MIRA
INFORM REPORT
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Report Date : |
28.09.2012 |
IDENTIFICATION DETAILS
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Name : |
KYOKUTO KAIHATSU KOGYO CO LTD |
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Registered Office : |
6-1-45 |
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Country : |
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Financials (as on) : |
31.03.2012 |
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Date of Incorporation : |
June 1955 |
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Com. Reg. No.: |
1400-01-068512 (Hyogo-Nishinomiya) |
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Legal Form : |
Limited
Company |
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Line of Business : |
Manufacturer of specialty vehicles:
dump trucks, tank lorries |
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No. of Employees : |
2195 employees |
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 – June 30th, 2012
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Country Name |
Previous Rating (31.03.2012) |
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.
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Source : CIA |
Company
name
KYOKUTO KAIHATSU KOGYO CO LTD
REGD NAME
Kyokuto Kaihatsu Kogyo KK
MAIN
OFFICE
6-1-45 Koshienguchi Nishinomiya
City Osaka-Pref 663-8545JAPAN
Tel: 0798-66-1000 Fax:
0798-66-8146-
URL: www.kyokuto.com
E-Mail address: info@kyokuto.com
ACTIVITIES
Mfg of specialty vehicles: dump trucks, tank lorries
BRANCHES
Tokyo, Nagoya, Sapporo, Sendai, Fukuoka, other (Tot 44)
OVERSEAS
India
FACTORIES
At the caption address; China
CHIEF EXEC
TAKAAKI FUDETANI, PRES
Yen Amount: In
million Yen, unless otherwise stated
SUMMARY
FINANCES FAIR A/SALES Yen 67,783 M
PAYMENTS REGULAR CAPITAL Yen 11,899 M
TREND UP WORTH Yen
55,119 M
STARTED 1955 EMPLOYES 2,195
COMMENT
MFR OF SPECIALTY
VIHECLES: DUMP TRUCKS, TANK LORRIES, ETC
FINANCIAL SITUATION COSIDERED FAIR AND GOOD
FOR ORDINARY BUSINESS ENGAGEMENTS.
Notes: Unit: In
Million Yen
Forecast figures
for the 31/03/2013 fiscal term.
HIGHLIGHTS
The subject company is a leading mfr of specialty vehicles, such as dump
trucks and tank lorries. Maintains
strong market share in concrete pumps.
Operates 44 plants nationwide to serve users better. Has a subsidiary engaged in dealing Toyota
cars. Stressing on environmental aspects
and diversifying into garbage disposal facilities. The firm targets at Yen 6 billion in overseas
sales in 2013 term, by stepping up sales activities overseas including China
& India, compared to some Yen 3 billion in the Mar/2010 term. The firm plans to expand parts procurement
from the Kunshan Plant in China, aiming to reduce costs, and will use them in
dump trucks produced at domestic plants.
It will start mass production of dump trucks in India following full-swing
startup of the India Plant in 2012.
FINANCIAL INFORMATION
The sales volume for Mar/2012 fiscal term amounted to Yen 67,783
million, a 17.5% up from Yen 57,686 million in the previous term. The economy of Japan was greatly depressed after
the Great East-Japan Earthquake which occurred on March 11,2011, but as the
supply chain was restored, the economy recovered rapidly over the summer
months. From the Fall, there was demand
related to the reconstruction work, but there were also effects as the European
debt crisis returned to the fore and from a very strong Yen and the flooding in
Thailand.. In its key business, the
Specialty Truck Segment, the domestic market recovered greatly from the summer onwards
and there were increases seen resulting from last-minute demand before the
strengthening of vehicle exhaust emissions controls and also from the demand
for reconstruction work. By Divisions,
Specialty Truck Segment up 18.4% to Yen 54,033 million; Environment Equipment
& Systems Segment up 15.0% to Yen 8,475 million; Real Estate Rental Segment
up 13.3% to Yen 5,831 million. The
recurring profit was posted at Yen 154 million and the net profit at Yen 2,208
million, respectively, compared with Yen 1,254 million recurring profit and Yen
882 million net profit, respectively, a year ago.
(Apr/Jun/2012 results): Sales Yen 16,401 million (up 41.6%), operating
loss Yen 889 million (previously Yen 204 million loss), recurring profit Yen
1,007 million (previously Yen 140 million loss), net profit Yen 633 million (up
133.9%). (% & figures for the
corresponding period a year ago).
For the current term ending Mar 2013 the recurring profit is projected
at Yen 3,800 million and the net profit at Yen 2,300 million, respectively, on
a 17.8% rise in turnover, to Yen 72,000 million. Sales of mainline specialty vehicles will
grow in Tohoku on the strength of increased production. Dump trucks will also rise steadily, thanks
to post-earthquake reconstruction demand.
The financial situation is considered FAIR and good for ORDINARY
business engagements.
REGISTRATION
Date Registered: Jun 1955
Regd No.:
1400-01-068512 (Hyogo-Nishinomiya)
Legal Status:
Limited Company (Kabushiki Kaisha
Authorized: 170,950,672 shares
Issued: 42,737,668shares
Sum: Yen 11,899 million
Major shareholders (%): Company’s
Treasury Stock (7.0), Japan Trustee Services T (4.5), SMBC (3.7), MTBJ (Minato
Bank) (3.5), Master Trust Bank of Japan T (3.0), Ikuo Miyahara (2.7),
Mitsubishi UFJ Trust Bank (2.3), Company’s Kyoeikai Assn (2.3), CBNYDFA Int’l
Cap Value P (1.9), Employees’ S/Holding Assn (1.9); foreign owners (8.6)
No. of shareholders: 4,774
Listed on the S/Exchange (s) of: Tokyo,
Osaka
Managements: Takaaki Fudetani, pres; Kazuyoshi Nakai, s/mgn
dir; Yoshinori Takashima, mgn dir; Norihiro Kumazawa, mgn dir; Kazuya
Takahashi, mgn dir;Tokumasa Hayashi, dir; Harumi Sugimoto, dir; Takashi Yoneda,
dir
Nothing detrimental is known as to the commercial morality of
executives.
OPERATION
Activities: Manufactures
specialty vehicles:
(Sales Breakdown by Divisions):
Specialty Vehicles (80%): dump trucks,
water sprinkler, concrete pump, mixer truck;
Environmental Equipment (13%); tailgate
lifter, garbage collector, tank lorries, bulk carrier, detachable body truck,
flattop;
Real Estate Leasing (8%).
Clients: [Automakers, mfrs] Isuzu Motor, Hino
Diesel, Toyota Motor, Mazda, Daihatsu Motor, Mitsubishi Motor, Mitsubishi Fuso
Truck & Bus Corp, Daihatsu Motor Co, other
No. of accounts: 1,000
Domestic areas of
activities: Nationwide
Suppliers: [Mfrs, wholesalers] Shimadzu Corp,
Sumikin Bussan Corp, other
Payment
record:
Regular
Location: Business area
in Nishinomiya City, Hyogo-Pref. Office premises
at the caption address are owned and maintained satisfactorily.
Bank References:
SMBC (Nishinomiya)
Mizuho Corporate Bank (Kobe)
Relations: Satisfactory
FINANCES
(In Million Yen)
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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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67,783 |
57,686 |
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Cost of Sales |
54,646 |
47,177 |
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GROSS PROFIT |
13,137 |
10,509 |
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Selling & Adm Costs |
10,180 |
9,313 |
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OPERATING PROFIT |
2,957 |
1,195 |
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Non-Operating P/L |
220 |
56 |
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RECURRING PROFIT |
3,177 |
1,251 |
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NET PROFIT |
2,208 |
882 |
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BALANCE
SHEET |
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Cash |
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4,222 |
5,609 |
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Receivables |
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29,284 |
21,177 |
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Inventory |
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8,365 |
7,736 |
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Securities, Marketable |
5,952 |
7,948 |
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Other Current Assets |
1,660 |
1,807 |
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TOTAL CURRENT ASSETS |
49,483 |
44,277 |
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Property & Equipment |
35,349 |
34,954 |
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Intangibles |
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360 |
356 |
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Investments, Other Fixed Assets |
8,679 |
8,531 |
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TOTAL ASSETS |
93,871 |
88,118 |
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Payables |
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16,796 |
12,014 |
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Short-Term Bank Loans |
2,620 |
2,620 |
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Other Current Liabs |
7,860 |
6,419 |
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TOTAL CURRENT LIABS |
27,276 |
21,053 |
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Debentures |
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641 |
1,135 |
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Long-Term Bank Loans |
3,195 |
3,967 |
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Reserve for Retirement Allw |
2,012 |
2,189 |
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Other Debts |
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5,627 |
6,881 |
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TOTAL LIABILITIES |
38,751 |
35,225 |
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MINORITY INTERESTS |
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Common stock |
11,899 |
11,899 |
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Additional paid-in capital |
11,718 |
11,718 |
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Retained earnings |
33,144 |
31,254 |
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Evaluation p/l on
investments/securities |
719 |
366 |
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Others |
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(216) |
(200) |
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Treasury stock, at cost |
(2,145) |
(2,145) |
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TOTAL S/HOLDERS` EQUITY |
55,119 |
52,892 |
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TOTAL EQUITIES |
93,871 |
88,118 |
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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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1,202 |
2,476 |
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Cash Flows from Investment
Activities |
-2,278 |
-2,309 |
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Cash Flows from Financing Activities |
-1,806 |
1,838 |
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Cash, Bank Deposits at the Term End |
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10,175 |
13,058 |
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ANALYTICAL
RATIOS Terms ending: |
31/03/2012 |
31/03/2011 |
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Net Worth (S/Holders' Equity) |
55,119 |
52,892 |
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Current Ratio (%) |
181.42 |
210.31 |
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Net Worth Ratio (%) |
58.72 |
60.02 |
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Recurring Profit Ratio (%) |
4.69 |
2.17 |
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Net Profit Ratio (%) |
3.26 |
1.53 |
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Return On Equity (%) |
4.01 |
1.67 |
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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.53.26 |
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UK Pound |
1 |
Rs.86.23 |
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Euro |
1 |
Rs.68.64 |
INFORMATION DETAILS
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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 |
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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.