MIRA INFORM REPORT

Report No. :	491756
Report Date :	12.02.2018

IDENTIFICATION DETAILS

Name :	TELEDYNE E2V (UK) LIMITED
Formerly Known As :	E2V TECHNOLOGIES (UK) LIMITED
Registered Office :	106 Waterhouse Lane, Chelmsford, Essex Cm1 2QU
Country :	United Kingdom
Financials (as on) :	31.03.2017
Date of Incorporation :	28.03.1947
Com. Reg. No.:	00432014
Legal Form :	Private Limited with Shares Capital
Line of Business :	· Manufacturer of Electronic Comments. · The Design and Supply of Specialist Components and Sub Systems.
No. of Employees :	991

RATING & COMMENTS

(Mira Inform has adopted New Rating mechanism w.e.f. 23^rd January 2017)

MIRA’s Rating :

A

Credit Rating	Explanation	Rating Comments
A	Acceptable Risk	Business dealings permissible with moderate risk of default

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

Country Name	Previous Rating (30.06.2017)	Current Rating (30.09.2017)
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. 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; the UK has been a net importer of energy since 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.

In 2008, 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 the UK’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. Facing burgeoning public deficits and debt levels, in 2010 the then CAMERON-led coalition government (between Conservatives and Liberal Democrats) initiated an austerity program, which has continued under the Conservative government. However, the deficit still remains one of the highest in the G7, standing at 3.6% of GDP as of 2017, and the UK has pledged to lower its corporation tax from 20% to 17% by 2020. The UK had a debt burden of 90.4% GDP at the end of 2017.

The UK’s economy has begun to slow since the referendum vote to leave the EU in June 2016. A sustained depreciation of the British pound has increased consumer and producer prices, weighing on consumer spending without spurring a meaningful increase in exports. The UK has an extensive trade relationship with other EU members through its single market membership and economic observers have warned the exit will jeopardize its position as the central location for European financial services. Prime Minister MAY is seeking a new “deep and special” trade relationship with the EU following the UK’s exit. However, economists doubt that the UK will be able to preserve the benefits of EU membership without the obligations.

Source : CIA

Company summary

Company Name: TELEDYNE E2V (UK) LIMITED

Company No: 00432014

Company Status: Active - Accounts Filed

Registered Address: 106 WATERHOUSE LANECHELMSFORDESSEXCM1 2QU

Company Summary

Registered Address 106 WATERHOUSE LANE, CHELMSFORD, ESSEX CM1 2QU

Trading Address 106 Waterhouse Lane, Chelmsford, Essex, CM1 2QU

Website Address http://www.e2v.com

Telephone Number 01245493493

Fax Number --

TPS No

FPS Yes

Incorporation Date 28/03/1947

Previous Name E2V TECHNOLOGIES (UK) LIMITED

Type Private limited with Share Capital

FTSE Index -

Date of Change 29/03/2017

Filing Date of Accounts 22/12/2017

Currency GBP

Share Capital £3,000,000

SIC07 26110

Charity Number -

SIC07 Description MANUFACTURE OF ELECTRONIC COMPONENTS

Principal Activity The design and supply of specialist components and sub systems.

Additional Information

CCJ's 0 (£0)

No CCJ Information To Display

Ultimate Holding Company TELEDYNE TECHNOLOGIES INCORPORATED

Accountant -

Mortgages 6

Group 23 companies

Linkages 135 companies

Countries In 26 countries

Key Financials

Year to Date Turnover Pre Tax Profit Shareholder's Funds Employees

31/03/2017 £117,357,000 £5,457,000 £59,023,000 991

31/03/2016 £130,231,000 £19,207,000 £55,107,000 1041

31/03/2015 £124,374,000 £16,389,000 £37,360,000 1048

Mortgage Summary

Total Mortgage 6

Outstanding 1

Satisfied 5

Trade Debtors / Bad Debt Summary

Total Number of Documented Trade 0

Total Value of Documented Trade £0

Acquisitions Details

Date	09/10/2015
Acquiring Company	Avon Rubber PLC (00032965)
Acquired Company	e2v technologies (UK) Limited (00432014)
Consideration Part 1	£3.5million
Consideration Part 2	-
Contact Details	Sarah Matthews-DeMers, Associate Group Finance Director, 01225 896835 Andrew Lewis, Interim Chief Executive Officer, 01225 896830
Additional Details	-

Commentary

This company has been treated as a Large company in respect of the rating/limit generated.

This company's return on total assets employed ratio indicates a highly efficient use of assets.

This company has made late payments on a medium percentage of invoices.

This company's ratio of total liabilities to total assets indicates the presence of moderate equity funding.

The company has more cash than short term bank borrowings.

This company trades in an industry with a moderate level of corporate failures.

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 -	-

Back to Top

Total Current Directors	3	Total Current Secretaries	1
Total Previous Directors / Company Secretaries	25	Total Person's With Significant Control	1

Current Directors

Title	Mr	Function	Director
Name	David Alexander Russell Mather	Nationality	British
Date of Birth	01/1963	Present Appointments	18
Latest Address	106 Waterhouse Lane, Chelmsford, Essex	Appointment Date	28/03/2017
Post Code	CM1 2QU
Title	Mr	Function	Director
Name	Nicholas James Wargent	Nationality	British
Date of Birth	10/1973	Present Appointments	6
Latest Address	106 Waterhouse Lane, Chelmsford, Essex	Appointment Date	24/01/2017
Post Code	CM1 2QU

Title	Ms	Function	Director
Name	Susan Lee Main	Nationality	American
Date of Birth	11/1958	Present Appointments	8
Latest Address	106 Waterhouse Lane, Chelmsford, Essex	Appointment Date	28/03/2017
Post Code	CM1 2QU

Current Company Secretary

Title	Mr	Function	Company Secretary
Name	Nicholas James Wargent	Nationality
Date of Birth	-	Present Appointments	1
Latest Address	106 Waterhouse Lane, Chelmsford, Essex	Appointment Date	11/05/2015
Post Code	CM1 2QU

Top Shareholders

Name	Currency	Share Count	Share Type	Nominal Value	% of Total Share Count
TELEDYNE E2V LIMITED	GBP	3,000,000	ORDINARY	1	100
1

Financial

PROFIT & LOSS

	Date Of Accounts	31/03/17	(%)	31/03/16	(%)	31/03/15	(%)	31/03/14	(%)	31/03/13
	Weeks	52	(%)	52	(%)	52	(%)	52	(%)	52
	Currency	GBP	(%)	GBP	(%)	GBP	(%)	GBP	(%)	GBP
	Consolidated A/cs	N	(%)	N	(%)	N	(%)	N	(%)	N
	Turnover	£117,357,000	-9.9%	£130,231,000	4.7%	£124,374,000	2.1%	£121,799,000	5.2%	£115,730,000
	Export	£92,129,000	-7.8%	£99,928,000	7.9%	£92,602,000	2.2%	£90,568,000	4.1%	£87,000,000
	Cost of Sales	£93,921,000	-0.5%	£94,431,000	13.4%	£83,309,000	0.3%	£83,087,000	7.5%	£77,296,000
	Gross Profit	£23,436,000	-34.5%	£35,800,000	-12.8%	£41,065,000	6.1%	£38,712,000	0.7%	£38,434,000
	Wages & Salaries	£42,486,000	-1.6%	£43,161,000	-0.1%	£43,222,000	17.4%	£36,829,000	7.8%	£34,157,000
	Directors Emoluments	£716,000	66.9%	£429,000	297.2%	£108,000	-	-	-	-
	Operating Profit	£5,262,000	-70.2%	£17,643,000	5.1%	£16,793,000	-15.1%	£19,770,000	6.6%	£18,542,000
	Depreciation	£5,912,000	10.9%	£5,330,000	11.1%	£4,799,000	-20.7%	£6,050,000	2%	£5,930,000
	Audit Fees	£66,000	34.7%	£49,000	-	£49,000	-9.3%	£54,000	-10%	£60,000
	Interest Payments	£190,000	-45.9%	£351,000	-20%	£439,000	25.4%	£350,000	-41.3%	£596,000
	Pre Tax Profit	£5,457,000	-71.6%	£19,207,000	17.2%	£16,389,000	-15.7%	£19,438,000	8.1%	£17,982,000
	Taxation	-£2,732,000	-12.5%	-£2,429,000	6.2%	-£2,589,000	34%	-£3,925,000	-47.9%	-£2,653,000
	Profit After Tax	£2,725,000	-83.8%	£16,778,000	21.6%	£13,800,000	-11%	£15,513,000	1.2%	£15,329,000
	Dividends Payable	-	-	-	-100%	£15,000,000	-	£15,000,000	-50%	£30,000,000
	Retained Profit	£2,725,000	-83.8%	£16,778,000	999.9%	-£1,200,000	-333.9%	£513,000	103.5%	-£14,671,000

Balance Sheet

	Date Of Accounts	31/03/17	(%)	31/03/16	(%)	31/03/15	(%)	31/03/14	(%)	31/03/13
	Tangible Assets	£29,994,000	0.1%	£29,961,000	7.6%	£27,848,000	-4%	£29,005,000	9%	£26,620,000
	Intangible Assets	£2,175,000	-43.7%	£3,866,000	-18.5%	£4,744,000	999.9%	£3,000	-75%	£12,000
	Total Fixed Assets	£32,169,000	-4.9%	£33,827,000	3.8%	£32,592,000	12.4%	£29,008,000	8.9%	£26,632,000
	Stock	£24,473,000	13.7%	£21,524,000	10.9%	£19,400,000	13.8%	£17,046,000	-20.1%	£21,342,000
	Trade Debtors	£10,391,000	-30.3%	£14,901,000	-12%	£16,933,000	-18%	£20,652,000	15.9%	£17,816,000
	Cash	£11,360,000	16%	£9,790,000	1.2%	£9,673,000	139%	£4,047,000	42.4%	£2,842,000
	Other Debtors	£11,832,000	7.7%	£10,989,000	-23%	£14,267,000	18.3%	£12,058,000	63.1%	£7,394,000
	Miscellaneous Current Assets	0	-	0	-	0	-	0	-	0
	Total Current Assets	£58,056,000	1.5%	£57,204,000	-5.1%	£60,273,000	12%	£53,803,000	8.9%	£49,394,000
	Trade Creditors	£10,598,000	5.1%	£10,085,000	-14%	£11,725,000	-12.4%	£13,389,000	16.1%	£11,530,000
	Bank Loans & Overdrafts	0	-	0	-	0	-	0	-	0
	Other Short Term Finance	£5,667,000	-52.4%	£11,898,000	-52.2%	£24,899,000	52.5%	£16,323,000	-6%	£17,361,000
	Miscellaneous Current Liabilities	£11,834,000	0.6%	£11,761,000	-26.8%	£16,063,000	10.7%	£14,507,000	82.1%	£7,968,000
	Total Current Liabilities	£28,099,000	-16.7%	£33,744,000	-36%	£52,687,000	19.2%	£44,219,000	20%	£36,859,000
	Bank Loans & Overdrafts and LTL	£3,103,000	42.3%	£2,180,000	-22.6%	£2,818,000	47.6%	£1,909,000	-42.7%	£3,330,000
	Other Long Term Finance	0	-	0	-	0	-	0	-	0
	Total Long Term Liabilities	£3,103,000	42.3%	£2,180,000	-22.6%	£2,818,000	47.6%	£1,909,000	-42.7%	£3,330,000

CAPITAL & RESERVES

	Date Of Accounts	31/03/17	(%)	31/03/16	(%)	31/03/15	(%)	31/03/14	(%)	31/03/13
	Called Up Share Capital	£3,000,000	-	£3,000,000	-	£3,000,000	-	£3,000,000	-	£3,000,000
	P & L Account Reserve	£56,023,000	7.5%	£52,107,000	51.7%	£34,360,000	2%	£33,683,000	2.6%	£32,837,000
	Revaluation Reserve	-	-	-	-	-	-	-	-	-
	Sundry Reserves	-	-	-	-	-	-	-	-	-
	Shareholder Funds	£59,023,000	7.1%	£55,107,000	47.5%	£37,360,000	1.8%	£36,683,000	2.4%	£35,837,000

OTHER FINANCIAL ITEMS

	Date Of Accounts	31/03/17	(%)	31/03/16	(%)	31/03/15	(%)	31/03/14	(%)	31/03/13
	Net Worth	£56,848,000	10.9%	£51,241,000	57.1%	£32,616,000	-11.1%	£36,680,000	2.4%	£35,825,000
	Working Capital	£29,957,000	27.7%	£23,460,000	209.3%	£7,586,000	-20.8%	£9,584,000	-23.5%	£12,535,000
	Total Assets	£90,225,000	-0.9%	£91,031,000	-2%	£92,865,000	12.1%	£82,811,000	8.9%	£76,026,000
	Total Liabilities	£31,202,000	-13.1%	£35,924,000	-35.3%	£55,505,000	20.3%	£46,128,000	14.8%	£40,189,000
	Net Assets	£59,023,000	7.1%	£55,107,000	47.5%	£37,360,000	1.8%	£36,683,000	2.4%	£35,837,000

CASH FLOW

	Date Of Accounts	31/03/17	(%)	31/03/16	(%)	31/03/15	(%)	31/03/14	(%)	31/03/13
	Net Cashflow from Operations	-	-	-	-	-	-	-	-	-
	Net Cashflow before Financing	-	-	-	-	-	-	-	-	-
	Net Cashflow from Financing	-	-	-	-	-	-	-	-	-
	Increase in Cash	-	-	-	-	-	-	-	-	-

MISCELLANEOUS

	Date Of Accounts	31/03/17	(%)	31/03/16	(%)	31/03/15	(%)	31/03/14	(%)	31/03/13
	Contingent Liability	YES	-	YES	-	YES	-	YES	-	YES
	Capital Employed	£62,126,000	8.4%	£57,287,000	42.6%	£40,178,000	4.1%	£38,592,000	-1.5%	£39,167,000
	Number of Employees	991	-4.8%	1041	-0.7%	1048	5.6%	992	2.4%	969
	Accountants
	Auditors	KPMG LLP
	Auditor Comments	The audit report contains no adverse comments
	Bankers	BARCLAYS BANK PLC
	Bank Branch Code	20-00-00

RATIOS

	Date Of Accounts	31/03/17	31/03/16	31/03/15	31/03/14	31/03/13
	Pre-tax profit margin %	4.65	14.75	13.18	15.96	15.54
	Current ratio	2.07	1.70	1.14	1.22	1.34
	Sales/Net Working Capital	3.92	5.55	16.40	12.71	9.23
	Gearing %	5.30	4	7.50	5.20	9.30
	Equity in %	67	63.20	42.40	44.30	47.10
	Creditor Days	32.87	28.18	34.31	40.01	36.26
	Debtor Days	32.22	41.64	49.55	61.71	56.03
	Liquidity/Acid Test	1.19	1.05	0.77	0.83	0.76
	Return On Capital Employed %	8.78	33.52	40.79	50.36	45.91
	Return On Total Assets Employed %	6.04	21.09	17.64	23.47	23.65
	Current Debt Ratio	0.47	0.61	1.41	1.20	1.02
	Total Debt Ratio	0.52	0.65	1.48	1.25	1.12
	Stock Turnover Ratio %	20.85	16.52	15.59	13.99	18.44
	Return on Net Assets Employed %	9.24	34.85	43.86	52.98	50.17

Report Notes

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There are no notes to display.

Status History

No Status History found

Event History

Date	Description
09/01/2018	Payment Data Update Received
08/01/2018	New Accounts Filed
08/01/2018	New Accounts Filed
18/09/2017	Confirmation Statement
23/05/2017	Payment Data Update Received
07/04/2017	New Board Member Ms S.L. Main appointed
31/03/2017	Change of Name
31/03/2017	Mr S. Blair has left the board
31/03/2017	New Board Member Ms S.L. Main appointed
31/03/2017	New Board Member Mr D.A. Mather appointed
07/02/2017	Mr R.C. Hindson has left the board
31/01/2017	Payment Data Update Received
30/01/2017	New Board Member Mr S. Blair appointed
30/01/2017	New Board Member Mr N.J. Wargent appointed
10/11/2016	Payment Data Update Received

Previous Company Names

Date	Previous Name
29/03/2017	E2V TECHNOLOGIES (UK) LIMITED
29/06/2004	E2V TECHNOLOGIES LIMITED
12/07/2002	MARCONI APPLIED TECHNOLOGIES LIMITED
08/12/1999	EEV LIMITED
30/09/1988	ENGLISH ELECTRIC VALVE COMPANY LIMITED

Writ Details

No writs found

Statistics

Group	15 companies
Linkages	135 companies
Countries	In 26 countries

Summary

Holding Company	TELEDYNE E2V LIMITED
Ownership Status	Wholly Owned
Ultimate Holding Company	TELEDYNE TECHNOLOGIES INCORPORATED

Group Structure Full

Company Name	Registered Number	Latest Key Financials	Consol. Accounts	Turnover
TELEDYNE TECHNOLOGIES IN...		-	-	$2,744,550,000
INTELEK LIMITED	00464296	31.12.2016	N
INTELEK PENSION TRUS...	01731870	31.12.2016	N
TDY JERSEY LIMITED	N/A	-	-
RHOMBI HOLDINGS LIMITED	07678650	31.12.2016	N	£832,342
TELEDYNE LABTECH L...	01709860	31.12.2016	N
INTELEK PROPERTIES...	02487913	31.12.2016	N
TELEDYNE C.M.L. G...	01564040	31.12.2016	N
TELEDYNE PARADISE...	02829165	31.12.2016	N
TELEDYNE BOWTECH L...	SC119641	31.12.2016	N	£3,132,000
TELEDYNE E2V LIMITED	04439718	31.03.2017	Y	£209,380,000
E2V LIMITED	05149599	31.03.2017	N
TELEDYNE E2V (UK)...	00432014	31.03.2017	N	£117,357,000
EEV LIMITED	04595977	31.03.2017	N
TELEDYNE E2V (OVE...	06001141	31.03.2017	N

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	INR 64.37
UK Pound	1	INR 89.71
Euro	1	INR 78.89
GBP	1	INR 89.12

Note: Above are approximate rates obtained from sources believed to be correct

INFORMATION DETAILS

Analysis Done by :	DIV
Report Prepared by :	NIT

RATING EXPLANATIONS

Credit Rating	Explanation	Rating Comments
A++	Minimum Risk	Business dealings permissible with minimum risk of default
A+	Low Risk	Business dealings permissible with low risk of default
A	Acceptable Risk	Business dealings permissible with moderate risk of default
B	Medium Risk	Business dealings permissible on a regular monitoring basis
C	Medium High Risk	Business dealings permissible preferably on secured basis
D	High Risk	Business dealing not recommended or on secured terms only
NB	New Business	No recommendation can be done due to business in infancy stage
NT	No Trace	No recommendation can be done as the business is not traceable

NB is stated where there is insufficient information to facilitate rating. However, it is not to be considered as unfavourable.

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 are as follows:

· Financial condition covering various ratios

· Company background and operations size

· Promoters / Management background

· Payment record

· Litigation against the subject

· Industry scenario / competitor analysis

· Supplier / Customer / Banker review (wherever available)

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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.