MIRA INFORM REPORT

Report Date :

16.09.2014

ADDITIONAL DETAILS

Official Registered Name of Company: Infrared Systems Group Ltd

Commonly Known As: ISG Infrasys

Postal Address: 14 Repton Court, Repton Close, Basildon, Essex, SS13 1LN UK

Tel: +44 (0) 1268 527700

Fax : +44 (0) 1268 527799

General Enquiries: info@isgfire.co.uk

Sale Enquiries: sales@isgfire.co.uk

UK Website: www.isgfire.co.uk

Vat No.: GB110394257

Company Incorporation Number: 7584118

Bank Name & Address: HSBC Bank PLC 33 Town Square Basildon Essex SS14 1BA

Tel: 08457606060

IDENTIFICATION DETAILS

Name :	INFRARED SYSTEMS GROUP LTD

Registered Office :	27-28, East Castle Street, London, W1W 8DH

Country :	United Kingdom

Financials (as on) :	31.12.2013

Date of Incorporation :	30.03.2011

Com. Reg. No.:	07584118

Legal Form :	Private Limited With Share Capital

Line of Business :	Manufacture of Optical Precision Instruments.

No of Employees :	Not Available

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 :	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 – June 01, 2014

Country Name

Previous Rating

(31.03.2014)

Current Rating

(01.06.2014)

United Kingdom

Risk Category	ECGC Classification
Insignificant	A1
Low Risk	A2
Moderate Low Risk	B1
Moderate Risk	B2
Moderate 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

Company Name: Infrared Systems Group Ltd

Company No.: 07584118

Company Status: Active-Accounts Filed

Registered Address: 27-28, East Castle Street, London, W1W 8DH

Company Summary

Registered Address: 27-28, East Castle Street, London, W1W 8DH

Trading Address: East Castle House, 27-28, East Castle Street, London, W1W 8DH

FPS: No

Incorporation Date: 30.03.2011

Type: Private Limited With Share Capital

Filing Date of

Accounts: 17.06.2014

Currency: GBP

Share Capital: £1

SIC07: 26701

SIC07 Description

Principal Activity: manufacture of Optical Precision Instruments.

KEY FINANCIALS

Year to Date	Turnover	Pre Tax Profit	Shareholder	Funds Employees
31.12.2013	--	--	-£72,616	--
31.12.2012	--	--	-£49,159	--
31.12.2011	--	--	-£40,393	--

COMMENTARY

No exact match CCJs are recorded against the company.

Net Worth decreased by 6.4% during the latest trading period.

The audit report contains no adverse comments.

There is insufficient data to indicate a change in this company's percentage of sales.

A 9.4% decline in Total Assets occurred during the latest trading period.

There is insufficient data to indicate a change in this company's pre-tax profit.

The company saw a decrease in their Cash Balance of 37.3% during the latest trading period.

The company has undergone recent changes in its directorships.

The company is part of a group.

The movement in accumulated earnings would indicate that the company incurred a loss after tax and other appropriations, including dividends.

The company has changed its registered address recently.

The company was established over 3 years ago.

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 -	-

Total Current Directors	1
Total Current Secretaries	0
Total Previous Directors / Company Secretaries	3

CURRENT DIRECTORS

Name	David Anthony Little	Date of Birth	17/11/1965
Officers Title	Mr.	Nationality	American
Present Appointments	2	Function	Director
Appointment Date	30/03/2011
Address	Integrated House Repton Court, Repton Close, Basildon, Essex, SS13 1LN
Other Actions	View Director Report	View Consumer Report	View AML Report
	View Trace Report
Disqualified		Disqualified End Date
Disqualification Exception	No

CURRENT COMPANY SECRETARY

TOP 20 SHAREHOLDERS

Name	Currency	Share Count	Share Type	Nominal Value	% of Total Share Count
INFRARED SYSTEMS GROUP USA, INC	GBP	1	ORDINARY A	1	100

PROFIT & LOSS

Date Of Accounts	31/12/13	(%)	31/12/12	(%)	31/12/11	(%)	-	(%)	-
Weeks	52	(%)	52	(%)	39	(%)	-	(%)	-
Currency	GBP	(%)	GBP	(%)	GBP	(%)	-	(%)	-
Consolidated A/cs	N	(%)	N	(%)	N	(%)	-	(%)	-
Turnover	-	-	-	-	-	-	-	-	-
Export	-	-	-	-	-	-	-	-	-
Cost of Sales	-	-	-	-	-	-	-	-	-
Gross Profit	-	-	-	-	-	-	-	-	-
Wages & Salaries	-	-	-	-	-	-	-	-	-
Directors Emoluments	-	-	-	-	-	-	-	-	-
Operating Profit	-	-	-	-	-	-	-	-	-
Depreciation	£15,760	80.1%	£8,749	194.9%	£2,967	-	-	-	-
Audit Fees	-	-	-	-	-	-	-	-	-
Interest Payments	-	-	-	-	-	-	-	-	-
Pre Tax Profit	-	-	-	-	-	-	-	-	-
Taxation	-	-	-	-	-	-	-	-	-
Profit After Tax	-	-	-	-	-	-	-	-	-
Dividends Payable	-	-	-	-	-	-	-	-	-
Retained Profit	-	-	-	-	-	-	-	-	-

BALANCE SHEET

Date Of Accounts	31/12/13	(%)	31/12/12	(%)	31/12/11	(%)	-	(%)	-
Tangible Assets	£78,500	184.7%	£27,570	70.2%	£16,200	-	-	-	-
Intangible Assets	£142,283	-6.9%	£152,758	-8.5%	£166,873	-	-	-	-
Total Fixed Assets	£220,783	22.4%	£180,328	-1.5%	£183,073	-	-	-	-
Stock	£193,326	58%	£122,391	-58.3%	£293,250	-	-	-	-
Trade Debtors	£327,161	-32.5%	£484,467	46.8%	£330,091	-	-	-	-
Cash	£62,578	-37.3%	£99,750	-41.4%	£170,098	-	-	-	-
Other Debtors	0	-	0	-	0	-	-	-	-
Miscellaneous Current Assets	0	-	0	-	0	-	-	-	-
Total Current Assets	£583,065	-17.5%	£706,608	-10.9%	£793,439	-	-	-	-
Trade Creditors	£876,464	-6.4%	£936,095	-7.9%	£1,016,905	-	-	-	-
Bank Loans & Overdrafts	0	-	0	-	0	-	-	-	-
Other Short Term Finance	0	-	0	-	0	-	-	-	-
Miscellaneous Current Liabilities	0	-	0	-	0	-	-	-	-
Total Current Liabilities	£876,464	-6.4%	£936,095	-7.9%	£1,016,905	-	-	-	-
Bank Loans & Overdrafts and LTL	0	-	0	-	0	-	-	-	-
Other Long Term Finance	0	-	0	-	0	-	-	-	-
Total Long Term Liabilities	0	-	0	-	0	-	-	-	-

CAPITAL & RESERVES

Date Of Accounts	31/12/13	(%)	31/12/12	(%)	31/12/11	(%)	-	(%)	-
Called Up Share Capital	£200	-	£200	-	£200	-	-	-	-
P & L Account Reserve	-£72,816	-47.5%	-£49,359	-21.6%	-£40,593	-	-	-	-
Revaluation Reserve	-	-	-	-	-	-	-	-	-
Sundry Reserves	-	-	-	-	-	-	-	-	-
Shareholder Funds	-£72,616	-47.7%	-£49,159	-21.7%	-£40,393	-	-	-	-

OTHER FINANCIAL ITEMS

Date Of Accounts	31/12/13	(%)	31/12/12	(%)	31/12/11	(%)	-	(%)	-
Net Worth	-£214,899	-6.4%	-£201,917	2.6%	-£207,266	-	-	-	-
Working Capital	-£293,399	-27.8%	-£229,487	-2.7%	-£223,466	-	-	-	-
Total Assets	£803,848	-9.4%	£886,936	-9.2%	£976,512	-	-	-	-
Total Liabilities	£876,464	-6.4%	£936,095	-7.9%	£1,016,905	-	-	-	-
Net Assets	-£72,616	-47.7%	-£49,159	-21.7%	-£40,393	-	-	-	-

CASH FLOW

Date Of Accounts	31/12/13	(%)	31/12/12	(%)	31/12/11	(%)	-	(%)	-
Net Cashflow from Operations	-	-	-	-	-	-	-	-	-
Net Cashflow before Financing	-	-	-	-	-	-	-	-	-
Net Cashflow from Financing	-	-	-	-	-	-	-	-	-
Increase in Cash	-	-	-	-	-	-	-	-	-

MISCELLANEOUS

Date Of Accounts	31/12/13	(%)	31/12/12	(%)	31/12/11	(%)	-	(%)	-
Contingent Liability	NO	-	NO	-	NO	-	-	-	-
Capital Employed	-£72,616	-47.7%	-£49,159	-21.7%	-£40,393	-	-	-	-
Number of Employees	-	-	-	-	-	-	-	-	-
Auditors	VENTHAMS
Auditor Comments	The audit report contains no adverse comments
Bankers
Bank Branch Code

RATIO

Date Of Accounts	31/12/13	31/12/12	31/12/11	-	-
Pre-tax profit margin %	-	-	-	-	-
Current ratio	0.67	0.75	0.78	-	-
Sales/Net Working Capital	-	-	-	-	-
Gearing %	0	0	0	-	-
Equity in %	-11	-6.70	-5	-	-
Creditor Days	-	-	-	-	-
Debtor Days	-	-	-	-	-
Liquidity/Acid Test	0.44	0.62	0.49	-	-
Return On Capital Employed %	-	-	-	-	-
Return On Total Assets Employed %	-	-	-	-	-
Current Debt Ratio	-12.06	-19.04	-25.17	-	-
Total Debt Ratio	-12.06	-19.04	-25.17	-	-
Stock Turnover Ratio %	-	-	-	-	-
Return on Net Assets Employed %	-	-	-	-	-

STATUS HISTORY

No Status History found

EVENT HISTORY

Date	Description
26/06/2014	New Accounts Filed	View Document
23/06/2014	Annual Returns	View Document
14/05/2014	Change in Reg.Office	View Document
14/05/2014	Change of Company Postcode	View Document
14/05/2014	OVALSEC LIMITED has resigned as company secretary	View Document
23/04/2013	New Accounts Filed	View Document
12/04/2013	Annual Returns	View Document
08/08/2012	Mr C.W. Cheung has left the board	View Document
02/06/2012	New Accounts Filed	View Document
01/05/2012	Annual Returns	View Document
07/04/2011	OVAL NOMINEES LIMITED has left the board	View Document
01/04/2011	New Board Member Mr D.A. Little appointed	View Document
01/04/2011	New Company Secretary OVALSEC LIMITED appointed	View Document
01/04/2011	New Board Member OVAL NOMINEES LIMITED appointed	View Document
01/04/2011	New Board Member Mr C.W. Cheung appointed	View Document

PREVIOUS COMPANY NAME

No Previous Names found

GROUP STRUCTURE

Company Name	Registered Number	Latest Key Financials	Consol. Accounts	Turnover
INFRARED SYSTEMS GROUP LLC	N/A	-	-
INFRARED SYSTEMS GROUP...	N/A	-	-
INFRARED SYSTEMS GRO...	07584118	31.12.2013	N

Statistics

Group	3 companies
Linkages	0 companies
Countries	In 0 countries

EXACT CCJ DETAILS

No CCJs found

POSSIBLE CCJS DETAILS

There are no possible CCJ details

WRIT DETAILS

No writs found

PREVIOUS DIRECTOR/COMPANY SECRETARIES

Name	Current Directorships	Previous Directorships
Chi Wai Cheung	1	1
OVAL NOMINEES LIMITED	0	1
OVALSEC LIMITED	0	1

Average Invoice Value	n/a
Invoices available	n/a
Paid	n/a
Outstanding	n/a

Trade Payment Data is information that we collect from selected third party partners who send us information about their whole sales ledger.

	Within Terms	0-30 Days	31-60 Days	61-90 Days	91+ Days
Paid
Outstanding

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.60.99
UK Pound	1	Rs.99.10
Euro	1	Rs.79.03

INFORMATION DETAILS

Analysis Done by :	DIV

Report Prepared by :	TPT

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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This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.