MIRA INFORM REPORT

Report Date :

15.07.2011

IDENTIFICATION DETAILS

Name :	AIRGAS INC
Registered Office :	Corporation Trust Center 1209 Orange Street Wilmington De,19801
Country :	United States
Financials (as on) :	31.03.2011
Date of Incorporation :	21.08.1986
Legal Form :	--
Line of Business :	Distributes industrial, medical, and specialty gases, as well as hardgoods in the United States.

RATING & COMMENTS

MIRA’s Rating :

Ba

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

Maximum Credit Limit :	USD 2,500,000.
Status :	Satisfactory
Payment Behaviour :	Usually Correct
Litigation :	Exists

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 – March 31^st, 2011

Country Name	Previous Rating (31.12.2010)	Current Rating (31.03.2011)
United States	A1	A1

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
Legal Name:	Airgas Inc
Legal Address	CORPORATION TRUST CENTER 1209 ORANGE STREET WILMINGTON DE,19801 USA
Operative Address	259, Radnor-Chester Road, Radnor, PA 19087-5283, USA
Telephone:	+ 1 (610) 867 - 5253	FileNumber :	2099413
Fax:	+ 1 (610) 225 - 3271	Legal Form:
Email:	ebusinessEast@airgas.com	Registered in:	Delaware
Website:	http://www.airgas.com	Date Created:	1982
Manager:	Peter McCausland	Date Incorporated:	August 21,1986
Staff:	14,000	Stock:	75,832,680 shares
		Value:	$0.01 per share
Activity:	Distributes industrial, medical, and specialty gases, as well as hardgoods in the United States.

BANKS
Name of the Bank	Wells Fargo Bank National
BUSINESS
HISTORY
	Airgas Chairman and Chief Executive Officer Peter McCausland founded the company in 1982. Through approximately 400 acquisitions and internal growth, Airgas has built the largest national distribution network in the packaged gas industry. More than 14,000 employees work in more than 1,100 locations includes branches, cylinder fill plants, production facilities, specialty gas laboratories, and regional distribution centers to serve a diversified customer base. Airgas markets through multiple channels, including its own branches and outside sales force, a Strategic Accounts Team focused on large customers, distributors and resellers, telesales, catalog and eBusiness channels.
PRINCIPAL ACTIVITY
	The company offers various gases. The company also engages in the rental of gas cylinders, cryogenic liquid containers, bulk storage tanks, tube trailers, and welding and welding related equipment. In addition, the company manufactures and distributes liquid carbon dioxide, dry ice, nitrous oxide, ammonia, refrigerant gases, and atmospheric merchant gases. It serves repair and maintenance, industrial manufacturing, energy and infrastructure construction, medical, petrochemical, food and beverage, retail and wholesale, analytical, utilities, and transportation industries.
Products/Services description:
	The Airgas broad product portfolio consists of: Specialty Gases Disposable Cylinder Solutions Medical Gases Welding Shielding and Cutting Gases Bulk Gases Refrigerant Gases Liquid CO2 and Dry Ice Welding Equipment (all major brands) Welding Consumables Industrial Coatings Safety Products Industrial Tools and Supplies Equipment Rentals Power Distribution Systems and more!
Sales are:
	Wholesale
Operations area:
Trade references:	National We were unable to confirm the company’s trade references with the staff.
PAYMENTS
	regular
Comments on location:
	The company operates an integrated network of approximately 1100 locations, including branches, retail stores, packaged gas fill plants, specialty gas labs, production facilities, and distribution centers. It is based in Radnor, Pennsylvania.

Shareholders - Manager - Related Companies
Capital:
	% of Shares Held by All Insider and 5% Owners: 9% % of Shares Held by Institutional & Mutual Fund Owners: 77% % of Float Held by Institutional & Mutual Fund Owners: 85% Number of Institutions Holding Shares: 339 AIRGAS INC (ARG:New York)
Shareholders Parent Company(ies):
	Major Direct Holders MCCAUSLAND PETER CICHOCKI ANDREW R HOVEY JAMES W SNEED PAULA A THOMAS LEE M
Management:
	John van Roden, Chairman, Peter McCausland, President, CEO, and Director, Michael Molinini, EVP and COO.
Related Companies:
	Airgas Inc have serveral Subsidiaries. Enclosed document with the list.

Financials - COMMERCIAL TRENDS AND FORECAST

The subject is a public company traded at the stock exchange. Please find enclosed the financial statements.

Legal Fillings

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

Filing Number: 2011 1964082

Filing Date: 05-24-2011

Secured Party: SUNTRUST EQUIPMENT FINANCE & LEASING CORP.

Filing Number: 2011 1852840

Filing Date: 05-17-2011

Secured Party: SUNTRUST EQUIPMENT FINANCE & LEASING CORP.

Filing Number: 2011 0726359

Filing Date: 02-28-2011

Secured Party: SUNTRUST EQUIPMENT FINANCE & LEASING CORP.

Filing Number: 2011 0641517

Filing Date: 02-22-2011

Secured Party: SUNTRUST EQUIPMENT FINANCE & LEASING CORP.

Filing Number: 2011 0455488

Filing Date: 02-08-2011

Secured Party: SUNTRUST EQUIPMENT FINANCE & LEASING CORP.

There are various claims, lawsuits, and pending actions against the Company and its subsidiaries incident to the operations of its businesses. It is the opinion of management, after consultation with counsel, that the ultimate resolution of such claims, lawsuits and pending actions will not have a material adverse effect on the Company\'s consolidated financial position, results of operations or liquidity.
.

The last annual report was filed on 2010.

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 good credit rate. The company is in Good Standing. This means that all local and federal taxes were paid on due date.
Final Opinion
	This company has been in business for over 40 years. It has a staff of 14,000 employees at group level which makes it a large sized company. Airgas had net sales for the fiscal year ended March 31, 2011 ("fiscal 2011" ) of $4.3 billion compared to $3.9 billion for the fiscal year ended March 31, 2010 ("fiscal 2010" or ), an increase of 10%. This company has good credit history and good financial structure. Due to the fact that this is a large sized company with several subsidiaries worldwide, and considering the fact that the revenue for the year increased significantly: We nevertheless suggest some attention on the long run debts. This impacts our rating.

SUMMARY
FINANCIAL SUMMARY		DEBT COLLECTIONS AND PAYMENTS
Profitability	CORRECT	Public Records	YES
Indebtedness	MEDIUM	Payments	REGULAR
Cash	NORMAL

AIRGAS, INC. AND SUBSIDIARIES

Corporation Name	Domicile
Airgas, Inc.	DE
Airgas Canada, Inc.	Canada
Airgas Carbonic, Inc.	DE
Airgas Data, LLC	DE
Airgas East, Inc.	DE
Airgas Great Lakes, Inc.	DE
Airgas Intermountain, Inc.	CO
Airgas Investments, Inc.	DE
Airgas Logistics S.A. de C.V.	Mexico
Airgas Merchant Gases, LLC	DE
Airgas Merchant Holdings, Inc.	DE
Airgas Mid America, Inc.	DE
Airgas Mid South, Inc.	DE
Airgas Nor Pac, Inc.	DE
Airgas North Central, Inc.	DE
Airgas Northern California & Nevada, Inc.	DE
Airgas Refrigerants, Inc.	DE
Airgas Retail Services, LLC	DE
Airgas S.A. de C.V.	Mexico
Airgas Safety, Inc.	DE
Airgas Sakhalin Holdings, Inc.	DE
Airgas Sakhalin, LLC	Russia
Airgas South, Inc.	DE
Airgas Southwest, Inc.	DE
Airgas Specialty Gases, Inc.	TX
Airgas Specialty Products, Inc.	DE
Airgas West, Inc.	CA
Airgas West, S.A.de C.V.	Mexico
A & N Europe B.V.	Netherlands
A & N Management Limited	UK
Airgas Medical Services, Inc.	DE
Missouri River Holdings, Inc.	KS
National Welders Supply Company, Inc. d.b.a. Airgas National Welders	NC
Nitrous Oxide Corp.	DE
Oilind Safety, Inc	DE
Radnor Funding Corp.	DE
Red-D-Arc, Inc.	NV
Red-D-Arc (Netherlands) B.V.	Netherlands
Red-D-Arc (FR) SAS	France
Red-D-Arc (U.K.) Limited	UK
Red-D-Arc Limited	Canada
Red-D-Arc S.A.de C.V.	Mexico
WorldWide Welding, LLC	DE

Financials

Annual

Income Statement

Period Ending		Mar 31, 2011	Mar 31, 2010	Mar 31, 2009
Total Revenue		4,251,467	3,875,153	4,361,479
Cost of Revenue		1,958,496	1,751,301	2,039,888
Gross Profit		2,292,971	2,123,852	2,321,591
	Operating Expenses
	Research Development	-	-	-
	Selling General and Administrative	1,574,072	1,489,305	1,575,928
	Non Recurring	-	-	-
	Others	250,518	234,949	220,795
	Total Operating Expenses	-	-	-
Operating Income or Loss		468,381	399,598	524,868
	Income from Continuing Operations
	Total Other Income/Expenses Net	(2,204)	(22,188)	(11,120)
	Earnings Before Interest And Taxes	406,123	314,100	429,353
	Interest Expense	-	-	87,142
	Income Before Tax	406,123	314,100	429,353
	Income Tax Expense	156,357	117,800	168,265
	Minority Interest	-	-	-
	Net Income From Continuing Ops	245,604	178,431	261,088
	Non-recurring Events
	Discontinued Operations	-	-	-
	Extraordinary Items	-	-	-
	Effect Of Accounting Changes	-	-	-
	Other Items	-	-	-
Net Income		249,766	196,300	261,088
Preferred Stock And Other Adjustments		-	-	-
Net Income Applicable To Common Shares		249,766	196,300	261,088

Currency in USD

Quarterly

Income Statement

Period Ending		Mar 31, 2011	Dec 31, 2010	Sep 30, 2010	Jun 30, 2010
Total Revenue		1,102,684	1,034,464	1,061,663	1,052,656
Cost of Revenue		522,973	475,775	480,859	478,889
Gross Profit		579,711	558,689	580,804	573,767
	Operating Expenses
	Research Development	-	-	-	-
	Selling General and Administrative	398,947	387,962	396,614	390,549
	Non Recurring	-	-	-	-
	Others	65,265	62,361	62,425	60,467
	Total Operating Expenses	-	-	-	-
Operating Income or Loss		115,499	108,366	121,765	122,751
	Income from Continuing Operations
	Total Other Income/Expenses Net	680	1,036	(369)	(3,551)
	Earnings Before Interest And Taxes	101,940	90,931	107,371	105,881
	Interest Expense	-	-	-	-
	Income Before Tax	101,940	90,931	107,371	105,881
	Income Tax Expense	39,369	35,100	40,806	41,082
	Minority Interest	-	-	-	-
	Net Income From Continuing Ops	62,571	55,831	65,344	61,858
	Non-recurring Events
	Discontinued Operations	-	-	-	-
	Extraordinary Items	-	-	-	-
	Effect Of Accounting Changes	-	-	-	-
	Other Items	-	-	-	-
Net Income		62,571	55,831	66,565	64,799
Preferred Stock And Other Adjustments		-	-	-	-
Net Income Applicable To Common Shares		62,571	55,831	66,565	64,799

Currency in USD.

Annual

Balance Sheet

Period Ending		Mar 31, 2011	Mar 31, 2010	Mar 31, 2009
Assets
Current Assets
	Cash And Cash Equivalents	57,218	47,001	47,188
	Short Term Investments	-	-	-
	Net Receivables	600,394	235,395	230,431
	Inventory	362,502	333,961	390,445
	Other Current Assets	100,531	94,978	76,679
Total Current Assets		1,120,645	711,335	744,743
Long Term Investments		-	-	-
Property Plant and Equipment		2,455,758	2,427,996	2,366,526
Goodwill		1,117,336	1,109,276	1,063,370
Intangible Assets		197,168	212,752	216,070
Accumulated Amortization		-	-	-
Other Assets		44,974	34,573	35,601
Deferred Long Term Asset Charges		-	-	-
Total Assets		4,935,881	4,495,932	4,426,310
Liabilities
Current Liabilities
	Accounts Payable	554,635	465,388	437,243
	Short/Current Long Term Debt	9,868	10,255	11,058
	Other Current Liabilities	-	-	113,530
Total Current Liabilities		564,503	475,643	448,301
Long Term Debt		1,842,994	1,499,384	1,750,308
Other Liabilities		70,548	72,972	79,231
Deferred Long Term Liability Charges		722,954	652,389	576,715
Minority Interest		-	-	-
Negative Goodwill		-	-	-
Total Liabilities		3,200,999	2,700,388	2,854,555
Stockholders' Equity
Misc Stocks Options Warrants		-	-	-
Redeemable Preferred Stock		-	-	-
Preferred Stock		-	-	-
Common Stock		866	863	856
Retained Earnings		1,498,728	1,332,759	1,198,985
Treasury Stock		(379,885)	(109,941)	(150,363)
Capital Surplus		607,593	568,421	533,030
Other Stockholder Equity		7,580	3,442	(10,753)
Total Stockholder Equity		1,734,882	1,795,544	1,571,755
Net Tangible Assets		420,378	473,516	292,315

Currency in USD.

Quarterly

Balance Sheet

Period Ending		Mar 31, 2011	Dec 31, 2010	Sep 30, 2010	Jun 30, 2010
Assets
Current Assets
	Cash And Cash Equivalents	57,218	35,015	53,352	57,890
	Short Term Investments	-	-	-	-
	Net Receivables	600,394	551,504	574,267	554,697
	Inventory	362,502	359,186	337,448	344,644
	Other Current Assets	100,531	100,934	90,904	79,985
Total Current Assets		1,120,645	1,046,639	1,055,971	1,037,216
Long Term Investments		-	-	-	-
Property Plant and Equipment		2,455,758	2,434,217	2,428,437	2,424,894
Goodwill		1,117,336	1,117,079	1,110,345	1,106,881
Intangible Assets		197,168	201,699	203,151	207,011
Accumulated Amortization		-	-	-	-
Other Assets		44,974	46,950	50,208	38,827
Deferred Long Term Asset Charges		-	-	-	-
Total Assets		4,935,881	4,846,584	4,848,112	4,814,829
Liabilities
Current Liabilities
	Accounts Payable	554,635	469,985	498,674	504,470
	Short/Current Long Term Debt	9,868	9,564	10,624	9,589
	Other Current Liabilities	-	-	-	-
Total Current Liabilities		564,503	479,549	509,298	514,059
Long Term Debt		1,842,994	1,617,150	1,666,918	1,711,630
Other Liabilities		70,548	68,632	67,927	69,231
Deferred Long Term Liability Charges		722,954	702,356	676,257	658,944
Minority Interest		-	-	-	-
Negative Goodwill		-	-	-	-
Total Liabilities		3,200,999	2,867,687	2,920,400	2,953,864
Stockholders' Equity
Misc Stocks Options Warrants		-	-	-	-
Redeemable Preferred Stock		-	-	-	-
Preferred Stock		-	-	-	-
Common Stock		866	865	865	864
Retained Earnings		1,498,728	1,459,614	1,424,808	1,379,186
Treasury Stock		(379,885)	(87,634)	(93,861)	(102,934)
Capital Surplus		607,593	601,063	592,353	582,475
Other Stockholder Equity		7,580	4,989	3,547	1,374
Total Stockholder Equity		1,734,882	1,978,897	1,927,712	1,860,965
Net Tangible Assets		420,378	660,119	614,216	547,073

Currency in USD.

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.44.53
UK Pound	1	Rs.71.80
Euro	1	Rs.63.15

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.