MIRA INFORM REPORT

Report Date :

17.09.2012

IDENTIFICATION DETAILS

Name :	ZAHORANSKY FORMENBAU GMBH
Registered Office :	Bebelstrasse 11a, Freiburg Im Breisgau, 79108
Country :	Germany
Financials (as on) :	31.12.2010
Year of Establishment :	1991
Com. Reg. No.:	4058
Legal Form :	Private Subsidiary Company
Line of Business :	manufacturer of machines and equipment for handling hot metals manufacturer of metal-rolling mills and rolls for such mills
No. of Employees :	77 employees

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)
Germany	A1	A1

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

germany - ECONOMIC OVERVIEW

The German economy - the fifth largest economy in the world in PPP terms and Europe's largest - is a leading exporter of machinery, vehicles, chemicals, and household equipment and benefits from a highly skilled labor force. Like its Western European neighbors, Germany faces significant demographic challenges to sustained long-term growth. Low fertility rates and declining net immigration are increasing pressure on the country's social welfare system and necessitate structural reforms. Reforms launched by the government of Chancellor Gerhard SCHROEDER (1998-2005), deemed necessary to address chronically high unemployment and low average growth, contributed to strong growth in 2006 and 2007 and falling unemployment. These advances, as well as a government subsidized, reduced working hour scheme, help explain the relatively modest increase in unemployment during the 2008-09 recession - the deepest since World War II - and its decrease to 6.0% in 2011. GDP contracted 5.1% in 2009 but grew by 3.6% in 2010, and 2.7% in 2011. The recovery was attributable primarily to rebounding manufacturing orders and exports - increasingly outside the Euro Zone. Germany's central bank projects that GDP will grow 0.6% in 2012, a reflection of the worsening euro-zone financial crisis and the financial burden it places on Germany as well as falling demand for German exports. Domestic demand is therefore becoming a more significant driver of Germany's economic expansion. Stimulus and stabilization efforts initiated in 2008 and 2009 and tax cuts introduced in Chancellor Angela MERKEL's second term increased Germany's budget deficit to 3.3% in 2010, but slower spending and higher tax revenues reduce the deficit to 1.7% in 2011, below the EU's 3% limit. A constitutional amendment approved in 2009 limits the federal government to structural deficits of no more than 0.35% of GDP per annum as of 2016. Following the March 2011 Fukushima nuclear disaster, Chancellor Angela Merkel announced in May 2011 that eight of the country's 17 nuclear reactors would be shut down immediately and the remaining plants would close by 2022. Germany hopes to replace nuclear power with renewable energy. Before the shutdown of the eight reactors, Germany relied on nuclear power for 23% of its energy and 46% of its base-load electrical production.

Source : CIA

Company name & address

ZAHORANSKY Formenbau GmbH

Bebelstrasse 11a

Freiburg Im Breisgau, 79108

Germany

Tel: +49 (0) 761 76750

Fax: +49 (0) 761 7675143

Synthesis

Employees: 77

Company Type: Private Subsidiary

Corporate Family: 4 Companies

Ultimate Parent: Zahoransky AG

Incorporation Date: 1991

Financials in: USD (Millions)

Fiscal Year End: 31-Dec-2010

Reporting Currency: Euro

Annual Sales: NA

Total Assets: 18.7

Business Description

ZAHORANSKY Formenbau GmbH is primarily engaged in manufacture of machines and equipment for handling hot metals (converters, ingot moulds, ladles, casting machines); and manufacture of metal-rolling mills and rolls for such mills.

Industry

Industry Miscellaneous Capital Goods

ANZSIC 2006: 2463 - Machine Tool and Parts Manufacturing

NACE 2002: 2951 - Manufacture of machinery for metallurgy

NAICS 2002: 333516 - Rolling Mill Machinery and Equipment Manufacturing

UK SIC 2003: 2951 - Manufacture of machinery for metallurgy

UK SIC 2007: 2891 - Manufacture of machinery for metallurgy

US SIC 1987: 3543 - Industrial Patterns

Key Executives

Name	Title
Winfried Ebner	Managing director
Michael Schmidt	Managing director

News

Title	Date
KraussMaffei strong in packaging, medical. Plastics News (1015 Words)	30-Apr-2012
Straub leaving KraussMaffei with record $1.5 billion sales. Plastics News (473 Words)	5-Dec-2011

Registered No.(DEU): 4058

1 - Profit & Loss Item Exchange Rate: USD 1 = EUR 0.7550783

2 - Balance Sheet Item Exchange Rate: USD 1 = EUR 0.7454064

Corporate Overview

Location

Bebelstrasse 11a

Freiburg Im Breisgau, 79108

Germany

Tel: +49 (0) 761 76750

Fax: +49 (0) 761 7675143

Sales EUR(mil): NA

Assets EUR(mil): 13.9

Employees: 77

Fiscal Year End: 31-Dec-2010

Industry: Miscellaneous Capital Goods

Incorporation Date: 1991

Company Type: Private Subsidiary

Quoted Status: Not Quoted

Registered No.(DEU): 4058

Managing director: Winfried Ebner

Contents

Industry Codes

Business Description

Financial Data

Subsidiaries

Key Corporate Relationships

Industry Codes

ANZSIC 2006 Codes:

2463 - Machine Tool and Parts Manufacturing

1919 - Other Polymer Product Manufacturing

NACE 2002 Codes:

2951 - Manufacture of machinery for metallurgy

2524 - Manufacture of other plastic products

NAICS 2002 Codes:

333516 - Rolling Mill Machinery and Equipment Manufacturing

32619 - Other Plastics Product Manufacturing

US SIC 1987:

3543 - Industrial Patterns

3089 - Plastics Products, Not Elsewhere Classified

UK SIC 2003:

2951 - Manufacture of machinery for metallurgy

2524 - Manufacture of other plastic products

UK SIC 2007:

2891 - Manufacture of machinery for metallurgy

2229 - Manufacture of other plastic products

Business Description

ZAHORANSKY Formenbau GmbH is primarily engaged in manufacture of machines and equipment for handling hot metals (converters, ingot moulds, ladles, casting machines); and manufacture of metal-rolling mills and rolls for such mills.

Financial Data

Financials in:	EUR(mil)
Assets:	13.9
Current Assets:	4.9
Total Liabilities:	13.9
Issued Capital:	0.5
Net Worth:	7.7
Date of Financial Data:	31-Dec-2010

1 Year Growth

NA

Subsidiaries

Company	Percentage Owned	Country
ZAHORANSKY GmbH Formen- und Werkzeugbau		Germany

Key Corporate Relationships

Bank:	Commerzbank vormals Dresdner Bank, Sparkasse Freiburg-Nördlicher Breisgau, Sparkasse Schönau-Todtnau

Corporate Family	Corporate Structure News:
	Zahoransky AG ZAHORANSKY Formenbau GmbH
ZAHORANSKY Formenbau GmbH Total Corporate Family Members: 4

Company Name	Company Type	Location	Country	Industry	Sales (USD mil)	Employees
Zahoransky AG	Parent	Todtnau, Baden-Württemberg	Germany	Miscellaneous Capital Goods	79.5	600
ZAHORANSKY Formenbau GmbH	Subsidiary	Freiburg Im Breisgau, Baden-Württemberg	Germany	Miscellaneous Capital Goods		90
ZAHORANSKY GmbH Formen- und Werkzeugbau	Subsidiary	Steinberg, Sachsen	Germany	Fabricated Plastic and Rubber		66
Zahoransky Sociedad Anonima	Subsidiary	Logroño, La Rioja	Spain	Miscellaneous Capital Goods	8.5	39

executive report

Executives

Name	Title	Function
Winfried Ebner	Managing director	Managing Director
Michael Schmidt	Managing director	Managing Director

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)	0.755078	0.719047	0.683679
Consolidated	No	No	No
Taxes and social security costs	1.1	1.1	1.2
Total payroll costs	6.2	6.6	7.2
Fixed asset depreciation and amortisation	0.8	0.9	1.1
Other operating costs	4.4	4.1	4.4
Net operating income	1.5	1.2	2.5
Other income	0.1	0.1	0.1
Interest payable on loans	0.1	0.1	0.2
Total expenses	0.0	0.0	0.2
Profit before tax	1.5	1.2	2.4
Extraordinary income	0.0	-	-
Provisions	1.6	1.5	2.3
Extraordinary expenses	0.0	-	-
Extraordinary result	0.0	-	-
Other taxes	0.0	0.0	0.0
Total taxation	0.4	0.3	0.7
Net profit	1.0	0.9	1.6

Annual Balance Sheet

Financials in: USD (mil)

	31-Dec-2010	31-Dec-2009	31-Dec-2008
Filed Currency	EUR	EUR	EUR
Exchange Rate	0.745406	0.696986	0.719399
Consolidated	No	No	No
Issued capital	0.7	0.7	0.7
Capital reserves	5.1	5.4	5.3
Total reserves	0.6	0.6	0.6
Profits for the year	3.9	6.7	5.6
Profit brought forward from previous year(s)	2.9	5.8	4.0
Total stockholders equity	10.3	13.4	12.1
Provisions and allowances	1.6	1.6	2.2
Taxes and social security	0.0	-	-
Total long-term liabilities	0.0	-	-
Taxation and social security	0.8	0.9	1.7
Due to group companies	6.0	5.4	3.6
Total current liabilities	6.7	6.2	5.3
Regularisation account	-	-	0.0
Total liabilities (including net worth)	18.7	21.3	19.6
Patents	0.1	-	-
Intangibles	0.1	0.1	0.1
Land and buildings	8.1	8.4	8.4
Machinery and tools	1.6	2.1	2.6
Fixtures and equipment	8.1	8.4	8.4
Fixed assets under construction	-	-	0.1
Total tangible fixed assets	10.1	10.9	11.5
Shares held in associated companies	1.8	1.9	1.9
Total financial assets	1.8	1.9	1.9
Total non-current assets	12.0	12.9	13.5
Net stocks and work in progress	-	0.7	0.0
Total receivables	5.1	7.2	4.3
Cash and liquid assets	1.5	0.4	1.8
Total current assets	6.6	8.2	6.1
Prepaid expenses and deferred costs	0.1	0.1	0.1
Total assets	18.7	21.3	19.6

Annual Ratios

Financials in: USD (mil)

	31-Dec-2010	31-Dec-2009	31-Dec-2008
Period Length	12 Months	12 Months	12 Months
Filed Currency	EUR	EUR	EUR
Exchange Rate	0.745406	0.696986	0.719399
Consolidated	No	No	No
Current ratio	9.78	13.18	11.47
Acid test ratio	9.78	12.02	11.47
Total liabilities to net worth	0.07%	0.05%	0.04%
Net worth to total assets	0.06%	0.06%	0.06%
Current liabilities to net worth	0.07%	0.05%	0.04%
Current liabilities to stock	-	0.87%	-47,287.29%
Fixed assets to net worth	0.12%	0.10%	0.11%
Return on assets	0.01%	0.00%	0.01%
Shareholders' return	0.01%	0.01%	0.01%
Profit per employee	1.05	0.75	1.38
Average wage per employee	6.10	5.76	6.06
Net worth	10.3	13.4	12.1
Number of employees	77	82	81

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.54.73
UK Pound	1	Rs.88.61
Euro	1	Rs.71.34

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%) Maket trend (10%) Operational size (10%)

MIRA INFORM REPORT

Report Date :

17.09.2012

IDENTIFICATION DETAILS

Name :	ZAHORANSKY FORMENBAU GMBH
Registered Office :	Bebelstrasse 11a, Freiburg Im Breisgau, 79108
Country :	Germany
Financials (as on) :	31.12.2010
Year of Establishment :	1991
Com. Reg. No.:	4058
Legal Form :	Private Subsidiary Company
Line of Business :	manufacturer of machines and equipment for handling hot metals manufacturer of metal-rolling mills and rolls for such mills
No. of Employees :	77 employees

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)
Germany	A1	A1

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

germany - ECONOMIC OVERVIEW

The German economy - the fifth largest economy in the world in PPP terms and Europe's largest - is a leading exporter of machinery, vehicles, chemicals, and household equipment and benefits from a highly skilled labor force. Like its Western European neighbors, Germany faces significant demographic challenges to sustained long-term growth. Low fertility rates and declining net immigration are increasing pressure on the country's social welfare system and necessitate structural reforms. Reforms launched by the government of Chancellor Gerhard SCHROEDER (1998-2005), deemed necessary to address chronically high unemployment and low average growth, contributed to strong growth in 2006 and 2007 and falling unemployment. These advances, as well as a government subsidized, reduced working hour scheme, help explain the relatively modest increase in unemployment during the 2008-09 recession - the deepest since World War II - and its decrease to 6.0% in 2011. GDP contracted 5.1% in 2009 but grew by 3.6% in 2010, and 2.7% in 2011. The recovery was attributable primarily to rebounding manufacturing orders and exports - increasingly outside the Euro Zone. Germany's central bank projects that GDP will grow 0.6% in 2012, a reflection of the worsening euro-zone financial crisis and the financial burden it places on Germany as well as falling demand for German exports. Domestic demand is therefore becoming a more significant driver of Germany's economic expansion. Stimulus and stabilization efforts initiated in 2008 and 2009 and tax cuts introduced in Chancellor Angela MERKEL's second term increased Germany's budget deficit to 3.3% in 2010, but slower spending and higher tax revenues reduce the deficit to 1.7% in 2011, below the EU's 3% limit. A constitutional amendment approved in 2009 limits the federal government to structural deficits of no more than 0.35% of GDP per annum as of 2016. Following the March 2011 Fukushima nuclear disaster, Chancellor Angela Merkel announced in May 2011 that eight of the country's 17 nuclear reactors would be shut down immediately and the remaining plants would close by 2022. Germany hopes to replace nuclear power with renewable energy. Before the shutdown of the eight reactors, Germany relied on nuclear power for 23% of its energy and 46% of its base-load electrical production.

Source : CIA

Company name & address

ZAHORANSKY Formenbau GmbH

Bebelstrasse 11a

Freiburg Im Breisgau, 79108

Germany

Tel: +49 (0) 761 76750

Fax: +49 (0) 761 7675143

Synthesis

Employees: 77

Company Type: Private Subsidiary

Corporate Family: 4 Companies

Ultimate Parent: Zahoransky AG

Incorporation Date: 1991

Financials in: USD (Millions)

Fiscal Year End: 31-Dec-2010

Reporting Currency: Euro

Annual Sales: NA

Total Assets: 18.7

Business Description

ZAHORANSKY Formenbau GmbH is primarily engaged in manufacture of machines and equipment for handling hot metals (converters, ingot moulds, ladles, casting machines); and manufacture of metal-rolling mills and rolls for such mills.

Industry

Industry Miscellaneous Capital Goods

ANZSIC 2006: 2463 - Machine Tool and Parts Manufacturing

NACE 2002: 2951 - Manufacture of machinery for metallurgy

NAICS 2002: 333516 - Rolling Mill Machinery and Equipment Manufacturing

UK SIC 2003: 2951 - Manufacture of machinery for metallurgy

UK SIC 2007: 2891 - Manufacture of machinery for metallurgy

US SIC 1987: 3543 - Industrial Patterns

Key Executives

Name	Title
Winfried Ebner	Managing director
Michael Schmidt	Managing director

News

Title	Date
KraussMaffei strong in packaging, medical. Plastics News (1015 Words)	30-Apr-2012
Straub leaving KraussMaffei with record $1.5 billion sales. Plastics News (473 Words)	5-Dec-2011

Registered No.(DEU): 4058

1 - Profit & Loss Item Exchange Rate: USD 1 = EUR 0.7550783

2 - Balance Sheet Item Exchange Rate: USD 1 = EUR 0.7454064

Corporate Overview

Location

Bebelstrasse 11a

Freiburg Im Breisgau, 79108

Germany

Tel: +49 (0) 761 76750

Fax: +49 (0) 761 7675143

Sales EUR(mil): NA

Assets EUR(mil): 13.9

Employees: 77

Fiscal Year End: 31-Dec-2010

Industry: Miscellaneous Capital Goods

Incorporation Date: 1991

Company Type: Private Subsidiary

Quoted Status: Not Quoted

Registered No.(DEU): 4058

Managing director: Winfried Ebner

Contents

Industry Codes

Business Description

Financial Data

Subsidiaries

Key Corporate Relationships

Industry Codes

ANZSIC 2006 Codes:

2463 - Machine Tool and Parts Manufacturing

1919 - Other Polymer Product Manufacturing

NACE 2002 Codes:

2951 - Manufacture of machinery for metallurgy

2524 - Manufacture of other plastic products

NAICS 2002 Codes:

333516 - Rolling Mill Machinery and Equipment Manufacturing

32619 - Other Plastics Product Manufacturing

US SIC 1987:

3543 - Industrial Patterns

3089 - Plastics Products, Not Elsewhere Classified

UK SIC 2003:

2951 - Manufacture of machinery for metallurgy

2524 - Manufacture of other plastic products

UK SIC 2007:

2891 - Manufacture of machinery for metallurgy

2229 - Manufacture of other plastic products

Business Description

ZAHORANSKY Formenbau GmbH is primarily engaged in manufacture of machines and equipment for handling hot metals (converters, ingot moulds, ladles, casting machines); and manufacture of metal-rolling mills and rolls for such mills.

Financial Data

Financials in:	EUR(mil)
Assets:	13.9
Current Assets:	4.9
Total Liabilities:	13.9
Issued Capital:	0.5
Net Worth:	7.7
Date of Financial Data:	31-Dec-2010

1 Year Growth

NA

Subsidiaries

Company	Percentage Owned	Country
ZAHORANSKY GmbH Formen- und Werkzeugbau		Germany

Key Corporate Relationships

Bank:	Commerzbank vormals Dresdner Bank, Sparkasse Freiburg-Nördlicher Breisgau, Sparkasse Schönau-Todtnau

Corporate Family	Corporate Structure News:
	Zahoransky AG ZAHORANSKY Formenbau GmbH
ZAHORANSKY Formenbau GmbH Total Corporate Family Members: 4

Company Name	Company Type	Location	Country	Industry	Sales (USD mil)	Employees
Zahoransky AG	Parent	Todtnau, Baden-Württemberg	Germany	Miscellaneous Capital Goods	79.5	600
ZAHORANSKY Formenbau GmbH	Subsidiary	Freiburg Im Breisgau, Baden-Württemberg	Germany	Miscellaneous Capital Goods		90
ZAHORANSKY GmbH Formen- und Werkzeugbau	Subsidiary	Steinberg, Sachsen	Germany	Fabricated Plastic and Rubber		66
Zahoransky Sociedad Anonima	Subsidiary	Logroño, La Rioja	Spain	Miscellaneous Capital Goods	8.5	39

executive report

Executives

Name	Title	Function
Winfried Ebner	Managing director	Managing Director
Michael Schmidt	Managing director	Managing Director

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)	0.755078	0.719047	0.683679
Consolidated	No	No	No
Taxes and social security costs	1.1	1.1	1.2
Total payroll costs	6.2	6.6	7.2
Fixed asset depreciation and amortisation	0.8	0.9	1.1
Other operating costs	4.4	4.1	4.4
Net operating income	1.5	1.2	2.5
Other income	0.1	0.1	0.1
Interest payable on loans	0.1	0.1	0.2
Total expenses	0.0	0.0	0.2
Profit before tax	1.5	1.2	2.4
Extraordinary income	0.0	-	-
Provisions	1.6	1.5	2.3
Extraordinary expenses	0.0	-	-
Extraordinary result	0.0	-	-
Other taxes	0.0	0.0	0.0
Total taxation	0.4	0.3	0.7
Net profit	1.0	0.9	1.6

Annual Balance Sheet

Financials in: USD (mil)

	31-Dec-2010	31-Dec-2009	31-Dec-2008
Filed Currency	EUR	EUR	EUR
Exchange Rate	0.745406	0.696986	0.719399
Consolidated	No	No	No
Issued capital	0.7	0.7	0.7
Capital reserves	5.1	5.4	5.3
Total reserves	0.6	0.6	0.6
Profits for the year	3.9	6.7	5.6
Profit brought forward from previous year(s)	2.9	5.8	4.0
Total stockholders equity	10.3	13.4	12.1
Provisions and allowances	1.6	1.6	2.2
Taxes and social security	0.0	-	-
Total long-term liabilities	0.0	-	-
Taxation and social security	0.8	0.9	1.7
Due to group companies	6.0	5.4	3.6
Total current liabilities	6.7	6.2	5.3
Regularisation account	-	-	0.0
Total liabilities (including net worth)	18.7	21.3	19.6
Patents	0.1	-	-
Intangibles	0.1	0.1	0.1
Land and buildings	8.1	8.4	8.4
Machinery and tools	1.6	2.1	2.6
Fixtures and equipment	8.1	8.4	8.4
Fixed assets under construction	-	-	0.1
Total tangible fixed assets	10.1	10.9	11.5
Shares held in associated companies	1.8	1.9	1.9
Total financial assets	1.8	1.9	1.9
Total non-current assets	12.0	12.9	13.5
Net stocks and work in progress	-	0.7	0.0
Total receivables	5.1	7.2	4.3
Cash and liquid assets	1.5	0.4	1.8
Total current assets	6.6	8.2	6.1
Prepaid expenses and deferred costs	0.1	0.1	0.1
Total assets	18.7	21.3	19.6

Annual Ratios

Financials in: USD (mil)

	31-Dec-2010	31-Dec-2009	31-Dec-2008
Period Length	12 Months	12 Months	12 Months
Filed Currency	EUR	EUR	EUR
Exchange Rate	0.745406	0.696986	0.719399
Consolidated	No	No	No
Current ratio	9.78	13.18	11.47
Acid test ratio	9.78	12.02	11.47
Total liabilities to net worth	0.07%	0.05%	0.04%
Net worth to total assets	0.06%	0.06%	0.06%
Current liabilities to net worth	0.07%	0.05%	0.04%
Current liabilities to stock	-	0.87%	-47,287.29%
Fixed assets to net worth	0.12%	0.10%	0.11%
Return on assets	0.01%	0.00%	0.01%
Shareholders' return	0.01%	0.01%	0.01%
Profit per employee	1.05	0.75	1.38
Average wage per employee	6.10	5.76	6.06
Net worth	10.3	13.4	12.1
Number of employees	77	82	81

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.54.73
UK Pound	1	Rs.88.61
Euro	1	Rs.71.34

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.