MIRA INFORM REPORT

Report Date :

21.09.2012

IDENTIFICATION DETAILS

Name :	MARKS AND SPENCER SCM LIMITED
Registered Office :	Waterside House, 35 North Wharf Road , London, W2 1nw
Country :	United Kingdom
Financials (as on) :	02.04.2011
Date of Incorporation :	15.07.2002
Com. Reg. No.:	04485686
Legal Form :	Private limited with Share Capital
Line of Business :	Other business activities
No. of Employees :	Not Available

RATING & COMMENTS

MIRA’s Rating :

C

RATING		STATUS	PROPOSED CREDIT LINE
<10	C	Absolute credit risk exists. Caution needed to be exercised	Credit not recommended

Status :	Non trading
Payment Behaviour :	---
Litigation :	---

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, 2012

Country Name	Previous Rating (31.12.2011)	Current Rating (31.03.2012)
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	MARKS AND SPENCER SCM LIMITED	Company Number	04485686
Registered Address	WATERSIDE HOUSE	Trading Address	G32 The Lowry Designer Outlet The Quays Salford Lancashire M50 3AG
	35 NORTH WHARF ROAD
	LONDON
	W2 1NW
Website Address	http://www.marksandspencer.com
Telephone Number	02079354422	Fax Number
TPS	No	FPS	No
Incorporation Date	15/07/2002	Company Status	Non trading
Previous Name		Type	Private limited with Share Capital
Date of Change	-	Filing Date of Accounts	08/10/2011
		Share Capital	£1
SIC03	7487	Currency	GBP
SIC03 Description	OTHER BUSINESS ACTIVITIES
SIC07	82990
SIC07 Description	OTHER BUSINESS SUPPORT SERVICE ACTIVITIES N.E.C.
Principal Activity	The company did not trade after y/e 02.04.11.

DIRECTORS/MANAGEMENT

Current Directors

Name	Amanda Mellor	Date of Birth	07/03/1964
Officers Title	Ms	Nationality	British
Present Appointments	59	Function	Director
Appointment Date	30/07/2009
Address	35 North Wharf Road,  ,  London,  W2 1NW
Other Actions	View Director Report	View Consumer Report	View Trace Report
Disqualified		Disqualified End Date
Disqualification Exception	No

Name	Alan Stewart	Date of Birth	24/04/1960
Officers Title	Mr	Nationality	British
Present Appointments	36	Function	Director
Appointment Date	18/03/2011
Address	Waterside House 35 North Wharf Road,  ,  London,  W2 1NW

Previous Director/Company Secretaries

Name	Current Directorships	Previous Directorships
Andrew Robert Findlay	9	8
Graham John Oakley	14	81
Jeffrey Irvine Denton	2	15
Anthony James Quinlan	17	3
Paula Maria Hay-Plumb	2	21
Susan Elizabeth Harris	2	13
INSTANT COMPANIES LIMITED	2435	120334
SWIFT INCORPORATIONS LIMITED	2584	263481
Alison Clare Reed	1	0

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	0
Satisfied	0

Exact CCJ Details

No CCJs found

Possible CCJs Details

There are no possible CCJ details

Writ Details

No writs found

SHARE & SHARE CAPITAL INFORMATION

Share Capital	£1
Currency	GBP

Top 20 Shareholders

Name	Individual Share Value
MARKS & SPENCER PLC	1 ORDINARY GBP 1.00

PAYMENT INFORMATION

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

Statistics

Group	69 companies
Linkages	4 companies
Countries	In 2 countries

Summary

Holding Company	MARKS AND SPENCER P.L.C.
Ownership Status	Wholly Owned
Ultimate Holding Company	MARKS AND SPENCER GROUP P.L.C.

Group structure

Company Name	Registered Number	Latest Key Financials	Consol. Accounts	Limit	Turnover
MARKS AND SPENCER GROUP P.L.C.	04256886	31.03.2012	Y	£15,000,000	£9,934,300,000
MARKS AND SPENCER (NEDERLAND...	33098668	24.02.2011	N	€8,000
MARKS AND SPENCER (IRELAND...	IE016855	03.04.2011	N	-
APRELL LIMITED	IE243068	02.04.2011	N	-
MARKS AND SPENCER INVESTMENTS	04903061	02.04.2011	N	£8,000,000	£1,558,000
MARKS AND SPENCER (INITIAL L...	SC315365	31.03.2012	N	-	£5
MARKS AND SPENCER PENSION TR...	00326199	31.03.2011	N	£1,000
MARKS AND SPENCER PENSION...	05193992	31.03.2011	N	-
MARKS AND SPENCER P.L.C.	00214436	02.04.2011	Y	£15,000,000	£9,740,300,000
SWINDON WAREHOUSE SERVICES...	03872396	02.04.2011	N	-	£107,000
MARKS AND SPENCER (SPRUCEF...	05386788	02.04.2011	N	£3,900,000	£1,122,000
MARKS AND SPENCER (LISBU...	05386790	02.04.2011	N	£100,000	£21,000
MARKS AND SPENCER 2005 (KE...	05502478	02.04.2011	N	£100,000	£2,000,000
MARKS AND SPENCER 2005 (WA...	05502502	02.04.2011	N	£100,000	£2,809,000
MARKS AND SPENCER (PROPERT...	05502513	02.04.2011	N	£100,000	£200,000
MARKS AND SPENCER 2005 (CH...	05502519	02.04.2011	N	£100,000	£940,000
MARKS AND SPENCER 2005 (KI...	05502520	02.04.2011	N	£100,000	£1,700,000
MARKS AND SPENCER 2005 (CA...	05502522	02.04.2011	N	£1,150,000	£333,000
MARKS AND SPENCER 2005 (KI...	05502523	02.04.2011	N	£100,000	£1,260,000
MARKS AND SPENCER 2005 (CA...	05502526	02.04.2011	N	£800,000	£232,000
MARKS AND SPENCER 2005 (OX...	05502527	02.04.2011	N	£240,000	£70,000
MARKS AND SPENCER 2005 (HE...	05502538	02.04.2011	N	£100,000	£2,991,000

MARKS AND SPENCER 2005 (BA...	05502540		02.04.2011		N				£1,000			£531,000
MARKS AND SPENCER 2005 (NE...	05502541		02.04.2011		N				£1,150,000			£630,000
MARKS AND SPENCER 2005 (CH...	05502542		02.04.2011		N				£100,000			£1,400,000
MARKS AND SPENCER 2005 (PU...	05502544		02.04.2011		N				£100,000			£3,222,000
MARKS AND SPENCER 2005 (GL...	05502546		02.04.2011		N				£100,000			£1,200,000
MARKS AND SPENCER 2005 (CU...	05502547		02.04.2011		N				£1,250,000			£590,000
MARKS AND SPENCER 2005 (ED...	05502564		02.04.2011		N				£1,200,000			£342,000
MARKS AND SPENCER 2005 (CA...	05502567		02.04.2011		N				£1,000			£105,000
MARKS AND SPENCER (PROPERT...	05502582		02.04.2011		N				£100,000
MARKS AND SPENCER 2005 (PA...	05502588		02.04.2011		N				£100,000			£176,000
MARKS AND SPENCER 2005 (FI...	05502598		02.04.2011		N				£100,000			£120,000
MARKS AND SPENCER 2005 (BR...	05502608		02.04.2011		N				£100,000			£1,966,000
M & S LIMITED	05946613		31.03.2012		N				-
AMETHYST LEASING (HOLDINGS...	04246649		31.03.2011		N				-
AMETHYST LEASING (PROPER...	04246934		02.04.2011		N				£13,400,000			£366,000
BUSYEXPORT LIMITED	04411320		02.04.2011		N				£100,000			£1,414,000
M&S CARD SERVICES LIMITED	03979296		02.04.2011		N				-
M&S VENTURES LIMITED	00330475		02.04.2011		N				-
MANFORD (TEXTILES) LIMITED	00237629		02.04.2011		N				-
ST.MICHAEL (TEXTILES) LI...	00386149		02.04.2011		N				-
MARKS & SPENCER OUTLET LIM...	04039568		02.04.2011		N				£1,000			£16,505,831
MARKS & SPENCER SIMPLY FOO...	04739922		31.03.2012		N				£3,950,000			£482,902,000
MARKS AND SPENCER VENTURES...	03872389		02.04.2011		N				-
MARKS AND SPENCER SHARED S...	04461788		02.04.2011		N				£5,000			£6,272,000
MARKS AND SPENCER SCM LIMITED	04485686		02.04.2011		N			-
MARKS AND SPENCER FRANCE L...	05502548		02.04.2011		N			£1,000
MARKS AND SPARKS LIMITED	00773110		02.04.2011		N			-
MARKS AND SPENCER EXPORT C...	00363706		02.04.2011		N			-
MARKS AND SPENCER FINANCE...	01899685		31.03.2012		N			-
MARKS AND SPENCER INTERNAT...	02615081		02.04.2011		N			£700,000		£87,207,000
M & S CARD SERVICES (IRE...	IE359388		02.04.2011		N			-
MARKS AND SPENCER PROPERTY...	02100781		02.04.2011		N			£1,400,000		£400,000
MARKS AND SPENCER PROPER...	02094786		02.04.2011		N			-
MARKS AND SPENCER CHESTE...	05174129		02.04.2011		N			£100,000		£2,179,000
MARKS AND SPENCER (NORTHER...	NI004091		02.04.2011		N			-
MINTERTON SERVICES LIMITED	04763836		02.04.2011		N			-
PER UNA GROUP LIMITED	05149488		02.04.2011		N			£12,850,000		£280,064,000
RUBY PROPERTIES (EXETER) L...	04715974		02.04.2011		N			-
RUBY PROPERTIES (HARDWICK)...	04716018		02.04.2011		N			£100,000		£1,240,000
RUBY PROPERTIES (LONG EATO...		04716031		02.04.2011		N	£100,000				£1,210,000
RUBY PROPERTIES (TUNBRIDGE...		04716032		02.04.2011		N	£100,000				£1,294,000
RUBY PROPERTIES (THORNCLIF...		04716110		02.04.2011		N	£100,000				£687,000
RUBY PROPERTIES (ENFIELD)...		04716390		02.04.2011		N	£100,000				£2,089,000
RUBY PROPERTIES (CUMBERNAU...		04922798		02.04.2011		N	£100,000				£1,815,000
ST. MICHAEL FINANCE P.L.C.		01339700		02.04.2011		N	£2,050,000				£589,000
SIMPLY FOOD (PROPERTY VENT...		02239799		02.04.2011		N	-				£684,000
SIMPLY FOOD (PROPERTY IN...		05502543		02.04.2011		N	£100,000				£59,000

Statistics

Group	69 companies
Linkages	4 companies
Countries	In 2 countries

Other Linked companies

Name	Number	Latest Key Financials	Limit	Turnover
MARKS AND SPENCER STORES B.V.	33225985	24.02.2011	€1,000,000
J SAINSBURY HOLDINGS	IE210097	19.03.2011	€1,000
JS FINANCE CORPORATION	IE210098	19.03.2011	€1,450,000
M & S MODE INTERNATIONAL B.V.	33235552	-	-

FINANCIAL INFORMATION

Key Financials

Year to Date	Turnover	Pre Tax Profit	Shareholder Funds	Employees
02/04/2011	-	-	-	-
03/04/2010	£1,110,292,000	£10,712,000	£20,206,000	-
28/03/2009	£823,951,000	-£10,226,000	£27,170,000	-

Profit & Loss

Date Of Accounts	02/04/11	(%)	03/04/10	(%)	28/03/09	(%)	29/03/08	(%)	31/03/07
Weeks	52	(%)	53	(%)	52	(%)	52	(%)	52
Currency	GBP	(%)	GBP	(%)	GBP	(%)	GBP	(%)	GBP
Consolidated A/cs	N	(%)	N	(%)	N	(%)	N	(%)	N
Turnover	-	-	£1,110,292,000	34.8%	£823,951,000	13.1%	£728,388,000	21.1%	£601,615,000
Export	-	-	-	-	-	-	-	-	-
Cost of Sales	-	-100%	£1,056,657,000	34.6%	£785,274,000	17.7%	£667,392,000	16.7%	£571,904,000
Gross Profit	-	-	£53,635,000	38.7%	£38,677,000	-36.6%	£60,996,000	105.3%	£29,711,000
Wages & Salaries	-	-	-	-	-	-	-	-	-
Directors Emoluments	-	-	-	-	-	-	-	-	-
Operating Profit	-	-	£13,119,000	352.3%	-£5,199,000	-129.5%	£17,607,000	591%	-£3,586,000
Depreciation	-	-	-	-	-	-	-	-	-
Audit Fees	-	-	-	-	-	-	-	-100%	£22,000
Interest Payments	-	-	£2,407,000	-56.3%	£5,504,000	-20.9%	£6,962,000	122.1%	£3,134,000
Pre Tax Profit	-	-	£10,712,000	204.8%	-£10,226,000	-189.6%	£11,418,000	286.8%	-£6,114,000
Taxation	-	-	-£2,848,000	-205.5%	£2,700,000	172.7%	-£3,714,000	-302.5%	£1,834,000
Profit After Tax	-	-	£7,864,000	204.5%	-£7,526,000	-197.7%	£7,704,000	280%	-£4,280,000
Dividends Payable	-	-	-	-	-	-	-	-	-
Retained Profit	-	-	£7,864,000	204.5%	-£7,526,000	-197.7%	£7,704,000	280%	-£4,280,000

Balance Sheet

Date Of Accounts	02/04/11	(%)	03/04/10	(%)	28/03/09	(%)	29/03/08	(%)	31/03/07
Tangible Assets	0	-	0	-100%	£79,000	-92.8%	£1,093,000	-	0
Intangible Assets	0	-	0	-	0	-	0	-	0
Total Fixed Assets	0	-	0	-100%	£79,000	-92.8%	£1,093,000	-	0
Stock	0	-100%	£58,903,000	-48.4%	£114,241,000	27.3%	£89,765,000	10.6%	£81,173,000
Trade Debtors	0	-100%	£174,000	999.9%	£5,000	400%	£1,000	-98%	£49,000
Cash	0	-100%	£69,111,000	100.4%	£34,483,000	26%	£27,357,000	999.9%	£246,000
Other Debtors	0	-100%	£3,355,000	-94.7%	£63,496,000	22.4%	£51,869,000	-14.7%	£60,812,000
Miscellaneous Current Assets	0	-100%	£182,546,000	233.9%	£54,679,000	927.6%	£5,321,000	37.6%	£3,867,000
Total Current Assets	0	-100%	£314,089,000	17.7%	£266,904,000	53.1%	£174,313,000	19.3%	£146,147,000
Trade Creditors	0	-100%	£73,056,000	10%	£66,395,000	40.7%	£47,190,000	2.2%	£46,192,000
Bank Loans & Overdrafts	0	-	0	-	0	-	0	-	0
Other Short Term Finance	0	-100%	£210,637,000	39.9%	£150,614,000	36.9%	£110,053,000	19.1%	£92,369,000
Miscellaneous Current Liabilities	0	-100%	£10,190,000	-55.3%	£22,782,000	109.1%	£10,893,000	22%	£8,927,000
Total Current Liabilities	0	-100%	£293,883,000	22.6%	£239,791,000	42.6%	£168,136,000	14%	£147,488,000
Bank Loans & Overdrafts and LTL	0	-	0	-100%	£22,000	-	0	-100%	£7,004,000
Other Long Term Finance	0	-	0	-100%	£22,000	-	0	-100%	£7,004,000
Total Long Term Liabilities	0	-	0	-100%	£22,000	-	0	-100%	£7,004,000

Capital & Reserves

Date Of Accounts	02/04/11	(%)	03/04/10	(%)	28/03/09	(%)	29/03/08	(%)	31/03/07
Called Up Share Capital	-	-	-	-	-	-	-	-	-
P & L Account Reserve	-	-100%	£3,762,000	191.7%	-£4,102,000	-219.8%	£3,424,000	180%	-£4,280,000
Revaluation Reserve	-	-	-	-	-	-	-	-	-
Sundry Reserves	-	-100%	£16,444,000	-47.4%	£31,272,000	713.1%	£3,846,000	194.6%	-£4,065,000
Shareholder Funds	-	-100%	£20,206,000	-25.6%	£27,170,000	273.7%	£7,270,000	187.1%	-£8,345,000

Other Financial Items

Date Of Accounts	02/04/11	(%)	03/04/10	(%)	28/03/09	(%)	29/03/08	(%)	31/03/07
Net Worth	-	-100%	£20,206,000	-25.6%	£27,170,000	273.7%	£7,270,000	187.1%	-£8,345,000
Working Capital	-	-100%	£20,206,000	-25.5%	£27,113,000	338.9%	£6,177,000	560.6%	-£1,341,000
Total Assets	-	-100%	£314,089,000	17.6%	£266,983,000	52.2%	£175,406,000	20%	£146,147,000
Total Liabilities	-	-100%	£293,883,000	22.5%	£239,813,000	42.6%	£168,136,000	8.8%	£154,492,000
Net Assets	-	-100%	£20,206,000	-25.6%	£27,170,000	273.7%	£7,270,000	187.1%	-£8,345,000

Cash Flow

Date Of Accounts	02/04/11	(%)	03/04/10	(%)	28/03/09	(%)	29/03/08	(%)	31/03/07
Net Cashflow from Operations	-	-	-£21,588,000	11%	-£24,254,000	-210.4%	£21,978,000	138%	-£57,786,000
Net Cashflow before Financing	-	100%	-£21,588,000	9.2%	-£23,777,000	-204.6%	£22,721,000	139.7%	-£57,206,000
Net Cashflow from Financing	-	-	£56,216,000	81.9%	£30,903,000	603.9%	£4,390,000	-91%	£48,958,000
Increase in Cash	-	-	£34,628,000	385.9%	£7,126,000	-73.7%	£27,111,000	428.7%	-£8,248,000

Miscellaneous

Date Of Accounts	02/04/11	(%)	03/04/10	(%)	28/03/09	(%)	29/03/08	(%)	31/03/07
Contingent Liability	NO	-	NO	-	NO	-	NO	-	NO
Capital Employed	-	-100%	£20,206,000	-25.7%	£27,192,000	274%	£7,270,000	642.1%	-£1,341,000
Number of Employees	-	-	-	-	-	-	-	-	-

Ratios

Date Of Accounts	02/04/11	03/04/10	28/03/09	29/03/08	31/03/07
Pre-tax profit margin %	-	0.96	-1.24	1.57	-1.02
Current ratio	-	1.07	1.11	1.04	0.99
Sales/Net Working Capital	-	54.95	30.39	117.92	-448.63
Gearing %	0	0	0.10	0	-83.90
Equity in %	-	6.40	10.20	4.10	-5.70
Creditor Days	-	24.41	29.33	23.58	27.95
Debtor Days	-	0.05	-	-	0.03
Liquidity/Acid Test	-	0.86	0.63	0.50	0.44
Return On Capital Employed %	-	53.01	-37.60	157.05	455.93
Return On Total Assets Employed %	-	3.41	-3.83	6.50	-4.18
Current Debt Ratio	-	14.54	8.82	23.12	-17.67
Total Debt Ratio	-	14.54	8.82	23.12	-18.51
Stock Turnover Ratio %	-	5.30	13.86	12.32	13.49
Return on Net Assets Employed %	-	53.01	-37.63	157.05	73.27

ADDITIONAL INFORMATION

SIC03	7487	Currency	GBP
SIC03 Description	OTHER BUSINESS ACTIVITIES
SIC07	82990
SIC07 Description	OTHER BUSINESS SUPPORT SERVICE ACTIVITIES N.E.C.
Principal Activity	The company did not trade after y/e 02.04.11.

Current Company Secretary

	Name	Robert John Ivens		Date of Birth	10/04/1958
	Officers Title	Mr		Nationality	British
	Present Appointments	75		Function	Company Secretary
	Appointment Date	15/07/2002
	Address	Waterside House,  35 North Wharf Road,  London,  W2 1NW
Auditors			PRICEWATERHOUSECOOPERS LLP
Auditor Comments			The audit report contains additional comments
Bankers
Bank Branch Code

Status History

No Status History found

Event History

Date	Description
31/07/2012	Annual Returns
17/10/2011	New Accounts Filed
17/10/2011	New Accounts Filed
03/08/2011	Annual Returns
13/04/2011	New Board Member Mr A. Stewart appointed
06/04/2011	New Board Member Mr A. Stewart appointed
03/02/2011	Mr A.R. Findlay has left the board
23/09/2010	New Accounts Filed
23/09/2010	New Accounts Filed
31/07/2010	Annual Returns
05/10/2009	New Accounts Filed
05/10/2009	New Accounts Filed
04/09/2009	Mr G.J. Oakley has left the board
03/09/2009	New Board Member Ms A. Mellor appointed
19/07/2009	Annual Returns

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.54.34
UK Pound	1	Rs.87.91
Euro	1	Rs.70.57

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.