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Report Date : |
05.10.2012 |
IDENTIFICATION DETAILS
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Name : |
SOJITZ ENERGY CORPORATION |
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Registered Office : |
Akasaka 2.14 Plaza Bldg 6F, 2-14-32 Akasaka Minatoku Tokyo 107-0052 |
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Country : |
Japan |
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Financials (as on) : |
31.03.2012 |
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Date of Incorporation : |
March 1958 |
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Com. Reg. No.: |
0104-01-053134 (Tokyo-Minatoku) |
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Legal Form : |
Limited Company |
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Line of Business : |
Import, wholesale of petroleum oils, gasoline; operation of gas stations |
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No. of Employees : |
375 |
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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Status : |
Moderate |
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Payment Behaviour : |
Slow but correct |
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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 – June 30th, 2012
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Country Name |
Previous Rating (31.03.2011) |
Current Rating (30.06.2012) |
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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 |
JAPAN - 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
SOJITZ ENERGY CORPORATION
REGD NAME: Sojitz
Energy KK
MAIN OFFICE:
Akasaka 2.14 Plaza Bldg 6F, 2-14-32 Akasaka Minatoku Tokyo 107-0052
JAPAN
Tel:
03-3568-5885
URL: http://www.sojitz-energy.co.jp
E-Mail address: postmaster@sojitz-energy.co.jp
Import, wholesale
of petroleum oils, gasoline; operation of gas stations
Sendai, Nagoya, Osaka,
Miyagi, Hiroshima
50 stations
nationwide
SADAO EZAKI, PRES Hiroshi Horimoto, mgn dir
Hirotaka
Matsunaga, dir Shoji
Shinohara, dir
Yen Amount: In million Yen, unless otherwise stated
FINANCES FAIR A/SALES Yen 198,679 M
PAYMENTSSLOW BUT
CORRECT CAPITAL Yen 500 M
TREND UP WORTH Yen 5,517 M
STARTED 1958 EMPLOYES 375
TRADING FIRM SPECIALIZING IN PETROLEUM PRODUCTS.
FINANCIAL SITUATION CONSIDERED FAIR AND GOOD
FOR ORDINARY BUSINESS ENGAGEMENTS.
This is a consolidated subsidiary of
Sojitz Corp (See REGISTRATION). Specializes in import and wholesale of
petroleum oil products, gasoline, LPG, heavy oil, other. Also operates 50 gas stations
nationwide. Products are supplied from
major oil refineries.
The sales volume for Mar/2012 fiscal
term amounted to Yen 198,679 million, a 20% up from Yen 165,154 million in the
previous term. This is primarily attributed
t the hike of oil prices. The recurring
profit was posted at Yen 384 million and the net profit at Yen 53 million,
respectively, compared with Yen 307 million recurring profit and Yen 150 net
losses, respectively, a year ago.
For the current term ending Mar 2013
the recurring profit is projected at Yen 390 million and the net profit at Yen
55 million, respectively, on an inch up, to Yen 199,800 million.
The financial situation is considered FAIR
and good for ORDINARY business engagements.
Date Registered: Mar
1958
Regd No.:
0104-01-053134 (Tokyo-Minatoku)
Legal Status: Limited Company (Kabushiki Kaisha)
Authorized: 7.2 million shares
Issued: 1.8 million shares
Sum: Yen 500 million
Major
shareholders (%): Sojitsu Corp* (97.0), Mizuho Corporate Bank (0.7), MUFG (0.5), Resona
Bank (0.5), Showa Shell Sekiyu (0.5), Mitsubishi UFJ Trust Bank (0.5)
No. of shareholders: 7
*.. Sojitz Corp, founded 2003, Tokyo, listed
Tokyo, Osaka S/E’s, capital Yen 160,339 million, sales Yen 4,494,237 million,
operating profit Yen 64,522 million, recurring profit Yen 62,228 million, net
loss Yen 3,649, total assets Yen 2,120,596 million, net worth Yen 305,905
million, employees 17,039, pres Yoji Sato
Consolidated
Financials are attached (See SUPPLEMENTS)
Nothing
detrimental is known as to the commercial morality of executives.
Activities: Imports and
wholesales petroleum oil products, LPG, gasoline, diesel oil, marine diesel oil;
operates 50 gas stations nationwide (--100).
Clients: [Mfrs,
wholesalers] Poly Plastics Co, Tayca Co, Toyo Tire & Rubber Co, Toyo Glass
Co, Nippon Light Metal Co, other
No. of accounts:
500
Domestic areas of
activities: Nationwide
Suppliers: [Oil refineries,
wholesalers] Showa Shell Sekiyu, Cosmo Oil, Kignus Oil, Tonen General Sekiyu,
JX Nippon Oil & Energy Corp, Idemitsu Kosan, Taiyo Oil, other
Payment record: Slow but correct
Location: Business area in
Tokyo. Office premises at the caption
address are leased and maintained satisfactorily.
Bank
References:
MUFG (Tokyo)
Mizuho Corporate
Bank (Uchisaiwaicho)
Relations:
Satisfactory
(In Million
Yen)
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Terms Ending: |
31/03/2013 |
31/03/2012 |
31/03/2011 |
31/03/2010 |
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Annual
Sales |
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199,800 |
198,679 |
165,154 |
153,636 |
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Recur.
Profit |
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390 |
384 |
307 |
7 |
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Net
Profit |
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55 |
53 |
-150 |
58 |
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Total
Assets |
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35,349 |
29,575 |
29,075 |
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Current
Assets |
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24,770 |
18,746 |
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Current
Liabs |
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23,812 |
18,010 |
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Net
Worth |
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5,517 |
5,383 |
5,531 |
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Capital,
Paid-Up |
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500 |
500 |
500 |
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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 |
0.56 |
20.30 |
7.50 |
-31.27 |
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Current Ratio |
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.. |
104.02 |
104.09 |
.. |
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N.Worth Ratio |
.. |
15.61 |
18.20 |
19.02 |
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R.Profit/Sales |
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0.20 |
0.19 |
0.19 |
0.00 |
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N.Profit/Sales |
0.03 |
0.03 |
-0.09 |
0.04 |
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Return On Equity |
.. |
0.96 |
-2.79 |
1.05 |
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Notes: Forecast
(or estimated) figures for the 31/03/2012 fiscal term.
CONSOLIDATED
FINANCIALS OF THE PARENT, SOJITZ CORP
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FINANCES: (Consolidated
in million yen) |
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Terms Ending: |
31/03/2012 |
31/03/2011 |
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INCOME STATEMENT |
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Annual Sales |
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4,494,237 |
4,014,639 |
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Cost of Sales |
4,262,671 |
3,821,914 |
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GROSS PROFIT |
231,566 |
192,725 |
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Selling & Adm Costs |
167,044 |
155,205 |
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OPERATING PROFIT |
64,522 |
37,519 |
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Non-Operating P/L |
-2,294 |
7,797 |
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RECURRING PROFIT |
62,228 |
45,316 |
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NET PROFIT |
-3,649 |
15,981 |
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BALANCE SHEET |
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Cash |
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442,706 |
415,694 |
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Receivables |
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490,708 |
478,880 |
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Inventory |
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270,645 |
243,210 |
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Securities, Marketable |
1,297 |
5,437 |
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Other Current Assets |
92,795 |
123,408 |
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TOTAL CURRENT ASSETS |
1,298,151 |
1,266,629 |
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Property & Equipment |
233,260 |
215,774 |
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Intangibles |
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124,497 |
132,695 |
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Investments, Other Fixed Assets |
464,688 |
501,862 |
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TOTAL ASSETS |
2,120,596 |
2,116,960 |
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Payables |
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481,799 |
414,984 |
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Short-Term Bank Loans |
282,524 |
247,656 |
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Other Current Liabs |
183,099 |
227,904 |
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TOTAL CURRENT LIABS |
947,422 |
890,544 |
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Debentures |
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80,000 |
82,719 |
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Long-Term Bank Loans |
691,018 |
723,926 |
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Reserve for Retirement Allw |
14,232 |
13,136 |
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Other Debts |
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57,453 |
51,124 |
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TOTAL LIABILITIES |
1,790,125 |
1,761,449 |
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MINORITY INTERESTS |
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Capital, Paid-Up |
160,339 |
160,339 |
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Surplus |
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170,132 |
195,171 |
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SHAREHOLDERS' EQUITY |
330,471 |
355,510 |
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TOTAL EQUITIES |
2,120,596 |
2,116,960 |
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CONSOLIDATED CASH FLOWS |
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Terms ending: |
31/03/2012 |
31/03/2011 |
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Cash
Flows from Operating Activities |
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91,600 |
87,883 |
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Cash
Flows from Investment Activities |
-42,387 |
-10,903 |
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Cash
Flows from Financing Activities |
-35,376 |
-72,054 |
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Cash,
Bank Deposits at the Term End |
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427,274 |
415,261 |
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ANALYTICAL RATIOS Terms ending: |
31/03/2012 |
31/03/2011 |
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Net
Worth (S/Holders' Equity) |
330,471 |
355,510 |
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Current
Ratio (%) |
137.02 |
142.23 |
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Net
Worth Ratio (%) |
15.58 |
16.79 |
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Recurring
Profit Ratio (%) |
1.38 |
1.13 |
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Net
Profit Ratio (%) |
-0.08 |
0.40 |
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Return
On Equity (%) |
-1.10 |
4.50 |
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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.51.97 |
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|
1 |
Rs.83.67 |
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Euro |
1 |
Rs.67.19 |
INFORMATION DETAILS
|
Report
Prepared by : |
PRL |
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 |
|
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.