MIRA INFORM REPORT

 

 

Report Date :

13.12.2014

 

IDENTIFICATION DETAILS

 

Name :

MORPHO DETECTION (UK) LIMITED

 

 

Formerly Known as : 

GE ION TRACK LIMITED

 

 

Registered Office :

Granary House, Station Road, Great Shelford Cambridge, Cambridgeshire, Cb22 5lr

 

 

Country :

United Kingdom

 

 

Financials (as on) :

31.12.2013

 

 

Date of Incorporation :

16.11.1999

 

 

Com. Reg. No.:

03880571

 

 

Legal Form :

Private Limited With Share Capital

 

 

Line of Business :

·         Subject delivers products and solutions targeted at governments, national agencies and administrations dedicated to law enforcement and border control, as well as private companies in need of secure physical or logical access control

·         Engaged in sale, distribution and associated services of trace explosives and narcotics detection equipment

 

 

No of Employees :

29 (31.12.2013)

 

 

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 – September 30, 2014

 

Country Name

Previous Rating

(30.06.2014)

Current Rating

(30.09.2014)

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 third largest economy in Europe after Germany and France. Over the past two decades, the government has greatly reduced public ownership. 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, are key drivers of British GDP growth. Manufacturing, meanwhile, has declined in importance but still accounts for about 10% of economic output. 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. Falling 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 included 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 about 11% of GDP in 2010 to nearly 1% by 2015. In November 2011, Chancellor of the Exchequer George OSBORNE announced additional austerity measures through 2017 largely due to 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 £375 billion (approximately $605 billion) as of December 2013. 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, however, in 2013 GDP grew 1.4%, accelerating unexpectedly in the second half of the year because of greater consumer spending and a recovering housing market. The budget deficit is falling but remains high at nearly 7% and public debt has continued to increase

 

Source : CIA

 

Company identification

 

MORPHO DETECTION (UK) LIMITED

GRANARY HOUSE, STATION ROAD

GREAT SHELFORD CAMBRIDGE

CAMBRIDGESHIRE

CB22 5LR

United Kingdom

Telephone                     +44 122 372 88 88

Fax                               +44 122 372 88 89

Website                        www.morphodetection.com

 

Company Number:        03880571

Foundation:                  16/11/1999

Status:                          Active - Accounts Filed

 

 

Comments

 

No exact match CCJs are recorded against the company. Sales in the latest trading period increased 7.4% on the

previous trading period. Net Worth increased by 51.4% during the latest trading period. A 89.9% growth in Total Assets occurred during the latest trading period. Pre-tax profits increased by 40.9% compared to the previous trading period. The company saw an increase in their Cash Balance of 159.9% during the latest trading period. The audit report contains no adverse comments. The company has undergone recent changes in its directorships. The company is part of a group.

 

The company was established over 15 years ago.

 

 

Basic information

 

Legal form

Private limited with Share Capital

 

Foundation

16/11/1999

 

Company No.

03880571

 

Previous Names

Date of Change             Previous Name

08/02/2010                                GE ION TRACK LIMITED

12/08/2003                                ION TRACK INSTRUMENTS LIMITED

 

Shareholders

 

Name                             Currency        Number of shares         Share type        Nominal value

MORPHO DETECTION

INTERNATIONAL LLC      GBP               20                                 ORDINARY       1

Total Share Capital                                                                                           GBP 20

 

 

Management

 

Directors

Name

Address:

Date of birth

Nationality

Appointment date

Mr David Richard Oldroyd

255 Wharfedale Road, Winnersh, Wokingham, Berkshire RG41 5TP

07/03/1955

British

19/03/2012

Mr Cyril Dujardin

11 Boulevard Gallieni, Issy-Les-Moulineaux

11/04/1976

French

05/02/2013

 

Company Secretary

Name

Address:

Appointment date

Ms Gaelle Claire Sylvie Beaud De Brive

Granary House, Station Road, Great Shelford Cambridge, Cambridgeshire CB22 5LR

29/09/2014

 

 

Other Known Addresses   

 

Granary House, Station Road, Great Shelford, Cambridge, Cambridgeshire CB22 5LR

 

 

Company relationships

 

Company No.            Name                                                             Status             Country                         Ultimate parent                                 

-                            SAFRAN SA                                                    Other               France

 

Affiliated companies

35205051200024

AIRCELLE

Active

France

 

02344610

AIRCELLE LIMITED

Active

United Kingdom

 

03548809

MESSIER-DOWTY LIMITED

Active

United Kingdom

03562124

MESSIER-DOWTY PENSION TRUSTEES LIMITED

Non Trading

United Kingdom

 

03528628

MESSIER SERVICES LIMITED

Active

United Kingdom

 

44030528200020

MORPHO

Active

France

06195781

MORPHO UK LIMITED

Active

United Kingdom

 

IE465684

SAGEM SECURITY IRELAND LIMITED

Active

Ireland

 

08292872

SAFRAN POWER UK LTD.

Active

United Kingdom

 

02178689

SAFRAN UK LIMITED

Active

United Kingdom

01148466

TURBOMECA UK LIMITED

Active

United Kingdom

48010791100012

SAGEM DEFENSE SECURITE

Active

France

910978939

Sagem Orga GmbH

Active

Germany

02586027

MORPHO CARDS UK LIMITED

Active

United Kingdom

33848195500015

TURBOMECA

Active

France

02349435

TURBOMECA LIMITED

Non Trading

United Kingdom

00860268

TURBOMECA322 LIMITED

Active

United Kingdom

 

 

Immediate parent                                                                                                                                       

US01270847                  MORPHO DETECTION INC                        Non Trading              USA

 

 

Business activities

 

Main activity

Principal Activity

·         Subject delivers products and solutions targeted at governments, national agencies and administrations dedicated to law enforcement and border control, as well as private companies in need of secure physical or logical access control

·         Engaged in sale, distribution and associated services of trace explosives and narcotics detection equipment

SIC03

Architectural, technical consult

SIC07

Other professional, scientific and technical activities n.e.c.

 

 

Turnover and Employees

 

Date Of Accounts

Turnover

Employees

31/12/2011

GBP 9,214,697

13

31/12/2012

GBP 12,831,810

20

31/12/2013

GBP 13,778,428

29

 

 

Banks

 

Bank Name

National Westminster Bank PLC

           

 

Auditor

 

Auditor name

MAZARS LLP   

 

 

Events

 

Company history

Date

Action

 

01/02/2010

Annual Returns

 

10/02/2010

Change of Name

 

10/03/2010

Mr X. Labrecque has resigned as company secretary

22/03/2010

New Company Secretary Mrs D. Ziat appointed

03/02/2011

Mrs D. Ziat has resigned as company secretary

05/02/2011

Annual Returns

11/03/2011

New Company Secretary Mrs V.J. Linsdell appointed

22/03/2011

New Accounts Filed

22/03/2011

New Accounts Filed

24/03/2011

New Accounts Filed

08/08/2011

Mr E.G. De Wolf has left the board

08/08/2011

Mr K. Ghodbane has left the board

08/08/2011

New Board Member Mr G.J. Alcaraz appointed

 

12/10/2011

New Accounts Filed

 

12/10/2011

New Accounts Filed

 

20/01/2012

Annual Returns

 

27/03/2012

Mr G.J. Alcaraz has left the board

 

27/03/2012

New Board Member Mr E.R. Mounier appointed

 

27/03/2012

New Board Member Mr D.R. Oldroyd appointed

 

27/03/2012

New Board Member Mr P. Alexander appointed

 

08/10/2012

New Accounts Filed

 

08/10/2012

New Accounts Filed

 

18/12/2012

Annual Returns

 

04/02/2013

Mr E.R. Mounier has left the board

 

08/02/2013

New Board Member Mr C. Dujardin appointed

 

04/10/2013

New Accounts Filed

 

04/10/2013

New Accounts Filed

 

04/12/2013

Annual Returns

 

02/10/2014

Mrs V.J. Linsdell has resigned as company secretary

 

02/10/2014

Mr P. Alexander has left the board

 

09/10/2014

New Accounts Filed

 

09/10/2014

New Accounts Filed

 

20/10/2014

New Company Secretary Ms G.C. Beaud De Brive appointed

 

22/11/2014

Annual Returns

 

 

Mortgages

 

Charge created

18/12/2007

Charge registered

22/12/2007

Status

OUTSTANDING

Entitled person

NATIONAL WESTMINSTER BANK PLC

Secured amount

ALL MONIES DUE OR TO BECOME DUE FROM THE COMPANY TO THE CHARGEE ON ANY ACCOUNT WHATSOEVER

Mortgage detail

ALL DEPOSITS NOW OR IN THE FUTURE CREDITED TO ACCOUNT DESIGNATED 39078876 AND ANY DEPOSIT OR ACCOUNT OF ANY OTHER CURRENCY DE- SCRIPTION OR DESIGNATION WHICH DERIVES IN WHOLE OR PART FROM SUCH DEPOSITSOR ACCOUNT

 

 

County Court Judgments

(CCJs)

 

There are no County Court Judgments listed against this company

 

 

Accounts

 

Profit & Loss

 

 

31/12/2013

52

GBP

Group: No

31/12/2012

52

GBP

Group: No

31/12/2011

52

GBP

Group: No

31/12/2010

52

GBP

Group: No

Turnover

13,778,428

12,831,810

9,214,697

8,327,945

Export

-

-

-

-

Cost of Sales

5,652,349

7,455,871

5,978,991

6,012,107

Gross Profit

8,126,079

5,375,939

3,235,706

2,315,838

Wages And Salaries

1,262,657

880,683

497,806

443,880

Directors Emoluments

0

0

0

0

Operating Profit

-

-

1,139,498

-61,411

Depreciation

89,087

247,231

364,017

185,630

Audit Fees

11,759

33,806

32,943

-

Interests Payments

0

0

0

0

Pre Tax Profit

3,112,764

2,208,541

1,139,498

-61,411

Taxation

-751,768

-551,906

-269,352

0

Profit After Tax

2,360,996

1,656,635

870,146

-61,411

Dividends Payable

0

0

0

0

Retained Profit

2,360,996

1,656,635

870,146

-61,411

 

Balance Sheet

 

31/12/2013

52

GBP

Group: No

31/12/2012

52

GBP

Group: No

31/12/2011

52

GBP

Group: No

31/12/2010

52

GBP

Group: No

Tangible Assets

89,176

118,920

280,772

556,118

Intangible Assets

0

0

0

0

Total Fixed Assets

89,176

118,920

280,772

556,118

Stock

240,242

317,922

285,207

458,608

Trade Debtors

3,267,916

1,981,033

2,488,057

1,017,955

Cash

7,113,976

2,736,944

992,408

1,513,568

Other Debtors

0

428,002

319,275

434,003

Miscellaneous Current Assets

95,600

109,353

92,000

78,450

Total Current Assets

10,717,734

5,573,254

4,176,947

3,502,584

Trade Creditors

28,091

80,687

23,465

56,581

Bank Loans and Overdraft

0

0

0

0

Other Short Term Finance

1,459,574

85,249

646,588

1,063,636

Miscellaneous Current Liabilities

2,235,552

810,303

678,868

702,853

Total Current Liabilities

3,723,217

976,239

1,348,921

1,823,070

Bank Loans and Overdrafts LTL

126,295

119,533

169,032

137,046

Other Long Term Finance

0

0

0

0

Total Long Term Liabilities

126,295

119,533

169,032

137,046

 

Capital & Reserves

 

31/12/2013

52

GBP

Group: No

31/12/2012

52

GBP

Group: No

31/12/2011

52

GBP

Group: No

31/12/2010

52

GBP

Group: No

Called Up Share Capital

20

20

20

20

P and L Account Reserve

6,615,726

4,254,730

2,598,094

1,756,914

Revaluation Reserve

0

0

0

0

Sundry Reserves

341,652

341,652

341,652

341,652

Shareholders Funds

6,957,398

4,596,402

2,939,766

2,098,586

 

Other Financial Items  

 

 

31/12/2013

52

GBP

Group: No

31/12/2012

52

GBP

Group: No

31/12/2011

52

GBP

Group: No

31/12/2010

52

GBP

Group: No

Net Worth

6,957,398

4,596,402

2,939,766

2,098,586

Working Capital

6,994,517

4,597,015

2,828,026

1,679,514

Total Assets

10,806,910

5,692,174

4,457,719

4,058,702

Total Liabilities

3,849,512

1,095,772

1,517,953

1,960,116

Net Assets

6,957,398

4,596,402

2,939,766

2,098,586

 

Cash Flow

 

31/12/2013

52

GBP

Group: No

31/12/2012

52

GBP

Group: No

31/12/2011

52

GBP

Group: No

31/12/2010

52

GBP

Group: No

Net Cash Flow from Operations

4,367,989

1,812,020

-386,000

646,710

Net Cash Flow before Financing

4,377,033

1,744,535

-521,160

849,089

Net Cash Flow from Financing

0

0

0

0

Increase in Cash

4,377,032

1,744,536

-521,160

202,379

 

Miscellaneous

 

 

31/12/2013

52

GBP

Group: No

31/12/2012

52

GBP

Group: No

31/12/2011

52

GBP

Group: No

31/12/2010

52

GBP

Group: No

Capital Employed

7,083,693

4,715,935

3,108,798

2,235,632

 

Financial Ratios

Name

31/12/2013

31/12/2012

31/12/2011

31/12/2010

Pre Tax Profit Margin

22.59 %

17.21 %

12.37 %

-0.74 %

Current Ration

2.88

5.71

3.10

1.92

Sales or Net Working Capital

1.97

2.79

3.26

4.96

Gearing

1.82 %

2.60 %

5.75 %

6.53 %

Equity

64.38 %

80.75 %

65.95 %

51.71 %

Creditor Days

0.74

2.28

0.92

2.47

Debtor Days

86.33

56.19

98.28

44.49

Liquidity or Acid test

2.81

5.38

2.88

1.66

Return on Capital Employed

43.94 %

46.83 %

36.65 %

-2.74 %

Return on Total Assets Employed

28.80 %

38.79 %

25.56 %

-1.51 %

Current Debt Ratio

0.53 %

0.21 %

0.45 %

0.86 %

Total Debt Ratio

0.55 %

0.23 %

0.51 %

0.93 %

Stock Turnover Ratio

1.74 %

2.47 %

3.09 %

5.50 %

Return on Net Assets Employed

44.74 %

48.04 %

38.76 %

-2.92 %

 

Remarks

Achieving high levels of turnover and profitability. The general financial position appears to be in order and good reserves have been built up. Company is part of large group whose turnover for 2013 amounts to EUR 14.695 million and has over 62,500 employees worldwide.

 

Next accounts due to be filed 30/09/2015

 

Activity: Delivers products and solutions targeted at governments, national agencies and administrations dedicated to law enforcement and border control, as well as private companies in need of secure physical or logical access control

 

Trading Address:  Granary House, Station Road Great Shelford, Cambridge  CB22 5LR

 

Branches: Group operates Worldwide

 

Employees: 29

 

Bank: National Westminster Bank PLC

 

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.62.44

UK Pound

1

Rs.98.15

Euro

1

Rs.77.38

 

INFORMATION DETAILS

 

Analysis Done by :

RAS

 

 

Report Prepared by :

MNL

 

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.