|
Report Date : |
02.12.2014 |
IDENTIFICATION DETAILS
|
Name : |
SMA SOLAR TECHNOLOGY AG |
|
|
|
|
Registered Office : |
Sonnenallee 1, D 34266 Niestetal |
|
|
|
|
Country : |
Germany |
|
|
|
|
Financials (as on) : |
31.12.2013 |
|
|
|
|
Date of Incorporation : |
30.09.1982 |
|
|
|
|
Com. Reg. No.: |
HRB 3972 |
|
|
|
|
Legal Form : |
Public Limited Company |
|
|
|
|
Line of Business : |
Subject offer Photovoltaic Solutions
Technology Subject product ranges includes :- ·
Solar
Inverter ·
Battery
Inverter ·
Medium
Voltage Transformers ·
System
Solutions & Packages ·
Monitoring
& Control ·
Dc Technology ·
Planning
Software |
|
|
|
|
No of Employees : |
4,384 |
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 : |
Slow but Correct |
|
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 1, 2014
|
Country Name |
Previous Rating (31.03.2014) |
Current Rating (01.06.2014) |
|
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, has contributed
to strong growth 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 5.3% in 2013. The new German
government introduced a minimum wage of $11 per hour to take effect in 2015.
Stimulus and stabilization efforts initiated in 2008 and 2009 and tax cuts
introduced in Chancellor Angela MERKEL's second term increased Germany's total
budget deficit - including federal, state, and municipal - to 4.1% in 2010, but
slower spending and higher tax revenues reduced the deficit to 0.8% in 2011 and
in 2012 Germany reached a budget surplus of 0.1%. 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 though the target was already
reached in 2012. 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 electricity generating capacity and 46% of its base-load electricity
production.
|
Source : CIA |
SMA Solar Technology AG
Sonnenallee 1
D 34266 Niestetal
Telephone: 0561/9522-0
Telefax:
0561/9522-100
Homepage:
www.sma.de
E-mail:
ir@sma.de
DE113085954
active
Business
relations are permissible.
LEGAL FORM Public
limited company
Date of foundation: 30.09.1982
Registered on: 24.09.2004
Commercial Register: Local court 34117 Kassel
under: HRB
3972
Share capital: EUR 34,700,000.00
The company is listed on the stock market.
Danfoss A/S
Nordborgvej 81
DK 6430 Nordborg
Legal form: Other legal form
Share: 20.000 %
Shareholder:
Reiner Wettlaufer
D 34123 Kassel
Share: 4.760 %
Shareholder:
Günther Cramer
D 34266 Niestetal
Share: 4.750 %
Shareholder:
Peter Drews
D 34266 Niestetal
Share: 4.760 %
Shareholder:
Prof. (em) Dr. Werner
Kleinkauf
D 34266 Niestetal
Share: 4.390 %
Lydia Sommer
Zeismeringer Str. 5
D 81477 München
born: 03.04.1960
Marital status: married
Member
of the Board of Directors:
Pierre-Pascal Urbon
D 34117 Kassel
born: 02.12.1970
Member
of the Board of Directors:
Roland Grebe
D 06618 Naumburg
born: 30.07.1960
Member
of the Board of Directors:
Jürgen Reinert
D 34117 Kassel
born: 25.01.1968
Günther Cramer
D 34266 Niestetal
Marital status: unknown
Dr. Erik Ehrentraut
Hohe Buchen 9
D 45133 Essen
born: 13.10.1943
Dr. Winfried Hoffmann
Fiedlerstr. 44 b
D 34127 Kassel
born: 06.02.1941
Member
of the Supervisory Board:
Reiner Wettlaufer
D 34123 Kassel
Profession: graduate engineer
Member
of the Supervisory Board:
Peter Drews
D 34266 Niestetal
Marital status: unknown
Member
of the Supervisory Board:
Prof. (em) Dr. Werner Kleinkauf
D 34266 Niestetal
Marital status: unknown
Member
of the Supervisory Board:
Oliver Dietzel
D 34266 Niestetal
Marital status: unknown
Dr. Günther Häckl
D 34117 Kassel
born: 24.03.1950
Profession: Fully qualified social
scientist
Representative
of the Employees within the Supervisory Board:
Johannes Häde
D 36211 Alheim
Marital status: unknown
Representative
of the Employees within the Supervisory Board:
Mirko Zeidler
D 34117 Kassel
Representative
of the Employees within the Supervisory Board:
Alexander Naujoks
D 34266 Niestetal
Marital status: unknown
Representative of the
Employees within the Supervisory Board:
Joachim Schlosser
D 34266 Niestetal
Marital status: unknown
Marko Werner
Grüner Weg
D 34320 Söhrewald
authorized to jointly represent the
company
born: 07.02.1963
Profession: graduate engineer
Marital status: single
Proxy:
Michael Wengeler
Zobelweg 31
D 59071 Hamm
authorized to jointly
represent the company
born: 15.11.1965
Profession: Management
expert
Property regime:
Separation of property
Marital status: married
Proxy:
Jürgen Steegmann
Friedrich-Engels-Str. 30
D 30880 Laatzen
authorized to jointly
represent the company
born: 05.11.1964
Proxy:
Jeanette Klockgether
D 61440 Oberursel
authorized to jointly
represent the company
born: 04.12.1959
Profession: graduate
engineer
Proxy:
Rainer Krug
D 34117 Kassel
authorized to jointly
represent the company
born: 23.10.1970
Proxy:
Andreas Schmidt
D 37124 Rosdorf
authorized to jointly
represent the company
born: 22.04.1971
Proxy:
Ulrich Hadding
D 34414 Warburg
authorized to jointly
represent the company
born: 27.08.1968
Proxy:
Souleymane Niang
D 34266 Niestetal
authorized to jointly
represent the company
born: 08.03.1964
Proxy:
Frank Greizer
D 34260 Kaufungen
authorized to jointly
represent the company
born: 23.08.1964
Proxy:
Jürger Reekers
D 34117 Kassel
authorized to jointly
represent the company
born: 08.02.1963
Proxy:
Matthias Victor
D 34266 Niestetal
authorized to jointly
represent the company
born: 07.07.1970
Proxy:
Volker Wachenfeld
D 34369 Hofgeismar
authorized to jointly
represent the company
born: 24.09.1966
Proxy:
Jon-Ivar Ekker
D 34117 Kassel
authorized to jointly
represent the company
born: 07.10.1976
Proxy:
Inmaculada Muniz Morell
D 37073 Göttingen
authorized to jointly
represent the company
born: 22.06.1968
Proxy:
Patrik Baumstark
D 99032 Erfurt
authorized to jointly
represent the company
born: 01.10.1968
Proxy:
Mike Terlinden
D 34346 Hann. Münden
authorized to jointly
represent the company
born: 16.11.1963
Marital status: unknown
Further
functions/participations of Lydia Sommer (Member of the Board of Directors)
Manager:
Nokia Siemens Networks
Deutschland GmbH
Meesmannstr. 103
D 44807 Bochum
Legal form: Private
limited company
dissolved
Share capital: EUR 26,000.00
Registered
on: 13.04.2007
Reg. data: 44787 Bochum, HRB 11180
Proxy:
SMA Immo GmbH & Co.
KG
Sonnenallee 1
D 34266 Niestetal
Legal form: Ltd
partnership with priv. ltd.
company as
general partner
Total cap. EUR 25,000.00
contribution:
Registered
on: 11.08.2010
Reg. data: 34117 Kassel, HRA 16950
Further functions/participations of
Pierre-Pascal Urbon (Member of the Board of Directors)
Manager:
SMA Solar Beteiligungs
GmbH
Sonnenallee 1
D 34266 Niestetal
Legal form: Private
limited company
Share capital: EUR 25,000.00
Registered
on: 29.11.2012
Reg. data: 34117 Kassel, HRB 15915
Manager:
SMA Immo
Beteiligungs GmbH
Sonnenallee 1
D 34266 Niestetal
Legal form: Private
limited company
Share capital: EUR 25,000.00
Registered
on: 03.03.2009
Reg. data: 34117 Kassel, HRB 14752
Manager:
SMA Solar Technology
Beteiligungs GmbH
Sonnenallee 1
D 34266 Niestetal
Legal form: Private
limited company
Share capital: EUR 25,000.00
Registered
on: 24.06.2010
Reg. data: 34117 Kassel, HRB 15176
Proxy:
SMA Immo GmbH & Co.
KG
Sonnenallee 1
D 34266 Niestetal
Legal form: Ltd
partnership with priv. ltd.
company as
general partner
Total cap. EUR 25,000.00
contribution:
Registered
on: 11.08.2010
Reg. data: 34117 Kassel, HRA 16950
Further functions/participations of
Roland Grebe (Member of the Board of Directors)
Proxy:
SMA Immo GmbH & Co.
KG
Sonnenallee 1
D 34266 Niestetal
Legal form: Ltd
partnership with priv. ltd.
company as
general partner
Total cap. EUR 25,000.00
contribution:
Registered
on: 11.08.2010
Reg. data: 34117 Kassel, HRA 16950
30.09.1982 - 31.05.1993 SMA Regelsysteme GmbH
Hannoversche Str. 1-5
D 34266 Niestetal
Private limited company
01.06.1993 - 23.09.2004 SMA Solar Technology AG
Hannoversche Str. 1-5
D 34266 Niestetal
Public limited
company
24.09.2004 - 24.09.2004 SMA Technologie AG
Hannoversche Str. 1-5
D 34266 Niestetal
Private limited
company
14.08.2009 - 11.08.2014 Member of the Board of Directors
Marko Werner
D 34320 Söhrewald
07.05.2010 - 12.06.2013 Member of the Board of Directors
Jürgen Dolle
D 34225 Baunatal
07.05.2010 - 27.01.2012 Member of the Board of Directors
Uwe Hertel
D 34379 Calden
Subject offer Photovoltaic
Solutions Technology
Subject product ranges includes :-
·
Solar
Inverter
·
Battery
Inverter
·
Medium
Voltage Transformers
·
System
Solutions & Packages
·
Monitoring
& Control
·
Dc Technology
·
Planning
Software
Branch:
SMA Solar Technology AG
Oberndorferstr.
D 84032 Landshut
Limited partner:
SMA Immo GmbH & Co.
KG
Sonnenallee 1
D 34266 Niestetal
Legal form: Ltd
partnership with priv. ltd.
company as general partner
Company Status: active
Total cap. EUR 25,000.00
contribution:
Share: EUR 23,500.00
Reg. data: 11.08.2010
Local court
34117 Kassel
HRA 16950
Shareholder:
SMA Railway Technology
GmbH
Miramstr. 87
D 34123 Kassel
Legal form: Private
limited company
Company Status: active
Share capital: EUR 200,000.00
Share: EUR 200,000.00
Reg. data: 30.05.2008
Local court
34117 Kassel
HRB 14556
Shareholder:
SMA Service International
GmbH
Sonnenallee 1
D 34266 Niestetal
Legal form: Private
limited company
Company Status: active
Share capital: EUR 25,000.00
Share: EUR 25,000.00
Reg. data: 22.05.2012
Local court
34117 Kassel
HRB 15792
Shareholder:
SMA Sunbelt Energy GmbH
Sonnenallee 1
D 34266 Niestetal
Legal form: Private
limited company
Company Status: active
Share capital: EUR 25,000.00
Share: EUR 25,000.00
Reg. data: 30.07.2014
Local court
34117 Kassel
HRB 16428
Shareholder:
SMA Solar Technology
Beteiligungs GmbH
Sonnenallee 1
D 34266 Niestetal
Legal form: Private
limited company
Company Status: active
Share capital: EUR 25,000.00
Share: EUR 25,000.00
Reg. data: 24.06.2010
Local court
34117 Kassel
HRB 15176
Shareholder:
SMA Solar Beteiligungs
GmbH
Sonnenallee 1
D 34266 Niestetal
Legal form: Private
limited company
Company Status: active
Share capital: EUR 25,000.00
Share: EUR 25,000.00
Reg. data: 29.11.2012
Local court
34117 Kassel
HRB 15915
Shareholder:
SMA Immo Beteiligungs
GmbH
Sonnenallee 1
D 34266 Niestetal
Legal form: Private
limited company
Company Status: active
Share capital: EUR
25,000.00
Share: EUR 23,500.00
Reg. data: 03.03.2009
Local court
34117 Kassel
HRB 14752
Shareholder:
UNIKIMS GmbH
Mönchebergstr. 7
D 34125 Kassel
Legal form: Private
limited company
Company Status: active
Share capital: EUR
25,000.00
Share: EUR 2,400.00
Reg. data: 22.12.1999
Local court
34117 Kassel
HRB 7193
Shareholder:
IdE Institut dezentrale
Energietechnologien
gemeinnützige GmbH
Ständeplatz 15
D 34117 Kassel
Legal form: Private
limited company
Company Status: active
Share capital: EUR 25,000.00
Share: EUR 2,000.00
Reg. data: 14.04.2011
Local court
34117 Kassel
HRB 15445
Payment experience: within agreed terms
Negative information: We have no negative information at hand.
Balance sheet year: 2013
Type of ownership: Tenant
Address Sonnenallee 1
D 34266 Niestetal
Real Estate of: Günther Cramer
Type of ownership: Tenant
Address
D 34266 Niestetal
Real Estate of: Peter Drews
Type of ownership: Tenant
Address
D 34266 Niestetal
Real Estate of: Prof. (em) Dr. Werner Kleinkauf
Type of ownership: Tenant
Address
D 34266 Niestetal
Real Estate of: Lydia Sommer
Type of ownership: unknown
Address Zeismeringer Str. 5
D 81477 München
Land register documents were not available.
Principal
bank
COMMERZBANK, 34111 KASSEL, HESS
Sort. code: 52040021, Account no.:
264201500
BIC: COBADEFFXXX, IBAN: DE80520400210264201500
Further
banks
DEUTSCHE BANK, 34117 KASSEL, HESS
Sort. code: 52070012, Account no.: 0418004
BIC: DEUTDEFF520, IBAN:
DE14520700120041800400
KASSELER BANK, 34021 KASSEL, HESS
Sort. code: 52090000, Account no.: 127205
BIC: GENODE51KS1, IBAN: DE60520900000000127205
KASSELER SPARKASSE, 34111 KASSEL, HESS
Sort. code: 52050353, Account no.: 132994
BIC: HELADEF1KAS, IBAN:
DE61520503530000132994
Turnover: 2012 EUR 1,177,409,000.00
2013 EUR 706,895,000.00
Profit: 2012 EUR 64,970,000.00
2013 EUR -75,916,000.00
further business figures:
Ac/ts receivable: EUR 143,375,000.00
Liabilities: EUR 61,022,000.00
Employees:
4,384
-
Trainees:
325
Balance sheet ratios 01.01.2013 - 31.12.2013
Equity ratio [%]: 65.39
Liquidity ratio: 10.00
Return on total capital [%]: -7.68
Balance sheet ratios 01.01.2012 - 31.12.2012
Equity ratio [%]: 66.08
Liquidity
ratio: 10.00
Return on total capital [%]: 5.79
Balance sheet ratios 01.01.2011 - 31.12.2011
Equity ratio [%]: 60.93
Liquidity ratio: 10.00
Return on total capital [%]: 11.23
Balance
sheet ratios 01.01.2010 - 31.12.2010
Equity ratio [%]: 60.14
Liquidity ratio: 10.00
Return on total capital [%]: 31.12
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: 01.01.2013 - 31.12.2013
ASSETS EUR 996,914,000.00
Fixed assets
EUR 418,447,000.00
Intangible assets
EUR 17,785,000.00
Tangible assets
EUR 279,569,000.00
Financial assets
EUR 121,093,000.00
Other / unspecified financial assets EUR 121,093,000.00
Current assets
EUR 577,701,000.00
Stocks
EUR 101,992,000.00
Accounts receivable EUR 143,375,000.00
Investments in current assets
EUR 104,276,000.00
Liquid means
EUR 228,058,000.00
Remaining other assets
EUR 766,000.00
Accruals (assets) EUR 766,000.00
LIABILITIES EUR 996,914,000.00
Shareholders' equity
EUR 654,836,000.00
Capital
EUR 34,700,000.00
Subscribed capital (share capital)
EUR 34,700,000.00
Reserves
EUR 127,736,000.00
Capital reserves
EUR 124,200,000.00
Retained earnings / revenue reserves EUR 3,536,000.00
Balance sheet profit/loss (+/-)
EUR 492,400,000.00
Balance sheet profit / loss
EUR 492,400,000.00
Items between shareholders' equity and
debt capital
EUR 245,000.00
Allowances
/ bonuses EUR 245,000.00
Provisions
EUR 178,729,000.00
Liabilities
EUR 61,022,000.00
Other liabilities
EUR 102,082,000.00
Deferrals (liabilities)
EUR 102,082,000.00
PROFIT AND LOSS ACCOUNT (cost-summary method)
according to Comm.
Code
(HGB)
Sales
EUR 706,895,000.00
Inventory change + own costs (+/-)
EUR -8,140,000.00
Inventory change (+/-)
EUR -12,817,000.00
Capitalised own costs
EUR 4,677,000.00
Other operating income
EUR 79,205,000.00
Cost of materials EUR 422,549,000.00
Gross result (+/-)
EUR 355,411,000.00
Staff expenses
EUR 208,257,000.00
Total depreciation
EUR 50,659,000.00
Depreciation on tangible / intangible
asssets (incl. start-up and exp. of
bus.
EUR 50,659,000.00
Other operating expenses
EUR 187,397,000.00
Operating result from continuing
operations EUR -90,902,000.00
Financial result (+/-)
EUR 16,220,000.00
Result from ordinary operations (+/-)
EUR -74,682,000.00
Income tax / refund of income tax (+/-)EUR -255,000.00
Other
taxes / refund of taxes EUR -979,000.00
Tax
(+/-)
EUR -1,234,000.00
Annual surplus / annual deficit
EUR -75,916,000.00
Type
of balance
sheet: Company balance sheet
Financial year: 01.01.2012 - 31.12.2012
ASSETS EUR 1,132,656,000.00
Fixed assets
EUR 401,853,000.00
Intangible assets
EUR 19,563,000.00
Other / unspecified intangible assetsEUR 19,563,000.00
Tangible assets
EUR 312,242,000.00
Other / unspecified tangible assets
EUR 312,242,000.00
Financial assets
EUR 70,048,000.00
Other / unspecified financial assets EUR 70,048,000.00
Current assets
EUR 730,281,000.00
Stocks
EUR 153,801,000.00
Accounts receivable
EUR 134,913,000.00
Other debtors and assets
EUR 134,913,000.00
Investments in current assets
EUR 103,184,000.00
Liquid means
EUR 338,383,000.00
Remaining other assets EUR 522,000.00
Accruals (assets)
EUR 522,000.00
LIABILITIES EUR 1,132,656,000.00
Shareholders' equity
EUR 751,572,000.00
Capital EUR 34,700,000.00
Subscribed capital (share capital)
EUR 34,700,000.00
Reserves
EUR 127,736,000.00
Capital reserves
EUR 124,200,000.00
Retained earnings / revenue reserves EUR 3,536,000.00
Balance sheet profit/loss (+/-)
EUR 589,136,000.00
Balance sheet profit / loss
EUR 589,136,000.00
Items between shareholders' equity and
debt capital EUR 337,000.00
Allowances / bonuses
EUR 337,000.00
Provisions
EUR 221,706,000.00
Liabilities
EUR 71,351,000.00
Other liabilities
EUR 71,351,000.00
Unspecified other liabilities
EUR 71,351,000.00
Other liabilities
EUR 87,690,000.00
Deferrals (liabilities)
EUR 87,690,000.00
PROFIT AND LOSS ACCOUNT (cost-summary method)
according to Comm.
Code
(HGB)
Sales
EUR 1,177,409,000.00
Inventory change + own costs (+/-)
EUR 14,852,000.00
Inventory change (+/-)
EUR 10,242,000.00
Capitalised own costs
EUR 4,610,000.00
Other operating income
EUR 62,298,000.00
Cost of materials
EUR 707,951,000.00
Gross result (+/-) EUR 546,608,000.00
Staff expenses
EUR 238,335,000.00
Total depreciation
EUR 50,229,000.00
Depreciation on tangible / intangible
asssets (incl. start-up and exp. of
bus. EUR 50,229,000.00
Other operating expenses
EUR 213,303,000.00
Operating result from continuing
operations
EUR 44,741,000.00
Financial result (+/-)
EUR 28,004,000.00
Result from ordinary operations (+/-)
EUR 72,745,000.00
Income tax / refund of income tax (+/-)EUR -7,522,000.00
Other taxes / refund of taxes
EUR -253,000.00
Tax
(+/-)
EUR -7,775,000.00
Annual surplus / annual deficit
EUR 64,970,000.00
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.62.14 |
|
UK Pound |
1 |
Rs.97.05 |
|
Euro |
1 |
Rs.77.37 |
INFORMATION DETAILS
|
Analysis Done by
: |
RAS |
|
|
|
|
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%)
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.