MIRA INFORM REPORT

Report Date :

24.07.2014

IDENTIFICATION DETAILS

Name :	TAYLOR HOBSON LIMITED
Formerly Known As :	DUSKFROST LIMITED
Registered Office :	P O Box No 36 New Star Road Leicfster IF49JQ England
Country :	United Kingdom
Financials (as on) :	31.12.2012
Date of Incorporation :	26.07.1996
Legal Form :	Private limited with share capital
Line of Business :	Manufacturer of electronics measuring, testing.
No. of Employees	233

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 31, 2014

Country Name	Previous Rating (31.12.2013)	Current Rating (31.03.2014)
United Kingdom	A1	A1

Risk Category	ECGC Classification
Insignificant	A1
Low Risk	A2
Moderate Low Risk	B1
Moderate Risk	B2
Moderate High Risk	C1
High Risk	C2
Very High Risk	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 name and address

TAYLOR HOBSON LIMITED

DIRECTORS/MANAGEMENT

Total Current Directors	3
Total Current Secretaries	2
Total Previous Directors / Company Secretaries	11

Total Current Directors	3
Total Current Secretaries	2
Total Previous Directors / Company Secretaries	11

Previous Director/Company Secretaries

Name	Current Directorships	Previous Directorships
CLIFFORD CHANCE SECRETARIES LIMITED	754	3021
Philip Anthony Tempest	6	28
Robert Damian Howard	5	57
Robert Damian Howard	5	57
John Joseph Molinelli	4	19
Derek Geoffrey Chilton	1	23
Dean Adrian Westmoreland	7	23
Dean Adrian Westmoreland	7	23
David Anthony Zapico	2	11
Martin Edgar Richards	101	2607
Peter John Charlton	205	1239

NEGATIVE INFORMATION

Trade Debtors / Bad Debt Summary

Total Number of Documented Trade 4

Total Value of Documented Trade £6,911

Commentary

No exact match CCJs are recorded against the company.

There has been no significant change in the company's credit rating.

Sales in the latest trading period increased 8.5% on the previous trading period.

Net Worth decreased by 18.8% during the latest trading period.

Pre-tax profits increased by 79.9% compared to the previous trading period.

The company saw a decrease in their Cash Balance of 61.3% during the latest trading period.

The audit report contains no adverse comments.

No recent changes in directorship are recorded.

The company is part of a group.

The company was established over 17 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

No CCJs found

Possible CCJs Details

There are no possible CCJ details

Writ Details

No writs found

Mortgage Details

Mortgage Type:	GUARANTEE & DEBENTURE
Date Charge Created:	12/06/02
Date Charge Registered:	21/06/02
Date Charge Satisfied:	02/07/04
Status:	SATISFIED
Person(s) Entitled:	THE ROYAL BANK OF SCOTLAND PLC ACTING AS AGENT FOR NATIONAL WESTMINSTER BANK PLC
Amount Secured:	ALL MONIES DUE OR TO BECOME DUE FROM THE COMPANY TO THE CHARGEE UNDER THE TERMSOF THE AFOREMENTIONEDINSTRUMENT CREATING OR EVIDENCING THE CHARGE
Details:	THE L/H PROPERTY K/A LAND ON THE NORTH WEST SIDE OF NEW STAR ROAD, LEICESTER T/NO. LT127960, LT228355, AND LT288356 FIXED AND FLOATING CHARGES OVER THE UNDERTAKING AND ALL PROPERTY AND ASSETS PRESENTAND FUTURE INCLUDING GOODWILL BOOKDEBTS UNCALLED CAPITAL BUILDINGS FIXTURES FIXED PLANT AND MACHINERY

Mortgage Type:	GUARANTEE AND DEBENTURE
Date Charge Created:	28/09/96
Date Charge Registered:	09/10/96
Date Charge Satisfied:	02/07/04
Status:	SATISFIED
Person(s) Entitled:	NATIONAL WESTMINSTER BANK PLC
Amount Secured:	ALL MONIES DUE OR TO BECOME DUE FROM ORBY ALL OR ANY OF THE BORROWERS (AS DEFINED) TO THE CHARGEE (AS SECURITY TRUSTEE) UNDER OR PURSUANT TO THE TERMS OF THE FINANCING DOCUMENTS (AS DEFINED) TOGETHERWITH ALL COSTS AND EXPENSES INCURRED BY THE SECURITY TRUSTEE IN RELATION TO THE PROTECTION OF ITS RIGHTS UNDER THE GUARANTEE AND DEBENTURE
Details:	ALL THAT L/H PROPERTY K/A LAND ON THE NORTH WEST SIDE OF THE NEW STAR ROAD LEICESTER T/NO.LT127960 LT228355 AND LT228356 FIXED AND FLOATING CHARGES OVER THE UNDERTAKING AND ALL PROPERTY AND ASSETS PRESENT AND FUTURE INCLUDING GOODWILL BOOKDEBTS UNCALLED CAPITAL BUILDINGS FIXTURES FIXED PLANT AND MACHINERY SEE THE MORTGAGE CHARGE DOCUMENT FOR FULL DETAILS

Creditor Details

	Total Number	Total Value
Trade Creditors	0	-

No Creditor Data

Trade Debtors / Bad Debt Detail

	Total Number of Documented Trade	Total Value of Documented Trade
Trade Debtors	4	£6,911

Company Name	Amount	Statement Date
Ketlon Limited	£4,179	26/11/2009
H L T Logistics Ltd	£1,644	28/01/2014
T E R Instruments Limited	£618	20/06/2011
Coventry Gauge (Manufacturing & Calibration) Ltd	£470	02/12/2010

SHARE & SHARE CAPITAL INFORMATION

Top 20 Shareholders

Name	Currency	Share Count	Share Type	Nominal Value	% of Total Share Count
AMETEK INSTRUMENTS GROUP UK LIMITED	GBP	5,150,000	ORDINARY	1	100

PAYMENT INFORMATION

Trade Payment Information

Average Invoice Value	939.07
Invoices available	28
Paid	26
Outstanding	2

Trade Payment Data is information that we collect from selected third party partners who send us information about their whole sales ledger.

Enquiries Trend

There have been 130 enquiries in the last 12 months.

There are an average of 11 reports taken each month.

Average Invoice Value	£939.07
Invoices available	28
Paid	26
Outstanding	2

Trade Payment Data is information that we collect from selected third party partners who send us information about their whole sales ledger.

	Within Terms	0-30 Days	31-60 Days	61-90 Days	91+ Days
Paid	8	10	5	3	0
Outstanding	1	1	0	0	0

GROUP STRUCTURE & AFFILIATED COMPANIES

Statistics

Summary

Group	30 companies
Linkages	130 companies
Countries	In 9 countries

Holding Company	AMETEK INSTRUMENTS GROUP UK LIMITED
Ownership Status	Wholly Owned
Ultimate Holding Company	AMETEK, INC

Group structure

Other Linked companies

Name	Number	Latest Key Financials	Turnover
AMETEK HOLDINGS SARL	498236272	31.12.2012
AUXITROL SA	391288347	31.10.2013	€67,389,096
CAMECA	403092216	31.12.2012	€55,863,643
AMETEK ITALIA S.R.L.	MI1238720	31.12.2013	€40,511,389
LRE MEDICAL GMBH	HRB 5316	31.10.2012	€25,105,200
AMETEK SAS	622029064	31.12.2012	€33,950,357
HONEYWELL MARINE	444871933	31.12.2013	€9,673,857
AMETEK MATERIAL ANALYSIS HOLDINGS GMBH	HRB 9403	31.12.2012	€2,404,937,814
LEACH INTERNATIONAL EUROPE SA	552107955	31.10.2011	€82,453,092
AMETEK GMBH	HRB 1911	31.12.2012	€39,046,793
CLIFFORD EDWARDS LIMITED	00248393	31.12.2004
CAMECA U.K. LIMITED	02189319	31.12.2012	£99,566
SPECTRO GMBH	HRB 1367	31.12.2007
SPECTRO BIONOVA GMBH	HRB 1968	30.09.2006
SPECTRUMA ANALYTIK-EDV ENTWICKLUNG + SERVICE GMBH	HRB 71021	31.12.2012
AMETEK HOLDINGS B.V.	33240060	31.12.2012
AMETEK B.V.	18058749	31.12.2012
MICRO-POISE MEASUREMENT SYSTEMS-NETHERLANDS B.V.	34270858	31.12.2011
AIRSCREW LIMITED	01146014	31.12.2011
AMETEK HOLDINGS (UK) LIMITED	03319807	31.12.2011

FINANCIAL INFORMATION

Profit & Loss

	Date Of Accounts	31/12/12	(%)	31/12/11	(%)	31/12/10	(%)	31/12/09	(%)	31/12/08
	Weeks	52	(%)	52	(%)	52	(%)	52	(%)	52
	Currency	GBP	(%)	GBP	(%)	GBP	(%)	GBP	(%)	GBP
	Consolidated A/cs	N	(%)	N	(%)	N	(%)	N	(%)	N
	Turnover	£54,113,000	8.5%	£49,876,000	28.5%	£38,806,000	15.9%	£33,475,000	-20.5%	£42,116,000
	Export	-	-	-	-	-	-	-	-	-
	Cost of Sales	£25,987,000	4.7%	£24,828,000	25.1%	£19,849,000	0.7%	£19,702,000	-15.6%	£23,335,000
	Gross Profit	£28,126,000	12.3%	£25,048,000	32.1%	£18,957,000	37.6%	£13,773,000	-26.7%	£18,781,000
	Wages & Salaries	£11,185,000	5.9%	£10,566,000	12.7%	£9,372,000	5.6%	£8,877,000	-26%	£11,995,000
	Directors Emoluments	£481,000	-9.1%	£529,000	1.1%	£523,000	45.7%	£359,000	-52.1%	£749,000
	Operating Profit	£14,652,000	23.4%	£11,871,000	45.8%	£8,142,000	242.4%	£2,378,000	-72.4%	£8,629,000
	Depreciation	£624,000	-2.7%	£641,000	-6.4%	£685,000	-1.6%	£696,000	-16.5%	£834,000
	Audit Fees	£65,000	-9.7%	£72,000	-	£72,000	44%	£50,000	-7.4%	£54,000
	Interest Payments	£9,000	-30.8%	£13,000	-92.9%	£182,000	-36.8%	£288,000	-88.9%	£2,606,000
	Pre Tax Profit	£22,115,000	79.9%	£12,295,000	23.6%	£9,944,000	308.9%	£2,432,000	-75.4%	£9,881,000
	Taxation	-£5,671,000	-999.9%	-£57,000	97.2%	-£2,019,000	-659%	-£266,000	87.7%	-£2,169,000
	Profit After Tax	£16,444,000	34.4%	£12,238,000	54.4%	£7,925,000	265.9%	£2,166,000	-71.9%	£7,712,000
	Dividends Payable	£19,651,000	-	-	-	-	-100%	£1,100,000	-42.8%	£1,924,000
	Retained Profit	-£3,207,000	-126.2%	£12,238,000	54.4%	£7,925,000	643.4%	£1,066,000	-81.6%	£5,788,000

Balance Sheet

	Date Of Accounts	31/12/12	(%)	31/12/11	(%)	31/12/10	(%)	31/12/09	(%)	31/12/08
	Tangible Assets	£30,153,000	-20.8%	£38,053,000	27%	£29,966,000	-1%	£30,257,000	-1.5%	£30,722,000
	Intangible Assets	£3,729,000	-7.5%	£4,031,000	-6.9%	£4,332,000	-2.5%	£4,445,000	-6%	£4,727,000
	Total Fixed Assets	£33,882,000	-19.5%	£42,084,000	22.7%	£34,298,000	-1.2%	£34,702,000	-2.1%	£35,449,000
	Stock	£6,579,000	16.2%	£5,662,000	12.3%	£5,043,000	28.4%	£3,927,000	-40.2%	£6,566,000
	Trade Debtors	£7,286,000	19.2%	£6,112,000	1.7%	£6,009,000	52%	£3,954,000	-33.1%	£5,914,000
	Cash	£2,149,000	-61.3%	£5,555,000	52%	£3,655,000	-0.1%	£3,659,000	22.3%	£2,993,000
	Other Debtors	£14,454,000	191.3%	£4,962,000	21.2%	£4,094,000	9.6%	£3,734,000	-42.6%	£6,509,000
	Miscellaneous Current Assets	0	-	0	-	0	-	0	-	0
	Total Current Assets	£30,468,000	36.7%	£22,291,000	18.6%	£18,801,000	23.1%	£15,274,000	-30.5%	£21,982,000
	Trade Creditors	£5,727,000	7.8%	£5,315,000	6.4%	£4,997,000	43.6%	£3,480,000	-30.8%	£5,032,000
	Bank Loans & Overdrafts	£49,000	-	0	-	0	-	0	-100%	£748,000
	Other Short Term Finance	£15,530,000	850.4%	£1,634,000	-2.3%	£1,673,000	-58.5%	£4,035,000	47.3%	£2,739,000
	Miscellaneous Current Liabilities	£7,348,000	72.3%	£4,265,000	-8.6%	£4,668,000	104.3%	£2,285,000	-50.6%	£4,623,000
	Total Current Liabilities	£28,654,000	155.5%	£11,214,000	-1.1%	£11,338,000	15.7%	£9,800,000	-25.4%	£13,142,000
	Bank Loans & Overdrafts and LTL	£6,190,000	-64.3%	£17,339,000	10.2%	£15,732,000	-38.6%	£25,631,000	-13.7%	£29,688,000
	Other Long Term Finance	0	-100%	£13,997,000	-0.4%	£14,054,000	-31%	£20,356,000	29.5%	£15,722,000
	Total Long Term Liabilities	£6,141,000	-64.6%	£17,339,000	10.2%	£15,732,000	-38.6%	£25,631,000	-11.4%	£28,940,000

Capital & Reserves

	Date Of Accounts	31/12/12	(%)	31/12/11	(%)	31/12/10	(%)	31/12/09	(%)	31/12/08
	Called Up Share Capital	£5,150,000	-	£5,150,000	-	£5,150,000	-	£5,150,000	-	£5,150,000
	P & L Account Reserve	£24,405,000	-20.4%	£30,672,000	46.9%	£20,879,000	122.2%	£9,395,000	-7.9%	£10,199,000
	Revaluation Reserve	-	-	-	-	-	-	-	-	-
	Sundry Reserves	-	-	-	-	-	-	-	-	-
	Shareholder Funds	£29,555,000	-17.5%	£35,822,000	37.6%	£26,029,000	79%	£14,545,000	-5.2%	£15,349,000

Other Financial Items

	Date Of Accounts	31/12/12	(%)	31/12/11	(%)	31/12/10	(%)	31/12/09	(%)	31/12/08
	Net Worth	£25,826,000	-18.8%	£31,791,000	46.5%	£21,697,000	114.8%	£10,100,000	-4.9%	£10,622,000
	Working Capital	£1,814,000	-83.6%	£11,077,000	48.4%	£7,463,000	36.3%	£5,474,000	-38.1%	£8,840,000
	Total Assets	£64,350,000	0%	£64,375,000	21.2%	£53,099,000	6.2%	£49,976,000	-13%	£57,431,000
	Total Liabilities	£34,795,000	21.9%	£28,553,000	5.5%	£27,070,000	-23.6%	£35,431,000	-15.8%	£42,082,000
	Net Assets	£29,555,000	-17.5%	£35,822,000	37.6%	£26,029,000	79%	£14,545,000	-5.2%	£15,349,000

Miscellaneous

	Date Of Accounts	31/12/12	(%)	31/12/11	(%)	31/12/10	(%)	31/12/09	(%)	31/12/08
	Contingent Liability	YES	-	YES	-	YES	-	YES	-	YES
	Capital Employed	£35,696,000	-32.9%	£53,161,000	27.3%	£41,761,000	3.9%	£40,176,000	-9.3%	£44,289,000
	Number of Employees	233	5.9%	220	5.8%	208	-12.2%	237	-13.2%	273
	Auditors	ERNST & YOUNG LLP
	Auditor Comments	The audit report contains no adverse comments
	Bankers	NATIONAL WESTMINSTER BANK PLC
	Bank Branch Code	56-00-55

Ratios

	Date Of Accounts	31/12/12	31/12/11	31/12/10	31/12/09	31/12/08
	Pre-tax profit margin %	40.87	24.65	25.62	7.27	23.46
	Current ratio	1.06	1.99	1.66	1.56	1.67
	Sales/Net Working Capital	29.83	4.50	5.20	6.12	4.76
	Gearing %	20.90	48.40	60.40	176.20	193.40
	Equity in %	48.80	59.40	53.40	31.90	29.10
	Creditor Days	38.52	38.78	46.87	37.84	43.49
	Debtor Days	49.01	44.60	56.36	42.99	51.11
	Liquidity/Acid Test	0.83	1.48	1.21	1.15	1.17
	Return On Capital Employed %	61.95	23.12	23.81	6.05	22.31
	Return On Total Assets Employed %	34.36	19.09	18.72	4.86	17.20
	Current Debt Ratio	0.96	0.31	0.43	0.67	0.85
	Total Debt Ratio	1.17	0.79	1.03	2.43	2.74
	Stock Turnover Ratio %	12.15	11.35	12.99	11.73	15.59
	Return on Net Assets Employed %	74.82	34.32	38.20	16.72	64.37

FOREIGN EXCHANGE RATES

Na

ADDITIONAL INFORMATION

Mortgage Summary

Total Mortgage 2

Outstanding 0

Satisfied 2

Current Company Secretary

Name	Kathryn Ethel Sena	Date of Birth	31/10/1953
Officers Title	Ms	Nationality
Present Appointments	19	Function	Company Secretary
Appointment Date	18/06/2004
Address	24 Henredon Drive, Phoenixville, Pa 19460
Other Actions		View Consumer Report	View Trace Report
Disqualified		Disqualified End Date
Disqualification Exception	No

Name	David Bruce Coley	Date of Birth	08/11/1965
Officers Title	Mr	Nationality	British
Present Appointments	68	Function	Company Secretary
Appointment Date	04/10/2007
Address	65 Lady Byron Lane, Knowle, Solihull, West Midlands, B93 9AX

Status History

No Status History found

Event History

Date	Description
19/08/2013	New Accounts Filed
02/08/2013	Annual Returns
21/08/2012	New Accounts Filed
21/08/2012	New Accounts Filed
31/07/2012	Annual Returns
04/07/2012	Mr J.J. Molinelli has left the board
13/08/2011	New Accounts Filed
13/08/2011	New Accounts Filed
01/08/2011	Annual Returns
02/08/2010	New Accounts Filed
02/08/2010	New Accounts Filed
31/07/2010	Annual Returns
08/09/2009	New Accounts Filed
07/08/2009	Annual Returns
02/02/2009	New Company Secretary Mr D.B. Coley appointed

Previous Company Names

Date	Previous Name
10/09/1996	DUSKFROST LIMITED

NOTES & COMMENTS

Na

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.60.18
UK Pound	1	Rs.102.68
Euro	1	Rs.81.03

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.