-	-	-	-	-	-	-
	Total Long Term Liabilities	0	-	-	-	-	-	-	-	-

.

Capital & Reserves

	Date Of Accounts	31/12/16	(%)	-	(%)	-	(%)	-	(%)	-
	Called Up Share Capital	€100	-	-	-	-	-	-	-	-
	P & L Account Reserve	€684,494	-	-	-	-	-	-	-	-
	Revaluation Reserve	-	-	-	-	-	-	-	-	-
	Sundry Reserves	-	-	-	-	-	-	-	-	-
	Shareholder Funds	€684,594	-	-	-	-	-	-	-	-

Other Financial Items

	Date Of Accounts	31/12/16	(%)	-	(%)	-	(%)	-	(%)	-
	Net Worth	€684,594	-	-	-	-	-	-	-	-
	Working Capital	€684,035	-	-	-	-	-	-	-	-
	Total Assets	€3,730,618	-	-	-	-	-	-	-	-
	Total Liabilities	€3,046,024	-	-	-	-	-	-	-	-
	Net Assets	€684,594	-	-	-	-	-	-	-	-

Cash Flow

	Date Of Accounts	31/12/16	(%)	-	(%)	-	(%)	-	(%)	-
	Net Cashflow from Operations	€235,812	-	-	-	-	-	-	-	-
	Net Cashflow before Financing	€235,013	-	-	-	-	-	-	-	-
	Net Cashflow from Financing	€100	-	-	-	-	-	-	-	-
	Increase in Cash	€235,113	-	-	-	-	-	-	-	-

Miscellaneous

	Date Of Accounts	31/12/16	(%)	-	(%)	-	(%)	-	(%)	-
	Contingent Liability	NO	-	-	-	-	-	-	-	-
	Capital Employed	€684,594	-	-	-	-	-	-	-	-
	Number of Employees	1	-	-	-	-	-	-	-	-
	Accountants	PKF O'CONNOR LEDDY & HOLMES LIMITED
	Auditors
	Auditor Comments	The company is exempt from audit
	Bankers	ALLIED IRISH BANK PLC
	Bank Branch Code	93-10-71

Ratios

	Date Of Accounts	31/12/16	-	-	-	-
	Pre-tax profit margin %	10.64	-	-	-	-
	Current ratio	1.22	-	-	-	-
	Sales/Net Working Capital	10.75	-	-	-	-
	Gearing %	0	-	-	-	-
	Equity in %	18.40	-	-	-	-
	Creditor Days	158.70	-	-	-	-
	Debtor Days	70.91	-	-	-	-
	Liquidity/Acid Test	0.61	-	-	-	-
	Return On Capital Employed %	114.27	-	-	-	-
	Return On Total Assets Employed %	20.96	-	-	-	-
	Current Debt Ratio	4.44	-	-	-	-
	Total Debt Ratio	4.44	-	-	-	-
	Stock Turnover Ratio %	25.38	-	-	-	-
	Return on Net Assets Employed %	114.27	-	-	-	-

Report Notes

There are no notes to display.

Status History

No Status History found

Event History

Date	Description
14/08/2017	Annual Returns
31/07/2017	New Accounts Filed
16/06/2017	EOIN Ó CAOLLAÍ has resigned as company secretary
15/11/2016	RC COMPANY SECRETARIAL LIMITED has resigned as company secretary
15/11/2016	New Company Secretary (PAUL KEANE) appointed
15/11/2016	New Company Secretary (EOIN Ó CAOLLAÍ) appointed
15/11/2016	New Company Secretary (ELAINE MCGRATH) appointed
02/07/2016	Annual Returns
20/01/2016	SAMI STEPHAN has resigned as company secretary
20/01/2016	New Company Secretary (RC COMPANY SECRETARIAL LIMITED) appointed
26/11/2015	New Board Member (ANTONIO TIRELLI) appointed
26/11/2015	New Company Secretary (SAMI STEPHAN) appointed
26/11/2015	New Board Member (SAMI STEPHAN) appointed

Previous Company Names

No Previous Names found

Received Documents

Writ Details

No writs found

Statistics

Group	-
Linkages	0 companies
Countries	In 0 countries

Summary

Holding Company	-
Ownership Status
Ultimate Holding Company	TESTFORCE INTERNATIONAL LIMITED

Group Structure

No Group Structure

Statistics

Group	0 companies
Linkages	0 companies
Countries	In 0 countries

Previous Director/Company Secretaries

Name	Current Active Appointments	Previous Appointments	Dissolved Companies
SAMI STEPHAN	1	1	0
EOIN Ó CAOLLAÍ	0	15	1
RC COMPANY SECRETARIAL LIMITED	0	10	8

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	INR 64.28
UK Pound	1	INR 89.02
Euro	1	INR 78.93
Euro	1	INR 79.38

Note : Above are approximate rates obtained from sources believed to be correct

INFORMATION DETAILS

Analysis Done by :	NIY
Report Prepared by :	SYL

RATING EXPLANATIONS

Credit Rating	Explanation	Rating Comments
A++	Minimum Risk	Business dealings permissible with minimum risk of default
A+	Low Risk	Business dealings permissible with low risk of default
A	Acceptable Risk	Business dealings permissible with moderate risk of default
B	Medium Risk	Business dealings permissible on a regular monitoring basis
C	Medium High Risk	Business dealings permissible preferably on secured basis
D	High Risk	Business dealing not recommended or on secured terms only
NB	New Business	No recommendation can be done due to business in infancy stage
NT	No Trace	No recommendation can be done as the business is not traceable

NB is stated where there is insufficient information to facilitate rating. However, it is not to be considered as unfavourable.

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 are as follows:

· Financial condition covering various ratios

· Company background and operations size

· Promoters / Management background

· Payment record

· Litigation against the subject

· Industry scenario / competitor analysis

· Supplier / Customer / Banker review (wherever available)

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

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