MIRA
INFORM REPORT
|
Report Date : |
21.05.2014 |
IDENTIFICATION DETAILS
|
Name : |
VENTURE LIMITED |
|
|
|
|
Registered Office : |
One Prospect West, Chippenham, Wiltshire, Sn14 6fh |
|
|
|
|
Country : |
United Kingdom |
|
|
|
|
Financials (as on) : |
31.03.2013 |
|
|
|
|
Date of Incorporation : |
03.02.1983 |
|
|
|
|
Com. Reg. No.: |
01696917 |
|
|
|
|
Legal Form : |
Private
Limited With Share Capital |
|
|
|
|
Line of Business : |
Other Human Health Activities Research,
Development and Commercialisation of Pharmaceutical Products And
Technologies. |
|
|
|
|
No. of Employees |
177 |
RATING & COMMENTS
|
MIRA’s Rating : |
Ca |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
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 |
|
Status : |
Moderate |
|
Payment Behaviour : |
Slow |
|
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 |
|
Moderately Low Risk |
B1 |
|
Moderate Risk |
B2 |
|
Moderately 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: |
VENTURE
LIMITED |
|||
|
Company No. |
01696917 |
|||
|
Registered
Address |
ONE PROSPECT
WEST CHIPPENHAM WILTSHIRE SN14 6FH |
Trading
Address |
University Of
Bath Claverton Down Castle Cary Somerset BA7 7AY |
|
|
Website
Address |
|
Telephone
Number |
||
|
01249667700 |
Fax Number |
|
TPS |
|
|
No |
FPS |
No |
Incorporate
Date |
|
|
03/02/1983 |
|
|
Previous Name |
|
|
COORDINATED
DRUG DEVELOPMENT LIMITED |
Private limited with Share Capital |
|
||
|
|
FTSE INDEX |
- |
Date of Change |
|
|
13/07/2004 |
Filing Date of
Accounts |
21/11/2013 |
Currency |
|
|
GBP |
Share Capital |
£4,200 |
SIC07 |
|
|
86900 |
|
|
SIC07
Description |
|
|
|
|
|
Principal
Activity |
|
|
OTHER HUMAN
HEALTH ACTIVITIES |
||||
|
Research,
development and commercialisation of pharmaceutical products and
technologies. |
||||
DIRECTORS/MANAGEMENT
Current Directors
|
Name |
Date of Birth |
10/12/1961 |
|
|
Officers Title |
Dr |
Nationality |
British |
|
Present
Appointments |
18 |
Function |
Director |
|
Appointment
Date |
09/06/2004 |
|
|
|
Address |
One Prospect
West, Chippenham, Wiltshire, SN14 6FH |
||
|
Other Actions |
|
||
|
Name |
Date of Birth |
01/05/1961 |
|
|
Officers Title |
Dr |
Nationality |
British |
|
Present
Appointments |
3 |
Function |
Director |
|
Appointment
Date |
01/09/2012 |
|
|
|
Address |
One Prospect
West, Chippenham, Wiltshire, SN14 6FH |
||
|
Other Actions |
|
||
|
Name |
Date of Birth |
25/03/1978 |
|
|
Officers Title |
Mr |
Nationality |
British |
|
Present
Appointments |
18 |
Function |
Director |
|
Appointment
Date |
01/07/2013 |
|
|
|
Address |
One Prospect
West, Chippenham, Wiltshire, SN14 6FH |
||
|
Other Actions |
|
||
NEGATIVE INFORMATION
CCJ
|
Total Number
of Exact CCJs - |
Total Value of
Exact CCJs - |
||
|
Total Number
of Possible CCJs - |
Total Value of
Possible CCJs - |
||
|
Total Number
of Satisfied CCJs - |
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 |
% of Total
Share Count |
|
VECTURA GROUP
INVESTMENTS LTD |
GBP |
4,200 |
ORDINARY |
1 |
100 |
PAYMENT INFORMATION
Payment Trend
Stable
Within terms
Within terms 91+ Days
GROUP STRUCTURE & AFFILIATED COMPANIES
Statistics
|
Group |
17 companies |
|
Linkages |
|
|
Countries |
Summary
|
Holding
Company |
VECTURA GROUP
INVESTMENTS LIMITED |
|
Ownership
Status |
Wholly Owned |
|
Ultimate
Holding Company |
VECTURA GROUP
PLC |
FINANCIAL INFORMATION
Profit & Loss
|
|
Date Of
Accounts |
31/03/13 |
(%) |
31/03/12 |
(%) |
31/03/11 |
(%) |
31/03/10 |
(%) |
31/03/09 |
|
|
Weeks |
52 |
(%) |
52 |
(%) |
52 |
(%) |
52 |
(%) |
52 |
|
|
Currency |
GBP |
(%) |
GBP |
(%) |
GBP |
(%) |
GBP |
(%) |
GBP |
|
|
Consolidated
A/cs |
N |
(%) |
N |
(%) |
N |
(%) |
N |
(%) |
N |
|
|
Turnover |
£16,448,000 |
29.9% |
£12,666,000 |
-26.6% |
£17,249,000 |
24.1% |
£13,900,000 |
202.2% |
£4,600,000 |
|
|
Export |
£12,068,000 |
64.7% |
£7,329,000 |
- |
- |
- |
- |
- |
- |
|
|
Cost of Sales |
£435,000 |
-59.3% |
£1,068,000 |
-18.8% |
£1,316,000 |
-6% |
£1,400,000 |
-17.6% |
£1,700,000 |
|
|
Gross Profit |
£16,013,000 |
38.1% |
£11,598,000 |
-27.2% |
£15,933,000 |
27.5% |
£12,500,000 |
331% |
£2,900,000 |
|
|
Wages &
Salaries |
£9,951,000 |
9.3% |
£9,105,000 |
-3.5% |
£9,432,000 |
19.4% |
£7,900,000 |
5.3% |
£7,500,000 |
|
|
Directors
Emoluments |
£1,523,000 |
31.4% |
£1,159,000 |
1.4% |
£1,143,000 |
3.9% |
£1,100,000 |
- |
£1,100,000 |
|
|
Operating
Profit |
-£12,372,000 |
23.3% |
-£16,125,000 |
-8.6% |
-£14,849,000 |
-35% |
-£11,000,000 |
39.2% |
-£18,100,000 |
|
|
Depreciation |
£930,000 |
-14.4% |
£1,087,000 |
-0.5% |
£1,093,000 |
21.4% |
£900,000 |
- |
£900,000 |
|
|
Audit Fees |
£35,000 |
- |
£35,000 |
- |
£35,000 |
- |
- |
-100% |
£40,000 |
|
|
Interest
Payments |
- |
- |
- |
- |
- |
- |
- |
- |
- |
|
|
Pre Tax Profit |
-£11,031,000 |
27.9% |
-£15,308,000 |
-3.1% |
-£14,848,000 |
-63.2% |
-£9,100,000 |
34.5% |
-£13,900,000 |
|
|
Taxation |
£3,395,000 |
-26.9% |
£4,646,000 |
81.3% |
£2,562,000 |
-41.8% |
£4,400,000 |
83.3% |
£2,400,000 |
|
|
Profit After
Tax |
-£7,636,000 |
28.4% |
-£10,662,000 |
13.2% |
-£12,286,000 |
-161.4% |
-£4,700,000 |
59.1% |
-£11,500,000 |
|
|
Dividends
Payable |
- |
- |
- |
- |
- |
- |
- |
- |
- |
|
|
Retained
Profit |
-£7,636,000 |
28.4% |
-£10,662,000 |
13.2% |
-£12,286,000 |
-161.4% |
-£4,700,000 |
59.1% |
-£11,500,000 |
Balance Sheet
|
|
Date Of
Accounts |
31/03/13 |
(%) |
31/03/12 |
(%) |
31/03/11 |
(%) |
31/03/10 |
(%) |
31/03/09 |
|
|
Tangible
Assets |
£9,321,000 |
48.3% |
£6,286,000 |
104.8% |
£3,070,000 |
9.6% |
£2,800,000 |
-6.7% |
£3,000,000 |
|
|
Intangible
Assets |
0 |
- |
0 |
- |
0 |
- |
0 |
- |
0 |
|
|
Total Fixed
Assets |
£9,321,000 |
48.3% |
£6,286,000 |
104.8% |
£3,070,000 |
9.6% |
£2,800,000 |
-6.7% |
£3,000,000 |
|
|
Stock |
0 |
- |
0 |
- |
0 |
- |
0 |
- |
0 |
|
|
Trade Debtors |
£122,000 |
-84.1% |
£768,000 |
-60.7% |
£1,952,000 |
14.8% |
£1,700,000 |
70% |
£1,000,000 |
|
|
Cash |
£70,091,000 |
-7.2% |
£75,528,000 |
1.5% |
£74,408,000 |
16.1% |
£64,100,000 |
-12.6% |
£73,300,000 |
|
|
Other Debtors |
£34,889,000 |
7.4% |
£32,486,000 |
20.3% |
£27,009,000 |
-6.2% |
£28,800,000 |
380% |
£6,000,000 |
|
|
Miscellaneous
Current Assets |
0 |
- |
0 |
- |
0 |
- |
0 |
- |
0 |
|
|
Total Current
Assets |
£105,102,000 |
-3.4% |
£108,782,000 |
5.2% |
£103,369,000 |
9.3% |
£94,600,000 |
17.8% |
£80,300,000 |
|
|
Trade
Creditors |
£3,149,000 |
53.7% |
£2,049,000 |
22.7% |
£1,670,000 |
-35.8% |
£2,600,000 |
- |
£2,600,000 |
|
|
Bank Loans
& Overdrafts |
0 |
- |
0 |
- |
0 |
- |
0 |
- |
0 |
|
|
Other Short
Term Finance |
£144,481,000 |
10.5% |
£130,782,000 |
12.6% |
£116,178,000 |
15.8% |
£100,300,000 |
17.2% |
£85,600,000 |
|
|
Miscellaneous
Current Liabilities |
£12,039,000 |
-39.2% |
£19,814,000 |
17.9% |
£16,807,000 |
60.1% |
£10,500,000 |
64.1% |
£6,400,000 |
|
|
Total Current
Liabilities |
£159,669,000 |
4.6% |
£152,645,000 |
13.4% |
£134,655,000 |
18.7% |
£113,400,000 |
19.9% |
£94,600,000 |
|
|
Bank Loans
& Overdrafts and LTL |
£1,268,000 |
-2.5% |
£1,301,000 |
- |
0 |
- |
0 |
- |
0 |
|
|
Other Long
Term Finance |
0 |
- |
0 |
- |
0 |
- |
0 |
- |
0 |
|
|
Total Long Term
Liabilities |
£1,268,000 |
-2.5% |
£1,301,000 |
- |
0 |
- |
0 |
- |
0 |
Capital & Reserves
|
|
Date Of
Accounts |
31/03/13 |
(%) |
31/03/12 |
(%) |
31/03/11 |
(%) |
31/03/10 |
(%) |
31/03/09 |
|
|
Called Up
Share Capital |
£4,000 |
- |
£4,000 |
- |
£4,000 |
- |
- |
- |
- |
|
|
P & L
Account Reserve |
-£46,519,000 |
-19.6% |
-£38,883,000 |
-37.8% |
-£28,221,000 |
-76.4% |
-£16,000,000 |
-41.6% |
-£11,300,000 |
|
|
Revaluation
Reserve |
- |
- |
- |
- |
- |
- |
- |
- |
- |
|
|
Sundry
Reserves |
£1,000 |
- |
£1,000 |
- |
£1,000 |
- |
- |
- |
- |
|
|
Shareholder
Funds |
-£46,514,000 |
-19.6% |
-£38,878,000 |
-37.8% |
-£28,216,000 |
-76.4% |
-£16,000,000 |
-41.6% |
-£11,300,000 |
Other Financial Items
|
|
Date Of
Accounts |
31/03/13 |
(%) |
31/03/12 |
(%) |
31/03/11 |
(%) |
31/03/10 |
(%) |
31/03/09 |
|
|
Net Worth |
-£46,514,000 |
-19.6% |
-£38,878,000 |
-37.8% |
-£28,216,000 |
-76.4% |
-£16,000,000 |
-41.6% |
-£11,300,000 |
|
|
Working
Capital |
-£54,567,000 |
-24.4% |
-£43,863,000 |
-40.2% |
-£31,286,000 |
-66.4% |
-£18,800,000 |
-31.5% |
-£14,300,000 |
|
|
Total Assets |
£114,423,000 |
-0.6% |
£115,068,000 |
8.1% |
£106,439,000 |
9.3% |
£97,400,000 |
16.9% |
£83,300,000 |
|
|
Total
Liabilities |
£160,937,000 |
4.5% |
£153,946,000 |
14.3% |
£134,655,000 |
18.7% |
£113,400,000 |
19.9% |
£94,600,000 |
|
|
Net Assets |
-£46,514,000 |
-19.6% |
-£38,878,000 |
-37.8% |
-£28,216,000 |
-76.4% |
-£16,000,000 |
-41.6% |
-£11,300,000 |
Cash Flow
|
|
Date Of
Accounts |
31/03/13 |
(%) |
31/03/12 |
(%) |
31/03/11 |
(%) |
31/03/10 |
(%) |
31/03/09 |
|
|
Net Cashflow
from Operations |
-£1,970,000 |
-144.4% |
£4,439,000 |
-59.6% |
£10,975,000 |
220.6% |
-£9,100,000 |
-112.7% |
£71,400,000 |
|
|
Net Cashflow
before Financing |
-£5,437,000 |
-585.4% |
£1,120,000 |
-89.1% |
£10,308,000 |
212% |
-£9,200,000 |
-112.6% |
£73,300,000 |
|
|
Net Cashflow
from Financing |
- |
- |
- |
- |
- |
- |
- |
- |
- |
|
|
Increase in
Cash |
-£5,437,000 |
-585.4% |
£1,120,000 |
-89.1% |
£10,308,000 |
212% |
-£9,200,000 |
-112.6% |
£73,300,000 |
Miscellaneous
|
|
Date Of
Accounts |
31/03/13 |
(%) |
31/03/12 |
(%) |
31/03/11 |
(%) |
31/03/10 |
(%) |
31/03/09 |
|
|
Contingent
Liability |
NO |
- |
NO |
- |
NO |
- |
NO |
- |
NO |
|
|
Capital
Employed |
-£45,246,000 |
-20.4% |
-£37,577,000 |
-33.2% |
-£28,216,000 |
-76.4% |
-£16,000,000 |
-41.6% |
-£11,300,000 |
Ratios
|
|
Date Of
Accounts |
31/03/13 |
31/03/12 |
31/03/11 |
31/03/10 |
31/03/09 |
|
|
Pre-tax profit
margin % |
-67.07 |
-120.86 |
-86.08 |
-65.47 |
-302.17 |
|
|
Current ratio |
0.66 |
0.71 |
0.77 |
0.83 |
0.85 |
|
|
Sales/Net Working
Capital |
-0.30 |
-0.29 |
-0.55 |
-0.74 |
-0.32 |
|
|
Gearing % |
-2.70 |
-3.30 |
0 |
0 |
0 |
|
|
Equity in % |
-40.70 |
-33.80 |
-26.50 |
-16.40 |
-13.60 |
|
|
Creditor Days |
69.68 |
58.88 |
35.24 |
68.08 |
205.73 |
|
|
Debtor Days |
2.69 |
22.07 |
41.19 |
44.51 |
79.13 |
|
|
Liquidity/Acid
Test |
0.65 |
0.71 |
0.76 |
0.83 |
0.84 |
|
|
Return On Capital
Employed % |
24.38 |
40.73 |
52.62 |
56.87 |
123 |
|
|
Return On
Total Assets Employed % |
-9.64 |
-13.30 |
-13.94 |
-9.34 |
-16.68 |
|
|
Current Debt
Ratio |
-3.43 |
-3.92 |
-4.77 |
-7.08 |
-8.37 |
|
|
Total Debt
Ratio |
-3.45 |
-3.95 |
-4.77 |
-7.08 |
-8.37 |
|
|
Stock Turnover
Ratio % |
- |
- |
- |
- |
- |
|
|
Return on Net
Assets Employed % |
23.71 |
39.37 |
52.62 |
56.87 |
123 |
FOREIGN EXCHANGE RATES
N/a
ADDITIONAL INFORMATION
Current Company Secretary
|
Name |
Date of Birth |
- |
|
|
Officers Title |
Mr |
Nationality |
British |
|
Present
Appointments |
2 |
Function |
Company
Secretary |
|
Appointment
Date |
19/07/2000 |
|
|
|
Address |
One Prospect
West, Chippenham, Wiltshire, SN14 6FH |
||
|
|
Number of
Employees |
177 |
12% |
158 |
-1.9% |
161 |
13.4% |
142 |
14.5% |
124 |
|
|
Auditors |
DELOITTE LLP |
||||||||
|
|
Auditor
Comments |
The audit
report contains no adverse comments |
||||||||
|
|
Bankers |
BARCLAYS BANK
PLC |
||||||||
|
|
Bank Branch
Code |
20-17-35 |
||||||||
Status History
|
No Status
History found |
Event History
|
Date |
Description |
|
|
28/11/2013 |
New Accounts
Filed |
|
|
28/11/2013 |
New Accounts
Filed |
|
|
02/09/2013 |
Annual Returns |
|
|
12/07/2013 |
Ms A.P. Hyland
has left the board |
|
|
12/07/2013 |
New Board
Member Mr P. Oliver appointed |
|
|
08/01/2013 |
Annual Returns |
|
|
08/01/2013 |
Annual Returns |
|
|
21/12/2012 |
New Accounts
Filed |
|
|
21/12/2012 |
New Accounts
Filed |
|
|
25/09/2012 |
New Board
Member Dr T.M. Phillips appointed |
|
|
09/01/2012 |
Annual Returns |
|
|
24/11/2011 |
New Accounts
Filed |
|
|
24/11/2011 |
New Accounts
Filed |
|
|
08/01/2011 |
Annual Returns |
|
|
04/01/2011 |
New Accounts
Filed |
Previous Company Names
|
Date |
Previous Name |
Companies
House Documents |
|
13/07/2004 |
COORDINATED
DRUG DEVELOPMENT LIMITED |
NOTES & COMMENTS
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 29.9% on the previous trading period. |
|
|
Net Worth
decreased by 19.6% during the latest trading period. |
|
|
A 0.6%
decline in Total Assets occurred during the latest trading period. |
|
|
Pre-tax profits increased by 27.9% compared
to the previous trading period. |
|
|
The company
saw a decrease in their Cash Balance of 7.2% 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 30 years ago. |
|
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.58.74 |
|
|
1 |
Rs.98.77 |
|
Euro |
1 |
Rs.80.52 |
INFORMATION DETAILS
|
Analysis Done by
: |
KAR |
|
|
|
|
Report Prepared
by : |
PDT |
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%)
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.