MIRA
INFORM REPORT
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Report Date : |
31.08.2012 |
IDENTIFICATION DETAILS
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Name : |
TOYOTA TSUSHO KK |
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Registered Office : |
Century Toyota Bldg, 4-9-8 Meieki Nakamuraku Nagoya 400-8575 |
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Country : |
Japan |
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Financials (as on) : |
31.03.2011 |
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Date of Incorporation : |
July 1948 |
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Com. Reg. No.: |
(Nagoya-Nakamuraku) 031731 |
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Legal Form : |
Limited Company (Kabushiki
Kaisha) |
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Line of Business : |
Import, export, wholesale of metals,
machinery, vehicles, industrial
materials, etc |
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No. of Employees : |
2,245 |
RATING & COMMENTS
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MIRA’s Rating : |
A |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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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 |
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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 – March 31st, 2012
|
Country Name |
Previous Rating (31.12.2011) |
Current Rating (31.03.2012) |
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Japan |
A1 |
A1 |
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Risk Category |
ECGC
Classification |
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Insignificant |
A1 |
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Low |
A2 |
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Moderate |
B1 |
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High |
B2 |
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Very High |
C1 |
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Restricted |
C2 |
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Off-credit |
D |
ECONOMIC OVERVIEW
In the years following World War II,
government-industry cooperation, a strong work ethic, mastery of high
technology, and a comparatively small defense allocation (1% of GDP) helped Japan
develop a technologically advanced economy. Two notable characteristics of the
post-war economy were the close interlocking structures of manufacturers,
suppliers, and distributors, known as keiretsu, and the guarantee of lifetime
employment for a substantial portion of the urban labor force. Both features
are now eroding under the dual pressures of global competition and domestic
demographic change. Japan's industrial sector is heavily dependent on imported
raw materials and fuels. A tiny agricultural sector is highly subsidized and
protected, with crop yields among the highest in the world. Usually
self-sufficient in rice, Japan imports about 60% of its food on a caloric
basis. Japan maintains one of the world's largest fishing fleets and accounts for
nearly 15% of the global catch. For three decades, overall real economic growth
had been spectacular - a 10% average in the 1960s, a 5% average in the 1970s,
and a 4% average in the 1980s. Growth slowed markedly in the 1990s, averaging
just 1.7%, largely because of the after effects of inefficient investment and
an asset price bubble in the late 1980s that required a protracted period of
time for firms to reduce excess debt, capital, and labor. Measured on a
purchasing power parity (PPP) basis that adjusts for price differences, Japan
in 2011 stood as the fourth-largest economy in the world after second-place
China, which surpassed Japan in 2001, and third-place India, which edged out
Japan in 2011. A sharp downturn in business investment and global demand for
Japan's exports in late 2008 pushed Japan further into recession. Government
stimulus spending helped the economy recover in late 2009 and 2010, but the
economy contracted again in 2011 as the massive 9.0 magnitude earthquake in
March disrupted manufacturing. Electricity supplies remain tight because Japan
has temporarily shut down almost all of its nuclear power plants after the
Fukushima Daiichi nuclear reactors were crippled by the earthquake and
resulting tsunami. Estimates of the direct costs of the damage - rebuilding
homes, factories, and infrastructure - range from $235 billion to $310 billion,
and GDP declined almost 0.5% in 2011. Prime Minister Yoshihiko NODA has
proposed opening the agricultural and services sectors to greater foreign competition
and boosting exports through membership in the US-led Trans-Pacific Partnership
trade talks and by pursuing free-trade agreements with the EU and others, but
debate continues on restructuring the economy and reining in Japan's huge
government debt, which exceeds 200% of GDP. Persistent deflation, reliance on
exports to drive growth, and an aging and shrinking population are other major
long-term challenges for the economy.
|
Source
: CIA |
Company name and address
TOYOTA TSUSHO CORPORATION
REGD NAME: Toyota
Tsusho KK
MAIN OFFICE: Century
Toyota Bldg, 4-9-8 Meieki Nakamuraku Nagoya 400-8575 JAPAN
Tel:
052-584-5000 Fax: 052-584-5663
*..
The is its Tokyo Branch Office
URL: http://www.toyota-tsusho.co.jp/
E-Mail
address: info@toyota-tsusho.co.jp
ACTIVITIES
Import,
export, wholesale of metals, machinery, vehicles, industrial materials, etc
BRANCHES
Tokyo,
Osaka, Toyoda, Kariya, Sendai, Niigata, Fukuoka, other (Tot 64)
OVERSEAS
Asia
(32), Oceania (3), Europe (15), Mid East (2), Africa (3), N America
(24),
Central/South America (7)
CHIEF EXEC
JUN
KARUBE, PRES
Yen
Amount: In million Yen, unless otherwise
stated
SUMMARY
FINANCES FAIR A/SALES Yen 5,743,649 M
PAYMENTS REGULAR CAPITAL Yen 64,936 M
TREND UP WORTH Yen 667.378 M
STARTED 1948 EMPLOYES 2,245
COMMENT
GENERAL TRADING HOUSE AFFILIATED WITH TOYOTA MOTOR
CORP.
FINANCIAL
SITUATION COSIDERED FAIR AND GOOD FOR ORDINARY BUSINESS ENGAGEMENTS.
Unit: In Million Yen
Forecast (or estimated) figures for
31/03/2012 fiscal term
HIGHLIGHTS
This
is the sole general trading house in Toyota Motor group. Established originally in 1936 as an auto
loan firm for Toyota automobiles.
Incorporated in 1948 on the basis of a spin-off from Toyoda Sangyo
Kaisha in order to engage in foreign trading, as Nisshin Tsusho Kaisha Ltd. Renamed as captioned in 1987. This is a general trading house specializing
in automobile-related products, steel, machinery & chemical products. Steel & nonferrous metals account for
about 50% of total sales. Active in
overseas operations with offices in China, USA, Europe, Thailand, Australia,
etc. In April 2000, merged Kasho Co Ltd,
then a mid-size trading firm. In Mar
2000, went into capital investment and business tie-up with Tomen Corp,
followed by the merger of the firm in Apr 2006.
The merger benefited the firm by expanded operations into other sectors
which the subject was less competitive: Toyota excels in auto-related products,
while Tomen in chemicals, food and non-automotive sectors. The firm exports Toyota cars chiefly to S/E
Asia, China, Mid/East & Latin America.
Growing into comprehensive trading company with strong growth of
overseas trading. Made 7% investment in
Takeuchi Mfg, construction machinery firm, and forming tie-up for joint sales
in Mid/South America. Planning
amalgamation of automobile seat fabrics business with Toyota Boshoku, textile
mfr associated with Toyota Motor Group. Participating in pharmaceuticals
development support field. Regarding the
impact of the Pacific Coast of Tohoku Earthquake, the firm reported that the
Tohoku Branch in Sendai has not been affected much by the Earthquake.
FINANCIAL INFORMATION
The
sales volume for Mar/2010 fiscal term amounted to Yen 5,743,649 million, a
12.6% up from Yen 5,102,261 million in the previous term. The global economy remained in a gradual
recovery driven chiefly by emerging market economies. China and other emerging market economies
achieved solid growth fueled main domestic demand. Sales increased in all segments: Metals up 6.6&
to Yen 1,630,8oo million, as a result of automotive-related sales in Australia
and China; Machinery & Electronics up 27.1% to Yen 1,476,600 million;
Automotives up 16.4% to Yen 682,500 million; Energy & Chemicals up 16.9R to
Yen 1,309,300 million; Foodstuffs up 5.2% to en 291,000 million. The recurring profit was posted at Yen 104,218
million and the net profit at Yen 47,169 million, respectively, compared with
Yen 67,379 million recurring profit and Yen 27,339 million net profit,
respectively, a year ago.
(Apr/Dec/2011
results): Sales Yen 4,283,842 million (up 1.8%), operating profit Yen 63,817
million (down 9.0%), recurring profit Yen 85,284 million (down 1.0%), net
profit Yen 48,237 million (up 14.4%) (%
compared with the corresponding period a year ago).
For
the current term ending Mar 2012 the recurring profit is projected at Yen
116,000 million and the net profit at Yen 66,000 million, on a 4.5% rise in
turnover, to Yen 6,000,000 million.
Automobile production by Toyota Motor is recovering more rapidly than
anticipated. Sales of parts &
materials are expanding and operating profit will a stronger rate of growth..
The
financial situation is considered FAIR to EXCELLENT and good for ORDINARY
business engagements.
REGISTRATION
Date Registered: Jul 1948
Regd No.: (Nagoya-Nakamuraku) 031731
Legal Status: Limited
Company (Kabushiki Kaisha)
Authorized:
1,000 million shares
Issued:
354,056,576 shares
Sum: Yen 64,936
million
Major shareholders (%): Toyota Motor Corp (21.5),
Toyota Industries (11.1), Master Trust Bank of Japan T (3.8), Japan Trustee
Services Bank (3.5), MUFG (3.3), Mitsui Sumitomo Ins (2.8), Aioi Ins (1.9),
Tokio Marine Nichido Fire Ins (1.9), SMBC (1.2), Nippon Life Ins (1.1); foreign
owners (16.6)
No. of shareholders: 40,479
Listed on the S/Exchange (s) of:
Tokyo, Nagoya
Managements: Mitsuo Kinoshita, ch; Junzo Shimizu,
v ch; Jun Karube, pres Kenji Takanashi, v pres; Mikio Asano, v pres; Hisashi
Yamamoto, s/mgn dir; Yasuhiko Yokoi, s/mgn dir; Makoto Hyod, mgn dir; Jun
Nakayama, mgn dir
Nothing
detrimental is known as to the commercial morality of executives.
Related
companies: Toyota Tsusho America Inc, other
OPERATION
Activities: A general trading house for import,
export, wholesale operations:
(Sales Breakdown by Divisions):
Metals Division (28%): special steel products,
unwrought nonferrous & precious metals, rolled
light metal products, copper, copper alloy products, scrap iron & scrap
nonferrous metals, Ferro-alloy products, recycling & disposable catalysts,
other;
Machinery & Electronics Division (26%): machine
tools, industrial & textile machinery, testing & measuring instruments,
environmental equipment, information & telecommunications equipment,
electronic devices & parts, PC’s & peripherals, software, automotive
parts, forklifts, intelligence transport equipment, other;
Automotive Division (12%): passenger cars, commercial
cars, light vehicles, trucks & buses, automotive parts, other;
Energy & Chemicals Division (23%): petroleum
products & LPG, coal, petroleum chemicals, synthetic resin, fat & oil
products, chemical additives, natural & synthetic rubbers, other;
Consumer Products, Services & Materials Division (5%):
agricultural & livestock products, foods, condominium & commercial
buildings, construction & housing materials, furniture, textile products
& materials, jewelry, automotive interior parts & materials, packaging
materials, paper & pulp, life & health insurance & property &
casualty insurance, other.
Others (6%)
Overseas Sales Ratio (57.0%):
Clients: [Car makers, wholesalers, other mfrs]
Toyota Motor, Toyota Tsusho America, Toyota Steel Center, Crown Motors, Denso
Corp, Toyota Motor China, other.
No. of
accounts: 2,000
Domestic
areas of activities: Nationwide
Suppliers: [Mfrs, wholesalers] Toyota Motor, JFE
Steel, Nippon Steel, Toyota Steel Center, Toyota Industries, Denso Corp, other.
Payment record:
Regular
Location:
Business area in Nagoya. Office premises
at the caption address are leased and maintained satisfactorily.
Bank References:
MUFG
(Tokyo)
SMBC
(Nagoya)
Relations:
Satisfactory
FINANCES
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FINANCES: (Consolidated
in million yen) |
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Terms Ending: |
31/03/2011 |
31/03/2010 |
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INCOME STATEMENT |
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Annual Sales |
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5,743,649 |
5,102,261 |
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Cost of Sales |
5,412,919 |
4,821,470 |
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GROSS PROFIT |
330,730 |
280,790 |
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Selling & Adm Costs |
245,432 |
225,199 |
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OPERATING PROFIT |
85,297 |
55,591 |
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Non-Operating P/L |
18,921 |
11,788 |
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RECURRING PROFIT |
104,218 |
67,379 |
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NET PROFIT |
47,169 |
27,339 |
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BALANCE SHEET |
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Cash |
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252,768 |
170,714 |
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Receivables |
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898,212 |
886,425 |
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Inventory |
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379,116 |
386,019 |
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Securities, Marketable |
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Other Current Assets |
142,849 |
111,143 |
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TOTAL CURRENT ASSETS |
1,672,945 |
1,554,301 |
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Property & Equipment |
272,513 |
238,941 |
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Intangibles |
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95,438 |
109,409 |
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Investments, Other Fixed Assets |
395,352 |
371,896 |
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TOTAL ASSETS |
2,436,248 |
2,274,547 |
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Payables |
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713,396 |
681,456 |
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Short-Term Bank Loans |
283,860 |
257,997 |
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Other Current Liabs |
277,865 |
195,442 |
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TOTAL CURRENT LIABS |
1,275,121 |
1,134,895 |
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Debentures |
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65,000 |
95,000 |
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Long-Term Bank Loans |
378,003 |
342,141 |
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Reserve for Retirement Allw |
14,447 |
13,586 |
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Other Debts |
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36,298 |
38,609 |
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TOTAL LIABILITIES |
1,768,869 |
1,624,231 |
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MINORITY INTERESTS |
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Common
stock |
64,936 |
64,936 |
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Additional
paid-in capital |
154,367 |
154,367 |
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Retained
earnings |
431,126 |
386,084 |
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Evaluation
p/l on investments/securities |
14,849 |
21,105 |
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Others |
|
9,530 |
30,867 |
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Treasury
stock, at cost |
(7,430) |
(7,144) |
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TOTAL S/HOLDERS` EQUITY |
667,378 |
650,215 |
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TOTAL EQUITIES |
2,436,248 |
2,274,547 |
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CONSOLIDATED CASH FLOWS |
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Terms ending: |
31/03/2011 |
31/03/2010 |
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Cash
Flows from Operating Activities |
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79,884 |
100,217 |
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Cash Flows
from Investment Activities |
-74,046 |
-73,090 |
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Cash
Flows from Financing Activities |
77,751 |
-107,623 |
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Cash,
Bank Deposits at the Term End |
|
252,747 |
170,714 |
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ANALYTICAL RATIOS Terms ending: |
31/03/2011 |
31/03/2010 |
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Net
Worth (S/Holders' Equity) |
667,378 |
650,215 |
||
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Current
Ratio (%) |
131.20 |
136.96 |
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Net
Worth Ratio (%) |
27.39 |
28.59 |
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Recurring
Profit Ratio (%) |
1.81 |
1.32 |
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Net Profit
Ratio (%) |
0.82 |
0.54 |
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Return
On Equity (%) |
7.07 |
4.20 |
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FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.55.65 |
|
UK Pound |
1 |
Rs.88.10 |
|
Euro |
1 |
Rs.69.83 |
INFORMATION DETAILS
|
Report Prepared
by : |
PRL |
RATING EXPLANATIONS
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
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>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 |
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---- |
NB |
New Business |
---- |
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%)
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.