MIRA INFORM REPORT

Report Date :

05.05.2011

IDENTIFICATION DETAILS

Name :	MOTHERCARE PLC.
Formerly Known As :	STOREHOUSE PLC
Registered Office :	Cherry Tree Road Watford Hertfordshire WD24 6SH
Country :	United Kingdom
Financials (as on) :	27.03.2010
Date of Incorporation :	26.09.1985
Legal Form :	Public Limited with Share Capital
Line of Business :	Other Retail Specialised Store

RATING & COMMENTS

MIRA’s Rating :

A

RATING		STATUS	PROPOSED CREDIT LINE
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

Maximum Credit Limit :	£ 6,200,000
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 – December 31, 2010

Country Name	Previous Rating (30.09.2010)	Current Rating (31.12.2010)
United Kingdom	A1	A1

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

REGISTERED NAME & COMPANY SUMMARY

Company Name	MOTHERCARE PLC.	Company Number	01950509
Registered Address	CHERRY TREE ROAD	Trading Address	Unit B3abLakeside Retail ParkGraysEssexRM20 1WN
	WATFORD
	HERTFORDSHIRE
	WD24 6SH
Website Address	http://www.mothercare.com
Telephone Number	01923241000	Fax Number
TPS	No	FPS	No
Incorporation Date	26/09/1985	Company Status	Active - Accounts Filed
Previous Name	STOREHOUSE PLC	Type	Public limited with Share Capital
		Filing Date of Accounts	13/08/2010
Date of Change	03/08/2000	Share Capital	£44,075,053
Sic Code	5248	Currency	GBP
Sic Description	OTHER RETAIL SPECIALISED STORE
Principal Activity	A group engaged as an specialist retailer for the mother-to-be and parents of young children, offering a wide range of clothing, hardware and toys for the preschool child, in the UK and internationally.

CREDIT recommendation

Current Credit Limit: 6,200,000

DIRECTORS/MANAGEMENT

Previous Director/Company Secretaries

Name	Current Directorships	Previous Directorships
David Edward Tagg	25	88
Brian Hardy	3	19
Richard John Steele	8	185
Denis Patrick Cassidy	34	50
Alan Keith Patrick Smith	8	19
Margaret Downes	3	5
Steven William Bedford	4	13
Clive Edward Revett	13	48
David Dworkin	0	2
Angela Christine Heylin	11	15
Guy Antony Johnson	14	64
David Martin Simons	8	44
Ann Iverson	0	1
Keith Graeme Edelman	14	53
Ann Iverson	0	3
Christopher Nicholas Martin	38	13
Mark McMenemy	3	97
Graham Howard Rider	1	12
Stephen Paul Tague	0	12
Ian Frederic Hay Davison	6	26
Steven Peter Glew	0	32
Francis Christopher Buchan Bland	14	31
Karren Peschisolido	2	1
Martin Stuart Sorrell	19	137

Current Directors

Name	Bernard Anthony Cragg	Date of Birth	02/12/1954
Officers Title	Mr	Nationality	British
Present Appointments	4	Function	Director
Appointment Date	28/03/2003
Address	Cherry Tree Road,  Watford,  Hertfordshire,  WD24 6SH
Other Actions	View Director Report	View Consumer Report	View Trace Report
Disqualified		Disqualified End Date

Name	Amanda Felicity MacKenzie	Date of Birth	06/12/1963
Officers Title	Ms	Nationality	British
Present Appointments	2	Function	Director
Appointment Date	01/01/2011
Address	St Helen's 1 Undershaft,  ,  London,  EC3P 3DQ
Other Actions	View Director Report	View Consumer Report	View Trace Report
Disqualified		Disqualified End Date

Name	Ian Rex Peacock	Date of Birth	05/07/1947
Officers Title	Mr	Nationality	British
Present Appointments	5	Function	Director
Appointment Date	01/08/2002
Address	Cherry Tree Road,  Watford,  Hertfordshire,  WD24 6SH
Other Actions	View Director Report	View Consumer Report	View Trace Report
Disqualified		Disqualified End Date
Disqualification Exception	No

Name	David Gay Williams	Date of Birth	31/12/1946
Officers Title	Mr	Nationality	British
Present Appointments	9	Function	Director
Appointment Date	02/08/2004
Address	Cherry Tree Road,  Watford,  Hertfordshire,  WD24 6SH
Other Actions	View Director Report	View Consumer Report	View Trace Report
Disqualified		Disqualified End Date
Disqualification Exception	No

Name	Joseph Benjamin Gordon	Date of Birth	08/08/1959
Officers Title	Mr	Nationality	British
Present Appointments	6	Function	Director
Appointment Date	02/12/2002
Address	Cherry Tree Road,  Watford,  Hertfordshire,  WD24 6SH
Other Actions	View Director Report	View Consumer Report	View Trace Report
Disqualified		Disqualified End Date
Disqualification Exception	No

Name	Richard Michael Rivers	Date of Birth	29/10/1947
Officers Title	Mr	Nationality	British
Present Appointments	1	Function	Director
Appointment Date	17/07/2008
Address	Cherry Tree Road,  Watford,  Hertfordshire,  WD24 6SH
Other Actions	View Director Report	View Consumer Report	View Trace Report
Disqualified		Disqualified End Date
Disqualification Exception	No

Name	Neil Simon Harrington	Date of Birth	30/08/1963
Officers Title	Mr	Nationality	British
Present Appointments	5	Function	Director
Appointment Date	30/01/2006
Address	Cherry Tree Road,  Watford,  Hertfordshire,  WD24 6SH
Other Actions	View Director Report	View Consumer Report	View Trace Report
Disqualified		Disqualified End Date
Disqualification Exception	No

Current Company Secretary

Name	Timothy John Ashby	Date of Birth	-
Officers Title	Mr	Nationality
Present Appointments	1	Function	Company Secretary
Appointment Date	30/08/2010
Address	Cherry Tree Road,  Watford,  Hertfordshire,  WD24 6SH

Previous Director/Company Secretaries

Name	Current Directorships	Previous Directorships
David Edward Tagg	25	88
Brian Hardy	3	19
Richard John Steele	8	185
Denis Patrick Cassidy	34	50
Alan Keith Patrick Smith	8	19
Margaret Downes	3	5
Steven William Bedford	4	13
Clive Edward Revett	13	48
David Dworkin	0	2
Angela Christine Heylin	11	15
Guy Antony Johnson	14	64
David Martin Simons	8	44
Ann Iverson	0	1
Keith Graeme Edelman	14	53
Ann Iverson	0	3
Christopher Nicholas Martin	38	13
Mark McMenemy	3	97
Graham Howard Rider	1	12
Stephen Paul Tague	0	12
Ian Frederic Hay Davison	6	26
Steven Peter Glew	0	32
Francis Christopher Buchan Bland	14	31
Karren Peschisolido	2	1
Martin Stuart Sorrell	19	137

NEGATIVE INFORMATION

No negative information found

SHARE & SHARE CAPITAL INFORMATION

Top 20 Shareholders

Name	Individual Share Value
D.C. THOMSON & COMPANY LIMITED	8,950,000 ORDINARY GBP 0.499
NORTRUST NOMINEES LIMITED	5,858,936 ORDINARY GBP 0.499

PAYMENT INFORMATION

Na

GROUP STRUCTURE & AFFILIATED COMPANIES

Group Structure Summary

Company Name	MOTHERCARE PLC.	Company Number	01950509
Holding Company	MOTHERCARE PLC.	Ownership Status	Ultimately Owned
Ultimate Holding Company	MOTHERCARE PLC.	Companies in group	33

Group structure

Company Name	Safe Number	Registered Number	Latest Key Financials
MOTHERCARE PLC.	UK01616381	01950509	31.03.2010
MOTHERCARE.COM LIMITED	UK03549372	03896015	27.03.2010
CHELSEA STORES HOLDINGS LIMITED	UK04716802	05071053	27.03.2010
CHELSEA STORES (EBT TRUSTE...	UK04313387	04666271	27.03.2010
CHELSEA STORES LIMITED	UK02782182	03123019	27.03.2010
EARLY LEARNING HOLDINGS LI...	UK03840152	04189976	27.03.2010
EARLY LEARNING CENTRE LI...	UK00011547	00102194	27.03.2010
EARLY LEARNING LIMITED	UK00775453	01103663	27.03.2010
ELCI LIMITED	UK02767976	03108740	27.03.2010
ELC LIMITED	UK02768172	03108938	27.03.2010
EARLY LEARNING (UK) LI...	UK02810669	03151635	27.03.2010
EARLY LEARNING CENTRE...	UK07000403	NF003018	30.04.2006
ELC MERCHANT SERVICES...	UK03990031	04341135	27.03.2010
GALLERIA LIMITED	UK01574412	01908269	27.03.2010
MOTHERCARE SHOPS GROUP	UK00661285	00988644	27.03.2010
MOTHERCARE FINANCE LIMITED	UK01052055	01382896	27.03.2010
MOTHERCARE FINANCE NUMBER 2...	UK00069995	00309648	27.03.2010
MOTHERCARE GROUP LIMITED(THE)	UK00039032	00223360	27.03.2010
MOTHERCARE (HOLDINGS) LIMITED	UK00959014	01289339	27.03.2010
MOTHERCARE UK LIMITED	UK00215766	00533087	27.03.2010
CHILDRENS WORLD LIMITED	UK00041661	00232232	27.03.2010
GURGLE LIMITED	UK06031120	06387888	31.03.2010
WILLOWDOWN LIMITED	UK02330976	02669971	27.03.2010
MOTHERCARE NURSERY FURNITURE...	UK00747875	01075840	27.03.2010
MOTHERCARE OPERATIONS LIMITED	UK01085586	01416572	27.03.2010
MOTHERCARE RETAIL SERVICES L...	UK00016896	00135353	27.03.2010
PRINCESS PRODUCTS LIMITED	UK00091411	00354661	27.03.2010
MINI CLUB UK LIMITED	UK01447942	01781095	27.03.2010
RETAIL CLOTHING LIMITED	UK00038605	00221932	27.03.2010
CLOTHING RETAILERS LIMITED	UK00069248	00307887	27.03.2010
PILMAR LIMITED	UK01416457	01749467	27.03.2010
PRICES TRUST COMPANY LIMITED	UK00063257	00293342	27.03.2010
TCR PROPERTIES LIMITED	UK00010393	00095350	27.03.2010

FINANCIAL INFORMATION

Key Financials

Year to Date	Turnover	Pre Tax Profit	Shareholder Funds	Employees
27/03/2010	£766,400,000	£32,500,000	£188,400,000	7452
28/03/2009	£723,600,000	£42,000,000	£197,500,000	7715
31/03/2008	£676,800,000	£4,500,000	£198,000,000	4244

Profit & Loss

Date Of Accounts	27/03/10	(%)	28/03/09	(%)	31/03/08	(%)	31/03/07	(%)	01/04/06
Weeks	52	(%)	52	(%)	52	(%)	52	(%)	53
Currency	GBP	(%)	GBP	(%)	GBP	(%)	GBP	(%)	GBP
Consolidated A/cs	Y	(%)	Y	(%)	Y	(%)	Y	(%)	Y
Turnover	£766,400,000	5.9%	£723,600,000	6.9%	£676,800,000	35.8%	£498,500,000	3.3%	£482,700,000
Export	-	-	-	-	£111,800,000	28.4%	£87,100,000	-	-
Cost of Sales	£679,400,000	-	£636,800,000	4%	£612,500,000	35.9%	£450,600,000	-	£431,800,000
Gross Profit	£87,000,000	0.2%	£86,800,000	35%	£64,300,000	34.2%	£47,900,000	-5.9%	£50,900,000
Wages & Salaries	£110,900,000	11.6%	£99,400,000	15.2%	£86,300,000	41.9%	£60,800,000	-0.2%	£60,900,000
Directors Emoluments	£9,000,000	291.3%	£2,300,000	-6.7%	£2,465,000	-27.3%	£3,391,000	25.6%	£2,700,000
Operating Profit	£33,200,000	-23%	£43,100,000	879.5%	£4,400,000	-74.6%	£17,300,000	-23.8%	£22,700,000
Depreciation	£15,100,000	-12.7%	£17,300,000	8.1%	£16,000,000	27%	£12,600,000	4.1%	£12,100,000
Audit Fees	£300,000	-25%	£400,000	-	£400,000	33.3%	£300,000	200%	£100,000
Interest Payments	£700,000	-53.3%	£1,500,000	-	£1,500,000	999.9%	£100,000	-66.7%	£300,000
Pre Tax Profit	£32,500,000	-22.6%	£42,000,000	833.3%	£4,500,000	-76.2%	£18,900,000	-21.9%	£24,200,000
Taxation	-£8,900,000	24.6%	-£11,800,000	-168.2%	-£4,400,000	-	-£4,400,000	34.3%	-£6,700,000
Profit After Tax	£23,600,000	-21.9%	£30,200,000	999.9%	£100,000	-99.3%	£14,500,000	-17.1%	£17,500,000
Dividends Payable	£13,200,000	21.1%	£10,900,000	38%	£7,900,000	19.7%	£6,600,000	20%	£5,500,000
Retained Profit	£10,400,000	-46.1%	£19,300,000	347.4%	-£7,800,000	-198.7%	£7,900,000	-34.2%	£12,000,000

Balance Sheet

Date Of Accounts	27/03/10	(%)	28/03/09	(%)	31/03/08	(%)	31/03/07	(%)	01/04/06
Tangible Assets	£103,500,000	10.2%	£93,900,000	-4.8%	£98,600,000	12.6%	£87,600,000	-5%	£92,200,000
Intangible Assets	£104,900,000	0.4%	£104,500,000	0.3%	£104,200,000	999.9%	£5,200,000	30%	£4,000,000
Total Fixed Assets	£208,400,000	5%	£198,400,000	-2.2%	£202,800,000	118.5%	£92,800,000	-3.5%	£96,200,000
Stock	£91,300,000	-3%	£94,100,000	32.9%	£70,800,000	36.7%	£51,800,000	2%	£50,800,000
Trade Debtors	£39,800,000	16.7%	£34,100,000	38.1%	£24,700,000	20.5%	£20,500,000	41.4%	£14,500,000
Cash	£38,500,000	55.2%	£24,800,000	9.3%	£22,700,000	-43.4%	£40,100,000	11.7%	£35,900,000
Other Debtors	£17,900,000	-11.8%	£20,300,000	-28.5%	£28,400,000	30.3%	£21,800,000	24.6%	£17,500,000
Miscellaneous Current Assets	£14,100,000	93.2%	£7,300,000	942.9%	£700,000	-	0	-	0
Total Current Assets	£201,600,000	11.6%	£180,600,000	22.6%	£147,300,000	9.8%	£134,200,000	13.1%	£118,700,000
Trade Creditors	£59,100,000	0.3%	£58,900,000	30%	£45,300,000	62.9%	£27,800,000	0.7%	£27,600,000
Bank Loans & Overdrafts	0	-	0	-	0	-	0	-	0
Other Short Term Finance	£3,700,000	68.2%	£2,200,000	450%	£400,000	-	0	-100%	£900,000
Miscellaneous Current Liabilities	£68,200,000	10.7%	£61,600,000	-17.1%	£74,300,000	125.8%	£32,900,000	20.1%	£27,400,000
Total Current Liabilities	£131,000,000	6.8%	£122,700,000	2.3%	£120,000,000	97.7%	£60,700,000	8.6%	£55,900,000
Bank Loans & Overdrafts and LTL	£90,600,000	54.1%	£58,800,000	83.2%	£32,100,000	109.8%	£15,300,000	-44%	£27,300,000
Other Long Term Finance	£26,200,000	33%	£19,700,000	999.9%	£100,000	-	0	-100%	£8,900,000
Total Long Term Liabilities	£90,600,000	54.1%	£58,800,000	83.2%	£32,100,000	109.8%	£15,300,000	-44%	£27,300,000

Capital & Reserves

Date Of Accounts	27/03/10	(%)	28/03/09	(%)	31/03/08	(%)	31/03/07	(%)	01/04/06
Called Up Share Capital	£44,100,000	0.7%	£43,800,000	0.5%	£43,600,000	19.1%	£36,600,000	0.8%	£36,300,000
P & L Account Reserve	£96,200,000	-10.9%	£108,000,000	-1.8%	£110,000,000	-7.3%	£118,700,000	19.1%	£99,700,000
Revaluation Reserve	-	-	-	-	-	-	-	-	-
Sundry Reserves	£48,100,000	5.3%	£45,700,000	2.9%	£44,400,000	999.9%	-£4,300,000	-	-£4,300,000
Shareholder Funds	£188,400,000	-4.6%	£197,500,000	-0.3%	£198,000,000	31.1%	£151,000,000	14.7%	£131,700,000

Other Financial Items

Date Of Accounts	27/03/10	(%)	28/03/09	(%)	31/03/08	(%)	31/03/07	(%)	01/04/06
Net Worth	£83,500,000	-10.2%	£93,000,000	-0.9%	£93,800,000	-35.7%	£145,800,000	14.2%	£127,700,000
Working Capital	£70,600,000	21.9%	£57,900,000	112.1%	£27,300,000	-62.9%	£73,500,000	17%	£62,800,000
Total Assets	£410,000,000	8.2%	£379,000,000	8.3%	£350,100,000	54.2%	£227,000,000	5.6%	£214,900,000
Total Liabilities	£221,600,000	22.1%	£181,500,000	19.3%	£152,100,000	100.1%	£76,000,000	-8.7%	£83,200,000
Net Assets	£188,400,000	-4.6%	£197,500,000	-0.3%	£198,000,000	31.1%	£151,000,000	14.7%	£131,700,000

Cash Flow

Date Of Accounts	27/03/10	(%)	28/03/09	(%)	31/03/08	(%)	31/03/07	(%)	01/04/06
Net Cashflow from Operations	£50,100,000	43.6%	£34,900,000	-32.6%	£51,800,000	88.4%	£27,500,000	106.8%	£13,300,000
Net Cashflow before Financing	£26,400,000	116.4%	£12,200,000	121.8%	£5,500,000	257.1%	-£3,500,000	-185.4%	£4,100,000
Net Cashflow from Financing	-£12,900,000	-10.3%	-£11,700,000	1.7%	-£11,900,000	-54.5%	-£7,700,000	-48.1%	-£5,200,000
Increase in Cash	£13,500,000	999.9%	£500,000	-97.1%	£17,400,000	314.3%	£4,200,000	481.8%	-£1,100,000

Miscellaneous

Date Of Accounts	27/03/10	(%)	28/03/09	(%)	31/03/08	(%)	31/03/07	(%)	01/04/06
Contingent Liability	NO	-	NO	-	NO	-	NO	-	NO
Capital Employed	£279,000,000	8.9%	£256,300,000	11.4%	£230,100,000	38.4%	£166,300,000	4.6%	£159,000,000
Number of Employees	7452	-3.4%	7715	81.8%	4244	34.8%	3149	-40.1%	5255
Auditors	DELOITTE LLP
Auditor Comments	The audit report contains no adverse comments
Bankers	HSBC BANK PLC
Bank Branch Code

Ratios

Date Of Accounts	27/03/10	28/03/09	31/03/08	31/03/07	01/04/06
Pre-tax profit margin %	4.24	5.80	0.66	3.79	5.01
Current ratio	1.54	1.47	1.23	2.21	2.12
Sales/Net Working Capital	10.86	12.50	24.79	6.78	7.69
Gearing %	48.10	29.80	16.20	10.10	20.70
Equity in %	61.80	71.90	80.50	68.10	62.40
Creditor Days	28.06	29.62	24.43	20.36	21.21
Debtor Days	18.90	17.15	13.32	15.01	11.14
Liquidity/Acid Test	0.84	0.70	0.64	1.36	1.21
Return On Capital Employed %	11.64	16.38	1.96	11.37	15.22
Return On Total Assets Employed %	7.92	11.08	1.29	8.33	11.26
Current Debt Ratio	0.69	0.62	0.61	0.40	0.42
Total Debt Ratio	1.17	0.91	0.77	0.50	0.63
Stock Turnover Ratio %	11.91	13	10.46	10.39	10.52

Return on Net Assets Employed %

17.25

21.26

2.27

12.52

18.38

FOREIGN EXCHANGE RATES

NA

ADDITIONAL INFORMATION

Commentary

No exact match CCJs are recorded against the company.
The credit limit on this company has risen 25.3% in comparison to the previously suggested credit limit.
The previous 12 month trading period saw a rise in Sales of 5.9%.
In the previous 12 month trading period Net Worth decreased by 10.2%.
A 8.2% growth in Total Assets occurred in the previous 12 month trading period.
Pre-tax profits decreased by 22.6% in the previous 12 month trading period.
The company saw an increase in their Cash Balance of 55.2% in the previous 12 month trading period.
The audit report contains no adverse comments.
The company has undergone recent changes in its directorships.
The company is part of a group.
The company was established over 25 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 -	0

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	0
Satisfied	1

Status History

No Status History found

Event History

Date	Description
16/02/2011	New Board Member Ms A.F. MacKenzie appointed	View Document
03/02/2011	New Board Member Ms A.F. MacKenzie appointed	View Document
24/09/2010	Annual Returns	View Document
03/09/2010	Mr C.E. Revett has resigned as company secretary	View Document
03/09/2010	New Company Secretary Mr T.J. Ashby appointed	View Document
30/08/2010	Ms K. Peschisolido has left the board	View Document
25/08/2010	New Accounts Filed	View Document
25/08/2010	New Accounts Filed	View Document
24/06/2010	New Accounts Filed	View Document
02/06/2010	New Board Member Mr B.A. Cragg appointed	View Document
14/08/2009	Annual Returns	View Document
09/08/2009	New Accounts Filed	View Document
12/06/2009	New Accounts Filed	View Document
17/09/2008	New Board Member Mr R.M. Rivers appointed	View Document
08/08/2008	New Accounts Filed	View Document

Previous Company Names

Date	Previous Name	Companies House Documents
03/08/2000	STOREHOUSE PLC	View Document
06/12/1985	15TH LEGIBUS PLC	View Document

Exact CCJ Details

No CCJs found

Possible CCJs Details

There are no possible CCJ details

Writ Details

No writs found

Mortgage Details

Mortgage Type:	FIRST SUPPLEMENTAL TRUST DEED
Date Charge Created:	23/03/89
Date Charge Registered:	10/04/89
Date Charge Satisfied:	10/10/92
Status:	SATISFIED
Person(s) Entitled:	COMMERCIAL UNION ASSURANCE COMPANY PLC
Amount Secured:	FOR SECURING THE PRINCIPAL AMOUNT OF THE STOCK AND INTEREST THEREON AND ALL OTHER MONEYS SECURED BYOR PAYABLE UNDER ORPURSUANT TO THE PRINCIPAL TRUST DEED DATED 31/1/86 FOR THE TIME BEING.
Details:	ALL RIGHTS TITLE & INTEREST OF THE COMPANY IN AND TO ALL SUMS OF MONEY NOW OR INTHE FUTURE DEPOSITEDIN EACH ACCOUNT NO10297020 AND ACCOUNT NO 10297033.(SEE FORM 395 FOR FULL DETAILS)

Creditor Details

No Creditor Data
Total Value	-

Trade Debtors / Bad Debt Detail

No Debtor Data
Total Value	-

NOTES & COMMENTS

Na

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.44.59
UK Pound	1	Rs.73.42
Euro	1	Rs.66.04

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.