MIRA
INFORM REPORT
|
Report Date : |
15th March, 2007 |
IDENTIFICATION
DETAILS
|
Name : |
MEGGER LIMITED |
|
|
|
|
Registered Office : |
Avocet House, Archcliffe Road, Dover, Kent, CT17 9EN |
|
|
|
|
Country : |
United Kingdom |
|
|
|
|
Financials (as on) : |
30.11.2005 |
|
|
|
|
Date of Incorporation : |
23.05.1923 |
|
|
|
|
Com. Reg. No.: |
00190137 |
|
|
|
|
Legal Form : |
Private Limited with share capital |
|
|
|
|
Line of Business : |
Manufacture of electrical and electronic measuring
instruments for sale in both uk and overseas markets. |
RATING &
COMMENTS
|
MIRA’s Rating : |
Aa |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
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 |
|
Status : |
Good |
|
|
|
|
Payment Behaviour : |
Regular |
|
|
|
|
Litigation : |
Clear |
Company Identification Details
|
Subject Reported on |
MEGGER LIMITED |
|
Holding Company |
AVO LIMITED |
|
Ultimate Holding Company |
TBG HOLDINGS NV |
|
Trading Address |
Archcliffe Road, Dover, Kent, CT17 9EN |
|
Telephone |
01304 502100 |
|
|
|
|
Trading Address |
Archcliffe Road, Dover, Kent, CT17 9EN |
|
Telephone |
01304 502100 |
|
|
|
|
Risk Score |
92 out of 100 |
|
|
|
Very Low Risk - There is every confidence this company
will prove good for the assigned Credit Limit |
|
|
|
|
|
|
Credit Limit |
GBP 1,394,100 |
|
|
|
Selling to this company? The Credit Limit is the
recommended maximum outstanding debtor exposure at any one time. |
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|
|
|
|
|
Contract Limit |
GBP 11,705,600 |
|
|
|
Buying from this company? The Contract Limit is the
recommended aggregate annual value for supply contracts. |
|
Official Company Data
|
Legal Form |
Private Limited with share capital |
|
Registration Number |
00190137 |
|
Date of Incorporation |
23/05/1923 |
|
Registered Office |
AVOCET HOUSE, ARCHCLIFFE ROAD, DOVER, KENT, CT17 9EN . |
|
History |
01/09/2002 : Change of name from AVO INTERNATIONAL LIMITED |
|
|
18/04/1994 : Change of name from AVO MEGGER INSTRUMENTS
LIMITED |
|
|
22/11/1991 : Change of name from MEGGER INSTRUMENTS
LIMITED |
|
|
14/07/1987 : Change of name from THORN EMI INSTRUMENTS
LIMITED |
|
Date of Last Annual Return to Registry |
27/07/2006 |
|
Activities |
MANUFACTURE OF ELECTRICAL AND ELECTRONIC MEASURINGINSTRUMENTS
FOR SALE IN BOTH UK AND OVERSEAS MARKETS. - - |
|
Accounts |
The last filed accounts cover the period to 30/11/2005 and
were presented to Companies House on 18/09/2006 |
Recently Filed Documents
Details of the most recent documents
|
Date
Received |
Description |
|
08/03/2007 |
Notification Of A Change Among The Directors Of A Company |
|
07/03/2007 |
Notification Of A Change Among The Directors Of A Company |
|
13/05/2004 |
Notification Of A Change Among The Directors Of A Company |
|
12/02/2004 |
Notification Of A Change Among The Directors Of A Company |
|
05/12/2003 |
Notification Of A Change Among The Directors Of A Company |
|
04/09/2003 |
Notification Of A Change Among The Directors Of A Company |
|
27/06/2002 |
Notification Of A Change Among The Directors Of A Company |
|
13/09/2001 |
Notification Of A Change Among The Directors Of A Company |
|
14/08/2001 |
Notification Of A Change Among The Directors Of A Company |
|
23/02/2001 |
Notification Of A Change Among The Directors Of A Company |
|
20/12/1999 |
Notification Of A Change Among The Directors Of A Company |
|
27/11/1998 |
Notification Of A Change Among The Directors Of A Company |
|
01/08/1998 |
Notification Of A Change Among The Directors Of A Company |
|
30/07/1998 |
Notification Of A Change Among The Directors Of A Company |
|
20/06/1997 |
Notification Of A Change Among The Directors Of A Company |
|
11/06/1997 |
Notification Of A Change Among The Directors Of A Company |
|
16/04/1997 |
Notification Of A Change Among The Directors Of A Company |
|
13/06/1996 |
Documents Making Or Evidencing An Alteration In The
Memorandum Or Articles Of Association |
|
11/02/1995 |
Notification Of A Change Among The Directors Of A Company |
|
02/02/1995 |
Notification Of A Change Among The Directors Of A Company |
|
It should be noted that there is no legal requirement to file
satisfaction details of mortgages/charges at Companies House. |
Known Directors
|
DIRECTOR |
GRAHAM ROBERT MARGERY |
|
Occupation |
DIRECTOR |
|
Address |
1A, BYLLAN ROAD RIVER , DOVER , KENT
, CT17 0QL |
|
Country
of Origin |
BRITISH |
|
Date
of Birth |
05/02/1950 |
|
Appointment
Date |
28/06/1993 |
|
DIRECTOR |
ALAN RICHARD HARDIE (One
or more of this director's other companies has additional risk related
information which could include CCJ's, Legal Information or dissolution.) |
|
Occupation |
ACCOUNTANT |
|
Address |
MARLEY BARN EAST , MARLEY LANE FINGLESHAM
, DEAL , KENT , CT14 0NF |
|
Country
of Origin |
BRITISH |
|
Date
of Birth |
24/04/1949 |
|
Appointment
Date |
01/04/1997 |
|
Other
Appointments |
RECORD ELECTRICAL COMPANY LIMITED, H. W. SULLIVAN
LIMITED, TAYLOR ELECTRICAL INSTRUMENTS LIMITED, MEGGER INSTRUMENTS
LIMITED, AVO LIMITED, MEASUREMENT LIMITED, AVO TECHNICAL
SERVICES LIMITED, MEGGER GROUP LIMITED |
|
DIRECTOR |
ANDREW JOHN BOUGHTWOOD |
|
Occupation |
COMPANY DIRECTOR |
|
Address |
HAMILTON HOUSE , WOMENSWOLD , CANTERBURY
, KENT , CT4 6HB |
|
Date
of Birth |
24/04/1958 |
|
Appointment
Date |
27/01/2004 |
|
DIRECTOR |
LEANNE JANE DYER (One
or more of this director's other companies has additional risk related information
which could include CCJ's, Legal Information or dissolution.) |
|
Occupation |
ACCOUNTANT |
|
Address |
137, LONDON ROAD , DEAL , KENT
, CT14 9TY |
|
Date
of Birth |
10/02/1968 |
|
Appointment
Date |
01/12/2003 |
|
Other
Appointments |
RECORD ELECTRICAL COMPANY LIMITED, H. W. SULLIVAN
LIMITED, TAYLOR ELECTRICAL INSTRUMENTS LIMITED, MEGGER INSTRUMENTS
LIMITED, MEASUREMENT LIMITED, AVO TECHNICAL SERVICES LIMITED |
|
DIRECTOR |
STEPHEN DAVID DRENNAN |
|
Occupation |
COMPANY DIRECTOR |
|
Address |
16, WEAR BAY ROAD , FOLKESTONE , KENT
, CT19 6AT |
|
Date
of Birth |
09/06/1958 |
|
Appointment
Date |
27/01/2004 |
|
DIRECTOR |
GRAHAM MARK HERITAGE |
|
Occupation |
CHARTERED ELECTRICAL ENGINEER |
|
Address |
CHAMPERS , CHERRY GARDEN AVENUE , FOLKESTONE
, KENT , CT19 5LE |
|
Country
of Origin |
BRITISH |
|
Date
of Birth |
28/09/1963 |
|
Appointment
Date |
28/02/2007 |
|
SECRETARY |
LEANNE
JANE DYER |
|
Address |
137 , LONDON ROAD , DEAL , KENT
, CT14 9TY |
|
Date
of Birth |
10/02/1968 |
|
Appointment
Date |
01/12/2003 |
Recently Resigned Directors (last
3)
|
DIRECTOR |
KEITH ALLEN MORRISS |
|
Occupation |
DIRECTOR |
|
Address |
21 , THE RIDINGS , WHITSTABLE , KENT
, - - |
|
Country
of Origin |
BRITISH |
|
Date
of Birth |
27/07/1944 |
|
Resignation
Date |
28/02/2007 |
|
DIRECTOR |
ALAN RICHARD HARDIE |
|
Occupation |
ACCOUNTANT |
|
Address |
MARLEY BARN EAST , MARLEY LANE , DEAL
, KENT , - - |
|
Country
of Origin |
BRITISH |
|
Date
of Birth |
24/04/1949 |
|
Resignation
Date |
07/05/2004 |
|
DIRECTOR |
GREGORY ROBERT WOLFE |
|
Occupation |
ENGINEER |
|
Address |
PARK HOUSE , PARK LANE , CANTERBURY , KENT
, - - |
|
Country
of Origin |
AMERICAN |
|
Date
of Birth |
22/09/1963 |
|
Resignation
Date |
27/01/2004 |
Share Summary
|
Share Currency: |
GBP |
||||||||
|
Issued at date of report: |
6,000,000 ORD |
Shares of 100 pence each |
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|||||||||
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Prinicipal Shareholders: |
Type Of Share |
No. of Shares |
Value |
|
|
|
|
|
|
|
AVO LTD |
ORD |
6,000,000 |
6,000,000.00 |
|
|
|
|
|
|
Mortgages and Charges
|
Total Registered |
2 |
|
Total Outstanding |
0 |
|
Total Satisfied |
2 |
|
Most Recent Mortgage |
21/07/1987 |
|
|
|
|
Date Created |
21/07/1987 |
|
Satisfied? |
Fully |
|
|
|
|
Date Created |
21/07/1987 |
|
Satisfied? |
Fully |
Public Record Information
Summary of CCJ's/Scottish Decrees
|
There are no unsatisfied CCJs against the company. |
Operations
|
Activities |
MANUFACTURE OF ELECTRICAL AND ELECTRONIC MEASURINGINSTRUMENTS
FOR SALE IN BOTH UK AND OVERSEAS MARKETS. - - |
|
Sic Code |
Description |
|
3320 |
Manufacture of instruments and appliances for measuring,
checking, testing, navigating and other pur |
|
Staff Employed |
250 |
|
Auditors |
ERNST AND YOUNG LLP |
|
Auditors Notes |
No Qualification. The Auditors have expressed a clean
opinion (i.e. unqualified with no referrals) on the accounts for the period
ended 30/11/2005. |
|
Bankers |
- |
Financial Data
Profit and Loss
The following figures are shown
in units of GBP '000
|
Number of Weeks |
52 |
52 |
52 |
52 |
|
Accounts Date |
30/11/2005 |
30/11/2004 |
30/11/2003 |
30/11/2002 |
|
Currency |
GBP '000
|
GBP '000
|
GBP '000
|
GBP '000
|
|
Consolidated? |
No |
No |
No |
No |
|
SALES |
24,567 |
21,062 |
19,398 |
19,263 |
|
Cost of goods sold |
15,942 |
13,828 |
12,786 |
13,332 |
|
GROSS PROFIT |
8,625 |
7,234 |
6,612 |
5,931 |
|
Other Expenses |
4,756 |
4,485 |
4,733 |
4,734 |
|
Wages and Salaries |
5,098 |
4,493 |
4,328 |
4,178 |
|
Directors Emoluments |
475 |
372 |
211 |
270 |
|
Auditors Fees |
45 |
30 |
32 |
37 |
|
Non-Audit Fees |
0 |
0 |
- |
30 |
|
Depreciation |
668 |
630 |
618 |
938 |
|
Operating Profit |
3,869 |
- |
- |
1,197 |
|
Non Trading Income |
226 |
20 |
144 |
16 |
|
Exceptional Items |
0 |
3 |
0 |
0 |
|
Interest Payable |
6 |
15 |
13 |
137 |
|
PRE TAX PROFIT |
4,089 |
2,757 |
2,010 |
1,076 |
|
Taxation |
1,234 |
804 |
623 |
341 |
|
PROFIT AFTER TAX |
2,855 |
1,953 |
1,387 |
735 |
|
Dividends Payable |
2,200 |
2,650 |
0 |
0 |
|
RETAINED PROFITS |
655 |
-697 |
1,387 |
735 |
Balance Sheet
The following figures are shown
in units of GBP '000
|
Number of Weeks |
52 |
52 |
52 |
52 |
|
Accounts Date |
30/11/2005 |
30/11/2004 |
30/11/2003 |
30/11/2002 |
|
Currency |
GBP '000
|
GBP '000
|
GBP '000
|
GBP '000
|
|
Consolidated? |
No |
No |
No |
No |
|
TOTAL FIXED ASSETS |
3,615 |
3,479 |
3,512 |
3,479 |
|
Tangible Assets |
3,615 |
3,479 |
3,512 |
3,479 |
|
Fixed Assets |
3,615 |
3,479 |
3,512 |
3,479 |
|
TOTAL CURRENT ASSETS |
10,615 |
10,268 |
13,172 |
12,632 |
|
Total Debtors |
7,525 |
7,151 |
10,378 |
10,548 |
|
Trade Debtors |
3,636 |
3,634 |
3,136 |
2,936 |
|
Group Loans |
3,424 |
3,183 |
6,926 |
7,176 |
|
Other Debtors |
465 |
334 |
316 |
436 |
|
Stocks/WIP |
2,433 |
1,916 |
1,545 |
1,555 |
|
Stocks |
2,309 |
1,796 |
1,436 |
1,428 |
|
Work in Progress |
124 |
120 |
109 |
127 |
|
Cash |
657 |
1,201 |
1,249 |
529 |
|
TOTAL ASSETS |
14,230 |
13,747 |
16,684 |
16,111 |
|
TOTAL CURRENT LIABILITIES |
3,602 |
3,704 |
5,887 |
6,641 |
|
Trade creditors |
1,905 |
2,045 |
2,020 |
1,917 |
|
Due From Group |
148 |
381 |
3,003 |
4,091 |
|
Corporation Tax |
551 |
532 |
212 |
0 |
|
Other Current Liabilities |
522 |
343 |
338 |
248 |
|
Misc Current Liabilities |
476 |
403 |
314 |
385 |
|
WORKING CAPITAL |
7,013 |
6,564 |
7,285 |
5,991 |
|
TOTAL LONG TERM LIABS |
93 |
163 |
220 |
280 |
|
Total Provisions |
93 |
163 |
220 |
280 |
|
NET ASSETS/(LIABILITIES) |
10,535 |
9,880 |
10,577 |
9,190 |
|
SHARE CAPITAL + RESERVES |
10,535 |
9,880 |
10,577 |
9,190 |
|
Issued Share Capital |
6,000 |
6,000 |
6,000 |
6,000 |
|
Profit and Loss account |
4,535 |
3,880 |
4,577 |
3,190 |
|
SHAREHOLDERS FUNDS |
10,535 |
9,880 |
10,577 |
9,190 |
|
CAPITAL EMPLOYED |
10,628 |
10,043 |
10,797 |
9,470 |
Key Credit Ratios
|
Accounts Date |
30/11/2005 |
30/11/2004 |
30/11/2003 |
30/11/2002 |
|
Current Ratio |
2.95 |
2.77 |
2.24 |
1.90 |
|
Long Term Debt/T.N.W (%) |
0.00 |
0.00 |
0.00 |
0.00 |
|
Profit Before Tax |
16.64 |
13.09 |
10.36 |
5.59 |
|
Debtors Days (D.S.O) |
54.02 |
62.98 |
59.01 |
55.63 |
|
Creditors Days (D.P.O) |
43.62 |
53.98 |
57.66 |
52.48 |
|
Quick Ratio |
2.27 |
2.25 |
1.98 |
1.67 |
|
Return on Assets |
28.74 |
20.06 |
12.05 |
6.68 |
|
T.N.W/Total Assets |
74.03 |
71.87 |
63.40 |
57.04 |
|
Return on Capital |
38.47 |
27.45 |
18.62 |
11.36 |
|
Rtn on Shareholders Funds |
38.81 |
27.90 |
19.00 |
11.71 |
|
Working Capital/Sales |
28.55 |
31.17 |
37.56 |
31.10 |
|
Borrowing Ratio |
1.55 |
4.08 |
28.65 |
44.52 |
|
Equity Gearing |
74.03 |
71.87 |
63.40 |
57.04 |
|
Stock Turnover |
10.10 |
10.99 |
12.56 |
12.39 |
Financial Comparison
The following figures are shown
in units of GBP '000
|
Number of Weeks |
52 |
52 |
52 |
52 |
|
Accounts Date |
30/11/2005 |
30/11/2004 |
30/11/2003 |
30/11/2002 |
|
Currency |
GBP '000
|
GBP '000
|
GBP '000
|
GBP '000
|
|
Directors Remuneration |
475 |
372 |
211 |
270 |
|
Auditors Remuneration |
45 |
30 |
32 |
37 |
|
Other Deferred Liabs |
0 |
0 |
0 |
0 |
|
Tangible Net Worth(T.N.W) |
10,535 |
9,880 |
10,577 |
9,190 |
|
Equity |
10,535 |
9,880 |
10,577 |
9,190 |
|
Number of Employees |
250 |
222 |
203 |
217 |
Key Industry Sector Trends
|
|
Company |
Industry
Averages |
||
|
|
30/11/2005 |
Lower |
Median |
Upper |
|
Current Ratio |
2.95 |
1 |
1.5 |
2.6 |
|
Borrowing Ratio |
1.55 |
0 |
2.3 |
145.6 |
|
Return on Capital |
38.47 |
-1.9 |
12.9 |
45 |
|
Credit Period |
54.02 |
32.7 |
57.8 |
79.9 |
This comparison is based on the results
of 0001719 companies in the same industrial sector: electrical instruments
& control systems
Financial Summary
|
Turnover |
Turnover increased by more than 17% in the period.
Turnover totalled GBP 24,567,000 for the period. |
|
Pre Tax |
The subject made a profit of GBP 4,089,000 compared
with a profit of GBP 2,757,000 in the previous period. |
|
Working Capital |
The company's working capital improved in the period by 7%
|
|
Tangible Net Worth |
Net worth increased by 655,000 during the period and now
stands at GBP 10,535,000 |
|
Fixed Assets |
The subjects fixed assets increased during the period by
GBP 136,000 to GBP 3,615,000 and are now 25% of total assets
compared with 25% in the previous period |
|
Long Term Liabilities |
The company's long term liabilities reduced during the
period by 43% and are now 1% of net worth compared with 2% in the previous
period |
|
Long Term Liabilities |
Long term liabilities are now 1% of total assets compared with
1% in the previous period |
|
Long Term Liabilities |
Long term liabilities are 1% of capital employed a
decrease of 1% over 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%)