MIRA INFORM REPORT

Report No. :	343387
Report Date :	01.10.2015

IDENTIFICATION DETAILS

Name :	CLIFTON PACKAGING GROUP LIMITED
Formerly Known As :	CLIFTON PACKAGING GROUP PLC
Registered Office :	Centurion Way Meridian Business Park Leicester Le19 1WH
Country :	United Kingdom
Financials (as on) :	31.12.2013
Date of Incorporation :	20.12.2002
Com. Reg. No.:	04623230
Legal Form :	Private limited with Share Capital
Line of Business :	Other Manufacturing · A group engaged in flexible packaging materials, retail and distribution of packaging machinery.
No. of Employee :	57 (2013)

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, 2015

Country Name	Previous Rating (31.12.2014)	Current Rating (31.03.2015)
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. 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

CLIFTON PACKAGING GROUP LIMITED

Company No

04623230

Registered Address

CENTURION WAY MERIDIAN BUSINESS PARK LEICESTER LE19 1WH

Company Summary

Registered Address

CENTURION WAY
MERIDIAN BUSINESS PARK
LEICESTER
LE19 1WH

Trading Address

Centurion Way
Meridian Business Park
Leicester
Leicestershire
LE19 1WH

Website Address http://www.cliftonpackaging.co.uk

Telephone Number 01162893355

Fax Number

TPS Yes

FPS No

Incorporation Date 20/12/2002

Previous Name CLIFTON PACKAGING GROUP PLC

Type Private limited with Share Capital

FTSE Index -

Date of Change 17/06/2010

Filing Date of

Accounts 30/09/2014

Currency GBP

Share Capital £20,004

SIC07 32990

Charity Number -

SIC07 Description OTHER MANUFACTURING

Principal Activity A group engaged in flexible packaging materials, retail and distribution of packaging machinery.

Key Financials

Year to Date Turnover Pre Tax Profit Shareholder Funds Employees

31/12/2013 £11,958,929 £1,244,773 £3,945,645 57

31/12/2012 £10,065,900 £1,232,171 £3,385,546 59

31/12/2011 £10,281,958 £971,490 £2,469,966 59

Mortgage Summary

Total Mortgage 8

Outstanding 2

Satisfied 6

Trade Debtors / Bad Debt Summary

Total Number of Documented Trade 1

Total Value of Documented Trade £5,636

Commentary

This company has been treated as a Medium company in respect of the rating/limit generated.

This company's ratio of total liabilities to total assets indicates the presence of moderate equity funding.

This company's return on total assets employed ratio indicates a relatively efficient use of assets.

This company has made late payments on a very high percentage of invoices.

The company has more cash than short term bank borrowings.

This company trades in an industry with a lower level of corporate failures.

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	3
Total Current Secretaries	1
Total Previous Directors / Company Secretaries	4

Current Directors

Name	Tahir Javed Sheikh	Date of Birth	24/05/1959
Officers Title	Mr	Nationality	British
Present Appointments	9	Function	Director
Appointment Date	20/12/2002
Address	10 Eden Road, Oadby, Leicester, Leicestershire, LE2 4JP

Name	Shahid Rashid Sheikh	Date of Birth	03/01/1968
Officers Title	Mr	Nationality	British
Present Appointments	20	Function	Director
Appointment Date	20/12/2002
Address	2 Hall Drive, Oadby, Leicester, Leicestershire, LE2 4HE

Name	Zahid Sheikh	Date of Birth	06/02/1961
Officers Title	Mr	Nationality	British
Present Appointments	11	Function	Director
Appointment Date	20/12/2002
Address	20 The Broadway, Oadby, Leicester, Leicestershire, LE2 2HE

Current Company Secretary

Name	Shahid Rashid Sheikh	Date of Birth	03/01/1968
Officers Title	Mr	Nationality	British
Present Appointments	20	Function	Company Secretary
Appointment Date	20/12/2002
Address	2 Hall Drive, Oadby, Leicester, Leicestershire, LE2 4HE

Top 20 Shareholders

Name	Currency	Share Count	Share Type	Nominal Value	% of Total Share Count
SHAHID SHEIKH	GBP	8,001	ORDINARY A	1	40
TAHIR SHEIKH	GBP	5,001	ORDINARY C	1	25
ZAHID SHEIKH	GBP	5,001	ORDINARY D	1	25
EXECUTORS OF ESTATE OF KHALID SHEIKH	GBP	2,001	ORDINARY B	1	10

Financials

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	Y	(%)	Y	(%)	Y	(%)	N	(%)	N
Turnover	£11,958,929	18.8%	£10,065,900	-2.1%	£10,281,958	18%	£8,711,007	18.8%	£7,331,065
Export	-	-	-	-	-	-	£281,224	118.7%	£128,582
Cost of Sales	£8,546,821	15.9%	£7,377,439	1%	£7,307,830	-	-	-100%	£5,060,988
Gross Profit	£3,412,108	26.9%	£2,688,461	-9.6%	£2,974,128	-	-	-	£2,270,077
Wages & Salaries	£1,565,976	17.6%	£1,331,946	11.6%	£1,193,796	15.6%	£1,032,755	3%	£1,002,993
Directors Emoluments	£67,386	-6.1%	£71,780	-12.9%	£82,374	-13%	£94,698	16.7%	£81,174
Operating Profit	£1,479,570	-0.1%	£1,480,426	22%	£1,213,546	8%	£1,123,562	63%	£689,480
Depreciation	£253,062	5.7%	£239,471	8.8%	£220,200	-3.2%	£227,529	-9.7%	£251,952
Audit Fees	£15,500	-	£15,500	55%	£10,000	-	£10,000	-	£10,000
Interest Payments	£234,797	-5.4%	£248,255	2.6%	£242,056	-4.7%	£253,937	-7.4%	£274,364
Pre Tax Profit	£1,244,773	1%	£1,232,171	26.8%	£971,490	11.7%	£869,625	109.5%	£415,116
Taxation	-£184,674	41.7%	-£316,591	-20.1%	-£263,668	19.9%	-£329,067	-146.9%	-£133,275
Profit After Tax	£1,060,099	15.8%	£915,580	29.4%	£707,822	30.9%	£540,558	91.8%	£281,841
Dividends Payable	-	-	-	-	-	-	-	-100%	£324,325
Retained Profit	£1,060,099	15.8%	£915,580	29.4%	£707,822	30.9%	£540,558	999.9%	-£42,484

Balance Sheet

Date Of Accounts	31/12/13	(%)	31/12/12	(%)	31/12/11	(%)	31/12/10	(%)	31/12/09
Tangible Assets	£6,546,227	22.1%	£5,363,257	2.1%	£5,250,872	4.9%	£5,006,839	-3.9%	£5,210,442
Intangible Assets	£876,305	-9.8%	£971,993	-9%	£1,067,681	-8.2%	£1,163,364	-7.6%	£1,259,047
Total Fixed Assets	£7,422,532	17.2%	£6,335,250	0.3%	£6,318,553	2.4%	£6,170,203	-4.6%	£6,469,489
Stock	£1,855,672	18.4%	£1,567,314	7.1%	£1,462,880	13.9%	£1,284,235	19.4%	£1,075,327
Trade Debtors	£2,861,372	39.2%	£2,055,821	1.9%	£2,017,357	24.9%	£1,615,528	7.2%	£1,506,355
Cash	£227,842	180.4%	£81,243	665.9%	£10,607	189.2%	£3,668	-40.9%	£6,208
Other Debtors	£830,452	33.9%	£620,048	-62.4%	£1,647,047	45.1%	£1,135,389	128.1%	£497,687
Miscellaneous Current Assets	0	-	0	-	0	-	0	-	0
Total Current Assets	£5,775,338	33.6%	£4,324,426	-15.8%	£5,137,891	27.2%	£4,038,820	30.9%	£3,085,577
Trade Creditors	£2,515,872	39.4%	£1,804,357	8%	£1,670,069	1.8%	£1,641,018	20.2%	£1,364,936
Bank Loans & Overdrafts	£199,776	-1.4%	£202,643	28.2%	£158,050	-76%	£657,672	18.7%	£554,166
Other Short Term Finance	£593,561	68.6%	£352,013	14.6%	£307,231	0.2%	£306,515	-20%	£383,279
Miscellaneous Current Liabilities	£2,355,292	31.4%	£1,792,246	4.9%	£1,709,142	135.6%	£725,500	45.9%	£497,280
Total Current Liabilities	£5,664,501	36.5%	£4,151,259	8%	£3,844,492	15.4%	£3,330,705	19%	£2,799,661
Bank Loans & Overdrafts and LTL	£3,787,500	13.9%	£3,325,514	-37.3%	£5,300,036	-8.2%	£5,773,846	34.7%	£4,287,985
Other Long Term Finance	£1,359,500	77.3%	£766,870	-12.3%	£874,214	26.5%	£690,838	-31.6%	£1,010,364
Total Long Term Liabilities	£3,587,724	14.9%	£3,122,871	-39.3%	£5,141,986	0.5%	£5,116,174	37%	£3,733,819

.

Capital & Reserves

Date Of Accounts	31/12/13	(%)	31/12/12	(%)	31/12/11	(%)	31/12/10	(%)	31/12/09
Called Up Share Capital	£20,004	-96.2%	£520,004	-	£520,004	-	£520,004	-77.6%	£2,320,004
P & L Account Reserve	£3,925,641	37%	£2,865,542	47%	£1,949,962	57%	£1,242,140	77%	£701,582
Revaluation Reserve	-	-	-	-	-	-	-	-	-
Sundry Reserves	-	-	-	-	-	-	-	-	-
Shareholder Funds	£3,945,645	16.5%	£3,385,546	37.1%	£2,469,966	40.2%	£1,762,144	-41.7%	£3,021,586

Other Financial Items

Date Of Accounts	31/12/13	(%)	31/12/12	(%)	31/12/11	(%)	31/12/10	(%)	31/12/09
Net Worth	£3,069,340	27.2%	£2,413,553	72.1%	£1,402,285	134.2%	£598,780	-66%	£1,762,539
Working Capital	£110,837	-36%	£173,167	-86.6%	£1,293,399	82.7%	£708,115	147.7%	£285,916
Total Assets	£13,197,870	23.8%	£10,659,676	-7%	£11,456,444	12.2%	£10,209,023	6.8%	£9,555,066
Total Liabilities	£9,252,225	27.2%	£7,274,130	-19.1%	£8,986,478	6.4%	£8,446,879	29.3%	£6,533,480
Net Assets	£3,945,645	16.5%	£3,385,546	37.1%	£2,469,966	40.2%	£1,762,144	-41.7%	£3,021,586

Cash Flow

Date Of Accounts	31/12/13	(%)	31/12/12	(%)	31/12/11	(%)	31/12/10	(%)	31/12/09
Net Cashflow from Operations	£877,669	1.4%	£865,728	-28.5%	£1,211,614	49.9%	£808,502	-31%	£1,172,530
Net Cashflow before Financing	-£1,076,362	-999.9%	£33,054	-76.1%	£138,322	-68.5%	£439,117	-19.4%	£545,086
Net Cashflow from Financing	£1,239,495	999.9%	£21,048	-94.4%	£377,902	170.5%	-£535,668	-40.9%	-£380,127
Increase in Cash	£163,133	201.5%	£54,102	-89.5%	£516,224	634.7%	-£96,551	-158.5%	£164,959

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	£7,533,369	15.7%	£6,508,417	-14.5%	£7,611,952	10.7%	£6,878,318	1.8%	£6,755,405
Number of Employees	57	-3.4%	59	-	59	-3.3%	61	-1.6%	62
Accountants
Auditors	MAGMA AUDIT LLP
Auditor Comments	The audit report contains no adverse comments
Bankers	YORKSHIRE BANK PLC
Bank Branch Code	05-05-60

Ratios

Date Of Accounts	31/12/13	31/12/12	31/12/11	31/12/10	31/12/09
Pre-tax profit margin %	10.41	12.24	9.45	9.98	5.66
Current ratio	1.02	1.04	1.34	1.21	1.10
Sales/Net Working Capital	107.90	58.13	7.95	12.30	25.64
Gearing %	96	98.20	214.60	327.70	141.90
Equity in %	32	34.90	23.80	19.50	36.40
Creditor Days	76.57	65.24	59.12	68.57	67.77
Debtor Days	87.09	74.34	71.41	67.50	74.79
Liquidity/Acid Test	0.69	0.66	0.95	0.82	0.71
Return On Capital Employed %	16.52	18.93	12.76	12.64	6.14
Return On Total Assets Employed %	9.43	11.55	8.47	8.51	4.34
Current Debt Ratio	1.43	1.22	1.55	1.89	0.92
Total Debt Ratio	2.34	2.14	3.63	4.79	2.16
Stock Turnover Ratio %	15.51	15.57	14.22	14.74	14.66
Return on Net Assets Employed %	31.54	36.39	39.33	49.35	13.73

Report Notes

There are no notes to display.

Status History

No Status History found

Event History

Date	Description
07/04/2015	Mr K. Sheikh has left the board
11/03/2015	Annual Returns
11/10/2014	New Accounts Filed
11/10/2014	New Accounts Filed
08/02/2014	Annual Returns
10/10/2013	New Accounts Filed
10/10/2013	New Accounts Filed
26/01/2013	Annual Returns
13/07/2012	New Accounts Filed
13/07/2012	New Accounts Filed
24/12/2011	Annual Returns
15/08/2011	New Accounts Filed
15/08/2011	New Accounts Filed
21/01/2011	Annual Returns
25/06/2010	New Accounts Filed

Previous Company Names

Date	Previous Name
17/06/2010	CLIFTON PACKAGING GROUP PLC

Writ Details

No writs found

Statistics

Group	3 companies
Linkages	0 companies
Countries	In 0 countries

Summary

Holding Company	CLIFTON PACKAGING GROUP LIMITED
Ownership Status	Ultimately Owned
Ultimate Holding Company	CLIFTON PACKAGING GROUP LIMITED

Group Structure

Company Name	Registered Number	Latest Key Financials	Consol. Accounts	Turnover
CLIFTON PACKAGING GROUP...	04623230	31.12.2013	Y	£11,958,929
TARGET PACKAGING SYSTE...	04571701	31.12.2013	N
AZPAC FOODS LIMITED	04571738	31.12.2013	N

Mortgage Details

Mortgage Type:	LEGAL MORTGAGE
Date Charge Created:	21/09/07
Date Charge Registered:	26/09/07
Date Charge Satisfied:	-
Status:	OUTSTANDING
Person(s) Entitled:	CLYDESDALE BANK PUBLIC LIMITED COMPANY
Amount Secured:	ALL MONIES DUE OR TO BECOME DUE FROM THE COMPANY TO THE CHARGEE ON ANY ACCOUNT WHATSOEVER
Details:	THE BIG BLUE CENTURION WAY MERIDIAN BUSINESS PARK LEICESTER ASSIGNS THE GOODWILL OF ALL BUSINESSESFROM TIME TO TIME CARRIED ON AT THE PROPERTY WITH THE BENEFIT OF ALL AUTHORISATIONS PERMITS REGISTRATION CERTIFICATES OR LICENCES OF ANY KIND ALSO BY WAY OF FIXED CHARGE THE EQUIPMENT AND GOODS (IF ANY)AND ALL OTHER FIXTURES FITTINGS PLANT AND MACHINERY AND BY WAY OF FLOATING CHARGE ON OTHER MOVEABLEPLANT MACHINERY FURNITURE EQUIPMENT GOODS AND OTHER EFFECTS WHICH FROM TIME TO TIME ON THE PROPERTY
Mortgage Type:	DEBENTURE
Date Charge Created:	19/09/07
Date Charge Registered:	20/09/07
Date Charge Satisfied:	-
Status:	OUTSTANDING
Person(s) Entitled:	CLYDESDALE BANK 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 SEE THE MORTGAGE CHARGE DOCUMENT FOR FULL DETAILS

Mortgage Type:	FLOATING CHARGE
Date Charge Created:	29/11/05
Date Charge Registered:	01/12/05
Date Charge Satisfied:	13/05/15
Status:	SATISFIED
Person(s) Entitled:	KHALID SHEIKH, TAHIR SHEIKH, ZAHID SHEIKH, AND SHAHID SHEIKH;
Amount Secured:
Details:	BY WAY OF FLOATING CHARGE THE UNDERTAKING OF THE COMPANY AND ALL ITS PROPERTY WHATSOEVER AND WHERESOEVER BOTH PRESENT AND FUTURE INCLUDING ITS UNCALLED CAPITALFOR THE TIME BEING
Mortgage Type:	LEGAL CHARGE
Date Charge Created:	21/10/05
Date Charge Registered:	28/10/05
Date Charge Satisfied:	12/01/15
Status:	SATISFIED
Person(s) Entitled:	BARCLAYS BANK PLC;
Amount Secured:
Details:	F/H PROPERTY K/A INDUSTRIAL UNIT AT WATERGATE LANE INDUSTRIAL ESTATE NARBOROUGHROAD SOUTH LEICESTER

Mortgage Type:	GUARANTEE & DEBENTURE
Date Charge Created:	25/06/04
Date Charge Registered:	03/07/04
Date Charge Satisfied:	12/01/15
Status:	SATISFIED
Person(s) Entitled:	BARCLAYS 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:	LEGAL CHARGE
Date Charge Created:	12/03/04
Date Charge Registered:	24/03/04
Date Charge Satisfied:	12/01/15
Status:	SATISFIED
Person(s) Entitled:	BARCLAYS BANK PLC;
Amount Secured:
Details:	F/H PROPERTY AT CENTURION WAY MERIDIAN BUSINESS PARK LEICESTER

Mortgage Type:	LEGAL CHARGE
Date Charge Created:	12/12/03
Date Charge Registered:	20/12/03
Date Charge Satisfied:	12/01/15
Status:	SATISFIED
Person(s) Entitled:	NATIONAL WESTMINSTER BANK PLC;
Amount Secured:
Details:	F/H PROPERTY UNIT B WARREN PARK ENDERBYLEICESTERSHIREBY WAY OF FIXED CHARGE THE BENEFIT OF ALL COVENANTS AND RIGHTS CONCERNING THE PROPERTY AND PLANT MACHINERY FIXTURES FITTINGS FURNITURE EQUIPMENT IMPLEMENTS ANDUTENSILS THE GOODWILL OF ANY BUSINESS CARRIED ON AT THE PROPERTY AND THE PROCEEDS OF ANY INSURANCE AFFECTING THE PROPERTY OR ASSETS
Mortgage Type:	DEBENTURE
Date Charge Created:	10/12/03
Date Charge Registered:	18/12/03
Date Charge Satisfied:	12/01/15
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 BOOKDEBTS UNCALLED CAPITAL BUILDINGS FIXTURESFIXED PLANT AND MACHINERY

Trade Debtors / Bad Debt Detail

	Total Number of Documented Trade	Total Value of Documented Trade
Trade Debtors	1	£5,636
Company Name	Amount	Statement Date
Jacob Foodservice Ltd	£5,636	14/08/2013

Previous Director/Company Secretaries

Name		Current Directorships	Previous Directorships
SECRETARIAL APPOINTMENTS LIMITED		75	306
Khalid Sheikh		1	8
CORPORATE APPOINTMENTS LIMITED		561	34023
SECRETARIAL APPOINTMENTS LIMITED		643	34995
Average Invoice Value	£1863.05
Invoices available	65
Paid	62
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	4	18	39	1	0
Outstanding	1	1	0	0	1

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.65.74
UK Pound	1	Rs.99.53
Euro	1	Rs.73.80

INFORMATION DETAILS

Analysis Done by :	KIN
Report Prepared by :	ASH

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%)

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This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.