MIRA INFORM REPORT

Report No. :	510610
Report Date :	21.05.2018

IDENTIFICATION DETAILS

Name :	MONITRAN LIMITED

Registered Office :	Monitor House Hazelmere Road Penn Hp10 8ad

Country :	United kingdom

Financials (as on) :	28.02.2017

Date of Incorporation :	10.09.1986

Com. Reg. No.:	02054040

Legal Form :	Private limited with Share Capital

Line of Business :	· Manufacture of electronic measuring, testing etc. Equipment, not for industrial process control · Manufacture of sensors that are used to monitor the health of machinery which Involves measuring vibration and displacement

No. of Employees :	34

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

(30.09.2017)

Current Rating

(31.12.2017)

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: MONITRAN LIMITED

Company No: ` 02054040

Registered Address: MONITOR HOUSE HAZELMERE ROAD PENN HP10 8AD

Company Summary

Registered Address MONITOR HOUSE
HAZELMERE ROAD
PENN
HP10 8AD

Trading Address Monitor House
33 Hazlemere Road
Penn
High Wycombe, Buckinghamshire
HP10 8AD

Website Address http://www.monitran.com

Telephone Number 01494816569

Fax Number

TPS No

FPS Yes

Incorporation Date 10/09/1986

Previous Name

Type Private limited with Share Capital

FTSE Index -

Date of Change -

Filing Date of Accounts 28/09/2017

Currency GBP

Share Capital £200

SIC07 26511

Charity Number -

SIC07 Description MANUFACTURE OF ELECTRONIC MEASURING, TESTING ETC. EQUIPMENT, NOT FOR INDUSTRIAL PROCESS CONTROL

Principal Activity Manufacture of sensors that are used to monitor the health of machinery which I nvolves measuring vibration and displacement.

Additional Information

CCJ's 0 (£0)

No CCJ Information To Display

Ultimate Holding Company -

Accountant BUTTERS & CO

Mortgages 3

Trade Debtors -

Group 0 companies

Linkages 0 companies

Countries In 0 countries

Key Financials

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

28/02/2017 - - £720,460 34

29/02/2016 - - £563,750 -

28/02/2015 - - £694,622 -

Mortgage Summary

Total Mortgage 3

Outstanding 3

Satisfied 0

Trade Debtors / Bad Debt Summary

Total Number of Documented Trade 1

Total Value of Documented Trade £376

Commentary

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

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 -	-

Total Current Directors	3	Total Current Secretaries	1
Total Previous Directors / Company Secretaries	4	Total Person's With Significant Control	2

Current Directors

Title	Mr	Function	Director
Name	Robert William Graham Pickard	Nationality	British
Date of Birth	10/1933	Present Appointments	3
Latest Address	5 St Marys Gate, Kensington Green, London	Appointment Date	01/12/2000
Post Code	W8 5UA
Other Actions	View Director Report	View Consumer Report	View AML Report
	View Trace Report	View Compliance Report
Title	Ms	Function	Director
Name	Geraldene Ann Pickard	Nationality	British
Date of Birth	12/1958	Present Appointments	1
Latest Address	1 Providence Villas, Brackenbury Road, London	Appointment Date	04/04/2005
Post Code	W6 0BA
Other Actions	View Director Report	View Consumer Report	View AML Report
	View Trace Report	View Compliance Report

Title	Mr	Function	Director
Name	Andrew Anthony	Nationality	British
Date of Birth	05/1961	Present Appointments	1
Latest Address	30 Hunters Oak, Hemel Hempstead, Hertfordshire	Appointment Date	24/02/2010
Post Code	HP2 7SN
Other Actions	View Director Report	View Consumer Report	View AML Report
	View Trace Report	View Compliance Report

Current Company Secretary

Title	Ms	Function	Company Secretary
Name	Joyce Pickard	Nationality	British
Date of Birth	-	Present Appointments	1
Latest Address	5 St. Marys Gate, Kensington Green, London	Appointment Date	24/02/2010
Post Code	W8 5UA
Other Actions		View Consumer Report	View Trace Report
	View Compliance Report

Top Shareholders

Name	Currency	Share Count	Share Type	Nominal Value	% of Total Share Count
ROBERT W.G. PICKARD & MRS JOYCE PICKARD	GBP	200	ORDINARY	1	100
1

Financials

Profit & Loss

	Date Of Accounts	28/02/17	(%)	29/02/16	(%)	28/02/15	(%)	28/02/14	(%)	28/02/13
	Weeks	52	(%)	52	(%)	52	(%)	52	(%)	52
	Currency	GBP	(%)	GBP	(%)	GBP	(%)	GBP	(%)	GBP
	Consolidated A/cs	N	(%)	N	(%)	N	(%)	N	(%)	N
$Description: \\vivek-pc\e\Monitran Ltd._files\barchart-grey.png$	Turnover	-	-	-	-	-	-	-	-	£2,377,703
$Description: \\vivek-pc\e\Monitran Ltd._files\barchart-grey.png$	Export	-	-	-	-	-	-	-	-	-
$Description: \\vivek-pc\e\Monitran Ltd._files\barchart-grey.png$	Cost of Sales	-	-	-	-	-	-	-	-100%	£1,426,265
$Description: \\vivek-pc\e\Monitran Ltd._files\barchart-grey.png$	Gross Profit	-	-	-	-	-	-	-	-	£951,438
$Description: \\vivek-pc\e\Monitran Ltd._files\barchart-grey.png$	Wages & Salaries	-	-	-	-	-	-	-	-	-
$Description: \\vivek-pc\e\Monitran Ltd._files\barchart-grey.png$	Directors Emoluments	-	-	-	-	-	-	-	-	£204,891
$Description: \\vivek-pc\e\Monitran Ltd._files\barchart-grey.png$	Operating Profit	-	-	-	-	-	-	-	-	£131,642
$Description: \\vivek-pc\e\Monitran Ltd._files\barchart-grey.png$	Depreciation	£13,156	0.9%	£13,038	-11.7%	£14,770	51.5%	£9,746	13.3%	£8,605
$Description: \\vivek-pc\e\Monitran Ltd._files\barchart-grey.png$	Audit Fees	-	-	-	-	-	-	-	-	-
$Description: \\vivek-pc\e\Monitran Ltd._files\barchart-grey.png$	Interest Payments	-	-	-	-	-	-	-	-	£12,221
$Description: \\vivek-pc\e\Monitran Ltd._files\barchart-grey.png$	Pre Tax Profit	-	-	-	-	-	-	-	-	£119,858
$Description: \\vivek-pc\e\Monitran Ltd._files\barchart-grey.png$	Taxation	-	-	-	-	-	-	-	-	-£26,450
$Description: \\vivek-pc\e\Monitran Ltd._files\barchart-grey.png$	Profit After Tax	-	-	-	-	-	-	-	-	£93,408
$Description: \\vivek-pc\e\Monitran Ltd._files\barchart-grey.png$	Dividends Payable	-	-	-	-	-	-	-	-	-
$Description: \\vivek-pc\e\Monitran Ltd._files\barchart-grey.png$	Retained Profit	-	-	-	-	-	-	-	-	£93,408

Balance Sheet

	Date Of Accounts	28/02/17	(%)	29/02/16	(%)	28/02/15	(%)	28/02/14	(%)	28/02/13
$Description: \\vivek-pc\e\Monitran Ltd._files\barchart-grey.png$	Tangible Assets	£58,673	-0.7%	£59,082	-12.2%	£67,271	19.1%	£56,496	29.1%	£43,747
$Description: \\vivek-pc\e\Monitran Ltd._files\barchart-grey.png$	Intangible Assets	0	-	0	-	0	-	0	-	0
$Description: \\vivek-pc\e\Monitran Ltd._files\barchart-grey.png$	Total Fixed Assets	£58,673	-0.7%	£59,082	-12.2%	£67,271	19.1%	£56,496	29.1%	£43,747
$Description: \\vivek-pc\e\Monitran Ltd._files\barchart-grey.png$	Stock	£315,212	14.6%	£275,145	6.6%	£258,195	23.8%	£208,508	29.7%	£160,745
$Description: \\vivek-pc\e\Monitran Ltd._files\barchart-grey.png$	Trade Debtors	£351,441	-6.9%	£377,537	-30%	£539,381	-5.4%	£570,173	30.2%	£437,870
$Description: \\vivek-pc\e\Monitran Ltd._files\barchart-grey.png$	Cash	£311,253	138.2%	£130,644	-47.6%	£249,270	6%	£235,187	-3.4%	£243,525
$Description: \\vivek-pc\e\Monitran Ltd._files\barchart-grey.png$	Other Debtors	£82,746	20.5%	£68,651	-	0	-	0	-100%	£172,962
$Description: \\vivek-pc\e\Monitran Ltd._files\barchart-grey.png$	Miscellaneous Current Assets	0	-	0	-	0	-	0	-	0
$Description: \\vivek-pc\e\Monitran Ltd._files\barchart-grey.png$	Total Current Assets	£1,060,652	24.5%	£851,977	-18.6%	£1,046,846	3.3%	£1,013,868	-0.1%	£1,015,102
$Description: \\vivek-pc\e\Monitran Ltd._files\barchart-grey.png$	Trade Creditors	£220,874	-4.4%	£231,093	-43.3%	£407,282	-4%	£424,082	125.3%	£188,247
$Description: \\vivek-pc\e\Monitran Ltd._files\barchart-grey.png$	Bank Loans & Overdrafts	0	-	0	-	0	-	0	-	0
$Description: \\vivek-pc\e\Monitran Ltd._files\barchart-grey.png$	Other Short Term Finance	£61,713	60.4%	£38,479	-	0	-	0	-100%	£263,187
$Description: \\vivek-pc\e\Monitran Ltd._files\barchart-grey.png$	Miscellaneous Current Liabilities	£104,065	58.8%	£65,524	-	0	-	0	-100%	£106,768
$Description: \\vivek-pc\e\Monitran Ltd._files\barchart-grey.png$	Total Current Liabilities	£386,652	15.4%	£335,096	-17.7%	£407,282	-4%	£424,082	-24%	£558,202
$Description: \\vivek-pc\e\Monitran Ltd._files\barchart-grey.png$	Bank Loans & Overdrafts and LTL	£12,213	-	£12,213	-	£12,213	-	£12,213	-	£12,213
$Description: \\vivek-pc\e\Monitran Ltd._files\barchart-grey.png$	Other Long Term Finance	0	-	0	-	0	-	0	-	0
$Description: \\vivek-pc\e\Monitran Ltd._files\barchart-grey.png$	Total Long Term Liabilities	£12,213	-	£12,213	-	£12,213	-	£12,213	-	£12,213

Capital & Reserves

	Date Of Accounts	28/02/17	(%)	29/02/16	(%)	28/02/15	(%)	28/02/14	(%)	28/02/13
$Description: \\vivek-pc\e\Monitran Ltd._files\barchart-grey.png$	Called Up Share Capital	£200	-	£200	-	£200	-	£200	-	£200
$Description: \\vivek-pc\e\Monitran Ltd._files\barchart-grey.png$	P & L Account Reserve	£720,260	27.8%	£563,550	-18.8%	£694,422	9.6%	£633,869	29.8%	£488,234
$Description: \\vivek-pc\e\Monitran Ltd._files\barchart-grey.png$	Revaluation Reserve	-	-	-	-	-	-	-	-	-
$Description: \\vivek-pc\e\Monitran Ltd._files\barchart-grey.png$	Sundry Reserves	-	-	-	-	-	-	-	-	-
$Description: \\vivek-pc\e\Monitran Ltd._files\barchart-grey.png$	Shareholder Funds	£720,460	27.8%	£563,750	-18.8%	£694,622	9.5%	£634,069	29.8%	£488,434

Other Financial Items

	Date Of Accounts	28/02/17	(%)	29/02/16	(%)	28/02/15	(%)	28/02/14	(%)	28/02/13
$Description: \\vivek-pc\e\Monitran Ltd._files\barchart-grey.png$	Net Worth	£720,460	27.8%	£563,750	-18.8%	£694,622	9.5%	£634,069	29.8%	£488,434
$Description: \\vivek-pc\e\Monitran Ltd._files\barchart-grey.png$	Working Capital	£674,000	30.4%	£516,881	-19.2%	£639,564	8.4%	£589,786	29.1%	£456,900
$Description: \\vivek-pc\e\Monitran Ltd._files\barchart-grey.png$	Total Assets	£1,119,325	22.9%	£911,059	-18.2%	£1,114,117	4.1%	£1,070,364	1.1%	£1,058,849
$Description: \\vivek-pc\e\Monitran Ltd._files\barchart-grey.png$	Total Liabilities	£398,865	14.8%	£347,309	-17.2%	£419,495	-3.9%	£436,295	-23.5%	£570,415
$Description: \\vivek-pc\e\Monitran Ltd._files\barchart-grey.png$	Net Assets	£720,460	27.8%	£563,750	-18.8%	£694,622	9.5%	£634,069	29.8%	£488,434

Cash Flow

	Date Of Accounts	28/02/17	(%)	29/02/16	(%)	28/02/15	(%)	28/02/14	(%)	28/02/13
$Description: \\vivek-pc\e\Monitran Ltd._files\barchart-grey.png$	Net Cashflow from Operations	-	-	-	-	-	-	-	-	-
$Description: \\vivek-pc\e\Monitran Ltd._files\barchart-grey.png$	Net Cashflow before Financing	-	-	-	-	-	-	-	-	-
$Description: \\vivek-pc\e\Monitran Ltd._files\barchart-grey.png$	Net Cashflow from Financing	-	-	-	-	-	-	-	-	-
$Description: \\vivek-pc\e\Monitran Ltd._files\barchart-grey.png$	Increase in Cash	-	-	-	-	-	-	-	-	-

Miscellaneous

	Date Of Accounts	28/02/17	(%)	29/02/16	(%)	28/02/15	(%)	28/02/14	(%)	28/02/13
	Contingent Liability	NO	-	NO	-	NO	-	NO	-	NO
$Description: \\vivek-pc\e\Monitran Ltd._files\barchart-grey.png$	Capital Employed	£732,673	27.2%	£575,963	-18.5%	£706,835	9.4%	£646,282	29.1%	£500,647
$Description: \\vivek-pc\e\Monitran Ltd._files\barchart-grey.png$	Number of Employees	34	-	-	-	-	-	-	-	-
	Accountants	BUTTERS & CO
	Auditors
	Auditor Comments	The company is exempt from audit
	Bankers	HSBC BANK PLC
	Bank Branch Code

Ratios

	Date Of Accounts	28/02/17	29/02/16	28/02/15	28/02/14	28/02/13
$Description: \\vivek-pc\e\Monitran Ltd._files\barchart-grey.png$	Pre-tax profit margin %	-	-	-	-	5.04
$Description: \\vivek-pc\e\Monitran Ltd._files\barchart-grey.png$	Current ratio	2.74	2.54	2.57	2.39	1.82
$Description: \\vivek-pc\e\Monitran Ltd._files\barchart-grey.png$	Sales/Net Working Capital	-	-	-	-	5.20
$Description: \\vivek-pc\e\Monitran Ltd._files\barchart-grey.png$	Gearing %	1.70	2.20	1.80	1.90	2.50
$Description: \\vivek-pc\e\Monitran Ltd._files\barchart-grey.png$	Equity in %	64.40	61.90	62.30	59.20	46.10
$Description: \\vivek-pc\e\Monitran Ltd._files\barchart-grey.png$	Creditor Days	-	-	-	-	28.81
$Description: \\vivek-pc\e\Monitran Ltd._files\barchart-grey.png$	Debtor Days	-	-	-	-	67.03
$Description: \\vivek-pc\e\Monitran Ltd._files\barchart-grey.png$	Liquidity/Acid Test	1.92	1.72	1.93	1.89	1.53
$Description: \\vivek-pc\e\Monitran Ltd._files\barchart-grey.png$	Return On Capital Employed %	-	-	-	-	23.94
$Description: \\vivek-pc\e\Monitran Ltd._files\barchart-grey.png$	Return On Total Assets Employed %	-	-	-	-	11.31
$Description: \\vivek-pc\e\Monitran Ltd._files\barchart-grey.png$	Current Debt Ratio	0.53	0.59	0.58	0.66	1.14
$Description: \\vivek-pc\e\Monitran Ltd._files\barchart-grey.png$	Total Debt Ratio	0.55	0.61	0.60	0.68	1.16
$Description: \\vivek-pc\e\Monitran Ltd._files\barchart-grey.png$	Stock Turnover Ratio %	-	-	-	-	6.76
$Description: \\vivek-pc\e\Monitran Ltd._files\barchart-grey.png$	Return on Net Assets Employed %	-	-	-	-	24.53

Event History View Documents

Date	Description
15/01/2018	Confirmation Statement
03/10/2017	New Accounts Filed
03/10/2017	New Accounts Filed
14/01/2017	Annual Returns
28/11/2016	New Accounts Filed
19/01/2016	Annual Returns
05/09/2015	New Accounts Filed
04/09/2015	Payment Data Update Received
07/07/2015	Payment Data Update Received
20/01/2015	Annual Returns
03/12/2014	New Accounts Filed
14/01/2014	Annual Returns
08/10/2013	Mr D.C. Lyon has left the board
27/09/2013	New Accounts Filed
27/09/2013	New Accounts Filed

Previous Company Names

No Previous Names found

Writ Details

No writs found

Statistics

Group	-
Linkages	0 companies
Countries	In 0 countries

Summary

Holding Company	-
Ownership Status
Ultimate Holding Company	-

Group Structure Full

No Group Structure

Statistics

Group	0 companies
Linkages	0 companies
Countries	In 0 countries

Mortgage Details

Mortgage Type:	RENT DEPOSIT DEED
Date Charge Created:	12/05/08
Date Charge Registered:	21/05/08
Date Charge Satisfied:	-
Status:	OUTSTANDING
Person(s) Entitled:	RODNEY JAMES WEST AND ROBERT KEITH WEST
Amount Secured:	£24,058.82 DUE OR TO BECOME DUE FROM THE COMPANY TO THE CHARGEE
Details:	THE DEPOSIT ACCOUNT
Mortgage Type:	RENT DEPOSIT DEED
Date Charge Created:	01/10/98
Date Charge Registered:	08/10/98
Date Charge Satisfied:	-
Status:	OUTSTANDING
Person(s) Entitled:	T KEITH WEST
Amount Secured:	£18,750 DUE OR TO BECOME DUE FROM THE COMPANY TO THE CHARGEES SUPPLEMENTAL TO THE LEASE DATED 26 MAY1998
Details:	RENT DEPOSIT SUM OF £18,750

Mortgage Type:	RENT DEPOSIT DEED
Date Charge Created:	01/10/98
Date Charge Registered:	08/10/98
Date Charge Satisfied:	-
Status:	OUTSTANDING
Person(s) Entitled:	RONALD JAMES WEST ROBER
Amount Secured:	£18,750 DUE OR TO BECOME DUE FROM THE COMPANY TO THE CHARGEES SUPPLEMENTAL TO THE LEASE DATED 26 MAY1998
Details:	RENT DEPOSIT SUM OF £18,750
Mortgage Type:	FIXED AND FLOATING CHARGE
Date Charge Created:	20/02/90
Date Charge Registered:	23/02/90
Date Charge Satisfied:	-
Status:	OUTSTANDING
Person(s) Entitled:	MIDLAND 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 CHARGE OVER UNDERTAKING AND ALL PROPERTY AND ASSETS PRESENT AND FUTURE INCLUDINGBOOK DEBTS UNCALLEDCAPITAL.

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	1		£376
Company Name		Amount		Statement Date
Your Hydro Ltd		£376		01/09/2016

Previous Director/Company Secretaries

Name	Current Active Appointments		Previous Appointments	Dissolved Companies
Anita Jayne Hansford	0		1	0
Geraldene Ann Pickard	1		2	1
Christopher Mark Hansford	1		1	0
Donald Charles Lyon	3		2	0
Total Persons With Significant Control	2	Total Statements		0
Active	2	Active		0
Ceased	0	Ceased		0

Active Persons With Significant Control

Name	Mr Robert William Graham Pickard	Kind	Individual Person With Significant Control
Address	5 St Mary's Gate, Kensington Green, London	Country Of Residence	United Kingdom
Post Code	W8 5UA	Nationality	British
Date of Birth	10/1933	Notified On	06/04/2016
Nature Of Control	Ownership Of Shares 25 To 50 Percent,Voting Rights 25 To 50 Percent
Name	Mrs Joyce Pickard	Kind	Individual Person With Significant Control
Address	5 St Mary's Gate Kensington Green, London, London	Country Of Residence	England
Post Code	W8 5UA	Nationality	British
Date of Birth	01/1934	Notified On	06/04/2016
Nature Of Control	Ownership Of Shares 25 To 50 Percent,Voting Rights 25 To 50 Percent

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

Bottom of Form

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	INR 67.96
UK Pound	1	INR 91.88
Euro	1	INR 80.26
GBP	1	INR 91.41

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

INFORMATION DETAILS

Analysis Done by :	PRI

Report Prepared by :	KET

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.