Our rating from CRISIL is ‘above average’ which is the third highest out of eight levels. Highlights from the report:

• “Organisational stability: A track record of 12 years indicates the company’s ability to weather economic and business cycles.”
• “Management’s extensive knowledge: David Claesson has 12 years of relevant experience in the application development industry. Thus, the company will continue to benefit from its director’s extensive industry knowledge and insight.”
• “Wide geographic presence: The company’s presence across Germany, Sweden, the UK, and the US mitigates the risk of geographic concentration.”
• “Good business certainty: The company has demonstrated secular growth in revenue for the past 3 financial years.”
• “Financial flexibility: The company has been debt-free over the past 3 financial years. This has protected its profitability from being eroded through interest payouts.”
• “In-line receivables: Receivables were in line with the company’s credit terms from 2014-15 to 2016-17. This indicates good bargaining power with customers and suppliers.”

This is very encouraging and we look forward to an even better rating next year. It’s important to consider that this rating refers only to our Indian entity. Our Swedish parent entity provides further financial stability which is not taken into account by CRISIL.

What we can improve further is our booked profits. “Moderate profitability: The company’s ability to enhance operational efficiency while scaling up remains to be seen, as it registered a moderate operating profit before depreciation, interest, and tax (OPBDIT) margin of 4.01 per cent…”

Booked profits might be lower than average because profits are withdrawn as management salaries and thereafter reinvested in the company. The reason for this being tax complexities arising out of the fact that we need to consider corporate tax rates and personal tax rates in both India and Sweden. For the financial year ending March 2018, we are aiming for a higher profit margin for LiteBreeze India.

At LiteBreeze, we believe that it is important to share our rating to demonstrate our financial strength to prospective clients and colleagues. It adds clarity and transparency for all stakeholders.

CRISIL  is a global entity that provides a multitude of services such as ratings, research and analytics as well as risk and policy advisory services. CRISIL is owned by S&P (Standard & Poor) and is thereby a well-respected credit rating agency.

Our managing director David Claesson is resolved to continue the company’s successful focus on PHP development services and Laravel development services.

We consistently refine our techniques and aim to provide flawless development services to our rich-world clients while recruiting the top 1% of software developer applicants. Since receiving the CRISIL credit rating we are encouraged to sustain the high standards we have created for ourselves while constantly improving on our existing processes.

Having received the annual CRISIL credit rating not only leads to better understanding of our business value but also gives us a place of recognition on a global platform like the CRISIL website.

We are always on the look-out for dedicated PHP developers to add to the LiteBreeze family. If you wish to join our dynamic team, don’t hesitate to apply for a job here.