MIRA INFORM REPORT

Report No. :	508064
Report Date :	07.05.2018

IDENTIFICATION DETAILS

Name :	MUELLER EUROPE LIMITED
Formerly Known As :	WEDNESBURY TUBE & FITTINGS COMPANY LIMITED
Registered Office :	Oxford Street, Bilston, West Midlands, Wv14 7ds
Country :	United Kingdom
Financials (as on) :	31.12.2016
Date of Incorporation :	11.02.1997
Com. Reg. No.:	03316088
Legal Form :	Private limited with Share Capital
Line of Business :	· Manufacture of other fabricated metal products n.e.c. · The manufacture and sale of copper tubes and that of importing and wholesaling of plumbing fittings, valves, taps and ancillary plumbing equipment.
No. of Employees :	225

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 :	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 (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 NAME AND ADDRESS

CTop of Form

mpany Name: MUELLER EUROPE LIMITED

Company No: 03316088

Company Status: Active - Accounts Filed

Status Active

Active - Accounts Filed

Registered Address: OXFORD STREETBILSTONWEST MIDLANDSWV14 7DS

Company Name

MUELLER EUROPE LIMITED

Company Number

03316088

Company Summary

Registered Address OXFORD STREET
BILSTON
WEST MIDLANDS
WV14 7DS

Trading Address 136 Oxford Street
Bilston
West Midlands
WV14 7DS

Website Address http://www.wednesburytube.com

Telephone Number 01902499700

Fax Number

TPS No

FPS Yes

Incorporation Date 11/02/1997

Previous Name WEDNESBURY TUBE & FITTINGS COMPANY LIMITED

Type Private limited with Share Capital

FTSE Index -

Date of Change 01/11/1999

Filing Date of Accounts 29/09/2017

Currency GBP

Share Capital £1

SIC07 25990

Charity Number -

SIC07 Description MANUFACTURE OF OTHER FABRICATED METAL PRODUCTS N.E.C.

Principal Activity The manufacture and sale of copper tubes and that of importing and wholesaling of plumbing fittings, valves, taps and ancillary plumbing equipment.

Additional Information

CCJ's 0 (£0)

No CCJ Information To Display

Ultimate Holding Company MUELLER INDUSTRIES INCORPORATED

Accountant -

Mortgages 2

Group 6 companies

Linkages 360 companies

Countries In 13 countries

Key Financials

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

31/12/2016 £144,702,000 £9,938,000 £29,393,000 225

26/12/2015 £157,344,000 -£3,555,000 £32,089,000 272

27/12/2014 £166,475,000 £1,937,000 £33,370,000 290

Mortgage Summary

Total Mortgage 2

Outstanding 1

Satisfied 1

Trade Debtors / Bad Debt Summary

Total Number of Documented Trade 0

Total Value of Documented Trade £0

Commentary

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.

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 -	-

Back to Top

Show More

Total Current Directors	6	Total Current Secretaries	1
Total Previous Directors / Company Secretaries	25	Total Person's With Significant Control	1

Current Directors

Title	Mr	Function	Director
Name	Peter James Marsh	Nationality	British
Date of Birth	11/1954	Present Appointments	5
Latest Address	Nursery Farm, Middle Lane, Oaken, Wolverhampton, West Midlands	Appointment Date	28/02/1997
Post Code	WV8 2BE
Title	Mr	Function	Director
Name	Mark Millerchip	Nationality	British
Date of Birth	11/1966	Present Appointments	3
Latest Address	Oxford Street, Bilston, West Midlands	Appointment Date	24/05/2011
Post Code	WV14 7DS

Title	Mr	Function	Director
Name	Neil Jonathan York	Nationality	British
Date of Birth	05/1971	Present Appointments	1
Latest Address	Oxford Street, Bilston, West Midlands	Appointment Date	23/06/2004
Post Code	WV14 7DS
Title	Mr	Function	Director
Name	Jeffrey Andrew Martin	Nationality	American
Date of Birth	01/1967	Present Appointments	2
Latest Address	Oxford Street, Bilston, West Midlands	Appointment Date	26/10/2012
Post Code	WV14 7DS

Title	Mr	Function	Director
Name	Paul Smith	Nationality	British
Date of Birth	09/1962	Present Appointments	1
Latest Address	Oxford Street, Bilston, West Midlands	Appointment Date	01/04/2016
Post Code	WV14 7DS
Title	Mr	Function	Director
Name	Andrew Nicholas Surtees	Nationality	British
Date of Birth	09/1963	Present Appointments	1
Latest Address	Oxford Street, Bilston, West Midlands	Appointment Date	01/04/2016
Post Code	WV14 7DS

Current Company Secretary

Title	Mr	Function	Company Secretary
Name	Christopher John Miritello	Nationality
Date of Birth	-	Present Appointments	1
Latest Address	Oxford Street, Bilston, West Midlands	Appointment Date	14/01/2017
Post Code	WV14 7DS

Top Shareholders

Name	Currency	Share Count	Share Type	Nominal Value	% of Total Share Count
MUELLUX HOLDING COMPANY II SARL	GBP	1	ORDINARY	1	100
1

FINANCIALS

Profit & Loss

	Date Of Accounts	31/12/16	(%)	26/12/15	(%)	27/12/14	(%)	28/12/13	(%)	29/12/12
	Weeks	53	(%)	52	(%)	52	(%)	52	(%)	52
	Currency	GBP	(%)	GBP	(%)	GBP	(%)	GBP	(%)	GBP
	Consolidated A/cs	N	(%)	N	(%)	N	(%)	N	(%)	N
	Turnover	£144,702,000	-8%	£157,344,000	-5.5%	£166,475,000	48.8%	£111,865,000	0.7%	£111,059,000
	Export	£42,482,000	-8.2%	£46,257,000	-6%	£49,185,000	132.7%	£21,141,000	2.2%	£20,683,000
	Cost of Sales	£124,589,000	-15.4%	£147,332,000	-5.7%	£156,251,000	45%	£107,745,000	1.5%	£106,125,000
	Gross Profit	£20,113,000	100.9%	£10,012,000	-2.1%	£10,224,000	148.2%	£4,120,000	-16.5%	£4,934,000
	Wages & Salaries	£10,823,000	-11.8%	£12,266,000	-25.4%	£16,443,000	213.4%	£5,247,000	5%	£4,998,000
	Directors Emoluments	£1,185,000	34.5%	£881,000	-10.7%	£987,000	90.5%	£518,000	9.1%	£475,000
	Operating Profit	£10,502,000	468.4%	-£2,851,000	-14.2%	-£2,496,000	-787.6%	£363,000	-82.2%	£2,037,000
	Depreciation	£1,009,000	-13.4%	£1,165,000	-5.4%	£1,232,000	-7.9%	£1,338,000	6%	£1,262,000
	Audit Fees	£73,000	5.8%	£69,000	-27.4%	£95,000	69.6%	£56,000	-9.7%	£62,000
	Interest Payments	£581,000	-19.9%	£725,000	-12.3%	£827,000	-22.7%	£1,070,000	-20.1%	£1,340,000
	Pre Tax Profit	£9,938,000	379.5%	-£3,555,000	-283.5%	£1,937,000	-63.5%	£5,311,000	626.5%	£731,000
	Taxation	-£1,817,000	-212.3%	£1,618,000	999.9%	-£48,000	-999.9%	-£4,000	80%	-£20,000
	Profit After Tax	£8,121,000	519.3%	-£1,937,000	-202.5%	£1,889,000	-64.4%	£5,307,000	646.4%	£711,000
	Dividends Payable	£10,000,000	-	-	-	-	-100%	£6,000,000	-	-
	Retained Profit	-£1,879,000	3%	-£1,937,000	-202.5%	£1,889,000	372.6%	-£693,000	-197.5%	£711,000

Balance Sheet

	Date Of Accounts	31/12/16	(%)	26/12/15	(%)	27/12/14	(%)	28/12/13	(%)	29/12/12
	Tangible Assets	£15,053,000	-3%	£15,518,000	11.9%	£13,871,000	-50.2%	£27,864,000	-3.2%	£28,790,000
	Intangible Assets	£6,948,000	-30.6%	£10,005,000	-23.4%	£13,061,000	-	0	-	0
	Total Fixed Assets	£22,001,000	-13.8%	£25,523,000	-5.2%	£26,932,000	-3.3%	£27,864,000	-3.2%	£28,790,000
	Stock	£18,603,000	19.2%	£15,609,000	-29.2%	£22,059,000	98.6%	£11,108,000	-19.4%	£13,779,000
	Trade Debtors	£40,297,000	19.8%	£33,637,000	-8.1%	£36,598,000	75.3%	£20,876,000	-6.7%	£22,382,000
	Cash	£3,288,000	-44.2%	£5,894,000	-30.5%	£8,476,000	-51.6%	£17,513,000	180%	£6,255,000
	Other Debtors	£1,557,000	-58.8%	£3,781,000	-34.8%	£5,800,000	117.9%	£2,662,000	40.5%	£1,894,000
	Miscellaneous Current Assets	0	-	0	-	0	-	0	-	0
	Total Current Assets	£63,745,000	8.2%	£58,921,000	-19.2%	£72,933,000	39.8%	£52,159,000	17.7%	£44,310,000
	Trade Creditors	£15,992,000	2.5%	£15,595,000	-6.6%	£16,691,000	87.9%	£8,881,000	33.1%	£6,672,000
	Bank Loans & Overdrafts	0	-	0	-	0	-	0	-	0
	Other Short Term Finance	0	-	0	-100%	£31,000	-89.4%	£293,000	713.9%	£36,000
	Miscellaneous Current Liabilities	0	-	0	-100%	£4,402,000	417.3%	£851,000	17.7%	£723,000
	Total Current Liabilities	£15,992,000	2.5%	£15,595,000	-26.2%	£21,124,000	110.7%	£10,025,000	34.9%	£7,431,000
	Bank Loans & Overdrafts and LTL	£40,361,000	9.8%	£36,760,000	-19%	£45,371,000	45.4%	£31,210,000	12.5%	£27,745,000
	Other Long Term Finance	£29,000,000	16%	£25,000,000	-28.6%	£35,000,000	34.6%	£26,000,000	30%	£20,000,000
	Total Long Term Liabilities	£40,361,000	9.8%	£36,760,000	-19%	£45,371,000	45.4%	£31,210,000	12.5%	£27,745,000

.

Capital & Reserves

	Date Of Accounts	31/12/16	(%)	26/12/15	(%)	27/12/14	(%)	28/12/13	(%)	29/12/12
	Called Up Share Capital	-	-	-	-	-	-	-	-100%	£58,270,000
	P & L Account Reserve	£28,161,000	-8.7%	£30,857,000	-4%	£32,138,000	-14.4%	£37,556,000	274%	-£21,578,000
	Revaluation Reserve	-	-	-	-	-	-	-	-	-
	Sundry Reserves	£1,232,000	-	£1,232,000	-	£1,232,000	-	£1,232,000	-	£1,232,000
	Shareholder Funds	£29,393,000	-8.4%	£32,089,000	-3.8%	£33,370,000	-14%	£38,788,000	2.3%	£37,924,000

Other Financial Items

	Date Of Accounts	31/12/16	(%)	26/12/15	(%)	27/12/14	(%)	28/12/13	(%)	29/12/12
	Net Worth	£22,445,000	1.6%	£22,084,000	8.7%	£20,309,000	-47.6%	£38,788,000	2.3%	£37,924,000
	Working Capital	£47,753,000	10.2%	£43,326,000	-16.4%	£51,809,000	23%	£42,134,000	14.2%	£36,879,000
	Total Assets	£85,746,000	1.5%	£84,444,000	-15.4%	£99,865,000	24.8%	£80,023,000	9.5%	£73,100,000
	Total Liabilities	£56,353,000	7.6%	£52,355,000	-21.3%	£66,495,000	61.3%	£41,235,000	17.2%	£35,176,000
	Net Assets	£29,393,000	-8.4%	£32,089,000	-3.8%	£33,370,000	-14%	£38,788,000	2.3%	£37,924,000

Cash Flow

	Date Of Accounts	31/12/16	(%)	26/12/15	(%)	27/12/14	(%)	28/12/13	(%)	29/12/12
	Net Cashflow from Operations	-	-	-	-	-	-	-	-	-
	Net Cashflow before Financing	-	-	-	-	-	-	-	-	-
	Net Cashflow from Financing	-	-	-	-	-	-	-	-	-
	Increase in Cash	-	-	-	-	-	-	-	-	-

Miscellaneous

	Date Of Accounts	31/12/16	(%)	26/12/15	(%)	27/12/14	(%)	28/12/13	(%)	29/12/12
	Contingent Liability	NO	-	NO	-	NO	-	NO	-	YES
	Capital Employed	£69,754,000	1.3%	£68,849,000	-12.6%	£78,741,000	12.5%	£69,998,000	6.6%	£65,669,000
	Number of Employees	225	-17.3%	272	-6.2%	290	90.8%	152	6.3%	143
	Accountants
	Auditors	ERNST & YOUNG LLP
	Auditor Comments	The audit report contains no adverse comments
	Bankers	HSBC BANK PLC
	Bank Branch Code	40-11-01

Ratios

	Date Of Accounts	31/12/16	26/12/15	27/12/14	28/12/13	29/12/12
	Pre-tax profit margin %	6.87	-2.26	1.16	4.75	0.66
	Current ratio	3.99	3.78	3.45	5.20	5.96
	Sales/Net Working Capital	3.03	3.63	3.21	2.65	3.01
	Gearing %	137.30	114.60	136	80.50	73.20
	Equity in %	37.30	43.10	38.40	48.50	51.90
	Creditor Days	41	36.07	36.49	28.89	21.86
	Debtor Days	103.31	77.81	80.02	67.92	73.35
	Liquidity/Acid Test	2.82	2.77	2.40	4.09	4.10
	Return On Capital Employed %	14.24	-5.16	2.45	7.58	1.11
	Return On Total Assets Employed %	11.59	-4.20	1.93	6.63	1
	Current Debt Ratio	0.54	0.48	0.63	0.25	0.19
	Total Debt Ratio	1.91	1.63	1.99	1.06	0.92
	Stock Turnover Ratio %	12.85	9.92	13.25	9.92	12.40
	Return on Net Assets Employed %	33.81	-11.07	5.80	13.69	1.92

Report Notes

Success!

There are no notes to display.

Status History

No Status History found

Event History

Date	Description
11/02/2018	Confirmation Statement
26/12/2017	Payment Data Update Received
14/10/2017	New Accounts Filed
14/10/2017	New Accounts Filed
10/10/2017	Payment Data Update Received
31/01/2017	Annual Returns
20/01/2017	New Company Secretary Mr C.J. Miritello appointed
19/01/2017	Mr G.C. Wilkerson has resigned as company secretary
18/10/2016	New Accounts Filed
26/04/2016	Mr B. Parsons has left the board
26/04/2016	New Board Member Mr A. Surtees appointed
26/04/2016	New Board Member Mr P. Smith appointed
28/02/2016	Annual Returns
07/10/2015	New Accounts Filed
07/10/2015	New Accounts Filed

Previous Company Names

Date	Previous Name
01/11/1999	WEDNESBURY TUBE & FITTINGS COMPANY LIMITED
14/03/1997	WEDNESBURY TUBE COMPANY LIMITED
26/02/1997	MACROBREAK LIMITED

Writ Details

No writs found

Statistics

Group	6 companies
Linkages	360 companies
Countries	In 13 countries

Summary

Holding Company	-
Ownership Status	Wholly Owned
Ultimate Holding Company	MUELLER INDUSTRIES INCORPORATED

Group Structure

Company Name	Registered Number	Latest Key Financials	Consol. Accounts	Turnover
MUELLER INDUSTRIES INCOR...		-	-	$2,100,002,000
MUELLUX HOLDING COMPAN...	N/A	-	-
MUELLER EUROPE LIMITED	03316088	31.12.2016	N	£144,702,000
WEDNESBURY PENSION...	03388893	30.06.2017	N
WEDNESBURY TUBE &...	03848251	31.12.2016	N
MUELLER EUROPE INVES...	09919417	31.12.2016	N

Statistics

Group	6 companies
Linkages	360 companies
Countries	In 13 countries

Other Linked Companies

Name	Number	Latest Key Financials	Turnover
TRAVIS PERKINS P&H PARTNER LIMITED	07399637	31.12.2016
TRAVIS PERKINS FINANCE COMPANY LIMITED	06500008	31.12.2016	£2,717,000
KEYLINE BUILDERS MERCHANTS LIMITED	SC042425	31.12.2016	£484,400,000
TRAVIS PERKINS TRADING COMPANY LIMITED	00733503	31.12.2016	£2,728,000,000
TRAVIS PERKINS (PROPERTIES) LIMITED	00468024	31.12.2016	£76,937,000
WICKES BUILDING SUPPLIES LIMITED	01840419	31.12.2016	£1,213,269,000
TRAVIS PERKINS PLC	00824821	31.12.2017	£6,433,100,000
WICKES HOLDINGS LIMITED	01738919	31.12.2016	£3,000,000
TILE GIANT LIMITED	04308218	31.12.2016	£54,436,000
CITY PLUMBING SUPPLIES HOLDINGS LIMITED	02489546	31.12.2016	£568,500,000
TRAVIS PERKINS LEASING COMPANY LIMITED	01569327	31.12.2016	£4,286,000
PTS GROUP LIMITED	02219435	31.12.2016	£1,300,400,000
TOOLSTATION LIMITED	04372131	31.12.2016	£257,907,000
CCF LIMITED	01632482	31.12.2016	£421,777,000
BENCHMARX KITCHENS AND JOINERY LIMITED	02780063	31.12.2016	£134,971,000
B.S.S. (IRELAND) LIMITED	IE010990	31.12.2016	€10,326,248
TRAVIS PERKINS FINANCING COMPANY NO.2 LIMITED	06755439	31.12.2016	£2,266
RUDRIDGE LIMITED	03923995	31.12.2016	£74,868,000
PRIMAFLOW LIMITED	02662075	31.12.2016	£37,844,000
W. GAUNT LIMITED	02048998	31.12.2016	£948,033

Mortgage Details

Mortgage Type:
Date Charge Created:	05/03/14
Date Charge Registered:	06/03/14
Date Charge Satisfied:	-
Status:	OUTSTANDING
Person(s) Entitled:	HSBC INVOICE FINANCE (UK) LTD;
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:	30/03/07
Date Charge Registered:	31/03/07
Date Charge Satisfied:	22/03/08
Status:	SATISFIED
Person(s) Entitled:	HSBC 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

Previous Director/Company Secretaries

Name	Current Active Appointments	Previous Appointments	Dissolved Companies
Gary Carl Wilkerson	0	5	1
Bryan Anthony Evans	0	2	1
Colin Edward Leaver	0	2	0
Colin Edward Leaver	0	2	0
Mark Jonathan Carroll	0	1	3
Kent Allan McKee	0	8	0
William Howard Hensley	0	3	0
William Howard Hensley	0	3	0
Lee Richard Nyman	0	1	0
Earl William Bunkers	0	1	0
William David O'Hagan	0	1	0
Robert Lloyd Dean Fleeman	0	2	0
Peter James Simpson Brookes	0	4	2
Robert Gillespie	0	1	0
Richard George Miller	0	1	0
Robert Pasquarelli	0	2	0
John Patrick Fonzo	0	2	0
John Patrick Fonzo	0	2	0
Patrick Wallace Donovan	1	26	2
Brian Parsons	1	3	1
William Hensley	0	2	0
Neil Overton	0	1	2
Lee Geoffrey Hambleton	0	9	1
INSTANT COMPANIES LIMITED	9	32905	89857
SWIFT INCORPORATIONS LIMITED	11	75552	190505

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

Active Persons With Significant Control

Name	Mueller Industries, Inc.	Kind	Corporate Entity With Significant Control
Address	8285 Tournament Drive, Suite 150, Memphis, Tennessee	Notified On	06/04/2016
Post Code	38125	Legal Form	Corporation
Authority	State Of Delaware	Place Registered	Secretary Of State
Country Registered	Delaware	Registration Number	2242990
Nature Of Control	Ownership Of Shares 75 To 100 Percent,Ownership Of Shares 75 To 100 Percent As Firm,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

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	INR 66.78
UK Pound	1	INR 90.58
Euro	1	INR 79.97
GBP	1	INR 91.12

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

INFORMATION DETAILS

Analysis Done by :	PRI
Report Prepared by :	SYL

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.