MIRA INFORM REPORT

Report Date :

08.10.2014

IDENTIFICATION DETAILS

Name :	MOTHERWELL BRIDGE LIMITED
Formerly Known As :	ELYDALE LIMITED
Registered Office :	Drayton Hall Church Road West Drayton Middlesex UB7 7PSd
Country :	United Kingdom
Financials (as on) :	31.12.2013
Date of Incorporation :	13.05.2008
Legal Form :	Private limited with Share Capital
Line of Business :	Other Specialised Construction Activities A group engaged in construction and maintenance of bulk storage tanks, gasholders, and heat exchangers for the oil. gas steel and chemical industries.
No of Employees :	284

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 – June 1, 2014

Country Name	Previous Rating (31.03.2014)	Current Rating (01.06.2014)
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. 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

MOTHERWELL BRIDGE LIMITED

Company Summary

Registered Address	DRAYTON HALL CHURCH ROAD WEST DRAYTON MIDDLESEX UB7 7PS	Trading Address	Drayton Hall Church Road West Drayton Middlesex UB7 7PS
Website Address	http://www.motherwellbridge.com	Telephone Number	-
Fax Number	-	TPS	-
FPS	No	Incorporation Date	13/05/2008
Previous Name	ELYDALE LIMITED	Type	Private limited with Share Capital
FTSE Index	-	Date of Change	11/09/2008
Filing Date of Accounts	27/05/2014	Currency	GBP
Share Capital	£28,882,489	SIC07	43999
Charity Number	-	SIC07 Description	OTHER SPECIALISED CONSTRUCTION ACTIVITIES N.E.C.
Principal Activity	A group engaged in construction and maintenance of bulk storage tanks, gasholders, and heat exchangers for the oil. gas steel and chemical industries.

DIRECTORS/MANAGEMENT

Current Directors

Name	Robert Herd Hamilton	Date of Birth	31/03/1955
Officers Title	Mr	Nationality	British
Present Appointments	13	Function	Director
Appointment Date	03/07/2014
Address	Cape Intermediate Holdings Limited Drayton Hall, Church Road, West Drayton, Middlesex, England And Wales, UB7 7PS
Disqualified		Disqualified End Date
Disqualification Exception	No

Name	Russell Ward	Date of Birth	31/07/1961
Officers Title	Mr	Nationality	British
Present Appointments	4	Function	Director
Appointment Date	31/05/2011
Address	The Bridgeworks Logans Road, Motherwell, Lanarkshire, ML1 3NP
Disqualified		Disqualified End Date
Disqualification Exception	No

Name	Victoria Anne George	Date of Birth	11/05/1977
Officers Title	Mrs	Nationality	British
Present Appointments	70	Function	Director
Appointment Date	10/03/2014
Address	Drayton Hall Church Road, West Drayton, Middlesex, England, UB7 7PS
Disqualified		Disqualified End Date
Disqualification Exception	No

Name	Richard Friend Allan	Date of Birth	26/10/1964
Officers Title	Mr	Nationality	British
Present Appointments	32	Function	Director
Appointment Date	10/03/2014
Address	Drayton Hall Church Road, West Drayton, Middlesex, England, UB7 7PS
Disqualified		Disqualified End Date
Disqualification Exception	No

Current Company Secretary

Name	Richard Allan	Date of Birth	-
Officers Title	Mr	Nationality	British
Present Appointments	1	Function	Company Secretary
Appointment Date	10/03/2014
Address	Drayton Hall Church Road, West Drayton, Middlesex, England, UB7 7PS

Previous Director/Company Secretaries

Name	Current Directorships	Previous Directorships
David John Pudge	85	1037
Adrian Joseph Morris Levy	201	1275
Robert Herd Hamilton	13	35
Michael Hugh Hayes	16	67
Paul Andrew Mercer	3	4
Paul Andrew Mercer	3	4
Clifford Chance Secretaries Limited	0	1
Lloyd Williams	1	2
Ahmad Saeed	0	2

NEGATIVE INFORMATION

Mortgage Summary

Total Mortgage 6

Outstanding 0

Satisfied 6

Trade Debtors / Bad Debt Summary

Total Number of Documented Trade 0

Total Value of Documented Trade £0

CCJ

Total Number of Exact CCJs -	0	Total Value of Exact CCJs -	D:\MiraInform\CreditReports\UNProcessed\My Documents\Documents and SettingsCS03DesktopCreditsafe Templatesfor entryCCJDetails.aspx?CompanyNumber=06590880
Total Number of Possible CCJs -	0	Total Value of Possible CCJs -	D:\MiraInform\CreditReports\UNProcessed\My Documents\Documents and SettingsCS03DesktopCreditsafe Templatesfor entryCCJDetails.aspx?CompanyNumber=06590880
Total Number of Satisfied CCJs -	0	Total Value of Satisfied CCJs -	D:\MiraInform\CreditReports\UNProcessed\My Documents\Documents and SettingsCS03DesktopCreditsafe Templatesfor entryCCJDetails.aspx?CompanyNumber=06590880
Total Number of Writs -	-

Mortgage Details

Mortgage Type:	SHARES PLEDGE
Date Charge Created:	20/12/12
Date Charge Registered:	18/03/14
Date Charge Satisfied:	-
Status:	SATISFIED
Person(s) Entitled:	THE ROYAL BANK OF SCOTLAND PLC;
Amount Secured:
Details:	THE CHARGED ASSETS MEANING THE PLEDGED SECURITIES BEING 7,900,000 ORDINARY SHARES IN MB ENGINEERING SERVICES LIMITED TOGETHER WITH ALL OTHER SHARES HELD FROM TIME TO TIME BY OR FOR THE PLEDGOR SEE IMAGE FOR FULL DETAILS

Mortgage Type:	PLEDGE OVER DEPOSIT
Date Charge Created:	27/10/11
Date Charge Registered:	18/03/14
Date Charge Satisfied:	-
Status:	SATISFIED
Person(s) Entitled:	THE ROYAL BANK OF SCOTLAND PLC AS SECURITY TRUSTEE;
Amount Secured:
Details:	ALL AMOUNTS NOW AND IN THE FUTURE CREDITED TO EITHER OF THE ACCOUNTS SEE IMAGE FOR FULL DETAILS

Mortgage Type:	SHARES PLEDGE
Date Charge Created:	31/10/08
Date Charge Registered:	19/11/08
Date Charge Satisfied:	04/03/11
Status:	SATISFIED
Person(s) Entitled:	MICHAEL HUGH HAYES AND ROBERT HERD HAMILTON ACTING JOINTLY AS AGENT AND SECURITY TRUSTEES FOR T
Amount Secured:
Details:	PLEDGES AND ASSIGNS THE CHARGED ASSETS SEE IMAGE FOR FULL DETAILS

Mortgage Type:	SECOND RANKING DEBENTURE
Date Charge Created:	31/10/08
Date Charge Registered:	19/11/08
Date Charge Satisfied:	04/03/11
Status:	SATISFIED
Person(s) Entitled:	MICHAEL HUGH HAYES AND ROBERT HERD HAMILTON ACTING JOINTLY AS AGENT AND SECURITY TRUSTEES FOR T
Amount Secured:
Details:	SECOND FIXED CHARGE ALL OF ITS RIGHTS TO,AND TITLE AND INTEREST IN THE REAL PROPERTY ALL PLANT MACHINERY VEHICLES EQUIPMENT AND CHATTELS ALL DEBTS ALL ACCOUNT PROCEEDS SECOND FLOATING CHARGE ALL ITS RIGHTS TO AND TITLE AND INTEREST IN THE WHOLE OF ITS PROPERTY ASSETS RIGHTS AND REVENUES SEE IMAGE FOR FULL DETAILS

Mortgage Type:	SHARE PLEDGE
Date Charge Created:	12/06/08
Date Charge Registered:	02/07/08
Date Charge Satisfied:	21/12/12
Status:	SATISFIED
Person(s) Entitled:	THE ROYAL BANK OF SCOTLAND PLC
Amount Secured:
Details:	PLEDGES AND ASSIGNS THE CHARGED ASSETS SEE IMAGE FOR FULL DETAILS

Mortgage Type:	DEBENTURE
Date Charge Created:	12/06/08
Date Charge Registered:	18/03/14
Date Charge Satisfied:	-
Status:	SATISFIED
Person(s) Entitled:	THE ROYAL BANK OF SCOTLAND PLC;
Amount Secured:
Details:	FIXED AND FLOATING CHARGE OVER ALL PROPERTY AND ASSETS PRESENT AND FUTURE, INCLUDING GOODWILL, BOOK DEBTS, UNCALLED CAPITAL, BUILDINGS, FIXTURES, FIXED PLANT &MACHINERY SEE IMAGE FOR FULL DETAILS

SHARE & SHARE CAPITAL INFORMATION

Top 20 Shareholders

Name	Currency	Share Count	Share Type	Nominal Value	% of Total Share Count
CAPE INDUSTRIAL SERVICES GROUP LIMITED	GBP	28,882,489	ORDINARY	1	100

PAYMENT INFORMATION

Average Invoice Value	£1440.29
Invoices available	33
Paid	24
Outstanding	9

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	7	2	6	6	3
Outstanding	0	0	4	2	3

GROUP STRUCTURE & AFFILIATED COMPANIES

Statistics

Group	48 companies
Linkages	8 companies
Countries	In 2 countries

Summary

Holding Company	CAPE INDUSTRIAL SERVICES GROUP LIMITED
Ownership Status	Wholly Owned
Ultimate Holding Company	CAPE PLC

Group structure

Statistics

Other Linked companies

Name	Number	Latest Key Financials	Turnover
ETHOSENERGY HOLDINGS (IRELAND) LIMITED	IE475015	31.12.2012
SHANAHAN ENGINEERING LIMITED	IE072683	31.12.2012	€42,945,111
WATERSAIL	IE375731	31.03.2007	€89,055,942
CLETON CONTINENTAL EUROPE B.V.	34160394	31.12.2012
SHANAHAN ENGINEERING SERVICES LIMITED	IE284513	31.12.2012
PYEROY (IRELAND) LIMITED	IE478255	31.12.2013
WOOD GROUP KENNY IRELAND LIMITED	IE058789	31.12.2013
MARINE COMPUTATION SERVICES KENNY GROUP LIMITED	IE285242	31.12.2013

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	(%)	26
Currency	GBP	(%)	GBP	(%)	GBP	(%)	GBP	(%)	GBP
Consolidated A/cs	Y	(%)	Y	(%)	Y	(%)	Y	(%)	Y
Turnover	£46,507,000	32.8%	£35,014,000	36.3%	£25,682,000	-9.7%	£28,452,000	50.9%	£18,858,000
Export	£10,807,000	14.1%	£9,475,000	108.4%	£4,546,000	-25.5%	£6,106,000	83.7%	£3,323,000
Cost of Sales	£37,338,000	34%	£27,867,000	25.3%	£22,235,000	-16.5%	£26,617,000	61.1%	£16,518,000
Gross Profit	£9,169,000	28.3%	£7,147,000	107.3%	£3,447,000	87.8%	£1,835,000	-21.6%	£2,340,000
Wages & Salaries	£17,534,000	44.4%	£12,141,000	23.6%	£9,823,000	-19.5%	£12,201,000	39.7%	£8,736,000
Directors Emoluments	£199,000	-3.4%	£206,000	38.3%	£149,000	7.2%	£139,000	75.9%	£79,000
Operating Profit	£4,904,000	65.3%	£2,967,000	358.7%	-£1,147,000	34.4%	-£1,748,000	-199.3%	-£584,000
Depreciation	£278,000	12.6%	£247,000	-19.5%	£307,000	-6.7%	£329,000	91.3%	£172,000
Audit Fees	£41,000	5.1%	£39,000	-2.5%	£40,000	-11.1%	£45,000	7.1%	£42,000
Interest Payments	£476,000	-39.1%	£782,000	-23.7%	£1,025,000	-48.3%	£1,984,000	183.4%	£700,000
Pre Tax Profit	£3,698,000	67.4%	£2,209,000	357.5%	-£858,000	76.9%	-£3,721,000	-190.7%	-£1,280,000
Taxation	-£1,180,000	-279.4%	-£311,000	-214.1%	-£99,000	-341.5%	£41,000	129.9%	-£137,000
Profit After Tax	£2,518,000	32.7%	£1,898,000	298.3%	-£957,000	74%	-£3,680,000	-159.7%	-£1,417,000
Dividends Payable	-	-	-	-	-	-	-	-	-
Retained Profit	£2,518,000	32.7%	£1,898,000	298.3%	-£957,000	74%	-£3,680,000	-159.7%	-£1,417,000

Balance Sheet

Date Of Accounts	31/12/13	(%)	31/12/12	(%)	31/12/11	(%)	31/12/10	(%)	31/12/09
Tangible Assets	£2,358,000	11.9%	£2,107,000	2.1%	£2,063,000	-11.2%	£2,323,000	-11.2%	£2,615,000
Intangible Assets	£26,067,000	-6.5%	£27,868,000	-6.1%	£29,669,000	-5.7%	£31,470,000	-5.4%	£33,271,000
Total Fixed Assets	£28,425,000	-5.2%	£29,975,000	-5.5%	£31,732,000	-6.1%	£33,793,000	-5.8%	£35,886,000
Stock	£149,000	-34.1%	£226,000	-61.7%	£590,000	45.3%	£406,000	91.5%	£212,000
Trade Debtors	£9,158,000	18.6%	£7,720,000	71.5%	£4,501,000	-27.5%	£6,207,000	-25.8%	£8,363,000
Cash	£3,571,000	-14.8%	£4,193,000	68.2%	£2,493,000	-4.4%	£2,608,000	-23.5%	£3,409,000
Other Debtors	£332,000	33.9%	£248,000	-57.2%	£580,000	-4.4%	£607,000	-26.3%	£824,000
Miscellaneous Current Assets	0	-	0	-	0	-	0	-	0
Total Current Assets	£13,210,000	6.6%	£12,387,000	51.7%	£8,164,000	-16.9%	£9,828,000	-23.3%	£12,808,000
Trade Creditors	£3,074,000	22.5%	£2,509,000	116.1%	£1,161,000	-35.7%	£1,806,000	-24.4%	£2,390,000
Bank Loans & Overdrafts	£1,875,000	7.1%	£1,750,000	-	£1,750,000	-28.6%	£2,450,000	50.8%	£1,625,000
Other Short Term Finance	£49,000	16.7%	£42,000	20%	£35,000	-97.3%	£1,289,000	0.5%	£1,282,000
Miscellaneous Current Liabilities	£6,709,000	0.2%	£6,695,000	48.8%	£4,500,000	-16.2%	£5,369,000	15.1%	£4,666,000
Total Current Liabilities	£11,707,000	6.5%	£10,996,000	47.7%	£7,446,000	-31.8%	£10,914,000	9.5%	£9,963,000
Bank Loans & Overdrafts and LTL	£6,295,000	-37.8%	£10,126,000	-22.7%	£13,108,000	-41.9%	£22,547,000	-6.3%	£24,066,000
Other Long Term Finance	£1,957,000	-2.4%	£2,006,000	-2.1%	£2,048,000	-61.2%	£5,273,000	1.7%	£5,184,000
Total Long Term Liabilities	£4,420,000	-47.2%	£8,376,000	-26.3%	£11,358,000	-43.5%	£20,097,000	-10.4%	£22,441,000

.

Capital & Reserves

Date Of Accounts	31/12/13	(%)	31/12/12	(%)	31/12/11	(%)	31/12/10	(%)	31/12/09
Called Up Share Capital	£28,882,000	-	£28,882,000	-	£28,882,000	48.5%	£19,443,000	-	£19,443,000
P & L Account Reserve	-£3,374,000	42.7%	-£5,892,000	24.4%	-£7,790,000	-14%	-£6,833,000	-116.7%	-£3,153,000
Revaluation Reserve	-	-	-	-	-	-	-	-	-
Sundry Reserves	-	-	-	-	-	-	-	-	-
Shareholder Funds	£25,508,000	11%	£22,990,000	9%	£21,092,000	67.3%	£12,610,000	-22.6%	£16,290,000

Other Financial Items

Date Of Accounts	31/12/13	(%)	31/12/12	(%)	31/12/11	(%)	31/12/10	(%)	31/12/09
Net Worth	-£559,000	88.5%	-£4,878,000	43.1%	-£8,577,000	54.5%	-£18,860,000	-11.1%	-£16,981,000
Working Capital	£1,503,000	8.1%	£1,391,000	93.7%	£718,000	166.1%	-£1,086,000	-138.2%	£2,845,000
Total Assets	£41,635,000	-1.7%	£42,362,000	6.2%	£39,896,000	-8.5%	£43,621,000	-10.4%	£48,694,000
Total Liabilities	£16,127,000	-16.8%	£19,372,000	3%	£18,804,000	-39.4%	£31,011,000	-4.3%	£32,404,000
Net Assets	£25,508,000	11%	£22,990,000	9%	£21,092,000	67.3%	£12,610,000	-22.6%	£16,290,000

Cash Flow

Date Of Accounts	31/12/13	(%)	31/12/12	(%)	31/12/11	(%)	31/12/10	(%)	31/12/09
Net Cashflow from Operations	£4,782,000	-16.2%	£5,707,000	164.8%	£2,155,000	5.4%	£2,045,000	238.6%	£604,000
Net Cashflow before Financing	£3,133,000	-33.1%	£4,685,000	129.3%	£2,043,000	141.8%	£845,000	310.2%	£206,000
Net Cashflow from Financing	-£3,755,000	-25.8%	-£2,985,000	-38.3%	-£2,158,000	-31.1%	-£1,646,000	-224%	-£508,000
Increase in Cash	-£622,000	-136.6%	£1,700,000	999.9%	-£115,000	85.6%	-£801,000	-165.2%	-£302,000

Miscellaneous

Date Of Accounts	31/12/13	(%)	31/12/12	(%)	31/12/11	(%)	31/12/10	(%)	31/12/09
Contingent Liability	YES	-	YES	-	YES	-	YES	-	YES
Capital Employed	£29,928,000	-4.6%	£31,366,000	-3.3%	£32,450,000	-0.8%	£32,707,000	-15.6%	£38,731,000
Number of Employees	284	25.1%	227	16.4%	195	-24.4%	258	-27.7%	357
Auditors	ERNST & YOUNG LLP
Auditor Comments	The audit report contains no adverse comments
Bankers
Bank Branch Code

Ratios

Date Of Accounts	31/12/13	31/12/12	31/12/11	31/12/10	31/12/09
Pre-tax profit margin %	7.95	6.31	-3.34	-13.08	-6.79
Current ratio	1.13	1.13	1.10	0.90	1.29
Sales/Net Working Capital	30.94	25.17	35.77	-26.20	6.63
Gearing %	24.70	44	62.10	178.80	147.70
Equity in %	163.80	158.60	206.20	103.80	105.60
Creditor Days	24.05	26.08	16.45	23.10	23.06
Debtor Days	71.67	80.25	63.79	79.40	80.71
Liquidity/Acid Test	1.11	1.10	1.01	0.86	1.26
Return On Capital Employed %	12.35	7.04	-2.64	-11.37	-3.30
Return On Total Assets Employed %	8.88	5.21	-2.15	-8.53	-2.62
Current Debt Ratio	0.45	0.47	0.35	0.86	0.61
Total Debt Ratio	0.63	0.84	0.89	2.45	1.98
Stock Turnover Ratio %	0.32	0.64	2.29	1.42	1.12
Return on Net Assets Employed %	14.49	9.60	-4.06	-29.50	-7.85

FOREIGN EXCHANGE RATES

N/a

ADDITIONAL INFORMATION

Status History

No Status History found.

Event History

Date	Description
07/07/2014	Change in Reg.Office
07/07/2014	Change of Company Postcode
07/07/2014	New Board Member Mr R.H. Hamilton appointed
04/07/2014	Annual Returns
04/06/2014	New Accounts Filed
02/04/2014	New Board Member Ms V.A. George appointed
31/03/2014	New Board Member Mr R.F. Allan appointed
21/03/2014	Mr A. Saeed has left the board
21/03/2014	Mr L. Williams has left the board
21/03/2014	Mr P.A. Mercer has left the board
21/03/2014	Mr M.H. Hayes has left the board
21/03/2014	Mr R.H. Hamilton has resigned as company secretary
21/03/2014	New Company Secretary Mr R. Allan appointed
21/03/2014	New Board Member Ms V. George appointed
21/03/2014	New Board Member Mr R. Allan appointed

Previous Company Names

Date	Previous Name
11/09/2008	ELYDALE LIMITED

NOTES & COMMENTS

Commentary

No exact match CCJs are recorded against the company.

Sales in the latest trading period increased 32.8% on the previous trading period.

A 1.7% decline in Total Assets occurred during the latest trading period.

Net Worth increased by 88.5% during the latest trading period.

Pre-tax profits increased by 67.4% compared to the previous trading period.

The company saw a decrease in their Cash Balance of 14.8% 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 has changed its registered address recently.

The company was established over 6 years ago.

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.61.36
UK Pound	1	Rs.98.71
Euro	1	Rs.77.47

INFORMATION DETAILS

Analysis Done by :	DIV
Report Prepared by :	SMN

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.