MIRA INFORM REPORT

Report Date :

02.05.2014

IDENTIFICATION DETAILS

Name :	RHODIA UK LIMITED
Formerly Known as :	RHODIA CONSUMER SPECIALTIES LIMITED
Registered Office :	Oak House, Reeds Crescent, Watford, Wd24 4qp
Country :	United Kingdom
Financials (as on) :	31.12.2012
Date of Incorporation :	15.07.1892
Com. Reg. No.:	00036833
Legal Form :	Private limited with Share Capital
Line of Business :	Engaged in manufacturing and selling of chemicals and allied products as well as services.
No of Employees :	387 (31.12.2012)

RATING & COMMENTS

MIRA’s Rating :

B

RATING		STATUS	PROPOSED CREDIT LINE
26-40	B	Capability to overcome financial difficulties seems comparatively below average.	Small

Status :	Moderate
Payment Behaviour :	Slow But Correct
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

Company name & Address

Company Name:	RHODIA UK LIMITED
Company No:	00036833

Registered Address:

Oak House

Reeds Crescent

Watford

Wd24 4qp

Company summary

Company Name	RHODIA UK LIMITED	Company Number	00036833
Registered Address	OAK HOUSE REEDS CRESCENT WATFORD WD24 4QP	Trading Address	PO Box 9837 Trinity Street Oldbury West Midlands B69 4WD
Website Address	http://www.rhodia.com
Telephone Number	01422312200	Fax Number	01179387005
TPS	No	FPS	Yes
Incorporation Date	15/07/1892	Company Status	Active - Accounts Filed
Previous Name	RHODIA CONSUMER SPECIALTIES LIMITED	Type	Private limited with Share Capital
Date of Change	30/09/2004	Filing Date of Accounts	27/09/2013
		Share Capital	£33,304,391
SIC03	2466	Currency	GBP
SIC03 Description	Manufacture of other chemical products
SIC07	20590
SIC07 Description	MANUFACTURE OF OTHER CHEMICAL PRODUCTS N.E.C.
Principal Activity	Manufacture and sells chemicals and allied products as well as services.

Commentary

CCJ recorded against the company.
Sales in the latest trading period increased 2.2% on the previous trading period.
Net Worth decreased by 14.9% during the latest trading period.
A 15.8% growth in Total Assets occurred during the latest trading period.
Pre-tax profits increased by 108.3% compared to the previous trading period.
The company saw an increase in their Cash Balance of 494.5% 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 121 years ago.

Key Financials

Year to Date	Turnover	Pre Tax Profit	Shareholder Funds	Employees
31/12/2012	£115,064,000	£4,022,000	-£494,941,000	387
31/12/2011	£112,564,000	-£48,292,000	-£431,619,000	378
31/12/2010	£110,863,000	-£19,258,000	-£319,451,000	368

Payment Information Summary

Days Beyond Terms

Trend Indicator

                         Average Payment Experience  

12	16
Company DBT	UK Average DBT

Steady

Improving Worsening

Be the first to leave a payment experience
for this company
Within Terms91+ Days

CCJ

Total Number of Exact CCJs -	1	Total Value of Exact CCJs -	£207
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

Date	Court	Amount	Status	Case Number	Date Paid
20/10/2012	NORTHAMPTON CCMCC	£207	Judgement	2YM07931	-

Possible CCJ Details

There are no possible CCJ details

Writ Details

There are no writ details

Mortgage Summary

Outstanding	0
Satisfied	3

Total Current Directors	7
Total Current Secretaries	1
Total Previous Directors / Company Secretaries	34

Current Directors

Name	Jean-Francois Berthiaume	Date of Birth	18/09/1963
Officers Title		Nationality
Present Appointments	2	Function	Director
Appointment Date	08/08/2012
Address	Oak House Reeds Crescent, Watford, Herts, WD24 4QP

Name	Robert William Tyler	Date of Birth	27/02/1947
Officers Title	Mr	Nationality	British
Present Appointments	30	Function	Director
Appointment Date	07/02/2001
Address	Oak House Reeds Crescent, Watford, Herts, WD24 4QP

Name	Alison Murphy	Date of Birth	01/12/1965
Officers Title	Mrs	Nationality	British
Present Appointments	37	Function	Director
Appointment Date	01/06/2007
Address	Rhodia Uk Limited Trinity Street, Oldbury, West Midlands, B69 4LN

Name	John Anthony Hamnett	Date of Birth	03/10/1968
Officers Title	Mr	Nationality	British
Present Appointments	3	Function	Director
Appointment Date	11/02/2008
Address	P.o. Box 80 Trinity Street, Oldbury, West Midlands, B69 4LN

Name	Tom Dutton	Date of Birth	04/09/1964
Officers Title	Mr	Nationality	British
Present Appointments	3	Function	Director
Appointment Date	11/02/2008
Address	Oak House Reeds Crescent, Watford, Herts, WD24 4QP

Name	Brian Downward	Date of Birth	28/06/1959
Officers Title	Mr	Nationality	British
Present Appointments	2	Function	Director
Appointment Date	07/06/2010
Address	Rhodia Uk Limited Trinity Street, Oldbury, West Midlands, B69 4LN

Name	Michael Neil Holland	Date of Birth	14/02/1971
Officers Title	Mr	Nationality	British
Present Appointments	2	Function	Director
Appointment Date	05/12/2013
Address	Oak House Reeds Crescent, Watford, Herts, WD24 4QP

Current Company Secretary

Name	Alison Murphy	Date of Birth	01/12/1965
Officers Title	Mrs	Nationality	British
Present Appointments	37	Function	Company Secretary
Appointment Date	14/09/2007
Address	Rhodia Uk Limited Trinity Street, Oldbury, West Midlands, B69 4LN

Top 20 Shareholders

Name	Currency	Share Count	Share Type	Nominal Value
RHODIA HOLDINGS LTD	GBP	133,217,565	ORDINARY	0.25

Unable to report percentage holdings as filed Shareholder listing is not full.

Profit & Loss

Date Of Accounts	31/12/12	31/12/11	31/12/10	31/12/09	31/12/08
Weeks	52	52	52	52	52
Currency	GBP	GBP	GBP	GBP	GBP
Consolidated A/cs	N	N	N	N	N
Turnover	£115,064,000	£112,564,000	£110,863,000	£86,304,000	£130,669,000
Export	£75,600,000	£74,198,000	£72,957,000	£55,454,000	£85,502,000
Cost of Sales	£102,950,000	£97,873,000	£90,741,000	£77,204,000	£102,085,000
Gross Profit	£12,114,000	£14,691,000	£20,122,000	£9,100,000	£28,584,000
Wages & Salaries	£23,614,000	£21,713,000	£21,094,000	£21,712,000	£27,084,000
Directors Emoluments	£1,075,000	£916,000	£728,000	£689,000	£747,000
Operating Profit	-£19,066,000	-£37,332,000	-£6,843,000	-£9,198,000	-£840,000
Depreciation	£4,136,000	£3,779,000	£4,342,000	£3,454,000	£5,773,000
Audit Fees	£162,000	£167,000	£139,000	£137,000	£142,000
Interest Payments	£2,704,000	£5,483,000	£713,000	£6,033,000	£20,428,000
Pre Tax Profit	£4,022,000	-£48,292,000	-£19,258,000	-£20,767,000	-£603,000
Taxation	£1,079,000	£295,000	-£59,000	-£97,000	-£34,000
Profit After Tax	£5,101,000	-£47,997,000	-£19,317,000	-£20,864,000	-£637,000
Dividends Payable	-	-	-	-	-
Retained Profit	£5,101,000	-£47,997,000	-£19,317,000	-£20,864,000	-£637,000

Balance Sheet

Date Of Accounts	31/12/12	31/12/11	31/12/10	31/12/09	31/12/08
Tangible Assets	£39,788,000	£46,720,000	£43,247,000	£41,256,000	£38,681,000
Intangible Assets	£3,335,000	£2,146,000	£33,497,000	£35,062,000	£32,663,000
Total Fixed Assets	£43,123,000	£48,866,000	£76,744,000	£76,318,000	£71,344,000
Stock	£12,900,000	£13,354,000	£10,015,000	£9,412,000	£12,549,000
Trade Debtors	£10,653,000	£12,479,000	£12,296,000	£10,642,000	£10,901,000
Cash	£2,467,000	£415,000	£747,000	£277,000	£192,000
Other Debtors	£55,230,000	£32,302,000	£23,040,000	£297,237,000	£277,371,000
Miscellaneous Current Assets	0	0	0	0	0
Total Current Assets	£81,250,000	£58,550,000	£46,098,000	£317,568,000	£301,013,000
Trade Creditors	£13,639,000	£13,798,000	£16,503,000	£14,326,000	£14,162,000
Bank Loans & Overdrafts	£54,000	£11,000	£5,000	£2,000	0
Other Short Term Finance	£77,204,000	£65,876,000	£23,679,000	£275,295,000	£231,506,000
Miscellaneous Current Liabilities	£5,605,000	£5,332,000	£4,499,000	£4,615,000	£2,614,000
Total Current Liabilities	£96,502,000	£85,017,000	£44,686,000	£294,238,000	£248,282,000
Bank Loans & Overdrafts and LTL	£522,866,000	£454,029,000	£397,612,000	£422,346,000	£278,278,000
Other Long Term Finance	£147,233,000	£141,554,000	£137,494,000	£135,919,000	£133,518,000
Total Long Term Liabilities	£522,812,000	£454,018,000	£397,607,000	£422,344,000	£278,278,000

Capital & Reserves

Date Of Accounts	31/12/12	31/12/11	31/12/10	31/12/09	31/12/08
Called Up Share Capital	£33,304,000	£33,304,000	£33,304,000	£33,304,000	£33,304,000
P & L Account Reserve	-£538,250,000	-£474,928,000	-£362,760,000	-£366,005,000	-£197,512,000
Revaluation Reserve	£604,000	£604,000	£604,000	£604,000	£604,000
Sundry Reserves	£9,401,000	£9,401,000	£9,401,000	£9,401,000	£9,401,000
Shareholder Funds	-£494,941,000	-£431,619,000	-£319,451,000	-£322,696,000	-£154,203,000

Other Financial Items

Date Of Accounts	31/12/12	31/12/11	31/12/10	31/12/09	31/12/08
Net Worth	-£498,276,000	-£433,765,000	-£352,948,000	-£357,758,000	-£186,866,000
Working Capital	-£15,252,000	-£26,467,000	£1,412,000	£23,330,000	£52,731,000
Total Assets	£124,373,000	£107,416,000	£122,842,000	£393,886,000	£372,357,000
Total Liabilities	£619,314,000	£539,035,000	£442,293,000	£716,582,000	£526,560,000
Net Assets	-£494,941,000	-£431,619,000	-£319,451,000	-£322,696,000	-£154,203,000

Miscellaneous

Date Of Accounts	31/12/12	31/12/11	31/12/10	31/12/09	31/12/08
Contingent Liability	NO	NO	NO	YES	NO
Capital Employed	£27,871,000	£22,399,000	£78,156,000	£99,648,000	£124,075,000
Number of Employees	387	378	368	355	397
Auditors	DELOITTE LLP
Auditor Comments	The audit report contains no adverse comments
Bankers	BNP PARIBAS
Bank Branch Code	23-46-35

Ratios

Date Of Accounts	31/12/12	31/12/11	31/12/10	31/12/09	31/12/08
Pre-tax profit margin %	3.50	-42.90	-17.37	-24.06	-0.46
Current ratio	0.84	0.69	1.03	1.08	1.21
Sales/Net Working Capital	-7.54	-4.25	78.51	3.70	2.48
Gearing %	-105.60	-105.20	-124.50	-130.90	-180.50
Equity in %	-408.90	-410	-357.50	-89.90	-45.40
Creditor Days	43.14	44.61	54.18	60.42	39.45
Debtor Days	33.70	40.35	40.37	44.88	30.36
Liquidity/Acid Test	0.70	0.53	0.80	1.04	1.16
Return On Capital Employed %	14.43	-215.59	-24.64	-20.84	-0.48
Return On Total Assets Employed %	3.23	-44.95	-15.67	-5.27	-0.16
Current Debt Ratio	-0.19	-0.19	-0.13	-0.91	-1.61
Total Debt Ratio	-1.25	-1.24	-1.38	-2.22	-3.41
Stock Turnover Ratio %	11.21	11.86	9.03	10.90	9.60
Return on Net Assets Employed %	-0.81	11.18	6.02	6.43	0.39

Status History

No Status History found

Event History

Date	Description
23/04/2014	Annual Returns
29/01/2014	New Board Member Mr M.N. Holland appointed
28/01/2014	Mr B. Milner has left the board
09/10/2013	New Accounts Filed
08/10/2013	B.A. Miles has left the board
05/03/2013	Annual Returns
24/11/2012	New Accounts Filed
24/11/2012	New Accounts Filed
21/08/2012	New Board Member J.F. Berthiaume appointed
14/03/2012	Annual Returns
11/10/2011	New Accounts Filed
11/10/2011	New Accounts Filed
22/03/2011	Annual Returns
04/10/2010	Mr S. Hampson has left the board
30/09/2010	New Accounts Filed

Previous Company Names

Date	Previous Name
30/09/2004	RHODIA CONSUMER SPECIALTIES LIMITED
10/03/2000	ALBRIGHT & WILSON UK LIMITED
27/01/1995	ALBRIGHT & WILSON LIMITED

Statistics

Group	27 companies
Linkages	497 companies
Countries	In 48 countries

Summary

Holding Company	RHODIA HOLDINGS LIMITED
Ownership Status	Wholly Owned
Ultimate Holding Company	SOLVAY NV

Group structure

COMPANY NAME	REGISTERED NUMBER	LATEST KEY FINANCIALS	CONSOL. ACCOUNTS	TURNOVER
SOLVAY NV	403091220	31.12.2012	N	€295,215,872
RHODIA	352170161	31.12.2008	N	€6,000,000
RHODIA HOLDINGS LIMITED	03129113	31.12.2012	N
RHODIA PHOSPHORUS...	00058287	31.12.2013	N
MCINTYRE GROUP LTD.	03551717	31.12.2012	N
RHODIA CORPRO LIMITED	04114886	31.12.2013	N
I.S.C. CHEMICALS L...	00928374	31.12.2013	N
RHODIA INTERNATION...	00058373	31.12.2012	N
RHODIA LIMITED	00213674	31.12.2012	N
RHODIA PINAX LIMITED	00107667	31.12.2013	N
RHODIA PENSIONS T...	03739407	31.12.2012	N
RHODIA ORGANIQUE F...	03611077	31.12.2012	N
RHODIA OVERSEAS LI...	04050809	31.12.2012	N
RHODIA PHARMA SOLU...	03080257	31.12.2012	N
RHODIA PHARMA SOL...	00857670	31.12.2012	N
RHODIA REORGANISATION	01134915	31.12.2013	N
RHODIA UK LIMITED	00036833	31.12.2012	N	£115,064,000
PROBAN LIMITED	00548203	31.12.2012	N
HOLMES CHAPEL TRA...	03618912	31.12.2013	N
SOLVAY CHEMICALS INTER...	406804736	31.12.2012	N	€2,126,893,933
SOLVAY PORTUGAL PROD...	N/A	-	-
SOLVAY UK HOLDING...	02767184	31.12.2012	N
SOLVAY CHEMICALS...	02521473	31.12.2012	N
SOLVAY INTEROX LI...	01005238	31.12.2012	N	£31,374,000
SOLVAY LIMITED	02661869	31.12.2012	N
SOLVAY SPECIALITY...	03650616	31.12.2012	N	£9,419,000
SOLVAY SPECIALTY...	04661696	31.12.2012	N	£1,543,000

Statistics

Group	27 companies
Linkages	497 companies
Countries	In 48 countries

Other Linked companies

NAME	NUMBER	LATEST KEY FINANCIALS	TURNOVER
SOLVAY PARTICIPATIONS FRANCE	420837684	31.12.2012
SOLVAY SOCIETE' ANONYME	LI3129	-
RHODIA	352170161	31.12.2008	€6,000,000
SOLVAY FINANCE FRANCE	757801261	31.12.2012
RHODIA OPERATIONS	622037083	31.12.2012	€2,468,331,234
RHODIANYL	399135482	31.12.2011
SOLVAY FINANCE LUXEMBOURG S.A.	B39650	31.12.2012
SOLVAY SPECIALTY POLYMERS ITALY S.P.A.	MI1680542	31.12.2012	€617,801,000
SOLVAY LUXEMBOURG S.À R.L.	B101280	31.12.2012
SOLVIN HOLDING NEDERLAND B.V.	32122523	31.12.2012
RHODIA PARTICIPATIONS	414860304	31.12.2012
RHODIA FINANCE	402899157	31.12.2012
SOLVAY FINANCE IRELAND	IE361534	31.12.2012	€7,211,447
SOLVAY ENERGY SERVICES	428766976	31.12.2012	€1,075,714,305
SOLVAY SOLUTIONS ITALIA S.P.A.	MI1543610	31.12.2012	€131,571,749
RHODIA CHIMIE	642014526	31.12.2012	€10,084,710
SOLVAY ACETOW GMBH	HRB 5943	31.12.2012	€414,605,862
SOLVAY CHIMICA BUSSI S.P.A.	PE125218	31.12.2012	€32,879,000
SOLVAY CHEMIE B.V.	13003889	31.12.2012	€53,078,000
SOLVAY CHIMICA ITALIA SPA	LI45532	31.12.2012	€328,725,000

Exact CCJ Details

Date	Court	Amount	Status	Case Number	Date Paid
20/10/2012	NORTHAMPTON CCMCC	£207	Judgement	2YM07931	-

Possible CCJs Details

There are no possible CCJ details

Writ Details

No writs found

Mortgage Details

Mortgage Type:	ESCROW DEED
Date Charge Created:	29/11/07
Date Charge Registered:	18/12/07
Date Charge Satisfied:	26/03/08
Status:	SATISFIED
Person(s) Entitled:	ROBERT MCCRACKEN, MURRAY PEDEN, MALCOLM FRASER AND ALAN CONNELL CARRYING ON BUSINESS TOGETHERIN
Amount Secured:	ALL MONIES DUE OR TO BECOME DUE FROM THE COMPANY TO THE CHARGEE UNDER THE TERMSOF THE AFOREMENTIONEDINSTRUMENT CREATING OR EVIDENCING THE CHARGE
Details:	THE SUM OF £100,000 WITH INTEREST ACCRUED

Mortgage Type:
Date Charge Created:	-
Date Charge Registered:	16/09/66
Date Charge Satisfied:	17/09/94
Status:	SATISFIED
Person(s) Entitled:	NTIAL ASSURANCE CO. LTD
Amount Secured:
Details:

Mortgage Type:
Date Charge Created:	-
Date Charge Registered:	16/09/66
Date Charge Satisfied:	17/09/94
Status:	SATISFIED
Person(s) Entitled:	PRUDENTIAL ASSURANCE CO. LTD PRUDE
Amount Secured:
Details:

Mortgage Type:
Date Charge Created:	-
Date Charge Registered:	09/09/65
Date Charge Satisfied:	17/09/94
Status:	SATISFIED
Person(s) Entitled:	NTIAL ASSURANCE CO. LTD
Amount Secured:
Details:

Mortgage Type:
Date Charge Created:	-
Date Charge Registered:	09/09/65
Date Charge Satisfied:	17/09/94
Status:	SATISFIED
Person(s) Entitled:	PRUDENTIAL ASSURANCE CO. LTD PRUDE
Amount Secured:
Details:

Creditor Details

No Creditor Data
Total Value	-

Trade Debtors / Bad Debt Detail

No Debtor Data
Total Value	-

Previous Director/Company Secretaries

Name	Current Directorships	Previous Directorships
Francis Hugh Champeney Podger	2	7
Christopher Ernest Beasley	123	187
Alistair James Steel	9	32
Robert Cameron Paul	0	8
Christopher Nevil Wilson	2	6
John Robert Adsetts	2	6
Hans Lottig	0	2
Dana George Mead	0	1
William Michael Winstanley	0	7
Geoffrey Ian Black	1	12
David Fielding	2	1
Philippe Vidal	1	37
Paul Imsland Blake	0	4
Kevin Patrick Tully	0	6
David Connor	0	1
Hamlet Grey Jennings	0	1
Andrew Peter Cree	18	33
Lee Patrick Callaghan	0	6
Michel Marie Paul Fernand Maupu	0	3
Gabriel Choon Mooi Kow	1	4
David D Eckert	0	3
Marie Christine Aulagnon	0	3
Christopher David Imrie	0	1
Kevin Anthony Lobo	0	2
Graham Frederick Merfield	0	4
Paul Leigh Brennan	1	2
Jane Ann Palmer	4	29
Beverley Ann Miles	0	3
Stephen Hampson	0	15
John Michael Scott	2	10
Barry Milner	2	2
Philip Oxley	0	1
Charles Walter Suckling	0	1
Lance Dominic Gillett	4	3

Average Invoice Value	£779.19
Invoices available	349
Paid	212
Outstanding	137

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	98	84	24	6	0
Outstanding	1	41	56	31	8

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.60.34
UK Pound	1	Rs.101.45
Euro	1	Rs.83.31

INFORMATION DETAILS

Analysis Done by :	RAS
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.