MIRA INFORM REPORT

 

 

Report Date :

17.07.2012

 

IDENTIFICATION DETAILS

 

Name :

ULTRA ELECTRONICS LIMITED

 

 

Registered Office :

417 Bridport Road, Greenford, Middlesex, UB6 8UA.

 

 

Country :

United Kingdom

 

 

Financials (as on) :

31.12.2011

 

 

Date of Incorporation :

25.06.1993

 

 

Com. Reg. No.:

02830644

 

 

Legal Form :

Private Limited

 

 

Line of Business :

The design, development and manufacture of electronic systems for the world's defence and aerospace markets.

 

 

No. of Employees :

2,138

 

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 :

No Complaints

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 31st, 2012

 

Country Name

Previous Rating

(31.12.2011)

Current Rating

(31.03.2012)

United Kingdom

A1

A1

 

Risk Category

ECGC Classification

Insignificant

 

A1

Low

 

A2

Moderate

 

B1

High

 

B2

Very High

 

C1

Restricted

 

C2

Off-credit

 

D

 

 

 

 

 

 

 


Company Identification Details

 

Subject Reported on

ULTRA ELECTRONICS LIMITED

Registration Number

02830644

VAT Number

GB644212760

Address

419 BRIDPORT RD, GREENFORD, MIDDLESEX, UB6 8UA.

Telephone

020 88134444

Facsimile

020 88134568

Email

information@ultra-electronics.com

Web Address

www.ultra-electronics.com

 

 

 

 

 

Official Company Data

 

 

Legal Form

Private Limited

Registration Number

02830644

VAT Number

GB644212760

Subject Status

Trading

Date of Incorporation

25/06/1993

Registered Office

417 BRIDPORT ROAD, GREENFORD, MIDDLESEX, UB6 8UA.

History

13/08/1993 : Change of name from OVAL (882) LIMITED.

Date of Last Annual Return to Registry

25/06/2011

Accounts

The last filed accounts at Companies House are those to 31/12/2011

Accounting Reference Date

31/12

 

 

 

Operations

 

 

Activities

The design, development and manufacture of electronic systems for the world's defence and aerospace markets.

Nace Code

3320

Premises

Leased,Offices,Warehouse

Staff Employed

2,138

Trading Divisions

ULTRA ELECTRONICS WEAPON SYSTEMS, SIGNATURE MANAGEMENT SYSTEMS, OCEAN SYSTEMS, ULTRA ELECT CONTROLS

Trade Names

COMMAND & CONTROL SYSTEMS, MAGICARD, ULTRA ELEC AIRPORT SYSTMS

Import Countries

ALL OVER THE WORLD

Export Countries

ALL OVER THE WORLD

Bankers

ROYAL BANK OF SCOTLAND PLC

Address

LONDON.

Sort Code

160400

Auditors

Deloitte LLP

Branches

SIGNATURE MANAGEMENT SYSTEMS, FALLOW PARK, RUDGELEY ROAD HEDNESFORD, CANNOCK STAFFORDSHIRE, WS12 5QZ.

 

COMMAND & CONTROL SYSTEMS, KNAVES BEECH BUSINESS CENTRE, LOUDWATER, HIGH WYCOMBE, HP10 9UT.

 

HAMPSHIRE ROAD, WEYMOUTH, DORSET, DT4 9XD.

 

ARMITAGE ROAD, RUGELEY, STAFFORDSHIRE, WS15 1DR.

 

ANSON BUSINESS PARK, CHELTENHAM ROAD EAST, GLOUCESTER, GLOUCESTERSHIRE, GL2 9QN.

 

ARCADIA PARK TOWERS BUSINESS PK, WHEELHOUSE RD, RUGELEY, STAFFORDSHIRE, WS15 1UZ.

 

419 BRIDPORT RD, GREENFORD, MIDDLESEX, UB6 8UA.

Subsidiaries

AUDIOSOFT LIMITED

 

OVAL (928) LIMITED

 

RADAMEC DEFENCE SYSTEMS LIMITED

 

SML TECHNOLOGIES LIMITED

 

ULTRA ELECTRONICS PENSION TRUSTEE COMPANY LIMITED

 

 

 

 

Previous Searches

 

Search History Summary

 

Last 3 Months

Last 6 Months

Last 12 Months

18

48

94

 

Search History Details

 

The Search History Details shows details of the most recent 40 searches

 

Date

Description

12/07/2012

Miscellaneous

12/07/2012

Miscellaneous

11/07/2012

Miscellaneous

11/07/2012

Miscellaneous

09/07/2012

Miscellaneous

05/07/2012

Miscellaneous

04/07/2012

Miscellaneous

03/07/2012

Miscellaneous

29/06/2012

Miscellaneous

23/06/2012

Miscellaneous

22/06/2012

Miscellaneous

21/06/2012

Translation and interpretation activities

25/05/2012

Miscellaneous

24/05/2012

Miscellaneous

15/05/2012

Miscellaneous

14/05/2012

Miscellaneous

09/05/2012

Miscellaneous

23/04/2012

Miscellaneous

29/03/2012

Installation of industrial machinery and equipment

28/03/2012

Miscellaneous

28/03/2012

Translation and interpretation activities

27/03/2012

Miscellaneous

25/03/2012

Miscellaneous

25/03/2012

Miscellaneous

22/03/2012

Miscellaneous

22/03/2012

Miscellaneous

19/03/2012

Miscellaneous

14/03/2012

Miscellaneous

13/03/2012

Miscellaneous

12/03/2012

Miscellaneous

07/03/2012

Miscellaneous

07/03/2012

Miscellaneous

05/03/2012

Miscellaneous

01/03/2012

Miscellaneous

28/02/2012

Miscellaneous

23/02/2012

Miscellaneous

21/02/2012

Miscellaneous

19/02/2012

Miscellaneous

16/02/2012

Miscellaneous

15/02/2012

Miscellaneous

 

 

 

Public Record Information

 

 

Summary of CCJ's/Scottish Decrees

 

Period

Last 72 Months

Amount Summary

1,479

Count Summary

1

 

Details of the most recent CCJ's/Scottish Decrees

 

Date

Amount

Type

Case No

Satisfied

Court

03/06/2009

1,479

Judgment

9XJ16143

07/07/2009

NORTHAMPTON CCBC

 

 

 

Summary of Mortgages, Charges and Satisfactions

 

 

Total Number of Mortgages/Charges Registered

10

Number Outstanding

0

Number Partially Satisfied

0

Number Satisfied

10

 

 

Date of Latest Mortgage Created

23/03/2009

Date of Latest Satisfaction

29/06/2011

 

Details of most recent Mortgages, Charges and Satisfactions

 

 

Date Fully
Satisfied

Date
Registered

Date
Created

Charge
Description

Form Type

Lender

29/06/2011

23/03/2009

23/03/2009

Acount Security Agreement

395

Ultra Electronics Pension Trustee Company Limited (Trustee)

29/06/2011

23/03/2009

23/03/2009

Security Agreement

395

Ultra Electronics Pension Trustee Company Limited (Trustee)

10/09/2009

20/03/2009

16/03/2009

Legal Charge Of Property On Armitage Road Rugeley

395

West Register (Project Developments) Limited

01/05/2009

20/03/2008

18/03/2008

Account Security Agreement

395

Ultra Electronics Pension Trustee Company Limited (The Trust

22/07/2009

22/11/2007

15/11/2007

Legal Charge

395

West Register (Project Developments) Limited

25/10/2010

16/08/1997

14/08/1997

Deposit Deed

395

Britel Fund Trustees Limited

25/08/1995

30/11/1994

24/11/1994

Supplemental Deed

N/A

The Governor And The Company Of The Bank Of Scotland

14/01/1997

25/10/1993

09/10/1993

Composite Guarantee And Debenture

395

Ti Group Plc

25/08/1995

21/10/1993

09/10/1993

Composite Guarantee And Debenture

N/A

The Governor And Company Of The Bank Of Scotland

25/08/1995

14/12/1993

29/11/1993

Deed Of Mortgage And Charge

N/A

Bank Of Scotland

 

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

 

30/06/2012

Companies House Gazette

All documents required to be delivered to the registrar under section 441 (annual accounts and reports)

08/03/2012

Companies House Gazette

Notification of any change among the company's directors

23/05/2011

Companies House Gazette

Notification of any change among the company's directors

20/04/2009

Companies House Gazette

Change among directors of a company

19/03/2009

Companies House Gazette

Change among directors of a company

18/03/2009

Companies House Gazette

Change among directors of a company

08/08/2008

Companies House Gazette

Change among directors of a company

15/08/2005

Companies House Gazette

Change among directors of a company

18/04/2002

Companies House Gazette

Change among directors of a company

05/09/2000

Companies House Gazette

Change among directors of a company

04/08/2000

Companies House Gazette

Change among directors of a company

23/03/1999

Companies House Gazette

Change among directors of a company

25/02/1998

Companies House Gazette

Change among directors of a company

25/02/1997

Companies House Gazette

Change among directors of a company

16/09/1996

Companies House Gazette

Change among directors of a company

11/04/1995

Companies House Gazette

Change among directors of a company

20/01/1994

Companies House Gazette

Change among directors of a company

30/12/1993

Companies House Gazette

Change among directors of a company

01/12/1993

Companies House Gazette

Change among directors of a company

03/11/1993

Companies House Gazette

Change among directors of a company

 

 

 

Company Secretary

 

 

Secretary

SHARON HARRIS

Service Address

417 BRIDPORT ROAD, GREENFORD, MIDDLESEX, UB6 8UE.

Country of Origin

UNITED KINGDOM

Appointment Date

25/04/2012

 

 

 

Directors

 

 

Director

MR RAKESH SHARMA

Service Address

417 BRIDPORT ROAD, GREENFORD, MIDDLESEX, UB6 8UA.

Country of Origin

UNITED KINGDOM

Date of Birth

07/06/1961

Appointment Date

18/03/2009

Other Directorships

ULTRA ELECTRONICS (GIBRALTAR) LIMITED, AARDVARK ELECTRONIC COMPONENTS LIMITED, UE DORMANT ONE, ULTRA ELECTRONICS HOLDINGS PLC, POWER MAGNETICS AND ELECTRONIC SYSTEMS LIMITED, EXTEC INTEGRATED SYSTEMS LIMITED, AUDIOSOFT LIMITED, DF GROUP LIMITED, TRANSMAG POWER TRANSFORMERS LIMITED, BLUE SKY GROUP (INTERNATIONAL) LIMITED, AEP NETWORKS LIMITED, GIGA COMMUNICATIONS LIMITED, VADOS SYSTEMS LIMITED, BARRON MCCANN TECHNOLOGY LIMITED, ULTRA ELECTRONICS AEP PAYMENTS LIMITED, GIGA COMPOSITES LTD


Financial Director


MR PAUL DAVID DEAN

Service Address

417 BRIDPORT ROAD, GREENFORD, MIDDLESEX, UB6 8UA.

Country of Origin

UNITED KINGDOM

Date of Birth

16/01/1961

Appointment Date

16/04/2009

Other Directorships

ULTRA ELECTRONICS ENTERPRISES (USA), LLC, ULTRA ELECTRONICS (GIBRALTAR) LIMITED, AARDVARK ELECTRONIC COMPONENTS LIMITED, UE DORMANT ONE, ULTRA ELECTRONICS HOLDINGS PLC, POWER MAGNETICS AND ELECTRONIC SYSTEMS LIMITED, EXTEC INTEGRATED SYSTEMS LIMITED, AUDIOSOFT LIMITED, DF GROUP LIMITED, TRANSMAG POWER TRANSFORMERS LIMITED, BLUE SKY GROUP (INTERNATIONAL) LIMITED, AEP NETWORKS LIMITED, GIGA COMMUNICATIONS LIMITED, VADOS SYSTEMS LIMITED, GIGA COMPOSITES LTD


Director


MR KEITH THOMSON

Service Address

417 BRIDPORT ROAD, GREENFORD, MIDDLESEX, UB6 8UA.

Country of Origin

UNITED KINGDOM

Date of Birth

27/08/1959

Appointment Date

18/03/2009


Director


MR ROBERT WILLIAM HENRY

Service Address

417 BRIDPORT ROAD, GREENFORD, MIDDLESEX, UB6 8UA.

Country of Origin

UNITED KINGDOM

Date of Birth

20/11/1952

Appointment Date

18/03/2009


Director


MR PHILIP STEPHEN EVANS

Service Address

417 BRIDPORT ROAD, GREENFORD, MIDDLESEX, UB6 8UA.

Country of Origin

UNITED KINGDOM

Date of Birth

12/05/1957

Appointment Date

18/03/2009


Director


GRAEME DAVID STACEY

Service Address

417 BRIDPORT ROAD, GREENFORD, MIDDLESEX, UB6 8UA.

Country of Origin

UNITED KINGDOM

Date of Birth

25/08/1965

Appointment Date

21/04/2011


Director


MR MARK ANDERSON

Service Address

417 BRIDPORT ROAD, GREENFORD, MIDDLESEX, UB6 8UA.

Country of Origin

UNITED KINGDOM

Date of Birth

09/06/1956

Appointment Date

05/03/2012

Other Directorships

AARDVARK ELECTRONIC COMPONENTS LIMITED, UE DORMANT ONE, ULTRA ELECTRONICS HOLDINGS PLC, POWER MAGNETICS AND ELECTRONIC SYSTEMS LIMITED, EXTEC INTEGRATED SYSTEMS LIMITED, AUDIOSOFT LIMITED, DF GROUP LIMITED, TRANSMAG POWER TRANSFORMERS LIMITED, BLUE SKY GROUP (INTERNATIONAL) LIMITED, AEP NETWORKS LIMITED, VADOS SYSTEMS LIMITED

 

 

 

Share Capital

 

 

Shares

Ordinary GBP 1.00

Issued Number

2

Principal Shareholder

2 Ultra Electronics Holdings PLC

 

The above reflects the principle shareholder(s) by number of shares held, irrespective of share classification type.

 

Holding Company

ULTRA ELECTRONICS HOLDINGS PLC

Ultimate Parent

ULTRA ELECTRONICS HOLDINGS PLC

 

 

 

General Information

 

 

02/07/2012 

 

Ultimate parent company Ultra Electronics Holdings Plc in accounts for the year ended 31.12.2011 reported; Revenues GBP 731.73 million: Operating Profits GBP 99.22 million: Pre Tax Profits GBP 91.18 million: Total Assets GBP 776.05 million: Shareholders Equity GBP 284.75 million. 

 

 

 

Financial Data– Statutory Accounts

 

 

 

For annual accounts images, view the

 

Profit and Loss

 

The following figures are shown in units of 1000

 

Number of Weeks

52

52

52

52

Accounts Date

31/12/2011

31/12/2010

31/12/2009

31/12/2008

Currency

GBP

GBP

GBP

GBP

SALES

379493

313374

286270

276717

UK sales

210186

186207

167573

179346

Export

169307

127167

118697

97371

Cost of goods sold

283816

254848

219530

208121

GROSS PROFIT

95677

58526

66740

68596

Wages and Salaries

75353

70352

67182

62836

Directors Emoluments

 

 

2555

 

Auditors Fees

251

251

214

212

Non-Audit Fees

15

10

 

 

Trading Profit

63029

23545

35961

40403

Depreciation

5010

5088

4497

5166

OPERATING PROFIT

58019

18457

31464

35237

Non Trading Income

1110

1506

8774

1389

Interest Payable

69

739

16189

205

PRE TAX PROFIT

59060

19224

24049

36421

Taxation

10904

4828

1542

9721

PROFIT AFTER TAX

48156

14396

22507

26700

Dividends Payable

 

60000

40000

18000

RETAINED PROFITS

48156

(45604)

(17493)

8700

 

Balance Sheet

 

The following figures are shown in units of 1000

 

Number of Weeks

52

52

52

52

Accounts Date

31/12/2011

31/12/2010

31/12/2009

31/12/2008

Currency

GBP

GBP

GBP

GBP

TOTAL FIXED ASSETS

70166

76031

73119

75890

Tangible Assets

25168

24069

21921

21266

Fixed Assets

24938

23839

21675

21020

Intermediate assets

230

230

246

246

Intangible Assets

44998

51962

51198

54624

TOTAL CURRENT ASSETS

207558

135101

160108

172510

Trade debtors

75681

68400

48275

53976

Stocks

27511

30100

29880

27097

Other Current Assets

104366

36601

81953

91437

Misc Current Assets

8530

10751

15658

7038

Due From Group

85888

14344

20203

22023

Cash

9948

11506

46092

62376

TOTAL ASSETS

277724

211132

233227

248400

TOTAL CURRENT LIABILITIES

170798

161858

145085

139541

Trade creditors

47136

43001

35516

39771

Short Term Loans

44543

50701

51701

51387

Other Finance

40

82

 

 

Due To Group

44503

50619

51701

51387

Other Liabilities

79119

68156

57868

48383

WORKING CAPITAL

36760

(26757)

15023

32969

TOTAL LONG TERM LIABS

36399

27446

20863

24953

Long Term Loans

70

175

1177

5261

Other Finance

70

175

1177

5261

Other Liabilities

36329

27271

19686

19692

NET ASSETS/(LIABILITIES)

70527

21828

67279

83906

SHARE CAPITAL + RESERVES

70527

21828

67279

83906

Profit and Loss account

70527

21828

67279

83906

SHAREHOLDERS FUNDS

70527

21828

67279

83906

CAPITAL EMPLOYED

106926

49274

88142

108859

 

Financial Comparison

 

The following figures are shown in units of 1000

 

Number of Weeks

52

52

52

52

Accounts Date

31/12/2011

31/12/2010

31/12/2009

31/12/2008

Currency

GBP

GBP

GBP

GBP

Directors Remuneration

 

 

2555

 

Auditors Remuneration

251

251

214

212

Liquid Assets

85629

79906

94367

116352

Net Working Capital

36760

(26757)

15023

32969

Long Term Debt(>12 Months)

70

175

1177

5261

Other Deferred Liabs

36329

27271

19686

19692

Tangible Net Worth(T.N.W)

25529

(30134)

16081

29282

Equity

70527

21828

67279

83906

Number of Years Trading

18

17

16

15

Number of Employees

2138

1895

1857

1908

Profit per Employee

27623.9

10144.6

12950.5

19088.6

Sales per Employee

177499.1

165368.9

154157.2

145029.9

 

Key Credit Ratios

 

The following figures are shown as Ratios or Percentages

 

Accounts Date

31/12/2011

31/12/2010

31/12/2009

31/12/2008

Current Ratio

1.2

0.8

1.1

1.2

Long Term Debt/T.N.W

 

 

0.1

0.2

Pre Tax Profit Margin%

15.6

6.1

8.4

13.2

Gross Profit%

25.2

18.7

23.3

24.8

Debtors Days (D.S.O)

73

80

62

71

Creditors Days (D.P.O)

45

50

45

52

Quick Ratio

1.1

0.6

0.9

1

W.I.P/Inventory Days

35.4

43.1

49.7

47.5

Return on Investment%

39

20

28.8

22.9

Return on Assets%

21.3

9.1

10.3

14.7

T.N.W/Total Assets%

9.2

(14.3)

6.9

11.8

Return on Capital%

55.2

39

27.3

33.5

Rtn on Shareholders Funds%

83.7

88.1

35.7

43.4

Working Capital/Sales%

9.7

(8.5)

5.2

11.9

Borrowing Ratio%

174.8

(168.8)

328.8

193.5

Equity Gearing%

34

11.5

40.5

51

Stock Turnover

13.8

10.4

9.6

10.2

Days Purchases Outstanding

60.6

61.6

59.1

69.7

Sales/Fixed Assets

15.2

13.1

13.2

13.2

Debt Gearing

0.3

(0.6)

7.3

18

 

 

 

Key Industry Sector Trends

 

 

Year

2011

2010

2009

2008

Sample Size

1017

1459

1492

1535

Pre-Tax Profit Margin

6.7

5.9

4.1

5.5

Current Ratio

2.3

2.3

2.2

2

Borrowing Ratio

9.8

21.7

21.6

47.2

Return on Capital

21.8

19.4

24

32.7

Creditors Days

55

71

98

57

 

Above figures relate to companies in 2003 Standard Industry Classification (Nace) sector : Manufacture of instruments and appliances for measuring, checking, testing, navigating

 

 

 

Financial Summary

 

 

Auditors Qualification

The Auditors have expressed a clean opinion (i.e. unqualified with no referrals) on the accounts for the period ended 31/12/2011.

 

Turnover

Turnover increased by 21 % in the period and now totals GBP 379,493,000.

 

Operating Profit

Totalled GBP 58,019,000. In the year prior a Profit of GBP 18,457,000 was achieved.

 

Pre Tax Profit

The subject's profit increased by 207 % in the year.

 

Working Capital

The subject has turned a deficient working capital of GBP 26,757,000 to surplus of GBP 36,760,000.

 

Net Worth

Net worth has increased by 223 % and now stands at GBP 70,527,000.

 

Fixed Assets

The subject's fixed assets reduced during the year by GBP 5,865,000 to GBP 70,166,000 and are now 25 % of total assets compared with 36 % in the previous year.

 

Long Term Liabilities

The company's long term liabilities increased during the period by 32% and are now 52 % of net worth compared with 126 % in the previous period.

 

Long Term Liabilities

Long term liabilities are now 13 % of total liabilities compared with 13 % in the previous period.

 

Long Term Liabilities

Long term liabilities are 34 % of capital employed, a decrease of 22 % over the previous period.

 

 

FOREIGN EXCHANGE RATES

 

Currency

Unit

Indian Rupees

US Dollar

1

Rs.54.92

UK Pound

1

Rs.85.47

Euro

1

Rs.67.15

 

 

INFORMATION DETAILS

 

Report Prepared by :

PRL

 

 

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%)

 

 

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.