MIRA INFORM REPORT

Report Date :

25.07.2012

IDENTIFICATION DETAILS

Name :	SKODA POWER S.R.O.

Formerly Known As :	ŠKODA POWER A.S.

Registered Office :	Tylova 1/57 301 28 Plzeň

Country :	Czech Republic

Financials (as on) :	31.12.2011

Date of Incorporation :	12.01.2006

Com. Reg. No.:	B/1210

Legal Form :	Private Limited Company

Line of Business :	Manufacture of engines and turbines, except aircraft, vehicle and cycle engines

No. of Employees :	1100

RATING & COMMENTS

MIRA’s Rating :

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)

Czech Republic

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

Company name and address

ŠKODA POWER s.r.o.

Tylova 1/57
301 28 Plzeň

telephone: 00420/ 378 185 939
telefax: 00420/ 378 185 341
e-mail: info.power@doosanskoda.com
Web: www.doosanskoda.com

Summary

Company development

Constant business development

(29)

Order situation	Satisfactory order situation	(30)
Terms of payment	mostly within agreed terms, but partly also delayed	(32)

Business connection

Business connections appear permissible

(31)


Legal form	Private limited company

Foundation	12/01/2006 - Public limited company 03/05/2010 - Private limited company 01/07/1993 - Private limited company
Comp. Register	12/01/2006, Krajský soud Plzeň, RegNr.: B/1210 03/05/2010, Krajský soud Plzeň, RegNr.: C/24733 01/07/1993, Krajský soud Plzeň, RegNr.: C/4129 Statistical number: 49193864 Tax number: CZ49193864

Share Capital	01/07/1993	CZK	176 078 000,-
	01/01/1998	CZK	1 367 332 000,-

	22/12/2008		CZK	2 327 108 000,-
05/08/2009		CZK			3 298 345 000,-

Shareholders	Doosan Power Systems Czech Investment a.s. (Statistical number: 28896572) Tylova 1/57, 301 00 Plzeň		CZK	3 298 345 000,-
Management		Ing. Karel Kloboučník (08.11.1974) Radyňská 2659/35, 326 00 Plzeň Executive Manager joint power of attorney

	Stephen Norman Moore (23.11.1971) 54 Palmeria Avenue, Flat 8, BN3 3GF Hove, Visage, Great Britain Executive Manager joint power of attorney
	Dong-Soo Suh (12.12.1951) Jamsil 7-Dong, Asia Seonsuchon APT 4-905, Soul, Songa-Gu, South Korea Executive Manager joint power of attorney

	Ing. Jiří Šmondrk (05.02.1963) Bzenecká 1036/12, 323 00 Plzeň Executive Manager joint power of attorney
	Jin-Won Mok (07.03.1970) Jukjeon 1-dong, Hyundai hometown 3 cha APT 501-1301, Gyeonggi-do, Yongin-Si, South Korea Executive Manager joint power of attorney

	Sam Yong Son (04.03.1955) 551-1 Seok-dong, 108-404 Prugio Apt., Changwon-City, Jinhae-gu, South Korea Executive Manager joint power of attorney
	Jean-Michel Aubertin (16.02.1958) Kinsella Gardens 2, London, Wimbledon, Great Britain Executive Manager joint power of attorney

Supervisory Board	Jaroslav Seemann (23.02.1950) Komenského 83, 323 00 Plzeň
	Key Sun Han (20.08.1951) BangBae-Dong, SeoCho-Gu 774/19, Soul, South Korea

	Myeongho Jang (07.02.1964) Wonmun-dong, Raemiansur 326/903, Gwacheon, South Korea
General Data	Manufacture and sale of machine rooms of steam turbines, turbo sets, of steam turbines with accessories as well as heat exchangers based upon proper research and development and upon modular system of steam turbines for fossil power stations, combined heat and power units, power stations with steam-and-gas cycle, nuclear power stations, combustion plants for communal waste and biomass.

Main activity: Manufacture of engines and turbines, except aircraft, vehicle and cycle engines		(28.11)
	Former name(s) Brown & Root ŠKODA, s.r.o. Beginning of validity: 01.07.1993 End of validity: 10.04.1997

	ŠKODA DIZ s.r.o. Beginning of validity: 10.04.1997 End of validity: 07.07.1997
	ŠKODA ENERGO s.r.o. Beginning of validity: 07.07.1997 End of validity: 10.12.2004

	ŠKODA POWER s.r.o. Beginning of validity: 10.12.2004 End of validity: 12.01.2006
	ŠKODA POWER a.s. Beginning of validity: 12.01.2006 End of validity: 03.05.2010

	Trade name(s) ŠKODA POWER s.r.o. Beginning of validity: 03.05.2010
Export: Russia Croatia Denmark Pakistan Chile		47%


	Address: Tylova 1/57, 301 28 Plzeň Beginning of validity: 30.01.2008 telephone: 00420/ 378 185 939 telefax: 00420/ 378 185 341 e-mail: info.power@doosanskoda.com Web: www.doosanskoda.com

	nám. Českých bratří 8, 316 00 Plzeň, Česká republika Beginning of validity: 01.07.1993 End of validity: 15.11.2000
	Tylova 57, 316 00 Plzeň Beginning of validity: 15.11.2000 End of validity: 29.05.2002

		Tylova 1/57, 316 00 Plzeň Beginning of validity: 29.05.2002 End of validity: 30.01.2008
Staff	2008		990 employees

	2009	1022 employees
	2010	1043 employees

	2011	1080 employees
	2012	1100 employees

Annual Sales	2006	actual sales	CZK	2 121 948 000,-
	2007	actual sales	CZK	4 012 821 000,-

	2008	actual sales	CZK	5 376 106 000,-
	2009	actual sales	CZK	6 557 178 000,-

	2010	actual sales	CZK	8 696 211 000,-
	2011	actual sales	CZK	6 304 565 000,-

Property

none

Balance sheets

The enclosed balance of 2011 from business register, it is authenticated by the auditor. (31.12.2011 - 1 CZK)
The enclosed balance of 2010 from business register, it is authenticated by the auditor. (31.12.2010 - 1 CZK)
The enclosed balance of 2009 from business register, it is authenticated by the auditor. (31.12.2009 - 1 CZK)
The enclosed balance of 2008 from business register, it is authenticated by the auditor. (31.12.2008 - 1 CZK)

		The enclosed profit/loss account of 2011 from business register, it is authenticated by the auditor. (31.12.2011 - 1 CZK) The enclosed profit/loss account of 2010 from business register, it is authenticated by the auditor. (31.12.2010 - 1 CZK) The enclosed profit/loss account of 2009 from business register, it is authenticated by the auditor. (31.12.2009 - 1 CZK) The enclosed profit/loss account of 2008 from business register, it is authenticated by the auditor. (31.12.2008 - 1 CZK)
Auditor	KPMG Česká republika Audit, s.r.o. (Statistical number: 49619187) Pobřežní 648/1a, 186 00 Praha 8

Remarks

The company is a holder of ISO 9001 and ISO 14001 certificates.

All the sources of negative data accessible to public (insolvency registers, databases of debtors of health insurance institutions, commercial bulletin, collection database and others) are currently monitored.

Business managementí:
Ing. Jiří Šmondrk - general director, phone: 00420/ 378 185 117
Ing. Karel Kloboučník - financial director, phone: 00420/ 378 185 840

On January 12, 2006 the company ŠKODA POWER s.r.o. was transformed from Limited Liability Company to the joint-stock company ŠKODA POWER a.s.

On May 3, 2010 the company has changed its legal form from joint-stock company to Limited Liability Company.

The sole associate Doosan Power Systems Czech Investment a.s. has the share capital amounting to CZK 9.809.667.000,- and its sole associate is DOOSAN POWER SYSTEMS LIMITED, Great Britain.

Contact:
Jaroslava Kudrnová – chief accountant, phone: 00420/ 378 185 765, e-mail: jaroslava.kudrnova@doosan.com
Ing. Lucie Mendřecová – economist, phone: 00420/ 378 185 138, e-mail:
lucie.mendrecova@doosan.com

Bankers

Česká spořitelna, a. s.

Citibank Europe plc, organizační složka

Raiffeisenbank, a. s.

Komerční banka, a.s.

(0800)

(2600)

(5500)

(0100)

		balance		31.12.2008 (CZK)		31.12.2009 (CZK)		31.12.2010 (CZK)		31.12.2011 (CZK)
r1		TOTAL ASSETS		10 119 833 000		11 806 319 000		13 426 462 000		13 808 345 000
r2		Receivables for subscriptions		0		0				0
r3		Fixed assets		2 052 123 000		2 826 649 000		3 017 160 000		3 001 378 000
r4		Intangible fixed assets		1 016 892 000		933 570 000		861 915 000		760 776 000
r5		Incorporation expenses		0		0
r6		Research and development		0		0
r7		Software		19 904 000		18 577 000		54 429 000		56 720 000
r8		Valuable rights		959 776 000		863 798 000		767 820 000		671 843 000
r9		Goodwill		0		0
r10		Other intangible fixed assets		18 632 000		14 958 000		11 284 000		7 610 000
r11		Intangible fixed assets under construction		18 560 000		36 237 000		28 382 000		24 603 000
r12		Advance payments for intangible fixed assets		20 000		0
r13		Tangible fixed assets		809 457 000		1 893 079 000		2 155 245 000		2 240 602 000
r14		Lands		0		227 705 000		227 705 000		227 705 000
r15		Constructions		102 443 000		899 318 000		911 325 000		916 334 000
r16		Equipment		568 988 000		619 837 000		727 552 000		930 370 000
r17		Perennial corps		0		0
r18		Breeding and draught animals		0		0
r19		Other tangible fixed assets		12 000		8 000		8 000		8 000
r20		Tangible fixed assets under construction		112 883 000		94 425 000		124 966 000		160 782 000
r21		Advance payments for tangible fixed assets		25 131 000		51 786 000		163 689 000		5 403 000
r22		Adjustment to acquired assets		0		0
r23		Long-term financial assets		225 774 000		0		0		0
r24		Shares in controlled and managed organizations		774 000		0
r25		Shares in accounting units with substantial influence		225 000 000		0
r26		Other securities and shares		0		0
r27		Loans to controlled and managed organizations and to accounting unit with substantial influence		0		0
r28		Other financial investments		0		0
r29		Financial investments acquired		0		0
r30		Advance payments for long-term financial assets		0		0
r31		Current assets		8 045 564 000		8 929 049 000		10 369 783 000		10 777 907 000
r32		Inventory		2 797 535 000		3 118 600 000		2 789 272 000		3 252 503 000
r33		Materials		492 130 000		381 106 000		760 962 000		305 841 000
r34		Work in progress and semi-products		1 721 903 000		2 028 397 000		1 606 957 000		2 412 895 000
r35		Finished products		0		6 000
r36		Animals		0		0
r37		Merchandise		0		0
r38		Advance payments for inventory		583 502 000		709 091 000		421 353 000		533 767 000
r39		Long-term receivables		992 481 000		310 724 000		317 486 000		1 639 283 000
r40		Trade receivables		25 061 000		0
r41		Receivables from controlled and managed organizations		0		0				1 462 850 000
r42		Receivables from accounting units with substantial influence		0		0
r43		Receivables from partners, cooperative members and association members		0		0
r44		Long-term deposits given		0		0
r45		Estimated receivable		0		0
r46		Other receivables		598 485 000		310 724 000		317 486 000		45 632 000
r47		Deferred tax receivable		368 935 000		0				130 801 000
r48		Short-term receivables		1 298 410 000		975 154 000		773 925 000		1 443 500 000
r49		Trade receivables		1 179 441 000		810 260 000		555 440 000		1 020 623 000
r50		Receivables from controlled and managed organizations		0		0
r51		Receivables from accounting units with substantial influence		0		0
r52		Receivables from partners, cooperative members and association members		0		0
r53		Receivables from social security and health insurance		0		0
r54		Due from state - tax receivable		40 166 000		17 707 000		67 416 000		251 983 000
r55		Short-term deposits given		2 713 000		648 000		13 728 000		9 131 000
r56		Estimated receivable		3 302 000		3 833 000		17 448 000		54 893 000
r57		Other receivables		72 788 000		142 706 000		119 893 000		106 870 000
r58		Short-term financial assets		2 957 138 000		4 524 571 000		6 489 100 000		4 442 621 000
r59		Cash		43 000		3 000		25 000		42 000
r60		Bank accounts		603 757 000		3 908 738 000		6 489 075 000		4 442 579 000
r61		Short-term securities and ownership interests		2 353 338 000		615 830 000
r62		Short-term financial assets acquired		0		0
r63		Accruals		22 146 000		50 621 000		39 519 000		29 060 000
r64		Deferred expenses		22 146 000		50 621 000		39 519 000		29 060 000
r65		Complex deferred costs		0		0
r66		Deferred income		0		0
r67		TOTAL LIABILITIES		10 119 833 000		11 806 319 000		13 426 462 000		13 808 345 000
r68		Equity		3 057 086 000		4 821 650 000		5 582 627 000		5 193 033 000
r69		Registered capital		2 327 108 000		3 298 345 000		3 298 345 000		3 298 345 000
r70		Registered capital		2 327 108 000		3 298 345 000		3 298 345 000		3 298 345 000
r71		Company’s own shares and ownership interests (-)		0		0
r72		Changes of registered capital ( +/- )		0		0
r73		Capital funds		-312 406 000		-150 326 000		205 617 000		-95 318 000
r74		Share premium		0		0
r75		Other capital funds		0		0
r76		Differences from revaluation of assets and liabilities ( +/- )		-312 406 000		-150 326 000				-95 318 000
r77		Differences from revaluation in transformation ( +/- )		0		0		205 617 000
r78		Reserve funds, statutory reserve account for cooperatives, and other retained earnings		101 832 000		504 000		77 879 000		175 133 000
r79		Legal reserve fund / indivisible fund		101 372 000		0		76 902 000		173 545 000
r80		Statutory and other funds		460 000		504 000		977 000		1 588 000
r81		Profit / loss - previous years		-171 393 000		135 094 000		67 920 000
r82		Retained earnings from previous years		0		307 446 000		67 920 000
r83		Accumulated losses from previous years		-171 393 000		-172 352 000
r84		Profit / loss - current year (+/-)		1 111 945 000		1 538 033 000		1 932 866 000		1 814 873 000
r85		Other sources		7 062 747 000		6 984 669 000		7 843 835 000		8 615 312 000
r86		Reserves		706 972 000		620 168 000		1 421 950 000		1 347 198 000
r87		Reserves under special statutory regulations		52 666 000		61 999 000		19 000 000
r88		Reserves for pension and similar payables		0		0
r89		Income tax reserves		79 633 000		2 206 000		19 141 000		167 311 000
r90		Other reserves		574 673 000		555 963 000		1 383 809 000		1 179 887 000
r91		Long-term payables		812 897 000		447 498 000		356 424 000		101 385 000
r92		Trade payables		29 915 000		19 277 000		31 569 000		14 255 000
r93		Payables to controlled and managed organizations		0		0
r94		Payables to accounting units with substantial influence		0		0
r95		Payables from partners, cooperative members and association members		0		0
r96		Long-term advances received		0		0
r97		Issues bonds		0		0
r98		Long-term notes payables		0		0
r99		Estimated payables		0		0
r100		Other payables		782 982 000		376 424 000		295 808 000		87 130 000
r101		Deferred tax liability		0		51 797 000		29 047 000
r102		Short-term payables		5 542 878 000		5 917 003 000		6 065 461 000		7 166 729 000
r103		Trade payables		857 910 000		543 795 000		190 379 000		652 232 000
r104		Payables to controlled and managed organizations		0		0
r105		Payables to accounting units with substantial influence		0		0
r106		Payables from partners, cooperative members and association members		0		0
r107		Payroll		27 570 000		29 789 000		32 677 000		38 790 000
r108		Payables to social securities and health insurance		15 264 000		15 330 000		17 979 000		20 253 000
r109		Due from state - tax liabilities and subsidies		10 081 000		83 805 000		6 038 000		97 627 000
r110		Short-term deposits received		4 000 105 000		4 908 879 000		5 657 766 000		5 585 371 000
r111		Issues bonds		0		0
r112		Estimated payables		89 447 000		101 254 000		137 846 000		542 614 000
r113		Other payables		542 501 000		234 151 000		22 776 000		229 842 000
r114		Bank loans and financial accommodations		0		0		0		0
r115		Long-term bank loans		0		0		0		0
r116		Short-term bank loans		0		0		0		0
r117		Short-term accommodations		0		0		0		0
r118		Accruals		0		0		0		0
r119		Accrued expenses		0		0
r120		Deferred revenues		0		0
	profit/loss account		31.12.2008 (CZK)		31.12.2009 (CZK)		31.12.2010 (CZK)		31.12.2011 (CZK)
a1	Turnover		5 376 106 000		6 557 178 000		8 696 211 000		6 304 565 000
a2	Revenues from sold goods		0		0				0
a3	Expenses on sold goods		0		0				0
a4	Sale margin		0		0		0		0
a5	Production		5 652 163 000		6 881 518 000		8 278 375 000		7 122 497 000
a6	Revenues from own products and services		5 376 106 000		6 557 178 000		8 696 211 000		6 304 565 000
a7	Change in inventory of own products		252 676 000		314 053 000		-427 929 000		813 410 000
a8	Capitalization		23 381 000		10 287 000		10 093 000		4 522 000
a9	Production consumption		3 987 018 000		4 058 569 000		3 971 285 000		4 451 982 000
a10	Consumption of material and energy		2 491 189 000		2 348 675 000		2 214 934 000		2 368 415 000
a11	Services		1 495 829 000		1 709 894 000		1 756 351 000		2 083 567 000
a12	Added value		1 665 145 000		2 822 949 000		4 307 090 000		2 670 515 000
a13	Personnel expenses		586 305 000		650 857 000		695 949 000		728 599 000
a14	Wages and salaries		428 493 000		483 440 000		513 989 000		530 624 000
a15	Renumeration of board members		636 000		763 000
a16	Social security expenses and health insurance		144 146 000		153 353 000		169 851 000		181 945 000
a17	Other social expenses		13 030 000		13 301 000		12 109 000		16 030 000
a18	Taxes and fees		3 184 000		33 277 000		13 495 000		6 152 000
a19	Depreciations of intangible and tangible assets		137 825 000		258 540 000		295 504 000		315 447 000
a20	Revenues from disposals of fixed assets and materials		5 165 000		1 729 000		2 245 000		7 669 000
a21	Revenues from disposals of fixed assets		4 370 000		1 021 000		802 000		1 839 000
a22	Revenues from disposals of materials		795 000		708 000		1 443 000		5 830 000
a23	Net book value of disposed fixed assets and materials		1 519 000		398 000		5 656 000		5 711 000
a24	Net book value of sold fixed assets		1 049 000		0		4 024 000		20 000
a25	Net book value of sold material		470 000		398 000		1 632 000		5 691 000
a26	Change in operating reserves and adjustments and complex deferred costs ( + / - )		9 751 000		55 262 000		845 856 000		-200 143 000
a27	Other operating revenues		68 649 000		77 049 000		98 908 000		56 399 000
a28	Other operating expenses		190 242 000		178 422 000		124 805 000		47 428 000
a29	Transfer of operating revenues		0		0
a30	Transfer of operating expenses		0		0
a31	Operating profit / loss		810 133 000		1 724 971 000		2 426 978 000		1 831 389 000
a32	Revenues from sales of securities and ownership interests		0		225 700 000
a33	Sold securities and ownership interests		0		226 688 000
a34	Revenues from long-term financial assets		9 450 000		0		0
a35	Revenues from shares in controlled and managed organizations and in accounting units with substantial influence		9 450 000		0
a36	Revenues from others securities and ownership interests		0		0
a37	Revenues from other long-term financial assets		0		0
a38	Revenues from short-term financial assets		26 856 000		49 543 000		7 198 000
a39	Expenses associated with financial assets		8 355 000		0
a40	Revenues from revaluation of securities and derivatives		0		0
a41	Cost of revaluation of securities and derivatives		0		0
a42	Change in financial reserves and adjustments ( + / - )		2 496 000		-1 038 000		45 000		150 000
a43	Interest revenues		67 330 000		19 491 000		44 976 000		51 815 000
a44	Interest expenses		0		6 000		3 000		0
a45	Other financial revenues		454 035 000		522 646 000		338 187 000		357 976 000
a46	Other financial expenses		469 642 000		468 418 000		438 215 000		341 361 000
a47	Transfer of financial revenues		0		0
a48	Transfer of financial expenses		0		0
a49	Profit / loss from financial operations ( transactions )		77 178 000		123 306 000		-47 902 000		68 280 000
a50	Income tax on ordinary income		-224 634 000		310 244 000		446 210 000		84 796 000
a51	Due tax		108 655 000		104 704 000		552 453 000		174 055 000
a52	Tax deferred		-333 289 000		205 540 000		-106 243 000		-89 259 000
a53	Operating profit / loss ordinary activity		1 111 945 000		1 538 033 000		1 932 866 000		1 814 873 000
a54	Extraordinary revenues		0		0
a55	Extraordinary expenses		0		0
a56	Income tax on extraordinary income		0		0		0
a57	Due tax		0		0
a58	Tax deferred		0		0
a59	Operating profit / loss extraordinary activity		0		0		0		0
a60	Transfer profit ( loss ) to partners (+/-)		0		0
a61	Profit / loss of current accounting period (+/-)		1 111 945 000		1 538 033 000		1 932 866 000		1 814 873 000
a62	Profit / loss before tax (+/-)		887 311 000		1 848 277 000		2 379 076 000		1 899 669 000
	Operating cash flow								1 743 561 000
	Investment cash flow								-1 720 728 000
	Financial cash flow								-2 069 312 000
	Receivables after due date total		389 077 000		251 409 000		361 869 000		462 174 000
	Liabilities after due date total		143 072 000		42 205 000		38 874 000		83 244 000

Balance indices		31.12.2008	31.12.2009	31.12.2010	31.12.2011
Return on total assets ROA (in %)	a62/r1 * 100	8,77	15,65	17,72	13,76
Return on equity ROE (in %)	a62/r68 * 100	29,02	38,33	42,62	36,58
Return on sales ROS (in %)	a62/a1 * 100	16,50	28,19	27,36	30,13
Turnover of receivables (in days)	r49/a1 * 365	80,08	45,10	23,31	59,09
Turnover of liabilities (in days)	r103/a1 * 365	58,25	30,27	7,99	37,76
Turnover of inventories (days)	r32/a1 * 365	189,93	173,59	117,07	188,30
Net working capital (in ths. CZK)	r31 - r102 - r116 - r117	2 502 686,00	3 012 046,00	4 304 322,00	3 611 178,00
Ratio of accounts payable to accounts receivable (in %)	(r39+r48) / (r91+r102) * 100	36,04	20,20	17,00	42,42
Ratio of profit/loss to tangible assets (in%)	r3 / a1 * 100	38,17	43,11	34,70	47,61
Current ratio	r31 / (r102+r116+r117)	1,45	1,51	1,71	1,50
Quick ratio	(r58+r48) / (r102+r116+r117)	0,77	0,93	1,20	0,82
Cash ratio	r58 / (r102+r116+r117)	0,53	0,76	1,07	0,62
Debt ratio I (in %)	(1-r68/r67) * 100	69,79	59,16	58,42	62,39
Debt ratio II (in %)	r85/r67 * 100	69,79	59,16	58,42	62,39

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.56.01
UK Pound	1	Rs.86.89
Euro	1	Rs.67.83

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.

MIRA INFORM REPORT

Company name and address

Summary

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