x
MIRA INFORM REPORT
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Report Date : |
16.02.2012 |
IDENTIFICATION DETAILS
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Name : |
NISSAN TRADING CO LTD |
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Registered Office : |
6-1 Daikokucho
Tsurumiku Yokohama 230-0053 |
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Country : |
Japan |
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Financials (as on) : |
31.03.2011 |
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Date of Incorporation : |
April
1978 |
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Com. Reg. No.: |
(Yokohama-Tsurumiku)
037321 |
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Legal Form : |
Limited Company |
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Line of Business : |
Import, Export, Wholesale of automobiles, machinery, steel & nonferrous metals, fuels, chemicals. |
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No. of Employee: |
316 |
RATING & COMMENTS
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MIRA’s Rating : |
B |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
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Maximum Credit Limit : |
Yen 4,202.9 Million |
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Status : |
Moderate |
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Payment
Behaviour : |
Regular |
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Litigation : |
---- |
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, 2011
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Country Name |
Previous Rating (31.12.2010) |
Current Rating (31.03.2011) |
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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 |
NISSAN TRADING CO LTD
Nissan Trading KK
6-1 Daikokucho
Tsurumiku Yokohama 230-0053 JAPAN
Tel:
045-279-5704 Fax: 045-279-5686
E-Mail address: i.terashima@nitco.co.jp
NOTE:
Old
Address: 14th Floor B Wing Shihe Park Bldg
2-4-1 Shiba Kaen Minera Ku Tokyo 105-8568, Japan
Import,
export, wholesale of automobiles, machinery, steel & nonferrous metals,
fuels, chemicals, others
Fukuoka,
Utsunomiya, Fuji
China
(3), Nashville, Amsterdam, Los Angeles, Mexico City, Barcelona
China,
Taiwan, USA, Europe, other
MASASHI
ENOMOTO, PRES
Akihiro
Ishiwatari, dir
Taichi
Matsuda, dir
Yen
Amount: In million Yen, unless
otherwise stated
FINANCES FAIR A/SALES Yen 293,100 M
PAYMENTS REGULAR CAPITAL Yen 320 M
TREND SLOW WORTH Yen 10,631 M
STARTED 1978 EMPLOYES 316
TRADING HOUSE WHOLLY OWNED BY NISSAN MOTOR CO LTD.
FINANCIAL SITUATION CONSIDERED FAIR AND GOOF FOR ORDINARY BUSINESS
ENGAGEMENTS.
MAX CREDIT LIMIT: YEN 4,202.9 MILLION, 30 DAYS NORMAL TERMS.
The subject company was established as a trading house by Nissan Motor
Co Ltd, one of the largest automakers in Japan, for importing automotive
components and raw materials, and exporting cars. Through the years since the inception, the
firm has grown into a specialized trading house handling a wide range of
automotive products, utilizing the parent’s wide networks worldwide. The firm has also diversified into various
other areas, such as machinery parts, steel & nonferrous metals, energy
& chemicals, etc. Major portion of
business operations is still with Nissan Motor and its group firms, for
importing & exporting Nissan car produced both domestically and
abroad. Exports Nissan cars to overseas
embassies, consulates & diplomats.
The financials are consolidated by the parent, Nissan Motor Co Ltd,
whose financials are attached below.
The sales volume for Mar/2011 fiscal term amounted to Yen 293,100
million, a 32% up from Yen 222,273 million in the previous term. While domestic demand decreased in the first
half, China saw 10% growth and the recovery of the lucrative US market
contributed. The recurring profit was
posted at Yen 5,260 million and the net profit at Yen 3,066 million
respectively, compared with Yen 4,692 million recurring profit and Yen 2,752
million net profit, respectively, a year ago.
For the current term ending Mar 2012 the recurring profit is projected
at Yen 5,300 million and the net profit at Yen 3,100 million, respectively, on
a 6% rise in turnover, to Yen 310,000 million.
The parent, Nissan Motor Co, reported that its Chinese sales in June
surged 22%, outpacing the previous month’s 15% rise, as demand sharply grew in
China and S/E Asia. Sales of imported
cars rose 44% in June, up for the 20th straight month, according to
preliminary data released by the Japan Automobile Importers Assn. Nissan Motor’s March compact cars, which are
produced in Thailand and imported to Japan continued to contribute to sales
growth.
The financial situation is considered FAIR and good for ORDINARY
business engagements. Max credit limit
is estimated at Yen 4,202.9 million, on 30 days normal terms.
Date Registered: Apr 1978
Regd No.: (Yokohama-Tsurumiku) 037321
Legal Status:
Limited Company (Kabushiki Kaisha)
Authorized:
1.6 million shares
Issued:
400,000 shares
Sum: Yen 320 million
Major shareholders (%):
Nissan Motor Co*(100)
*.. Second largest automaker in Japan, founded 1933, listed Tokyo,
NASDAQ S/E’s, capital Yen 605,814 million, sales Yen 8,773,093 million,
operating profit Yen 537,467 million, recurring profit Yen 537,814 million, net
profit Yen 319,221 million, total assets Yen 10,736,693 million, net worth Yen
3,273,783 million, employees 155,099, pres Carlos Ghosn
Consolidated Financials are as attached (See SUPPLEMENTS)
Nothing detrimental is known as to the commercial morality of
executives.
Activities: Trading house,
owned by Nissan Motor Co, for import, export, wholesale of:
(Sales breakdown
by divisions):
Vehicle Div (10%):
automobiles,
commercial vehicles, special vehicles, spare parts & car accessories;
Machinery &
Automotive Components Div (19%): Automotive components business (engines, power train components,
catalytic converters, aluminum wheels, brakes & other chassis components, roof racks, spoilers
& other exterior components, seat materials & other trim components); Machinery (machine
tools, presses, casting equipment, electric
vices & apparatus, plastic injection machines, testers, welding
equipment, stamping dies, molding dies,
jig fixtures, cutting & pneumatic tools, pallets, other tools, environmental
facilities;
Steel &
Nonferrous Metal Div (45%): Steel Business (mild steel, cold/rolled steel,
hot-rolled steel, various types of surface-treated steel, special steel
8structural carbon steel, structural
alloy steel, stainless steel), extruded aluminum, pallets for automotive parts;
Non-ferrous metal business
(aluminum primary & secondary ingots & aluminum scraps, platinum, palladium, rhodium, rare metals
(cobalt);
Energy, Materials
& Chemical Div (15%): Energy & Materials business (bunker &
industrial fuel oils, lubricants, liquefied petroleum gas (LPG), grease,
automobile gasoline, gas oil & lubricant oils, cokes, materials for
casting, raw materials for steel, nickel for stainless steel recycled precious
metals; Chemical business (synthetic resins (thermoplastic resins,
thermosetting resins, master batches), plastic components, organic chemicals
(intermediates, raw materials, solvents, plasticizers, industrial chemicals, others.
Chemicals, others
(11%).
Overseas trading
ratio (52%)
Clients: [Carmakers]
Nissan Motor & group firms, Nissan Trading Europe, Nissan Trading USA,
Kyushu Steel Center, Nissan Mexico, Jatco, other
No. of accounts: 100 (Major
direct clients)
Domestic areas of activities: Nationwide
Suppliers: [Mfrs,
wholesalers] Nissan Motor, Nippon Steel, Kobe Steel, JFE Steel, Nippon Steel,
Daido Special Steel, Unipress Corp, Kyushu Steel Center, JX Holdings Inc, etc
Payment record: Regular
Location:
Business
area in Yokohama. Office premises at the
caption address are owned by the parent, Nissan Motor Co Ltd, and maintained
satisfactorily.
Bank References:
Mizuho
Corporate Bank (H/O)
MUFG
(Shimbashi)
Relations:
Satisfactory
(In Million Yen)
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Terms Ending: |
31/03/2012 |
31/03/2011 |
31/03/2010 |
31/03/2009 |
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Annual
Sales |
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310,000 |
293,100 |
222,273 |
295,556 |
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Recur.
Profit |
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5,300 |
5,260 |
4,692 |
2,890 |
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Net
Profit |
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3,100 |
3,066 |
2,752 |
1,597 |
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Total
Assets |
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62,805 |
58,737 |
49,882 |
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Current
Assets |
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60,783 |
56,503 |
46,994 |
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Current
Liabs |
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51,614 |
50,308 |
43,954 |
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Net
Worth |
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10,631 |
7,558 |
4,753 |
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Capital,
Paid-Up |
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|
320 |
320 |
320 |
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Div.P.Share(¥) |
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0.00 |
0.00 |
0.00 |
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<Analytical Data> |
(%) |
(%) |
(%) |
(%) |
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S.Growth Rate |
5.77 |
31.86 |
-24.79 |
-8.87 |
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Current Ratio |
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.. |
117.76 |
112.31 |
106.92 |
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N.Worth Ratio |
.. |
16.93 |
12.87 |
9.53 |
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R.Profit/Sales |
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1.71 |
1.79 |
2.11 |
0.98 |
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N.Profit/Sales |
1.00 |
1.05 |
1.24 |
0.54 |
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Return On Equity |
.. |
28.84 |
36.41 |
33.60 |
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Notes: Forecast (or estimated) figures for the
31/03/2012 fiscal term.
CONSOLIDATED FINANCIALS OF THE PARENT, NISSAN MOTOR CO LTD
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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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8,773,093 |
7,517,277 |
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Cost of Sales |
7,155,100 |
6,146,219 |
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GROSS PROFIT |
1,617,993 |
1,371,058 |
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Selling & Adm Costs |
1,080,526 |
1,059,449 |
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OPERATING PROFIT |
537,467 |
311,609 |
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Non-Operating P/L |
347 |
-103,862 |
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RECURRING PROFIT |
537,814 |
207,747 |
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NET PROFIT |
319,221 |
42,390 |
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BALANCE SHEET |
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Cash |
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998,822 |
802,410 |
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Receivables |
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738,950 |
641,154 |
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Inventory |
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982,233 |
802,278 |
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Securities, Marketable |
158,012 |
50,641 |
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Other Current Assets |
3,467,818 |
3,283,927 |
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TOTAL CURRENT ASSETS |
6,345,835 |
5,580,410 |
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Property & Equipment |
3,637,042 |
3,858,129 |
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Intangibles |
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133,769 |
143,911 |
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Investments, Other Fixed Assets |
620,047 |
632,370 |
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TOTAL ASSETS |
10,736,693 |
10,214,820 |
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Payables |
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1,181,469 |
1,001,287 |
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Short-Term Bank Loans |
593,095 |
349,427 |
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Other Current Liabs |
2,605,981 |
2,506,144 |
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TOTAL CURRENT LIABS |
4,380,545 |
3,856,858 |
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Debentures |
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640,850 |
507,142 |
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Long-Term Bank Loans |
1,422,478 |
1,791,983 |
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Reserve for Retirement Allw |
182,155 |
175,638 |
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Other Debts |
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836,882 |
868,094 |
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TOTAL LIABILITIES |
7,462,910 |
7,199,715 |
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MINORITY INTERESTS |
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Common
stock |
605,814 |
605,814 |
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Additional
paid-in capital |
804,470 |
804,470 |
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Retained
earnings |
2,733,253 |
2,456,523 |
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Evaluation
p/l on investments/securities |
20,862 |
1,045 |
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Others |
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(728,592) |
(584,906) |
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Treasury
stock, at cost |
(162,024) |
(267,841) |
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TOTAL S/HOLDERS` EQUITY |
3,273,783 |
3,015,105 |
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TOTAL EQUITIES |
10,736,693 |
10,214,820 |
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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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667,502 |
1,177,226 |
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Cash
Flows from Investment Activities |
-331,118 |
-496,532 |
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Cash
Flows from Financing Activities |
110,575 |
-663,969 |
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Cash,
Bank Deposits at the Term End |
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1,153,453 |
761,495 |
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ANALYTICAL RATIOS Terms ending: |
31/03/2011 |
31/03/2010 |
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Net
Worth (S/Holders' Equity) |
3,273,783 |
3,015,105 |
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Current
Ratio (%) |
144.86 |
144.69 |
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Net
Worth Ratio (%) |
30.49 |
29.52 |
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Recurring
Profit Ratio (%) |
6.13 |
2.76 |
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Net
Profit Ratio (%) |
3.64 |
0.56 |
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Return
On Equity (%) |
9.75 |
1.41 |
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FOREIGN EXCHANGE RATES
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Currency |
Unit
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Indian Rupees |
|
US Dollar |
1 |
Rs.49.29 |
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UK Pound |
1 |
Rs.77.45 |
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Euro |
1 |
Rs.64.89 |
RATING EXPLANATIONS
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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 |
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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 |
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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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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
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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 |
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<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
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NB |
New Business |
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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.