IRA INFORM REPORT
|
Report Date : |
12.12.2014 |
IDENTIFICATION DETAILS
|
Name : |
FLUENT INDIA PRIVATE LIMITED |
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Registered
Office : |
Plot No. 34/1, |
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Country : |
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Financials (as
on) : |
31.03.2014 |
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Date of
Incorporation : |
13.04.1998 |
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Com. Reg. No.: |
11-114693 |
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Capital
Investment / Paid-up Capital : |
Rs. 3.470 Millions |
|
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|
|
CIN No.: [Company Identification
No.] |
U72200MH1998PTC114693 |
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|
|
IEC No.: |
Not Divulged |
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|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
PNEF00278F |
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|
|
PAN No.: [Permanent Account No.] |
AAACF3157E |
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|
Legal Form : |
Private Limited Liability Company |
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Line of Business
: |
The Company undertakes activities of Software development, applications, software testing and documents, etc. |
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No. of Employees
: |
Not Divulged |
RATING & COMMENTS
|
MIRA’s Rating : |
A (66) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
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 |
|
Status : |
Regular |
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Payment Behavior : |
Good |
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Litigation : |
Clear |
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Comments : |
Subject is an established company having fine track record. Financial position of the company seems to be sound. Trade relations are fair. Business is active. Payment terms are
reported to be regular and per commitment. The company can be considered good 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.
EXTERNAL AGENCY RATING
Not Available
RBI DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter
in the publicly available RBI Defaulters’ list.
EPF (Employee Provident Fund) DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter
in the publicly available EPF (Employee Provident Fund) Defaulters’ list as of
31-03-2014.
INFORMATION DENIED
MANAGEMENT NON CORPORATIVE (91-22-66522500)
LOCATIONS
|
Registered Office : |
Plot No. 34/1, |
|
Tel. No.: |
91- 20-66522500/22932770 |
|
Fax No.: |
91- 20-66522600 |
|
e-mail : |
|
|
Website : |
DIRECTORS
As on 30.07.2014
|
Name : |
Mr. Kadiramangalam Murali |
|
Designation : |
Managing Director |
|
Address : |
C-35, Abhimanshree Co-Op Hsg. Society, |
|
Date of Birth/Age : |
13.12.1963 |
|
Date of Appointment : |
22.12.2006 |
|
DIN No.: |
00431765 |
|
|
|
|
Name : |
Mr. Vaidya Sanjay Sharad |
|
Designation : |
Alternate Director |
|
Address : |
67, Shailesh Housing Society, Karvenagar, Pune – 411052, |
|
Date of Birth/Age : |
09.08.1955 |
|
Date of Appointment : |
22.12.2006 |
|
DIN No.: |
00024245 |
|
|
|
|
Name : |
Mr. James E Cashman Iii |
|
Designation : |
Director |
|
Address : |
122, |
|
Date of Birth/Age : |
26.08.1953 |
|
Date of Appointment : |
22.12.2006 |
|
DIN No.: |
00245214 |
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|
|
|
Name : |
|
|
Designation : |
Whole-Time Director |
|
Address : |
203, E1, Jasminium, |
|
Date of Birth/Age : |
03.04.1969 |
|
Date of Appointment : |
20.07.2009 |
|
DIN No.: |
02719858 |
|
|
|
|
Name : |
Mr. Kristen Secaur |
|
Designation : |
Director |
|
Address : |
305, |
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Date of Birth/Age : |
27.05.1965 |
|
Date of Appointment : |
20.07.2009 |
|
DIN No.: |
02764965 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 30.07.2014
|
Names of Shareholders |
|
No. of Shares |
|
James E Cashman III |
|
10 |
|
Ansys Inc., |
|
346980 |
|
Kadiramangalam Murali |
|
10 |
|
|
|
|
|
Total |
|
347000 |
Equity Share Break up (Percentage of Total Equity)
|
Category |
Percentage |
|
Foreign holdings( Foreign institutional
investor(s), Foreign companies(s) Foreign financial institution(s), Non-resident
Indian(s) or Overseas Corporate bodies or Others |
100.00 |
|
Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
The Company undertakes activities of Software development,
applications, software testing and documents, etc. |
|
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|
Products : |
-- |
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Brand Names : |
-- |
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Agencies Held : |
-- |
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Exports : |
Not Applicable |
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Imports : |
Not Applicable |
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Terms : |
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Selling : |
Not Applicable |
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Purchasing : |
Not Applicable |
GENERAL INFORMATION
|
Suppliers : |
Not Applicable |
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Customers : |
Not Applicable |
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No. of Employees : |
Not Divulged |
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Bankers : |
Not Divulged |
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Auditors : |
|
|
Name : |
Prashant V. Deo Chartered Accountant |
|
Address : |
Flat No.11, Building No.8-B, Laxminarayan Nagar, Erandwane, Pune –
411004, Maharashtra, India |
|
Tel. No.: |
91-20-25465542 |
|
PAN No.: |
ABAPD7786M |
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|
|
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Holding Company: |
Ansys Inco. |
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|
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Subsidiary Company : |
Ansys Software Private Limited |
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Fellow Subsidiary Company : |
Ansys UK Limited |
CAPITAL STRUCTURE
As on 30.09.2014
Authorized Capital:
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
2000000 |
Equity Shares |
Rs.10/- each |
Rs. 20.000 Millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital:
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
347000 |
Equity Shares |
Rs.10/- each |
Rs 3.470
Millions |
|
|
|
|
|
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2014 (15th Months) |
31.12.2012 |
31.12.2011 |
|
I.
EQUITY
AND LIABILITIES |
|
|
|
|
(1)Shareholders' Funds |
|
|
|
|
(a) Share Capital |
3.470 |
3.470 |
3.470 |
|
(b) Reserves & Surplus |
1311.835 |
1113.444 |
958.396 |
|
(c) Money
received against share warrants |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
(2) Share Application money pending
allotment |
0.000 |
0.000 |
0.000 |
|
Total
Shareholders’ Funds (1) + (2) |
1315.305 |
1116.914 |
961.866 |
|
|
|
|
|
|
(3)
Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
0.000 |
0.000 |
0.000 |
|
(b) Deferred tax liabilities (Net) |
2.425 |
2.524 |
0.000 |
|
(c) Other long term
liabilities |
7.867 |
0.000 |
0.000 |
|
(d) long-term
provisions |
0.000 |
0.000 |
0.000 |
|
Total Non-current
Liabilities (3) |
10.292 |
2.524 |
0.000 |
|
|
|
|
|
|
(4)
Current Liabilities |
|
|
|
|
(a) Short
term borrowings |
0.000 |
0.000 |
0.000 |
|
(b) Trade
payables |
4.360 |
6.609 |
10.957 |
|
(c) Other
current liabilities |
17.446 |
49.258 |
40.128 |
|
(d) Short-term
provisions |
7.353 |
11.886 |
17.187 |
|
Total Current
Liabilities (4) |
29.159 |
67.753 |
68.272 |
|
|
|
|
|
|
TOTAL |
1354.756 |
1187.191 |
1030.138 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1)
Non-current assets |
|
|
|
|
(a) Fixed
Assets |
|
|
|
|
(i)
Tangible assets |
171.108 |
158.080 |
127.332 |
|
(ii)
Intangible Assets |
1.015 |
0.478 |
2.188 |
|
(iii)
Capital work-in-progress |
0.615 |
2.739 |
11.970 |
|
(iv)
Intangible assets under development |
0.000 |
0.000 |
0.000 |
|
(b) Non-current Investments |
990.355 |
0.000 |
0.000 |
|
(c) Deferred tax assets (net) |
0.000 |
0.000 |
3.896 |
|
(d) Long-term Loan and Advances |
46.955 |
47.837 |
34.522 |
|
(e) Other
Non-current assets |
1.178 |
0.807 |
0.981 |
|
Total Non-Current
Assets |
1211.226 |
209.941 |
180.889 |
|
|
|
|
|
|
(2)
Current assets |
|
|
|
|
(a)
Current investments |
0.000 |
0.000 |
0.000 |
|
(b)
Inventories |
0.000 |
0.000 |
0.000 |
|
(c) Trade
receivables |
64.511 |
96.372 |
76.788 |
|
(d) Cash
and cash equivalents |
46.125 |
833.608 |
729.650 |
|
(e)
Short-term loans and advances |
32.757 |
23.098 |
14.188 |
|
(f) Other
current assets |
0.137 |
24.172 |
28.623 |
|
Total
Current Assets |
143.530 |
977.250 |
849.249 |
|
|
|
|
|
|
TOTAL |
1354.756 |
1187.191 |
1030.138 |
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2014 (15th Months) |
31.12.2012 |
31.12.2011 |
|
|
|
SALES |
|
|
|
|
|
|
|
Gross Revenue |
947.803 |
693.905 |
572.584 |
|
|
|
Other Income |
0.000 |
0.000 |
0.000 |
|
|
|
TOTAL |
947.803 |
693.905 |
572.584 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Personal Cost |
463.956 |
337.563 |
276.684 |
|
|
|
Administrative and Other
Expenses |
111.242 |
78.847 |
79.534 |
|
|
|
TOTAL |
575.198 |
416.410 |
356.218 |
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION |
372.605 |
277.495 |
216.366 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION |
77.919 |
42.937 |
37.254 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX |
294.686 |
234.558 |
179.112 |
|
|
|
|
|
|
|
|
|
Less |
TAX |
96.295 |
79.510 |
50.038 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
|
198.391 |
155.048 |
129.074 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
1061.121 |
906.073 |
776.999 |
|
|
|
|
|
|
|
|
|
|
BALANCE CARRIED
TO THE B/S |
1259.512 |
1061.121 |
906.073 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
Income from Service |
803.012 |
584.216 |
473.803 |
|
|
|
TOTAL EARNINGS
IN FOREIGN CURRENCY |
803.012 |
584.216 |
473.803 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
CIF Imports |
32.333 |
33.126 |
0.000 |
|
|
TOTAL IMPORTS |
32.333 |
33.126 |
0.000 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
571.73 |
446.82 |
371.97 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2014 (15th Months) |
31.12.2012 |
31.12.2011 |
|
Net Profit Margin (PAT / Sales) |
(%) |
20.93 |
22.34 |
22.54 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
81.01 |
19.80 |
17.66 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.22 |
0.21 |
0.19 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt /Networth) |
|
0.00 |
0.00 |
0.00 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
4.92 |
14.42 |
12.44 |
FINANCIAL ANALYSIS
[All figures are
in Rupees Millions]
DEBT EQUITY RATIO
|
Particular |
31.12.2011 |
31.12.2012 |
31.03.2014 (15th Months) |
|
|
(Rs. In Millions) |
(Rs. In Millions) |
(Rs. In Millions) |
|
Share Capital |
3.470 |
3.470 |
3.470 |
|
Reserves & Surplus |
958.396 |
1113.444 |
1311.835 |
|
Net worth |
961.866 |
1116.914 |
1315.305 |
|
|
|
|
|
|
long-term borrowings |
0.000 |
0.000 |
0.000 |
|
Short term borrowings |
0.000 |
0.000 |
0.000 |
|
Total borrowings |
0.000 |
0.000 |
0.000 |
|
Debt/Equity ratio |
0.000 |
0.000 |
0.000 |
YEAR-ON-YEAR GROWTH
|
Year on Year Growth |
31.12.2011 |
31.12.2012 |
31.03.2014 (15th Months) |
|
|
(Rs. In Millions) |
(Rs. In Millions) |
(Rs. In Millions) |
|
Gross Revenue |
572.584 |
693.905 |
947.803 |
|
|
|
21.188 |
36.590 |
NET PROFIT MARGIN
|
Net Profit Margin |
31.12.2011 |
31.12.2012 |
31.03.2014 (15th Months) |
|
|
(Rs. In Millions) |
(Rs. In Millions) |
(Rs. In Millions) |
|
Gross Revenue |
572.584 |
693.905 |
947.803 |
|
Profit |
129.074 |
155.048 |
198.391 |
|
|
22.54% |
22.34% |
20.93% |
LOCAL AGENCY FURTHER INFORMATION
CURRENT MATURITIES OF LONG-TERM DEBT NOT
AVAILABLE
|
Sr. No. |
Check List by Info
Agents |
Available in Report (Yes / No) |
|
1] |
Year of Establishment |
Yes |
|
2] |
Locality of the firm |
Yes |
|
3] |
Constitutions of the firm |
Yes |
|
4] |
Premises details |
No |
|
5] |
Type of Business |
Yes |
|
6] |
Line of Business |
Yes |
|
7] |
Promoter's background |
Yes |
|
8] |
No. of employees |
No |
|
9] |
Name of person contacted |
No |
|
10] |
Designation of contact person |
No |
|
11] |
Turnover of firm for last three years |
Yes |
|
12] |
Profitability for last three years |
Yes |
|
13] |
Reasons for variation <> 20% |
----------- |
|
14] |
Estimation for coming financial year |
No |
|
15] |
Capital in the business |
Yes |
|
16] |
Details of sister concerns |
Yes |
|
17] |
Major suppliers |
No |
|
18] |
Major customers |
No |
|
19] |
Payments terms |
No |
|
20] |
Export / Import details (if applicable) |
No |
|
21] |
Market information |
---------- |
|
22] |
Litigations that the firm / promoter involved in |
---------- |
|
23] |
Banking Details |
No |
|
24] |
Banking facility details |
No |
|
25] |
Conduct of the banking account |
---------- |
|
26] |
Buyer visit details |
---------- |
|
27] |
Financials, if provided |
Yes |
|
28] |
Incorporation details, if applicable |
Yes |
|
29] |
Last accounts filed at ROC |
Yes |
|
30] |
Major Shareholders, if available |
Yes |
|
31] |
Date of Birth of Proprietor/Partner/Director, if available |
Yes |
|
32] |
PAN of Proprietor/Partner/Director, if available |
No |
|
33] |
Voter ID No of Proprietor/Partner/Director, if available |
No |
|
34] |
External Agency Rating, if available |
No |
COMPANY OVERVIEW:
The company is a wholly owned subsidiary of Ansys In. U.S.A. The Company owns and operates units registered under the Software Technology Parks Scheme of the Government of India. The Company undertakes activities of Software development, applications, software testing and documents, etc.
Operating Cycle of the company is considered to be of 12 Months.
Financial Year of the Company has been extended so as to close on 31st march every year to bring in line with the provision of the companies Act, 2013. Accordingly, these Financial Statement have been prepared for the period of 15 months ended 31st March, 2014. Previous Financial Year comprised the period of 12 months and hence, the figures pertaining to previous year are not exactly comparable with those for the Current Year.
INDEX OF CHARGES: NO
CHARGES EXIST FOR THE COMPANY
FIXED ASSETS:
- Building
- Computers
- Software
- Plant and Machinery
- Furniture
- Vehicle
CMT REPORT (Corruption, Money Laundering & Terrorism]
The Public Notice information has been collected from various sources
including but not limited to: The Courts,
1] INFORMATION ON
DESIGNATED PARTY
No 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 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.61.95 |
|
|
1 |
Rs.97.16 |
|
Euro |
1 |
Rs.76.78 |
INFORMATION DETAILS
|
Information
Gathered by : |
HTL |
|
|
|
|
Analysis Done by
: |
RSM |
|
|
|
|
Report Prepared
by : |
MTN |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
7 |
|
PAID-UP CAPITAL |
1~10 |
7 |
|
OPERATING SCALE |
1~10 |
7 |
|
FINANCIAL
CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
7 |
|
--PROFITABILIRY |
1~10 |
8 |
|
--LIQUIDITY |
1~10 |
7 |
|
--LEVERAGE |
1~10 |
8 |
|
--RESERVES |
1~10 |
8 |
|
--CREDIT LINES |
1~10 |
7 |
|
--MARGINS |
-5~5 |
-- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
NO |
|
--LITIGATION |
YES/NO |
NO |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
NO |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
DEFAULTER
|
|
|
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
TOTAL |
|
66 |
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 |
-- |
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.