MIRA INFORM REPORT
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Report Date : |
09.03.2012 |
IDENTIFICATION DETAILS
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Name : |
SOLAR FRONTIER KK |
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Registered Office : |
Daiba Frontier Bldg,
2-3-2 Daiba Minatoku Tokyo 135-0091 |
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Country : |
Japan |
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Financials (as on) : |
31.12.2010 |
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Date of Incorporation : |
August
1994 |
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Legal Form : |
Limited Company |
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Line Of Business : |
Manufacture of Solar
Cell, Cis Solar Modules |
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No. of Employee: |
450 |
RATING & COMMENTS
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MIRA’s Rating : |
Ba |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal commitments. |
Satisfactory |
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Maximum Credit Limit : |
Yen 425.8 Million |
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Status : |
Satisfactory |
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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 – September 30th, 2011
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Country Name |
Previous Rating (30.06.2011) |
Current Rating (30.09.2011) |
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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 |
SOLAR FRONTIER KK
Solar Frontier KK
Daiba Frontier
Bldg, 2-3-2 Daiba Minatoku Tokyo 135-0091 JAPAN
Tel:
03-5531-5855 Fax: 03-5531-5767
URL: http://www.solar-frontier.com
E-Mail address: (thru the URL)
Mfg of
solar cell, CIS solar modules
Osaka,
Nagoya, Fukuoka
Germany,
USA, Saudi Arabia
Miyazaki
(3)
SHIGEAKI
KAMEDA, PRES
Shigetsune Katoh, dir
Jun Arai, dir
Yen
Amount: In million Yen, unless otherwise
stated
FINANCES FAIR A/SALES Yen 11,537 M
PAYMENTS REGULAR CAPITAL Yen 35,120 M
TREND STEADY WORTH Yen
54,097 M
STARTED 1994 EMPLOYES 450
MFR OF SOLAR CELLS, OWNED BY SHOWA SHELL SEKIYU KK.
FINANCIAL SITUATION CONSIDERED FAIR TO GOOD AND RESPONSIBLE
FOR ORDINARY BUSINESS ENGAGEMENTS.
MAX
CREDIT LIMIT: YEN 425.8 MILLION, 30 DAYS NORMAL TERMS
The subject company was established on the basis of a solar cell division separated from Showa Shell Sekiyu KK, major oil distributor of Royal Dutch/Shell Group (See REGISTRATION). Originally named as Showa Shell Solar KK and in Apr/2010 renamed as captioned. This is a specialized mfr of CIS solar cell, CIS solar modules, systems. Operates 3 plants in Miyazaki. The Third Miyazaki Plant, which is the world’s largest CIS production facility (1t 900 MW) as single plant, started production in 2011. Has three overseas subsidiaries: Germany, USA and Saudi Arabia. The firm agreed with General Electric (GE) that it will supply GE with its proprietary CIS thin-film modules and will provide GE branded panels. Further the firm decided to supply its CIS solar modules in projects in the Kingdom of Saudi Arabia and the Kingdom of Thailand. With regard to R&D activities, the firm has signed an agreement to jointly develop thin film solar cell technology with IBM based on the elements copper, zing, tin, sulphur and selenium (CZTS) as next generation solar technology without using rate metals. Goods are distributed domestically thru appointed dealership nationwide.
The sales volume for Dec/2010 fiscal term amounted to Yen 11,537 million, a 155% up from Yen 4,518 million in the previous term. This is attributed to the wide expansion of solar cell systems nationwide, particularly from the ecological viewpoints. The operations continue in the deficit to post Yen 8,780 million recurring loss and Yen 10,755 million net losses, respectively, compared with Yen 4,306 million recurring loss and Yen 3,531 million net losses, respectively, a year ago. Posted Yen 2,434 million extraordinary losses coming from the preparation for a new plant in Miyazaki.
For the current term ending Dec 2011 the deficit operations are projected to continue to post Yen 9,000 million recurring loss and Yen 10,000 million net losses, respectively, on a 20% rise in turnover, to Yen 13,800 million. The deficit operations are weighed down by the start-up cost of a new plant. World-largest solar battery plant has started operation with annual output capacity of 1 gigawatt. The appreciation of the Yen and the fall in market prices of solar cell may affect sales.
The financial situation is considered FAIR to GOOD and responsible for ORDINARY business engagements. Max credit limit is estimated at Yen 425.8 million, on 30 days normal terms.
Date Registered: Aug 1994
Legal Status:
Limited Company (Kabushiki Kaisha)
Authorized:
2,800 million shares
Issued:
702 million shares
Sum: Yen 35,120 million
Major shareholders (%): Showa Shell Sekiyu* (100)
*.. Major oil distributor of Royal Dutch/Shell Group, founded 1942, listed Tokyo S/E, capital Yen 34,197 million, sales Yen 2,346,081 million, operating profit Yen 36,701 million, recurring profit Yen 42,148 million, net profit Yen 15,946 million, total assets Yen 1,193,149 million, net worth Yen 263,006 million, employees 5,696, pres Jun Arai
Consolidated
Financials are attached (See SUPPLEMENTS)
Nothing
detrimental is known as to the commercial morality of executives.
Activities: Manufactures CIS solar cells, CIS
solar modules, systems, other (--100%).
Clients: [Mfrs, wholesalers] Solar Frontier America, Solar Frontier Europe, other.
Domestically distributed through appointed dealerships nationwide
No. of accounts: 1,000
Domestic areas of activities: Nationwide
Suppliers: Mfrs, wholesalers, other
Payment record: Regular
Location: Business area in Tokyo. Office premises at the caption address are owned and maintained satisfactorily.
Bank References:
· Mizuho Corporate Bank (H/O)
Relations:
Satisfactory
(In Million Yen)
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Terms Ending: |
31/12/2011 |
31/12/2010 |
31/12/2009 |
31/12/2008 |
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Annual
Sales |
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13,800 |
11,537 |
4,518 |
4,017 |
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Recur.
Profit |
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-9,000 |
-8,780 |
-4,306 |
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Net
Profit |
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-10,000 |
-10,755 |
-3,531 |
-532 |
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Total
Assets |
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102,262 |
42,625 |
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Current
Assets |
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9,134 |
7,411 |
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Current
Liabs |
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47,145 |
12,645 |
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Net
Worth |
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54,097 |
29,853 |
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Capital,
Paid-Up |
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35,120 |
35,120 |
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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 |
19.62 |
155.36 |
12.47 |
85.29 |
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Current Ratio |
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.. |
19.37 |
58.61 |
.. |
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N.Worth Ratio |
.. |
52.90 |
70.04 |
.. |
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R.Profit/Sales |
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-65.22 |
-76.10 |
-95.31 |
.. |
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N.Profit/Sales |
-72.46 |
-93.22 |
-78.15 |
-13.24 |
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Return On Equity |
.. |
-19.88 |
-11.82 |
.. |
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Notes:
Forecast (or estimated) figures for the 31/12/2011 fiscal term.
CONSOLIDATED FINANCIALS OF THE PARENT,
SHOWA SHELL SEKIYU KK
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FINANCES: (Consolidated
in million yen) |
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Terms Ending: |
31/12/2010 |
31/12/2009 |
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INCOME STATEMENT |
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Annual Sales |
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2,346,081 |
2,022,520 |
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Cost of Sales |
2,183,535 |
1,956,623 |
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GROSS PROFIT |
162,545 |
65,896 |
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Selling & Adm Costs |
125,844 |
123,038 |
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OPERATING PROFIT |
36,701 |
-57,142 |
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Non-Operating P/L |
5,447 |
687 |
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RECURRING PROFIT |
42,148 |
-56,455 |
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NET PROFIT |
15,956 |
-57,619 |
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BALANCE SHEET |
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Cash |
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20,943 |
22,235 |
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Receivables |
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291,104 |
287,749 |
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Inventory |
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236,390 |
240,849 |
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Securities, Marketable |
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Other Current Assets |
54,538 |
47,729 |
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TOTAL CURRENT ASSETS |
602,975 |
598,562 |
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Property & Equipment |
473,719 |
432,336 |
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Intangibles |
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12,836 |
11,355 |
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Investments, Other Fixed Assets |
103,619 |
130,486 |
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TOTAL ASSETS |
1,193,149 |
1,172,739 |
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Payables |
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273,531 |
263,382 |
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Short-Term Bank Loans |
40,381 |
101,580 |
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Other Current Liabs |
354,605 |
356,422 |
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TOTAL CURRENT LIABS |
668,517 |
721,384 |
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Debentures |
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35,000 |
15,200 |
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Long-Term Bank Loans |
110,470 |
62,292 |
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Reserve for Retirement Allw |
72,426 |
68,926 |
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Other Debts |
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43,730 |
47,213 |
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TOTAL LIABILITIES |
930,143 |
915,015 |
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MINORITY INTERESTS |
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Common
stock |
34,197 |
34,197 |
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Additional
paid-in capital |
22,113 |
22,113 |
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Retained
earnings |
182,959 |
177,408 |
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Evaluation
p/l on investments/securities |
1,117 |
1,979 |
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Others |
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12,803 |
22,207 |
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Treasury
stock, at cost |
(183) |
(181) |
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TOTAL S/HOLDERS` EQUITY |
253,006 |
257,723 |
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TOTAL EQUITIES |
1,183,149 |
1,172,739 |
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CONSOLIDATED CASH FLOWS |
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Terms ending: |
31/12/2010 |
31/12/2009 |
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Cash
Flows from Operating Activities |
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89,836 |
-7,395 |
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Cash
Flows from Investment Activities |
-82,510 |
-47,761 |
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Cash Flows
from Financing Activities |
-8,671 |
4,371 |
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Cash,
Bank Deposits at the Term End |
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19,746 |
21,030 |
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ANALYTICAL RATIOS Terms ending: |
31/12/2010 |
31/12/2009 |
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Net
Worth (S/Holders' Equity) |
253,006 |
257,723 |
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Current
Ratio (%) |
90.20 |
82.97 |
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Net
Worth Ratio (%) |
21.38 |
21.98 |
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Recurring
Profit Ratio (%) |
1.80 |
-2.79 |
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Net
Profit Ratio (%) |
0.68 |
-2.85 |
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Return
On Equity (%) |
6.31 |
-22.36 |
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FOREIGN EXCHANGE RATES
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
Rs.50.57 |
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UK Pound |
1 |
Rs.79.57 |
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Euro |
1 |
Rs.66.49 |
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 |
---- |
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.