MIRA INFORM REPORT

Report Date :

15.01.2011

IDENTIFICATION DETAILS

Correct Name :	LINDE LLC (LINDE NORTH AMERICA)

Registered Office :	2711 Centerville Road Suite 400 - Wilmington - New Castle - DE

Country :	United States

Date of Incorporation :	05.12.1973

Legal Form :	Limited Liability Company

Line of Business :	Industrial Gas Suppliers

RATING & COMMENTS

MIRA’s Rating :

RATING		STATUS	PROPOSED CREDIT LINE
41-55	Ba	Overall operation is considered normal. Capable to meet normal commitments.	Satisfactory

Maximum Credit Limit :	USD 1,000,000.

Status :	Satisfactory

Payment Behaviour :	Regular

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 – June 30, 2010

Country Name

Previous Rating

(01.04.2010)

Current Rating

(30.06.2010)

United States

Risk Category	ECGC Classification
Insignificant	A1
Low	A2
Moderate	B1
High	B2
Very High	C1
Restricted	C2
Off-credit	D

GEOPOLITICS - UNITED STATES

POLITICAL DATA

ECONOMIC DATA

Form of Government: Federal

Economic Risk: Nil

Currency: USD

Branch Situation: Stable

IDENTIFICATION

Ordered as:	Linde LLC
Address in the order:	555 Mountain Avenue Murray Hill NJ 07974

Legal Name:	Linde LLC (Linde North America)
Trade Name:	Linde North America
Legal Address	2711 Centerville Road Suite 400 - Wilmington - New Castle - DE - USA (incorporators)
Operative Address	575 Mountain Ave - Murray Hill, New Jersey 07974 - USA (headquarters)
Telephone:	(908) 464-8100	ID :	0796779
Fax:	(908) 464-8100	Legal Form:	Limited Liability Company
Email:	NA	Registered in:	Delaware
Website:	http://www.lindeus.com/	Date Created:	NA
Manager:	Pat Murphy, President and CEO	Date Incorporated:	December, 5th. 1973
Staff:	3,700	Stock:	NA
		Value:	NA
Activity:	Industrial gas suppliers

BANKS

Name of the Bank	FEDERAL HOME LOAN BANK OF DALLAS
Name of the Bank	THE CHASE MANAHATTAN BANK

BUSINESS

PRINCIPAL ACTIVITY
	Industrial gas suppliers
Products/Services description:
	The company provides: -Industrial Bulk Gases (Argon, Carbon Dioxide, Helium, Hydrogen, Nitrogen, Oxygen, Bulk Distribution Methods) -Dry Ice (Onsite Gas Supply Systems, Specialty Gases & Chemical) -Onsite Gas Supply Systems (Carbon Monoxide, Hydrogen, Nitrogen, Oxygen, Synthesis Gas) -Specialty Gases & Chemicals
Sales are:
	Wholesale
Clients:
	Professionals of the industry, mainly gas industries
Operations area:
	National, International
The subject employs 3,700 (200 in the location giv employee(s)
PAYMENTS
	made on a 60 days basis - monitored over the last 12 months
LOCATION
Headquarters
	The legal address of the company is: 2711 CENTERVILLE ROAD SUITE 400 - WILMINGTON - NEW CASTLE - DE - USA However, it is headquartered at: 575 Mountain Ave Murray Hill, New Jersey 07974, USA
Comments on location:
	The company is incoporated in Delaware due to taxs purposes. However, it is headquartered in New Jersey

Shareholders - Manager - Related Companies

Listed at the stock exchange:
	NO
Shareholders Parent Company(ies):
	This is a private company. It belongs to "Linde AG".
Management:
	- Pat Murphy, President and CEO

Financials - COMMERCIAL TRENDS AND FORECAST

As a private company the subject does not publish any financial statements.

We have contacted the operator of the company who refused to provide us any financial data without knowing the name of the inquiring party.

However our financial sources could provide us with the following data (estimates):

Currency	DATE
USD	2009
Turnover	1,500,000,000
The cash flow is	Normal

Legal Fillings

There are several UCC** files listed with the Secretary of State of New Jersey.

There are no legal filings listed with the District Court.

THE COMPANY IS NOT LISTED ON THE OFAC LIST.*

For information:

* The Specially Designated Nationals (SDN) List is a publication of OFAC which lists individuals and organizations with whom United States citizens and permanent residents are prohibited from doing business.

** The Uniform Commercial Code (UCC) is one of a number of uniform acts that have been promulgated in conjunction with efforts to harmonize the law of sales and other commercial transactions in all 50 states within the United States of America.

The UCC deals primarily with transactions involving personal property (movable property), not real property (immovable property).

It allows a creditor to notify other creditors about a debtor’s assets used as collateral for a secured transaction by filing a public notice (financing statement) with a particular filing office.

The Uniform Commercial Code Bureau files and maintains on financial obligations (including IRS liens) incurred by individuals (in business as a sole proprietor), business entities and corporations.

Rating

Local credit bureau gave a Correct credit rate.

The company is in Good Standing. This means that all local and federal taxes were paid on due date.

Final Opinion

This is a big sized American company which employs 3,700 persons.

It belongs to "Linde AG", headquartered in Germany.

A credit line may be consider for USD 1,000,000.-

SUMMARY

FINANCIAL SUMMARY		DEBT COLLECTIONS AND PAYMENTS
Profitability	CORRECT	Public Records	NO
Indebtedness	CONTROLLED	Payments	REGULAR
Cash	NORMAL

APPENDIX

Position
	Operator of the company
Comments
	The person contacted refused to provide us any information on grounds of confidentiality.

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.45.30
UK Pound	1	Rs.71.73
Euro	1	Rs.60.40

RATING EXPLANATIONS

RATING		STATUS	PROPOSED CREDIT LINE
>86	Aaa	Possesses an extremely sound financial base with the strongest capability for timely payment of interest and principal sums	Unlimited
71-85	Aa	Possesses adequate working capital. No caution needed for credit transaction. It has above average (strong) capability for payment of interest and principal sums	Large
56-70	A	Financial & operational base are regarded healthy. General unfavourable factors will not cause fatal effect. Satisfactory capability for payment of interest and principal sums	Fairly Large
41-55	Ba	Overall operation is considered normal. Capable to meet normal commitments.	Satisfactory
26-40	B	Capability to overcome financial difficulties seems comparatively below average.	Small
11-25	Ca	Adverse factors are apparent. Repayment of interest and principal sums in default or expected to be in default upon maturity	Limited with full security
<10	C	Absolute credit risk exists. Caution needed to be exercised	Credit not recommended
----	NB	New Business	----

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 and their relative weights (as indicated through %) are as follows:

Financial condition (40%) Ownership background (20%) Payment record (10%)

Credit history (10%) Market trend (10%) Operational size (10%)

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.