MIRA
INFORM REPORT
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Report Date : |
28.05.2007 |
IDENTIFICATION DETAILS
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Name : |
META VISION SYSTEMS LIMITED |
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Registered Office : |
Unit 3 Oakfield House, Oakfield Industrial Est Stanton, Harcourt Road
Eynsham Witney, Oxfordshire, |
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Country : |
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Financials (as on) : |
31.12.2005 |
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Date of Incorporation : |
27/06/1994 |
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Com. Reg. No.: |
02943066 |
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Legal Form : |
Private Limited |
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Line of Business : |
Manufacture of
vision guidance systems for automation. |
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 : |
Unknown |
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Litigation : |
Clear |
Company Identification Details
Subject Reported
on META VISION
SYSTEMS LIMITED
Address OAKFIELD HOUSE,
OAKFIELD
4TH.
Telephone 01865887900
Facsimile 01865887901
Creditline Recommendations
Risk Category ABOVE
Official Company Data
Legal Form Private Limited
Registration
Number 02943066
Date of
Incorporation 27/06/1994
Registered Office UNIT 3 OAKFIELD
HOUSE, OAKFIELD INDUSTRIAL EST STANTON,
History 2/07/2001 : The Registered Office address changed
from UNIT 3 OAKFIELD
HOUSE,
OAKFIELD INDUSTRIAL ES.
20/10/1999 : The Registered Office address changed
from 10 HARRIER PARK,
SOUTHMEAD
INDUSTRIAL ESTATE,.
19/10/1999 : Change of name from META TECHNOLOGY
LIMITED.
11/01/1995 : The Registered Office address changed
from 10 BENNETTS HILL,
25/07/1994 : Change of name from GYROTRADE LIMITED.
Date of Last
Annual
Return to Registry
27/06/2005
Accounts The last filed
accounts at Companies House are those to 31/12/2005
Accounting
Reference
Date 31/12
Operations
Activities A group engaged in
the manufacture of vision guidance systems for automation.
Nace Code 7420
Premises HEAD OFFICE
Staff Employed 17
Bankers BARCLAYS BANK
Auditors Critchleys
Branches OAKFIELD HOUSE
OAKFIELD
Subsidiaries INTEGRATED SENSOR
SYSTEMS LIMITED
META TECHNOLOGY
LIMITED
Public Record
Information
Summary of
CCJ's/Scottish Decrees
No CCJs/Scottish Decrees are recorded in our
file.
Summary of Mortgages,
Charges and
Satisfactions
Total Number of
Mortgages/Charges Registered 3
Number Outstanding
2
Number Partially
Satisfied 0
Number Satisfied 1
Date of Latest
Mortgage Created 18/07/2002
Date of Latest
Satisfaction 17/10/1997
Details of most
recent Mortgages,
Charges and
Satisfactions
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Date Fully Satisfied |
Date |
Date |
Charge |
Form Type |
Lender |
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24/07/2002 |
18/07/2002 |
Deposit Agreement To Secure Own Liabilities |
395 |
Lloyds Tsb Bank Plc |
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04/06/1997 |
02/06/1997 |
Debenture |
395 |
Lloyds Bank Plc |
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17/10/1997 |
28/07/1994 |
21/07/1994 |
Debenture |
395 |
The Governor And Company Of The Bank Of |
It should be noted that there is no legal requirement
to file satisfaction details of mortgages/charges at Companies House.
Other Filings and
Notices
Date Source Description
11/05/2006 Companies House Gazette Change among the directors of a company
12/04/2006 Companies House Gazette Alteration in memorandum or articles of
association
29/07/2005 Companies House Gazette Change among the directors of a company
29/05/2004 Companies House Gazette Change among the directors of a company
06/11/2003 Companies House Gazette Change among the directors of a company
04/10/2003 Companies House Gazette Change among the directors of a company
13/08/2003 Companies House Gazette Change among the directors of a company
04/03/2003 Companies House Gazette Change among the directors of a company
10/05/2002 Companies House Gazette Change among the directors of a company
17/01/2001 Companies House Gazette Change among the directors of a company
02/03/2000 Companies House Gazette Change among the directors of a company
20/07/1999 Companies House Gazette Alteration in memorandum or articles of
association
03/07/1999 Companies House Gazette Change among the directors of a company
26/06/1996 Companies House Gazette Change among the directors of a company
29/02/1996 Companies House Gazette Alteration in memorandum or articles of
association
13/02/1996 Companies House Gazette Alteration in memorandum or articles of
association
13/02/1996 Companies House Gazette Change among the directors of a company
13/02/1996 Companies House Gazette Resolutions which give, vary, revoke or
renew an authority for the
purposes
of section 80
22/07/1995 Companies House Gazette Change among the directors of a company
13/08/1994 Companies House Gazette Change among the directors of a company
Company Secretary
Secretary KYLIE WOOLLARD
Address
Country of Origin UNITED KINGDOM
Date of Birth 03/12/1975
Appointment Date 17/04/2003
Directors
Financial Director KYLIE WOOLLARD
Address
Country of Origin UNITED KINGDOM
Date of Birth 03/12/1975
Appointment Date 01/06/2005
Sales Director DR WOLFGANG
ROMAN KOLBL
Address
Country of Origin
Date of Birth 28/01/1947
Appointment Date 16/09/2003
Other Directorships WOLF VISION LIMITED
Operations Director MICHAEL
ANTHONY BAILEY
Address 1
RADICAL RIDE, FINCHAMPSTEAD, WOKINGHAM,
Country of Origin UNITED KINGDOM
Date of Birth 14/06/1955
Appointment Date 21/04/2006
Chairman STEPHEN BURTON
Address THE
RECTORY, CARSINGTON, MATLOCK,
Country of Origin UNITED KINGDOM
Date of Birth 18/05/1951
Appointment Date 10/06/1999
Other Directorships NOVA WEIGH LIMITED, PULSAR PROCESS MEASUREMENT LIMITED, STRATHDON
TRUSTEE LIMITED, OXSENSIS LIMITED, VAVASSOR LIMITED
Director DAVID
BRIAN LONG
Address
Country of Origin UNITED KINGDOM
Date of Birth 12/10/1943
Appointment Date 21/07/1994
Other Directorships BRIGHTVIEW PLC, LONTRA LIMITED
Managing Director DR ROBERT
JOHN BEATTIE
Address 47
STEWARTFIELD DRIVE, EAST KILBRIDE,
Country of Origin UNITED KINGDOM
Date of Birth 17/01/1956
Appointment Date 14/03/2002
Other Directorships INTEGRATED SENSOR SYSTEMS LIMITED, META TECHNOLOGY LIMITED
Technical Director JONATHAN
PAUL MOORE
Address PADDOCK
WELLS, CHURCH HANBOROUGH, WITNEY,
Country of Origin UNITED KINGDOM
Date of Birth 12/08/1962
Appointment Date 14/10/2003
Share Capital
Shares Ordinary GBP 0.00
Issued Number 8,690,943
Shares Ordinary A GBP
0.00
Issued Number 1,449,683
Shares Deferred GBP 0.00
Issued Number 932,164
Shares Redeemable
Preference GBP 1.00
Issued Number 80,000
Principal
Shareholder 5,208,915 Strathdon
Investments Ltd
1,120,948 Strathdon
Investments Ltd
931,713 Robert
John Beattie
902,626 Strathdon
Investments Ltd
465,857 Michael
Wilson
465,856 Llyn
Patricia Wilson
434,685 David
Brian Long
434,684 Karin
Lee Long
327,370 Nigel
Hester
210,932 Jonathan
Paul Moore
The above reflects
the principle shareholder(s) by number of shares held, irrespective of share
classification type.
Holding Company
STRATHDON HOLDINGS LIMITED
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 78
Accounts Date 31/12/2005 31/12/2004 31/12/2003 31/12/2002
Consolidated Yes Yes Yes
Currency GBP GBP GBP GBP
SALES 2389 1652 1113
Cost of goods sold 994 679 486
GROSS PROFIT 1395 973 627
Wages and Salaries 737 524 484
Directors
Emoluments 221 158 127
Auditors Fees 10 8 6
Trading Profit 156 75 (225)
Depreciation 9 16 32
OPERATING PROFIT 147 59 (257)
Non Trading Income 1 (248)
Interest Payable 77 68 39
PRE TAX PROFIT 71 (9) (544)
PROFIT AFTER TAX 71 (9) (544)
RETAINED PROFITS 82 (9) (544)
Balance Sheet
The following
figures are shown in units of 1000
Number of Weeks 52 52 52 78
Accounts Date 31/12/2005 31/12/2004 31/12/2003 31/12/2002
Consolidated Yes Yes Yes
Currency GBP GBP GBP GBP
TOTAL FIXED ASSETS 94 22 37 474
Tangible Assets 28 19 33 391
Fixed Assets 28 19 33
Due From Group 132
Other Tangible
Fixed 259
Intangible Assets 66 3 4 83
TOTAL CURRENT
ASSETS 666 400 389 565
Trade debtors 380 209 211 208
Stocks 179 110 111 141
Other Current
Assets 107 81 67 216
Misc Current
Assets 40 63 48 40
Due From Group 175
Cash 67 18 19 1
TOTAL ASSETS 760 422 426 1039
TOTAL CURRENT
LIABILITIES 1532 1187 1087 729
Trade creditors 462 264 279 576
Short Term Loans 838 761 575 153
Bank Overdraft 19 19 2
Bank Loans 19 30
Other Finance 819 573 450
Due To Group 150 93 153
Other Liabilities 232 162 233
WORKING CAPITAL (866) (787) (698) (164)
TOTAL LONG TERM
LIABS 90 139 154 235
Long Term Loans 72 139 154 210
Bank Loans 16
Other Finance 72 139 138
Due To Group 210
Other Liabilities 18 25
NET
ASSETS/(LIABILITIES) (862) (904) (815) 75
SHARE CAPITAL + RESERVES (862) (904) (815) 75
Share Cap + Sundry
Res 1037 1037 1117 1117
Issued Share
Capital 357 11 91
Sundry Reserves 680 1026 1026
Profit and Loss
account (1899) (1941) (1932) (1042)
SHAREHOLDERS FUNDS (862) (904) (815) 75
CAPITAL EMPLOYED (772) (765) (661) 310
Financial
Comparison
The following
figures are shown in units of 1000
Number of Weeks 52 52 52 78
Accounts Date 31/12/2005 31/12/2004 31/12/2003 31/12/2002
Consolidated Yes Yes Yes
Currency GBP GBP GBP GBP
Net Cashflow from
Oper. (54) (29) (50)
Increase in Cash 48 (18) 131
Directors
Remuneration 221 158 127
Auditors
Remuneration 10 8 6
Liquid Assets 447 227 230 209
Net Working
Capital (866) (787) (698) (164)
Long Term
Debt(>12 Months) 72 139 154 210
Other Deferred
Liabs 18 25
Tangible Net
Worth(T.N.W) (928) (907) (819) (8)
Equity (862) (904) (815) 75
Number of Years
Trading 11 10 9 8
Number of
Employees 17 15 15
Profit per
Employee 4176.5 (600) (36266.7)
Sales per Employee 140529.4 110133.3 74200
Key Credit Ratios
The following
figures are shown as Ratios or Percentages
Accounts Date 31/12/2005 31/12/2004 31/12/2003 31/12/2002
Consolidated Yes Yes Yes
Current Ratio 0.4 0.3 0.4 0.8
Long Term
Debt/T.N.W (0.1) (0.2) (0.2) (26.3)
Pre Tax Profit
Margin% 3 (0.5) (48.9)
Gross Profit% 58.4 58.9 56.3
Debtors Days
(D.S.O) 58 46 69
Creditors Days
(D.P.O) 71 58 91
Quick Ratio 0.3 0.2 0.3 0.6
W.I.P/Inventory
Days 65.7 59.1 83.4
Return on
Investment% 224.2 (1475) 587.2
Return on Assets% 9.3 (2.1) (127.7)
T.N.W/Total
Assets% (122.1) (214.9) (192.3) (0.8)
Return on Capital% (9.2) 1.2 82.3
Rtn on
Shareholders Funds% (8.2)
Working
Capital/Sales% (36.2) (47.6) (62.7)
Borrowing Ratio% (98.1) (99.2) (89) (4537.5)
Equity Gearing% (53.1) (68.2) (65.7) 7.8
Stock Turnover 13.3 15 10
Days Purchases
Outstanding 169.6 141.9 209.5
Key Industry Sector
Trends
Year 2007 2006 2005 2004
Sample Size 148 13125 18757 18280
Pre-Tax Profit
Margin 48.3 30.7 26.5 25.4
Current Ratio 1.6 1.8 1.6 1.5
Borrowing Ratio 158.8 55.5 61.1 63.6
Return on Capital 285.8 158.1 136.2 141.4
Creditors Days 8 48 77 63
Above figures
relate to companies in 1992 Standard Industry Classification (Nace) sector :
Architectural and engineering activities and related technical consultancy
Financial Summary
Auditors
Qualification
Although the Auditors have not qualified their opinion on the accounts for 31/12/2005, it should be noted that they may have drawn attention to certain matters. Such matters may impact upon aspects of the financial results.
Turnover
Turnover increased by 45 % in the period and now totals GBP 2,389,000.
Operating Profit
Totaled GBP 147,000. In the year prior a Profit of GBP 59,000 was achieved.
Pre Tax Profit
The subject made a profit of GBP 71,000 in the period compared with a loss in the previous period of GBP 9,000.
Pre Tax Profit
The company's pre-tax profit is 3 % of sales compared with a pre-tax loss of 1% in the previous period and was 9% of capital employed.
Working Capital
The company's working capital deficiency increased in the period and now totals GBP 866,000.
Net Worth
The company's negative net worth decreased by GBP -42,000 and at the year end was GBP 862,000.
Fixed Assets
The subject's fixed assets increased during the year by GBP 72,000 to GBP 94,000 and are now 12 % of total assets compared with 5 % in the previous year.
Long Term
Liabilities
The company's long term liabilities reduced during the period by 35 % and are now 10 % of net worth compared with 15 % in the previous period.
Long Term
Liabilities
Long term liabilities are now 12 % of total liabilities compared with 33 % in the previous period.
Long Term
Liabilities
Long term liabilities are 12 % of capital employed, an increase of 6 % over the previous period.
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%)