MIRA INFORM REPORT

Report Date :

11.06.2014

IDENTIFICATION DETAILS

Name :	BECHTEL LIMITED
Formerly Known As :	BCHTEL GREAT BRITAIN LIMITED
Registered Office :	11 Pilgrim Street, London, EC4V 6RN
Country :	United Kingdom
Financials (as on) :	31.12.2013
Date of Incorporation :	28.03.1952
Com. Reg. No.:	00506133
Legal Form :	Private limited with Share Capital
Line of Business :	Construction of other engineering projects N.E.C.
No of Employees :	762

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 :	Satisfactory
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 – March 31, 2014

Country Name	Previous Rating (31.12.2013)	Current Rating (31.03.2014)
United Kingdom	A1	A1

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

REGISTERED NAME & COMPANY SUMMARY

Company Name:	BECHTEL LIMITED
Company Number:	00506133

Registered Address	11 PILGRIM STREET	Trading Address	11 Pilgrim Street
	LONDON		London
	EC4V 6RN		EC4V 6RN
Website Address	http://www.bechtel.com
Telephone Number	02076106200	Fax Number
TPS	No	FPS	No
Incorporate Date	28/03/1952
Previous Name	BCHTEL GREAT BRITAIN LIMITED	Type	Private limited with Share Capital
FTSE Index	-	Date of Change	03/07/1986
Filing Date of Accounts	30/05/2014	Currency	GBP
Share Capital	£60,000	SIC07	42990
		SIC07 Description
CONSTRUCTIONS OF OTHER CIVIL ENGINEERING PROJECTS N.E.C.			Principal Activity
The provision of design, engineering, procurement, construction management and related services.

Trading Address

245 Hammersmith Road London W6 8PW, UK, United Kingdom

DIRECTORS/MANAGEMENT

Current Directors

Name	Michael Augustine Adams	Date of Birth	06/03/1962
Officers Title	Mr	Nationality	American
Present Appointments	2	Function	Director
Appointment Date	08/05/2000
Address	12011 Sunset Hills Road, Reston, Virginia, 20190

Name	Michael Cleveland Bailey	Date of Birth	09/11/1958
Officers Title	Mr	Nationality	Canadian
Present Appointments	2	Function	Director
Appointment Date	16/05/2006
Address	50 Beale Street, 4th Floor, San Francisco, California, 94105

Name	Peter Anthony Dawson	Date of Birth	20/03/1956
Officers Title	Mr	Nationality	British
Present Appointments	3	Function	Director
Appointment Date	23/04/2008
Address	11 Pilgrim Street, London, EC4V 6RN

Name	David James Scott Cooksey	Date of Birth	14/05/1940
Officers Title	Sir	Nationality	British
Present Appointments	1	Function	Director
Appointment Date	04/09/2008
Address	11 Pilgrim Street, London, EC4V 6RN

Name	James Hugh Cochrane	Date of Birth	02/06/1969
Officers Title	Mr	Nationality	British
Present Appointments	2	Function	Director
Appointment Date	03/06/2010
Address	11 Pilgrim Street, London, EC4V 6RN

Name	Amjad A. Bangash	Date of Birth	13/12/1958
Officers Title	Mr	Nationality	American
Present Appointments	1	Function	Director
Appointment Date	12/03/2012
Address	11 Pilgrim Street, London, EC4V 6RN

Name	Gabrielle Sheila Hurley	Date of Birth	03/12/1967
Officers Title	Ms	Nationality	British
Present Appointments	2	Function	Director
Appointment Date	11/06/2012
Address	11 Pilgrim Street, London, EC4V 6RN

Name	Vyomesh Patel	Date of Birth	18/03/1956
Officers Title		Nationality	British
Present Appointments	1	Function	Director
Appointment Date	03/12/2013
Address	11 Pilgrim Street, London, EC4V 6RN

Name	John William Stroud	Date of Birth	28/05/1967
Officers Title	Mr	Nationality	New Zealander
Present Appointments	1	Function	Director
Appointment Date	17/03/2014
Address	11 Pilgrim Street, London, EC4V 6RN

Previous Director/Company Secretaries

Name	Current Directorships	Previous Directorships
Anthony John Clayton	0	2
Donald Joseph Gunther	0	3
Alan Christopher Walker	0	1
Paul Stuart Tholan	0	2
Robert Baxter	0	1
Piers Morris	0	31
John Neerhout	0	3
Peter David Stevenson	0	3
Alan Kent Riffey	0	2
Robert C Lamb	0	1
Carl Rau	0	2
Adrian Zaccaria	0	1
Clifford George Mumm	0	5
John Keith Elliott	6	3
Michael James Carpenter	1	3
Roger Joseph Picard	0	5
Charles Dudley Wood	0	2
John Southwood Jennings Cbe Frse	2	24
Angelo G Sassi	0	2
George Perrie Nutwell	0	3
John Douglas Carter	0	4
Katherine Hope Gurun	0	12
Peter Anthony Dawson	0	2
William Nolan Dudley	0	3
Bipin Bhikhubai Desai	0	1
John Alan Harryman	0	3
Charles E Redman	1	3
Peter John Philip Olofson	0	2
Christopher Simon Lloyd Jones	0	3
Joanne White	0	1
John J Sheehan	0	5
Edward McCormack	0	6
David Mark Walker	0	1
Frank Waterhouse	0	1
Lee Alan Mc Intire	0	4
Douglas Alan Erricker	1	1
Thomas Michael McCarthy	0	1
Paul J Kecskemety	0	1
Armel Henri Maurice Morvan	0	2
Walter Abernathy	0	1
Donald William Marshall	0	1
John W Wallace	0	1
James D A Van Hoften	0	1
Thomas Michael McCarthy	0	3
Robert J Clipper	0	1
David Lee Taylor	4	9
Alastair Campbell Rankin	0	1
Fady Philip Bassily	0	3
Karl Heinz Quentel	0	3
Richard Lewis Astleford	0	1
Bipin Bhikhubai Desai	0	1
Christopher John Dering	1	8
Christopher John Dering	1	8
John Futcher	0	1
Carl Rau	0	1
Judith Ann Miller	0	4
Earl James Reinsch	0	1
Laxman Natha Odedra	0	1
Priyani Nandika Ratnatunga	0	1
James Anderson	0	16
Emad Eldin Mohamed Khedr	0	1
Maximilian Joseph Lidl	0	2
Roderick Alfred Kyle	0	1
John Neerhout Jnr	0	1
John David Wing	3	20
Robert Haslam	2	4
Charles Theodore Kyzer	0	2
Lindsey Martyn Holbrook	6	3
Kenneth Turnbull	0	5
Alasdair Ian Cathcart	0	1
Jeremy John Beeton	26	12

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

No CCJs found

Possible CCJs Details

There are no possible CCJ details

Writ Details

No writs found

SHARE & SHARE CAPITAL INFORMATION

Top 20 Shareholders

Name	Currency	Share Count	Share Type	Nominal Value	% of Total Share Count
BECHTEL HOLDINGS LTD	GBP	60,000	ORDINARY	1	100

PAYMENT INFORMATION

Payment Trend

Increase

Within terms

Within terms 91+ Days

Mortgage Details

Mortgage Type:	CHARGE OVER SHARES
Date Charge Created:	17/02/99
Date Charge Registered:	24/02/99
Date Charge Satisfied:	-
Status:	OUTSTANDING
Person(s) Entitled:	THE SECRETARY OF STATE FOR THE ENVIRONMENT, TRANSPORT AND THE REGIONS
Amount Secured:	ALL OBLIGATIONS AND LIABILITIES DUE FROM THE COMPANY TO THE CHARGEE IN ACCORDANCE WITH THE PROVISIONS OF THE DEED OF COVENANT AND THE ARTICLES (AS DEFINED IN THE CHARGE OVER SHARES)
Details:	858,729 ORDINARY SHARES OF 25P EACH IN THE SHARE CAPITAL OF LONDON & CONTINENTAL RAILWAYS LIMITED ALL ACCRETIONS ALLOTMENTS OFFERS RIGHTS BENEFITS MONEYS SECURITIES PROPERTY OR OTHER ADVANTAGES ACCRUING SEE THE MORTGAGE CHARGE DOCUMENT FOR FULL DETAILS
Mortgage Type:	AGREEMENT FOR THE SALE OF SHARES IN LONDON & CONTINENTAL RAILWAYS LIMITED AND ANCILLARY MATTERS
Date Charge Created:	06/10/98
Date Charge Registered:	14/10/98
Date Charge Satisfied:	05/03/99
Status:	SATISFIED
Person(s) Entitled:	VIRGIN GROUP LIMITED
Amount Secured:	CERTAIN OBLIGATIONS PURSUANT TO AN AGREEMENT FOR THE SALE OF SHARES IN LONDON &CONTINENTAL RAILWAYSLIMITED AND ANCILLARY MATTERS BETWEEN THE COMPANY THE CHARGEE AND OTHERS
Details:	699,504 SHARES IN THE CAPITAL OF LONDON& CONTINENTAL RAILWAYS LIMITED AND ALL DIVIDENDS AND OTHER RIGHTS ACCRUING OR ATTACHING TO ANY OF THE SHARES

Creditor Details

	Total Number	Total Value
Trade Creditors	0	-
No Creditor Data

Trade Debtors / Bad Debt Detail

	Total Number of Documented Trade	Total Value of Documented Trade
Trade Debtors	-	-
No Debtor Data

Average Invoice Value	£188.13
Invoices available	220
Paid	110
Outstanding	110

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	86	17	3	1	3
Outstanding	19	62	15	5	9

GROUP STRUCTURE & AFFILIATED COMPANIES

Statistics

Group	8 companies
Linkages	0 companies
Countries	In 0 countries

Summary

Holding Company	BECHTEL HOLDINGS LIMITED
Ownership Status	Wholly Owned
Ultimate Holding Company	BECHTEL GROUP INC

Group structure

Company Name	Registered Number	Latest Key Financials	Consol. Accounts	Turnover
BECHTEL GROUP INC		-	-
BECHTEL CORP		-	-	$1,100,000
BECHTEL SYSTEMS & IN...	N/A	-	-
BECHTEL MANAGEMENT...	04252526	31.12.2012	N	£4,403,000
BECHTEL GLOBAL INFRAST...	N/A	-	-
BECHTEL HOLDINGS LIM...	02613489	31.12.2012	Y	£62,442,000
BECHTEL LIMITED	00506133	31.12.2012	N	£162,369,000
BECHTEL WATER TECH...	02356216	31.12.2012	N

FINANCIAL INFORMATION

Profit & Loss

Date Of Accounts	31/12/13	(%)	31/12/12	(%)	31/12/11	(%)	31/12/10	(%)	31/12/09
Weeks	52	(%)	52	(%)	52	(%)	52	(%)	52
Currency	GBP	(%)	GBP	(%)	GBP	(%)	GBP	(%)	GBP
Consolidated A/cs	N	(%)	N	(%)	N	(%)	N	(%)	N
Turnover	£177,915,000	9.6%	£162,369,000	13.1%	£143,625,000	2%	£140,780,000	4%	£135,377,000
Export	-	-	-	-	£33,433,000	60.1%	£20,881,000	-66.2%	£61,714,000
Cost of Sales	-	-	-	-	-	-	-	-	-
Gross Profit	-	-	-	-	-	-	-	-	-
Wages & Salaries	£80,296,000	18.3%	£67,889,000	11.1%	£61,104,000	12.7%	£54,225,000	2.6%	£52,856,000
Directors Emoluments	£8,284,000	7.1%	£7,738,000	-29.8%	£11,025,000	26.9%	£8,687,000	21.4%	£7,155,000
Operating Profit	£15,994,000	0.3%	£15,939,000	0.1%	£15,916,000	115.6%	£7,381,000	252.9%	-£4,827,000
Depreciation	£2,033,000	7.3%	£1,895,000	-14.8%	£2,224,000	-17.9%	£2,709,000	-10.2%	£3,018,000
Audit Fees	£256,000	2.8%	£249,000	-0.8%	£251,000	4.1%	£241,000	3.9%	£232,000
Interest Payments	£13,488,000	15.2%	£11,705,000	-7.1%	£12,597,000	-5.9%	£13,384,000	5.3%	£12,713,000
Pre Tax Profit	£18,064,000	15.6%	£15,625,000	-31.7%	£22,869,000	193.3%	£7,797,000	690.2%	-£1,321,000
Taxation	-£7,673,000	-34.4%	-£5,707,000	-8.5%	-£5,261,000	-297.1%	-£1,325,000	11.9%	-£1,504,000
Profit After Tax	£10,391,000	4.8%	£9,918,000	-43.7%	£17,608,000	172.1%	£6,472,000	329.1%	-£2,825,000
Dividends Payable	£5,000,000	-	-	-100%	£10,000,000	-	-	-100%	£20,000,000
Retained Profit	£5,391,000	-45.6%	£9,918,000	30.4%	£7,608,000	17.6%	£6,472,000	128.4%	-£22,825,000

Balance Sheet

Date Of Accounts	31/12/13	(%)	31/12/12	(%)	31/12/11	(%)	31/12/10	(%)	31/12/09
Tangible Assets	£6,825,000	-17.4%	£8,261,000	-11.6%	£9,341,000	-11.5%	£10,557,000	-17%	£12,712,000
Intangible Assets	0	-	0	-	0	-	0	-	0
Total Fixed Assets	£6,825,000	-17.4%	£8,261,000	-11.6%	£9,341,000	-11.5%	£10,557,000	-17%	£12,712,000
Stock	0	-	0	-	0	-	0	-	0
Trade Debtors	£28,723,000	33.2%	£21,566,000	8.8%	£19,822,000	23%	£16,122,000	-39.9%	£26,828,000
Cash	£285,000	-40.3%	£477,000	128.2%	£209,000	60.8%	£130,000	97%	£66,000
Other Debtors	£112,789,000	-6.5%	£120,569,000	-1.5%	£122,360,000	-1.5%	£124,273,000	-11.4%	£140,272,000
Miscellaneous Current Assets	0	-	0	-	0	-	0	-	0
Total Current Assets	£141,797,000	-0.6%	£142,612,000	0.2%	£142,391,000	1.3%	£140,525,000	-15.9%	£167,166,000
Trade Creditors	£733,000	-3.7%	£761,000	21.8%	£625,000	7.6%	£581,000	65.5%	£351,000
Bank Loans & Overdrafts	0	-	0	-	0	-	0	-	0
Other Short Term Finance	£2,439,000	-78.6%	£11,389,000	60%	£7,116,000	116.2%	£3,292,000	-62.1%	£8,679,000
Miscellaneous Current Liabilities	£42,774,000	32.1%	£32,379,000	-11.1%	£36,419,000	3.1%	£35,314,000	-25.5%	£47,421,000
Total Current Liabilities	£45,946,000	3.2%	£44,529,000	0.8%	£44,160,000	12.7%	£39,187,000	-30.6%	£56,451,000
Bank Loans & Overdrafts and LTL	£45,348,000	-10.2%	£50,519,000	-8.7%	£55,305,000	15.4%	£47,912,000	-40.2%	£80,122,000
Other Long Term Finance	0	-	0	-	0	-	0	-	0
Total Long Term Liabilities	£45,348,000	-10.2%	£50,519,000	-8.7%	£55,305,000	15.4%	£47,912,000	-40.2%	£80,122,000

Capital & Reserves

Date Of Accounts	31/12/13	(%)	31/12/12	(%)	31/12/11	(%)	31/12/10	(%)	31/12/09
Called Up Share Capital	£60,000	-	£60,000	-	£60,000	-	£60,000	-	£60,000
P & L Account Reserve	£57,268,000	2.7%	£55,765,000	6.8%	£52,207,000	-18.3%	£63,923,000	47.8%	£43,245,000
Revaluation Reserve	-	-	-	-	-	-	-	-	-
Sundry Reserves	-	-	-	-	-	-	-	-	-
Shareholder Funds	£57,328,000	2.7%	£55,825,000	6.8%	£52,267,000	-18.3%	£63,983,000	47.7%	£43,305,000

Other Financial Items

Date Of Accounts	31/12/13	(%)	31/12/12	(%)	31/12/11	(%)	31/12/10	(%)	31/12/09
Net Worth	£57,328,000	2.7%	£55,825,000	6.8%	£52,267,000	-18.3%	£63,983,000	47.7%	£43,305,000
Working Capital	£95,851,000	-2.3%	£98,083,000	-0.2%	£98,231,000	-3.1%	£101,338,000	-8.5%	£110,715,000
Total Assets	£148,622,000	-1.5%	£150,873,000	-0.6%	£151,732,000	0.4%	£151,082,000	-16%	£179,878,000
Total Liabilities	£91,294,000	-3.9%	£95,048,000	-4.4%	£99,465,000	14.2%	£87,099,000	-36.2%	£136,573,000
Net Assets	£57,328,000	2.7%	£55,825,000	6.8%	£52,267,000	-18.3%	£63,983,000	47.7%	£43,305,000

Cash Flow

Date Of Accounts	31/12/13	(%)	31/12/12	(%)	31/12/11	(%)	31/12/10	(%)	31/12/09
Net Cashflow from Operations	-£24,013,000	-181%	£29,652,000	-	-	-	-	-	-
Net Cashflow before Financing	-£192,000	-171.6%	£268,000	-	-	-	-	-	-
Net Cashflow from Financing	-	-	-	-	-	-	-	-	-
Increase in Cash	-£192,000	-171.6%	£268,000	-	-	-	-	-	-

Miscellaneous

Date Of Accounts	31/12/13	(%)	31/12/12	(%)	31/12/11	(%)	31/12/10	(%)	31/12/09
Contingent Liability	NO	-	NO	-	NO	-	NO	-	YES
Capital Employed	£102,676,000	-3.4%	£106,344,000	-1.1%	£107,572,000	-3.9%	£111,895,000	-9.3%	£123,427,000

Ratios

Date Of Accounts	31/12/13	31/12/12	31/12/11	31/12/10	31/12/09
Pre-tax profit margin %	10.15	9.62	15.92	5.54	-0.98
Current ratio	3.09	3.20	3.22	3.59	2.96
Sales/Net Working Capital	1.86	1.66	1.46	1.39	1.22
Gearing %	79.10	90.50	105.80	74.90	185
Equity in %	38.60	37	34.40	42.30	24.10
Creditor Days	1.49	1.70	1.58	1.50	0.94
Debtor Days	58.76	48.34	50.23	41.68	72.13
Liquidity/Acid Test	3.08	3.20	3.22	3.58	2.96
Return On Capital Employed %	17.59	14.69	21.25	6.96	-1.07
Return On Total Assets Employed %	12.15	10.35	15.07	5.16	-0.73
Current Debt Ratio	0.80	0.79	0.84	0.61	1.30
Total Debt Ratio	1.59	1.70	1.90	1.36	3.15
Stock Turnover Ratio %	-	-	-	-	-
Return on Net Assets Employed %	31.50	27.98	43.75	12.18	-3.05

FOREIGN EXCHANGE RATES

N/a

ADDITIONAL INFORMATION

Current Company Secretary

Name	Kimberley Crawford Schafer	Date of Birth	-
Officers Title	Ms	Nationality	British
Present Appointments	2	Function	Company Secretary
Appointment Date	16/05/2006
Address	50 Beale Street, 4th Floor, San Francisco, California, 94105

Name	Gabrielle Sheila Hurley	Date of Birth	-
Officers Title	Ms	Nationality
Present Appointments	1	Function	Company Secretary
Appointment Date	11/06/2012
Address	11 Pilgrim Street, London, EC4V 6RN

Number of Employees	762	5%	726	11%	654	10.7%	591	-7.2%	637
Auditors	PRICEWATERHOUSECOOPERS LLP
Auditor Comments	The audit report contains no adverse comments
Bankers	CITIBANK
Bank Branch Code

Status History

No Status History found

Event History

Date	Description
09/06/2014	New Accounts Filed
09/06/2014	New Accounts Filed
28/03/2014	New Board Member Mr J.W. Stroud appointed
16/01/2014	Annual Returns
11/12/2013	New Board Member V. Patel appointed
06/12/2013	Mr A.I. Cathcart has left the board
06/12/2013	Mr L.N. Odedra has left the board
11/06/2013	New Accounts Filed
11/06/2013	New Accounts Filed
30/01/2013	Annual Returns
27/06/2012	Mr C.J. Dering has resigned as company secretary
27/06/2012	Mr C.J. Dering has left the board
20/06/2012	New Company Secretary Ms G.S. Hurley appointed
20/06/2012	New Board Member Ms G.S. Hurley appointed
18/06/2012	New Accounts Filed

Previous Company Names

Date	Previous Name
03/07/1986	BECHTEL GREAT BRITAIN LIMITED
31/12/1977	ANGLO-BECHTEL LIMITED

NOTES & COMMENTS

Commentary

No exact match CCJs are recorded against the company.

Sales in the latest trading period increased 13.1% on the previous trading period.

Net Worth increased by 6.8% during the latest trading period.

A 0.6% decline in Total Assets occurred during the latest trading period.

Pre-tax profits decreased by 31.7% compared to the previous trading period.

The company saw an increase in their Cash Balance of 128.2% during the latest 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 62 years ago.

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs. 59.26
UK Pound	1	Rs. 99.62
Euro	1	Rs. 80.59

INFORMATION DETAILS

Analysis Done by :	KRN
Report Prepared by :	DPT

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.