MIRA INFORM REPORT

Report No. :	512249
Report Date :	29.05.2018

IDENTIFICATION DETAILS

Name :	REAXA LIMITED

Formerly Known As :	M&R 929 LIMITED

Registered Office :	Biohub, Alderley Park Macclesfield Sk10 4tg

Country :	United Kingdom

Financials (as on) :	31.03.2017

Date of Incorporation :	02.09.2003

Com. Reg. No.:	04884654

Legal Form :	Private limited with Share Capital

Line of Business :	Manufacture of Basic Pharmaceutical Products

No. of Employees :	2

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 :	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

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: REAXA LIMITED

Company No: 04884654

Registered Address: BIOHUB, ALDERLEY PARK MACCLESFIELD SK10 4TG

Company Summary

Registered Address BIOHUB,
ALDERLEY PARK
MACCLESFIELD
SK10 4TG

Trading Address Pharmaceutical Division
Mereside
Alderley Park
MACCLESFIELD
SK10 4TG

Website Address http://www.reaxa.com

Telephone Number -

Fax Number

TPS -

FPS Yes

Incorporation Date 02/09/2003

Previous Name M&R 929 LIMITED

Type Private limited with Share Capital

FTSE Index -

Date of Change 12/11/2003

Filing Date of Accounts 18/01/2018

Currency GBP

Share Capital £6,946

SIC07 21100

Charity Number -

SIC07 Description MANUFACTURE OF BASIC PHARMACEUTICAL PRODUCTS

Principal Activity Manufacture of basic pharmaceutical products.

Additional Information

CCJ's 0 (£0)

No CCJ Information To Display

Ultimate Holding Company REAXA CHEMISTRY SOLUTIONS PVT LTD

Accountant FAIRHURST

Mortgages 3

Group 2 companies

Linkages 0 companies

Countries In 0 countries

Key Financials

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

31/03/2017 - - £57,139 2

31/03/2016 - - -£64,801 -

31/03/2015 - - -£90,683 -

Mortgage Summary

Total Mortgage 3

Outstanding 2

Satisfied 1

Trade Debtors / Bad Debt Summary

Total Number of Documented Trad 0

Total Value of Documented Trade £0

Commentary

The latest Balance Sheet indicates a negative 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	2	Total Current Secretaries	0
Total Previous Directors / Company Secretaries	19	Total Person's With Significant Control	0

Current Directors

Title	Mr	Function	Director
Name	Arunkumar Chhaganbhai Patel	Nationality	British
Date of Birth	07/1953	Present Appointments	6
Latest Address	42 Bedford Road, Northwood, Hertfordshire	Appointment Date	01/04/2015
Post Code	HA6 2AZ
Other Actions	View Director Report	View Consumer Report	View AML Report
	View Trace Report	View Compliance Report
Title		Function	Director
Name	Tanmay Naimish Godiawala	Nationality	Indian
Date of Birth	11/1986	Present Appointments	1
Latest Address	Biohub,, Alderley Park, Macclesfield, Cheshire	Appointment Date	02/04/2012
Post Code	SK10 4TG
Other Actions	View Director Report	View Consumer Report	View AML Report
	View Trace Report	View Compliance Report

Current Company Secretary

Top Shareholders

Name	Currency	Share Count	Share Type	Nominal Value	% of Total Share Count
REAXA CHEMISTRY SOLUTIONS PVT LTD	GBP	45,666	ORDINARY A	0.1	65.74
REAXA CHEMISTRY SOLUTIONS PVT LTD	GBP	23,795	ORDINARY	0.1	34.26
1

Financials

Profit & Loss

	Date Of Accounts	31/03/17	(%)	31/03/16	(%)	31/03/15	(%)	31/03/14	(%)	31/03/13
	Weeks	52	(%)	52	(%)	52	(%)	52	(%)	52
	Currency	GBP	(%)	GBP	(%)	GBP	(%)	GBP	(%)	GBP
	Consolidated A/cs	N	(%)	N	(%)	N	(%)	N	(%)	N
$Description: \\vivek-pc\e\Reaxa Limited_files\barchart-grey.png$	Turnover	-	-	-	-	-	-	-	-	-
$Description: \\vivek-pc\e\Reaxa Limited_files\barchart-grey.png$	Export	-	-	-	-	-	-	-	-	-
$Description: \\vivek-pc\e\Reaxa Limited_files\barchart-grey.png$	Cost of Sales	-	-	-	-	-	-	-	-	-
$Description: \\vivek-pc\e\Reaxa Limited_files\barchart-grey.png$	Gross Profit	-	-	-	-	-	-	-	-	-
$Description: \\vivek-pc\e\Reaxa Limited_files\barchart-grey.png$	Wages & Salaries	-	-	-	-	-	-	-	-	-
$Description: \\vivek-pc\e\Reaxa Limited_files\barchart-grey.png$	Directors Emoluments	-	-	-	-	-	-	-	-	-
$Description: \\vivek-pc\e\Reaxa Limited_files\barchart-grey.png$	Operating Profit	-	-	-	-	-	-	-	-	-
$Description: \\vivek-pc\e\Reaxa Limited_files\barchart-grey.png$	Depreciation	£1,488	-19.5%	£1,848	-14.3%	£2,156	-14.4%	£2,520	-11.6%	£2,851
$Description: \\vivek-pc\e\Reaxa Limited_files\barchart-grey.png$	Audit Fees	-	-	-	-	-	-	-	-	-
$Description: \\vivek-pc\e\Reaxa Limited_files\barchart-grey.png$	Interest Payments	-	-	-	-	-	-	-	-	-
$Description: \\vivek-pc\e\Reaxa Limited_files\barchart-grey.png$	Pre Tax Profit	-	-	-	-	-	-	-	-	-
$Description: \\vivek-pc\e\Reaxa Limited_files\barchart-grey.png$	Taxation	-	-	-	-	-	-	-	-	-
$Description: \\vivek-pc\e\Reaxa Limited_files\barchart-grey.png$	Profit After Tax	-	-	-	-	-	-	-	-	-
$Description: \\vivek-pc\e\Reaxa Limited_files\barchart-grey.png$	Dividends Payable	-	-	-	-	-	-	-	-	-
$Description: \\vivek-pc\e\Reaxa Limited_files\barchart-grey.png$	Retained Profit	-	-	-	-	-	-	-	-	-

Balance Sheet

	Date Of Accounts	31/03/17	(%)	31/03/16	(%)	31/03/15	(%)	31/03/14	(%)	31/03/13
$Description: \\vivek-pc\e\Reaxa Limited_files\barchart-grey.png$	Tangible Assets	£38,435	-3.7%	£39,923	-4.4%	£41,771	-4.9%	£43,927	-4.8%	£46,158
$Description: \\vivek-pc\e\Reaxa Limited_files\barchart-grey.png$	Intangible Assets	£27,050	-33.3%	£40,578	-25%	£54,106	-20%	£67,632	-16.7%	£81,158
$Description: \\vivek-pc\e\Reaxa Limited_files\barchart-grey.png$	Total Fixed Assets	£65,485	-18.7%	£80,501	-16%	£95,877	-14.1%	£111,559	-12.4%	£127,316
$Description: \\vivek-pc\e\Reaxa Limited_files\barchart-grey.png$	Stock	£15,916	-	£15,916	-	£15,916	-	£15,916	-	£15,916
$Description: \\vivek-pc\e\Reaxa Limited_files\barchart-grey.png$	Trade Debtors	£1,051,941	80.8%	£581,783	152.1%	£230,778	-15.6%	£273,455	-8.3%	£298,256
$Description: \\vivek-pc\e\Reaxa Limited_files\barchart-grey.png$	Cash	£491,893	309.5%	£120,124	22.7%	£97,935	-37.8%	£157,438	-3.2%	£162,698
$Description: \\vivek-pc\e\Reaxa Limited_files\barchart-grey.png$	Other Debtors	£18,835	-35.5%	£29,194	-	0	-	0	-	0
$Description: \\vivek-pc\e\Reaxa Limited_files\barchart-grey.png$	Miscellaneous Current Assets	0	-	0	-	0	-	0	-	0
$Description: \\vivek-pc\e\Reaxa Limited_files\barchart-grey.png$	Total Current Assets	£1,578,585	111.3%	£747,017	116.8%	£344,629	-22.9%	£446,809	-6.3%	£476,870
$Description: \\vivek-pc\e\Reaxa Limited_files\barchart-grey.png$	Trade Creditors	£1,505,143	92.1%	£783,683	60.6%	£488,115	-21.4%	£621,006	-4.5%	£650,417
$Description: \\vivek-pc\e\Reaxa Limited_files\barchart-grey.png$	Bank Loans & Overdrafts	0	-	0	-	0	-	0	-	0
$Description: \\vivek-pc\e\Reaxa Limited_files\barchart-grey.png$	Other Short Term Finance	0	-	0	-	0	-	0	-	0
$Description: \\vivek-pc\e\Reaxa Limited_files\barchart-grey.png$	Miscellaneous Current Liabilities	£81,788	-24.7%	£108,636	-	0	-	0	-	0
$Description: \\vivek-pc\e\Reaxa Limited_files\barchart-grey.png$	Total Current Liabilities	£1,586,931	77.8%	£892,319	82.8%	£488,115	-21.4%	£621,006	-4.5%	£650,417
$Description: \\vivek-pc\e\Reaxa Limited_files\barchart-grey.png$	Bank Loans & Overdrafts and LTL	0	-	0	-100%	£43,074	879%	£4,400	-81.6%	£23,887
$Description: \\vivek-pc\e\Reaxa Limited_files\barchart-grey.png$	Other Long Term Finance	0	-	0	-	0	-	0	-	0
$Description: \\vivek-pc\e\Reaxa Limited_files\barchart-grey.png$	Total Long Term Liabilities	0	-	0	-100%	£43,074	879%	£4,400	-81.6%	£23,887

Capital & Reserves

	Date Of Accounts	31/03/17	(%)	31/03/16	(%)	31/03/15	(%)	31/03/14	(%)	31/03/13
$Description: \\vivek-pc\e\Reaxa Limited_files\barchart-grey.png$	Called Up Share Capital	£6,947	-	£6,947	-	£6,947	-	£6,947	-	£6,947
$Description: \\vivek-pc\e\Reaxa Limited_files\barchart-grey.png$	P & L Account Reserve	-£5,311,531	2.2%	-£5,433,471	0.5%	-£5,459,353	-0.4%	-£5,435,708	0.1%	-£5,438,788
$Description: \\vivek-pc\e\Reaxa Limited_files\barchart-grey.png$	Revaluation Reserve	-	-	-	-	-	-	-	-	-
$Description: \\vivek-pc\e\Reaxa Limited_files\barchart-grey.png$	Sundry Reserves	£5,361,723	-	£5,361,723	-	£5,361,723	-	£5,361,723	-	£5,361,723
$Description: \\vivek-pc\e\Reaxa Limited_files\barchart-grey.png$	Shareholder Funds	£57,139	188.2%	-£64,801	28.5%	-£90,683	-35.3%	-£67,038	4.4%	-£70,118

Other Financial Items

	Date Of Accounts	31/03/17	(%)	31/03/16	(%)	31/03/15	(%)	31/03/14	(%)	31/03/13
$Description: \\vivek-pc\e\Reaxa Limited_files\barchart-grey.png$	Net Worth	£30,089	128.6%	-£105,379	27.2%	-£144,789	-7.5%	-£134,670	11%	-£151,276
$Description: \\vivek-pc\e\Reaxa Limited_files\barchart-grey.png$	Working Capital	-£8,346	94.3%	-£145,302	-1.3%	-£143,486	17.6%	-£174,197	-0.4%	-£173,547
$Description: \\vivek-pc\e\Reaxa Limited_files\barchart-grey.png$	Total Assets	£1,644,070	98.7%	£827,518	87.9%	£440,506	-21.1%	£558,368	-7.6%	£604,186
$Description: \\vivek-pc\e\Reaxa Limited_files\barchart-grey.png$	Total Liabilities	£1,586,931	77.8%	£892,319	68%	£531,189	-15.1%	£625,406	-7.3%	£674,304
$Description: \\vivek-pc\e\Reaxa Limited_files\barchart-grey.png$	Net Assets	£57,139	188.2%	-£64,801	28.5%	-£90,683	-35.3%	-£67,038	4.4%	-£70,118

Cash Flow

	Date Of Accounts	31/03/17	(%)	31/03/16	(%)	31/03/15	(%)	31/03/14	(%)	31/03/13
$Description: \\vivek-pc\e\Reaxa Limited_files\barchart-grey.png$	Net Cashflow from Operations	-	-	-	-	-	-	-	-	-
$Description: \\vivek-pc\e\Reaxa Limited_files\barchart-grey.png$	Net Cashflow before Financing	-	-	-	-	-	-	-	-	-
$Description: \\vivek-pc\e\Reaxa Limited_files\barchart-grey.png$	Net Cashflow from Financing	-	-	-	-	-	-	-	-	-
$Description: \\vivek-pc\e\Reaxa Limited_files\barchart-grey.png$	Increase in Cash	-	-	-	-	-	-	-	-	-

Miscellaneous

	Date Of Accounts	31/03/17	(%)	31/03/16	(%)	31/03/15	(%)	31/03/14	(%)	31/03/13
	Contingent Liability	NO	-	NO	-	NO	-	NO	-	NO
$Description: \\vivek-pc\e\Reaxa Limited_files\barchart-grey.png$	Capital Employed	£57,139	188.2%	-£64,801	-36.1%	-£47,609	24%	-£62,638	-35.5%	-£46,231
$Description: \\vivek-pc\e\Reaxa Limited_files\barchart-grey.png$	Number of Employees	2	-	-	-	-	-	-	-	-
	Accountants	FAIRHURST
	Auditors
	Auditor Comments	The company is exempt from audit
	Bankers	HSBC BANK PLC
	Bank Branch Code	40-27-41

Ratios

	Date Of Accounts	31/03/17	31/03/16	31/03/15	31/03/14	31/03/13
$Description: \\vivek-pc\e\Reaxa Limited_files\barchart-grey.png$	Pre-tax profit margin %	-	-	-	-	-
$Description: \\vivek-pc\e\Reaxa Limited_files\barchart-grey.png$	Current ratio	0.99	0.84	0.71	0.72	0.73
$Description: \\vivek-pc\e\Reaxa Limited_files\barchart-grey.png$	Sales/Net Working Capital	-	-	-	-	-
$Description: \\vivek-pc\e\Reaxa Limited_files\barchart-grey.png$	Gearing %	0	0	-47.50	-6.60	-34.10
$Description: \\vivek-pc\e\Reaxa Limited_files\barchart-grey.png$	Equity in %	3.50	-8.20	-23.50	-13.70	-13.40
$Description: \\vivek-pc\e\Reaxa Limited_files\barchart-grey.png$	Creditor Days	-	-	-	-	-
$Description: \\vivek-pc\e\Reaxa Limited_files\barchart-grey.png$	Debtor Days	-	-	-	-	-
$Description: \\vivek-pc\e\Reaxa Limited_files\barchart-grey.png$	Liquidity/Acid Test	0.98	0.81	0.67	0.69	0.70
$Description: \\vivek-pc\e\Reaxa Limited_files\barchart-grey.png$	Return On Capital Employed %	-	-	-	-	-
$Description: \\vivek-pc\e\Reaxa Limited_files\barchart-grey.png$	Return On Total Assets Employed %	-	-	-	-	-
$Description: \\vivek-pc\e\Reaxa Limited_files\barchart-grey.png$	Current Debt Ratio	27.77	-13.77	-5.38	-9.26	-9.27
$Description: \\vivek-pc\e\Reaxa Limited_files\barchart-grey.png$	Total Debt Ratio	27.77	-13.77	-5.85	-9.32	-9.61
$Description: \\vivek-pc\e\Reaxa Limited_files\barchart-grey.png$	Stock Turnover Ratio %	-	-	-	-	-
$Description: \\vivek-pc\e\Reaxa Limited_files\barchart-grey.png$	Return on Net Assets Employed %	-	-	-	-	-

Event History View Documents

Date	Description
21/01/2018	New Accounts Filed
21/01/2018	New Accounts Filed
26/10/2017	Confirmation Statement
22/09/2017	Change in Reg.Office
29/12/2016	New Accounts Filed
10/10/2016	Annual Returns
20/12/2015	Annual Returns
21/11/2015	New Accounts Filed
02/11/2015	New Board Member Mr A.C. Patel appointed
23/10/2015	New Board Member Mr A.C. Patel appointed
22/10/2015	N.T. Mehta has resigned as company secretary
08/10/2015	N.T. Mehta has left the board
02/10/2015	A. Mehta has left the board
24/06/2015	Change in Reg.Office
24/06/2015	Change of Company Postcode

Previous Company Names

Date	Previous Name
12/11/2003	M&R 929 LIMITED

Writ Details

No writs found

Statistics

Group	2 companies
Linkages	0 companies
Countries	In 0 countries

Summary

Holding Company	-
Ownership Status	Wholly Owned
Ultimate Holding Company	REAXA CHEMISTRY SOLUTIONS PVT LTD

Group Structure Full

Company Name	Registered Number	Latest Key Financials	Consol. Accounts	Turnover
$Description: \\vivek-pc\e\Reaxa Limited_files\tminus.gif$ REAXA CHEMISTRY SOLUTION...	N/A	-	-
$Description: \\vivek-pc\e\Reaxa Limited_files\L.gif$ REAXA LIMITED	04884654	31.03.2017	N

Statistics

Group	2 companies
Linkages	0 companies
Countries	In 0 countries

Mortgage Details

Mortgage Type:
Date Charge Created:	09/11/09
Date Charge Registered:	26/11/09
Date Charge Satisfied:	-
Status:	PARTIAL PROPERTY RELEASE/CEASE TO BELONG
Person(s) Entitled:	THE NORTH WEST BUSINESS INVESTMENT SCHEME
Amount Secured:
Details:	BY WAY OF FIRST FIXED CHARGE ALL RIGHT TITLE INTEREST AND BENEFIT IN ALL PATENTS AND PATENT APPLICATIONS, ALL COPYRIGHTS, THE INVENTIONS, THE SOFTWARE ALL RELATED REGISTRATION DESIGNS, ALL RELATED CONFIDENTIAL INFORMATION. SEE IMAGE FOR FULL DETAILS
Mortgage Type:
Date Charge Created:	09/11/09
Date Charge Registered:	26/11/09
Date Charge Satisfied:	-
Status:	PARTIAL
Person(s) Entitled:	RISINGSTARS GROWTH FUND II LP
Amount Secured:
Details:	BY WAY OF FIRST FIXED CHARGE ALL RIGHT TITLE INTEREST AND BENEFIT IN ALL PATENTS AND PATENT APPLICATIONS, ALL COPYRIGHTS, THE INVENTIONS, THE SOFTWARE ALL RELATED REGISTRATION DESIGNS, ALL RELATED CONFIDENTIAL INFORMATION. SEE IMAGE FOR FULL DETAILS

Mortgage Type:	DEBENTURE
Date Charge Created:	25/05/07
Date Charge Registered:	07/06/07
Date Charge Satisfied:	15/12/07
Status:	SATISFIED
Person(s) Entitled:	NPIL PHARMACEUTICALS (UK) LIMITED
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 SEE THE MORTGAGE CHARGE DOCUMENT FOR FULL DETAILS

Previous Director/Company Secretaries

Name	Current Active Appointments		Previous Appointments	Dissolved Companies
Roy Ernest Davies	4		3	4
Howard Lee Jones	5		17	20
Howard Lee Jones	5		17	20
Stephen Paul Robinson	7		5	64
John Andrew Nicholson	1		6	6
David Alan Pears	1		1	1
Duncan McLellan	2		9	19
Angela Dawn Morris	0		2	2
Angela Dawn Morris	0		2	2
Peter Jackson	3		9	5
Barrie John Thorpe	0		3	2
Jonathan Robert Clipsham	0		1	2
Raghunathan Ananthanarayanan	0		1	0
David Robert Killworth	0		4	2
Tom Pickthorn	0		27	38
Zickie Lim	1		27	38
Niyati Tanna Mehta	0		1	0
Amit Mehta	0		1	0
Niyati Tanna Mehta	0		1	0
Total Persons With Significant Control	0	Total Statements		1
Active	0	Active		1
Ceased	0	Ceased		0

Active Persons With Significant Control

No Active Persons With Significant Control To Display

Ceased Persons With Significant Control

No Ceased Persons With Significant Control To Display

Active Statements

Statement	The company has identified a registrable person in relation to the company but all the required particulars of that person have not been confirmed
Notified On	02/09/2016

Ceased Statements

No Ceased Statements To Display

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	INR 67.44
UK Pound	1	INR 89.89
Euro	1	INR 70.00
GBP	1	INR 90.11

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

INFORMATION DETAILS

Analysis Done by :	NIS

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.