MIRA INFORM REPORT

Report Date :

17.11.2011

IDENTIFICATION DETAILS

Name :	RAPID HEAT SYSTEMS LTD.

Registered Office :	Dragon Works Chester Road Saltney Chester, CH4 8RW

Country :	United Kingdom

Financials (as on) :	31.03.2011

Date of Incorporation :	26.02.2004

Com. Reg. No.:	05056810

Legal Form :	Private Independent

Line of Business :	Renting of other machinery and equipment not elsewhere classified

RATING & COMMENTS

MIRA’s Rating :

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 :	Unknown

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 – September 30, 2011

Country Name

Previous Rating

(30.06.2011)

Current Rating

(30.09.2011)

United Kingdom

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

Company name and address

Top of Form

Bottom of Form

Rapid Heat Systems Ltd.

Dragon Works
Chester Road
Saltney
Chester, CH4 8RW
United Kingdom
Map

Tel:	01244 670810

Suggest Company URL

Employees:	NA
Company Type:	Private Independent

Quoted Status:	Non-quoted Company
Incorporation Date:	26-Feb-2004
Auditor:	John Davies And Co

Financials in:	USD (mil)

Fiscal Year End:	31-Mar-2011
Reporting Currency:	British Pound Sterling
Annual Sales:	NA
Total Assets:	1.8

Business Description

Rent other machinery and equipment.

Industry

Industry	Rental and Leasing
ANZSIC 2006:	6639 - Other Goods and Equipment Rental and Hiring Not Elsewhere Classified
NACE 2002:	7134 - Renting of other machinery and equipment not elsewhere classified
NAICS 2002:	532490 - Other Commercial and Industrial Machinery and Equipment Rental and Leasing
UK SIC 2003:	7134 - Renting of other machinery and equipment not elsewhere classified
US SIC 1987:	7359 - Equipment Rental and Leasing, Not Elsewhere Classified

Key Executives

Name	Title
Paul James Graham	Secretary
Michael Patrick Graham	Director
John Robert Graham	Director

Financial Summary

FYE: 31-Mar-2011

USD (mil)

Key Figures
Current Assets	1.07
Fixed Assets	0.76
Total Liabilities	0.43
Net Worth	1.30

Key Ratios
Current Ratio	2.49
Acid Test	2.44

1 - Profit & Loss Item Exchange Rate: USD 1 = GBP 0.6433939
2 - Balance Sheet Item Exchange Rate: USD 1 = GBP 0.6238497

Corporate Overview

Location
Dragon Works
Chester Road
Saltney
Chester, CH4 8RW
Flintshire County
United Kingdom

Tel:	01244 670810

Suggest Company URL

Sales GBP(mil):	NA
Assets GBP(mil):	1.1
Employees:	NA
Fiscal Year End:	31-Mar-2011


Industry:	Rental and Leasing

Registered Address:
Dragon Works, Chester Road
Saltney
Chester, CH4 8RW
United Kingdom

Incorporation Date:	26-Feb-2004
Company Type:	Private Independent
Quoted Status:	Not Quoted
Registered No.(UK):	05056810


Director:	Michael Patrick Graham

Contents

· Industry Codes

· Business Description

· Financial Data

· Key Corporate Relationships

Industry Codes

ANZSIC 2006 Codes:
6639	-	Other Goods and Equipment Rental and Hiring Not Elsewhere Classified

NACE 2002 Codes:
7134	-	Renting of other machinery and equipment not elsewhere classified

NAICS 2002 Codes:
532490	-	Other Commercial and Industrial Machinery and Equipment Rental and Leasing

US SIC 1987:
7359	-	Equipment Rental and Leasing, Not Elsewhere Classified

UK SIC 2003:
7134	-	Renting of other machinery and equipment not elsewhere classified

Business Description

Rent other machinery and equipment.

Financial Data

Financials in:	GBP(mil)

Assets:	1.1
Current Assets:	0.7
Fixed Assets:	0.5
Long Term Debt:	0.0
Total Liabilities:	0.3
Issued Capital:	NaN
Working Capital:	0.4
Net Worth:	0.8

Date of Financial Data:	31-Mar-2011

1 Year Growth

3.8%

Key Corporate Relationships

Auditor:	John Davies And Co

Auditor:	John Davies And Co

Executives Report

Board of Directors

Name

Title

Function

Michael Patrick Graham

Director

Director/Board Member

John Robert Graham

Director

Director/Board Member

Executives

Name

Title

Function

Paul James Graham

Secretary

Company Secretary

Directors and Shareholders Report

Annual Return Date: 26 Feb 2011

Individual Directors

Name	Status	DOB	Filed Address	Appointment Date	Resignation Date	Summary of Directorships
Neil William Graham	Current	19 May 1961	Laurel Bank High Street, Farndon, Chester, Cheshire CH3 6PU	26 Feb 2004	NA	Current:3 Previous:0 Disqualifications:0
Andrew Martin Graham	Current	02 Jul 1955	Sevenoaks, Pulford, Chester, Flintshire CH4 9DG	26 Feb 2004	NA	Current:9 Previous:1 Disqualifications:0
John Robert Graham	Current	20 May 1960	15 Twain Close, St. David's Park Hawarden, Deeside, Flintshire CH5 3TN	26 Feb 2004	NA	Current:3 Previous:0 Disqualifications:0
Michael Patrick Graham	Current	17 Mar 1957	9 Fielding Close, St Davids Park, Deeside, Flintshire CH5 3UQ	26 Feb 2004	NA	Current:4 Previous:0 Disqualifications:0
Paul James Graham	Current	17 Jun 1959	Oak House Old Carriage Yard, Chester Road Marford, Wrexham, Wrexham LL12 8SW	26 Feb 2004	NA	Current:4 Previous:0 Disqualifications:0

Corporate Directors

There are no corporate directors for this company.

Individual Secretaries

Name	Status	DOB	Filed Address	Appointment Date	Resignation Date	Summary of Directorships
Paul James Graham	Current	17 Jun 1959	Oak House Old Carriage Yard, Chester Road Marford, Wrexham, Wrexham LL12 8SW	26 Feb 2004	NA	Current:4 Previous:0 Disqualifications:0

Corporate Secretaries

There are no corporate secretaries for this company.

Individual Shareholders

Name	Share Details (As Reported)	Share Type	# of Shares	Share Price (GBP)	Share Value (GBP)	% of Total Shares
Andrew Martin Graham	15 Ordinary GBP 1.00	Ordinary	15	1.00	15.00	20.00
John Robert Graham	15 Ordinary GBP 1.00	Ordinary	15	1.00	15.00	20.00
Michael Patrick Graham	15 Ordinary GBP 1.00	Ordinary	15	1.00	15.00	20.00
Neil William Graham	15 Ordinary GBP 1.00	Ordinary	15	1.00	15.00	20.00
Paul James Graham	15 Ordinary GBP 1.00	Ordinary	15	1.00	15.00	20.00

Corporate Shareholders

There are no corporate shareholders for this company.

Annual Profit & Loss

Financials in: USD (mil)
Except for share items (millions) and per share items (actual units)

Financial Glossary

	31-Mar-2011	31-Mar-2010	31-Mar-2009	31-Mar-2008	31-Mar-2007
Period Length	52 Weeks	52 Weeks	52 Weeks	52 Weeks	52 Weeks
Filed Currency	GBP	GBP	GBP	GBP	GBP
Exchange Rate (Period Average)	0.643394	0.627794	0.592803	0.498361	0.528925
Consolidated	No	No	No	No	No

Depreciation	0.2	0.2	0.2	0.2	0.2

Annual Balance Sheet

Financials in: USD (mil)

Financial Glossary

	31-Mar-2011	31-Mar-2010	31-Mar-2009	31-Mar-2008	31-Mar-2007
Filed Currency	GBP	GBP	GBP	GBP	GBP
Exchange Rate	0.62385	0.659239	0.697666	0.503145	0.509853
Consolidated	No	No	No	No	No

Total Tangible Fixed Assets	0.8	0.9	0.8	1.3	1.0
Intangible Assets	0.0	0.0	0.0	0.0	0.0
Investments	0.0	0.0	0.0	0.0	0.0
Total Fixed Assets	0.8	0.9	0.8	1.3	1.0
Total Stocks Work In Progress	0.0	0.0	0.0	0.0	0.1
Total Debtors	1.0	0.5	0.3	0.7	0.4
Cash and Equivalents	0.1	0.2	0.2	0.0	0.2
Other Current Assets	0.0	0.0	0.0	0.0	0.0
Total Current Assets	1.1	0.7	0.5	0.8	0.7
Total Assets	1.8	1.7	1.3	2.1	1.7
Other Current Liabilities	0.4	0.8	0.7	0.9	0.7
Total Current Liabilities	0.4	0.8	0.7	0.9	0.7
Other Long Term Liabilities	0.0	0.1	0.1	0.1	0.1
Total Long Term Liabilities	0.0	0.1	0.1	0.1	0.1
Other Provisions	0.1	0.1	0.0	0.1	0.0
Total Provisions	0.1	0.1	0.0	0.1	0.0
Issued Capital	0.0	0.0	0.0	0.0	0.0
Share Premium Accounts	0.0	0.0	0.0	0.0	0.0
Revaluation Reserve	0.0	0.0	0.0	0.0	0.0
Retained Earnings	1.3	0.7	0.4	1.0	0.8
Other Reserves	0.0	0.0	0.0	0.0	0.0
Minority Interests (Balance Sheet)	0.0	0.0	0.0	0.0	0.0
Total Shareholders Funds	1.3	0.7	0.4	1.0	0.8
Net Worth	1.3	0.7	0.4	1.0	0.8

Annual Cash Flows

Financials in: USD (mil)

Financial Glossary

	31-Mar-2011	31-Mar-2010	31-Mar-2009	31-Mar-2008	31-Mar-2007
Period Length	52 Weeks	52 Weeks	52 Weeks	52 Weeks	52 Weeks
Filed Currency	GBP	GBP	GBP	GBP	GBP
Exchange Rate (Period Average)	0.643394	0.627794	0.592803	0.498361	0.528925
Consolidated	No	No	No	No	No

Annual Ratios

Financials in: USD (mil)

	31-Mar-2011	31-Mar-2010	31-Mar-2009	31-Mar-2008	31-Mar-2007
Period Length	52 Weeks	52 Weeks	52 Weeks	52 Weeks	52 Weeks
Filed Currency	GBP	GBP	GBP	GBP	GBP
Exchange Rate	0.62385	0.659239	0.697666	0.503145	0.509853
Consolidated	No	No	No	No	No

Current Ratio	2.49	0.91	0.76	0.89	1.00
Liquidity Ratio	2.44	0.88	0.71	0.84	0.92
Equity Gearing	70.99%	43.36%	35.41%	49.85%	49.49%

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.50.90
UK Pound	1	Rs.80.30
Euro	1	Rs.68.47

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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