MIRA INFORM REPORT

Report Date :

25.06.2011

IDENTIFICATION DETAILS

Name :	SYSTECH INSTRUMENTS LIMITED
Formerly Known As :	MADDERLAKE ENTERPRISES LIMITED.
Registered Office :	17 Thame Park Business Centre, Wenham Road, Thame, Oxfordshire, Ox9 3xa.
Country :	United Kingdom
Financials (as on) :	30.06.2009
Date of Incorporation :	13.03.1991
Com. Reg. No.:	02591191
Legal Form :	Private Limited company
Line of Business :	The manufacture and marketing of gas equipment and process instrumentation

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

Maximum Credit Limit :	GBP 74,500
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^st, 2011

Country Name	Previous Rating (31.12.2010)	Current Rating (31.03.2011)
United Kingdom	a1	a1

Risk Category	ECGC Classification
Insignificant	A1
Low	A2
Moderate	B1
High	B2
Very High	C1
Restricted	C2
Off-credit	D

Bottom of Form

Company Identification Details

Subject Reported on	SYSTECH INSTRUMENTS LIMITED
Registration Number	02591191
Address	UNIT 17 THAME PARK BUSINESS CE, WENMAN RD, THAME, OXFORDSHIRE, OX9 3XA.
Telephone	01844 216838

Creditline Recommendations

Monthly Credit Guide

GBP 74,500

Official Company Data

Legal Form	Private Limited
Registration Number	02591191
Subject Status	Trading
Date of Incorporation	13/03/1991
Registered Office	17 THAME PARK BUSINESS CENTRE, WENHAM ROAD, THAME, OXFORDSHIRE, OX9 3XA.
History	21/03/2002 : Change of name from MADDERLAKE SCIENTIFIC LIMITED.
	18/04/1998 : The Registered Office address changed from 19 THAME PARK BUSINESS CENTRE, WENHAM ROAD, T.
	6/08/1997 : The Registered Office address changed from GOODSONS INDUSTRIAL MEWS, WELLINGTON STREET,.
	28/01/1994 : Change of name from MADDERLAKE ENTERPRISES LIMITED.
Date of Last Annual Return to Registry	13/03/2011
Accounts	The last filed accounts at Companies House are those to 30/06/2009
Accounting Reference Date	31/12

Operations

Activities	The manufacture and marketing of gas equipment and process instrumentation.
Nace Code	3320
Premises	Offices
Staff Employed	20
Bankers	LLOYDS TSB BANK PLC
Address	SLOUGH CENTRAL.
Sort Code	309773
Auditors	Wenn Townsend
Subsidiaries	ANACON CORPORATION LIMITED
	MADDERLAKE SCIENTIFIC LIMITED

Historical Rating

Date	Monthly Credit Guide
25/06/2011	74,500
25/03/2011	79,000
25/12/2010	80,500
25/09/2010	83,000
25/06/2010	85,000

Previous Searches

Search History Summary

Last 3 Months	Last 6 Months	Last 12 Months
0	0	1

Search History Details

The Search History Details shows details of the most recent 40 searches

Date	Description
06/07/2010	Miscellaneous
29/04/2010	Other financial intermediation not elsewhere classified

Public Record Information

Summary of CCJ's/Scottish Decrees

No CCJs/Scottish Decrees are recorded in our file.

Summary of Mortgages, Charges and Satisfactions

Total Number of Mortgages/Charges Registered	1
Number Outstanding	1
Number Partially Satisfied	0
Number Satisfied	0
Date of Latest Mortgage Created	03/08/1994

Details of most recent Mortgages, Charges and Satisfactions

Date Fully Satisfied	Date Registered	Date Created	Charge Description	Form Type	Lender
	10/08/1994	03/08/1994	Single Debenture	395	Lloyds Bank Plc

It should be noted that there is no legal requirement to file satisfaction details of mortgages/charges

at Companies House.

Other Filings and Notices

Date

Source

Description

21/03/2002	Companies House Gazette	Change among directors of a company
10/04/1999	Companies House Gazette	Change among directors of a company
29/01/1998	Companies House Gazette	Change among directors of a company
17/08/1994	Companies House Gazette	Alteration in memorandum or articles of association
04/01/1992	Companies House Gazette	Alteration in memorandum or articles of association
18/06/1991	Companies House Gazette	Change among directors of a company
18/06/1991	Companies House Gazette	Alteration in memorandum or articles of association

Company Secretary

Secretary	MR STEPHEN HANKS
Service Address	5 WHITTLE ROAD, THAME, OXFORDSHIRE, OX9 3PF.
Country of Origin	UNITED KINGDOM
Date of Birth	08/09/1951
Appointment Date	09/02/1999
Other Directorships	CODEX SOLUTIONS LIMITED

Directors

Director	MR BRYAN CUMMINGS
Service Address	POPLAR HOUSE HIGH STREET, HADDENHAM, BUCKS, HP17 8ES.
Country of Origin	UNITED KINGDOM
Date of Birth	05/06/1949
Appointment Date	13/05/1991
Other Directorships	MADDERLAKE SCIENTIFIC LIMITED, ANACON CORPORATION LIMITED
Director	ROBERT JOHN WINSON
Service Address	114-3C STRATHMORESHIRE DRIVE, NORTH UXBRIDGE, MASS 08538.
Country of Origin	UNITED KINGDOM
Date of Birth	10/08/1948
Appointment Date	13/05/1991
Other Directorships	PROCESS SENSORS (EUROPE) LIMITED

Share Capital

Shares	Ordinary GBP 1.00
Issued Number	416,026
Principal Shareholder	183,282 John Fordham
	131,225 Bryan Cummings
	101,519 Robert John Winson

The above reflects the principle shareholder(s) by number of shares held, irrespective of share classification type.

Financial Data– Statutory Accounts

Profit and Loss

The following figures are shown in units of 1000

Number of Weeks	52	52	52	52
Accounts Date	30/06/2009	30/06/2008	30/06/2007	30/06/2006
Currency	GBP	GBP	GBP	GBP
SALES		1961	1839	1946
UK sales		471	460	486
Export		1490	1379	1460
Cost of goods sold		844	778	857
GROSS PROFIT		1117	1061	1089
Directors Emoluments		144	120	123
Trading Profit		180	105	117
Depreciation		53	67	63
OPERATING PROFIT		127	38	54
Non Trading Income		41	33	26
PRE TAX PROFIT		168	71	80
Taxation		35	15	24
PROFIT AFTER TAX		133	56	56
RETAINED PROFITS		133	56	56

Balance Sheet

The following figures are shown in units of 1000

Number of Weeks	52	52	52	52
Accounts Date	30/06/2009	30/06/2008	30/06/2007	30/06/2006
Currency	GBP	GBP	GBP	GBP
TOTAL FIXED ASSETS	676	696	737	744
Tangible Assets	673	692	731	737
Fixed Assets		227	266	272
Intermediate assets		465	465	465
Intangible Assets	3	4	6	7
TOTAL CURRENT ASSETS	1747	1674	1610	1490
Trade debtors	492	259	350	298
Stocks	317	313	290	260
Other Current Assets	938	1102	970	932
Misc Current Assets		116	55	103
Cash	938	986	915	829
TOTAL ASSETS	2423	2370	2347	2234
TOTAL CURRENT LIABILITIES	234	172	282	224
Trade creditors	234	75	119	126
Other Liabilities		97	163	98
WORKING CAPITAL	1513	1502	1328	1266
TOTAL LONG TERM LIABS	550	551	551	552
Long Term Loans		525	525	525
Due To Group		525	525	525
Other Liabilities		26	26	27
NET ASSETS/(LIABILITIES)	1639	1647	1514	1458
SHARE CAPITAL + RESERVES	1639	1647	1514	1458
Share Cap + Sundry Res	465	465	465	465
Issued Share Capital		416	416	416
Sundry Reserves		49	49	49
Profit and Loss account	1174	1182	1049	993
SHAREHOLDERS FUNDS	1639	1647	1514	1458
CAPITAL EMPLOYED	2189	2198	2065	2010

Financial Comparison

The following figures are shown in units of 1000

Number of Weeks	52	52	52	52
Accounts Date	30/06/2009	30/06/2008	30/06/2007	30/06/2006
Currency	GBP	GBP	GBP	GBP
Directors Remuneration		144	120	123
Auditors Remuneration
Liquid Assets	1430	1245	1265	1127
Net Working Capital	1513	1502	1328	1266
Long Term Debt(>12 Months)		525	525	525
Other Deferred Liabs	550	26	26	27
Tangible Net Worth(T.N.W)	1636	1643	1508	1451
Equity	1639	1647	1514	1458
Number of Years Trading	18	17	16	15

Key Credit Ratios

The following figures are shown as Ratios or Percentages

Accounts Date	30/06/2009	30/06/2008	30/06/2007	30/06/2006
Current Ratio	7.5	9.7	5.7	6.7
Long Term Debt/T.N.W		0.3	0.3	0.4
Pre Tax Profit Margin%		8.6	3.9	4.1
Gross Profit%		57	57.7	56
Debtors Days (D.S.O)		48	69	56
Creditors Days (D.P.O)		14	24	24
Quick Ratio	6.1	7.9	4.7	5.5
W.I.P/Inventory Days		135.4	136.1	110.7
Return on Investment%		7.6	3.4	4
Return on Assets%		7.1	3	3.6
T.N.W/Total Assets%	67.5	69.3	64.3	65
Return on Capital%		7.6	3.4	4
Rtn on Shareholders Funds%		10.2	4.7	5.5
Working Capital/Sales%		76.6	72.2	65.1
Borrowing Ratio%		32	34.8	36.2
Equity Gearing%	209.1	227.8	181.8	187.9
Stock Turnover		6.3	6.3	7.5
Days Purchases Outstanding		32.4	55.8	53.7
Sales/Fixed Assets		8.6	6.9	7.2
Debt Gearing		32	34.8	36.2

Key Industry Sector Trends

Year	2010	2009	2008	2007
Sample Size	542	838	900	935
Pre-Tax Profit Margin	6.6	4.3	5.1	5.2
Current Ratio	2.5	2.3	2	2
Borrowing Ratio	42	21.5	50.2	46.7
Return on Capital	16.7	18.5	26.3	21.1
Creditors Days	42	39	50	46

Above figures relate to companies in 2003 Standard Industry Classification (Nace) sector : Manufacture of instruments and appliances for measuring, checking, testing, navigating

Financial Summary

Auditors Qualification

The company has taken advantage of exemptions under the Companies Act such that the accounts have not been audited or examined.

No Turnover

The company's balance sheet total is less than GBP 5,600,000 and is a medium sized company as defined by the Companies Act. It is not required to disclose turnover but it is likely to be in the range of GBP 2,800,000 - GBP 11,200,000.

Net Worth

Net worth reduced by GBP 8,000 during the period and now stands at GBP 1,639,000.

Fixed Assets

The subject's fixed assets reduced during the year by GBP 20,000 to GBP 676,000 and are now 27 % of total assets compared with 29 % in the previous year.

Long Term Liabilities

Long term liabilities are now 23 % of total liabilities compared with 23 % in the previous period.

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.44.94
UK Pound	1	Rs.71.89
Euro	1	Rs.64.09

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.