MIRA INFORM REPORT

Report No. :	503651
Report Date :	21.04.2018

IDENTIFICATION DETAILS

Name :	CUMMINS LTD.
Formerly Known As :	CUMMINS ENGINE COMPANY LIMITED
Registered Office :	49-51 Gresham Road, Staines, Middlesex, TW18 2BD
Country :	United Kingdom
Financials (as on) :	31.12.2016
Date of Incorporation :	07.11.1956
Com. Reg. No.:	00573951
Legal Form :	Private Limited with Share Capital
Line of Business :	· Manufacture of engines and turbines, except aircraft, vehicle and cycle engines · The manufacture, sale, distribution and servicing of diesel engines, components and parts thereof and related services.
No. of Employees :	3561 [2016]

RATING & COMMENTS

(Mira Inform has adopted New Rating mechanism w.e.f. 23^rd January 2017)

MIRA’s Rating :

A+

Credit Rating	Explanation	Rating Comments
A+	Low Risk	Business dealings permissible with low risk of default

Status :	Good
Payment Behaviour :	Regular
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

Country Name	Previous Rating (30.09.2017)	Current Rating (31.12.2017)
United Kingdom	A1	A1

Risk Category	ECGC Classification
Insignificant	A1
Low Risk	A2
Moderately Low Risk	B1
Moderate Risk	B2
Moderately 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. 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; 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 the UK’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 then CAMERON-led coalition government (between Conservatives and Liberal Democrats) initiated an austerity program, which has continued under the Conservative government. However, the deficit still remains one of the highest in the G7, standing at 3.6% of GDP as of 2017, and the UK has pledged to lower its corporation tax from 20% to 17% by 2020. The UK had a debt burden of 90.4% GDP at the end of 2017.

The UK’s economy has begun to slow since the referendum vote to leave the EU in June 2016. A sustained depreciation of the British pound has increased consumer and producer prices, weighing on consumer spending without spurring a meaningful increase in exports. The UK has an extensive trade relationship with other EU members through its single market membership and economic observers have warned the exit will jeopardize its position as the central location for European financial services. Prime Minister MAY is seeking a new “deep and special” trade relationship with the EU following the UK’s exit. However, economists doubt that the UK will be able to preserve the benefits of EU membership without the obligations.

Source : CIA

Company Summary

Registered Address

49-51 Gresham Road
Staines
Middlesex
TW18 2BD

Trading Address

Friendship House
49-51 Gresham Road
Staines
Middlesex
TW18 2BD

Website Address http://www.cummins.com

Company No. 00573951

Telephone Number 01784231500

Fax Number -

TPS No

FPS Yes

Incorporation Date 07/11/1956

Previous Name CUMMINS ENGINE COMPANY LIMITED

Type Private Limited with Share Capital

FTSE Index -

Date of Change 02/06/2006

Filing Date of Accounts 17/06/2017

Currency GBP

Share Capital £49,900,001

SIC07 28110

Charity Number -

SIC07 Description Manufacture of engines and turbines, except aircraft, vehicle and cycle engines

Principal Activity The manufacture, sale, distribution and servicing of diesel engines, components

and parts thereof and related services.

Additional Information

CCJ's

0 (£0)

No CCJ Information To Display

Ultimate Holding Company -

Accountant -

Mortgages 1

Trade Debtors -

Group 23 companies

Linkages 62 companies

Countries In 15 countries

Key Financials

Year to Date	Turnover	Pre Tax Profit	Shareholder	Funds Employees
31.12.2016	£1,502,923,000	£138,653,000	£450,568,000	3561
31.12.2015	£1,471,092,000	£139,331,000	£459,873,000	3726
31.12.2014	£1,506,057,000	£186,530,000	£524,063,000	3650

Mortgage summary

Total Mortgage 1

Outstanding 0

Satisfied 1

Trade debtors / bad debt summary

Total Number of Documented Trade 2

Total Value of Documented Trade £65,893

Commentary

This company has been treated as a Large company.

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

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

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

The company has more cash than short term bank borrowings.

This company trades in an industry with a moderate 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	6	Total Current Secretaries	1
Total Previous Directors / Company Secretaries	15	Total Person's With Significant Control	1

Current Directors

Title	Mr	Function	Director
Name	John Mccormack Barrowman	Nationality	British
Date of Birth	03/1952	Present Appointments	4
Latest Address	49-51 Gresham Road, Staines, Middlesex	Appointment Date	01/11/2001
Post Code	TW18 2BD
Title	Mr	Function	Director
Name	Hugh Starkie Foden	Nationality	British
Date of Birth	12/1957	Present Appointments	4
Latest Address	49-51 Gresham Road, Staines, Middlesex	Appointment Date	01/10/2006
Post Code	TW18 2BD

Title	Mr	Function	Director
Name	Paul Jonathan Fertleman	Nationality	British
Date of Birth	03/1971	Present Appointments	4
Latest Address	49-51 Gresham Road, Staines, Middlesex	Appointment Date	31/12/2015
Post Code	TW18 2BD
Title	Mr	Function	Director
Name	Edward David Smith	Nationality	British
Date of Birth	11/1976	Present Appointments	15
Latest Address	49-51 Gresham Road, Staines, Middlesex	Appointment Date	13/03/2017
Post Code	TW18 2BD

Title	Mr	Function	Director
Name	Antonio Leitao	Nationality	French
Date of Birth	02/1964	Present Appointments	4
Latest Address	49-51 Gresham Road, Staines, Middlesex	Appointment Date	13/03/2017
Post Code	TW18 2BD
Title	Mr	Function	Director
Name	Mark O'Connor	Nationality	British
Date of Birth	02/1966	Present Appointments	1
Latest Address	49-51 Gresham Road, Staines, Middlesex	Appointment Date	13/03/2017
Post Code	TW18 2BD

Current Company Secretary

Title	Mr	Function	Company Secretary
Name	Paul Jonathan Fertleman	Nationality
Date of Birth	-	Present Appointments	1
Latest Address	49-51 Gresham Road, Staines, Middlesex	Appointment Date	31/12/2015
Post Code	TW18 2BD

Top Shareholders

Name	Currency	Share Count	Share Type	Nominal Value	% of Total Share Count
CMI PGI HOLDINGS LLC	GBP	49,900,001	ORDINARY	1	100

Profit & Loss

	Date Of Accounts	31/12/16	(%)	31/12/15	(%)	31/12/14	(%)	31/12/13	(%)	31/12/12
	Weeks	52	(%)	52	(%)	52	(%)	52	(%)	52
	Currency	GBP	(%)	GBP	(%)	GBP	(%)	GBP	(%)	GBP
	Consolidated A/cs	N	(%)	N	(%)	N	(%)	N	(%)	N
	Turnover	£1,502,923,000	2.2%	£1,471,092,000	-2.3%	£1,506,057,000	6.5%	£1,414,033,000	-11.4%	£1,596,434,000
	Export	£1,138,951,000	6.1%	£1,073,748,000	-10.3%	£1,196,875,000	17.8%	£1,015,844,000	-4.8%	£1,067,227,000
	Cost of Sales	£1,230,931,000	5.7%	£1,164,887,000	0.6%	£1,158,397,000	9.7%	£1,055,585,000	-7.3%	£1,139,170,000
	Gross Profit	£271,992,000	-11.2%	£306,205,000	-11.9%	£347,660,000	-3%	£358,448,000	-21.6%	£457,264,000
	Wages & Salaries	£184,744,000	-3.4%	£191,194,000	3.7%	£184,389,000	10.6%	£166,687,000	-2.1%	£170,230,000
	Directors Emoluments	£930,000	-6.1%	£990,000	-6.2%	£1,055,000	-0.3%	£1,058,000	-17.7%	£1,286,000
	Operating Profit	£133,663,000	0.1%	£133,471,000	-27.1%	£183,058,000	-0.7%	£184,352,000	-24.6%	£244,418,000
	Depreciation	£18,200,000	5.5%	£17,256,000	4.8%	£16,463,000	0.2%	£16,425,000	26.9%	£12,941,000
	Audit Fees	£153,000	-	£153,000	2%	£150,000	-10.2%	£167,000	7.7%	£155,000
	Interest Payments	£1,395,000	956.8%	£132,000	123.7%	£59,000	999.9%	£3,000	-100%	£27,242,000
	Pre Tax Profit	£138,653,000	-0.5%	£139,331,000	-25.3%	£186,530,000	-7.1%	£200,750,000	-23%	£260,787,000
	Taxation	-£26,014,000	-999.9%	-£1,734,000	90.3%	-£17,794,000	1.5%	-£18,060,000	58.8%	-£43,836,000
	Profit After Tax	£112,639,000	-18.1%	£137,597,000	-18.5%	£168,736,000	-7.6%	£182,690,000	-15.8%	£216,951,000
	Dividends Payable	£98,000,000	-53.4%	£210,323,000	34%	£157,000,000	2.6%	£153,000,000	-54.3%	£335,000,000
	Retained Profit	£14,639,000	120.1%	-£72,726,000	-719.7%	£11,736,000	-60.5%	£29,690,000	125.2%	-£118,049,000

Balance Sheet

	Date Of Accounts	31/12/16	(%)	31/12/15	(%)	31/12/14	(%)	31/12/13	(%)	31/12/12
	Tangible Assets	£207,631,000	-5.7%	£220,081,000	5.4%	£208,904,000	28.6%	£162,403,000	6.3%	£152,793,000
	Intangible Assets	£66,505,000	-8.1%	£72,349,000	-11.5%	£81,743,000	-16.3%	£97,607,000	-9%	£107,292,000
	Total Fixed Assets	£274,136,000	-6.3%	£292,430,000	0.6%	£290,647,000	11.8%	£260,010,000	0%	£260,085,000
	Stock	£140,121,000	2.2%	£137,073,000	-1.6%	£139,343,000	12.5%	£123,848,000	4.2%	£118,801,000
	Trade Debtors	£220,911,000	20%	£184,158,000	-12.9%	£211,497,000	-1.6%	£214,966,000	4.3%	£206,060,000
	Cash	£23,707,000	-	0	-100%	£27,978,000	-46.9%	£52,640,000	-69%	£169,882,000
	Other Debtors	£326,767,000	-8.4%	£356,554,000	-4.2%	£372,308,000	54.7%	£240,615,000	-3%	£248,133,000
	Miscellaneous Current Assets	0	-	0	-	0	-	0	-	0
	Total Current Assets	£711,506,000	5%	£677,785,000	-9.8%	£751,126,000	18.8%	£632,069,000	-14.9%	£742,876,000
	Trade Creditors	£137,321,000	26.8%	£108,318,000	-15.6%	£128,391,000	24.7%	£102,936,000	20.2%	£85,663,000
	Bank Loans & Overdrafts	0	-100%	£12,057,000	-	0	-	0	-100%	£184,000
	Other Short Term Finance	£303,540,000	-5%	£319,451,000	4.7%	£305,255,000	43.5%	£212,787,000	-26%	£287,670,000
	Miscellaneous Current Liabilities	£47,151,000	29.3%	£36,463,000	-29.7%	£51,901,000	-4.6%	£54,406,000	-51.2%	£111,393,000
	Total Current Liabilities	£488,012,000	2.5%	£476,289,000	-1.9%	£485,547,000	31.2%	£370,129,000	-23.7%	£484,910,000
	Bank Loans & Overdrafts and LTL	£47,062,000	2.1%	£46,110,000	43.4%	£32,163,000	5.1%	£30,589,000	-34.7%	£46,843,000
	Other Long Term Finance	0	-	0	-	0	-	0	-	0
	Total Long Term Liabilities	£47,062,000	38.2%	£34,053,000	5.9%	£32,163,000	5.1%	£30,589,000	-34.4%	£46,659,000

Capital & Reserves

	Date Of Accounts	31/12/16	(%)	31/12/15	(%)	31/12/14	(%)	31/12/13	(%)	31/12/12
	Called Up Share Capital	£49,900,000	-	£49,900,000	-	£49,900,000	-	£49,900,000	-	£49,900,000
	P & L Account Reserve	£292,622,000	-1.3%	£296,361,000	-18%	£361,632,000	10.6%	£327,103,000	6.5%	£307,134,000
	Revaluation Reserve	-	-	-	-	-	-	-	-	-
	Sundry Reserves	£108,046,000	-4.9%	£113,612,000	1%	£112,531,000	-1.6%	£114,358,000	-	£114,358,000
	Shareholder Funds	£450,568,000	-2%	£459,873,000	-12.2%	£524,063,000	6.7%	£491,361,000	4.2%	£471,392,000

Other Financial Items

	Date Of Accounts	31/12/16	(%)	31/12/15	(%)	31/12/14	(%)	31/12/13	(%)	31/12/12
	Net Worth	£384,063,000	-0.9%	£387,524,000	-12.4%	£442,320,000	12.3%	£393,754,000	8.1%	£364,100,000
	Working Capital	£223,494,000	10.9%	£201,496,000	-24.1%	£265,579,000	1.4%	£261,940,000	1.5%	£257,966,000
	Total Assets	£985,642,000	1.6%	£970,215,000	-6.9%	£1,041,773,000	16.8%	£892,079,000	-11.1%	£1,002,961,000
	Total Liabilities	£535,074,000	4.8%	£510,342,000	-1.4%	£517,710,000	29.2%	£400,718,000	-24.6%	£531,569,000
	Net Assets	£450,568,000	-2%	£459,873,000	-12.2%	£524,063,000	6.7%	£491,361,000	4.2%	£471,392,000

Cash Flow

	Date Of Accounts	31/12/16	(%)	31/12/15	(%)	31/12/14	(%)	31/12/13	(%)	31/12/12
	Net Cashflow from Operations	-	-	-	-	-	-	-	-	-
	Net Cashflow before Financing	-	-	-	-	-	-	-	-	-
	Net Cashflow from Financing	-	-	-	-	-	-	-	-	-
	Increase in Cash	-	-	-	-	-	-	-	-	-

Miscellaneous

	Date Of Accounts	31/12/16	(%)	31/12/15	(%)	31/12/14	(%)	31/12/13	(%)	31/12/12
	Contingent Liability	YES	-	YES	-	YES	-	YES	-	YES
	Capital Employed	£497,630,000	0.7%	£493,926,000	-11.2%	£556,226,000	6.6%	£521,950,000	0.8%	£518,051,000
	Number of Employees	3561	-4.4%	3726	2.1%	3650	-0.1%	3653	-5.5%	3866
	Accountants
	Auditors	PRICEWATERHOUSECOOPERS LLP
	Auditor Comments	The audit report contains no adverse comments
	Bankers	NATIONAL WESTMINSTER BANK PLC
	Bank Branch Code

Ratios

	Date Of Accounts	31/12/16	31/12/15	31/12/14	31/12/13	31/12/12
	Pre-tax profit margin %	9.23	9.47	12.39	14.20	16.34
	Current ratio	1.46	1.42	1.55	1.71	1.53
	Sales/Net Working Capital	6.72	7.30	5.67	5.40	6.19
	Gearing %	10.40	10	6.10	6.20	9.90
	Equity in %	49	51.20	54.60	61.80	52.60
	Creditor Days	33.25	26.80	31.03	26.49	19.53
	Debtor Days	53.50	45.56	51.11	55.33	46.98
	Liquidity/Acid Test	1.17	1.13	1.25	1.37	1.28
	Return On Capital Employed %	27.86	28.20	33.53	38.46	50.34
	Return On Total Assets Employed %	14.06	14.36	17.90	22.50	26
	Current Debt Ratio	1.08	1.03	0.92	0.75	1.02
	Total Debt Ratio	1.18	1.10	0.98	0.81	1.12
	Stock Turnover Ratio %	9.32	9.31	9.25	8.75	7.44
	Return on Net Assets Employed %	30.77	30.29	35.59	40.85	55.32

Report Notes

There are no notes to display.

Status History

No Status History found

Event History

Date	Description
19/01/2018	Payment Data Update Received
24/06/2017	New Accounts Filed
24/06/2017	New Accounts Filed
08/06/2017	Confirmation Statement
05/04/2017	New Board Member Mr A. Leitao appointed
05/04/2017	New Board Member Mr E.D. Smith appointed
29/03/2017	Mrs A.J. Robinson has left the board
29/03/2017	New Board Member Mr M. O'Connor appointed
29/03/2017	New Board Member Mr A. Leitao appointed
29/03/2017	New Board Member Mr E.D. Smith appointed
24/01/2017	Mr M.R. Firth has left the board
24/06/2016	New Accounts Filed
24/06/2016	New Accounts Filed
17/06/2016	Annual Returns
17/06/2016	Annual Returns

Previous Company Names

Date	Previous Name
02/06/2006	CUMMINS ENGINE COMPANY LIMITED

Writ Details

No writs found

Statistics

Group	23 companies
Linkages	62 companies
Countries	In 15 countries

Summary

Holding Company	-
Ownership Status	Wholly Owned
Ultimate Holding Company	CUMMINS INC

Group StructureFull

Company Name	Registered Number	Latest Key Financials	Consol. Accounts	Turnover
CUMMINS INC		-	-
CMI CGT HOLDINGS LLC	N/A	-	-
CUMMINS GENERATOR TE...	00441273	31.12.2016	N	£579,076,000
MARKON ENGINEERING...	00378872	31.12.2016	N
NEWAGE LIMITED	02125770	31.12.2016	N
NEWAGE MACHINE TOO...	00305042	31.12.2016	N
CMI GLOBAL EQUITY HOLD...	34310633	31.12.2016	N
CUMMINS EMEA HOLDING...	07829012	31.12.2016	N
CUMMINS PGI HOLDIN...	08304429	31.12.2016	N
CMI INTERNATIONAL FINA...	N/A	-	-
CUMMINS U.K. HOLDING...	01107126	31.12.2016	N
POWER GROUP INTERN...	02699600	31.12.2016	N
CMI PGI HOLDINGS LLC	N/A	-	-
CUMMINS LTD.	00573951	31.12.2016	N	£1,502,923,000
CUMMINS TURBO TECH...	00506282	31.12.2016	N
CMI PGI INTERNATIONAL...	N/A	-	-
CUMMINS POWER GENERA...	00262310	30.11.2016	N	£297,030,000
PETBOW LIMITED	00531261	31.12.2016	N
CMI UK FINANCE LP	LP014714	-	N
POWER GROUP INTERNAT...	02586705	30.11.2016	N
CUMMINS INTERNATIONAL...	N/A	-	-
CUMMINS POWER GENERATI...		-	-
CUMMINS POWER GENERA...	02058784	31.12.2016	N

Other Linked Companies

Name	Number	Latest Key Financials	Turnover
POWER GROUP INTERNATIONAL (OVERSEAS HOLDINGS) B.V.	33235691	31.12.2016
CUMMINS FILTRATION SARL	399178441	31.12.2016	€100,469,518
CUMMINS FRANCE	403839228	31.12.2016	€42,747,250
NEWAGE ENGINEERS GMBH	HRB 95758	31.12.2016
CUMFIN	421288713	31.12.2016	€2,471,907
RHONE ALPES MOTEURS SERVICE	414038844	31.12.2016	€10,968,777
COMPAGNIE DES MOTEURS ET TRANSMISSIONS	414937169	31.12.2016	€3,432,038
CUMMINS GENERATOR TECHNOLOGIES GERMANY GMBH	HRB 95666	31.12.2014	€59,892,099
CUMMINS NORWAY AS	987989688	31.12.2016	94,446 KNOK
COIL SYSTEMS GMBH ELEKTROWICKLUNGEN	HRB 101522	31.12.2013
CUMMINS FILTRATION GMBH	HRB 54344	31.12.2016
CUMMINS SWEDEN AB	5568442866	31.12.2016	65,697 KSEK
CMI AFRICA HOLDINGS B.V.	08172015	31.12.2016
CMI GLOBAL HOLDINGS B.V.	08175600	31.12.2016
CMI FOREIGN HOLDINGS B.V.	56487665	31.12.2016
CUMMINS TURBO TECHNOLOGIES B.V.	31022765	31.12.2016
CUMMINS HOLLAND B.V.	34220850	31.12.2016	€58,022,561
SCI AMPERE	413510207	-
SCI EL GATO	491422580	-
CUMMINS INTERNATIONAL HOLDINGS COÖPERATIEF U.A.	53963709	31.12.2016

Mortgage Details

Mortgage Type:	LEGAL CHARGE
Date Charge Created:	27/03/97
Date Charge Registered:	03/04/97
Date Charge Satisfied:	15/08/97
Status:	SATISFIED
Person(s) Entitled:	DAVENTRY DISTRICT COUNCIL
Amount Secured:	£1,531,875 AND ALL OTHER MONIES DUE O TO BECOME DUE FROM THE COMPANY TO THE CHARGEE UNDER THE TERMSOF THE CHARGE
Details:	F/H PROPERTY SITUATE OFF BRAUNSTON ROADDAVENTRY NORTHAMPTONSHIRE T/NO;-NN187319

Creditor Details

	Total Number	Total Value
Trade Creditors	0	-
No Creditor Data

Trade Debtors / Bad Debt Detail

	Total Number of Documented Trade	Total Value of Documented Trade
Trade Debtors	2	£65,893
Company Name		Amount	Statement Date
Interpower International Limited		£64,854	07/07/2017
Maltby Engineering 2000 Limited		£1,039	11/09/2014

Previous Director/Company Secretaries

Name	Current Active Appointments			Previous Appointments	Dissolved Companies
Raymond John Eyres	0			18	13
Raymond John Eyres	0			18	13
John Caldwell MacFarlane	0			6	7
Kenneth Grant Sanford	0			2	0
Peter Berkyman	0			6	3
Peter Berkyman	0			6	3
James Thompson Jr Dewing	0			2	0
Gavin Sinclair	0			26	14
Mark Robert Firth	0			5	0
Jack Kenneth Edwards	0			2	0
Peter Vincent McDowell	0			6	0
Amanda Jane Robinson	6			5	3
Christopher Paul Ibbotson	0			4	0
Michael George Green	0			3	2
Ronald Somerville	1			1	0
Total Persons With Significant Control		1	Total Statements			0
Active		1	Active			0
Ceased		0	Ceased			0

Active Persons With Significant Control

Name	Cummins Genertor Technologies Limited	Kind	Corporate Entity With Significant Control
Address	49-51 Gresham Road, Staines-Upon-Thames	Notified On	06/04/2016
Post Code	TW18 2BD	Legal Form	Limited Company
Authority	Companies Act 2006	Place Registered	England And Wales
Country Registered	United Kingdom	Registration Number	00441273
Nature Of Control	Ownership of shares - above 75%

Ceased Persons With Significant Control

No Ceased Persons With Significant Control To Display

Active Statements

No Active Statements To Display

Ceased Statements

No Ceased Statements To Display

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	INR 66.02
UK Pound	1	INR 92.72
Euro	1	INR 81.45
GBP	1	INR 92.71

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

INFORMATION DETAILS

Analysis Done by :	PRA
Report Prepared by :	TPT

RATING EXPLANATIONS

Credit Rating	Explanation	Rating Comments
A++	Minimum Risk	Business dealings permissible with minimum risk of default
A+	Low Risk	Business dealings permissible with low risk of default
A	Acceptable Risk	Business dealings permissible with moderate risk of default
B	Medium Risk	Business dealings permissible on a regular monitoring basis
C	Medium High Risk	Business dealings permissible preferably on secured basis
D	High Risk	Business dealing not recommended or on secured terms only
NB	New Business	No recommendation can be done due to business in infancy stage
NT	No Trace	No recommendation can be done as the business is not traceable

NB is stated where there is insufficient information to facilitate rating. However, it is not to be considered as unfavourable.

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 are as follows:

· Financial condition covering various ratios

· Company background and operations size

· Promoters / Management background

· Payment record

· Litigation against the subject

· Industry scenario / competitor analysis

· Supplier / Customer / Banker review (wherever available)

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.