European Comprehensive Report: D & B Sample Co Ltd

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       COPYRIGHT 1999 DUN & BRADSTREET INC. - PROVIDED UNDER CONTRACT
                FOR THE EXCLUSIVE USE OF SUBSCRIBER 034-004303L.

                     ATTN: vm
 IN DATE

 D&B EUROPEAN COMPREHENSIVE
 DATE PRINTED 18 AUG 1999

    IDENTIFICATION

    D & B SAMPLE CO LTD

    ADDRESS:                 11TH FLOOR, CENTRE CITY TOWER
                             7 HILL ST
                             BIRMINGHAM
                             WEST MIDLANDS
                             B5 4UN
                             UK

    TEL:                     0121-631-2323
    FAX:                     0121-631-3268
    REGISTERED OFFICE:       11th Floor, Centre City Tower, 7 Hill St,
                             Birmingham B5 4UN

    DUNS:                    21-456-7885


    CURRENCY: Shown in Pounds Sterling, unless otherwise stated.



    LANGUAGE: In certain circumstances information in this report may be quoted
    in the local language.  In case of difficulty, please contact your D&B
    local Customer Service Department.

    EVALUATION

             D&B RATING:                         2A3
             FORMER RATING:                      O4
             CONDITION:                          FAIR
             MAXIMUM CREDIT:                     120,000
             TREND:                              UP
             ACCOUNTS INCORPORATED IN REPORT:    31-03-1998
             LATEST ACCOUNTS PUBLICLY FILED:     31-03-1998


    The D&B Rating of 2A3 indicates:
         A Financial Strength of 1.5 - 7 million (based on tangible Net Worth)
         and an overall condition which is Fair (slightly greater than average
         risk).

    The D&B 'maximum credit recommendation' for this business is 120,000.

    D&B RATING COMPARISON

    Financial Strength Indicator Comparison:

    This business has a Financial Strength Indicator of 2A (based on tangible
    Net Worth)

    Comparing this company against 4,163 other businesses, within its industry
    sector (SIC Code 5081), reveals the following:

                      NUMBER OF                   FINANCIAL STRENGTH
                      BUSINESSES                 INDICATOR COMPARISON

                          77     (1.9%)                 Higher
                         176     (4.2%)                 Same
                       3,910    (93.9%)                 Lower

    Risk Indicator Comparison:

    This business has a Risk Indicator of 3 (greater than average risk).










    Comparing this business against the 176 businesses within the same
    Financial Strength category, reveals that:

                      NUMBER OF                          RISK
                      BUSINESSES                      COMPARISON

                           7     (4.0%)              Higher risk
                          42    (23.9%)                 Same
                         127    (72.2%)               Lower risk

    Conclusion:

    This business therefore has a HIGHER than average Financial Strength,
    compared to its Industry Sector, and a HIGHER than average Risk Indicator,
    when comparing businesses of the same Financial Strength category.

    SUMMARY


    STARTED:         1984                 SALES:                    13.545.000
    DATE INC:        1984                 As at 31-03-1998
    LEGAL FORM:      PRIV LTD CO          PROFIT/(LOSS):               114.120
    REG NO:          434567               NET WORTH:                 2.978.191
    EMPLOYS:         203                  As at 31-03-1998
    ISSUED CAPITAL:  432.000

    LINE OF BUSINESS:        COMMERCIAL MACHINERY WHOLESALERS
                             COMPUTER PROGRAMMING & SOFTWARE SERVICES

    SIC CODE(S):             5081     7372

    PUBLIC NOTICE INFORMATION

    Public Notice information is added to the D&B Database and, if present,
    will appear in this section.  This section was last updated from public
    sources on 18 AUGUST 1999.


    COUNTY COURT JUDGMENTS

    Judgments Registered During The Last 12 Months:       0


    DETAILS OF JUDGMENT(S) REGISTERED (LAST 5 YEARS)

    Date:    Name Quoted:            Amount:  Court:            Plaint. No:
    11-1996  D & B SAMPLE CO LTD       6.764  DARLINGTON           DL555666
    10-1996  D & B SAMPLE CO LTD         426  SALFORD              SF400031


    SUMMARY OF JUDGMENTS REGISTERED (UP TO 5 FULL YEARS)

             YEAR:        NUMBER:     AMOUNT:
             1996               2       7.190


    SCOTTISH DECREES

    Decrees Registered During The Last 12 Months:         0


    MORTGAGES & CHARGES

    Total Mortgages & Charges Registered:                 5


    DETAILS OF MORTGAGES AND CHARGES REGISTERED

    Date:    Co. Number:     Particulars:
     3-1997  434567          A DUMMY MORTGAGE CREATED 20.03.97/MIDLAND DUMMY
                             BANK PLC.
     3-1997  434567          A DUMMY MORTGAGE CREATED 20.03.97 TO MIDLAND
                             DUMMY BANK PLC.
     5-1992  434567          DEBENTURE CREATED 01.05.92/D. & B. SAMPLE HOLDING
                             CO/ALL MONEYS/GENERAL CHARGE.
       1993                  A DEBENTURE TO NATIONAL WESTMINSTER BANK PLC
       1992                  A MORTGAGE TO BARCLAYS BANK PLC





    DETAILS OF MORTGAGES AND CHARGES SATISFIED

    Date:    Co. Number:     Particulars:
     3-1998  434567          20.3.97

    All Public Notice information has been obtained in good faith from the
    appropriate public sources.

    SPECIAL EVENTS

    Critical legal notice information filed is investigated by D&B Analysts,
    and where relevant, comment is presented in this section.

    BANKERS

    Barclays Bank PLC, P O Box 65, 56 New St, Birmingham West Midlands B2 4EF.
    BANK SORT CODE: (20-07-71).

    National Westminster Bank PLC, 25 High St, Colchester Essex CO1 1DG. BANK
    SORT CODE: (60-06-06).


    PRINCIPALS


    Name:            Mr Jonathan McCready, Chairman
    Born:            22-06-1936
    Address:         Craven Cottage, New Denson Rd, Willenhall, West Midlands
                     WV23 2XB UK
    DIRECTORSHIPS:   D & B SAMPLE SUBSIDIARY CO LTD (23-080-9378), D & B
    (Current)        SAMPLE HOLDING CO LTD (23-308-3567),

    Name:            Mrs Joan Beatrix Culloden, Managing Director
    Born:            01-09-1961
    Address:         16B Lundy Ho, Evergreen La, St. Johns, Edinburgh EH11 1FH
                     UK
    DIRECTORSHIPS:   D & B SAMPLE SUBSIDIARY CO LTD (23-080-9378), D & B
    (Current)        SAMPLE HOLDING CO LTD (23-308-3567),

    Name:            Mr Paul Shelley, Financial Director
    Born:            16-09-1962
    Address:         116a Upper High St, Long Meadow Bank, Edgbaston,
                     Birmingham B62 9PL UK
    DIRECTORSHIPS:   D & B SAMPLE SUBSIDIARY CO LTD (23-080-9378), D & B
    (Current)        SAMPLE HOLDING CO LTD (23-308-3567),

    Name:            Mr Guy Jacques-Pierot, Sales Director
    Born:            01-11-1967
    Address:         11 Rue De Poulenc, Boulon-Devion, Paris 75006 FR
    DIRECTORSHIPS:   D & B SAMPLE SUBSIDIARY CO LTD (23-080-9378), D & B
    (Current)        SAMPLE HOLDING CO LTD (23-308-3567),

    Name:            Mr Paul Vert, Marketing Director
    Profession:      Director
    Born:            24-02-1965
    Nationality:     French
    DIRECTORSHIPS:   No other recorded directorships.

    Name:            Mr Klaus Preston, Personnel Director
    Born:            16-02-1956
    Address:         'Johnstone Step', Blackheath Way, Coventry Rd, Sheffield,
                     South Yorkshire S16 9LL UK
    DIRECTORSHIPS:   D & B SAMPLE SUBSIDIARY CO LTD (23-080-9378), D & B
    (Current)        SAMPLE HOLDING CO LTD (23-308-3567),

    Name:            Miss Julie Whittaker, Director, Company Secretary
    Born:            02-08-1967
    Address:         20 Hurford Rd, Leeds, West Yorkshire LS11 9PS
    DIRECTORSHIPS:   D & B SAMPLE SUBSIDIARY CO LTD (23-080-9378), D & B
    (Current)        SAMPLE HOLDING CO LTD (23-308-3567),

    Name:            Mr Marcus Voodarini, Non-Executive Director
    Born:            22-05-1971
    Address:         11th Floor, Centre City Tower, 7 Hill St, Birmingham B5
                     4UN UK
    DIRECTORSHIPS:   D & B SAMPLE SUBSIDIARY CO LTD (23-080-9378), D & B
    (Current)        SAMPLE HOLDING CO LTD (23-308-3567),


    There is one additional principal recorded at Companies House.

    D&B COLLECTION SERVICES CLAIMS
    During the past 36 months, D&B Collection Services have processed the
    following overdue cases on this business:

    Date         Age of         Amount  Status  Legal   Claim     Country
    Claim        Claim          of      of      Action  Disputed  of
    Received     (Days)         Claim   Claim   Taken             Origin

    AUG 1996     186             5.320  open                        UK

    PAYMENT HABITS


    INDUSTRY COMPARISON - THIS QUARTER ONLY
    Based on the 11395 firms in SIC code 5081 where D&B has payment
    experiences.

         UPPER SEGMENT (Top 25%)                         SCORE = 80
             Pays Within Terms

         MEDIAN SEGMENT (Middle 50%)                     SCORE = 73
             Pays 11 day(s) Beyond Terms

         LOWER SEGMENT (Bottom 25%)                      SCORE = 64
             Pays 19 day(s) Beyond Terms

    PAYMENTS: PROMPT

    FINANCIAL COMPARISONS

                                      Fiscal           Fiscal           Fiscal
                                       Group            Group            Group
                                  31-03-1996       31-03-1997       31-03-1998

 Net Sales                       13.122.000       13.226.149       13.545.000
 Exports                          4.902.000        4.070.165           24.975
 Pre-Tax Profit (Loss)            2.710.000          218.422          114.120
 Net worth                        3.375.000        2.508.400        2.978.191
 Total Fixed Assets               4.249.000        1.726.358        1.692.710
 Total Assets                    10.810.000        5.875.737        5.779.707
 Current Assets                   5.561.000        4.149.379        4.086.997
 Current Liabilities              4.440.000        2.817.498        2.627.009
 Working Capital                  1.121.000        1.331.881        1.459.988
 Long Term Debt                   2.995.000          160.839          174.507
 Employees                              476              203               50

    PERFORMANCE RATIOS

                                  31-03-1996       31-03-1997       31-03-1998

 PROFITABILITY
 Profit Margin (%)                      20,7              1,7              0,8
 Shareholders' Return (%)               80,3              8,7              3,8
 Return On Capital (%)                  40,0              7,1              3,6
 Return On Assets (%)                   24,2              3,7              2,0

 FINANCIAL STATUS
 Acid Test (X)                           0,6              0,2              0,3
 Current Ratio (X)                       1,3              1,5              1,6
 Solvency Ratio (%)                    220,3            118,7             94,1
 Fixed Assets/Net Worth (%)            125,9             68,8             56,8
 Current Liab's/Net Worth(%)           131,6            112,3             88,2
 Current Liab's/Stocks (%)             262,1             84,3            101,1

 ASSET UTILITY
 Stock Turnover Rate                     7,7              4,0              5,2
 Collection Period (Days)               70,8              6,4             14,7
 Asset Turnover (%)                    117,1            225,1            234,4
 Sales/Net Working Cap. (X)             11,7              9,9              9,3
 Assets/Sales   (%)                     85,4             44,4             42,7
 Creditors/Sales (Days)                 33,7             24,5

 EMPLOYEE (000'S)
 Capital Employed/Employee              14,2             15,1             63,1
 Sales/Employee                         27,6             65,2            270,9
 Profit/Employee                         5,7              1,1              2,3
 Employee Average Wage                   8,6             17,5             75,1

    FINANCIAL STATEMENT


                                Consolidated     Consolidated         Variance
 Closing date                     31-03-1997       31-03-1998        98/97 (%)

 ASSETS

 Land & Buildings                   702.204          720.365             2,60
 Fixtures & Equipment             1.024.154          972.345            (5,10)

 Tot. Net Stocks & WIP            3.342.397        2.597.845           (22,30)
 Accounts Receivable                230.585          546.879           137,20
 Prepaid Expenses                   236.380          475.281           101,10
 Other Receivables                   23.761           15.649           (34,10)
 Cash                               230.919          350.659            51,90
 Taxation Recoverable                85.337          100.497            17,80
 Other Current Assets                                    187

 Total Current Assets             4.149.379        4.086.997            (1,50)

 TOTAL ASSETS                     5.875.737        5.779.707            (1,60)
                       --------------------------------------------------------

 LIABILITIES

 Issued Capital                     432.000          529.743            22,60
 Reserves                           176.072          175.000            (0,60)
 Retained Earnings                2.289.328        2.273.448            (0,70)
 Lease pay. after 1 yr              160.839          160.258            (0,40)
 Other Long-term Liabs                                14.249

 Accounts Payable                   886.622
 Accruals/Deferred Inc              416.157          474.653            14,10
 Bank Loans/Overdrafts              511.289          500.150            (2,20)
 Loans from Principals                1.796            3.500            94,90
 Tax & Social Security              901.469        1.506.230            67,10
 Lease pay. in 1 year                77.211          121.726            57,70
 Other Current Liabs.                22.954           20.750            (9,60)

 Total Current Liabs.             2.817.498        2.627.009            (6,80)

 TOTAL LIABILITIES                5.875.737        5.779.707            (1,60)
                       --------------------------------------------------------
 Closing date                     31-03-1997       31-03-1998         Variance
 PROFIT AND LOSS ACCOUNT                                             98/97 (%)

 Net Sales                       13.226.149       13.545.000             2,40

 Cost of Sales                    5.432.190        7.841.801            44,40

 Gross Profit                     7.793.959        5.703.199           (26,80)

 Advert. & Commercial Exp.                           361.495
 General Expenses                 7.441.862        5.219.893           (29,90)
 Other Operating Charges             29.682
 Net Operating Income               322.415          121.811           (62,20)

 Interest Receivable                  5.365

 Total Financial Income               5.365                0

 Interest Payable                   109.358            7.691           (93,00)

 Total Financial Expenses           109.358            7.691           (93,00)

 Profit Before Tax                  218.422          114.120           (47,80)

 Net Taxation                       262.400          130.000           (50,50)
 Other Tax                          (43.852)               0
 Profit After Tax                      (126)         (15.880)


 Net Loss                               126           15.880

 Exports                          4.070.165           24.975           (99,40)




 Retained Earnings at Start       2.344.414        2.289.328            (2,30)
 Net Loss                               126           15.880
 Dividends                           54.960                0
 Retained Earnings at End         2.289.328        2.273.448            (0,70)

    Payroll                       3.553.185        3.752.649             5,60
    Depreciation                    390.385          427.953             9,60

 Directors' Remuneration            288.426          115.022           (60,10)

 Number of Employees                    203               50           (75,40)

    Statement obtained from Companies House.

    Contingent debt: none indicated.
    Debtors shown as a net value, less undisclosed allowance for doubtful
    debts.
    Fixed assets shown as a net value, less undisclosed accumulated
    depreciation.
    Long term debt/Liabilities: Other
    Small and exempt from the requirement to file audited accounts, criteria
    for which include a turnover of less than 90,000, HP after one year
    consists of:Finance Lease Due After 1 Year
    Other Current Assets consist of: Other 187
    Other Current Liabs. consist of: Other 20750

    SECURED CHARGES

    Registered 1992 a mortgage to Barclays Bank PLC.
    Registered 1993 a debenture to National Westminster Bank PLC.

    CORPORATE STRUCTURE

    SUBSIDIARIES

    Subject has one subsidiary.

    D & B Sample Subsidiary Co Ltd, Birmingham, U K, DUNS: 23-080-9378,
    ownership: 100%

    It should be noted that the Accounting Reference Date is 31-03.

    BRANCHES

    Number of branches or divisions: 1

    5th Floor, Westminster Ho Manchester, branch

    PARENT COMPANY

             IMMEDIATE PARENT

             NAME:           D & B SAMPLE HOLDING CO LTD
             TOWN:           BIRMINGHAM
             COUNTRY:        UK
             D-U-N-S NUMBER: 23-308-3567
             OWNERSHIP:      99%

    HISTORY/OPERATIONS

    HISTORY
    Business started 1984
    Private limited company registered 01-11-1984

    Subject was accredited with BSI 5750 in November 1996


    OPERATIONS

    SIC CODE(S):   5081     7372

    COMMERCIAL MACHINERY WHOLESALERS
    COMPUTER PROGRAMMING & SOFTWARE SERVICES

    Laptop personal computers, computer hardware and accessories distributors
    (60%) and software developers (40%).

    Sells to: Blue chip companies and Government departments
    Terms are: Net 30 days (U K) & letter of credit (overseas)
    Number of accounts: 400.

    Non-seasonal business.
    Exports:            30% of sales to U S A; Germany
    EMPLOYEES:          203

    Premises:           Owns offices, factory, warehouses, at the heading
                        address covering 20,000 sq. ft.

    REGISTERED OFFICE: 11th Floor, Centre City Tower, 7 Hill St, Birmingham B5
    4UN

    Copyright (c) 1999 Dun & Bradstreet.   All Rights Reserved.    This report
    is provided for your internal business use only and may not be reproduced
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    the permission of D&B.

    Disclaimer: Whilst D&B attempts to ensure that the Information provided is
    accurate and complete, by reason of the immense quantity of detailed matter
    dealt with in compiling the Information and the fact that the data are
    supplied from sources not controlled by D&B which cannot always be
    verified, as well as the possibility of negligence or mistake, D&B does not
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