MIRA INFORM REPORT

Report No. :	498559
Report Date :	16.03.2018

IDENTIFICATION DETAILS

Name :	LIBERTY STEEL NEWPORT LIMITED
Formerly Known As :	MIR STEEL UK LIMITED [24/07/2015] ALPHA (REALISATIONS) LIMITED [16/07/2008]
Registered Office :	Corporation Road, Newport Gwent, NP19 4XE
Country :	United Kingdom
Financials (as on) :	31.03.2017
Date of Incorporation :	11.07.2008
Com. Reg. No.:	06644315
Legal Form :	Private Limited with Share Capital
Line of Business :	· Forging, pressing, stamping and roll-forming of metal · Manufacture of hot rolled coil. Accounts data converted from US Dollars. T/O = Revenue.
No. of Employees :	155 [2017]

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	Acceptable Risk	Business dealings permissible with moderate risk of default

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

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

Corporation Road
Newport
Gwent
NP19 4XE

Trading Address

Corporation Road
Newport
Gwent
NP19 4XE

Website Address http://www.libertyhouseuk.com

Company Number 06644315

Telephone Number 01633277391

Fax Number -

TPS No

FPS Yes

Incorporation Date 11/07/2008

Previous Name MIR STEEL UK LIMITED

Type Private Limited with Share Capital

FTSE Index -

Date of Change 24/07/2015

Filing Date of Accounts 21/12/2017

Currency GBP

Share Capital £57,355,551

SIC07 25500

Charity Number -

SIC07 Description Forging, pressing, stamping and roll-forming of metal

Principal Activity Manufacture of hot rolled coil. Accounts data converted from US Dollars. T/O = Revenue.

Additional Information

CCJ's 22 (£248,694)

12/11/2014 COUNTY COURT MONEY CLAIMS CENTRE £1,725 Satisfied

16/09/2014 COUNTY COURT BUSINESS CENTRE £9,758 Satisfied

11/09/2014 COUNTY COURT MONEY CLAIMS CENTRE £2,241 Satisfied

Ultimate Holding Company LIBERTY HOUSE GROUP PTE LTD

Accountant -

Mortgages 3

Group 13 companies

Linkages 0 companies

Countries In 0 countries

Key Financials

Year to Date	Turnover	Pre Tax Profit	Shareholder	Funds Employees
31.03.2017	£198,410,508	£9,041,340	£42,952,528	155
31.03.2016	£195,380,245	£985,924	£38,855,390	143
31.03.2015	-	-£10,308,782	£41,564,795	143

Mortgage summary

Total Mortgage 3

Outstanding 2

Satisfied 1

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 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 higher level of corporate failures.

CCJ

Total Number of Exact CCJs -	3	Total Value of Exact CCJs -	£36,378
Total Number of Possible CCJs -	1	Total Value of Possible CCJs -	£21,134
Total Number of Satisfied CCJs -	19	Total Value of Satisfied CCJs -	£212,316
Total Number of Writs -	-

Total Current Directors	3	Total Current Secretaries	0
Total Previous Directors / Company Secretaries	7	Total Person's With Significant Control	1

Current Directors

Title	Mr	Function	Director
Name	Haydn Swidenbank	Nationality	British
Date of Birth	10/1952	Present Appointments	2
Latest Address	24 Rowan Crescent, Griffithstown, Pontypool	Appointment Date	01/08/2008
Post Code	NP4 5AA
Title	Mr	Function	Director
Name	Sanjay Tohani	Nationality	British
Date of Birth	06/1971	Present Appointments	2
Latest Address	39 Foscote Road, London	Appointment Date	17/02/2014
Post Code	NW4 3SE

Title	Mr	Function	Director
Name	Virinder Bahadur Garg	Nationality	Indian
Date of Birth	08/1965	Present Appointments	1
Latest Address	Corporation Road, Newport, Gwent	Appointment Date	09/01/2017
Post Code	NP19 4XE

Current Company Secretary

Top Shareholders

Name	Currency	Share Count	Share Type	Nominal Value	% of Total Share Count
LIBERTY INDUSTRIES UK LIMITED	GBP	57,355,551	ORDINARY	1	100

Profit & Loss

	Date Of Accounts	31/03/17	(%)	31/03/16	(%)	31/03/15	(%)	31/12/14	(%)	31/12/13
	Weeks	52	(%)	52	(%)	13	(%)	52	(%)	52
	Currency	GBP	(%)	GBP	(%)	GBP	(%)	GBP	(%)	GBP
	Consolidated A/cs	N	(%)	N	(%)	N	(%)	N	(%)	N
	Turnover	£198,410,508	1.6%	£195,380,245	-	-	-	-	-100%	£11,103,547
	Export	£122,030,995	-26.7%	£166,410,926	-	-	-	-	-100%	£2,000,160
	Cost of Sales	£186,189,564	-1.3%	£188,586,178	999.9%	£7,974,398	59.9%	£4,987,521	-72.9%	£18,415,355
	Gross Profit	£12,220,944	79.9%	£6,794,067	185.2%	-£7,974,398	-59.9%	-£4,987,521	31.8%	-£7,311,808
	Wages & Salaries	£4,878,890	16.6%	£4,185,292	454.6%	£754,615	-71.3%	£2,632,250	-53.2%	£5,627,887
	Directors Emoluments	£214,084	98.8%	£107,670	268.1%	£29,253	-69.7%	£96,460	-3.1%	£99,513
	Operating Profit	£10,228,298	148.9%	£4,109,554	149.9%	-£8,236,655	-18.5%	-£6,949,281	44.1%	-£12,431,337
	Depreciation	£1,526,823	-24.1%	£2,011,409	229.9%	£609,739	-71.2%	£2,114,845	4.8%	£2,018,732
	Audit Fees	£67,591	-28.8%	£94,878	360.1%	£20,623	-	-	-	-
	Interest Payments	£1,186,958	-62%	£3,123,631	843.1%	£331,225	-74%	£1,274,825	991.7%	£116,770
	Pre Tax Profit	£9,041,340	817%	£985,924	109.6%	-£10,308,782	-26%	-£8,180,391	40.4%	-£13,721,979
	Taxation	£475,036	-	-	-	-	-	-	-	-
	Profit After Tax	£9,516,376	865.2%	£985,924	109.6%	-£10,308,782	-26%	-£8,180,391	40.4%	-£13,721,979
	Dividends Payable	-	-	-	-	-	-	-	-	-
	Retained Profit	£9,516,376	865.2%	£985,924	109.6%	-£10,308,782	-26%	-£8,180,391	40.4%	-£13,721,979

Balance Sheet

	Date Of Accounts	31/03/17	(%)	31/03/16	(%)	31/03/15	(%)	31/12/14	(%)	31/12/13
	Tangible Assets	£62,204,751	-13.6%	£72,008,930	-13.2%	£82,939,045	181.8%	£29,436,172	-6.7%	£31,546,627
	Intangible Assets	0	-	0	-	0	-	0	-	0
	Total Fixed Assets	£62,204,751	-13.6%	£72,008,930	-13.2%	£82,939,045	181.8%	£29,436,172	-6.7%	£31,546,627
	Stock	£2,102,180	-78.7%	£9,870,986	38.7%	£7,116,986	608.5%	£1,004,497	-0.6%	£1,010,503
	Trade Debtors	£21,920,340	112.4%	£10,322,659	-	0	-100%	£197,568	940.6%	£18,986
	Cash	£585,960	128.6%	£256,360	999.9%	£1,444	-34.2%	£2,193	-86.2%	£15,835
	Other Debtors	£3,139,841	178.2%	£1,128,509	105.3%	£549,675	289.6%	£141,087	-85.9%	£999,408
	Miscellaneous Current Assets	0	-	0	-	0	-	0	-	0
	Total Current Assets	£27,748,321	28.6%	£21,578,514	181.4%	£7,668,105	470%	£1,345,345	-34.2%	£2,044,732
	Trade Creditors	£2,013,755	-96.3%	£54,732,055	999.9%	£1,521,685	-22.8%	£1,970,770	-43.7%	£3,500,183
	Bank Loans & Overdrafts	0	-	0	-	0	-	0	-	0
	Other Short Term Finance	£6,506,608	-	0	-100%	£41,835,153	112.4%	£19,697,326	43.2%	£13,755,218
	Miscellaneous Current Liabilities	£6,790,081	-	0	-100%	£5,685,517	14.9%	£4,946,141	24%	£3,988,287
	Total Current Liabilities	£15,310,444	-72%	£54,732,055	11.6%	£49,042,355	84.3%	£26,614,237	25.3%	£21,243,688
	Bank Loans & Overdrafts and LTL	£31,690,099	-	0	-	0	-	0	-	0
	Other Long Term Finance	£31,690,099	-	0	-	0	-	0	-	0
	Total Long Term Liabilities	£31,690,099	-	0	-	0	-	0	-	0

Capital & Reserves

	Date Of Accounts	31/03/17	(%)	31/03/16	(%)	31/03/15	(%)	31/12/14	(%)	31/12/13
	Called Up Share Capital	£63,001,953	-	£63,001,953	-7.6%	£68,152,485	18.8%	£57,355,551	-	£57,355,551
	P & L Account Reserve	-£73,375,050	5.3%	-£77,472,188	8.1%	-£84,272,789	-40.3%	-£60,058,338	-15.2%	-£52,112,618
	Revaluation Reserve	£53,325,625	-	£53,325,625	-7.6%	£57,685,099	-	-	-100%	£7,104,738
	Sundry Reserves	-	-	-	-	-	-100%	£6,870,067	-	-
	Shareholder Funds	£42,952,528	10.5%	£38,855,390	-6.5%	£41,564,795	897.4%	£4,167,280	-66.3%	£12,347,671

Other Financial Items

	Date Of Accounts	31/03/17	(%)	31/03/16	(%)	31/03/15	(%)	31/12/14	(%)	31/12/13
	Net Worth	£42,952,528	10.5%	£38,855,390	-6.5%	£41,564,795	897.4%	£4,167,280	-66.3%	£12,347,671
	Working Capital	£12,437,876	137.5%	-£33,153,540	19.9%	-£41,374,250	-63.7%	-£25,268,892	-31.6%	-£19,198,956
	Total Assets	£89,953,072	-3.9%	£93,587,445	3.3%	£90,607,149	194.4%	£30,781,517	-8.4%	£33,591,359
	Total Liabilities	£47,000,543	-14.1%	£54,732,055	11.6%	£49,042,355	84.3%	£26,614,237	25.3%	£21,243,688
	Net Assets	£42,952,528	10.5%	£38,855,390	-6.5%	£41,564,795	897.4%	£4,167,280	-66.3%	£12,347,671

Cash Flow

	Date Of Accounts	31/03/17	(%)	31/03/16	(%)	31/03/15	(%)	31/12/14	(%)	31/12/13
	Net Cashflow from Operations	-	-	£1,553,174	114.7%	-£10,559,571	-999.9%	-£22,353	95.6%	-£507,504
	Net Cashflow before Financing	-	-100%	£264,547	102.5%	-£10,451,495	-999.9%	-£13,642	98.2%	-£760,069
	Net Cashflow from Financing	-	-	-£9,522	-100.1%	£10,450,334	-	-	-	-
	Increase in Cash	-	-	£255,026	999.9%	-£1,162	91.5%	-£13,642	98.2%	-£760,069

Miscellaneous

	Date Of Accounts	31/03/17	(%)	31/03/16	(%)	31/03/15	(%)	31/12/14	(%)	31/12/13
	Contingent Liability	NO	-	NO	-	NO	-	NO	-	NO
	Capital Employed	£74,642,628	92.1%	£38,855,390	-6.5%	£41,564,795	897.4%	£4,167,280	-66.3%	£12,347,671
	Number of Employees	155	8.4%	143	-	143	-2.7%	147	-7.5%	159
	Accountants
	Auditors	H W FISHER & CO
	Auditor Comments	The audit report contains no adverse comments
	Bankers	BARCLAYS BANK PLC
	Bank Branch Code	20-60-58

Ratios

	Date Of Accounts	31/03/17	31/03/16	31/03/15	31/12/14	31/12/13
	Pre-tax profit margin %	4.56	0.50	-	-	-123.58
	Current ratio	1.81	0.39	0.16	0.05	0.10
	Sales/Net Working Capital	15.95	-5.89	-	-	-0.58
	Gearing %	73.80	0	0	0	0
	Equity in %	47.70	41.50	45.90	13.50	36.80
	Creditor Days	3.69	101.96	-	-	114.74
	Debtor Days	40.21	19.23	-	-	0.62
	Liquidity/Acid Test	1.67	0.21	0.01	0.01	0.04
	Return On Capital Employed %	12.11	2.53	-24.80	-196.30	-111.13
	Return On Total Assets Employed %	10.05	1.05	-11.37	-26.57	-40.84
	Current Debt Ratio	0.35	1.40	1.17	6.38	1.72
	Total Debt Ratio	1.09	1.40	1.17	6.38	1.72
	Stock Turnover Ratio %	1.05	5.05	-	-	9.10
	Return on Net Assets Employed %	21.04	2.53	-24.80	-196.30	-111.13

Report Notes

There are no notes to display.

Status History

Date	Description
21/03/2017	Compulsory strike off cancelled
09/03/2017	Dissolution (First Gazt)
07/03/2017	Suspension of striking off letter
21/01/2016	Restored to Index
21/01/2016	Dissolution (Final)
07/07/2015	Suspension of striking off letter
14/05/2015	Dissolution (First Gazt)

Event History

Date	Description
05/01/2018	New Accounts Filed
05/01/2018	New Accounts Filed
17/08/2017	Confirmation Statement
25/04/2017	Payment Data Update Received
24/04/2017	New Accounts Filed
24/04/2017	New Accounts Filed
14/02/2017	Payment Data Update Received
20/01/2017	New Board Member Mr V.B. Garg appointed
03/01/2017	Payment Data Update Received
07/12/2016	Payment Data Update Received
23/09/2016	Annual Returns
06/09/2016	New Accounts Filed
24/05/2016	Payment Data Update Received
19/02/2016	Annual Returns
02/02/2016	Payment Data Update Received

Previous Company Names

Date	Previous Name
24/07/2015	MIR STEEL UK LIMITED
16/07/2008	ALPHA (REALISATIONS) LIMITED

Writ Details

Date	Court	Plaintiff
18/03/2013	R C J - LONDON QUEENS BENCH	ULTIMATE INVOICE FINANCE LIMITED

Statistics

Group	13 companies
Linkages	0 companies
Countries	In 0 countries

Summary

Holding Company	LIBERTY INDUSTRIES UK LTD
Ownership Status	Wholly Owned
Ultimate Holding Company	LIBERTY HOUSE GROUP PTE LTD

Group StructureFull

Company Name	Registered Number	Latest Key Financials	Consol. Accounts	Turnover
LIBERTY HOUSE GROUP PTE LTD	N/A	-	-
ASTRA MINING LTD	N/A	-	-
LIBERTY ADVANCED ENGIN...	N/A	-	-
CLYDESDALE JONES LIM...	09907530	31.03.2016	N	£1,238,595
LIBERTY BRIDGE ALUMI...	09907672	31.03.2016	N	£2,687,420
LIBERTY PRESSING SOL...	09907676	31.03.2016	N	£1,818,358
LIBERTY PRESSING SOL...	10519118	31.03.2017	N	£23,905,174
LIBERTY VEHICLE TECH...	09907669	31.03.2016	N	£2,677,751
SHIFTEC LTD	06460144	31.12.2015	N
LIBERTY COMMODITIES GR...	N/A	-	-
LIBERTY COMMODITIES...	03349135	31.12.2016	N	£3,015,450,302
LIBERTY INDUSTRIES UK LTD	SC550829	-	N
LIBERTY STEEL NEWPOR...	06644315	31.03.2017	N	£198,410,508

Exact CCJ Details

Date	Court	Amount	Status	Case Number	Date Paid
12/11/2014	COUNTY COURT MONEY CLAIMS CENTRE	£1,725	Satisfied	A50YP570	19/12/2014
16/09/2014	COUNTY COURT BUSINESS CENTRE	£9,758	Satisfied	A5AA610C	20/02/2015
11/09/2014	COUNTY COURT MONEY CLAIMS CENTRE	£2,241	Satisfied	A01YP044	20/02/2015
28/07/2014	COUNTY COURT BUSINESS CENTRE	£12,455	Satisfied	A7QZ9355	04/12/2014
25/07/2014	COUNTY COURT MONEY CLAIMS CENTRE	£5,897	Satisfied	A56YM210	24/09/2014
23/07/2014	COUNTY COURT BUSINESS CENTRE	£46,764	Satisfied	A8QZ8844	20/02/2015
02/07/2014	COUNTY COURT BUSINESS CENTRE	£12,747	Satisfied	A0XJ9327	23/12/2014
26/03/2014	COUNTY COURT MONEY CLAIMS CENTRE	£1,900	Satisfied	A24YJ912	22/09/2014
21/03/2014	COUNTY COURT BUSINESS CENTRE	£1,055	Satisfied	A0XJ4208	30/04/2014
16/03/2014	NORTHAMPTON CCMCC	£9,231	Judgment	A42YJ727	-
12/03/2014	COUNTY COURT BUSINESS CENTRE	£6,092	Satisfied	A6XW1422	02/07/2014
12/03/2014	BIRMINGHAM	£12,364	Satisfied	A2QZ4875	02/05/2014
27/02/2014	COUNTY COURT BUSINESS CENTRE	£12,455	Satisfied	A0XJ2494	07/05/2014
26/02/2014	COUNTY COURT BUSINESS CENTRE	£1,653	Satisfied	A0XJ1772	02/05/2014
26/02/2014	COUNTY COURT BUSINESS CENTRE	£3,552	Satisfied	A1QZ6102	28/04/2014
25/02/2014	NORTHAMPTON CCMCC	£14,233	Judgment	A26YJ740	-
21/02/2014	COUNTY COURT BUSINESS CENTRE	£2,598	Satisfied	A1QZ0908	28/04/2014
03/02/2014	COUNTY COURT MONEY CLAIMS CENTRE	£9,128	Satisfied	A08YJ140	02/03/2015
10/01/2014	NORTHAMPTON CCBC	£12,914	Judgment	3QZ72500	-
03/07/2013	NORTHAMPTON CCBC	£433	Satisfied	3XQ20963	05/09/2013
10/06/2013	NORTHAMPTON CCBC	£41,993	Satisfied	3QR76185	30/08/2013
03/06/2013	NORTHAMPTON CCBC	£27,506	Satisfied	3XF80744	21/08/2013

Possible CCJs Details

Possible CCJ matches show CCJs that may be matched to a company based on various criteria such as similar trading names or addresses. This data is provided for your information only as an aid to decision-making and does not affect a company’s rating.

Date	Court	Amount	Status	Case Number	Date Paid	Registered CCJ Details
12/03/2014	NORTHAMPTON CCMCC	£21,134	Judgment	A39YJ773	-

Mortgage Details

Mortgage Type:
Date Charge Created:	29/08/17
Date Charge Registered:	31/08/17
Date Charge Satisfied:	-
Status:	OUTSTANDING
Person(s) Entitled:	METRO BANK PLC;
Amount Secured:
Details:	L/H PROPERTY K/A MIR STEEL LIMITED CORPORATION ROAD NEWPORTSEE INSTRUMENT FOR FURTHER DETAILSCONTAINS FIXED CHARGE.CONTAINS NEGATIVE PLEDGE.
Mortgage Type:
Date Charge Created:	05/05/17
Date Charge Registered:	10/05/17
Date Charge Satisfied:	-
Status:	OUTSTANDING
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.CONTAINS NEGATIVE PLEDGE.

Mortgage Type:
Date Charge Created:	16/04/14
Date Charge Registered:	30/04/14
Date Charge Satisfied:	08/02/17
Status:	SATISFIED
Person(s) Entitled:	LIBERTY FE TRADE DMCC;
Amount Secured:
Details:	F/H LAND AND BUILDINGS AT CORPORATION ROAD NEWPORT GWENT T/NO. WA166638. F/H LAND ON THE WEST SIDE OF THE RIVER USK ANDT/NO. WA298519CONTAINS FIXED CHARGE.CONTAINS FLOATING CHARGE.FLOATING CHARGE COVERS ALL THE PROPERTY OR UNDERTAKING OF THE COMPANY.CONTAINS NEGATIVE PLEDGE.

Previous Director/Company Secretaries

Name	Current Active Appointments			Previous Appointments	Dissolved Companies
David John Taylor	0			4	9
Kenneth Alan Tointon	16			12	37
TEMPLE SECRETARIAL LIMITED	5			25	12
Edward Pivcevic	0			1	0
Konstantin Nikolin	0			1	0
Vadim Shtrakin	0			2	0
Ravi Kumar Trehan	2			2	0
Total Persons With Significant Control		1	Total Statements			0
Active		1	Active			0
Ceased		0	Ceased			0

Active Persons With Significant Control

Name	Mr Sanjeev Gupta	Kind	Individual Person With Significant Control
Address	Corporation Road, Newport, Gwent	Country Of Residence	Wales
Post Code	NP19 4XE	Nationality	British
Date of Birth	09/1971	Notified On	06/04/2016
Nature Of Control	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

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	INR 64.94
UK Pound	1	INR 90.72
Euro	1	INR 80.32
GBP	1	INR 90.46

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

INFORMATION DETAILS

Analysis Done by :	NIS
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.