MIRA INFORM REPORT

Report Date :

21.02.2012

IDENTIFICATION DETAILS

Name :	TALLERES FABIO MURGA SOCIEDAD ANONIMA
Registered Office :	Ps. De La Magdalena, 28 Balmaseda, 48800
Country :	Spain
Financials (as on) :	31.12.2010
Year of Establishment :	1972
Com. Reg. No.:	A48063812
Legal Form :	Public Subsidiary
Line of Business :	Casting of steel
No. of Employees :	87

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

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 – September 30, 2011

Country Name	Previous Rating (30.06.2011)	Current Rating (30.09.2011)
Spain	A2	A2

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

Company name and address

Top of Form

Bottom of Form

Talleres Fabio Murga Sociedad Anonima

Ps. De La Magdalena, 28
Balmaseda, 48800
Spain
Tel:	+(34) 946102444
Fax:	+(34) 946103222
Suggest Company URL

Employees:	87
Company Type:	Public Subsidiary
Corporate Family:	139 Companies
Ultimate Parent:	LBO France SARL
Incorporation Date:	1972
Auditor:	Moore Stephens Ams Sociedad Limitada

Financials in:	USD (mil)
Fiscal Year End:	01-Jul-2011
Reporting Currency:	Euro
Annual Sales:	40.7
Net Income:	11.4
Total Assets:	68.4

Business Description

Casting of steel

Industry

Industry	Iron and Steel
ANZSIC 2006:	2121 - Iron and Steel Casting
NACE 2002:	2752 - Casting of steel
NAICS 2002:	331513 - Steel Foundries (except Investment)
UK SIC 2003:	2752 - Casting of steel
US SIC 1987:	3325 - Steel Foundries, Not Elsewhere Classified

Key Executives

Name	Title
Michel Barraquand Yves Georges	Chief Executive Officer, President, Member Of The Board
Maria Oteo Jose	Financial Director
Jose Maria Oteo Gutierrez	Secretary
Eduardo Pereda Jose	Commercial Manager
Rene Joseph Arnaud Patrick	Member Of The Board

Corporate Overview

Location
Ps. De La Magdalena, 28
Balmaseda, 48800
Spain

Tel:	+(34) 946102444
Fax:	+(34) 946103222

Suggest Company URL

Sales EUR(mil):	40.7
Assets EUR(mil):	68.4
Employees:	87
Fiscal Year End:	01-Jul-2011

Industry:	Iron and Steel

Incorporation Date:	1972
Company Type:	Public Subsidiary
Quoted Status:	Not Quoted
Registered No.(ESP):	A48063812

Chief Executive Officer, President, Member Of The Board:	Michel Barraquand Yves Georges

Contents Industry Codes Business Description Financial Data Key Corporate Relationships

Industry Codes

ANZSIC 2006 Codes:
2121	-	Iron and Steel Casting

NACE 2002 Codes:
2752	-	Casting of steel

NAICS 2002 Codes:
331513	-	Steel Foundries (except Investment)

US SIC 1987:
3325	-	Steel Foundries, Not Elsewhere Classified

UK SIC 2003:
2752	-	Casting of steel

Business Description

Casting of steel

Financial Data

Financials in:	EUR(mil)
Revenue:	40.7
Net Income:	11.4
Assets:	68.4
Current Assets:	24.5
Fixed Assets:	43.9
Long Term Debt:	29.0
Total Liabilities:	68.4
Issued Capital:	0.4
Net Worth:	12.9
Date of Financial Data:	01-Jul-2011

1 Year Growth

23.0%

NA

NA

Key Corporate Relationships

Auditor:	Moore Stephens Ams Sociedad Limitada
Bank:	Bilbao Bizkaia Kutxa,Aurrezki Kutxa Eta Bahitetxea, Caja Rural De Cordoba, S.C.C., Banco Bilbao Vizcaya Argentaria, S.A.
Auditor:	Moore Stephens Ams Sociedad Limitada

Corporate Structure News

Talleres Fabio Murga Sociedad Anonima
Total Corporate Family Members: 139

Company Name	Company Type	Location	Country	Industry	Sales ( mil)	Employees
LBO France SARL	Parent	PARIS	France	Investment Services	57.0	14
Cegelec Group	Subsidiary	-	France	Construction Services	2,586.2	26,000
Cegelec Ltda.	Subsidiary	São Paulo	Brazil	Engineering Consultants		3,000
Cegelec Centre Est	Subsidiary	St Maurice De Beynost	France	Construction Services	270.7	2,146
Cegelec Nord & Est	Subsidiary	Wasquehal	France	Construction Services	246.2	2,125
Cegelec Ouest	Subsidiary	Carquefou	France	Construction Services	222.1	1,758
Cegelec	Subsidiary	St Denis	France	Construction Services	389.7	1,245
Elmo Entreprise	Subsidiary	Rosny Sous Bois	France	Miscellaneous Financial Services	14.5	149
Ateliers Des Flandres	Subsidiary	Aubervilliers	France	Construction Services	3.1	30
Cegelec La Reunion	Subsidiary	Le Port	France	Construction Services	15.2	149
Cegelec Guyane	Subsidiary	Matoury	France	Construction Services	8.6	149
Cegelec Space	Subsidiary	Kourou	France	Construction Services	24.0	140
Cirma Entreprise Sa	Subsidiary	Ambares Et Lagrave	France	Metal Mining	7.4	74
Cegelec Sa	Subsidiary	San Fernando De Henares, Madrid	Spain	Construction Services	23.0	384
Indokomas Buana Perkasa, PT	Subsidiary	Jakarta Timur	Indonesia	Engineering Consultants	60.0	350
Cegelec Guyane	Subsidiary	Route De Matoury, Cayenne	French Guiana	Miscellaneous Capital Goods	35.0	350
Cegelec Sdem	Subsidiary	Martin Eglise	France	Construction Services	16.4	149
Cegelec NDT	Subsidiary	Bourg-de-Péage Cedex	France	Engineering Consultants	75.0	140
Cegelec UAE	Subsidiary	Abu Dhabi	United Arab Emirates	Construction Services	10.0	100
CEGELEC SPA	Subsidiary	El Biar	Algeria	Oil and Gas Operations		50
Cegelec Management	Subsidiary	La Plaine St Denis	France	Computer Services	62.8	34
Cegelec Management (Belgium)	Subsidiary	Bruxelles	Belgium	Business Services	6.5	5
Cegelec SA	Subsidiary	Casablanca	Morocco	Construction Services		1,700
Cegelec Sud-Ouest	Subsidiary	Toulouse	France	Construction Services	310.1	1,499
Cegelec - Instalações E Sistemas De Automação, LDA	Subsidiary	Lisboa	Portugal	Construction Services	3.9	48
Cegelec Paris	Subsidiary	Nanterre	France	Construction Services	209.5	1,499
Cégelec Missenard S.A.	Subsidiary	Choisy-le-Roi Cedex	France	Miscellaneous Capital Goods	40.0	350
Cegelec Sud-Est	Branch	Les Pennes Mirabeau	France	Construction Services	143.1	1,499
Cegelec Nord & Est S.A.	Subsidiary	Wasquehal Cedex	France	Miscellaneous Capital Goods		300
Cegelec Contracting GmbH	Subsidiary	Schkeuditz, Sachsen	Germany	Appliance and Tool	26.7	260
Cegelec, S.A. de C.V.	Subsidiary	Delegacion Miguel Hidalgo, Federal District	Mexico	Engineering Consultants	12.0	80
Cegelec - CND	Subsidiary	Bretigny-sur-Orge	France	Business Services		80
Cegelec Non Destructive Testing	Subsidiary	Nuremberg	Germany	Business Services		35
Cegelec Anlagen- Und Automatisierung	Subsidiary	Frankfurt	Germany	Engineering Consultants	551.0
Cegelec Anlagen-Und Automatisierungs	Branch	Berlin	Germany	Business Services	1.0	250
Cegelec Anlagen-Und Automatisierungs	Branch	Essen	Germany	Business Services	1.0	140
Cegelec Anlagen-Und Automatisierungs	Branch	Hannover	Germany	Business Services	1.0	60
Cegelec Energy & Infrastructure Div	Subsidiary	Nanterre Cedex	France	Business Services
Cegelec SDN BHD	Subsidiary	Petaling Jaya	Malaysia	Software and Programming
Terreal	Subsidiary	Suresnes	France	Construction - Supplies and Fixtures	287.3	1,737
Terreal Italia SRL	Subsidiary	Valenzano, Bari	Italy	Construction - Raw Materials	30.7	220
Terreal España De Ceramicas Sa	Subsidiary	La Pera, Girona	Spain	Construction - Raw Materials	17.7	131
Terreal	Subsidiary	Blagnac Cedex	France	Engineering Consultants		30
Euroviande Service	Subsidiary	St Sylvain D Anjou	France	Food Processing	42.2	1,499
Rocamat SA	Subsidiary	L'ile Saint Denis	France	Construction - Raw Materials	79.3	752
Rocamat Pierre Naturelle	Subsidiary	L Ile St Denis	France	Construction - Raw Materials	39.9	419
Granit Industrie	Subsidiary	Jeumont	France	Construction - Raw Materials	2.0	30
Rocamat Services	Subsidiary	L Ile St Denis	France	Construction - Raw Materials	0.5	4
Eminence	Subsidiary	Aimargues	France	Apparel and Accessories	81.9	600
Liabel SpA	Subsidiary	Biella, BI	Italy	Apparel and Accessories	26.4	116
Distribem	Subsidiary	Aimargues	France	Retail (Apparel)	4.1	34
Eminence Benelux SA	Subsidiary	Brussels	Belgium	Apparel and Accessories		10
Biscuits Poult	Subsidiary	Montauban	France	Food Processing	75.0	374
Biscuits Panier	Subsidiary	Briec	France	Food Processing	40.0	149
Societe Provencale Dachat Et De Gesti	Subsidiary	Luynes	France	Retail (Apparel)	42.7	374
Pom Alliance	Subsidiary	Orly	France	Food Processing		224
Winoa	Subsidiary	Le Cheylas	France	Construction - Supplies and Fixtures	92.9	178
Talleres Fabio Murga Sociedad Anonima	Subsidiary	Balmaseda, Vizcaya	Spain	Iron and Steel	40.7	87
Soc Applications Mecaniques Du Diamant	Subsidiary	Les Herbiers	France	Miscellaneous Capital Goods	7.7	34
M A Peraita Sa	Subsidiary	Usurbil, Guipuzcoa	Spain	Personal and Household Products	6.9	48
W.Diamant	Subsidiary	Le Cheylas	France	Construction - Supplies and Fixtures	2.6	14
Temex Ceramics	Subsidiary	Pessac	France	Audio and Video Equipment	16.6	149
Sam +	Subsidiary	Morangis	France	Construction Services	30.8	134
Controle Mesure Regulation S.A.S	Subsidiary	Marseille	France	Scientific and Technical Instruments	11.4	95
Jri Maxant	Subsidiary	Argenteuil	France	Scientific and Technical Instruments	9.9	75
Msc & Sgcc	Subsidiary	Vourles	France	Electronic Instruments and Controls		74
E Mazarine	Subsidiary	Paris	France	Software and Programming		74
Mazarine Culture	Subsidiary	Paris	France	Miscellaneous Financial Services		34
Sebach Servizio Bagni Chimici SRL	Subsidiary	Certaldo, Firenze	Italy	Miscellaneous Capital Goods	36.5	25
Armal SRL	Subsidiary	Certaldo, Firenze	Italy	Chemicals - Plastics and Rubber	9.5	15
Financiere Montalivet	Subsidiary	Courbevoie	France	Commercial Banks		14
Mazarine Event	Subsidiary	Paris	France	Miscellaneous Financial Services		14
La Mode En Images	Subsidiary	Paris	France	Motion Pictures	25.0	7
Averys	Subsidiary	Paris	France	Iron and Steel	1.6	4
Standard Depo Ve Raf Sistemleri AS	Subsidiary	Okmeydani, Istanbul	Turkey	Miscellaneous Fabricated Products	12.0	200
Acial	Subsidiary	St Aignan	France	Furniture and Fixtures	47.6	169
Duwic	Subsidiary	Duisans	France	Construction - Supplies and Fixtures	31.9	149
Lepinard	Subsidiary	Courcelles Les Lens	France	Construction - Supplies and Fixtures	3.4	34
Feralco	Subsidiary	Sezanne	France	Furniture and Fixtures	46.1	98
Lapouyade	Subsidiary	Firminy	France	Construction - Supplies and Fixtures	17.9	74
Saar-Lager- und Profiltechnik GmbH	Subsidiary	Völklingen, Saarland	Germany	Furniture and Fixtures		70
Tixit	Subsidiary	Haguenau	France	Miscellaneous Fabricated Products
Groupe E.V.S	Subsidiary	St Sylvain D Anjou	France	Miscellaneous Financial Services	2.6	1
Consolis Service Co SA NV	Subsidiary	Brussels	Belgium	Construction - Raw Materials	2,172.8
Consolis Oy Ab	Subsidiary	Vantaa	Finland	Construction - Raw Materials	618.0	4,831
Strängbetong AB	Subsidiary	Stockholm	Sweden	Construction Services	1,745.0	1,033
Parastek Oy	Subsidiary	Vantaa	Finland	Construction Services	6.7	5
DW Beton GmbH	Subsidiary	Schneverdingen, Niedersachsen	Germany	Commercial Banks	0.8	3
DW Systembau GmbH	Subsidiary	Schneverdingen, Niedersachsen	Germany	Construction - Raw Materials	20.7	180
DW Schwellen GmbH	Subsidiary	Neuss, Nordrhein-Westfalen	Germany	Construction - Raw Materials		120
DW Betonrohre GmbH	Subsidiary	Neuss, Nordrhein-Westfalen	Germany	Construction - Raw Materials	2.2	60
Parastek Holding Oy	Subsidiary	Vantaa	Finland	Construction Services
Spæncom A/S	Subsidiary	Hedehusene	Denmark	Construction - Raw Materials	689.9	739
Spenncon AS	Subsidiary	Sandvika	Norway	Construction - Raw Materials	936.0	683
Bonna Tunisie SA	Subsidiary	Mégrine	Tunisia	Construction - Raw Materials	70.6	290
Spanbeton B.V.	Subsidiary	Koudekerk Aan Den Rijn, Zuid-Holland	Netherlands	Construction - Raw Materials		216
AS E-Betoonelement	Subsidiary	Harku	Estonia	Construction - Raw Materials	11.4	208
Humex Bonna Indonesia, PT	Subsidiary	Cibinong, West Java	Indonesia	Construction - Raw Materials		200
Track Tec S.A.	Subsidiary	Warszawa	Poland	Construction - Raw Materials		150
Sociedad Anonima Española Tubo Fabrega	Subsidiary	Ciempozuelos, Madrid	Spain	Construction - Raw Materials	18.7	131
Sateba Systeme Vagneux	Subsidiary	Puteaux	France	Construction - Raw Materials	47.0	126
Satepor - Indústria De Travessas De Betão, S.A.	Subsidiary	Lisboa	Portugal	Construction - Raw Materials	7.0	33
Consolis Technology Oy AB	Subsidiary	Vantaa	Finland	Business Services	5.7	20
Consolis Sas	Subsidiary	Puteaux	France	Construction - Raw Materials	11.0	4
Parma Oy	Subsidiary	Nummela	Finland	Construction - Raw Materials	137.1	912
ASA ÉpÃtõipari Kft	Subsidiary	Budapest	Hungary	Construction Services	10,005.4	332
Tonful Oy	Subsidiary	Vantaa	Finland	Miscellaneous Financial Services	1.6	1
Pcp Holding	Subsidiary	Puteaux	France	Construction - Raw Materials
Verenigde Bouwprodukten Industri BV	Subsidiary	Huissen	Netherlands	Construction - Raw Materials
V.B.I. Schuilenburg B.V.	Subsidiary	Huissen, Gelderland	Netherlands	Construction - Raw Materials		206
V.B.I. Oss B.V.	Subsidiary	Huissen, Gelderland	Netherlands	Construction - Raw Materials		197
V.B.I. Huissen B.V.	Subsidiary	Huissen, Gelderland	Netherlands	Construction - Raw Materials		173
V.B.I. Verkoop Maatschappij B.V.	Subsidiary	Huissen, Gelderland	Netherlands	Construction - Raw Materials		146
Leenstra Machine- En Staalbouw B.V.	Subsidiary	Drachten, Friesland	Netherlands	Construction - Supplies and Fixtures		73
Bouwstoffenindustrie Weurt B.V.	Subsidiary	Huissen, Gelderland	Netherlands	Construction - Raw Materials		45
Swetrak AS	Subsidiary	Harku	Estonia	Construction - Raw Materials
Parastek Beton	Subsidiary	Moscow	Russian Federation	Construction - Raw Materials
Dywidag Prefa A.S.	Subsidiary	Lysá nad Labem	Czech Republic	Construction - Raw Materials
Egyptian Company for Prestressed	Subsidiary	Heliopolis	Egypt	Construction - Raw Materials
Consolis Hormifuste S.A	Subsidiary	Madrid	Spain	Construction - Raw Materials
CES AS	Subsidiary	Tallinn	Estonia	Construction - Raw Materials
ASA ÉpÃtoipari Kft.	Subsidiary	Budapest	Hungary	Construction - Raw Materials
Betonika UAB	Subsidiary	Kaunas	Lithuania	Construction - Raw Materials
Consolis Latvija SIA	Subsidiary	Riga	Latvia	Construction - Raw Materials
Sateba Maroc S.A.	Subsidiary	Casablanca	Morocco	Construction - Raw Materials
Consolis Polska Sp.z o.o.	Subsidiary	Lódz	Poland	Construction - Raw Materials
ASA Cons Romania s.r.l.	Subsidiary	Cluj	Romania	Construction - Raw Materials
3betony Ltd.	Subsidiary	Kalush	Ukraine	Construction - Raw Materials
ASA Ibelik d.o.o.	Subsidiary	Belgrade	Serbia	Construction - Raw Materials
Consolis Netherlands B.V.	Subsidiary	Huissen, Gelderland	Netherlands	Miscellaneous Financial Services	171.8
Gravotech Marking	Subsidiary	Rillieux La Pape	France	Miscellaneous Capital Goods	50.8
Vision Numeric	Subsidiary	Brussieu	France	Software and Programming	4.0	34
Gravotech Italia SRL	Subsidiary	Milano, Milano	Italy	Construction and Agriculture Machinery	4.5	21
Olly Gan	Subsidiary	Aix en Provence	France	Apparel and Accessories
WFS Global S.A.S.	Subsidiary	Roissy	France	Airlines
Médi-Partenaires S.A.S.	Subsidiary	Paris	France	Healthcare Facilities
Tourexcel	Subsidiary	Paris	France	Commercial Banks
Cityvision	Subsidiary	Paris	France	Miscellaneous Transportation	55.7	74
Groupe EVS	Subsidiary	Saint-Sylvain-d'Anjou	France	Food Processing

Executives Report

Board of Directors

Name	Title	Function
Rene Joseph Arnaud Patrick	Member Of The Board	Director/Board Member
Jean Francois Escolier Pierre	Member Of The Board	Director/Board Member
Luis Francisco Resusta Urruticoechea	Member Of The Board	Director/Board Member
Hauser Rober	Member	Director/Board Member
Mark Li Songhe	Member Of The Board	Director/Board Member
Michel Barraquand Yves Georges	Chief Executive Officer, President, Member Of The Board	Director/Board Member

Executives

Name	Title	Function
Michel Barraquand Yves Georges	Chief Executive Officer, President, Member Of The Board	Chief Executive Officer
Resusta Luis	Managing Director	Managing Director
Jose Maria Oteo Gutierrez	Secretary	Administration Executive
Maria Oteo Jose	Financial Director	Finance Executive
Eduardo Pereda Jose	Commercial Manager	Commercial Executive
Sociedad Anonima Wheelabrator Allevard	Single Partner	Partner

Annual Profit & Loss

	31-Dec-2010	31-Dec-2009	31-Dec-2008
Period Length	12 Months	12 Months	12 Months
Filed Currency	EUR	EUR	EUR
Exchange Rate (Period Average)	1	1	1
Consolidated	No	No	No
Charges	35.0	31.8	50.4
Stock Reduction	-	0.3	-
Supplies	19.8	14.0	26.3
Goods Consumption	-	-	26.3
Consumption of Raw Materials	19.8	14.0	-
Staff Costs	5.1	5.1	5.3
Wages and Salaries	3.8	3.9	4.1
Social Security Costs	1.3	1.2	1.2
Depreciation	0.5	0.7	0.8
Allowance for Trade Operations	0.1	0.2	0.1
Stock Provision Variation	0.0	0.1	-
Losses from Unrecovered Receivables	0.6	0.9	0.7
Variation of Other Trade Provisions	-0.5	-0.8	-0.5
Other Operating Charges	10.2	9.2	11.3
External Services	9.7	8.7	11.1
Taxes	0.1	0.2	0.1
Other Operating Expenses	0.3	0.3	0.0
Operating Benefits	5.4	3.6	4.9
Financials and Similar Charges	2.7	2.2	3.5
Due to Liabilities With Group Companies	1.5	1.1	1.1
Due to Other Liabilities	1.2	1.2	2.4
Losses from Financial Investments	0.0	-	-
Exchange Losses	0.2	-	0.0
Net Financial Income	2.3	0.9	-
Profit From Ordinary Activities	7.7	4.5	3.4
Changes in Provisions for Assets	-5.2	0.1	3.0
Losses From Assets and Securities Portfolio	0.1	-	0.0
Extraordinary Profit	5.1	-	-
Profit Before Taxes	12.9	4.4	0.3
Corporation Tax	1.5	0.0	0.0
Financial Year Result (Profit)	11.4	4.4	0.3
Income	46.4	36.2	50.7
Net Total Sales	40.7	33.1	48.6
Sales	41.2	33.5	49.2
Rendering of Services	0.6	0.5	0.7
Sales Refunds	-1.1	-0.9	-1.3
Increase in Stocks	0.4	-	0.0
Miscellaneous Operating Income	-	0.0	0.0
Auxiliary Income From Current Management	-	0.0	0.0
Income From Equity Investment	4.8	2.4	1.3
In Group Companies	4.8	2.4	1.3
Third Parties	-	-	0.0
Income From Miscellaneous Interests	0.5	0.7	0.7
From Group Companies	0.0	0.0	0.1
Miscellaneous Interests	0.5	0.7	0.6
Negative Financial Results	-	-	1.5
Capital Grants Transferred to Profit and Loss	0.0	0.0	0.0
Negative Extraordinary Results	-	0.1	3.0

Annual Balance Sheet

Financials in: EUR (mil)

	31-Dec-2010	31-Dec-2009	31-Dec-2008
Filed Currency	EUR	EUR	EUR
Exchange Rate	1	1	1
Consolidated	No	No	No
Land and Construction	0.1	0.1	0.0
Technical Installations and Machinery	0.7	1.1	1.6
Other Installations, Tools, and Furniture	0.0	0.0	0.0
Tangible Fixed Assets Under Construction	0.4	0.3	0.2
Other Tangible Assets	0.0	0.0	0.1
Total Tangible Fixed Assets	1.2	1.6	1.9
Investments in Group Companies	37.3	34.1	29.9
Receivables from Group Companies	0.5	1.0	1.2
Long-Term Securities Portfolio	0.0	0.0	5.8
Long-Term Guarantees and Deposits	4.9	5.1	13.3
Financial Investments	42.7	40.2	50.2
Total Fixed Assets	43.9	41.7	52.1
Raw Materials and Other Consumables	1.0	0.7	0.9
Goods in Process	1.9	2.0	1.7
Finished Products	1.5	1.1	1.7
Total Stocks	4.4	3.8	4.3
Trade Debtors	6.6	6.3	6.7
Receivables, Group Companies	2.5	1.7	2.3
Public Bodies	0.0	0.0	0.2
Total Debtors	9.1	8.1	9.2
Receivables from Group Companies	1.4	-	-
Short-Term Guarantees and Deposits	7.9	14.1	0.2
Total Short-Term Investments	9.3	14.1	0.2
Cash	1.7	0.7	2.4
Total Current Assets	24.5	26.6	16.1
Total Assets	68.4	68.4	68.1
Revaluation Reserves	0.1	1.0	1.0
Legal Reserve	0.1	0.1	0.1
Miscellaneous Reserves	0.9	8.6	8.3
Total Reserves	1.0	8.8	8.5
Profit or Loss for the Financial Year	11.4	4.4	0.3
Total Equity	12.9	14.5	10.1
Capital Grants	0.0	0.0	0.0
Total Deferred Income	0.0	0.0	0.0
Provisions for Pension Fund	0.1	0.1	0.0
Total Provisions for Liabilities and Charges	0.1	0.1	0.0
Loans and Other Liabilities	19.8	23.0	25.4
Total Amounts Owed to Credit Institutions	19.8	23.0	25.4
Amounts Owed to Group Companies	7.3	17.4	20.2
Total Debts with Group or Affiliated Companies	7.3	17.4	20.2
Other Creditors	0.7	2.7	3.9
Long-Term Payables to Public Bodies	1.3	0.1	0.2
Total Other Creditors	1.9	2.7	4.0
Total Long Term Liabilities	29.0	43.2	49.6
Loans and Other Liabilities	3.6	2.5	1.3
Total Amounts Owed to Credit Institutions	3.6	2.5	1.3
Amounts Owed to Group Companies	15.0	0.0	0.3
Total Short-Term Amounts Owed to Group and Associa	15.0	0.0	0.3
Amounts Owed for Purchases of Goods or Services	6.2	5.9	6.0
Total Trade Creditors	6.2	5.9	6.0
Public Bodies	0.5	0.4	0.4
Miscellaneous Debts	0.7	1.4	-
Wages and Salaries Payable	0.4	0.3	0.4
Total Other Creditors	1.6	2.2	0.8
Total Short Term Creditors	26.4	10.6	8.3
Total Liabilities and Equity	68.4	68.4	68.1

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.49.21
UK Pound	1	Rs.77.75
Euro	1	Rs.64.58

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.