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MIRA
INFORM REPORT
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Report No. : |
493354 |
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Report Date : |
27.02.2018 |
IDENTIFICATION DETAILS
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Name : |
VARIAN MEDICAL SYSTEMS
INTERNATIONAL AG |
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Registered Office : |
Hinterbergstrasse 14, Postfach, 6330
Cham/ZG |
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Country : |
Switzerland |
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Date of Incorporation : |
30.10.1959 |
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Com. Reg. No.: |
170.3.001.584-3 |
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Legal Form : |
Company Limited By Shares |
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Line of Business : |
The company is engaged in
the trading and distribution of X-ray equipment and software. The company is
a global manufacturer of medical equipment and systems for the treatment of
cancer and other diseases including radiotherapy, radiotherapy, proton
therapy and brachytherapy. |
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No. of Employees : |
150-249 |
RATING & COMMENTS
(Mira Inform has adopted New Rating mechanism w.e.f. 23rd
January 2017)
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MIRA’s Rating : |
A+ |
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Credit Rating |
Explanation |
Rating Comments |
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A+ |
Low Risk |
Business dealings permissible with low
risk of default |
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Status : |
Good |
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Payment Behaviour : |
Regular |
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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
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Country Name |
Previous Rating (30.09.2017) |
Current Rating (31.12.2017) |
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Switzerland |
A1 |
A1 |
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Risk Category |
ECGC Classification |
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Insignificant |
A1 |
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Low Risk |
A2 |
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Moderately Low Risk |
B1 |
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Moderate Risk |
B2 |
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Moderately High Risk |
C1 |
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High Risk |
C2 |
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Very High Risk |
D |
SWITZERLAND - ECONOMIC OVERVIEW
Switzerland, a country that espouses neutrality, is a prosperous and modern market economy with low unemployment, a highly skilled labor force, and a per capita GDP among the highest in the world. Switzerland's economy benefits from a highly developed service sector, led by financial services, and a manufacturing industry that specializes in high-technology, knowledge-based production. Its economic and political stability, transparent legal system, exceptional infrastructure, efficient capital markets, and low corporate tax rates also make Switzerland one of the world's most competitive economies.
The Swiss have brought their economic practices largely into conformity with the EU's to enhance their international competitiveness, but some trade protectionism remains, particularly for its small agricultural sector. The fate of the Swiss economy is tightly linked to that of its neighbors in the euro zone, which purchases half of Swiss exports. The global financial crisis of 2008 and resulting economic downturn in 2009 stalled demand for Swiss exports and put Switzerland into a recession. During this period, the Swiss National Bank (SNB) implemented a zero-interest rate policy to boost the economy, as well as to prevent appreciation of the franc, and Switzerland's economy began to recover in 2010.
The sovereign debt crises unfolding in neighboring euro-zone countries, however, coupled with ongoing economic instability in Russia and other eastern European economies continue to pose a significant risk to the Swiss economy, driving up demand for the Swiss franc by investors seeking a safe-haven currency. In January 2015, the SNB abandoned the Swiss franc’s peg to the euro, roiling global currency markets and making active SNB intervention a necessary hallmark of present-day Swiss monetary policy. The independent SNB has upheld its zero interest rate policy and conducted major market interventions to prevent further appreciation of the Swiss franc, but parliamentarians have urged it to do more to weaken the currency. The franc's strength has made Swiss exports less competitive and weakened the country's growth outlook; GDP growth fell below 2% per year from 2011-16.
In recent years, Switzerland has responded to increasing pressure from neighboring countries and trading partners to reform its banking secrecy laws, by agreeing to conform to OECD regulations on administrative assistance in tax matters, including tax evasion. The Swiss government has also renegotiated its double taxation agreements with numerous countries, including the US, to incorporate OECD standards, and is openly considering the possibility of imposing taxes on bank deposits held by foreigners.
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Source
: CIA |
Company name and address
VARIAN MEDICAL SYSTEMS INTERNATIONAL AG
Operating address:
Hinterbergstrasse
14
Postfach
6330 Cham/ZG
Switzerland/CH
Telephone: +41
417498844
Fax: +41
417498899
Web site: http://www.varian.com
E-mail: info.europe@ch.varian.com
WIN Worldbox No.: CH0000032239
VAT-No.: CHE-116.325.721
MWST
UID-No.: CHE105742500
Profile
Established: 1959
Line of Business: Medical technology, Consumer goods wholesale
Industry Division: Manufacturing, Wholesale trade
Industry-code (NACE): 2660 Manufacture of
irradiation, electromedical and electrotherapeutic equipment
3250 Manufacture of medical and dental
instruments and supplies
4646 Wholesale of pharmaceutical goods
4669 Wholesale of other machinery and
equipment
Import/Export: Import,
Export
Quality certification: ISO 9001
EN 46001
Banks: CS
Credit Suisse
Operational
Figures
Coverage: Company
Figures: estimated
Financial year: 2017
Employees: 150-249
Sales: CHF
40-60 Mio
Activity
The company is
engaged in the trading and distribution of X-ray equipment and software. The
company is a global manufacturer of medical equipment and systems for the
treatment of cancer and other diseases including radiotherapy, radiotherapy,
proton therapy and brachytherapy.
Export:
Region: Middle East,
Africa, Central and Eastern Europe
Operations and Branches:
At the address,
Hinterbergstrasse 24, 6330 Cham, Switzerland, we find office of the company.
Real
Estate
Real Estate: It
is understood that the company owns certain property.
Company
Register
Company No: 170.3.001.584-3
UID-No.: CHE105742500
Legal form: Company
limited by shares
Registration: 30.10.1959
Legal status: active
Responsible Register: Handelsregister des Kantons Zug
History: Date
of Statutes: 17.03.1989
Date
of Statutes: 21.11.2013
Date
of Statutes: 26.03.1999
Date
of Statutes: 08.04.1997
Entry Deleted Name
06.04.1999 Varian
Medical Systems International AG
06.04.1999 Varian
Medical Systems International Ltd (Name translated)
06.04.1999 Varian
Medical Systems International SA (Name translated)
06.04.1999 Varian International AG
22.04.1997 06.04.1999 Varian International SA (Name translated)
22.04.1997 06.04.1999 Varian International Ltd (Name translated)
Entry Deleted Legal domicile
27.11.2013 Steinhausen,
Switzerland
27.11.2013 Zug, Switzerland
Entry Deleted Address
27.11.2013 Hinterbergstrasse
14, 6330 Cham/ZG, Switzerland/CH
26.04.1995 Steinhauserstrasse, 6300 Zug/ZG,
Switzerland/CH
26.04.1995 27.11.2013 Chollerstrasse 38, 6300 Zug/ZG, Switzerland/CH
Entry Deleted Capital
active Share
Capital CHF 400,000, paid up CHF 400,000
Entry Deleted Capital Structure
active 400
Registered shares of CHF 1,000.--
Entry Deleted Remarks
active Merger:
On 17.03.1989 the company merged with Varian AG, based in Zug.
Official
Administration
Title Name
President Kuo,
John Wei-Ching
Citizen:
United States of America
Residential
address: Saratoga, United States of America
single
signature
Registered
since: 14.06.2006
Vice-President Fässler,
Jörg
Citizen:
Arth, Switzerland
Residential
address: Baar, Switzerland
single
signature
Registered
since: 18.12.2012
Director Amstutz,
Martin
Citizen:
Engelberg, Switzerland
Residential
address: Döttingen, Switzerland
single
signature
Registered
since: 04.07.2012
Director Laustsen,
Ole Hagen
Citizen:
Denmark
Residential
address: Hellerup, Denmark
single
signature
Registered
since: 17.02.2014
Director Sandhu,
Michael
Citizen:
United Kingdom
Residential
address: 6340 Baar/ZG, Switzerland
single
signature
Registered
since: 05.06.2007
Management
Title Name
Member with procuration Clark, Timothy John
Citizen:
United Kingdom
Residential
address: Great Shefford , United Kingdom
single
power of attorney
Registered
since: 30.12.2015
Member with procuration Devleeschauwer, Jean-Luc Pierre
Citizen:
France
Residential
address: Zug, Switzerland
single
power of attorney
Registered
since: 20.04.2016
Member with procuration Hübner, Ernst Anton
Citizen:
Germany
Residential
address: Ingenbohl, Switzerland
single
power of attorney
Registered
since: 26.09.2014
Member with procuration Stähelin, Rolf
Citizen:
Sommeri, Switzerland
Residential
address: 8952 Schlieren/ZH, Switzerland
single
power of attorney
Registered
since: 05.06.2007
External
Positions
Title Name
Auditor PricewaterhouseCoopers
AG,
Residential
address: Zürich, Switzerland
Id:
CH-020.3.020.876-5
Registered
since: 19.04.1999
Executive
board
Title Name
Chief Marketing Officer Stähelin, Rolf
Ultimate
Parent Company
Name: Varian
Medical Systems Inc
City/Country: Palo
Alto/California, United States of America/US
Direct
owner/-s
No. of owner/-s: 1
Owner: The
company is foreign owned.
Class: 100%,
directly held
Name: Varian
Medical Systems Inc
City/Country: Palo
Alto/California, United States of America/US
Interest: 100,00%
voting right, 100,00% capital interest
Investments
Class: 100%,
directly held
Name: Varian
Medical Systems Finland OY
City/Country: Finland/FI
Interest: 100,00%
voting right, 100,00% capital interest
Class: 100%,
directly held
Name: Varian
Medical Systems Imaging Laboratory GmbH
City/Country: Baden-Dättwil/AG,
Switzerland/CH
Interest: 100,00%
voting right, 100,00% capital interest (since 30.06.2003)
Class: 100%,
directly held
Name: VARIAN
MEDICAL SYSTEMS MAURITIUS LTD
City/Country: 9TH
FLOOR STANDARD CHARTERED TOWER EBENE, Mauritius/MU
Interest: 100,00%
voting right, 100,00% capital interest
Class: 100%,
directly held
Name: Varian
Medical Systems (RUS) LLC
City/Country: Russia/RU
Interest: 100,00%
voting right, 100,00% capital interest
Class: 100%,
directly held
Name: VMS
Deutschland Holdings GmbH
City/Country: Darmstadt,
Germany/DE
Interest: 100,00%
voting right, 100,00% capital interest
Sisters
Name: Bio-Imaging
Research, Inc
City/Country: Illinois/Illinois,
United States of America/US
Name: Centella
Biotechnologies, Inc
City/Country: Delaware/Delaware,
United States of America/US
Name: Mansfield
Insurance Company
City/Country: Vermont/Vermont,
United States of America/US
Name: Page
Mill Corporation
City/Country: Massachusetts/Massachusetts,
United States of America/US
Name: Pan-Pacific
Enterprises, Inc
City/Country: Delaware/Delaware,
United States of America/US
Name: Varian
BioSynergy, Inc
City/Country: Delaware/Delaware,
United States of America/US
Name: Varian
China Holdings, Inc
City/Country: Delaware/Delaware,
United States of America/US
Name: Varian
FSC B.V
City/Country: Netherlands/NL
Name: Varian
Medical France
City/Country: France/FR
Name: Varian
Medical Systems Australasia Pty Ltd
City/Country: Australia/AU
Name: Varian
Medical Systems Beijing Co. Ltd
City/Country: China/CN
Name: Varian
Medical Systems Belgium N.V
City/Country: Belgium/BE
Name: Varian
Medical Systems Brasil Limitada
City/Country: Brazil/BR
Name: Varian
Medical Systems Canada Holdings, Inc.
City/Country: Delaware/Delaware,
United States of America/US
Name: Varian
Medical Systems Canada, Inc
City/Country: Canada/CA
Name: Varian
Medical Systems Deutschland G.m.b.H.
City/Country: Germany/DE
Name: Varian
Medical Systems Deutschland Holdings G.m.b.H
City/Country: Germany/DE
Name: Varian
Medical Systems Finland OY
City/Country: Finland/FI
Name: Varian
Medical Systems Gesellschaft m.b.H.
City/Country: Austria/AT
Name: Varian
Medical Systems Haan G.m.b.H
City/Country: Germany/DE
Name: Varian
Medical Systems Iberica S.L
City/Country: Spain/ES
Name: Varian
Medical Systems India Pvt. Ltd
City/Country: Delaware/Delaware,
United States of America/US
Name: Varian
Medical Systems International Holdings, Inc.
City/Country: Delaware/Delaware,
United States of America/US
Name: Varian
Medical Systems Italia S.p.A.
City/Country: Italy/IT
Name: Varian
Medical Systems K.K. Japan
City/Country: Japan/JP
Name: Varian
Medical Systems Latin America, Ltd
City/Country: Delaware/Delaware,
United States of America/US
Name: VARIAN
MEDICAL SYSTEMS MAURITIUS LTD
City/Country: 9TH
FLOOR STANDARD CHARTERED TOWER EBENE, Mauritius/MU
Name: Varian
Medical Systems Nederland B.V
City/Country: Netherlands/NL
Name: Varian
Medical Systems Nederland Holdings B.V.
City/Country: Netherlands/NL
Name: Varian
Medical Systems Pacific, Inc.
City/Country: Delaware/Delaware,
United States of America/US
Name: Varian
Medical Systems Particle Therapy GmbH
City/Country: Germany/DE
Name: Varian
Medical Systems (RUS) LLC
City/Country: Russia/RU
Name: Varian
Medical Systems Scandinavia AS
City/Country: Denmark/DK
Name: Varian
Medical Systems Trading (Beijing) Co., Ltd
City/Country: China/CN
Financial Data Varian Medical Systems Inc
Consolidation: consolidated
Industry: Trade/Industry
Fiscal year end: 29.09.2017 30.09.2016 10.02.2015 30.09.2014 27.10.2013
Number of months: 12 12 12 12 12
Currency: th.
USD th. USD th. USD th. USD th.
USD
Balance Sheet
Intangible fixed assets 294,200.0 399,400.0 283,452.0 240,626.0 225,335.0
Land and buildings 379,600.0
Other tangible fixed assets 255,300.0 -400.0 379,215.0 337,999.0 315,331.0
Tangible fixed assets 255,300.0 379,200.0 379,215.0 337,999.0 315,331.0
Financial fixed assets 27,100.0 0.0 0.0 0.0
other fixed assets 412,500.0 421,400.0 413,036.0 284,500.0 223,025.0
Fixed assets 989,100.0 1,200,000.0 1,075,703.0 863,125.0 763,691.0
Stocks 439,700.0 639,700.0 612,607.0 572,261.0 535,223.0
Trade accounts receivable 823,500.0 891,800.0 770,920.0 731,929.0 698,254.0
Cash & Cash Equivalents 716,200.0 843,500.0 845,468.0 849,275.0 1,117,861.0
Securities 66,176.0 62,700.0
other trade accounts 80,100.0 95,300.0 132,066.0 125,962.0 122,250.0
Accruals 130,800.0 145,700.0 163,984.0 148,562.0 168,495.0
Other current assets 927,100.0 1,084,500.0 1,141,518.0 1,189,975.0 1,471,306.0
Current assets 2,190,300.0 2,616,000.0 2,525,045.0 2,494,165.0 2,704,783.0
Total assets 3,179,400.0 3,816,000.0 3,600,748.0 3,357,290.0 3,468,474.0
Capital 91,700.0 93,700.0 780,237.0 743,790.0 743,575.0
Other shareholders funds 1,403,300.0 1,646,800.0 931,363.0 872,630.0 970,272.0
Total shareholders equity 1,495,000.0 1,740,500.0 1,711,600.0 1,616,420.0 1,713,847.0
Minority interests 4,300.0 14,000.0 14,744.0 0.0 0.0
long term debt (financial debts) 287,500.0 337,500.0 387,500.0 450,000.0
Provisions 0.0 0.0 0.0
Other non current liabilities 130,000.0 160,000.0 154,000.0 151,716.0 144,048.0
Non current liabilities 130,000.0 447,500.0 491,500.0 539,216.0 594,048.0
short term debt (financial debts) 350,000.0 379,600.0 158,446.0 50,000.0 56,250.0
Trade accounts payable 162,300.0 201,100.0 202,918.0 187,377.0 194,272.0
Accruals 394,700.0 412,700.0 353,500.0 371,708.0 320,884.0
other accounts payable 643,100.0 620,600.0 668,040.0 592,569.0 589,173.0
other current liabilities 1,037,800.0 1,033,300.0 1,021,540.0 964,277.0 910,057.0
Current liabilities 1,550,100.0 1,614,000.0 1,382,904.0 1,201,654.0 1,160,579.0
Shareh. equity, min. int. & liabilities 3,179,400.0 3,816,000.0 3,600,748.0 3,357,290.0 3,468,474.0
Profit and loss account
Sales 2,668,200.0 3,217,800.0 3,099,111.0 3,049,800.0 2,942,897.0
Net sales 2,668,200.0 3,217,800.0 3,099,111.0 3,049,800.0 2,942,897.0
Operating revenue 2,668,200.0 3,217,800.0 3,099,111.0 3,049,800.0 2,942,897.0
Cost of goods sold 1,512,600.0 1,856,500.0 1,816,419.0 1,748,125.0 1,693,210.0
Gross profit 1,155,600.0 1,361,300.0 1,282,692.0 1,301,675.0 1,249,687.0
Other operating expenses 813,700.0 810,500.0 733,725.0 730,520.0 640,797.0
Operating result 341,900.0 550,800.0 548,967.0 571,155.0 608,890.0
Interest revenues 13,600.0 17,400.0 13,630.0 10,514.0 7,322.0
Financial income 13,600.0 17,400.0 13,630.0 10,514.0 7,322.0
Interest expenses 10,700.0 11,800.0 7,935.0 7,159.0 4,129.0
Financial expenses 10,700.0 11,800.0 7,935.0 7,159.0 4,129.0
Financial result 2,900.0 5,600.0 5,695.0 3,355.0 3,193.0
Result before extraordinary items 344,800.0 556,400.0 554,662.0 574,510.0 612,083.0
Extraordinary expenses 6,800.0
Extraordinary Result -6,800.0
Result before taxes 338,000.0 556,400.0 554,662.0 574,510.0 612,083.0
Taxes 87,700.0 153,700.0 142,644.0 170,807.0 173,835.0
Result before minority interests 250,300.0 402,700.0 412,018.0 403,703.0 438,248.0
minority interests 700.0 400.0 533.0 0.0 0.0
Result for the financial year 249,600.0 402,300.0 411,485.0 403,703.0 438,248.0
Cash flow
Depreciation 58,500.0 64,200.0 60,077.0 57,678.0 58,527.0
Cash flow 308,100.0 466,900.0 472,095.0 461,381.0 496,775.0
Cash flow from operating activities 399,100.0 356,300.0 469,556.0 448,986.0 455,185.0
Investments in tangible fixed assets 59,100.0 80,400.0 91,384.0 89,649.0 76,277.0
Cash flow from investing activities -130,100.0 -109,200.0 -210,919.0 -133,091.0 -96,271.0
Cash flow from financing activities -392,400.0 -245,800.0 -276,685.0 -595,467.0 51,646.0
Others -3,900.0 -3,300.0 14,241.0 10,986.0 2,731.0
Change in liquidity -127,300.0 -2,000.0 -3,807.0 -268,586.0 413,291.0
Liquidity at beginning of the year 843,500.0 845,468.0 849,275.0 1,117,861.0 704,570.0
Liquidity at end of the year 716,200.0 843,468.0 845,468.0 849,275.0 1,117,861.0
Notes
Research and Development 210,000.0 253,500.0 245,211.0 234,840.0 208,208.0
Added value 407,200.0 632,400.0 622,674.0 639,347.0 674,739.0
Working Capital 1,100,900.0 1,330,400.0 1,180,609.0 1,116,813.0 1,039,205.0
Net Current Assets 640,200.0 1,002,000.0 1,142,141.0 1,292,511.0 1,544,204.0
Sales per Employee 404.3 412.5 424.5 459.8
Gross cost land and buildings 279,200.0 379,600.0 316,100.0 305,900.0 286,800.0
Gross cost other tangible fixed assets 375,900.0 524,600.0 536,800.0 470,100.0 429,200.0
Gross cost total 655,100.0 904,200.0 852,900.0 776,000.0 716,000.0
Employees at
year end 6,600 7,800 7,300 6,400
Employees inland 2,900 3,900 3,800 3,700
Employees abroad 3,700 3,900 3,500 2,700
Financials
Balance sheet
publication:
The subject company
does not publish financial figures.
Legal
Actions
Control date Year No. Amount CHF Status
28.10.2013 2013 0 Legal
actions
31.12.2012 2012 0 Legal
actions
31.12.2011 2011 0 Legal
actions
31.12.2010 2010 0 Legal
actions
31.12.2009 2009 0 Legal actions
31.12.2008 2008 0 Legal
actions
31.12.2007 2007 0 Legal
actions
31.12.2006 2006 0 Legal
actions
No legal actions
determined.
An updated legal
action check is only available against proof of interest. e.g. a copy of an
enquiry letter, and order or invoice relating to the subject company.
Sanctions
List
We did not find the
company included on the various international sanctions lists, such as the OFAC
(Office of Foreign Assets Control), the BIS (Bureau of Industry and Security),
the European Union Restrictive measures (sanctions) list, the Export Control
Organisation (ECO) of the UK, the Australian Department of Foreign Affairs and
Trade.
Payment
experiences
There are
irregularities on record.
Debt collection
case:
SEP 2015: CHF
313.00, paid.
DEC 2012: CHF
1'188.00, paid.
Remarks
- The VAT number -
CHE-116.325.721 MWST - is the Group VAT number.
Credit
Information
Financial Statements: The company does not disclose any financial statements. Third
parties are not permitted any insight into the financial affairs. It is
therefore difficult to make a proper assessment of the actual situation.
Financial Situation: The financial situation is good.
Payment experiences: Financial obligations are met as appropriate.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
INR 64.66 |
|
|
1 |
INR 90.65 |
|
Euro |
1 |
INR 79.70 |
|
CHF |
1 |
INR 69.32 |
Note:
Above are approximate rates obtained from sources believed to be correct
INFORMATION DETAILS
|
Analysis Done by
: |
DIV |
|
|
|
|
Report Prepared
by : |
NIT |
RATING EXPLANATIONS
|
Credit Rating |
Explanation |
Rating Comments |
|
A++ |
Minimum Risk |
Business dealings permissible with minimum
risk of default |
|
A+ |
Low Risk |
Business dealings permissible with low
risk of default |
|
A |
Acceptable Risk |
Business dealings permissible with
moderate risk of default |
|
B |
Medium Risk |
Business dealings permissible on a regular
monitoring basis |
|
C |
Medium High Risk |
Business dealings permissible preferably
on secured basis |
|
D |
High Risk |
Business dealing not recommended or on
secured terms only |
|
NB |
New Business |
No recommendation can be done due to
business in infancy stage |
|
NT |
No Trace |
No recommendation can be done as the
business is not traceable |
NB is stated where there is insufficient information to facilitate rating. However, it is not to be considered as unfavourable.
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 are as follows:
·
Financial
condition covering various ratios
·
Company
background and operations size
·
Promoters
/ Management background
·
Payment
record
·
Litigation
against the subject
·
Industry
scenario / competitor analysis
·
Supplier
/ Customer / Banker review (wherever available)
This report is issued at
your request without any risk and responsibility on the part of MIRA INFORM
PRIVATE LIMITED (MIPL) or its officials.