MIRA INFORM REPORT

 

 

Report Date :

03.03.2011

 

IDENTIFICATION DETAILS

 

Name :

DEUTSCHE SOLAR GMBH

 

 

Registered Office :

Berthelsdorfer Str. 111a, D 09599 Freiberg, Post Box: 1711, D 09587 Freiberg

 

 

Country :

Germany

 

 

Financials (as on) :

31.12.2007

 

 

Date of Incorporation :

11.07.1959

 

 

Com. Reg. No.:

HRB 26331

 

 

Legal Form :

Private Limited Company

 

 

Line of Business :

Manufacture of Solar Cells and Modules.

 

RATING & COMMENTS

 

MIRA’s Rating :

Ba

 

RATING

STATUS

PROPOSED CREDIT LINE

41-55

Ba

Overall operation is considered normal. Capable to meet normal commitments.

Satisfactory

 

Maximum Credit Limit :

250.000 EUR

Status :

Good

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 – June 30, 2010

 

Country Name

Previous Rating

                   (01.04.2010)                  

Current Rating

(30.06.2010)

Germany

A1

A1

 

Risk Category

ECGC Classification

Insignificant

 

A1

Low

 

A2

Moderate

 

B1

High

 

B2

Very High

 

C1

Restricted

 

C2

Off-credit

 

D

 

Company name

 

Deutsche Solar GmbH

 

 

Company address

 

Berthelsdorfer Str. 111a

D 09599 Freiberg

Post Box:

1711, D 09587 Freiberg

Telephone:03731/3010

Telefax:  03731/301230

Homepage         : www.deutschesolar.de

E-mail               :   info@deutschesolar.de

 

 

VAT no            

 

DE811138204

 

 

Tax ID number     

 

220/100/02277

 

 

Synthesis

 

LEGAL FORM                           Private limited company

Date of foundation                      : 11.07.1959

Begin of business activities         : 11.07.1959

Shareholders' agreement            : 11.07.1959

Registered on                            : 13.01.2011

Commercial Register                  : Local court 09130 Chemnitz

Under                                        : HRB 26331

Share capital                             : EUR 40.000.000,00

 

 

Shareholder

 

SolarWorld Aktiengesellschaft

Martin-Luther-King-Str. 24

D 53175 Bonn

Legal form: Public limited company

Share capital:   EUR    111.720.000,00

Share: EUR  40.000.000,00

Registered on: 26.03.1999

Reg. data: 53111 Bonn, HRB 8319

 

 

Manager

 

Mario Behrendt

Schillerfalterstr. 66

D 12683 Berlin

authorized to jointly represent the company

born: 09.09.1960

 

Manager:

Volker Mehlig

Eduard-Bilz-Str. 55

D 01445 Radebeul

authorized to jointly represent the company

born: 25.04.1968

 

Manager:

Ralf Petzoldt

Schachtstr. 19 OT Bannewitz

D 01728 Cunnersdorf

authorized to jointly represent the company

born: 03.12.1954

 

 

Proxy

 

Thomas May

Eichenweg 22 OT Breitenau

D 09569 Oederan

authorized to jointly represent the company

born: 23.05.1965

 

Proxy:

Heiner Butze

Hauptstr. 34 OT Berthelsdorf

D 09600 Weißenborn

authorized to jointly represent the company

born: 16.11.1951

 

Proxy:

Steffen Kretzschmar

Domgäßchen 6

D 09599 Freiberg

authorized to jointly represent the company

born: 22.08.1972

 

 

Further functions/participations of Volker Mehlig (Manager)

 

Manager:

Solar Factory GmbH

Ferdinand-Reich-Str. 1

D 09599 Freiberg

Legal form: Private limited company

Share capital: EUR  4.600.000,00

Registered on: 19.12.2001

Reg. data:  09130 Chemnitz, HRB 19368

 

Manager:

Deutsche Cell GmbH

Berthelsdorfer Str. 111a

D 09599 Freiberg

Post Box:

1711, D 09587 Freiberg

Legal form: Private limited company

Share capital: EUR 15.300.000,00

Registered on: 15.03.2002

Reg. data:  09130 Chemnitz, HRB 19611

 

 

BUSINESS ACTIVITIES

 

Main industrial sector

71122   Engineering activities in the field of technical sectoral planning and engineering design

 

Secondary industrial sector

26111   Manufacture of solar cells and modules

 

 

BRANCHES AND FACTORIES

 

Works:

Deutsche Solar GmbH

Am Junger-Löwe-Schacht 10

D 09599 Freiberg

TEL.: 03731/3014310

FAX.: 03731/3014322

 

 

FINANCIAL INFORMATION

 

Payment experience      : without complaints

 

Negative information       :We have no negative information at hand.

 

Maximum credit             : 250.000 EUR

 

Balance sheet year:  2007

 

 

REAL ESTATE

 

Type of ownership          : proprietor

Share                            : 100,00 %

Address                        Am Junger-Löwe-Schacht 10

D 09599 Freiberg

 

Type of ownership          : Tenant

Address                        Berthelsdorfer Str. 111a

D 09599 Freiberg

 

Land register documents were not available.

 

 

BANKERS

 

Principal bank

DEUTSCHE BANK, FREIBERG, SACHS

Sort. code: 87070000, Account no.: 0509000, BIC: DEUTDE8CXXX

 

 

FINANCIAL FIGURES

 

Turnover:                       2009               EUR        370.000.000,00

2010               EUR        380.000.000,00

further business figures:

Employees:                                                                   800

- Trainees:                                                                     74

 

BALANCE SHEETS

 

Balance sheet ratios                  2007

Equity ratio [%]                          : 33,42

Liquidity ratio                             : 0,17

Return on total capital [%]          :  9,13

 

Equity ratio

The equity ratio indicates the portion of the equity as compared to the total capital. The higher the equity ratio, the better the economic stability (solvency) and thus the financial autonomy of a company.

 

Liquidity ratio

The liquidity ratio shows the proportion between adjusted receivables and net liabilities. The higher the ratio, the lower the company's financial dependancy from external creditors.

 

Return on total capital

The return on total capital shows the efficiency and return on the total capital employed in the company. The higher the return on total capital, the more economically does the company work with the invested capital.

 

 

Type of balance

sheet:               Company balance sheet

 

Financial year:      01.01.2007 - 31.12.2007

 

ASSETS                                  EUR        476.394.066,33

 Fixed assets                           EUR        162.074.625,78

  Intangible assets                     EUR            515.576,07

   Other / unspecified intangible assetsEUR            515.576,07

  Tangible assets                       EUR        156.003.999,71

   Other / unspecified tangible assets  EUR        156.003.999,71

  Financial assets                      EUR          5.555.050,00

   Shares in participations /

   subsidiaries and the like            EUR          5.555.050,00

 Current assets                         EUR        313.700.742,83

  Stocks                                EUR        233.535.184,32

   Raw materials, consumables and

   supplies                             EUR         27.193.215,87

   Finished goods / work in progress    EUR         25.770.842,94

   Advance payments made                EUR        180.571.125,51

  Accounts receivable                   EUR         38.939.099,08

   Trade debtors                        EUR         12.709.433,79

   Amounts due from related companies   EUR         23.545.967,71

   Other debtors and assets             EUR          2.683.697,58

  Liquid means                          EUR         41.226.459,43

 Remaining other assets                 EUR            618.697,72

  Accruals (assets)                     EUR            618.697,72

 

LIABILITIES                             EUR        476.394.066,33

 Shareholders' equity                   EUR        159.405.291,06

  Capital                               EUR         40.000.000,00

   Subscribed capital (share capital)   EUR         40.000.000,00

  Reserves                              EUR          4.076.508,62

   Capital reserves                     EUR             17.354,62

   Retained earnings / revenue reserves EUR          4.059.154,00

  Balance sheet profit/loss (+/-)       EUR        115.328.782,44

   Annual surplus / annual deficit      EUR         43.448.673,02

   Balance sheet profit / loss          EUR         71.880.109,42

 Items between shareholders' equity and

 debt capital                           EUR         29.705.625,03

  Allowances / bonuses                  EUR         29.705.625,03

 Provisions                             EUR         17.369.795,98

  Provisions for taxes                  EUR            859.175,98

  Other / unspecified provisions        EUR         16.510.620,00

 Liabilities                            EUR        268.404.854,26

  Financial debts                       EUR         38.279.538,28

   Liabilities due to banks             EUR         38.279.538,28

  Other liabilities                     EUR        230.125.315,98

   Trade creditors (for IAS incl. bills

   of exchange)                         EUR         19.406.575,53

   Liabilities from received advance

   payments                             EUR        169.042.009,17

   Liabililties due to related companiesEUR         28.535.104,72

   Unspecified other liabilities        EUR         13.141.626,56

 Other liabilities                      EUR          1.508.500,00

  Deferrals (liabilities)               EUR          1.508.500,00

 

Profit and loss account (cost of sales method) according to Comm.

Code (HGB)

 Sales                                  EUR        346.024.421,14

 Manufacturing costs                    EUR        255.156.500,12

 Gross result on sales                  EUR         90.867.921,02

 Research and development costs         EUR          7.494.316,65

 Other operating income                 EUR         23.326.019,61

 Other operating expenses               EUR         27.638.253,89

 Operating result from continuing

 operations                             EUR         79.061.370,09

 Interest result (+/-)                  EUR         -7.729.973,20

 Financial result (+/-)                 EUR         -7.729.973,20

 Result from ordinary operations (+/-)  EUR         71.331.396,89

 Income tax / refund of income tax (+/-)EUR        -27.882.723,87

 Tax (+/-)                              EUR        -27.882.723,87

 Annual surplus / annual deficit        EUR         43.448.673,02

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.44.96

UK Pound

1

Rs.73.37

Euro

1

Rs.62.33

 

 

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 Company

----

 

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.