MIRA INFORM REPORT

Report No. :	353272
Report Date :	10.12.2015

IDENTIFICATION DETAILS

Name :	PULSAR INSTRUMENTS PLC

Formerly Known As :	ALFRED PETERS PLC NELLAFORD LIMITED

Registered Office :	The Evron Centre John Street Filey Yo14 9DQ

Country :	United Kingdom

Financials (as on) :	30.11.2013

Date of Incorporation :	21.02.1973

Com. Reg. No.:	01097578

Legal Form :	Public Limited with Share Capital

Line of Business :	· Manufacture of Electronic Measuring, testing etc. Equipment, not for Industrial Process Control. Development, marketing and sale of acoustic measuring equipment for professional use and repair and calibration service.

No. of Employees :	7

RATING & COMMENTS

MIRA’s Rating :

RATING		STATUS	PROPOSED CREDIT LINE
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

Status :	Moderate

Payment Behaviour :	Slow

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, 2015

Country Name

Previous Rating

(31.12.2014)

Current Rating

(31.03.2015)

United Kingdom

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. 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 has been a net importer of energy since 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.

In 2008, 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. Facing burgeoning public deficits and debt levels, in 2010 the CAMERON-led coalition government (between Conservatives and Liberal Democrats) initiated an austerity program, which aimed to lower London's budget deficit from about 11% of GDP in 2010 to nearly 1% by 2015. 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 20% by 2015. However, the deficit still remains one of the highest in the G7, standing at 6.0% in 2014.

In 2012, weak consumer spending and subdued business investment weighed on the economy, however, in 2013 GDP grew 1.7% and in 2014, 2.6%, accelerating unexpectedly because of greater consumer spending and a recovering housing market.

The Bank of England (BoE) implemented an asset purchase program of 375 billion (approximately $586 billion) as of December 2014. 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

Company Name and Address

Company Name: PULSAR INSTRUMENTS PLC

Company No: 01097578

Company Status: Financial Statements too old

Registered Address: THE EVRON CENTRE JOHN STREET FILEY YO14 9DQ

Company Summary

Registered Address THE EVRON CENTRE, JOHN STREET, FILEY, YO14 9DQ

Trading Address John Street, Filey, North Yorkshire, YO14 9DQ

Website Address http://www.pulsarinstruments.com

Telephone Number 01723518011

Fax Number -

TPS No

FPS No

Incorporation Date 21/02/1973

Previous Name ALFRED PETERS PLC

Type Public limited with Share Capital

FTSE Index -

Date of Change 04/04/2006

Filing Date of Accounts 25/11/2015

Currency GBP

Share Capital £250,000

SIC07 26511

Charity Number -

SIC07 Description MANUFACTURE OF ELECTRONIC MEASURING, TESTING ETC. EQUIPMENT, NOT FOR INDUSTRIAL PROCESS CONTROL

Principal Activity Development, marketing and sale of acoustic measuring equipment for professional use and repair and calibration service.

Key Financials

Year to Date Turnover Pre Tax Profit Shareholder Funds Employees

30/11/2013 £528,593 -£79,378 -£83,443 7

30/11/2012 £403,969 -£100,891 -£13,969 6

30/11/2011 £351,915 -£101,036 £86,922 4

Mortgage Summary

Total Mortgage 0

Outstanding 0

Satisfied 0

Trade Debtors / Bad Debt Summary

Total Number of Documented Trade 0

Total Value of Documented Trade £0

Commentary

No comments to display

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 -	-

Total Current Directors	2
Total Current Secretaries	1
Total Previous Directors / Company Secretaries	6

Current Directors

Name	Lynda Mary Wallis	Date of Birth	10/08/1946
Officers Title	Mrs	Nationality	British
Present Appointments	6	Function	Director
Appointment Date	16/12/1994
Address	Daytona Station Road, Crossgates, Scarborough, North Yorkshire, YO12 4LT

Name	Sarah Brack	Date of Birth	14/12/1972
Officers Title	Ms	Nationality	British
Present Appointments	1	Function	Director
Appointment Date	16/11/2009
Address	The Evron Centre, John Street, Filey, North Yorkshire, YO14 9DQ

Current Company Secretary

Name	Margaret Susan Worrall	Date of Birth	19/08/1956
Officers Title	Miss	Nationality	British
Present Appointments	5	Function	Company Secretary
Appointment Date	31/01/1992
Address	7 Silverwood Avenue, Filey, North Yorkshire, YO14 0DN

Top 20 Shareholders

Name	Currency	Share Count	Share Type	Nominal Value	% of Total Share Count
PULSAR INSTRUMENTS INC.	GBP	250,000	ORDINARY	1	100

Financials

Profit & Loss

	Date Of Accounts	30/11/13	(%)	30/11/12	(%)	30/11/11	(%)	30/11/10	(%)	30/11/09
	Weeks	52	(%)	52	(%)	52	(%)	52	(%)	52
	Currency	GBP	(%)	GBP	(%)	GBP	(%)	GBP	(%)	GBP
	Consolidated A/cs	N	(%)	N	(%)	N	(%)	N	(%)	N
$Description: \\VIVEK-PC\123 Foreign Report Raw\PULSAR INSTRUMENTS PLC_files\barchart-grey.png$	Turnover	£528,593	30.8%	£403,969	14.8%	£351,915	-16.7%	£422,306	30.2%	£324,404
$Description: \\VIVEK-PC\123 Foreign Report Raw\PULSAR INSTRUMENTS PLC_files\barchart-grey.png$	Export	£322,045	21.1%	£265,988	1%	£263,436	-11.7%	£298,498	31.8%	£226,562
$Description: \\VIVEK-PC\123 Foreign Report Raw\PULSAR INSTRUMENTS PLC_files\barchart-grey.png$	Cost of Sales	£324,978	21.7%	£267,035	15.1%	£232,083	-19.8%	£289,513	36.7%	£211,764
$Description: \\VIVEK-PC\123 Foreign Report Raw\PULSAR INSTRUMENTS PLC_files\barchart-grey.png$	Gross Profit	£203,615	48.7%	£136,934	14.3%	£119,832	-9.8%	£132,793	17.9%	£112,640
$Description: \\VIVEK-PC\123 Foreign Report Raw\PULSAR INSTRUMENTS PLC_files\barchart-grey.png$	Wages & Salaries	£221,588	65.5%	£133,892	11.7%	£119,908	92.3%	£62,345	15.5%	£53,982
$Description: \\VIVEK-PC\123 Foreign Report Raw\PULSAR INSTRUMENTS PLC_files\barchart-grey.png$	Directors Emoluments	£44,000	29%	£34,100	1.3%	£33,663	16.3%	£28,949	156.9%	£11,269
$Description: \\VIVEK-PC\123 Foreign Report Raw\PULSAR INSTRUMENTS PLC_files\barchart-grey.png$	Operating Profit	-£76,667	22.9%	-£99,400	1.4%	-£100,849	-280.1%	-£26,532	15.6%	-£31,446
$Description: \\VIVEK-PC\123 Foreign Report Raw\PULSAR INSTRUMENTS PLC_files\barchart-grey.png$	Depreciation	£7,410	511.9%	£1,211	999.9%	£81	-22.9%	£105	-24.5%	£139
$Description: \\VIVEK-PC\123 Foreign Report Raw\PULSAR INSTRUMENTS PLC_files\barchart-grey.png$	Audit Fees	£4,320	96.4%	£2,200	-20%	£2,750	57.1%	£1,750	16.7%	£1,500
$Description: \\VIVEK-PC\123 Foreign Report Raw\PULSAR INSTRUMENTS PLC_files\barchart-grey.png$	Interest Payments	£2,711	81.8%	£1,491	697.3%	£187	-	-	-	-
$Description: \\VIVEK-PC\123 Foreign Report Raw\PULSAR INSTRUMENTS PLC_files\barchart-grey.png$	Pre Tax Profit	-£79,378	21.3%	-£100,891	0.1%	-£101,036	-280.8%	-£26,532	15.4%	-£31,371
$Description: \\VIVEK-PC\123 Foreign Report Raw\PULSAR INSTRUMENTS PLC_files\barchart-grey.png$	Taxation	£9,904	-	-	-	-	-	-	-	-
$Description: \\VIVEK-PC\123 Foreign Report Raw\PULSAR INSTRUMENTS PLC_files\barchart-grey.png$	Profit After Tax	-£69,474	31.1%	-£100,891	0.1%	-£101,036	-280.8%	-£26,532	15.4%	-£31,371
$Description: \\VIVEK-PC\123 Foreign Report Raw\PULSAR INSTRUMENTS PLC_files\barchart-grey.png$	Dividends Payable	-	-	-	-	-	-	-	-	-
$Description: \\VIVEK-PC\123 Foreign Report Raw\PULSAR INSTRUMENTS PLC_files\barchart-grey.png$	Retained Profit	-£69,474	31.1%	-£100,891	0.1%	-£101,036	-280.8%	-£26,532	15.4%	-£31,371

Balance Sheet

	Date Of Accounts	30/11/13	(%)	30/11/12	(%)	30/11/11	(%)	30/11/10	(%)	30/11/09
$Description: \\VIVEK-PC\123 Foreign Report Raw\PULSAR INSTRUMENTS PLC_files\barchart-grey.png$	Tangible Assets	£39,437	979.3%	£3,654	999.9%	£268	-23.2%	£349	-23.1%	£454
$Description: \\VIVEK-PC\123 Foreign Report Raw\PULSAR INSTRUMENTS PLC_files\barchart-grey.png$	Intangible Assets	0	-	0	-	0	-	0	-	0
$Description: \\VIVEK-PC\123 Foreign Report Raw\PULSAR INSTRUMENTS PLC_files\barchart-grey.png$	Total Fixed Assets	£39,437	979.3%	£3,654	999.9%	£268	-23.2%	£349	-23.1%	£454
$Description: \\VIVEK-PC\123 Foreign Report Raw\PULSAR INSTRUMENTS PLC_files\barchart-grey.png$	Stock	£69,170	-26.2%	£93,713	-	0	-	0	-	0
$Description: \\VIVEK-PC\123 Foreign Report Raw\PULSAR INSTRUMENTS PLC_files\barchart-grey.png$	Trade Debtors	£155,710	-14.4%	£182,010	-16.9%	£218,909	-10.9%	£245,626	132.5%	£105,648
$Description: \\VIVEK-PC\123 Foreign Report Raw\PULSAR INSTRUMENTS PLC_files\barchart-grey.png$	Cash	£53,212	46.2%	£36,387	26.2%	£28,836	63.6%	£17,629	54%	£11,444
$Description: \\VIVEK-PC\123 Foreign Report Raw\PULSAR INSTRUMENTS PLC_files\barchart-grey.png$	Other Debtors	£2,022	-95.6%	£46,104	373.5%	£9,736	40%	£6,956	48.6%	£4,681
$Description: \\VIVEK-PC\123 Foreign Report Raw\PULSAR INSTRUMENTS PLC_files\barchart-grey.png$	Miscellaneous Current Assets	0	-	0	-	0	-	0	-	0
$Description: \\VIVEK-PC\123 Foreign Report Raw\PULSAR INSTRUMENTS PLC_files\barchart-grey.png$	Total Current Assets	£280,114	-21.8%	£358,214	39.1%	£257,481	-4.7%	£270,211	121.9%	£121,773
$Description: \\VIVEK-PC\123 Foreign Report Raw\PULSAR INSTRUMENTS PLC_files\barchart-grey.png$	Trade Creditors	£85,245	-5.8%	£90,505	-44.6%	£163,296	156.1%	£63,760	102.5%	£31,493
$Description: \\VIVEK-PC\123 Foreign Report Raw\PULSAR INSTRUMENTS PLC_files\barchart-grey.png$	Bank Loans & Overdrafts	0	-	0	-	0	-	0	-	0
$Description: \\VIVEK-PC\123 Foreign Report Raw\PULSAR INSTRUMENTS PLC_files\barchart-grey.png$	Other Short Term Finance	£42,515	3%	£41,260	-	0	-	0	-	0
$Description: \\VIVEK-PC\123 Foreign Report Raw\PULSAR INSTRUMENTS PLC_files\barchart-grey.png$	Miscellaneous Current Liabilities	£11,291	20.6%	£9,361	24.3%	£7,531	-60%	£18,842	344%	£4,244
$Description: \\VIVEK-PC\123 Foreign Report Raw\PULSAR INSTRUMENTS PLC_files\barchart-grey.png$	Total Current Liabilities	£139,051	-1.5%	£141,126	-17.4%	£170,827	106.8%	£82,602	131.1%	£35,737
$Description: \\VIVEK-PC\123 Foreign Report Raw\PULSAR INSTRUMENTS PLC_files\barchart-grey.png$	Bank Loans & Overdrafts and LTL	£263,943	12.5%	£234,711	-	0	-	0	-	0
$Description: \\VIVEK-PC\123 Foreign Report Raw\PULSAR INSTRUMENTS PLC_files\barchart-grey.png$	Other Long Term Finance	£263,943	12.5%	£234,711	-	0	-	0	-	0
$Description: \\VIVEK-PC\123 Foreign Report Raw\PULSAR INSTRUMENTS PLC_files\barchart-grey.png$	Total Long Term Liabilities	£263,943	12.5%	£234,711	-	0	-	0	-	0

Capital & Reserves

Date Of Accounts	30/11/13	(%)	30/11/12	(%)	30/11/11	(%)	30/11/10	(%)	30/11/09
Called Up Share Capital	£250,000	-	£250,000	-	£250,000	-	£250,000	104.9%	£122,000
P & L Account Reserve	-£333,443	-26.3%	-£263,969	-61.9%	-£163,078	-162.9%	-£62,042	-74.7%	-£35,510
Revaluation Reserve	-	-	-	-	-	-	-	-	-
Sundry Reserves	-	-	-	-	-	-	-	-	-
Shareholder Funds	-£83,443	-497.3%	-£13,969	-116.1%	£86,922	-53.8%	£187,958	117.3%	£86,490

Other Financial Items

	Date Of Accounts	30/11/13	(%)	30/11/12	(%)	30/11/11	(%)	30/11/10	(%)	30/11/09
$Description: \\VIVEK-PC\123 Foreign Report Raw\PULSAR INSTRUMENTS PLC_files\barchart-grey.png$	Net Worth	-£83,443	-497.3%	-£13,969	-116.1%	£86,922	-53.8%	£187,958	117.3%	£86,490
$Description: \\VIVEK-PC\123 Foreign Report Raw\PULSAR INSTRUMENTS PLC_files\barchart-grey.png$	Working Capital	£141,063	-35%	£217,088	150.5%	£86,654	-53.8%	£187,609	118.1%	£86,036
$Description: \\VIVEK-PC\123 Foreign Report Raw\PULSAR INSTRUMENTS PLC_files\barchart-grey.png$	Total Assets	£319,551	-11.7%	£361,868	40.4%	£257,749	-4.7%	£270,560	121.4%	£122,227
$Description: \\VIVEK-PC\123 Foreign Report Raw\PULSAR INSTRUMENTS PLC_files\barchart-grey.png$	Total Liabilities	£402,994	7.2%	£375,837	120%	£170,827	106.8%	£82,602	131.1%	£35,737
$Description: \\VIVEK-PC\123 Foreign Report Raw\PULSAR INSTRUMENTS PLC_files\barchart-grey.png$	Net Assets	-£83,443	-497.3%	-£13,969	-116.1%	£86,922	-53.8%	£187,958	117.3%	£86,490

Cash Flow

	Date Of Accounts	30/11/13	(%)	30/11/12	(%)	30/11/11	(%)	30/11/10	(%)	30/11/09
$Description: \\VIVEK-PC\123 Foreign Report Raw\PULSAR INSTRUMENTS PLC_files\barchart-grey.png$	Net Cashflow from Operations	£22,338	108.5%	-£262,332	-999.9%	£11,394	109.4%	-£121,815	-999.9%	£6,841
$Description: \\VIVEK-PC\123 Foreign Report Raw\PULSAR INSTRUMENTS PLC_files\barchart-grey.png$	Net Cashflow before Financing	-£13,662	94.9%	-£268,420	-999.9%	£11,207	109.2%	-£121,815	-999.9%	£6,916
$Description: \\VIVEK-PC\123 Foreign Report Raw\PULSAR INSTRUMENTS PLC_files\barchart-grey.png$	Net Cashflow from Financing	£30,487	-89%	£275,971	-	-	-100%	£128,000	-	-
$Description: \\VIVEK-PC\123 Foreign Report Raw\PULSAR INSTRUMENTS PLC_files\barchart-grey.png$	Increase in Cash	£16,825	122.8%	£7,551	-32.6%	£11,207	81.2%	£6,185	-10.6%	£6,916

Miscellaneous

	Date Of Accounts	30/11/13	(%)	30/11/12	(%)	30/11/11	(%)	30/11/10	(%)	30/11/09
	Contingent Liability	NO	-	NO	-	NO	-	NO	-	NO
$Description: \\VIVEK-PC\123 Foreign Report Raw\PULSAR INSTRUMENTS PLC_files\barchart-grey.png$	Capital Employed	£180,500	-18.2%	£220,742	154%	£86,922	-53.8%	£187,958	117.3%	£86,490
$Description: \\VIVEK-PC\123 Foreign Report Raw\PULSAR INSTRUMENTS PLC_files\barchart-grey.png$	Number of Employees	7	16.7%	6	50%	4	-	4	-	4
	Accountants
	Auditors	SADOFSKYS
	Auditor Comments	The audit report contains no adverse comments
	Bankers	NATIONAL WESTMINSTER BANK PLC
	Bank Branch Code	54-41-24

Ratios

	Date Of Accounts	30/11/13	30/11/12	30/11/11	30/11/10	30/11/09
$Description: \\VIVEK-PC\123 Foreign Report Raw\PULSAR INSTRUMENTS PLC_files\barchart-grey.png$	Pre-tax profit margin %	-15.02	-24.97	-28.71	-6.28	-9.67
$Description: \\VIVEK-PC\123 Foreign Report Raw\PULSAR INSTRUMENTS PLC_files\barchart-grey.png$	Current ratio	2.01	2.54	1.51	3.27	3.41
$Description: \\VIVEK-PC\123 Foreign Report Raw\PULSAR INSTRUMENTS PLC_files\barchart-grey.png$	Sales/Net Working Capital	3.75	1.86	4.06	2.25	3.77
$Description: \\VIVEK-PC\123 Foreign Report Raw\PULSAR INSTRUMENTS PLC_files\barchart-grey.png$	Gearing %	-316.30	-1680.20	0	0	0
$Description: \\VIVEK-PC\123 Foreign Report Raw\PULSAR INSTRUMENTS PLC_files\barchart-grey.png$	Equity in %	-26.10	-3.90	33.70	69.50	70.80
$Description: \\VIVEK-PC\123 Foreign Report Raw\PULSAR INSTRUMENTS PLC_files\barchart-grey.png$	Creditor Days	58.70	81.55	168.90	54.95	35.33
$Description: \\VIVEK-PC\123 Foreign Report Raw\PULSAR INSTRUMENTS PLC_files\barchart-grey.png$	Debtor Days	107.22	164	226.42	211.71	118.54
$Description: \\VIVEK-PC\123 Foreign Report Raw\PULSAR INSTRUMENTS PLC_files\barchart-grey.png$	Liquidity/Acid Test	1.51	1.87	1.50	3.27	3.40
$Description: \\VIVEK-PC\123 Foreign Report Raw\PULSAR INSTRUMENTS PLC_files\barchart-grey.png$	Return On Capital Employed %	-43.97	-45.70	-116.23	-14.11	-36.27
$Description: \\VIVEK-PC\123 Foreign Report Raw\PULSAR INSTRUMENTS PLC_files\barchart-grey.png$	Return On Total Assets Employed %	-24.84	-27.88	-39.19	-9.80	-25.66
	Current Debt Ratio	-1.66	-10.10	1.96	0.43	0.41
	Total Debt Ratio	-4.82	-26.90	1.96	0.43	0.41
	Stock Turnover Ratio %	13.08	23.19	-	-	-
	Return on Net Assets Employed %	95.12	722.24	-116.23	-14.11	-36.27

Report Notes

There are no notes to display.

Status History

No Status History found

Event History

Date	Description
21/07/2015	Payment Data Update Recieved
13/02/2015	Annual Returns
18/06/2014	New Accounts Filed
18/06/2014	New Accounts Filed
24/02/2014	Annual Returns
10/06/2013	New Accounts Filed
21/03/2013	Mr P. Waugh has left the board
15/02/2013	Annual Returns
04/07/2012	New Accounts Filed
19/04/2012	Change in Reg.Office
19/04/2012	Change of Company Postcode
20/02/2012	Annual Returns
23/09/2011	Change in Reg.Office
23/09/2011	Change of Company Postcode
27/05/2011	New Accounts Filed

Previous Company Names

Date	Previous Name
04/04/2006	ALFRED PETERS PLC
17/08/1989	NELLAFORD LIMITED

Writ Details

No writs found

Statistics

Group	2 companies
Linkages	0 companies
Countries	In 0 countries

Summary

Holding Company	-
Ownership Status	Wholly Owned
Ultimate Holding Company	PULSAR INSTRUMENTS INC

Group Structure Full

Company Name	Registered Number	Latest Key Financials	Consol. Accounts	Turnover
PULSAR INSTRUMENTS INC		-	-
PULSAR INSTRUMENTS PLC	01097578	30.11.2013	N	£528,593

Previous Director/Company Secretaries

Name		Current Directorships	Previous Directorships
Margaret Susan Worrall		5	7
Peter Waugh		2	3
Ronald Fisher		0	1
Richard Wright		0	1
Terence Alan Goodrich		0	2
Mike Jack Bullen		0	1
Average Invoice Value	Ł66.06
Invoices available	54
Paid	50
Outstanding	4

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	30	15	5	0	0
Outstanding	2	1	1	0	0

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.66.75
UK Pound	1	Rs.100.29
Euro	1	Rs.72.89
GBP	1	Rs.101.40

Note : Above are approximate rates obtained from sources believed to be correct

INFORMATION DETAILS

Analysis Done by :	KIN

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.