MIRA INFORM REPORT

Report Date :

15.02.2014

IDENTIFICATION DETAILS

Name :	TYCO ELECTRONICS UK LTD
Formerly Known As :	AMP OF GREAT BRITAIN LIMITED
Registered Office :	Company Secretariat, Faraday Road, Dorcan, Sn3 5hh
Country :	United Kingdom
Financials (as on) :	30.09.2012
Date of Incorporation :	21.06.1955
Com. Reg. No.:	00550926
Legal Form :	Private limited with Share Capital
Line of Business :	Subject is engaged in the manufacture or supply of passive electronic components, active wireless and fibre optic components, power and wiring systems and high-end printed circuit board technologies.
No. of Employees :	1548

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 :	Good
Payment Behaviour :	Regular
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, 2013

Country Name	Previous Rating (30.06.2013)	Current Rating (30.09.2013)
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

REGISTERED NAME & COMPANY SUMMARY

Company Name	TYCO ELECTRONICS UK LTD	Company Number	00550926
Registered Address	COMPANY SECRETARIAT FARADAY ROAD DORCAN SN3 5HH	Trading Address	Company Secretariat Faraday Road Dorcan Swindon, Wiltshire SN3 5HH
Website Address	http://www.tycoelectronics.com
Telephone Number	01793528171
TPS	No
Incorporation Date	21/06/1955	Company Status	Active - Accounts Filed
Previous Name	AMP OF GREAT BRITAIN LIMITED	Type	Private limited with Share Capital
Date of Change	27/03/2000	Filing Date of Accounts	29/05/2013
		Share Capital	£338,786,340
SIC03	3210	Currency	GBP
SIC03 Description	Manufacture of electronic components
SIC07	26110
SIC07 Description	MANUFACTURE OF ELECTRONIC COMPONENTS
Principal Activity	The manufacture or supply of passive electronic components, active wireless and fibre optic components, power and wiring systems and high-end printed circuit board technologies.

DIRECTORS/MANAGEMENT

Total Current Directors	5
Total Current Secretaries	0
Total Previous Directors / Company Secretaries	30

Current Directors

Name	Tony Martin Gatt	Date of Birth	31/05/1960
Officers Title	Mr	Nationality	British
Present Appointments	12	Function	Director
Appointment Date	01/01/2013
Address	Faraday Road, Dorcan, Swindon, Wiltshire, SN3 5HH
Other Actions	View Director Report	View Consumer Report
Disqualified		Disqualified End Date
Disqualification Exception	No

Name	Mark David Sawyer	Date of Birth	04/11/1967
Officers Title	Mr	Nationality	British
Present Appointments	67	Function	Director
Appointment Date	30/06/2007
Address	Tyco Electronics Faraday Road, Dorcan, Swindon, Wilts, SN3 5HH
Other Actions	View Director Report	View Consumer Report
Disqualified		Disqualified End Date
Disqualification Exception	No

Name	Ashley Raymond Fulford	Date of Birth	16/07/1963
Officers Title	Mr	Nationality	British
Present Appointments	65	Function	Director
Appointment Date	30/06/2007
Address	Tyco Electronics Faraday Road, Dorcan, Swindon, Devon, SN3 5HH
Other Actions	View Director Report	View Consumer Report
Disqualified		Disqualified End Date
Disqualification Exception	No

Name	Stephen Christopher Cooper	Date of Birth	05/03/1970
Officers Title	Mr	Nationality	British
Present Appointments	20	Function	Director
Appointment Date	29/11/2013
Address	Tyco Electronics Uk Ltd Faraday Road, Dorcan, Swindon, Wiltshire, SN3 5HH
Other Actions	View Director Report	View Consumer Report
Disqualified		Disqualified End Date
Disqualification Exception	No

Name	Harold Gregory Barksdale	Date of Birth	03/12/1964
Officers Title	Mr	Nationality	American
Present Appointments	67	Function	Director
Appointment Date	06/04/2009
Address	Tyco Electronics 1050 Westlakes Drive, Berwyn, Pennsylvania, 19312

NEGATIVE INFORMATION

Commentary

No exact match CCJs are recorded against the company.

Sales in the latest trading period decreased 4.6% on the previous trading period.

Net Worth decreased by 3.2% during the latest trading period.

A 3.5% growth in Total Assets occurred during the latest trading period.

Pre-tax profits increased by 27.3% compared to the previous trading period.

The company saw an increase in their Cash Balance of 19.9% 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 58 years ago.

CCJ

Total Number of Exact CCJs -	0	Total Value of Exact CCJs -
Total Number of Possible CCJs -	0	Total Value of Possible CCJs -
Total Number of Satisfied CCJs -	0	Total Value of Satisfied CCJs -
Total Number of Writs -	-

Exact CCJ Details

There are no exact CCJ details

Possible CCJ Details

There are no possible CCJ details

Writ Details

There are no writ details

SHARE & SHARE CAPITAL INFORMATION

Top 20 Shareholders

Name	Currency	Share Count	Share Type	Nominal Value	% of Total Share Count
TYCO ELECTRONICS UK HOLDINGS LTD	GBP	306,486,340	ORDINARY	1	90.47
TYCO ELECTRONICS UK HOLDINGS LTD	GBP	32,300,000	REDEEMABLE PREFERENCE	1	9.53

PAYMENT INFORMATION

Payment Information Summary

Days Beyond Terms

Trend Indicator

                         Average Payment Experience  

10	15
Company DBT	UK Average DBT

Steady

Improving Worsening

Within terms.

Within Terms 91+ Days

Trade Debtors / Bad Debt Summary

Total Number of Documented Trade Debtors / Bad Debt -	6
Total Value of Documented Trade Debtors / Bad Debt -	£230,234

GROUP STRUCTURE & AFFILIATED COMPANIES

Statistics

Group	33 companies
Linkages	53 companies
Countries	In 4 countries

Summary

Holding Company	TYCO ELECTRONICS UK HOLDINGS LTD
Ownership Status	Wholly Owned
Ultimate Holding Company	TE CONNECTIVITY LTD.

FINANCIAL INFORMATION

Key Financials

Year to Date	Turnover	Pre Tax Profit	Shareholder Funds	Employees
30/09/2012	£221,745,000	£28,315,000	£275,217,000	1548
30/09/2011	£232,403,000	£22,247,000	£288,737,000	1512
30/09/2010	£208,988,000	£14,698,000	£187,118,000	1510

Profit & Loss

Date Of Accounts	30/09/12	(%)	30/09/11	(%)	30/09/10	(%)	30/09/09	(%)	30/09/08
Weeks	52	(%)	52	(%)	52	(%)	52	(%)	52
Currency	GBP	(%)	GBP	(%)	GBP	(%)	GBP	(%)	GBP
Consolidated A/cs	N	(%)	N	(%)	N	(%)	N	(%)	N
Turnover	£221,745,000	-4.6%	£232,403,000	11.2%	£208,988,000	24.9%	£167,378,000	-31.6%	£244,726,000
Export	£149,803,000	3%	£145,496,000	1.4%	£143,477,000	-	-	-	-
Cost of Sales	£157,373,000	-12.5%	£179,834,000	6.6%	£168,701,000	4.3%	£161,732,000	-16.3%	£193,133,000
Gross Profit	£64,372,000	22.5%	£52,569,000	30.5%	£40,287,000	613.5%	£5,646,000	-89.1%	£51,593,000
Wages & Salaries	£66,275,000	0.9%	£65,679,000	3.5%	£63,470,000	-16%	£75,602,000	-11.7%	£85,627,000
Directors Emoluments	£752,000	-17.1%	£907,000	-20.9%	£1,147,000	53.3%	£748,000	-23.8%	£981,000
Operating Profit	£27,174,000	17.2%	£23,183,000	28.5%	£18,043,000	179%	-£22,839,000	-339.1%	£9,552,000
Depreciation	£5,047,000	4.1%	£4,846,000	-18.1%	£5,920,000	-4.1%	£6,170,000	1.2%	£6,094,000
Audit Fees	£152,000	-43.3%	£268,000	44.1%	£186,000	-1.1%	£188,000	-	-
Interest Payments	£21,000	-96.7%	£646,000	37.4%	£470,000	-85.5%	£3,232,000	999.9%	£17,000
Pre Tax Profit	£28,315,000	27.3%	£22,247,000	51.4%	£14,698,000	267.2%	-£8,789,000	-142.3%	£20,783,000
Taxation	-£5,429,000	-150%	-£2,172,000	64.6%	-£6,129,000	-252.4%	£4,022,000	195.2%	-£4,227,000
Profit After Tax	£22,886,000	14%	£20,075,000	134.3%	£8,569,000	279.8%	-£4,767,000	-128.8%	£16,556,000
Dividends Payable	-	-	-	-	-	-	-	-	-
Retained Profit	£22,886,000	14%	£20,075,000	134.3%	£8,569,000	279.8%	-£4,767,000	-128.8%	£16,556,000

Balance Sheet

Date Of Accounts	30/09/12	(%)	30/09/11	(%)	30/09/10	(%)	30/09/09	(%)	30/09/08
Tangible Assets	£201,655,000	3%	£195,712,000	-15.4%	£231,286,000	-6.9%	£248,500,000	-1.2%	£251,414,000
Intangible Assets	£20,053,000	-19.9%	£25,030,000	-16.7%	£30,036,000	-14.3%	£35,042,000	-12.5%	£40,048,000
Total Fixed Assets	£221,708,000	0.4%	£220,742,000	-15.5%	£261,322,000	-7.8%	£283,542,000	-2.7%	£291,462,000
Stock	£16,519,000	-4.8%	£17,348,000	5.2%	£16,493,000	-20.7%	£20,800,000	-19.9%	£25,966,000
Trade Debtors	£12,347,000	-22.7%	£15,967,000	-9.4%	£17,631,000	73.7%	£10,153,000	-18.7%	£12,484,000
Cash	£543,000	19.9%	£453,000	-23.2%	£590,000	80.4%	£327,000	-95.5%	£7,251,000
Other Debtors	£311,312,000	7.7%	£288,951,000	-2.1%	£295,243,000	-0.2%	£295,855,000	5.2%	£281,209,000
Miscellaneous Current Assets	0	-	0	-	0	-	0	-	0
Total Current Assets	£340,721,000	5.6%	£322,719,000	-2.2%	£329,957,000	0.9%	£327,135,000	0.1%	£326,910,000
Trade Creditors	£12,442,000	-23%	£16,157,000	24.9%	£12,936,000	51.8%	£8,522,000	-45.9%	£15,746,000
Bank Loans & Overdrafts	£1,000	-99.7%	£395,000	132.4%	£170,000	-31.2%	£247,000	-	0
Other Short Term Finance	£167,093,000	0.3%	£166,622,000	-30.7%	£240,432,000	-3.3%	£248,540,000	2%	£243,691,000
Miscellaneous Current Liabilities	£15,719,000	6.8%	£14,713,000	-38.9%	£24,095,000	-10.5%	£26,916,000	38%	£19,502,000
Total Current Liabilities	£195,255,000	-1.3%	£197,887,000	-28.7%	£277,633,000	-2.3%	£284,225,000	1.9%	£278,939,000
Bank Loans & Overdrafts and LTL	£91,958,000	60.7%	£57,232,000	-54.8%	£126,698,000	16.7%	£108,600,000	135.2%	£46,181,000
Other Long Term Finance	£13,216,000	8.3%	£12,208,000	8.3%	£11,277,000	8.3%	£10,416,000	8.3%	£9,622,000
Total Long Term Liabilities	£91,957,000	61.8%	£56,837,000	-55.1%	£126,528,000	16.8%	£108,353,000	134.6%	£46,181,000

Capital & Reserves

Date Of Accounts	30/09/12	(%)	30/09/11	(%)	30/09/10	(%)	30/09/09	(%)	30/09/08
Called Up Share Capital	£335,448,000	-	£335,448,000	-	£335,448,000	-	£335,448,000	-	£335,448,000
P & L Account Reserve	-£68,975,000	-25.5%	-£54,942,000	64.9%	-£156,561,000	-24.7%	-£125,580,000	-149%	-£50,427,000
Revaluation Reserve	-	-	-	-	-	-	-	-	-
Sundry Reserves	£8,744,000	6.2%	£8,231,000	-	£8,231,000	-	£8,231,000	-	£8,231,000
Shareholder Funds	£275,217,000	-4.7%	£288,737,000	54.3%	£187,118,000	-14.2%	£218,099,000	-25.6%	£293,252,000

Other Financial Items

Date Of Accounts	30/09/12	(%)	30/09/11	(%)	30/09/10	(%)	30/09/09	(%)	30/09/08
Net Worth	£255,164,000	-3.2%	£263,707,000	67.9%	£157,082,000	-14.2%	£183,057,000	-27.7%	£253,204,000
Working Capital	£145,466,000	16.5%	£124,832,000	138.6%	£52,324,000	21.9%	£42,910,000	-10.6%	£47,971,000
Total Assets	£562,429,000	3.5%	£543,461,000	-8.1%	£591,279,000	-3.2%	£610,677,000	-1.2%	£618,372,000
Total Liabilities	£287,212,000	12.8%	£254,724,000	-37%	£404,161,000	3%	£392,578,000	20.7%	£325,120,000
Net Assets	£275,217,000	-4.7%	£288,737,000	54.3%	£187,118,000	-14.2%	£218,099,000	-25.6%	£293,252,000

Cash Flow

Date Of Accounts	30/09/12	(%)	30/09/11	(%)	30/09/10	(%)	30/09/09	(%)	30/09/08
Net Cashflow from Operations	-	-	-	-	-	-	-	-	-
Net Cashflow before Financing	-	-	-	-	-	-	-	-	-
Net Cashflow from Financing	-	-	-	-	-	-	-	-	-
Increase in Cash	-	-	-	-	-	-	-	-	-

Miscellaneous

Date Of Accounts	30/09/12	(%)	30/09/11	(%)	30/09/10	(%)	30/09/09	(%)	30/09/08
Contingent Liability	NO	-	NO	-	NO	-	NO	-	NO
Capital Employed	£367,174,000	6.3%	£345,574,000	10.2%	£313,646,000	-3.9%	£326,452,000	-3.8%	£339,433,000
Number of Employees	1548	2.4%	1512	0.1%	1510	999.9%	5	-16.7%	6
Auditors	DELOITTE LLP
Auditor Comments	The audit report contains no adverse comments
Bankers	CHASE MANHATTAN BANK
Bank Branch Code

Ratios

Date Of Accounts	30/09/12	30/09/11	30/09/10	30/09/09	30/09/08
Pre-tax profit margin %	12.77	9.57	7.03	-5.25	8.49
Current ratio	1.75	1.63	1.19	1.15	1.17
Sales/Net Working Capital	1.52	1.86	3.99	3.90	5.10
Gearing %	33.40	19.80	67.70	49.80	15.70
Equity in %	50.70	55.70	33.30	37.90	50.70
Creditor Days	20.42	25.30	22.53	18.53	23.42
Debtor Days	20.26	25	30.70	22.07	18.56
Liquidity/Acid Test	1.66	1.54	1.12	1.07	1.07
Return On Capital Employed %	7.71	6.43	4.68	-2.69	6.12
Return On Total Assets Employed %	5.03	4.09	2.48	-1.43	3.36
Current Debt Ratio	0.70	0.68	1.48	1.30	0.95
Total Debt Ratio	1.04	0.88	2.15	1.79	1.10
Stock Turnover Ratio %	7.44	7.46	7.89	12.42	10.61
Return on Net Assets Employed %	10.28	7.70	7.85	-4.02	7.08

FOREIGN EXCHANGE RATES

Na

ADDITIONAL INFORMATION

Mortgage Summary

Outstanding	2
Satisfied	4

Status History

No Status History found

Event History

Date	Description
06/12/2013	Mr T. Wilkinson has resigned as company secretary
06/12/2013	Mr T. Wilkinson has left the board
06/12/2013	New Board Member Mr S.C. Cooper appointed
01/11/2013	Annual Returns
11/06/2013	New Accounts Filed
12/02/2013	Mr A.C. Clarke has left the board
12/02/2013	New Board Member Mr T.M. Gatt appointed
21/11/2012	Annual Returns
13/06/2012	New Accounts Filed
13/06/2012	New Accounts Filed
18/11/2011	Annual Returns
04/06/2011	New Accounts Filed
04/06/2011	New Accounts Filed
20/11/2010	Annual Returns
10/07/2010	New Accounts Filed

Previous Company Names

Date	Previous Name
27/03/2000	AMP OF GREAT BRITAIN LIMITED

NOTES & COMMENTS

Na

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.62.28
UK Pound	1	Rs.103.67
Euro	1	Rs.85.18

INFORMATION DETAILS

Report Prepared by :

NNA

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.