MIRA INFORM REPORT

 

 

Report Date :

28.11.2011

 

IDENTIFICATION DETAILS

 

Name :

ACCORD SOFTWARE AND SYSTEMS PRIVATE LIMITED

 

 

Registered Office :

No.37, Krishna Reddy Colony, Domlur Layout, Bangalore – 560071, Karnataka

 

 

Country :

India

 

 

Financials (as on) :

31.03.2011

 

 

Date of Incorporation :

17.12.1991

 

 

Com. Reg. No.:

08-12629

 

 

Capital Investment / Paid-up Capital :

Rs. 18.150 Millions

 

 

CIN No.:

[Company Identification No.]

U72200KA1991PTC012629

 

 

TAN No.:

[Tax Deduction & Collection Account No.]

BLRA00873F

 

 

Legal Form :

Private Limited Liability Company

 

 

Line of Business :

Software Development, Consultancy and Sale of GPS Systems.

 

 

No. of Employees :

350 (Approximately)

 

RATING & COMMENTS

 

MIRA’s Rating :

Ba (48)

 

RATING

STATUS

PROPOSED CREDIT LINE

41-55

Ba

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

Satisfactory

 

Maximum Credit Limit :

USD 590000

 

 

Status :

Satisfactory

 

 

Payment Behaviour :

Usually correct

 

 

Litigation :

Clear

 

 

Comments :

Subject is an established company having satisfactory track. Trade relations are reported as fair. Business is active. Payments are reported to be usually correct and as per commitments.

 

The company can be considered normal for business dealings at usual trade terms and conditions.

 

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 – September 30, 2011

 

Country Name

Previous Rating

(30.06.2011)

Current Rating

(30.09.2011)

India

A1

A1

 

Risk Category

ECGC Classification

Insignificant

 

A1

Low

 

A2

Moderate

 

B1

High

 

B2

Very High

 

C1

Restricted

 

C2

Off-credit

 

D

 

 

 

 

 

 

 

 

 

 

 

 

 

 

INFORMATION PARTED BY

 

Name :

Mr. Ramanan

Designation :

Account Department

Date :

26.11.2011

 

LOCATIONS

 

Registered Office :

No.37 Krishna Reddy Colony, Domlur Layout, Bangalore – 560071, Karnataka, India

Tel. No.:

91-80-25350105/ 0136/0138

Fax No.:

91-80-25352723

E-Mail :

sp@accord-soft.com

contactus@accord-soft.com

ramanan@accord-soft.com

finance@accord-soft.com

Website :

http://www.accord-soft.com

 

 

Corporate Office /

USA Office :

6121, Suite 400, Lincolnia Road, Alexandria, Virginia VA22312, USA

Tel. No.:

1-208-939-7901

Fax No.:

1-208-939-7904

 

 

Branch Office :

Rajninagar Industrial Town, Bangalore – 560044, Karnataka, India

 

DIRECTORS

 

As on 30.09.2011

 

Name :

Mr. Jayaraman Mohan Sundaresan

Designation :

Managing Director

Address :

685, 5th Main, 6th Cross. HAL 3rd Stage, Bangalore – 560075, Karnataka, India

Date of Birth/Age :

15.05.1952

Qualification :

M. Tech

Experience :

35 Years

Date of Appointment :

17.12.1991

DIN No.:

01030361

Other Directorship:

 

S.No.

CIN

Name of the Company

Current designation of the director

Date of appointment at current designation

Original date of appointment

Date of cessation

Company Status

Defaulting status

1

U72200KA1991PTC012629

Accord Software and Systems Private Limited

Managing director

17-12-91

17-12-91

-

Active

NO

2

U72100KA1998PTC023312

Infoscript Services Private Limited

Director

27-01-98

27-01-98

-

Active

NO

 

 

Name :

Mr. Purushotham Subbarao

Designation :

Whole Time Director – Business Development

Address :

589, 44th Cross, 8th Block, Jayanagar, Bangalore – 560075, Karnataka, India

Date of Birth/Age :

24.08.1949

Qualification :

M. Tech

Experience :

37 Years

Date of Appointment :

17.12.1991

DIN No.:

01030304

Other Directorship:

 

S.No.

CIN

Name of the Company

Current designation of the director

Date of appointment at current designation

Original date of appointment

Date of cessation

Company Status

Defaulting status

1

U72200KA1991PTC012629

Accord Software and Systems Private Limited

Whole-time director

17-12-91

17-12-91

-

Active

NO

2

U72100KA1998PTC023312

Infoscript Services Private Limited

Director

27-01-98

27-01-98

-

Active

NO

 

 

Name :

Mr. Veeranan Narayanasamy

Designation :

Whole Time Director

Address :

No. 50, “PREMA”, First Cross, Gitanjali Layout, Thippasandra, Bangalore – 560075, Karnataka, India

Date of Birth/Age :

13.06.1960

Date of Appointment :

17.12.1991

DIN No.:

01235472

Other Directorship:

 

S.No.

CIN

Name of the Company

Current designation of the director

Date of appointment at current designation

Original date of appointment

Date of cessation

Company Status

Defaulting status

1

U72200KA1991PTC012629

Accord Software and Systems Private Limited

Whole-time director

17-12-91

17-12-91

-

Active

NO

2

U72100KA1998PTC023312

Infoscript Services Private Limited

Managing director

27-01-98

27-01-98

-

Active

NO

3

U72200TZ1998PTC008466

Seyyone Software Solutions Private Limited

Director

10-03-03

10-03-03

-

Active

Bottom of Form

 

NO

 

 

Name :

Mr. Ragghavan. Devanathan

Designation :

Whole Time Director – Engineering

Address :

1821, 2nd Main Road, HAL 3rd Stage, Bangalore – 560075, Karnataka, India

Date of Birth/Age :

15.05.1966

Qualification :

Graduate in Computer Science

Experience :

20 Years

Date of Appointment :

17.12.1991

DIN No.:

01315953

Other Directorship:

 

S.No.

CIN

Name of the Company

Current designation of the director

Date of appointment at current designation

Original date of appointment

Date of cessation

Company Status

Defaulting status

1

U72200KA1991PTC012629

Accord Software and Systems Private Limited

Whole-time director

17-12-91

17-12-91

-

Active

NO

2

U72100KA1998PTC023312

Infoscript Services Private Limited

Director

27-01-98

27-01-98

-

Active

NO

 

 

Name :

Mr. Raghavendra Shenoy Manur

Designation :

Whole Time Director – Business Development

Address :

A-03, CEDAR, Sharewood, Basavanagar Main Road, Vibhuthipura, Bangalore – 560037, Karnataka, India

Date of Birth/Age :

26.09.1960

Date of Appointment :

01.03.1992

DIN No.:

01030219

Other Directorship:

 

S.No.

CIN

Name of the Company

Current designation of the director

Date of appointment at current designation

Original date of appointment

Date of cessation

Company Status

Defaulting status

1

U72200KA1991PTC012629

Accord Software and Systems Private Limited

Whole-time director

01-03-92

01-03-92

-

Active

NO

2

U72100KA1998PTC023312

Infoscript Services Private Limited

Director

27-01-98

27-01-98

-

Active

NO

 

KEY EXECUTIVES

 

Name :

Mr. V Ravi

Designation :

Secretary

Address :

Raghav, No.30, 2nd Cross Road, Venugopala Layout, Bangalore – 560032, Karnataka, India

Date of Birth/Age :

29.09.1952

Date of Appointment :

01.10.2010

Pan No.:

AANPR9036N

 

 

Name :

J.M. Sundaresan

Designation :

Chief Executive Officer

Experience :

30 Years

 

 

Name :

Mrs. Prabha Ramanujam 

Designation :

Manager – Commercial

Qualification :

Charted Accountant

 

 

Name :

Mr .Varadaraj G S 

Designation :

Group Manager – Business Development

Qualification :

B.E. in Electronics

 

 

Name :

Dr. Jayanta Kumar Ray

Designation :

Group Manager – GNSS 

Qualification :

Ph. D in GPS

 

 

Name :

Mr. Murli Krishna

Designation :

Group Manager – GNSS

Qualification :

M. Tech in Electronics Design and Technologies from IISC

 

 

Name :

Mr. Shashidhara K R

Designation :

Group Manager Software

Qualification :

M. Tech (Production Engineering) and MBA

 

 

Name :

Mrs. Shyamala B

Designation :

Manager – Quality Assurance

Qualification :

M.S. (Software Systems)

 

 

Name :

Mrs. Vijaya Rekha N S

Designation :

Head – Human Resources

Qualification :

B.Sc (Computer Science)

 

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

 

As on 30.09.2011

 

Names of Shareholders

 

No. of Shares

Jayaraman M Sundaresan

 

386380

Subbarao. Purushotham

 

386380

Veeranan. Narayanasamy

 

386380

Ragghavan. Devanathan

 

363860

Manur Raghavendra Shenoy

 

292000

TOTAL

 

1815000

 

Equity Share Break up (Percentage of Total Equity)

 

As on 30.09.2011

 

Category

Percentage

Directors or relatives of Directors

100.00

Total

100.00

 

BUSINESS DETAILS

 

Line of Business :

Software Development, Consultancy and Sale of GPS Systems.

 

 

Products/ Services :

 

ITC Code No.

Product Description

8524

Software Development, Consultancy and Sale of GPS Systems

 

  • Nex Nav
  • GPS Signal Tap-L2C
  • GPS Signal Tap
  • GPS Lab
  • Smart Works
  • Auto Sensor Lab
  • GPS Time Code Generator
  • GPS Disciplined Clock
  • NAV 2400-HS

 

 

Terms :

 

Selling :

Cash

 

 

Purchasing :

Cash

 

 

GENERAL INFORMATION

 

Customers :
  • Diehl Aerospace, Germany
  • Analog Devices, Inc USA
  • HP-ISO Bangalore, India
  • Telindus, Belgium
  • Texas Instruments
  • ISRO, Bangalore India
  • Litef, Germany
  • Sameer, Chennai

 

 

No. of Employees :

350 (Approximately)

 

 

Bankers :
  • State Bank of India, Industrial Finance Branch, 61 Residency Plaza, Residency Road, Bangalore – 560025, Karnataka, India

 

 

Facilities :

Secured Loan

As on

31.03.2011

(Rs. in

Millions)

As on

31.03.2010

(Rs. in

Millions)

Loan from Bank

 

 

-          Term Loan (Include Interest accrued and due)

(Amount repayable within one year Rs. 4.456 Millions Previous Year 4.992 Millions)

8.915

5.848

-          Cash Credit (Include Interest accrued and due)

(The term loan and cash credit are secured by way of hypothecation of fixed assets and are further secured by equitable mortgage of leasehold property of the company as well as equitable mortgage of property belonging to five directors and personal guarantee of directors) 

48.498

43.900

-          Vehicle Loan

(Amount repayable within one year Rs. 1.266 Millions Previous Year Rs. 0.376 Million)

Secured by hypothecation of assets purchased under the loan agreement)

3.360

0.687

-          Loan from Others

Vehicle loan providing registration of charge

(Amount repayable within one year Rs. 0.660 Million Previous Year Rs. 0.180 Million)

Secured by hypothecation of assets purchased under the loan agreement)

1.750

0.259

Total

62.523

50.694

Unsecured Loan

As on

31.03.2011

(Rs. in

Millions)

As on

31.03.2010

(Rs. in

Millions)

Loan From Bank

 

 

Long Term – amount repayable with in one year – Nil (Previous year Rs. 0.584 Million

(The above loans are guaranteed by a director)

0.000

0.584

Total

0.000

0.584

 

Banking Relations :

--

 

 

Auditors :

 

Name :

Varma and Varma

Chartered Accountants

Address :

887, 4th Cross, 11 Main Road, HAL Second Stage, Bangalore – 560008, Karnataka, India

PAN.:

AABFV9555E

 

 

Subsidiaries :
  • Accord Software and Systems Inc. USA, 26, West Lone Prive, Phonix Arizona, USA 85027

 

 

 

 

 

 

CAPITAL STRUCTURE

 

As on 31.03.2011

 

Authorised Capital :

No. of Shares

Type

Value

Amount

2000000

Equity Share

Rs.10/- each

Rs.20.000 Millions

 

 

 

 

 

Issued, Subscribed & Paid-up Capital :

No. of Shares

Type

Value

Amount

1815000

Equity Share

Rs.10/- each

Rs.18.150 Millions

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

FINANCIAL DATA

[all figures are in Rupees Millions]

 

ABRIDGED BALANCE SHEET

 

SOURCES OF FUNDS

 

31.03.2011

31.03.2010

31.03.2009

SHAREHOLDERS FUNDS

 

 

 

1] Share Capital

18.150

18.150

18.150

2] Share Application Money

0.000

0.000

0.000

3] Reserves & Surplus

128.453

64.965

84.427

4] (Accumulated Losses)

0.000

0.000

0.000

NETWORTH

146.603

83.115

102.577

LOAN FUNDS

 

 

 

1] Secured Loans

62.523

50.694

39.624

2] Unsecured Loans

0.000

0.584

6.110

TOTAL BORROWING

62.523

51.278

45.734

DEFERRED TAX LIABILITIES

4.695

3.091

5.000

 

 

 

 

TOTAL

213.821

137.484

153.311

 

 

 

 

APPLICATION OF FUNDS

 

 

 

 

 

 

 

FIXED ASSETS [Net Block]

64.795

48.978

53.676

Capital work-in-progress

0.000

2.824

0.507

 

 

 

 

INVESTMENT

0.000

0.000

0.000

DEFERREX TAX ASSETS

0.000

0.000

0.000

 

 

 

 

CURRENT ASSETS, LOANS & ADVANCES

 

 

 

 

Inventories
20.044

20.037
16.275

 

Sundry Debtors
185.951

127.955
80.435

 

Cash & Bank Balances
24.129

39.048
34.422

 

Other Current Assets
6.932

6.813
3.754

 

Loans & Advances
28.724

17.232
13.861

Total Current Assets
265.780

211.085

148.747

Less : CURRENT LIABILITIES & PROVISIONS
 

 

 

 

Sundry Creditors
40.138

91.939

9.469

 

Other Current Liabilities
39.961

30.587

33.385

 

Provisions
36.655

2.877

6.765

Total Current Liabilities
116.754

125.403

49.619

Net Current Assets
149.026

85.682

99.128

 

 

 

 

MISCELLANEOUS EXPENSES

0.000

0.000

0.000

 

 

 

 

TOTAL

213.821

137.484

153.311

 

 

 

 

PROFIT & LOSS ACCOUNT

 

 

PARTICULARS

31.03.2011

31.03.2010

31.03.2009

 

 

 

 

 

 

TOTAL REVENUES

455.215

366.411

247.625

 

 

 

 

 

Less

TOTAL EXPENSES

356.347

279.291

242.735

 

 

 

 

 

Less

PROFIT BEFORE PRIOR PERIOD EXPENSES, SETTLEMENT AND TAX 

98.868

87.120

4.890

 

 

 

 

 

 

PRIOR PERIOD EXPENSES

0.104

1.421

0.000

 

CLAIMS SETTELED

0.000

(107.727)

0.000

 

 

 

 

 

 

PROFIT/(LOSS) BEFORE TAX

98.972

(19.186)

4.890

 

 

 

 

 

Less

TAX                                                     

30.210

0.276

3.556

 

 

 

 

 

 

PROFIT/(LOSS)  AFTER TAX

68.762

(19.462)

1.334

 

 

 

 

 

Add

PREVIOUS YEARS’ BALANCE BROUGHT FORWARD

58.152

77.615

76.918

 

 

 

 

 

Less

APPROPRIATIONS

 

 

 

 

 

Transfer to General Reserve

6.876

0.000

0.000

 

 

Interim

4.537

0.000

0.545

 

 

Tax on Dividend

0.736

0.000

0.092

 

BALANCE CARRIED TO THE B/S

114.765

58.152

77.615

 

 

 

 

 

 

EARNINGS IN FOREIGN CURRENCY

 

 

 

 

                  FOB Value of Exports

337.123

267.843

170.005

 

                  Royalties

0.154

0.088

0.174

 

TOTAL EARNINGS

337.277

267.931

170.179

 

 

 

 

 

 

Earnings/(loss) Per Share (Rs.)

37.89

(10.72)

0.74

 

KEY RATIOS

 

PARTICULARS

 

 

31.03.2011

31.03.2010

31.03.2009

PAT / Total Income

(%)
15.11

(5.31)

0.54

 

 
 

 

 

Return on Total Assets

(PBT/Total Assets}

(%)
29.94

(7.48)

2.42

 

 
 

 

 

Return on Investment (ROI)

(PBT/Networth)

 
0.68

0.23
0.05

 

 
 

 
 

Debt Equity Ratio

(Total Liability/Networth)

 
1.22

2.13

0.93

 

 
 

 

 

Current Ratio

(Current Asset/Current Liability)

 
2.28

1.68

3.06

 

 
 

 

 

 

 

LOCAL AGENCY FURTHER INFORMATION

 

Check list by Info Agents

 

Available in Reports ( Yes/No)
  1. Year of Establishment

Yes
  1. Locality of the Firm

Yes
  1. Constitutions of the Firm

Yes
  1. Premises Details

Yes
  1. Type of Business

Yes
  1. Line of Business

Yes
  1. Promoter’s Background

--
  1. No. of Employees

Yes
  1. Name of person contacted

Yes
  1. Designation of contact person

Yes
  1. Turnover of Firm fort last three years

Yes
  1. Profitability for last three years

No
  1. Reasons For Variation<>20%

No
  1. Estimation for coming financial year

No
  1. Capital in Business

No
  1. Details of Sister Concern

Yes
  1. Major Suppliers

No
  1. Major Customers

No
  1. Payment Terms

Yes
  1. Export / Import Details (if Applicable)

No
  1. Market Information

--
  1. Litigations that the firm / Promoter involved in

--
  1. Banking Details

Yes
  1. Banking Facility Details

No
  1. Conduct of the banking account

--
  1. Buyer visit details

--
  1. Financial, if provided

Yes
  1. Incorporation details, if applicable

--
  1. Last Account filed at ROC

--
  1. Major shareholder , if available

--

 

BUSINESS OPERATIONS OVERVIEW AND OUTLOOK

 

During the financial year 2010-11, the total revenues have increased by 24% over the previous year. These increased revenues had been made possible by increased business from aerospace services by 22%, from Indian business by 22% and product exports by 88%. The company’s customers in both the aerospace services and domestics markets are extremely happy with the company capabilities and quality of delivery.

 

The Profit before Tax and After Tax for the year are Rs.98.972 millions and Rs. 68.762 millions respectively, heralding a phenomenal growth. The Company has been able to accomplish the above with optimization of costs and improvement in capacity utilization.

 

The Company, during the year has successfully honored the one time settlement of USD 2.00 Million to Spectralux and has obtained a no due certificate from them. With this settlement the NexNav products customers of Spectralux would be transitioned to the Company as the Company is the technology owner of the products. The products would be sold by Accord Technology — USA (the company’s subsidiary in the USA) in the international market. A prospect of these products and its variants being sold in the market is very bright.

 

The Company’s long term partner Analog Devices mc, USA with whom the Company partnered to develop GNSS IP and develop GNSS chipset has licensed a few of its IPS in the chipset to the company. With this the Company now intends to develop, manufacture and sell the GNSS Chipsets to the world market. The Company thus has become a Fabless semiconductor company — a unique distinction for an Indian Company. The GNSS semiconductor chipsets are expected to be sold in the world market in the next FY.

 

The Directors are positive about further growth of the Company and to achieve the same have initiated necessary steps in areas like costoptimisation, customer satisfaction and continuously improving competitive skills and commitment to meet the challenges posed by the highly quality conscious and exacting business environment. The Company had acquired a significant new customer in Europe during the earlier year and has secured an order for a substantial value during the current year. The Company’s products, for the domestic market have attained maturity and wide acceptance by the end users and these factors have contributed to improved growth in business in that segment.

 

The marketing strategies have been developed consistent with the nature of the various business segments, with augmentation from external consultants and entities.

 

OVERSEAS BRANCH OPERATIONS

 

During the year the company’s overseas branch in Frankfurt and London have commenced operation these branches were opened mainly to cater to customers in Europe. The company has introduce additional accounting policy in respect of accounting overseas branches transactions.

 

TRADE REFERENCES

 

  • Diehl Aerospace, Germany
  • Analog Devices, Inc USA
  • HP-ISO Bangalore, India
  • Telindus, Belgium
  • Texas Instruments
  • ISRO, Bangalore India
  • Litef, Germany
  • Sameer, Chennai

 

FIXED ASSETS

 

  • Freehold Land
  • Leasehold Land
  • Building
  • Leasehold Improvement
  • Plant and Machinery
  • Computer and Accessories
  • Furniture and Fixture
  • Office Equipment
  • Vehicles
  • Software

 

 

 

CMT REPORT (Corruption, Money Laundering & Terrorism]

 

The Public Notice information has been collected from various sources including but not limited to: The Courts, India Prisons Service, Interpol, etc.

 

1]         INFORMATION ON DESIGNATED PARTY

No records exist designating subject or any of its beneficial owners, controlling shareholders or senior officers as terrorist or terrorist organization or whom notice had been received that all financial transactions involving their assets have been blocked or convicted, found guilty or against whom a judgement or order had been entered in a proceedings for violating money-laundering, anti-corruption or bribery or international economic or anti-terrorism sanction laws or whose assets were seized, blocked, frozen or ordered forfeited for violation of money laundering or international anti-terrorism laws.

 

2]         Court Declaration :

No records exist to suggest that subject is or was the subject of any formal or informal allegations, prosecutions or other official proceeding for making any prohibited payments or other improper payments to government officials for engaging in prohibited transactions or with designated parties.

 

3]         Asset Declaration :

No records exist to suggest that the property or assets of the subject are derived from criminal conduct or a prohibited transaction.

 

4]         Record on Financial Crime :

            Charges or conviction registered against subject:                                                              None

 

5]         Records on Violation of Anti-Corruption Laws :

            Charges or investigation registered against subject:                                                          None

 

6]         Records on Int’l Anti-Money Laundering Laws/Standards :

            Charges or investigation registered against subject:                                                          None

 

7]         Criminal Records

No available information exist that suggest that subject or any of its principals have been formally charged or convicted by a competent governmental authority for any financial crime or under any formal investigation by a competent government authority for any violation of anti-corruption laws or international anti-money laundering laws or standard.

 

8]         Affiliation with Government :

No record exists to suggest that any director or indirect owners, controlling shareholders, director, officer or employee of the company is a government official or a family member or close business associate of a Government official.

 

9]         Compensation Package :

Our market survey revealed that the amount of compensation sought by the subject is fair and reasonable and comparable to compensation paid to others for similar services.

 

10]        Press Report :

            No press reports / filings exists on the subject.

 

 

CORPORATE GOVERNANCE

 

MIRA INFORM as part of its Due Diligence do provide comments on Corporate Governance to identify management and governance. These factors often have been predictive and in some cases have created vulnerabilities to credit deterioration.

 

Our Governance Assessment focuses principally on the interactions between a company’s management, its Board of Directors, Shareholders and other financial stakeholders.

 

 

CONTRAVENTION

 

Subject is not known to have contravened any existing local laws, regulations or policies that prohibit, restrict or otherwise affect the terms and conditions that could be included in the agreement with the subject.

 

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.52.17

UK Pound

1

Rs.80.64

Euro

1

Rs.69.43

 

 

SCORE & RATING EXPLANATIONS

 

SCORE FACTORS

 

RANGE

POINTS

HISTORY

1~10

6

PAID-UP CAPITAL

1~10

5

OPERATING SCALE

1~10

5

FINANCIAL CONDITION

 

 

--BUSINESS SCALE

1~10

5

--PROFITABILIRY

1~10

6

--LIQUIDITY

1~10

5

--LEVERAGE

1~10

5

--RESERVES

1~10

6

--CREDIT LINES

1~10

5

--MARGINS

-5~5

--

DEMERIT POINTS

 

 

--BANK CHARGES

YES/NO

YES

--LITIGATION

YES/NO

NO

--OTHER ADVERSE INFORMATION

YES/NO

NO

MERIT POINTS

 

 

--SOLE DISTRIBUTORSHIP

YES/NO

NO

--EXPORT ACTIVITIES

YES/NO

YES

--AFFILIATION

YES/NO

YES

--LISTED

YES/NO

YES

--OTHER MERIT FACTORS

YES/NO

NO

TOTAL

 

48

 

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%)

 

 

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

-

 

 

 

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.