MIRA INFORM REPORT

Report No. :	345965
Report Date :	27.10.2015

IDENTIFICATION DETAILS

Name :	SECOP S.R.O.
Registered Office :	Tovarensk´a´ 49 953 01 Zlate´ Moravce
Country :	Slovakia
Financials (as on) :	31.12.2014
Date of Incorporation :	24.10.2000
Legal Form :	Limited liability company
Line of Business :	Manufacture of fluid power equipment · production of compressors for refrigerators, cooling technology and \ automotive industry
No. of Employees :	726

RATING & COMMENTS

MIRA’s Rating :

B

RATING		STATUS	PROPOSED CREDIT LINE
26-40	B	Capability to overcome financial difficulties seems comparatively below average.	Small

Status :	Moderate
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 – March 31, 2015

Country Name	Previous Rating (31.12.2014)	Current Rating (31.03.2015)
Slovakia	A2	A2

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

SLOVAKIA - 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 identification

Secop s.r.o.		Phone	037/6406200
Tovarensk´a´ 49		Telefax	037/6406204
953 01 Zlate´ Moravce		E-Mail	k.huckova@secop.com
Slovakia		Web	www.secop.com
Crefo Nr.	9230045082	Registration:	Okresny´ sud´ Nitra
Statistical Nr.	35800399	Registration Nr.	Sro 13235/N
Tax Nr.	SK2020235437	Status	active

Economic situation

Business connection	Credits are not rejected. The establishing of the business connection	(31)
	may be allowed.
Terms of payment	Mostly no complaints, but occasional delays / reminders	(31)

Basic information

Legal form

Limited liability company (Ltd.)

Founded

24/10/2000 as Limited liability company (Ltd.)

24.07.2015

Registration

22/11/2000, Okresny´ sud´ Nitra, Sro 13235/N Statistical Nr.: 35800399

Tax Nr.: SK2020235437

Registered names

Valid from	Former name	Valid until
19/09/2001	Danfoss Compressors, spol. s.r.o.	14/01/2011
22/11/2000	TAKER, s.r.o.	18/09/2001
Valid from	Commercial name	Valid until
15/01/2011	Secop s.r.o.

Owners and Capital

Crefo Nr.	Name / Address / Status	From	Share
Owner
9230859976	Secop Beteiligungs GmbH		91 741 410,00 EUR
	Ludwig-Ganghofer-Strasse 6, 820 31 Grunwald¨
	Germany
9230853811	Secop GmbH		750,00 EUR
	Mads-Clausen-Strasse 7, 249 39 Flensburg
	Germany
Total capital			91 742 160,00 EUR

Registered capital

Date	Currency	Value
22/11/2000	EUR	6 638,78
18/07/2002	EUR	11 126 601,61
28/06/2004	EUR	32 038 770,50
22/01/2009	EUR	32 057 770,00
04/04/2009	EUR	91 742 160,00

Management

Crefo Nr.	Name / Address / Status	Since	Power of attorney
Manager
9231555947	Ing. Rudolf Langerwisch		authorized to collective
	Laubstrasse 14, 8076 Vasoldsberg Austria		sign
9231555949	Jaroslav Hric
	Namestie´ Matice Slovenskej 404/13, 965 01 Ziar nad Hronom Slovakia		authorized to collective sign

Company addresses

Valid from	Residence address	Valid until
	Tovarensk´a´ 49, 953 01 Zlate´ Moravce, Slovakia Phone: 037/6406200 Phone: 037/6406174
	Tovarensk´a´ 49, 953 36 Zlate´ Moravce, Slovakia
	Vajnorska´ 8/A, 831 03 Bratislava, Slovakia
	Tovarensk´a´ 49, 953 01 Zlate´ Moravce, Slovakia
	Tovarensk´a´ 49, 953 36 Zlate´ Moravce, Slovakia
	Vajnorska´ 8/A, 831 03 Bratislava, Slovakia
	Tovarensk´a´ 49, 953 36 Zlate´ Moravce, Slovakia
	Tovarensk´a´ 49, 953 01 Zlate´ Moravce, Slovakia
	Tovarensk´a´ 49, 953 36 Zlate´ Moravce, Slovakia
	Vajnorska´ 8/A, 831 03 Bratislava, Slovakia
28/06/2004	Tovarensk´a´ 49, 953 01 Zlate´ Moravce, Slovakia
	Phone: 037/6406286
	E-Mail: danfoss.sk@danfoss.com
22/11/2000	Vajnorska´ 8/A, 831 03 Bratislava, Slovakia	30/01/2002
31/01/2002	Tovarensk´a´ 49, 953 36 Zlate´ Moravce, Slovakia	27/06/2004

Business activities

Main activity	Nace
Manufacture of fluid power equipment	28.12
Additional activities	Nace
production of compressors for refrigerators, cooling technology and \ automotive industry Secop s.r.o. is a subsidiary of the industrial holding group Aurelius \ from Munich. Secop's headquarters are situated in Flensburg, Germany. Production facilities are located in Austria, Slovenia, Slovakia and \ China.

Economic data

Turnover and Employees

Date	Turnover	Employees
2004	46 928 832 EUR
2005	65 156 609 EUR
2006	122 086 105 EUR
2007	137 549 724 EUR
2008	119 535 770 EUR
2009	94 587 313 EUR
2010	129 594 888 EUR	852
2011	260 952 408 EUR	847
2012	193 812 794 EUR	827
2013	197 024 040 EUR	836
2014	180 020 313 EUR	814
2015		726

Import / Export

	Import	Export
Percentage	Unknown	Unknown
Countries	Unknown	Mexico, Egypt, Pakistan, Russia, Saudi Arabia, United Arab Emirates, Sri Lanka, Ukraine, China, Denmark, France, India, Jordan, Columbia, Hungary, Germany, Great-Britain

Properties

Name	Detail	Currency	Value
Business	Company’s property		Unknown
premises	-2
Plant site	Company’s property		Unknown
	-2

Supplementary data

Remarks

Certificates: ISO 9001, ISO 14001, OHSAS 8001

Banks

Code	Bank name / Address	Account Nr.
999999999	Citibank Slovakia, a.s.

Main indices

Payment experience and credit opinion

	Terms of payment	Mostly no complaints, but occasional delays / reminders	(31)
	Business connection	Credits are not rejected. The establishing of the business connection	(31)
		may be allowed.
Business development
	Company development	Company development constant	(30)
	Business course	satisfactory	(30)

Events

No negative events registered.

Balances

Balance

		31/12/2014	31/12/2013	31/12/2012	31/12/2011
Name	Ref.	1	1	1	1
		EUR	EUR	EUR	EUR
		balance	balance	balance	balance
Total assets	01	104 890 069	109 365 137	132 501 348	102 534 757
Non-current assets	02	47 598 755	47 353 982	43 678 738	43 305 834
Intangible fixed assets	03	69 080	64 274	50 003	13 321
Development expenses	04	0	0	0	0
Software	05	39 336	64 274	50 003	13 321
Valuable rights	06	0	0	0	0
Goodwill	07	0	0	0	0
Other intangible fixed assets	08	0	0	0	0
Acquisition of intangible fixed assets	09	29 744	0	0	0
Advance payments for intangible fixed assets	10	0	0	0	0
Tangible fixed assets – total	11	47 529 674	47 289 707	43 628 734	43 292 513
Lands	12	3 511 541	3 511 541	0	0
Constructions	13	4 740 129	4 800 328	363 666	231 212
Separate movable assets and sets of movable as-	14	37 883 399	38 148 787	26 391 329	30 212 631
sets
Perennial crops	15	0	0	0	0
Breeding and draught animals	16	0	0	0	0
Other tangible fixed assets	17	1 917	3 272	4 627	0
Acquisition of tangible fixed assets	18	1 354 234	825 779	16 869 112	12 848 670
Advance payments for tangible fixed assets	19	38 454	0	0	0
Adjustment to acquired assets	20	0	0	0	0
Long-term financial investments	21	1	1	1	0
Shares and ownership interests with control influ-				0	0
ence in enterprises
Shares and ownership interests with substantial				0	0
influence of enterprises
Other long-term shares and ownership interests				0	0
Intercompany loans				1	0
Other long-term financial investments				0	0
Loans with maturity up to one year				0	0
Shares and ownership interests in affiliated ac-	22	0	0
counting entities
Shares and ownership interests with participating	23	0	0
interest, except for affiliated accounting entities
Other available-for-sale securities and ownership	24	0	0
interests
Loans to affiliated accounting entities	25	0	0
Loans within participating interest, except for affil-	26	1	1
iated accounting entities
Other loans	27	0	0
Debt securities and other non-current financial as-	28	0	0
sets
Loans and other non-current financial assets with	29	0	0
remaining maturity of up to one year
Bank accounts with notice period exceeding one	30	0	0	0	0
year
Acquisition of long-term financial investments	31	0	0	0	0
Advance payments for long-term assets	32	0	0	0	0
Current assets	33	57 291 314	61 988 714	88 815 061	59 088 074
Inventory - total	34	19 138 942	18 584 593	15 610 238	19 182 069
Material	35	8 741 409	10 059 400	6 844 548	5 987 341
Work-in-progress and semi-finished goods	36	2 687 145	1 361 625	1 032 605	651 950
Finished products	37	4 527 306	3 421 131	2 625 943	1 392 357
Animals	38	0	0	0	0
Merchandise	39	3 183 082	3 742 437	5 107 142	11 150 421
Advance payments made for inventory	40	0	0	0	0
Long-term receivables – total	41	0	0	0	0
Trade receivables	42	0	0	0	0
Receivables from a controlled entity and a control-				0	0
ling entity
Other intercompany receivables				0	0
Trade receivables from affiliated accounting enti-	43	0	0
ties
Trade receivables within participating interest, ex-	44	0	0
cept for receivables from affiliated accounting enti-
ties
Other trade receivables	45	0	0
Net value of contract	46	0	0	0	0
Other receivables from affiliated accounting enti-	47	0	0
ties
Other receivables within participating interest, ex-	48	0	0
cept for receivables from affiliated accounting enti-
ties
Receivables from participants, members and as-	49	0	0	0	0
sociation
Receivables related to derivative transactions	50	0	0
Other receivables	51	0	0	0	0
Deffered tax asset	52	0	0	0	0
Short - term receivables – total	53	33 092 632	40 260 903	67 682 375	38 647 261
Trade receivables	54	21 483 846	26 974 933	60 080 654	22 289 946
Receivables from a controlled entity and a control-				0	0
ling entity
Other intercompany receivables				4 515 464	9 572 781
Trade receivables from affiliated accounting enti-	55	0	0
ties
Trade receivables within participating interest, ex-	56	0	0
cept for receivables from affiliated accounting enti-
ties
Other trade receivables	57	21 483 846	26 974 933
Net value of contract	58	0	0	0	0
Other receivables from affiliated accounting enti-	59	0	0
ties
Other receivables within participating interest, ex-	60	10 766 194	10 381 281
cept for receivables from affiliated accounting enti-
ties
Receivables from participants, members and as-	61	0	0	0	0
sociation
Social security	62	0	0	0	291
Taxation and subsidies	63	761 178	2 881 223	3 013 911	6 708 691
Receivables related to derivative transactions	64	0	0
Other receivables	65	81 414	23 466	72 346	75 552
Short-term financial assets	66	0	0	0	0
Current financial assets in affiliated accounting	67	0	0
entities
Current financial assets, not including current fi-	68	0	0
nancial assets in affiliated accounting entities
Own shares and own business shares	69	0	0	0	0
Acquisition of short-term financial assets	70	0	0	0	0
Financial accounts – total	71	5 059 740	3 143 218	5 522 448	1 258 744
Cash	72	603	1 939	4 041	12 352
Bank accounts	73	5 059 137	3 141 279	5 518 407	1 246 392
Prepayments	74	0	22 441	7 549	140 849
Deferred expenses long term	75	0	0	0	0
Deferred expenses short term	76	0	22 441	7 549	2 707
Accrued revenues long term	77	0	0	0	0
Accrued revenues short term	78	0	0	0	138 142
Total capital and liabilities	79	104 890 069	109 365 137	132 501 348	102 534 757
Capital	80	12 511 706	15 317 474	21 879 323	21 248 223
Registered capital - total	81	91 742 160	91 742 160	91 742 160	91 742 160
Registered capital – total	82	91 742 160	91 742 160	91 742 160	91 742 160
Change in registered capital	83	0	0	0	0
Capital funds – total				0	0
Receivables for subscriptions (for own equity cap-	84	0	0	0	0
ital)
Share premium	85	0	0	0	0
Other capital funds	86	0	0	0	0
Legal reserve fund (Non-distributable fund) from				0	0
capital contributions
Legal reserve funds	87	332	332
Legal reserve fund and non-distributable fund	88	332	332
Reserve fund for own shares and own ownership	89	0	0
interests
Funds created from profit – total				332	332
Legal reserve fund				332	332
Indivisible funds				0	0
Statutory funds and other funds				0	0
Other funds created from profit	90	0	0
Statutory funds	91	0	0
Other funds	92	0	0
Differences from revaluation - total	93	-120 983	0
Gains or losses from revaluation of assets and li-	94	-120 983	0	0	0
abilities
Gains or losses from investments	95	0	0	0	0
Differences from revaluation in the event of a	96	0	0	0	0
merger, amalgamation into a separate accounting
entity or demerger
Retained profit or loss from previous years	97	-76 425 017	-70 241 768	-70 048 269	-63 144 848
Retained earnings from previous years	98	0	0	0	0
Retained earnings from previous years	99	-76 425 017	-70 241 768	-70 048 269	-63 144 848
Profit or loss for the accounting period	100	-2 684 786	-6 183 250	185 100	-7 349 421
Liabilities	101	89 163 079	90 149 525	104 735 546	76 881 312
Reserves – total				2 526 034	1 222 972
Long-term liabilities - total	102	25 662 361	25 566 729	25 678 950	40 778
Long-term trade liabilities – total	103	0	0	0	0
Uninvoiced long-term supplies				0	0
Long-term liabilities to a controlled entity and a				25 653 585	0
controlling entity
Other intercompany long-term liabilities				0	0
Trade liabilities to affiliated accounting entities	104	0	0
Trade liabilities within participating interest, except	105	0	0
for liabilities to affiliated accounting entities
Other trade liabilities	106	0	0
Net value of contract	107	0	0	0	0
Other liabilities to affiliated accounting entities	108	0	0
Other liabilities within participating interest, except	109	25 542 753	25 542 753
for liabilities to affiliated accounting entities
Other long-term liabilities	110	0	0	0	0
Long-term advances received	111	0	0	0	0
Long-term bills of exchange to a paid	112	0	0	0	0
Bonds issued	113	0	0	0	0
Liabilities from social fund	114	22 821	23 976	25 365	40 778
Other non-current liabilities	115	0	0
Non-current liabilities related to derivative trans-	116	96 787	0
actions
Deffered tax liability	117	0	0	0	0
Long-term provisions	118	52 000	866 074
Legal provisions	119	0	0	0	0
Legal reserves short term				810 130	52 340
Other short-term reserves				1 562 667	170 632
Other provisions	120	52 000	866 074	153 237	1 000 000
Long-term bank loans	121	12 481 466	14 592 582	0	0
Short-term liabilities - total	122	40 612 914	41 373 748	65 422 352	75 617 562
Trade liabilities	123	38 576 212	40 110 928	63 959 486	38 701 253
Uninvoiced supplies				125 253	12 377
Liabilities to a controlled entity and a controlling				0	0
entity
Other intercompany liabilities				0	0
Trade liabilities to affiliated accounting entities	124	0	0
Trade liabilities within participating interest, except	125	0	0
for liabilities to affiliated accounting entities
Other trade liabilities	126	38 576 212	40 110 928
Net values of contract	127	0	0	0	0
Other liabilities to affiliated accounting entities	128	0	0
Other liabilities within participating interest, except	129	152 405	80 247
for liabilities to affiliated accounting entities
Liabilities to partners and participants in associa-	130	0	0	0	36 190 829
tion
Liabilities to employees	131	578 883	568 806	660 093	398 630
Social security liabilities	132	378 536	377 342	414 496	247 262
Taxation and subsidies	133	811 401	72 289	204 993	48 613
Other liabilities				58 031	18 598
Liabilities related to derivative transactions	134	24 196	0
Other liabilities	135	91 281	164 136
Short-term provisions	136	4 468 731	2 253 607
Legal provisions	137	1 114 960	657 960
Other provisions	138	3 353 771	1 595 647
Current bank loans	139	5 885 607	5 496 785	11 108 210	0
Short-term financial assistance	140	0	0	0	0
Bank loans				11 108 210	0
Prepayments - total	141	3 215 284	3 898 138	5 886 479	4 405 222
Accrued expenses long term	142	0	0	0	0
Accrued expenses short term	143	0	0	0	0
Deferred revenues long term	144	2 605 324	3 256 116	3 965 862	4 405 222
Deferred revenues short term	145	609 960	642 022	1 920 617	0

Profit and loss accounts

		31/12/2014	31/12/2013	31/12/2012	31/12/2011
		1	1	1	1
Name	Ref.	EUR	EUR	EUR	EUR
		profit/loss	profit/loss	profit/loss	profit/loss
		account	account	account	account
Net turnover	01	186 298 443	0
Operating income - total	02	191 505 111	207 391 563
Revenue from the sale of merchandise	03	52 347 852	66 402 582	73 074 284	62 037 605
Revenue from the sale of own products	04	126 330 352	129 242 691
Revenue from the sale of services	05	1 342 109	1 378 767
Change in inventory	06	4 081 115	2 433 754	-4 356 818	-440 835
Own work capitalized	07	136 310	34 236	293 116	178
Purchased consumables and services				130 548 450	70 963 311
Consumed raw materials, energy consumption				111 362 087	52 526 348
and consumption of other non-inventory supplies
Revenue from the sale of non-current intangible	08	6 278 130	6 091 708	5 535 100	4 335 856
assets, property, plant and equipment, and raw
materials
Other operating revenues	09	989 243	1 807 825	12 675 514	277 375
Operating expenses - total	10	193 474 067	212 153 491
Cost of merchandise sold	11	36 318 583	34 552 971	45 781 730	44 603 555
Trade margin				27 292 554	17 434 050
Production				116 674 808	67 997 942
Revenue from the sale of own products and ser-				120 738 510	68 438 599
vices
Consumed raw materials, energy consumption,	12	105 399 586	127 086 630
and consumption of other non-inventory supplies
Value adjustments to inventory	13	-399 609	-227 273
Services	14	19 997 291	19 653 831	19 186 363	18 436 963
Personnel expenses - total	15	13 131 002	13 032 208	12 545 435	9 867 929
Wages and salaries	16	9 373 955	9 113 243	8 972 782	6 661 507
Remuneration of board members	17	2 000	14 000	0	0
Social security expenses	18	3 163 447	3 265 285	2 905 279	2 479 354
Social expenses	19	591 600	639 680	667 374	727 068
Taxes and fees	20	86 722	6 390	11 262	10 393
Depreciation expense of intangible and tangible	21	11 807 190	11 119 301	9 904 159	10 089 543
fixed assets
Amortization of non-current intangible assets and	22	11 935 759	11 364 800
depreciation of property, plant and equipment
Value adjustments to non-current intangible as-	23	-128 569	-245 499
sets and property, plant and equipment
Net book value of fixed assets sold and material	24	3 809 692	3 956 007	2 781 508	2 298 005
sold
Value adjustments to receivables	25	0	0	0	0
Other operating expenses	26	3 323 610	2 973 426	4 350 224	2 957 721
Transfer of operating revenues				0	0
Transfer of operating expenses				0	0
Profit or loss from operations	27	-1 968 956	-4 761 928	2 036 938	-6 141 679
		31/12/2014	31/12/2013	31/12/2012	31/12/2011
		1	1	1	1
Added value	28	22 921 887	18 425 871	13 418 912	14 468 681
Income from financial activities - total	29	1 298 936	637 439
Revenues from sales of shares and ownership	30	0	0	0	0
Revenues from long-term financial assest	31	13 896	25 283	6 108	0
Revenues from ownership interests with control				0	0
influence in enterprises and ownership interests
with substantial influence of enterprises
Income from securities and ownership interests in	32	13 896	0
affiliated accounting entities
Income from securities and ownership interests	33	0	0
within participating interest, except for income of
affiliated accounting entities
Other income from securities and ownership inter-	34	0	25 283
ests
Revenues from other long-term ownership and				0	0
shares
Revenues from other long-term financial assest				6 108	0
Revenues from short-term financial assest	35	0	0	0	0
Income from current financial assets in affiliated	36	0	0
accounting entities
Income from current financial assets within partic-	37	0	0
ipating interest, except for income of affiliated ac-
counting entities
Other income from current financial assets	38	0	0
Interest income	39	371 327	398 337	246 837	333 927
Interest income from affiliated accounting entities	40	371 017	0
Other interest income	41	310	398 337
Exchange rate gains	42	913 291	213 788	519 899	687 597
Revenues from revaluation of securities and rev-	43	0	0	0	1 764 044
enues from derivative operations
Other financial revenues	44	422	31	9	3
Expenses related to financial activities - total	45	2 011 827	2 044 721
Transfer of financial revenues				0	0
Transfer of financial expenses				0	0
Shares and ownership interests sold	46	0	0	0	0
Expenses for short-term financial assets	47	0	0	0	0
Value adjustments to financial assets	48	0	0	0	0
Interest expense	49	1 443 581	1 215 036	1 634 715	1 728 934
Interest expenses related to affiliated accounting	50	947 657	0
entities
Other interest expenses	51	495 924	1 215 036
Exchanges rate losses	52	198 988	495 491	800 641	2 122 712
Expenses for revaluation of securities and ex-	53	20 485	0	0	0
penses for derivative operations
Other financial expenses	54	348 773	334 194	189 133	73 581
Profit or loss from financial activities	55	-712 891	-1 407 282	-1 851 636	-1 139 656
Income tax on ordinary activities				202	2 178
- current				202	2 178
- deferred				0	0
Profit or loss from ordinary activities before	56	-2 681 847	-6 169 210	185 302	-7 281 335
tax
Profit or loss from ordinary activities after tax				185 100	-7 283 513
Extraordinary revenues				0	65 907
Extraordinary expenses				0	131 815
Income tax on extraordinary activities				0	0
- current				0	0
- deferred				0	0
Income tax	57	2 939	14 040
Income tax - current	58	2 939	14 040
Income tax - deferred	59	0	0
Profit or loss from extraordinary activities be-				0	-65 908
fore tax
Profit or loss from extraordinary activities after				0	-65 908
tax
Transfer of profit or loss to partners	60	0	0	0	0
Profit or loss of the accounting period before				185 302	-7 347 243
tax
Profit or loss of the accounting period after tax	61	-2 684 786	-6 183 250	185 100	-7 349 421
Receivables after due date		1 734 541	2 366 029	11 598 572
Liabilities after due date		15 186 825	13 507 647	23 871 922

Financial Ratios

Name	Ref.	31/12/2014	31/12/2013	31/12/2012	31/12/2011
Return on total assets ROA (in %)	1	-2,56	-5,65	0,14	-7,17
Return on equity ROE (in %)	2	-21,46	-40,37	0,85	-34,59
Return on sales ROS (in %)	3	-1,49	-3,14	0,10	-5,63
Turnover of receivables (in days)	4	43,56	49,97	113,15	62,35
Turnover of liabilities (in days)	5	78,22	74,31	120,45	108,26
Turnover of inventories (days)	6	38,81	34,43	29,40	53,66
Net working capital	7	10792793,00	15118181,00	12284499,00	-16529488,00
Ratio of accounts payable to accounts receivable	8	49,93	60,14	74,29	51,08
Ratio of profit/loss to tangible assets (in%)	9	26,44	24,03	22,54	33,19
Current ratio	10	1,23	1,32	1,16	0,78
Quick ratio	11	0,82	0,93	0,96	0,53
Cash ratio	12	0,11	0,07	0,07	0,02
Debt ratio I (in %)	13	88,07	85,99	83,49	79,28
Debt ratio II (in %)	14	85,01	82,43	79,04	74,98

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.64.96
UK Pound	1	Rs.99.55
Euro	1	Rs.71.64

INFORMATION DETAILS

Analysis Done by :	KIN
Report Prepared by :	TRU

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%)

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