MIRA INFORM REPORT

Report Date :

26.07.2014

IDENTIFICATION DETAILS

Name :	SNELL LIMITED

Formerly Known As :	SNELL & WILCOX LIMITED

Registered Office :	31 Turnpike Road Newbury Berkshire Rg14 2NX

Country :	United Kingdom

Financials (as on) :	29.12.2012

Date of Incorporation :	13.02.1974

Com. Reg. No.:	01160119

Legal Form :	Private limited with Share Capital

Line of Business :	Design, development and distribution of equipment and systems to customers requiring high quality video processing in both stream and file based markets.

No of Employees :	368

RATING & COMMENTS

MIRA’s Rating :

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

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

REGISTERED NAME & COMPANY SUMMARY

· Company Name:

· SNELL LIMITED

· Company No:

· 01160119

· Company Status:

· Active - Accounts Filed

· Registered Address:

· 31 TURNPIKE ROAD NEWBURY BERKSHIRE RG14 2NX

· Your Login:

· 100897869

· Your User ID:

· R1CH4RD

· Date / Time:

· 8:55 Thursday, 24 July 2014

local contact

Southleigh Park House Eastleigh Road Havant, UK PO9 2PE, United Kingdom

DIRECTORS/MANAGEMENT

Total Current Directors	3
Total Current Secretaries	0
Total Previous Directors / Company Secretaries	31

Current Directors

Name	Ian Graham Cooper	Date of Birth	10/08/1955
Officers Title	Mr	Nationality	British
Present Appointments	27	Function	Director
Appointment Date	11/03/2014
Address	Westholme Barn Bunces Lane, Collins End, RG8 7RH
Disqualified		Disqualified End Date
Disqualification Exception	No

Name	Ray John Cross	Date of Birth	21/09/1951
Officers Title	Mr	Nationality	British
Present Appointments	19	Function	Director
Appointment Date	11/03/2014
Address	Deerhaven, Wormsley, Hereford, HR4 8LU
Disqualified		Disqualified End Date
Disqualification Exception	No

Name	Martin Mulligan	Date of Birth	27/10/1962
Officers Title	Mr	Nationality	British
Present Appointments	21	Function	Director
Appointment Date	11/03/2014
Address	3 Wadham Close, Southrop, Lechlade, GL7 3NR
Disqualified		Disqualified End Date
Disqualification Exception	No

Current Company Secretary

NEGATIVE INFORMATION

Mortgage Summary

· Total Mortgage

· 17

· Outstanding

· 1

· Satisfied

· 16

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

SHARE & SHARE CAPITAL INFORMATION

Top 20 Shareholders

Name	Currency	Share Count	Share Type	Nominal Value
SNELL CORPORATION LTD	GBP	503,270,661	ORDINARY	0.01

Unable to report percentage holdings as filed Shareholder listing is not full.

PAYMENT INFORMATION

Trade Debtors / Bad Debt Summary

· Total Number of Documented Trade

· 0

· Total Value of Documented Trade

· £0

Trade Payment Information

Average Invoice Value	1488.17
Invoices available	104
Paid	102
Outstanding	2

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

GROUP STRUCTURE & AFFILIATED COMPANIES

Statistics

Group	14 companies
Linkages	1 companies
Countries	In 1 countries

Summary

Holding Company	SNELL CORPORATION LIMITED
Ownership Status	Wholly Owned
Ultimate Holding Company	SNELL CORPORATION LIMITED

Group structure

Company Name	Registered Number	Latest Key Financials	Consol. Accounts	Rating	Limit	Turnover
SNELL CORPORATION LIMITED	06592512	29.12.2012	Y	66	£60,000	£71,450,000
SNELL LIMITED	01160119	29.12.2012	N	96	£650,000	£66,145,000
ELECTROCRAFT LABORAT...	00656632	29.12.2012	N	N/R	-
CEL ELECTRONICS LIMITED	01342394	29.12.2012	N	N/R	-
ACRON LIMITED	02587656	29.12.2012	N	N/R	-
PSP DIGITAL LIMITED	03156669	29.12.2012	N	N/R	-
SNELL & WILCOX TRUST...	03807935	29.12.2012	N	N/R	-
POST IMPRESSIONS (SY...	03489629	29.12.2012	N	N/R	-
PRO-BEL HOLDINGS LIMITED	04808255	29.12.2012	N	84	£1,000
PRO-BEL GROUP LIMITED	01316843	29.12.2012	N	N/R	-
PRO-BEL DEVELOPMEN...	01895288	29.12.2012	N	N/R	-
PRO-BEL LIMITED	03487653	29.12.2012	N	95	£570,000
BROADCAST INVESTMENT...	03328124	29.12.2012	N	N/R	-
VISTEK ELECTRONICS...	03561900	29.12.2012	N	N/R	-

FINANCIAL INFORMATION

Profit & Loss

Date Of Accounts	29/12/12	(%)	31/12/11	(%)	31/12/10	(%)	31/12/09	(%)	31/12/08
Weeks	52	(%)	52	(%)	52	(%)	52	(%)	39
Currency	GBP	(%)	GBP	(%)	GBP	(%)	GBP	(%)	GBP
Consolidated A/cs	N	(%)	N	(%)	N	(%)	N	(%)	N
Turnover	£66,145,000	4.3%	£63,422,000	7.2%	£59,136,000	52.7%	£38,739,000	16.7%	£33,182,000
Export	-	-	-	-	-	-	-	-	-
Cost of Sales	£33,733,000	4%	£32,433,000	13.3%	£28,629,000	37.6%	£20,810,000	40.9%	£14,774,000
Gross Profit	£32,412,000	4.6%	£30,989,000	1.6%	£30,507,000	70.2%	£17,929,000	-2.6%	£18,408,000
Wages & Salaries	£18,428,000	1%	£18,244,000	20.9%	£15,090,000	34.9%	£11,190,000	55.1%	£7,216,000
Directors Emoluments	-	-	-	-	-	-100%	£75,000	-84.8%	£495,000
Operating Profit	£5,505,000	65%	£3,337,000	-52.5%	£7,032,000	243.3%	-£4,908,000	-162.6%	£7,841,000
Depreciation	£939,000	10.1%	£853,000	11.2%	£767,000	10.5%	£694,000	15.7%	£600,000
Audit Fees	£40,000	-20%	£50,000	-28.6%	£70,000	1.4%	£69,000	16.9%	£59,000
Interest Payments	£38,000	-62%	£100,000	-39.8%	£166,000	-45.9%	£307,000	-77%	£1,337,000
Pre Tax Profit	£5,610,000	70.8%	£3,285,000	-52.2%	£6,866,000	231.7%	-£5,215,000	-180.2%	£6,504,000
Taxation	£165,000	-78.1%	£752,000	5%	£716,000	-92%	£8,900,000	-	-
Profit After Tax	£5,775,000	43.1%	£4,037,000	-46.8%	£7,582,000	105.8%	£3,685,000	-43.3%	£6,504,000
Dividends Payable	-	-	-	-	-	-	-	-	-
Retained Profit	£5,775,000	43.1%	£4,037,000	-46.8%	£7,582,000	105.8%	£3,685,000	-43.3%	£6,504,000

Balance Sheet

Date Of Accounts	29/12/12	(%)	31/12/11	(%)	31/12/10	(%)	31/12/09	(%)	31/12/08
Tangible Assets	£6,256,000	10.6%	£5,655,000	10.6%	£5,111,000	10.7%	£4,615,000	157%	£1,796,000
Intangible Assets	£50,000	56.3%	£32,000	-60%	£80,000	-	0	-	0
Total Fixed Assets	£6,306,000	10.9%	£5,687,000	9.6%	£5,191,000	12.5%	£4,615,000	157%	£1,796,000
Stock	£9,136,000	19.9%	£7,617,000	-6%	£8,104,000	8.8%	£7,447,000	78.2%	£4,180,000
Trade Debtors	£5,975,000	-3.1%	£6,164,000	25%	£4,933,000	16%	£4,251,000	65.7%	£2,566,000
Cash	£8,111,000	8%	£7,507,000	-9.9%	£8,332,000	173.8%	£3,043,000	184.9%	£1,068,000
Other Debtors	£12,138,000	205%	£3,980,000	-21.7%	£5,086,000	10.6%	£4,597,000	-26.2%	£6,226,000
Miscellaneous Current Assets	£10,532,000	1.6%	£10,368,000	7.8%	£9,616,000	8%	£8,900,000	-	0
Total Current Assets	£45,892,000	28.8%	£35,636,000	-1.2%	£36,071,000	27.7%	£28,238,000	101.1%	£14,040,000
Trade Creditors	£8,912,000	10.2%	£8,087,000	-7.5%	£8,739,000	58.5%	£5,515,000	41.4%	£3,901,000
Bank Loans & Overdrafts	0	-	0	-100%	£631,000	-60.3%	£1,591,000	-50.9%	£3,239,000
Other Short Term Finance	£13,987,000	-2.2%	£14,307,000	-16.6%	£17,147,000	-2.5%	£17,588,000	113.3%	£8,246,000
Miscellaneous Current Liabilities	£8,214,000	109.9%	£3,914,000	9.4%	£3,577,000	-15.6%	£4,239,000	2.4%	£4,138,000
Total Current Liabilities	£31,113,000	18.3%	£26,308,000	-12.6%	£30,094,000	4%	£28,933,000	48.2%	£19,524,000
Bank Loans & Overdrafts and LTL	£1,226,000	31.7%	£931,000	-46.9%	£1,752,000	-42.5%	£3,046,000	-47.2%	£5,769,000
Other Long Term Finance	£28,000	-	0	-	0	-	0	-	0
Total Long Term Liabilities	£1,226,000	31.7%	£931,000	-16.9%	£1,121,000	-23%	£1,455,000	-42.5%	£2,530,000

Capital & Reserves

Date Of Accounts	29/12/12	(%)	31/12/11	(%)	31/12/10	(%)	31/12/09	(%)	31/12/08
Called Up Share Capital	£5,033,000	-	£5,033,000	-	£5,033,000	-	£5,033,000	999.9%	£33,000
P & L Account Reserve	-£66,071,000	8%	-£71,846,000	5.3%	-£75,883,000	9.1%	-£83,465,000	4.2%	-£87,148,000
Revaluation Reserve	£99,000	-	£99,000	-	£99,000	-	£99,000	-	£99,000
Sundry Reserves	£80,798,000	-	£80,798,000	-	£80,798,000	-	£80,798,000	-	£80,798,000
Shareholder Funds	£19,859,000	41%	£14,084,000	40.2%	£10,047,000	307.6%	£2,465,000	139.6%	-£6,218,000

Other Financial Items

Date Of Accounts	29/12/12	(%)	31/12/11	(%)	31/12/10	(%)	31/12/09	(%)	31/12/08
Net Worth	£19,809,000	41%	£14,052,000	41%	£9,967,000	304.3%	£2,465,000	139.6%	-£6,218,000
Working Capital	£14,779,000	58.4%	£9,328,000	56.1%	£5,977,000	960%	-£695,000	87.3%	-£5,484,000
Total Assets	£52,198,000	26.3%	£41,323,000	0.1%	£41,262,000	25.6%	£32,853,000	107.5%	£15,836,000
Total Liabilities	£32,339,000	18.7%	£27,239,000	-12.7%	£31,215,000	2.7%	£30,388,000	37.8%	£22,054,000
Net Assets	£19,859,000	41%	£14,084,000	40.2%	£10,047,000	307.6%	£2,465,000	139.6%	-£6,218,000

Cash Flow

Date Of Accounts	29/12/12	(%)	31/12/11	(%)	31/12/10	(%)	31/12/09	(%)	31/12/08
Net Cashflow from Operations	-	-	-	-	-	-	-	-	-
Net Cashflow before Financing	-	-	-	-	-	-	-	-	-
Net Cashflow from Financing	-	-	-	-	-	-	-	-	-
Increase in Cash	-	-	-	-	-	-	-	-	-

Miscellaneous

Date Of Accounts	29/12/12	(%)	31/12/11	(%)	31/12/10	(%)	31/12/09	(%)	31/12/08
Contingent Liability	YES	-	YES	-	YES	-	YES	-	NO
Capital Employed	£21,085,000	40.4%	£15,015,000	34.4%	£11,168,000	184.9%	£3,920,000	206.3%	-£3,688,000
Number of Employees	368	-4.2%	384	12.9%	340	3.7%	328	67.3%	196
Auditors	ERNST & YOUNG LLP
Auditor Comments	The audit report contains no adverse comments
Bankers	TRUSTEE SAVINGS BANK
Bank Branch Code

Ratios

Date Of Accounts	29/12/12	31/12/11	31/12/10	31/12/09	31/12/08
Pre-tax profit margin %	8.48	5.18	11.61	-13.46	19.60
Current ratio	1.48	1.35	1.20	0.98	0.72
Sales/Net Working Capital	4.48	6.80	9.89	-55.74	-6.05
Gearing %	6.20	6.60	17.40	123.60	-92.80
Equity in %	38.10	34.10	24.40	7.50	-39.30
Creditor Days	49.04	46.41	53.79	51.82	32.09
Debtor Days	32.88	35.37	30.36	39.94	21.11
Liquidity/Acid Test	1.18	1.06	0.92	0.71	0.50
Return On Capital Employed %	26.60	21.87	61.47	-133.03	-176.35
Return On Total Assets Employed %	10.74	7.94	16.64	-15.87	41.07
Current Debt Ratio	1.56	1.86	2.99	11.73	-3.13
Total Debt Ratio	1.62	1.93	3.10	12.32	-3.54
Stock Turnover Ratio %	13.81	12.01	13.70	19.22	12.59
Return on Net Assets Employed %	28.24	23.32	68.33	-211.56	-104.59

FOREIGN EXCHANGE RATES

ADDITIONAL INFORMATION

Commentary

No exact match CCJs are recorded against the company.

Sales in the latest trading period increased 4.3% on the previous trading period.

Net Worth increased by 41% during the latest trading period.

A 26.3% growth in Total Assets occurred during the latest trading period.
Pre-tax profits increased by 70.8% compared to the previous trading period.
The company saw an increase in their Cash Balance of 8% 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 has changed its registered address recently.
The company was established over 40 years ago.

Enquiries Trend

There have been 263 enquiries in the last 12 months.

There are an average of 22 reports taken each month.

	3 MONTHS	6 MONTHS	9 MONTHS
Enquiries	80	158	209

Status History

No Status History found

Event History

Date	Description
13/06/2014	Mr P.G. Fredericks has left the board
14/05/2014	Change in Reg. Office
14/05/2014	Change of Company Postcode
07/04/2014	New Board Member Mr M. Mulligan appointed
21/03/2014	Mr S.J. Derry has left the board
21/03/2014	Mr G.M. Pitman has left the board
21/03/2014	New Board Member R. Cross appointed
21/03/2014	New Board Member Mr I. Cooper appointed
30/10/2013	Annual Returns
23/04/2013	New Accounts Filed
23/04/2013	New Accounts Filed
13/10/2012	Annual Returns
23/06/2012	New Accounts Filed
23/06/2012	New Accounts Filed
01/11/2011	Annual Returns

Previous Company Names

Date	Previous Name
07/08/2009	SNELL & WILCOX LIMITED
21/10/1988	SNELL AND WILCOX ELECTRONIC CONSULTANTS LIMITED

NOTES & COMMENTS

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs. 60.14
UK Pound	1	Rs. 102.21
Euro	1	Rs. 81.01

INFORMATION DETAILS

Analysis Done by :	RSM

Report Prepared by :	DPT

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.