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Report Date : |
25.05.2012 |
IDENTIFICATION DETAILS
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Name : |
AIC INC |
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Registered Office : |
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Country : |
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Financials (as on) : |
29.02.2012 |
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Date of Incorporation : |
January
1979 |
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Com. Reg. No.: |
0400-01-057028
(Chiba-Mihamaku) |
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Legal Form : |
Limited Company |
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Line of Business : |
Import, wholesale
of apparel, foodstuffs, household goods |
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No. of Employees : |
340 |
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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Status : |
Good |
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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, 2012
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Country Name |
Previous Rating (31.12.2011) |
Current Rating (31.03.2012) |
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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 |
AIC INC
Aiku KK (as
pronounced in Japanese)
Tel:
043-310-9211 Fax: 043-310-9251
*.. Moved to the caption address, which is owned by the parent, Aeon Co
Ltd
E-Mail address: fukuir@aicincjp.com
Import,
wholesale of apparel, foodstuffs, household goods
Ho Chi Minh (-- purchasing
offices)
MASAYUKI
YAMAMOTO, PRES
Masato Sekino, mgn dir
Takashi
Watanabe, dir Shuichi Matsuda, dir
Kozo
Honda, dir Yoshitaka Watanabe, dir
Yen
Amount: In million Yen, unless
otherwise stated
FINANCES FAIR A/SALES Yen 70,670 M
PAYMENTS REGULAR CAPITAL Yen 230 M
TREND SLOW WORTH Yen 4,879 M
STARTED 1979 EMPLOYES 340
TRADING HOUSE FOR IMPORTING
APPAREL, FOODS, ETC, OWNED BY AEON CO
LTD.
FINANCIAL SITUATION CONSIDERED FAIR AND GOOD FOR CREDIT
ENGAGEMENTS: US$50,000.00.
The subject company was established jointly by Aeon Co Ltd, Chiba, and Izumiya
Co Ltd, Osaka, two leading supermarket chain operators (see REGISTRATION), as a trading house for
importing apparel, foodstuffs, household goods, etc, handled by the two
parents’ stores. In 2008, the subject
purchased all the shares of Izumiya Co and the firm became a wholly owned
subsidiary of Aeon Corp. Has 5
purchasing offices in China, Bangkok and Ho Chi Minh. Handling items are apparel, foodstuffs,
household goods, other (see OPERATION). Originally developed goods are branded as
“AIC” and also jointly branded “World Eye”.
Import sources are mainly China, Hong Kong, Thailand, India; Vietnam and
also from Europe, USA, Oceania, etc (particularly of European-style
apparel). Goods are exclusively shipped
to the parent, Aeon Corp. .
The sales volume for Feb/2011 fiscal term amounted to Yen 70,670
million, a 14% down from Yen 82,046 million in the previous term. This is referred to the lingering global
economic downturn started in Nov 2008.
PB brand shipment to Aeon Co was curtailed. Consumer spending was sluggish. The recurring profit was posted at Yen 919
million and the net profit at Yen 446 million, respectively, compared with Yen
2,154 million recurring profit and Yen 1,265 million net profit, respectively,
a year earlier.
For the term that ended Feb 2012 the recurring profit was projected at
Yen 1,000 million and the net profit at Yen 460 million, respectively, on a 2%
rise in turnover, to Yen 72,000 million.
Final results are yet to be released.
The financial situation is considered FAIR to GOOD and responsible for
ORDINARY business engagements.
Date Registered: Jan
1979
Regd No.: 0400-01-057028 (Chiba-Mihamaku)
Legal Status:
Limited Company (Kabushiki Kaisha)
Authorized:
438,000 shares
Issued: 438,000 shares
Sum: Yen 230
million
Major shareholders (%): Aeon
Co Ltd*(66.7), Company’s Treasury Stock (33.3)
No. of shareholders: 2
*.. Top-ranked operator of general merchandise stores (GMS), Chiba,
founded 1926, listed Tokyo S/E, capital Yen 199,054 million, sales Yen
5,206,132 million, operating profit Yen 195,690 million, recurring profit Yen
212,260 million, net profit Yen 66,750 million, total assets Yen 4,048,937
million, net worth Yen 1,282,066 million, employees 79,910, pres Motoya Okada
Consolidated Financials are attached (See SUPPLEMENTS)
Nothing detrimental is known as to the commercial morality of
executives.
Activities: This is a trading
house for import and supply exclusively to the parent, Aeon Co Ltd:
(Sales Breakdown
of Divisions – Breakdowns are all about):
Apparel (55%): formal wears/suits
for men & women, sweaters, polo shirts, sports wears, pullovers, jeans, trousers, slacks, skirts,
blouse, underwear, night gowns, pajamas, shoes, hosieries, gloves, hats & caps, other;
Foodstuffs (25%): mushrooms,
cabbages, broccoli, onions, pumpkins, asparagus, bamboo shoots, chestnuts,
cherries, oranges, cut flowers, beef, chicken, livestock products (processed),
shrimps & prawns, tune, cuttlefish, salmon, jam, butter, canned tomato,
canned fruits, soft drinks,
confectionery, chilled vegetables, cheese, pickles, other:
Household items
(20%): curtains, rugs & carpets, beds, beddings, bedclothes, wooden furniture, cabinets, tableware
(stainless/aluminum/china), chinaware, glassware, stationery, toys, sportswear,
outdoor utensils, bicycles, toiletries, cosmetics, accessories, pet foods,
other.
Goods are imported from China, Hong Kong, Taiwan, Thailand, Europe, USA,
etc, and shipped exclusively to the
parent, Aeon Co Ltd.
Clients: [Supermarket
chain operator] Aeon Retail Co, Aeon Top Value, Aeon group firms, other
No. of accounts: 300
Domestic areas of
activities: Nationwide
Suppliers: [Mfrs,
wholesalers] Emiya International, Tasmania Feedlot, Sondo (Korea), Royal Corp,
Nippon Access Inc, other.
Imports widely from
China, Hong Kong, Thailand, India, Korea, USA, Canada, Brazil, Chile, Vietnam,
UK, Italy, Australia, New Zealand, other.
Payment record: Regular
Location: Business area in
Tokyo. Office premises at the caption
address are leased and maintained satisfactorily.
Bank References:
MUFG
(H/O)
Mizuho
Corporate Bank (H/O)
Relations:
Satisfactory
(In Million Yen)
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Terms Ending: |
29/02/2012 |
28/02/2011 |
28/02/2010 |
28/02/2009 |
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Annual
Sales |
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72,000 |
70,670 |
82,046 |
125,925 |
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Recur.
Profit |
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1,000 |
919 |
2,154 |
1,317 |
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Net
Profit |
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460 |
446 |
1,265 |
715 |
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Total
Assets |
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19,406 |
21,775 |
19,782 |
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Current
Assets |
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18,678 |
20,875 |
18,884 |
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Current
Liabs |
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10,635 |
13,208 |
15,431 |
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Net
Worth |
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4,879 |
4,749 |
3,254 |
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Capital,
Paid-Up |
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230 |
230 |
230 |
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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 |
1.88 |
-13.87 |
-34.85 |
-32.36 |
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Current Ratio |
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.. |
175.63 |
158.05 |
122.38 |
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N.Worth Ratio |
.. |
25.14 |
21.81 |
16.45 |
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R.Profit/Sales |
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1.39 |
1.30 |
2.63 |
1.05 |
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N.Profit/Sales |
0.64 |
0.63 |
1.54 |
0.57 |
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Return On Equity |
.. |
9.14 |
26.64 |
21.97 |
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Notes:
Forecast (or estimated) figures for the 28/02/2012 fiscal term.
CONSOLIDATED FINANCIALS OF THE PARENT, AEON CO LTD
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FINANCES: (Consolidated
in million yen) |
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Terms Ending: |
29/02/2012 |
28/02/2011 |
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INCOME STATEMENT |
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Annual Sales |
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5,206,131 |
5,096,569 |
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Cost of Sales |
3,393,772 |
3,322,762 |
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GROSS PROFIT |
1,812,359 |
1,773,807 |
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Selling & Adm Costs |
1,616,668 |
1,601,446 |
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OPERATING PROFIT |
195,690 |
172,360 |
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Non-Operating P/L |
16,570 |
9,720 |
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RECURRING PROFIT |
212,260 |
182,080 |
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NET PROFIT |
66,750 |
59,688 |
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BALANCE SHEET |
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Cash |
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184,324 |
320,212 |
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Receivables |
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421,939 |
416,548 |
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Inventory |
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340,971 |
308,951 |
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Securities, Marketable |
2,198 |
4,509 |
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Other Current Assets |
423,098 |
459,242 |
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TOTAL CURRENT ASSETS |
1,372,530 |
1,509,462 |
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Property & Equipment |
1,749,903 |
1,407,068 |
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Intangibles |
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144,987 |
117,365 |
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Investments, Other Fixed Assets |
781,517 |
740,733 |
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TOTAL ASSETS |
4,048,937 |
3,774,628 |
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Payables |
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644,059 |
640,114 |
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Short-Term Bank Loans |
97,003 |
52,065 |
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Other Current Liabs |
798,272 |
726,734 |
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TOTAL CURRENT LIABS |
1,539,334 |
1,418,913 |
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Debentures |
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204,319 |
215,209 |
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Long-Term Bank Loans |
631,196 |
547,624 |
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Reserve for Retirement Allw |
8,735 |
8,271 |
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Other Debts |
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383,287 |
365,374 |
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TOTAL LIABILITIES |
2,766,871 |
2,555,391 |
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MINORITY INTERESTS |
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Common
stock |
199,054 |
199,054 |
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Additional
paid-in capital |
264,963 |
264,963 |
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Retained
earnings |
543,771 |
496,648 |
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Evaluation
p/l on investments/securities |
1,853 |
3,401 |
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Others |
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326,512 |
316,628 |
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Treasury
stock, at cost |
(54,087) |
(61,458) |
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TOTAL S/HOLDERS` EQUITY |
1,282,066 |
1,219,236 |
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TOTAL EQUITIES |
4,048,937 |
3,774,628 |
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CONSOLIDATED CASH FLOWS |
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Terms ending: |
29/02/2012 |
29/02/2011 |
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Cash
Flows from Operating Activities |
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203,382 |
261,132 |
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Cash
Flows from Investment Activities |
-327,865 |
-105,517 |
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Cash
Flows from Financing Activities |
-13,061 |
-121,847 |
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Cash,
Bank Deposits at the Term End |
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166,277 |
306,820 |
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ANALYTICAL RATIOS Terms ending: |
29/02/2012 |
28/02/2011 |
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Net
Worth (S/Holders' Equity) |
1,282,066 |
1,219,236 |
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Current
Ratio (%) |
89.16 |
106.38 |
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Net
Worth Ratio (%) |
31.66 |
32.30 |
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Recurring
Profit Ratio (%) |
4.08 |
3.57 |
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Net
Profit Ratio (%) |
1.28 |
1.17 |
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Return
On Equity (%) |
5.21 |
4.90 |
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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.56.29 |
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UK Pound |
1 |
Rs.88.26 |
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Euro |
1 |
Rs.70.82 |
INFORMATION DETAILS
|
Report Prepared
by : |
MNL |
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.