MIRA INFORM REPORT

 

 

Report Date :

04.05.2013

 

IDENTIFICATION DETAILS

 

Name :

PCS INSTRUMENTS LTD.

 

 

Registered Office :

 

 

 

 

 

78 Stanley Gardens, London, W3 7SZ

 

 

Country :

United Kingdom

 

 

Financials (as on) :

31.03.2012

 

 

Date of Incorporation :

19.03.1987

 

 

Com. Reg. No.:

02112385

 

 

Legal Form :

Private Parent

 

 

Line of Business :

Development and construction of instrumentation devices and consultancy services to engineering industry.

 

 

No. of Employees :

10

 

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 :

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 – March 31st, 2013

 

Country Name

Previous Rating

(31.12.2012)

Current Rating

(31.03.2013)

United Kingdom

A1

A1

 

Risk Category

ECGC Classification

 

Insignificant

 

A1

Low

 

A2

Moderate

 

B1

High

 

B2

Very High

 

C1

Restricted

 

C2

Off-credit

 

D

 

 

UNITED KINGDOM - ECONOMIC OVERVIEW

 

The UK, a leading trading power and financial center, is the second largest economy in Europe after Germany. Over the past two decades, the government has greatly reduced public ownership and contained the growth of social welfare programs. Agriculture is intensive, highly mechanized, and efficient by European standards, producing about 60% of food needs with less than 2% of the labor force. The UK has large coal, natural gas, and oil resources, but its oil and natural gas reserves are declining and the UK became a net importer of energy in 2005. Services, particularly banking, insurance, and business services, account by far for the largest proportion of GDP while industry continues to decline in importance. After emerging from recession in 1992, Britain's economy enjoyed the longest period of expansion on record during which time growth outpaced most of Western Europe. In 2008, however, the global financial crisis hit the economy particularly hard, due to the importance of its financial sector. Sharply declining home prices, high consumer debt, and the global economic slowdown compounded Britain's economic problems, pushing the economy into recession in the latter half of 2008 and prompting the then BROWN (Labour) government to implement a number of measures to stimulate the economy and stabilize the financial markets; these include nationalizing parts of the banking system, temporarily cutting taxes, suspending public sector borrowing rules, and moving forward public spending on capital projects. Facing burgeoning public deficits and debt levels, in 2010 the CAMERON-led coalition government (between Conservatives and Liberal Democrats) initiated a five-year austerity program, which aimed to lower London's budget deficit from over 10% of GDP in 2010 to nearly 1% by 2015. In November 2011, Chancellor of the Exchequer George OSBORNE announced additional austerity measures through 2017 because of slower-than-expected economic growth and the impact of the euro-zone debt crisis. The CAMERON government raised the value added tax from 17.5% to 20% in 2011. It has pledged to reduce the corporation tax rate to 21% by 2014. The Bank of England (BoE) implemented an asset purchase program of up to £375 billion (approximately $605 billion) as of December 2012. During times of economic crisis, the BoE coordinates interest rate moves with the European Central Bank, but Britain remains outside the European Economic and Monetary Union (EMU). In 2012, weak consumer spending and subdued business investment weighed on the economy. GDP fell 0.1%, and the budget deficit remained stubbornly high at 7.7% of GDP. Public debt continued to increase.

 

 

Source : CIA

Company Name And Address

 

Pcs Instruments Ltd.

 

78 Stanley Gardens

 

 

London, W3 7SZ

United Kingdom

(Registered Address)

 

 

Tel:

02086009920

Fax:

02086009921

 

www.pcs-instruments.com

 

Employees:

10

Company Type:

Private Parent

 

 

Quoted Status:

Non-quoted Company

Incorporation Date:

19-Mar-1987

Auditor:

Russell Phillips

Financials in:

 

 

Fiscal Year End:

31-Mar-2012

Reporting Currency:

British Pound Sterling

Annual Sales:

13.2  1

Net Income:

2.2

Total Assets:

9.9

 

 

Business Description

 

Development and construction of instrumentation devices and consultancy services to engingerring industry.

 

 

Industry

 

Industry

Scientific and Technical Instruments

ANZSIC 2006:

2419 - Other Professional and Scientific Equipment Manufacturing

NACE 2002:

3320 - Manufacture of instruments and appliances for measuring, checking, testing, navigating and other purposes, except industrial process control equipment

NAICS 2002:

334513 - Instrument's and Related Products Manufacturing for Measuring, Displaying, and Controlling Industrial Process Variable

UK SIC 2003:

3320 - Manufacture of instruments and appliances for measuring, checking, testing, navigating and other purposes, except industrial process control equipment

UK SIC 2007:

2651 - Manufacture of instruments and appliances for measuring, testing and navigation

US SIC 1987:

3823 - Industrial Instruments for Measurement, Display, and Control of Process Variables; and Related Products

 

 

Key Executives

 

 

Name

Title

John Clive Hamer

Secretary

John Michael Hutchinson

Director

 

 

News

 

Title

Date

New Method of Measuring Permanent Viscosity Loss of Polymer-Containing Lubricants
Tribology & Lubrication Technology (5450 Words)

1-Dec.-2012

 

 

Financial Summary

 

FYE: 31-Mar-2012

USD (mil)

Key Figures

 

Current Assets

6.43

Fixed Assets

3.42

Total Liabilities

1.89

Net Worth

5.90

 

Key Ratios

 

Current Ratio

3.40

Acid Test

2.80

 

Registered No.(UK): 02112385

 

1 - Profit & Loss Item Exchange Rate: USD 1 = GBP 0.6267523

2 - Balance Sheet Item Exchange Rate: USD 1 = GBP 0.6281078

 

 

Corporate Overview

 

Location
78 Stanley Gardens
London, W3 7SZ
London County
United Kingdom

 

Tel:

02086009920

Fax:

02086009921

 

www.pcs-instruments.com

Sales GBP(mil):

8.3

Assets GBP(mil):

6.2

Employees:

10

Fiscal Year End:

31-Mar-2012

 

Industry:

Scientific and Technical Instruments

Registered Address:
78 Stanley Gardens
Acton
London, W3 7SZ
United Kingdom

 

Incorporation Date:

19-Mar-1987

Company Type:

Private Parent

Quoted Status:

Not Quoted

Registered No.(UK):

02112385

 

Director:

John Michael Hutchinson

 

 

Industry Codes

 

ANZSIC 2006 Codes:

2419

-

Other Professional and Scientific Equipment Manufacturing

6925

-

Scientific Testing and Analysis Services

692

-

Architectural, Engineering and Technical Services

 

NACE 2002 Codes:

3320

-

Manufacture of instruments and appliances for measuring, checking, testing, navigating and other purposes, except industrial process control equipment

7420

-

Architectural and engineering activities and related technical consultancy

7430

-

Technical testing and analysis

 

NAICS 2002 Codes:

334513

-

Instrument's and Related Products Manufacturing for Measuring, Displaying, and Controlling Industrial Process Variable

541380

-

Testing Laboratories

5413

-

Architectural, Engineering, and Related Services

 

US SIC 1987:

3823

-

Industrial Instruments for Measurement, Display, and Control of Process Variables; and Related Products

8734

-

Testing Laboratories

871

-

Engineering, Architectural, and Surveying

 

UK SIC 2003:

3320

-

Manufacture of instruments and appliances for measuring, checking, testing, navigating and other purposes, except industrial process control equipment

7420

-

Architectural and engineering activities and related technical consultancy

7430

-

Technical testing and analysis

 

UK SIC 2007:

2651

-

Manufacture of instruments and appliances for measuring, testing and navigation

711

-

Architectural and engineering activities and related technical consultancy

7120

-

Technical testing and analysis

 

 

Business Description

 

Development and construction of instrumentation devices and consultancy services to engingerring industry.

 

 

Main Business Description

 

PCS Instruments, based in West London (UK), designs and manufactures equipment for the testing of fuels and lubricants. PCS Instruments has a worldwide client base of users performing to ISO, ASTM and CEC test procedures as well as specialised research in the field of tribology. The wide range of systems use state of the art computer control and measurement techniques. The company was established in 1987 by a group of research engineers from the Tribology Laboratory at Imperial College, London and continues to maintain a close and mutually beneficial relationship with the College. Our equipment is designed from the outset to be highly automated, utilising the latest computer control and data acquisition techniques. This gives many benefits to the end user, increasing the productivity of our equipment and the quality of the resulting data.

 

 

Financial Data

 

 

Financials in:

GBP(mil)

 

Revenue:

8.3

Net Income:

1.4

Assets:

6.2

Current Assets:

4.0

 

Fixed Assets:

2.1

 

Long Term Debt:

0.0

 

Total Liabilities:

1.2

 

Issued Capital:

0.0

 

Working Capital:

2.8

 

Net Worth:

3.7

 

 

 

Date of Financial Data:

31-Mar-2012

 

1 Year Growth

21.7%

NA

NA

 

 

Key corporate Relationship

 

Auditor:

Russell Phillips

 

Auditor:

Russell Phillips

 

Auditor History

Russell Phillips

31-Mar-2012

Russell Phillips

31-Mar-2011

Russell Phillips

31-Mar-2010

Rfw Rutherfords

31-Mar-2009

M R Salvage LLP

31-Mar-2008

 

 

 

GBP(mil)

Audit Fees:

0.0

Audit Fiscal Year:

03-31-2012

 

 

Executive Report

 

Board of Directors

 

Name

Title

Function

 

John Michael Hutchinson

 

Director

Director/Board Member

 

Age: 53

 

 

Executives

 

Name

Title

Function

 

John Clive Hamer

 

Secretary

Company Secretary

 

Age: 53

 

 

 

Directors and Shareholders report 

 

Individual Directors

 

Name

Status

DOB

Filed Address

Appointment Date

Resignation Date

Summary of Directorships

 

John Clive
Hamer

Current

29 Feb 1960

78 Stanley Gardens, Acton,
London , London W3 7SZ

31 Dec 1991

NA

Current:1
Previous:0
Disqualifications:0

 

John Michael
Hutchinson

Current

28 Sep 1959

36 Montagu Court,
Newcastle Upon Tyne, Tyne And Wear NE3 4JL

31 Dec 1991

NA

Current:1
Previous:0
Disqualifications:0

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Corporate Directors

 

There are no corporate directors for this company.

 

 

Individual Secretaries

 

Name

Status

DOB

Filed Address

Appointment Date

Resignation Date

Summary of Directorships

 

John Clive
Hamer

Current

NA

78 Stanley Gardens, Acton,
London , London W3 7SZ

06 Apr 2010

NA

Current:1
Previous:0
Disqualifications:0

 

David Macnab
Nicolson

Previous

15 Oct 1961

19A Kilmorey Gardens,
Twickenham, Middlesex TW1 1PU

31 Dec 1991

31 Jan 1999

Current:2
Previous:1
Disqualifications:0

 

Jane Elizabeth
Hutchinson

Previous

NA

78 Stanley Gardens, Acton,
London , London W3 7SZ

01 Feb 1999

31 Mar 2010

Current:0
Previous:1
Disqualifications:0

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Corporate Secretaries

 

There are no corporate secretaries for this company.

 

 

Individual Shareholders

 

Name

Share Details
(As Reported)

Share Type

# of Shares

Share Price (GBP)

Share Value (GBP)

% of Total Shares

John Clive Hamer

4230 Ordinary GBP 0.25

Ordinary

4,230

0.25

1,057.50

50.00

John Michael Hutchinson

4230 Ordinary GBP 0.25

Ordinary

4,230

0.25

1,057.50

50.00

 

 

 

 

 

 

 

 

Corporate Shareholders

 

There are no corporate shareholders for this company.

 

 

 

News

 

New Method of Measuring Permanent Viscosity Loss of Polymer-Containing Lubricants
Tribology & Lubrication Technology (5450 Words)

01-Dec-2012

 

 

Annual Profit and Loss

 

Financials in: USD (mil)

Except for share items (millions) and per share items (actual units)

 

 

 

31-Mar-2012

31-Mar-2011

31-Mar-2010

31-Mar-2009

31-Mar-2008

Period Length

52 Weeks

52 Weeks

52 Weeks

52 Weeks

52 Weeks

Filed Currency

GBP

GBP

GBP

GBP

GBP

Exchange Rate (Period Average)

0.626752

0.643394

0.627794

0.592803

0.498361

Consolidated

No

No

No

No

No

 

 

 

 

 

 

Turnover (UK)

1.2

-

-

-

-

Turnover (Exports)

11.9

-

-

-

-

Total Turnover

13.2

10.5

-

-

-

Cost of Sales

5.3

3.8

-

-

-

Gross Profit

7.9

6.8

-

-

-

Depreciation

0.1

0.1

0.1

0.1

0.1

Other Expenses

5.1

5.6

-

-

-

Other Income

0.0

0.0

-

-

-

Interest Paid

0.0

0.0

-

-

-

Exceptional Income

0.0

0.0

-

-

-

Discontinued Operations

0.0

0.0

-

-

-

Profit Before Taxes

2.8

1.2

-

-

-

Tax Payable / Credit

0.7

0.3

-

-

-

Extraordinary Items/Debits

0.0

0.0

-

-

-

Dividends

0.0

0.0

-

-

-

Profit After Taxes

2.2

0.9

-

-

-

Minority Interests (Profit & Loss)

0.0

0.0

-

-

-

Audit Fees

0.0

0.0

-

-

-

Number of Employees

10

9

-

-

-

Wages

4.2

4.5

-

-

-

Social Security Costs

0.6

0.6

-

-

-

Pensions

0.2

0.3

-

-

-

Other Pension Costs

0.3

0.4

-

-

-

Employees Remuneration

5.0

5.4

-

-

-

Directors Emoluments

3.3

3.8

-

-

-

Other Costs

0.0

0.0

-

-

-

Directors Remuneration

3.4

4.1

-

-

-

Highest Paid Director

0.1

2.1

-

-

-


Annual Balance Sheet

 

Financials in: USD (mil)

 

 

 

31-Mar-2012

31-Mar-2011

31-Mar-2010

31-Mar-2009

31-Mar-2008

Filed Currency

GBP

GBP

GBP

GBP

GBP

Exchange Rate

0.628108

0.62385

0.659239

0.697666

0.503145

Consolidated

No

No

No

No

No

 

 

 

 

 

 

Land & Buildings

1.1

1.1

-

-

-

Fixtures & Fittings

0.0

0.0

-

-

-

Plant & Vehicles

0.3

0.2

-

-

-

Total Tangible Fixed Assets

1.4

1.3

1.3

1.2

1.7

Intangible Assets

2.0

1.6

1.3

1.2

1.6

Investments

0.0

0.0

0.0

0.0

0.0

Total Fixed Assets

3.4

2.9

2.6

2.4

3.3

Stocks

1.1

0.9

-

-

-

Work in Progress

0.0

0.0

-

-

-

Total Stocks Work In Progress

1.1

0.9

0.6

0.6

0.8

Trade Debtors

2.8

2.2

-

-

-

Other Debtors

0.4

0.3

-

-

-

Total Debtors

3.2

2.5

2.0

1.1

1.4

Cash and Equivalents

2.1

1.3

1.2

1.5

1.3

Other Current Assets

0.0

0.0

0.0

0.0

0.0

Total Current Assets

6.4

4.8

3.7

3.1

3.5

Total Assets

9.9

7.7

6.4

5.5

6.9

Trade Creditors

0.6

0.4

-

-

-

Director Loans (Current Liability)

-

-

0.6

-

-

Accruals/Deferred Income (Current Liability)

0.6

0.1

-

-

-

Other Current Liabilities

0.7

1.3

1.2

1.4

1.3

Total Current Liabilities

1.9

1.9

1.8

1.4

1.3

Group Loans (Long Term Liability)

0.0

0.0

0.0

0.0

0.0

Director Loans (Long Term Liability)

0.0

0.0

0.0

0.0

0.0

Hire Purchase (Long Term Liability)

0.0

0.0

0.0

0.0

0.0

Leasing (Long Term Liability)

0.0

0.0

0.0

0.0

0.0

Total Hire Purchase Loans (Long Term Liability)

0.0

0.0

0.0

0.0

0.0

Other Long Term Loans

0.0

0.0

0.0

0.0

0.0

Accruals/Deferred Income (Long Term Liability)

0.0

0.0

0.0

0.0

0.0

Other Long Term Liabilities

0.0

0.0

0.0

0.0

0.0

Total Long Term Liabilities

0.0

0.0

0.0

0.0

0.0

Deferred Taxation

0.0

0.0

0.0

0.0

-

Other Provisions

0.0

0.0

0.0

0.0

0.0

Total Provisions

0.0

0.0

0.0

0.0

0.0

Issued Capital

0.0

0.0

0.0

0.0

0.0

Share Premium Accounts

0.0

0.0

0.0

0.0

0.0

Revaluation Reserve

0.0

0.0

0.0

0.0

0.0

Retained Earnings

7.9

5.8

4.6

4.1

5.5

Other Reserves

0.0

0.0

0.0

0.0

0.0

Minority Interests (Balance Sheet)

0.0

0.0

0.0

0.0

0.0

Total Shareholders Funds

7.9

5.8

4.6

4.1

5.5

Net Worth

5.9

4.2

3.2

2.9

3.9


Annual Cash Flows

 

Financials in: USD (mil)

 

 

 

31-Mar-2012

31-Mar-2011

31-Mar-2010

31-Mar-2009

31-Mar-2008

Period Length

52 Weeks

52 Weeks

52 Weeks

52 Weeks

52 Weeks

Filed Currency

GBP

GBP

GBP

GBP

GBP

Exchange Rate (Period Average)

0.626752

0.643394

0.627794

0.592803

0.498361

Consolidated

No

No

No

No

No

 

 

 

 

 

 


Annual Ratios

 

Financials in: USD (mil)

 

 

 

31-Mar-2012

31-Mar-2011

31-Mar-2010

31-Mar-2009

31-Mar-2008

Period Length

52 Weeks

52 Weeks

52 Weeks

52 Weeks

52 Weeks

Filed Currency

GBP

GBP

GBP

GBP

GBP

Exchange Rate

0.628108

0.62385

0.659239

0.697666

0.503145

Consolidated

No

No

No

No

No

 

 

 

 

 

 

Current Ratio

3.40

2.57

2.07

2.28

2.68

Liquidity Ratio

2.80

2.09

1.73

1.83

2.09

Stock Turnover

11.57

12.24

-

-

-

Credit Period (Days)

77.06

75.50

-

-

-

Working Capital by Sales

34.52%

26.68%

-

-

-

Trade Credit by Debtors

0.23

0.20

-

-

-

Return on Capital

35.50%

20.98%

-

-

-

Return on Assets

28.68%

15.92%

-

-

-

Profit Margin

21.50%

11.23%

-

-

-

Return on Shareholders Funds

35.69%

21.11%

-

-

-

Borrowing Ratio

-

-

20.11%

-

-

Equity Gearing

80.35%

75.39%

71.63%

74.92%

80.64%

Sales by Tangible Assets

9.33

8.09

-

-

-

Average Remuneration per Employee

0.5

0.6

-

-

-

Profit per Employee

0.3

0.1

-

-

-

Sales per Employee

1.3

1.2

-

-

-

Capital Employed per Employee

0.8

0.6

-

-

-

Tangible Assets per Employee

0.1

0.1

-

-

-

Total Assets per Employee

1.0

0.9

-

-

-

Employee Remuneration by Sales

38.09%

51.39%

-

-

-

Creditor Days (Cost of Sales Based)

43.49

41.81

-

-

-

Creditor Days (Sales Based)

17.35

14.92

-

-

-

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.53.95

UK Pound

1

Rs.70.50

Euro

1

Rs.83.81

 

 

INFORMATION DETAILS

 

Report Prepared by :

NIT

 

 

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%)

 

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