MIRA INFORM REPORT

 

 

Report Date :

27.12.2014

 

IDENTIFICATION DETAILS

 

Name :

TTP LABTECH LIMITED

 

 

Formerly Known As :

ACUMENBIOSCIENCE LIMITED

 

 

Registered Office :

Melbourn Science Park Cambridge Road Melbourn Royston Hertfordshire SG8 6EE

 

 

Country :

United Kingdom

 

 

Financials (as on) :

31.03.2014

 

 

Date of Incorporation :

10.01.1997

 

 

Com. Reg. No.:

03300999

 

 

Legal Form :

Private limited with Share Capital

 

 

Line of Business :
  • The provision of research, development, manufacture and sale of pharmaceutical instrumentation and the provision of associated services.
  • R & D on nat sciences & engineering
  • research and experimental development on natural sciences and engineering

 

 

No. of Employees :

91

 

 

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 – 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 Ł375 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 name and address

 

TTP LABTECH LIMITED

 

ADDRESS             MELBOURN SCIENCE PARK CAMBRIDGE ROAD MELBOURN ROYSTON HERTFORDSHIRE SG8 6EE UNITED KINGDOM

 

Company Number:        03300999

Foundation:                  10/01/1997

Status:                          Active - Accounts Filed

VAT No:                        GB636985976

 

 

Comments    

 

No exact match CCJs are recorded against the company.

Sales in the latest trading period increased 43.9% on the previous trading period.  Net Worth increased by 26.8% during the latest trading period. A 14.8% growth in Total Assets occurred during the latest trading period. Pre-tax profits increased by 164.1% compared to the previous trading period. The company saw an increase in their Cash Balance of 11.5% 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 17 years ago.

 

 

Basic information

 

Legal form

Private limited with Share Capital

 

Foundation

10/01/1997

 

Company No.

03300999

 

Previous Names

 

Date of Change             Previous Name

29/09/2003                    ACUMENBIOSCIENCE LIMITED

25/04/2001                    PYX LIMITED

18/04/1997                    GAC NO. 68 LIMITED

 

 

 

Shareholders

 

Name                           Currency         Number of shares         Share type        Nominal value

TTP GROUP PLC          GBP                 250,000                         ORDINARY       1

Total Share Capital                                                                                           GBP 250,000

 

 

Management

 

 

Directors

Name                           Address:                                 Date of birth     Nationality        Appointment date

Mr Gerald Avison          59 Victoria Park, Cambridge

CB4 3EJ                                   23/11/1940        British              19/09/2003

 

Jaspal Sanghera           Meadowcroft Farm, 6 Lotfield Street

Orwell, Royston, Hertfordshire SG8

5QT                                          04/09/1954        British               19/09/2003

 

Mr Stephen George       Fleck 10 Church Street, Stapleford,

Cambridgeshire CB22 5DS        23/08/1962        British              21/01/2010

 

Mr John Simon              McCaskie Melbourn Science Park Cambridge

Road, Melbourn, Royston,

Hertfordshire SG8 6EE              09/03/1963        British               30/06/2014

 

 

Company  Secretary

 

Name                                       Address:                                                                      Appointmentdate

Mr Keith Alexander                    Haddow 24 Mingle Lane, Stapleford, Cambridge,

Cambridgeshire CB22 5SY                                             07/06/2002

 

Other Known Addresses

Melbourn Science Park, Cambridge Road Melbourn, Royston, Herts SG8 6EE

 

Company relationships

 

 

Company No.               Name                                                               Status              Country

02170755                      TTP GROUP PLC                                              Active               United Kingdom

Affiliated companies

03475728                      TTP VENTURE MANAGERS LIMITED                 Active               United Kingdom

03542949                      TTP CAPITAL PARTNERS LIMITED                    Active               United Kingdom

03542951                      TTP CARRY LIMITED                                         Non Trading      United Kingdom

03893143                      MELBOURN SCIENCE PARK LIMITED               Active               United Kingdom

07046605                      TTP TRUSTEES LIMITED                                   Active               United Kingdom

07212682                      MSP PROPERTIES LIMITED                              Active               United Kingdom

03304950                      THE TECHNOLOGY PARTNERSHIP PLC            Active               United Kingdom

04388778                      TONEJET LIMITED                                            Active               United Kingdom

04658926                      TTP LIMITED                                                     Non Trading      United Kingdom

 

Immediate parent

02170755                      TTP GROUP PLC                                              Active               United Kingdom

 

 

Business activities

 

Main activity

 

Principal Activity The provision of research, development, manufacture and sale of pharmaceutical instrumentation and the provision of associated services.

SIC03               R & D on nat sciences & engineering

SIC07               Other research and experimental development on natural sciences and engineering

 

 

Economic data

 

Turnover and Employees

Date of Accounts          Turnover                         Employee

31/03/2012                    GBP 11,869,000                        84

31/03/2013                    GBP 12,125,000                        83

31/03/2014                    GBP 17,446,000                        91

 

 

Banks

 

Bank Name                               Bank Branch                Sort Code

LLOYDS                                   TSB BANK PLC            30-25-04

 

Auditor

 

Auditor name

ERNST & YOUNG LLP

 

 

Events

 

Date

 

25/01/2010

Annual Returns

04/02/2010

New Board Member Mr S.G. Fleck appointed

17/08/2010

New Accounts Filed

22/01/2011

Annual Returns

20/08/2011

New Accounts Filed

20/08/2011

New Accounts Filed

13/01/2012

Annual Returns

06/04/2012

Dr P.T. Blenkinsop has left the board

16/08/2012

New Accounts Filed

18/01/2013

Annual Returns

03/09/2013

New Accounts Filed

18/01/2014

Annual Returns

08/07/2014

New Board Member Mr J.S. McCaskie appointed

29/08/2014

New Accounts Filed

 

 

Mortgages

 

Charge registered

25/10/2003

Status

OUTSTANDING

Entitled person

LLOYDS TSB BANK PLC

Secured amount

ALL MONIES DUE OR TO BECOME DUE FROM THE COMPANY AND/OR ALL OR

 

ANY OF THE OTHERCOMPANIES NAMED THEREIN TO THE CHARGEE ON ANY

 

ACCOUNTWHATSOEVER

Mortgage detail

ANY SUM OR SUMS FOR THE TIME BEING STANDING TO THE CREDIT OF ANY

 

PRESENT OR FUTURE ACCOUNT OF THE COMPANY WITH THE BANK

 

County Court Judgments (CCJs)

There are no County Court Judgments listed against this company

 

 

 

Profit & Loss

 

 

31/03/2014

52

GBP

Group: No

31/03/2013

52

GBP

Group: No

31/03/2012

52

GBP

Group: No

31/03/2011

52

GBP

Group: No

Turnover

17,446,000

12,125,000

11,869,000

11,370,000

Export

15,288,000

10,550,000

9,739,000

9,300,000

Cost of Sales

10,183,000

8,042,000

7,599,000

7,549,000

Gross Profit

7,263,000

4,083,000

4,270,000

3,821,000

Wages And Salaries

4,733,000

4,461,000

4,378,000

4,247,000

Directors Emoluments

451,000

439,000

648,000

603,000

Operating Profit

803,000

-1,235,000

-947,000

-1,480,000

Depreciation

310,000

293,000

408,000

419,000

Audit Fees

16,000

15,000

15,000

14,000

Interests Payments

11,000

0

0

0

Pre Tax Profit

792,000

-1,235,000

-933,000

-1,450,000

Taxation

41,000

950,000

-46,000

12,000

Profit After Tax

833,000

-285,000

-979,000

-1,438,000

Dividends Payable

0

0

0

585,000

Retained Profit

833,000

-285,000

-979,000

-2,023,000

 

 

Balance Sheet

 

 

31/03/2014

52

GBP

Group: No

31/03/2013

52

GBP

Group: No

31/03/2012

52

GBP

Group: No

31/03/2011

52

GBP

Group: No

Tangible Assets

566,000

524,000

561,000

604,000

Intangible Assets

0

0

82,000

172,000

Total Fixed Assets

566,000

524,000

643,000

776,000

Stock

3,543,000

3,112,000

2,242,000

2,303,000

Trade Debtors

2,641,000

2,391,000

2,613,000

1,358,000

Cash

29,000

26,000

28,000

40,000

Other Debtors

1,456,000

1,121,000

1,080,000

3,098,000

Miscellaneous Current Assets

0

0

0

0

Total Current Assets

7,669,000

6,650,000

5,963,000

6,799,000

Trade Creditors

332,000

386,000

223,000

305,000

Bank Loans and Overdraft

0

0

0

0

Other Short Term Finance

1,735,000

1,027,000

156,000

615,000

Miscellaneous Current Liabilities

1,965,000

2,469,000

2,650,000

2,099,000

Total Current Liabilities

4,032,000

3,882,000

3,029,000

3,019,000

Bank Loans and Overdrafts LTL

30,000

0

0

0

Other Long Term Finance

0

0

0

0

Total Long Term Liabilities

30,000

0

0

0

 

 

Capital & Reserves

 

 

31/03/2014

52

GBP

Group: No

31/03/2013

52

GBP

Group: No

31/03/2012

52

GBP

Group: No

31/03/2011

52

GBP

Group: No

Called Up Share Capital

250,000

250,000

250,000

250,000

P and L Account Reserve

3,780,000

2,947,000

3,232,000

4,211,000

Revaluation Reserve

0

0

0

0

Sundry Reserves

143,000

95,000

95,000

95,000

Shareholders Funds

4,173,000

3,292,000

3,577,000

4,556,000

 

 

Other Financial Items

 

 

31/03/2014

52

GBP

Group: No

31/03/2013

52

GBP

Group: No

31/03/2012

52

GBP

Group: No

31/03/2011

52

GBP

Group: No

Net Worth

4,173,000

3,292,000

3,495,000

4,384,000

Working Capital

3,637,000

2,768,000

2,934,000

3,780,000

Total Assets

8,235,000

7,174,000

6,606,000

7,575,000

 

 

31/03/2014

52

GBP

Group: No

31/03/2013

52

GBP

Group: No

31/03/2012

52

GBP

Group: No

31/03/2011

52

GBP

Group: No

Total Liabilities

4,062,000

3,882,000

3,029,000

3,019,000

Net Assets

4,173,000

3,292,000

3,577,000

4,556,000

 

 

Cash Flow

 

 

31/03/2014

52

GBP

Group: No

31/03/2013

52

GBP

Group: No

31/03/2012

52

GBP

Group: No

31/03/2011

52

GBP

Group: No

Net Cash Flow from Operations

0

0

0

0

Net Cash Flow before Financing

0

0

0

0

Net Cash Flow from Financing

0

0

0

0

Increase in Cash

3,000

-2,000

-12,000

-30,000

 

 

Miscellaneous

 

 

31/03/2014

52

GBP

Group: No

31/03/2013

52

GBP

Group: No

31/03/2012

52

GBP

Group: No

31/03/2011

52

GBP

Group: No

Capital Employed

4,203,000

3,292,000

3,577,000

4,556,000

 

 

Financial Ratios

 

 

31/03/2014

52

GBP

Group: No

31/03/2013

52

GBP

Group: No

31/03/2012

52

GBP

Group: No

31/03/2011

52

GBP

Group: No

Pre Tax Profit Margin

4.54

 %

-10.19 %

-7.86 %

-12.75 %

Current Ration

1.90

1.71

1.97

2.25

Sales or Net Working Capital

4.80

4.38

4.05

3.01

Gearing

0.72 %

0.00 %

0.00 %

0.00 %

Equity

50.67 %

45.89 %

54.83 %

61.54 %

Creditor Days

6.92

11.58

6.83

9.76

Debtor Days

55.10

71.77

80.13

43.47

Liquidity or Acid test

1.02

0.91

1.22

1.48

Return on Capital Employed

18.84 %

-37.51 %

-26.08 %

-31.82 %

Return on Total Assets Employed

9.61 %

-17.21 %

-14.12 %

-19.14 %

Current Debt Ratio

0.96 %

1.17 %

0.84 %

0.66 %

Total Debt Ratio

0.97 %

1.17 %

0.84 %

0.66 %

Stock Turnover Ratio

20.30 %

25.66 %

18.88 %

20.25 %

Return on Net Assets Employed

18.97 %

-37.51 %

-26.08 %

-31.82 %

 

 

Remarks

 

The financial statement reports that the turnover has increased with a return to profitability.  The general financial position appears satisfactory with shareholder’s funds. Retained at an acceptable level Remains to be seen how the company trades during the financial year ended March 2015

Net Profit Year Ended 31/03/2014 – 833,000GBP

Net Loss Year Ended 31/03/2014 – 285,000GBP

 

Activity: global developer and manufacturer of high quality, robust and innovative automated laboratory equipment for both the academic and industrial sectors of pharmaceutical and biotech research

 

Trading Address Confirmed : Melbourn Science Park Melbourn Hertfordshire SG8 6EE

 

Branches: TTP Labtech Inc One Kendall Square Suite B2303 Cambridge MA 02139-1594 United States

 

Employees: 91

 

Bank: Lloyds Bank PLC

 

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.63.64

UK Pound

1

Rs.98.98

Euro

1

Rs.77.74

 

INFORMATION DETAILS

 

Analysis Done by :

DIV

 

 

Report Prepared by :

NIS

 

               

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.