MIRA
INFORM REPORT
|
Report No. : |
315662 |
|
Report Date : |
04.04.2015 |
IDENTIFICATION DETAILS
|
Name : |
BROCADE COMMUNICATIONS SYSTEMS PRIVATE LIMITED |
|
|
|
|
Registered
Office : |
4th Floor, Tower 3, Phase I, |
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Country : |
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Financials (as
on) : |
31.03.2014 |
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Date of
Incorporation : |
13.05.2004 |
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|
|
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Com. Reg. No.: |
08-033931 |
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|
Capital
Investment / Paid-up Capital : |
Rs.18.597 Million |
|
|
|
|
CIN No.: [Company Identification
No.] |
U72200KA2004PTC033931 |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
BLRB04805D |
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|
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PAN No.: [Permanent Account No.] |
AACCB4490N |
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Legal Form : |
Private Limited Liability Company |
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Line of Business
: |
Subject is engaged in the business of software development and support
services. |
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|
No. of Employees
: |
Information declined by the management |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (52) |
|
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 subsidiary of “BROCADE COMMUNICATIONS SWITZERLAND SARL.” It
is a well-established company having fine track record. Profitability of the company has declined during 2014. However, the
rating takes into consideration company’s strong financial and managerial
support that company receives from its parent company backed by healthy
financial risk profile and sound liquidity position of the company. Trade relations are reported as fair. Business is active. Payments are
reported to be regular and as per commitment. In view of strong holding company support, the company can be
considered good 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.
ECGC Country Risk Classification List – December 31, 2014
|
Country Name |
Previous Rating (30.09.2014) |
Current Rating (31.12.2014) |
|
India |
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
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 BY
|
Name : |
Mr. Ramprasad |
|
Designation : |
Finance Department |
|
Contact No.: |
91-80-30854444 |
|
Date : |
03.04.2015 |
LOCATIONS
|
Registered Office : |
4th Floor, Tower 3, Phase I, Vrindavan Tech Village, SEZ, Sarjapur Outer Ring Road, Devarabeesanahalli, Bangalore – 560037,Karnataka, India |
|
Tel. No.: |
91-80-39854200 / 30854325 / 30854444 |
|
Fax No.: |
91-8039854277 |
|
E-Mail : |
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|
Website : |
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|
Branch : |
Salarpuria Soft Zone, 1st Floor, “A” Block, “B” Wing, 80/1 and 80/2, Sarjapura Outer Ring Road, Bellandur Village, Varthur Hobli, Bangalore – 560103, Karnataka, India |
|
Tel. No.: |
91-80-30854200 |
|
Fax No.: |
91-80-39854277 |
DIRECTORS
AS ON 28.09.2014
|
Name : |
Mr. John Harry Bock |
|
Designation : |
Director |
|
Address : |
19 NAssim Hill, #9-03, Singapore – 258482 |
|
Date of Birth/Age : |
13.09.1953 |
|
Date of Appointment : |
26.09.2008 |
|
DIN No.: |
02425348 |
|
Name : |
Mr. Jean Samuel Further |
|
Designation : |
Director |
|
Address : |
763 W GreenwichPL, Palo Alto – 94303 |
|
Date of Birth/Age : |
05.04.1961 |
|
Date of Appointment : |
26.09.2009 |
|
DIN No.: |
02410593 |
|
Name : |
Mr. Kevin L. McKenna |
|
Designation : |
Director |
|
Address : |
41, Avenue Louis-Yung, 1290 Versoix, Geneva-1290, Switzerland |
|
Date of Birth/Age : |
28.05.1955 |
|
Date of Appointment : |
13.07.2006 |
|
DIN No.: |
00589276 |
|
Name : |
Mr. Venu Indurthi |
|
Designation : |
Director |
|
Address : |
G2, Gavipuram Choutary, Block K, K G Nagar, Bangalore – 580019,
Karnataka, India |
|
Date of Birth/Age : |
14.06.1972 |
|
Date of Appointment : |
24.11.2011 |
|
DIN No.: |
05134174 |
KEY EXECUTIVES
|
Name : |
Mr. Sukeshini Sarkar |
|
Designation : |
Secretary |
|
Address : |
#957, 5th Amin 1st Block Kora Mangala, Bangalore
– 560034, Karnataka, India |
|
Date of Birth/Age : |
28.12.1979 |
|
Date of Appointment : |
03.08.2009 |
|
Pan No.: |
BOIPS7335P |
|
Name : |
Mr. Ramprasad |
|
Designation : |
Finance Department |
MAJOR SHAREHOLDERS
AS ON 28.09.2014
|
Names of Shareholders |
|
No. of Shares |
|
Brocade Communications Switzerland SarL, Switzerland |
|
1859667 |
|
Brocade Communication Systems Inc, California |
|
1 |
|
|
|
|
|
Total |
|
1859668 |
Equity Share Break up (Percentage of Total Equity)
AS ON 28.09.2014
|
Category |
Percentage |
|
Foreign holdings [Foreign institutional
investor(s), Foreign companie(s) Foreign financial institution(s),
Non-resident Indian(s) or Overseas Corporate bodies or Others] |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Subject is engaged in the business of software development and support
services. |
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|
Brand Names : |
Not Divulged |
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Agencies Held : |
Not Divulged |
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Exports : |
Not Divulged |
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Imports : |
Not Divulged |
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Terms : |
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Selling : |
Not Divulged |
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Purchasing : |
Not Divulged |
PRODUCTION STATUS – NOT AVAILABLE
GENERAL INFORMATION
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Suppliers : |
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Customers : |
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No. of Employees : |
Information declined by the management |
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Bankers : |
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Auditors : |
|
|
Name : |
BSR and Company Chartered Accountants |
|
Address : |
Marthi Inco Tech Company, 11/12/1 Inner Ring Road, Koramangala, Bangalore – 560071, Karnataka,
India |
|
Tel. No.: |
91-80-39806000 |
|
Fax No.: |
91-80-39806999 |
|
PAN No.: |
AAIFB7355D |
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|
|
|
Membership : |
-- |
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|
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Ultimate Holding Company : |
Brocade Communications Inc, USA |
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Holding Company : |
Brocade Communications Switzerland Sarl, Switzerland |
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Associate : |
Brocade Technology GMBH |
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Fellow Subsidiary : |
Brocade Communications Systems Singapore Private Limited |
CAPITAL STRUCTURE
AS ON 28.09.2014
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
8128000 |
Equity Shares |
Rs.10/- each |
Rs.81.280 Million |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
1859668 |
Equity Shares |
Rs.10/- each |
Rs.18.597 Million |
|
|
|
|
|
FINANCIAL DATA
[all figures are
in Rupees Million]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
I.
EQUITY
AND LIABILITIES |
|
|
|
|
(1)Shareholders' Funds |
|
|
|
|
(a) Share Capital |
18.597 |
18.597 |
18.597 |
|
(b) Reserves & Surplus |
904.807 |
706.327 |
544.535 |
|
(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) |
923.404 |
724.924 |
563.132 |
|
|
|
|
|
|
(3)
Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
0.000 |
0.000 |
0.000 |
|
(b) Deferred tax liabilities (Net) |
0.000 |
0.000 |
0.000 |
|
(c) Other long term liabilities |
0.000 |
1.727 |
7.229 |
|
(d) long-term provisions |
84.806 |
81.971 |
42.445 |
|
Total Non-current Liabilities (3) |
84.806 |
83.698 |
49.674 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a) Short term borrowings |
0.000 |
0.000 |
0.000 |
|
(b) Trade payables |
20.203 |
23.684 |
14.271 |
|
(c) Other current
liabilities |
151.597 |
112.902 |
107.405 |
|
(d) Short-term provisions |
97.089 |
88.376 |
63.014 |
|
Total Current Liabilities (4) |
268.889 |
224.962 |
184.690 |
|
|
|
|
|
|
TOTAL |
1277.099 |
1033.584 |
797.496 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a) Fixed Assets |
|
|
|
|
(i) Tangible assets |
98.143 |
141.196 |
177.854 |
|
(ii) Intangible Assets |
1.262 |
1.301 |
0.386 |
|
(iii) Capital
work-in-progress |
0.000 |
0.000 |
0.000 |
|
(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) |
90.684 |
75.803 |
78.953 |
|
(d) Long-term Loan and Advances |
58.975 |
108.539 |
73.348 |
|
(e) Other Non-current assets |
4.500 |
4.500 |
4.500 |
|
Total Non-Current Assets |
253.564 |
331.339 |
335.041 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a) Current investments |
0.000 |
0.000 |
0.000 |
|
(b) Inventories |
0.000 |
0.000 |
0.000 |
|
(c) Trade receivables |
44.399 |
84.692 |
18.356 |
|
(d) Cash and cash
equivalents |
666.627 |
345.603 |
263.496 |
|
(e) Short-term loans and
advances |
94.538 |
16.927 |
14.021 |
|
(f) Other current assets |
217.971 |
255.023 |
166.582 |
|
Total Current Assets |
1023.535 |
702.245 |
462.455 |
|
|
|
|
|
|
TOTAL |
1277.099 |
1033.584 |
797.496 |
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
1805.127 |
1747.885 |
1396.265 |
|
|
|
Other Income |
11.443 |
0.162 |
18.128 |
|
|
|
TOTAL |
1816.570 |
1748.047 |
1414.393 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
TOTAL |
1675.416 |
1503.931 |
1194.148 |
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION |
141.154 |
244.116 |
220.245 |
|
|
|
|
|
|
|
|
|
Less |
DEPRECIATION/
AMORTISATION |
81.525 |
92.528 |
90.26 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX |
59.629 |
151.588 |
129.985 |
|
|
|
|
|
|
|
|
|
Less |
TAX |
52.015 |
68.993 |
12.962 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
|
7.614 |
82.595 |
117.023 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
392.790 |
310.195 |
193.172 |
|
|
|
|
|
|
|
|
|
|
BALANCE CARRIED
TO THE B/S |
400.404 |
392.790 |
310.195 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
1805.127 |
1396.265 |
1090.69 |
|
|
|
|
|
|
|
|
|
|
IMPORTS -
CAPITAL GOODS |
16.574 |
58.191 |
69.264 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
4.09 |
81.51 |
69.90 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
Net Profit Margin PAT / Sales |
(%) |
0.42 |
4.73 |
8.38 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets) |
(%) |
5.03 |
15.83 |
18.09 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.06 |
0.21 |
0.23 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt /Networth) |
|
0.00 |
0.00 |
0.00 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
3.81 |
3.12 |
2.50 |
FINANCIAL ANALYSIS
[all figures are
in Rupees Million]
DEBT EQUITY RATIO
|
Particular |
31.03.2012 |
31.03.2013 |
31.03.2014 |
|
|
Rs.
In Million |
Rs.
In Million |
Rs.
In Million |
|
Share Capital |
18.597 |
18.597 |
18.597 |
|
Reserves & Surplus |
544.535 |
706.327 |
904.807 |
|
Share Application money pending allotment |
0.000 |
0.000 |
0.000 |
|
Net
worth |
563.132 |
724.924 |
923.404 |
|
|
|
|
|
|
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 |
31.03.2012 |
31.03.2013 |
31.03.2014 |
|
|
Rs.
In Million |
Rs.
In Million |
Rs.
In Million |
|
Sales |
1396.265 |
1747.885 |
1805.127 |
|
|
|
25.183 |
3.275 |
NET PROFIT MARGIN
|
Net
Profit Margin |
31.03.2012 |
31.03.2013 |
31.03.2014 |
|
|
Rs.
In Million |
Rs.
In Million |
Rs.
In Million |
|
Sales
|
1396.265 |
1747.885 |
1805.127 |
|
Profit |
117.023 |
82.595 |
7.614 |
|
|
8.38% |
4.73% |
0.42% |
LOCAL AGENCY FURTHER INFORMATION
|
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 |
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 |
OPERATIONS
The Company during the year has performed considerably well in its business in the field of research, manufacturing and marketing of network equipments and storage devices and your Company is very optimistic that the business will take a more profitable shape going ahead.
NOTE:
The registered office of the company has been shifted from Unit No.706,
Carlton Tower No.1, Airport Road, Bangalore – 560008, Karnataka, India to
present address w.e.f. 11.11.2011
NO CHARGES EXIST FOR COMPANY.
FIXED ASSETS:
·
Leasehold Improvements
·
Furniture and Fixtures
·
Computer Equipments
·
Office Equipments
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.62.59 |
|
|
1 |
Rs.92.46 |
|
Euro |
1 |
Rs.67.51 |
INFORMATION DETAILS
|
Information
Gathered by : |
DIP |
|
|
|
|
Analysis Done by
: |
KAR |
|
|
|
|
Report Prepared
by : |
NKT |
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 |
|
--PROFITABILITY |
1~10 |
4 |
|
--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 |
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 |
|
52 |
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.