MIRA INFORM REPORT

Report Date :

18.10.2012

IDENTIFICATION DETAILS

Name :	INVERSION CORPORATIVA I C SA
Registered Office :	Calle San Fidel 91, Madrid, 28017
Country :	Spain
Financials (as on) :	31.12.2011
Year of Establishment :	1981
Com. Reg. No.:	A41105511
Legal Form :	Public Parent Company
Line of Business :	Activities of holding companies
No. of Employees :	03

RATING & COMMENTS

MIRA’s Rating :

B

RATING		STATUS	PROPOSED CREDIT LINE
26-40	B	Capability to overcome financial difficulties seems comparatively below average.	Small

Maximum Credit Limit :	5600000 USD
Status :	Small Company
Payment Behaviour :	Slow
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^th, 2012

Country Name	Previous Rating (31.03.2012)	Current Rating (30.06.2012)
Spain	A2	A2

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

Spain - ECONOMIC OVERVIEW

spain's mixed capitalist economy is the 13th largest in the world, and its per capita income roughly matches that of Germany and France. However, after almost 15 years of above average GDP growth, the Spanish economy began to slow in late 2007 and entered into a recession in the second quarter of 2008. GDP contracted by 3.7% in 2009, ending a 16-year growth trend, and by another 0.1% in 2010, before turning positive in 2011, making Spain the last major economy to emerge from the global recession. The reversal in Spain''s economic growth reflected a significant decline in construction amid an oversupply of housing and falling consumer spending, while exports actually have begun to grow. Government efforts to boost the economy through stimulus spending, extended unemployment benefits, and loan guarantees did not prevent a sharp rise in the unemployment rate, which rose from a low of about 8% in 2007 to over 20% in 2011. The government budget deficit worsened from 3.8% of GDP in 2008 to 9.2% of GDP in 2010, more than three times the euro-zone limit. Madrid cut the deficit to 8.5% of GDP in 2011, a larger deficit than the 6% target negotiated between Spain and the EU. Spain''s large budget deficit and poor economic growth prospects have made it vulnerable to financial contagion from other highly-indebted euro zone members despite the government''s efforts to cut spending, privatize industries, and boost competitiveness through labor market reforms. Spanish banks'' high exposure to the collapsed domestic construction and real estate market also poses a continued risk for the sector. The government oversaw a restructuring of the savings bank sector in 2010, and provided some $15 billion in capital to various institutions. Investors remain concerned that Madrid may need to bail out more troubled banks. The Bank of Spain, however, is seeking to boost confidence in the financial sector by pressuring banks to come clean about their losses and consolidate into stronger groups.

Source : CIA

Company name & address

Inversion Corporativa I C Sa

Calle San Fidel 91

Madrid, 28017

Spain

Tel: +(34) 913102008

Web: www.abengoa.es

synthesis

Employees: 3

Company Type: Public Parent

Corporate Family: 105 Companies

Incorporation Date: 1981

Auditor: Pricewaterhousecoopers Auditores Sl

Financials in: USD (Millions)

Fiscal Year End: 04-Sep-2012

Reporting Currency: Euro

Annual Sales: 11.7 1

Net Income: 9.1

Total Assets: 220.9

Maximum Credit 56,00,000 USD

Business Description

Activities of holding companies

Industry

Industry Commercial Banks

ANZSIC 2006: 6240 - Financial Asset Investing

NACE 2002: 7415 - Management activities of holding companies

NAICS 2002: 551112 - Offices of Other Holding Companies

UK SIC 2003: 7415 - Management activities of holding companies

UK SIC 2007: 642 - Activities of holding companies

US SIC 1987: 671 - Holding Offices

Key Executives

Name	Title
Felipe Benjumea Llorente	Member Of The Board, President, Joint Chief Executive Officer
Martos Hinojosa Salvador	Managing Director
Jose Luis Aya Abaurre	Member Of The Board, Joint Chief Executive Officer, Vice Chairman
Jose Joaquin Abaurre Llorente	Member Of The Board
Maria Jesus Benjumea Llorente	Member Of The Board

Registered No.(ESP): A41105511

1 - Profit & Loss Item Exchange Rate: USD 1 = EUR 0.7675279

2 - Balance Sheet Item Exchange Rate: USD 1 = EUR 0.7955052

Corporate Overview

Location

Calle San Fidel 91

Madrid, 28017

Spain

Tel: +(34) 913102008

Web; www.abengoa.es

Sales EUR(mil) : 9.0

Assets EUR(mil): 175.7

Employees: 3

Fiscal Year End: 04-Sep-2012

Industry: Commercial Banks

Incorporation Date: 1981

Company Type: Public Parent

Quoted Status: Not Quoted

Registered No.(ESP): A41105511

Member Of The Board, President, Joint Chief Executive Officer:

Felipe Benjumea Llorente

Contents

Industry Codes

Business Description

Financial Data

Branch Offices

Key Corporate Relationships

Industry Codes

ANZSIC 2006 Codes:

6240 - Financial Asset Investing

NACE 2002 Codes:

7415 - Management activities of holding companies

NAICS 2002 Codes:

551112 - Offices of Other Holding Companies

US SIC 1987:

671 - Holding Offices

UK SIC 2003:

7415 - Management activities of holding companies

UK SIC 2007:

642 - Activities of holding companies

Business Description

Activities of holding companies

Financial Data

Financials in:	EUR(mil)
Revenue:	9.0
Net Income:	6.9
Assets:	175.7
Current Assets:	28.9
Fixed Assets:	146.8
Long Term Debt:	27.2
Total Liabilities:	175.7
Issued Capital:	57.7
Net Worth:	86.7
Date of Financial Data:	04-Sep-2012

1 Year Growth

-5.8%

NA

NA

Branch Offices
Location Calle Pinar De Somosaguas 98 Humera-Somosaguas-Prado Del Rey, 28223 Tel: +(34) 917155107		Location Avd Buhaira (De La) 2 Sevilla, 41018

Key Corporate Relationships

Auditor:	Pricewaterhousecoopers Auditores Sl
Bank:	Banco Bilbao Vizcaya Argentaria, S.A., Caja General De Ahorros De Granada (Caja Granada)
Auditor:	Pricewaterhousecoopers Auditores Sl

Corporate Family	Corporate Structure News:
	Inversion Corporativa I C Sa
Inversion Corporativa I C Sa Total Corporate Family Members: 105

Company Name	Company Type	Location	Country	Industry	Sales (USD mil)	Employees
Inversion Corporativa I C Sa	Parent	Madrid	Spain	Commercial Banks	11.7	3
Abengoa SA	Subsidiary	Sevilla	Spain	Construction Services	11,050.9	22,243
Abengoa BioenergÃa, S.A.	Subsidiary	Sevilla	Spain	Chemical Manufacturing	3,093.8	4,605
Instalaciones Inabensa Sa	Subsidiary	Sevilla	Spain	Construction Services	916.3	2,078
Inabensa France Sas	Subsidiary	Vitrolles	France	Construction Services	25.3	14
Inabensa Pty. Ltd.	Subsidiary	Sydney, NSW	Australia	Construction Services
Inabensa Maroc, S.A.	Subsidiary	Casablanca	Morocco	Construction Services
Inabensa Portugal, S.A.	Subsidiary	Lisbon	Portugal	Construction Services
Inabensa Saudi Arabia, Ltd.	Subsidiary	Dammam	Saudi Arabia	Construction Services
Inabensa Electric & Electronic	Subsidiary	Tianjin	China	Construction Services
Inabensa Bharat Private Limited	Subsidiary	New Delhi	India	Engineering Consultants
Telvent Global Services Sa	Subsidiary	Alcobendas, Madrid	Spain	Computer Services	182.7	1,438
Empresa Mixta De Servicios Municipales De El Ejido Sa	Subsidiary	El Ejido, Almeria	Spain	Water Utilities	47.2	239
Abengoa Bioenergy Corp.	Subsidiary	Chesterfield, MO	United States	Chemical Manufacturing	259.2	200
Abengoa Bioenergy	Branch	York, NE	United States	Oil and Gas Operations	331.1	68
Abengoa Bioenergy Inc.	Facility	Colwich, KS	United States	Crops	224.0	55
Abengoa Bioenergy	Branch	Mt Vernon, IN	United States	Construction Services	73.0	15
Abengoa Bioenergy	Branch	Portales, NM	United States	Oil and Gas Operations	39.0	8
Abengoa Bioenergy	Branch	Ravenna, NE	United States	Crops	39.0	8
Abengoa Bioenergy	Branch	Golden, CO	United States	Oil and Gas Operations	39.0	8
Abengoa Bioenergy	Branch	Madison, IL	United States	Retail (Specialty)	39.0	8
Abengoa Bioenergy	Branch	Hugoton, KS	United States	Construction Services	9.7	2
Abengoa Solar S.A	Subsidiary	Sevilla	Spain	Electric Utilities	18.0	100
Europea De Construcciones Metalicas Sa	Subsidiary	Utrera, Sevilla	Spain	Engineering Consultants	93.6	290
Construcciones Metálicas Mexicanas Comemsa, S.A. De C.V.	Subsidiary	Apaseo El Grande, Guanajuato	Mexico	Engineering Consultants	120.1	785
Abengoa Solar New Technologies Sa	Subsidiary	Sevilla	Spain	Electric Utilities	122.8	125
Simosa Servicios Integrales De Mantenimiento Y Operacion, Sa.	Subsidiary	Sevilla	Spain	Business Services	14.1	94
Befesa Escorias Salinas Sa	Subsidiary	Valladolid	Spain	Waste Management Services	17.3	58
Abengoa Bioenergia Sa	Subsidiary	Sevilla	Spain	Commercial Banks	102.0	34
Abeinsa Ingenieria Y Construccion Industrial S.A	Subsidiary	Sevilla	Spain	Construction Services	91.1	13
Abentel Telecomunicaciones Sa	Subsidiary	Sevilla	Spain	Engineering Consultants	71.2	633
Bargoa S.A.	Subsidiary	Rio de Janeiro, RJ	Brazil	Electronic Instruments and Controls		500
Abener Energia Sa	Subsidiary	Sevilla	Spain	Construction Services	984.4	486
Energoprojekt Gliwice S A	Subsidiary	Gliwice	Poland	Engineering Consultants	4.5	140
Solar Power Plant One	Subsidiary	Hydra	Algeria	Electric Utilities
Teyma Gestion De Contratos De Construccion E Ingenieria Sa	Subsidiary	Sevilla	Spain	Construction Services	751.9	326
Abencor Suministros Sa	Subsidiary	Sevilla	Spain	Electronic Instruments and Controls	55.0	105
Negocios Industriales Y Comerciales Sa	Subsidiary	Madrid	Spain	Miscellaneous Fabricated Products	103.2	45
Nicsa Fornecimiento de Materiais	Subsidiary	Barra da Tijuca	Brazil	Miscellaneous Fabricated Products
Nicsa Mexico, S.A. de C.V.	Subsidiary	Mexico	Mexico	Miscellaneous Fabricated Products
Abener México, S.A. De C.V.	Subsidiary	Ciudad De Mexico, Distrito Federal	Mexico	Engineering Consultants		100
Abengoa Peru SA	Subsidiary	Lima	Peru	Engineering Consultants		100
Abengoa Transmisión Norte, S.A.	Subsidiary	Lima	Peru	Engineering Consultants
Abencs Engineering Private Limited	Subsidiary	Mumbai, Maharashtra	India	Engineering Consultants		54
Abengoa Hidrogeno Sa	Subsidiary	Sevilla	Spain	Biotechnology and Drugs	8.8	23
Asa Iberoamerica Sl	Subsidiary	Sevilla	Spain	Public Sector and Government	13.5	19
Aprovechamientos Energeticos Furesa Sa	Subsidiary	Alcantarilla, Murcia	Spain	Engineering Consultants	7.9	9
Cogeneracion Villaricos Sa	Subsidiary	Sevilla	Spain	Engineering Consultants	14.3	3
Enernova Ayamonte Sa	Subsidiary	Ayamonte, Huelva	Spain	Engineering Consultants	17.0
Abengoa México, S.A.	Subsidiary	Mexico	Mexico	Engineering Consultants
Abengoa Construção Brasil, Ltda.	Subsidiary	Barra da Tijuca	Brazil	Engineering Consultants
Abengoa Concessoes Brasil Holding SA	Subsidiary	Rio De Janeiro	Brazil	Electric Utilities
Zero Emissions Technologies, S.A.	Subsidiary	Seville	Spain	Biotechnology and Drugs
Teyma Uruguay Holding, S.A.	Subsidiary	Montevideo	Uruguay	Engineering Consultants
Teyma Construcciones, S.A.	Subsidiary	Montevideo	Uruguay	Engineering Consultants
Teyma Forestal, S.A.	Subsidiary	Montevideo	Uruguay	Engineering Consultants
Teyma Internacional, S.A.	Subsidiary	Montevideo	Uruguay	Engineering Consultants
Teyma Medioambiente, S.A.	Subsidiary	Montevideo	Uruguay	Engineering Consultants
Befesa Medio Ambiente Sa.	Subsidiary	Erandio, Vizcaya	Spain	Waste Management Services	50.4	8
Befesa Zinc Amorebieta Sociedad Anonima	Subsidiary	Amorebieta-Echano, Vizcaya	Spain	Waste Management Services	15.1	23
Construcciones Y Depuraciones Sociedad Anonima	Subsidiary	Sevilla	Spain	Miscellaneous Capital Goods	26.3	17
Centro Tecnologico Palmas Altas Sa	Subsidiary	Sevilla	Spain	Real Estate Operations	18.3	2
Befesa S.A.	Subsidiary	Asua-Erandio	Spain	Waste Management Services	506.2
Abeinsa Infraestructuras Medio Ambiente Sociedad Anonima	Subsidiary	Sevilla	Spain	Construction Services	302.5	482
Procesos Ecologicos Vilches Sa	Subsidiary	Sevilla	Spain	Public Sector and Government	9.7	3
Befesa Infrastructure India Private Limited	Subsidiary	Chennai, Tamil Nadu	India	Public Sector and Government	19.5
Befesa Agua Qingdao S.L.	Subsidiary	Qingdao	China	Public Sector and Government
Iniciativas Hidroeléctricas S.A.	Subsidiary	Seville	Spain	Public Sector and Government
Befesa Aluminio Sociedad Limitada	Subsidiary	Erandio, Vizcaya	Spain	Miscellaneous Fabricated Products	302.1	214
Befesa Salt Slags Ltd.	Subsidiary	Whitchurch	United Kingdom	Metal Mining	17.2	44
Befesa Salzschlacke GmbH	Subsidiary	Hannover, Niedersachsen	Germany	Waste Management Services	47.5	110
Befesa Salszchalcke Süd GmbH	Subsidiary	Töging am Inn	Germany	Waste Management Services
Befesa Zinc Freiberg GmbH	Subsidiary	Freiberg, Sachsen	Germany	Waste Management Services	66.2	91
Befesa Argentina S.A.	Subsidiary	Ciudad De Buenos Aires	Argentina	Waste Management Services	6.3	77
Teyma Abengoa S.A.	Subsidiary	Ciudad De Buenos Aires	Argentina	Engineering Consultants	75.0	123
Befesa Zinc Aser Sociedad Anonima	Subsidiary	Erandio, Vizcaya	Spain	Metal Mining	49.4	60
Befesa Plasticos Sl	Subsidiary	Alhama De Murcia, Murcia	Spain	Waste Management Services	10.2	52
Befesa Zinc Duisburg GmbH	Subsidiary	Duisburg, Nordrhein-Westfalen	Germany	Waste Management Services	28.8	47
Befesa Desulfuracion Sociedad Anonima	Subsidiary	Abanto Y Ciervana, Vizcaya	Spain	Waste Management Services	21.5	23
Befesa Gestion Pcb Sa	Subsidiary	Cartagena, Murcia	Spain	Waste Management Services	4.3	16
Befesa Zinc Comercial Sociedad Anonima	Subsidiary	Erandio, Vizcaya	Spain	Waste Management Services	165.9	5
Befesa Valera SAS	Subsidiary	Gravelines	France	Waste Management Services
Aguas de Skikda Spa	Subsidiary	Argel	Algeria	Public Sector and Government
Befesa México, S.A. de C.V.	Subsidiary	México	Mexico	Public Sector and Government
Befesa Perú, S.A.	Subsidiary	Lima	Peru	Waste Management Services
Befesa Scandust AB	Subsidiary	Landskrona	Sweden	Waste Management Services
Soluciones Ambientales del Norte	Subsidiary	Antofagasta	Chile	Public Sector and Government
Abengoa Solar, S.A.	Subsidiary	Madrid	Spain	Electric Utilities
Abengoa Solar Internacional, S.A.	Subsidiary	Almeria	Spain	Electric Utilities
Abengoa Solar PV, S.A.	Subsidiary	Madrid	Spain	Electric Utilities
Abengoa Bioenergia, S.A.	Subsidiary	Sevilla	Sweden	Retail (Specialty)
Abengoa Bio Energia Agro Industria Ltda	Subsidiary	Pirassununga, Sao Paulo	Brazil	Retail (Specialty)	226.4	2,000
Biocarburantes De Castilla Y Leon Sa	Subsidiary	Babilafuente, Salamanca	Spain	Retail (Specialty)	206.9	114
Bioetanol Galicia Sa	Subsidiary	Curtis, La Coruña	Spain	Chemical Manufacturing	220.4	86
Ecocarburantes Españoles Sa	Subsidiary	Cartagena, Murcia	Spain	Chemical Manufacturing	188.7	75
Abengoa Bioenergy France Sa	Subsidiary	Mont	France	Chemical Manufacturing	304.4	74
Abengoa Bioenergia Nuevas Tecnologias Sociedad Anonima	Subsidiary	Sevilla	Spain	Retail (Specialty)	17.2	40
Ecoagricola Sa	Subsidiary	Cartagena, Murcia	Spain	Retail (Specialty)	352.2	20
Abengoa Bioenergy Trading Europe BV	Subsidiary	Rotterdam	Netherlands	Consumer Financial Services
Abengoa Bioenergia AgrÃcola Ltda.	Subsidiary	São-Paulo	Brazil	Retail (Specialty)
Abengoa Bioenergia Brasil S.A.	Subsidiary	São Paulo	Brazil	Retail (Specialty)
Abengoa Bioenergia São João Ltda.	Subsidiary	São João da Boa Vista	Brazil	Retail (Specialty)
Abengoa BioenergÃa San Roque, S.A.	Subsidiary	San Roque	Spain	Retail (Specialty)
Bioetanol Galicia Novas Tecnoloxias	Subsidiary	La Coruña	Spain	Retail (Specialty)
Abengoa Bioenergy Netherlands B.V.	Subsidiary	Rotterdam	Netherlands	Retail (Specialty)

Executive report

Board of Directors

Name	Title	Function
Jose Luis Aya Abaurre	Member Of The Board, Joint Chief Executive Officer, Vice Chairman	Vice-Chairman
Jose Joaquin Abaurre Llorente	Member Of The Board	Director/Board Member
Felipe Benjumea Llorente	Member Of The Board, President, Joint Chief Executive Officer	Director/Board Member
Francisco Javier Benjumea Llorente	Member Of The Board	Director/Board Member
Maria Jesus Benjumea Llorente	Member Of The Board	Director/Board Member
Jaime Garcia Añoveros	Member Of The Board	Director/Board Member
Nueve Sa Palmera	Member Of The Board	Director/Board Member
Valdemede Sl	Member Of The Board	Director/Board Member
Ignacio Solis Guardiola	Member Of The Board	Director/Board Member
Campos Fernando Solis Martinez	Member Of The Board	Director/Board Member
Carlos Sundheim Diaz-Trechuelo	Member Of The Board	Director/Board Member

Executives

Name	Title	Function
Felipe Benjumea Llorente	Member Of The Board, President, Joint Chief Executive Officer	Chief Executive Officer
Martos Hinojosa Salvador	Managing Director	Chief Executive Officer

Annual Profit & Loss

	31-Dec-2011	31-Dec-2010	31-Dec-2009
Period Length	12 Months	12 Months	12 Months
Filed Currency	EUR	EUR	EUR
Exchange Rate (Period Average)	0.71919	0.755078	0.719047
Consolidated	No	No	No
Charges	4.2	2.9	4.9
Staff Costs	0.2	0.1	0.1
Wages and Salaries	0.1	0.1	0.1
Social Security Costs	0.0	0.0	0.0
Depreciation	0.0	0.0	0.0
Other Operating Charges	0.3	0.2	0.2
External Services	0.3	0.2	0.2
Operating Benefits	12.1	13.6	18.4
Financials and Similar Charges	5.1	3.5	4.6
Due to Liabilities With Group Companies	2.0	1.0	1.0
Due to Other Liabilities	3.1	2.2	2.2
Losses from Financial Investments	-	0.3	1.4
Profit From Ordinary Activities	8.3	10.8	14.2
Profit Before Taxes	8.3	10.8	14.2
Corporation Tax	-1.3	-0.9	0.0
Financial Year Result (Profit)	9.7	11.7	14.2
Income	13.9	14.6	19.1
Net Total Sales	12.5	12.7	13.5
Sales	12.5	12.7	13.5
Miscellaneous Operating Income	0.0	1.2	5.3
Auxiliary Income From Current Management	0.0	1.2	5.3
Income From Equity Investment	0.2	0.1	0.2
Third Parties	0.2	0.1	0.2
Income From Miscellaneous Interests	1.1	0.6	0.1
Miscellaneous Interests	1.1	0.6	0.1
Negative Financial Results	3.7	2.8	4.2

Annual Balance Sheet

Financials in: USD (mil)

	31-Dec-2011	31-Dec-2010	31-Dec-2009
Filed Currency	EUR	EUR	EUR
Exchange Rate	0.770327	0.745406	0.696986
Consolidated	No	No	No
Technical Installations and Machinery	0.0	0.0	0.0
Other Installations, Tools, and Furniture	0.0	0.0	0.0
Other Tangible Assets	0.0	0.0	0.0
Total Tangible Fixed Assets	0.0	0.0	0.0
Investments in Group Companies	190.5	194.8	206.0
Other Receivables	0.1	0.1	-
Financial Investments	190.6	194.9	206.0
Total Fixed Assets	190.6	194.9	206.0
Other Debtors	0.2	0.2	0.2
Public Bodies	11.1	9.5	9.2
Total Debtors	11.3	9.7	9.3
Receivables from Group Companies	21.4	26.1	28.1
Short-Term Securities Portfolio	4.7	4.3	4.6
Short-Term Guarantees and Deposits	0.0	0.0	0.0
Total Short-Term Investments	26.1	30.4	32.7
Cash	0.2	0.1	0.2
Total Current Assets	37.6	40.2	42.2
Total Assets	228.1	235.1	248.2
Legal Reserve	15.0	15.5	15.4
Reserves for Own Shares	2.4	3.1	3.8
Miscellaneous Reserves	11.0	12.6	14.4
Capital Adjustment to Euros	0.0	0.0	0.0
Total Reserves	28.4	31.2	33.6
Profit or Loss for the Financial Year	9.0	11.8	14.6
Own Shares for Capital Reduction	-5.7	-5.3	-4.8
Total Equity	112.5	121.1	132.6
Loans and Other Liabilities	33.0	24.9	19.8
Total Amounts Owed to Credit Institutions	33.0	24.9	19.8
Long-Term Payables to Public Bodies	2.3	2.1	2.3
Total Other Creditors	2.3	2.1	2.3
Total Long Term Liabilities	35.3	27.0	22.1
Loans and Other Liabilities	26.4	32.0	33.7
Total Amounts Owed to Credit Institutions	26.4	32.0	33.7
Amounts Owed to Group Companies	53.7	54.9	59.7
Total Short-Term Amounts Owed to Group and Associa	53.7	54.9	59.7
Amounts Owed for Purchases of Goods or Services	0.1	0.1	0.1
Total Trade Creditors	0.1	0.1	0.1
Public Bodies	0.0	0.0	0.0
Miscellaneous Debts	0.2	0.0	-
Total Other Creditors	0.2	0.0	0.0
Total Short Term Creditors	80.3	87.1	93.4
Total Liabilities and Equity	228.1	235.1	248.2

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.52.75
UK Pound	1	Rs.85.08
Euro	1	Rs.69.04

INFORMATION DETAILS

Report Prepared by :

MNL

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.