MIRA INFORM REPORT

Report Date :

12.04.2013

IDENTIFICATION DETAILS

Name :	ULTRASONIC SCIENCES LIMITED
Formerly Known as:	RAPID 7150 LIMITED
Registered Office :	Unit 4, Spring Lakes Industrial Estate, Deadbrook Lane Aldershot, Gu12 4uh
Country :	United Kingdom
Financials (as on) :	31.10.2012
Date of Incorporation :	18.11.1988
Com. Reg. No.:	02319068
Legal Form :	Private limited with Share Capital
Line of Business :	Manufacturer of non-electronic measuring, testing etc. Equipment, not for industrial process control
No. of Employees :	Not available

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

Status :	Good
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 – June 30^th, 2012

Country Name	Previous Rating (31.03.2012)	Current Rating (30.06.2012)
United Kingdom	A1	A1

Risk Category	ECGC Classification
Insignificant	A1
Low	A2
Moderate	B1
High	B2
Very High	C1
Restricted	C2
Off-credit	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 and contained the growth of social welfare programs. 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, account by far for the largest proportion of GDP while industry continues to decline in importance. 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. Sharply declining 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 include 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 aims to lower London's budget deficit from over 10% of GDP in 2010 to nearly 1% by 2015. In November 2011, Chancellor of the Exchequer George OSBORNE announced additional austerity measures through 2017 because of slower-than-expected economic growth and the impact of 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 23% by 2015. The Bank of England (BoE) implemented an asset purchase program of up to £325 billion (approximately $525 billion) as of February 2011. 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).

Source : CIA

REGISTERED NAME & COMPANY SUMMARY

Company Name	ULTRASONIC SCIENCES LIMITED	Company Number	02319068
Registered Address	UNIT 4	Trading Address	4 Springlakes Estate Deadbrook Lane Aldershot Hampshire GU12 4UH
	SPRING LAKES INDUSTRIAL ESTATE
	DEADBROOK LANE ALDERSHOT
	GU12 4UH
Website Address	http://www.ultrasonic-sciences.co.uk
Telephone Number	01252350550	Fax Number	01252350445
TPS	Yes	FPS	Yes
Incorporation Date	18/11/1988	Company Status	Active - Accounts Filed
Previous Name	RAPID 7150 LIMITED	Type	Private limited with Share Capital
Date of Change	01/02/1989	Filing Date of Accounts	08/03/2013
		Share Capital	£450
SIC03	3320	Currency	GBP
SIC03 Description	ELECTRONIC & NON-ELECTRONIC MEASURING & CHECKING EQUIPMENT
SIC07	26513
SIC07 Description	MANUFACTURE OF NON-ELECTRONIC MEASURING, TESTING ETC. EQUIPMENT, NOT FOR INDUSTRIAL PROCESS CONTROL
Principal Activity	Research, design, development and manufacture of ultrasonic non-destructive testing equipment, including electronic, mechanical and software sub-systems the company supplies complete testing systems to a wide range of customers inthe following indus electronic, mechanical and software sub-systems.

DIRECTORS/MANAGEMENT

Directors

Total Current Directors	4
Total Current Secretaries	1
Total Previous Directors / Company Secretaries	0

Current Directors

Name	Christopher Sidney Gartside	Date of Birth	06/04/1947
Officers Title	Mr	Nationality	British
Present Appointments	1	Function	Director
Appointment Date	15/11/1991
Address	71 Wappenham Road, Helmden, Brackley, Northamptonshire, NN13 5QA
Other Actions	View Director Report	View Consumer Report
Disqualified		Disqualified End Date
Disqualification Exception	No

Name	John Barry Kennelly	Date of Birth	01/02/1927
Officers Title	Mr	Nationality	Australian
Present Appointments	1	Function	Director
Appointment Date	15/11/1991
Address	Unit 4 Spring Lakes Industrial Estate, Deadbrook Lane, Aldershot, Hampshire, GU12 4UH
Other Actions	View Director Report	View Consumer Report
Disqualified		Disqualified End Date
Disqualification Exception	No

Name	Robert Barrett Phillips	Date of Birth	17/01/1947
Officers Title	Mr	Nationality	British
Present Appointments	1	Function	Director
Appointment Date	15/11/1991
Address	Unit 4 Spring Lakes Industrial Estate, Deadbrook Lane, Aldershot, Hampshire, GU12 4UH
Other Actions	View Director Report	View Consumer Report
Disqualified		Disqualified End Date
Disqualification Exception	No

Name	Nigel John Gray	Date of Birth	25/08/1960
Officers Title	Mr	Nationality	British
Present Appointments	2	Function	Director
Appointment Date	15/11/1991
Address	Unit 4 Spring Lakes Industrial Estate, Deadbrook Lane, Aldershot, Hampshire, GU12 4UH
Other Actions	View Director Report	View Consumer Report
Disqualified		Disqualified End Date
Disqualification Exception	No

Current Company Secretary

Name	Elizabeth Jolanta Phillips	Date of Birth	-
Officers Title	Mrs	Nationality	British
Present Appointments	2	Function	Company Secretary
Appointment Date	15/11/1991
Address	Unit 4 Spring Lakes Industrial Estate, Deadbrook Lane, Aldershot, Hampshire, GU12 4UH

NEGATIVE INFORMATION

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

There are no exact CCJ details

Possible CCJ Details

There are no possible CCJ details

Writ Details

There are no writ details

Mortgage Summary

Outstanding	10
Satisfied	1

SHARE & SHARE CAPITAL INFORMATION

Top 20 Shareholders

Name	Currency	Share Count	Share Type	Nominal Value	% of Total Share Count
MAURICE O. RHINEHARDT	GBP	238	ORDINARY A	1	52.89
MAURICE O. RHINEHARDT	GBP	190	ORDINARY B	1	42.22
JOHN BARRY KENNELLY	GBP	12	ORDINARY A	1	2.67
JOHN BARRY KENNELLY	GBP	10	ORDINARY B	1	2.22

PAYMENT INFORMATION

Key Financials

Year to Date	Turnover	Pre Tax Profit	Shareholder Funds	Employees
31/10/2012	-	-	£2,166,518	-
30/06/2011	-	-	£1,191,576	-
30/06/2010	-	-	£818,603	-

Payment Information Summary

Days Beyond Terms

Trend Indicator

                         Average Payment Experience  

N/A	10
Company DBT	UK Average DBT

Steady

Improving Worsening

Be the first to leave a payment experience
for this company

Within Terms 91+ Days

GROUP STRUCTURE & AFFILIATED COMPANIES

Group Structure

Statistics

Group	-
Linkages	0 companies
Countries	In 0 countries

Summary

Holding Company	-
Ownership Status
Ultimate Holding Company	-

Group structure

No group structure

FINANCIAL INFORMATION

Profit & Loss

	Date Of Accounts	31/10/12	(%)	30/06/11	(%)	30/06/10	(%)	30/06/09	(%)	30/06/08
	Weeks	70	(%)	52	(%)	52	(%)	52	(%)	52
	Currency	GBP	(%)	GBP	(%)	GBP	(%)	GBP	(%)	GBP
	Consolidated A/cs	N	(%)	N	(%)	N	(%)	N	(%)	N
	Turnover	-	-	-	-	-	-	-	-	£2,466,974
	Export	-	-	-	-	-	-	-	-	£2,072,258
	Cost of Sales	-	-	-	-	-	-	-	-100%	£1,738,399
	Gross Profit	-	-	-	-	-	-	-	-	£728,575
	Wages & Salaries	-	-	-	-	-	-	-	-	-
	Directors Emoluments	-	-	-	-	-	-	-	-	£142,662
	Operating Profit	-	-	-	-	-	-	-	-	£218,799
	Depreciation	£43,879	98.1%	£22,147	0.8%	£21,975	33.2%	£16,499	52.2%	£10,840
	Audit Fees	-	-	-	-	-	-	-	-100%	£8,350
	Interest Payments	-	-	-	-	-	-	-	-	£7,630
	Pre Tax Profit	-	-	-	-	-	-	-	-	£220,568
	Taxation	-	-	-	-	-	-	-	-	-£48,458
	Profit After Tax	-	-	-	-	-	-	-	-	£172,110
	Dividends Payable	-	-	-	-	-	-	-	-	-
	Retained Profit	-	-	-	-	-	-	-	-	£172,110

Balance Sheet

	Date Of Accounts	31/10/12	(%)	30/06/11	(%)	30/06/10	(%)	30/06/09	(%)	30/06/08
	Tangible Assets	£79,489	37.6%	£57,777	-20%	£72,201	24.1%	£58,158	14.4%	£50,832
	Intangible Assets	£7,198	-74.2%	£27,866	-64.9%	£79,502	-47.6%	£151,853	-39.4%	£250,526
	Total Fixed Assets	£86,687	1.2%	£85,643	-43.5%	£151,703	-27.8%	£210,011	-30.3%	£301,358
	Stock	£467,921	-45.9%	£864,368	28.8%	£671,140	-19.1%	£829,188	30.1%	£637,176
	Trade Debtors	£2,951,832	461.3%	£525,935	-54.1%	£1,145,347	265.1%	£313,706	52.8%	£205,261
	Cash	£832,453	-24.4%	£1,100,952	542.5%	£171,367	-32.4%	£253,636	-56.2%	£579,521
	Other Debtors	0	-	0	-	0	-	0	-100%	£99,290
	Miscellaneous Current Assets	0	-	0	-	0	-	0	-	0
	Total Current Assets	£4,252,206	70.7%	£2,491,255	25.3%	£1,987,854	42.3%	£1,396,530	-8.2%	£1,521,248
	Trade Creditors	£1,500,686	183.5%	£529,359	4.5%	£506,790	327.5%	£118,561	-15.5%	£140,359
	Bank Loans & Overdrafts	0	-	0	-	0	-	0	-	0
	Other Short Term Finance	0	-100%	£100,000	-	0	-	0	-100%	£4,117
	Miscellaneous Current Liabilities	0	-	0	-	0	-	0	-100%	£93,884
	Total Current Liabilities	£1,500,686	138.4%	£629,359	24.2%	£506,790	327.5%	£118,561	-50.3%	£238,360
	Bank Loans & Overdrafts and LTL	£671,689	-11.1%	£755,963	-7.1%	£814,164	-12.5%	£930,829	-8.1%	£1,012,437
	Other Long Term Finance	£667,307	-10.7%	£747,118	-6.5%	£798,835	-12.1%	£909,266	-10.2%	£1,012,010
	Total Long Term Liabilities	£671,689	-11.1%	£755,963	-7.1%	£814,164	-12.5%	£930,829	-8.1%	£1,012,437

Capital & Reserves

	Date Of Accounts	31/10/12	(%)	30/06/11	(%)	30/06/10	(%)	30/06/09	(%)	30/06/08
	Called Up Share Capital	£450	-	£450	-	£450	-	£450	-	£450
	P & L Account Reserve	£2,166,068	81.9%	£1,191,126	55.4%	£766,299	51.8%	£504,847	-2.8%	£519,505
	Revaluation Reserve	-	-	-	-100%	£51,854	-	£51,854	-	£51,854
	Sundry Reserves	-	-	-	-	-	-	-	-	-
	Shareholder Funds	£2,166,518	81.8%	£1,191,576	45.6%	£818,603	46.9%	£557,151	-2.6%	£571,809

Other Financial Items

	Date Of Accounts	31/10/12	(%)	30/06/11	(%)	30/06/10	(%)	30/06/09	(%)	30/06/08
	Net Worth	£2,159,320	85.6%	£1,163,710	57.4%	£739,101	82.4%	£405,298	26.1%	£321,283
	Working Capital	£2,751,520	47.8%	£1,861,896	25.7%	£1,481,064	15.9%	£1,277,969	-0.4%	£1,282,888
	Total Assets	£4,338,893	68.4%	£2,576,898	20.4%	£2,139,557	33.2%	£1,606,541	-11.9%	£1,822,606
	Total Liabilities	£2,172,375	56.8%	£1,385,322	4.9%	£1,320,954	25.9%	£1,049,390	-16.1%	£1,250,797
	Net Assets	£2,166,518	81.8%	£1,191,576	45.6%	£818,603	46.9%	£557,151	-2.6%	£571,809

Cash Flow

	Date Of Accounts	31/10/12	(%)	30/06/11	(%)	30/06/10	(%)	30/06/09	(%)	30/06/08
	Net Cashflow from Operations	-	-	-	-	-	-	-	-	-
	Net Cashflow before Financing	-	-	-	-	-	-	-	-	-
	Net Cashflow from Financing	-	-	-	-	-	-	-	-	-
	Increase in Cash	-	-	-	-	-	-	-	-	-

Miscellaneous

	Date Of Accounts	31/10/12	(%)	30/06/11	(%)	30/06/10	(%)	30/06/09	(%)	30/06/08
	Contingent Liability	NO	-	NO	-	NO	-	NO	-	YES
	Capital Employed	£2,838,207	45.7%	£1,947,539	19.3%	£1,632,767	9.7%	£1,487,980	-6.1%	£1,584,246
	Number of Employees	-	-	-	-	-	-	-	-	-
	Auditors
	Auditor Comments	The company is exempt from audit
	Bankers	BARCLAYS BANK PLC
	Bank Branch Code

Ratios

	Date Of Accounts	31/10/12	30/06/11	30/06/10	30/06/09	30/06/08
	Pre-tax profit margin %	-	-	-	-	8.94
	Current ratio	2.83	3.96	3.92	11.78	6.38
	Sales/Net Working Capital	-	-	-	-	1.92
	Gearing %	31	63.40	99.50	167.10	177.10
	Equity in %	50	46.70	39.70	38.30	36.40
	Creditor Days	-	-	-	-	20.70
	Debtor Days	-	-	-	-	30.28
	Liquidity/Acid Test	2.52	2.58	2.59	4.78	3.70
	Return On Capital Employed %	-	-	-	-	13.92
	Return On Total Assets Employed %	-	-	-	-	12.10
	Current Debt Ratio	0.69	0.52	0.61	0.21	0.41
	Total Debt Ratio	1	1.16	1.61	1.88	2.18
	Stock Turnover Ratio %	-	-	-	-	25.82
	Return on Net Assets Employed %	-	-	-	-	38.57

ADDITIONAL INFORMATION

Commentary

No exact match CCJs are recorded against the company.
The credit limit on this company has risen 105% in comparison to the previously suggested credit limit.
Net Worth increased by 85.6% during the latest trading period.
A 68.4% growth in Total Assets occurred during the latest trading period.
The company saw a decrease in their Cash Balance of 24.4% during the latest trading period.
The company is exempt from audit.
No recent changes in directorship are recorded.
The company is not part of a group.
The movement in accumulated earnings would indicate that the company made a profit after tax and other appropriations, including dividends.
The company was established over 24 years ago.

Status History

No Status History found

Event History

Date	Description
18/03/2013	New Accounts Filed
18/03/2013	New Accounts Filed
13/11/2012	Annual Returns
20/12/2011	New Accounts Filed
12/11/2011	Annual Returns
05/11/2010	Annual Returns
29/10/2010	New Accounts Filed
16/03/2010	New Accounts Filed
14/12/2009	Annual Returns
14/12/2009	Change in Reg.Office
01/05/2009	New Accounts Filed
23/11/2008	Annual Returns
16/01/2008	New Accounts Filed
04/12/2007	Annual Returns
10/05/2007	New Accounts Filed

Previous Company Names

Date	Previous Name
01/02/1989	RAPID 7150 LIMITED

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.54.53
UK Pound	1	Rs.83.59
Euro	1	Rs.71.33

INFORMATION DETAILS

Report Prepared by :

MNL

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.