MIRA
INFORM REPORT
|
Report Date : |
29.07.2014 |
IDENTIFICATION DETAILS
|
Name : |
BMC SOFTWARE INDIA PRIVATE LIMITED |
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Registered
Office : |
Business Bay, Wing 1-Ninth Floor, Tower B, Survey No.103, Hissa No.2,
Airport Road, Yerwada, Pune – 411006, Maharashtra |
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Country : |
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Financials (as on)
: |
31.03.2013 |
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Date of
Incorporation : |
29.06.2001 |
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Com. Reg. No.: |
25-016290 |
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Capital
Investment / Paid-up Capital : |
Rs.0.115
Million |
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CIN No.: [Company Identification
No.] |
U72200PN2001PTC016290 |
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PAN No.: [Permanent Account No.] |
PNEB02281G |
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Legal Form : |
Private Limited Liability Company |
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Line of Business
: |
The Company is engaged in the development and export of computer
software under Software Technology Parks of India ("STPI") scheme. |
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No. of Employees
: |
Information denied by the management. |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (54) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Status : |
Good |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
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Comments : |
Subject is a subsidiary of “BMC Software Inc., It is a well established and reputed company having fine track. General financial position seems to be strong. Performance capability
is high. Trade relations are reported to be fair. Business is active. Payments
are reported to be regular and as per commitments. The company can be considered for normal 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.
INDIAN ECONOMIC OVERVIEW
NEWS
The economy grew 4.7 %in 2013/14, marking a second
straight year of sub-5 % growth – the worst slowdown in more than a quarter of
a century. The data was below an official estimate of 4.9 % annual growth and
compared with 4.5 % in the last fiscal year. However, the current account
deficit narrowed sharply to $ 32.4 billion at 1.7 % of gross domestic product,
in 2013/14 from a record high of $ 98.8 billion or 4.7 %, the year before. A
sharp fall in gold imports due to restrictions on overseas purchases and muted
import of capital goods helped shrink the current account deficit.
Online retailer Flipkart has acquired fashion
portal Myntra as it prepares to battle with the rapidly expanding India arm of
the global e-commerce giant Amazon. The company raised $ 210 million from
Russian Investment firm DST Global which has also invested in companies like
Facebook, Twitter and Alibaba Group.
General Motors will start exporting vehicles
from its Talegaon plant near Pune in the second half of 2014. GM was one of the
few global carmakers that was using its India plant only for the domestic
market.
Google has overtaken Apple as the world’s top
brand in terms of value, according to global market research agency Millward
Brown. Google’s brand value shot up 40 % in a year to $ 158.84 billion. The top
10 of the 100 slots were dominated by US companies.
Infosys lost another heavy weight when B G
Srinivas, a board member put in his papers. He is the third CEO-hopeful to quit
after Chairman N R Narayana Murthy’s return to the company – Ashok Vemuri and V
Balakrishnan being the other two. While Vemuri went on to lead IGate,
Balakrishnan joined politics.
Naresh Goyal – promoted Jet Airways posted
biggest quarterly loss – Rs 2153.37 crore – in the three months ended March 31,
mainly because it has been offering discounts to passengers to fill planes.
William S Pinckney – Chairman and CEO of
Amway India was arrested by the Andhra Pradesh Police in connection with a
complaint against the direct selling firm. This is the second time that he has
been taken into custody. A year, ago the Kerala Police had arrested Pinckney
and two company directors on charges of financial irregularities.
China has told its state-owned enterprises to
sever links with American consulting firms after the United States charged five
Chinese military officers with hacking US companies. China’s action which
targets consultancies like McKinsey & Co. and the Boston Consulting Group,
sterns from fears that the first are providing trade secrets to the US
governments.
India has emerged as a country with some of
the highest unregistered businesses in the world. Indonesia has the maximum
number of shadow businesses, says a study of 68 countries by Imperial College
Business School in London.
Pfizer has abandoned its attempt to buy AstraZeneca
for nearly $ 118 billion after the latter refused an offer of 55 pounds a
share.
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 DECLINED BY
|
Name : |
Mr. Abhijit Gokhale |
|
Designation : |
IT Department |
|
Contact No.: |
91-9923092233 |
|
Date : |
24.07.2014 |
LOCATIONS
|
Registered Office : |
Business Bay, Wing 1-Ninth Floor, Tower B, Survey No.103, Hissa No.2,
Airport Road, Yerwada, Pune – 411006, Maharashtra, India |
|
Tel. No.: |
91-20-39875000 |
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Fax No.: |
91-20-39875001 |
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E-Mail : |
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Website : |
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Branch Office : |
Mumbai: Office No. 303, Sigma Building, Central Avenue Road, Hiranandani
Gardens, Powai, Mumbai-400076, Maharashtra, India Tel No.: 91-22-67481950 Fax No.: 91-22-67481955 New Delhi: Hotel Crowne Plaza, New Friends Colony, New Delhi-110065, India Tel No.: 91-11-46520834/
46520835 Fax No.: 91-11-4652837 Bangalore: #1, Nagarjuna Castle, Wood Street/Castle Street, Ashok Nagar,
Bangalore-560025, Karnataka, India Tel No.: 91-80-30914000 Fax No.: 91-80-25578986 |
DIRECTORS
(AS ON 17.09.2013)
|
Name : |
Stephen Boyd Solcher |
|
Designation : |
Director |
|
Address : |
2217, Maconda Lane, Houston, Texas-77027, USA |
|
Date of Birth/Age : |
21.10.1960 |
|
Date of Appointment : |
05.12.2005 |
|
Din No.: |
01812198 |
|
|
|
|
Name : |
Mr. James Thomas Copeland |
|
Designation : |
Director |
|
Address : |
3305, Ashmore Lane, Grapevine, Texas-76051, USA |
|
Date of Birth/Age : |
06.05.1955 |
|
Date of Appointment : |
28.06.2011 |
|
Din No.: |
03558613 |
|
|
|
|
Name : |
Mr. Tarun Dharampal Sharma |
|
Designation : |
Director |
|
Address : |
PL6, Building H, Kumar Parijat, S. No. 15/5, Kondwa KD, Nibmrj,
Pune-411048, Maharashtra, India |
|
Date of Birth/Age : |
13.02.1971 |
|
Date of Appointment : |
30.09.2010 |
|
Din No.: |
03109849 |
KEY EXECUTIVES
|
Name : |
Mr. Abhijit Gokhale |
|
Designation : |
IT Department |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
(AS ON 17.09.2013)
|
Name of
Shareholders |
|
No of
Shares |
|
BMC Software Inc., United States of America |
|
11339 |
|
BMC Software Investment LLC, United States of America |
|
1 |
|
Bladelogic Inc., United States of America |
|
200 |
|
|
|
|
|
Total |
|
11540 |
(AS ON 30.09.2013)
Equity Shares Break – up
|
Category |
|
Percentage |
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|
Foreign holdings [Foreign institutional investors, Foreign Companies, Foreign Financial Institutions, Non-resident Indian or Overseas corporate bodies or others] |
|
100.00 |
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|
|
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Total
|
|
100.00 |
BUSINESS DETAILS
|
Line of Business : |
The Company is engaged in the development and export of computer
software under Software Technology Parks of India ("STPI") scheme. |
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Products : |
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GENERAL INFORMATION
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No. of Employees : |
Information denied by the management. |
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Bankers : |
Not Available |
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Facilities : |
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Banking
Relations : |
-- |
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Auditors : |
|
|
Name : |
S.R. Batliboi and Associates Chartered Accountants |
|
Address : |
5th Floor, Block B, 2, Nirlon Knowledge Park, Off Western Express
Highway, Goregaon (East), Mumbai – 400063, Maharashtra, India |
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PAN No.: |
ACHFS9118A |
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Holding Company : |
· BMC Software Inc., USA |
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Other related
parties with whom transactions have taken place during the year: |
·
BMC Software Distribution BV, Netherlands ·
BMC Software Israel Limited, Israel ·
BMC Software Asia Pacific Pte Limited, Singapore ·
BMC Software Australia Pty Limited, Australia ·
BMC Software France SAS, France ·
BMC Software K.K. (Japan), Japan ·
BMC Software S.A., Spain ·
BMC Software Limited, UK ·
BMC Software GmbH, Germany ·
BMC Software (New Zealand) Limited, New Zealand ·
BMC Software AB, Sweden ·
BMC Software Oy, Finland ·
BMC Software SRL, Italy ·
BMC Software A/S, Denmark ·
BMC Software Canada Inc., Canada ·
BMC Software Limited, South Africa ·
BMC Software Belgium NV, Belgium ·
BMC Software GmbH, Switzerland |
CAPITAL STRUCTURE
AS ON 17.09.2013
Authorised Capital:
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
50000 |
Equity Shares |
Rs.10/- each |
Rs.0.500 Million |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital:
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
11540 |
Equity Shares |
Rs.10/- each
|
Rs.0.115
Million |
|
|
|
|
|
FINANCIAL DATA
[All figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES
OF FUNDS |
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
I.
EQUITY AND LIABILITIES |
|
|
|
|
(1)Shareholders' Funds |
|
|
|
|
(a) Share Capital |
0.115 |
0.115 |
0.115 |
|
(b) Reserves & Surplus |
1299.497 |
996.296 |
712.677 |
|
(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) |
1299.612 |
996.411 |
712.792 |
|
|
|
|
|
|
(3) Non-Current
Liabilities |
|
|
|
|
(a) long-term
borrowings |
42.898 |
35.324 |
14.662 |
|
(b) Deferred tax liabilities (Net) |
6.986 |
18.023 |
28.697 |
|
(c) Other long term
liabilities |
0.000 |
0.000 |
0.000 |
|
(d) long-term
provisions |
74.945 |
65.898 |
52.891 |
|
Total Non-current
Liabilities (3) |
124.829 |
119.245 |
96.250 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a)
Short term borrowings |
0.000 |
0.000 |
0.000 |
|
(b)
Trade payables |
640.521 |
549.804 |
713.155 |
|
(c)
Other current liabilities |
154.658 |
89.342 |
97.395 |
|
(d) Short-term
provisions |
174.351 |
138.938 |
102.885 |
|
Total Current Liabilities
(4) |
969.530 |
778.084 |
913.435 |
|
|
|
|
|
|
TOTAL |
2393.971 |
1893.741 |
1722.477 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a)
Fixed Assets |
|
|
|
|
(i) Tangible
assets |
265.028 |
298.248 |
287.942 |
|
(ii)
Intangible Assets |
6.576 |
2.298 |
5.135 |
|
(iii)
Capital work-in-progress |
48.507 |
8.204 |
9.795 |
|
(iv) Intangible assets under development |
0.000 |
0.000 |
0.000 |
|
(b) Non-current
Investments |
0.000 |
0.000 |
0.000 |
|
(c) Deferred tax
assets (net) |
166.634 |
120.504 |
92.258 |
|
(d) Long-term Loan and Advances |
327.125 |
209.829 |
186.987 |
|
(e) Other
Non-current assets |
1.037 |
7.053 |
2.634 |
|
Total Non-Current
Assets |
814.907 |
646.136 |
584.751 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a)
Current investments |
0.000 |
0.000 |
0.000 |
|
(b)
Inventories |
0.000 |
0.000 |
0.000 |
|
(c)
Trade receivables |
455.002 |
391.347 |
591.168 |
|
(d) Cash
and cash equivalents |
1007.844 |
710.608 |
341.404 |
|
(e)
Short-term loans and advances |
116.218 |
145.650 |
175.836 |
|
(f)
Other current assets |
0.000 |
0.000 |
29.318 |
|
Total
Current Assets |
1579.064 |
1247.605 |
1137.726 |
|
|
|
|
|
|
TOTAL |
2393.971 |
1893.741 |
1722.477 |
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
|
|
SALES |
|
|
|
|
|
|
|
Revenue from Operations |
4559.764 |
3755.115 |
3070.965 |
|
|
|
Other Income |
34.052 |
67.876 |
30.587 |
|
|
|
TOTAL |
4593.816 |
3822.991 |
3101.552 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
TOTAL |
3962.611 |
3242.680 |
2612.518 |
|
|
|
|
|
|
|
|
|
PROFIT/(LOSS)
BEFORE TAX, DEPRECIATION AND AMORTISATION |
631.205 |
580.311 |
489.034 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION |
192.126 |
163.142 |
145.225 |
|
|
|
|
|
|
|
|
|
|
PROFIT/(LOSS)
BEFORE TAX |
439.079 |
417.169 |
343.809 |
|
|
|
|
|
|
|
|
|
Less |
TAX |
135.878 |
133.550 |
1.013 |
|
|
|
|
|
|
|
|
|
|
PROFIT/(LOSS)
AFTER TAX |
303.201 |
283.619 |
344.822 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
996.296 |
712.677 |
1158.433 |
|
|
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
|
|
Proposed Equity Dividend |
0.000 |
0.000 |
677.975 |
|
|
|
Tax on Dividend |
0.000 |
0.000 |
112.603 |
|
|
BALANCE CARRIED
TO THE B/S |
1299.497 |
996.296 |
712.677 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
11540.00 |
24577.04 |
29880.59 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
PAT / Total Income |
(%) |
6.60 |
7.42 |
11.12 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
9.63 |
11.11 |
11.20 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
20.15 |
23.64 |
21.22 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.34 |
0.42 |
0.48 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt/Networth) |
|
0.03 |
0.04 |
0.02 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.63 |
1.60 |
1.25 |
FINANCIAL ANALYSIS
[All figures are
in Rupees Millions]
DEBT EQUITY RATIO
|
Particular |
31.03.2011 |
31.03.2012 |
31.03.2013 |
|
|
(INR
in Mlns.) |
(INR
in Mlns.) |
(INR
in Mlns.) |
|
Share Capital |
0.115 |
0.115 |
0.115 |
|
Reserves & Surplus |
712.677 |
996.296 |
1299.497 |
|
Net
worth |
712.792 |
996.411 |
1299.612 |
|
|
|
|
|
|
long-term borrowings |
14.662 |
35.324 |
42.898 |
|
Short term borrowings |
0.000 |
0.000 |
0.000 |
|
Total
borrowings |
14.662 |
35.324 |
42.898 |
|
Debt/Equity
ratio |
0.021 |
0.035 |
0.033 |
YEAR-ON-YEAR GROWTH
|
Year
on Year Growth |
31.03.2011 |
31.03.2012 |
31.03.2013 |
|
|
(INR
in Mlns) |
(INR
in Mlns) |
(INR
in Mlns) |
|
Revenue from Operations |
3,070.965 |
3,755.115 |
4,559.764 |
|
|
|
22.278 |
21.428 |
NET PROFIT MARGIN
|
Net
Profit Margin |
31.03.2011 |
31.03.2012 |
31.03.2013 |
|
|
(INR
in Mlns) |
(INR
in Mlns) |
(INR
in Mlns) |
|
Revenue from Operations |
3,070.965 |
3,755.115 |
4,559.764 |
|
Profit |
344.822 |
283.619 |
303.201 |
|
|
11.23% |
7.55% |
6.65% |
LOCAL AGENCY FURTHER INFORMATION
DETAILS OF 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 |
Yes |
|
10] |
Designation of contact person |
Yes |
|
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 |
No |
|
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 |
Yes |
|
24] |
Banking facility details |
Yes |
|
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 |
REVIEW OF BUSINESS:
The Company is
engaged in the development and export of computer software under Software
Technology Parks of India ("STPI") scheme. The Company provides
Information Technology (IT) enabled business support services to BMC Software
Inc., USA and its affiliates and sales and marketing support services for
software products sold by BMC Software Inc., USA and its affiliates. The Company
provides various IT related professional services to BMC Software Inc., USA and
various other affiliated companies globally.
INDEX OF CHARGES: NO CHARGES EXIST FOR COMPANY
FIXED ASSETS:
· Furniture and Fixture
· Vehicles
· Computer Software
· Office Equipment
· Leasehold Improvements
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 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.60.10 |
|
|
1 |
Rs.102.04 |
|
Euro |
1 |
Rs.80.74 |
INFORMATION DETAILS
|
Information Gathered
by : |
PLK |
|
|
|
|
Analysis Done by
: |
SUB |
|
|
|
|
Report Prepared
by : |
NIT |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
6 |
|
OPERATING SCALE |
1~10 |
6 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
6 |
|
--PROFITABILIRY |
1~10 |
6 |
|
--LIQUIDITY |
1~10 |
6 |
|
--LEVERAGE |
1~10 |
6 |
|
--RESERVES |
1~10 |
6 |
|
--CREDIT LINES |
1~10 |
6 |
|
--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 |
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 |
|
54 |
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.