3decades

MIRA INFORM REPORT

Report No. :	517173
Report Date :	28.06.2018

IDENTIFICATION DETAILS

Name :	MARPEX CHEMICALS LIMITED

Registered Office :	A2 Yeoman Gate Yeoman Wayworthingwest Sussexbn13 3QZ

Country :	United Kingdom

Financials (as on) :	30.12.2016

Date of Incorporation :	19.10.1983

Com. Reg. No.:	01762817

Legal Form :	Private limited with Share Capital

Line of Business :	Importing and exporting of chemicals.

No. of Employees :	Not Available

RATING & COMMENTS

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

MIRA’s Rating :

Credit Rating	Explanation	Rating Comments
A	Acceptable Risk	Business dealings permissible with moderate risk of default

Status :	Good

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

Country Name

Previous Rating

(31.12.2017)

Current Rating

(01.04.2018)

United Kingdom

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 NAME AND ADDRESS

Company Name : MARPEX CHEMICALS LIMITED

Company No : 01762817

Company Status : Active - Accounts Filed

Registered Address : A2 Yeoman Gate Yeoman Wayworthingwest Sussexbn13 3QZ

Company Summary

Registered Address : A2 YEOMAN GATE YEOMAN WAY
WORTHING

WEST SUSSEX
BN13 3QZ

Trading Address          :           Unit A2
             Yeoman Gate
             Yeoman Way
             Worthing, West Sussex
             BN13 3QZ

Website Address : http://www.marpex.com

Telephone Number : -

Fax Number

TPS : -

FPS : Yes

Incorporation Date : 19/10/1983

Previous Name

Type : Private limited with Share Capital

FTSE Index: -

Date of Change: : -

Filing Date of Accounts : 19/09/2017

Currency : GBP

Share Capital : £3,000

SIC07 : 96090

Charity Number : -

SIC07 Description : OTHER SERVICE ACTIVITIES N.E.C.

Principal Activity : Importing and exporting of chemicals.

Additional Information

CCJ's : 0 (£0)

No CCJ Information To Display

Ultimate Holding Company : CATHAY INVESTMENTS LIMITED

Accountant : -

Mortgages : 7

Group : 8 companies

Linkages : 230 companies

Countries : In 50 countries

Key Financials

Year to Date Turnover Pre Tax Profit Shareholder's Funds Employees

30/12/2016 - - £1,602,874 -

- - £1,447,090 -

30/12/2015 £6,292,776 £85,041 £1,447,090 5

Mortgage Summary

Total Mortgage : 7

Outstanding : 2

Satisfied : 5

Trade Debtors / Bad Debt Summary

Total Number of Documented Trade : 0

Total Value of Documented Trade : £0

Commentary

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

The latest Balance Sheet indicates a very positive net working capital position.

The latest cash balances represent a positive level in terms of the overall outstanding creditor obligations.

There has been an increase in shareholders funds compared with the previous balance sheet.

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 -	-

Current Directors

Title	Mr	Function	Director
Name	Benjamin Ka Ping Chaing	Nationality	British
Date of Birth	06/1952	Present Appointments	15
Latest Address	A2 Dominion Way, Rustington, West Sussex	Appointment Date	02/03/2011
Post Code	BN16 3HQ

Current Company Secretary

Title	Ms	Function	Company Secretary
Name	Maria Yee Sui Chaing	Nationality	British
Date of Birth	-	Present Appointments	1
Latest Address	A2 Dominion Way, Rustington, West Sussex	Appointment Date	02/03/2011
Post Code	BN16 3HQ

Top Shareholders

Name	Currency	Share Count	Share Type	Nominal Value	% of Total Share Count
CATHAY INVESTMENTS LTD	GBP	3,000	ORDINARY	1	100

PROFIT & LOSS

Date Of Accounts	30/12/16	(%)	30/12/15	(%)	30/12/14	(%)	30/12/13	(%)	30/06/12
Weeks	52	(%)	52	(%)	52	(%)	78	(%)	78
Currency	GBP	(%)	GBP	(%)	GBP	(%)	GBP	(%)	GBP
Consolidated A/cs	N	(%)	N	(%)	N	(%)	N	(%)	N
Turnover	-	-	-	-	£6,292,776	-53.8%	£13,618,111	-12.9%	£15,628,089
Export	-	-	-	-	-	-	-	-	-
Cost of Sales	-	-	-	-100%	£5,717,102	-53.6%	£12,312,489	-12.6%	£14,086,218
Gross Profit	-	-	-	-	£575,674	-55.9%	£1,305,622	-15.3%	£1,541,871
Wages & Salaries	-	-	-	-	£192,597	-65.9%	£564,563	13.8%	£495,933
Directors Emoluments	-	-	-	-	-	-	-	-100%	£107,712
Operating Profit	-	-	-	-	£83,397	-88.2%	£705,815	-5.7%	£748,625
Depreciation	-	-	-	-100%	£1,721	-67.8%	£5,348	94.3%	£2,753
Audit Fees	-	-	-	-	£7,500	-	£7,500	25%	£6,000
Interest Payments	-	-	-	-	£15	-97.1%	£515	-	-
Pre Tax Profit	-	-	-	-	£85,041	-87.1%	£657,359	-12.3%	£749,945
Taxation	-	-	-	-	-£17,091	91%	-£188,951	4.4%	-£197,609
Profit After Tax	-	-	-	-	£67,950	-85.5%	£468,408	-15.2%	£552,336
Dividends Payable	-	-	-	-	-	-100%	£147,384	-91%	£1,637,341
Retained Profit	-	-	-	-	£67,950	-78.8%	£321,024	129.6%	-£1,085,005

BALANCE SHEET

Date Of Accounts	30/12/16	(%)	30/12/15	(%)	30/12/14	(%)	30/12/13	(%)	30/06/12
Tangible Assets	0	-	0	-100%	£1,166	-59.6%	£2,887	-14.5%	£3,377
Intangible Assets	0	-	0	-	0	-	0	-	0
Total Fixed Assets	0	-	0	-100%	£1,166	-59.6%	£2,887	-14.5%	£3,377
Stock	£18,903	249.8%	£5,404	-84.7%	£35,332	-91.8%	£432,739	42.7%	£303,225
Trade Debtors	£2,208,298	16.2%	£1,901,224	62.7%	£1,168,488	-45.5%	£2,143,903	-4%	£2,233,986
Cash	£189,300	-12.6%	£216,601	3.7%	£208,941	-65.4%	£604,536	-15.1%	£712,139
Other Debtors	0	-	0	-100%	£1,372,013	54%	£890,890	999.9%	£60,217
Miscellaneous Current Assets	0	-	0	-	0	-	0	-	0
Total Current Assets	£2,416,501	13.8%	£2,123,229	-23.8%	£2,784,774	-31.6%	£4,072,068	23%	£3,309,567
Trade Creditors	£813,627	20.3%	£676,139	4.9%	£644,724	-55.1%	£1,435,093	-22.7%	£1,857,174
Bank Loans & Overdrafts	0	-	0	-	0	-	0	-	0
Other Short Term Finance	0	-	0	-100%	£282,699	-23.1%	£367,699	999.9%	£14,606
Miscellaneous Current Liabilities	0	-	0	-100%	£489,326	-49.6%	£970,922	110.6%	£460,947
Total Current Liabilities	£813,627	20.3%	£676,139	-52.3%	£1,416,749	-48.9%	£2,773,714	18.9%	£2,332,727
Bank Loans & Overdrafts and LTL	0	-	0	-	0	-	0	-	0
Other Long Term Finance	0	-	0	-	0	-	0	-	0
Total Long Term Liabilities	0	-	0	-	0	-	0	-	0

CAPITAL & RESERVES

Date Of Accounts	30/12/16	(%)	30/12/15	(%)	30/12/14	(%)	30/12/13	(%)	30/06/12
Called Up Share Capital	£3,000	-	£3,000	-	£3,000	-	£3,000	-	£3,000
P & L Account Reserve	£1,383,874	12.7%	£1,228,090	6.8%	£1,150,191	6.3%	£1,082,241	42.2%	£761,217
Revaluation Reserve	-	-	-	-	-	-	-	-	-
Sundry Reserves	£216,000	-	£216,000	-	£216,000	-	£216,000	-	£216,000
Shareholder Funds	£1,602,874	10.8%	£1,447,090	5.7%	£1,369,191	5.2%	£1,301,241	32.8%	£980,217

OTHER FINANCIAL ITEMS

Date Of Accounts	30/12/16	(%)	30/12/15	(%)	30/12/14	(%)	30/12/13	(%)	30/06/12
Net Worth	£1,602,874	10.8%	£1,447,090	5.7%	£1,369,191	5.2%	£1,301,241	32.8%	£980,217
Working Capital	£1,602,874	10.8%	£1,447,090	5.8%	£1,368,025	5.4%	£1,298,354	32.9%	£976,840
Total Assets	£2,416,501	13.8%	£2,123,229	-23.8%	£2,785,940	-31.6%	£4,074,955	23%	£3,312,944
Total Liabilities	£813,627	20.3%	£676,139	-52.3%	£1,416,749	-48.9%	£2,773,714	18.9%	£2,332,727
Net Assets	£1,602,874	10.8%	£1,447,090	5.7%	£1,369,191	5.2%	£1,301,241	32.8%	£980,217

CASH FLOW

Date Of Accounts	30/12/16	(%)	30/12/15	(%)	30/12/14	(%)	30/12/13	(%)	30/06/12
Net Cashflow from Operations	-	-	-	-	-	-	-	-	£1,646,221
Net Cashflow before Financing	-	-	-	-	-	-	-	100%	-£182,788
Net Cashflow from Financing	-	-	-	-	-	-	-	-	-
Increase in Cash	-	-	-	-	-	-	-	-	-£182,788

MISCELLANEOUS

Date Of Accounts	30/12/16	(%)	30/12/15	(%)	30/12/14	(%)	30/12/13	(%)	30/06/12
Contingent Liability	NO	-	NO	-	YES	-	YES	-	YES
Capital Employed	£1,602,874	10.8%	£1,447,090	5.7%	£1,369,191	5.2%	£1,301,241	32.8%	£980,217
Number of Employees	-	-	-	-	5	-28.6%	7	-	7
Accountants
Auditors	GRANT THORNTON UK LLP
Auditor Comments	The audit report contains no adverse comments
Bankers
Bank Branch Code

RATIOS

Date Of Accounts	30/12/16	30/12/15	30/12/14	30/12/13	30/06/12
Pre-tax profit margin %	-	-	1.35	4.83	4.80
Current ratio	2.97	3.14	1.97	1.47	1.42
Sales/Net Working Capital	-	-	4.60	10.49	16
Gearing %	0	0	0	0	0
Equity in %	66.30	68.20	49.10	31.90	29.60
Creditor Days	-	-	37.29	57.53	64.88
Debtor Days	-	-	67.59	85.95	78.04
Liquidity/Acid Test	2.94	3.13	1.94	1.31	1.28
Return On Capital Employed %	-	-	6.21	50.51	76.50
Return On Total Assets Employed %	-	-	3.05	16.13	22.63
Current Debt Ratio	0.50	0.46	1.03	2.13	2.37
Total Debt Ratio	0.50	0.46	1.03	2.13	2.37
Stock Turnover Ratio %	-	-	0.56	3.17	1.94
Return on Net Assets Employed %	-	-	6.21	50.51	76.50

Report Notes

There are no notes to display.

Status History

No Status History found

Event History

Date	Description
02/05/2018	Confirmation Statement
10/04/2018	Payment Data Update Received
12/12/2017	Payment Data Update Received
26/09/2017	New Accounts Filed
26/09/2017	New Accounts Filed
11/07/2017	Payment Data Update Received
05/05/2017	Confirmation Statement
13/10/2016	New Accounts Filed
24/06/2016	Payment Data Update Received
10/05/2016	Annual Returns
12/01/2016	Payment Data Update Received
19/10/2015	Change in Reg.Office
19/10/2015	Change of Company Postcode
14/10/2015	New Accounts Filed
14/10/2015	New Accounts Filed

Previous Company Names

No Previous Names found

Writ Details

No writs found

Statistics

Group	8 companies
Linkages	230 companies
Countries	In 50 countries

Summary

Holding Company	CATHAY INVESTMENTS LIMITED
Ownership Status	Wholly Owned
Ultimate Holding Company	CATHAY INVESTMENTS LIMITED

Group StructureFull

Company Name	Registered Number	Latest Key Financials	Consol. Accounts	Limit	Turnover
CATHAY INVESTMENTS LIMITED	04703140	30.12.2016	Y	£1,400,000	£67,626,310
EDUCATIONAL & SCIENTIF...	02437468	30.12.2016	N	£75,000
WELLMAR LIMITED	02583403	31.12.2016	N	£150,000
CATHAY COMPOSITES LI...	01121145	31.12.2016	N	£0	£2,988,264
SUSSEX VISION INTERNAT...	04988827	30.12.2017	N	-
EURORESINS INTERNATION...	HRB 714853	31.12.2017	N	€360,000
EURORESINS UK LIMITED	02225761	31.12.2016	N	£850,000	£25,950,657
MARPEX CHEMICALS LIMITED	01762817	30.12.2016	N	£170,000

Other Linked Companies

Name	Number	Latest Key Financials	Limit	Turnover
DSM GERMANY GMBH	HRB 32670	31.12.2016	€30,000
DSM FINANCE SA	344004031	31.12.2016	€1,650,000	€107,813
DSM FOOD SPECIALITES FRANCE SAS	428786669	31.12.2016	€290,000	€48,130,419
DSM SPECIALTY COMPOUNDS NV	430597648	31.12.2016	€4,450,000	€30,595,293
DSM NUTRITIONAL PRODUCTS (UK) LIMITED	IE905268	31.12.2016	-	€167,561,757
DSM NUTRITIONAL PRODUCTS (UK) LIMITED	04031360	31.12.2016	£930,000	£146,984,000
DSM DEUTSCHLAND SALES OFFICES GMBH	HRB 32583	31.12.2015	-
DSM NUTRITIONAL PRODUCTS FRANCE	946750650	31.12.2016	€2,000,000	€145,442,621
ALIANCYS FRANCE S.A.S	400370003	31.12.2016	€150,000	€12,077,850
DSM HIGH PERFORMANCE POLYETHYLENES B.V.	14041388	31.12.2012	-
GIST-BROCADES HOLDINGS LIMITED	00434718	31.12.2016	£140,000
ISTITUTO DELLE VITAMINE SOCIETA PER AZIONI	MI567759	31.12.2016	view limit	€75,583,597
D S M FRANCE	722006400	31.12.2016	€150,000	€4,008,950
D S M FRANCE	722006400	31.12.2016	€150,000	€4,008,950
DSM UNITED KINGDOM LIMITED	01123968	31.12.2016	£9,500	£977,929
DSM CHINA HOLDING I B.V.	14090822	31.12.2017	€500
DSM NUTRITIONAL PRODUCTS GMBH	HRB 413176	31.12.2016	€1,500,000	€212,559,000
D S M KUNSTHARZE GMBH	HRB 120004	31.12.2016	€110,000	€15,307,292
ALIANCYS DEUTSCHLAND GMBH	HRB 64771	15.06.2015	€100,000
DSM NUTRITIONAL PRODUCTS A/S	26081793	31.12.2017	800,000 KR	50,373,000 KR

Mortgage Details

Mortgage Type:
Date Charge Created:	30/12/16
Date Charge Registered:	09/01/17
Date Charge Satisfied:	-
Status:	OUTSTANDING
Person(s) Entitled:	HSBC BANK PLC;
Amount Secured:
Details:	ALL LIABILITIES UNDER THE FINANCE DOCUMENTS, WHICH INCLUDES FACILITIESAGREEMENTAND RELATED GUARANTEES DATED ABOUT THE SAME DATE ASTHE ATTACHED DEBENTURE, BETWEEN, AMONGST OTHERS, CATHAYINVESTMENTS LIMITED AND CATHAY INVESTMENTS 2 LIMITED AND HSBCBANK PIC AS MANDATED LEAD ARRANGER, ORIGINAL LENDER, AGENT ANDSECURITY AGENT (AS AMENDED OR REPLACED FROM TIME TO TIME). THISINCLUDES A FIXED AND FLOATING CHARGE.CONTAINS FLOATING CHARGE.FLOATING CHARGE COVERS ALL THE PROPERTY OR UNDERTAKING OF THE COMPANY.
Mortgage Type:
Date Charge Created:	21/03/16
Date Charge Registered:	21/03/16
Date Charge Satisfied:	-
Status:	OUTSTANDING
Person(s) Entitled:	HSBC BANK PLC;
Amount Secured:
Details:	A FIXED AND FLOATING CHARGE OVER ALL ASSETSCONTAINS FIXED CHARGE.CONTAINS FLOATING CHARGE.FLOATING CHARGE COVERS ALL THE PROPERTY OR UNDERTAKING OF THE COMPANY.CONTAINS NEGATIVE PLEDGE.

Mortgage Type:
Date Charge Created:	12/07/13
Date Charge Registered:	26/07/13
Date Charge Satisfied:	03/08/16
Status:	SATISFIED
Person(s) Entitled:	BARCLAYS 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:	DEBENTURE
Date Charge Created:	02/03/11
Date Charge Registered:	16/07/13
Date Charge Satisfied:	-
Status:	SATISFIED
Person(s) Entitled:	HSBC BANK PLC;
Amount Secured:
Details:	FIXED AND FLOATING CHARGE OVER THE UNDERTAKING AND ALL PROPERTY AND ASSETS PRESENT AND FUTURE, INCLUDING GOODWILL, BOOKDEBTS, UNCALLED CAPITAL, BUILDINGS, FIXTURES, FIXED PLANT & MACHINERY

Mortgage Type:	DEED OF CHARGE OVER CREDIT BALANCES
Date Charge Created:	29/10/98
Date Charge Registered:	09/11/98
Date Charge Satisfied:	19/10/11
Status:	SATISFIED
Person(s) Entitled:	BARCLAYS BANK PLC
Amount Secured:
Details:	88995233THE CHARGE CREATES A FIXED CHARGE OVER ALL THE DEPOSIT(S) REFERRED TO IN THE SCHEDULE TO THEFORM 395 (INCLUDING ALL ORANY PART OF THE MONEY PAYABLE PURSUANT TO SUCH DEPOSIT(S) AND THE DEBTS REPRESENTED THEREBY) TOGETHER WITH ALL INTERESTFROM TIME TO TIME ACCRUING THEREON IT ALSO CREATES ANASSIGNMENT BY THE CHARGORFOR THE PURPOSES OF AND TO GIVE EFFECT TO THE SECURITY OVER THE RIGHT OF THE CHARGOR TO REQUIRE REPAYMENT OF SUCH DEPOSIT(S) AND INTEREST THEREON
Mortgage Type:	DEBENTURE
Date Charge Created:	07/02/91
Date Charge Registered:	26/02/91
Date Charge Satisfied:	19/10/11
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:	LETTER OF CHARGE
Date Charge Created:	15/03/89
Date Charge Registered:	30/03/89
Date Charge Satisfied:	19/10/11
Status:	SATISFIED
Person(s) Entitled:	BARCLAYS BANK PLC
Amount Secured:
Details:	ALL MONEYS NOW OR AT ANY TIME HEREAFTERSTANDING TO THE CREDIT OF ANY ACCOUNT(S) OF THE COMPANY WITHTHE BANK DESIGNATED CHARGEE RE: COMPANY\S BUSINESS PREMIUMACCOUNT.

Previous Director/Company Secretaries

Name	Current Active Appointments	Previous Appointments	Dissolved Companies
Patricia Ann Anderson	0	1	0
Martyn Gough	0	2	2

Total Persons With Significant Control	1	Total Statements
Active	1	Active
Ceased	0	Ceased

Active Persons With Significant Control

Name	Cathay Investments Limited	Kind	Corporate Entity With Significant Control
Address	A2 Yeoman Gate Yeoman Way, Worthing, West Sussex	Notified On	06/04/2016
Post Code	BN13 3QZ	Legal Form	Private Company Limited By Shares
Authority	United Kingdom	Place Registered	Register Of Companies In The United Kingdom
Country Registered	England & Wales	Registration Number	04703140
Nature Of Control	Ownership Of Shares 75 To 100 Percent,Voting Rights 75 To 100 Percent,Right To Appoint And Remove Directors

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

Average Invoice Value	£4076.17
Invoices available	9
Paid	9
Outstanding	0

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	1	2	1	1
Outstanding	0	0	0	0	0

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	INR 68.52
UK Pound	1	INR 90.60
Euro	1	INR 79.86
GBP	1	INR 90.17

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

INFORMATION DETAILS

Analysis Done by :	PRI

Report Prepared by :	SUJ

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.