MIRA INFORM REPORT

Report No. :	351387
Report Date :	21.11.2015

IDENTIFICATION DETAILS

Name :	ZF SLOVAKIA, A.S.

Registered Office :	Strojárenská 2, 917 02 Trnava

Country :	Slovakia

Financials (as on) :	31.12.2014

Date of Incorporation :	06.12.2006

Com. Reg. No.:	Sa 10622/T

Legal Form :	Company limited by shares

Line of Business :	Production of parts and accessories for motor vehicles and their engines Manufacture of other parts and accessories for motor vehicles

Employees:	2130 employees

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, 2015

Country Name

Previous Rating

(31.12.2014)

Current Rating

(31.03.2015)

Slovakia

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

ECONOMIC OVERVIEW

Slovakia has made significant economic reforms since its separation from the Czech Republic in 1993. With a population of 5.4 million, the Slovak Republic has a small, open economy, with exports, at about 92% of GDP, serving as the main driver of GDP growth. Slovakia joined the European Union (EU) in 2004 and the Eurozone in 2009. The country’s banking sector is sound. Slovakia has led the region garnering FDI, because of its relatively low-cost, highly-skilled labor force, reasonable tax rates, and favorable geographic location in the heart of Central Europe. However, recent increases in corporate taxes, as well as changes to the Labor Code, slow dispute resolution, and ongoing corruption potentially threaten the attractiveness of the Slovak market. Moreover, the energy sector is characterized by high costs, unpredictable regulatory oversight, and growing government interference.

Source : CIA

company name and address

ZF SLOVAKIA, A.S.
Strojárenská 2, 917 02 Trnava

Phone: 033/5959111
Phone: 033/5959145
Telefax: 033/5959300
Telefax: 033/5959314
E-Mail: info-ssl@zf.com
E-Mail: peter.doll@zf.com
Web: www.zf.com

Company summary

Legal form

Company limited by shares

Established on	06/12/2006 - Company limited by shares
	Last entry in Business register

	01.06.2015
Registered on	06/12/2006, Okresný súd Trnava, RegNr.: Sa 10622/T Tax number: SK2022280414 Statistical number: 36707341

Registered capital	06/12/2006	EUR	6 638,78
	10/05/2007	EUR	5 100 000,00

	24/08/2007	EUR	12 230 000,00
	31/03/2009	EUR	28 980 000,00

	05/08/2010	EUR	30 980 000,00
	30/04/2014	EUR	52 980 000,00

	divided into 52 shares with a nominal value of EUR 1000 000,-- each divided into 9 shares with a nominal value of EUR 100 000,-- each divided into 8 shares with a nominal value of EUR 10 000,-- each
Shareholder	ZF Holding Austria GmbH Schőnauer Str. 5, 4400 Steyr, Austria	%	100

Management	Dr. Dietmar Weigt Bernolákova 10/5009, 934 01 Levice Member authorized to collective sign
	Dr.h.c. Peter Doll Hlavná 16/39, 917 00 Trnava chairman authorized to collective sign

Manager	Ing.,PhD. Marián Dičér Dlhá 574, 925 53 Pata confidential clerk authorized to collective sign
	Sabine Irene Karcher Štefániková 132/42, 917 00 Trnava confidential clerk authorized to collective sign

	Ing. Jozef Martinovič Kátlovce 251, 919 55 Kátlovce confidential clerk authorized to collective sign
	Ing. Miroslav Daniš Pavla Mudroňa 20/7793, 917 01 Trnava confidential clerk authorized to collective sign

	Ing. Peter Ábel Dopravná 55/1592, 831 06 Bratislava confidential clerk authorized to collective sign
	Rainer Worttmann Vajanského 28/5952, 917 01 Trnava confidential clerk authorized to collective sign

Supervisory Board	Christian Haedge Zum Hain 1, 288 44 Weyhe, Germany chairman
	Ing. Zuzana Zákopčanová Dlhá 819/27, 949 01 Nitra

Lutz Leimbach
Robert-Koch Strasse 10, 974 22 Schweinfurt., Germany

General data

production of parts and accessories for motor vehicles and their engines

Concern ZF operates in Slovakia since 1993. In October 2014 came the merger of all Slovak factories - in Trnava and Levice- into a single company ZF Slovakia, as, which employs more than 2,400 employees and an annual turnover of almost 320 million. euros.

Customers: Kia Motors Slovakia, PSA Peugeot, Volkswagen..

Export:
EU, North and South America, Asia, Australia

	Main activity: Manufacture of other parts and accessories for motor vehicles
	Commercial name ZF Levice, s.r.o. Beginning of validity: 06.12.2006 End of validity: 29.04.2014

	ZF Slovakia, a.s. Beginning of validity: 30.04.2014
	General contacts: Phone: 033/5959111 033/5959206 033/5959301 033/5959439 033/5959886 036/ 6294 801 Telefax: 033/5959300 E-Mail: info-ssl@zf.com peter.doll@zf.com peter.fajna@zf.com Web: www.zf.com

	Branch establishment: Priemyselný park Géňa, 934 01 Levice
	Residence address: Strojárenská 2, 917 02 Trnava

Employees	2012	572 employees
	2013	569 employees

	2014	691 employees
	2015	2130 employees

Annual turnover	2007	Enterprise turnover	EUR	7 103,-
	2008	Enterprise turnover	EUR	12 340 669,-

	2009	Enterprise turnover	EUR	33 482 680,-
	2010	Enterprise turnover	EUR	62 608 088,-

	2011	Enterprise turnover	EUR	85 838 283,-
	2012	Enterprise turnover	EUR	108 611 469,-

	2013	Enterprise turnover	EUR	135 406 595,-
	2014	Enterprise turnover	EUR	192 411 442,-

Remarks

The company refused to provide own data.

Certificates:
ISO TS 16949
ISO 14001

The company is the legal successor of the merger:
ZF SACHS Slovakia, a.s., Strojárenská 2, Trnava 917 02
(01.10.2014)

German group ZF is among the world's 10 largest subcontractors to the automotive industry. Employs worldwide more than 72,000 employees in 122 manufacturing sites in 26 countries, eight major development centers in 4 countries and 33 service companies.

Bank relations	Tatra banka, a.s.:
Company development	Company development positive

Business course	very good
Terms of payment	As far as known, prompt

Business connection

Credits and the establishing of the business connection are allowed.

Financials

Balance sheets

The enclosed balance of 2014 is originated from official source, we do not have information about the clause of the auditor. (31.12.2014 - 1 EUR)
The enclosed balance of 2013 is originated from official source, we do not have information about the clause of the auditor. (31.12.2013 - 1 EUR)
The enclosed balance of 2012 is originated from official source, we do not have information about the clause of the auditor. (31.12.2012 - 1 EUR)

The enclosed profit/loss account of 2014 is originated from official source, we do not have information about the clause of the auditor. (31.12.2014 - 1 EUR)
The enclosed profit/loss account of 2013 is originated from official source, we do not have information about the clause of the auditor. (31.12.2013 - 1 EUR)
The enclosed profit/loss account of 2012 is originated from official source, we do not have information about the clause of the auditor. (31.12.2012 - 1 EUR)

A. The enclosed balance of 2011 is originated from official source, we do not have information about the clause of the auditor. (31.12.2011 - 1 EUR)
B. The enclosed balance of 2012 is originated from official source, we do not have information about the clause of the auditor. (31.12.2012 - 1 EUR)
C. The enclosed balance of 2013 is originated from official source, we do not have information about the clause of the auditor. (31.12.2013 - 1 EUR)
D. The enclosed balance of 2014 is originated from official source, we do not have information about the clause of the auditor. (31.12.2014 - 1 EUR)

balance	A 31.12.2011	B 31.12.2012	C 31.12.2013	D 31.12.2014
Total assets	84 532 609	88 847 894	87 338 547	255 147 361
Non-current assets	49 076 771	45 787 594	40 306 890	97 815 509
Intangible fixed assets	124 274	14 260	50 711	28 360
Development expenses	0	0	0	0
Software	2 274	2 363	3 356	15 946
Valuable rights	0	0	0	0
Goodwill	0	0	0	0
Other intangible fixed assets	0	0	0	0
Acquisition of intangible fixed assets	122 000	11 897	47 355	12 414
Advance payments for intangible fixed assets	0	0	0	0
Tangible fixed assets – total	48 952 497	45 773 334	40 256 179	97 787 149
Lands	446 432	446 432	446 432	7 391 185
Constructions	13 993 635	14 853 637	14 387 964	26 259 975
Separate movable assets and sets of movable assets	24 604 707	26 951 136	22 076 807	46 935 624
Perennial crops	0	0	0	0
Breeding and draught animals	0	0	0	0
Other tangible fixed assets	441 250	548 260	346 145	1 043 246
Acquisition of tangible fixed assets	8 894 750	2 638 088	2 309 639	13 575 109
Advance payments for tangible fixed assets	571 723	335 781	689 192	2 582 010
Adjustment to acquired assets	0	0	0	0
Long-term financial investments	0	0	0	0
Shares and ownership interests with control influence in enterprises	0	0
Shares and ownership interests with substantial influence of enterprises	0	0
Other long-term shares and ownership interests	0	0
Intercompany loans	0	0
Other long-term financial investments	0	0
Loans with maturity up to one year	0	0
Shares and ownership interests in affiliated accounting entities			0	0
Shares and ownership interests with participating interest, except for affiliated accounting entities			0	0
Other available-for-sale securities and ownership interests			0	0
Loans to affiliated accounting entities			0	0
Loans within participating interest, except for affiliated accounting entities			0	0
Other loans			0	0
Debt securities and other non-current financial assets			0	0
Loans and other non-current financial assets with remaining maturity of up to one year			0	0
Bank accounts with notice period exceeding one year	0	0	0	0
Acquisition of long-term financial investments	0	0	0	0
Advance payments for long-term assets	0	0	0	0
Current assets	34 766 485	41 319 800	44 341 418	153 789 925
Inventory - total	9 021 643	8 338 357	9 176 990	31 128 321
Material	6 428 876	5 694 530	5 350 590	13 095 343
Work-in-progress and semi-finished goods	1 053 416	1 365 085	1 675 449	11 197 331
Finished products	1 539 351	1 278 742	2 150 466	6 776 049
Animals	0	0	0	0
Merchandise	0	0	0	59 598
Advance payments made for inventory	0	0	485	0
Long-term receivables – total	0	2 179 652	2 525 658	2 717 743
Trade receivables	0	0	0	0
Receivables from a controlled entity and a controlling entity	0	0
Other intercompany receivables	0	0
Trade receivables from affiliated accounting entities			0	0
Trade receivables within participating interest, except for receivables from affiliated accounting entities			0	0
Other trade receivables			0	0
Net value of contract	0	0	0	0
Other receivables from affiliated accounting entities			0	0
Other receivables within participating interest, except for receivables from affiliated accounting entities			0	0
Receivables from participants, members and association	0	0	0	0
Receivables related to derivative transactions			0	0
Other receivables	0	0	0	0
Deffered tax asset	0	2 179 652	2 525 658	2 717 743
Short - term receivables – total	21 162 168	25 866 168	26 849 351	119 146 617
Trade receivables	19 348 822	24 967 980	24 926 542	42 476 454
Receivables from a controlled entity and a controlling entity	0	0
Other intercompany receivables	423 242	50 487
Trade receivables from affiliated accounting entities			0	0
Trade receivables within participating interest, except for receivables from affiliated accounting entities			0	0
Other trade receivables			24 926 542	42 476 454
Net value of contract	0	0	0	0
Other receivables from affiliated accounting entities			0	0
Other receivables within participating interest, except for receivables from affiliated accounting entities			446 085	71 858 584
Receivables from participants, members and association	0	0	0	0
Social security	0	0	0	0
Taxation and subsidies	1 202 148	807 087	1 451 071	4 733 550
Receivables related to derivative transactions			0	0
Other receivables	187 956	40 614	25 653	78 029
Short-term financial assets	0	0	0	0
Current financial assets in affiliated accounting entities			0	0
Current financial assets, not including current financial assets in affiliated accounting entities			0	0
Own shares and own business shares	0	0	0	0
Acquisition of short-term financial assets	0	0	0	0
Financial accounts – total	4 582 674	4 935 623	5 789 419	797 244
Cash	16	92	75	1 253
Bank accounts	4 582 658	4 935 531	5 789 344	795 991
Prepayments	689 353	1 740 500	2 690 239	3 541 927
Deferred expenses long term	464 581	1 165 562	1 883 890	2 579 768
Deferred expenses short term	219 041	568 714	805 639	900 147
Accrued revenues long term	0	0	0	62 012
Accrued revenues short term	5 731	6 224	710	0
Total capital and liabilities	84 532 609	88 847 894	87 338 547	255 147 361
Capital	32 143 366	40 093 837	44 767 632	166 727 940
Registered capital - total	52 980 000	52 980 000	52 980 000	52 980 000
Registered capital – total	30 980 000	52 980 000	52 980 000	52 980 000
Change in registered capital	22 000 000	0	0	0
Capital funds – total	1 329 072	1 329 072
Receivables for subscriptions (for own equity capital)	0	0	0	0
Share premium	0	0	0	0
Other capital funds	1 329 072	1 329 072	1 329 072	27 025 723
Legal reserve fund (Non-distributable fund) from capital contributions	0	0
Legal reserve funds			410 787	8 279 247
Legal reserve fund and non-distributable fund			410 787	8 279 247
Reserve fund for own shares and own ownership interests			0	0
Funds created from profit – total	0	0
Legal reserve fund	0	0
Indivisible funds	0	0
Statutory funds and other funds	0	0
Other funds created from profit			0	71 079 462
Statutory funds			0	0
Other funds			0	71 079 462
Differences from revaluation - total			0	0
Gains or losses from revaluation of assets and liabilities	0	0	0	0
Gains or losses from investments	0	0	0	0
Differences from revaluation in the event of a merger, amalgamation into a separate accounting entity or demerger	0	0	0	0
Retained profit or loss from previous years	-22 430 969	-22 165 706	-14 626 022	803 378
Retained earnings from previous years	0	265 263	7 804 947	23 248 613
Retained earnings from previous years	-22 430 969	-22 430 969	-22 430 969	-22 445 235
Profit or loss for the accounting period	265 263	7 950 471	4 673 795	6 560 130
Liabilities	51 537 983	46 522 356	40 690 760	79 555 765
Reserves – total	2 098 929	2 589 171
Long-term liabilities - total	3 755 904	529 607	39 961	81 507
Long-term trade liabilities – total	0	0	0	0
Uninvoiced long-term supplies	0	0
Long-term liabilities to a controlled entity and a controlling entity	0	0
Other intercompany long-term liabilities	2 000 000	500 000
Trade liabilities to affiliated accounting entities			0	0
Trade liabilities within participating interest, except for liabilities to affiliated accounting entities			0	0
Other trade liabilities			0	0
Net value of contract	0	0	0	0
Other liabilities to affiliated accounting entities			0	0
Other liabilities within participating interest, except for liabilities to affiliated accounting entities			0	0
Other long-term liabilities	0	0	0	0
Long-term advances received	0	0	0	0
Long-term bills of exchange to a paid	0	0	0	0
Bonds issued	0	0	0	0
Liabilities from social fund	25 282	29 607	39 961	81 507
Other non-current liabilities			0	0
Non-current liabilities related to derivative transactions			0	0
Deffered tax liability	1 730 622	0	0	0
Long-term provisions			1 260 706	8 934 065
Legal provisions	0	0	0	0
Legal reserves short term	0	0
Other short-term reserves	1 471 847	1 596 895
Other provisions	627 082	992 276	1 260 706	8 934 065
Long-term bank loans	0	0	0	0
Short-term liabilities - total	45 683 150	43 403 578	37 035 972	63 991 155
Trade liabilities	10 056 557	11 716 759	14 458 319	44 272 636
Uninvoiced supplies	779 628	462 924
Liabilities to a controlled entity and a controlling entity	0	0
Other intercompany liabilities	34 014 960	30 046 660
Trade liabilities to affiliated accounting entities			0	0
Trade liabilities within participating interest, except for liabilities to affiliated accounting entities			0	0
Other trade liabilities			14 458 319	44 272 636
Net values of contract	0	0	0	0
Other liabilities to affiliated accounting entities			0	0
Other liabilities within participating interest, except for liabilities to affiliated accounting entities			21 033 584	14 017 413
Liabilities to partners and participants in association	0	0	0	0
Liabilities to employees	401 117	469 992	606 096	2 551 772
Social security liabilities	263 775	303 358	426 748	1 950 242
Taxation and subsidies	67 153	80 037	107 045	540 348
Other liabilities	99 960	323 848
Liabilities related to derivative transactions			0	0
Other liabilities			404 180	658 744
Short-term provisions			2 354 121	6 549 038
Legal provisions			143 481	547 363
Other provisions			2 210 640	6 001 675
Current bank loans	0	0	0	0
Short-term financial assistance	0	0	0	0
Bank loans	0	0
Prepayments - total	851 260	2 231 701	1 880 155	8 863 656
Accrued expenses long term	0	0	0	0
Accrued expenses short term	0	0	0	0
Deferred revenues long term	516 527	1 556 184	1 096 204	6 132 178
Deferred revenues short term	334 733	675 517	783 951	2 731 478
A. The enclosed profit/loss account of 2011 is originated from official source, we do not have information about the clause of the auditor. (31.12.2011 - 1 EUR) B. The enclosed profit/loss account of 2012 is originated from official source, we do not have information about the clause of the auditor. (31.12.2012 - 1 EUR) C. The enclosed profit/loss account of 2013 is originated from official source, we do not have information about the clause of the auditor. (31.12.2013 - 1 EUR) D. The enclosed profit/loss account of 2014 is originated from official source, we do not have information about the clause of the auditor. (31.12.2014 - 1 EUR)

profit/loss account	A 31.12.2011	B 31.12.2012			C 31.12.2013		D 31.12.2014
Net turnover					0		192 457 116
Operating income - total					142 834 353		201 664 770
Revenue from the sale of merchandise	0	0			0		0
Revenue from the sale of own products					135 357 595		191 634 014
Revenue from the sale of services					49 000		777 428
Change in inventory	-61 974	97 130			1 258 909		443 601
Own work capitalized	0	0			0		169 606
Purchased consumables and services	73 640 852	92 154 275
Consumed raw materials, energy consumption and consumption of other non-inventory supplies	63 888 465	80 354 485
Revenue from the sale of non-current intangible assets, property, plant and equipment, and raw materials	736 926	383 866			331 173		1 074 150
Other operating revenues	6 955 697	8 179 858			5 837 676		7 565 971
Operating expenses - total					138 215 170		196 902 828
Cost of merchandise sold	0	0			0		754
Trade margin	0	0
Production	85 838 283	108 708 599
Revenue from the sale of own products and services	85 900 257	108 611 469
Consumed raw materials, energy consumption, and consumption of other non-inventory supplies					98 823 334		129 168 057
Value adjustments to inventory					-210 852		81 134
Services	9 752 387	11 799 790			14 826 410		23 775 932
Personnel expenses - total	8 179 756	9 567 115			11 674 605		23 508 957
Wages and salaries	6 082 253	7 031 785			8 499 819		16 186 818
Remuneration of board members	0	0			0		0
Social security expenses	1 912 462	2 270 291			2 868 124		5 715 787
Social expenses	185 041	265 039			306 662		1 606 352
Taxes and fees	43 044	49 702			64 582		130 004
Depreciation expense of intangible and tangible fixed assets	8 212 315	9 979 577			10 203 334		11 871 682
Amortization of non-current intangible assets and depreciation of property, plant and equipment					10 203 334		11 871 682
Value adjustments to non-current intangible assets and property, plant and equipment					0		0
Net book value of fixed assets sold and material sold	389 776	52 628			92 218		119 159
Value adjustments to receivables	93 763	-6 542			1 037 319		-806 389
Other operating expenses	1 332 319	925 293			1 704 220		9 053 538
Transfer of operating revenues	0	0
Transfer of operating expenses	0	0
Profit or loss from operations	1 639 081	4 550 275			4 619 183		4 761 942
Added value	12 197 431	16 554 324			23 226 612		39 998 772
Income from financial activities - total					32 585		27 769
Revenues from sales of shares and ownership	0	0			0		0
Revenues from long-term financial assest	0	0			0		0
Revenues from ownership interests with control influence in enterprises and ownership interests with substantial influence of enterprises	0	0
Income from securities and ownership interests in affiliated accounting entities					0		0
Income from securities and ownership interests within participating interest, except for income of affiliated accounting entities					0		0
Other income from securities and ownership interests					0		0
Revenues from other long-term ownership and shares	0	0
Revenues from other long-term financial assest	0	0
Revenues from short-term financial assest	0	0			0		0
Income from current financial assets in affiliated accounting entities					0		0
Income from current financial assets within participating interest, except for income of affiliated accounting entities					0		0
Other income from current financial assets					0		0
Interest income	11 789	3 035			1 348		854
Interest income from affiliated accounting entities					0		0
Other interest income					1 348		854
Exchange rate gains	22 756	30 354			31 237		26 915
Revenues from revaluation of securities and revenues from derivative operations	0	0			0		0
Other financial revenues	0	0			0		0
Expenses related to financial activities - total					323 806		220 803
Transfer of financial revenues	0	0
Transfer of financial expenses	0	0
Shares and ownership interests sold	0	0			0		0
Expenses for short-term financial assets	0	0			0		0
Value adjustments to financial assets	0	0			0		0
Interest expense	1 027 746	487 297			224 577		146 794
Interest expenses related to affiliated accounting entities					0		0
Other interest expenses					224 577		146 794
Exchanges rate losses	59 835	47 556			89 217		53 914
Expenses for revaluation of securities and expenses for derivative operations	0	0			0		0
Other financial expenses	92 514	9 319			10 012		20 095
Profit or loss from financial activities	-1 145 550	-510 783			-291 221		-193 034
Income tax on ordinary activities	244 723	-3 909 772
- current	1 204	502
- deferred	243 519	-3 910 274
Profit or loss from ordinary activities before tax	493 531	4 039 492			4 327 962		4 568 908
Profit or loss from ordinary activities after tax	248 808	7 949 264
Extraordinary revenues	16 455	1 207
Extraordinary expenses	0	0
Income tax on extraordinary activities	0	0
- current	0	0
- deferred	0	0
Income tax					-345 833		-1 991 222
Income tax - current					173		98
Income tax - deferred					-346 006		-1 991 320
Profit or loss from extraordinary activities before tax	16 455	1 207
Profit or loss from extraordinary activities after tax	16 455	1 207
Transfer of profit or loss to partners	0	0			0		0
Profit or loss of the accounting period before tax	509 986	4 040 699
Profit or loss of the accounting period after tax	265 263	7 950 471			4 673 795		6 560 130
Receivables after due date		3 863 852			5 005 354		6 121 477
Liabilities after due date		2 511 782			416 425		4 412 563

Ratios			2011	2012		2013		2014

	Return on total assets ROA (in %)	0,31	8,95	5,35	2,57
	Return on equity ROE (in %)	0,83	19,83	10,44	3,93

	Return on sales ROS (in %)	0,31	7,32	3,45	3,41
	Turnover of receivables (in days)	82,22	83,91	67,19	80,58

	Turnover of liabilities (in days)	42,73	39,38	38,97	83,98
	Turnover of inventories (days)	38,33	28,02	24,74	59,05

	Net working capital	-10916665	-2083778	7305446	89798770
	Ratio of accounts payable to accounts receivable	42,8	63,84	79,23	190

	Ratio of profit/loss to tangible assets (in%)	57,13	42,16	29,77	50,84
	Current ratio	0,76	0,9	1,13	2,36

	Quick ratio	0,56	0,71	0,88	1,87
	Cash ratio	0,1	0,11	0,16	0,01

	Debt ratio I (in %)	61,98	54,87	48,74	34,65
	Debt ratio II (in %)	60,97	52,36	46,59	31,18

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.66.11
UK Pound	1	Rs.101.03
Euro	1	Rs.70.78

INFORMATION DETAILS

Analysis Done by :	TRI

Report Prepared by :	SDA

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

Company summary

Financials

Unit