MIRA INFORM REPORT

Report Date :

16.07.2012

IDENTIFICATION DETAILS

Name :	WARTSILA FINLAND OY
Registered Office :	Tarhaajantie 2 Vaasa, 65380
Country :	Finland
Financials (as on) :	01.12.2010
Year of Establishment :	1989
Com. Reg. No.:	07737443
Legal Form :	Private Subsidiary
Line of Business :	Manufacture of engines and turbines, except aircraft, vehicle and cycle engines
No. of Employees :	3,500

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 – March 31^st, 2012

Country Name	Previous Rating (31.12.2011)	Current Rating (31.03.2012)
Finland	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

Wartsila Finland Oy

Tarhaajantie 2
Vaasa, 65380
Finland
Tel:	358107090000
Fax:	358107091380
www.wartsila.com

Employees:	3,500
Company Type:	Private Subsidiary
Corporate Family:	95 Companies
Ultimate Parent:	Wartsila Corporation
Incorporation Date:	1989

Financials in:	USD (mil)
Fiscal Year End:	01-Dec-2010
Reporting Currency:	Euro
Annual Sales:	3,466.4
Net Income:	19.0
Total Assets:	2,362.1

Business Description

Wartsila Finland Oy (Wartsila Finland) is the subsidiary of Wartsila Corporation. It covers complete lifecycle power solutions for the marine and energy markets. The company offers solutions for baseload power generation, grid stability & peaking, industrial self-generation, as well as for the oil and gas industry. It focuses on marine and energy markets with various innovative products, solutions and services. The company also provides ship power solutions including ship design, engines, generating sets, reduction gears, propulsion equipment, automation and power distribution systems, as well as sealing solutions for the marine industry. It provides services to both marine solutions and power plants. Wartsila Finland is headquartered in Vaasa, Finland.

Industry

Industry	Miscellaneous Capital Goods
ANZSIC 2006:	2499 - Other Machinery and Equipment Manufacturing Not Elsewhere Classified
NACE 2002:	2911 - Manufacture of engines and turbines, except aircraft, vehicle and cycle engines
NAICS 2002:	33361 - Engine, Turbine, and Power Transmission Equipment Manufacturing
UK SIC 2003:	2911 - Manufacture of engines and turbines, except aircraft, vehicle and cycle engines
US SIC 1987:	3441 - Fabricated Structural Metal

Key Executives

Name	Title
Juha Kaarlo Kytölä	Board member, Managing director
Tanja Sjoholm	Vice President Finance
Ralf Lindback	Director Legal Affairs
Marica Lassus	Director Communications
Christian Ronnholm	Vice President Services

News

Title	Date
South Africa : Wartsila inks deal with Sasol New Energy for 140MW gas engine power plant Mena Report (147 Words)	17-May-2012
Australia: Wartsila Finland Receives Patent for 'Arrangement for and method of providing cooling energy to a cooling medium circuit of a marine... Australian Government (120 Words)	3-Feb-2012
New Findings from A. Lehtovaara and Co-Authors in the Area of Mechanical Engineering Published Journal of Engineering (216 Words)	26-Oct-2011
Australia: Wartsila Finland Receives Patent for 'Arrangement for and method of providing cooling energy to a cooling medium circuit of a marine... Australian Government (124 Words)	12-Sep-2011

1 - Profit & Loss Item Exchange Rate: USD 1 = EUR 0.7493392
2 - Balance Sheet Item Exchange Rate: USD 1 = EUR 0.7655209

Corporate Overview

Location
Tarhaajantie 2
Vaasa, 65380
Finland

Tel:	358107090000
Fax:	358107091380

www.wartsila.com

Sales EUR(mil):	2,597.5
Assets EUR(mil):	1,808.2
Employees:	3,500
Fiscal Year End:	01-Dec-2010

Industry:	Miscellaneous Capital Goods

Incorporation Date:	1989
Company Type:	Private Subsidiary
Quoted Status:	Not Quoted
Registered No.(FIN):	07737443

Chairman:	Lars Torsten Hellberg

Contents Industry Codes Business Description Financial Data

Industry Codes

ANZSIC 2006 Codes:
2499	-	Other Machinery and Equipment Manufacturing Not Elsewhere Classified

NACE 2002 Codes:
2911	-	Manufacture of engines and turbines, except aircraft, vehicle and cycle engines

NAICS 2002 Codes:
33361	-	Engine, Turbine, and Power Transmission Equipment Manufacturing

US SIC 1987:
3441	-	Fabricated Structural Metal

UK SIC 2003:
2911	-	Manufacture of engines and turbines, except aircraft, vehicle and cycle engines

Business Description

Wärtsilä Finland Oy is primarily engaged in manufacture of ossature in metal for construction; manufacture of industrial ossature in metal (ossature for blast furnaces, lifting and handling equipment, etc.); and manufacture of prefabricated buildings mainly of metal (site huts, modular exhibition elements, etc.).

More Business Descriptions

Wärtsilä Finland Oy is primarily engaged in manufacturing internal combustion engines (except automotive gasoline and aircraft).

Wartsila Finland Oy (Wartsila Finland) focuses on marine and energy markets with various innovative products, solutions and services. The company provides operational solutions related to power plants and lifecycle power solutions for decentralized power generation markets. The company also provides ship power solutions including ship design, engines, generating sets, reduction gears, propulsion equipment, automation and power distribution systems, as well as sealing solutions for the marine industry.Wartsila Finland operates its business through two segments, namely, Power Plants, Marine Solutions and ServicesThrough Power Plant segment the company offers olutions for baseload power generation, grid stability & peaking, industrial self-generation, as well as for the oil and gas industry. It is a supplier of flexible power plants for the global power generation market. The company offers flexible, efficient and environmentally advanced energy solutions, which enable a global transition to a more sustainable and modern energy infrastructure. It supports US grids with 1000 MW of large, gas-fired peaking plants. Through Marine Solutions segment, the company provides ship power solutions including ship design, engines, generating sets, reduction gears, propulsion equipment, automation and power distribution systems, as well as sealing solutions for the marine industry. Its customers are global or local leading companies within the merchant, offshore, cruise and ferry, navy and special vessel segments. The company has unique solutions for offshore applications, such as Direct Electric Heating (DEH) for subsea pipelines, and frequency SPECIAL converters for drilling operations.Through Services segment, the company offers services to both marine solutions and power plants. It supports its customers throughout the life cycle of their installations by optimising efficiency and performance.In June 2011, Wartsila and Jiangsu CuiXing Marine Offshore Engineering established joint venture for manufacturing medium-speed marine engines in China.

Wartsila Finland Oy (Wartsila Finland) is the subsidiary of Wartsila Corporation. It covers complete lifecycle power solutions for the marine and energy markets. The company offers solutions for baseload power generation, grid stability & peaking, industrial self-generation, as well as for the oil and gas industry. It focuses on marine and energy markets with various innovative products, solutions and services. The company also provides ship power solutions including ship design, engines, generating sets, reduction gears, propulsion equipment, automation and power distribution systems, as well as sealing solutions for the marine industry. It provides services to both marine solutions and power plants. Wartsila Finland is headquartered in Vaasa, Finland.

Financial - Investment (Holding Company)

Financial Data

Financials in:	EUR(mil)
Revenue:	2,597.5
Net Income:	14.2
Assets:	1,808.2
Current Assets:	1,737.2
Issued Capital:	89.7
Net Worth:	154.2
Date of Financial Data:	01-Dec-2010

1 Year Growth

NA

NA

NA

Corporate Structure News

Total Corporate Family Members: 95

Company Name	Company Type	Location	Country	Industry	Sales (USD mil)	Employees
Wartsila Corporation	Parent	Helsinki	Finland	Miscellaneous Capital Goods	5,852.4	19,073
Acquisition of Hamworthy Plc proposed/announced.See corporate structure news on Wartsila Corporation for details Acquisition of Mmi Boiler Management Pte Ltd proposed/announced.See corporate structure news on Wartsila Corporation for details
Wärtsilä Finland Oy	Subsidiary	Vaasa	Finland	Miscellaneous Capital Goods	3,466.4	3,500
Wärtsilä India Limited	Subsidiary	Mumbai	India	Miscellaneous Capital Goods	1.0	1,147
Wärtsilä Norway AS	Subsidiary	Rubbestadneset	Norway	Miscellaneous Capital Goods	455.9	940
Wartsila Singapore Pte. Ltd.	Subsidiary	Singapore	Singapore	Miscellaneous Capital Goods	141.9	800
Wartsila Nsd France Sa	Subsidiary	Mulhouse	France	Miscellaneous Financial Services		749
Wartsila Netherlands B.V.	Subsidiary	Drunen	Netherlands	Water Transportation		600
Wärtsilä Defence S.A.S.	Subsidiary	Nantes	France	Electric Utilities		500
Wärtsilä Schweiz AG	Subsidiary	Winterthur	Switzerland	Miscellaneous Capital Goods	483.9	450
Wartsila UK Ltd.	Subsidiary	Tonbridge	United Kingdom	Water Transportation	150.4	375
Wartsila Hamworthy Ltd.	Subsidiary	Poole	United Kingdom	Miscellaneous Fabricated Products	282.3	961
Acquisition by Wartsila Corporation proposed/announced.See corporate structure news on Wartsila Corporation for details
Hamworthy Pte Limited	Subsidiary	Jurong	Singapore	Engineering Consultants		200
Hamworthy Oil & Gas Systems AS	Subsidiary	Asker	Norway	Oil Well Services and Equipment	108.6	183
Hamworthy Svanehoj A/S	Subsidiary	Svenstrup	Denmark	Miscellaneous Capital Goods	27.9	150
Wartsila Water Systems Ltd.	Subsidiary	Poole	United Kingdom	Miscellaneous Capital Goods	65.4	137
Hamworthy Moss AS	Subsidiary	Moss, Ostfold	Norway	Miscellaneous Capital Goods	47.5	90
Hamworthy Serck Como GmbH	Subsidiary	Geesthacht, Schleswig-Holstein	Germany	Miscellaneous Capital Goods	24.0	87
Hamworthy Korea Limited	Subsidiary	Busan	Korea, Republic of	Engineering Consultants		24
Hamworthy Baltic Design Centre Limited	Subsidiary	Gdynia, Pomeranian	Poland	Engineering Consultants		20
Hamworthy Middle East (FZC)	Subsidiary	Sharjah	United Arab Emirates	Engineering Consultants		15
Hamworthy India Pvt Ltd	Subsidiary	Mumbai, Maharastra	India	Engineering Consultants		15
Hamworthy B.V.	Subsidiary	Rotterdam, Zuid-Holland	Netherlands	Engineering Consultants		9
MARINE & Offshore Canada	Subsidiary	St Catharines, ON	Canada	Miscellaneous Capital Goods	1.6	5
Hamworthy Inc.	Subsidiary	Houston, TX	United States	Oil and Gas Operations	1.4	3
Hamworthy Inc	Branch	Doral, FL	United States	Miscellaneous Transportation	4.5	6
Wartsila Hamworthy International Ltd.	Subsidiary	Poole	United Kingdom	Commercial Banks
Wartsila Krystallon Ltd.	Subsidiary	Dover	United Kingdom	Commercial Banks	1.6	6
Hamworthy Shanghai Limited	Subsidiary	Shanghai	China	Oil Well Services and Equipment
Hamworthy Pump Systems AS	Subsidiary	Pontevedra	Spain	Engineering Consultants
Hamworthy Greenship BV	Subsidiary	Groningen	Netherlands	Engineering Consultants
Hamworthy (Suzhou) Limited	Subsidiary	Suzhou, Jiangsu	China	Oil Well Services and Equipment
Wartsila UK Ltd.	UK Branch/Trading address	Aberdeen	United Kingdom	Miscellaneous Transportation	150.4	20
Whessoe Total Automation Ltd.	Subsidiary	Newton Aycliffe	United Kingdom	Business Services		6
Wärtsilä Korea Ltd	Branch	Busan	Korea, Republic of	Miscellaneous Capital Goods	7.0	360
Maveric Ltd	Subsidiary	Singapore	Singapore	Miscellaneous Financial Services	0.0	323
Wartsila Singapore Pte. Ltd.	Subsidiary	Singapore	Singapore	Miscellaneous Capital Goods	142.7
Wärtsilä Automation Services Singapore Pte Ltd	Subsidiary	Singapore	Singapore	Electronic Instruments and Controls	19.3	600
Haven Automation Marine (S) Pte. Ltd	Subsidiary	Singapore	Singapore	Water Transportation
Sea Automation Services (S) Pte. Ltd	Subsidiary	Singapore	Singapore	Engineering Consultants
Total Automation Middle East LLC	Subsidiary	Dubai	United Arab Emirates	Miscellaneous Capital Goods
Cosco-Shipyard Total Automation Co.	Subsidiary	Nantong	China	Miscellaneous Capital Goods
Wartsila Development & Financial Services OY	Subsidiary	Helsinki	Finland	Miscellaneous Capital Goods		300
Wärtsilä Sweden AB	Subsidiary	Göteborg	Sweden	Miscellaneous Capital Goods	72.4	285
Wartsila Deutschland GmbH	Subsidiary	Hamburg, Hamburg	Germany	Miscellaneous Capital Goods	121.4	270
Wartsila Brasil Ltda.	Subsidiary	Rio de Janeiro, RJ	Brazil	Miscellaneous Capital Goods		200
Wartsila Iberica Sociedad Anonima	Subsidiary	Bermeo, Vizcaya	Spain	Miscellaneous Capital Goods	86.3	192
Wartsila Danmark A/S	Subsidiary	Hirtshals	Denmark	Miscellaneous Capital Goods	50.2	150
Wartsila Indonesia, PT	Branch	Bekasi, West Java	Indonesia	Miscellaneous Capital Goods		100
Wartsila Australia Pty. Ltd.	Branch	Huntingwood, NSW	Australia	Miscellaneous Capital Goods	12.6	75
Wartsila Australia Pty. Ltd., Bassendeen	Branch	Bassendean, WA	Australia	Miscellaneous Capital Goods		12
Wartsila New Zealand	Subsidiary	Devonport	New Zealand	Construction Services	1.4	3
Wartsila China Ltd	Branch	Hong Kong	Hong Kong	Miscellaneous Capital Goods		60
Wartsila North America, Inc.	Branch	Houston, TX	United States	Water Transportation		53
Wartsila Defense Inc	Subsidiary	Chesapeake, VA	United States	Retail (Specialty)	21.0	105
Wartsila North America Inc	Branch	Fort Lauderdale, FL	United States	Electronic Instruments and Controls	61.0	80
Wartsila North America Inc	Branch	Jefferson, LA	United States	Auto and Truck Parts	24.3	65
Wartsila North America Inc	Branch	Long Beach, CA	United States	Electronic Instruments and Controls	14.5	19
Wartsila North America Inc	Branch	Mountlake Ter, WA	United States	Miscellaneous Capital Goods	4.7	8
Wartsila North America Inc	Branch	Annapolis, MD	United States	Electronic Instruments and Controls	3.8	5
Wärtsilä South Africa (Pty) Ltd	Subsidiary	Cape Town	South Africa	Aerospace and Defense		50
Cedervall & Söner AB	Subsidiary	Göteborg, Västra Götaland	Sweden	Miscellaneous Fabricated Products	28.2	47
Recently acquired (previously owned by Cedervall Invest AB).See corporate structure news on Wartsila Corporation for details
Cedervall España Sa	Subsidiary	O Porriño, Pontevedra	Spain	Miscellaneous Capital Goods	24.5	58
Whessoe S.A.	Subsidiary	Calais	France	Miscellaneous Capital Goods		40
Wartsila Portugal, S.A.	Subsidiary	Maia, Maia	Portugal	Miscellaneous Capital Goods	11.7	38
Wartsila Bangladesh Ltd.	Subsidiary	Dhaka	Bangladesh	Miscellaneous Capital Goods		38
Wartsila UK Ltd.	Subsidiary	Montrose	United Kingdom	Engineering Consultants		30
Wartsila Greece S.A.	Subsidiary	Piraeus	Greece	Miscellaneous Capital Goods		30
Wärtsilä Ship Design Germany GmbH	Subsidiary	Hamburg, Hamburg	Germany	Engineering Consultants		27
SCHIFFKO Schiffskonstruktion und -entwicklung GmbH	Subsidiary	Rostock, Mecklenburg-Vorpommern	Germany	Engineering Consultants		36
Wartsila Colombia S.A.	Subsidiary	Bogota	Colombia	Miscellaneous Capital Goods		25
Wartsila Chile Ltda.	Subsidiary	Valparaiso	Chile	Electronic Instruments and Controls		25
Wartsila Chile Ltda., Talcahuano	Branch	Talcahuano	Chile	Miscellaneous Capital Goods		65
Wartsila Engine (Shanghai) Co., Ltd.	Branch	Shanghai	China	Miscellaneous Capital Goods		20
Wartsila Canada, Inc.	Subsidiary	Halifax, NS	Canada	Miscellaneous Capital Goods	14.5	17
Wartsila Argentina S.A.	Subsidiary	Buenos Aires	Argentina	Miscellaneous Capital Goods		10
Sanitec Oy	Subsidiary	Helsinki	Finland	Construction - Supplies and Fixtures	2.2	5
Allia	Subsidiary	Avon	France	Construction - Supplies and Fixtures	156.0	749
Eurocer - Indústria De S.A.nitários, S.A.	Subsidiary	Carregado, Alenquer	Portugal	Construction - Supplies and Fixtures	20.5	332
Produits Ceramiques De Touraine	Subsidiary	Selles Sur Cher	France	Construction - Supplies and Fixtures	43.9	256
KERAMAG Keramische Werke AG	Subsidiary	Ratingen, Nordrhein-Westfalen	Germany	Construction - Supplies and Fixtures	194.8	730
Varicor	Subsidiary	Wisches	France	Construction - Raw Materials	7.1	90
Ifö Sanitär AB	Subsidiary	Bromölla	Sweden	Construction - Supplies and Fixtures	198.7	577
Koralle Sanitärprodukte GmbH	Subsidiary	Vlotho, Nordrhein-Westfalen	Germany	Construction - Supplies and Fixtures	33.5	180
SERVICO-Gesellschaft für Sanitärtechnik mbH	Subsidiary	Weißenburg I.Bay., Bayern	Germany	Engineering Consultants	5.0	45
Wärtsilä Nederland	Joint Venture	Zwolle	Netherlands	Miscellaneous Capital Goods	746.7
Imatra Steel Oy AB	Subsidiary	Helsinki	Finland	Iron and Steel	250.0
Wärtsilä Propulsion Netherlands B.V.	Subsidiary	Drunen	Netherlands	Electronic Instruments and Controls	75.0
Wärtsilä China Ltd.	Subsidiary	Shanghai	China	Miscellaneous Capital Goods	1.0
Ckt Industries S.A.	Subsidiary	Mulhouse	France	Miscellaneous Capital Goods
Wartsila Caspian Ltd.	Subsidiary	Baku	Azerbaijan	Miscellaneous Capital Goods
Wärtsilä Dutch Holding B.V.	Subsidiary	Zwolle, Overijssel	Netherlands	Miscellaneous Financial Services
Wärtsilä Italia SpA	Subsidiary	San Dorligo della Valle, TS	Italy	Miscellaneous Capital Goods	424.0	1,465
Wärtsilä France SAS	Subsidiary	Mulhouse	France	Miscellaneous Capital Goods	239.2	374
Wartsila France S.A.S., Surgeres	Branch	Surgeres	France	Miscellaneous Capital Goods		100
Wärtsilä Technology Oy Ab	Subsidiary	Helsinki	Finland	Miscellaneous Financial Services

Wärtsilä Finland Oy

Competitors Report

CompanyName	Location	Employees	Ownership
Helsingin Energia	Helen, Finland	1,236	Private
Pohjolan Voima Oy	Helsinki, Finland	487	Private

Executives Report

Board of Directors

Name	Title	Function
Lars Torsten Hellberg	Chairman	Chairman
Education: Ascheberg's Institute of Technology, BS
Ralf Göran Holmlund	Board member	Director/Board Member
Juha Kaarlo Kytölä	Board member, Managing director	Director/Board Member
Jari Matti Latvakoski	Board member	Director/Board Member
Raimo Henrik Lind	Board member	Director/Board Member
Education: Helsinki School of Economics and Business Administration, BS (Econ.)

Executives

Name	Title	Function
Arto Hyytia	General Manager	Division Head Executive
Juha Kaarlo Kytölä	Board member, Managing director	Managing Director
Tanja Sjoholm	Vice President Finance	Finance Executive
Stig Prost	Treasurer Power Plants	Treasurer
Marica Lassus	Director Communications	Corporate Communications Executive
Ralf Lindback	Director Legal Affairs	Legal Executive
Kenneth Ronnback	Director Delivery Centre Vaasa	Other
Christian Ronnholm	Vice President Services	Other
Carl-Erik Rosgren	Director New ventures	Other
Henrik Wilhelms	Vice President Ship power	Other

Annual Profit & Loss

	01-Dec-2010	01-Dec-2009
Period Length	12 Months	12 Months
Filed Currency	EUR	EUR
Exchange Rate (Period Average)	0.749339	0.723487
Consolidated	No	No
Total income	3,466.4	4,324.6
Cost of goods sold	2,380.5	3,442.9
Other operating costs	213.7	213.4
Total operating costs	2,680.3	4,047.2
Interest received from loans	12.5	4.8
Profit before tax	30.5	37.3
Total taxation	9.6	9.1
Income before depreciation	511.4	596.2
Depreciation	11.0	10.8
Profit before financial items	500.4	585.4
Income/profit after financial items	512.9	590.2
Extraordinary items	482.4	552.9
Income before allocations	26.7	35.1
Net income	19.0	27.1

Annual Balance Sheet

Financials in: USD (mil)

	01-Dec-2010	01-Dec-2009
Filed Currency	EUR	EUR
Exchange Rate	0.765521	0.662537
Consolidated	No	No
Issued capital	117.2	135.4
Untaxed/reserves allocations	9.0	8.3
Non restricted equity	72.1	61.9
Total stockholders equity	201.4	211.3
Other long-term liabilities	173.6	297.1
Trade creditors	345.5	404.5
Other current liabilities	1,490.8	1,938.2
Total current liabilities	2,151.7	2,806.4
Depreciable assets	76.5	96.3
Total non-current assets	92.8	115.2
Cash and liquid assets	1,414.2	1,621.3
Short-term investments	16.3	18.8
Other current assets	855.1	1,289.5
Total current assets	2,269.3	2,910.8
Total assets	2,362.1	3,025.9

Annual Ratios

Financials in: USD (mil)

	01-Dec-2010	01-Dec-2009
Period Length	12 Months	12 Months
Filed Currency	EUR	EUR
Exchange Rate	0.765521	0.662537
Consolidated	No	No
Current ratio	1.20	1.20
Quick ratio	1.00	1.00
Asset turnover	0.01%	0.02%
Profit margin	0.15%	0.14%
Equity ratio	0.11%	0.09%
Interest on liabilities	0.05%	-
Risk margin	1,610.87%	1,454.66%
Net worth	201.4	211.3
Number of employees	2,933	3,104

Bottom of Form

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.55.65
UK Pound	1	Rs.85.89
Euro	1	Rs.67.88

INFORMATION DETAILS

Report Prepared by :

PRL

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.