MIRA INFORM REPORT

Report Date :

30.10.2014

IDENTIFICATION DETAILS

Name :	MOLECULAR PRODUCTS LIMITED
Formerly Known As :	MOLECULAR PROPERTIES LIMITED
Registered Office :	Parkway Harlow Business Park Harlow Essex CM19 5FR
Country :	United Kingdom
Financials (as on) :	31.03.2014
Date of Incorporation :	02.06.1992
Com. Reg. No.:	02721125
Legal Form :	Private Limited with Share Capital
Line of Business :	· Manufacturer of Other Chemical Products N.E.C. · Research and development, Manufacturer and sales in the Field of Chemical Technology for the treatment of gases.
No. of Employees :	83

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 – 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

Company Name: MOLECULAR PRODUCTS LIMITED

Company No: 02721125

Company Status: Active - Accounts Filed

Registered Address: PARKWAY HARLOW BUSINESS PARK HARLOW ESSEX CM19 5FR

DIRECTORS/MANAGEMENT

Total Current Directors	3
Total Current Secretaries	1
Total Previous Directors / Company Secretaries	22

Current Directors

Name	Ian William McKernan	Date of Birth	28/04/1959
Officers Title	Mr	Nationality	British
Present Appointments	7	Function	Director
Appointment Date	27/09/1993
Address	Bannold 24 Borough Lane, Saffron Walden, Essex, CB11 4AG
Disqualified		Disqualified End Date
Disqualification Exception	No

Name	Andrew Clark McKernan	Date of Birth	07/03/1963
Officers Title	Mr	Nationality	British
Present Appointments	7	Function	Director
Appointment Date	27/09/1993
Address	Old Barn Park Farm, Park Street, Thaxted, Essex, CM6 2ND
Disqualified		Disqualified End Date
Disqualification Exception	No

Name	Christopher David Laws	Date of Birth	23/10/1961
Officers Title	Mr	Nationality	British
Present Appointments	1	Function	Director
Appointment Date	01/11/2013
Address	Parkway Harlow Business Park, Harlow, Essex, CM19 5FR
Disqualified		Disqualified End Date
Disqualification Exception	No

Current Company Secretary

Name	Christopher David Laws	Date of Birth	-
Officers Title	Mr	Nationality
Present Appointments	1	Function	Company Secretary
Appointment Date	03/03/2013
Address	Parkway Harlow Business Park, Harlow, Essex, CM19 5FR

Previous Director/Company Secretaries

Name	Current Directorships	Previous Directorships
David Peter Baines	4	4
Peter Jay	0	1
Andrew Clark McKernan	7	6
Roger Harrop	3	30
Amanda Humphreys	0	1
John Anthony Artus	2	1
Eva Louise Agnew	0	1
RB DIRECTORS TWO LIMITED	33	309
RB DIRECTORS ONE LIMITED	52	450
RB SECRETARIAT LIMITED	171	472
William Mitchell McKernan	0	4
John Addison	0	2
Graham Thomas Crickmore	0	3
James David Beard	0	9
James David Beard	0	9
Michael Mahon	0	2
Jerome Stewart Walls	0	9
Jerome Stewart Walls	0	9
Rishanthan Jude Ignatius	2	20
Rishanthan Jude Ignatius	2	20
Kenneth Lawrie Williamson	0	1
Patrick Nigel Sparkes	2	8

NEGATIVE INFORMATION

Mortgage Summary

Total Mortgage 8

Outstanding 3

Satisfied 5

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 -	-

Mortgage Details

Mortgage Type:
Date Charge Created:	27/11/13
Date Charge Registered:	27/11/13
Date Charge Satisfied:	-
Status:	OUTSTANDING
Person(s) Entitled:	HSBC INVOICE FINANCE (UK) LIMITED;
Amount Secured:
Details:	CONTAINS FIXED CHARGE.NOTIFICATION OF ADDITION TO OR AMENDMENT OF CHARGE.

Mortgage Type:
Date Charge Created:	27/11/13
Date Charge Registered:	27/11/13
Date Charge Satisfied:	-
Status:	OUTSTANDING
Person(s) Entitled:	HSBC INVOICE FINANCE (UK) LIMITED;
Amount Secured:
Details:	CONTAINS FLOATING CHARGE.FLOATING CHARGE COVERS ALL THE PROPERTY OR UNDERTAKINGOF THE COMPANY.NOTIFICATION OF ADDITIONTO OR AMENDMENT OF CHARGE.

Mortgage Type:
Date Charge Created:	25/10/13
Date Charge Registered:	29/10/13
Date Charge Satisfied:	-
Status:	OUTSTANDING
Person(s) Entitled:	HSBC BANK PLC;
Amount Secured:
Details:	CONTAINS FIXED CHARGE.CONTAINS FLOATINGCHARGE.FLOATING CHARGE COVERS ALL THE PROPERTY OR UNDERTAKING OF THE COMPANY.NOTIFICATION OF ADDITION TO OR AMENDMENT OF CHARGE.

Mortgage Type:	ALL ASSETS DEBENTURE
Date Charge Created:	30/06/11
Date Charge Registered:	02/07/11
Date Charge Satisfied:	04/06/14
Status:	SATISFIED
Person(s) Entitled:	RBS INVOICE FINANCE LIMITED;
Amount Secured:
Details:	FIXED AND FLOATING CHARGE OVER THE UNDERTAKING AND ALL PROPERTY AND ASSETS PRESENT AND FUTURE, INCLUDING GOODWILL, UNCALLED CAPITAL, BUILDINGS, FIXTURES, FIXEDPLANT & MACHINERY

Mortgage Type:	CHARGE OF DEPOSIT
Date Charge Created:	22/02/11
Date Charge Registered:	26/02/11
Date Charge Satisfied:	04/06/14
Status:	SATISFIED
Person(s) Entitled:	NATIONAL WESTMINSTER BANK PLC;
Amount Secured:
Details:	ALL AMOUNTS NOW AND IN THE FUTURE CREDITED TO ACCOUNT NUMBER 140/01/19510705 WITH THE BANK

Mortgage Type:	DEBENTURE
Date Charge Created:	01/09/09
Date Charge Registered:	04/09/09
Date Charge Satisfied:	04/06/14
Status:	SATISFIED
Person(s) Entitled:	NATIONAL WESTMINSTER BANK PLC;
Amount Secured:
Details:	FIXED AND FLOATING CHARGES OVER THE UNDERTAKING AND ALL PROPERTY AND ASSETS PRESENT AND FUTURE INCLUDING GOODWILL UNCALLED CAPITAL BUILDINGS FIXTURES PLANT ANDMACHINERY

Mortgage Type:	DEBENTURE
Date Charge Created:	27/11/00
Date Charge Registered:	07/12/00
Date Charge Satisfied:	23/08/10
Status:	SATISFIED
Person(s) Entitled:	LLOYDS TSB BANK PLC
Amount Secured:
Details:	FIXED AND FLOATING CHARGES OVER THE UNDERTAKING AND ALL PROPERTY AND ASSETS PRESENT AND FUTURE INCLUDING GOODWILL BOOKDEBTS UNCALLED CAPITAL BUILDINGS FIXTURESFIXED PLANT AND MACHINERY

Mortgage Type:	DEBENTURE
Date Charge Created:	07/05/99
Date Charge Registered:	13/05/99
Date Charge Satisfied:	21/09/02
Status:	SATISFIED
Person(s) Entitled:	THE ROYAL BANK OF SCOTLAND PLC
Amount Secured:	ALL MONIES DUE OR TO BECOME DUE FROM THE COMPANY TO THE CHARGEE ON ANY ACCOUNT WHATSOEVER
Details:	FIXED AND FLOATING CHARGES OVER THE UNDERTAKING AND ALL PROPERTY AND ASSETS PRESENT AND FUTURE INCLUDING GOODWILL BOOKDEBTS UNCALLED CAPITAL BUILDINGS FIXTURESFIXED PLANT AND MACHINERY

SHARE & SHARE CAPITAL INFORMATION

Top 20 Shareholders

Name	Currency	Share Count	Share Type	Nominal Value	% of Total Share Count
MOLECULAR PRODUCTS GROUP PLC	GBP	836,051	ORDINARY	1	100

PAYMENT INFORMATION

Trade Debtors / Bad Debt Summary

Total Number of Documented Trade 0

Total Value of Documented Trade £0

Trade Payment Information

Average Invoice Value	249.41
Invoices available	170
Paid	167
Outstanding	3

Trade Payment Data is information that we collect from selected third party partners who send us information about their whole sales ledger.

Average Invoice Value	£249.41
Invoices available	170
Paid	167
Outstanding	3

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	109	38	18	2	0
Outstanding	0	0	2	0	1

GROUP STRUCTURE & AFFILIATED COMPANIES

Statistics

Group	5 companies
Linkages	0 companies
Countries	In 0 countries

Summary

Holding Company	MOLECULAR PRODUCTS GROUP LIMITED
Ownership Status	Wholly Owned
Ultimate Holding Company	MOLECULAR PRODUCTS GROUP LIMITED

Group structure

Company Name	Registered Number	Latest Key Financials	Consol. Accounts	Turnover
MOLECULAR PRODUCTS GROUP...	01985784	31.03.2014	Y	£18,298,402
STAY FRESH LIMITED	02959503	31.03.2014	N
MOLECULAR OXYGEN LIMITED	04056957	31.03.2014	N
MOLECULAR PROPERTIES L...	01065581	31.03.2014	N	£37,920
MOLECULAR PRODUCTS LIM...	02721125	31.03.2014	N	£10,836,556

FINANCIAL INFORMATION

Profit & Loss

	Date Of Accounts	31/03/14	(%)	31/03/13	(%)	31/03/12	(%)	31/03/11	(%)	31/03/10
	Weeks	52	(%)	52	(%)	52	(%)	52	(%)	52
	Currency	GBP	(%)	GBP	(%)	GBP	(%)	GBP	(%)	GBP
	Consolidated A/cs	N	(%)	N	(%)	N	(%)	N	(%)	N
	Turnover	£10,836,556	-11.4%	£12,232,330	-32.3%	£18,060,684	27.3%	£14,189,424	15.7%	£12,259,174
	Export	£9,102,762	-4.3%	£9,516,175	-26.2%	£12,888,024	16.5%	£11,058,547	-8.3%	£12,062,153
	Cost of Sales	£7,628,453	-15.2%	£8,994,146	-23.6%	£11,777,504	28.7%	£9,148,957	14.5%	£7,993,752
	Gross Profit	£3,208,103	-0.9%	£3,238,184	-48.5%	£6,283,180	24.7%	£5,040,467	18.2%	£4,265,422
	Wages & Salaries	£3,478,253	0.7%	£3,455,328	-16%	£4,112,699	17.6%	£3,497,170	-0.5%	£3,514,497
	Directors Emoluments	£776,622	110.4%	£369,135	-22.4%	£475,837	18.9%	£400,318	-15.6%	£474,055
	Operating Profit	£434,418	497.5%	-£109,298	-106.3%	£1,742,878	51.2%	£1,152,584	42.9%	£806,345
	Depreciation	£760,456	7.2%	£709,546	30.6%	£543,332	69.5%	£320,583	91.5%	£167,411
	Audit Fees	£31,500	32.4%	£23,796	-4.8%	£25,000	-	£25,000	-	£25,000
	Interest Payments	£208,342	-1.2%	£210,926	296.4%	£53,214	-30%	£76,001	235.2%	£22,671
	Pre Tax Profit	£257,458	188.5%	-£290,902	-116.9%	£1,721,072	55.1%	£1,109,425	35.3%	£820,055
	Taxation	-£23,559	-110.8%	£218,066	253.6%	-£141,967	-122.1%	-£63,908	17.4%	-£77,349
	Profit After Tax	£233,899	421.1%	-£72,836	-104.6%	£1,579,105	51%	£1,045,517	40.8%	£742,706
	Dividends Payable	-	-	-	-100%	£600,000	20%	£500,000	-	£500,000
	Retained Profit	£233,899	421.1%	-£72,836	-107.4%	£979,105	79.5%	£545,517	124.8%	£242,706

Balance Sheet

	Date Of Accounts	31/03/14	(%)	31/03/13	(%)	31/03/12	(%)	31/03/11	(%)	31/03/10
	Tangible Assets	£4,222,734	-8.8%	£4,632,061	30.7%	£3,545,259	4.4%	£3,396,780	36.2%	£2,493,798
	Intangible Assets	0	-	0	-	0	-	0	-	0
	Total Fixed Assets	£4,222,734	-8.8%	£4,632,061	30.7%	£3,545,259	4.4%	£3,396,780	36.2%	£2,493,798
	Stock	£1,132,987	-10.2%	£1,262,152	-24.8%	£1,678,790	-3.3%	£1,736,248	54.9%	£1,120,631
	Trade Debtors	£1,690,137	-14.5%	£1,977,653	-23.6%	£2,590,020	-24.2%	£3,415,843	59.6%	£2,140,212
	Cash	£1,351,602	120.7%	£612,512	82.5%	£335,670	228.2%	£102,270	281.5%	£26,808
	Other Debtors	£9,617,055	-5.4%	£10,170,317	17.2%	£8,678,705	43.9%	£6,029,454	23.7%	£4,876,137
	Miscellaneous Current Assets	0	-	0	-	0	-	0	-	0
	Total Current Assets	£13,791,781	-1.6%	£14,022,634	5.6%	£13,283,185	17.7%	£11,283,815	38.2%	£8,163,788
	Trade Creditors	£979,022	-20.9%	£1,237,309	-22.7%	£1,600,433	-25.6%	£2,150,698	-8.6%	£2,352,516
	Bank Loans & Overdrafts	£3,275,560	2.3%	£3,202,680	27.7%	£2,507,307	42%	£1,765,823	143%	£726,549
	Other Short Term Finance	£4,951,712	-3.6%	£5,134,896	24%	£4,139,450	52.4%	£2,716,872	71.8%	£1,581,715
	Miscellaneous Current Liabilities	£446,160	-51.4%	£917,845	-18.8%	£1,130,892	-16.4%	£1,353,237	125.2%	£601,022
	Total Current Liabilities	£9,652,454	-8%	£10,492,730	11.9%	£9,378,082	17.4%	£7,986,630	51.8%	£5,261,802
	Bank Loans & Overdrafts and LTL	£5,296,001	0.7%	£5,256,924	39.2%	£3,777,112	15.9%	£3,258,336	122.2%	£1,466,398
	Other Long Term Finance	0	-	0	-	0	-	0	-	0
	Total Long Term Liabilities	£2,020,441	-1.6%	£2,054,244	61.8%	£1,269,805	-14.9%	£1,492,513	101.7%	£739,849

Capital & Reserves

	Date Of Accounts	31/03/14	(%)	31/03/13	(%)	31/03/12	(%)	31/03/11	(%)	31/03/10
	Called Up Share Capital	£836,051	-	£836,051	-	£836,051	-	£836,051	-	£836,051
	P & L Account Reserve	£5,475,839	4.5%	£5,241,940	-1.4%	£5,314,776	22.6%	£4,335,671	14.4%	£3,790,154
	Revaluation Reserve	-	-	-	-	-	-	-	-	-
	Sundry Reserves	£29,730	-	£29,730	-	£29,730	-	£29,730	-	£29,730
	Shareholder Funds	£6,341,620	3.8%	£6,107,721	-1.2%	£6,180,557	18.8%	£5,201,452	11.7%	£4,655,935

Other Financial Items

	Date Of Accounts	31/03/14	(%)	31/03/13	(%)	31/03/12	(%)	31/03/11	(%)	31/03/10
	Net Worth	£6,341,620	3.8%	£6,107,721	-1.2%	£6,180,557	18.8%	£5,201,452	11.7%	£4,655,935
	Working Capital	£4,139,327	17.3%	£3,529,904	-9.6%	£3,905,103	18.4%	£3,297,185	13.6%	£2,901,986
	Total Assets	£18,014,515	-3.4%	£18,654,695	10.9%	£16,828,444	14.6%	£14,680,595	37.7%	£10,657,586
	Total Liabilities	£11,672,895	-7%	£12,546,974	17.8%	£10,647,887	12.3%	£9,479,143	57.9%	£6,001,651
	Net Assets	£6,341,620	3.8%	£6,107,721	-1.2%	£6,180,557	18.8%	£5,201,452	11.7%	£4,655,935

Cash Flow

	Date Of Accounts	31/03/14	(%)	31/03/13	(%)	31/03/12	(%)	31/03/11	(%)	31/03/10
	Net Cashflow from Operations	-	-	-	-	-	-	-	-	-
	Net Cashflow before Financing	-	-	-	-	-	-	-	-	-
	Net Cashflow from Financing	-	-	-	-	-	-	-	-	-
	Increase in Cash	-	-	-	-	-	-	-	-	-

Miscellaneous

	Date Of Accounts	31/03/14	(%)	31/03/13	(%)	31/03/12	(%)	31/03/11	(%)	31/03/10
	Contingent Liability	NO	-	NO	-	NO	-	NO	-	YES
	Capital Employed	£8,362,061	2.5%	£8,161,965	9.6%	£7,450,362	11.3%	£6,693,965	24.1%	£5,395,784
	Number of Employees	83	-2.4%	85	-19.8%	106	5%	101	14.8%	88
	Auditors	GRANT THORNTON UK LLP
	Auditor Comments	The audit report contains no adverse comments
	Bankers	LLOYDS TSB BANK PLC
	Bank Branch Code

Ratios

	Date Of Accounts	31/03/14	31/03/13	31/03/12	31/03/11	31/03/10
	Pre-tax profit margin %	2.38	-2.38	9.53	7.82	6.69
	Current ratio	1.43	1.34	1.42	1.41	1.55
	Sales/Net Working Capital	2.62	3.47	4.62	4.30	4.22
	Gearing %	83.50	86.10	61.10	62.60	31.50
	Equity in %	35.20	32.70	36.70	35.40	43.70
	Creditor Days	32.88	36.81	32.25	55.17	69.85
	Debtor Days	56.77	58.84	52.19	87.62	63.54
	Liquidity/Acid Test	1.31	1.21	1.23	1.19	1.33
	Return On Capital Employed %	3.07	-3.56	23.10	16.57	15.19
	Return On Total Assets Employed %	1.42	-1.55	10.22	7.55	7.69
	Current Debt Ratio	1.52	1.71	1.51	1.53	1.13
	Total Debt Ratio	1.84	2.05	1.72	1.82	1.28
	Stock Turnover Ratio %	10.45	10.31	9.29	12.23	9.14
	Return on Net Assets Employed %	4.05	-4.76	27.84	21.32	17.61

FOREIGN EXCHANGE RATES

NA

ADDITIONAL INFORMATION

Enquiries Trend

There have been 59 enquiries in the last 12 months.

There are an average of 5 reports taken each month.

	3 MONTHS	6 MONTHS	9 MONTHS
Enquiries	16	34	42

Status History

No Status History found

Event History

Date	Description
18/08/2014	New Accounts Filed
18/08/2014	New Accounts Filed
13/06/2014	Annual Returns
06/06/2014	Dr A. Humphreys has left the board
08/11/2013	New Board Member Mr C.D. Laws appointed
26/07/2013	New Accounts Filed
26/07/2013	New Accounts Filed
19/06/2013	Annual Returns
26/03/2013	Mr R.J. Ignatius has resigned as company secretary
26/03/2013	Mr R.J. Ignatius has left the board
26/03/2013	New Company Secretary Mr C.D. Laws appointed
03/10/2012	New Accounts Filed
03/10/2012	New Accounts Filed
21/07/2012	Annual Returns
18/07/2012	Mr P.N. Sparkes has left the board

Previous Company Names

Date	Previous Name
14/07/1997	MOLECULAR PROPERTIES LIMITED
19/09/1996	MOLECULAR SENSORS LIMITED

NOTES & COMMENTS

Commentary

No exact match CCJs are recorded against the company.

Sales in the latest trading period decreased 11.4% on the previous trading period.

A 3.4% decline in Total Assets occurred during the latest trading period.

Net Worth increased by 3.8% during the latest trading period.

Pre-tax profits increased by 188.5% compared to the previous trading period.

The company saw an increase in their Cash Balance of 120.7% 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 22 years ago.

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.61.32
UK Pound	1	Rs.99.00
Euro	1	Rs.78.14

INFORMATION DETAILS

Analysis Done by :	DIV
Report Prepared by :	NIT

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.